Date

Closing Stock Price

3/2/2010
238.7
2/1/2010
235.75
1/4/2010
244.1
12/1/2009
264.75
11/3/2009
285.25
10/1/2009
282.95
9/1/2009
262.85
8/3/2009
259.85
7/1/2009
291.2
6/1/2009
267.1
5/4/2009
231.1
4/1/2009
234.55
3/2/2009
238.2
2/2/2009
253.8
1/1/2009
261.2
12/1/2008
250.25
11/3/2008
236.2
10/1/2008
221.95
9/1/2008
251.55
8/1/2008
245.4
7/1/2008
239.7
6/2/2008
206.1
5/2/2008
237.15
4/1/2008
249.5
3/3/2008
228.7
2/1/2008
227.35
1/1/2008
206.5
12/3/2007
213.9
11/1/2007
207.15
10/1/2007
207.6
9/3/2007
219.35
8/1/2007
208.6
7/2/2007
206.35
6/1/2007
188.85
5/1/2007
203.5
4/2/2007
199.4
3/1/2007
205.25
2/1/2007
176.15
1/1/2007
208.2
12/1/2006
216.55
11/1/2006
235.85
10/2/2006
233.6
9/1/2006
256.2
8/1/2006
234.6
7/3/2006
232.25
6/1/2006
229.1

Date
Closing NSE Price
3/2/2010
5116.25
2/11/2010
4922.3
1/4/2010
5225.65
12/1/2009
5201.05
11/3/2009
5032.7
10/1/2009
4711.7
9/1/2009
5083.95
8/3/2009
4662.1
7/1/2009
4636.45
6/1/2009
4291.1
5/4/2009
4448.95
4/1/2009
3473.95
3/2/2009
3020.95
2/2/2009
2763.65
1/1/2009
2874.8
12/1/2008
2959.15
11/3/2008
2755.1
10/1/2008
2885.6
9/1/2008
3921.2
8/1/2008
4360
7/1/2008
4332.95
6/2/2008
4040.55
5/2/2008
4870.1
4/1/2008
5165.9
3/3/2008
4734.5
2/1/2008
5223.5
1/1/2008
5137.45
12/3/2007
6138.6
11/1/2007
5762.75
10/1/2007
5900.65
9/3/2007
5021.35
8/1/2007
4464
7/2/2007
4528.85
6/4/2007
4318.3
5/3/2007
4295.8
4/2/2007
4087.9
3/1/2007
3821.55
2/1/2007
3745.3
1/2/2007
4082.7
12/1/2006
3966.4
11/1/2006
3954.5
10/3/2006
3744.1
9/1/2006
3588.4
8/1/2006
3413.9
7/3/2006
3143.2
6/1/2006
3128.2

5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/2/2006
12/1/2005
11/1/2005
10/3/2005
9/1/2005
8/1/2005
7/1/2005
6/1/2005
5/2/2005
4/1/2005
3/1/2005
2/1/2005
1/3/2005
12/1/2004
11/1/2004
10/1/2004
9/1/2004
8/2/2004
7/1/2004
6/1/2004
5/3/2004
4/1/2004
3/1/2004
2/2/2004
1/1/2004
12/1/2003
11/3/2003
10/1/2003
9/1/2003
8/1/2003
7/1/2003
6/2/2003
5/1/2003
4/1/2003

233.7
290.65
272.3
241.95
194.8
197.25
181.95
161.4
181.15
165.65
166.95
163.6
143.15
137.7
131.75
144
159.85
143.5
144.55
124.7
125.45
112
116.2
127.3
137.1
141.2
154.25
174.05
188.75
204.7
178.25
174.6
183.3
184.5
170.15
178.45
157.55
144.35

5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/2/2006
12/1/2005
11/1/2005
10/3/2005
9/1/2005
8/1/2005
7/1/2005
6/1/2005
5/2/2005
4/1/2005
3/1/2005
2/1/2005
1/3/2005
12/1/2004
11/1/2004
10/1/2004
9/1/2004
8/2/2004
7/1/2004
6/1/2004
5/3/2004
4/1/2004
3/1/2004
2/2/2004
1/1/2004
12/1/2003
11/3/2003
10/1/2003
9/1/2003
8/1/2003
7/1/2003
6/2/2003
5/1/2003
4/1/2003

