PGDM-IB(2009-11)

[ β OF Bharti Airtel Limited ]

Submitted to :Dr. Sridevi Submitted By: Ranjan Shankar Shetty
Roll no - 40
Financial management

Contents

Introduction................................................................................................................................................... 3
Recently in News ........................................................................................................................................... 3
Financial Introduction ................................................................................................................................... 4
Operations ..................................................................................................................................................... 4
Airtel Sri Lanka....................................................................................................................................... 5
Airtel in Bangladesh............................................................................................................................... 5
Touchtel ................................................................................................................................................. 5
Airtel 3G................................................................................................................................................. 5
Shares in Issue ........................................................................................................................................... 5
Share Holding pattern ................................................................................................................................... 6
Board of Directors ......................................................................................................................................... 8
Exchange Listing ............................................................................................................................................ 8
Dividends Declared........................................................................................................................................ 8
Stock Split ...................................................................................................................................................... 9
Stock Beta and Volatility (β) .......................................................................................................................... 9
Thumb rule of Beta (β) .............................................................................................................................. 9
Calculation ...............................................................................................................................................16
Conclusion ...................................................................................................................................................16

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Financial management

Introduction
Bharti Airtel Limited, a group company of Bharti Enterprises, is among Asia’s leading
integrated telecom services providers with operations in India and Sri Lanka. In South Asia, the
company had an aggregate of over 125.3 million customers as of end December 2009, including
120.23 million mobile customers. Bharti Airtel has been ranked among the six best performing
technology companies in the world by Business Week.

Bharti Airtel is structured as four strategic business units - Mobile, Telemedia, Enterprise
and Digital TV. The mobile business offers services in India and Sri Lanka. The Telemedia
business provides broadband, IPTV and telephone services in 95 Indian cities. The Enterprise
business provides end-to-end telecom solutions to corporate customers and national and
international long distance services to carriers. The Digital TV business provides DTH services
across India. All these services are provided under the Airtel brand. Airtel’s national high-speed
optic fiber network currently spans over 118,337 Rkms across India. Airtel's international
network infrastructure includes ownership of the i2i submarine cable system and consortium
ownership in five global undersea cable systems, SEA-ME-WE 4, EIG, I-ME-WE, AAG and UNITY.

The Bharti Group has a diverse business portfolio and has created global brands in the
telecommunication sector. Bharti has recently forayed into retail business as Bharti Retail Pvt.
Ltd. under a MoU with Wal-Mart for the cash & carry business. It has successfully launched an
international venture with EL Rothschild Group to export fresh agric - products exclusively to
markets in Europe and USA and has launched Bharti AXA Life Insurance Company Ltd under a
joint venture with AXA, world leader in financial protection and wealth management.

The company also deploys, owns and manages passive infrastructure pertaining to
telecom operations under its subsidiary Bharti Infratel Limited. Bharti Infratel owns 42% of
Indus Towers Limited. Bharti Infratel and Indus Towers are the two top providers of passive
infrastructure services in India.

Recently in News
In January, Bharti Airtel bought 70 percent of Warid Telecom’s operations in Bangladesh
and said it would invest $300 million in that market, in addition to the approximately $700
million it paid for the stake.

Bharti Airtel Limited (“Bharti”) and Zain have agreed to enter into exclusive discussions
until 25 March 2010 for the acquisition of Zain’s African unit (Zain Africa BV) based on an
enterprise value of USD 10.7 billion. This potential transaction does not include Zain’s
operations in Morocco and Sudan and remains subject to due diligence, customary regulatory
approvals and signing of final transaction documentation.

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Financial management

Financial Introduction
Bharti Airtel (BHARTI AIRTEL LIMITED) is India's largest telecommunications company
by subscriber base, the total revenues, which were Rs. 373.5 billion in 2008/09. The company
reported a net profit of Rs. 78.5 billion in 2008/09, up 22.87% from Rs. 63.9 billion in 2008/09,
with a return on capital employed at 30.5%in 2008/09, EPS at 41.04 in 2008/09 when compared
to 34.23 in 2007/08 with an increase of 20.9%. Globally, Bharti Airtel is the 3rd largest in-
country mobile operator by subscriber base, behind China Mobile and China Unicom. In India,
the company has a 24.6% share of the wireless services market, followed by 17.7% for Reliance
Communications and 17.4% for Vodafone Essar.

