A STUDY ON THE EQUITY SCRIP PRICE MOVEMNTS

With Special Reference To

GACL,TISCO, RANBAXY & BTVL

Project Report Submitted To

UNIVERSITY OF MADRAS
In Partial Fulfillment Of The Requirements For The Award Of The Degree Of

MASTER OF BUSINESS ADMINISTRATION

Submitted by

JAMES P.J
(Reg No: RB 30542)
Under the Guidance of

Mr. D. SRINIVASAN
Mcom,DCSA,DTTEm,DHA,HVUP,B.Ed,MBA,Mphil,PGDPM & LL(PDMM)(PHD)

(Lecturer)
Vaels Institute of Business Administration
Vels College Of Science

APRIL , 2005

VAELS INSTITUTE OF BUSINESS ADMINISTRATION

VELS COLLEGE OF SCIENCE
(AFFILIATED TO MADRAS UNIVERSITY)
CHENNAI-600117

CERTIFICATE
This is to certify that Project work titled A STUDY ON THE
EQUITY SCRIP PRICE MOVEMNTS with reference to GACL,
RANBAXY, TISCO, BTVL at COCHIN STOCK EXCHANGE,
COCHIN is a bonafied record of work done by Mr.JAMES P.J,
Vaels Institute of Business Administration under vels college
of science submitted in partial fulfillment of the requirement of the
degree of MASTER OF BUSINESS ADMINISTRATION of
University of Madras, during the fourth semester from January to
March under our guidance.

Dr. GOVINDASWAMY
Principal

Mr.D .SRINIVASAN
Faculty Guide

Dr. P. GOVINDARAJAN
Director MBA

INTERNAL EXAMINER

EXTERNAL EXAMINER

DECLARATION
I JAMES P.J undersigned hereby declare that the project work A
STUDY ON THE EQUITY SCRIP PRICE MOVEMENTS with
special reference to GACL, RANBAXY, TISCO, BTVL

at

COCHIN STOCK EXCHANGE, COCHIN submitted to the

University of Madras in partial fulfillment of the requirements for
the award of degree of Master of Business Administration is the
record of bonafied research carried out by me under the guidance
of Prof. D. Srinivasan, lecturer Department of Management,
Vaels Institute of Business Administration, Vels College of Science
and no part of it has been submitted for any other degree or
diploma.

JAMES P.J
3

ACKNOWLEDGEMENT
I take this opportunity to express my deep gratitude to our
chairman Dr. ISARI.K.GANESH M.com, BL,PhD for granting me
permission to do this project.
I am also thankful to our principle Mr.GOVINDASWAMY for
providing great support.
I
am
extremely
grateful
to
our
Director
Dr.P.GOVINDARAJAN MA, PhD Vaels Institute of Business
Administration for providing excellent facilities to do this project.
I would like to express my sincere thanks to my guide Mr. D.
SRINIVASAN, Mcom, DCSA, DTTEM,DHA, HVUP, Bed, MBA,
Mphil, PGDPM, LL(PDMM)
MBA, who has spread his precious time in providing his valuable
suggestion and co-operation in completing this project.
I place on record my most sincere thanks to Mrs.PreethaHOD, Mrs.Annie. Mr.S.Suresh Kumar and Mr.R.Subramanya
Bharathy who me a lot to complete this project successfully.
I owe my special gratitude to Mr.THOMAS GEORGE
M.A.,GDIM
Co-ordinator
CSE
Institute
of
Capital
Market,Cochin, in providing his valuable suggestion in successful
completion of this project work.

JAMES P.J
4

CONTENTS
TITLE
CERTIFICATE
DECLARATION
ACKNOWLEDGEMENT
Chapter

Title

Introduction
1.1 Need for the Study
1.2 Statement of Problem
1.3 Industrial Profile
1.4 Company Profile
1.5 History Of The Companies

Statement of Objectives
2.1 Primary Objective
2.2 Secondary Objective

Research Methodology
Introduction
3.1 Period of Study
3.2 Method of Data Collection
3.3 Tools Over View
3.4 Scope of the Study

Review of Literature

Findings & Suggestions

Conclusion

Bibliography

Annexure

LIST OF TABLES
Sl No
1
2
3
4
5

Title
DU PONT ANALYSIS
MARKET CAPITALISATION RATES
PRICE VOLUME ANALYSIS
RATIOS
MOVING AVERAGES

Page No
47
47
48
50
51

LIST OF CHARTS
Sl No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

Title
25 day Moving Average Charts GACL
50 day Moving Average Charts GACL
100 day Moving Average Charts GACL
200 day Moving Average Charts GACL
25 day Moving Average Charts Ranbaxy
50 day Moving Average Charts Ranbaxy
100 day Moving Average Charts Ranbaxy
200 day Moving Average Charts Ranbaxy
25 day Moving Average Charts TISCO
50 day Moving Average Charts TISCO
100 day Moving Average Charts TISCO
200 day Moving Average Charts TISCO
25 day Moving Average Charts BTVL
50 day Moving Average Charts BTVL
100 day Moving Average Charts BTVL
200 day Moving Average Charts BTVL

Page No
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108

CHAPTER- I

Introduction
Capital market comprising the new issues market
and secondary markets or stock exchanges, is one of the most
sensitive markets in the whole economy. The secondary market
8

enables investors to continuously rearrange their assets if they

so desire by divesting themselves of such assets while others can
use their surplus funds to acquire them. This rearrangement is
not a product of instant decisions but a thorough research. The
major tools used for this are Fundamental analysis and technical
analysis. Of which fundamental analysis requires a large amount
of inside data regarding the companies concerned and also
requires lot of calculations and deep knowledge. Where as
technical analysis is comparatively a simpler tool for an investor
to decide his short/medium term investment decisions. By
closely watching the price changes, its trend can be analyzed
and the timings of entry and exit can be decided. In short his
decisions such as when to buy or when to sell particular scrip or
when to reorganize his portfolio can be influenced by the
technical analysis moving averages method where in the daily
prices are compared with average of certain number of days.

1.1 Need for the Study

The risk taking mentality among investors in share market
grown in the last one and half decades. Investors have to analyze
9

the market price fluctuations before investing in the market. By

this analysis only, he can have a clear picture of the market and
its fluctuations. Then only he can decide his entry or exit
timings and also the decisions regarding holding of a particular
security. The risk that people are bearing is not a blind one but
well calculated and forecasted. By analyzing the price
movements one can easily understand the trend but how long the
particular trend will continue remains a question. With the help
of moving averages, this study aims at enabling an investor who
analyze the market to decide the short/medium term investments
and the timings also.

1.2 Statement of Problem

An Investor who understands the fundamental
principles and the analytical aspects of portfolio management
has better chances of success in investing in the stock market
10

But most of the investors do not know the above aspect of

portfolio management, they depend up on their whims and
fancies and the rumoursheared around. This will ultimately lead
them to losses.
The above situation creates a need for this study. The investor
should have a guide line or a methodology to enter and exit from
a particular script.

1.3 Industrial Profile

Evolution of Indian Stock Market

11

Indian Stock Markets are one of the oldest in Asia. Its

history dates back to nearly 200 years ago. The earliest records
of security dealings in India are meager and obscure. The East
India Company was the dominant institution in those days and
business in its loan securities used to be transacted towards the
close of the eighteenth century.
By 1830's business on corporate stocks and shares in Bank
and Cotton presses took place in Bombay. Though the trading
list was broader in 1839, there were only half a dozen brokers
recognized by banks and merchants during 1840 and 1850.
The 1850's witnessed a rapid development of commercial
enterprise and brokerage business attracted many men into the
field and by 1860 the number of brokers increased into 60.In
1860-61 the American Civil War broke out and cotton supply
from United States of Europe was stopped; thus, the 'Share
Mania' in India begun. The number of brokers increased to
about 200 to 250. However, at the end of the American Civil
War, in 1865, a disastrous slump began (for example, Bank of
Bombay Share which had touched Rs 2850 could only be sold at
Rs. 87).
At the end of the American Civil War, the brokers who thrived
out of Civil War in 1874, found a place in a street (now
appropriately called as Dalal Street) where they would
conveniently assemble and transact business. In 1887, they
formally established in Bombay, the "Native Share and Stock
12

Brokers' Association" (which is alternatively known as " The

Stock Exchange "). In 1895, the Stock Exchange acquired a
premise in the same street and it was inaugurated in 1899. Thus,
the Stock Exchange at Bombay was consolidated.
Trading Pattern of the Indian Stock Market

Trading in Indian stock exchanges are limited to listed

securities of public limited companies. They are broadly divided
into two categories, namely, specified securities (forward list)
and non-specified securities (cash list). Equity shares of
dividend paying, growth-oriented companies with a paid-up
capital of atleast Rs.50 million and a market capitalization of
atleast

Rs.100

million

and

having

more

than

20,000

shareholders are, normally, put in the specified group and the

balance in non-specified group.
Two types of transactions can be carried out on the Indian
stock exchanges: (a) spot delivery transactions "for delivery and
payment within the time or on the date stipulated when entering
into the contract which shall not be more than 14 days following
the date of the contract" : and (b) forward transactions "delivery
and payment can be extended by further period of 14 days each
so that the overall period does not exceed 90 days from the date
of the contract". The latter is permitted only in the case of
specified shares. The brokers who carry over the outstanding

13

pay carry over charges (can tango or backwardation) which are

usually determined by the rates of interest prevailing.
A member broker in an Indian stock exchange can act as
an agent, buy and sell securities for his clients on a commission
basis and also can act as a trader or dealer as a principal, buy
and sell securities on his own account and risk, in contrast with
the practice prevailing on New York and London Stock
Exchanges, where a member can act as a jobber or a broker
only.
The nature of trading on Indian Stock Exchanges are that
of age old conventional style of face-to-face trading with bids
and offers being made by open outcry. However, there is a great
amount of effort to modernize the Indian stock exchanges in the
very recent times.
Over The Counter Exchange of India (OTCEI)
The traditional trading mechanism prevailed in the Indian
stock markets gave way to many functional inefficiencies, such
as, absence of liquidity, lack of transparency, unduly long
settlement periods and binami transactions, which affected the
small investors to a great extent. To provide improved services
to investors, the country's first ring less, scrip less, electronic
stock exchange - OTCEI - was created in 1992 by country's
premier financial institutions - Unit Trust of India, Industrial
14

Credit and Investment Corporation of India, Industrial

Development Bank of India, SBI Capital Markets, Industrial
Finance Corporation of India, General Insurance Corporation
and its subsidiaries and Can Bank Financial Services.
Trading at OTCEI is done over the centers spread across the
country. Securities traded on the OTCEI are classified into:
Listed Securities - The shares and debentures of the
companies listed on the OTC can be bought or sold at any
OTC counter all over the country and they should not be
listed anywhere else
Permitted Securities - Certain shares and debentures listed
on other exchanges and units of mutual funds are allowed
to be traded
Initiated debentures - Any equity holding at least one lakh
debentures of particular scrip can offer them for trading on
the OTC.
OTC has a unique feature of trading compared to other
traditional exchanges. That is, certificates of listed securities and
initiated debentures are not traded at OTC. The original
certificate will be safely with the custodian. But, a counter
receipt is generated out at the counter which substitutes the
share certificate and is used for all transactions.
In the case of permitted securities, the system is similar to a
traditional stock exchange. The difference is that the delivery
and payment procedure will be completed within 14 days.
15

Compared to the traditional Exchanges, OTC Exchange

network has the following advantages:
OTCEI has widely dispersed trading mechanism across the
country which provides greater liquidity and lesser risk of
intermediary charges.
Greater transparency and accuracy of prices is obtained
due to the screen-based scrip less trading.
Since the exact price of the transaction is shown on the
computer screen, the investor gets to know the exact price
at which s/he is trading.
Faster settlement and transfer process compared to other
exchanges.
In the case of an OTC issue (new issue), the allotment
procedure is completed in a month and trading commences
after a month of the issue closure, whereas it takes a longer
period for the same with respect to other exchanges.
Thus, with the superior trading mechanism coupled with
information transparency investors are gradually becoming
aware of the manifold advantages of the OTCEI.

National Stock Exchange (NSE)

16

With the liberalization of the Indian economy, it was

found inevitable to lift the Indian stock market trading system
on par with the international standards. On the basis of the
recommendations of high powered Pherwani Committee, the
National Stock Exchange was incorporated in 1992 by Industrial
Development Bank of India, Industrial Credit and Investment
Corporation of India, Industrial Finance Corporation of India, all
Insurance Corporations, selected commercial banks and others.
Trading at NSE can be classified under two broad categories:
(a) Wholesale debt market and
(b) Capital market.
Wholesale debt market operations are similar to money
market operations - institutions and corporate bodies enter into
high value transactions in financial instruments such as
government securities, treasury bills, public sector unit bonds,
commercial paper, certificate of deposit, etc.
There are two kinds of players in NSE:
(a) Trading members and
(b) Participants.
Recognized members of NSE are called trading members
who trade on behalf of themselves and their clients. Participants

17

include trading members and large players like banks who take
direct settlement responsibility.
Trading at NSE takes place through a fully automated
screen-based trading mechanism which adopts the principle of
an order-driven market. Trading members can stay at their
offices and execute the trading, since they are linked through a
communication network. The prices at which the buyer and
seller are willing to transact will appear on the screen. When the
prices match the transaction will be completed and a
confirmation slip will be printed at the office of the trading
member.
NSE has several advantages over the traditional trading
exchanges. They are as follows:
NSE brings an integrated stock market trading network
across the nation.
Investors can trade at the same price from anywhere in the
country since inter-market operations are streamlined
coupled with the countrywide access to the securities.
Delays in communication, late payments and the
malpractices

prevailing

in

the

traditional

trading

mechanism can be done away with greater operational

efficiency and informational transparency in the stock

18

market operations, with the support of total computerized

network.
Unless stock markets provide professionalized service, small
investors and foreign investors will not be interested in capital
market operations. And capital market being one of the major
sources of long-term finance for industrial projects, India cannot
afford to damage the capital market path. In this regard NSE
gains vital importance in the Indian capital market system.

2.9 Bombay Stock Exchange (BSE)

The Stock Exchange, Mumbai, popularly known as
"BSE" was established in 1875 as "The Native Share and
Stock Brokers Association". It is the oldest one in Asia, even
older than the Tokyo Stock Exchange, which was established in
1878. It is a voluntary non-profit making Association of Persons
(AOP) and is currently engaged in the process of converting
itself into demutualised and corporate entity. It has evolved over
the years into its present status as the premier Stock Exchange in
the country. It is the first Stock Exchange in the Country to have
obtained permanent recognition in 1956 from the Govt. of India
under the Securities Contracts (Regulation) Act, 1956.
The Exchange, while providing an efficient and transparent
market

for

trading

in

securities, debt

and

derivatives

upholds the interests of the investors and ensures redressal of

19

their grievances whether against the companies or its own

member-brokers. It also strives to educate and enlighten the
investors by conducting investor education programmes and
making available to them necessary

informative inputs. A

Governing Board having 20 directors is the apex body, which

decides the policies and regulates the affairs of the Exchange.
The Governing Board consists of 9 elected directors, who
are from the broking community (one third of them retire
ever year by rotation), three SEBI nominees, six public
representatives and an Executive Director & Chief Executive
Officer

and

Chief

Operating

Officer.

The Executive Director as the Chief Executive Officer is

responsible for the day-to-day administration of the Exchange
and he is assisted by the Chief Operating Officer and other
Heads of Departments.The Exchange has inserted new Rule
No.126 A in its Rules, Bye-laws & Regulations pertaining to
constitution of the Executive Committee of the Exchange.
Accordingly, an Executive Committee, consisting of three
elected directors, three SEBI nominees or public representatives,
Executive Director & CEO and Chief Operating Officer has
been constituted. The Committee considers judicial & quasi
matters in which the Governing Board has powers as an
Appellate

Authority,

matters

regarding

annulment

of

transactions, admission, continuance and suspension of member20

brokers, declaration of a member-broker as defaulter, norms,

procedures and other matters relating to arbitration, fees,
deposits, margins and other monies payable by the memberbrokers

to

the

Exchange,

etc.

Turnover on the Exchange

The average daily turnover of the Exchange during the

financial year 2000-2001 (April-March), was Rs.3984.19
crores and the average number of daily trades was 5.69
lakhs.

The average daily turnover of the Exchange in the

subsequent two financial years, i.e., 2001-02 & 2002-03,
has declined considerably to Rs. 1248.15 crores and Rs.
1251.29 crores respectively.

The average number of daily trades recorded during 200102 and 2002-03 numbered 5.17 lakhs and 5.63 lakhs
respectively.

The average daily turnover and average number of daily trades

during the quarter April-June 2003 were Rs. 1101.05 crores and
5.70 lakhs respectively. The ban on all deferral products like
Borrowing & Lending of Securities Scheme (BLESS) and
Automated Lending & Borrowing Mechanism (ALBM) in the
Indian capital markets by SEBI w.e.f. July 2, 2001, abolition of
account period settlements, introduction of Compulsory Rolling
21

Settlements in all scrips traded on the Exchanges w.e.f.

December 31, 2001, etc. have adversely impacted the liquidity
in the market and consequently there is a considerable decline in
the average daily turnover at the Exchange as reflected in above
statistics

1.4 Company Profile

22

Cochin Stock Exchange

Cochin Stock Exchange Limited (CSE) is one of the
premier Stock Exchanges in India. Established in the year 1978,
the Exchange has undergone tremendous transformation over
the years. The exchange had a humble beginning with just 5
companies listed in 1978-79, and had only 14 members. Today
the Exchange has 508 members and 240 listed companies. In
1989 the company went for computerization of its offices. In
order to keep pace with the changing scenario in the capital
market CSE took various initiatives including trading in
dematerialized

shares.

CSE

introduced

the

facility

of

computerized trading called Cochin Online Trading (COLT)

on March 17, 1997. CSE was one of the promoters of the
Interconnected Stock Exchange of India (ISE). The objective
was to consolidate the small, fragmented and less liquid markets
into a national level integrated liquid market.
With the enforcement of efficient margin system
and surveillance, CSE has successfully prevented defaults.
Introduction of Fast Track System made CSE the sock exchange
with shortest settlement cycle in the country at that time. By the
dawn of the new century, the Regional Exchanges faced a
serious challenge from the NSE & BSE. To face this challenge
CSE promoted a 100% subsidiary called the Cochin Stock

23

Brokers Ltd (CSBL) and started trading in the National Stock

Exchange and the Mumbai Stock Exchange.
CSBL is the first subsidiary of a Stock Exchange to
get membership in both NSE & BSE, and became a participant
in the Central Depository Services Ltd. The Cochin Stock
Exchange has been playing a very vital role in the economic
development of the country in general, and Kerala in particular
and striving hard so as to achieve the following goals:
Providing investors with high level of liquidity whereby
the cost and time involved in the entry and exit from the
market becomes the least.
Bring in high tech solutions and make possible absolute
transparency of all operations.
Built infrastructure for capital market by turning CSE into
a financial super market.
Spread equity cult and to serve investors of the region.
Professional stock broking and investment management
function.
Impart capital market knowledge to all intermediaries on a
continuous basis.
Develop a winning team of professionals as employees of
CSE who will play a crucial role in shaping the future of
CSE and its associates.
24

Membership Profile
Cochin Stock Exchange currently has 508
members. All the members of CSE have one share each of value
Rs 100 thus making the issued, subscribed and paid up capital of
Rs 50,800. The authorized capital of CSE is Rs 1, 00,000 with
the total membership limited to 1000.
As per the SEBI norms CSE charges an
initial deposit of Rs.2 lakhs from each of its members. Based on
the volume of trade each member is to contribute additional
deposits. Along with this an annual subscription fee of Rs.200
for individual members and Rs.500 for corporate members will
be charged by CSE. The members are allowed to appoint their
assistants or sub-brokers based on the guidelines given by SEBI.
During the five years of membership each member have to pay
Rs.5000 annually to SEBI as advance payment on or before 1 st
October of each financial year. From the 6 th to the 10th year of
membership the total amount payable is Rs.5000 which is
payable at the beginning of the 6th year (counted as payment of
Rs.1000 per year). In addition to this, if the previous year
turnover is more than 1 crore then 0.01% of the exceeding
amount should also be paid to SEBI.

25

Management of Cochin Stock Exchange

The policy level management of Cochin Stock
Exchange is vested with the Council of Management. The
Council of Management is constituted with 13 members of
whom 6 are elected from amongst the members of Cochin Stock
Exchange, 2 persons nominated by SEBI, 1 Government
nominee and 3 Public Representatives. The council of
management appoints Executive Director and is an ex-officio
member of the council. He takes care of the administration of
the exchange. The treasurer appointed from the Cochin Stock
Exchange, subject to the approval of government and SEBI,
oversee the financial functions of the exchange.
The same council of management is managing
Cochin Stock Brokers Ltd. the subsidiary of the exchange. The
council of management becomes the Board of Directors of the
subsidiary. The Executive Director is the Managing Director of
CSBL. The operation of any Stock Exchange can commence
only with the recognition of the central government under the
securities contract regulation act, (SCR) 1956. The various
regulations concerning the listing of companies and the trading
related activities are provided under SCR rules, 1957. The byelaws of the exchange give guidelines on opening/closing of
Cochin Stock Exchange, timing of trading, regulation of badla

26

or carryover business, fixation of margins, making of prices,

arbitration, settlement of disputes etc.

Organizational Structure

27

History Of the Companies

1.5

GUJARAT AMBUJA CEMENTS LTD.

The Company was Incorporated on 20th October,1981 as
Ambuja Cements Pvt.Ltd. It was jointly promoted by Gujarat
Industrial Investment Corporation Ltd. (GIIC) and N.S.
Sekhsaria and his associates, Vinod K.Neotia and Suresh
Mulani, for setting up a cement project in the joint sector. The
Company was converted into a public limited company on 19th
March, 1983 and its name was changed to Gujarat Ambuja
Cements, Ltd., on 19th May, 1983.
Technology
The Company's object is to manufacture cement. The
Company adopted the latest dry process precalcination
technology incorporating five stages preheated for the main pyro
processing system of the cement plant. For grinding the raw
material, the Company undertook to install the latest air swept
roller mills of polysius design which were extremely energy
efficient.
A computerised process control system with field instruments
supplied by Larsen & Tourbo was also being installed to give
consistently high quality cement with maximum productivity. In
addition, electronic packing machines were being obtained from
Haver & Boecker, West Germany, and reverse air baghouse
equipment from Zurn Industries, USA. The company entered
28

into an agreement with Krupp Polysius AG, (KP) West

Germany, for supply of plant, equipment and service for the
project, KP agreed to supply raw material and coal grinding
vertical roller mills, homogenizing and kiln feed, burning,
cooling and coal firing equipment and pneumatic transport
pumps.
Gujarat Ambuja Cements Ltd (GACL) is India`s third largest
cement player in terms of capacity, with an installed capacity of
12.5 million tonnes. It has recently been on an acquisition spree,
buying Modi Cements (now Ambuja Cement Eastern-ACEL),
DLF Cements (Ambuja Cement Rajasthan-ACRL) and taking a
strategic 14.6% stake in ACC. ACC stake and ACEL Cements`
unit have been vested with a separate company, Ambuja
Cements India (ACIL). ACRL unit is with GACL. GACL holds
60% stake in ACIL while the balance 40% is held by FIIs.
GACL holds 42% in ACRL while ACIL holds 11.3% in ACC
and 93% in ACEL. Currently, the total capacity of Ambuja
Group is 8.5mtpa shared by GACL (5.5mtpa), ACRL (1.5mpta)
and ACEL (1.5mpta). GACL has increased its captive power
capacity. It pioneered the use of sea route for bulk transportation
of cement. GACL has improved its cash position by selling
businesses like Hometrust Housing Finance and a 26% stake in
GRUH Finance, and by placement of 40% of ACIL equity with
FIIs.