3185.3
3508.1
3402.55
3074.7
3001.1
2836.55
2652.25
2370.95
2601.4
2384.65
2312.3
2220.6
2087.55
1902.5
2035.65
2103.25
2057.6
2080.5
1958.8
1800.1
1745.5
1631.75
1632.3
1505.6
1483.6
1796.1
1771.9
1800.3
1809.75
1879.75
1615.25
1555.9
1417.1
1356.55
1185.85
1134.15
1006.8
934.05

Rs=
Rm=

Return on stock
Return on market

Stock
Date
Close
Return
Rs
Rs-avg Rs
3/2/2010
238.70
0.0125
1.25
-0.05
2/1/2010
235.75
-0.0342
-3.42
-4.72
1/4/2010
244.10
-0.0780
-7.80
-9.10
12/1/2009
264.75
-0.0719
-7.19
-8.48
11/3/2009
285.25
0.0081
0.81
-0.48
10/1/2009
282.95
0.0765
7.65
6.35
9/1/2009
262.85
0.0115
1.15
-0.14
8/3/2009
259.85
-0.1077
-10.77
-12.06
7/1/2009
291.20
0.0902
9.02
7.72
6/1/2009
267.10
0.1558
15.58
14.28
5/4/2009
231.10
-0.0147
-1.47
-2.77
4/1/2009
234.55
-0.0153
-1.53
-2.83
3/2/2009
238.20
-0.0615
-6.15
-7.44
2/2/2009
253.80
-0.0283
-2.83
-4.13
1/1/2009
261.20
0.0438
4.38
3.08
12/1/2008
250.25
0.0595
5.95
4.65
11/3/2008
236.20
0.0642
6.42
5.12
10/1/2008
221.95
-0.1177
-11.77
-13.06
9/1/2008
251.55
0.0251
2.51
1.21
8/1/2008
245.40
0.0238
2.38
1.08
7/1/2008
239.70
0.1630
16.30
15.00
6/2/2008
206.10
-0.1309
-13.09
-14.39
5/2/2008
237.15
-0.0495
-4.95
-6.25
4/1/2008
249.50
0.0909
9.09
7.80
3/3/2008
228.70
0.0059
0.59
-0.70
2/1/2008
227.35
0.1010
10.10
8.80
1/1/2008
206.50
-0.0346
-3.46
-4.76
12/3/2007
213.90
0.0326
3.26
1.96
11/1/2007
207.15
-0.0022
-0.22
-1.51
10/1/2007
207.60
-0.0536
-5.36
-6.65
9/3/2007
219.35
0.0515
5.15
3.86
8/1/2007
208.60
0.0109
1.09
-0.21
7/2/2007
206.35
0.0927
9.27
7.97
6/1/2007
188.85
-0.0720
-7.20
-8.50
5/1/2007
203.50
0.0206
2.06
0.76
4/2/2007
199.40
-0.0285
-2.85
-4.15
3/1/2007
205.25
0.1652
16.52
15.22
2/1/2007
176.15
-0.1539
-15.39
-16.69
1/1/2007
208.20
-0.0386
-3.86
-5.15
12/1/2006
216.55
-0.0818
-8.18
-9.48
11/1/2006
235.85
0.0096
0.96
-0.33
10/2/2006
233.60
-0.0882
-8.82
-10.12
9/1/2006
256.20
0.0921
9.21
7.91
8/1/2006
234.60
0.0101
1.01
-0.29
7/3/2006
232.25
0.0137
1.37
0.08

Stock Market Index (NIFTY)

