Documente Academic
Documente Profesional
Documente Cultură
IN STOCK MARKETS
[Type the document subtitle]
The capital asset pricing model, with assumptions
about no transactions cost or private information,
concludes that the marginal investor hold a portfolio
that includes every traded asset in the market, and
that the risk of any investment is the risk added on to
this "market portfolio". The expected return from the
model is:
Expected Return = Risk-free Rate + jM (Risk Premium
on Market Portfolio)
Mankhush Jagawat
8/19/2011
Contents
1.
2.
INTRODUCTION ............................................................................................................................... 4
1.1.
1.2.
1.3.
1.4.
1.5.
Investing .................................................................................................................................. 6
1.6.
1.7.
1.8.
2.2.
2.3.
4.3.2.
4.3.3.
5.
6.
6.4.
7.
APPENDIX ...................................................................................................................................... 15
8.
REFERENCES .................................................................................................................................. 35
Page | 3
1. INTRODUCTION
1.1. Beta Definition:
The formula for the beta of an asset within a portfolio is
where ra measures the rate of return of the asset, rp measures the rate of return of the portfolio, and
cov(ra,rp) is the covariance between the rates of return. The portfolio of interest in the CAPM
formulation is the market portfolio that contains all risky assets, and so the rp terms in the formula
are replaced by rm, the rate of return of the market.
Beta is also referred to as financial elasticity or correlated relative volatility, and can be referred to
as a measure of the sensitivity of the asset's returns to market returns, its non-diversifiable risk, its
systematic risk, or market risk. On an individual asset level, measuring beta can give clues
to volatility and liquidity in the marketplace. In fund management, measuring beta is thought to
separate a manager's skill from his or her willingness to take risk.
The beta coefficient was born out of linear regression analysis. It is linked to a regression analysis of
the returns of a portfolio (such as a stock index) (x-axis) in a specific period versus the returns of an
individual asset (y-axis) in a specific year. The regression line is then called the Security characteristic
Line (SCL).
a is called the asset's alpha and a is called the asset's beta coefficient. Both coefficients have an
important role in Modern portfolio theory.
For an example, in a year where the broad market or benchmark index returns 25% above the risk
free rate, suppose two managers gain 50% above the risk free rate. Because this higher return is
theoretically possible merely by taking a leveraged position in the broad market to double the beta
so it is exactly 2.0, we would expect a skilled portfolio manager to have built the outperforming
portfolio with a beta somewhat less than 2, such that the excess return not explained by the beta is
positive. If one of the managers' portfolios has an average beta of 3.0, and the other's has a beta of
only 1.5, then the CAPM simply states that the extra return of the first manager is not sufficient to
compensate us for that manager's risk, whereas the second manager has done more than expected
given the risk. Whether investors can expect the second manager to duplicate that performance in
future periods is of course a different question.
Page | 4
It is a useful tool in determining if an asset being considered for a portfolio offers a reasonable
expected return for risk. Individual securities are plotted on the SML graph. If the security's risk
versus expected return is plotted above the SML, it is undervalued because the investor can expect a
greater return for the inherent risk. A security plotted below the SML is overvalued because the
investor would be accepting a lower return for the amount of risk assumed.
For example, if one stock has low volatility and high correlation, and the other stock has low
correlation and high volatility, beta can compare their correlated volatility.
This also leads to an inequality (because |\rho| is not greater than one):
Page | 5
In other words, beta sets a floor on volatility. For example, if market volatility is 10%, any stock (or
fund) with a beta of 1 must have volatility of at least 10%.
Another way of distinguishing between beta and correlation is to think about direction and
magnitude. If the market is always up 10% and a stock is always up 20%, the correlation is one
(correlation measures direction, not magnitude). However, beta takes into account both direction
and magnitude, so in the same example the beta would be 2 (the stock is up twice as much as the
market).
1.5. Investing
By definition, the market itself has a beta of 1.0, and individual stocks are ranked according to how
much they deviate from the macro market (for simplicity purposes, the S&P 500 is sometimes used
as a proxy for the market as a whole). A stock whose returns vary more than the market's returns
over time can have a beta whose absolute value is greater than 1.0 (whether it is, in fact, greater
than 1.0 will depend on the correlation of the stock's returns and the market's returns). A stock
whose returns vary less than the market's returns has a beta with an absolute value less than 1.0.
A stock with a beta of 2 has returns that change, on average, by twice the magnitude of the overall
market's returns; when the market's return falls or rises by 3%, the stock's return will fall or rise
(respectively) by 6% on average. (However, because beta also depends on the correlation of returns,
Page | 6
there can be considerable variance about that average; the higher the correlation, the less variance;
the lower the correlation, the higher the variance.) Beta can also be negative, meaning the stock's
returns tend to move in the opposite direction of the market's returns. A stock with a beta of -3
would see its return decline 9% (on average) when the market's return goes up 3%, and would see its
return climb 9% (on average) if the market's return falls by 3%.