Operations
The businesses at Bharti Airtel have always been structured into three individual
strategic business units (SBU's) - Mobile Services, Airtel Telemedia Services & Enterprise
Services. The mobile business provides mobile & fixed wireless services using GSM technology
across 23 telecom circles while the Airtel Telemedia Services business offers broadband &
telephone services in 95 cities and has recently launched a Direct-to-Home (DTH) service, Airtel
Digital TV, The company provides end-to-end data and enterprise services to the corporate
customers through its nationwide fiber optic backbone, last mile connectivity in fixed-line and
mobile circles, VSATs, ISP and international bandwidth access through the gateways and
landing station.

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Financial management

Partners
Network Equipment Mobile Services Nokia Siemens, Ericsson, Huawei
Telemedia & Long Distance Services Nokia Siemens, Wipro, Cisco,
Alcatel Lucent, ECI, Tellabs
Information Technology IBM
Call Centre Operations IBM Daksh, Hinduja TMT, Teleperformance,
Mphasis, Firstsource & Aegis
Equity Partner {Strategic}

Airtel Sri Lanka

In December 2008, Bharti Airtel rolled out third generation services in Sri Lanka in
association with Singapore Telecommunications. SingTel is a major player in the 3G space in
Asia. It operates third generation networks in several markets across Asia. Airtel's operation in
Sri Lanka, known as Airtel Lanka, commenced operations on the 12th of January 2009.

Airtel in Bangladesh
In January 2010, it was announced that the Bangladesh Telecommunications Regulatory
Commission (BTRC) of The People's Republic of Bangladesh had given Bharti Airtel the go ahead
to acquire a 70% stake in the Bangladesh business of Abu Dhabi based Warid Telcom. The latter
had till date investeda total of $600 million, with plans to bring their Bangladesh investments to
the $1 billion mark. Airtel's 70% stake in the company is said to be at a cost of an initial $300
million.

Touchtel
Until September 18, 2004, Bharti provided fixed-line telephony and broadband services
under the Touchtel brand. Bharti now provides all telecom services including fixed-line services
under a common brand "Airtel".

Airtel 3G
Airtel plans to launch the nationwide 3G services in India in the second quarter of 2010.

Shares in Issue

3,796,951,980 as at Dec 31, 2009

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Financial management

Share Holding pattern

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Financial management

Share holding in %
Particulars % Holding
Promoter's holding
Indian Promoters 45.44
Foreign Promoters 22.39
Sub total 67.84
Non promoter's holding
Institutional investors
Mutual Funds/ UTI 3.06
Banks Fin. Inst. and 4.9
Insurance
Foreign Institutional 17.49
Investors
Sub total 25.45
Other investors
Private Corporate Bodies 4.07
NRI's/OCB's/Foreign Others 0.4
Others 0.13
Sub total 4.6
General public 2.11
Grand total 100

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Financial management

Board of Directors

Sl Name Designation
No
1 Sunil Bharti Mittal Chairman and Managing Director
2 Manoj Kohli Joint Managing Director
3 Akhil Gupta Non Executive Director
4 Chua Sock Koong Non Executive Director
5 Lim Chuan Poh Non Executive Director
6 Tan Yong Choo Non Executive Director
7 Rajan Bharti Mittal Non Executive Director
8 Rakesh Bharti Mittal Non Executive Director
9 Craig Ehrlich Independent Non Executive Director
10 Ajay Lal Independent Non Executive Director
11 Arun Bharat Ram Independent Non Executive Director
12 Bashir Abdulla Currimjee Independent Non Executive Director
13 Mauro Sentinelli Independent Non Executive Director
14 N.Kumar Independent Non Executive Director
15 Nikesh Arora Independent Non Executive Director
16 Pulak Chandan Prasad Independent Non Executive Director

Exchange Listing
Exchange Listings
The Stock Exchange, Mumbai (BSE) Code : 532454
The National Stock Exchange Of India Limited (NSE) Code : BHARTIARTLEQ

Dividends Declared.
In the history of Bharti airtel limited The Company declared a Maiden dividend of 20% of
face value for the year

Dividends Declared Date 29-04-2009

Effective Date 24-07-2009
Dividend Type Final
Dividend % 20%
Dividend In Rs 2.00
Face Value of the share at the 10.00
time of Proposed Dividend

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Financial management

Stock Split
The company has also splitted the then existing equity shares of Rs. 10/-each into two
equity shares of Rs. 5 each. The shareholders have received the credit of the splitted shares on
31stJuly.