Date
Close
3/2/2010 5116.25
0.04
2/11/2010 4922.30
-0.06
1/4/2010 5225.65
0.00
12/1/2009 5201.05
0.03
11/3/2009 5032.70
0.07
10/1/2009 4711.70
-0.07
9/1/2009 5083.95
0.09
8/3/2009 4662.10
0.01
7/1/2009 4636.45
0.08
6/1/2009 4291.10
-0.04
5/4/2009 4448.95
0.28
4/1/2009 3473.95
0.15
3/2/2009 3020.95
0.09
2/2/2009 2763.65
-0.04
1/1/2009 2874.80
-0.03
12/1/2008 2959.15
0.07
11/3/2008 2755.10
-0.05
10/1/2008 2885.60
-0.26
9/1/2008 3921.20
-0.10
8/1/2008 4360.00
0.01
7/1/2008 4332.95
0.07
6/2/2008 4040.55
-0.17
5/2/2008 4870.10
-0.06
4/1/2008 5165.90
0.09
3/3/2008 4734.50
-0.09
2/1/2008 5223.50
0.02
1/1/2008 5137.45
-0.16
12/3/2007 6138.60
0.07
11/1/2007 5762.75
-0.02
10/1/2007 5900.65
0.18
9/3/2007 5021.35
0.12
8/1/2007 4464.00
-0.01
7/2/2007 4528.85
0.05
6/4/2007 4318.30
0.01
5/3/2007 4295.80
0.05
4/2/2007 4087.90
0.07
3/1/2007 3821.55
0.02
2/1/2007 3745.30
-0.08
1/2/2007 4082.70
0.03
12/1/2006 3966.40
0.00
11/1/2006 3954.50
0.06
10/3/2006 3744.10
0.04
9/1/2006 3588.40
0.05
8/1/2006 3413.90
0.09
7/3/2006 3143.20
0.00

6/1/2006
5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/2/2006
12/1/2005
11/1/2005
10/3/2005
9/1/2005
8/1/2005
7/1/2005
6/1/2005
5/2/2005
4/1/2005

229.10
233.70
290.65
272.30
241.95
194.80
197.25
181.95
161.40
181.15
165.65
166.95
163.60
143.15
137.70

-0.0197
-0.1959
0.0674
0.1254
0.2420
-0.0124
0.0841
0.1273
-0.1090
0.0936
-0.0078
0.0205
0.1429
0.0396
Avg Rs

-1.97
-19.59
6.74
12.54
24.20
-1.24
8.41
12.73
-10.90
9.36
-0.78
2.05
14.29
3.96

-3.27
-20.89
5.44
11.25
22.91
-2.54
7.11
11.43
-12.20
8.06
-2.08
0.75
12.99
2.66

6/1/2006
5/1/2006
4/3/2006
3/1/2006
2/1/2006
1/2/2006
12/1/2005
11/1/2005
10/3/2005
9/1/2005
8/1/2005
7/1/2005
6/1/2005
5/2/2005
4/1/2005

3128.20
3185.30
3508.10
3402.55
3074.70
3001.10
2836.55
2652.25
2370.95
2601.40
2384.65
2312.30
2220.60
2087.55
1902.50

1.30

-0.02
-0.09
0.03
0.11
0.02
0.06
0.07
0.12
-0.09
0.09
0.03
0.04
0.06
0.10
avg Rm

n=
60.00
Beta =

0.361144335

arket Index (NIFTY)

Rm
Rm - avg Rm
3.94
1.86
-5.81
-7.88
0.47
-1.61
3.35
1.27
6.81
4.73
-7.32
-9.40
9.05
6.97
0.55
-1.53
8.05
5.97
-3.55
-5.63
28.07
25.99
15.00
12.92
9.31
7.23
-3.87
-5.94
-2.85
-4.93
7.41
5.33
-4.52
-6.60
-26.41
-28.49
-10.06
-12.14
0.62
-1.45
7.24
5.16
-17.03
-19.11
-5.73
-7.80
9.11
7.03
-9.36
-11.44
1.67
-0.40
-16.31
-18.39
6.52
4.44
-2.34
-4.42
17.51
15.43
12.49
10.41
-1.43
-3.51
4.88
2.80
0.52
-1.55
5.09
3.01
6.97
4.89
2.04
-0.04
-8.26
-10.34
2.93
0.85
0.30
-1.78
5.62
3.54
4.34
2.26
5.11
3.03
8.61
6.53
0.48
-1.60

(Rs-avg Rs)*(Rm - avg Rm)