Higher-beta stocks tend to be more volatile and therefore riskier, but provide the potential for
higher returns. Lower-beta stocks pose less risk but generally offer lower returns. Some[3] have
challenged this idea, claiming that the data show little relation between beta and potential reward,
or even that lower-beta stocks are both less risky and more profitable (contradicting CAPM). In the
same way a stock's beta shows its relation to market shifts, it is also an indicator for required returns
on investment (ROI). Given a risk-free rate of 2%, for example, if the market (with a beta of 1) has
an expected return of 8%, a stock with a beta of 1.5 should return 11% (= 2% + 1.5(8% - 2%)).
because:
Page | 7
and
Firm Value (V) = Debt Value (D) + Equity Value (E)
An indication of the systematic riskiness attaching to the returns on ordinary shares. It equates to
the asset Beta for an ungeared firm, or is adjusted upwards to reflect the extra riskiness of shares in
a geared firm., i.e. the Geared Beta.[4]
The relative volatility ratio described above is actually known as Total Beta (at least by appraisers
who practice business valuation). Total Beta is equal to the identity: Beta/R or the standard
deviation of the stock/standard deviation of the market (note: the relative volatility). Total Beta
captures the security's risk as a stand-alone asset (because the correlation coefficient, R, has been
removed from Beta), rather than part of a well-diversified portfolio. Because appraisers frequently
value closely-held companies as stand-alone assets, Total Beta is gaining acceptance in the business
valuation industry. Appraisers can now use Total Beta in the following equation: Total Cost of Equity
(TCOE) = risk-free rate + Total Beta*Equity Risk Premium. Once appraisers have a number of TCOE
benchmarks, they can compare/contrast the risk factors present in these publicly-traded
benchmarks and the risks in their closely-held company to better defend/support their valuations.
for any given time period, but it does come with a cost. Assets do not trade on a continuous basis,
and when there is non-trading on the asset, the beta estimated can be affected.
Page | 11
6. BETA DETERMINATION
6.1. Airlines Sector
The Companies selected are:
Kingfisher
Spicejet
Jet Airways
Levered Beta
Unlevered Beta
Business Risk Beta
Debt Equity Ratio
Fixed Cost
Variable Cost
Company
Kingfisher
Jet Airways
SpiceJet
Kingfisher
SpiceJet Jet Airways
1.9482
1.5664
1.7023
1.9482
1.5664
0.1435
0.9095
0.9347
0.0884
0.00
0.00
16.46
3428.38 3428.38
4273.63
3001.90 3001.90
6862.31
Levered Beta
Expected Returns
1.948
12.19%
1.702
11.72%
1.566
11.46%
Page | 13
Levered Beta
Unlevered Beta
Business Risk Beta
Debt Equity Ratio
Fixed Cost
Variable Cost
Company
ACC
Ambuja
India Cements
ACC
Ambuja India Cements
1.6797
0.8715
1.0030
1.5411
0.8602
0.7631
0.8903
0.4965
0.4147
0.09
0.02
0.48
2626.55 2395.95
1405.29
3593.38 3271.02
1673.15
Levered Beta Expected Returns
0.753
9.89%
0.872
10.12%
1.003
10.37%
EIH
Levered Beta
Unlevered Beta
Business Risk Beta
Debt Equity Ratio
Fixed Cost
Variable Cost
Company
EIH
Indian Hotels
Leela Venture
0.4714
0.2965
0.0490
0.59
680.09
134.74
Page | 14
Levered Beta
Unlevered Beta
Business Risk Beta
Debt Equity Ratio
Fixed Cost
Variable Cost
Company
IOCL
BPCL
RIL
IOCL
BPCL
RIL
0.0601
0.7440
0.9849
0.0308
0.3484
0.6849
0.0293
0.3282
0.6533
0.95
1.72
0.66
12649.83
7082.69
9855.07
249478.85 114746.57 203552.99
7. APPENDIX
Kingfisher Airlines
Date
Adj Closing
Price (Rs.)
