Idea Cellular Ltd

Industry :Telecommunications - Service Provider

Source: BSE, Capitaline

Month

IDEA (Stock Prices)

Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10

Stock Returns (Ri)

94.55
114.5
126.1
124.6
129.55
122.7
125.15
135.2
122.4
138.7
123.65
110.15
102.75
105.5
108.9
93.1
88.3
82.5
75.35
42.75
47
52.65
47
46.9
50.15
58.05
83.35
71.3
78.9
81.05
75.35
52.05
50.95
58.2
58.45

0.191446028
0.09650042
-0.011966637
0.038958301
-0.054324555
0.019770666
0.077242146
-0.099460794
0.125018957
-0.114858333
-0.115611921
-0.06954422
0.0264121
0.031719077
-0.156755846
-0.052934077
-0.067941814
-0.090654368
-0.56677473
0.094778406
0.113518637
-0.113518637
-0.002129926
0.067000839
0.146286194
0.361743901
-0.156152282
0.1012849
0.02688502
-0.072922323
-0.36993913
-0.021360035
0.133040595
0.004286333

BSE Sensex
Returns (Rm1)
13072.1
13872.37
0.059418904
14544.46
0.047311073
14650.51
0.007264982
15550.99
0.059649155
15318.6
-0.015056526
17291.1
0.121124142
19837.99
0.137406868
19363.19
-0.024224945
20286.99
0.046605953
17648.71
-0.139317101
17578.72
-0.003973613
15644.44
-0.116573497
17287.31
0.099857124
16415.57
-0.051742432
13461.6
-0.198389087
14355.75
0.064309371
14564.53
0.014438562
12860.43
-0.124433965
9788.06
-0.27299188
9092.72
-0.073689182
9647.31
0.059205027
9424.24
-0.023394027
8891.61
-0.058176958
9708.5
0.087893655
11403.25
0.160896612
14625.25
0.248851084
14493.84
-0.009025755
15670.31
0.078044108
15666.64
-0.000234228
17126.84
0.089113213
15896.28
-0.074561704
16926.22
0.062778779
17464.81
0.0313241
16357.96
-0.06547337

Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11

60.85
65.45
61.2
50.5
59.2
70.25
71.45
73.6
67.2
72.5
69.4
69.6
57.5
67.5
68.65
68.45
79.75
94.35
99.95
98.8

Calculation of Beta using Formula method

Average Monthly Return
Average Yearly Return
Variance
S.D
Covariance

0.040240132
0.072874673
-0.067139303
-0.192173853
0.158948206
0.171138766
0.016937596
0.029647121
-0.090971778
0.075913314
-0.043699694
0.0028777
-0.19097962
0.16034265
0.016893534
-0.00291758
0.15279319
0.16811453
0.057658789
-0.011572456

16429.55
17527.77
17558.71
16944.63
17700.9
17868.29
17971.12
20069.12
20032.34
19521.25
20509.09
18327.76
17823.4
19445.22
19135.96
18503.28
18845.87
18197.2
16676.75
16453.76

0.08%
0.96%
0.020788076
14.28%

0.004366914
0.064704938
0.001763643
-0.035599154
0.043664516
0.009412148
0.005738391
0.11041629
-0.001834348
-0.025844352
0.049364587
-0.112451352
-0.02790465
0.087089081
-0.016031994
-0.033621274
0.018345778
-0.035026056
-0.087252202
-0.013461511

0.42%
5.02%
0.007852031
8.78%
0.008215877

Beta

1.046

Calculation of Beta using Regression model

Beta with SENSEX
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.652836148
0.426195037
0.414943959
0.109450872
53

ANOVA
df
Regression
Residual
Total

1
51
52

SS
0.453787699
0.610954168
1.064741866

MS
0.453787699
0.011979493

F
37.88037444

Coefficients
-0.006157512
1.048143962

Intercept
BETA

Standard Error
0.01504423
0.17029967

t Stat
-0.409293942
6.15470344

P-value
0.684037867
1.17296E-07

1
51
52

SS
0.4773543
0.587387566
1.064741866

MS
0.4773543
0.011517403

F
41.44634774

Coefficients
-0.006175058
0.975668726

Standard Error
0.014750836
0.151551155

t Stat
-0.418624239
6.437883794

P-value
0.677248511
4.20246E-08

Beta with BSE 500

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.669573495
0.448328666
0.437511581
0.107319165
53

ANOVA
df
Regression
Residual
Total

Intercept
BETA

with BSE Sensex

Beta using Formula Method
R

1.046

0.426

Beta using Regression

Method
Different Models for Returns Expectation
Method 1
Historical Method
Average Monthly Return
Average Yearly Return
Method 2
CAPM
Rf(Yearly)
Rm
Expected Return (Beta
from Formula Method)

1.048

0.08%
0.96%

0.42%
5.02%
8.3%
5.02%
4.87%

Expected Return (Beta

from Regression Method)
R Square >0.5, so this value of expected return is reliable.
Method 3

4.86%

Market Model E(Ri)= alpha + Beta I * Rm

Alpha
Beta
Rm
Expected Returns

Method 4

-0.62%
1.048143962
5.02%
4.65%

Premium for Total Risk

Rf
Rm
SD
Expected Return

with BSE Sensex

8.3%
5.02%
8.78%
2.96%

14.28%

Method 5

Risk Premium for business risk and Financial risk method

Year

Total Assets
2001
2002
2003
2004
2006
2007
2008
2009
2010
2011

PBT
2175.34
2827.62
3280.41
3740.96
4084.13
6429.66
10057.03
18873.78
17983.64
22888.16

Interest
-212.45
-159.81
-206.91
26.05
128.5
509.06
1116.86
1086.86
1168.73
906.32

PBIT
186.99
202.29
258.63
260
259.12
340.98
468.96
918.3
563.71
373.61

-25.46
42.48
51.72
286.05
387.62
850.04
1585.82
2005.16
1732.44
1279.93

Average
Range
AVG ROI
Range
AVG D/E
Risk free Rate
Business Risk Premium
Financial Risk Premium
Expected Rate of Return

0.073884338
0.169386653
1.73076162
8.3%
6.88%
3.46%
18.64%

Decomposition of Total Risk into Systematic and Unsystematic Risk

On the basis of Beta

BSE Sensex

BSE 500

Total Risk
Beta
Beta Square
Variance of Market Risk

si2

Systematic Risk

b 2 sm2

Unsystematic Risk
% Systematic Risk
% Unsystematic Risk

si2 -

On the basis of R Square

Total Risk
R square
Systematic Risk
Unsystematic Risk
% Systematic Risk
% Unsystematic Risk

b
b2
sm2

si2
R2
2
si

b sm

1.046
1.095
0.007852031

0.974
0.948
0.009541763

0.008596583

0.009050232

0.012191493
41.35%
58.65%

0.011737843
43.54%
56.46%

BSE Sensex

BSE 500

0.4262
0.008859775
0.011928301

0.4483
0.00931989
0.011468185

42.62%
57.38%

44.83%
55.17%

Comment:
Since R-square is less than 0.5, there is no significant corelation between Stock, Narrow Index and Broad Index. So the
"Risk Premium for business risk and Financial risk method " is
suitable for IDEA Cellular Ltd. for calculation of expected return

BSE-500

Returns (Rm2)
4955.39
5311.03
5646.9
5781.37
6063.2
5950.11
6773.54
7785.22
7865.98
8592.43
7160.03
7108.12
6157.27
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9

0.069309917
0.061320932
0.023533957
0.047597035
-0.018828007
0.129614139
0.139203219
0.010320067
0.088334452
-0.182367412
-0.007276378
-0.143604295
0.111715992
-0.061405515
-0.216333939
0.057812569
0.018955008
-0.139634365
-0.316158044
-0.079996958
0.087470217
-0.048443254
-0.058480034
0.086328153
0.161333904
0.287625917
-0.005125199
0.078475154
0.017393861
0.080717843
-0.06466438
0.069570869
0.038325327
-0.04979253

6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76

0.001301784
0.05972486
0.017638041
-0.037662181
0.04466899
0.015810175
0.011662117
0.09102802
0.006545048
-0.039961075
0.030482284
-0.110490783
-0.039764329
0.082195457
-0.001361643
-0.026369461
0.004340945
-0.021425868
-0.091852387
-0.015763576

0.46%
5.53%
0.009541763
9.68%
0.009292748
0.974

Significance F
1.17296E-07

Lower 95%
-0.036360064
0.706253116

Upper 95%
0.02404504
1.390034807

Lower 95.0%
-0.036360064
0.706253116

Upper 95.0%
0.02404504
1.390034807

Upper 95%
0.023438482
1.279920359

Lower 95.0%
-0.035788597
0.671417093

Upper 95.0%
0.023438482
1.279920359

Significance F
4.20246E-08

Lower 95%
-0.035788597
0.671417093

with BSE 500

0.974
0.448

0.976

Comment:
R2 is less than 0.5 in both the cases with BSE Sensex (Narrow
Index) and BSE 500 (Broad Index).
SENSEX Range of Beta: 0.706253116 to 1.390034807
BSE 500 Range of Beta :0.671417093 1.279920359
SE is high in both the cases.
So the value of Beta is insignificant and the beta vlaue is not
reliable.