-0.09
37.20
14.61
-10.75
-2.30
-59.68
-1.00
18.40
46.12
-80.34
-71.95
-36.56
-53.84
24.56
-15.17
24.78
-33.81
372.20
-14.67
-1.57
77.40
275.04
48.76
54.84
8.05
-3.55
87.48
8.71
6.69
-102.70
40.12
0.73
22.29
13.21
2.28
-20.29
-0.65
172.63
-4.40
16.85
-1.19
-22.88
23.99
-1.87
-0.12

(Rm - avg Rm)*(Rm - avg Rm)

3.47
62.15
2.58
1.60
22.41
88.37
48.58
2.33
35.64
31.66
675.36
166.85
52.30
35.34
24.29
28.39
43.57
811.60
147.44
2.11
26.61
365.27
60.91
49.47
130.87
0.16
338.10
19.75
19.50
238.17
108.31
12.32
7.83
2.42
9.04
23.92
0.00
106.97
0.73
3.16
12.54
5.11
9.20
42.69
2.56

-1.79
-9.20
3.10
10.66
2.45
5.80
6.95
11.86
-8.86
9.09
3.13
4.13
6.37
9.73
2.08

-3.87
-11.28
1.02
8.58
0.37
3.72
4.87
9.79
-10.94
7.01
1.05
2.05
4.30
7.65

12.64
235.66
5.57
96.54
8.57
-9.46
34.63
111.90
133.44
56.50
-2.18
1.54
55.78
20.34
sum =

covariance=

1619.05 sum=

27.44 variance=

14.98
127.24
1.05
73.69
0.14
13.86
23.72
95.77
119.62
49.15
1.10
4.21
18.45
58.50
4483.11

75.98

m)*(Rm - avg Rm)

Stock
Date
stock price
3/2/2009
238.2
2/2/2009
253.8
1/1/2009
261.2
12/1/2008
250.25
11/3/2008
236.2
10/1/2008
221.95
9/1/2008
251.55
8/1/2008
245.4
7/1/2008
239.7
6/2/2008
206.1
5/2/2008
237.15
4/1/2008
249.5
3/3/2008
228.7
2/1/2008
227.35
1/1/2008
206.5
12/3/2007
213.9
11/1/2007
207.15
10/1/2007
207.6
9/3/2007
219.35
8/1/2007
208.6
7/2/2007
206.35
6/1/2007
188.85
5/1/2007
203.5
4/2/2007
199.4
3/1/2007
205.25
2/1/2007
176.15
1/1/2007
208.2
12/1/2006
216.55
11/1/2006
235.85
10/2/2006
233.6
9/1/2006
256.2
8/1/2006
234.6
7/3/2006
232.25
6/1/2006
229.1
5/1/2006
233.7
4/3/2006
290.65
3/1/2006
272.3
2/1/2006
241.95
1/2/2006
194.8
12/1/2005
197.25
11/1/2005
181.95
10/3/2005
161.4
9/1/2005
181.15
8/1/2005
165.65
7/1/2005
166.95

-0.06147
-0.02833
0.043756
0.059483
0.064204
-0.11767
0.025061
0.02378
0.163028
-0.13093
-0.0495
0.090949
0.005938
0.100969
-0.0346
0.032585
-0.00217
-0.05357
0.051534
0.010904
0.092666
-0.07199
0.020562
-0.0285
0.1652
-0.15394
-0.03856
-0.08183
0.009632
-0.08821
0.092072
0.010118
0.013749
-0.01968
-0.19594
0.067389
0.125439
0.242043
-0.01242
0.084089
0.127323
-0.10903
0.093571
-0.00779
0.020477

Stock Market Index (NIFTY)

Rs
-6.14657
-2.83308
4.375624
5.948349
6.420365
-11.767
2.506112
2.377972
16.30277
-13.093
-4.9499
9.094884
0.593798
10.09685
-3.45956
3.258508
-0.21676
-5.35674
5.153404
1.09038
9.266614
-7.19902
2.056169
-2.85018
16.52001
-15.3939
-3.85592
-8.18317
0.963185
-8.82123
9.207161
1.011841
1.374945
-1.96834
-19.594
6.738891
12.54391
24.20431
-1.24208
8.408904
12.73234
-10.9026
9.357078
-0.77868
2.047677