Returns
of BSE
Sensex
Returns
of KF
Airlines
Aug-11
28.85
16839.63
-7.46%
-16.62%
Jul-11
34.6
18197.2
-3.44%
-13.72%
Jun-11
May-11
Apr-11
Mar-11
40.1
42.5
43.6
39.9
18845.87
18503.28
19135.96
19445.22
1.85%
-3.31%
-1.59%
9.10%
-5.65%
-2.52%
9.27%
5.70%
Page | 15
Feb-11
37.75
17823.4
-2.75%
-25.40%
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
50.6
66.2
66.75
76.1
74.1
59.35
52.95
49.55
44.85
49.6
46.75
49.45
54.35
63.2
52.45
44.8
56.05
48.2
51.3
50.15
62.8
38.45
33.4
32.3
35.05
40.7
27.5
32.25
60.1
79.35
79.2
59.85
115.85
143.3
122.05
169.7
173.9
276.9
242.9
152.7
146.25
140.9
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24
9647.31
9092.72
9788.06
12860.43
14564.53
14355.75
13461.6
16415.57
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
17291.1
15318.6
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-5.65%
-2.31%
6.10%
-7.10%
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-5.04%
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
12.88%
-1.49%
-23.56%
-0.82%
-12.29%
2.70%
24.85%
12.09%
6.86%
10.48%
-9.58%
6.10%
-5.46%
-9.02%
-14.00%
20.50%
17.08%
-20.07%
16.29%
-6.04%
2.29%
-20.14%
63.33%
15.12%
3.41%
-7.85%
-13.88%
48.00%
-14.73%
-46.34%
-24.26%
0.19%
32.33%
-48.34%
-19.16%
17.41%
-28.08%
-2.42%
-37.20%
14.00%
59.07%
4.41%
3.80%
-0.07%
Page | 16
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
141
137.65
146.2
103.75
92.25
125.2
144.95
136.45
138.75
112.05
102.8
82.45
15550.99
14650.51
14544.46
13872.37
13072.1
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
11699.05
6.15%
0.73%
4.84%
6.12%
1.04%
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
2.43%
-5.85%
40.92%
12.47%
-26.32%
-13.63%
6.23%
-1.66%
23.83%
9.00%
24.68%
Spice Jet
Date
Adj
Closing
Price (Rs.)
Returns
of BSE
Sensex
Returns
of
SpiceJet
Aug-11
16839.63
28.15
-7.46%
-10.92%
Jul-11
18197.2
31.6
-3.44%
-3.95%
Jun-11
May-11
18845.87
18503.28
32.9
40.7
1.85%
-3.31%
-19.16%
-0.73%
Apr-11
Mar-11
Feb-11
19135.96
19445.22
17823.4
41
38.3
38
-1.59%
9.10%
-2.75%
7.05%
0.79%
-37.60%
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
60.9
80.9
82.15
84.65
74.8
71.6
62.4
58.35
56.95
62.9
58.3
55.65
55.6
56.75
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
-24.72%
-1.52%
-2.95%
13.17%
4.47%
14.74%
6.94%
2.46%
-9.46%
7.89%
4.76%
0.09%
-2.03%
21.26%
Page | 17
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
16926.22
15896.28
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24
9647.31
9092.72
9788.06
12860.43
14564.53
14355.75
13461.6
16415.57
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
17291.1
15318.6
15550.99
14650.51
14544.46
13872.37
13072.1
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
11699.05
46.8
37.05
35.65
26.45
21.1
19.3
23.73
14.28
13.47
13.83
14
15.9
12.22
11.3
22
27.3
27.95
24.9
32.5
43.35
40.8
65.05
72.95
86.95
52.55
55.1
58.6
57.3
59.05
55.15
61
44.45
44.8
48.9
58.9
55.3
52.7
45.3
43.9
43.5
6.48%
-7.18%
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-5.65%
-2.31%
6.10%
-7.10%
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-5.04%
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
12.88%
-1.49%
6.15%
0.73%
4.84%
6.12%
1.04%
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
26.32%
3.93%
34.78%
25.36%
9.33%
-18.67%
66.18%
6.01%
-2.60%
-1.21%
-11.95%
30.11%
8.14%
-48.64%
-19.41%
-2.33%
12.25%
-23.38%
-25.03%
6.25%
-37.28%
-10.83%
-16.10%
65.46%
-4.63%
-5.97%
2.27%
-2.96%
7.07%
-9.59%
37.23%
-0.78%
-8.38%
-16.98%
6.51%
4.93%
16.34%
3.19%
0.92%
Jet Airways
Page | 18
Date
Adj Closing
BSE Index
Adj Closing
Price (Rs.)
