The paper investigates the volatility in stock return of Tata Motors Ltd and Mahindra & Mahindra Ltd over the eight years calendar period (2008-2015).The portfolio options and efficient frontier for the stocks of select companies is constructed for different levels of risk and return by taking monthly closing returns over the study period. The tools used for the purpose of studying volatility in stock return and portfolio options include time moving average method and descriptive statistics. The result of study shows that portfolio one to four are not ideal portfolios whereas portfolio four to eleventh are efficient portfolios for investors of both select companies. The investment in the proportion of 30% and 70% in the stocks of Tata Motors Ltd and Mahindra & Mahindra Ltd constitutes Minimum Variance Portfolio for investors.