Stock Beta and Volatility (β)

Measurement of Bharti Airtel Limited stock risk relative to the overall NSE (national
Stock Exchange) risk.

Thumb rule of Beta (β)

If the stock's price experiences movements that are greater - more volatile - than the
stock market, then the beta value will be greater than 1. If a stock's price movements, or
swings, are less than those of the market then the beta value will be less than 1. Since increased
volatility of stock price means more risk to the investor, we'd also expect greater returns from
stocks with betas over 1. The reverse is true of a stock's beta is less than 1 - we'd expect less
volatility, lower risk, and therefore lower overall returns.

The Calculation of Beta is as below

NSE Bhartiartl
Sl Close
2
no Date Close returns (X) Price Returns (Y) X XY
1 1-Apr-09 3060.35 614.85
2 2-Apr-09 3211.05 4.924273367 638.7 3.878994877 24.2484682 19.10123116
3 6-Apr-09 3256.6 1.418539107 659.75 3.295757006 2.012253199 4.675160201
4 8-Apr-09 3342.95 2.651538414 662.3 0.386510042 7.030655962 1.024846223
-
5 9-Apr-09 3342.05 -0.026922329 666.05 0.566208667 0.000724812 0.015243656
-
6 13-Apr-09 3382.6 1.21332715 663.3 -0.412881916 1.472162772 0.500960838
7 15-Apr-09 3484.15 3.00212854 685.05 3.279059249 9.012775772 9.844157357
8 16-Apr-09 3369.5 -3.290616076 667.8 -2.518064375 10.82815416 8.285983111
9 17-Apr-09 3384.4 0.442202107 680.55 1.909254268 0.195542704 0.84427626
-
10 20-Apr-09 3377.1 -0.215695544 688.2 1.124090809 0.046524568 0.242461379
-
11 21-Apr-09 3365.3 -0.349412218 719.5 4.548096484 0.122088898 1.589160478
12 22-Apr-09 3330.3 -1.040026149 712.6 -0.958999305 1.081654391 0.997384354
-
13 23-Apr-09 3423.7 2.804552142 707.9 -0.659556553 7.86551272 1.849760745
14 24-Apr-09 3480.75 1.666325905 749.75 5.911851956 2.776642021 9.85107206

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15 27-Apr-09 3470 -0.308841485 743.65 -0.813604535 0.095383063 0.251274833

16 28-Apr-09 3362.35 -3.102305476 724.35 -2.595306932 9.624299263 8.051434906
17 29-Apr-09 3473.95 3.319107172 752.75 3.92075654 11.01647242 13.01341115
18 4-May-09 3654 5.182861008 759.25 0.863500498 26.86204823 4.475403063
-
19 5-May-09 3661.9 0.216201423 750.75 -1.119525848 0.046743055 0.242043082
-
20 6-May-09 3625.05 -1.006308201 757.5 0.899100899 1.012656195 0.904772608
21 7-May-09 3683.9 1.623425884 782.55 3.306930693 2.6355116 5.368556883
22 8-May-09 3620.7 -1.71557317 768.35 -1.814580538 2.943191301 3.113045685
23 11-May-09 3554.6 -1.825613832 748.65 -2.563935706 3.332865862 4.680756489
24 12-May-09 3681.1 3.558768919 793.8 6.03085554 12.66483622 21.46242125
-
25 13-May-09 3635.25 -1.245551601 795.75 0.245653817 1.551398792 0.305974505
26 14-May-09 3593.45 -1.149852142 764.65 -3.908262645 1.322159949 4.493924175
27 15-May-09 3671.65 2.176181664 799.85 4.603413326 4.735766634 10.01786367
28 18-May-09 4323.15 17.74406602 1003.2 25.42351691 314.8518789 451.1165625
29 19-May-09 4318.45 -0.108717023 915.1 -8.781897927 0.011819391 0.954741803
30 20-May-09 4270.3 -1.114983385 859.65 -6.059447055 1.243187949 6.75618279
31 21-May-09 4210.9 -1.391002974 852.45 -0.837550166 1.934889274 1.165034771
32 22-May-09 4238.5 0.65544183 859.6 0.838758871 0.429603992 0.549757649
33 25-May-09 4237.55 -0.02241359 810.35 -5.729409027 0.000502369 0.128416623
34 26-May-09 4116.7 -2.851883754 771.2 -4.831245758 8.133240944 13.77815129
-
35 27-May-09 4276.05 3.87081886 768.8 -0.31120332 14.98323865 1.204611678
36 28-May-09 4337.1 1.427719507 795.9 3.524973985 2.038382992 5.032674122
37 29-May-09 4448.95 2.578912176 820.9 3.141098128 6.650788013 8.100616209
-
38 1-Jun-09 4529.9 1.819530451 804.8 -1.961262029 3.310691062 3.568575985
39 2-Jun-09 4525.25 -0.102651273 800.4 -0.546719682 0.010537284 0.056121471
-
40 3-Jun-09 4530.7 0.120435335 798.45 -0.243628186 0.01450467 0.029341442
41 4-Jun-09 4572.65 0.925905489 816.4 2.248105705 0.857300975 2.081533412
42 5-Jun-09 4586.9 0.311635485 826.75 1.267760902 0.097116675 0.395079283
43 8-Jun-09 4429.9 -3.422790992 813.85 -1.56032658 11.71549817 5.340671762
-
44 9-Jun-09 4550.95 2.732567327 812.45 -0.172021871 7.466924194 0.470061345
45 10-Jun-09 4655.25 2.291829179 834.6 2.72632162 5.252480984 6.248263438
-
46 11-Jun-09 4637.7 -0.376993717 854.4 2.372393961 0.142124262 0.894377617
47 12-Jun-09 4583.4 -1.170838993 828.15 -3.072331461 1.370863949 3.597205475
48 15-Jun-09 4484 -2.168695728 819.45 -1.050534323 4.703241161 2.2782893
-
49 16-Jun-09 4517.8 0.753791258 809.5 -1.214229056 0.56820126 0.915275247
50 17-Jun-09 4356.15 -3.578068972 802.95 -0.809141445 12.80257757 2.895163899