0.46%
5.53%
8.3%
5.53%
5.61%

Risk -Free Rate: 10 yr Govt. Bond Yield (Sept 2011)

Source: Business Beacon, CMIE

5.60%

-0.62%
0.975668726
5.53%
4.78%

BSE 500
8.3%
5.53%
9.68%
4.22%

ROI

Debt
-0.011703918
0.015023235
0.015766322
0.07646433
0.09490883
0.132206058
0.157682735
0.106240509
0.096334224
0.055921053
0.073884338
0.169386653

IDEA

1517.59
1819.83
2263.53
2698.03
2915.6
4250.51
6514.76
7579.36
6526.41
10557.46

Shareholder's funds
Debt/Equity Ratio
657.75
2.307244394
1007.79
1.805763105
1016.88
2.225955865
1042.93
2.586971321
1168.53
2.495100682
2179.15
1.950535759
3542.27
1.839148343
11294.42
0.671071202
11457.23
0.56963245
12330.7
0.856193079
1.73076162

0.020788076

IDEA
0.020788076

ensex (Narrow

ta vlaue is not

GTL Ltd
Industry :Telecommunications - Equipment - Large

Source: BSE, Capitaline

Month

Stock Prices
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10

Stock Returns (Ri)

342.82
374.72
423.28
466.5
456.22
403.1
416.31
471.89
499.93
511.8
553.41
537.57
582.76
762.6
668.55
737.55
595.88
567.27
500.25
569.79
571.33
435.65
491.04
392.04
330.47
219.85
196.43
225.25
169.5
153.87
174.56
213.25
303.08
287.61
274.81
258.85
307.1
174.29
171.21
171.56
185.53

0.088973552
0.121854818
0.097224122
-0.022282871
-0.123790479
0.032245505
0.125315733
0.057722181
0.023465835
0.078165214
-0.029040153
0.080716454
0.26895821
-0.131622459
0.098222694
-0.213294578
-0.049203924
-0.125727407
0.130159898
0.002699104
-0.271127807
0.119686422
-0.225161715
-0.170847992
-0.407570388
-0.112639362
0.136904763
-0.28435797
-0.096744837
0.126160432
0.200196664
0.351531611
-0.052391401
-0.045525446
-0.059831206
0.170924684
-0.566452849
-0.017829705
0.002042186
0.078283534

BSE Sensex
Returns (Rm1)
12454.42
12961.9
0.039938705
13696.31
0.055112168
13786.91
0.006593138
14090.92
0.021811027
12938.09
-0.085354944
13072.1
0.010304514
13872.37
0.059418904
14544.46
0.047311073
14650.51
0.007264982
15550.99
0.059649155
15318.6
-0.015056526
17291.1
0.121124142
19837.99
0.137406868
19363.19
-0.024224945
20286.99
0.046605953
17648.71
-0.139317101
17578.72
-0.003973613
15644.44
-0.116573497
17287.31
0.099857124
16415.57
-0.051742432
13461.6
-0.198389087
14355.75
0.064309371
14564.53
0.014438562
12860.43
-0.124433965
9788.06
-0.27299188
9092.72
-0.073689182
9647.31
0.059205027
9424.24
-0.023394027
8891.61
-0.058176958
9708.5
0.087893655
11403.25
0.160896612
14625.25
0.248851084
14493.84
-0.009025755
15670.31
0.078044108
15666.64
-0.000234228
17126.84
0.089113213
15896.28
-0.074561704
16926.22
0.062778779
17464.81
0.0313241
16357.96
-0.06547337

Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11

155.79
171.06
163.15
143.55
197.47
177.62
155.04
168.05
180.25
131.2
145.5
122.3
85.75
107.8
100.6
89.8
96
101.45
79.5
71.4

Calculation of Beta using Formula method

Average Monthly Return
Average Yearly Return
Variance
S.D
Covariance

-0.174707648
0.093505426
-0.047344349
-0.127986616
0.318903268
-0.105940237
-0.135963289
0.080578406
0.070083222
-0.3176219
0.10345321
-0.173699044
-0.355040957
0.228841572
-0.069125401
-0.113567282
0.066763216
0.055217875
-0.243809045
-0.107459152

16429.55
17527.77
17558.71
16944.63
17700.9
17868.29
17971.12
20069.12
20032.34
19521.25
20509.09
18327.76
17823.4
19445.22
19135.96
18503.28
18845.87
18197.2
16676.75
16453.76

-2.57%
-30.86%
0.031154763
17.50%

0.004366914
0.064704938
0.001763643
-0.035599154
0.043664516
0.009412148
0.005738391
0.11041629
-0.001834348
-0.025844352
0.049364587
-0.112451352
-0.02790465
0.087089081
-0.016031994
-0.033621274
0.018345778
-0.035026056
-0.087252202
-0.013461511

0.46%
5.48%
0.007260825
8.45%
0.011245292

Beta

1.549

Calculation of Beta using Regression model

Beta with SENSEX
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.759605222
0.577000094
0.569579043
0.116365137
59

ANOVA
df
Regression
Residual
Total

1
57
58

SS
1.052825118
0.771828169
1.824653287

MS
1.052825118
0.013540845

F
77.75180301

Coefficients
-0.034447303
1.570009612

Intercept
0.039938705

Standard Error
0.015166544
0.17805209

t Stat
-2.271269091
8.817698283

P-value
0.02692515
3.06877E-12

1
57
58

SS
0.07135504
2.780382505
2.851737545

MS
0.07135504
0.04877864

F
1.462833713

Coefficients
-0.016314728
0.37126593

Standard Error
0.028783536
0.306964121

t Stat
-0.566807629
1.209476628

P-value
0.573070223
0.231472412

Beta with BSE 500

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.158182177
0.025021601
0.007916717
0.22085887
59

ANOVA
df
Regression
Residual
Total

Intercept
Beta

with BSE Sensex

Beta using Formula Method
R

1.549

0.577

Beta using Regression

Method
Different Models for Returns Expectation
Method 1
Historical Method
Average Monthly Return
Average Yearly Return
Method 2
CAPM
Rf(Yearly)
Rm
Expected Return (Beta
from Formula Method)

1.570

-2.57%
-30.86%

0.46%
5.48%
8.3%
5.48%
3.93%

Expected Return (Beta

from Regression Method)
R Square <0.5, so this value of expected return is not reliable.
Method 3

3.87%

Market Model E(Ri)= alpha + Beta I * Rm

Alpha
Beta
Rm
Expected Returns

Method 4

-3.44%
1.570009612
5.48%
5.16%

Premium for Total Risk

Rf
Rm
SD
Expected Return

with BSE Sensex

8.3%
5.48%
8.45%
2.45%

17.50%

Method 5

Risk Premium for business risk and Financial risk method

Year

Total Assets
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

PBT
1395.16
1492.45
1471.59
1879.62
1165.34
1856.7
1625.44
1997.26
3515.74
5248.9

Interest
115.16
86.06
91.46
101.82
65.54
43.68
126.6
112.79
197.69
214.23

PBIT
9.15
20.41
30.04
35.99
37.05
56.3
156.18
136.48
147.08
452.01

124.31
106.47
121.5
137.81
102.59
99.98
282.78
249.27
344.77
666.24

Average
Range
AVG ROI
Range
AVG D/E
Risk free Rate
Business Risk Premium
Financial Risk Premium
Expected Rate of Return
Method 6

0.098197585
0.12012313
0.853814168
8.3%
3.67%
1.71%
13.68%

Decomposition of Total Risk into Systematic and Unsystematic Risk

On the basis of Beta

BSE Sensex

BSE 500

Total Risk
Beta
Beta Square
Variance of Market Risk

si2

Systematic Risk

b 2 sm2

Unsystematic Risk
% Systematic Risk
% Unsystematic Risk

si2 -

On the basis of R Square

Total Risk

b
b2
sm2

si2

b sm

1.549
2.399
0.007260825

1.394
1.942
0.008801592

0.017416283

0.017093260

0.013738479
55.90%
44.10%

0.014061502
54.87%
45.13%

BSE Sensex

R2
R square
0.5770
2
si
Systematic Risk
0.017976301
Unsystematic
0.013178462
Comment: Risk
Since R-square is less than 0.5, there is no significant co%relation
Systematic
Risk Stock, Narrow Index and Broad Index. So the57.70%
between
Premium Risk
for business risk and Financial risk method " is42.30%
%"Risk
Unsystematic
suitable for IDEA Cellular Ltd. for calculation of expected return
Comment:
Since R-square is less than 0.5, there is no significant corelation between Stock, Narrow Index and Broad Index. So the
"Risk Premium for business risk and Financial risk method " is
suitable for GTL Ltd. for calculation of expected return

BSE 500
0.0250
0.000779542
0.030375221
2.50%
97.50%

BSE-500

Returns (Rm2)
4739.67
4957.37
5227.73
5270.76
5408.71
4938.08
4955.39
5311.03
5646.9
5781.37
6063.2
5950.11
6773.54
7785.22
7865.98
8592.43
7160.03
7108.12
6157.27
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9

0.044907845
0.053101791
0.008197415
0.025836052
-0.091034025
0.003499281
0.069309917
0.061320932
0.023533957
0.047597035
-0.018828007
0.129614139
0.139203219
0.010320067
0.088334452
-0.182367412
-0.007276378
-0.143604295
0.111715992
-0.061405515
-0.216333939
0.057812569
0.018955008
-0.139634365
-0.316158044
-0.079996958
0.087470217
-0.048443254
-0.058480034
0.086328153
0.161333904
0.287625917
-0.005125199
0.078475154
0.017393861
0.080717843
-0.06466438
0.069570869
0.038325327
-0.04979253

6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76

0.001301784
0.05972486
0.017638041
-0.037662181
0.04466899
0.015810175
0.011662117
0.09102802
0.006545048
-0.039961075
0.030482284
-0.110490783
-0.039764329
0.082195457
-0.001361643
-0.026369461
0.004340945
-0.021425868
-0.091852387
-0.015763576