Rs - avg Rs
-7.41756
-4.10407
3.104633
4.677358
5.149374
-13.038
1.235122
1.106982
15.03177
-14.364
-6.22089
7.823893
-0.67719
8.825861
-4.73055
1.987517
-1.48775
-6.62773
3.882413
-0.18061
7.995623
-8.47001
0.785178
-4.12117
15.24902
-16.6648
-5.12691
-9.45416
-0.30781
-10.0922
7.93617
-0.25915
0.103954
-3.23933
-20.865
5.4679
11.27292
22.93332
-2.51307
7.137913
11.46135
-12.1736
8.086087
-2.04967
0.776686

6/1/2005
5/2/2005
4/1/2005
3/1/2005
2/1/2005
1/3/2005
12/1/2004
11/1/2004
10/1/2004
9/1/2004
8/2/2004
7/1/2004
6/1/2004
5/3/2004
4/1/2004

163.6
143.15
137.7
131.75
144
159.85
143.5
144.55
124.7
125.45
112
116.2
127.3
137.1
141.2

0.142857
0.039579
0.045161
-0.08507
-0.09916
0.113937
-0.00726
0.159182
-0.00598
0.120089
-0.03614
-0.0872
-0.07148
-0.02904

Avg Rs

14.28571
3.957879
4.516129
-8.50694
-9.91555
11.39373
-0.72639
15.9182
-0.59785
12.00893
-3.61446
-8.71956
-7.14807
-2.90368

1.270991

13.01472
2.686888
3.245138
-9.77794
-11.1865
10.12274
-1.99738
14.64721
-1.86884
10.73794
-4.88545
-9.99055
-8.41906
-4.17467

Market Index (NIFTY)

Stock
Date
Stock price
Rs - avg Rs
3/3/2008
228.7 0.005938 0.593798 -0.57672
2/1/2008
227.35 0.100969 10.09685 8.926331
1/1/2008
206.5
-0.0346 -3.45956 -4.63008
12/3/2007
213.9 0.032585 3.258508 2.087987
11/1/2007
207.15 -0.00217 -0.21676 -1.38728
10/1/2007
207.6 -0.05357 -5.35674 -6.52726
9/3/2007
219.35 0.051534 5.153404 3.982882
8/1/2007
208.6 0.010904 1.09038 -0.08014
7/2/2007
206.35 0.092666 9.266614 8.096092
6/1/2007
188.85 -0.07199 -7.19902 -8.36954
5/1/2007
203.5 0.020562 2.056169 0.885647
4/2/2007
199.4
-0.0285 -2.85018
-4.0207
3/1/2007
205.25
0.1652 16.52001 15.34949
2/1/2007
176.15 -0.15394 -15.3939 -16.5644
1/1/2007
208.2 -0.03856 -3.85592 -5.02644
12/1/2006
216.55 -0.08183 -8.18317 -9.35369
11/1/2006
235.85 0.009632 0.963185 -0.20734
10/2/2006
233.6 -0.08821 -8.82123 -9.99176
9/1/2006
256.2 0.092072 9.207161 8.036639
8/1/2006
234.6 0.010118 1.011841 -0.15868
7/3/2006
232.25 0.013749 1.374945 0.204424
6/1/2006
229.1 -0.01968 -1.96834 -3.13886
5/1/2006
233.7 -0.19594
-19.594 -20.7645
4/3/2006
290.65 0.067389 6.738891 5.568369
3/1/2006
272.3 0.125439 12.54391 11.37339
2/1/2006
241.95 0.242043 24.20431 23.03379
1/2/2006
194.8 -0.01242 -1.24208
-2.4126
12/1/2005
197.25 0.084089 8.408904 7.238382
11/1/2005
181.95 0.127323 12.73234 11.56182
10/3/2005
161.4 -0.10903 -10.9026 -12.0731
9/1/2005
181.15 0.093571 9.357078 8.186556
8/1/2005
165.65 -0.00779 -0.77868
-1.9492
7/1/2005
166.95 0.020477 2.047677 0.877155
6/1/2005
163.6 0.142857 14.28571 13.11519
5/2/2005
143.15 0.039579 3.957879 2.787358
4/1/2005
137.7 0.045161 4.516129 3.345607
3/1/2005
131.75 -0.08507 -8.50694 -9.67747
2/1/2005
144 -0.09916 -9.91555 -11.0861
1/3/2005
159.85 0.113937 11.39373 10.22321
12/1/2004
143.5 -0.00726 -0.72639 -1.89691
11/1/2004
144.55 0.159182 15.9182 14.74768
10/1/2004
124.7 -0.00598 -0.59785 -1.76837
9/1/2004
125.45 0.120089 12.00893 10.83841
8/2/2004
112 -0.03614 -3.61446 -4.78498
7/1/2004
116.2
-0.0872 -8.71956 -9.89008