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51 18-Jun-09 4251.4 -2.404646305 804.85 0.236627436 5.78232385 -0.56900529

52 19-Jun-09 4313.6 1.463047467 807.2 0.291979872 2.14050789 0.427180412
53 22-Jun-09 4235.25 -1.816348294 790.7 -2.044103072 3.299121124 3.712803128
-
54 23-Jun-09 4247 0.277433445 786.4 -0.54382193 0.076969317 0.150874392
55 24-Jun-09 4292.95 1.081940193 798.3 1.513224822 1.170594581 1.637218756
56 25-Jun-09 4241.85 -1.19032367 800 0.212952524 1.41687044 -0.25348243
57 26-Jun-09 4375.5 3.150747905 810.1 1.2625 9.92721236 3.97781923
-
58 29-Jun-09 4390.95 0.353102503 807.25 -0.351808419 0.124681377 0.124224433
59 30-Jun-09 4291.1 -2.273995377 802.15 -0.631774543 5.171054974 1.43665239
60 1-Jul-09 4340.9 1.160541586 824.25 2.75509568 1.346856773 3.197403111
-
61 2-Jul-09 4348.85 0.183141745 803.1 -2.565969063 0.033540899 0.469936051
62 3-Jul-09 4424.25 1.733791692 819.05 1.986054041 3.006033631 3.443403996
63 6-Jul-09 4165.7 -5.843928349 782.95 -4.407545327 34.15149855 25.75737909
64 7-Jul-09 4202.15 0.875003001 812.35 3.755029057 0.765630251 3.285661692
65 8-Jul-09 4078.9 -2.933022381 792.55 -2.437373053 8.60262029 7.148869718
66 9-Jul-09 4080.95 0.050258648 795.7 0.397451265 0.002525932 0.019975363
67 10-Jul-09 4003.9 -1.888040775 777.65 -2.26844288 3.564697967 4.282912654
68 13-Jul-09 3974.05 -0.745523115 766.35 -1.453095866 0.555804715 1.083316556
69 14-Jul-09 4111.4 3.456171915 773.3 0.906896327 11.94512431 3.134389615
70 15-Jul-09 4233.5 2.969791312 780.3 0.905211432 8.819660437 2.688289045
-
71 16-Jul-09 4231.4 -0.049604346 784.85 0.583109061 0.002460591 0.028924744
72 17-Jul-09 4374.95 3.39249421 826.25 5.274893292 11.50901696 17.89504495
73 20-Jul-09 4502.25 2.90974754 849.05 2.759455371 8.466630746 8.029318476
74 21-Jul-09 4469.1 -0.736298517 837.9 -1.313232436 0.542135507 0.966931096
75 22-Jul-09 4398.9 -1.570786064 823 -1.778255162 2.46736886 2.793258427
-
76 23-Jul-09 4523.75 2.838209552 814.1 -1.081409478 8.055433463 3.069266709
-
77 24-Jul-09 4568.55 0.99032882 415.95 -48.90676821 0.980751172 48.43378206
78 27-Jul-09 4572.3 0.082082937 423.5 1.81512201 0.006737608 0.148990545
-
79 28-Jul-09 4564.1 -0.179340813 429.55 1.428571429 0.032163127 0.256201162
80 29-Jul-09 4513.5 -1.108652308 424.7 -1.129088581 1.229109941 1.251766662
-
81 30-Jul-09 4571.45 1.283926 424 -0.164822227 1.648465973 0.211619543
-
82 31-Jul-09 4636.45 1.421868335 410.1 -3.278301887 2.021709562 4.661313645
83 3-Aug-09 4711.4 1.616538515 410.45 0.085345038 2.613196772 0.137963541
84 4-Aug-09 4680.5 -0.655856009 400.8 -2.351078085 0.430147104 1.541968689
85 5-Aug-09 4694.15 0.291635509 401.45 0.162175649 0.08505127 0.047296178
86 6-Aug-09 4585.5 -2.314583045 399.3 -0.5355586 5.357294672 1.239594855