0.49%
5.86%
0.008801592
9.30%
0.012265721
1.394

Significance F
3.06877E-12

Lower 95%
-0.064817784
1.213466453

Upper 95%
-0.004076822
1.92655277

Lower 95.0%
-0.064817784
1.213466453

Upper 95.0%
-0.004076822
1.92655277

Significance F
0.231472412

Lower 95%
-0.073952764
-0.243419115

Upper 95%
0.041323308
0.985950976

with BSE 500

1.394

Lower 95.0%
Upper 95.0%
-0.073952764
0.041323308
Comment:
-0.243419115
0.985950976
R2 is less than 0.5 in both the cases with BSE Sensex (Narrow
Index) and BSE 500 (Broad Index).
SENSEX Range of Beta: 0.706253116 to 1.390034807
BSE
500 Range of Beta :0.671417093 1.279920359
Comment:
SE
is
both
cases.
Sincehigh
R2 isin<0.5
in the
both
the cases i.e. (with Narrow Index , BSE
So
the
value
of
Beta
is
insignificant
andisthe
vlaue
is not(
Sensex & Broad Index, BSE-500), large
thebeta
range
of Beta
reliable.
0.322704807 1.03489814), (-0.243419115 0.985950976) &
high is the standard error . So, Beta is not reliable

0.025

0.371

Risk -Free Rate: 10 yr Govt. Bond Yield (Sept 2011)

Source: Business Beacon, CMIE

0.49%
5.86%

Risk -Free Rate: 10 yr Govt. Bond Yield (Sept 2011)

Source: Business Beacon, CMIE

8.3%
5.86%
4.91%

7.40%

-1.63%
0.37126593
5.86%
0.55%

BSE 500
8.3%
5.86%
9.30%
3.72%

ROI

Debt
0.089100892
0.071339073
0.082563758
0.073318011
0.088034393
0.053848225
0.173971355
0.124805984
0.098064703
0.126929452
0.098197585
0.12012313

GTL LTD

51.03
80.16
142.41
429.48
268.35
821.19
701.82
1011.25
2373.5
3963.83

Shareholder's funds
Debt/Equity Ratio
1344.13
0.037965078
1412.29
0.056758881
1329.18
0.107141245
1450.14
0.296164508
896.99
0.299167215
1035.51
0.793029522
923.62
0.75985795
986.01
1.025598118
1142.24
2.077934585
1285.07
3.084524578
0.853814168

0.031154763

GTL LTD
0.031154763

ensex (Narrow

row Index , BSE

ta
vlaue
is not(nge
of Beta
)&

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.059733
R Square
0.003568
Adjusted R Square
-0.01391
Standard Error
0.280264
Observations
59
ANOVA
df
Regression
Residual
Total

SS
MS
F
Significance F
1 0.016032 0.016032 0.204106 0.653142
57 4.477238 0.078548
58 4.493271

Coefficients
Standard Error t Stat
P-value Lower 95% Upper 95%Lower 95.0%
Upper 95.0%
Intercept 0.005922 0.036528 0.162126 0.87178 -0.06722 0.079069 -0.06722 0.079069
0.039939 0.19374 0.428837 0.451781 0.653142 -0.66499 1.052471 -0.66499 1.052471

Upper 95.0%

GTL Ltd
Industry :Telecommunications - Equipment - Large

Source: BSE, Capitaline

Month
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10

TATA Tele(Stock Prices)

Stock Returns (Ri)
BSE Sensex
Returns (Rm1)
38.95
12454.42
39.15
0.00512165
12961.9
0.039938705
39.15
0
13696.31
0.055112168
34.55
-0.124992872
13786.91
0.006593138
34.65
0.002890175
14090.92
0.021811027
33.85
-0.023358726
12938.09
-0.085354944
42.25
0.221665354
13072.1
0.010304514
49.25
0.153305014
13872.37
0.059418904
31.95
-0.432737187
14544.46
0.047311073
33.75
0.054808236
14650.51
0.007264982
38.1
0.121233865
15550.99
0.059649155
50.65
0.284724949
15318.6
-0.015056526
53.6
0.056609837
17291.1
0.121124142
94.25
0.564401758
19837.99
0.137406868
58.95
-0.469261199
19363.19
-0.024224945
55.1
-0.067539911
20286.99
0.046605953
46
-0.18050832
17648.71
-0.139317101
50.85
0.100238726
17578.72
-0.003973613
48.7
-0.043201092
15644.44
-0.116573497
42.1
-0.145631289
17287.31
0.099857124
39.1
-0.073925274
16415.57
-0.051742432
39.9
0.020253857
13461.6
-0.198389087
35.8
-0.10842843
14355.75
0.064309371
38.5
0.072710348
14564.53
0.014438562
47
0.19948936
12860.43
-0.124433965
30.5
-0.432420918
9788.06
-0.27299188
29.9
-0.019868203
9092.72
-0.073689182
28.5
-0.047954393
9647.31
0.059205027
29.55
0.036179657
9424.24
-0.023394027
29.95
0.013445581
8891.61
-0.058176958
44.65
0.399324983
9708.5
0.087893655
39.7
-0.11750312
11403.25
0.160896612
37.75
-0.050365712
14625.25
0.248851084
38.45
0.01837322
14493.84
-0.009025755
42.2
0.093061525
15670.31
0.078044108
30.15
-0.336235298
15666.64
-0.000234228
35.35
0.159113469
17126.84
0.089113213
35.5
0.004234304
15896.28
-0.074561704
43.9
0.212381624
16926.22
0.062778779
43
-0.020714204
17464.81
0.0313241
42
-0.023530497
16357.96
-0.06547337

Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11

41.2
36.8
47.05
46.4
45.25
45.9
44.65
43.9
43.05
40.7
36.25
36.9
36.3
32.85
15.1
15.15
12.4
11.7
50.05
58.15

Calculation of Beta using Formula method

Average Monthly Return
Average Yearly Return
Variance
S.D
Covariance

-0.019231362
-0.112940411
0.245713021
-0.013911407
-0.025096789
0.014262447
-0.02761081
-0.016939987
-0.019552089
-0.056134138
-0.115788711
0.01777217
-0.01639381
-0.099865996
-0.777257001
0.003305788
-0.200304059
-0.058107631
1.453433664
0.150003373

16429.55
17527.77
17558.71
16944.63
17700.9
17868.29
17971.12
20069.12
20032.34
19521.25
20509.09
18327.76
17823.4
19445.22
19135.96
18503.28
18845.87
18197.2
16676.75
16453.76

0.66%
7.88%
0.07615717
27.37%

0.004366914
0.064704938
0.001763643
-0.035599154
0.043664516
0.009412148
0.005738391
0.11041629
-0.001834348
-0.025844352
0.049364587
-0.112451352
-0.02790465
0.087089081
-0.016031994
-0.033621274
0.018345778
-0.035026056
-0.087252202
-0.013461511

0.46%
5.48%
0.007260825
8.45%
0.001378244

Beta

0.190

Calculation of Beta using Regression model

Beta with SENSEX
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.059732946
0.003568025
-0.013913238
0.280264238
59

ANOVA
df
Regression
Residual
Total

1
57
58

SS
0.016032101
4.477238444
4.493270544

MS
0.016032101
0.078548043

F
0.204105668

Coefficients
0.005922216
0.193740051

Intercept
0.039938705

Standard Error
0.036528466
0.428836632

t Stat
0.162126057
0.451780553

P-value
0.871779946
0.65314154

1
57
58

SS
0.07135504
2.780382505
2.851737545

MS
0.07135504
0.04877864

F
1.462833713

Coefficients
-0.016314728
0.37126593

Standard Error
0.028783536
0.306964121

t Stat
-0.566807629
1.209476628

P-value
0.573070223
0.231472412

Beta with BSE 500

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.158182177
0.025021601
0.007916717
0.22085887
59

ANOVA
df
Regression
Residual
Total

Intercept
Beta

with BSE Sensex

Beta using Formula Method
R

0.190

0.004

Beta using Regression

Method
Different Models for Returns Expectation
Method 1
Historical Method
Average Monthly Return
Average Yearly Return
Method 2
CAPM
Rf(Yearly)
Rm
Expected Return (Beta
from Formula Method)

0.194

0.66%
7.88%

0.46%
5.48%
8.3%
5.48%
7.76%

Expected Return (Beta

from Regression Method)
R Square <0.5, so this value of expected return is not reliable.
Method 3

7.75%

Market Model E(Ri)= alpha + Beta I * Rm

Alpha
Beta
Rm
Expected Returns

Method 4

0.59%
0.193740051
5.48%
1.65%

Premium for Total Risk

Rf
Rm
SD
Expected Return

with BSE Sensex

8.3%
5.48%
8.45%
-0.84%

27.37%

Method 5

Risk Premium for business risk and Financial risk method

Year

Total Assets
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

PBT
1395.16
1492.45
1471.59
1879.62
1165.34
1856.7
1625.44
1997.26
3515.74
5248.9

Interest
115.16
86.06
91.46
101.82
65.54
43.68
126.6
112.79
197.69
214.23

PBIT
9.15
20.41
30.04
35.99
37.05
56.3
156.18
136.48
147.08
452.01

124.31
106.47
121.5
137.81
102.59
99.98
282.78
249.27
344.77
666.24

Average
Range
AVG ROI
Range
AVG D/E
Risk free Rate
Business Risk Premium
Financial Risk Premium
Expected Rate of Return
Method 6

0.098197585
0.12012313
0.853814168
8.3%
3.67%
1.71%
13.68%

Decomposition of Total Risk into Systematic and Unsystematic Risk

On the basis of Beta

BSE Sensex

BSE 500

Total Risk
Beta
Beta Square
Variance of Market Risk

si2

Systematic Risk

b 2 sm2

Unsystematic Risk
% Systematic Risk
% Unsystematic Risk

si2 -

On the basis of R Square

Total Risk
R square
Systematic Risk
Unsystematic Risk
% Systematic Risk
% Unsystematic Risk

b
b2
sm2

si2
R2
2
si

b sm

0.190
0.036
0.007260825

0.118
0.014
0.008801592

0.000261617

0.000121971

0.075895552
0.34%
99.66%

0.076035199
0.16%
99.84%

BSE Sensex

BSE 500

0.0036
0.000271731
0.075885439

0.0250
0.001905574
0.074251595

0.36%
99.64%

2.50%
97.50%

Comment:
Since R-square is less than 0.5, there is no significant corelation between Stock, Narrow Index and Broad Index. So the
"Risk Premium for business risk and Financial risk method " is
suitable for GTL Ltd. for calculation of expected return