29

Recent Developments
The company commissioned its 2 million tonne plant at
Chandrapur

in

Maharashtra

in

June

2002.

Future Plans
GACL is proposing to expand its marketing base, setting up a
bulk cement sea terminal at Tuticorin in Tamilnadu. The project
has been stalled till further notice from the courts.

30

TISCO
The Tata Iron and Steel Company Ltd (Tata Steel) is a singlelocation steel company established in 1907. the country`s single
largest, integrated steel works in the private sector, with a
marketshare of about 13 per cent. As a result of high capacity
utilisation and complete backward integration, it is among the
world`s

lowest

cost

liquid

steel

manufacturers.

The company is India`s single largest exporter of high-quality,

value-added steel products. It is the producer of one of the
cheapest

HR

coils

in

the

world.

The company offers a diverse range of products and services.

These include HR/CR coils and sheets, tubes, construction bars,
forging quality steel, rods, structurals, strips and bearings, steel
plant and material handling equipment, ferro alloys and other
minerals, software for process controls, and cargo handling
services.

Sister

companies

offer

tinplate,

wires,

rolls,

refractories, project management services and material handling

equipment.
The company has technological and strategic tie-ups with world
leaders such as Thyssen, Nippon Steel, Hitachi, Posdata, SMS,
Krupp Stahl, McKinsey, and Booz Allen & Hamilton.

31

Recent Developments
In February the company raised Rs 100 crore through an issue
of non-convertible debentures. The issue carries a coupon of
9.25 per cent. The NCDs have a five year tenure with a put and
call option after three years. The issue was rated AA+ by
Crisil. The funds raised from the issue will be used for general
corporate purposes including capital expenditure and retirement
of high cost debt. The company has initiated various cost
reduction drives, which include change in product mix. It has
increased production of cold rolled and coated steels, which
fetches higher margins. the company achieved No. 2 position in
cold rolled product requirements of Original equipment
manufacturers (OEM) in the very first full year of operation.
Low steel prices in domestic and international markets affected
sales of the company during the third quarter of FY2002. The
company has refurbished F blast furnace at a cost of Rs 208
crore. Tisco`s stake in Tata SSL has gone up to 95 per cent. The
sector is facing problems of excess capacity and low demand
from various industries. Tata Steel has decided to disinvest a
portion of their stake in the Jamipol to SKW as it does not form
a part of its core business. Tata Steel has launched a `customer
page` on its Web site www.tatasteel.com, which will give its
customers access to online information on order status, delivery,
invoices, credit notes, payment dues and credit status, among
32

others,

on

the

Internet.

Future Plans
Tata Steel has an agreement with Nippon Steel of Japan, to
assist it in ramping up the production to the rated capacity in 13
months from the commencement of commercial trials. The mill
is currently producing approximately 15,000 tonnes per month.
The CRM is expected to provide an incremental turnover of Rs
30

bn,

when

operating

at

the

rated

capacity.

Tata group is setting-up a mega integrated titanium dioxide

complex in Tamil Nadu, which is to be implemented by Tata
Steel

and

other

group

companies.

Tata Steel proposes to devote Phase V of its modernisation

programme to e-commerce. In this phase, the company plans to
launch a B2B portal that is to emerge as a steel exchange. The
company is strengthening its retail distribution network so as to
enable it to sell steel as a branded product, on the lines of
FMCG model. Tata Steel aims at sustained efforts in cost
effectiveness, to remain one of the lowest cost producers of steel
in

the

world.

The company plans to further improve its product mix. Further,

the company has consciously increased the share of branded
33

products. As a result of these measures, coupled with continuous

focus of cost effectiveness, and improving volumes, the
company plans to progressively improve EVA and turn the same
positive by 2007.Divestment, mergers and acquisitions will be
part of the strategy to become EVA positive. Investors should
heave a sigh of relief as the recent newspaper reports suggest
that Tisco is unlikely to invest in the telecommunication arena.
The company plans to identify and divest non-core or
chronically under-performing businesses. Tiscos target is to earn
a profit of Rs 400 crore, and produce 4.4 million tonnes of hot
metal and 4 million tonnes of crude steel in 2002-03.
Tata Iron & Steel Company (Tisco) is intending to revive the Rs
610 cr Mesco project and take over the management of MidEast Steel Company (Mesco Steel) which is situated in Orissa.
Earlier in April, the company had clarified that it has been
looking at the possibility of setting up a ferro chrome plant in
South Africa and Australia. Tisco to supply gaseous oxygen to
BOC India.Tata Steel plans to introduce its specialised grade of
galvanised, coated steel for car bodies within nine months. Tata
Steel will soon join the league of companies like Itochu
Corporation, Mitsui & Company and Mitsubishi International
Corporation by entering the steel trading business, which will be
carried out by the company`s division.

34

RANBAXY
Ranbaxy has one of the most diversified revenue streams in the
pharmaceutical industry. The company is also one of the biggest
generic pharmaceutical companies, in terms of revenue. The
therapeutic segments of Ranbaxy includes anti-infectives (54%
of net sales), nutritional (9%), gastro-intestinal (9%), nonsteroidal anti-inflammatory systems (7%), dermatology (6%),
orthopedics (3%), CNS (2%), cardiovascular (3%), others (7%).
Though 90% of its revenues are from the pharma business,
Ranbaxy is also into animal health, diagnostics and specialty
chemicals.
The anti-infective segment of the company got a boost through
the launch of Sporidex AF, and Keflor Redimix. Its product
Riconia is No. 3 in the Indian multivitamin-multiminerals
market. Some of the other leading brands of the company are
Cifran, Keflor, Zanocin, Mox, and Enrocin (animal health).
More than half (57%) of Ranbaxy`s pharmaceutical business
comes from India and the Middle East. Of these two markets,
India contributes 90% of business. The Asia Pacific and Latin
American regions account for 20%; Europe, CIS and Africa
bring in 18%; and North America pitches in 5%. Ranbaxy spent
a considerable amount of resources in getting its overseas
operations off the ground, but till date the returns have not
35

come.
Recent Developments
Ranbaxy Laboratories has entered into an agreement with
Medicines for Malaria Venture (MMV), Geneva for the
development of synthetic peroxide anti-malarial drug.
Besides pharmaceutical and clinical development, Ranbaxy will
have

worldwide

commercialisation

rights

for

of

the
the

registration

and

product.

Ranbaxy`s team of scientists will work in collaboration with

scientists and researchers from the University of Nebraska
Medical Centre, Monash University and the Swiss Tropical
Institute

in

identifying

candidate

for

development.
Ranbaxy Laboratories has received approval from the US Food
and Drug Administration to market flecainide acetate tablets
USP, in 50 mg, 100 mg, and 150 mg strengths. The division of
bioequivalence has determined Ranbaxy`s flecainide acetate
tablets USP, 50 mg, 100 mg, and 150 mg, to be bioequivalent
and, therefore, therapeutically equivalent to the listed drug
Tambocor tablets, 50 mg, 100 mg, and 150 mg, respectively, of
3M

Pharmaceuticals,

36

Inc.

Ranbaxy Pharmaceuticals, Inc., a wholly owned subsidiary of

Ranbaxy Laboratories has received tentative approval from
USFDA to market benazepril hydrochloride tablets in 5mg,
10mg,

20mg

and

40mg

strengths.

The division of bio-equivalent to the listed drug lotensin(R) of

Novartis Pharmaceuticals Corporation. In 2002, sales of this
dosage
Ranbaxy

form

totaled

Laboratories

will

$332.50
provide

million.

Anti-Retrovirals

for

treatment for 0.5 to one million AIDS-infected people in the

coming 18 to 24 months, across the world in order to provide
cost-effective treatment for AIDS. The pharma major has filed
300 registrations in 54 countries during the last 18 months and
has made around 100 registrations/marketing authorisations with
products available in almost 20 countries during the past one
year.

37

BHARATI TELE VENTURES

Bharti Tele-Ventures Limited (BTVL) was incorporated on
July 7, 1995 as a public limited company. BTVL is Indias
leading private sector provider of telecommunications.
The Bharti group offers cellular services in 16 out of 22 telecom
circles, and has more than two million cellular customers across
the country. The company provides mobile services in 14
circles, fixed line services in five circles, national long-distance
services,

international

broadband,Internet

long-distance

and

VSAT

services,
services.

Bharti has been a pioneering force in the telecom sector.It was

the first mobile service in Delhi, first private basic telephone
service provider in the country, It provides comprehensive
telecom services outside India in Seychelles Bharti is also the
first private sector service provider to launch National Long
Distance Services in India. As of July 31, 2002, Bharti had
approximately 2,112,000 customers nearly 1,772,000 mobile,
221,000

fixed

line

and

119,000

Internet

customers.

Its services sector businesses include mobile operations in

Andhra Pradesh, Chennai, Delhi, Gujarat, Haryana, Himachal
Pradesh, Karnataka, Kerala, Kolkata, Madhya Pradesh circle,
Maharashtra circle, Mumbai, Punjab, Tamil Nadu and Uttar
38

Pradesh (West) circle. In addition, it also has a fixed-line

operations in the states of Madhya Pradesh and Chattisgarh,
Haryana, Delhi, Karnataka and Tamil Nadu and nationwide
broadband

and

long

distance

networks.

Bharti Enterprises also manufactures and exports telephone

terminals and cordless phones. Apart from being the largest
manufacturer of telephone instruments, it is also the first
telecom company to export its products to the USA.
AirTel from Bharti Tele-Ventures operates services in fifteen of
the 22 circles in India. Bhartis mobile footprint covers 93% of
all mobile phone users in India cutting across 1.8 million sq. km
in

16

states

touching

600

million

people.

Recent Developments
As a part of its consolidation exercise and to attain business
synergies, telecom player Bharti Tele-Ventures Ltd has decided
to merge its fixed line, long distance, broadband and VSAT
business.
The three arms that are to be merged are Bharti Telenet Ltd
(basic fixed line operations), Bharti Telesonic Ltd (international
and national long distances), Bharti Boardband Networks Ltd
(broadband

and

VSAT
39

operations).

After the merger takes place, the new entity would be

rechristened

Bharti

Infotel

Ltd.

Bharti Cellular, has entered the Mumbai circle in name of AirTel Bharti is not setting any roaming charges on its network
across the country, and offering free incoming calls between
Airtel to Airtel consumers and free airtime for one international,
national and local number, without any monthly charges. In its
introductory offer, the company is offering free talk time worth
Rs 50 upon activation with the further promise of returning the
activation fees after six months.Airtel customers can now carry
their Mumbai rate plan and roam without paying roaming
charges in all Airtel networks across the country.Within a short
span of 40 days of launching its service in Mumbai, AirTel, has
registered a record number of 100,000 customers in the city as
reported

by

the

companies

sources

In a bid to promote its cellular brand- AirTel, Bharti

Televentures Ltd has earmarked an ad budget of Rs 100 crore
this fiscal, the company has rolled out a new television
campaign featuring famous music director Mr AR Rahman . AR
Rahman

has

also

composed

five

exclusive

ringtones

downloadable by over two million AirTel customers across the

country
40

Bharti Televentures Ltd (BTVL) level of interest in Mahanagar

Telephone Nigam Ltd (MTNL) is unclear following union
telecom minister, Pramod Mahajans recent announcement of the
intention to merge the telecom behemoth with Bharat Sanchar
Nigam Limited (BSNL).Earlier the company had plans to take a
stake in MTNL The chairman of BTVL said that the company is
likely to report losses for some time before reporting a profit. He
added that BTVL may register profits only by FY05.
Future Plans
Bharti Tele-Ventures, expects to corner 30 per cent of India`s
mobile service market by end of March 2003 expect continuous
growth till the end of the year and our market share may touch
30 per cent by the end of current fiscal. As of now, they have a
25 per cent market share. The mobile subscriber base is
expected to touch 12-13 million by end of March2003.
The company is planning to raise around $100 million through
an external commercial borrowing (ECB) programme to partfund its expansion plans.The company, which is tapping the
external borrowers for the first time, is evaluating the option of
long-term forward covers to hedge itself against the attendant
foreign exchange risks. This is part of the company`s initiative
to raise debt, though it prefers to fund projects through more
41

equity.
Bharti has already invested Rs. 1500 crores in the Western
Region. Encouraged by the customer response, plans have been
firmed to augment the level of investments in the Western
Region. An investment of about Rs 150 crore is planned in the
companys IT infrastructure this year.

42

CHAPTER II

43

STATEMENT OF OBJECTIVES

2.1 Primary Objective

The main objective of the study can be listed out as:

1. To study in depth the equity scrips price changes of GACL,
TISCO, RANBAXY, BTVL.
2. To find out the impact of different moving averages on each
company scrips.
3. To determine long term and short term trend of price
movements.
2.2 Secondary Objectives
1. To help an investor in deciding his entry and exit timings.
2. To help an investor in creating a profitable portfolio.

44

CHAPTER III

45

RESEARCH METHODOLOGY
Introduction
Research methodology is a way to systematically solve the
research problem . It may be understood as a science of studying
how research is done systematically. In this we study the various
steps that are generally adopted by a researcher in studying his
research problem along with the logic behind them. It is
necessary for the researcher to know not only the research
mehod / techniques, but also the methodology. It is necessary
for the researcher to design his methodology for his problem as
the same may differ from problem to problem. The research
methodology has many dimensions and research methods to
constitute a part of the research methodology. The scope of
research methodology is wider than that of research methods.
The research methodology concerning a research problem or
study.

46

3.1 Period of study

The project was undertaken within the premises of CSE ltd
from 15th December, 2004 to 22th March

,2005. The

individual market prices of the shares of the companies

selected were collected for a period ranging from 1 st
January 2004 to 31st December 2004.

3.2 Methodology of Data Collection

The nature of the data used for the study is secondary
in nature. The secondary data are those which have already been
collected by some other agency and which have already been
processed.
In this study the researcher used the secondary data collection
methods for collecting the details from company records,
magazines and websites

47

3.3 Limitations of the study

1. This study is meant for investors who are investing for short
term ,medium term and long term.
2. The Technical and fundamental analysis tools were used for
the study. The general limitations of these tools are applicable to
this study also.
3. The study is limited only to four companies.
4.The constraint of time was always a major limitation that was
accurately felt.

3.4 Tools used for data analysis

Fundamental and Technical analysis were carried
out for the study. The share price movement analysis of this
scrip in this study is based on the technical analysis tools. The
particular tools that have been used in this study are :
1. Du Pont Analysis
2.Price Volume Analysis
3. Market Capitalisation rates
4. Moving Averages (25 day, 50 day, 100 day, 200 day)
5 Moving Averages Convergence Divergence charts
6. Investment Profitability Ratios

48

The above specified tools were used for the analysis of short
term, medium term and long term trends.
Tools Overview
The following is brief description about the tools used
1. Dupont Analysis
The Dupont Analysis highlights the fact that Return on Assets
(ROA) can be expressed in terms of the Profit margin and Asset
turnover. One of the easiest ways to gauge whether a
company is an asset creator or a cash consumer is to look
at the return on equity (ROE). In its simplest form, ROE
is

calculated

shareholder's

by

dividing

equity.

one

Businesses

year's
that

earnings
generate

by
high

returns on equity are businesses that create substantial

assets for each dollar invested.
The Dupont Analysis is a means of analyzing the three
components of return on equity:
1.

Net Margin (Operating Profit Margin Ratio) = Net

Income / Sales.

How much profit a company makes for every Rs.1.00 it

generates in revenue.
2.

Asset Turnover = Sales / Average Total Assets.

49

The amount of sales generated for every dollar's worth

of assets. This measures the firm's efficiency at using
assets.
3.

Leverage Factor =

Average Total Assets / Shareholder's Equity.

The higher the number, the more debt the company has.
The Operating Profit Margin Ratio is a measure of operating
efficiency and the Asset Turnover Ratio is a measure of asset
use efficiency.

The Dupont Analysis looks like this:

Net Income
_________
NetSales

NetSales
*

_________

Average total Assets

*

Average total Assets

50

________
Share Holders Equity

2. Market Capitalization rates.

Market capitalization, often abbreviated to market cap, is a
business term that refers to the overall value of a company's
stock. In essence, it is the price one must pay to buy an entire
company.
Market capitalization is calculated by multiplying the number of
shares of the company and the current price of those shares. The
term capitalization is sometimes used as a synonym of market
cap; other times, it denotes market cap plus long term debt.
Market cap is the price of a company's stock, and may not
reflect the "fundamental" situation of the company, because it's
based on assumptions about the future. It is not uncommon for a
company's market cap to many times larger than the company's
"book value" (shareholders' equity) or earnings, if there's
anticipation of earnings growth.
The first reason for a "high" market cap is the "fundamental"
reason which is anticipation of future growth in cash flow from
the operations that the company carry out to add value and earn
money in the marketplace. The second reason is price increase
from pure "speculation" of higher price, perhaps because of a
large price increase in the past, or because of technical analysis.
A third uncommon reason for price increase beyond anticipated
returns is government "intervention," government buying shares.

51

The companies which are having the highest market

capitalization rates are selected for the analysis.

3. Moving Average
The Moving Average is a lagging indicator, or trend
following formula, that smoothes the volatile swings in a
market. They are used to track the progress of a trend and to
signal when a trend has ended or reversed. There are 4 common
types of moving averages:
There are lots of ways of interpreting moving averages. The
most basic is to treat a change of direction in the moving
average as a signal to buy or sell, so if the moving average has
been consistently rising and then it falls, that is a signal to sell.
The classical interpretation, used by most technical analysts, is
to compare the moving average with the price of the underlying
share and to plot them both on the same graph. Before the share
price rises above its moving average, buy the share; when it falls
below its moving average, sell the share. That is putting it in
extremely simple terms, and for a more sophisticated
understanding, read one of the many books on the subject.
The Moving Average (MA) is one of the simplest, yet
most versatile and widely used of all technical indicators. The
52

MA attempts to tone down the fluctuations of market prices to a

smoothed trend, so that distortions are reduced to a minimum.
MAs help in tracking trends and signaling reversals. You could
think of the MA as a curved trend line, fitting itself to the
market. 25 days moving aveages it represents the consensus of
investor expectations over the last 25 days. If the security's price
is above its moving average, it means that investor's current
expectations (i.e., the current price) are higher than their average
expectations over the last 25 days, and that investors are
becoming increasingly bullish on the security. Conversely, if
today's price is below its moving average, it shows that current
expectations are below average expectations over the last 25
days The 200-day MA(or 40-week MA), should be carefully
watched as a pivotal level of support or resistance for the longterm trend. Many people watch carefully when the 200-day MA
is approached by the price. The relationship between the price
and its 200-day MA can often provide excellent buy or sell
signals.
The 200-day MA is also particularly significant for
the various indexes, such as the Dow Jones or NASDAQ. A
crossover of this MA has often signalled a correction or period
of consolidation.
Moving averages can also be calculated and plotted
for other indicators, not just the price. A continued upward
53

movement by the indicator is signified by the indicator rising

above its moving average. A continued downward movement is
signified by the indicator falling below its moving average.
The formulae for calculating the moving averages is as under
Formulae :
P1 + P2 + P3+ --------+Pn
_____________________
n
where P is the price for the days
n is the number of days

6. Investment Profitability Ratios

FORMULAE
EPS = NET PROFIT / NO OF EQUITY SHAES
EARNINGS YIELD = EPS / MKT PRICE
DIVIDEND YIELD = DIVIDEND PER SHARE / MKT
PRICE PER SHARE
DIVIDEND PAY OUT RATIO= DPS / EPS
PE RATIO= MARKET PRICE / EPS
54

RETURN ON ASSET = EAT / TOTAL ASSET

RETURNON CAPITAL EMPLOED =
EBIT / TOTAL
CAPITAL EMPLOYED

7. Price Volume Analysis

Traders often rely on volume to confirm stock trading patterns
before they commit to a trade. Unless volume confirms a pattern
or a breakout, it may be a false breakout that lures in traders
who have not done sufficient homework. However, since short
term volume can be erratic, trendlines should be drawn on
volume charts to indicate the trend of volume for confirmations
of trends and patterns.
A sustained uptrend should have volume rising as the price is
rising. If the volume is decreasing as the price is rising, it
indicates a weakening of the trend that could lead to a reversal
of trend.
When a stock breaks through a resistance level, it should
breakout with volume well above normal volume to confirm a
breakout.
When a stock breaks down below a support level, it should
breakout with volume well above normal volume to confirm a
breakout.
55

3.5 Scope of the study

Large no of companies representing different
industries are listed with the stock exchanges in India. This
study is limited to four industries. As each industry consists of
many companies the researcher has worked out the best method
for selecting the best company in the industry. The companies
selected for this study are taken from the S&P CNX Nifty. The
individual companies selected are:
1. Ranbaxy (Pharmaceutical Industry)
2. Gujarat Ambuja Cements Ltd. (Cement Industry)
3. Tata Iron & Steel Co (Iron & Steel Industry)
4. Bharati tele venture (Telecom Industry)
The companies are selected based on their market capitalization
rates. The companies having the highest market capitalization
rates areselected for the analysis

56

CHAPTER IV
57

REVIEW OF LITERATURE
Corporate earnings are important to an investor. If you compare
corporate earnings of prospective investments, you will make
wiser investment decisions. Profitability ratios provide you with
tools you can use to make these comparisons.
When considering a company as a prospective investment you
should review its financial statements. Pay particular attention to
the profitability ratios. If you can, calculate the ratios for the
same company over several successive years to see if the
company earnings are consistent, growing, or declining.
Compare your candidate's ratios to other companies in the same
industry. This will help you determine where your candidate
stands in the industry.
How much money you have (or want) to invest plays a big part
in what your portfolio will look like. If you don't have much,
you may at first be limited to only a few investment options.
Conversely, if you have plenty of disposable cash, you are open
to a much wider choice of investments, including risky and
expensive ones. An important step for all investors is to take
inventory of all the valuable things they own (home equity,
savings, insurance, jewelry, etc.), value them, and then figure
how much of that value they are comfortable risking on
investing.
58

Once you have determined your time horizon, your risk

tolerance and the amount of money you can or want to allocate
to your investments, you can get to work on creating a suitable
portfolio.
Stock is ownership in a company, with each share of stock
representing a tiny piece of ownership. The more shares you
own, the more of the company you own. The more shares you
own, the more dividends you earn when the company makes a
profit. In the financial world, ownership is called equity.
There are two primary classes of stock. The one you choose
depends on what you want from a stock. Preferred stock
typically pays regular dividends and is favored by investors who
want income foremost from their stocks. Common stock
represents ownership of a company and may offer more rights
and privileges than preferred stock.
Investors may purchase stock on the primary or secondary
market. A company sells its stock to the public on the primary
market through its initial public offering. Investors may sell
their shares through brokers to other investors on the secondary
market. The secondary market can be structured as an auction
market, like the other exchanges, or a dealer market, like the
NASDAQ. Stock prices can be found (quotes) in newspapers,
on television and the Internet.

59

WHY DO COMPANIES ISSUE STOCK?