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87 7-Aug-09 4481.4 -2.270199542 383.9 -3.856749311 5.153805961 8.75559052

88 10-Aug-09 4437.65 -0.97625742 373 -2.839281063 0.953078549 2.771869204
89 11-Aug-09 4471.35 0.759410949 382.45 2.533512064 0.57670499 1.923976802
-
90 12-Aug-09 4457.5 -0.309749852 405.5 6.026931625 0.095944971 1.866841178
91 13-Aug-09 4605 3.309029725 413.1 1.874229346 10.94967772 6.201880619
92 14-Aug-09 4580.05 -0.541802389 408.75 -1.053013798 0.293549828 0.570525391
93 17-Aug-09 4387.9 -4.195369046 398.75 -2.44648318 17.60112143 10.26389981
94 18-Aug-09 4458.9 1.6180861 411.05 3.084639498 2.618202628 4.991212297
95 19-Aug-09 4394.1 -1.453273229 405.45 -1.362364676 2.112003078 1.979888111
-
96 20-Aug-09 4453.45 1.350674768 400.05 -1.331853496 1.82432233 1.798900912
97 21-Aug-09 4528.8 1.691946693 411.7 2.912135983 2.862683612 4.927178846
98 24-Aug-09 4642.8 2.517223105 414.3 0.631527812 6.336412163 1.589696399
-
99 25-Aug-09 4659.35 0.356465926 408.05 -1.50856867 0.127067956 0.537753328
-
100 26-Aug-09 4680.85 0.461437754 405.4 -0.649430217 0.212924801 0.299671621
101 27-Aug-09 4688.2 0.157022763 416.5 2.738036507 0.024656148 0.429934057
102 28-Aug-09 4732.35 0.941726036 435.2 4.489795918 0.886847926 4.228157711
103 31-Aug-09 4662.1 -1.484463322 424.6 -2.435661765 2.203631353 3.615650554
104 1-Sep-09 4625.35 -0.78827138 422.25 -0.553462082 0.621371768 0.436278319
105 2-Sep-09 4608.35 -0.367539754 412.6 -2.285375962 0.135085471 0.839966518
106 3-Sep-09 4593.55 -0.321156162 404.95 -1.854095977 0.103141281 0.595454348
107 4-Sep-09 4680.4 1.890694561 405 0.012347203 3.574725922 0.02334479
108 7-Sep-09 4782.9 2.189983762 420.6 3.851851852 4.796028878 8.435493009
109 8-Sep-09 4805.25 0.46728972 424 0.808368997 0.218359682 0.377742522
-
110 9-Sep-09 4814.25 0.187295146 409.35 -3.455188679 0.035079472 0.647140068
111 10-Sep-09 4819.4 0.106974087 416.5 1.746671552 0.011443455 0.186848595
112 11-Sep-09 4829.55 0.21060713 421.2 1.128451381 0.044355363 0.237659906
113 14-Sep-09 4808.6 -0.433787827 419.3 -0.451092118 0.188171879 0.19567827
-
114 15-Sep-09 4892.1 1.736472154 415.6 -0.882423086 3.015335542 1.532303117
115 16-Sep-09 4958.4 1.355246213 419.9 1.034648701 1.836692299 1.402203734
116 17-Sep-09 4965.55 0.144199742 432.8 3.072160038 0.020793566 0.443004684
117 18-Sep-09 4976.05 0.211456938 442.95 2.345194085 0.044714037 0.495907561
118 22-Sep-09 5020.2 0.887249927 428.55 -3.250931256 0.787212433 -2.88438852
119 23-Sep-09 4969.95 -1.000956137 413.5 -3.511842259 1.001913189 3.515200062
120 24-Sep-09 4986.55 0.334007384 419.3 1.402660218 0.111560933 0.46849887
121 25-Sep-09 4958.95 -0.553488885 414.55 -1.132840448 0.306349946 0.627014597
122 29-Sep-09 5006.85 0.965930288 419.1 1.097575684 0.933021321 1.060181597
-
123 30-Sep-09 5083.95 1.53989035 418.75 -0.083512288 2.371262291 0.128599767