BSE-500

Returns (Rm2)
4739.67
4957.37
5227.73
5270.76
5408.71
4938.08
4955.39
5311.03
5646.9
5781.37
6063.2
5950.11
6773.54
7785.22
7865.98
8592.43
7160.03
7108.12
6157.27
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9

0.044907845
0.053101791
0.008197415
0.025836052
-0.091034025
0.003499281
0.069309917
0.061320932
0.023533957
0.047597035
-0.018828007
0.129614139
0.139203219
0.010320067
0.088334452
-0.182367412
-0.007276378
-0.143604295
0.111715992
-0.061405515
-0.216333939
0.057812569
0.018955008
-0.139634365
-0.316158044
-0.079996958
0.087470217
-0.048443254
-0.058480034
0.086328153
0.161333904
0.287625917
-0.005125199
0.078475154
0.017393861
0.080717843
-0.06466438
0.069570869
0.038325327
-0.04979253

6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76

0.001301784
0.05972486
0.017638041
-0.037662181
0.04466899
0.015810175
0.011662117
0.09102802
0.006545048
-0.039961075
0.030482284
-0.110490783
-0.039764329
0.082195457
-0.001361643
-0.026369461
0.004340945
-0.021425868
-0.091852387
-0.015763576

0.49%
5.86%
0.008801592
9.30%
0.001036116
0.118

Significance F
0.65314154

Lower 95%
-0.067224775
-0.664990486

Upper 95%
0.079069208
1.052470588

Lower 95.0%
-0.067224775
-0.664990486

Upper 95.0%
0.079069208
1.052470588

Upper 95%
0.041323308
0.985950976

Lower 95.0%
-0.073952764
-0.243419115

Upper 95.0%
0.041323308
0.985950976

Significance F
0.231472412

Lower 95%
-0.073952764
-0.243419115

with BSE 500

0.118

Comment:
Since R2 is <0.5 in both the cases i.e. (with Narrow Index , BSE
Sensex & Broad Index, BSE-500), large is the range of Beta (
0.322704807 1.03489814), (-0.243419115 0.985950976) &
high is the standard error . So, Beta is not reliable

0.025

0.371

0.49%
5.86%
8.3%
5.86%
8.01%

Risk -Free Rate: 10 yr Govt. Bond Yield (Sept 2011)

Source: Business Beacon, CMIE

7.40%

-1.63%
0.37126593
5.86%
0.55%

BSE 500
8.3%
5.86%
9.30%
1.14%

ROI

Debt
0.089100892
0.071339073
0.082563758
0.073318011
0.088034393
0.053848225
0.173971355
0.124805984
0.098064703
0.126929452
0.098197585
0.12012313

GTL LTD

51.03
80.16
142.41
429.48
268.35
821.19
701.82
1011.25
2373.5
3963.83

Shareholder's funds
Debt/Equity Ratio
1344.13
0.037965078
1412.29
0.056758881
1329.18
0.107141245
1450.14
0.296164508
896.99
0.299167215
1035.51
0.793029522
923.62
0.75985795
986.01
1.025598118
1142.24
2.077934585
1285.07
3.084524578
0.853814168

0.076157170

GTL LTD
0.076157170

row Index , BSE

nge of Beta ()&

SUMMARY OUTPUT
Regression Statistics
Multiple R 0.658521
R Square
0.43365
Adjusted R Square
0.423714
Standard Error
0.133348
Observations
59
ANOVA
df
Regression
Residual
Total

SS
MS
F
Significance F
1 0.776074 0.776074 43.64441 1.44E-08
57 1.01356 0.017782
58 1.789634

Coefficients
Standard Error t Stat
P-value Lower 95% Upper 95%Lower 95.0%
Upper 95.0%
Intercept
-0.00706 0.01738
-0.406 0.686264 -0.04186 0.027747 -0.04186 0.027747
0.039939 1.347956 0.204038 6.606392 1.44E-08 0.939377 1.756536 0.939377 1.756536

Upper 95.0%

GTL Ltd
Industry :Telecommunications - Equipment - Large

Source: BSE, Capitaline

Month
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10

TATA Tele(Stock Prices)

Stock Returns (Ri)
BSE Sensex
Returns (Rm1)
19.6
12454.42
18.8
-0.041672696
12961.9
0.039938705
17.45
-0.074517221
13696.31
0.055112168
19.15
0.092963067
13786.91
0.006593138
24.05
0.227832281
14090.92
0.021811027
21.85
-0.095934075
12938.09
-0.085354944
21.1
-0.034927881
13072.1
0.010304514
28.9
0.314568555
13872.37
0.059418904
27.2
-0.060624622
14544.46
0.047311073
28.25
0.037876484
14650.51
0.007264982
28.6
0.01231326
15550.99
0.059649155
31.9
0.109199292
15318.6
-0.015056526
43.5
0.310154928
17291.1
0.121124142
45.3
0.040546094
19837.99
0.137406868
48.2
0.062051989
19363.19
-0.024224945
62.25
0.255799514
20286.99
0.046605953
35.15
-0.571533917
17648.71
-0.139317101
35.25
0.002840911
17578.72
-0.003973613
28.1
-0.226695953
15644.44
-0.116573497
35.8
0.242178317
17287.31
0.099857124
31.45
-0.12954891
16415.57
-0.051742432
24.15
-0.264114603
13461.6
-0.198389087
24.9
0.030583423
14355.75
0.064309371
26.45
0.060388355
14564.53
0.014438562
21.7
-0.197943898
12860.43
-0.124433965
13.5
-0.474622575
9788.06
-0.27299188
19.61
0.373349955
9092.72
-0.073689182
21.75
0.103574117
9647.31
0.059205027
22.7
0.042751167
9424.24
-0.023394027
23.55
0.036760896
8891.61
-0.058176958
22.8
-0.032365285
9708.5
0.087893655
24
0.051293294
11403.25
0.160896612
32.9
0.315418827
14625.25
0.248851084
35.9
0.087264638
14493.84
-0.009025755
34.55
-0.038329745
15670.31
0.078044108
33.7
-0.024909713
15666.64
-0.000234228
36.1
0.068795028
17126.84
0.089113213
26.55
-0.307263118
15896.28
-0.074561704
25.7
-0.032538756
16926.22
0.062778779
26.75
0.040043481
17464.81
0.0313241
25.35
-0.053755743
16357.96
-0.06547337

Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11

23.2
23.65
23.25
19.65
22.3
22.5
22.4
22.05
22.5
19.45
19.35
17.2
14.75
17.1
18.45
15.6
19.25
22.1
18.75
17.1

Calculation of Beta using Formula method

Average Monthly Return
Average Yearly Return
Variance
S.D
Covariance

-0.088626451
0.019210836
-0.017057983
-0.168227794
0.12650934
0.008928631
-0.00445435
-0.015748357
0.020202707
-0.145668239
-0.005154651
-0.117783036
-0.153666301
0.147835381
0.075985907
-0.167793456
0.210240146
0.138066548
-0.164383856
-0.092115289

16429.55
17527.77
17558.71
16944.63
17700.9
17868.29
17971.12
20069.12
20032.34
19521.25
20509.09
18327.76
17823.4
19445.22
19135.96
18503.28
18845.87
18197.2
16676.75
16453.76

-0.22%
-2.68%
0.03035953
17.28%

0.004366914
0.064704938
0.001763643
-0.035599154
0.043664516
0.009412148
0.005738391
0.11041629
-0.001834348
-0.025844352
0.049364587
-0.112451352
-0.02790465
0.087089081
-0.016031994
-0.033621274
0.018345778
-0.035026056
-0.087252202
-0.013461511

0.46%
5.48%
0.007260825
8.45%
0.009572117

Beta

1.318

Calculation of Beta using Regression model

Beta with SENSEX
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.658520784
0.433649623
0.423713651
0.133348227
59

ANOVA
df
Regression
Residual
Total

1
57
58

SS
0.776073985
1.013559728
1.789633713

MS
0.776073985
0.01778175

F
43.6444108

Coefficients
-0.007056263
1.347956121

Intercept
0.039938705

Standard Error
0.017380049
0.204038178

t Stat
-0.405997864
6.606391662

P-value
0.686264331
1.43651E-08

1
57
58

SS
0.07135504
2.780382505
2.851737545

MS
0.07135504
0.04877864

F
1.462833713

Coefficients
-0.016314728
0.37126593

Standard Error
0.028783536
0.306964121

t Stat
-0.566807629
1.209476628

P-value
0.573070223
0.231472412

Beta with BSE 500

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.158182177
0.025021601
0.007916717
0.22085887
59

ANOVA
df
Regression
Residual
Total

Intercept
Beta

with BSE Sensex

Beta using Formula Method
R

1.318

0.434

Beta using Regression

Method
Different Models for Returns Expectation
Method 1
Historical Method
Average Monthly Return
Average Yearly Return
Method 2
CAPM
Rf(Yearly)
Rm
Expected Return (Beta
from Formula Method)

1.348

-0.22%
-2.68%

0.46%
5.48%
8.3%
5.48%
4.58%

Expected Return (Beta

from Regression Method)
R Square <0.5, so this value of expected return is not reliable.
Method 3

4.50%

Market Model E(Ri)= alpha + Beta I * Rm

Alpha
Beta
Rm
Expected Returns

Method 4

-0.71%
1.347956121
5.48%
6.68%

Premium for Total Risk

Rf
Rm
SD
Expected Return

with BSE Sensex

8.3%
5.48%
8.45%
2.53%

17.28%

Method 5

Risk Premium for business risk and Financial risk method

Year

Total Assets
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

PBT
1395.16
1492.45
1471.59
1879.62
1165.34
1856.7
1625.44
1997.26
3515.74
5248.9

Interest
115.16
86.06
91.46
101.82
65.54
43.68
126.6
112.79
197.69
214.23

PBIT
9.15
20.41
30.04
35.99
37.05
56.3
156.18
136.48
147.08
452.01

124.31
106.47
121.5
137.81
102.59
99.98
282.78
249.27
344.77
666.24

Average
Range
AVG ROI
Range
AVG D/E
Risk free Rate
Business Risk Premium
Financial Risk Premium
Expected Rate of Return
Method 6