Returns of
BSE Sensex
Returns of
Jet
Airways
Aug-11
16839.63
375.85
-7.46%
-15.79%
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
18197.2
18845.87
18503.28
19135.96
19445.22
17823.4
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24
9647.31
9092.72
9788.06
12860.43
14564.53
14355.75
13461.6
16415.57
446.3
479.65
447.55
478.15
447.15
415.45
556.1
762.85
803.8
810.45
814.9
718.7
678.85
530.4
510.35
537.85
480.05
403.1
515.4
553.15
452.35
379.3
329.25
263.1
257.25
225.5
302.65
193.95
169.9
141.55
178.8
202.55
129.45
156.4
400.45
472.4
466
430.45
537.7
-3.44%
1.85%
-3.31%
-1.59%
9.10%
-2.75%
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-5.65%
-2.31%
6.10%
-7.10%
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-5.04%
-6.95%
7.17%
-6.40%
6.93%
7.63%
-25.29%
-27.10%
-5.09%
-0.82%
-0.55%
13.39%
5.87%
27.99%
3.93%
-5.11%
12.04%
19.09%
-21.79%
-6.82%
22.28%
19.26%
15.20%
25.14%
2.27%
14.08%
-25.49%
56.05%
14.16%
20.03%
-20.83%
-11.73%
56.47%
-17.23%
-60.94%
-15.23%
1.37%
8.26%
-19.95%
-2.76%
Page | 19
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
17291.1
15318.6
15550.99
14650.51
14544.46
13872.37
13072.1
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
11699.05
552.95
556.35
737.35
755.25
997.2
830.75
876.25
907.35
803.3
721.94
809.86
764.31
713.64
628.11
592.29
756.71
611.37
669.48
591.1
643.4
532.93
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
12.88%
-1.49%
6.15%
0.73%
4.84%
6.12%
1.04%
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
-0.61%
-24.55%
-2.37%
-24.26%
20.04%
-5.19%
-3.43%
12.95%
11.27%
-10.86%
5.96%
7.10%
13.62%
6.05%
-21.73%
23.77%
-8.68%
13.26%
-8.13%
20.73%
Returns of
BSE Sensex
Returns of
ACC
ACC
Date
Adj Closing
BSE Index
Adj Closing
Price (Rs.)
Aug-11
Jul-11
Jun-11
16839.63
18197.2
18845.87
999.9
1014
950.6
-7.46%
-3.44%
1.85%
-1.39%
6.67%
-7.80%
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
18503.28
19135.96
19445.22
17823.4
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
1031
1110.1
1079.4
998.5
989
1075
982.05
982.15
995
875.95
827.35
868.65
810.34
-3.31%
-1.59%
9.10%
-2.75%
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
-7.13%
2.84%
8.10%
0.96%
-8.00%
9.46%
-0.01%
-1.29%
13.59%
5.87%
-4.75%
7.20%
-9.89%
Page | 20
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24
9647.31
9092.72
9788.06
12860.43
14564.53
14355.75
13461.6
16415.57
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
17291.1
15318.6
15550.99
14650.51
14544.46
13872.37
13072.1
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
899.23
935.7
899.9
928.17
853.2
773.64
728.3
799.72
781.15
859.14
745.27
754.52
631.18
554.09
485.12
451.48
424.71
361.36
439.88
553.19
503.09
517.5
456.11
579.78
665.52
715.67
690.98
660.18
885.49
944.41
934.88
1037.98
921.01
912.22
801.69
729.58
719.59
630.45
757.96
857.45
913.03
948.7
812.41
834.8
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-5.65%
-2.31%
6.10%
-7.10%
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-5.04%
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
12.88%
-1.49%
6.15%
0.73%
4.84%
6.12%
1.04%
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
-3.90%
3.98%
-3.05%
8.79%
10.28%
6.23%
-8.93%
2.38%
-9.08%
15.28%
-1.23%
19.54%
13.91%
14.22%
7.45%
6.30%
17.53%
-17.85%
-20.48%
9.96%
-2.78%
13.46%
-21.33%
-12.88%
-7.01%
3.57%
4.67%
-25.44%
-6.24%
1.02%
-9.93%
12.70%
0.96%
13.79%
9.88%
1.39%
14.14%
-16.82%
-11.60%
-6.09%
-3.76%
16.78%
-2.68%
9.20%
Page | 21
Aug-06
11699.05
764.47
Ambuja
Date
Adj Closing
BSE Index
Adj Closing
Price (Rs.)