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-
124 1-Oct-09 5083.4 -0.01081836 435.1 3.904477612 0.000117037 0.042240043
125 5-Oct-09 5003.2 -1.577684227 400.25 -8.009652953 2.48908752 12.63670313
-
126 6-Oct-09 5027.4 0.483690438 359.35 -10.21861337 0.23395644 4.942645576
127 7-Oct-09 4985.75 -0.828460039 358.75 -0.166968137 0.686346036 0.138326429
-
128 8-Oct-09 5002.25 0.330943188 333.95 -6.912891986 0.109523394 2.287774513
-
129 9-Oct-09 4945.2 -1.140486781 343.3 2.799820332 1.300710098 3.193158078
130 12-Oct-09 5054.25 2.205168648 351.25 2.315758812 4.862768768 5.106638728
-
131 14-Oct-09 5118.2 1.265271801 340.15 -3.160142349 1.60091273 3.998439001
132 15-Oct-09 5108.85 -0.182681411 325.1 -4.424518595 0.033372498 0.808277302
133 16-Oct-09 5142.15 0.651810094 326.2 0.338357428 0.424856399 0.220544787
-
134 17-Oct-09 5141.8 -0.006806491 332.85 2.038626609 4.63283E-05 0.013875895
135 20-Oct-09 5114.45 -0.531914894 328.65 -1.261829653 0.282933454 0.671185986
-
136 21-Oct-09 5063.6 -0.994241805 332.7 1.232314012 0.988516767 1.225218108
-
137 22-Oct-09 4988.6 -1.481159649 337.05 1.30748422 2.193833907 1.936592869
-
138 23-Oct-09 4997.05 0.169386201 331.05 -1.780151313 0.028691685 0.301533067
139 26-Oct-09 4970.9 -0.523308752 330.65 -0.12082767 0.27385205 0.063230177
140 27-Oct-09 4846.7 -2.498541512 306.95 -7.167699985 6.242709685 17.90879595
-
141 28-Oct-09 4826.15 -0.423999835 317.1 3.30672748 0.17977586 1.402051906
142 29-Oct-09 4750.55 -1.566466024 311.8 -1.671397036 2.453815803 2.618186668
143 30-Oct-09 4711.7 -0.817800044 292.85 -6.077613855 0.668796912 4.970272879
-
144 3-Nov-09 4563.9 -3.136872042 300.4 2.578111661 9.839966207 8.087206391
145 4-Nov-09 4710.8 3.21873836 305.6 1.7310253 10.36027663 5.571717533
146 5-Nov-09 4765.55 1.162222977 319.3 4.482984293 1.350762248 5.210227351
147 6-Nov-09 4796.15 0.642108466 320.05 0.234888819 0.412303282 0.150824099
148 9-Nov-09 4898.4 2.131918309 307.55 -3.905639744 4.545075678 -8.32650488
10-Nov-
149 09 4881.7 -0.34092765 293.4 -4.600877906 0.116231662 1.568566492
11-Nov-
150 09 5003.95 2.504250568 299.95 2.232447171 6.27127091 5.590607097
12-Nov-
151 09 4952.65 -1.0251901 298.95 -0.333388898 1.051014741 0.341786998
13-Nov-
152 09 4998.95 0.934853058 302.1 1.053687908 0.873950241 0.985043363
16-Nov-
153 09 5058.05 1.182248272 302.75 0.215160543 1.397710977 0.25437318
17-Nov- -
154 09 5062.25 0.083035953 296.9 -1.932287366 0.006894969 0.160449322