0.098197585
0.12012313
0.853814168
8.3%
3.67%
1.71%
13.68%

Decomposition of Total Risk into Systematic and Unsystematic Risk

On the basis of Beta

BSE Sensex

BSE 500

Total Risk
Beta
Beta Square
Variance of Market Risk

si2

Systematic Risk

b 2 sm2

Unsystematic Risk
% Systematic Risk
% Unsystematic Risk

si2 -

On the basis of R Square

Total Risk

b
b2
sm2

si2

b sm

1.318
1.738
0.007260825

1.265
1.601
0.008801592

0.012619148

0.014088886

0.017740382
41.57%
58.43%

0.016270644
46.41%
53.59%

BSE Sensex

R2
R square
0.4336
2
si
Systematic Risk
0.013165399
Unsystematic
0.017194131
Comment: Risk
Since R-square is less than 0.5, there is no significant co%relation
Systematic
Risk Stock, Narrow Index and Broad Index. So the43.36%
between
Premium Risk
for business risk and Financial risk method " is56.64%
%"Risk
Unsystematic
suitable for IDEA Cellular Ltd. for calculation of expected return
Comment:
Since R-square is less than 0.5, there is no significant corelation between Stock, Narrow Index and Broad Index. So the
"Risk Premium for business risk and Financial risk method " is
suitable for GTL Ltd. for calculation of expected return

BSE 500
0.0250
0.000759644
0.029599886
2.50%
97.50%

BSE-500

Returns (Rm2)
4739.67
4957.37
5227.73
5270.76
5408.71
4938.08
4955.39
5311.03
5646.9
5781.37
6063.2
5950.11
6773.54
7785.22
7865.98
8592.43
7160.03
7108.12
6157.27
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9

0.044907845
0.053101791
0.008197415
0.025836052
-0.091034025
0.003499281
0.069309917
0.061320932
0.023533957
0.047597035
-0.018828007
0.129614139
0.139203219
0.010320067
0.088334452
-0.182367412
-0.007276378
-0.143604295
0.111715992
-0.061405515
-0.216333939
0.057812569
0.018955008
-0.139634365
-0.316158044
-0.079996958
0.087470217
-0.048443254
-0.058480034
0.086328153
0.161333904
0.287625917
-0.005125199
0.078475154
0.017393861
0.080717843
-0.06466438
0.069570869
0.038325327
-0.04979253

6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76

0.001301784
0.05972486
0.017638041
-0.037662181
0.04466899
0.015810175
0.011662117
0.09102802
0.006545048
-0.039961075
0.030482284
-0.110490783
-0.039764329
0.082195457
-0.001361643
-0.026369461
0.004340945
-0.021425868
-0.091852387
-0.015763576

0.49%
5.86%
0.008801592
9.30%
0.011135737
1.265

Significance F
1.43651E-08

Lower 95%
-0.04185921
0.939376719

Upper 95%
0.027746685
1.756535522

Lower 95.0%
-0.04185921
0.939376719

Upper 95.0%
0.027746685
1.756535522

Significance F
0.231472412

Lower 95%
-0.073952764
-0.243419115

Upper 95%
0.041323308
0.985950976

with BSE 500

1.265

Lower 95.0%
Upper 95.0%
-0.073952764
0.041323308
Comment:
-0.243419115
0.985950976
R2 is less than 0.5 in both the cases with BSE Sensex (Narrow
Index) and BSE 500 (Broad Index).
SENSEX Range of Beta: 0.706253116 to 1.390034807
BSE
500 Range of Beta :0.671417093 1.279920359
Comment:
SE
is
both
cases.
Sincehigh
R2 isin<0.5
in the
both
the cases i.e. (with Narrow Index , BSE
So
the
value
of
Beta
is
insignificant
andisthe
vlaue
is not(
Sensex & Broad Index, BSE-500), large
thebeta
range
of Beta
reliable.
0.322704807 1.03489814), (-0.243419115 0.985950976) &
high is the standard error . So, Beta is not reliable

0.025

0.371

Risk -Free Rate: 10 yr Govt. Bond Yield (Sept 2011)

Source: Business Beacon, CMIE

0.49%
5.86%

Risk -Free Rate: 10 yr Govt. Bond Yield (Sept 2011)

Source: Business Beacon, CMIE

8.3%
5.86%
5.22%

7.40%

-1.63%
0.37126593
5.86%
0.55%

BSE 500
8.3%
5.86%
9.30%
3.78%

ROI

Debt
0.089100892
0.071339073
0.082563758
0.073318011
0.088034393
0.053848225
0.173971355
0.124805984
0.098064703
0.126929452
0.098197585
0.12012313

GTL LTD

51.03
80.16
142.41
429.48
268.35
821.19
701.82
1011.25
2373.5
3963.83

Shareholder's funds
Debt/Equity Ratio
1344.13
0.037965078
1412.29
0.056758881
1329.18
0.107141245
1450.14
0.296164508
896.99
0.299167215
1035.51
0.793029522
923.62
0.75985795
986.01
1.025598118
1142.24
2.077934585
1285.07
3.084524578
0.853814168

0.030359530

GTL LTD
0.030359530

ensex (Narrow

row Index , BSE

ta
vlaue
is not(nge
of Beta
)&

GTL Ltd
Industry :Telecommunications - Equipment - Large

Source: BSE, Capitaline

Month
Sep-06
Oct-06
Nov-06
Dec-06
Jan-07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov-07
Dec-07
Jan-08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10

TATA Tele(Stock Prices)

Stock Returns (Ri)
BSE Sensex
Returns (Rm1)
138.3
12454.42
138.6
0.002166848
12961.9
0.039938705
128.2
-0.078000542
13696.31
0.055112168
146.1
0.130699774
13786.91
0.006593138
151.4
0.035634022
14090.92
0.021811027
131.95
-0.137502278
12938.09
-0.085354944
135.35
0.025440953
13072.1
0.010304514
180.95
0.290356734
13872.37
0.059418904
195.6
0.077851008
14544.46
0.047311073
224.15
0.136243713
14650.51
0.007264982
238.3
0.061214914
15550.99
0.059649155
229.35
-0.038281163
15318.6
-0.015056526
240.85
0.048925112
17291.1
0.121124142
259.55
0.074775029
19837.99
0.137406868
250.95
-0.033695646
19363.19
-0.024224945
277.85
0.101827684
20286.99
0.046605953
258.55
-0.071992301
17648.71
-0.139317101
250.3
-0.0324289
17578.72
-0.003973613
250.95
0.002593518
15644.44
-0.116573497
268.7
0.0683418
17287.31
0.099857124
240
-0.112956592
16415.57
-0.051742432
203.6
-0.164481639
13461.6
-0.198389087
194.1
-0.047783795
14355.75
0.064309371
199.95
0.029693845
14564.53
0.014438562
164.3
-0.19637331
12860.43
-0.124433965
192.9
0.160477895
9788.06
-0.27299188
196.5
0.018490511
9092.72
-0.073689182
207
0.052056362
9647.31
0.059205027
221.95
0.069733338
9424.24
-0.023394027
229.8
0.034757234
8891.61
-0.058176958
238.65
0.037788678
9708.5
0.087893655
253.9
0.061942445
11403.25
0.160896612
281.35
0.102658957
14625.25
0.248851084
305.8
0.083331848
14493.84
-0.009025755
300.7
-0.016818204
15670.31
0.078044108
293.85
-0.023043657
15666.64
-0.000234228
317.3
0.076778266
17126.84
0.089113213
333.15
0.04874514
15896.28
-0.074561704
352.3
0.055890246
16926.22
0.062778779
386.85
0.093553936
17464.81
0.0313241
407.65
0.052371942
16357.96
-0.06547337

Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11

408.85
410.55
405
394.9
428
426.55
424.45
420.8
416.9
417.6
416.85
414.55
414.1
416
416.9
411.3
90.75
74.85
50.05
58.15

Calculation of Beta using Formula method

Average Monthly Return
Average Yearly Return
Variance
S.D
Covariance

0.002939377
0.004149384
-0.013610657
-0.025254499
0.080490627
-0.003393602
-0.00493538
-0.008636552
-0.009311277
0.001677652
-0.001797592
-0.00553285
-0.001086104
0.00457777
0.002161125
-0.01352351
-1.511214402
-0.192622362
-0.402463605
0.150003373

16429.55
17527.77
17558.71
16944.63
17700.9
17868.29
17971.12
20069.12
20032.34
19521.25
20509.09
18327.76
17823.4
19445.22
19135.96
18503.28
18845.87
18197.2
16676.75
16453.76

-1.42%
-17.04%
0.048339288
21.80%

0.004366914
0.064704938
0.001763643
-0.035599154
0.043664516
0.009412148
0.005738391
0.11041629
-0.001834348
-0.025844352
0.049364587
-0.112451352
-0.02790465
0.087089081
-0.016031994
-0.033621274
0.018345778
-0.035026056
-0.087252202
-0.013461511

0.46%
5.48%
0.007260825
8.45%
0.002544879

Beta

0.350

Calculation of Beta using Regression model

Beta with SENSEX
SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.137812604
0.018992314
0.001781653
0.221540715
59