Stock Market Index (NIFTY)

6/1/2004
5/3/2004
4/1/2004
3/1/2004
2/2/2004
1/1/2004
12/1/2003
11/3/2003
10/1/2003
9/1/2003
8/1/2003
7/1/2003
6/2/2003
5/1/2003
4/1/2003

127.3
137.1
141.2
154.25
174.05
188.75
204.7
178.25
174.6
183.3
184.5
170.15
178.45
157.55
144.35

-0.07148
-0.02904
-0.0846
-0.11376
-0.07788
-0.07792
0.148387
0.020905
-0.04746
-0.0065
0.084337
-0.04651
0.132656
0.091444

avg Rs =

-7.14807
-2.90368
-8.46029
-11.376
-7.78808
-7.79189
14.83871
2.090493
-4.74632
-0.65041
8.433735
-4.65116
13.26563
9.144441

1.170522

-8.31859
-4.0742
-9.63081
-12.5466
-8.9586
-8.96241
13.66819
0.919971
-5.91684
-1.82093
7.263213
-5.82168
12.09511
7.973919

Market Index (NIFTY)

2008-09 (15 months)

Equity
Assets
Sales
PBIT
PBT
PAT

2007(Calender Year)
(Rs. Lakhs)
143923
152776
1371775
221001
218452
192546

Assets/Equity
Sales/Assets
PBIT/Sales
PBT/PBIT
PAT/PBT
ROE

1.061512059
8.978995392
0.161105866
0.988466116
0.881411019
1.337840373

1.204681057
8.149682901
0.150717934
0.991699531
0.825239413
1.210982294

Return (RS)

0.27

1.03

Debt/Equity

0.061512059

0.204676207

OL

0.304581909

0.373880815

Tax

19.09

18.94

interest

2549.66

2532.29

interest coverage ratio

86.67861597

120.4613216

206150
248345
2023933
305043
302511
249644

Debt

8853

42194

ROCE

1.260315756

1.005234674

2009-10 (12 months-FY)

258352
258352
1752380
271405
270707
220203
1
6.782916331
0.154877937
0.997428198
0.813436668
0.852337121
0.27
0
0.406550038
23.95
NA

NA
152276
0

0.852337121

2007(Calender Year)

2008-09 (15 months)

2009-10 (12 months)

Equity

143923

206150

258352

Debt
Total
Debt/Equity

8853
152776
0.061512059

42194
248344
0.204676207

0
258352
0

% equity

0.942052417

0.830098573

2007(Calender Year)

2008-09 (15 months)

2009-10 (12 months)

Fixed Cost
Variable cost
Total cost

364781
832864
1197645

672348
1125947
1798295

609747
890061
1499808

OL

0.304581909

0.373880815

0.406550038

2007

2008-09

18.72
3.9
Kd(After tax)
5.794758339 16.99014271
% of debt
11.06
11
Ke
% of equity 94.20524166 83.00985729
11.50387849 9.793699868
WACC

0.039004621

2009-10
0
0
10.94
100
10.94

interest
interest bearing debt
cost of debt(before tax)
cost of debt(after tax)

2007
2549.66
8853
0.288
0.4

2008-09
2532.29
42194
0.060015
0.03901

2009-10
0
0
0
0

Beta
Rf
Rm

0.4
7.5
15.5

0.4
7.8
15.8

0.4
8.1
16.1

Ke= Rf + Beta(Rm-Rf)

11.06

11

10.94