Businesses issue stock to raise money. They use this money to
finance expansions, pay for equipment, and fund projects, etc.
Corporations issue stock when they may need additional capital
to operate successfully.
The fancy term for issuing stock to raise money is equity
financing. The money received from investors who buy stocks is
called equity capital. In the world of securities, the word
"equity" usually refers to stocks. The other method of raising
money is debt financing, which involves selling bonds. That is
the subject of other tutorials.
When companies make profits, they may reward their
stockholders with pieces of their profits, known as dividends.
Dividends are an incentive for investors to hold stocks.
Now that you know the why of buying stocks, you will need to
know the where.
WHAT ARE STOCK EXCHANGES?
Exchanges are the physical locations where stocks are bought
and sold. They are the sisters of the over-the-counter (OTC)
market. The OTC refers to a market in which securities
transactions are conducted through a telephone and computer
network connecting dealers in stocks and bonds, rather than on
60

the floor of an exchange. Together, these two markets form the

secondary market. The primary and secondary markets together
make up the stock market.
Exchanges are located all over the world, with the most famous
one being the New York Stock Exchange. The NYSE annually
trades almost $12 trillion dollars worth of capital. Thousands of
stocks are listed on this exchange. When you buy a stock, you
will need to learn which exchange(s) list it. Other than locating a
quote in the newspaper, with online trading and the automation
of order systems, there is very little reason to determine where
the stock trades from the customer's viewpoint.
The Securities and Exchange Commission (SEC) regulates stock
trading and exchanges. Additional regulation is administered by
The National Association of Securities Dealers (NASD). The
NASD makes and enforces rules for its members and enforces
federal securities acts and the SEC makes rules for its
membership. As you read more about investing, you will
become more familiar with these organizations and their
protective regulations.
All the technicalities aside, read below to learn what you, as an
investor, get out of stock ownership besides your piece of the
company.

61

WHAT BENEFITS DO INVESTORS GET FROM STOCK

OWNERSHIP?
In addition to owning part of a company, you have the potential
to receive monetary benefits when you own stock shares.
Owning stock may allows you the opportunity to earn money on
money.
Historically, stocks have performed better than most other
investments. This is a testament to the growth of the economy in
the United States. From 1955 to 1994, the average yearly return
of a share of stock was approximately 10 percent. This means
that if $10,000 were invested in stocks in 1955, and dividends
and capital gains were reinvested instead of kept, this $10,000
would have been worth about $444,000 by 1994.

62

CHAPTER V
63

Analysis & Interpreations

This chapter deals with analysing and scrutinising the collected
data in order to derive meaningful inferences and conclusions
from it. For the purpose of analysis of data statistical tools like
Market capitalisation rates, Dupont analysis, Ratio analysis,
Price volume analysis, Moving averages calculations were
undertaken. These tools help in accurate interpretation of the
colected data, helps in deriving an accurate finding and drawing
valuable suggestions and conclusions which are the end
products of the study. As this chapter determine the valididty of
the study, the researcher should take care of each and every
stage of data analysis and interpretation.

64

DU PONT ANALYSIS

Company Name

Net
Sales

Average
Net
total
Average Net
Asset
leverage
Profit Assets
Equity
margin turnover factor
ROE

Gujarat Ambuja
Cements

19597

3368

39872

1673.5

0.17

0.49

23.83

20.12

TISCO

37312
9

8905
1

133591

3685.75

0.24

2.79

36.25

24.16

Ranbaxy

93280

7226

19760

1854.98

0.08

4.72

10.65

38.95

Bharati tele
venture

627.96

2617

51458.1

18533.7

4.17

0.01

2.78

14.12

Inference: From the above table it is inffered that Ranbaxy gives

the maximum rate of returns.

65

MARKET CAPITALISATION RATES

Company name

Market capitalization rates

Gujarat Ambuja cements

TISCO
Ranbaxy
Bharati tele venture

7265.3
22873.5
19590
39578

Inference: From the above figures it is infered that Bharati tele

venture is having the highest market capitalisation rate in

the group. But all the other companies are those having
the highest market capitalisation rate in their respective
industry.

66

PRICE VOLUME ANALYSIS

1. Gujarat Ambuja Cements

Highest Lowest
Month
Value
Value
January
326.85
276.1
February 319.30
277.1
March
322.15
282.3
April
337.30
301.4
May
345.30
276.6
June
297.90
257.2
July
284.80
264.5
August
324.35 282.95
September 346.25 328.55
October
364.30
334.1
November 371.65
344.8
December 395.65 365.45

Range
(Highest Value
Lowest Value)
50.75
42.20
39.85
35.90
68.70
40.70
20.30
41.40
17.70
30.20
26.85
30.20

%
(Range
/
Lowest Value) * 100
18.38
15.23
14.12
11.91
24.84
15.82
7.67
14.63
5.39
9.04
7.79
8.26

Inference : From the above table it is infered that company has

resulted in the maximum percentage on the month of May, and
the minimum on the month of September.

2.Ranbaxy
67

Range
(Highest Value
Lowest Value

%
(Range
/
Lowest Value) * 100

Month

Highest Lowest

January

1136.95

993.45

143.5

14.44

February

1002.25

922.5

79.75

8.64

990.1

886.25

103.85

11.72

1072.9

987.7

85.2

8.63

May

1048

970.45

77.55

7.99

June

1012.75

878.1

134.65

15.33

July

984.25

914.7

69.55

7.60

August

979.05

909.35

69.7

7.66

September

1112.7

972.3

140.4

14.44

1104.25

1062.3

41.95

3.95

November

1152.4

116.9

11.29

December

1238.75

1035.5
1129.3
5

109.4

9.69

March
April

October

Inference : From the above table it is infered that the company

has resulted in the maxmum % on the month of June and the
minimum on the month of October.

3. TATA Iron & Steel co

68

Month

Highest Lowest

Range
(Highest Value
Lowest Value

%
(Range
/
Lowest Value) *
100

January

456.35

395.7

60.65

15.33

February

453.9

385.75

68.15

17.67

March

449.7

355.7

94

26.43

April

413.15

357.95

55.2

15.42

May

366.4

262.9

103.5

39.37

June

315.45

270.15

45.3

16.77

July

392.9

296.2

96.7

32.65

August

407.65

243

164.65

67.76

September

290.45

248.25

42.2

17.00

October

302.1

279.5

22.6

8.09

November

232.5

292.65

-60.15

-20.55

December

374.3

318.1

56.2

17.67

Inference : From the above table it is infered that the company

has come out with the maximum % on the month of August and
the minimum resulted in a negative value on the month of
November.
4. Bharati tele venture
69

Month

Highest Lowest

Range
(Highest Value
Lowest Value

%
(Range
/
Lowest Value) * 100

January

147.1

107.25

39.85

37.16

February

158.65

128.25

30.4

23.70

March

162.95

133.5

29.45

22.06

April

176.95

162.35

14.6

8.99

May

174.4

135.05

39.35

29.14

June

149.85

126.15

23.7

18.79

July

164.55

139.4

25.15

18.04

158.6

135.5

23.1

17.05

150.05

132.85

17.2

12.95

October

160.1

143

17.1

11.96

November

173.7

155.9

17.8

11.42

December

209.75

178.1

31.65

17.77

August
September

Inference : From the above table it is infered that the company

has come out with the maximum % on the month of January and
the lowest on the month of April.

RATIOS

70

rs in lakhs

Share
Holders

Name

Net
Profit(rs)

No of
Shares(RS)

Market
price
of the
share

Gujarath
ambuja

192,6

179587791

112.6

101885.7
7

17959

31484

3,291,4
40

18001

4.50

Ranbaxy

764,8

18554400

124.8

1854.98

1855.44

6199.40

235603

7648

12.00

Tisco

89051

553472856

372.9

3685.75

3691.80

349,5.4

78891.4

19689

10.00

Bharathy
tele venture

2617

185336700

26

18533.6
7

18533.67

2627

54512.1
6

2617

Name

EPS

Equity(r
s)

Total
Capital
Employed
(rs)

EBIT(rs
)

earnings
yield

dividend
yield

dividend
pay out
ratio

PE
ratio

Total
Asset
(rs)

Return
on
Asset

Return on
capital
employed

Gujarath
ambuja

1.07

0.01

0.04

4.20

104.99

0.55

1.75

Ranbaxy

41.22

0.33

0.10

0.29

3.03

0.32

3.34

Tisco

16.09

0.04

0.03

0.62

23.18

0.25

0.95

Bharathy
tele
venture

1.41

0.05

0.00

0.00

18.41

0.05

0.14

71

EAT(rs)

dividend
per share

Inference : From the above table it is infered that Ranbaxy is

having the maximum earings per share(41.22) and Gujarat
Ambuja cements is having the lowest earnings(1.07). But
Gujarat Ambuja is giving the maximum returns on the
asset(0.55) and bharati tele venture the lowest(0.05). In the case
of return on capital employed Ranbaxy yields the highest(3.34).
MOVING AVERAGES(Gujarat Ambuja Cements)

72

Sl
No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54

Date
1-Jan-04
2-Jan-04
5-Jan-04
6-Jan-04
7-Jan-04
8-Jan-04
9-Jan-04
12-Jan-04
13-Jan-04
14-Jan-04
15-Jan-04
16-Jan-04
19-Jan-04
20-Jan-04
21-Jan-04
22-Jan-04
23-Jan-04
27-Jan-04
28-Jan-04
29-Jan-04
30-Jan-04
3-Feb-04
4-Feb-04
5-Feb-04
6-Feb-04
9-Feb-04
10-Feb-04
11-Feb-04
12-Feb-04
13-Feb-04
16-Feb-04
17-Feb-04
18-Feb-04
19-Feb-04
20-Feb-04
23-Feb-04
24-Feb-04
25-Feb-04
26-Feb-04
27-Feb-04
1-Mar-04
3-Mar-04
4-Mar-04
5-Mar-04
8-Mar-04
9-Mar-04
10-Mar-04
11-Mar-04
12-Mar-04
15-Mar-04
16-Mar-04
17-Mar-04
18-Mar-04
19-Mar-04

Closing
Price
312.00
314.95
318.10
309.25
314.40
316.70
320.90
317.25
312.70
326.85
314.50
300.00
306.95
298.15
282.50
276.10
286.70
301.60
298.30
296.15
289.40
277.10
292.50
284.15
297.00
302.50
301.65
309.45
304.85
308.75
307.75
311.20
319.30
304.85
305.00
295.95
297.80
291.75
299.45
308.00
313.65
314.70
308.15
314.15
322.15
321.35
312.55
296.65
299.30
286.15
282.30
289.30
288.65
287.65

25 Day
M.A

302.57
302.19
301.66
301.31
301.13
300.91
300.55
300.16
300.24
299.93
299.06
298.31
298.23
297.62
297.67
298.69
300.19
301.31
301.57
302.21
303.25
304.53
305.94
306.11
306.72
306.28
305.47
304.98
304.15

73

50 Day
M. A

304.43
303.83
303.32
302.73

100 Day
M. A

200 Day
M. A

MOVING AVERAGES(Ranbaxy)
Sl No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51

date
Closing Price 25 day M.A 50 day M. A 100 day M. A
1-Jan-04
1105
2-Jan-04
1107.35
5-Jan-04
1095.55
6-Jan-04
1082.35
7-Jan-04
1069.95
8-Jan-04
1069.8
9-Jan-04
1077
12-Jan-04
1077.8
13-Jan-04
1121.1
14-Jan-04
1136.95
15-Jan-04
1117.2
16-Jan-04
1080.45
19-Jan-04
1092.3
20-Jan-04
1085.7
21-Jan-04
1046.95
22-Jan-04
1006.2
23-Jan-04
1031.6
27-Jan-04
1025.8
28-Jan-04
1003.75
29-Jan-04
1005.45
30-Jan-04
993.45
3-Feb-04
980.9
4-Feb-04
987.8
5-Feb-04
988
6-Feb-04
953
9-Feb-04
974.1
1053.66
10-Feb-04
974.3
1048.42
11-Feb-04
983.25
1043.10
12-Feb-04
980.55
1038.61
13-Feb-04
999.95
1034.53
16-Feb-04
999.15
1031.73
17-Feb-04
1002.25
1028.91
18-Feb-04
999.2
1025.92
19-Feb-04
983.35
1022.77
20-Feb-04
988.8
1017.26
23-Feb-04
979.55
1011.34
24-Feb-04
970.15
1005.83
25-Feb-04
952.85
1001.42
26-Feb-04
922.5
995.84
27-Feb-04
938.55
989.31
1-Mar-04
962.5
984.98
3-Mar-04
977.2
983.23
4-Mar-04
970.55
981.05
5-Mar-04
971.4
978.84
8-Mar-04
980.7
977.55
9-Mar-04
990.1
976.56
10-Mar-04
980.35
976.43
11-Mar-04
952.65
976.40
12-Mar-04
959.6
975.00
15-Mar-04
954.9
973.86
16-Mar-04
944.2
973.94
1013.80

74

200 day M. A

52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106

17-Mar-04
18-Mar-04
19-Mar-04
22-Mar-04
23-Mar-04
24-Mar-04
25-Mar-04
26-Mar-04
29-Mar-04
30-Mar-04
31-Mar-04
1-Apr-04
2-Apr-04
5-Apr-04
6-Apr-04
7-Apr-04
8-Apr-04
12-Apr-04
13-Apr-04
15-Apr-04
16-Apr-04
17-Apr-04
19-Apr-04
20-Apr-04
21-Apr-04
22-Apr-04
23-Apr-04
27-Apr-04
28-Apr-04
29-Apr-04
30-Apr-04
3-May-04
4-May-04
5-May-04
6-May-04
7-May-04
10-May-04
11-May-04
12-May-04
13-May-04
14-May-04
17-May-04
18-May-04
19-May-04
20-May-04
21-May-04
24-May-04
25-May-04
26-May-04
27-May-04
28-May-04
31-May-04
1-Jun-04
2-Jun-04
3-Jun-04

948.65
943.3
938.45
923.4
928.3
914.05
886.25
904.2
922.45
930.4
939.75
989.4
987.7
989.9
1010.7
1029.3
1046.2
1041.35
1038.95
1018.95
1037.4
1026.35
1052.3
1051.65
1049.4
1063.75
1054.15
1057.55
1062.1
1072.9
1061.4
1030.15
1040.2
1039.1
1048
1026.5
1019.4
995.95
1012.5
1037.85
1033.25
970.45
1002.9
1003.05
996.3
996.2
1018.15
1014.6
1016.05
1020
989.75
989.55
1011.9
1010.25
994.75

972.74
971.72
970.12
968.43
965.37
962.54
959.01
954.49
951.33
948.67
946.71
945.49
946.95
949.56
951.61
953.54
955.63
958.65
961.45
963.78
964.93
967.22
970.16
973.87
977.74
981.95
986.55
990.99
995.75
1001.30
1007.08
1012.98
1018.73
1024.17
1028.84
1033.54
1037.01
1038.21
1038.54
1039.45
1040.53
1040.69
1037.66
1036.12
1034.69
1033.78
1032.13
1031.81
1030.30
1028.87
1027.70
1024.74
1022.15
1020.33
1018.25

75

1010.58
1007.41
1004.36
1001.48
998.55
995.72
992.46
988.63
984.30
980.01
976.27
973.46
971.40
969.44
968.30
968.39
968.34
968.75
969.50
970.17
970.68
971.81
972.58
973.87
975.84
977.35
979.14
980.55
982.09
983.34
984.81
985.99
986.61
987.75
988.76
990.13
991.25
992.58
994.05
995.53
997.04
998.16
998.16
998.79
999.23
999.36
999.68
1000.99
1002.09
1003.31
1004.82
1005.65
1006.57
1008.04
1009.78

1008.55
1007.70
1006.53
1005.47
1004.76
1004.17

107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161

4-Jun-04
7-Jun-04
8-Jun-04
9-Jun-04
10-Jun-04
11-Jun-04
14-Jun-04
15-Jun-04
16-Jun-04
17-Jun-04
18-Jun-04
21-Jun-04
22-Jun-04
23-Jun-04
24-Jun-04
25-Jun-04
28-Jun-04
29-Jun-04
30-Jun-04
1-Jul-04
2-Jul-04
5-Jul-04
6-Jul-04
7-Jul-04
8-Jul-04
9-Jul-04
12-Jul-04
13-Jul-04
14-Jul-04
15-Jul-04
16-Jul-04
19-Jul-04
20-Jul-04
21-Jul-04
22-Jul-04
23-Jul-04
26-Jul-04
27-Jul-04
28-Jul-04
29-Jul-04
30-Jul-04
2-Aug-04
3-Aug-04
4-Aug-04
5-Aug-04
6-Aug-04
9-Aug-04
10-Aug-04
11-Aug-04
12-Aug-04
13-Aug-04
16-Aug-04
17-Aug-04
18-Aug-04
19-Aug-04

1007.05
1011.6
1006.95
1012.75
1002.5
1001
992.1
996.95
997.6
966
908.75
878.8
878.1
887.95
906.05
904.05
921.05
921.05
909.65
918.85
914.7
933.3
947.5
968.35
960.1
982.55
984.25
977.2
969.5
976
965.85
972.8
973.8
975.35
977.15
964.85
962.65
966.3
970.3
959
942.7
940.3
940.1
934.55
929.95
942.6
954.3
965.95
978.85
979.05
958.65
947.5
922.9
909.35
935.65

1015.13
1012.95
1012.21
1010.88
1009.83
1008.01
1006.99
1005.90
1005.94
1005.34
1002.47
997.49
993.82
988.83
984.22
980.61
976.93
973.04
969.30
965.05
961.00
958.00
955.75
953.17
951.50
950.11
949.13
948.04
946.85
945.12
944.06
942.65
941.88
940.95
940.06
940.51
942.75
946.11
949.63
952.93
955.05
956.59
957.36
958.12
959.12
959.56
960.68
961.52
962.26
962.68
963.44
962.48
961.01
958.84
956.43

76

1011.11
1012.97
1015.47
1017.53
1019.33
1020.78
1022.00
1022.06
1022.24
1022.39
1021.50
1019.09
1015.74
1012.48
1009.46
1007.20
1004.53
1002.43
999.80
996.96
994.35
991.37
988.95
986.75
984.88
982.62
981.04
980.12
978.86
977.47
976.03
974.82
973.89
973.44
972.70
971.49
970.12
969.96
969.23
968.58
967.83
966.76
965.20
963.71
962.08
960.28
959.34
958.63
957.72
957.09
956.77
955.81
954.52
952.84
950.77

1003.41
1002.72
1002.05
1000.91
999.67
998.52
997.73
996.73
995.84
995.35
994.94
993.71
992.24
990.99
989.81
988.94
988.17
987.50
986.83
986.40
985.85
985.25
984.75
984.42
984.11
983.72
983.52
983.37
983.31
983.11
983.08
983.04
983.24
983.75
984.12
984.26
984.14
984.06
984.01
983.91
983.59
983.22
983.09
982.90
982.70
982.55
982.49
982.60
982.88
983.43
983.94
984.39
985.00
985.19
985.05

162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216

20-Aug-04
23-Aug-04
24-Aug-04
25-Aug-04
26-Aug-04
27-Aug-04
30-Aug-04
31-Aug-04
1-Sep-04
2-Sep-04
3-Sep-04
6-Sep-04
7-Sep-04
8-Sep-04
9-Sep-04
10-Sep-04
13-Sep-04
14-Sep-04
15-Sep-04
16-Sep-04
17-Sep-04
20-Sep-04
21-Sep-04
22-Sep-04
23-Sep-04
24-Sep-04
27-Sep-04
28-Sep-04
29-Sep-04
30-Sep-04
1-Oct-04
4-Oct-04
5-Oct-04
6-Oct-04
7-Oct-04
8-Oct-04
9-Oct-04
11-Oct-04
12-Oct-04
14-Oct-04
15-Oct-04
18-Oct-04
19-Oct-04
20-Oct-04
21-Oct-04
25-Oct-04
26-Oct-04
27-Oct-04
28-Oct-04
29-Oct-04
1-Nov-04
2-Nov-04
3-Nov-04
4-Nov-04
5-Nov-04

930.3
927.85
929.15
922.65
936.05
947.85
966.55
959.3
973.65
972.3
976.95
991.3
993.35
986
998.85
1024.35
1069.7
1090.65
1074.7
1089.75
1082
1080.8
1104.7
1122.7
1107.9
1115.85
1086.6
1083.15
1076.7
1091.85
1098.55
1104.25
1092.7
1076.85
1090.2
1090.35
1081.8
1062.3
1075.85
1083.05
1072.15
1080.25
1089.7
1090.95
1071.6
1069.05
1070.45
1068.25
1083.1
1098.6
1109.4
1124.15
1127.5
1140.85
1152.4

954.82
953.40
951.60
949.81
947.70
946.06
945.38
945.54
945.26
945.39
945.92
947.29
949.33
951.46
953.52
956.28
959.55
964.16
969.15
972.98
977.41
982.35
987.68
994.95
1003.48
1010.37
1017.80
1024.15
1030.31
1036.47
1042.70
1048.73
1054.24
1059.57
1063.70
1068.42
1072.95
1076.57
1079.33
1082.92
1086.29
1088.20
1088.63
1088.59
1089.24
1088.51
1087.99
1087.58
1086.12
1084.54
1084.17
1083.91
1085.41
1087.18
1089.75

77

949.44
948.02
946.74
945.38
943.88
943.28
944.07
945.82
947.45
949.16
950.48
951.94
953.35
954.79
956.32
957.92
960.11
962.84
965.70
967.83
970.42
972.41
974.34
976.89
979.96
982.60
985.60
987.87
990.06
992.09
994.38
997.05
999.89
1002.41
1004.55
1007.17
1010.12
1012.95
1015.40
1018.22
1021.28
1023.88
1026.39
1028.87
1031.11
1032.96
1035.17
1037.63
1040.54
1044.01
1047.27
1050.85
1054.78
1058.75
1063.11

985.11
985.01
984.40
983.81
983.14
982.39
981.58
980.78
979.96
979.31
978.84
978.24
977.89
977.30
976.64
976.13
975.74
975.90
976.23
976.35
976.52
976.73
977.23
977.88
978.72
979.31
980.21
980.88
981.75
982.39
982.93
983.59
984.92
985.82
986.56
987.50
988.44
989.08
989.55
990.15
990.78
991.61
992.51
993.29
994.10
994.87
995.49
996.08
996.69
997.39
998.35
999.44
1000.76
1002.06
1003.50

999.35
999.24
999.07
998.99
999.03
999.13
999.14
999.10
999.06
998.80
998.53
998.44
998.58
998.74
998.95
999.42

217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254

8-Nov-04
9-Nov-04
10-Nov-04
11-Nov-04
12-Nov-04
16-Nov-04
17-Nov-04
18-Nov-04
19-Nov-04
22-Nov-04
23-Nov-04
24-Nov-04
25-Nov-04
29-Nov-04
30-Nov-04
1-Dec-04
2-Dec-04
3-Dec-04
6-Dec-04
7-Dec-04
8-Dec-04
9-Dec-04
10-Dec-04
13-Dec-04
14-Dec-04
15-Dec-04
16-Dec-04
17-Dec-04
20-Dec-04
21-Dec-04
22-Dec-04
23-Dec-04
24-Dec-04
27-Dec-04
28-Dec-04
29-Dec-04
30-Dec-04
31-Dec-04

1122.3
1080.5
1093.1
1090.05
1096.3
1073.45
1050.05
1055.25
1035.5
1052.95
1061.15
1065.35
1063.85
1086.5
1121.7
1129.35
1130.2
1160.5
1211.15
1205.2
1197.55
1214.7
1199.05
1215.15
1221.4
1269.35
1265.45
1258.7
1256.55
1249.4
1257.15
1238.75
1239.1
1241.5
1244.5
1243.3
1230.35
1251.15

1092.17
1093.12
1092.17
1092.19
1092.72
1092.96
1092.28
1091.01
1090.73
1089.12
1087.91
1087.47
1086.88
1085.84
1085.67
1087.67
1090.08
1092.47
1096.16
1101.28
1105.55
1109.07
1112.70
1115.56
1118.53
1121.29
1127.17
1134.57
1141.19
1147.85
1153.98
1161.33
1168.87
1176.23
1184.47
1192.13
1199.42
1206.02