ANOVA
df
Regression
Residual
Total

1
57
58

SS
0.054161094
2.79757645
2.851737545

MS
0.054161094
0.049080289

F
1.103520293

Coefficients
-0.016161176
0.356096667

Intercept
Beta

Standard Error
0.028874688
0.338982865

t Stat
-0.559700463
1.050485741

P-value
0.577876689
0.297928307

1
57
58

SS
0.07135504
2.780382505
2.851737545

MS
0.07135504
0.04877864

F
1.462833713

Coefficients
-0.016314728
0.37126593

Standard Error
0.028783536
0.306964121

t Stat
-0.566807629
1.209476628

P-value
0.573070223
0.231472412

Beta with BSE 500

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.158182177
0.025021601
0.007916717
0.22085887
59

ANOVA
df
Regression
Residual
Total

Intercept
Beta

with BSE Sensex

Beta using Formula Method
R

0.350

0.019

Beta using Regression

Method
Different Models for Returns Expectation
Method 1
Historical Method
Average Monthly Return
Average Yearly Return
Method 2
CAPM
Rf(Yearly)
Rm
Expected Return (Beta
from Formula Method)

0.356

-1.42%
-17.04%

0.46%
5.48%
8.3%
5.48%
7.31%

Expected Return (Beta

from Regression Method)
R Square <0.5, so this value of expected return is not reliable.
Method 3

7.30%

Market Model E(Ri)= alpha + Beta I * Rm

Alpha
Beta
Rm
Expected Returns

Method 4

-1.62%
0.356096667
5.48%
0.33%

Premium for Total Risk

Rf
Rm
SD
Expected Return

with BSE Sensex

8.3%
5.48%
8.45%
1.02%

21.80%

Method 5

Risk Premium for business risk and Financial risk method

Year

Total Assets
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011

PBT
1395.16
1492.45
1471.59
1879.62
1165.34
1856.7
1625.44
1997.26
3515.74
5248.9

Interest
115.16
86.06
91.46
101.82
65.54
43.68
126.6
112.79
197.69
214.23

PBIT
9.15
20.41
30.04
35.99
37.05
56.3
156.18
136.48
147.08
452.01

124.31
106.47
121.5
137.81
102.59
99.98
282.78
249.27
344.77
666.24

Average
Range
AVG ROI
Range
AVG D/E
Risk free Rate
Business Risk Premium
Financial Risk Premium
Expected Rate of Return
Method 6

0.098197585
0.12012313
0.853814168
8.3%
3.67%
1.71%
13.68%

Decomposition of Total Risk into Systematic and Unsystematic Risk

On the basis of Beta

BSE Sensex

BSE 500

Total Risk
Beta
Beta Square
Variance of Market Risk

si2

Systematic Risk

b 2 sm2

Unsystematic Risk
% Systematic Risk
% Unsystematic Risk

si2 -

On the basis of R Square

Total Risk
R square
Systematic Risk
Unsystematic Risk
% Systematic Risk
% Unsystematic Risk

b
b2
sm2

si2
R2
2
si

b sm

0.350
0.123
0.007260825

0.365
0.133
0.008801592

0.000891966

0.001173974

0.047447323
1.85%
98.15%

0.047165315
2.43%
97.57%

BSE Sensex

BSE 500

0.0190
0.000918075
0.047421213

0.0250
0.001209526
0.047129762

1.90%
98.10%

2.50%
97.50%

Comment:
Since R-square is less than 0.5, there is no significant corelation between Stock, Narrow Index and Broad Index. So the
"Risk Premium for business risk and Financial risk method " is
suitable for GTL Ltd. for calculation of expected return

BSE-500

Returns (Rm2)
4739.67
4957.37
5227.73
5270.76
5408.71
4938.08
4955.39
5311.03
5646.9
5781.37
6063.2
5950.11
6773.54
7785.22
7865.98
8592.43
7160.03
7108.12
6157.27
6885.03
6474.97
5215.37
5525.77
5631.51
4897.59
3570.07
3295.6
3596.85
3426.76
3232.11
3523.53
4140.42
5520.25
5492.03
5940.38
6044.61
6552.75
6142.43
6584.98
6842.25
6509.9

0.044907845
0.053101791
0.008197415
0.025836052
-0.091034025
0.003499281
0.069309917
0.061320932
0.023533957
0.047597035
-0.018828007
0.129614139
0.139203219
0.010320067
0.088334452
-0.182367412
-0.007276378
-0.143604295
0.111715992
-0.061405515
-0.216333939
0.057812569
0.018955008
-0.139634365
-0.316158044
-0.079996958
0.087470217
-0.048443254
-0.058480034
0.086328153
0.161333904
0.287625917
-0.005125199
0.078475154
0.017393861
0.080717843
-0.06466438
0.069570869
0.038325327
-0.04979253

6518.38
6919.55
7042.68
6782.37
7092.2
7205.22
7289.74
7984.45
8036.88
7722.05
7961.06
7128.29
6850.4
7437.26
7427.14
7233.85
7265.32
7111.31
6487.22
6385.76

0.001301784
0.05972486
0.017638041
-0.037662181
0.04466899
0.015810175
0.011662117
0.09102802
0.006545048
-0.039961075
0.030482284
-0.110490783
-0.039764329
0.082195457
-0.001361643
-0.026369461
0.004340945
-0.021425868
-0.091852387
-0.015763576

0.49%
5.86%
0.008801592
9.30%
0.003214473
0.365

Significance F
0.297928307

Lower 95%
-0.073981742
-0.322704807

Upper 95%
0.041659389
1.03489814

Lower 95.0%
-0.073981742
-0.322704807

Upper 95.0%
0.041659389
1.03489814

Upper 95%
0.041323308
0.985950976

Lower 95.0%
-0.073952764
-0.243419115

Upper 95.0%
0.041323308
0.985950976

Significance F
0.231472412

Lower 95%
-0.073952764
-0.243419115

with BSE 500

0.365

Comment:
Since R2 is <0.5 in both the cases i.e. (with Narrow Index , BSE
Sensex & Broad Index, BSE-500), large is the range of Beta (
0.322704807 1.03489814), (-0.243419115 0.985950976) &
high is the standard error . So, Beta is not reliable

0.025

0.371

0.49%
5.86%
8.3%
5.86%
7.41%

Risk -Free Rate: 10 yr Govt. Bond Yield (Sept 2011)

Source: Business Beacon, CMIE

7.40%

-1.63%
0.37126593
5.86%
0.55%

BSE 500
8.3%
5.86%
9.30%
2.59%

ROI

Debt
0.089100892
0.071339073
0.082563758
0.073318011
0.088034393
0.053848225
0.173971355
0.124805984
0.098064703
0.126929452
0.098197585
0.12012313

GTL LTD

51.03
80.16
142.41
429.48
268.35
821.19
701.82
1011.25
2373.5
3963.83

Shareholder's funds
Debt/Equity Ratio
1344.13
0.037965078
1412.29
0.056758881
1329.18
0.107141245
1450.14
0.296164508
896.99
0.299167215
1035.51
0.793029522
923.62
0.75985795
986.01
1.025598118
1142.24
2.077934585
1285.07
3.084524578
0.853814168