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18-Nov-
155 09 5054.7 -0.149143168 296 -0.303132368 0.022243684 0.045210122
19-Nov-
156 09 4989 -1.299780402 293.4 -0.878378378 1.689429094 1.141699002
20-Nov- -
157 09 5052.45 1.271797956 288.75 -1.584867076 1.61747004 2.015630707
23-Nov- -
158 09 5103.55 1.011390514 275.25 -4.675324675 1.022910771 4.728579024
24-Nov- -
159 09 5090.55 -0.254724652 282.5 2.633969119 0.064884649 0.670936868
25-Nov- -
160 09 5108.15 0.345738673 281.75 -0.265486726 0.11953523 0.091789028
26-Nov-
161 09 5005.55 -2.008554956 280.45 -0.461401952 4.034293012 0.926751178
27-Nov- -
162 09 4941.75 -1.27458521 283.65 1.141023355 1.624567459 1.454331493
30-Nov-
163 09 5032.7 1.840441139 299.55 5.605499736 3.387223587 10.31659232
164 1-Dec-09 5122 1.774395454 304.55 1.669170422 3.148479226 2.961768409
165 2-Dec-09 5123.25 0.024404529 304.75 0.065670662 0.000595581 0.001602662
166 3-Dec-09 5131.7 0.164934368 306.8 0.672682527 0.027203346 0.110948467
-
167 4-Dec-09 5108.9 -0.444297211 310.1 1.075619296 0.197400012 0.477894654
-
168 7-Dec-09 5066.7 -0.826009513 316.4 2.031602709 0.682291715 1.678123164
169 8-Dec-09 5147.95 1.603607871 328.55 3.840075853 2.571558204 6.157975864
-
170 9-Dec-09 5112 -0.698336231 331.2 0.806574342 0.487673491 0.563260086
171 10-Dec-09 5134.65 0.443075117 342.4 3.381642512 0.19631556 1.498321653
172 11-Dec-09 5117.3 -0.337900344 331.55 -3.168808411 0.114176642 1.070741451
173 14-Dec-09 5105.7 -0.226682039 319.55 -3.619363595 0.051384747 0.820444721
174 15-Dec-09 5033.05 -1.422919482 316.85 -0.844938194 2.024699853 1.202279018
175 16-Dec-09 5042.05 0.178818013 325.5 2.729998422 0.031975882 0.488172893
176 17-Dec-09 5041.75 -0.005949961 324.3 -0.368663594 3.5402E-05 0.002193534
177 18-Dec-09 4987.7 -1.072048396 317.85 -1.988899167 1.149287763 2.132196162
178 21-Dec-09 4952.6 -0.703731179 310.1 -2.438257039 0.495237572 1.7158775
179 22-Dec-09 4985.85 0.671364536 321.95 3.821347952 0.45073034 2.565517494
180 23-Dec-09 5144.6 3.18401075 326.25 1.33561112 10.13792446 4.252600164
-
181 24-Dec-09 5178.4 0.656999572 321.15 -1.563218391 0.431648438 1.027033814
182 29-Dec-09 5187.95 0.184419898 325.95 1.494628678 0.034010699 0.275639268
183 30-Dec-09 5169.45 -0.356595572 325.7 -0.07669888 0.127160402 0.027350481
184 31-Dec-09 5201.05 0.611283599 329.75 1.243475591 0.373667638 0.760116234
-
185 4-Jan-10 5232.2 0.598917526 325.2 -1.379833207 0.358702203 0.826406291
186 5-Jan-10 5277.9 0.87343756 330.35 1.583640836 0.762893171 1.383211388
187 6-Jan-10 5281.8 0.073893026 326.85 -1.059482367 0.005460179 -