1067.44
1070.93
1073.20
1075.88
1078.21
1080.69
1082.62
1083.79
1085.03
1086.02
1087.10
1087.84
1087.75
1087.22
1087.45
1088.09
1089.04
1090.03
1091.14
1092.91
1094.86
1096.49
1099.05
1101.37
1104.14
1106.73
1110.15
1113.37
1116.69
1120.29
1123.47
1126.81
1129.94
1133.48
1136.79
1140.02
1143.45
1146.45

1005.36
1007.50
1009.51
1011.66
1013.68
1015.59
1017.28
1018.57
1019.91
1021.17
1022.51
1023.98
1025.30
1026.46
1027.64
1029.26
1030.73
1032.19
1034.02
1036.43
1038.73
1041.04
1043.46
1045.72
1048.11
1050.56
1053.60
1056.63
1059.55
1062.42
1065.32
1068.46
1071.45
1074.44
1077.51
1080.65
1083.66
1086.42

1000.15
1000.61
1000.88
1001.33
1001.75
1002.26
1002.73
1003.04
1003.37
1003.79
1004.18
1004.61
1005.02
1005.44
1005.87
1006.49
1007.12
1007.78
1008.66
1009.77
1010.90
1012.04
1013.35
1014.73
1016.11
1017.41
1018.87
1020.34
1021.78
1023.16
1024.46
1025.84
1027.27
1028.67
1030.10
1031.60
1033.08
1034.51

MOVING AVERAGES(TISCO)
Sl No

date
Close
25 day M.A
1 1-Jan-04
446.05
2 2-Jan-04
450.65
3 5-Jan-04
441.45
4 6-Jan-04
431.55
5 7-Jan-04
441.65
6 8-Jan-04
446.75
7 9-Jan-04
441.95
8 12-Jan-04
444
9 13-Jan-04
449.1
10 14-Jan-04
456.35

78

50 day M. A

100 day M. A

200 day M. A

11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65

15-Jan-04
16-Jan-04
19-Jan-04
20-Jan-04
21-Jan-04
22-Jan-04
23-Jan-04
27-Jan-04
28-Jan-04
29-Jan-04
30-Jan-04
3-Feb-04
4-Feb-04
5-Feb-04
6-Feb-04
9-Feb-04
10-Feb-04
11-Feb-04
12-Feb-04
13-Feb-04
16-Feb-04
17-Feb-04
18-Feb-04
19-Feb-04
20-Feb-04
23-Feb-04
24-Feb-04
25-Feb-04
26-Feb-04
27-Feb-04
1-Mar-04
3-Mar-04
4-Mar-04
5-Mar-04
8-Mar-04
9-Mar-04
10-Mar-04
11-Mar-04
12-Mar-04
15-Mar-04
16-Mar-04
17-Mar-04
18-Mar-04
19-Mar-04
22-Mar-04
23-Mar-04
24-Mar-04
25-Mar-04
26-Mar-04
29-Mar-04
30-Mar-04
31-Mar-04
1-Apr-04
2-Apr-04
5-Apr-04

444.8
436.6
455.7
441.2
417.55
395.7
425.75
443.5
434.9
431
406.2
385.75
415.5
400.45
413.3
422.75
415.25
430.35
426.65
438.45
443.85
453.9
449.9
437.05
439.3
433.3
443.4
428.4
423.3
427.35
436.15
440.5
428.35
442.6
449.7
442.5
435.6
420.35
421.45
391.8
392.15
395.95
384.25
389.4
365.6
364.75
355.7
368.55
375.95
379.7
382.05
383.65
392.85
403.3
406.1

431.90
430.96
429.55
429.10
428.91
428.78
428.66
429.14
429.38
428.90
428.21
427.75
428.03
426.93
426.22
426.61
428.23
428.82
428.21
428.52
429.27
430.72
432.71
432.91
433.75
432.89
431.66
430.89
429.05
427.56
424.64
421.48
417.55
414.30
411.85
409.47
407.42
405.03
403.61
402.81

79

432.39
431.31
430.22
429.08
428.23
426.71
425.07
423.35
421.84
420.38
418.84
417.59
416.53
415.27
414.51

66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120

6-Apr-04
7-Apr-04
8-Apr-04
12-Apr-04
13-Apr-04
15-Apr-04
16-Apr-04
17-Apr-04
19-Apr-04
20-Apr-04
21-Apr-04
22-Apr-04
23-Apr-04
27-Apr-04
28-Apr-04
29-Apr-04
30-Apr-04
3-May-04
4-May-04
5-May-04
6-May-04
7-May-04
10-May-04
11-May-04
12-May-04
13-May-04
14-May-04
17-May-04
18-May-04
19-May-04
20-May-04
21-May-04
24-May-04
25-May-04
26-May-04
27-May-04
28-May-04
31-May-04
1-Jun-04
2-Jun-04
3-Jun-04
4-Jun-04
7-Jun-04
8-Jun-04
9-Jun-04
10-Jun-04
11-Jun-04
14-Jun-04
15-Jun-04
16-Jun-04
17-Jun-04
18-Jun-04
21-Jun-04
22-Jun-04
23-Jun-04

396.85
392.9
399.8
396
403.35
393.8
395.95
395.25
391.45
398.4
413.15
410.05
409.8
379.35
384.3
368.2
357.95
342.5
349.9
354.85
366.4
346.05
332.25
307.2
315.75
318.2
289.3
262.9
293.5
315.15
320.4
328.65
333.4
332.85
328.45
318.65
302.8
296.25
302.45
311.45
298.05
315.45
308.7
297.7
298.15
298.6
289.95
272.95
287.85
283.2
288.8
280.15
278.05
279.6
270.15

401.96
400.39
398.48
397.34
395.48
393.62
391.67
390.09
389.08
387.88
388.15
388.99
389.55
390.57
390.17
390.92
391.06
391.15
390.11
389.06
388.07
387.44
385.94
383.52
379.67
376.06
372.91
368.77
363.29
359.19
355.66
352.73
350.04
347.56
345.22
342.42
338.64
334.35
329.81
326.73
323.82
321.01
319.31
317.96
315.87
313.60
310.89
308.65
306.28
305.50
304.20
303.02
302.66
303.26
302.71

80

414.28
414.31
413.65
412.78
412.00
411.45
411.20
411.40
411.00
410.82
410.52
410.33
410.22
409.81
408.87
407.78
406.27
404.35
402.20
400.46
398.77
397.43
395.49
393.56
391.24
389.01
386.65
383.63
380.32
377.33
374.64
372.20
370.06
368.32
366.55
365.28
363.81
361.95
360.19
358.45
357.37
356.04
355.23
354.03
352.47
350.84
349.17
347.29
344.90
342.59
340.13
337.97
335.71
333.28
330.95

398.84
397.56
396.09
394.63
393.34
392.04
390.55
389.29
387.94
386.42
384.84
383.38
381.91
380.08
378.55
377.21
376.14
374.68
373.03
371.47

121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175

24-Jun-04
25-Jun-04
28-Jun-04
29-Jun-04
30-Jun-04
1-Jul-04
2-Jul-04
5-Jul-04
6-Jul-04
7-Jul-04
8-Jul-04
9-Jul-04
12-Jul-04
13-Jul-04
14-Jul-04
15-Jul-04
16-Jul-04
19-Jul-04
20-Jul-04
21-Jul-04
22-Jul-04
23-Jul-04
26-Jul-04
27-Jul-04
28-Jul-04
29-Jul-04
30-Jul-04
2-Aug-04
3-Aug-04
4-Aug-04
5-Aug-04
6-Aug-04
9-Aug-04
10-Aug-04
11-Aug-04
12-Aug-04
13-Aug-04
16-Aug-04
17-Aug-04
18-Aug-04
19-Aug-04
20-Aug-04
23-Aug-04
24-Aug-04
25-Aug-04
26-Aug-04
27-Aug-04
30-Aug-04
31-Aug-04
1-Sep-04
2-Sep-04
3-Sep-04
6-Sep-04
7-Sep-04
8-Sep-04

274.6
296
303
305.7
300.95
306.75
304.25
302.25
313.25
316.4
296.2
306.15
314.55
307.8
313.8
327.15
339.1
345.85
344.15
356.8
363.5
363.7
373.8
378.6
377.8
392.9
391.95
391.25
396.05
398.1
407.65
403.8
403.45
406.4
258.6
257.9
256.05
266.15
269.95
261.8
266.05
259.75
245.15
248.2
248.45
245.35
243
249.8
251.85
249.65
248.25
250.3
252.75
255.5
258.55

300.91
299.08
297.77
296.55
295.47
294.37
293.89
293.95
294.19
294.62
294.82
294.75
294.37
294.61
295.01
295.64
296.78
298.75
301.66
303.91
306.86
309.85
313.19
317.02
320.98
325.28
330.02
333.85
337.38
341.00
344.88
348.92
352.90
356.95
360.68
358.36
356.83
354.83
352.89
351.38
349.30
346.85
343.68
339.65
335.81
331.48
326.75
321.93
316.97
311.90
306.77
300.98
295.32
289.78
284.16

81

328.29
325.90
323.90
322.06
320.34
318.39
316.27
314.15
312.00
310.68
309.32
307.88
306.84
306.28
305.44
304.62
303.84
303.70
303.97
304.71
305.53
306.44
307.92
310.14
311.84
313.10
314.55
315.81
316.97
318.23
319.63
321.41
323.43
325.57
327.65
326.59
325.79
324.60
323.75
323.20
322.47
321.82
321.21
320.66
319.86
319.17
318.30
317.56
316.99
316.44
316.03
315.50
314.59
313.58
312.58

369.87
368.55
367.65
366.53
365.58
364.46
363.30
362.19
360.91
359.77
358.55
357.07
355.60
354.24
352.95
351.70
350.63
349.59
348.77
347.97
347.27
346.54
345.77
345.23
344.59
343.87
343.37
342.94
342.65
342.39
342.46
342.61
342.69
342.88
343.05
341.98
340.91
339.92
338.89
337.83
336.65
335.49
334.25
332.78
331.23
329.65
328.13
326.64
325.14
323.69
322.16
320.70
319.24
317.82
316.46

176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230

9-Sep-04
10-Sep-04
13-Sep-04
14-Sep-04
15-Sep-04
16-Sep-04
17-Sep-04
20-Sep-04
21-Sep-04
22-Sep-04
23-Sep-04
24-Sep-04
27-Sep-04
28-Sep-04
29-Sep-04
30-Sep-04
1-Oct-04
4-Oct-04
5-Oct-04
6-Oct-04
7-Oct-04
8-Oct-04
9-Oct-04
11-Oct-04
12-Oct-04
14-Oct-04
15-Oct-04
18-Oct-04
19-Oct-04
20-Oct-04
21-Oct-04
25-Oct-04
26-Oct-04
27-Oct-04
28-Oct-04
29-Oct-04
1-Nov-04
2-Nov-04
3-Nov-04
4-Nov-04
5-Nov-04
8-Nov-04
9-Nov-04
10-Nov-04
11-Nov-04
12-Nov-04
16-Nov-04
17-Nov-04
18-Nov-04
19-Nov-04
22-Nov-04
23-Nov-04
24-Nov-04
25-Nov-04
29-Nov-04

256.9
263.45
267.8
263.7
265.65
273.25
279.5
284.75
290.45
288.75
287.6
289.55
288.75
282.45
289.95
289.15
291.95
296.05
293.95
290.25
300.25
302.1
300.55
300
294.5
284.65
284.4
284.35
288.65
285.1
283.5
279.5
289.25
291.9
294.35
287.8
293.3
292.65
298.85
295.6
298.3
301.7
300.8
307.65
307.1
307.6
309.55
310.4
311.55
307.65
310.25
311.7
312.6
311.9
322.5

278.57
272.54
266.93
261.50
255.80
256.08
256.69
257.63
258.37
259.19
260.27
261.13
262.33
264.07
265.44
267.10
268.85
270.81
272.66
274.34
275.97
278.05
280.12
282.03
283.81
285.25
286.36
287.20
287.86
288.86
289.64
290.05
290.05
290.23
290.28
290.51
290.52
290.67
290.82
291.48
291.70
292.07
292.46
292.65
293.20
293.87
294.17
294.46
294.86
295.32
295.85
296.87
297.96
299.09
300.02

82

311.73
310.73
309.92
309.23
308.24
307.22
306.76
306.23
305.63
305.29
304.79
303.99
303.00
301.86
300.63
299.29
297.80
296.37
294.81
293.12
291.37
289.52
287.72
285.91
283.98
281.91
279.45
277.06
274.68
272.33
272.86
273.37
273.84
274.30
274.74
275.39
275.83
276.50
277.45
278.46
279.40
280.46
281.64
282.66
283.77
284.92
286.11
287.29
288.45
289.57
290.55
291.62
292.58
293.48
294.44

315.06
313.50
312.03
310.61
309.46
308.27
307.32
306.54
305.96
305.36
304.70
303.92
303.35
302.92
302.67
302.41
302.12
302.15
302.48
302.48
302.23
302.03
301.77
301.44
301.11
300.77
300.43
300.25
300.13
299.99
299.72
299.58
299.22
299.03
298.97
298.93
298.82
298.85
299.05
299.16
299.29
299.38
299.60
299.82
300.10
300.47
300.80
300.94
301.01
301.07
301.14
301.17
301.25
301.35
301.34

349.80
349.00
348.17
347.38
346.67
345.88
345.07
344.25
343.48
342.69
341.88
341.10
340.38
339.57
338.86
338.25
337.76
337.14
336.43
335.79
335.17
334.68
334.30
333.77
333.33
332.80
332.23
331.72
331.13
330.55

231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254

30-Nov-04
1-Dec-04
2-Dec-04
3-Dec-04
6-Dec-04
7-Dec-04
8-Dec-04
9-Dec-04
10-Dec-04
13-Dec-04
14-Dec-04
15-Dec-04
16-Dec-04
17-Dec-04
20-Dec-04
21-Dec-04
22-Dec-04
23-Dec-04
24-Dec-04
27-Dec-04
28-Dec-04
29-Dec-04
30-Dec-04
31-Dec-04

323.5
327.9
331.5
327.7
330.5
327.25
318.6
319.8
318.1
323.4
327.15
332.5
330.75
333.6
339.05
341.95
340.5
346.6
358.9
374.3
391.65
386.9
385
385.1

301.52
303.12
305.05
306.74
308.18
309.62
311.20
312.21
313.30
314.07
315.18
316.33
317.57
318.76
319.80
321.08
322.45
323.69
325.14
327.03
329.70
332.96
335.96
338.86

295.58
296.58
297.55
298.49
299.23
300.07
300.86
301.44
302.06
302.77
303.44
304.20
305.01
305.71
306.50
307.48
308.31
309.08
310.00
311.18
312.77
314.91
316.96
318.98

301.40
301.67
301.89
302.06
302.26
302.43
302.43
302.22
301.96
301.70
301.37
301.00
300.69
300.26
299.81
299.42
298.91
298.40
297.95
297.58
297.34
297.18
297.01
296.83

329.97
329.37
328.74
328.15
327.60
327.06
326.53
325.91
325.36
324.84
324.32
323.77
323.23
322.74
322.20
321.65
321.14
320.67
320.30
319.99
319.90
319.90
319.85
319.85

MOVING AVERAGES(Bhrathy tele ventures)

Sl No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

date
Close
25 day M.A
1-Jan-04
111.05
2-Jan-04
109.65
5-Jan-04
107.25
6-Jan-04
113.05
7-Jan-04
111.6
8-Jan-04
121.65
9-Jan-04
120.5
12-Jan-04
119.55
13-Jan-04
119.15
14-Jan-04
122
15-Jan-04
119.3
16-Jan-04
114.3
19-Jan-04
112.45
20-Jan-04
118.25
21-Jan-04
123.3
22-Jan-04
122.15
23-Jan-04
126.35
27-Jan-04
147.1
28-Jan-04
139.6
29-Jan-04
138.7
30-Jan-04
134.65
3-Feb-04
128.25
4-Feb-04
130.75
5-Feb-04
128.35
6-Feb-04
139.8

83

50 day M. A

100 day M. A

200 day M. A

26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80

9-Feb-04
10-Feb-04
11-Feb-04
12-Feb-04
13-Feb-04
16-Feb-04
17-Feb-04
18-Feb-04
19-Feb-04
20-Feb-04
23-Feb-04
24-Feb-04
25-Feb-04
26-Feb-04
27-Feb-04
1-Mar-04
3-Mar-04
4-Mar-04
5-Mar-04
8-Mar-04
9-Mar-04
10-Mar-04
11-Mar-04
12-Mar-04
15-Mar-04
16-Mar-04
17-Mar-04
18-Mar-04
19-Mar-04
22-Mar-04
23-Mar-04
24-Mar-04
25-Mar-04
26-Mar-04
29-Mar-04
30-Mar-04
31-Mar-04
1-Apr-04
2-Apr-04
5-Apr-04
6-Apr-04
7-Apr-04
8-Apr-04
12-Apr-04
13-Apr-04
15-Apr-04
16-Apr-04
17-Apr-04
19-Apr-04
20-Apr-04
21-Apr-04
22-Apr-04
23-Apr-04
27-Apr-04
28-Apr-04

138.9
138.1
141.6
147.45
153.15
158.5
158.65
156.7
157.3
153
150.15
148.65
147.6
142.45
142.4
162.95
153.95
153.9
153.85
154.6
154.05
156.75
149.45
150.6
151.05
144.7
145.3
141.8
135.55
133.5
138.05
138.8
145.25
146.85
145.95
152.7
155.8
162.35
172.3
165.1
166.2
166.55
167.25
168.85
174.35
168.15
169.1
173.55
169.85
167.4
165.75
167.95
176.95
166.45
167.45

123.15
124.26
125.40
126.78
128.15
129.81
131.29
132.81
134.30
135.83
137.07
138.30
139.67
141.08
142.05
142.81
144.44
145.55
145.82
146.39
147.03
147.80
148.94
149.69
150.58
151.03
151.26
151.55
151.56
151.08
150.30
149.48
148.68
148.23
147.81
147.53
147.63
147.91
148.50
149.70
150.61
150.74
151.24
151.77
152.37
153.16
153.73
154.22
155.19
155.96
156.61
157.45
158.36
159.76
161.00

84

137.09
137.76
138.48
139.17
139.62
140.06
140.38
140.75
141.26
141.82
142.30
142.96
143.79
144.79
145.87
146.71
147.59
148.39
148.80
149.38
150.10
150.77
151.58
152.44
153.27
153.82
154.36
154.95
155.66
156.04

81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135

29-Apr-04
30-Apr-04
3-May-04
4-May-04
5-May-04
6-May-04
7-May-04
10-May-04
11-May-04
12-May-04
13-May-04
14-May-04
17-May-04
18-May-04
19-May-04
20-May-04
21-May-04
24-May-04
25-May-04
26-May-04
27-May-04
28-May-04
31-May-04
1-Jun-04
2-Jun-04
3-Jun-04
4-Jun-04
7-Jun-04
8-Jun-04
9-Jun-04
10-Jun-04
11-Jun-04
14-Jun-04
15-Jun-04
16-Jun-04
17-Jun-04
18-Jun-04
21-Jun-04
22-Jun-04
23-Jun-04
24-Jun-04
25-Jun-04
28-Jun-04
29-Jun-04
30-Jun-04
1-Jul-04
2-Jul-04
5-Jul-04
6-Jul-04
7-Jul-04
8-Jul-04
9-Jul-04
12-Jul-04
13-Jul-04
14-Jul-04

170.75
169.8
167.5
167.35
173.05
174.4
167.6
158
150.85
153.45
159.95
141.4
135.05
146.25
154.8
150.25
147.95
154.45
150.45
155.35
153.65
148.05
138.45
138.45
141.1
137.55
132.7
140.5
146.45
149.45
149.85
142
138.65
137.4
136.1
135.3
135.6
130.75
132.5
130.35
126.15
133.65
137
137.7
136.55
139.4
143.65
147.65
149.4
145.5
148.65
158.05
154.95
151.95
149.7

162.36
163.67
164.91
165.80
166.62
167.70
168.57
169.04
168.87
168.01
167.54
167.29
166.29
165.00
164.09
163.31
162.60
161.75
160.99
160.21
159.73
159.24
158.45
156.91
155.79
154.73
153.41
151.92
150.84
150.01
149.06
148.08
147.06
146.28
145.74
145.05
144.06
143.83
143.66
143.11
142.13
141.17
140.60
139.90
139.39
138.64
138.07
137.89
138.26
138.70
138.87
139.32
140.33
140.91
141.13

85

156.33
156.57
156.80
157.01
157.21
157.61
158.10
158.48
158.69
158.85
159.07
159.01
158.76
158.39
158.23
158.24
158.16
157.99
158.09
158.08
158.17
158.35
158.40
158.34
158.39
158.55
158.54
158.41
158.32
158.31
158.38
158.32
158.05
157.57
156.88
156.30
155.68
155.06
154.33
153.60
152.72
151.88
151.17
150.44
149.80
149.18
148.66
148.17
147.58
147.24
146.80
146.36
146.13
145.88
145.57

147.63
148.06
148.44
148.75
149.01
149.30
149.46
149.58
149.79
150.06
150.34
150.64
150.92
151.18
151.37
151.50
151.63
151.73
151.56
151.49
151.41
151.32
151.38
151.44
151.53
151.50
151.51
151.56
151.62
151.64
151.57
151.47
151.46
151.44
151.39

136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190

15-Jul-04
16-Jul-04
19-Jul-04
20-Jul-04
21-Jul-04
22-Jul-04
23-Jul-04
26-Jul-04
27-Jul-04
28-Jul-04
29-Jul-04
30-Jul-04
2-Aug-04
3-Aug-04
4-Aug-04
5-Aug-04
6-Aug-04
9-Aug-04
10-Aug-04
11-Aug-04
12-Aug-04
13-Aug-04
16-Aug-04
17-Aug-04
18-Aug-04
19-Aug-04
20-Aug-04
23-Aug-04
24-Aug-04
25-Aug-04
26-Aug-04
27-Aug-04
30-Aug-04
31-Aug-04
1-Sep-04
2-Sep-04
3-Sep-04
6-Sep-04
7-Sep-04
8-Sep-04
9-Sep-04
10-Sep-04
13-Sep-04
14-Sep-04
15-Sep-04
16-Sep-04
17-Sep-04
20-Sep-04
21-Sep-04
22-Sep-04
23-Sep-04
24-Sep-04
27-Sep-04
28-Sep-04
29-Sep-04

150.2
150.05
151.75
155.35
157.6
164.55
152.3
150.75
148.5
149.85
149.45
152.35
151.35
150.05
150.6
150.4
149
152.15
157.5
157.3
158.6
150.7
150.3
151.05
141.4
145.35
142.65
139.6
135.5
136.75
136.65
139.9
136.05
139.9
137.05
136.45
134.4
135.1
133.9
136.45
132.85
138.8
139.85
146.35
143.35
145.5
149.2
148.05
149.75
150.05
147.9
149.6
145.05
141.7
140.55

141.14
141.15
141.47
142.00
142.72
143.58
144.75
145.41
146.21
146.85
147.63
148.57
149.31
149.89
150.38
150.94
151.38
151.60
151.78
152.10
152.57
152.97
152.68
152.49
152.46
152.12
151.93
151.63
151.15
150.35
149.52
148.40
147.91
147.32
146.98
146.46
145.94
145.23
144.58
143.93
143.36
142.66
142.25
141.76
141.32
140.76
140.23
140.17
140.08
140.03
140.38
140.48
140.76
140.98
141.22