0.048339288

GTL LTD
0.048339288

row Index , BSE

nge of Beta ()&

Date

Open -Unit
Curr

High -Unit
Curr

Low -Unit
Curr

Close -Unit
Curr

Volume

No of
Trades

Net
Turnover -In
Thousand Market Cap

200703

92.4

98.4

84

94.55 ##########

543733 ##########

24,515.49

200704

91.9

119.95

91

114.5 ##########

305193 5,760,059.89

30,174.87

200705

115.7

129.95

112

126.1 ##########

300677 5,926,367.57

33,231.89

200706

128

128.6

110.6

124.6 ##########

216329 4,310,802.34

32,836.59

200707

126.85

135.55

118

129.55 ##########

254972 5,138,047.84

34,141.09

200708

134

134

104.95

122.7 ##########

185227 3,756,899.59

32,335.87

200709

124

132

118.5

125.15 ##########

175987 3,695,911.71

32,981.53

200710

125.6

161

121.05

135.2 ##########

352336 8,974,112.28

35,630.07

200711

134.65

137.8

110

122.4 ##########

132275 2,712,025.78

32,256.81

200712

124

142.85

123.5

138.7 ##########

183531 3,954,002.52

36,552.44

200801

139.85

148.9

99

123.65 ##########

157154 4,375,664.70

32,586.23

200802

124.7

129.3

100.2

110.15 ##########

90652 1,214,926.85

29,028.49

200803

108

108

89

102.75 ##########

68751 1,107,925.65

27,078.32

200804

104

112.5

96.6

105.5 ##########

185383 4,501,112.65

27,803.05

200805

107.05

113.9

100

108.9 ##########

302391 ##########

28,699.07

200806

109

112

92.4

93.1 ##########

223469 4,962,072.16

24,535.20

200807

94

95

74.2

88.3 ##########

237332 5,806,570.01

23,270.23

200808

87.5

92.6

80.05

82.5 ##########

116595 2,818,445.72

25,575.83

200809

82

87.5

67.9

75.35 ##########

110007 2,472,706.77

23,359.25

200810

76.5

78.15

34.05

42.75 ##########

175326 2,744,825.28

13,252.93

200811

44.5

52.6

40

47 ##########

118730 1,235,409.22

14,570.47

200812

45.2

58.35

42.2

52.65 ##########

101640 1,108,898.26

16,322.03

200901

52.75

54.8

41.3

47 ##########

200902

48.5

52.2

43.2

46.9 ##########

200903

46.4

53.25

41.85

200904

50.75

64.7

48.25

200905

60

84.95

83136

907,160.03

14,570.47

84489 1,166,672.19

14,539.47

50.15 ##########

85332 1,372,058.74

15,547.00

58.05 ##########

133631 2,057,933.49

17,996.08

55.6

83.35 ##########

239576 5,028,796.41

25,839.33

200906

85.7

91.7

70.8

71.3 ##########

326126 7,622,276.06

22,103.71

200907

71.85

82.75

63.3

78.9 ##########

219548 3,615,113.85

24,459.79

200908

79

84.85

72.4

81.05 ##########

163916 2,665,302.77

25,126.31

200909

81.95

83.4

74.8

75.35 ##########

120097 2,391,100.94

23,359.25

200910

75.95

76.45

51.6

52.05 ##########

261067 3,943,511.93

16,136.02

200911

51

55

47.05

50.95 ##########

183471 2,178,519.93

15,795.01

200912

52.7

63

51.4

58.2 ##########

129994 1,723,873.31

18,042.58

201001

58.2

63

56

58.45 ##########

106898 1,431,436.40

18,120.08

201002

58.8

61.6

55.8

60.85 ##########

68595

680,944.66

18,866.36

201003

61.25

69

59.2

65.45 ##########

86965 1,117,177.96

21,597.45

201004

66.15

68.95

60.55

61.2 ##########

71984

837,945.17

20,195.02

201005

60.8

65.9

48.8

50.5 ##########

126126 1,328,568.03

16,665.71

201006

50.85

59.6

48.65

59.2 ##########

119297 1,490,675.24

19,537.36

201007

58.7

71.05

57.15

70.25 ##########

179457 2,801,792.85

23,184.54

201008

70.55

75

67.2

71.45 ##########

85019 1,122,808.09

23,582.86

201009

72

79.9

70

73.6 ##########

81241 1,048,508.67

24,295.21

201010

74.2

75.75

64.8

67.2 ##########

74267

802,844.30

22,184.00

201011

67.7

76.3

66.15

72.5 ##########

69705 1,430,085.74

23,934.50

201012

72.5

73.2

66

69.4 9,342,660.00

62206

646,209.63

22,912.83

201101

70.5

73.1

65.3

69.6 6,747,272.00

45300

471,294.42

22,983.45

201102

70

72.15

55.65

57.5 ##########

67510 1,464,524.70

18,991.33

201103

58.65

68.4

57

67.5 5,710,066.00

57201

354,970.00

22,297.07

201104

68

73.1

63

68.65 ##########

74194

847,926.96

22,677.50

201105

69

69.45

62.65

68.45 4,367,584.00

29474

289,140.20

22,612.32

201106

68.9

80.6

68.45

79.75 ##########

83112 1,204,809.31

26,347.49

201107

80.05

95.35

75

94.35 ##########

113667 1,873,406.24

31,172.67

201108

94.8

101.5

89.7

99.95 ##########

157045 2,757,279.00

33,034.17

201109

100

103.65

93

98.8 ##########

87167 1,493,752.20

32,663.38

Avg.
Turnover -In BSE_SENSE
Avg. Price Avg. Volume Thousand
X
91.92 ##########

902,915.06

13072.1

103.99 2,694,339.00

288,003.00

13872.37

117.65 2,354,117.24

282,207.98

14544.46

118.25 1,723,202.29

205,276.30

14650.51

125.64 1,831,383.86

233,547.63

15550.99

118.68 1,441,097.23

170,768.16

15318.6

123.39 1,477,634.50

184,795.59

17291.1

140.43 2,926,255.41

407,914.20

19837.99

124.83

974,032.73

123,273.90

19363.19

132.74 1,541,771.42

208,105.40

20286.99

130.24 1,405,184.87

190,246.29

17648.71

112.03

508,732.52

57,853.66

17578.72

98.95

625,224.11

61,551.43

15644.44

102.39 2,123,631.15

225,055.63

17287.31

107.32 5,926,764.10

630,280.15

16415.57

103.86 2,290,984.71

236,289.15

13461.6

85.92 2,959,158.13

252,459.57

14355.75

85.7 1,628,784.70

140,922.29

14564.53

80.26 1,469,282.29

117,747.94

12860.43

58.43 2,417,919.70

137,241.26

9788.06

47.14 1,443,273.67

68,633.85

9092.72

51.07 1,022,018.24

52,804.68

9647.31

46.52

969,305.55

45,358.00

9424.24

47.15 1,282,550.79

61,403.80

8891.61

46.92 1,437,506.90

68,602.94

9708.5

55.87 2,140,363.76

121,054.91

11403.25

67.73 3,420,860.80

251,439.82

14625.25

80.83 4,186,195.59

346,467.09

14493.84

73.79 2,106,827.87

157,178.86

15670.31

78.45 1,605,248.38

126,919.18

15666.64

77.64 1,533,193.05

119,555.05

17126.84

61.35 3,174,315.50

197,175.60

15896.28

50.39 2,152,688.55

108,926.00

16926.22

57.12 1,437,609.67

82,089.21

17464.81

59.72 1,255,611.00

75,338.76

16357.96

58.33

579,225.45

34,047.23

16429.55

63.82

820,967.33

53,198.95

17527.77

65.66

634,051.05

41,897.26

17558.71

56.29 1,128,999.62

63,265.14

16944.63

54.88 1,232,780.45

67,757.97

17700.9

64.76 1,919,951.05

127,354.22

17868.29

70.93

716,477.23

51,036.73

17971.12

74.83

660,985.71

49,928.98

20069.12

71.38

532,570.52

38,230.68

20032.34

69.47

967,355.38

68,099.32

19521.25

69.21

424,666.36

29,373.17

20509.09

68.9

337,363.60

23,564.72

18327.76

64.08 1,207,750.10

73,226.24

17823.4

61.94

259,548.45

16,135.00

19445.22

67.54

687,965.67

47,107.05

19135.96

66.4

198,526.55

13,142.74

18503.28

74.15

725,886.41

54,764.06

18845.87

82.87 1,015,242.43

89,209.82

18197.2

94.98 1,372,742.76

131,299.00

16676.75

71,131.06

16453.76

98.01

720,318.48

Mar-11

Mar-10

Mar-09

Mar-08

Mar-07

Share Capital + 3,303.27

Reserves Total +8,979.62

3,299.84

3,100.10

2,635.36

2,592.86

2,742.53

2,742.53

2,742.53

8,112.95

8,176.09

906.91

-413.71

-1,574.00

-1,699.60

-1,725.65

Year

Mar-06

Mar-05

Mar-04

SOURCES OF FUNDS :

Equity Share Warrants

47.81
Equity Application Money

44.44

18.23

12,330.70
Total Shareholders
Funds

11,457.23

11,294.42

3,542.27

2,179.15

1,168.53

1,042.93

1,016.88

Secured Loans +7,760.04

2,797.42
Unsecured Loans
+

5,988.61

5,564.93

5,315.42

3,539.77

1,470.75

1,692.75

1,506.41

537.8

2,014.43

1,199.34

710.74

1,444.85

1,005.28

757.12

10,557.46

6,526.41

7,579.36

6,514.76

4,250.51

2,915.60

2,698.03

2,263.53

Total Liabilities 22,888.16

17,983.64

18,873.78

10,057.03

6,429.66

4,084.13

3,740.96

3,280.41

15,562.75

13,204.30

9,202.58

4,650.92

4,168.63

3,782.02

Total Debt

APPLICATION OF FUNDS :

