Multisectoral Portfolio

2012
2012
MULTI-SECTORAL PORTFOLIO
Department of Commerce
Sri Krishna Arts and Science College
Autonomous College affiliated to Bharathiar University
Accredited by NAAC with 'A' Grade
An ISO 9001-2008 Certified Institution
Coimbatore
Sasiram K
11BCO537
PORTFOLIO OF AMBUJA CEMENT, CIPLA LTD,

CLARIENT CHEMICALS, ICICI BANK, NIIT
TECHNOLOGY, TATA COMMUNICATION
Done by:
Sasiram k
(Reg. No 11BCO537)
Co-ordinator
DR P. BABA GNANAKUMAR
In partial fulfillment of the requirements for the awards of the degree of

Bachelor of Commerce.
Sri Krishna Arts and Science College

Autonomous College affiliated to Bharathiar University
Accredited by NAAC with 'A' Grade
An ISO 9001-2008 Certified Institution Coimbatore
The return on investing these

company is 11.31%
SASIRAM K
REG NO: (11BCO537)
11-3,GVD LAYOUT,
ROBERTSON ROAD,
R S PURAM,
COIMBATORE-641002
CONTENT
1. Portfolio of Securities
2. Comparison securities with indices
3. Fundamental Analysis of securities
4. Technical Analysis of securities
5. Future contracts of securities
6. value of portfolio
7. SWOT of portfolio
MODULE: 1
PORTFOLIO OF SECURITES
1. PORTFOLIO OF AMBUJA CEMENTS
2. PORTFOLIO OF CIPLA LTD
3. PORTFOLIO OF CLARIENT CHEMICALS
4. PORTFOLIO OF ICICI BANK
5. PORTFOLIO OF NIIT TECHNOLOGY
6. PORTFOLIO OF TATA COMMUNICATION
PORTFOLIO OF AMBUJA CEMENT

Company Profile
Ambuja Cements Ltd. manufactures and markets cement and clinker for the both
domestic and export markets. Its products are used in the manufacturing of buildings,
bridges, sidewalks, walls and all types of structures. The company's products are also
used for building materials, such as concrete blocks, pipes and pre-cast slabs, which
are used in road building and repairs. It operates bulk cement terminals at Gujarat,
Maharashtra and Kerala. The company was founded by Suresh Kumar Neotia and
Narotam Satyanarayan Sekhsaria in April 1983 and is headquartered in Mumbai,
India.
PORTFOLIO
Number of shares: 100
Year of purchase: April 2008
Price per share: 113.9
Total values buy: 11392.5
Broker fixed commission: 2.5
Sold on June 2008
Sale price: 73.5
Total value sale: 7567.5
Performance (%): -33.57%
Benefits: -3825.0
Sold on September 2008
Sale price: 78.4
Performance (%): -31.2
Benefits: --3555.0
Sold on December 2008
Sale price: 69.7
Benefits: -4425.0
Sold on March 2009
Sale price: 71.3
Benefits: -4265.0
Sold on June 2009
Sale price: 87.65
Benefits: -2630.0

Sale price: 99.65
Benefits: -1430.0
Sale price: 103.7
Benefits: -1025
Sold on March 2010
Sale price: 119.65
Performance (%): 5.0
Benefits: 570
Sold on June 2010
Sale price: 114.55
Benefits: 60.0
Sale price: 140.7
Benefits: 2674.99
Sale price: 143.05
Benefits: 2910.0
Sold on March 2011

Sale price: 147.05
Benefits: 3310.0
Sold on June 11
Sale price: 133.1
Benefits: 1915
Sale price: 148.6
Benefits: 3465.0
Sale price: 155.4
Total value sale: 1553705
Benefits: 4145
Sold on March 2012
Sale price: 171.25
Benefits: 5730.0
Sold on June 2012
Sale price: 148.25
Benefits: 3430.0
PORTFOLIO OF CIPLA LTD

Company Profile
Cipla Ltd. is a pharmaceutical company, which manufactures and distributes
healthcare products and bulk drugs. Its products portfolio includes prescription drugs,
animal healthcare products, bulk drugs and OTC products. The company also offers
technology services such as consulting, project appraisal, engineering, plant supply,
commissioning, training, know-how transfer and quality control. Cipla's
Pharmaceuticals division manufactures anabolic steroids, antipyretics, antacids,
anthelmintics, anti-arthritis, anti-inflammatory drugs, anti-TB drugs, antiallergic drugs,
anticancer drugs, antifungal, antimalarials, antispasmodics, antiulcerants and
immunosuppressants. Its animal health care products portfolio includes aqua products,
equine products, poultry products, products for companion animals, and products for
livestock animals. The company's OTC segment manufactures child care products, eye
care products, food supplements, health drinks, life style products, nutraceuticals, tonics,
skin care products, and oral hygiene products. It has ventured into biotechnology sector
and is offering biotechnology products in India. The company was founded by Khwaja
Abdul Hamied in 1935 and is headquartered in Mumbai, India.
PORTFOLIO
Sold on June 2008

Sale price: 211.1
Benefits: -200
Sale price: 228.55
Benefits: 1545
Sale price: 186.9
Benefits: -2620.0
Sold on March 2009
Sale price: 219.75
Benefits: 665
Sold on June 2009
Sale price: 253.3
Benefits: 4020.0

Sale price: 279.75
Benefits: 6665.0
Sale price: 335.6
Benefits: 12250.0
Sold on March 2010
Sale price: 337.1
Benefits: 12400
Sold on June 2010
Sale price: 337.75
Benefits: 12465.0
Sale price: 321.65
Benefits: 11855.0
Sale price: 369.9
Benefits: 15680
Sold on March 2011

Sale price: 321.05
Benefits: 10795.0
Sold on June 2011
Sale price: 330.35
Benefits: 11725.0
Sale price: 282.7
Benefits: 6960.0
Sale price: 319.55
Benefits: 10645.0
Sold on March 2012
Sale price: 304.55
Benefits: 9145.0
Sold on June 2012
Sale price: 308.55
Benefits: 9545.0
PORTFOLIO OF CLARIENT CHEMICALS (INDIA) LTD

Company Profile
Clariant Chemicals (India) Ltd. manufactures and sells specialty chemicals. It
operates through two business segments: Intermediates and Colours and Dyes and
Specialty Chemicals. The Intermediates and Colours segment offers pigments,
dyestuffs and their dispersion, intermediates for dyes, pesticides and pharmaceuticals
and masterbatches for plastics and nylon fibers. The Dyes and Specialty Chemicals
segment includes dyestuffs, synthetic resins, binder materials, functional effects and
coatings, auxiliaries and chemicals, comprising of specialty chemicals, emulsions and
dyes for the textile, leather and paper industry and performance chemicals for personal
care and industrial applications. The company was founded on December 27, 1956 and
is headquartered in Thane, India.
PORTFOLIO
Sold on June 2008
Sale price: 198.6
Benefits: -4175.0
Sale price: 206.15
Benefits: -3420.0
Sale price: 154.05
Benefits: -8630.0
Sold on March 2009
Sale price: 196.8
Benefits: 355.0
Sold on June 2009
Sale price: 242.85
Benefits: 250

Sale price: 362.55
Benefits: 12220.0
Sale price: 467.9
Benefits: 22755.0
Sold on March 2010
Sale price: 540.45
Benefits: 30010.0
Sold on June 2010
Sale price: 634.5
Benefits: 39415.0
Sale price: 754.65
Benefits: 51430.0
Sale price: 724.15
Benefits: 48380.0
Sold on March 2011

Sale price: 664.55
Benefits: 42420.0
Sold on June 2011
Sale price: 753.85
Benefits: 51350
Sale price: 717.3
Benefits: 47695.0
Sale price: 566
Benefits: 32565.0
Sold on March 2012
Sale price: 649.45
Benefits: 40910.0
Sold on June 2012
Sale price: 594.7
Benefits: 35435
PORTFOLIO OF ICICI BANK

Company Profile
ICICI Bank Ltd. offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and through its
specialized subsidiaries in the areas of commercial banking, retail banking, life and nonlife insurance, project and corporate finance, working capital finance, venture capital and
private equity, investment banking, asset management, broking and treasury products and
services. The firm operates through following segments: Personal Banking, Wealth
Management, NRI Banking, Corporate Banking and Business Banking. The Personal
Banking segment offers current account, savings accounts, loans, cards and internet
banking. The Wealth Management segment provides advisory services, insurance and
risk management, investment and wealth management services. The NRI Banking
segment offers a wide range of loans, investment opportunities, insurance schemes and
money transfer facilities to NRI's. The Corporate Banking segment offers commercial
banking, investment banking, cash management and custodial service to corporate
clients. The Business Banking segment offers roaming current account, trade current
account, prepaid current account, collection, cluster account, business loans, letter of
credit, bank guarantee, import finance, export finance and forex services. The company
was founded on January 5, 1994 and is headquartered in Mumbai, India.
PORTFOLIO
Sold on June 2008
Sale price: 630.2
Benefits: -24925.0
Sale price: 534.85
Benefits: -34460.0
Sale price: 448.35
Benefits: -43110.0
Sold on March 2009
Sale price: 332.6
Benefits: -54685
Sold on June 2009
Sale price: 772
Benefits: -10745.0

Sale price: 904.8
Benefits: 2535
Sale price: 875.7
Benefits: -375.0
Sold on March 2010
Sale price: 952.7
Benefits: 7325
Sold on June 2010
Sale price: 862
Benefits: -1745
Sale price: 1110.35
Benefits: 23089.99
Sale price: 1144.65
Benefits: 26520.0
Sold on March 2011

Sale price: 112.75
Benefits: 23330.0
Sold on June 2011
Sale price: 1093.1
Benefits: 21364.99
Sale price: 875.35
Benefits: -410
Sale price: 684.6
Benefits: -19485.0
Sold on March 2012
Sale price: 887.25
Performance (%): .88
Benefits: 780
Sold on June 2012
Sale price: 781.7
Benefits: -9775.0
PORTFOLIO OF NIIT TECHNOLOGY

Company Profile
NIIT Technologies Ltd. provides information technology solutions. The
company offers services in application development and maintenance, managed
services, cloud computing and business process outsourcing to organizations in the
financial services, insurance, travel, transportation and logistics, manufacturing,
healthcare and government sectors. It serves the customers in North America, Europe,
Middle East, Asia and Australia. The company was founded in 2004 and is
headquartered in New Delhi, India.
PORTFOLIO
Sold on June 2008
Sale price: 121.5
Benefits: -2074.99
Sale price: 86.25
Benefits: -5599.99
Sale price: 70.15
Benefits: -7209.99
Sold on March 2009
Sale price: 53.05
Benefits: -8919.99
Sold on June 2009
Sale price: 100.25
Benefits: -4199.99

Sale price: 123.2
Benefits: 1904.99
Sale price: 179.9
Benefits: 3765.01
Sold on March 2010
Sale price: 170.25
Benefits: 2800.01
Sold on June 2010
Sale price: 170.8
Benefits: 2855.01
Sale price: 202.95
Benefits: 6070.01
Sale price: 198.5
Benefits: 558.01
Sold on March 2011

Sale price: 184.65
Benefits: 5610
Sold on June 2011
Sale price: 179.35
Benefits: 3710.01
Sale price: 197.25
Benefits: 5500.01
Sale price: 182.75
Benefits: 4050.01
Sold on March 2012
Sale price: 270.9
Benefits: 12865.0
Sold on June 2012
Sale price: 290.4
Benefits: 14815
PORTFOLIO OF TATA COMMUNICATION

Company Profile
Tata Communications Ltd. is an India based telecommunication Company. It provides
integrated communications and broadband services worldwide. The company operates in
three segments: Global Voice Solutions, Global Data and Managed Services and Others.
The Global Voice Solutions segment includes international and national long distance
voice services. The Global Data and Managed Services segment includes corporate data
transmission services, data centers, virtual private network signaling and roaming
services, television and other network and managed services. The others segment
primarily comprises of retail internet business, global roaming, internet telephony and
accounts. The company was formerly known as Videsh Sanchar Nigam Ltd. It has
operations in Australia, Canada, France, Germany, Hong Kong, India, Poland, Russia,
Singapore, South Africa, Spain, UAE, UK and USA. The company was founded on
March 19, 1986 and is headquartered in Mumbai, India.
PORTFOLIO
Sold on June 2008

Sale price: 373.2
Benefits: -12600
Sale price: 468.2
Benefits: -3100.0
Sale price: 500.85
Benefits: 165
Sold on March 2009
Sale price: 516.2
Benefits: 1700.0
Sold on June 2009
Sale price: 475.1
Benefits: -2410.0

Sale price: 484.5
Benefits: -1470.0
Sale price: 336.05
Benefits: -16315.0
Sold on March 2010
Sale price: 280.4
Benefits: -21880.01
Sold on June 2010
Sale price: 262.15
Benefits: -23705.01
Sale price: 308.35
Benefits: -19085.0
Sale price: 255.6
Benefits: -24360.0
Sold on March 2011

Sale price: 238.9
Benefits: -26030.0
Sold on June 2011
Sale price: 197.1
Benefits: -30210.0
Sale price: 186.2
Benefits: -31300.0
Sale price: 212.35
Benefits: -28685.0
Sold on March 2012
Sale price: 225.05
Benefits: -27415.0
Sold on June 2012
Sale price: 216
Benefits: -28320
MODULE: 2
COMPARISION WITH INDICES
1. COMPARISION OF AMBUJA CEMENTS WITH BSECAPITAL

2. COMPARISION OF CIPLA LTD WITH BSEHEALTHCARE
3. COMPARISION OF CLARIENT CHEMICALS (INDIA) LTD WITH BSE500
4. COMPARISION OF ICICI BANK WITH BANKEX
5. COMPARISION OF NIIT TECHNOLOGY WITH TECK
6. COMPARISION OF TATA COMMUNICATION WITH TECK
9-May-12
9-Mar-12
9-Jan-12
9-Nov-11
9-Sep-11
9-Jul-11
9-May-11
9-Mar-11
9-Jan-11
9-Nov-10
9-Sep-10
9-Jul-10
9-May-10
9-Mar-10
9-Jan-10
9-Nov-09
9-Sep-09
9-Jul-09
9-May-09
9-Mar-09
9-Jan-09
9-Nov-08
9-Sep-08
9-Jul-08
9-May-08
COMPARISION OF TATA COMMUNICATION WITH TECK
4500
4000
3500
3000
2500
indices
2000
1500
tata comm
1000
500
9-May-12
9-Mar-12
9-Jan-12
9-Nov-11
9-Sep-11
9-Jul-11
9-May-11
9-Mar-11
9-Jan-11
9-Nov-10
9-Sep-10
9-Jul-10
9-May-10
9-Mar-10
9-Jan-10
9-Nov-09
9-Sep-09
9-Jul-09
9-May-09
9-Mar-09
9-Jan-09
9-Nov-08
9-Sep-08
9-Jul-08
9-May-08
COMPARISION OF NIIT TECHNOLOGY WITH BSETECK
4500
4000
3500
BSE TECK
3000
NIIT TECHNOLOGY
2500
2000
1500
1000
500
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
Nov-08
Sep-08
Jul-08
May-08
COMPARISION OF CIPLA LTD WITH HEALTH CARE
8000
7000
6000
5000
Health Care
4000
cipla
3000
2000
1000
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
Nov-08
Sep-08
Jul-08
May-08
16000
COMPARISION OF ICICI BANK WITH BANKEX

AND
14000
12000
10000
8000
BANKEX
icici bbank
6000
4000
2000
May-12
Mar-12
Jan-12
Nov-11
Sep-11
Jul-11
May-11
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
Nov-08
Sep-08
Jul-08
May-08
COMPARISION OF AMBUJA CEMENT WITH BSE CAPITAL GOODS
12000
10000
8000
BSE capital goods
6000
Ambuja cements
4000
2000
Jun-12
Apr-12
Feb-12
Dec-11
Oct-11
Aug-11
Jun-11
Apr-11
Feb-11
Dec-10
Oct-10
Aug-10
Jun-10
Apr-10
Feb-10
Dec-09
Oct-09
Aug-09
Jun-09
Apr-09
Feb-09
Dec-08
Oct-08
Aug-08
Jun-08
Apr-08
COMPARISION OF CLARIENT CHEMICALS INDIA LTD WITH BSE 500
9000
8000
7000
6000
5000
CLARIENT CHEMICALS
BSE 500
4000
3000
2000
1000
MODULE: 3
FUNDAMENTAL ANALYSIS OF SECURITIES
1. FUNDAMENTAL ANALYSIS OF AMBUJA CEMENT LTD

2. FUNDAMENTAL ANALYSIS OF CIPLA LTD
3. FUNDAMENTAL ANALYSIS OF CLARIANT CHEMICALS (INDIA) LTD
4. FUNDAMENTAL ANALYSIS OF ICICI BANK
5. FUNDAMENTAL ANALYSIS OF NIIT TECHNOLOGIES LTD
6. FUNDAMENTAL ANALYSIS OF TATA COMMUNUCATION LTD
FUNDAMENTAL ANALYSIS OF AMBUJA CEMENTS
Overview
1. Ambuja Cements Ltd.'s current Price/Book of 2.9 is about median in its peer group.
2. The market expects 500425-IN to grow at about the same rate as the peers and to maintain
the median returns it currently generates.
3. 500425-IN has relatively high profit margins while operating with median asset turns.
4. A change in annual revenues are in line with its chosen peers but lags in terms of earnings
suggesting that the company is less cost conscious and may be spending for growth.
5. Over the last five years, 500425-IN's return on assets has improved from median to better
than the median among its peers, suggesting the company has found relative operating
advantages.
6. The company's median gross margin and relatively high pre-tax margins suggest nondifferentiated product portfolio but with tight cost control relative to peers.
7. 500425-IN's revenue growth in recent years and current PE ratio are both around their
respective peer medians suggesting that historical performance and long-term growth
expectations for the company are largely in sync.
8. The company's capital investment program suggests it is under-investing in a business that is
producing peer median returns.
9. 500425-IN has the financial and operating capacity to borrow quickly.
Share Price Performance
Relative outperformance over the last year and the last month suggest a leading position.
500425-IN's share price performance of 8.9% over the last 12 months is above peer median of 5.3%.
The 30-day trend in its share price performance of 0.1% is also above the peer median of -5.0%
suggesting that this company is a leading performer relative to its peers.
Fading
Leading
Share Price % Change:1 2 months
532538- IN
500387- IN
25
SMGR- ID
500410- IN
500425- IN
INTP- ID
SAHOL- TR
0
530005- IN
INVERARGOS- CO
CEMEXCPO- MX
- 25
500335
- IN
Lagging
Rising
- 50
- 15
- 10
-5
Share Price % Change:3 0 days
Drivers of Valuation: Operations or Expectations?