86

145.10
144.62
144.27
144.14
144.23
144.31
144.41
144.62
144.94
144.98
144.88
144.87
144.96
144.89
144.89
144.79
144.73
144.74
145.02
145.40
145.72
146.14
146.50
146.70
146.79
146.63
146.54
146.55
146.57
146.54
146.55
146.58
146.66
146.77
146.92
147.05
147.26
147.27
147.23
147.16
147.15
147.02
146.93
146.77
146.71
146.67
146.60
146.43
146.29
146.24
146.25
146.21
146.20
146.06
145.79

151.36
151.36
151.37
151.41
151.54
151.69
151.71
151.69
151.66
151.61
151.56
151.51
151.47
151.49
151.48
151.48
151.54
151.57
151.68
151.90
152.13
152.34
152.46
152.51
152.55
152.51
152.43
152.30
152.07
151.71
151.42
151.13
150.86
150.55
150.26
149.89
149.57
149.22
148.84
148.48
148.17
147.84
147.55
147.18
146.98
146.73
146.48
146.28
146.08
145.91
145.68
145.41
145.23
145.10
145.01

191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245

30-Sep-04
1-Oct-04
4-Oct-04
5-Oct-04
6-Oct-04
7-Oct-04
8-Oct-04
9-Oct-04
11-Oct-04
12-Oct-04
14-Oct-04
15-Oct-04
18-Oct-04
19-Oct-04
20-Oct-04
21-Oct-04
25-Oct-04
26-Oct-04
27-Oct-04
28-Oct-04
29-Oct-04
1-Nov-04
2-Nov-04
3-Nov-04
4-Nov-04
5-Nov-04
8-Nov-04
9-Nov-04
10-Nov-04
11-Nov-04
12-Nov-04
16-Nov-04
17-Nov-04
18-Nov-04
19-Nov-04
22-Nov-04
23-Nov-04
24-Nov-04
25-Nov-04
29-Nov-04
30-Nov-04
1-Dec-04
2-Dec-04
3-Dec-04
6-Dec-04
7-Dec-04
8-Dec-04
9-Dec-04
10-Dec-04
13-Dec-04
14-Dec-04
15-Dec-04
16-Dec-04
17-Dec-04
20-Dec-04

146.3
143
144.35
148.95
149
154.65
157.3
153.9
156.8
152
148.25
150.75
147.75
151.35
149.55
149.2
150.65
154.85
157.6
160.1
157.15
158.3
158.95
159.8
159.65
155.9
158.8
159.7
163
164.5
164.75
162.75
161.3
161.3
160.6
161.25
164.05
164.8
167.6
168.6
173.7
183.4
186.55
186
178.85
178.1
188.35
192.7
188.2
191.2
199.8
212.15
213.4
198.55
195.55

141.38
141.76
141.89
142.22
142.58
143.06
143.79
144.70
145.45
146.37
146.99
147.61
148.09
148.40
148.60
148.85
149.00
149.06
149.33
149.64
150.04
150.41
150.76
151.32
152.04
152.81
153.19
153.82
154.44
155.00
155.62
156.02
156.24
156.54
156.72
157.06
157.58
158.11
158.79
159.44
160.21
161.19
162.50
163.76
164.90
165.65
166.49
167.69
169.04
170.18
171.44
173.19
175.33
177.48
178.90

87

145.45
145.08
144.90
144.77
144.78
144.76
144.87
144.96
145.02
145.15
145.18
145.14
145.17
145.08
144.96
144.80
144.62
144.62
144.71
144.84
145.21
145.45
145.76
146.15
146.63
147.09
147.48
147.85
148.33
148.79
149.34
149.90
150.47
151.00
151.54
152.03
152.59
153.10
153.60
154.02
154.53
155.09
155.78
156.55
157.27
157.85
158.45
159.23
160.18
161.11
162.12
163.19
164.58
165.96
166.95

144.88
144.74
144.76
144.85
144.88
144.82
144.87
144.96
144.95
145.02
144.98
144.93
144.96
145.05
145.18
145.26
145.38
145.56
145.70
145.81
145.92
145.99
146.16
146.36
146.58
146.82
147.03
147.26
147.55
147.85
148.19
148.58
148.87
149.11
149.35
149.59
149.81
150.01
150.18
150.37
150.60
150.85
151.10
151.42
151.76
152.05
152.33
152.71
153.12
153.45
153.79
154.14
154.74
155.36
155.86

146.31
146.49
146.70
146.90
147.09
147.28
147.42
147.57
147.75
147.94
148.13
148.32
148.54
148.77
148.98
149.16
149.33
149.49
149.56
149.67
149.80
149.95
150.12
150.28
150.44
150.55
150.66
150.79
150.90
151.00
151.08
151.16
151.28
151.43
151.57
151.70
151.84
152.04
152.27
152.50
152.74
152.92
153.21
153.51
153.74

246
247
248
249
250
251
252
253
254

21-Dec-04
22-Dec-04
23-Dec-04
24-Dec-04
27-Dec-04
28-Dec-04
29-Dec-04
30-Dec-04
31-Dec-04

199.05
203.35
208.9
208.85
209.75
212.4
213.25
212.95
216.35

180.14
181.51
183.14
185.04
186.94
188.91
190.95
192.92
194.85

167.88
168.77
169.69
170.79
171.83
172.98
174.27
175.52
176.82

156.32
156.82
157.33
157.90
158.49
159.08
159.70
160.34
160.95

MACD CHARTS

GUJARAT AMBUJA CEMENTS

25 DAY MOVING AVERAGE

88

153.94
154.17
154.40
154.70
154.99
155.28
155.62
155.96
156.31

50 DAY MOVING AVERAGE

89

100 DAY MOVING AVERAGE

90

200 DAY MOVING AVERAGE

91

Ranbaxy
25 DAY MOVING AVERAGE

92

50 DAY MOVING AVERAGE

93

100 DAY MOVING AVERAGE

94

200 DAY MOVING AVERAGE

95

TISCO
25 DAY MOVING AVERAGE

96

50 DAY MOVING AVERAGE

97

100 DAY MOVING AVERAGE

98

200 DAY MOVING AVERAGE

99

Bharati tele venture

25 DAY MOVING AVERAGE

100

50 DAY MOVING AVERAGE

101

100 DAY MOVING AVERAGE

102

200 DAY MOVING AVERAGE

103

Inferences from the charts:

Gujarat Ambuja Cements

From the chart it is infered that the shares are mostly good for
the buyers as moving average line lies below the price line
throughout the year. It is also infered that as the moving average
line was good for the sellers in the middle of the year. And then
the price went up and was made good for the buyers towards the
end of the year. This trend shows that the share will be good for
the investors who are likely to invest for a long term period as
the share prices are going up at all times. And this shows a
steady trend.

Ran baxy
From the charts it is infered there were frequent ups and downs
in the share price . The share price went a steady upward until
the middle of the year then a steeply down towards the second
last quarter of the year and it is recovering. The 25 day moving
averages is signalling both buy and sell throughout the year.
The 50 day moving average is inferring buying towards the end
104

of the year. It is a good signal for the share when it goes above
the moving average line as shown by the 100 & 200 day charts.

Tata Iron & Steel Co

From the charts it is infered that trend shows that upto the
middle of the year it was a bad period for the share as it lies
below the 25 day average line and then towards the end it
recovered and gives a signal to buy. The 50 day moving
averages chart shows that the trend is down ward and signals to
sell as the moving average line is above the price line. And a
steepy recovery shows buying signalls. According to the 100 &
200 day charts it is infered that the end of the year seem to be
good for the buyers.

Bharati televentures
From the charts it is infered that through out the year most of the
time the share was in a buying position exept on the second
quarter of the year that is selling. The 50 day charts shows that
until the middle of the year it was a bad period for the share and
then after the month of June it recovered. The
100 day chart shows that share is doing well. The 200 day chart
shows that it is good scrip for the buyers as it has signalled the
buy.
105

FINDINGS
The findings derived from the above study is as under:1.Gujarat Ambuja Cements
From the above analysis it is observed that according to the 25
day, 50 day, 100 day & 200 day moving averages the company
is really doing well and the buyers are benefitedmostly as the
moving average lines are below for most of the time in the year.
Moving aveage chart show that the company is a good option
for the medium term investors who buying the shares holding it
and selling it after 6 months period.
The Dupont analysis shows that the share is yielding good
returns on the equity of

20.12%. The company is creating

substantial assets for every rupees invested as it is having high

returns on the equity.
The company is also the market leader in the industry as it is
having

the

highest

market

capitalisation

rate

of

Rs.7265.3lakhs. It means that it is the best firm investors prefer

to invest and look upon.
While calculating the ratios it was infered that the company has
got the maximum returns on the asset 0.55. It is also having the
highest price equity ratio in the study.

106

Hence this company is much sought after addition in ones

portfolio.

2. Ranbaxy
From the above analysis of the moving average charts it is
infered the scrip is showing buy and sell signals in the moving
average alternatively throughout the year. Hence it is a volatile
share. The share is suitable only for short term investors .
The company is also the industry leader as it is having highest
market capitalization rate of Rs.19590 lakhs. it means that the
share is the most popular avenue to invest in the industry.
While calculating the ratios it was infered that Ranbaxy is
having the highest earnings per share in the group 41.22%.
The dupont analysis of Ranbaxy shows the share is giving good
returns as it is the highest in the group (38.9%). But it having
the lowest price earnings ratio value of 3.03.
As it is generating the highest yield it can be very well
considered while building up a portfolio.
3. Tata Iron & Steel
It is observed that the prices of the share has undergone a steepy
downward trend towards the middle of the year. And it has
recovered immediately, and now it is following a upward trend.
The moving averages gives a green for the buyers. It is the best
avenue for the long term as well as for the medium term
107

investors as its trend went up and down within 6 months of time.

It is infered from the dupont analysis that the highest leverage
it has got (having more debt 36.25%).
Its market capitalisation is Rs.22873.5 lakhs. It means that it is
the best choice for the investment.
The earnings of the share is also good and so it is the second
highest among the group 16.09%.
4.Bharati tele venture
It is observed that until the middle of the year the scrip was very
good avenue for the sellers and after that it is seen that the scrip
turned out to be best for the buyers (according to the moving
averages). The share is good for the medium term minvestors.
This share is having the highest market capitalization rate in
the above study. It is the best avenue for the investors as its
marketcapitalisation Rs39578 lakhs.
The company is having the highest opertaing efficiency in the
selected group. The ratios that have been calculated shows that
the company is having the lesser out come among the group
selected.
The chart shows that firm is best suited for the medium and
long term investors who are willing to buy the shares and to sell
them after a period of 6 months or within 1 year.
5. Moving average charts is found to be the best in determinig
the trend of the price movements. As the 25 day and the 50 day
moving averages are the best suited for the short term investors,
108

the 100 day is for the medium term investors and the 200 day is
best for the long term investors.

Recomendations & Suggestions

1. The 25 day and the 50 day moving averages are the best
suited for the short term investors
2. The 100 day is suitable for the medium term investors and the
200 day is best for the long term investors.
3. The risk can be minimised by means of diversification that
can be done by investing in different industries.
4. The investor before going for building a portfolio he should
make at thorough fundamental analysis and should ensure the
soundness of the investment option.
5. Moving averages are only meant for knowing the price trends
as well as to decide upon the buying and selling of scrips. So
very cautiously it should be worked out
6. The investor should understand the volatile nature of the
equity market before investing.

109

7. Before investing the investor should look into how best the
particular investment option going to fulfill his investment
goals. This is very imortant in building up a profitable portfolio.

CONCLUSION

From the study it can be concluded that the analysis was carried
out with the help of the best and the most widely used tools for
analysis. This will help an investor to get a clear cut picture of
the companys position. An investor should try to minimise the
risk as far as possible and that can be done by investing in
different industries scrips and can be selected either on the basis
of market capitalization rates or on the basis of their
profitability. If the shares of different industries are selected the
share market ups and downs would not have a greater impacton
the portfolio. The companies perfomance should be monitored
closely to track the investment perfomance.

110

BIBLIOGRAPHY
Book
Name

Author
Name

Publisher

Statistical
Methods
Statistics for
Management

S.P. Gupta

19th Edition
2004
th
7 Edition
1997

Research
C.K Kothari
Methodology

Sultan Chand
Publicatons
Prentice hall of
India
Publications
Willey Eastern
Publication

6th Edition
2004

277-299

Financial
Management

Prassanna
Chandra

Tata MC Graw
Hill

5th Edition
2004

230-300

International
Financial
Management

Resnick B.G

Irwin MC Graw
Hill

8th Edition
2003

210-225

Richard I.
Leven

Websites
1.
www.nseindia.com
2.

www.bse.com

3.

www.investopedia.com

News Papers
1.
The Hindu
2.

The Economic Times

3.

Business Line

111

Year of
Pages
Publication / Reffered
Edition
48-64
97-150

Magazines
1. Dalal Street (Volume 20, No : 8, January 17)

Annexure

112

GUJARAT AMBUJA CEMENTS

Date
1-Jan-04
2-Jan-04
5-Jan-04
6-Jan-04
7-Jan-04
8-Jan-04
9-Jan-04
12-Jan-04
13-Jan-04
14-Jan-04
15-Jan-04
16-Jan-04
19-Jan-04
20-Jan-04
21-Jan-04
22-Jan-04
23-Jan-04
27-Jan-04
28-Jan-04
29-Jan-04
30-Jan-04
3-Feb-04
4-Feb-04
5-Feb-04
6-Feb-04
9-Feb-04
10-Feb-04
11-Feb-04
12-Feb-04
13-Feb-04
16-Feb-04
17-Feb-04
18-Feb-04
19-Feb-04
20-Feb-04
23-Feb-04
24-Feb-04
25-Feb-04
26-Feb-04
27-Feb-04
1-Mar-04
3-Mar-04
4-Mar-04
5-Mar-04
8-Mar-04
9-Mar-04
10-Mar-04

Prev
Close
303.55
312
314.95
318.1
309.25
314.4
316.7
320.9
317.25
312.7
326.85
314.5
300
306.95
298.15
282.5
276.1
286.7
301.6
298.3
296.15
289.4
277.1
292.5
284.15
297
302.5
301.65
309.45
304.85
308.75
307.75
311.2
319.3
304.85
305
295.95
297.8
291.75
299.45
308
313.65
314.7
308.15
314.15
322.15
321.35

Open
310
314.95
319
320
312.4
316
325.4
325
318.95
315
330.1
315
302
313.9
295
287
275.1
293.75
303
300.35
299.8
290.15
282
294.7
288
300
304
304.25
312
305.5
311
308.7
313.95
319.3
304.05
307
294
299.95
294
299
310.9
317
315.45
309.1
316
324
319

High
313.9
317.2
321.2
328.4
316.35
324.75
335
327
320
328.95
331.9
315
309.8
313.9
296.7
291
288.65
302.95
313.2
304.4
302.85
290.5
294.85
298.75
299.7
304
309.25
310.4
313.4
309.75
314
312.7
322.75
319.8
310
307.5
299
299.95
304.85
309.9
316.45
320.8
318.4
316.25
326.4
324
320.45

Low
306
311.05
304.5
305.05
305.5
315.15
318.2
315.1
307.5
315
311.65
296.1
285.25
292.35
277.3
270.1
275.1
284
292.5
292.15
288.1
271.1
277.5
280.1
283.6
294.2
296.1
303.1
301.1
300.75
305
305.1
313.95
302.6
298.1
294.5
286.8
290.55
291.1
295.05
307.15
313
302.35
306.05
314.2
310.25
310.15

113

Close
312
314.95
318.1
309.25
314.4
316.7
320.9
317.25
312.7
326.85
314.5
300
306.95
298.15
282.5
276.1
286.7
301.6
298.3
296.15
289.4
277.1
292.5
284.15
297
302.5
301.65
309.45
304.85
308.75
307.75
311.2
319.3
304.85
305
295.95
297.8
291.75
299.45
308
313.65
314.7
308.15
314.15
322.15
321.35
312.55

Weekly
highest

Weekly
lowest

314.95

312

320.9

309.25

326.85

300

306.95

276.1

301.6

289.4

297

277.1

309.45

301.65

319.3

304.85

308

291.75

314.7

308.15

Monthly
highest

Monthly
lowest

326.85

276.1

319.3

277.1

11-Mar-04
12-Mar-04
15-Mar-04
16-Mar-04
17-Mar-04
18-Mar-04
19-Mar-04
22-Mar-04
23-Mar-04
24-Mar-04
25-Mar-04
26-Mar-04
29-Mar-04
30-Mar-04
31-Mar-04
1-Apr-04
2-Apr-04
5-Apr-04
6-Apr-04
7-Apr-04
8-Apr-04
12-Apr-04
13-Apr-04
15-Apr-04
16-Apr-04
17-Apr-04
19-Apr-04
20-Apr-04
21-Apr-04
22-Apr-04
23-Apr-04
27-Apr-04
28-Apr-04
29-Apr-04
30-Apr-04
3-May-04
4-May-04
5-May-04
6-May-04
7-May-04
10-May-04
11-May-04
12-May-04
13-May-04
14-May-04
17-May-04
18-May-04
19-May-04
20-May-04
21-May-04
24-May-04
25-May-04
26-May-04
27-May-04
28-May-04

312.55
296.65
299.3
286.15
282.3
289.3
288.65
287.65
282.3
294.8
291.55
287.75
299.45
300.1
287.7
295.5
301.4
306.5
306.6
306.65
309.15
310.6
306.9
317.05
330.3
330.4
327.55
320.7
319.05
327.65
337
337.3
325.5
322.85
330.5
331.85
323.75
335.85
339.15
345.5
340.65
331.7
316.7
316.3
323.55
310.15
276.6
285.8
298.3
292.45
296.1
306.55
310.35
306.45
296

310
297
302
282
286
290.5
289
280
282
295
292.4
292
304.85
303.9
289.9
297.7
303.7
308
308
308
309
310
307
320
332
334.9
330
323.4
317.05
330
337.35
337.7
327
321
331
332.45
325.1
339
342
346
339.5
325
317.4
313
321.15
310
260
295
300
292
301.9
302
313.95
306.5
290

310
301.35
306.5
290.6
291.5
294.85
292.5
286.5
296.5
295
295.35
300.95
304.85
304
298.6
302.9
308
309.9
308.9
314.6
312.4
314
319
332.35
335.8
334.9
330.5
324.6
328.75
339.8
341.85
337.7
334
333
334.4
336
338.45
341.3
347.3
346.75
339.5
325.3
323.8
338.7
325
310
297.7
338
305
298
308.35
312.9
313.95
309.25
295

293
289.1
281.15
277.1
280.25
286.05
280
280
280
285.6
284.5
291.2
297.25
286.5
285
297
301.75
305.1
300.5
305.5
306
305.85
304.05
319
326.5
326.05
312.7
317
317
325.1
328.25
310
320
318.15
326.5
317.1
325.1
335
338.5
337.5
328.55
311.25
314.5
288
295
251.6
255
282
285.6
279.55
300
298.65
304.5
293.25
285.25

114

296.65
299.3
286.15
282.3
289.3
288.65
287.65
282.3
294.8
291.55
287.75
299.45
300.1
287.7
295.5
301.4
306.5
306.6
306.65
309.15
310.6
306.9
317.05
330.3
330.4
327.55
320.7
319.05
327.65
337
337.3
325.5
322.85
330.5
331.85
323.75
335.85
339.15
345.5
340.65
331.7
316.7
316.3
323.55
310.15
276.6
285.8
298.3
292.45
296.1
306.55
310.35
306.45
296
288.25

322.15

296.65

289.3

282.3

299.45

282.3

306.5

287.7

310.6

306.6

330.4

306.9

337.3

319.05

331.85

322.85

345.5

323.75

331.7

310.15

298.3

276.6

310.35

288.25

322.15

282.3

337.3

301.4

31-May-04
1-Jun-04
2-Jun-04
3-Jun-04
4-Jun-04
7-Jun-04
8-Jun-04
9-Jun-04
10-Jun-04
11-Jun-04
14-Jun-04
15-Jun-04
16-Jun-04
17-Jun-04
18-Jun-04
21-Jun-04
22-Jun-04
23-Jun-04
24-Jun-04
25-Jun-04
28-Jun-04
29-Jun-04
30-Jun-04
1-Jul-04
2-Jul-04
5-Jul-04
6-Jul-04
7-Jul-04
8-Jul-04
9-Jul-04
12-Jul-04
13-Jul-04
14-Jul-04
15-Jul-04
16-Jul-04
19-Jul-04
20-Jul-04
21-Jul-04
22-Jul-04
23-Jul-04
26-Jul-04
27-Jul-04
28-Jul-04
29-Jul-04
30-Jul-04
2-Aug-04
3-Aug-04
4-Aug-04
5-Aug-04
6-Aug-04
9-Aug-04
10-Aug-04
11-Aug-04
12-Aug-04
13-Aug-04

288.25
281.9
286.7
297.9
283.5
287.8
289.25
291.95
292.35
290.05
283.6
269.9
271.85
266.25
265.55
260.6
257.2
260.65
257.75
265.55
275
280.65
283.85
284.05
284.8
275.5
272.25
276.95
279.95
273.75
282.05
279.55
264.95
267.05
275.25
276.7
280.25
273.95
271.6
264.5
271.9
276.75
271
267.05
271.05
278.15
282.95
296.4
294.75
300.8
303.05
309.65
307.15
298.15
296.1

288.05
287
285
301.9
280
290
290
293
292
289.5
283.9
268
271.8
265
266
262
260.1
262
231
266
275.3
280
283
284.9
281.25
277
271
277.5
280
266
280.05
282
267.5
266.7
275.3
273
285.1
273
274
266
270.05
278.8
274.1
265
273.9
280
286
297
296
302
307
312
308
300
296.05

288.05
293.4
300
307.8
288.5
298
293.95
297.7
293.35
290.9
283.9
275.9
271.8
268.75
268.25
262
261.95
264
267.5
277.45
281.8
284.9
287
286.4
284
277
278.45
283.5
287
283.6
284.95
282
268.8
276.45
279.9
282.95
285.1
289.9
275
273.95
279.45
279
274.1
274
281
286.4
299.4
300.8
304.45
305.3
310.6
312.9
309.7
303
309.4

268.55
281
285
281.2
280
287.25
287.1
290.05
288.55
282.1
266
268
263.55
257.9
258.5
255.65
254.35
254.55
231
261
275.15
276.25
281.7
280.15
274
268.65
270
276
271.25
265
274.6
263
261
265.05
272.1
273
272.3
269
263.1
262
270.05
270
263.5
265
273.75
278.75
285.7
291.5
294.1
296
304
306
297.05
293.1
295.2

115

281.9
286.7
297.9
283.5
287.8
289.25
291.95
292.35
290.05
283.6
269.9
271.85
266.25
265.55
260.6
257.2
260.65
257.75
265.55
275
280.65
283.85
284.05
284.8
275.5
272.25
276.95
279.95
273.75
282.05
279.55
264.95
267.05
275.25
276.7
280.25
273.95
271.6
264.5
271.9
276.75
271
267.05
271.05
278.15
282.95
296.4
294.75
300.8
303.05
309.65
307.15
298.15
296.1
307.55

297.9

281.9

292.35

283.6

271.85

260.6

275

257.2

284.8

275.5

282.05

272.25

279.55

264.95

280.25

264.5

278.15

267.05

303.05

282.95

309.65

296.1

345.5

276.6

297.9

257.2

284.8

264.5

16-Aug-04
17-Aug-04
18-Aug-04
19-Aug-04
20-Aug-04
23-Aug-04
24-Aug-04
25-Aug-04
26-Aug-04
27-Aug-04
30-Aug-04
31-Aug-04
1-Sep-04
2-Sep-04
3-Sep-04
6-Sep-04
7-Sep-04
8-Sep-04
9-Sep-04
10-Sep-04
13-Sep-04
14-Sep-04
15-Sep-04
16-Sep-04
17-Sep-04
20-Sep-04
21-Sep-04
22-Sep-04
23-Sep-04
24-Sep-04
27-Sep-04
28-Sep-04
29-Sep-04
30-Sep-04
1-Oct-04
4-Oct-04
5-Oct-04
6-Oct-04
7-Oct-04
8-Oct-04
9-Oct-04
11-Oct-04
12-Oct-04
14-Oct-04
15-Oct-04
18-Oct-04
19-Oct-04
20-Oct-04
21-Oct-04
25-Oct-04
26-Oct-04
27-Oct-04
28-Oct-04
29-Oct-04
1-Nov-04