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0.078288358
-
188 7-Jan-10 5263.1 -0.354045969 329.4 0.780174392 0.125348548 0.276217599
189 8-Jan-10 5244.75 -0.348653835 325.05 -1.320582878 0.121559497 0.460426285
190 11-Jan-10 5249.4 0.088660089 328.95 1.199815413 0.007860611 0.106375741
191 12-Jan-10 5210.4 -0.742942051 322.25 -2.036783706 0.55196289 1.513212263
-
192 13-Jan-10 5233.95 0.451980654 318.4 -1.194724593 0.204286512 0.539992403
-
193 14-Jan-10 5259.9 0.49580145 318.05 -0.109924623 0.245819078 0.054500788
194 15-Jan-10 5252.2 -0.146390616 317.4 -0.204370382 0.021430212 0.029917906
195 18-Jan-10 5274.85 0.431247858 320.7 1.039697543 0.185974715 0.448367338
196 19-Jan-10 5225.65 -0.932727945 320.55 -0.046772685 0.869981419 0.04362619
-
197 20-Jan-10 5221.7 -0.075588683 331.5 3.416003744 0.005713649 0.258211223
198 21-Jan-10 5094.15 -2.442691078 322.4 -2.745098039 5.966739701 6.705426488
199 22-Jan-10 5036 -1.141505452 322.15 -0.077543424 1.303034698 0.088516242
-
200 25-Jan-10 5007.9 -0.557982526 330.9 2.716126028 0.311344499 1.515550862
201 27-Jan-10 4853.1 -3.091116037 322.9 -2.417648837 9.554998352 7.47323309
-
202 28-Jan-10 4867.25 0.291566215 313.65 -2.864663983 0.085010858 0.835239236
-
203 29-Jan-10 4882.05 0.304073142 306.4 -2.311493703 0.092460476 0.702863153
204 1-Feb-10 4899.7 0.361528456 311.2 1.566579634 0.130702825 0.566363117
205 2-Feb-10 4830.1 -1.420495132 307.65 -1.140745501 2.017806421 1.620423432
206 3-Feb-10 4931.85 2.106581644 309 0.438810336 4.437686224 0.9243898
207 4-Feb-10 4845.35 -1.753905735 304.1 -1.585760518 3.076185328 2.781274467
208 5-Feb-10 4718.65 -2.614878182 300.05 -1.33179875 6.837587908 3.482491495
209 6-Feb-10 4757.25 0.818030581 300.4 0.116647225 0.669174031 0.095420998
210 8-Feb-10 4760.4 0.066214725 308.35 2.646471372 0.00438439 0.175235374
211 9-Feb-10 4792.65 0.677464079 313.15 1.556672612 0.458957578 1.054589777
-
212 10-Feb-10 4757.2 -0.739674293 315.3 0.68657193 0.54711806 0.507839607
-
213 11-Feb-10 4826.85 1.464096527 314.5 -0.25372661 2.143578641 0.371480248
214 15-Feb-10 4801.95 -0.515864384 285.6 -9.189189189 0.266116062 4.740375417
215 16-Feb-10 4855.75 1.12037818 271.6 -4.901960784 1.255247266 -5.4920499
216 17-Feb-10 4914 1.199608711 279.15 2.77982327 1.43906106 3.33470021
-
217 18-Feb-10 4887.75 -0.534188034 281.9 0.985133441 0.285356856 0.526246496
218 19-Feb-10 4844.9 -0.8766815 278.8 -1.099680738 0.768570452 0.964069758
-
219 22-Feb-10 4856.4 0.237363 276.9 -0.681492109 0.056341194 0.161761012
220 23-Feb-10 4870.05 0.281072399 280.1 1.15565186 0.079001694 0.324821841
221 24-Feb-10 4858.6 -0.235110522 275.95 -1.481613709 0.055276958 0.348342973

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222 25-Feb-10 4859.75 0.02366937 276.25 0.108715347 0.000560239 0.002573224

223 26-Feb-10 4922.3 1.287103246 279.35 1.122171946 1.656634766 1.444351154
51.90314369 -49.49454604 910.0283693 812.874292

Calculation

Formula

β = n∑xy - (∑x) (∑y)

n[X2 - (∑X2)]

Where
∑X = 51.90314369

∑Y = -49.49454604

∑XY = 812.874292

∑X2 = 910.0283693

n = 222

Solve

β = 0.918200205

Conclusion
The Beta (β) value of Bharti Airtel Limited is 0.9182, this means the share price of Bharti
Airtel Limited is less volatile with comparison to market, If there is 1% change in market index
causes approximately 0.9182% change in the stock price.

β OF Bharti Airtel Limited Page 16