Valuation (P/B) = Operating Advantage (ROE) * Growth Expectations (P/E)
Price/Book or P/B valuation is a function of the observed operating performance of
the company as measured by ROE multiplied by the market's current implied
growth expectation as measured by the P/E. We define Valuation Premium as the
difference between the Market Capitalization and Book Value of Equity, and as a
proxy for the NPV of cash-flow associated to the Book Equity investment.
Based on the analysis of the relative contribution to the P/B valuation of
"Operations ROE" vs. "Expectations P/E", we quickly garner insight into peers
comparative performance and the market's assessment of their strategies - are they
just "Harvesting" the current business pipeline or are investors betting on a
strategic "Turnaround"?
The market expects 500425-IN to maintain the median rates of return it generates
currently.
The market expects 500425-IN to grow at about the same rate as its chosen peers
(PE of 18.9 compared to peer median of 19.2) and to maintain the peer median
return (ROE of 16.0%) it currently generates. The company's current Price/Book
of 2.9 is about median in its peer group.
Valuation Characteristics
Operating Advantage: ROE %
Harvesting
Outperforming
532538- IN
20
500335- IN
500410
- IN
500425
- IN
SAHOL- TR
500387- IN
10
530005- IN
0
CEMEXCPO- MX
- 10
Challenged
Turnaround
- 20
0
10
20
Growth Advantage: P/ E
30
40
500425-IN has moved towards a median ROE and PE from a relatively high
PE profile at the prior year-end.
500425-IN's ROE is its lowest relative to the last four years and compares to
a high of 42.2% in 2006. The decrease in its ROE to 16.0% from 18.3% (in
2010) was also accompanied by a decrease in its peer median during this
period to 16.0% from 18.3%.
500425-IN's current PE is trading lower than the recent year-end high of 19.4
but remains above the 2008 low of 7.6. PE increased (relative to prior year-end
2010) for both the company (to 18.9 from 17.3) and the peer
median (to 19.2 from 13.1). Combining both ROE and PE suggests that 500425IN's PB (price/book) is downward trending and, at 2.9, is now similar to its average
year-end PB of 3.0 over the last five year-ends.
ROE % (On Common Equity)
Price To Earnings
20
40
15
30
10
20
10
5
2007
2008
2009
500425- IN
2010
2011
Peer Median
TTM
2007
2008
2009
500425- IN
2010
2011
Peer Median
TTM
Operations Diagnostic
500425-IN has relatively high profit margins while operating with median asset turns.
The company attempts to achieve profit margin (currently 14.5% vs peer median of 10.6) through
different product. It currently operates with peer median asset turn of 0.8x
Asset Efficiency: Sales/ Total Assets
Operating Advantage
Volume Driven
Dominant
1
500387- IN500410
532538- IN
- IN
500425- IN
SMGR- ID
INTP- ID
0.75
500335- IN
0.5
530005- IN
CEMEXCPO- MX
INVERARGOS- CO
SAHOL- TR
0.25
Problematic
Premium Pricing
0
- 10
10
20
Net Margin %: NI/ Sales
500425-IN has moved to a relatively high net margin from a median asset turnover and net
margin profile at the prior year-end.
500425-IN's net margin is its lowest over the last four years and compares to a high of
32.3% in 2007. The decrease in its net margin to 14.5% from 17.3% (in 2010) was also
accompanied by a decrease in its peer median during this period to 10.6% from 15.4%. Net
margin rose 2.0 percentage points relative to peers.
500425-IN's asset turnover is similar to last year's low of 0.8 and remains below the 2008 high of
0.9. Compared to 2010, asset turnover has remained relatively stable for both the company (0.8)
and the peer median (0.8). Overall, asset turnover and net margin trends suggest that 500425-IN's
ROA at 11.2% is its lowest over the last four years and compares to a high of 29.2% in 2007.
Net Margin %
Sales/ Total Assets (x )

1
30
0.75
0.5
20
0.25
10
0
2007
2008
2009
2010
500425- IN
2011
TTM
2007
2008
Peer Median
2009
500425- IN
2010
2011
TTM
Peer Median
Earnings Leverage
500425-IN seems to have less control over costs relative to peers.
500425-IN's revenues have changed in-line with its peers (year-on-year change in revenues is 15.9%)
but its earnings have lagged (annual reported earnings have changed by -2.8% compared to the peer
median of 8.0%), implying that the company has less control over its costs relative to its peers.
500425-IN is currently converting every 1% of change in revenue into -0.2% change in annual
reported earnings.
Earnings Leverage
Earnings Focus
Leader
532538- IN
YoY
50
500410- IN
CEMEXCPO- MX
SAH OL
- TR
%:
INTP- ID
SMGR - ID
500425- IN
Growth
Earnings
500335- IN
- 50
INVERARGOS - CO
500387- IN
530005- IN
Laggard
Revenue Focus
- 100
0
25
50
Revenue Growth %: YoY
75
100
Sustainability of Returns
Relative to peers, recent returns have improved versus last five years.
500425-IN's current return on assets is better than its peer median (11.2% vs. peer median 9.0%).
However, its return on assets over the past five years has only been around the peer median (17.4% vs.
peer median 14.5%). This performance suggests that the company may recently have found some new
operational advantages to exploit relative to peers.
Sustainable Operating Advantage
Sustainable
Eroding
SMGR-ID
500335- IN
20
INTP- ID
500425- IN
Avg
532538- IN
500410
- IN
10
530005- IN
%:
Year
500387- IN
ROA
INVERARGOS- CO
SAHOL- TR
CEMEXCPO- MX
0
Questionable
Improving
- 10
-5
10
ROA %: Latest
15
20
Drivers of Margin
Margins suggest non-differentiated product portfolio but with relatively tight cost control.
The company's comparatively low gross margin of 27.2% versus peer median of 35.0% suggests that it
follows a non-differentiated strategy or is in a pricing constrained position. However, 500425-IN's
bottom-line operating performance is better than peer median (pre-tax margins of 20.1% compared to
peer median 12.9%) suggesting relatively tight control on operating costs.
Drivers of Margins
(Gross
Margin %)
Differentiated; High Cost
Differentiated; Low Cost

INTP- ID
SMGR- ID
500387- IN
50
530005- IN
40 CEMEXCPO- MX
INVERARGOS- CO
SAHOL- TR
500410 - IN
Differentiation
30
500425- IN
500335- IN
532538
- IN
20
Commodity; High Cost
Commodity; Low Cost
10
- 10
10
20
Cost Controls (Pre Tax Margin%)
30
500425-IN has moved to a Commodity/Low Cost from a relatively low gross margin profile at the
prior year-end.
500425-IN's gross margin is its lowest over the last four years and compares to a high of 53.4% in
2009. The decrease in its gross margin to 27.2% from 29.7% (in 2010) was also accompanied by a
decrease in its peer median during this period to 35.0% from 38.4%. Gross margin rose 0.9
percentage points relative to peers.
500425-IN's pre-tax margin is its lowest over the last four years and compares to a high of 48.7% in
2007. Like the gross margin trend, the decrease in its pre-tax margin (to 20.1% from 22.8%) was also
accompanied by a decrease in its peer median during this period (to 12.9% from 22.5%). Relative to
peers, pre-tax margin rose 6.9 percentage points.
Gross Margin %
Pre- Tax Margin %
50
40
40
30
30
20
20
10
2007
2008
2009
500425- IN
2010
2011
Peer Median
TTM
2007
2008
2009
500425- IN
2010
2011
Peer Median
TTM
Growth Expectations
Historical performance and long-term growth expectations for the company largely in sync.
500425-IN's revenues have grown at about the same rate as its peers (6.6% vs. 6.1% respectively for
the past three years). Similarly, the stock price implies median long-term growth as its PE ratio is
around the peer median of 18.9. The historical performance and long-term growth expectations for the
company are largely in sync.
Historical
Growth: 3 Year Revenue Growth %
Growth Expectation
Superior
532538- IN
30 Ex pected Decline
20
10
500335SAHOL-IN-TR
500387- IN
500425- IN
500410- IN
530005- IN
0 CEMEXCPO- MX
Strategic Play
Substandard
- 10
10
20
Investor Ex pectations: P/ E
30
40
Capital Investment Strategy

Capital investment may be a little low for a median return business.
500425-IN's annualized rate of change in the capital of 7.0% over the past three years is less than its
peer median of 12.9%. This investment has generated a peer median return on capital of 17.7% over
the same three years. The median return on capital investment on a relatively lower investment
suggests that the company is under investing.
Capital investment strategy
Milking the Business SMGR- ID
Supporting Growth
30
ROIC %: 3 Year Avg
INTP - ID
500335- IN
500410- IN
500425- IN
20
500387
532538- IN
- IN
10
530005- IN
INVERARGOS- CO
SAHOL- TR
0 CEMEXCPO- MX
Maintenance Mode
- 10
10
Betting on Future
20
30
Capital Growth % (3 Year)
40
Leverage & Liquidity

500425-IN has the financial and operating capacity to borrow quickly.
With debt at a relatively low 0.3% of its enterprise value compared to an overall benchmark of 25%
(Note: The peer median is currently 16.0%), and a well-cushioned interest coverage level of 52.7x,
500425-IN can probably borrow quickly. We classify the company as Quick & Able in terms of its
capacity to raise additional debt. All 10 peers for the company have an outstanding debt balance.
EBIT
E
(
Liquidity: /
Interest x pense x )
Borrowing capacity
20
Quick and Able
Some Capacity
SAHOL- TR
500410- IN
SMGR- ID
10
532538- IN
500335- IN
INVERARGOS
500387- IN 530005
- CO
- IN
CEMEXCPO- MX
Limited Flex ibility
Constrained
- 10
0
10
20
30
Leverage: Debt/ Enterprise Value (%)
40
50
FUNDAMENTAL ANALYSIS OF CIPLA LTD
Overview
1. Cipla Ltd. currently trades at a higher Price/Book ratio (3.7) than its peer median (2.5).
2. 500087-IN outperforms its peers with a relatively high operating performance and the
market also expects faster growth relative to its peers
3. 500087-IN has relatively high profit margins while operating with median asset turns.
4. Changes in annual revenues (relative to peers) are better than the change in its earnings
(relative to peers), implying the company is focused more on revenues.
5. 500087-IN's return on assets currently and over the past five years suggest that its
relatively high operating returns are sustainable.
6. The company's median gross margin and relatively high pre-tax margins suggest nondifferentiated product portfolio but with tight cost control relative to peers.
7. Compared with the peers chosen, 500087-IN has had faster revenue growth in prior years
and a current PE ratio that suggests faster growth in the future suggesting superior growth
expectations.
8. The company's level of capital investment seems appropriate to support the company's
growth.

Relative underperformance over the last year has improved more recently.
500087-IN's share price performance of -5.0% over the last 12 months is below its peer median.
However, its 30-day trend of -0.7% is now around the peer median suggesting that the company's
recent performance has improved relative to peers.
Share price performance
Fading
Leading
75
DRX- IE
50
25
WPI- US
PRGO - US
500302 - IN
UCB- BE
FRX- US
500087
- IN
500359- IN
MYL- U S
4508- JP
- 25
BIOC- EG
- 50
Lagging
Rising
- 75
- 10
-5
10

Price/Book or P/B valuation is a function of the observed operating performance of the company as
measured by ROE multiplied by the market's current implied growth expectation as measured by the
P/E. We define Valuation Premium as the difference between the Market Capitalization and Book
Value of Equity, and as a proxy for the NPV of cash-flow associated to the Book Equity investment.
Based on the analysis of the relative contribution to the P/B valuation of "Operations ROE" vs.
"Expectations P/E", we quickly garner insight into peers comparative performance and the market's
assessment of their strategies - are they just "Harvesting" the current business pipeline or are investors
betting on a strategic "Turnaround"?
500087-IN has an Outperforming profile relative to peers.
500087-IN achieved a better operating performance than the median of its chosen peers (ROE of 15.7%
compared to the peer median ROE of 7.7%) and the market still expects faster growth from it than from
those peers (PE of 25.1 compared to peer median of 20.5). The company currently trades at a higher
Price/Book ratio of 3.7 compared to its peer median of 2.5.
Valuation characteristics
25
Harvesting
PRGOOutperforming-US
FRX- US
BIOC- EG
500087- IN
MYL-
US
WPI- US
500302- INUCB- BE
0
DRX- IE
- 25
500359- IN
- 50
Challenged
Turnaround
- 75
- 40
- 20
20
40
500087-IN has moved to an Outperforming from a median ROE and PE profile at the prior year-end.
500087-IN's ROE is its lowest relative to the last four years and compares to a high of 25.6% in
2006. The decrease in its ROE to 15.7% from 21.1% (in 2010) was also accompanied by a decrease
in its peer median during this period to 7.7% from 20.2%. Relative to peers, ROE rose 7.1
percentage points.
500087-IN's current PE is similar to its average year-end PE of 25.0 over the last five year-ends. PE has
remained relatively stable at 25.1 (compared to prior year-end) unlike its peer median, which has
decreased to 20.5 from 24.2. Combining both ROE and PE implies that 500087-IN's current PB
(price/book) of 3.7 has touched a new low (relative to the last five year-ends), which compares to a 2007
year-end high of 5.7.
Price To Earnings
25
25
20
20
15
15
10
10
5
2007
2008
2009
500087- IN
2010
2011
Peer Median
TTM
2007
2008
2009
500087- IN
2010
2011
Peer Median
TTM
500087-IN has relatively high profit margins while operating with median asset turns.
The company attempts to achieve high profit margins (currently 16.1% vs. peer median of
8.5%) through differentiated products. It currently operates with peer median asset turns of
0.7x.
Operating Advantage
Volume Driven
Dominant
PRGO- US
WPI- US
500359- IN
0.75
500087- IN
BIOC- EG
FRX- US
MYL - US
4508 - JP
0.5
UCB- BE
DRX- IE
0.25
500302- IN
Problematic
Premium Pricing
0
- 20
- 10
10
20
500087-IN has maintained its relatively high net margin profile from the prior year-end.
500087-IN's net margin has declined 4.1 percentage points from last year's high and is now below its
four-year average net margin of 18.2. The decrease in its net margin to 16.1% from 20.2% (in 2010)
was also accompanied by a decrease in its peer median during this period to 8.5% from 9.9%. Net
margin fell 2.6 percentage points relative to peers.
500087-IN's asset turnover is its lowest over the last four years and compares to a high of 0.9 in 2007.
Compared to 2010, asset turnover has remained relatively stable for both the company (0.7) and the peer
median (0.6). Overall, asset turnover and net margin trends suggest that 500087-IN's ROA at 10.8% is its
lowest over the last four years and compares to a high of 17.0% in 2007.
Net Margin %

1
20
0.75
15
0.5
10
0.25
0
2007
2008
2009
500087- IN
2010
2011
TTM
2007
2008
Peer Median
2009
500087- IN
2010
2011
TTM
Peer Median
Earnings Leverage
500087-IN seems to be more focused on revenues.
The company has achieved better revenues growth than its chosen peers (year-on-year change in
revenues of 14.4%) but its earnings growth performance has been below the median (change in annual
reported earnings of -8.6% compared to the peer median of 24.8%). This suggests that, compared to its
peers, the company is focused more on top-line revenues. 500087-IN is currently converting every 1%
of change in revenue into -0.6% change in annual reported earnings.
Earning leverage
Earnings Focus
Yo
Earnings Growth %: Y
100
500302- IN
DRX- IE
Leader
UCB- BE
MYL- US PRGO- US
WPI- US
4508- JP
FRX - US 500087- IN
BIOC- EG
- 100
- 200
500359- IN
- 300
Laggard
- 400
Revenue Focus
- 20
20
500087-IN's relative returns suggest sustainable outperformance.
500087-IN's return on assets is above its peer median both in the current period (10.8% vs. peer median
4.2%) and also over the past five years (13.6% vs. peer median 4.5%). This performance suggests that
the company's relatively high operating returns are sustainable.
ROA %: 5 Year Avg
Eroding
Sustainable
500302 - IN
20
FRX- US
500087- IN
4508WPI - US-JP
PRGO- US
UCB- BE
500359- IN
MYL - US
DRX- IE
Questionable
Improving
- 20
- 10
10
ROA %: Latest
Drivers of Margin
Margins suggest non-differentiated product portfolio but with relatively tight cost control.
The company's comparatively low gross margin of 23.9% versus peer median of 50.7% suggests that it
follows a non-differentiated strategy or is in a pricing constrained position. However, 500087-IN's
bottom-line operating performance is better than peer median (pre-tax margins of 19.0% compared to
peer median 10.9%) suggesting relatively tight control on operating costs.
Drivers of Margins
Differentiated;BIOC-LowFRXEG- CostUS
(Gross Margin%)
75
Differentiation
25
UCB- BE
4508- JP
DRX- IE
MYL- US
50
WPI- US
PRGO- US
500359- IN
500087- IN
500302- IN
0
Commodity; Low Cost

- 25
- 150
- 50
- 100
50
500087-IN has maintained its Commodity/Low Cost profile from the prior year-end.
500087-IN's gross margin has declined 2.8 percentage points from last year's high but remains above
its four-year average gross margin of 23.0%. While its gross margin decreased to 23.9% from 26.7%
(in 2010), its peer median increased during this period to 50.7% from 48.4%. Gross margin fell 5.0
percentage points relative to peers.
500087-IN's pre-tax margin has declined 5.8 percentage points from last year's high and is now below
its four-year average pre-tax margin of 21.7. The decrease in its pre-tax margin to 19.0% from 24.7%
(in 2010) was also accompanied by a decrease in its peer median during this period to 10.9% from
13.6%. Relative to peers, pre-tax margin fell 3.1 percentage points.
Gross Margin %
Pre- Tax Margin %
50
25
40
20
30
15
20
10
10
5
2007
2008
2009
500087- IN
2010
2011
Peer Median
TTM
2007
2008
2009
500087- IN
2010
2011
Peer Median
TTM
Growth Expectations
500087-IN's revenue growth and share price suggest faster growth in the future.
500087-IN has grown its revenues faster than its peers (7.3% vs. 4.0% respectively for the past three
years). The market also sees relatively higher long-term growth prospects for the company, giving it a
better than peer median PE ratio of 25.1. Overall, we classify the company's growth prospects as
superior relative to its peers.
Historical Growth: 3 Year Revenue Growth %
Growth expectation
20
Ex pected Decline
SuperiorWPI-US
PRGO- US
500359- IN
10
500087- IN
MYL- US
FRX- US
BIOC- EG
UCB- BE
0
DRX- IE
500302- IN
- 10
Substandard
- 20
- 40
Strategic Play
- 20
20
40

500087-IN's level of capital investment seems appropriate given the company's growth.
500087-IN's annualized rate of change in the capital of 11.2% over the past three years is higher
than its peer median of 1.6%. This investment has generated an above peer median return on
capital of 16.8% over the same three years. Evidently, the relatively high capital investment was
successful given the the relatively strong growth in its returns.
Drivers of Margines
Milking the Business
20
Supporting Growth
FRX- US
BIOC -
EG500087-
IN
500302- IN
Avg
PRGO- US
10
WPI- US
4508
ROIC %: 3 Year
UCBMYL- BE-US
- JP
500359 - IN
0
- 10
DRX- IE
Maintenance
- 20
Mode
Betting on Future
20
40
60

capacity to raise additional debt. Of the 10 chosen peers for the company, only 9 of the stocks have an
outstanding debt balance. Companies with no debt include FRX-US.
Borrowing capacity
Quick and Able
Some Capacity
Liquidity: EBIT/ Interest Ex pense (x )
FRX- US
1,000
750
500
250
500087- IN
500359- IN
PRGO- US
4508- JP500302WPI-IN- US
UCB- BE MYL-
USBIOC- EG
DRX- IE
Constrained
- 250
0
10
20
30
40
50
500087-IN has maintained its Quick & Able profile from the prior year-end.
500087-IN's interest coverage is upward trending and is above (but within one standard deviation of) its
four-year average interest coverage of 48.5x. While its interest coverage increased to 51.3x from 42.0x
(in 2010), its peer median decreased during this period to 7.1x from 7.8x. Interest coverage rose 10.1
points relative to peers.
500087-IN's debt-EV has increased 2.0 percentage points from last year's low and is now close to its
four-year average debt-EV. Like the interest coverage trend, while its debt-EV also increased (to 2.0%
from 0.0%), its peer median decreased during this period (to 10.5% from 12.7%). Relative to peers,
debt-EV rose 4.3 percentage points.
Debt to Enterprise Value %
Interest Coverage (x )
30
75
20
50
10
25
0
2007
2008
500087- IN
2009
Peer Median
2010
2011
TTM
Threshold (2.5x)
2007
2008
500087- IN
2009
2010
Peer Median
2011
TTM
Threshold (25%)
FUNDAMENTAL ANALYSIS OF CLARIENT CHEMICALS (INDIA) LTD
Overview
1. Clariant Chemicals (India) Ltd. currently trades at a higher Price/Book ratio (3.3) than
its peer median (2.5).
2. We classify 506390-IN as Harvesting because of the market's relatively low growth
expectations despite its relatively high returns.
3. 506390-IN has a successful operating model with relatively high net profit margins and
asset turns.
4. Changes in annual earnings (relative to peers) are better than the change in its revenues
(relative to peers), implying the company is focused more on earnings.
5. 506390-IN's return on assets currently and over the past five years suggest that its
relatively high operating returns are sustainable.
6. The company's relatively high pre-tax margin suggests tight control on operating costs
versus peers.
7. 506390-IN's revenues have grown more slowly than the peer median over the last few
years, which combined with the stock price's relatively low PE ratio, suggest
substandard growth expectations relative to peers.
8. The company's level of capital investment seems appropriate to support the company's
growth.