Returns of
BSE Sensex
Returns of
Ambuja
Aug-11
16839.63
130.55
-7.46%
0.81%
Jul-11
Jun-11
18197.2
18845.87
129.5
133.5
-3.44%
1.85%
-3.00%
-3.96%
May-11
18503.28
139
-3.31%
-10.75%
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
19135.96
19445.22
17823.4
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24
9647.31
9092.72
155.75
146.5
119
127
142.8
140.4
141.25
140.5
125.65
116.06
113.83
107.89
118.88
118.38
105.42
106.11
102.73
90.05
87.21
97.44
97
105.81
85.58
88.48
77.98
68.44
60.99
66.99
66.09
48.44
-1.59%
9.10%
-2.75%
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-5.65%
-2.31%
6.10%
-7.10%
6.31%
23.11%
-6.30%
-11.06%
1.71%
-0.60%
0.53%
11.82%
8.26%
1.96%
5.51%
-9.24%
0.42%
12.29%
-0.65%
3.29%
14.08%
3.26%
-10.50%
0.45%
-8.33%
23.64%
-3.28%
13.46%
13.94%
12.22%
-8.96%
1.36%
36.44%
-17.00%
Page | 22
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
9788.06
12860.43
14564.53
14355.75
13461.6
16415.57
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
17291.1
15318.6
15550.99
14650.51
14544.46
13872.37
13072.1
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
11699.05
58.36
74.21
76.39
75.32
71.11
89.18
106.69
113.48
111.42
108.79
136.82
138.95
135.01
133.89
123.91
119.63
113.35
103.24
107.38
97.14
105.43
124.23
127.62
130.65
104.98
104.4
100.38
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-5.04%
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
12.88%
-1.49%
6.15%
0.73%
4.84%
6.12%
1.04%
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
-21.36%
-2.85%
1.42%
5.92%
-20.26%
-16.41%
-5.98%
1.85%
2.42%
-20.49%
-1.53%
2.92%
0.84%
8.05%
3.58%
5.54%
9.79%
-3.86%
10.54%
-7.86%
-15.13%
-2.66%
-2.32%
24.45%
0.56%
4.00%
Adj Closing
BSE Index
Date
Adj Closing
Price (Rs.)
Returns of
BSE Sensex
Returns of
India
Cements
Aug-11
16839.63
71.9
-7.46%
3.08%
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
18197.2
18845.87
18503.28
19135.96
19445.22
17823.4
18327.76
20509.09
69.75
71
84.3
99.25
95.6
85.9
98.7
107.65
-3.44%
1.85%
-3.31%
-1.59%
9.10%
-2.75%
-10.64%
5.06%
-1.76%
-15.78%
-15.06%
3.82%
11.29%
-12.97%
-8.31%
1.70%
Page | 23
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24
9647.31
9092.72
9788.06
12860.43
14564.53
14355.75
13461.6
16415.57
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
17291.1
15318.6
15550.99
14650.51
14544.46
13872.37
13072.1
105.85
110.7
116.2
107
106.6
105.88
105.93
123.25
129.33
115.25
109.27
121.04
109.46
108.24
131.98
131.98
137.43
126.56
148.91
111.28
102.48
94.02
98.66
94.26
84.1
84.2
119.45
133.77
138.59
130.91
152.77
163.9
178.36
200.32
198.42
296.29
281.87
269.5
279.05
234.22
208.25
197.35
170.91
169.72
154.12
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-5.65%
-2.31%
6.10%
-7.10%
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-5.04%
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
12.88%
-1.49%
6.15%
0.73%
4.84%
6.12%
1.04%
-4.38%
-4.73%
8.60%
0.38%
0.68%
-0.05%
-14.05%
-4.70%
12.22%
5.47%
-9.72%
10.58%
1.13%
-17.99%
0.00%
-3.97%
8.59%
-15.01%
33.82%
8.59%
9.00%
-4.70%
4.67%
12.08%
-0.12%
-29.51%
-10.70%
-3.48%
5.87%
-14.31%
-6.79%
-8.11%
-10.96%
0.96%
-33.03%
5.12%
4.59%
-3.42%
19.14%
12.47%
5.52%
15.47%
0.70%
10.12%
-9.52%
Page | 24
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
11699.05
170.34
208.2
223.66
223.94
204.2
210.82
190.6
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
-18.18%
-6.91%
-0.13%
9.67%
-3.14%
10.61%
EIH
Adj Closing
BSE Index
Date
Adj Closing
Price (Rs.)
Returns of
BSE Sensex
Returns of
EIH
Aug-11
Jul-11
Jun-11
16839.63
18197.2
18845.87
85.3
96.05
86.9
-7.46%
-3.44%
1.85%
-11.19%
10.53%
5.33%
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
18503.28
19135.96
19445.22
17823.4
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
82.5
86.45
80.8
81.4
106
114.9
105.6
124.45
136.3
141.3
127.67
118.85
116.03
127.12
119.35
120.34
135.94
137.32
137.82
122.57
122.62
115.88
116.97
123.03
119.11
110.58
84.41
-3.31%
-1.59%
9.10%
-2.75%
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-4.57%
6.99%
-0.74%
-23.21%
-7.75%
8.81%
-15.15%
-8.69%
-3.54%
10.68%
7.42%
2.43%
-8.72%
6.51%
-0.82%
-11.48%
-1.00%
-0.36%
12.44%
-0.04%
5.82%
-0.93%
-4.93%
3.29%
7.71%
31.00%
-13.90%
Page | 25
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
8891.61
9424.24
9647.31
9092.72
9788.06
12860.43
14564.53
14355.75
13461.6
16415.57
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
17291.1
15318.6
15550.99
14650.51
14544.46
13872.37
13072.1
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
11699.05
98.04
96.12
121.56
94.6
82.35
125.93
144.11
116.17
112.14
123.25
143.44
132.23
212.84
214.1
307.22
320.67
328.83
314.37
271.28
251.26
245.8
225.57
218.85
175.32
245.84
284.72
310.28
337.83
293.79
312.63
256.11
-5.65%
-2.31%
6.10%
-7.10%
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-5.04%
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
12.88%
-1.49%
6.15%
0.73%
4.84%
6.12%
1.04%
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
2.00%
-20.93%
28.50%
14.88%
-34.61%
-12.62%
24.05%
3.59%
-9.01%
-14.08%
8.48%
-37.87%
-0.59%
-30.31%
-4.19%
-2.48%
4.60%
15.88%
7.97%
2.22%
8.97%
3.07%
24.83%
-28.69%
-13.66%
-8.24%
-8.15%
14.99%
-6.03%
22.07%
Indian Hotels
Date
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Adj Closing
BSE Index
16839.63
18197.2
18845.87
18503.28
19135.96
19445.22
Adj Closing
Price (Rs.)