307.55
306.6
311.65
304.35
316.6
311.3
313.15
320.2
322.2
320.65
317.25
323.85
324.35
333
331.3
331
328.55
329.7
334.05
336.85
342.3
336.85
339.1
341.2
343.65
343.55
343.75
343
346.25
343.4
335.75
333.65
334.15
335.8
337.35
344.85
358.5
360.8
354.85
360.9
358.8
357.75
364.3
356.95
358.1
353.8
353.15
354.5
359.05
359.15
344.55
334.1
341.5
347.15
341.95

306
309
308.5
306.9
315.9
314
314.25
321
325
320
322.8
324.5
325
331
331.5
333.95
326
331.5
336
336.8
343.8
337
340.35
341.5
344.05
345
346.6
343
346
342.9
334.9
333
334.5
337.5
336.1
347.5
359.9
361.25
357.95
362
359.9
355.25
365
355
357.8
355
355.5
357.8
365
358.5
343.2
339
341.55
354.9
343

308.8
313.45
308.5
318
315.9
318.4
321.3
323.7
325
321.85
324.75
326.45
335.2
335.2
332
334.4
331
334.5
337.85
344.5
344.25
341.65
344
344.7
347
346.25
346.6
350.8
349.85
343.4
336.9
336.2
336.75
340
346
360
363
362.5
361.7
364.4
360
369.2
370
360.4
359.65
357.25
357
364.3
366
358.5
345
343.9
351.4
354.9
346.5

302
309
302.8
304.65
307.35
309.3
311.4
318.8
318
314.2
319
320.2
323.2
328.1
328
327.75
326
329.25
333.7
335.1
335.6
337
339.55
340.05
342.45
342.1
338.8
330
341.15
334.3
331.7
331.1
329.5
335
335
347.5
357
353.3
355.05
356
356.5
355.25
354.1
348.3
351.1
352
350.3
350.1
357
341.15
328
336.05
316.8
340.25
337.6

116

306.6
311.65
304.35
316.6
311.3
313.15
320.2
322.2
320.65
317.25
323.85
324.35
333
331.3
331
328.55
329.7
334.05
336.85
342.3
336.85
339.1
341.2
343.65
343.55
343.75
343
346.25
343.4
335.75
333.65
334.15
335.8
337.35
344.85
358.5
360.8
354.85
360.9
358.8
357.75
364.3
356.95
358.1
353.8
353.15
354.5
359.05
359.15
344.55
334.1
341.5
347.15
341.95
344.8

316.6

304.35

322.2

313.15

333

323.85

342.3

328.55

343.65

336.85

346.25

335.75

344.85

333.65

360.9

354.85

364.3

353.15

359.15

353.15

347.15

334.1

324.35

282.95

346.25

328.55

364.3

334.1

2-Nov-04
3-Nov-04
4-Nov-04
5-Nov-04
8-Nov-04
9-Nov-04
10-Nov-04
11-Nov-04
12-Nov-04
16-Nov-04
17-Nov-04
18-Nov-04
19-Nov-04
22-Nov-04
23-Nov-04
24-Nov-04
25-Nov-04
29-Nov-04
30-Nov-04
1-Dec-04
2-Dec-04
3-Dec-04
6-Dec-04
7-Dec-04
8-Dec-04
9-Dec-04
10-Dec-04
13-Dec-04
14-Dec-04
15-Dec-04
16-Dec-04
17-Dec-04
20-Dec-04
21-Dec-04
22-Dec-04
23-Dec-04
24-Dec-04
27-Dec-04
28-Dec-04
29-Dec-04
30-Dec-04
31-Dec-04

344.8
353
351.55
350.4
346.35
347.15
352.1
351.95
354.8
352.95
354.9
355.3
356.3
352.6
358
363.8
368.65
365.05
371.65
368.5
365.45
371.55
369.7
373.55
376.5
378.6
382.85
380.55
380.1
381.45
383
387.5
388.55
393.45
395.95
385.95
392.65
391.8
401
397.6
402.55
395.65

347
354.1
352.9
349.8
348.9
349.5
353
353.8
356
352.25
357.9
354
357
350.25
360.1
365
369
365
374.5
371.9
368
372
373.9
376
375.7
380
383
381.5
382
382.1
383
390.8
389.8
394.1
399.9
387.9
395
393.75
399.9
399
405.5
403

354.4
355.95
353.95
349.8
353.25
355
354.95
356.35
357
355.75
360
357.4
359.7
359.8
367
370
372.25
372.95
375.4
371.9
373.5
377.5
375.25
379
383.25
384
386.95
383.95
383.15
384.45
389.95
392.4
395
398.2
399.95
395.8
398.4
402.3
403.9
404.5
407
405.9

347
349.55
346.3
343
346.2
345.6
350.2
350.5
350.5
348.1
353.4
353.2
350.25
348.45
360.1
363
362.25
362.1
365.75
363.25
366
368.5
369.1
372.25
375.1
377.5
378.5
378.1
379.5
380
380.15
385.6
386.05
391.4
381.75
386.2
390
391
395.05
393
393.3
366

353
351.55
350.4
346.35
347.15
352.1
351.95
354.8
352.95
354.9
355.3
356.3
352.6
358
363.8
368.65
365.05
371.65
368.5
365.45
371.55
369.7
373.55
376.5
378.6
382.85
380.55
380.1
381.45
383
387.5
388.55
393.45
395.95
385.95
392.65
391.8
401
397.6
402.55
395.65
403

353

344.8

354.8

347.15

356.3

352.6

368.65

358

371.65

365.45

382.85

373.55

388.55

380.1

395.95

385.95

403

395.65

371.65

344.8

395.65

365.45

RAN BAXY
Date
1-Jan-04

Prev
Close
1095.25

Open
1109

High
1116

Low
1100.25

117

Close
1105

Weekly
highest

Weekly
lowest

Monthly
highest

Monthly
lowest

2-Jan-04
5-Jan-04
6-Jan-04
7-Jan-04
8-Jan-04
9-Jan-04
12-Jan-04
13-Jan-04
14-Jan-04
15-Jan-04
16-Jan-04
19-Jan-04
20-Jan-04
21-Jan-04
22-Jan-04
23-Jan-04
27-Jan-04
28-Jan-04
29-Jan-04
30-Jan-04
3-Feb-04
4-Feb-04
5-Feb-04
6-Feb-04
9-Feb-04
10-Feb-04
11-Feb-04
12-Feb-04
13-Feb-04
16-Feb-04
17-Feb-04
18-Feb-04
19-Feb-04
20-Feb-04
23-Feb-04
24-Feb-04
25-Feb-04
26-Feb-04
27-Feb-04
1-Mar-04
3-Mar-04
4-Mar-04
5-Mar-04
8-Mar-04
9-Mar-04
10-Mar-04
11-Mar-04
12-Mar-04
15-Mar-04
16-Mar-04
17-Mar-04
18-Mar-04
19-Mar-04
22-Mar-04
23-Mar-04

1105
1107.35
1095.55
1082.35
1069.95
1069.8
1077
1077.8
1121.1
1136.95
1117.2
1080.45
1092.3
1085.7
1046.95
1006.2
1031.6
1025.8
1003.75
1005.45
993.45
980.9
987.8
988
953
974.1
974.3
983.25
980.55
999.95
999.15
1002.25
999.2
983.35
988.8
979.55
970.15
952.85
922.5
938.55
962.5
977.2
970.55
971.4
980.7
990.1
980.35
952.65
959.6
954.9
944.2
948.65
943.3
938.45
923.4

1109
1115
1110
1084
1085
1100
1079
1079.95
1136.9
1148
1115
1065.3
1098.25
1085
1050
1012
1001.35
1029.9
1004.1
1010
1003.35
985
997
965.3
998.9
980
980
987
985
1010.1
1003.95
1005
996
980
987
976.1
1002.9
959
930
930
965
984.75
978
975
984.9
995
978
950
959.1
955
950
950.1
938.05
939
922

1124
1120
1114
1086.95
1085
1107.9
1082
1126
1148
1152.45
1119
1098
1122
1097.5
1070
1040
1035
1040
1024.75
1010
1003.35
997
1005
990
998.9
984
986
993
1003.9
1012
1007.7
1011
999.8
995
995
978.95
1002.9
964.85
946.2
974
984.7
984.75
978
991
994.6
999.6
978
965
969.5
955
966.9
952
958
939
937.9

1100.5
1090
1075
1038
1055
1074
1053
1057
1126.15
1110
1077.15
1057.5
1071.35
1031
983.3
1009
990
999
995
987.25
965
976.25
981.1
938
940
965.5
971
971.65
980.05
994
990
995.15
974.55
968
969.15
955
948
912.15
928.1
917.1
958.25
961.2
965.9
970.05
972.75
976
948
931
946.1
932.55
935
939.9
930
918.2
916.1

118

1107.35
1095.55
1082.35
1069.95
1069.8
1077
1077.8
1121.1
1136.95
1117.2
1080.45
1092.3
1085.7
1046.95
1006.2
1031.6
1025.8
1003.75
1005.45
993.45
980.9
987.8
988
953
974.1
974.3
983.25
980.55
999.95
999.15
1002.25
999.2
983.35
988.8
979.55
970.15
952.85
922.5
938.55
962.5
977.2
970.55
971.4
980.7
990.1
980.35
952.65
959.6
954.9
944.2
948.65
943.3
938.45
923.4
928.3

1107.35

1105

1095.55

1069.8

1136.95

1077.8

1092.3

1006.2

1025.8

993.45

988

953

999.95

974.1

1002.25

983.35

979.55

922.5

977.2

962.5

990.1

952.65

954.9

938.45

1136.95

993

1002.25

92

24-Mar-04
25-Mar-04
26-Mar-04
29-Mar-04
30-Mar-04
31-Mar-04
1-Apr-04
2-Apr-04
5-Apr-04
6-Apr-04
7-Apr-04
8-Apr-04
12-Apr-04
13-Apr-04
15-Apr-04
16-Apr-04
17-Apr-04
19-Apr-04
20-Apr-04
21-Apr-04
22-Apr-04
23-Apr-04
27-Apr-04
28-Apr-04
29-Apr-04
30-Apr-04
3-May-04
4-May-04
5-May-04
6-May-04
7-May-04
10-May-04
11-May-04
12-May-04
13-May-04
14-May-04
17-May-04
18-May-04
19-May-04
20-May-04
21-May-04
24-May-04
25-May-04
26-May-04
27-May-04
28-May-04
31-May-04
1-Jun-04
2-Jun-04
3-Jun-04
4-Jun-04
7-Jun-04
8-Jun-04
9-Jun-04
10-Jun-04

928.3
914.05
886.25
904.2
922.45
930.4
939.75
989.4
987.7
989.9
1010.7
1029.3
1046.2
1041.35
1038.95
1018.95
1037.4
1026.35
1052.3
1051.65
1049.4
1063.75
1054.15
1057.55
1062.1
1072.9
1061.4
1030.15
1040.2
1039.1
1048
1026.5
1019.4
995.95
1012.5
1037.85
1033.25
970.45
1002.9
1003.05
996.3
996.2
1018.15
1014.6
1016.05
1020
989.75
989.55
1011.9
1010.25
994.75
1007.05
1011.6
1006.95
1012.75

938
918
923.3
917
930
930
942.25
990
990
987
1112
1030
1050
1043
1022.3
1015
1040
1032
1019
1040.1
1058
1065
1050
1051
1060
1015.3
1052
1034.8
1040
1045.7
1055
1030
1005
1000
1004
1040
980.4
970
1027
1015
991
1001.9
1050
1000
1010
1000
972.1
999.7
996
1011.05
987
1013
1005.1
988.1
998.85

938
924.45
923.3
926.9
943.7
944.95
999.75
997.9
999
1014.9
1112
1051
1050
1045
1049.9
1041.9
1042.9
1057.7
1054
1070
1067.9
1065
1065.9
1070
1081
1074
1054.9
1045
1043
1055.9
1055
1030
1010
1017.9
1050
1053.85
1030
1031
1027
1021
1000.25
1045
1050
1035
1023.9
1010
1000
1020.5
1014.85
1028
1014
1031.7
1012.5
1024.95
1012.05

908.25
876.6
900
905.45
925.1
926
941.5
971.05
945.3
987
1019.9
1025
1025
1031.1
1015
1012.25
1023
1032
1011.25
1040.1
1045
1047.15
1028
1034.05
1039
1015.3
1005
1026
1032.5
1045
1017
999
985
991
990
1029
900
951
985.2
981.25
970.2
998
995.15
988.1
995.1
984
955
991
985
991.3
987
1001.1
998
988.1
995

119

914.05
886.25
904.2
922.45
930.4
939.75
989.4
987.7
989.9
1010.7
1029.3
1046.2
1041.35
1038.95
1018.95
1037.4
1026.35
1052.3
1051.65
1049.4
1063.75
1054.15
1057.55
1062.1
1072.9
1061.4
1030.15
1040.2
1039.1
1048
1026.5
1019.4
995.95
1012.5
1037.85
1033.25
970.45
1002.9
1003.05
996.3
996.2
1018.15
1014.6
1016.05
1020
989.75
989.55
1011.9
1010.25
994.75
1007.05
1011.6
1006.95
1012.75
1002.5

928.3

886.25

989.4

922.45

1046.2

989.9

1041.35

1018.95

1063.75

1049.4

1072.9

1057.55

1048

1026.5

1037.85

995.95

1003.05

970.45

1020

989.75

1011.9

989.55

990.1

886

1072.9

98

1048

970

11-Jun-04
14-Jun-04
15-Jun-04
16-Jun-04
17-Jun-04
18-Jun-04
21-Jun-04
22-Jun-04
23-Jun-04
24-Jun-04
25-Jun-04
28-Jun-04
29-Jun-04
30-Jun-04
1-Jul-04
2-Jul-04
5-Jul-04
6-Jul-04
7-Jul-04
8-Jul-04
9-Jul-04
12-Jul-04
13-Jul-04
14-Jul-04
15-Jul-04
16-Jul-04
19-Jul-04
20-Jul-04
21-Jul-04
22-Jul-04
23-Jul-04
26-Jul-04
27-Jul-04
28-Jul-04
29-Jul-04
30-Jul-04
2-Aug-04
3-Aug-04
4-Aug-04
5-Aug-04
6-Aug-04
9-Aug-04
10-Aug-04
11-Aug-04
12-Aug-04
13-Aug-04
16-Aug-04
17-Aug-04
18-Aug-04
19-Aug-04
20-Aug-04
23-Aug-04
24-Aug-04
25-Aug-04
26-Aug-04

1002.5
1001
992.1
996.95
997.6
966
908.75
878.8
878.1
887.95
906.05
904.05
921.05
921.05
909.65
918.85
914.7
933.3
947.5
968.35
960.1
982.55
984.25
977.2
969.5
976
965.85
972.8
973.8
975.35
977.15
964.85
962.65
966.3
970.3
959
942.7
940.3
940.1
934.55
929.95
942.6
954.3
965.95
978.85
979.05
958.65
947.5
922.9
909.35
935.65
930.3
927.85
929.15
922.65

1007
997
994
993.1
990
965
900
878.9
893
870.1
905.1
903
920
924
914
914
919.9
932.2
947.7
974.95
955
972
980
978.8
970
982.8
969.7
978
974.95
980
978
958
970
960.1
976.25
960
953
940
949.95
929.7
932
926.3
954
959
977
979
942
943.25
921.25
912
934
920.5
931
930
924.75

1007.9
1003
1000
999.55
990
965
900
899.3
897.95
912.5
910
928
927
924.85
925
923.7
936.55
948.8
973
982.5
989
989.9
982
978.8
984.7
982.8
978.25
978
979
984
979.9
969
972
973
976.25
960
955
953.3
949.95
937.95
947.75
957.8
968.8
981.5
982
979
955.5
943.25
927
939.3
939.7
938
935.75
933.9
939.4

994.5
987
980.05
993
955.1
904
875.25
872.1
877.05
866.6
885.5
900.25
911.1
904
896.65
902
914.95
932.2
942.5
955
950
960
970.1
955
961.5
959.1
958.1
958
959
970
960.05
958
960.15
960.1
942.6
940
924.1
936
928
922
920
926.3
951
959
970.35
955.5
938
918.9
902.5
912
924
920.5
924.35
920.1
923.9

120

1001
992.1
996.95
997.6
966
908.75
878.8
878.1
887.95
906.05
904.05
921.05
921.05
909.65
918.85
914.7
933.3
947.5
968.35
960.1
982.55
984.25
977.2
969.5
976
965.85
972.8
973.8
975.35
977.15
964.85
962.65
966.3
970.3
959
942.7
940.3
940.1
934.55
929.95
942.6
954.3
965.95
978.85
979.05
958.65
947.5
922.9
909.35
935.65
930.3
927.85
929.15
922.65
936.05

1012.75

1001

997.6

908.75

906.05

878.1

921.05

909.65

982.55

933.3

984.25

965.85

977.15

964.85

970.3

942.7

942.6

929.95

979.05

954.3

947.5

909.35

1012.75

87

984.25

91

27-Aug-04
30-Aug-04
31-Aug-04
1-Sep-04
2-Sep-04
3-Sep-04
6-Sep-04
7-Sep-04
8-Sep-04
9-Sep-04
10-Sep-04
13-Sep-04
14-Sep-04
15-Sep-04
16-Sep-04
17-Sep-04
20-Sep-04
21-Sep-04
22-Sep-04
23-Sep-04
24-Sep-04
27-Sep-04
28-Sep-04
29-Sep-04
30-Sep-04
1-Oct-04
4-Oct-04
5-Oct-04
6-Oct-04
7-Oct-04
8-Oct-04
9-Oct-04
11-Oct-04
12-Oct-04
14-Oct-04
15-Oct-04
18-Oct-04
19-Oct-04
20-Oct-04
21-Oct-04
25-Oct-04
26-Oct-04
27-Oct-04
28-Oct-04
29-Oct-04
1-Nov-04
2-Nov-04
3-Nov-04
4-Nov-04
5-Nov-04
8-Nov-04
9-Nov-04
10-Nov-04
11-Nov-04
12-Nov-04

936.05
947.85
966.55
959.3
973.65
972.3
976.95
991.3
993.35
986
998.85
1024.35
1069.7
1090.65
1074.7
1089.75
1082
1080.8
1104.7
1122.7
1107.9
1115.85
1086.6
1083.15
1076.7
1091.85
1098.55
1104.25
1092.7
1076.85
1090.2
1090.35
1081.8
1062.3
1075.85
1083.05
1072.15
1080.25
1089.7
1090.95
1071.6
1069.05
1070.45
1068.25
1083.1
1098.6
1109.4
1124.15
1127.5
1140.85
1152.4
1122.3
1080.5
1093.1
1090.05

937
950
965
957.5
975
966.15
976.3
996
995
988
1000
1030
1070
1088
1075
1090
1088.8
1080
1100
1020.4
1109
1114.9
1086
1098.7
1080
1092
1105.3
1114.8
1090
1079.9
1105
1095
1081
1067
1080
1089.85
1072
1085
1090
1092
1075
1070
1070
1070.1
1090
1103
1113.9
1129.9
1130
1141.9
1140
1054.9
1060
1095
1097

956.9
969.5
970
975.75
976
978.9
1002.25
999
998.25
1003.5
1028.9
1075
1099.85
1095
1095
1095
1094.25
1117
1125.5
1121
1124.4
1127.6
1095
1098.7
1105.7
1101.45
1118.6
1114.8
1110
1099
1105
1095
1089
1081
1094.2
1094.9
1088
1091.5
1100
1095
1075
1072
1074.8
1097
1106.5
1115.9
1135
1133.1
1148.75
1157
1144.9
1126.9
1098.95
1097.45
1102

936.05
941.25
951
957.5
965.1
966.15
972.25
972.5
975
988
991.25
1030
1067.35
1072.1
1070.3
1075.45
1076.15
1075
1090.6
1020.4
1080.1
1080
1079.2
1058
1080
1077
1098
1088
1074
1075
1081.05
1079.1
1056.8
1062
1069.25
1065.25
1060
1081.25
1084.2
1066.25
1062.45
1062.35
1063.15
1069
1082
1103
1109
1115.1
1124.45
1140
1110
1054.9
1060
1085
1093.8

121

947.85
966.55
959.3
973.65
972.3
976.95
991.3
993.35
986
998.85
1024.35
1069.7
1090.65
1074.7
1089.75
1082
1080.8
1104.7
1122.7
1107.9
1115.85
1086.6
1083.15
1076.7
1091.85
1098.55
1104.25
1092.7
1076.85
1090.2
1090.35
1081.8
1062.3
1075.85
1083.05
1072.15
1080.25
1089.7
1090.95
1071.6
1069.05
1070.45
1068.25
1083.1
1098.6
1109.4
1124.15
1127.5
1140.85
1152.4
1122.3
1080.5
1093.1
1090.05
1096.3

947.85

922.65

976.95

959.3

1024.35

986

1090.65

1069.7

1122.7

1080.8

1098.55

1076.7

1104.25

1076.85

1083.05

1071.6

1090.95

1071.6

1098.6

1068.25

1152.4

1109.4

1122.3

1080.5

979.05

90

1122.7

1104.25

10

16-Nov-04
17-Nov-04
18-Nov-04
19-Nov-04
22-Nov-04
23-Nov-04
24-Nov-04
25-Nov-04
29-Nov-04
30-Nov-04
1-Dec-04
2-Dec-04
3-Dec-04
6-Dec-04
7-Dec-04
8-Dec-04
9-Dec-04
10-Dec-04
13-Dec-04
14-Dec-04
15-Dec-04
16-Dec-04
17-Dec-04
20-Dec-04
21-Dec-04
22-Dec-04
23-Dec-04
24-Dec-04
27-Dec-04
28-Dec-04
29-Dec-04
30-Dec-04
31-Dec-04

1096.3
1073.45
1050.05
1055.25
1035.5
1052.95
1061.15
1065.35
1063.85
1086.5
1121.7
1129.35
1130.2
1160.5
1211.15
1205.2
1197.55
1214.7
1199.05
1215.15
1221.4
1269.35
1265.45
1258.7
1256.55
1249.4
1257.15
1238.75
1239.1
1241.5
1244.5
1243.3
1230.35

1090
1073
1059
1052
1035
1059
1062
1067
1065
1088
1130
1131.8
1131.05
1170
1212
1204
1196
1228
1200.1
1220.1
1223
1272.4
1274
1261.8
1266.5
1263
1251
1250
1240
1242
1245
1248.8
1237.5

1090
1077
1067.9
1061.8
1055
1063.9
1074.35
1083.4
1092
1140
1136
1134.75
1172.5
1217.5
1221
1223.75
1218.1
1228
1218
1227.95
1274.75
1275
1274
1265
1279.4
1269.05
1266.05
1253
1249.8
1245.4
1260
1250.9
1261.55

Prev
Close
105.1
111.05
109.65
107.25
113.05
111.6
121.65
120.5
119.55
119.15

Open
106.65
112.5
110.95
109.4
115.4
112.45
126
120.8
119.5
121.4

High
111.9
113.4
110.95
115
116.6
124
130.45
122.2
121.5
140

1070
1044.45
1035
1031
1030
1051
1058.5
1055.25
1065
1088
1103.4
1120.05
1122
1170
1190.05
1190
1190
1186.55
1188
1210.3
1223
1258.2
1254
1232.5
1245.2
1251.05
1232.15
1233.15
1235.2
1235
1241
1222
1232.6