Relative underperformance over the last year is in contrast with the more recent outperformance.
506390-IN's share price performance of -14.5% over the last 12 months is below its peer median but
its 30-day trend in share price performance of -1.3% is better than the peer median. This recent rising
stock price may herald a change in relative share price performance.
Share Price % Change:1
2 months
50 Fading
Leading
002562- CN
524208- IN
25
500027- IN
500331- IN
0
4272- JP
506401
300132- CN
002109 - CN
506390- IN
- IN
- 25
300082- CN
- 50
Lagging
- 75
- 15
Rising
- 10
-5
10

506390-IN has a Harvesting profile relative to its peers.
We classify 506390-IN as Harvesting because of the market's low expectations of growth (PE of 5.3
compared to peer median of 21.1) despite its currently high returns (ROE of 71.4% compared to the
peer median ROE of 10.8%). The company currently trades at a higher Price/Book ratio of 3.3
compared to its peer median of 2.5.
Outperforming
Operating
Advantage:
ROE %
75 Harvesting506390-IN
50
500331- IN
25
524208500027-- IN
002109-
CN
506401- IN
300239- CN
300132- CN
002562- CN
300082- CN
0
Turnaround
Challenged
- 25
50
25
75
506390-IN has moved to an Harvesting from a relatively high ROE profile at the prior year-end.
506390-IN's ROE is its highest relative to the last four years and compares to a low of 9.5% in 2006.
While its ROE increased to 71.4% from 31.5% (in 2010), its peer median decreased during this
period to 10.8% from 13.1%. Relative to peers, ROE rose 42.2 percentage points.
506390-IN's current PE is similar to the recent year-end low of 5.0 and remains below the 2007 high of
29.7. PE decreased to 5.3 from 17.1 (at prior year-end 2010) unlike its peer median, which increased
during this period to 21.1 from 17.1. Combining both ROE and PE suggests that 506390-IN's current
PB (price/book) of 3.3 is similar to its average year-end PB of 3.2 over the last five year-ends.
Price To Earnings
30
60
20
40
10
20
0
2007
2008
2009
506390- IN
2010
2011
Peer Median
TTM
2007
2008
2009
506390- IN
2010
2011
Peer Median
TTM
506390-IN has a successful operating model with relatively high net profit margins and asset turns.
The company has a successful operating strategy with above median net profit margins of 31.9% (vs.
peer median of 8.7%) and relatively high asset turns of 1.3x (vs. peer median of 0.9x). This suggests
that the company has a dominant operating model relative to its peers.
Operating Advantage
Dominant
500331- IN
1.5
506390- IN
500027- IN
524208- IN
1
002109- CN
300132- CN
4272- JP
300082- CN 300239- CN
002562- CN
0.5
Asset
Efficiency:
Sales/ Total Assets
Volume506401- DrivenIN
Problematic
Premium Pricing
10
20
30
506390-IN has maintained its Dominant profile from the prior year-end.
506390-IN's net margin is its highest over the last four years and compares to a low of 3.5% in 2007.
Though its net margin increased to 31.9% from 11.6% (in 2010), its peer median remained relatively
stable during this period at 8.7%. Net margin rose 20.1 percentage points relative to peers.
506390-IN's asset turnover is its lowest over the last four years and compares to a high of 1.7 in 2008.
The decrease in its asset turnover to 1.3 from 1.5 (in 2010) was also accompanied by a decrease in its
peer median during this period to 0.9 from 1.1. Overall, asset turnover and net margin trends suggest that
506390-IN's ROA at 40.8% is its highest over the last four years and compares to a low of 5.1% in 2007.
Net Margin %
Sales/ Total Assets (x)

2
30
1.5
20
1
10
0.5
0
2007
2008
2009
506390- IN
2010
2011
TTM
2007
2008
Peer Median
2009
506390- IN
2010
2011
TTM
Peer Median
Earnings Leverage
506390-IN seems to be focused on earnings.
The company's revenues performance is worse than its peer median (year-on-year change revenue of 1.7%) but its earnings have been relatively good -- annual earnings changed by 170.4% compared to
the peer median of 14.1%, implying that relative to peers, it is focused on earnings and/or selective
about what top-line growth opportunities it pursues. 506390-IN currently converts every 1% of
change in revenue into -99.7% of change in annual reported earnings.
Earnings Leverage
Earnings Focus
Leader
506390- IN
Earnings
Growth %: YoY
150
100
002109- CN
500027- IN
50
4272- JP
506401- IN
300239- CN
500331- IN
002562- CN
524208 300082-IN- CN
300132 - CN
- 50
Laggard
- 100
Revenue Focus
10
20
30
Eroding
Sustainable
20
506390- IN
%
ROA : 5 Year Avg
300082- CN
15
500331- IN
10
002109- CN
300132- CN
524208
- IN
506401 - IN
500027- IN
4272 - JP
Questionable
0
Improving
10
20
30
40
ROA %: Latest
Drivers of Margin
Relatively high pre-tax margin suggests tight control on operating costs versus peers.
The company's gross margin of 18.3% is around peer median suggesting that 506390-IN's operations
do not benefit from any differentiating pricing advantage. However, 506390-IN's pre-tax margin is
more than the peer median (41.4% compared to 10.9%) suggesting relatively tight control on
operating costs.
Differentiation
(Gross Margin %)
Drivers of Margins
50
Differentiated;
High Cost
4272- JP
500331- IN
40
002109- CN
300239- CN
30
002562
- CN
506390- IN
506401- IN
300132- CN
20
524208300082-IN- CN
500027 - IN
10
Commodity;
0
Commodity; Low Cost
High Cost
10
30
20
40
506390-IN has maintained its relatively high pre-tax margin profile from the prior year-end.
506390-IN's gross margin continues to trend downward and is below (but within one standard deviation
of) its four-year average gross margin of 24.4%. The decrease in its gross margin to 18.3% from 21.3%
(in 2010) was also accompanied by a decrease in its peer median during this period to 19.3% from
20.3%. Gross margin fell 2.0 percentage points relative to peers (and is now also lower than its peer
median).
506390-IN's pre-tax margin is its highest over the last four years and compares to a low of 5.5% in
2007. The increase in its pre-tax margin to 41.4% from 17.0% (in 2010) was also accompanied by an
increase in its peer median during this period to 10.9% from 10.0%. Relative to peers, pre-tax margin
rose 23.5 percentage points.
Pre- Tax Margin %
Gross Margin %
40
30
30
20
20
10
10
0
2007
2008
2009
506390- IN
2010
2011
Peer Median
TTM
2007
2008
2009
506390- IN
2010
2011
Peer Median
TTM
Growth Expectations
The company might be at the bottom of the growth cycle or is simply a laggard.
Historical
Growth: 3 Year Revenue
Growth %
506390-IN's revenues have grown more slowly than the peer median over the last few years (1.2% vs.
7.8% respectively for the past three years) and the stock price's relatively low PE ratio of 5.3 implies
relatively low future growth as well. Overall, we view the company's growth expectations as substandard
relative to its peers.
Growth expectations
Ex pected Decline
Superior
300082- CN
30
300132- CN
002109-
20
CN
500331- IN
10
500027- IN
506401- IN
506390- IN
524208- IN
300239- CN
002562- CN
Substandard
- 10
Strategic Play
25
50
75

506390-IN's annualized rate of change in the capital of 11.6% over the past three years is higher than
its peer median of 6.5%. This investment has generated an above peer median return on capital of
45.0% over the same three years. Evidently, the relatively high capital investment was successful given
the the relatively strong growth in its returns.

Milking the
Business
Supporting Growth
506390- IN
%
ROIC : 3 Year Avg
40
30
20
500331- IN
300082- CN
524208
- IN
300239- CN
002109 - CN
10
002562- CN
506401- IN
500027-
IN
300132- CN
4272- JP
Maintenance
0
Mode
Betting on Future
10
20
30
40
50

capacity to raise additional debt. All 10 peers for the company have an outstanding debt balance.
Borrowing Capacity
100 Quick and Able
Some Capacity
Interest
pense
506390- IN
75
4272- JP
50
25
300082- CN
500331- IN
002109- CN
Liquidity:
002562- CN
500027- IN
300239- CN
506401300132-IN-CN
524208- IN

- 25
10
Constrained
20
30
40
50
506390-IN has maintained its Quick & Able profile from the prior year-end.
506390-IN's interest coverage is downward trending and is now similar to its four-year average interest
coverage of 90.1x. While its interest coverage decreased to 90.6x from 123.6x (in 2010), its peer median
increased during this period to 12.3x from 7.8x. Interest coverage fell 37.5 points relative to peers.
506390-IN's debt-EV is its lowest over the last four years and compares to a high of 0.5% in 2008.
Though its debt-EV has remained relatively stable at 0.0% compared to 2010, its peer median has
increased to 11.1% from 9.1% during this period. Relative to peers, debt-EV fell 2.0 percentage points.

30
150
20
100
10
50
0
2007
2008
506390- IN
2009
Peer Median
2010
2011
TTM
Threshold (2.5x)
2007
2008
506390- IN
2009
2010
Peer Median
2011
TTM
Threshold (25%)
FUNDAMENTAL ANALYSIS OF ICICI BANK

Overview
1. ICICI Bank Ltd. currently trades at a higher Price/ Book ratio (1.5) than its peer median (0.9).
2. The market expects 532174-IN to grow faster than its peers and for the company to improve its
current ROE.
3. 532174-IN has relatively low net profit margins while its capital efficiency is relatively high.
4. The company's year-on-year change in revenues and earnings are better than the median among
its peer group.
5. 532174-IN's return on equity currently and over the past five years is around the peer median
and suggest that it does not have any particular operational advantages versus peers.
6. While the company's lending operations might be constrained on pricing its margins suggest
relatively low operating costs.
7. While 532174-IN's revenues growth has been around the peer median in recent years, the
market seems to see faster growth ahead and gives its shares a higher than peer median PE
ratio.
8. The company's equity capital investment seems appropriate for a business with peer median
returns.

Relative performance over the last month and last year is around the peer median.
532174-IN's change in share price of -27.8% for the last 12 months as well as its more recent 30day share price performance of -11.0% are both in line with their respective peer medians. Thus,
the company's share performance over the last month and the last year has been firmly in the
middle of the pack.
Fading
Leading
500180- IN
PNC- US
COF- US
1120- SA
0
NDA - SE
532174-
BBAS3- BR
- 25
055550- KR
IN
BBVA - ES
- 50
- 75
LLOY- GB
UCG- IT
Lagging
- 100
Rising
- 15
- 10
-5

The market expects improvement in 532174-IN's current performance
The market expects more growth from 532174-IN than the median of its chosen peers (PE of 11.9
compared to peer median of 7.2) and to improve its current ROE of 13.1%. The company currently
trades at a higher Price/ Book ratio of 1.5 compared to its peer median of 0.9.
Harvesting
Outperforming
BBAS3- BR
20
500180- IN
532174- IN
055550
COF-
- KR
US
NDA- SE
PNC- US
10
BBVA - ES
0
LLOY- GB
- 10
UCG- IT
Challenged
Turnaround
- 20
0
10
20
30
532174-IN has maintained its relatively high PE profile from the prior year-end.
532174-IN's ROE is its highest relative to the last four years and compares to a low of 7.8% in 2008.
Though its ROE increased to 13.1% from 11.4% (in 2011), its peer median remained relatively stable
during this period at 11.5. Relative to peers, ROE rose 1.7 percentage points.
532174-IN's current PE is downward trending and is below its average year-end PE of 18.5 over the last
five year-ends. PE decreased (relative to prior year-end 2011) for both the company (to 11.9 from 21.0)
and the peer median (to 7.2 from 10.5). Combining both ROE and PE suggests that 532174-IN's PB
(price/book) is downward trending and, at 1.5, is below its average year-end PB of 1.8 over the last five
year-ends.
Price To Earnings
20
25
20
15
15
10
10
5
2008
2009
2010
532174- IN
2011
2012
Peer Median
TTM
2008
2009
2010
532174- IN
2011
2012
Peer Median
TTM
532174-IN has relatively low net profit margins while its capital efficiency is relatively high.
The company's net profit margins have been relatively poor (currently 11.4% vs. peer median of 19.9%)
while its capital efficiency is better than the median (capital turns i.e.revenue/equity of 1.2x compared
to peer median of 0.6x). This suggests a volume driven operating model relative to its peers.
Operating Advantage
Capital Efficiency: Revenues/ Equity
Volume Driven
BBAS3- BR
1.25
Dominant
532174- IN
BBVA- ES
0.75
UCG- IT
055550
LLOY- GB
- KR
500180- IN
COF- US
NDA- SE
PNC - US
0.5
Problematic
0.25
- 25
1120- SA
Premium Pricing
0
25
50
Net Margin %: NI/ Revenues
532174-IN has moved to a Volume Driven from a relatively low net margin profile at the prior year-end.
532174-IN's net margin has declined 3.0 percentage points from last year's high and is now close to its
four-year average net margin. While its net margin decreased to 11.4% from 14.4% (in 2011), its peer
median increased during this period to 19.9% from 18.7%. Net margin fell 4.2 percentage points relative
to peers.
532174-IN's capital efficiency (revenues/equity) is its highest over the last five years and compares to
a low of 0.8 in 2010. Though its capital efficiency increased to 1.2 from 0.8 (in 2011), its peer median
remained relatively stable during this period at 0.6.
Net Margin %
Revenue/ Shareholder Equity (x)

2
20
1.5
15
1
10
0.5
0
2008
2009
2010
532174- IN
2011
2012
TTM
2008
2009
Peer Median
2010
532174- IN
2011
2012
TTM
Peer Median
Earnings Leverage
Year-on-year change in revenues and earnings are above the median among its peers.
The company enjoys both better than peer median annual revenue growth of -0.5% and better than peer
median earnings growth performance 25.4%. 532174-IN currently converts every 1% of change in
annual revenue into -54.9% of change in annual reported earnings. We view this company as a leader
among its peers.
Earnings Leverage
Earnings Focus
Leader
Earnings Growth %: YoY
LLOY- GB
500
055550- KR
532174
- IN
500180- IN
COF - US 1120- SA
PNC- USNDA
- SEBBAS3- BR
BBVA- ES
- 500
UCG - IT
Laggard
Revenue Focus
- 1000
- 40
- 20
20
532174-INs around median returns suggest no particular relative operational advantage.
532174-IN's return on equity currently is around peer median (13.1% vs. peer median 11.5%) -similar to its returns over the past five years (10.4% vs. peer median 11.9%). This performance
suggests that the company has no specific competitive advantages relative to its peers.
ROE %: 5 Year Avg
Eroding
BBAS3Sustainable-BR
1120- SA
20
500180- IN
BBVA- ES
NDA- SE
055550- KR
532174- IN
10
PNC- US
COF - US
LLOY- GB
UCG- IT
0
Questionable
Improving
- 10
- 10
10
20
ROE %: Latest
Drivers of Margin
532174-IN's lending operations might be constrained on pricing.
The company's comparatively low proportion of net interest income (net interest income/total revenues)
of 30.9% versus peer median of 59.0% suggests that 532174-IN's lending operations might be
constrained on pricing. However, 532174-IN's pre-tax margin of 25.4% is around the peer median
suggesting lower operating costs relative to peers.
Drivers of Margins
COF- US
75
500180- IN
1120- SA
(%
Revenues)
100 Differentiated; HighBBVACost-ES

UCG- IT
Income
PNC
50
BBAS3- BR NDA- SE
055550 - KR
LLOY- GB
532174
- IN
25
Net
Interest
- US

0
- 20
Commodity; Low Cost
20
40
60
Pre- tax Margin %
Growth Expectations
The market is likely factoring in some chance for growth improvement.
While 532174-IN's revenues growth has been around the peer median in recent years (2.7% vs. 2.7%
respectively for the past three years), the market gives its shares a higher than peer median PE ratio of
11.9. The market seems to see faster growth ahead.
Growth expectation
Ex pected Decline
Superior
500180- IN
BBAS3- BR
COF- US
055550- KR
10
532174- IN
BBVA- ES
UCG- IT
NDA- SE
PNC- US
- 10
LLOY- GB
Substandard
- 20
Strategic Play
0
10
20
30

532174-IN's capital investment level seems appropriate in a business with peer median returns.
532174-IN's annualized rate of change in equity capital of 6.5% over the past three years is around its
peer median of 6.0%. This median investment has likewise generated a peer median return on equity of
11.4% over the same three years. This median return on investment implies that company is investing
appropriately.
30 Milking the Business
Supporting Growth
BBAS3- BR
ROE %: 3 Year Avg
1120- SA
20
500180- IN
BBVA- ES
NDA- SE
532174- IN
055550
10
- KR
PNC- US
COF- US
LLOY- GB
0
UCG- IT
Maintenance Mode
- 10
Betting on Future
10
Equity Growth % (3 Year)
20
FUNDAMENTAL ANALYSIS OF NIIT TECHNOLOGIES
Overview
1. NIIT Technologies Ltd.'s current Price/Book of 2.5 is about median in its peer group.
2. We classify 532541-IN as Harvesting because of the market's relatively low growth
expectations despite its relatively high returns.
3. 532541-IN has a successful operating model with relatively high net profit margins and asset
turns.
4. Change in the company's annual revenues seems to be coming at the expense of earnings.
5. 532541-IN's return on assets currently and over the past five years suggest that its relatively
high operating returns are sustainable.
6. The company's relatively high pre-tax margin suggests tight control on operating costs
versus peers.
7. 532541-IN's revenues have grown more slowly than the peer median over the last few years,
which combined with the stock price's relatively low PE ratio suggests substandard growth
expectations relative to peers.
8. The company's level of capital investment seems appropriate to support the company's growth.

Relative outperformance over the last year and the last month suggest a leading position.
532541-IN's share price performance of 66.9% over the last 12 months is above peer median of 5.1%.
The 30-day trend in its share price performance of 18.8% is also above the peer median of 1.2%
suggesting that this company is a leading performer relative to its peers.
100 Fading
Leading
EOH- ZA
532368- IN
532541- IN
50
HOLI- US
504067- IN
532175- IN
UEPS- US
EMIS- GB
300047- CN
OPNT- US
- 50
818- HK
Rising
Lagging
- 100
- 20
- 10
10
20

532541-IN has a Harvesting profile relative to its peers.
We classify 532541-IN as Harvesting because of the market's low expectations of growth (PE of 9.1
compared to peer median of 13.0) despite its currently high returns (ROE of 30.3% compared to the
peer median ROE of 17.7%). The company's current Price/Book of 2.5 is about median in its peer
group.
Harvesting
Outperforming
532368- IN
504067- IN
40
EMIS- GB
532541- IN
EOH- ZA
HOLI- US
20
OPNT- US
532175- IN
UEPS - US
300047- CN
0
818- HK
Challenged
Turnaround
- 20
- 10
10
20
30
532541-IN has maintained its Harvesting profile from the recent year-end.
532541-IN's ROE continues to trend upward but is still within one standard deviation below its fiveyear average ROE of 31.0%. Though its ROE increased to 30.3% from 27.5% (in 2011), its peer
median remained relatively stable during this period at 17.7%. Relative to peers, ROE rose 2.5
percentage points.
532541-IN's current PE is greater than its average year-end PE of 6.9 over the last five year-ends. Like
its ROE trend (relative to 2011), its PE also increased to 9.1 from 6.0 while its peer median remained
relatively stable during this period at 13.0. Combining both ROE and PE suggests that 532541-IN's
current PB (price/book) of 2.5 is greater than its average year-end PB of 2.0 over the last five year-ends.
Price To Earnings
40
10
30
20
10
0
2007
2008
2009
532541- IN
2010
2011
Peer Median
TTM
2007
2008
2009
532541- IN
2010
2011
Peer Median
TTM
532541-IN has a successful operating model with relatively high net profit margins and asset
turns.
The company has a successful operating strategy with above median net profit margins of 13.9%
(vs. peer median of 10.6%) and relatively high asset turns of 1.4x (vs. peer median of 0.9x). This
suggests that the company has a dominant operating model relative to its peers.
Operating Advantage
Volume Driven
504067
- IN
Dominant
EOH- ZA
532368- IN
532541- IN
1.5
532175 - IN
OPNT - US
EMIS- GB
HOLI- US
UEPS- US
0.5
300047- CN
818- HK
Problematic
Premium Pricing
0
- 20
20
532541-IN has maintained its Dominant profile from the recent year-end.
532541-IN's net margin has declined 0.9 percentage points from last year's high and is now close to its
five-year average net margin. The decrease in its net margin to 13.9% from 14.8% (in 2011) was also
accompanied by a decrease in its peer median during this period to 10.6% from 11.6%.
532541-IN's asset turnover is upward trending and is above (but within one standard deviation of) its
five-year average asset turnover of 1.3. The increase in its asset turnover to 1.4 from 1.2 (in 2011) was
also accompanied by an increase in its peer median during this period to 0.9 from 0.8. Overall, asset
turnover and net margin trends suggest that 532541-IN's ROA at 19.7% has maintained its upward
trend and is above (but within one standard deviation of) its five-year average ROA of 17.7%.
Net Margin %
2
14
1.5
12
1
10
0.5
0
2007
2008
2009
532541- IN
2010
2011
TTM
2007
2008
Peer Median
2009
532541- IN
2010
2011
TTM
Peer Median
Earnings Leverage
Change in revenues seems to be coming at the expense of earnings.
The company's year-on-year change in revenue of 34.9% is better than the peer median but it has not
resulted in the same quality of annual earnings growth (44.2% compared to the peer median of 41.1%).
This suggests that 532541-IN's current relative cost structure needs to improve to move to a leading
position among its peers. 532541-IN is currently converting every 1% of change in revenue into 1.3%
change in annual reported earnings.
Earnings Leverage
Earnings Focus OPNT- US
Leader
100
Y
% o
: Y
532368
50
818- HK
HOLI- US
- IN
EMIS- GB
532541- IN
EOH- ZA
300047- CN
504067 - IN
- 50
G
r
o
w
t
h
532175- IN
E
a
r
n
i
n
g
s
UEPS - US
- 100
Laggard
Revenue Focus
- 150
0
25
50
75
Sustainable operating advantage
Eroding
Sustainable
20
ROA %: 5 Year Avg
532541- IN
504067- IN
532175- IN
15
532368- IN
EMIS- GB
UEPS- US
EOH- ZA
10
HOLI- US
OPNT- US
5
818- HK
Improving
Questionable
0
10
20
ROA %: Latest
Drivers of Margin
Relatively high pre-tax margin suggests tight control on operating costs versus peers.
The company's gross margin of 33.6% is around peer median suggesting that 532541-IN's operations
do not benefit from any differentiating pricing advantage. However, 532541-IN's pre-tax margin is
more than the peer median (17.9% compared to 13.8%) suggesting relatively tight control on
operating costs.
Drivers of Margins
(Gross Margin%)
OPNT- US
75
UEPS- US
300047- CN
EMIS- GB
50
EOH- ZA
Differentiation
818- HK
HOLI- US
532541- IN
25
532175- IN
532368- IN
504067- IN
Commodity; Low Cost

- 25
- 40
20
- 20
532541-IN has maintained its relatively high pre-tax margin profile from the recent year-end.
532541-IN's gross margin has declined 4.4 percentage points from last year's high but remains above
its five-year average gross margin of 30.4. Though its gross margin decreased to 33.6% from 38.0% (in
2011), its peer median remained relatively stable during this period at 37.1%. Gross margin fell 4.4
percentage points relative to peers (and is now also lower than its peer median).
532541-IN's pre-tax margin is its highest relative to the last five years and compares to a low of 14.0%
in 2009. Though its pre-tax margin has remained relatively stable at 17.9% compared to 2011, its peer
median has increased to 13.8% from 13.2% during this period.
Gross Margin %
Pre- Tax Margin %

17.5
35
15
30
12.5
25
10
2007
2008
2009
532541- IN
2010
2011
Peer Median
TTM
2007
2008
2009
532541- IN
2010
2011
Peer Median
TTM
Growth Expectations
The company might be at the bottom of the growth cycle or is simply a laggard.
532541-IN's revenues have grown more slowly than the peer median over the last few years (7.9% vs.
10.1% respectively for the past three years) and the stock price's relatively low PE ratio of 9.1 implies
relatively low future growth as well. Overall, we view the company's growth expectations as substandard
relative to its peers.
Growth Ex pectations
Ex pected Decline
Superior
EOH- ZA
HOLI- US
20
300047- CN
532368- IN
UEPS- US
532175- IN
EMIS- GB
504067532541-IN- IN
10
OPNT- US
- 10
818- HK
Substandard
- 20
- 10
Strategic Play
0
10
20
30

532541-IN's annualized rate of change in the capital of 21.6% over the past three years is higher than its
peer median of 17.4%. This investment has generated an above peer median return on capital of 26.3%
over the same three years. Evidently, the relatively high capital investment was successful given the the
relatively strong growth in its returns.