72.2
75.9
77.35
80.55
83
85.1
Returns of
BSE Sensex
-7.46%
-3.44%
1.85%
-3.31%
-1.59%
9.10%
Returns of
Indian
Hotels
-4.87%
-1.87%
-3.97%
-2.95%
-2.47%
9.03%
Page | 26
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
17823.4
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24
9647.31
9092.72
9788.06
12860.43
14564.53
14355.75
13461.6
16415.57
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
17291.1
15318.6
15550.99
78.05
89.75
96.75
90.9
100.2
98.9
102.55
99.05
104.48
104.08
107.1
101.21
88.93
102.84
102
85.21
71.99
76.25
64.62
67.49
65.05
65.64
48.79
38.69
35.63
40.21
44.35
39.92
45.69
66.04
76.09
84.82
75.4
110.39
113.99
108.19
121.52
128.94
154.68
131.12
143.48
133.79
123.41
135.19
-2.75%
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-5.65%
-2.31%
6.10%
-7.10%
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-5.04%
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
12.88%
-1.49%
6.15%
-13.04%
-7.24%
6.44%
-9.28%
1.31%
-3.56%
3.53%
-5.20%
0.38%
-2.82%
5.82%
13.81%
-13.53%
0.82%
19.70%
18.36%
-5.59%
18.00%
-4.25%
3.75%
-0.90%
34.54%
26.10%
8.59%
-11.39%
-9.33%
11.10%
-12.63%
-30.81%
-13.21%
-10.29%
12.49%
-31.70%
-3.16%
5.36%
-10.97%
-5.75%
-16.64%
17.97%
-8.61%
7.24%
8.41%
-8.71%
-6.56%
Page | 27
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
14650.51
14544.46
13872.37
13072.1
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
11699.05
144.68
138.93
136.1
139.93
136.62
145.68
148.27
144.34
136
132.77
123.72
0.73%
4.84%
6.12%
1.04%
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
4.14%
2.08%
-2.74%
2.42%
-6.22%
-1.75%
2.72%
6.13%
2.43%
7.31%
Returns of
BSE Sensex
Returns of
Leela
Venture
Leela Venture
Adj Closing
BSE Index
Date
Aug-11
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
16839.63
18197.2
18845.87
18503.28
19135.96
19445.22
17823.4
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
17126.84
15666.64
15670.31
Adj Closing
Price (Rs.)
40.15
46
41.35
40.05
41.4
38.7
36.25
40.65
47.3
43.7
51.4
52.85
51.5
48.36
48.31
45.27
49.05
48.86
45.47
50.2
48.56
39.74
33.57
38.1
33.27
33.49
-7.46%
-3.44%
1.85%
-3.31%
-1.59%
9.10%
-2.75%
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
9.32%
-0.02%
8.12%
-12.72%
11.25%
3.25%
-3.26%
6.98%
6.76%
-10.82%
-14.06%
8.24%
-14.98%
-2.74%
2.62%
6.49%
0.10%
6.72%
-7.71%
0.39%
7.46%
-9.42%
3.38%
22.19%
18.38%
-11.89%
14.52%
-0.66%
6.93%
Page | 28
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24
9647.31
9092.72
9788.06
12860.43
14564.53
14355.75
13461.6
16415.57
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
17291.1
15318.6
15550.99
14650.51
14544.46
13872.37
13072.1
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
11699.05
31.32
32.41
21.69
18.34
17.75
17.85
18.69
17.21
28.03
28.18
31.82
30.51
32.45
40.97
48.09
38.84
49.35
41.5
70.56
63.15
46.49
49.06
41.8
47.46
50.79
55.62
52.77
53.93
54.72
59.85
60.96
64.56
61.24
64.27
123.72
-0.90%
28.26%
17.46%
9.19%
-5.65%
-2.31%
6.10%
-7.10%
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-5.04%
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
12.88%
-1.49%
6.15%
0.73%
4.84%
6.12%
1.04%
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
-3.36%
49.42%
18.27%
3.32%
-0.56%
-4.49%
8.60%
-38.60%
-0.53%
-11.44%
4.29%
-5.98%
-20.80%
-14.81%
23.82%
-21.30%
18.92%
-41.18%
11.73%
35.84%
-5.24%
17.37%
-11.93%
-6.56%
-8.68%
5.40%
-2.15%
-1.44%
-8.57%
-1.82%
-5.58%
5.42%
-4.71%
-48.05%
IOCL
Adj Closing
BSE Index
Date
Aug-11
Jul-11
Jun-11
16839.63
18197.2
18845.87
Adj Closing
Price (Rs.)