1073.45
1050.05
1055.25
1035.5
1052.95
1061.15
1065.35
1063.85
1086.5
1121.7
1129.35
1130.2
1160.5
1211.15
1205.2
1197.55
1214.7
1199.05
1215.15
1221.4
1269.35
1265.45
1258.7
1256.55
1249.4
1257.15
1238.75
1239.1
1241.5
1244.5
1243.3
1230.35
1251.15

Low

Close
111.05
109.65
107.25
113.05
111.6
121.65
120.5
119.55
119.15
122

1073.45

1035.5

1065.35

1052.95

1160.5

1086.5

1214.7

1197.55

1269.35

1215.15

1257.15

1238.75

1251.15

1230.35

1152.4

10

1238.75

112

TISCO
Date
1-Jan-04
2-Jan-04
5-Jan-04
6-Jan-04
7-Jan-04
8-Jan-04
9-Jan-04
12-Jan-04
13-Jan-04
14-Jan-04

122

106
108.55
105.3
108.9
109.3
112.45
119
116.95
115.45
120.35

Weekly
highest

Weekly
lowest

111.05

109.65

121.65

107.25

Monthly
highest

Monthly
lowest

15-Jan-04
16-Jan-04
19-Jan-04
20-Jan-04
21-Jan-04
22-Jan-04
23-Jan-04
27-Jan-04
28-Jan-04
29-Jan-04
30-Jan-04
3-Feb-04
4-Feb-04
5-Feb-04
6-Feb-04
9-Feb-04
10-Feb-04
11-Feb-04
12-Feb-04
13-Feb-04
16-Feb-04
17-Feb-04
18-Feb-04
19-Feb-04
20-Feb-04
23-Feb-04
24-Feb-04
25-Feb-04
26-Feb-04
27-Feb-04
1-Mar-04
3-Mar-04
4-Mar-04
5-Mar-04
8-Mar-04
9-Mar-04
10-Mar-04
11-Mar-04
12-Mar-04
15-Mar-04
16-Mar-04
17-Mar-04
18-Mar-04
19-Mar-04
22-Mar-04
23-Mar-04
24-Mar-04
25-Mar-04
26-Mar-04
29-Mar-04
30-Mar-04
31-Mar-04
1-Apr-04
2-Apr-04
5-Apr-04

122
119.3
114.3
112.45
118.25
123.3
122.15
126.35
147.1
139.6
138.7
134.65
128.25
130.75
128.35
139.8
138.9
138.1
141.6
147.45
153.15
158.5
158.65
156.7
157.3
153
150.15
148.65
147.6
142.45
142.4
162.95
153.95
153.9
153.85
154.6
154.05
156.75
149.45
150.6
151.05
144.7
145.3
141.8
135.55
133.5
138.05
138.8
145.25
146.85
145.95
152.7
155.8
162.35
172.3

127
120
111
119
119.85
124.5
123.5
128.3
145.9
140.9
138.5
135.7
128.5
131.95
130.4
141
139.9
140.4
143
147.75
153
158
160.4
156.95
158.5
154.5
152.8
149.2
149.95
142.5
143.8
164
154.8
153.05
155
153.5
154
154.5
149
152
150
147
146.5
143.5
137.85
134
140
140
146.55
150
147
154
156.7
163.9
174

127
122.7
115.8
125
125.95
130
127
151.3
147
140.9
141.65
137.4
134.45
132.9
141
141.5
144.5
143.4
148.3
154
160.25
160
160.4
160
158.5
157
152.8
150
149.95
146
167.7
164.9
160
156.6
156
156
159.35
155
154
155.25
151.9
150.25
146.5
143.85
137.85
140
141.95
147.4
149.1
151
153.9
156.5
169.4
173.9
177.25

123

113.1
113
108.6
116.25
119.15
119.6
121
128.3
136.05
133.5
133.6
127.15
126.65
127
129
134.1
136.5
138.5
142.3
146.5
153
151.65
155
155.6
150.5
148.85
138.05
146.5
141.1
140.15
143.7
151.35
152
149.5
152
152.25
153.05
147
147.55
149.1
141.4
143.8
140
134
128.35
132.5
137.05
139.55
145
144.2
145.2
149
155
163.15
163.55

119.3
114.3
112.45
118.25
123.3
122.15
126.35
147.1
139.6
138.7
134.65
128.25
130.75
128.35
139.8
138.9
138.1
141.6
147.45
153.15
158.5
158.65
156.7
157.3
153
150.15
148.65
147.6
142.45
142.4
162.95
153.95
153.9
153.85
154.6
154.05
156.75
149.45
150.6
151.05
144.7
145.3
141.8
135.55
133.5
138.05
138.8
145.25
146.85
145.95
152.7
155.8
162.35
172.3
165.1

122

114.3

126.35

112.45

147.1

134.65

139.8

128.25

153.15

138.1

158.65

153

150.15

142.4

162.95

153.85

156.75

149.45

151.05

135.55

146.85

133.5

172.3

145.95

147.1

107.25

158.65

128.25

162.95

133.5

6-Apr-04
7-Apr-04
8-Apr-04
12-Apr-04
13-Apr-04
15-Apr-04
16-Apr-04
17-Apr-04
19-Apr-04
20-Apr-04
21-Apr-04
22-Apr-04
23-Apr-04
27-Apr-04
28-Apr-04
29-Apr-04
30-Apr-04
3-May-04
4-May-04
5-May-04
6-May-04
7-May-04
10-May-04
11-May-04
12-May-04
13-May-04
14-May-04
17-May-04
18-May-04
19-May-04
20-May-04
21-May-04
24-May-04
25-May-04
26-May-04
27-May-04
28-May-04
31-May-04
1-Jun-04
2-Jun-04
3-Jun-04
4-Jun-04
7-Jun-04
8-Jun-04
9-Jun-04
10-Jun-04
11-Jun-04
14-Jun-04
15-Jun-04
16-Jun-04
17-Jun-04
18-Jun-04
21-Jun-04
22-Jun-04
23-Jun-04

165.1
166.2
166.55
167.25
168.85
174.35
168.15
169.1
173.55
169.85
167.4
165.75
167.95
176.95
166.45
167.45
170.75
169.8
167.5
167.35
173.05
174.4
167.6
158
150.85
153.45
159.95
141.4
135.05
146.25
154.8
150.25
147.95
154.45
150.45
155.35
153.65
148.05
138.45
138.45
141.1
137.55
132.7
140.5
146.45
149.45
149.85
142
138.65
137.4
136.1
135.3
135.6
130.75
132.5

166.05
167.95
170
170
169.45
174.65
169.4
169.7
174
170
168
167.25
171
183
166.55
168.4
171.9
178.7
170
169.5
174.9
173.95
171
153
151.1
161.4
161.25
142
138.1
150
158.75
151.8
150
155
155
156
154.1
145.2
140.2
141
143.9
134.5
135.85
143.4
147.8
147.7
149.7
139.9
139.5
139.6
136.4
136.2
136.4
132.7
133.7

173.3
170.3
172
173.4
176.85
178.8
170.95
174.85
174.45
172
170.45
172.25
189
184
172
172.5
174.45
178.7
172.75
174.2
176.85
173.95
171
153.5
156
168.15
162.95
147.9
150
158.35
161.9
151.8
155
155
158.2
156
154.5
145.9
144.5
143.25
144.8
136.85
142
148
150.35
151
149.85
140.8
141.7
139.6
136.9
137.95
136.4
135
133.7

124

164.65
165.7
161.4
168.05
169.45
166.2
167.5
169.25
167.8
166.15
164.8
166.55
169.85
165.05
166
166.9
168.05
162.6
166.2
169.3
174.25
165.85
156
142.75
147.35
140.55
134.5
114
136.2
148.9
148.5
144.2
148.8
148.5
151
152.1
146
136.65
137.65
138.8
134.2
127.5
133.15
141.75
144.5
145.15
141.2
132.35
136.55
135.1
134
135
129.8
131
128.35

166.2
166.55
167.25
168.85
174.35
168.15
169.1
173.55
169.85
167.4
165.75
167.95
176.95
166.45
167.45
170.75
169.8
167.5
167.35
173.05
174.4
167.6
158
150.85
153.45
159.95
141.4
135.05
146.25
154.8
150.25
147.95
154.45
150.45
155.35
153.65
148.05
138.45
138.45
141.1
137.55
132.7
140.5
146.45
149.45
149.85
142
138.65
137.4
136.1
135.3
135.6
130.75
132.5
130.35

167.25

165.1

174.35

168.15

176.95

165.75

170.75

166.45

174.4

167.35

159.95

141.4

154.8

135.05

155.35

148.05

141.1

132.7

149.85

140.5

138.65

135.3

176.95

162.35

174.4

135.05

24-Jun-04
25-Jun-04
28-Jun-04
29-Jun-04
30-Jun-04
1-Jul-04
2-Jul-04
5-Jul-04
6-Jul-04
7-Jul-04
8-Jul-04
9-Jul-04
12-Jul-04
13-Jul-04
14-Jul-04
15-Jul-04
16-Jul-04
19-Jul-04
20-Jul-04
21-Jul-04
22-Jul-04
23-Jul-04
26-Jul-04
27-Jul-04
28-Jul-04
29-Jul-04
30-Jul-04
2-Aug-04
3-Aug-04
4-Aug-04
5-Aug-04
6-Aug-04
9-Aug-04
10-Aug-04
11-Aug-04
12-Aug-04
13-Aug-04
16-Aug-04
17-Aug-04
18-Aug-04
19-Aug-04
20-Aug-04
23-Aug-04
24-Aug-04
25-Aug-04
26-Aug-04
27-Aug-04
30-Aug-04
31-Aug-04
1-Sep-04
2-Sep-04
3-Sep-04
6-Sep-04
7-Sep-04
8-Sep-04

130.35
126.15
133.65
137
137.7
136.55
139.4
143.65
147.65
149.4
145.5
148.65
158.05
154.95
151.95
149.7
150.2
150.05
151.75
155.35
157.6
164.55
152.3
150.75
148.5
149.85
149.45
152.35
151.35
150.05
150.6
150.4
149
152.15
157.5
157.3
158.6
150.7
150.3
151.05
141.4
145.35
142.65
139.6
135.5
136.75
136.65
139.9
136.05
139.9
137.05
136.45
134.4
135.1
133.9

131.8
127.45
134.55
137.9
137.85
138
140
144.7
147.9
150
146
150
154
154
153.9
147
149.9
151.5
151.75
157.3
161
165.55
149
151
149.95
151
151.75
152.1
151.75
150.6
151
152
149.8
153
157.4
157.4
157
150.25
151
151
139.5
144
142
139.9
145
138
137.4
140.5
137
140
137.5
136.5
136
135.65
135.3

131.8
134
138.55
138.5
141.75
139.95
144.95
148.5
150.45
151.5
165.3
159.7
157.4
157.35
168
151.45
151.25
155.75
156.75
160.25
166.5
170.75
154.65
151.5
151.45
151
153.35
153
151.75
153.85
151.7
152
152.7
158.4
159.7
160.8
158
153.65
153.2
151
146.35
145.8
143.9
141.5
145
142.15
140
140.5
140.45
140.3
138.5
137
137.25
136.3
137

125

123.9
125.35
133.05
134.5
135.1
135.4
137.5
143.6
145.4
144.5
142.2
143
133
150.3
148.1
146.6
148.1
148.1
151.2
155
159
143
149
146.5
149.1
145
149.3
148.7
149.1
149.5
147.25
148
149.2
152.6
156.2
157
147.2
148.6
150.15
138.65
135.6
140.4
138.5
134.65
135.15
136
136.85
135.6
136.9
136.35
136
134
134.65
133.2
133.75

126.15
133.65
137
137.7
136.55
139.4
143.65
147.65
149.4
145.5
148.65
158.05
154.95
151.95
149.7
150.2
150.05
151.75
155.35
157.6
164.55
152.3
150.75
148.5
149.85
149.45
152.35
151.35
150.05
150.6
150.4
149
152.15
157.5
157.3
158.6
150.7
150.3
151.05
141.4
145.35
142.65
139.6
135.5
136.75
136.65
139.9
136.05
139.9
137.05
136.45
134.4
135.1
133.9
136.45

133.65

126.15

143.65

136.55

158.05

145.5

154.95

149.7

164.55

151.75

152.35

148.5

151.35

149

158.6

150.7

151.05

141.4

139.9

135.5

139.9

134.4

149.85

126.15

164.55

139.4

158.6

135.5

9-Sep-04
10-Sep-04
13-Sep-04
14-Sep-04
15-Sep-04
16-Sep-04
17-Sep-04
20-Sep-04
21-Sep-04
22-Sep-04
23-Sep-04
24-Sep-04
27-Sep-04
28-Sep-04
29-Sep-04
30-Sep-04
1-Oct-04
4-Oct-04
5-Oct-04
6-Oct-04
7-Oct-04
8-Oct-04
9-Oct-04
11-Oct-04
12-Oct-04
14-Oct-04
15-Oct-04
18-Oct-04
19-Oct-04
20-Oct-04
21-Oct-04
25-Oct-04
26-Oct-04
27-Oct-04
28-Oct-04
29-Oct-04
1-Nov-04
2-Nov-04
3-Nov-04
4-Nov-04
5-Nov-04
8-Nov-04
9-Nov-04
10-Nov-04
11-Nov-04
12-Nov-04
16-Nov-04
17-Nov-04
18-Nov-04
19-Nov-04
22-Nov-04
23-Nov-04
24-Nov-04
25-Nov-04
29-Nov-04

136.45
132.85
138.8
139.85
146.35
143.35
145.5
149.2
148.05
149.75
150.05
147.9
149.6
145.05
141.7
140.55
146.3
143
144.35
148.95
149
154.65
157.3
153.9
156.8
152
148.25
150.75
147.75
151.35
149.55
149.2
150.65
154.85
157.6
160.1
157.15
158.3
158.95
159.8
159.65
155.9
158.8
159.7
163
164.5
164.75
162.75
161.3
161.3
160.6
161.25
164.05
164.8
167.6

137.55
133.5
139.45
140
146.5
146
146
149.8
148
150.5
149.4
143.5
148.6
147
142
141.2
146
144.05
145
149
151
154.15
156
155
157.35
152.5
149.9
151.1
148.9
152
150
149.9
151.95
156
159.25
161.85
158
159
159
161
160
155.6
160
159.5
163.8
165.7
164.95
164.8
162.3
161.9
160.55
164
164
165.5
167.8

137.75
139.7
141.8
146.9
149.5
146.75
150
150.75
150.5
151.7
149.8
150
149.2
147
142
147.5
146.85
146.45
149.5
152.95
157.2
158.4
156.5
159.5
157.5
153.8
152.5
153.8
151.9
153
150.65
153
155.25
158.6
163.9
166.9
159
159.4
160.45
161
160
159.65
160.25
163.6
170.5
166.4
165
164.8
163.5
162.8
162.8
167.95
166.85
168.5
169.75

126

130.85
132.1
136.4
138.25
141.15
142.5
145.6
144.65
147.5
148
147
143.5
143.5
140.1
139.75
140.75
141.8
144
144.5
148
150.55
154.15
152.25
154.5
151.1
147.1
149
147.1
147.8
148.6
148.2
148
151.15
154
153.25
156.05
153.65
157
157.55
157.25
155
155.6
156
158.3
163.25
164.3
160
160
160.35
160
158.65
163.05
162.5
162.45
166.05

132.85
138.8
139.85
146.35
143.35
145.5
149.2
148.05
149.75
150.05
147.9
149.6
145.05
141.7
140.55
146.3
143
144.35
148.95
149
154.65
157.3
153.9
156.8
152
148.25
150.75
147.75
151.35
149.55
149.2
150.65
154.85
157.6
160.1
157.15
158.3
158.95
159.8
159.65
155.9
158.8
159.7
163
164.5
164.75
162.75
161.3
161.3
160.6
161.25
164.05
164.8
167.6
168.6

138.8

132.85

149.2

139.85

150.05

147.9

146.3

140.55

157.3

144.35

156.8

147.75

151.35

147.75

160.1

150.65

159.8

155.9

164.75

158.8

162.75

160.6

167.6

161.25

150.05

132.85

160.1

143

30-Nov-04
1-Dec-04
2-Dec-04
3-Dec-04
6-Dec-04
7-Dec-04
8-Dec-04
9-Dec-04
10-Dec-04
13-Dec-04
14-Dec-04
15-Dec-04
16-Dec-04
17-Dec-04
20-Dec-04
21-Dec-04
22-Dec-04
23-Dec-04
24-Dec-04
27-Dec-04
28-Dec-04
29-Dec-04
30-Dec-04
31-Dec-04

168.6
173.7
183.4
186.55
186
178.85
178.1
188.35
192.7
188.2
191.2
199.8
212.15
213.4
198.55
195.55
199.05
203.35
208.9
208.85
209.75
212.4
213.25
212.95

169.75
174
184
187
183.9
178.9
181.5
188
193
189
193.45
201
214.1
213.7
199.4
196.05
200.85
205
210
207.5
211
212.4
215.5
245

174.5
187
190
187.9
184
180.2
192
197.9
193
193.6
201.9
214
220
213.7
201
200.4
207.4
209.85
213.7
211.1
214.9
215
245
245

169.15
173.55
182.4
184
177.2
175.7
181.5
188
186
187.7
193.15
200.2
202.05
196.05
194.25
196.05
200
204.05
205
204.75
210
207.75
208.9
212.5

173.7
183.4
186.55
186
178.85
178.1
188.35
192.7
188.2
191.2
199.8
212.15
213.4
198.55
195.55
199.05
203.35
208.9
208.85
209.75
212.4
213.25
212.95
216.35

186.55

168.6

192.7

178.1

213.4

191.2

208.9

195.55

216.35

209.75

173.7

155.9

209.75

178.1

BHARATI TELE VENTURES

Date
1-Jan-04
2-Jan-04
5-Jan-04
6-Jan-04
7-Jan-04
8-Jan-04
9-Jan-04
12-Jan-04
13-Jan-04
14-Jan-04
15-Jan-04
16-Jan-04
19-Jan-04
20-Jan-04
21-Jan-04
22-Jan-04
23-Jan-04
27-Jan-04
28-Jan-04

Prev
Close
105.1
111.05
109.65
107.25
113.05
111.6
121.65
120.5
119.55
119.15
122
119.3
114.3
112.45
118.25
123.3
122.15
126.35
147.1

Open
106.65
112.5
110.95
109.4
115.4
112.45
126
120.8
119.5
121.4
127
120
111
119
119.85
124.5
123.5
128.3
145.9

High
111.9
113.4
110.95
115
116.6
124
130.45
122.2
121.5
140
127
122.7
115.8
125
125.95
130
127
151.3
147

Low
106
108.55
105.3
108.9
109.3
112.45
119
116.95
115.45
120.35
113.1
113
108.6
116.25
119.15
119.6
121
128.3
136.05

127

Close
111.05
109.65
107.25
113.05
111.6
121.65
120.5
119.55
119.15
122
119.3
114.3
112.45
118.25
123.3
122.15
126.35
147.1
139.6

Weekly
highest

Weekly
lowest

111.05

109.65

121.65

107.25

122

114.3

126.35

112.45

Monthly
highest

Monthly
lowest

29-Jan-04
30-Jan-04
3-Feb-04
4-Feb-04
5-Feb-04
6-Feb-04
9-Feb-04
10-Feb04
11-Feb04
12-Feb04
13-Feb04
16-Feb04
17-Feb04
18-Feb04
19-Feb04
20-Feb04
23-Feb04
24-Feb04
25-Feb04
26-Feb04
27-Feb04
1-Mar-04
3-Mar-04
4-Mar-04
5-Mar-04
8-Mar-04
9-Mar-04
10-Mar04
11-Mar04
12-Mar04
15-Mar04
16-Mar04
17-Mar04
18-Mar04
19-Mar04
22-Mar04

139.6
138.7
134.65
128.25
130.75
128.35
139.8

140.9
138.5
135.7
128.5
131.95
130.4
141

140.9
141.65
137.4
134.45
132.9
141
141.5

133.5
133.6
127.15
126.65
127
129
134.1

138.7
134.65
128.25
130.75
128.35
139.8
138.9

138.9

139.9

144.5

136.5

138.1

138.1

140.4

143.4

138.5

141.6

141.6

143

148.3

142.3

147.45

147.45

147.75

154

146.5

153.15

153.15

153

160.25

153

158.5

158.5

158

160

151.65

158.65

158.65

160.4

160.4

155

156.7

156.7

156.95

160

155.6

157.3

157.3

158.5

158.5

150.5

153

153

154.5

157

148.85

150.15

150.15

152.8

152.8

138.05

148.65

148.65

149.2

150

146.5

147.6

147.6

149.95

149.95

141.1

142.45

142.45
142.4
162.95
153.95
153.9
153.85
154.6

142.5
143.8
164
154.8
153.05
155
153.5

146
167.7
164.9
160
156.6
156
156

140.15
143.7
151.35
152
149.5
152
152.25

142.4
162.95
153.95
153.9
153.85
154.6
154.05

154.05

154

159.35

153.05

156.75

156.75

154.5

155

147

149.45

149.45

149

154

147.55

150.6

150.6

152

155.25

149.1

151.05

151.05

150

151.9

141.4

144.7

144.7

147

150.25

143.8

145.3

145.3

146.5

146.5

140

141.8

141.8

143.5

143.85

134

135.55

135.55

137.85

137.85

128.35

133.5

128

147.1

134.65

139.8

128.25

153.15

138.1

158.65

153

150.15

142.4

162.95

153.85

156.75

149.45

151.05

135.55

147.1

107.25

158.65

128.25

23-Mar04
24-Mar04
25-Mar04
26-Mar04
29-Mar04
30-Mar04
31-Mar04
1-Apr-04
2-Apr-04
5-Apr-04
6-Apr-04
7-Apr-04
8-Apr-04
12-Apr-04
13-Apr-04
15-Apr-04
16-Apr-04
17-Apr-04
19-Apr-04
20-Apr-04
21-Apr-04
22-Apr-04
23-Apr-04
27-Apr-04
28-Apr-04
29-Apr-04
30-Apr-04
3-May-04
4-May-04
5-May-04
6-May-04
7-May-04
10-May04
11-May04
12-May04
13-May04
14-May04
17-May04
18-May04
19-May04
20-May04

133.5

134

140

132.5

138.05

138.05

140

141.95

137.05

138.8

138.8

140

147.4

139.55

145.25

145.25

146.55

149.1

145

146.85

146.85

150

151

144.2

145.95

145.95

147

153.9

145.2

152.7

152.7
155.8
162.35
172.3
165.1
166.2
166.55
167.25
168.85
174.35
168.15
169.1
173.55
169.85
167.4
165.75
167.95
176.95
166.45
167.45
170.75
169.8
167.5
167.35
173.05
174.4

154
156.7
163.9
174
166.05
167.95
170
170
169.45
174.65
169.4
169.7
174
170
168
167.25
171
183
166.55
168.4
171.9
178.7
170
169.5
174.9
173.95

156.5
169.4
173.9
177.25
173.3
170.3
172
173.4
176.85
178.8
170.95
174.85
174.45
172
170.45
172.25
189
184
172
172.5
174.45
178.7
172.75
174.2
176.85
173.95

149
155
163.15
163.55
164.65
165.7
161.4
168.05
169.45
166.2
167.5
169.25
167.8
166.15
164.8
166.55
169.85
165.05
166
166.9
168.05
162.6
166.2
169.3
174.25
165.85