30
EMIS- GB
Supporting Growth
504067- IN
532541- IN
ROIC %: 3 Year Avg
EOH- ZA
532368
20
- IN
532175- IN
300047- CN
UEPS- US
10
OPNT- US
HOLI- US
0
818 - HK
Maintenance Mode
- 10
Betting on Future
20
40
60

capacity to raise additional debt. Of the 10 chosen peers for the company, only 8 of the stocks have an
outstanding debt balance. Companies with no debt include 300047-CN and OPNT-US.
Borrowing Capacity
Quick and Able
Some Capacity
OPNT- US
Interest
Ex pences
1,000
500
532541- IN
EBIT/
EMIS- GB
300047- CN
532175- IN
EOH- ZA
HOLI- US
504067- IN
UEPS- US
532368
- IN
Liquidity:
818- HK
Constrained

- 500
0
10
20
30
40
50
532541-IN has maintained its Quick & Able profile from the recent year-end.
532541-IN's interest coverage is similar to last year's high of 306.5x, which compares to a low
of 26.7x in 2008. Though its interest coverage has remained relatively stable at 306.5x
compared to 2011, its peer median has decreased to 19.6x from 62.7x during this period.
Interest coverage rose 43.1 points relative to peers.
532541-IN's debt-EV is similar to last year's low of 0.9%, which compares to the 2008 high of
7.0%. Compared to 2011, debt-EV has remained relatively stable for both the company (0.9%)
and the peer median (1.4%).
300
30
200
20
100
10
0
2007
2008
532541- IN
2009
2010
Peer Median
2011
TTM
Threshold (2.5x)
2007
2008
532541- IN
2009
2010
Peer Median
2011
TTM
Threshold (25%)
FUNDAMENTAL ANALYSIS OF TATA COMMUNICATION
Overview
1. Tata Communications Ltd. currently trades at a higher Price/Book ratio (1.7) than its peer
median (1.2).
2. 500483-IN's EBITDA-based price multiple implies around peer median future growth.
The market seems to expect the company to maintain the peer median EBITDA-based
return it currently generates.
3. 500483-IN has relatively low profit margins and median asset efficiency.
4. The company's year-on-year change in revenues and earnings are better than the median
among its peer group.
5. 500483-IN's return on assets currently and over the past five years has trailed the
peer median and suggests the company might be operationally challenged relative to
its peers.
6. The company's relatively low gross and pre-tax margins suggest a non-differentiated
product portfolio and not much control on operating costs relative to peers.
7. While 500483-IN's revenues in recent years have grown faster than the peer median, the
market gives the stock a Price/EBITDA ratio that is around peer median suggesting that
the market has some questions about the company's long-term strategy.
8. The company's relatively low level of capital investment and below peer median
returns on capital suggests that the company is in maintenance mode.
Relative outperformance over the last year has faded more

recently.
500483-IN's change in share price of 1.5% for last 12 months is better than its peer median. However, the 30the day trend in its share price performance of now around the peer median suggesting that the company's
-8.2% is recent performance has faded relative
to peers.
25
Fading
Leading
FNTN- DE
500483TLKM - ID-IN
MBT- CA
MTELEKOM- HU
KZTK- KZ
SNTS 030200-CI- KR
001740
- 25
- KR
LVLT - US
500108- IN
- 50
Lagging
- 75
Rising
- 40
- 20

The market expects 500483-IN to maintain the median rates of return it generates currently.
500483-IN's PE multiple is negative now so EBITDA ratios provide better peer comparisons. Growth
expectations for 500483-IN's are around median in its peer group (Price to Ebitda multiple of 3.6
compared to peer median
of 3.7). The market seems to expect 500483-IN to maintain the peer median return (EBITDA return
on equity of 43.0% compared to the peer median of 43.0%) it currently generates. The company
currently trades at a higher Price/Book ratio of 1.7 compared to its peer median of 1.2.
EBITDA ROE %
LVLT- US
200
150
TLKM- ID
MBT - CA
SNTS - CI
500483 - IN
030200- KR
50
MTELEKOM- HU
KZTK- KZ
Operating
Advantage:
100
FNTN- DE
001740- KR
500108- IN
- 50
Growth Advantage: Price/ EBITDA
500483-IN has relatively low profit margins and median asset efficiency.
The company's profit margins are below peer median (currently -4.7% vs. peer median of 5.0%) while
its asset efficiency is about median (asset turns of 0.7x compared to peer median of 0.7x).
Operating Advantage
001740- KR Dominant
2
FNTN- DE
030200- KR
TLKM- ID
500483- INMBT- CA
MTELEKOM- HU
LVLT- US
KZTK-
SNTS- CI
KZ
500108- IN
0
Asset
Efficiency:
Sales/ Total
Assets
3 Volume Driven
Premium Pricing
Problematic
-1
- 75
- 50
- 25
25
500483-IN has maintained its relatively low net margin profile from the recent year-end.
500483-IN's net margin has increased 1.8 percentage points from last year's low but is still below its
five-year average net margin of -1.7. The increase in its net margin to -4.7% from -6.5% (in 2011)
was also accompanied by an increase in its peer median during this period to 5.0% from 4.5%. Net
margin rose 1.3 percentage points relative to peers.
500483-IN's asset turnover is upward trending and is now similar to its five-year average asset
turnover of 0.6. Though its asset turnover increased to 0.7 from 0.6 (in 2011), its peer median
remained relatively stable during this period at 0.7. Overall, asset turnover and net margin trends
suggest that 500483-IN's ROA at -3.1% has increased 0.8 percentage points from last year's low but is
still below its five-year average ROA of -1.0.
Net Margin %

1
0.75
0.5
-5
0.25
- 10
0
2007
2008
2009
500483- IN
2010
2011
Peer Median
TTM
2007
2008
2009
500483- IN
2010
2011
TTM
Peer Median
Earnings Leverage
Year-on-year change in revenues and earnings are above the median among its peers.
The company enjoys both better than peer median annual revenue growth of 8.2% and better than peer
median earnings growth performance 30.0%. 500483-IN currently converts every 1% of change in
annual revenue into 3.6% of change in annual reported earnings. We view this company as a leader
among its peers.
Earnings leverage
Earnings Focus
Leader
001740- KR
Earnings Growth %: YoY
300
200
100
MBT- CA
TLKM
LVLT- US
500483- IN
FNTN- DE 500108030200-IN - KR
SNTS- CI
- ID
KZTK- KZ
MTELEKOM- HU
- 100
Laggard
- 200
-5
Revenue Focus
0
10
15
20
500483-IN's relative returns suggest that the company has operating challenges.
500483-IN's return on assets is less than its peer median currently (-3.1% vs. peer median 4.3%). It has
also had less than peer median returns on assets over the past five years (-1.0% vs. peer median 4.3%).
This performance suggests that the company has persistent operating challenges relative to peers.
20 Eroding
Sustainable
SNTS- CI
ROA %: 5 Year Avg
TLKM- ID
KZTK - KZ
10
MTELEKOM- HU
KR
001740030200
MBT- CA
FNTN- DE
- KR
500483- IN
0
500108- IN
LVLT- US
Questionable
- 10
- 10
Improving
-5
0
5
ROA %: Latest
10
15
Drivers of Margin
Relatively low margins suggest a non-differentiated product portfolio and not much control on
operating costs.
The company's comparatively low gross margin of 27.3% versus peer median of 48.2% suggests that
it has a non-differentiated strategy or is in a pricing constrained position. In addition, 500483-IN's
bottom-line operating performance is below peer median (pre-tax margins of -5.4% compared to peer
median 4.7%) suggesting relatively high operating costs.
Drivers of Margins
Differentiation
(Gross Margin%)
75 Differentiated; High Cost

030200- KR TLKM- ID LVLT-
USMTELEKOM-
HU
SNTS- CI
KZTK- KZ
50
MBT- CA
500483- IN
25
FNTN- DE
001740- KR
0
- 25
500108- IN

- 50
- 75
Commodity; Low Cost
- 50
- 25
25
500483-IN has maintained its Commodity/High Cost profile from the recent year-end.
500483-IN's gross margin is its highest relative to the last five years and compares to a low of 11.6%
in 2010. Though its gross margin increased to 27.3% from 12.6% (in 2011), its peer median
remained relatively stable during this period at 48.2%. Gross margin rose 14.7 percentage points
relative to peers.
500483-IN's pre-tax margin is upward trending but is still within one standard deviation below its fiveyear average pre-tax margin of -0.6%. Like the gross margin trend, its pre-tax margin also increased (to 5.4% from -5.9%), while its peer median remained relatively stable during this period at 4.7%. Relative
to peers, pre-tax margin rose 1.0 percentage points.
Gross Margin %
Pre- Tax Margin %
50
10
40
30
0
20
10
- 10
2007
2008
2009
500483- IN
2010
2011
TTM
2007
2008
Peer Median
2009
500483- IN
2010
2011
TTM
Peer Median
Growth Expectations
The market likely has some questions about the company's long-term strategy.
While 500483-IN's revenues have grown faster than the peer median (6.2% vs. 3.3% respectively for
the past three years), the market gives the stock an about peer median Price/EBITDA ratio of 3.6
(Note: We use Price/ EBITDA instead of PE due to negative earnings). This suggests that the market
has some questions about the company's long-term strategy.
Growth Expectation
KZTK- KZ
500483
030200- KR
- IN
LVLT- US
SNTS - CI
TLKM- ID
001740- KR
MBT - CA
MTELEKOM- HU
FNTN- DE
-5
- 10
500108- IN
Investor Ex pectations: Price/ EBITDA

500483-IN seems to be in maintenance mode.
500483-IN's annualized rate of change in the capital of 0.5% over the past three years is less than
its peer median of 1.7%. This below median investment level has also generated a less than peer
median return on capital of -2.4% over the same three years. This outcome suggests that the
company has invested capital relatively poorly and now may be in maintenance mode.
30

20
ROIC %: 3 Year Avg
Supporting Growth
SNTS - CI
TLKM- ID
10
KZTK- KZ
MBT- CA
FNTN- MTELEKOMDE- HU
030200- KR
001740- KR
500483- IN
LVLT- US
- 10
500108- IN
- 20
Maintenance Mode
Betting on Future
- 30
- 10
-5
10

500483-IN would seem to have a hard time raising additional debt.
With debt at 27.6% of its enterprise value compared to an overall benchmark of 25% (Note: The peer
median is currently 24.7%), and relatively tight interest coverage level of 0.0x, 500483-IN would
have a hard time raising much additional debt. All 10 peers for the company have an outstanding debt
balance.
Borrowing Capacity
Liquidity: EBIT/ Interest Ex pense (x )
Quick and Able
Some Capacity
SNTS- CI
20
TLKM- ID
10
MBT- CA
030200- KR
KZTK - KZ
FNTN- DE
MTELEKOM
001740- KR
- HU
LVLT- US
500483- IN
500108 - IN

- 10
0
10
Constrained
20
30
40
50
500483-IN has maintained its relatively low liquidity profile from the recent year-end.
500483-IN's interest coverage is upward trending and is now similar to its five-year average interest
coverage of 0.5x. Though its interest coverage has remained relatively stable at 0.0x compared to 2011,
its peer median has decreased to 2.4x from 3.0x during this period. Interest coverage rose 1.0 points
relative to peers.
500483-IN's debt-EV is similar to last year's high of 27.6%, which compares to a low of 12.5% in 2007.
Though its debt-EV has remained relatively stable at 27.6% compared to 2011, its peer median has
increased to 24.7% from 23.4% during this period. Relative to peers, debt-EV fell 1.3 percentage points.
Unlike the peer median, it is also above the 25% leverage benchmark.

30
4
25
2
20
15
-2
10
2007
2008
500483- IN
2009
Peer Median
2010
2011
TTM
Threshold (2.5x)
2007
2008
500483- IN
2009
Peer Median
2010
2011
TTM
Threshold (25%)
MODULE: 4
TECHNICAL ANALYSIS OF SECURITIES
1. TECHNICAL ANALYSIS OF AMBUJA CEMENT LTD

2. TECHNICAL ANALYSIS OF CIPLA LTD
3. TECHNICAL ANALYSIS OF CLARIANT CHEMICALS (INDIA) LTD
4. TECHNICAL ANALYSIS OF ICICI BANK
5. TECHNICAL ANALYSIS OF NIIT TECHNOLOGIES LTD
6. TECHNICAL ANALYSIS OF TATA COMMUNUCATION LTD
TECHNICAL ANALYSIS OF AMBUJA CEMENT

General Information
Name
Ambuja Cements Ltd.
Sector
CEMENT AND CEMENT

PRODUCTS
Current Price
149.15
Price Change
-2.10 / -1.39%
Previous Close
151.25
Average Volume
2236940.0
Nse Code
AMBUJACEM
Bse Code
500425
Part of Index BSE
BSE 100
Part of Index NSE
Nifty 50
Futures and options
Yes More F&O Shares
Pivot Point - Support Resistance

Pivot Point - 149.15
Support
Price
Resistance
Price
Support1
147.59999999999997
Resistance1
150.69999999999996
Support2
146.04999999999998
Resistance2
152.24999999999997
Support3
144.49999999999997
Resistance3
153.79999999999995
Intra Day support & resistance
Ambuja Cements Ltd.

MACD (26d ,12d)
-1.373652421652423
Signal Line
-2.9468264843304848
Macd Above Signal

Line
true
Macd/Signal Line
trend days
Macd Above Zero

Line
false
Macd/Zero Line trend

days
36
More Technical Indicator

Name
Value
Stochastic D Fast
83.10376703397613
Stochastic K Fast
73.82920110192838
Stochastic D Slow
78.26296703397612
Relative Strength Index

(RSI) (14 day)
55.60162518208947
Bollinger Band Up
152.0618704843583
Bollinger Band Middle
145.2075
Bollinger Band Low
138.3531295156417
Moving Average Trends

Trend Type
Price Above
MA?
No of Days
15 Day
true
50 Day
false
38
100 Days
false
30
15 Day Abv 50
Days MA
false
35
50 Day Abv
100 Days MA
false
16
Moving Average of Ambuja Cements Ltd.

Current Price
149.15
Three Days
150.83333333333334
Five Days
148.8
Ten Days
145.04500000000002
Fifteen Days
145.15333333333334
Twenty Two Days
145.13863636363638
Thirty Days
147.00833333333333
Fifty Days
154.98000000000002
Hundred Days
159.44000000000003
Two Hundred Days
153.95899999999995
Exponential Moving Average Trends

Trend Type
Price Above
EMA?
No of Days
15 Day
true
50 Day
false
31
100 Days
false
30
15 Day Abv 50
Days EMA
false
33
50 Day Abv
100 Days
EMA
false
18
Exponential Moving Average of Ambuja Cements Ltd.

Current Price
149.15
Five Days
148.60533333333333
Ten Days
147.01863636363635
Fifteen Days Days
146.746375
Twenty Days
147.2002380952381
Fifty Days
152.06309803921567
Hundred Days
154.86945544554456
Two Hundred Days
152.5666616915423
Fibonacci Retracement - Current Price - 149.15

Period
High
Price
High Date
Low
Price
Low Date
23.6%
38.2%
50.0%
61.8%
76.4%
Two
Weeks
153.90
30/05/2012
135.75
23/05/2012
149.62
146.97
144.82
142.68
140.03
One
Month
153.90
30/05/2012
135.75
23/05/2012
149.62
146.97
144.82
142.68
140.03
Three
Month
176.00
22/03/2012
135.75
23/05/2012
166.50
160.62
155.88
151.13
145.25
Six
Month
182.00
06/02/2012
135.75
23/05/2012
171.08
164.33
158.88
153.42
146.66
Volume Trend of Ambuja Cements Ltd.

Period
Volume
Significant
Up
Significant
Down
Latest
2906299.0
false
false
3 Day
Avg
3481079.0
true
false
5 Day
Avg
2670960.0
true
false
10 Day
Avg
2556122.0
true
false
14 Day
Avg
2331667.0
true
false
1 Month
Avg
2236938.0
3 Month
Avg
2252153.0
Stock Price & Volume Trend of Ambuja Cements Ltd.

Period
Price & Volume

Up
Price Up Vol
Down
Price & Vol Down
Price down
Volume Up
5 Days
false
false
false
false
10 Days
false
false
false
false
14 Days
false
false
false
false
TECHNICAL ANALYSIS FOR 1 MONTH
TECHNICAL ANALYSIS FOR 2 YEAR
TECHNICAL ANALYSIS OF CIPLA LTD

General Information
Name
Cipla Ltd.
Sector
PHARMACEUTICALS
Current Price
308.55
Price Change
-1.35 / -0.44%
Previous Close
309.9
Average Volume
1477100.0
Nse Code
CIPLA
Bse Code
500087
Part of Index BSE
BSE 30
Part of Index NSE
Nifty 50
Futures and options
Yes More F&O Shares

Support
Price
Resistance
Price
Support1
306.3333333333333
Resistance1
311.0333333333333
Support2
304.1166666666667
Resistance2
313.51666666666665
Support3
301.6333333333333
Resistance3
315.7333333333333
MACD For Cipla Ltd.

MACD (26d ,12d)
-1.9832250712250925
Signal Line
-0.9285866142450185
Macd Above Signal Line
false
Macd/Signal Line trend days
12
Macd Above Zero Line
false
Macd/Zero Line trend days

Name
Value
Stochastic D Fast
16.882009999999998
Stochastic K Fast
20.0
Stochastic D Slow
16.547466666666665
Relative Strength Index (RSI) (14

day)
35.53107640432097
Bollinger Band Up
329.6793813537257
315.9774999999999
Bollinger Band Low
302.2756186462741

Trend Type
Price Above MA?
No of Days
15 Day
false
12
50 Day
false
100 Days
false
13
15 Day Abv 50 Days

MA
true
28
50 Day Abv 100 Days

MA
false
43
Moving Average of Cipla Ltd.