323.5
315.05
337.65
Returns of
BSE Sensex
-7.46%
-3.44%
1.85%
Returns of
IOCL
2.68%
-6.69%
3.26%
Page | 29
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
18503.28
19135.96
19445.22
17823.4
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24
9647.31
9092.72
9788.06
12860.43
14564.53
14355.75
13461.6
16415.57
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
327
340
334.25
299
336.4
343
346.15
418.55
418.5
397.95
350.83
390.29
342.25
285.64
287.68
308.08
292.09
296.93
280.4
304.49
659.74
553.63
523.57
509.22
583.15
424.52
370.73
415.42
427.2
407.96
391.83
323.93
387.76
384.22
381.56
314.38
402.47
435.87
421.63
530.44
454.7
751.52
512.28
455.79
-3.31%
-1.59%
9.10%
-2.75%
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-5.65%
-2.31%
6.10%
-7.10%
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-5.04%
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
-3.82%
1.72%
11.79%
-11.12%
-1.92%
-0.91%
-17.30%
0.01%
5.16%
13.43%
-10.11%
14.04%
19.82%
-0.71%
-6.62%
5.47%
-1.63%
5.90%
-7.91%
-53.85%
19.17%
5.74%
2.82%
-12.68%
37.37%
14.51%
-10.76%
-2.76%
4.72%
4.12%
20.96%
-16.46%
0.92%
0.70%
21.37%
-21.89%
-7.66%
3.38%
-20.51%
16.66%
-39.50%
46.70%
12.39%
2.39%
Page | 30
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
17291.1
15318.6
15550.99
14650.51
14544.46
13872.37
13072.1
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
11699.05
445.14
366.23
377.74
415.53
437.42
412.72
374.65
388.1
464.38
421.95
416.56
480.83
490.81
464.14
12.88%
-1.49%
6.15%
0.73%
4.84%
6.12%
1.04%
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
21.55%
-3.05%
-9.09%
-5.00%
5.98%
10.16%
-3.47%
-16.43%
10.06%
1.29%
-13.37%
-2.03%
5.75%
BPCL
Adj Closing
BSE Index
Date
Adj Closing
Price (Rs.)
Returns of
BSE Sensex
Returns of
BPCL
Aug-11
16839.63
690.15
-7.46%
4.58%
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
18197.2
18845.87
18503.28
19135.96
19445.22
17823.4
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
659.9
649.3
632.95
627.15
611.3
552.05
615.8
657.95
676.25
730.2
750.1
746.66
630.49
650.37
570.86
508.29
507.16
552.07
531.6
621.12
579.7
499.85
-3.44%
1.85%
-3.31%
-1.59%
9.10%
-2.75%
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
1.63%
2.58%
0.92%
2.59%
10.73%
-10.35%
-6.41%
-2.71%
-7.39%
-2.65%
0.46%
18.43%
-3.06%
13.93%
12.31%
0.22%
-8.13%
3.85%
-14.41%
7.15%
15.97%
-11.25%
Page | 31
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24
9647.31
9092.72
9788.06
12860.43
14564.53
14355.75
13461.6
16415.57
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
17291.1
15318.6
15550.99
14650.51
14544.46
13872.37
13072.1
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
11699.05
563.21
499.06
457.82
416.29
450.03
373.13
364.56
376.56
379.13
363.88
342.73
277.01
348.93
290.29
313.21
221.39
342.3
391.96
393.54
440.15
347.9
501.01
369.57
328.09
340.53
288.08
297.3
314.94
333.23
308.73
279.93
287.99
333.32
306.85
314.1
362.46
331.87
328.3
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-5.65%
-2.31%
6.10%
-7.10%
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-5.04%
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
12.88%
-1.49%
6.15%
0.73%
4.84%
6.12%
1.04%
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
12.85%
9.01%
9.98%
-7.50%
20.61%
2.35%
-3.19%
-0.68%
4.19%
6.17%
23.72%
-20.61%
20.20%
-7.32%
41.47%
-35.32%
-12.67%
-0.40%
-10.59%
26.52%
-30.56%
35.57%
12.64%
-3.65%
18.21%
-3.10%
-5.60%
-5.49%
7.94%
10.29%
-2.80%
-13.60%
8.63%
-2.31%
-13.34%
9.22%
1.09%
RIL
Page | 32
Date
Adj Closing
BSE Index
Adj Closing
Price (Rs.)