155.8
162.35
172.3
165.1
166.2
166.55
167.25
168.85
174.35
168.15
169.1
173.55
169.85
167.4
165.75
167.95
176.95
166.45
167.45
170.75
169.8
167.5
167.35
173.05
174.4
167.6

167.6

171

171

156

158

158

153

153.5

142.75

150.85

150.85

151.1

156

147.35

153.45

153.45

161.4

168.15

140.55

159.95

159.95

161.25

162.95

134.5

141.4

141.4

142

147.9

114

135.05

135.05

138.1

150

136.2

146.25

146.25

150

158.35

148.9

154.8

154.8

158.75

161.9

148.5

150.25

129

146.85

133.5

172.3

145.95

167.25

165.1

174.35

168.15

176.95

165.75

170.75

166.45

174.4

167.35

159.95

141.4

162.95

133.5

176.95

162.35

21-May04
24-May04
25-May04
26-May04
27-May04
28-May04
31-May04
1-Jun-04
2-Jun-04
3-Jun-04
4-Jun-04
7-Jun-04
8-Jun-04
9-Jun-04
10-Jun-04
11-Jun-04
14-Jun-04
15-Jun-04
16-Jun-04
17-Jun-04
18-Jun-04
21-Jun-04
22-Jun-04
23-Jun-04
24-Jun-04
25-Jun-04
28-Jun-04
29-Jun-04
30-Jun-04
1-Jul-04
2-Jul-04
5-Jul-04
6-Jul-04
7-Jul-04
8-Jul-04
9-Jul-04
12-Jul-04
13-Jul-04
14-Jul-04
15-Jul-04
16-Jul-04
19-Jul-04
20-Jul-04
21-Jul-04
22-Jul-04
23-Jul-04
26-Jul-04
27-Jul-04
28-Jul-04

150.25

151.8

151.8

144.2

147.95

147.95

150

155

148.8

154.45

154.45

155

155

148.5

150.45

150.45

155

158.2

151

155.35

155.35

156

156

152.1

153.65

153.65

154.1

154.5

146

148.05

148.05
138.45
138.45
141.1
137.55
132.7
140.5
146.45
149.45
149.85
142
138.65
137.4
136.1
135.3
135.6
130.75
132.5
130.35
126.15
133.65
137
137.7
136.55
139.4
143.65
147.65
149.4
145.5
148.65
158.05
154.95
151.95
149.7
150.2
150.05
151.75
155.35
157.6
164.55
152.3
150.75
148.5

145.2
140.2
141
143.9
134.5
135.85
143.4
147.8
147.7
149.7
139.9
139.5
139.6
136.4
136.2
136.4
132.7
133.7
131.8
127.45
134.55
137.9
137.85
138
140
144.7
147.9
150
146
150
154
154
153.9
147
149.9
151.5
151.75
157.3
161
165.55
149
151
149.95

145.9
144.5
143.25
144.8
136.85
142
148
150.35
151
149.85
140.8
141.7
139.6
136.9
137.95
136.4
135
133.7
131.8
134
138.55
138.5
141.75
139.95
144.95
148.5
150.45
151.5
165.3
159.7
157.4
157.35
168
151.45
151.25
155.75
156.75
160.25
166.5
170.75
154.65
151.5
151.45

136.65
137.65
138.8
134.2
127.5
133.15
141.75
144.5
145.15
141.2
132.35
136.55
135.1
134
135
129.8
131
128.35
123.9
125.35
133.05
134.5
135.1
135.4
137.5
143.6
145.4
144.5
142.2
143
133
150.3
148.1
146.6
148.1
148.1
151.2
155
159
143
149
146.5
149.1

138.45
138.45
141.1
137.55
132.7
140.5
146.45
149.45
149.85
142
138.65
137.4
136.1
135.3
135.6
130.75
132.5
130.35
126.15
133.65
137
137.7
136.55
139.4
143.65
147.65
149.4
145.5
148.65
158.05
154.95
151.95
149.7
150.2
150.05
151.75
155.35
157.6
164.55
152.3
150.75
148.5
149.85

130

154.8

135.05

155.35

148.05

141.1

132.7

149.85

140.5

138.65

135.3

133.65

126.15

143.65

136.55

158.05

145.5

154.95

149.7

164.55

151.75

174.4

135.05

149.85

126.15

29-Jul-04
30-Jul-04
2-Aug-04
3-Aug-04
4-Aug-04
5-Aug-04
6-Aug-04
9-Aug-04
10-Aug04
11-Aug04
12-Aug04
13-Aug04
16-Aug04
17-Aug04
18-Aug04
19-Aug04
20-Aug04
23-Aug04
24-Aug04
25-Aug04
26-Aug04
27-Aug04
30-Aug04
31-Aug04
1-Sep-04
2-Sep-04
3-Sep-04
6-Sep-04
7-Sep-04
8-Sep-04
9-Sep-04
10-Sep04
13-Sep04
14-Sep04
15-Sep04
16-Sep04
17-Sep-

149.85
149.45
152.35
151.35
150.05
150.6
150.4
149

151
151.75
152.1
151.75
150.6
151
152
149.8

151
153.35
153
151.75
153.85
151.7
152
152.7

145
149.3
148.7
149.1
149.5
147.25
148
149.2

149.45
152.35
151.35
150.05
150.6
150.4
149
152.15

152.15

153

158.4

152.6

157.5

157.5

157.4

159.7

156.2

157.3

157.3

157.4

160.8

157

158.6

158.6

157

158

147.2

150.7

150.7

150.25

153.65

148.6

150.3

150.3

151

153.2

150.15

151.05

151.05

151

151

138.65

141.4

141.4

139.5

146.35

135.6

145.35

145.35

144

145.8

140.4

142.65

142.65

142

143.9

138.5

139.6

139.6

139.9

141.5

134.65

135.5

135.5

145

145

135.15

136.75

136.75

138

142.15

136

136.65

136.65

137.4

140

136.85

139.9

139.9

140.5

140.5

135.6

136.05

136.05
139.9
137.05
136.45
134.4
135.1
133.9
136.45

137
140
137.5
136.5
136
135.65
135.3
137.55

140.45
140.3
138.5
137
137.25
136.3
137
137.75

136.9
136.35
136
134
134.65
133.2
133.75
130.85

139.9
137.05
136.45
134.4
135.1
133.9
136.45
132.85

132.85

133.5

139.7

132.1

138.8

138.8

139.45

141.8

136.4

139.85

139.85

140

146.9

138.25

146.35

146.35

146.5

149.5

141.15

143.35

143.35
145.5

146
146

146.75
150

142.5
145.6

145.5
149.2

131

152.35

148.5

151.35

149

158.6

150.7

151.05

141.4

139.9

135.5

139.9

134.4

138.8

132.85

149.2

139.85

164.55

139.4

158.6

135.5

04
20-Sep04
21-Sep04
22-Sep04
23-Sep04
24-Sep04
27-Sep04
28-Sep04
29-Sep04
30-Sep04
1-Oct-04
4-Oct-04
5-Oct-04
6-Oct-04
7-Oct-04
8-Oct-04
9-Oct-04
11-Oct-04
12-Oct-04
14-Oct-04
15-Oct-04
18-Oct-04
19-Oct-04
20-Oct-04
21-Oct-04
25-Oct-04
26-Oct-04
27-Oct-04
28-Oct-04
29-Oct-04
1-Nov-04
2-Nov-04
3-Nov-04
4-Nov-04
5-Nov-04
8-Nov-04
9-Nov-04
10-Nov04
11-Nov04
12-Nov04
16-Nov04
17-Nov04
18-Nov-

149.2

149.8

150.75

144.65

148.05

148.05

148

150.5

147.5

149.75

149.75

150.5

151.7

148

150.05

150.05

149.4

149.8

147

147.9

147.9

143.5

150

143.5

149.6

149.6

148.6

149.2

143.5

145.05

145.05

147

147

140.1

141.7

141.7

142

142

139.75

140.55

140.55
146.3
143
144.35
148.95
149
154.65
157.3
153.9
156.8
152
148.25
150.75
147.75
151.35
149.55
149.2
150.65
154.85
157.6
160.1
157.15
158.3
158.95
159.8
159.65
155.9
158.8

141.2
146
144.05
145
149
151
154.15
156
155
157.35
152.5
149.9
151.1
148.9
152
150
149.9
151.95
156
159.25
161.85
158
159
159
161
160
155.6
160

147.5
146.85
146.45
149.5
152.95
157.2
158.4
156.5
159.5
157.5
153.8
152.5
153.8
151.9
153
150.65
153
155.25
158.6
163.9
166.9
159
159.4
160.45
161
160
159.65
160.25

140.75
141.8
144
144.5
148
150.55
154.15
152.25
154.5
151.1
147.1
149
147.1
147.8
148.6
148.2
148
151.15
154
153.25
156.05
153.65
157
157.55
157.25
155
155.6
156

146.3
143
144.35
148.95
149
154.65
157.3
153.9
156.8
152
148.25
150.75
147.75
151.35
149.55
149.2
150.65
154.85
157.6
160.1
157.15
158.3
158.95
159.8
159.65
155.9
158.8
159.7

159.7

159.5

163.6

158.3

163

163

163.8

170.5

163.25

164.5

164.5

165.7

166.4

164.3

164.75

164.75

164.95

165

160

162.75

162.75
161.3

164.8
162.3

164.8
163.5

160
160.35

161.3
161.3

132

150.05

147.9

146.3

140.55

157.3

144.35

156.8

147.75

151.35

147.75

160.1

150.65

159.8

155.9

164.75

158.8

150.05

132.85

160.1

143

04
19-Nov04
22-Nov04
23-Nov04
24-Nov04
25-Nov04
29-Nov04
30-Nov04
1-Dec-04
2-Dec-04
3-Dec-04
6-Dec-04
7-Dec-04
8-Dec-04
9-Dec-04
10-Dec04
13-Dec04
14-Dec04
15-Dec04
16-Dec04
17-Dec04
20-Dec04
21-Dec04
22-Dec04
23-Dec04
24-Dec04
27-Dec04
28-Dec04
29-Dec04
30-Dec04
31-Dec04

161.3

161.9

162.8

160

160.6

160.6

160.55

162.8

158.65

161.25

161.25

164

167.95

163.05

164.05

164.05

164

166.85

162.5

164.8

164.8

165.5

168.5

162.45

167.6

167.6

167.8

169.75

166.05

168.6

168.6
173.7
183.4
186.55
186
178.85
178.1
188.35

169.75
174
184
187
183.9
178.9
181.5
188

174.5
187
190
187.9
184
180.2
192
197.9

169.15
173.55
182.4
184
177.2
175.7
181.5
188

173.7
183.4
186.55
186
178.85
178.1
188.35
192.7

192.7

193

193

186

188.2

188.2

189

193.6

187.7

191.2

191.2

193.45

201.9

193.15

199.8

199.8

201

214

200.2

212.15

212.15

214.1

220

202.05

213.4

213.4

213.7

213.7

196.05

198.55

198.55

199.4

201

194.25

195.55

195.55

196.05

200.4

196.05

199.05

199.05

200.85

207.4

200

203.35

203.35

205

209.85

204.05

208.9

208.9

210

213.7

205

208.85

208.85

207.5

211.1

204.75

209.75

209.75

211

214.9

210

212.4

212.4

212.4

215

207.75

213.25

213.25

215.5

245

208.9

212.95

212.95

245

245

212.5

216.35

133

162.75

160.6

167.6

161.25

186.55

168.6

192.7

178.1

213.4

191.2

208.9

195.55

216.35

209.75

173.7

155.9

209.75

178.1

1) Gujarat Ambuja Cements Limited

(Consolidated Income Statement)
1H 2005 1H 2004 Growth(%)
Sales
14425
9764
48
Operating Profit
4113
2262
82
Interest
455
485
(6)
Depreciation
1204
1002
20
Profit Before Tax
2454
1219
101
Profit After Tax
2038
844
141
Minority Interest
112
58
93
Net Profit
1926
786
145
Net Operating Margin (%)
28
23
Total no of shares
179587791

RANBAXY
LABORATORIES LIMITED
Unaudited Financial Results (Provisional)
for three months ended 31st December, 2003

Rs. Millions
Three months ended
Particulars
31/12/2003 31/12/2002

Twelve months ended

31/12/2003 31/12/2002
%
%
Change
Audited Change

Sales

7,886

8,088

(2.5)

36,206

28,894

25.3

- Domestic

2,854

2,617

9.1

11,327

10,391

9.0

- Exports

5,032

5,471

(8.0)

24,879

18,503

34.5

427

324

1,308

1,208

Less : Trade
Discounts

134

Net Sales
Other Operating
Income
Total Expenditure
(Increase)/Decrease
in stock in trade
Consumption of
Material

7,459

7,764

950
6,363
(574)

(3.9)

34,898

27,686

621

3,379

1,934

5,773

26,085

21,396

32

(274)

(950)

4,225

3,176

15,769

13,010

581

489

2,279

1,949

Other Expenses

2,131

2,076

8,311

7,387

Balance

2,046

2,612

12,192

8,224

R & D Expenditure

637

471

2,364

1,686

Operating Profit
before Interest,
Depreciation &
Amortisation

1,409

2,141

9,828

6,538

36

31

75

208

Depreciation

154

145

602

484

Amortisation

17

93

126

110

1,202

1,872

9,025

5,736

Staff Cost

Interest

Balance
Technology
Licensing Income

(21.7)

(34.2)

(35.8)

322

Operating Profit
before Tax

1,202

2,194

Interest & Other

Income

10

1,212

2,203

176
(45.2)

26.0

48.2

50.3

57.3

629

9,201

6,365

69

59

9,270

6,424

44.6

Other Income
Profit before
Extra-ordinary
items

(45.0)

44.3

Extra-ordinary
items
Settlement
Compensation
Income
- on closure of a
contract
- for dispute of
patent
Profit on sale of
equity shares of
Specialty Ranbaxy
Ltd.
Profit before Tax

100

49

300

232

(41.7)

78

7,134

90

1,519

770

60

35

214

128

Profit after Tax

1,020

2,127

7,837

6,236

Paid - up Equity
Share Capital (Face
value of Rs. 10
each)

1,855

1,855

1,855

1,855

Deferred Tax

2,252

146

9,570

Tax

1,312

486

(52.0)

Reserves excluding
revaluation reserves
(as per balance
sheet of previous

16,861

135

34.1

25.7

accounting year)
Earnings Per Share
(Rs.)
Before prior period
and extra-ordinary
items
- Basic

5.06

- Diluted

5.02

After prior period

and extra-ordinary
items
- Basic

5.50

- Diluted

5.46

11.21

11.19

11.47

11.45

40.87

32.98

40.71

32.93

42.24

28.99

42.08

28.94

Aggregate of nonpromoter share

holding
- Number of shares

126,076,789 126,007,332

- Percentage of
shareholding

67.95%

126,076,789 126,007,332

67.94%

67.95%

67.94%

Table 2 Follows....
Segment wise Revenue,Results and Capital Employed
Rs. Million
Twelve Months
Three Months Twelve Months Three Months
ended
ended
ended
ended
31/12/2002
31/12/2003
31/12/2003 31/12/2002
Audited
Segment Revenue
Pharmaceutical
Others

Total
Less: Inter-segment revenue
Income from Operations

8,158

37,459

8,175

28,829

266

901

222

838

8,424

38,360

8,397

29,667

15

83

12

47

8,409

38,277

8,385

29,620

1,820

11,325

2,357

7,587

55

139

17

43

1,875

11,464

2,374

7,630

637

2,364

471

1,686

Segment Profit before Interest and Tax

Pharmaceutical
Others
Total
R&D Expenditure
Technology Income
Interest (net) & Other Income
Profit before Extra-ordinary items
Extra-ordinary items
Profit before Tax

176

322

629

26

22

149

1,212

9,270

2,203

6,424

100

300

49

710

1,312

9,570

2,252

7,134

16,502

16,502

16,025

16,025

8,338

8,338

3,762

3,762

24,840

24,840

19,787

19,787

Capital Employed
Pharmaceutical
Others
Total

136

Table 3 Follows....

RANBAXY
LABORATORIES LIMITED
Consolidated Unaudited Financial Results
for three months ended 31st December, 2003 (Indian GAAP)
Rs. Million
Three Months ended

Particulars

Twelve Months ended

%
31/12/2002
%
31/12/2003 31/12/2002
31/12/2003
Change
Audited Change

Net sales

11,444

Other Operating Income

10,589 8.1

45,165

37,138 21.6

840

451

3,144

1,460

2,388

2,836

12,281

8,868

Operating Profit before

Interest,
Depreciation & Amortisation
Gross
Add (Less) : Unrealised Profit on
stocks*
Net

328
2,716

(297)

(1,126)

2,539 7.0

11,155

(876)
7,992 39.6

Interest

101

99

336

387

Depreciation

205

293

1,108

661

Amortisation

83

155

302

290

Balance

2,327

Technology Licencing Income

Operating Profit before Tax

2,327

Interest and Other Income

Operating Profit before Extraordinary items

1,992 16.8

Extraordinary Items

2,467

9,585

31

244

2,345 0.9

100

Profit before Tax

176

2,314 0.6

40
2,367

9,409

322

9,829

49

352

2,394 3.0

10,181

6,654 41.4
640
7,294 31.4
86
7,380 33.2
954
8,334 22.2

Tax

605

413

2,515

1,759

Deferred Tax

101

31

243

97

Profit after Tax

1,761

Minority Interests

1,950 (9.7)

Profit after Tax & Minority

Interests

1,758

7,423

33

30

1,917 (8.3)

7,393

6,478 14.6
8
6,470 14.3

Audited Financial Results for the Quarter/Nine months (tisco)

ended on 31st December, 2004

Quarter Corresponding
Nine
Corresponding Previous
ended on quarter ended
Months
Nine Months
Financial
31.12.2004 on 31.12.2003 ended on
ended on
Year ended
in the
31.12.2004 31.12.2003 in
on
Previous Year
the Previous 31.03.2004
(Unaudited)
Year
(Unaudited)
(1)

(2)

137

(3)

(4)

(5)

(A)
1

Steel
Production

Steel Sales

Export
turnover
(F.O.B Value)

Tonnes
"

1,028,539

1,039,987

3,093,926

3,044,091

4,079,739

997,592

983,167

2,903,036

2,908,199

3,961,093

Rs.
Crores

502.69

358.53

1,522.95

1,057.04

1,496.56

US $
Mill.

112.51

78.85

335.36

230.10

327.72

4,090.46

2,967.00

11,603.74

8,430.91

11,920.96

(B)
1

Sales/Income
Rs.
from
Crores
Operations
Less: Excise
Duty

"

359.17

334.97

969.44

928.79

1,218.57

Net
Sales/Income
from
Operations

"

3,731.29

2,632.03

10,634.30

7,502.12

10,702.39

a)
(Increase)
/decrease in
stock in trade

"

(132.85)

(43.46)

(419.75)

(125.79)

(64.46)

b) Purchases
of finished,
semi-finished
steel and
other products

"

392.39

202.91

962.30

538.37

767.13

c) Raw
materials
consumed

"

486.68

364.21

1,334.59

1,054.55

1,462.44

d) Staff Cost

"

307.58

315.37

972.71

1,032.19

1,349.59

e) Purchase of
Power

"

175.20

163.98

531.72

509.50

667.53

f) Freight and
handling

"

240.03

188.35

676.67

560.07

748.44

g) Other
Expenditure

"

690.71

560.22

1,973.63

1,621.26

2,276.31

h) Total
Expenditure
(2a to 2g)

"

2,159.74

1,751.58

6,031.87

5,190.15

7,206.98

Total
Expenditure

Operating
Profit

"

1,571.55

880.45

4,602.43

2,311.97

3,495.41

Other Income

"

33.80

26.24

118.29

100.67

140.51

Interest (net)

"

80.93

59.71

177.36

193.19

122.17

Depreciation

"

149.51

147.85

466.55

439.47

625.11

Profit before
Tax and
Exceptional
Items (3+45-6)

"

1,374.91

699.13

4,076.81

1,779.98

2,888.64

Exceptional

138

Items
a) Employee
Separation
Compensation

"

(30.81)

b) Profit on
sale of long
term
investments

"

28.58

c) Total of
Exceptional
items (8a +
8b)

"

Profit before
Tax (7-8c)

(19.91)

(80.86)

(92.63)

(230.83)

8.3
3

28.58

8.39

8.15

(2.23)

(11.58)

(52.28)

(84.24)

(222.68)

"

1,372.68

687.55

4,024.53

1,695.74

2,665.96

10 Provision for
Current
Taxation

"

484.00

193.22

1,440.00

581.85

920.00

11 Provision for
Deferred
Taxation

"

(1.83)

47.16

18.95

(3.45)

(0.26)

12 Net Profit
(+) / Loss
(-) (9-1011)

"

890.51

447.17

2,565.58

1,117.34

1,746.22

13 Paid-up Equity
Share Capital
(Face Value :
Rs 10 per
Share)

"

553.67

369.18

553.67

369.18

369.18

14 Reserves
excluding
revaluation
reserves

"

15 Basic and
Diluted
Earnings per
Share (not
annualised)
(after
Exceptional
items)

Rupees

4,146.68

16.09

8.08

46.35

20.19

31.55

16 Aggregate of
Non-promoter
Shareholding
Number of
shares
% of
shareholding

Nos.
%

406,501,361
73.45%

271,966,962 406,501,361
73.71%

NOTES:
1. Segment Revenue, Results and Capital Employed

139

73.45%

271,966,962 271,966,962
73.71%

73.71%

(Rs. Crores)
Particulars

Quarter
Corresponding
Nine
Corresponding
Previous
ended on Quarter ended
months
Nine months
Financial
31.12.2004 on 31.12.2003 ended on
ended on
Year ended
in the Previous 31.12.2004 31.12.2003 in
on
Year
the Previous
31.03.2004
(Unaudited)
Year
(Unaudited)

Revenue by
Business Segment
Steel business

3311.47

2426.42

9536.71

6895.59

9875.81

Ferro Alloys and

Minerals

393.90

168.80

1087.48

499.40

730.17

Others

230.29

177.76

620.63

490.62

692.99

3935.66

2772.98

11244.82

7885.61

11298.97

204.37

140.95

610.52

383.49

596.58

3731.29

2632.03

10634.30

7502.12

10702.39

1223.75

702.46

3622.80

1814.25

2775.83

207.28

39.27

536.24

117.43

170.38

10.31

6.28

29.96

9.06

24.35

1441.34

748.01

4189.00

1940.74

2970.56

80.93

59.71

177.36

193.19

122.17

Other unallocable
(income)/expenditure

(14.50)

(10.83)

(65.17)

(32.43)

(40.25)

Profit before Tax and

Exceptional items

1374.91

699.13

4076.81

1779.98

2888.64

Employee Separation
Compensation

(30.81)

(19.91)

(80.86)

(92.63)

(230.83)

Profit on Sale of Long

Term Investments

28.58

8.33

28.58

8.39

8.15

1372.68

687.55

4024.53

1695.74

2665.96

Less: Taxes

482.17

240.38

1458.95

578.40

919.74

Profit after Tax

890.51

447.17

2565.58

1117.34

1746.22

8892.28

7805.18

8892.28

7805.18

8047.98

Ferro Alloys and

Minerals

213.17

158.76

213.17

158.76

154.65

Others

163.55

175.84

163.55

175.84

135.21

Total
Less: Inter segment
revenue
Net sales/ income
from operations
Segment results
before Interest,
Exceptional items
and Tax
Steel business
Ferro Alloys and
Minerals
Others
Total
Less:
Interest

Exceptional items :

Profit before Tax

Segment Capital
Employed
Steel business

140

Total

9269.00

8139.78

Bharathi tele venture

141

9269.00

8139.78

8337.84

142

143