Current Price
308.55
Three Days
308.25
Five Days
309.71999999999997
Ten Days
310.15
Fifteen Days
313.2533333333333
Twenty Two Days
316.50909090909084
Thirty Days
315.8483333333333
Fifty Days
312.42600000000004
Hundred Days
320.5335
Two Hundred Days
310.38225

Trend Type
Price Above EMA?
No of Days
15 Day
false
12
50 Day
false
12
100 Days
false
12
15 Day Abv 50 Days

EMA
false
50 Day Abv 100 Days

EMA
false
49
Exponential Moving Average of Cipla Ltd.

Current Price
308.55
Five Days
309.3573333333334
Ten Days
310.92845454545454
Fifteen Days Days
312.227625
Twenty Days
313.0005238095238
Fifty Days
314.5577843137255
Hundred Days
315.6358514851485
Two Hundred Days
315.6159850746269

Period
High
Price
High Date
Low
Price
Low Date
23.6%
38.2%
50.0%
61.8%
76.4%
Two
Weeks
318.40
21/05/2012
303.80
31/05/2012
314.95
312.82
311.10
309.38
307.25
One
Month
331.30
07/05/2012
303.80
31/05/2012
324.81
320.80
317.55
314.30
310.29
Three
Month
331.30
07/05/2012
286.30
26/03/2012
320.68
314.11
308.80
303.49
296.92
Six
Month
359.95
07/02/2012
286.30
26/03/2012
342.57
331.82
323.12
314.43
303.68
Volume Trend of Cipla Ltd.

Period
Volume
Significant Up
Significant Down
Latest
1007264.0
false
false
3 Day Avg
1373965.0
false
true
5 Day Avg
1226242.0
true
false
10 Day Avg
969852.0
true
false
14 Day Avg
1073853.0
false
true
1 Month
Avg
1477103.0
3 Month
Avg
1476041.0
Stock Price & Volume Trend of Cipla Ltd.

Period
Price &
Volume
Up
Price Up Vol
Down
Price & Vol

Down
Price down
Volume Up
5 Days
false
false
false
false
10 Days
false
false
false
false
14 Days
false
false
false
false
TECHNICAL ANALYSIS FOR 3 MONTHS
TECHNICAL ANALYSIS FOR 2 YEARS
TECHNICAL ANALYSIS OF CLARIENT CHEMICALS LTD
General Information
Name
Clariant Chemicals (India) Ltd.
Sector
DYES AND PIGMENTS
Current Price
594.85
Price Change
-11.55 / -1.90%
Previous Close
606.4
Average Volume
4852.0
Nse Code
CLNINDIA
Bse Code
506390

Support
Price
Resistance
Price
Support1
589.1333333333332
Resistance1
601.5333333333332
Support2
583.4166666666666
Resistance2
608.2166666666666
Support3
576.7333333333332
Resistance3
613.9333333333332
MACD For Clariant Chemicals (India) Ltd.

MACD (26d ,12d)
-5.564811965812055
Signal Line
-8.501258393162411
true
Macd/Signal Line trend

days
10
false
31

Name
Value
Stochastic D Fast
59.93962454488386
Stochastic K Fast
37.193973634651584
Stochastic D Slow
64.23602454488385
Relative Strength Index (RSI)

(14 day)
56.45671094051747
Bollinger Band Up
609.5379437352365
595.0150000000001
Bollinger Band Low
580.4920562647637

Trend Type
Price Above MA?
No of Days
15 Day
true
50 Day
false
29
100 Days
false
25
15 Day Abv 50 Days

MA
false
25
50 Day Abv 100 Days

MA
true
51
Moving Average of Clariant Chemicals (India) Ltd.

Current Price
594.85
Three Days
601.5166666666667
Five Days
601.43
Ten Days
595.66
Fifteen Days
593.4699999999999
Twenty Two Days
596.0772727272728
Thirty Days
603.2850000000001
Fifty Days
622.94
Hundred Days
622.3320000000001
Two Hundred Days
645.9872499999998

Trend Type
Price Above EMA?
No of Days
15 Day
false
50 Day
false
36
100 Days
false
29
15 Day Abv 50 Days

EMA
false
26
50 Day Abv 100 Days

EMA
false
29
Exponential Moving Average of Clariant Chemicals (India) Ltd.

Current Price
594.85
Five Days
599.1313333333334
Ten Days
597.6522727272727
Fifteen Days Days
598.240625
Twenty Days
600.230619047619
Fifty Days
612.5514901960785
Hundred Days
623.366900990099
Two Hundred Days
640.9506766169154

Period
High
Price
High Date
Low
Price
Low Date
23.6%
38.2%
50.0%
61.8%
76.4%
Two
Weeks
628.20
31/05/2012
575.10
24/05/2012
615.67
607.92
601.65
595.38
587.63
One
Month
628.20
31/05/2012
575.10
24/05/2012
615.67
607.92
601.65
595.38
587.63
Three
Month
689.00
04/04/2012
575.10
24/05/2012
662.12
645.49
632.05
618.61
601.98
Six
Month
730.00
07/12/2011
554.40
05/01/2012
688.56
662.92
642.20
621.48
595.84
Volume Trend of Clariant Chemicals (India) Ltd.

Period
Volume
Significant Up
Significant Down
Latest
2348.0
false
false
3 Day Avg
3884.0
true
false
5 Day Avg
2936.0
false
true
10 Day Avg
2879.0
false
true
14 Day Avg
3027.0
false
true
1 Month Avg
4852.0
3 Month Avg
11521.0
Stock Price & Volume Trend of Clariant Chemicals (India) Ltd.

Period
Price &
Volume
Up
Price
Up
Vol
Down
Price
& Vol
Down
Price down Volume Up
5 Days
false
false
false
false
10
Days
false
false
false
false
14
Days
false
false
false
false
TECHNICAL ANALYSIS OF ICICI BANK

General Information
Name
ICICI Bank Ltd.
Sector
BANKS
Current Price
781.7
Price Change
-1.55 / -0.20%
Previous Close
783.25
Average Volume
4067610.0
Nse Code
ICICIBANK
Bse Code
532174
Part of Index BSE
BSE 30
Part of Index NSE
Nifty 50
Futures and options
Yes More F&O Shares

Support
Price
Resistance
Price
Support1
775.1333333333332
Resistance1
792.0333333333332
Support2
768.5666666666666
Resistance2
802.3666666666666
Support3
758.2333333333332
Resistance3
808.9333333333332
MACD For ICICI Bank Ltd.

MACD (26d ,12d)
-13.35630484330477
Signal Line
-13.624780968660954
true
Macd/Signal Line trend

days
false
46

Name
Value
Stochastic D Fast
34.0167433862434
Stochastic K Fast
17.658730158730183
Stochastic D Slow
53.88197671957673
Relative Strength Index

(RSI) (14 day)
45.28301390268123
Bollinger Band Up
848.0915736777176
811.4000000000002
Bollinger Band Low
774.7084263222828

Trend Type
Price Above MA?
No of Days
15 Day
false
50 Day
false
47
100 Days
false
19
15 Day Abv 50 Days

MA
false
42
50 Day Abv 100 Days

MA
false
Moving Average of ICICI Bank Ltd.

Current Price
781.7
Three Days
794.0666666666666
Five Days
811.06
Ten Days
809.57
Fifteen Days
806.6866666666668
Twenty Two Days
814.4954545454547
Thirty Days
825.8916666666667
Fifty Days
848.4729999999998
Hundred Days
867.6759999999996
Two Hundred Days
844.36675

Trend Type
Price Above EMA?
No of Days
15 Day
false
50 Day
false
22
100 Days
false
22
15 Day Abv 50 Days EMA
false
36
50 Day Abv 100 Days

EMA
false
16
Exponential Moving Average of ICICI Bank Ltd.

Current Price
781.7
Five Days
800.0926666666667
Ten Days
806.8705454545455
Fifteen Days Days
811.40275
Twenty Days
816.2112380952382
Fifty Days
838.7148627450981
Hundred Days
850.376594059406
Two Hundred Days
873.0984228855722

Period
High
Price
High Date
Low
Price
Low Date
23.6%
38.2%
50.0%
61.8%
76.4%
Two
Weeks
843.95
29/05/2012
778.90
01/06/2012
828.60
819.10
811.42
803.75
794.25
One
Month
895.00
02/05/2012
768.35
18/05/2012
865.11
846.62
831.68
816.73
798.24
Three
Month
957.60
14/03/2012
768.35
18/05/2012
912.94
885.31
862.98
840.64
813.01
Six
Month
998.80
21/02/2012
641.00
19/12/2011
914.36
862.12
819.90
777.68
725.44
Volume Trend of ICICI Bank Ltd.

Period
Volume
Significant Up
Significant Down
Latest
4030963.0
false
false
3 Day Avg
4866382.0
true
false
5 Day Avg
3987888.0
true
false
10 Day
Avg
3646493.0
false
true
14 Day
Avg
3736923.0
false
true
1 Month
Avg
4067611.0
3 Month
Avg
4477808.0
Stock Price & Volume Trend of ICICI Bank Ltd.

Period
Price &
Volume Up
Price Up
Vol Down
Price &
Vol Down
Price down
Volume Up
5 Days
false
false
false
false
10 Days
false
false
false
false
14 Days
false
false
false
false
TECHNICAL ANALYSIS OF NIIT TECHNOLOGY LTD

General Information
Name
NIIT TECHNOLOGIES LTD
Sector
COMPUTERS - SOFTWARE
Current Price
291.7
Price Change
-21.90 / -6.98%
Previous Close
313.6
Average Volume
213241.0
Nse Code
NIITTECH
Bse Code
532541

Support
Price
Resistance
Price
Support1
282.80000000000007
Resistance1
307.80000000000007
Support2
273.90000000000003
Resistance2
323.90000000000003
Support3
257.80000000000007
Resistance3
332.80000000000007
MACD For NIIT TECHNOLOGIES LTD

MACD (26d ,12d)
10.489549857549889
Signal Line
9.443205971509979
Macd Above Signal

Line
true
Macd/Signal Line
trend days
17
Macd Above Zero

Line
true
Macd/Zero Line
trend days
97

Name
Value
Stochastic D Fast
74.09174957264958
Stochastic K Fast
48.717948717948715
Stochastic D Slow
74.60581623931624
Relative Strength Index (RSI) (14 day)
62.31081156544027
Bollinger Band Up
311.99539209149583
281.56249999999994
Bollinger Band Low
251.12960790850408

Trend Type
Price Above MA?
No of Days
15 Day
true
20
50 Day
true
24
100 Days
true
93
15 Day Abv 50 Days MA
true
90
50 Day Abv 100 Days MA
true
64
Moving Average of NIIT TECHNOLOGIES LTD

Current Price
291.7
Three Days
299.56666666666666
Five Days
296.42999999999995
Ten Days
292.78999999999996
Fifteen Days
288.17666666666656
Twenty Two Days
279.41590909090905
Thirty Days
272.38
Fifty Days
265.793
Hundred Days
246.62499999999991
Two Hundred Days
223.94225000000006

Trend Type
Price Above
EMA?
No of Days
15 Day
true
20
50 Day
true
24
100 Days
true
93
15 Day Abv 50
Days EMA
true
92
50 Day Abv
100 Days
EMA
true
83
Exponential Moving Average of NIIT TECHNOLOGIES LTD

Current Price
291.7
Five Days
296.486
Ten Days
292.2514545454546
Fifteen Days Days
287.821125
Twenty Days
283.91904761904766
Fifty Days
268.05894117647057
Hundred Days
251.38739603960397
Two Hundred Days
232.9197562189055

Period
High
Price
High Date
Low
Price
Low Date
23.6%
38.2%
50.0%
61.8%
76.4%
Two
Weeks
321.70
31/05/2012
276.05
21/05/2012
310.93
304.26
298.88
293.49
286.82
One
Month
321.70
31/05/2012
227.25
04/05/2012
299.41
285.62
274.48
263.33
249.54
Three
Month
321.70
31/05/2012
225.00
07/03/2012
298.88
284.76
273.35
261.94
247.82
Six
Month
321.70
31/05/2012
164.30
22/12/2011
284.55
261.57
243.00
224.43
201.45
Volume Trend of NIIT TECHNOLOGIES LTD

Period
Volume
Significant
Up
Significant
Down
Latest
187097.0
false
false
3 Day
Avg
253380.0
true
false
5 Day
Avg
172957.0
true
false
10 Day
Avg
148901.0
true
false
14 Day
Avg
155565.0
true
false
1 Month
Avg
213241.0
3 Month
Avg
118341.0
Stock Price & Volume Trend of NIIT TECHNOLOGIES LTD

Period
Price &
Volume Up
Price Up
Vol Down
Price & Vol

Down
Price down
Volume Up
5 Days
false
false
false
false
10 Days
false
false
false
false
14 Days
false
false
false
false
TECHNICAL ANALYSIS OF TATA COMMUNICATION LTD

General Information
Name
Tata Communications Ltd.
Sector
TELECOMMUNICATION - SERVICES
Current Price
216.5
Price Change
-1.55 / -0.71%
Previous Close
218.05
Average Volume
135499.0
Nse Code
TATACOMM
Bse Code
500483
Part of Index BSE
BSE 100
Part of Index NSE
Nifty Junior
Futures and options
Yes More F&O Shares

Support
Price
Resistance
Price
Support1
213.18333333333334
Resistance1
220.28333333333333
Support2
209.86666666666667
Resistance2
224.06666666666666
Support3
206.08333333333334
Resistance3
227.38333333333333
MACD For Tata Communications Ltd.

MACD (26d ,12d)
-2.143552706552697
Signal Line
-3.4759105413105393
Macd Above Signal

Line
true
Macd/Signal Line
trend days
Macd Above Zero

Line
false
Macd/Zero Line trend

days
18

Name
Value
Stochastic D Fast
70.48982329749104
Stochastic K Fast
68.27956989247315
Stochastic D Slow
76.65555663082438
Relative Strength Index (RSI) (14 day)
52.07987555405583
Bollinger Band Up
228.87980787864254
214.6525
Bollinger Band Low
200.42519212135747

Trend Type
Price Above
MA?
No of Days
15 Day
true
50 Day
false
100 Days
false
19
15 Day Abv 50
Days MA
false
16
50 Day Abv
100 Days MA
false
10
Moving Average of Tata Communications Ltd.

Current Price
216.5
Three Days
217.11666666666667
Five Days
219.06
Ten Days
212.58
Fifteen Days
212.77666666666667
Twenty Two Days
215.94090909090912
Thirty Days
220.315
Fifty Days
222.43299999999988
Hundred Days
225.71299999999997
Two Hundred Days
210.8475

Trend Type
Price Above EMA?
No of Days
15 Day
true
50 Day
false
100 Days
false
15 Day Abv 50 Days

EMA
false
17
50 Day Abv 100 Days

EMA
true
101
Exponential Moving Average of Tata Communications Ltd.

Current Price
216.5
Five Days
216.87333333333333
Ten Days
215.67445454545455
Fifteen Days Days
215.88750000000002
Twenty Days
216.68638095238094
Fifty Days
220.66403921568627
Hundred Days
220.47176237623762
Two Hundred Days
220.1423930348259

Period
High
Price
High Date
Low
Price
Low Date
23.6%
38.2%
50.0%
61.8%
76.4%
Two
Weeks
225.35
29/05/2012
197.45
23/05/2012
218.77
214.69
211.40
208.11
204.03
One
Month
242.55
02/05/2012
197.45
23/05/2012
231.91
225.32
220.00
214.68
208.09
Three
Month
244.90
02/03/2012
197.45
23/05/2012
233.70
226.77
221.18
215.58
208.65
Six
Month
263.35
22/02/2012
185.35
13/12/2011
244.94
233.55
224.35
215.15
203.76
Volume Trend of Tata Communications Ltd.

Period
Volume
Significant Up
Significant Down
Latest
94275.0
false
false
3 Day Avg
102819.0
false
true
5 Day Avg
112843.0
false
true
10 Day Avg
184076.0
true
false
14 Day Avg
159607.0
true
false
1 Month
Avg
135499.0
3 Month
Avg
197923.0
Stock Price & Volume Trend of Tata Communications Ltd.

Period
Price &
Volume Up
Price Up
Vol Down
Price & Vol

Down
Price down
Volume Up
5 Days
false
false
false
false
10 Days
false
false
false
false
14 Days
false
false
false
false
MODULE: 5
FUTURE CONTRACT
1. FUTURE CONTRACT OF AMBUJA CEMENTS

2. FUTURE CONTRACT OF CIPLA LTD
3. FUTURE CONTRACT OF CLARIENT CHEMICALS (INDIA) LTD
4. FUTURE CONTRACT OF ICICI BANK
5. FUTURE CONTRACT OF NIIT TECHNOLOGY
6. FUTURE CONTRACT OF TATA COMMUNICATION
FUTURE CONTRACT OF AMBUJA CEMENT

Month
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
AMBUJA CEMENT
113.9
95.2
75.7
81.2
80.2
78.4
60.95
52.3
69.7
70.45
63.45
71.3
80.75
91.6
87.65
108.65
99.2
99.65
88.95
92.15
103.7
102.3
106.9
119.65
121.15
108.8
114.55
117.5
125.15
140.7
139.75
140.5
BSE 500
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9
6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
R VALUE OF %
-16.41791045
-20.48319328
7.265521797
-1.231527094
-2.244389027
-22.25765306
-14.19196062
33.26959847
1.076040172
-9.936124911
12.37194641
13.25385694
13.43653251
-4.312227074
23.95892755
-8.697653014
0.453629032
-10.73758154
3.5975267
12.5339121
-1.350048216
4.49657869
11.92703461
1.253656498
-10.19397441
5.284926471
2.575294631
6.510638298
12.42508989
-0.675195451
0.53667263
1.814946619
R+1
0.835820896
0.795168067
1.072655218
0.987684729
0.97755611
0.777423469
0.858080394
1.332695985
1.010760402
0.900638751
1.123719464
1.132538569
1.134365325
0.956877729
1.239589276
0.91302347
1.00453629
0.892624185
1.035975267
1.125339121
0.986499518
1.044965787
1.119270346
1.012536565
0.898060256
1.052849265
1.025752946
1.065106383
1.124250899
0.993248045
1.005366726
1.018149466
R+1 SQUARE
0.956155012
0.944310313
1.017688899
0.996906861
0.994341175
0.938997448
0.962458461
1.074441495
1.002679313
0.974176519
1.029590379
1.031604553
1.03202029
0.989040582
1.055162754
0.977508371
1.001132148
0.972002009
1.008874969
1.029961175
0.996607656
1.011056715
1.028569754
1.003119514
0.973478511
1.012958259
1.006376978
1.015893653
1.029712088
0.998307721
1.00133899
1.004506808
119.122944
100.814318
74.3842249
81.4519422
80.6564206
83.4933047
63.3274084
48.6764521
69.5137509
72.3174893
61.62645
69.1156314
78.2445857
92.6150066
83.067754
111.149943
99.0878179
102.520364
88.1675161
89.4693919
104.052983
101.181268
103.930725
119.277911
124.450616
107.408177
113.824146
115.661713
121.538828
140.938507
139.563126
139.869634
FUTURE C0NTRACT
84.92346842
84.9297089
77.03729503
61.1391118
52.59764085
74.22810378
73.19796423
59.05393669
71.10947545
82.89052184
88.96742027
84.96472775
105.2789379
100.2992211
94.44040709
90.99666315
92.0457905
106.6870223
101.4000775
103.79032
120.0572755
119.8251277
105.77795
114.193771
120.7011749
123.5490199
139.8084446
137.5636117
136.4459073
143.2924909
126.3807774
117.4705826
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
143.05
126.55
118
147.05
155.4
138.7
133.1
129.3
133.1
148.6
155.4
148.4
155.4
160.7
160.05
171.25
150.9
151.05
148.25
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-11.53442852
-6.756222837
24.61864407
5.6783407
-10.74646075
-4.037490988
-2.854996243
2.938901779
11.64537941
4.576043069
-4.504504505
4.716981132
3.410553411
-0.404480398
6.997813183
-11.88321168
0.099403579
-1.853690831
0.884655715
0.932437772
1.246186441
1.056783407
0.892535393
0.95962509
0.971450038
1.029389018
1.116453794
1.045760431
0.954954955
1.047169811
1.034105534
0.995955196
1.069978132
0.881167883
1.000994036
0.981463092
0.969825439
0.982663816
1.05656387
1.013903206
0.971977836
0.989749745
0.992784796
1.007267642
1.027922065
1.011248875
0.988543356
1.01158942
1.008419455
0.998987262
1.017053328
0.968868118
1.000248416
0.995333206
147.500771
128.782599
111.682789
145.033568
159.880189
140.136434
134.067323
128.367074
129.484525
146.947012
157.200996
146.699834
154.102541
160.862912
157.366379
176.752642
150.862523
151.758224
151.6252245
158.1415714
131.2746006
131.2748586
133.0277248
134.4784383
149.6799716
154.2787572
144.3689216
153.67137
162.5624197
158.2163641
169.8202065
151.0529772
148.5172859
153.0136014
FUTURE CONTRACT OF CIPLA LTD.