Returns of
BSE Sensex
Returns of
Reliance
Industries
Ltd.
Aug-11
16839.63
760.8
-7.46%
-8.08%
Jul-11
Jun-11
May-11
Apr-11
Mar-11
Feb-11
Jan-11
Dec-10
Nov-10
Oct-10
Sep-10
Aug-10
Jul-10
Jun-10
May-10
Apr-10
Mar-10
Feb-10
Jan-10
Dec-09
Nov-09
Oct-09
Sep-09
Aug-09
Jul-09
Jun-09
May-09
Apr-09
Mar-09
Feb-09
Jan-09
Dec-08
Nov-08
Oct-08
Sep-08
Aug-08
Jul-08
Jun-08
18197.2
18845.87
18503.28
19135.96
19445.22
17823.4
18327.76
20509.09
19521.25
20032.34
20069.12
17971.12
17868.29
17700.9
16944.63
17558.71
17527.77
16429.55
16357.96
17464.81
16926.22
15896.28
17126.84
15666.64
15670.31
14493.84
14625.25
11403.25
9708.5
8891.61
9424.24
9647.31
9092.72
9788.06
12860.43
14564.53
14355.75
13461.6
827.7
897.6
951.75
981.95
1047.8
964.95
919.25
1058.25
986.8
1095.8
986.35
918.85
1009.6
1086.9
1045.05
1025.51
1067.37
971.38
1039.46
1082.02
1055.6
1918.17
2173.21
1978.61
1932.21
1997.62
2248.54
1779.77
1503.83
1248.96
1308.35
1214.6
1117.21
1353.32
1921.6
2109.58
2178.14
2066.63
-3.44%
1.85%
-3.31%
-1.59%
9.10%
-2.75%
-10.64%
5.06%
-2.55%
-0.18%
11.67%
0.58%
0.95%
4.46%
-3.50%
0.18%
6.68%
0.44%
-6.34%
3.18%
6.48%
-7.18%
9.32%
-0.02%
8.12%
-0.90%
28.26%
17.46%
9.19%
-5.65%
-2.31%
6.10%
-7.10%
-23.89%
-11.70%
1.45%
6.64%
-17.99%
-7.79%
-5.69%
-3.08%
-6.28%
8.59%
4.97%
-13.13%
7.24%
-9.95%
11.10%
7.35%
-8.99%
-7.11%
4.00%
1.91%
-3.92%
9.88%
-6.55%
-3.93%
2.50%
-44.97%
-11.74%
9.84%
2.40%
-3.27%
-11.16%
26.34%
18.35%
20.41%
-4.54%
7.72%
8.72%
-17.45%
-29.57%
-8.91%
-3.15%
5.40%
-12.84%
Page | 33
May-08
Apr-08
Mar-08
Feb-08
Jan-08
Dec-07
Nov-07
Oct-07
Sep-07
Aug-07
Jul-07
Jun-07
May-07
Apr-07
Mar-07
Feb-07
Jan-07
Dec-06
Nov-06
Oct-06
Sep-06
Aug-06
16415.57
17287.31
15644.44
17578.72
17648.71
20286.99
19363.19
19837.99
17291.1
15318.6
15550.99
14650.51
14544.46
13872.37
13072.1
12938.09
14090.92
13786.91
13696.31
12961.9
12454.42
11699.05
2371.11
2569.08
2224.87
2415.23
2436.1
2830.63
2800.86
2733.85
2256.01
1925.2
1859.18
1670.54
1729.39
1532.8
1344.4
1324.85
1334.63
1242.45
1217.65
1199.27
1145.33
1093.05
-5.04%
10.50%
-11.00%
-0.40%
-13.00%
4.77%
-2.39%
14.73%
12.88%
-1.49%
6.15%
0.73%
4.84%
6.12%
1.04%
-8.18%
2.21%
0.66%
5.67%
4.07%
6.46%
-7.71%
15.47%
-7.88%
-0.86%
-13.94%
1.06%
2.45%
21.18%
17.18%
3.55%
11.29%
-3.40%
12.83%
14.01%
1.48%
-0.73%
7.42%
2.04%
1.53%
4.71%
4.78%
Page | 34
8. REFERENCES
http://www.wikipedia .com
http://capitaline.com
http://bseindia.com
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