Month
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Cipla Limited
213.05
212.05
211.1
218.7
240.2
228.55
177.45
200.55
186.9
192
191.1
219.75
240.7
222.95
253.3
275.7
271.5
279.75
287.75
320.15
335.6
317.3
315.3
337.1
342.55
318.95
337.75
326.6
303.35
321.65
352.25
343.7
BSE 500
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9
6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
R VALUE OF %
-0.469373387
-0.448007545
3.600189484
9.830818473
-4.850124896
-22.35834609
13.01775148
-6.806282723
2.728731942
-0.46875
14.99215071
9.533560865
-7.374324886
13.61291769
8.843268851
-1.523394995
3.038674033
2.859696157
11.25977411
4.825862877
-5.452920143
-0.630318311
6.914050111
1.61673094
-6.889505182
5.894340806
-3.301258327
-7.118799755
6.032635569
9.513446293
-2.427253371
7.622926971
R+1
0.995306266
0.995519925
1.036001895
1.098308185
0.951498751
0.776416539
1.130177515
0.931937173
1.027287319
0.9953125
1.149921507
1.095335609
0.926256751
1.136129177
1.088432689
0.98476605
1.03038674
1.028596962
1.112597741
1.048258629
0.945470799
0.993696817
1.069140501
1.016167309
0.931104948
1.058943408
0.966987417
0.928812002
1.060326356
1.095134463
0.975727466
1.07622927
R+1 SQUARE
0.998824495
0.998878095
1.008881451
1.023719687
0.987647698
0.938693249
1.031066474
0.982531898
1.006753115
0.998826059
1.035540405
1.023026307
0.981031261
1.032421234
1.021410679
0.99616956
1.007511624
1.007073827
1.027033343
1.011852273
0.986079727
0.998420466
1.01685422
1.004017551
0.982312473
1.014420899
0.991642669
0.981707151
1.014751937
1.022979337
0.993875838
1.018535569
213.300736
212.2881673
209.2416306
213.6326993
243.204131
243.4767697
172.1033556
204.1155105
185.6463092
192.2256615
184.5413264
214.8038604
245.3540571
215.9486773
247.9903581
276.7601129
269.4757992
277.7849969
280.1759085
316.3999416
340.3375923
317.8019791
310.0739454
335.7511027
348.7179582
314.415841
340.5964774
332.6857704
298.9400551
314.4247282
354.4205288
337.4452602
FUTURE COTRACT
218.9573854
240.4697844
226.5380137
173.3384659
203.0582367
199.1065773
186.2149578
194.4975022
218.2759575
240.9828996
215.2982142
247.598716
281.0307999
262.9740565
273.8859166
288.8564472
317.7630833
333.2426987
308.9481
311.6067518
341.8587675
343.0919254
313.6634472
336.3985017
332.4807624
299.0376089
324.3607904
358.8137251
338.7034677
361.5908813
334.2972908
294.2459833
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
369.9
332.25
299.7
321.05
308.85
326.1
330.35
307.85
280
282.7
294.55
327.95
319.55
349.15
316.8
304.55
311.85
309.65
308.55
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-10.1784266
-9.796839729
7.123790457
-3.800031148
5.585235551
1.303281202
-6.810958075
-9.046613611
0.964285714
4.191722674
11.33933118
-2.561366062
9.26302613
-9.265358728
-3.866792929
2.39697915
-0.705467372
-0.355239787
0.898215734
0.902031603
1.071237905
0.961999689
1.055852356
1.013032812
0.931890419
0.909533864
1.009642857
1.041917227
1.113393312
0.974386339
1.092630261
0.907346413
0.961332071
1.023969791
0.992945326
0.996447602
0.973520642
0.974552945
1.017352561
0.990361463
1.013679814
1.003242399
0.982519575
0.976573012
1.002402046
1.010318498
1.027216891
0.993534144
1.022394033
0.975985312
0.990189593
1.005939325
0.998231646
0.999110715
379.9611266
340.9255512
294.5881412
324.1745685
304.6820068
325.0460709
336.2273978
315.2350066
279.3290389
279.8127526
286.7456743
330.0842775
312.5507287
357.7410396
319.938729
302.7518584
312.4024379
309.9256122
329.7824269
316.9145417
320.5378473
333.5650793
303.695502
279.0950624
287.7296363
301.6159532
327.1641368
316.2863994
339.8990058
318.861714
297.8792816
319.5232513
312.7178896
306.7282414
FUTURE CONTRACT OF CLARIENT CHEMICALS INDIA LTD

Month
Clarient chemicals
BSE 500
Apr-08
240.3
May-08
224.85
Jun-08
198.6
Jul-08
240.65
Aug-08
228.5
Sep-08
206.15
Oct-08
170.35
Nov-08
149.45
Dec-08
154.05
Jan-09
146.9
Feb-09
164.95
Mar-09
196.8
Apr-09
173.5
May-09
231.9
Jun-09
242.85
Jul-09
299.1
Aug-09
311.6
Sep-09
362.55
Oct-09
372.4
Nov-09
403.15
Dec-09
467.9
Jan-10
422.35
Feb-10
453.1
Mar-10
540.45
Apr-10
652.55
May-10
646.55
Jun-10
634.5
Jul-10
650.4
Aug-10
666.9
Sep-10
754.65
Oct-10
762.55
Nov-10
722.35
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9
6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
R VALUE OF %
R+1
R+1 SQUARE
-6.429463171
0.935705368
0.983523588
-11.67444963
0.883255504
0.969441457
21.17321249
1.211732125
1.049183991
-5.048826096
0.949511739
0.987131668
-9.781181619
0.902188184
0.974595235
-17.36599563
0.826340044
0.953431947
-12.26885823
0.877311418
0.967806301
3.077952492
1.030779525
1.007607626
-4.641350211
0.953586498
0.988189018
12.28727025
1.122872703
1.029396367
19.30888148
1.193088815
1.045124897
-11.83943089
0.881605691
0.968988441
33.65994236
1.336599424
1.075227386
4.721862872
1.047218629
1.011601209
23.16244595
1.23162446
1.053463702
4.17920428
1.041792043
1.01028815
16.35109114
1.163510911
1.038586361
2.716866639
1.027168666
1.006724043
8.257250269
1.082572503
1.02003306
16.06101947
1.160610195
1.037938437
-9.734986108
0.902650139
0.974719969
7.28069137
1.072806914
1.017724878
19.27830501
1.19278305
1.045057929
20.74197428
1.207419743
1.048249269
-0.919469772
0.990805302
0.997693357
-1.863738303
0.981362617
0.995307731
2.505910165
1.025059102
1.00620675
2.536900369
1.025369004
1.006282792
13.15789474
1.131578947
1.031385959
1.046842907
1.010468429
1.002606896
-5.271785457
0.947282145
0.986551674
0.249186682
1.002491867
1.000622385
244.3256093
231.9376774
189.289964
243.7871338
234.4563074
216.218893
176.0166263
148.3216245
155.8912284
142.7049917
157.8280266
203.098398
161.3612174
229.2405326
230.5252658
296.0541505
300.0231966
360.1284806
365.086206
388.4141732
480.0353076
414.994277
433.5644822
515.5739346
654.0586799
649.5980887
630.5861095
646.3391851
646.6056612
752.6878214
772.9448137
721.9006995
FUTURE CONTRACT
244.6814727
235.702732
196.4860326
172.570697
153.3457118
161.5741958
151.7865712
163.7045966
199.1521828
168.5453783
221.887356
250.6221848
278.1737183
308.0265199
344.1504432
368.6077086
388.1718604
464.7748341
414.055207
436.5384147
554.4669417
641.1850727
618.673838
605.2949606
651.9037092
670.0440266
749.9949685
757.7889693
700.3682702
722.267125
706.8053486
617.665574
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
724.15
697.3
618.05
664.55
725.2
708.45
753.85
752.95
735.3
717.3
665.3
617.95
566
620.35
631.45
649.45
613.85
605.8
594.7
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-3.707795346
-11.36526603
7.523663134
9.126476563
-2.309707667
6.408356271
-0.119387146
-2.344113155
-2.447980416
-7.2494075
-7.117090035
-8.406829031
9.602473498
1.789312485
2.850581994
-5.481561321
-1.311395292
-1.832287884
0.962922047
0.88634734
1.075236631
1.091264766
0.976902923
1.064083563
0.998806129
0.976558868
0.975520196
0.927505925
0.9288291
0.91593171
1.096024735
1.017893125
1.02850582
0.945184387
0.986886047
0.981677121
0.990598766
0.970288729
1.018300631
1.022074453
0.994175033
1.015649674
0.999701398
0.994087487
0.993823052
0.981361855
0.981711669
0.978285854
1.023187177
1.004443575
1.007051518
0.98600504
0.996705265
0.995387465
731.0225139
718.6520666
606.942568
650.1972511
729.4490166
697.5338228
754.075168
757.4283049
739.8701392
730.9230498
677.6938901
631.6660897
553.1734687
617.6056229
627.0284973
658.6680329
615.8791589
608.6072221
670.8568827
747.4063943
695.717923
737.5685769
757.3616065
723.9701036
717.5142509
669.2569908
621.7907691
576.7495416
631.9065154
645.4657373
634.7323485
611.1343784
601.5581023
603.1409334
FUTURE CONTRACT OF ICICI BANK

Month
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
ICICI BANK
879.4
788.3
630.2
634.85
671.5
534.85
399.35
351.4
448.35
416.3
328.1
332.6
477.75
740.7
722
759.05
749.5
904.8
789.6
864.3
875.7
830.4
871.85
952.7
950.5
867.05
862
904.45
977.3
1110.35
1161.65
1143.65
BSE 500
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9
6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
R VALUE OF %
-10.35933591
-20.05581631
0.737860997
5.773017248
-20.34996277
-25.33420585
-12.00701139
27.58964143
-7.148433144
-21.18664425
1.371533069
43.64101022
55.03924647
-2.524638855
5.131578947
-1.258151637
20.72048032
-12.73209549
9.460486322
1.318986463
-5.173004454
4.991570328
9.273384183
-0.230922641
-8.77958969
-0.582434692
4.924593968
8.054618829
13.61403868
4.620164813
-1.549520079
0.087439339
R+1
0.896406641
0.799441837
1.00737861
1.057730172
0.796500372
0.746657941
0.879929886
1.275896414
0.928515669
0.788133558
1.013715331
1.436410102
1.550392465
0.974753611
1.051315789
0.987418484
1.207204803
0.872679045
1.094604863
1.013189865
0.948269955
1.049915703
1.092733842
0.997690774
0.912204103
0.994175653
1.04924594
1.080546188
1.136140387
1.046201648
0.984504799
1.000874393
R+1 SQUARE
0.97303008
0.945576604
1.00183957
1.014130217
0.944705613
0.92956641
0.968527635
1.062805649
0.98162884
0.942214872
1.003411337
1.094761744
1.115861805
0.993627753
1.012589213
0.996839671
1.048202615
0.966526213
1.022855638
1.003281281
0.986808764
1.012251917
1.022418263
0.999422193
0.977288988
0.998540722
1.012090444
1.019555411
1.032423781
1.011355522
0.996103485
1.000218527
903.7747319
833.671219
629.0428315
626.0044215
710.8034404
575.3757818
412.3269026
330.6342982
456.7408596
441.8312769
326.9845455
303.810397
428.1444153
745.4501928
713.0235938
761.456453
715.033515
936.1360177
771.956443
861.4732645
887.4059821
820.3491504
852.7332031
953.2507952
972.5884681
868.3171159
851.7025382
887.1023489
946.6074088
1097.882966
1166.194093
1143.400137
FUTURE CONTRACT
652.4464277
710.1487042
533.8679125
393.7857222
371.9677274
482.3216449
429.8276939
308.7111931
338.8246011
507.0499461
738.181813
659.5042292
680.236564
754.3066282
893.5508971
792.1033071
824.5543256
906.0281948
811.8447699
868.9985718
965.4352851
938.9955051
848.0384513
862.4983578
925.4683219
978.7282364
1097.085746
1139.369168
1107.733105
1131.797845
1023.989993
970.7878569
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
1144.65
1020
971
1112.75
1114.25
1086
1093.1
1037.75
873.25
875.35
930.5
714.15
684.6
902
906.5
887.25
881.45
784.3
781.7
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-10.88979164
-4.803921569
14.59835221
0.134801168
-2.535337671
0.653775322
-5.063580642
-15.85160202
0.240480962
6.300337008
-23.25094035
-4.137786179
31.75576979
0.498891353
-2.123552124
-0.653705269
-11.02161212
-0.331505801
0.891102084
0.951960784
1.145983522
1.001348012
0.974646623
1.006537753
0.949364194
0.84148398
1.00240481
1.06300337
0.767490596
0.958622138
1.317557698
1.004988914
0.978764479
0.993462947
0.889783879
0.996684942
0.971587379
0.987767572
1.034652695
1.000336833
0.993600487
1.001630446
0.987093318
0.957770515
1.000600661
1.01539182
0.935983657
0.989491035
1.071377227
1.001244902
0.994648312
0.998361715
0.971227863
0.999170203
1178.123578
1032.631591
938.4791677
1112.375316
1121.426584
1084.232217
1107.392766
1083.505896
872.7257877
862.0810045
994.1412896
721.7346849
638.9906216
900.8784948
911.3774076
888.7059534
907.5625128
784.9513501
1145.290711
1128.048775
1049.627576
1092.731932
1044.433868
871.8285303
886.7955888
971.5270888
713.7212955
674.2224889
963.69204
916.1275528
828.139686
880.3540457
788.5199126
782.9827487
FUTURE CONTRACT OF NIIT TECHNOLOGY

Month
NIIT TECHNOLOGY
Apr-08
142.2
May-08
143.4
Jun-08
121.5
Jul-08
109.4
Aug-08
115
Sep-08
86.25
Oct-08
62.9
Nov-08
55.05
Dec-08
70.15
Jan-09
53.7
Feb-09
48.05
Mar-09
53.05
Apr-09
69.5
May-09
109.1
Jun-09
100.25
Jul-09
99.75
Aug-09
126.55
Sep-09
123.2
Oct-09
135.9
Nov-09
161.95
Dec-09
179.9
Jan-10
169.5
Feb-10
171.25
Mar-10
170.25
Apr-10
186.55
May-10
179.15
Jun-10
170.8
Jul-10
179.75
Aug-10
180.8
Sep-10
202.95
Oct-10
218.4
Nov-10
207.65
BSE 500
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9
6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
R VALUE OF %
0.843881857
-15.27196653
-9.958847737
5.118829982
-25
-27.07246377
-12.48012719
27.42960945
-23.44975053
-10.52141527
10.40582726
31.00848256
56.97841727
-8.111824015
-0.498753117
26.86716792
-2.64717503
10.30844156
19.16850625
11.0836678
-5.780989439
1.032448378
-0.583941606
9.574155653
-3.966764942
-4.660898688
5.240046838
0.584144645
12.25110619
7.612712491
-4.922161172
-4.406453166
R+1
1.008438819
0.847280335
0.900411523
1.0511883
0.75
0.729275362
0.875198728
1.274296094
0.765502495
0.894785847
1.104058273
1.310084826
1.569784173
0.91888176
0.995012469
1.268671679
0.97352825
1.103084416
1.191685063
1.110836678
0.942190106
1.010324484
0.994160584
1.095741557
0.960332351
0.953391013
1.052400468
1.005841446
1.122511062
1.076127125
0.950778388
0.955935468
R+1 SQUARE
1.002103061
0.959415613
0.974115068
1.012558514
0.930604859
0.924108331
0.967223121
1.062472231
0.935376926
0.972589948
1.025056961
1.069854836
1.119334749
0.979072625
0.998750778
1.061297916
0.993315333
1.024830843
1.044817345
1.026626695
0.985223211
1.002571187
0.998536938
1.023121081
0.98993206
0.98813837
1.012850293
1.001457173
1.029313473
1.018511401
0.987460712
0.988797009
141.9015723
149.4659854
124.7285912
108.0431388
123.5755422
93.33321335
65.03153063
51.81311887
74.99650465
55.21340224
46.87544385
49.58616648
62.09045153
111.4319788
100.3753911
93.98868926
127.4016375
120.2149612
130.0705818
157.7496483
182.5982153
169.0653014
171.5009164
166.4025922
188.4472758
181.3005197
168.6330163
179.4884542
175.6510575
199.2613925
221.1733564
210.002658
FUTURE CONTRACT
109.170408
119.8646326
88.54190113
62.1198668
59.15507475
75.91101352
55.51976462
45.22471139
56.71510437
71.45868633
106.4331098
93.7043014
89.11543223
129.2549672
123.3540966
128.0507556
163.0398671
175.5411649
162.2293128
166.8084425
172.8034806
186.0715751
179.4124915
166.940163
181.5781175
182.9703263
200.3751209
218.0822164
201.7364054
194.8922711
200.9193861
200.5467232
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
198.5
198.4
198.3
184.65
187.65
185
179.35
223.2
192.7
197.25
230.05
206.4
182.75
208.45
246.15
270.9
259.9
308.85
290.4
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-0.050377834
-0.050403226
-6.883509834
1.62469537
-1.41220357
-3.054054054
24.44940061
-13.66487455
2.361183186
16.62864385
-10.28037383
-11.45833333
14.0629275
18.08587191
10.05484461
-4.060538944
18.83416699
-5.973773677
0.999496222
0.999495968
0.931164902
1.016246954
0.985877964
0.969459459
1.244494006
0.863351254
1.023611832
1.166286439
0.897196262
0.885416667
1.140629275
1.180858719
1.100548446
0.959394611
1.18834167
0.940262263
0.999874032
0.999873968
0.982328285
1.004037224
0.996450639
0.992275831
1.056204959
0.963933072
1.005851399
1.039205189
0.973244289
0.970033925
1.033442049
1.042436202
1.024241318
0.989690311
1.044083738
0.98471885
198.5250079
198.4250079
201.867342
183.9075242
188.3184101
186.4400949
169.8060575
231.5513456
191.5789949
189.8085211
236.3743642
212.7760634
176.8362339
199.9642757
240.3242241
273.7219885
248.926394
313.642823
184.673263
187.6736529
188.3280801
178.6288354
223.9950393
194.200034
186.7535257
238.6576481
205.199297
175.85555
214.180553
253.7540117
262.1337115
249.3198141
301.5402666
293.4251217
FUTURE CONTRACT OF TATA COMMUNICATION

Month
TATA COMMUNICATION
BSE 500
R VALUE OF %
R+1
R+1 SQUARE
FUTURE CONTRACT
Apr-08
499.15
6885.03
2.033456877
1.020334569 1.005045331 496.64427
448.1389907
May-08
509.3
6474.97
-26.72295307
0.732770469 0.925213561 550.4675
448.54509
Jun-08
373.2
5215.37
20.68595927
1.206859593 1.048127671 356.06349
446.7013065
Jul-08
450.4
5525.77
-7.859680284
0.921403197 0.979743585 459.71212
497.1198661
Aug-08
415
5631.51
12.81927711
1.128192771 1.030613503 402.67278
382.2965631
Sep-08
468.2
4897.59
4.02605724
1.040260572 1.009916655 463.60261
495.9320131
Oct-08
487.05
3570.07
-19.1048147
0.808951853 0.948376248
513.562
478.1857422
Nov-08
394
3295.6
27.11928934
1.271192893 1.061824799 371.05933
380.0532822
Dec-08
500.85
3596.85
-9.453928322
0.905460717 0.97547783 513.44068
529.1765577
Jan-09
453.5
3426.76
-11.01433297
0.88985667 0.971247726 466.92516
563.9652843
Feb-09
403.55
3232.11
27.91475654
1.279147565 1.063482045 379.46104
444.2482147
Mar-09
516.2
3523.53
6.111972104
1.061119721
1.0149417 508.60064
468.1057048
Apr-09
547.75
4140.42
-13.74714742
0.862528526 0.963703346 568.3803
523.9164129
May-09
472.45
5520.25
0.560905916
1.005609059 1.001399325 471.78981
501.9975423
Jun-09
475.1
5492.03
6.272363713
1.062723637 1.015325012 467.92898
477.1871018
Jul-09
504.9
5940.38
-0.435729847
0.995642702 0.998908891 505.4515
392.7285097
Aug-09
502.7
6044.61
-3.620449572
0.963795504 0.99082333 507.35584
384.4277667
Sep-09
484.5
6552.75
-19.02992776
0.809700722 0.948595656 510.75503
354.26053
Oct-09
392.3
6142.43
-2.905939332
0.970940607 0.992654615 395.20292
321.9649565
Nov-09
380.9
6584.98
-11.77474403
0.88225256 0.969166138 393.01827
291.539282
Dec-09
336.05
6842.25
-4.895104895
0.951048951 0.987530955 340.29313
283.9404665
Jan-10
319.6
6509.9
-11.59261577
0.884073842 0.969665927 329.59805
279.4261327
Feb-10
282.55
6518.38
-0.76092727
0.992390727 0.998092229 283.09007
246.2698263
Mar-10
280.4
6919.55
-3.370185449
0.966298146 0.991465911 282.81356
264.4064684
Apr-10
270.95
7042.68
-9.282155379
0.907178446 0.97594014 277.62973
277.1686386
May-10
245.8
6782.37
6.65174939
1.066517494 1.016229963 241.87439
327.0913199
Jun-10
262.15
7092.2
3.185199313
1.031851993 1.007869614 260.10309
305.9423519
Jul-10
270.5
7205.22
22.88354898
1.22883549 1.052866812 256.91759
290.9199876
Aug-10
332.4
7289.74
-7.235258724
0.927647413 0.981399279 338.70007
277.206236
Sep-10
308.35
7984.45
-0.664828928
0.993351711 0.998333768 308.86464
256.0265998
Oct-10
306.3
8036.88
-11.18184786
0.888181521 0.970790311 315.51613
240.2166537
Nov-10
272.05
7722.05
-6.046682595
0.939533174 0.984527904 276.32533
214.7222025
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
255.6
233.2
211.4
238.9
236.95
214.6
197.1
222.5
202.9
186.2
189.3
191.2
212.35
226
232.75
225.05
237.35
217.85
216
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-8.763693271
-9.348198971
13.00851466
-0.816241105
-9.432369698
-8.154706431
12.88685946
-8.808988764
-8.230655495
1.664876477
1.003697834
11.06171548
6.428066871
2.986725664
-3.308270677
5.465452122
-8.215715189
-0.849208171
0.912363067
0.90651801
1.130085147
0.991837589
0.905676303
0.918452936
1.128868595
0.911910112
0.917693445
1.016648765
1.010036978
1.110617155
1.064280669
1.029867257
0.966917293
1.054654521
0.917842848
0.991507918
0.977331562
0.975762468
1.031045406
0.997953121
0.975535889
0.978958376
1.030767811
0.977210237
0.978755932
1.004136455
1.002499855
1.026575971
1.015696705
1.007384612
0.991624691
1.013392194
0.978795766
0.997870185
261.52844
238.99259
205.03462
239.39
242.89214
219.21259
191.21668
227.68898
207.30398
185.43296
188.82796
186.25022
209.06832
224.34331
234.71582
222.07592
242.49185
218.31497
244.4410979
242.835739
208.138263
197.5042673
228.0797689
207.2611103
180.6420399
193.7147124
195.3500292
211.4752422
225.4364416
226.7245744
221.572049
235.6101108
219.6899714
213.1455139
MODULE: 6
RISK VALUE OF PORTFOLIO
1. RISK VALUE OF AMBUJA CEMENTS

2. RISK VALUE OF CIPLA LTD
3. RISK VALUE OF CLARIENT CHEMICALS (INDIA) LTD
4. RISK VALUE OF ICICI BANK
5. RISK VALUE OF NIIT TECHNOLOGY
6. RISK VALUE OF TATA COMMUNICATION
RISK OF AMBUJA CEMENT

Month
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Close Price ambuja cement

113.9
95.2
75.7
81.2
80.2
78.4
60.95
52.3
69.7
70.45
63.45
71.3
80.75
91.6
87.65
108.65
99.2
99.65
88.95
92.15
103.7
102.3
106.9
119.65
121.15
108.8
114.55
117.5
125.15
140.7
139.75
140.5
Close of BSE 500

6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9
6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
Return ambuja cement

-0.164179104
-0.204831933
0.072655218
-0.012315271
-0.02244389
-0.222576531
-0.141919606
0.332695985
0.010760402
-0.099361249
0.123719464
0.132538569
0.134365325
-0.043122271
0.239589276
-0.08697653
0.00453629
-0.107375815
0.035975267
0.125339121
-0.013500482
0.044965787
0.119270346
0.012536565
-0.101939744
0.052849265
0.025752946
0.065106383
0.124250899
-0.006751955
0.005366726
0.018149466
Return BSE 500

Beta of ambuja cement
-0.059558201
0.809359051
-0.19453372
0.059516391
0.019135795
-0.130323839
-0.271055764
-0.076880845
0.091409758
-0.0472886
-0.056802928
0.090164011
0.175077266
0.333258462
-0.005112087
0.08163648
0.017546016
0.084064977
-0.062617985
0.072048033
0.039069215
-0.048573203
0.001302631
0.061544433
0.01779451
-0.036961782
0.045681672
0.015935817
0.011730384
0.095299695
0.006566514
-0.039173162
0.030951626
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
143.05
126.55
118
147.05
155.4
138.7
133.1
129.3
133.1
148.6
155.4
148.4
155.4
160.7
160.05
171.25
150.9
151.05
148.25
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-0.115344285
-0.067562228
0.246186441
0.056783407
-0.107464607
-0.04037491
-0.028549962
0.029389018
0.116453794
0.045760431
-0.045045045
0.047169811
0.034105534
-0.004044804
0.069978132
-0.118832117
0.000994036
-0.018536908
-0.104605417
-0.038984104
0.08566799
-0.001360716
-0.026024822
0.004350381
-0.021197965
-0.087760202
-0.015639981
0.059115908
-0.095554511
-0.055308158
0.133357445
0.047023274
-0.01424034
-0.009041915
-0.062472102
0.064080802
0
BETA VALUE OF AMBUJA CEMENT

Regression Statistics
Multiple R
0.68457114
R Square
0.468637646
Adjusted R Square
0.457567597
Standard Error
0.081014586
Observations
50
ANOVA
df
Regression
Residual
Total
Intercept
X Variable 1
1
48
49
Coefficients
0.198774613
0.809359051
SS
MS
F
Significance F
0.277852342 0.277852342 42.33383641
4.20392E-08
0.315041431 0.006563363
0.592893773
Standard Error
t Stat
P-value
0.125371464 1.585485292 0.119422959
0.124393422 6.506445759 4.20392E-08
Lower 95%
Upper 95% Lower 95.0% Upper 95.0%
-0.053301611 0.450850837 -0.053301611 0.450850837
0.559249314 1.059468788 0.559249314 1.059468788
Ambuja cement
0.35
y = 0.579x + 0.4182
0.25
0.15
ambuja cement
0.05
linear equation
-0.3
-0.2
-0.1
0
-0.05
-0.15
-0.25
0.1
0.2
0.3
0.4
RISK OF CIPLA LTD.

Month
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Cipla Limited
213.05
212.05
211.1
218.7
240.2
228.55
177.45
200.55
186.9
192
191.1
219.75
240.7
222.95
253.3
275.7
271.5
279.75
287.75
320.15
335.6
317.3
315.3
337.1
342.55
318.95
337.75
326.6
303.35
321.65
352.25
343.7
BSE 500
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9
6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
Return on Cipla ltd

-0.004693734
-0.004480075
0.036001895
0.098308185
-0.048501249
-0.223583461
0.130177515
-0.068062827
0.027287319
-0.0046875
0.149921507
0.095335609
-0.073743249
0.136129177
0.088432689
-0.01523395
0.03038674
0.028596962
0.112597741
0.048258629
-0.054529201
-0.006303183
0.069140501
0.016167309
-0.068895052
0.058943408
-0.033012583
-0.071187998
0.060326356
0.095134463
-0.024272534
0.07622927
Return on BSE 500

-0.059558201
-0.19453372
0.059516391
0.019135795
-0.130323839
-0.271055764
-0.076880845
0.091409758
-0.0472886
-0.056802928
0.090164011
0.175077266
0.333258462
-0.005112087
0.08163648
0.017546016
0.084064977
-0.062617985
0.072048033
0.039069215
-0.048573203
0.001302631
0.061544433
0.01779451
-0.036961782
0.045681672
0.015935817
0.011730384
0.095299695
0.006566514
-0.039173162
0.030951626
Beta 0f Cipla Ltd

0.298063028
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
369.9
332.25
299.7
321.05
308.85
326.1
330.35
307.85
280
282.7
294.55
327.95
319.55
349.15
316.8
304.55
311.85
309.65
308.55
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-0.101784266
-0.097968397
0.071237905
-0.038000311
0.055852356
0.013032812
-0.068109581
-0.090466136
0.009642857
0.041917227
0.113393312
-0.025613661
0.092630261
-0.092653587
-0.038667929
0.023969791
-0.007054674
-0.003552398
0
-0.104605417
-0.038984104
0.08566799
-0.001360716
-0.026024822
0.004350381
-0.021197965
-0.087760202
-0.015639981
0.059115908
-0.095554511
-0.055308158
0.133357445
0.047023274
-0.01424034
-0.009041915
-0.062472102
0.064080802
0
BETA VALUE OF CIPLA LTD.

Multiple R
0.367173442
R Square
0.134816336
Adjusted R Square
0.116791677
Standard Error
0.070980032
Observations
50
ANOVA
df
Regression
Residual
Total
Intercept
X Variable 1
Coefficients
0.711130375
0.298063028
SS
MS
1 0.037683204 0.037683204
48 0.241831915 0.005038165
49 0.279515119
Standard Error
t Stat
P-value
0.109842819 6.474072512 4.71323E-08
0.108985918 2.734876526 0.008717073
F
Significance F
7.479549612
0.008717073
Lower 95%
0.490276585
0.078932154
Upper 95%
Lower 95.0% Upper 95.0%
0.931984165 0.490276585 0.931984165
0.517193902 0.078932154 0.517193902
CIPLA LTD.
0.2
0.15
y = 0.2981x + 0.0092
0.1
0.05
0
-0.4
-0.3
-0.2
-0.1
0.1
0.2
0.3
0.4
CIPLA LTD.
Linear (CIPLA LTD.)
-0.05
-0.1
-0.15
-0.2
-0.25
RISK OF CLARIENT CHEMICALS INDIA LTD

Month
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Clarient chemicals
BSE 500
240.3
224.85
198.6
240.65
228.5
206.15
170.35
149.45
154.05
146.9
164.95
196.8
173.5
231.9
242.85
299.1
311.6
362.55
372.4
403.15
467.9
422.35
453.1
540.45
652.55
646.55
634.5
650.4
666.9
754.65
762.55
722.35
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9
6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
Return on clarient chemicals

return on BSE 500
BETA
-0.064294632
-0.059558201
-0.116744496
-0.19453372
0.211732125
0.059516391
-0.050488261
0.019135795
-0.097811816
-0.130323839
-0.173659956
-0.271055764
-0.122688582
-0.076880845
0.030779525
0.091409758
-0.046413502
-0.0472886
0.122872703
-0.056802928
0.193088815
0.090164011
-0.118394309
0.175077266
0.336599424
0.333258462
0.047218629
-0.005112087
0.23162446
0.08163648
0.041792043
0.017546016
0.163510911
0.084064977
0.027168666
-0.062617985
0.082572503
0.072048033
0.160610195
0.039069215
-0.097349861
-0.048573203
0.072806914
0.001302631
0.19278305
0.061544433
0.207419743
0.01779451
-0.009194698
-0.036961782
-0.018637383
0.045681672
0.025059102
0.015935817
0.025369004
0.011730384
0.131578947
0.095299695
0.010468429
0.006566514
-0.052717855
-0.039173162
0.002491867
0.030951626
0.772281425
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
724.15
697.3
618.05
664.55
725.2
708.45
753.85
752.95
735.3
717.3
665.3
617.95
566
620.35
631.45
649.45
613.85
605.8
594.7
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-0.037077953
-0.11365266
0.075236631
0.091264766
-0.023097077
0.064083563
-0.001193871
-0.023441132
-0.024479804
-0.072494075
-0.0711709
-0.08406829
0.096024735
0.017893125
0.02850582
-0.054815613
-0.013113953
-0.018322879
0
-0.104605417
-0.038984104
0.08566799
-0.001360716
-0.026024822
0.004350381
-0.021197965
-0.087760202
-0.015639981
0.059115908
-0.095554511
-0.055308158
0.133357445
0.047023274
-0.01424034
-0.009041915
-0.062472102
0.064080802
0
BETA OF CLARIENT CHEMICALS INDIA LTD.

Multiple R
0.66340988
R Square
0.440112669
Adjusted R Square
0.42844835
Standard Error
0.081863475
Observations
50
ANOVA
df
Regression
Residual
Total
Intercept
X Variable 1
1
48
49
Coefficients Standard Error

t Stat
0.248784783
0.126685134 1.963804083
0.772105425
0.125696843 6.142599973
SS
MS
F
Significance F
0.252862725 0.252862725 37.73153443
1.51791E-07
0.321678166 0.006701628
0.574540891
P-value
Lower 95%
Upper 95%
0.055358918 -0.00593275 0.503502317
-0.00593275 0.503502317
1.51791E-07 0.519374983 1.024835867
0.519374983 1.024835867
CLARIENT CHEMICALS
0.4
y = 0.7721x + 0.0209
0.3
0.2
0.1
CLARIENT CHEMICALS
Linear (CLARIENT CHEMICALS)
0
-0.4
-0.3
-0.2
-0.1
-0.1
-0.2
-0.3
0.1
0.2
0.3
0.4
RISK OF ICICI BANK

Month
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
ICICI BANK
879.4
788.3
630.2
634.85
671.5
534.85
399.35
351.4
448.35
416.3
328.1
332.6
477.75
740.7
722
759.05
749.5
904.8
789.6
864.3
875.7
830.4
871.85
952.7
950.5
867.05
862
904.45
977.3
1110.35
1161.65
1143.65
BSE 500
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9
6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
Return on icici bank

-0.103593359
-0.200558163
0.00737861
0.057730172
-0.203499628
-0.253342059
-0.120070114
0.275896414
-0.071484331
-0.211866442
0.013715331
0.436410102
0.550392465
-0.025246389
0.051315789
-0.012581516
0.207204803
-0.127320955
0.094604863
0.013189865
-0.051730045
0.049915703
0.092733842
-0.002309226
-0.087795897
-0.005824347
0.04924594
0.080546188
0.136140387
0.046201648
-0.015495201
0.000874393
Return on BSE 500

-0.059558201
-0.19453372
0.059516391
0.019135795
-0.130323839
-0.271055764
-0.076880845
0.091409758
-0.0472886
-0.056802928
0.090164011
0.175077266
0.333258462
-0.005112087
0.08163648
0.017546016
0.084064977
-0.062617985
0.072048033
0.039069215
-0.048573203
0.001302631
0.061544433
0.01779451
-0.036961782
0.045681672
0.015935817
0.011730384
0.095299695
0.006566514
-0.039173162
0.030951626
RISK
1.495436035
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
1144.65
1020
971
1112.75
1114.25
1086
1093.1
1037.75
873.25
875.35
930.5
714.15
684.6
902
906.5
887.25
881.45
784.3
781.7
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-0.108897916
-0.048039216
0.145983522
0.001348012
-0.025353377
0.006537753
-0.050635806
-0.15851602
0.00240481
0.06300337
-0.232509404
-0.041377862
0.317557698
0.004988914
-0.021235521
-0.006537053
-0.110216121
-0.003315058
0
-0.104605417
-0.038984104
0.08566799
-0.001360716
-0.026024822
0.004350381
-0.021197965
-0.087760202
-0.015639981
0.059115908
-0.095554511
-0.055308158
0.133357445
0.047023274
-0.01424034
-0.009041915
-0.062472102
0.064080802
0
RISK OF ICICI BANK

Multiple R
0.907849138
R Square
0.824190058
Adjusted R Square
0.820527351
Standard Error
0.06492636
Observations
50
ANOVA
df
Regression
Residual
Total
Intercept
X Variable 1
1
48
49
Coefficients
Standard Error
-0.492767721
0.100474658
1.495436035
0.099690839
SS
MS
0.948565421 0.948565421
0.202340746 0.004215432
1.150906167
t Stat
-4.904398091
15.00073673
F
Significance F
225.0221025 9.55547E-20
P-value
Lower 95%
Upper 95%
1.11557E-05 -0.694785561 -0.290749881 -0.694785561 -0.290749881
9.55547E-20 1.294994168 1.695877901
1.294994168 1.695877901
ICICI BANK
0.6
y = 1.4954x + 0.0027
0.4
0.2
ICICI BANK
0
-0.4
-0.3
-0.2
-0.1
-0.2
-0.4
-0.6
0.1
0.2
0.3
0.4
Linear (ICICI BANK)
Month
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
NIIT TECHNOLOGY
142.2
143.4
121.5
109.4
115
86.25
62.9
55.05
70.15
53.7
48.05
53.05
69.5
109.1
100.25
99.75
126.55
123.2
135.9
161.95
179.9
169.5
171.25
170.25
186.55
179.15
170.8
179.75
180.8
202.95
218.4
207.65
RISK ON NIIT TECHNOLOGY

BSE 500
RETURN ON NIIT TECHNOLOGY
6885.03
0.008438819
6474.97
-0.152719665
5215.37
-0.099588477
5525.77
0.0511883
5631.51
-0.25
4897.59
-0.270724638
3570.07
-0.124801272
3295.6
0.274296094
3596.85
-0.234497505
3426.76
-0.105214153
3232.11
0.104058273
3523.53
0.310084826
4140.42
0.569784173
5520.25
-0.08111824
5492.03
-0.004987531
5940.38
0.268671679
6044.61
-0.02647175
6552.75
0.103084416
6142.43
0.191685063
6584.98
0.110836678
6842.25
-0.057809894
6509.9
0.010324484
6518.38
-0.005839416
6919.55
0.095741557
7042.68
-0.039667649
6782.37
-0.046608987
7092.2
0.052400468
7205.22
0.005841446
7289.74
0.122511062
7984.45
0.076127125
8036.88
-0.049221612
7722.05
-0.044064532
RETURN ON BSE 500

-0.059558201
-0.19453372
0.059516391
0.019135795
-0.130323839
-0.271055764
-0.076880845
0.091409758
-0.0472886
-0.056802928
0.090164011
0.175077266
0.333258462
-0.005112087
0.08163648
0.017546016
0.084064977
-0.062617985
0.072048033
0.039069215
-0.048573203
0.001302631
0.061544433
0.01779451
-0.036961782
0.045681672
0.015935817
0.011730384
0.095299695
0.006566514
-0.039173162
0.030951626
RISK
1.178059239
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
198.5
198.4
198.3
184.65
187.65
185
179.35
223.2
192.7
197.25
230.05
206.4
182.75
208.45
246.15
270.9
259.9
308.85
290.4
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-0.000503778
-0.000504032
-0.068835098
0.016246954
-0.014122036
-0.030540541
0.244494006
-0.136648746
0.023611832
0.166286439
-0.102803738
-0.114583333
0.140629275
0.180858719
0.100548446
-0.040605389
0.18834167
-0.059737737
-0.104605417
-0.038984104
0.08566799
-0.001360716
-0.026024822
0.004350381
-0.021197965
-0.087760202
-0.015639981
0.059115908
-0.095554511
-0.055308158
0.133357445
0.047023274
-0.01424034
-0.009041915
-0.062472102
0.064080802
RISK OF NIIT TECHNOLOGY

Multiple R
0.714819523
R Square
0.510966951
Adjusted R Square
0.500778762
Standard Error
0.108339048
Observations
50
ANOVA
df
Regression
Residual
Total
Coefficients Standard Error

Intercept
0.020783247
0.015333449
X Variable 1 1.178059239
0.166348623
SS
1 0.588661815
48 0.563392764
49 1.152054579
MS
0.588661815
0.011737349
F
Significance F
50.1528755
5.50827E-09
t Stat
P-value
Lower 95%
Upper 95%
1.355418911 0.181628038 -0.010046719 0.051613213 -0.010046719 0.051613213
7.081869492 5.50827E-09 0.843592916 1.512525563
0.843592916 1.512525563
NIIT TECHNOLOGY
0.7
0.6
y = 1.1781x + 0.0208
0.5
0.4
0.3
0.2
NIIT TECHNOLOGY
Linear (NIIT TECHNOLOGY)
0.1
0
-0.4
-0.3
-0.2
-0.1
0
-0.1
-0.2
-0.3
-0.4
0.1
0.2
0.3
0.4
RISK OF TATA COMMUNICATION

Month
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
TATA COMMUNICATION
BSE 500
499.15
509.3
373.2
450.4
415
468.2
487.05
394
500.85
453.5
403.55
516.2
547.75
472.45
475.1
504.9
502.7
484.5
392.3
380.9
336.05
319.6
282.55
280.4
270.95
245.8
262.15
270.5
332.4
308.35
306.3
272.05
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9
6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
RETURN ON TATA COMMUNICATION

RETURNON BSE 500
BETA
0.020334569
-0.059558201
0.307664789
-0.267229531
-0.19453372
0.206859593
0.059516391
-0.078596803
0.019135795
0.128192771
-0.130323839
0.040260572
-0.271055764
-0.191048147
-0.076880845
0.271192893
0.091409758
-0.094539283
-0.0472886
-0.11014333
-0.056802928
0.279147565
0.090164011
0.061119721
0.175077266
-0.137471474
0.333258462
0.005609059
-0.005112087
0.062723637
0.08163648
-0.004357298
0.017546016
-0.036204496
0.084064977
-0.190299278
-0.062617985
-0.029059393
0.072048033
-0.11774744
0.039069215
-0.048951049
-0.048573203
-0.115926158
0.001302631
-0.007609273
0.061544433
-0.033701854
0.01779451
-0.092821554
-0.036961782
0.066517494
0.045681672
0.031851993
0.015935817
0.22883549
0.011730384
-0.072352587
0.095299695
-0.006648289
0.006566514
-0.111818479
-0.039173162
-0.060466826
0.030951626
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
255.6
233.2
211.4
238.9
236.95
214.6
197.1
222.5
202.9
186.2
189.3
191.2
212.35
226
232.75
225.05
237.35
217.85
216
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76
6763.26
6117
5778.68
6549.31
6857.28
6759.63
6698.51
6280.04
6682.47
-0.087636933
-0.09348199
0.130085147
-0.008162411
-0.094323697
-0.081547064
0.128868595
-0.088089888
-0.082306555
0.016648765
0.010036978
0.110617155
0.064280669
0.029867257
-0.033082707
0.054654521
-0.082157152
-0.008492082
-0.104605417
-0.038984104
0.08566799
-0.001360716
-0.026024822
0.004350381
-0.021197965
-0.087760202
-0.015639981
0.059115908
-0.095554511
-0.055308158
0.133357445
0.047023274
-0.01424034
-0.009041915
-0.062472102
0.064080802
BETA OF TATA COMMUNICATION

Multiple R
0.251475694
R Square
0.063240025
Adjusted R Square
0.043724192
Standard Error
0.11131178
Observations
50
ANOVA
df
Regression
Residual
Total
Intercept
X Variable 1
Coefficients
Standard Error
-0.011492854
0.015754186
0.307664789
0.17091309
SS
1 0.040150152
48 0.594734995
49 0.634885148
MS
F
Significance F
0.040150152 3.240447145
0.078127104
0.012390312
t Stat
P-value
Lower 95%
Upper 95%
-0.729511096 0.469234188 -0.043168768 0.020183061 -0.043168768 0.020183061
1.800124203 0.078127104 -0.035979009 0.651308588 -0.035979009 0.651308588
TATA COMMUNICATION
0.4
0.3
y = 0.3077x - 0.0115
0.2
0.1
TATA COMMUNICATION
Linear (TATA COMMUNICATION)
0
-0.4
-0.3
-0.2
-0.1
-0.1
-0.2
-0.3
0.1
0.2
0.3
0.4
MODULE: 7
SWOT ANALYSIS
1. SWOT ANALYSIS OF AMBUJA CEMENTS

2. SWOT ANALYSIS OF CIPLA LTD
3. SWOT ANALYSIS OF CLARIENT CHEMICALS (INDIA) LTD
4. SWOT ANALYSIS OF ICICI BANK
5. SWOT ANALYSIS OF NIIT TECHNOLOGY
6. SWOT ANALYSIS OF TATA COMMUNICATION
SWOT ANALYSIS OF AMBUJA CEMENTS

STRENGTH:1. High quality cement
2. Good packaging
3. Strong distribution network
4. Advanced technologies
5. Eco Friendly.
6. Growth at approx. CAGR of 9% in last 5 years
7. Growing Domestic cement consumption at approx. CAGR of 8% in last 3 years
8. Highly Capital Incentive so difficult for small entrant
9. Not much restriction by govt.
10. Market consolidation taking place
WEAKNESS:1.
2.
3.
4.
5.
6.
Need of more market expansion.

Need of international marketing
Not able to use foreign technologies in fullswing
High Oil Prices, Cost of Power increase production cost
Supply exceeds Production lead to competition in price
Low Quality as compared to international standard but improving
OPPORTUNITIES:1. Acquisition of DLF cement and ACCs stakes

2. With increase in G.D.P. growth rate country will need more roads, ports, houses
etc.
3. They get a chance to set up their plants at the nearest area of mines.
4. High Mortgage Penetration -Low Interest Rates
5. Easy loan availability for housing finance
6. Increased investments in Infrastructure
7. Increased govt. outlay on BHARATNIRMAN, GOLDEN QUADRILATERAL,BRTS
etc.
THREAT:1. Lenders unwilling to find new cement plant

2. Droughts of many parts of the country have reduced demand from 21% to 11%.
3. Production cost increases:-due to increases in price of power, freight, coal, diesel
etc.
4. Other cement manufacturer company i.e. ACC, L&T etc.
5. Further Hike in Oil Prices
6. Use of plastic engineering in construction
7. Sub prime market loss may affect
SWOT ANALYSIS OF CIPLA LTD

STRENGTHS
1. Ranks #2 in the retail prescription market in India;
2. 18 brands that feature among the top-300 brands;
3. Large basket of 1,500 formulations; and
4. Partnered 8 leading generics companies in the US for nearly 125projects.
WEAKNESSES
1. Impact of IPR regime.
OPPORTUNITIES
1. Bio therapeutics
2. A new and promising area;
3. Agreement with Avesthagen; and
4. Venture towards areas of cardiology and anti-cancer.
THREATS
1. Partnership related; and
2. Potential de-ratings.
SWOT ANALYSIS OF CLARIENT CHEMICALS LTD.

Strength
1. Improved profitability
2. Improving operational efficiency
Weakness
1. Concentrated revenue: India
2. Limited liquidity
Opportunities
1. Eco friendly materials offer opportunities
2. Growth opportunity in emerging markets
Threats
1. Stringent regulations
2. Fluctuations in raw material prices
SWOT ANALYSIS OF ICICI BANK

Strength
1. ICICI Bank has today emerged as the second largest bank in India and is among
the top 250 bank in the world within a decade of its operation.
2. ICICI Bank is now global player in the arena of International Banking through its
operation in 10 countries all over the world
3. ICICI Bank has expanded its market capitalization enlistment not only in NSE
and BSE, but also in becoming the first non-Japanese Asian bank to get enlisted
in NYSE.
4. ICICI has successfully diversified its operations to number of financial spheres,
starting from general banking activities to general insurance, credit card services,
mutual fund, stock trading, loans etc.
5. ICICI is considered as the pioneer in usage of internet services for online banking
for comforts of home and offices.
6. Much of its success is attributed to aggressive and innovative marketing strategies
for its diversified range of products and services.
Weakness
1. It primarily targets upper middle class and upper class of the society, thereby
losing the business opportunities concentrated at middle and bottom section of the
economical pyramid.
2. ICICI levies higher service charges for various transactions making it expensive
to afford by major section of the society.
Opportunities
1. Expanding business to middle and lower income groups of the society by
introducing economical version of its services and hence making it affordable
Threat
1. More and more banks are coming up, both in private and public sector, with
Online Banking System (which no longer is exclusive domain of ICICI),
competitive service charges and interest rates, lucrative loan scheme and
insurance policies etc.
STRENGHTS:
1. Online Services: ICICI Bank provides online services of all its banking
facilities. It also provides D-Mart account facilities on-line, so a person can
access his account from anywhere he is.[D-Mart is a dematerialized account
opened by a salaried person for purchase & sale of shares of different
companies.
2. Advanced Infrastructure: Branches of ICICI Bank are well equipped with
advanced technology to provide the customers with taster banking services.
All the computerized machines are located in suitable manner & are very
useful to the customers & staff of the bank.
3. Friendly Staff: The staffs of ICICI Bank in all branches are very friendly &
help the customers in all cases. They provide faster services along with
bonding & personal relationship with the customers.
4. 12 hours. Banking services: Compared to other bank ICICI bank provides
long hours of services i.e. 8-8 services to the customers. This service is one of
its kind & is very helpful for the customers who are in urgent need of money
5. Other Facilities to the Customers & Employees: ICICI Bank also provides
other facilities like drinking water facilities, proper sitting arrangements to the
customers. And there are also proper Ventilation& sanitary facilities for the
employees of the bank.
6. Late night ATM services: ICICI bank provides late night ATM services to the
customers. The ATM centers of ICICI bank works even after 11:00pm at
night in certain branches.
Weakness:
1. High Bank Service Charges: ICICI bank charges highly to customers for the
services provided by them when compared to other bank & that are why it is
only in the reach of higher class of society.
2. Less Credit Period: ICICI bank provides credit facilities but only up to limited
period. Even when the credit period is not over its ends reminder letters to the
customers which may annoy them.
Opportunities:
1. Bank Insurance services: The bank should also provide insurance services. That
means the bank can have a tie-up with insurance company. The bank will
advertise & promote the different policies introduced by the insurance company
& convince their customers to buy insurance policies.
2. Increase in percentage of Returns on increase: The bank should provide higher
returns on deposits in comparison of the present situation. This will also up to
large extent help the bank earn profits & popularity.
3. Recruit professionally guided students: Bank & Insurance is a special non-aid
course where the students specialize in the functioning & services of the bank &
also are knowledge about various tax policies. The bank can recruit these students
through tie-ups with colleges. Such students will surely prove as an asset to the
bank.
4. Associate with social cause: The bank can also associate itself with social causes
like providing relief aid patients, funding towards natural calamities. But this falls
in the 4th quadrant so the bank should neglect it.
Threat:
1. Competition: ICICI Bank is facing tight competition locally as well as
internationally. Bank like CITI Bank, HSBC, ABM, standard Chartered, HDFC
also provide equivalent facilities like ICICI do and also ICICI do not have
consistency in its international operation.
2. Net Services: ICICI Bank provides all kind of services on-line. There can be easy
access to the e-mail ids of the customers through wrong people. The confidential
information of the customers can be leaked easily through the e-mail ids.
3. Decentralized Management: Each branch manager is given the authority of taking
decisions in their respective branches. The decisions made by different managers
are diverse and any one wrong decision can laid to heavy losses to the bank.
4. No Proper Facilities to Uneducated customers: ICICI Bank provides all services
through electronic computerized machines. This creates problems to the less
educated people. But this threat falls in the 4th quadrant so its negligible. The
company can avoid this threat.
SWOT ANALYSIS OF NIIT TECHNOLOGY

Strength
1. Wide geographical present
2. Strong partnership programs
Weakness
1. Depends upon India
2. Declines operating margin
Opportunities
1. Indian demographic advantage
2. Growing school learning services industry
Threat
1. Rapid technological changes
2. Declining returns
SWOT ANALYSIS OF TATA COMMUNICATION

Strengths:
1.
2.
3.
4.
5.
6.
7.
8.
9.
Comprehensive Network Coverage and Infrastructure

Inorganic Growth Strategy
Market Leadership Position
Entrepreneurial management
Extensive submarine cable infrastructure
High-speed IP and Ethernet connectivity for key market
Strong product and service development
Wholesale strategy for enterprise market
Large home market
Weakness
1.
2.
3.
4.
5.
6.
Increasing indebtedness
Too ambitious
Limited presence in enterprise market
Lacks brand name in enterprise market
Lacks comprehensive MPLS coverage
Limited international sale presence
Opportunities
1.
2.
3.
4.
5.
6.
Expansion of Media Service

Geographic Expansion
Partnership with Google
Leverage TCS
Grow market share in India to compete globally
Combined capabilities in China and India create unique differentiator
Threat
1.
2.
3.
4.
5.
6.
Currency Exchange Risk

Falling Tariffs
Industry Consolidation
Stiff Regulations
Strong regional player in Asia
Continued decline in bandwidth prices
Strengths
1. Entrepreneurial management Tata is led by a highly entrepreneurial
management, with the willingness and ability to invest when acquisition
opportunities arise. Its acquisition of Teleglobe and Tyco transformed the Indian
carrier into a significant global wholesale player. It absorbed an existing virtual
network operation in Europe to augment its delivery capabilities. It gained a
foothold in China by taking a stake in China Enterprise Communications (CEC), a
Chinese Internet Protocol (IP) virtual private network (VPN) provider. It also
bought a controlling stake in Neotel, a new carrier in South Africa, giving it
a presence in sub-Saharan Africa.
2. Extensive submarine cable infrastructure Tata's biggest asset is its extensive
submarine cable infrastructure, mostly acquired at very low cost through its Tyco
acquisition. It continues to invest aggressively in new cable systems, especially
for connectivity within Asia and to emerging markets in Africa and the Middle
East. Despite its extensive reach, Tata is not dominant in Asia, where it faces
strong competition from several regional players (see Company
Overview section).
3. High-speed IP, Multiprotocol Label Switching (MPLS) and Ethernet connectivity
for key markets Tata has rolled out high-capacity global IP (Internet), MPLS
and Ethernet backbone networks, riding on its strength in submarine cable
systems. Its coverage is focused on capital cities and major cities in North
America, Europe, Asia, the Middle East and parts of Africa. While Tata cannot
compete with the large global providers in terms of comprehensive MPLS
coverage, it can compete effectively on key routes based on price performance.
4. Strong product and service development Tata invests aggressively in product
and service development, recognizing that it needs to move beyond low-cost
connectivity into managed and IT services to succeed in the retail enterprise
market. It has developed a wide portfolio of products in the past two years,
comparable with that of most established players, a big achievement considering
that it started late. Notable products include Ethernet, videoconferencing, security,
and managed voice solutions.
5. Wholesale strategy for enterprise market Tata encourages other carriers,
typically local incumbents that want to address their home MNC market but don't
have there sources to invest in product development, to resell or "white label" its
services. Tatas strategy is borne out of necessity as it lacks the sales capacity to
compete direct against global or regional players in every major market. Its
willingness to adapt to market realities will help accelerate its growth, although
it's not clear whether this will yield substantive results in the short term.
6. Large home market India will provide a strong platform for Tata to expand
internationally. It's the largest growth market after China. It is also the IT
outsourcing and support center for western MNCs. Tata is already a large network
service provider in India. It can ride on the growth of the domestic market, just
like global players in the U.S. and Europe, without which it will have difficulty
attaining sufficient scale to compete effectively in the global market.
Weaknesses
1. Too ambitious Tata's strategy of competing in both the wholesale and retail
segment sat once is a very ambitious and risky one, considering that many players
in the past have failed competing in one segment alone. Each segment requires
large investments over a long period of time. Wholesale requires large
investments in network infrastructure. The retail market requires large
investments in product development, sales and marketing, service and support,
and infrastructure. Unless revenue and market share grow quickly, Tata will find
it hard to sustain the investment needed to be competitive in the future.
2. Limited presence in enterprise market Tata is already a significant player in the
global wholesale market, but it's a new and small player in the enterprise network
services market for MNCs. It needs to be successful in the enterprise market to
achieve economies of scale and price competitiveness that cannot be achieved
with just its wholesale business.
3. Lacks brand name in enterprise market Tata is a recognized and trusted name
in the steel, power and IT services business, especially in India. But it lacks a
brand name and track record in the enterprise network services market.
This segment is generally conservative, wants high assurance of service
quality, and prefers tried and trusted providers. It also has many established global
and regional providers. Tata needs to build a brand name and trust to break into
this market, a challenge that cannot be overcome within a short time.
4. Lacks comprehensive MPLS coverage Tata's MPLS network provides
connectivity to major markets worldwide, but its coverage is not comprehensive
enough to support the requirements of large MNCs with extensive
global operations. It is augmenting its network reach with its network integration
capabilities. However, its network integration unit is relatively new and Tata
needs to build up its experience to support highly distributed networks if it wants
to enlarge its addressable market.
5. Limited international sales presence Tata has sales presence in the top 20
markets worldwide to address the MNC market. But in most locations, its
presence is too small to compete effectively against established global
and regional providers. One reason for this is that Tata has been focusing on
network expansion and product development. Now that its infrastructure and
products are generally in place, it needs to step up its sales and market presence to
address the opportunities.
Opportunities
1. Leverage Tata Consultancy Services (TCS) Tata can leverage the skill set of
its sister company TCS, a leading IT services company, to compete for large and
complex deals with a high proportion of IT and professional services. This will
reduce its dependence on low-cost bandwidth as a differentiator. TCS is also
expanding its presence outside India, which may result in network services
opportunities for Tata. Collaboration between the two companies on joint go-tomarket bids is still in its infancy, but has yielded early results in terms of new
contract wins.
2. Grow market share in India to compete globally Tata is facing increasingly
strong competition from both foreign companies and local players in India. It
needs to draw on its extensive presence, infrastructure and experience in its home
market to grow its market share for both foreign and Indian MNC business. It
needs to address this opportunity aggressively or it will weaken considerably in
the future.
3. Combined capabilities in China and India create a unique differentiator Large
MNCs have more extensive operations in either India or China than the rest of
Asia combined. Tata is strong in its own market. It now has a foothold in China
through CEC, a Chinese VPN provider with good network coverage. Tata can
combine the domestic capabilities of both entities to present a unique
differentiator to customers. A small but increasing number of MNCs are buying
international connectivity based on a providers capabilities in China or India,
favoring Tata's local presence in these markets.
Threats
1. Club cables an increasing number of large incumbent carriers are getting together
to build their own cable systems, partly for their own needs and partly to reduce
their dependence on large cable operators such as Tata. This will reduce the
addressable wholesale opportunity for Tata considerably, which will impact its
quest to get better scale and price competitiveness, and eventually its ability to
invest in new cable infrastructure.
2. Strong regional players in Asia Tata has few global competitors for wholesale
bandwidth. But it faces strong competition in Asia, the most important growth
region. There are several players with abundant cable capacity, including Pacnet,
Cable &Wireless, Singapore Telecom, PCCW and Telstra. Pacnet, which owns
70% of the Intra-Asia cable capacity through its combined C2C and EAC cable
systems, is particularly strong.
3. Continued decline in bandwidth prices Competition in the wholesale market,
of which Tata is a key participant, continues to drive down bandwidth prices. This
has, in turn, driven down the bandwidth costs of large retail players, allowing
them to compete more price-competitively in the enterprise network services
market. While Tata has a cost advantage, its advantage will shrink unless it can
drive more scale into its business.

Multisectoral Portfolio

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2012

PORTFOLIO OF AMBUJA CEMENT, CIPLA LTD,

In partial fulfillment of the requirements for the awards of the degree of

Sri Krishna Arts and Science College

The return on investing these

PORTFOLIO OF AMBUJA CEMENT

Sold on September 2009

Sold on March 2011

PORTFOLIO OF CIPLA LTD

Sold on June 2008

Sold on September 2009

Sold on March 2011

PORTFOLIO OF CLARIENT CHEMICALS (INDIA) LTD

Sold on September 2009

Sold on March 2011

PORTFOLIO OF ICICI BANK

Sold on September 2009

Sold on March 2011

PORTFOLIO OF NIIT TECHNOLOGY

Sold on September 2009

Sold on March 2011

PORTFOLIO OF TATA COMMUNICATION

Sold on June 2008

Sold on September 2009

Sold on March 2011

COMPARISION WITH INDICES

1. COMPARISION OF AMBUJA CEMENTS WITH BSECAPITAL

COMPARISION OF TATA COMMUNICATION WITH TECK

COMPARISION OF NIIT TECHNOLOGY WITH BSETECK

COMPARISION OF CIPLA LTD WITH HEALTH CARE

COMPARISION OF ICICI BANK WITH BANKEX

COMPARISION OF AMBUJA CEMENT WITH BSE CAPITAL GOODS

BSE capital goods

COMPARISION OF CLARIENT CHEMICALS INDIA LTD WITH BSE 500

1. FUNDAMENTAL ANALYSIS OF AMBUJA CEMENT LTD

FUNDAMENTAL ANALYSIS OF AMBUJA CEMENTS

Share Price % Change:1 2 months

Share Price % Change:3 0 days

Drivers of Valuation: Operations or Expectations?

Operating Advantage: ROE %

Asset Efficiency: Sales/ Total Assets

Net Margin %: NI/ Sales

Sales/ Total Assets (x )

Revenue Growth %: YoY

Differentiated; High Cost

Differentiated; Low Cost

Commodity; High Cost

Commodity; Low Cost

Cost Controls (Pre Tax Margin%)

Pre- Tax Margin %

Growth: 3 Year Revenue Growth %

Capital Investment Strategy

Capital investment strategy

Milking the Business SMGR- ID

ROIC %: 3 Year Avg

Capital Growth % (3 Year)

Leverage & Liquidity

Quick and Able

Limited Flex ibility

Leverage: Debt/ Enterprise Value (%)

FUNDAMENTAL ANALYSIS OF CIPLA LTD

Share Price Performance