Gross Block + 28,938.75 22,834.40

9,807.13
7,907.34+
Less : Accumulated
Depreciation

4,739.86

4,221.50

3,610.14

1,833.44

1,491.14

1,173.91

14,927.06

10,822.89

8,982.80

5,592.44

2,817.48

2,677.49

2,608.11

Less:Impairment of Assets 0

Net Block +

19,131.62

Lease Adjustment

Capital Work
Investments +

462.58

1,721.82

1,625.72

506.51

95.91

64.62

74.41

2,755.13

4,928.81

569.93

13.83

307.03

307.03

92.03

42.73

27.62

17.91

8.81

13.45

9.37

430.12

in3,594.06
Progress+
2,572.81

Current Assets, Loans & Advances

52.22
Inventories +
Sundry Debtors +461.45
Cash and Bank+ 451.53
2,364.38
Loans and Advances
+

329.59

198.59

152.48

90.81

142.44

98.82

280.44

2,344.43

497.05

1,819.73

129.09

151.89

87.48

3,124.64

2,047.10

850.74

488.54

1,411.11

833.75

759.34

3,329.58
Total Current Assets

3,881.90

4,763.85

1,574.00

2,478.66

1,639.82

1,141.53

955.01

3,122.40

2,547.42

2,098.14

762.25

449.71

449.15

46.7

Less : Current Liabilities and Provisions

5,323.72
Current Liabilities
+
129.17
Provisions +

3,679.63
137.76

98.65

81.82

62.59

13.86

5,452.89
Total Current Liabilities

3,817.39

3,221.05

2,629.24

2,160.73

776.11

449.71

449.15

Net Current Assets-2,123.31

64.51

1,542.80

Miscellaneous

0
Expenses

Deferred Tax Assets 577.06

not

0
written
408.5

-1,055.24

317.93

863.71

691.82

505.86

231.11

100.14

81.02

57.83

32.9

163.01

off +

Deferred Tax Liability864.08

634.14

373.65

166.32

82.07

57.83

32.9

163.01

-287.02

-225.64

-142.54

-66.18

-1.05

22,888.16

17,983.64

18,873.78

10,057.03

6,429.66

4,084.13

3,740.96

3,280.41

3,066.77
Contingent Liabilities+

3,009.27

2,142.56

1,572.83

654.71

649.12

235.92

205.24

Net Deferred Tax

Total Assets

Mar-11

Mar-10

Mar-09

Mar-08

Mar-07

Mar-06

Mar-05

Mar-04

12,330.70
Total Shareholders
Funds

11,457.23

11,294.42

3,542.27

2,179.15

1,168.53

1,042.93

1,016.88

Year

Total Debt

10,557.46

6,526.41

7,579.36

6,514.76

4,250.51

2,915.60

2,698.03

2,263.53

Total Assets

22,888.16

17,983.64

18,873.78

10,057.03

6,429.66

4,084.13

3,740.96

3,280.41

Interest +

373.61

563.71

918.3

468.96

340.98

259.12

260

258.63

Profit Before Tax

906.32

1,168.73

1,086.86

1,116.86

509.06

128.5

26.05

-206.91

Mar-03

Mar-02

2,526.53

2,016.69

-1,518.74

-1,358.94

1,007.79

657.75

620.61

1,000.20

1,199.22

517.39

1,819.83

1,517.59

2,827.62

2,175.34

3,057.38

2,370.57

473.34

301.16

2,584.04

2,069.41

39.82

299.62

38.25

32.77

7.59

4.83

73.96

78.72

37.62

38.03

452.98

315.44

572.15

437.02

440.9

695.69

440.9

695.69

131.25

-258.67

34.26

32.21

2,827.62

2,175.34

87.25

114.04

Year

Total Shareholders
Total Debt
Funds Total Assets

Interest +

Profit Before Tax

Mar-02

657.75

1,517.59

2,175.34

186.99

-212.45

Mar-03

1,007.79

1,819.83

2,827.62

202.29

-159.81
-206.91
26.05

Mar-03

Mar-02

Mar-04

1,016.88

2,263.53

3,280.41

258.63

1,007.79

657.75

Mar-05

1,042.93

2,698.03

3,740.96

260

1,819.83

1,517.59

Mar-06

1,168.53

2,915.60

4,084.13

259.12

128.5

2,827.62

2,175.34

Mar-07

2,179.15

4,250.51

6,429.66

340.98

509.06

202.29

186.99

Mar-08

3,542.27

6,514.76

10,057.03

468.96

1,116.86

-159.81

-212.45

Mar-09

11,294.42

7,579.36

18,873.78

918.3

1,086.86

Mar-10

11,457.23

6,526.41

17,983.64

563.71

1,168.73

Mar-11

12,330.70

10,557.46

22,888.16

373.61

906.32

Profit Before Tax

Mar 11(12)

Mar 10(12)

Mar 09(12)

Mar 08(12)

Mar 07(12)

Mar 06(12)

Mar 05(12)

Mar 04(12)

Sales Turnover15,332.80
+

11,850.24

9,857.08

6,719.99

4,366.40

2,007.07

1,632.04

1,165.52

15,332.80

11,850.24

9,857.08

6,719.99

4,366.40

2,007.07

1,632.04

1,165.52

Other Income + 173.92

Stock Adjustments + 0

461.36

477.37

199.05

46.13

13.84

9.67

15.18

-0.05

-1.19

-0.01

-0.08

15,506.72

12,311.60

10,334.40

6,919.04

4,411.34

2,020.90

1,641.71

1,180.62

0.02
18.92
Raw Materials + 0.02
1,424.85
1,071.03
552.35
Power & Fuel Cost+
728.88
563.78
462.75
Employee Cost +
8,271.52Expenses
6,091.62
4,720.24
Other Manufacturing
+
1,711.40
1,208.01
Selling and Administration
Expenses
+ 1,257.15
367.12
93.5
74.97
Miscellaneous Expenses +
0
0
0
Less: Pre-operative Expenses
Capitalised+

0.01

4.06

0.03

0.11

0.34

235.44

117.71

42.62

35.38

27.65

337.72

259.29

117.98

99.05

66.98

2,766.45

1,531.79

724.37

568.23

467.04

1,069.86

927.3

375.2

269.23

208.88

46.98

49.43

25.58

145.96

158

0.08

0.04

0.08

0.33

Total Expenditure 12,503.79

9,027.96

7,086.38

4,456.46

2,889.50

1,285.74

1,117.88

928.56

3,002.93

3,283.64

3,248.02

2,462.58

1,521.84

735.16

523.83

252.06

Interest +

373.61

563.71

918.3

468.96

340.98

259.12

260

258.63

Gross Profit

2,629.32

2,719.93

2,329.72

1,993.62

1,180.86

476.04

263.83

-6.57

Depreciation+

1,723.00

1,551.20

1,242.86

876.76

671.8

347.54

237.78

200.34

906.32

1,168.73

1,086.86

1,116.86

509.06

128.5

26.05

-206.91

Tax+
Fringe Benefit tax+ 0
Deferred Tax+ 61.38

9.3

7.37

5.94

2.9

115.07

76.35

65.13

1.06

844.6

1,053.66

1,001.21

1,044.36

502.06

125.6

26.05

-206.91

-13.05
Extraordinary Items
+

61.41

179.67

38.21

8.3

1.52

-0.26

-1.78

Year
INCOME :

Excise Duty
Net Sales

Total Income
EXPENDITURE :

Operating Profit

Profit Before Tax

0.34

Reported Net Profit

Adjusted Net Profit

857.65

Adjst. below Net

-0.01
Profit

992.25

821.54

1,006.15

493.76

124.08

26.31

-205.13

-1,529.21

-1,279.08

-396.37
P & L Balance brought
forward

-405.28

-1,406.50

-2,450.86

-1,673.84

-1,799.44

-1,825.49

-1,618.58

-484.46

P & L Balance carried448.22

down

-396.37

-405.29

-1,406.50

-2,450.86

-1,673.84

-1,799.44

-1,825.49

Dividend

Preference Dividend

Equity Dividend %

0
Appropriations

Statutory
Appropriations +

Earnings Per Share-Unit2.56

Curr

3.19

3.23

3.96

1.94

0.56

0.12

34.59

36.37

13.44

8.4

3.03

2.48

2.36

Earnings Per Share(Adj)-Unit Curr

Book Value-Unit Curr 37.18

Mar 03(12)

Mar 02(12)

851.48

671.22

851.48

671.22

90.63

10.1

-0.03

-0.02

942.08

681.3

0.27

0.26

21.4

14.52

50.43

34.11

336.99

294.33

4.19

3.71

228.3

168.13

0.72

0.38

640.86

514.68

301.22

166.62

202.29

186.99

98.93

-20.37

258.74

192.08

-159.81

-212.45

-159.81

-212.45

-12.57

0.38

-147.24

-212.83

-159.81

-212.45

2.9

2.65

Date

Open -Unit
Curr

High -Unit
Curr

Low -Unit
Curr

Close -Unit
Curr

Volume

No of
Trades

Net
Turnover -In
Thousand Market Cap

200609

144.5

167

136.1

138.3 7,329,528.00

70023 1,133,507.76

1,314.54

200610

138.6

149.2

134

138.6 3,180,936.00

31223

454,209.28

1,317.39

200611

139.95

152.3

120.75

128.2 3,553,022.00

29487

482,281.81

1,222.77

200612

129

148.9

114

146.1 5,930,489.00

44019

784,195.93

1,396.13

200701

147.1

163

139

151.4 9,140,785.00

69900 1,386,188.83

1,455.56

200702

152.1

163

130

131.95 4,853,401.00

39643

737,716.43

1,270.94

200703

132.1

141.5

127.35

135.35 1,679,301.00

16508

224,545.07

1,317.23

200704

134

198.05

131.2

180.95 ##########

123793 3,224,433.37

1,762.63

200705

184

202.4

168.55

195.6 ##########

91404 2,006,640.22

1,905.93

200706

197.9

233.5

197.1

224.15 ##########

114361 2,681,176.04

2,184.12

200707

224.95

244.5

217.75

238.3 6,587,844.00

63798 1,526,636.85

2,420.17

200708

235.55

240.9

202.2

229.35 2,882,963.00

29277

655,963.62

2,330.88

200709

230

247.8

228

240.85 2,609,117.00

21000

628,075.17

2,447.76

200710

242

271.4

228.05

259.55 4,280,527.00

42429 1,078,228.37

2,640.40

200711

265

282

242.1

250.95 3,354,648.00

27561

893,805.00

2,567.72

200712

252.9

279.45

248.75

277.85 2,342,329.00

20347

615,437.74

2,625.68

200801

283

317

216.05

258.55 6,290,955.00

42589 1,736,461.13

2,443.30

200802

258

270

240.25

250.3 1,910,362.00

13715

489,265.08

2,365.34

200803

248.85

265

228.1

250.95 1,391,369.00

12560

334,547.25

2,373.23

200804

251

279.9

244

268.7 6,473,208.00

21140 1,744,577.75

2,541.10

200805

273

285

239

240 1,659,630.00

16907

431,998.49

2,269.68

200806

240

244.5

202.25

203.6 1,046,572.00

10394

230,650.06

1,925.45

200807

204

240

190.1

194.1 2,512,649.00

15435

528,813.07

1,835.60

200808

195

203

190.3

199.95 1,609,981.00

8033

312,790.74

1,890.93

200809

201.4

207

162

164.3 1,991,238.00

6878

367,587.88

1,553.79

200810

168.1

196.5

144

192.9 6,691,024.00

17996 1,092,867.88

1,824.26

200811

195.05

203

187

196.5 3,175,135.00

10341

619,672.89

1,858.30

200812

199

223

192.05

207 1,445,882.00

15611

297,987.64

1,957.60

200901

207.85

229.9

204

221.95 2,145,373.00

18234

469,224.49

2,098.98

200902

220.5

238

215

890,718.00

8243

198,450.94

2,173.22

200903

231

244.25

227

238.65 1,629,601.00

200904

239

257.5

238

200905

252.9

295

250.65

200906

284

316

275.6

200907

307

315.8

297

200908

300.05

306.6

293

200909

294.05

324.95

293

200910

322.9

340

307.7

200911

330

363

200912

352.3

395

201001

387

201002

408.5

201003

412.5

229.8

9213

388,831.24

2,260.49

565,972.00

7610

140,823.59

2,404.94

281.35 1,099,824.00

253.9

13829

293,313.28

2,664.95

947,775.00

15828

282,109.22

2,896.54

300.7 1,043,223.00

13314

315,893.48

2,848.23

772,191.00

5973

231,424.03

2,783.35

317.3 2,523,682.00

13195

764,120.74

3,016.25

333.15 1,087,781.00

12666

351,612.99

3,190.58

328.25

352.3 1,850,970.00

12025

647,032.23

3,373.98

346.05

386.85 2,742,211.00

13321 1,023,506.47

3,715.31

425.5

378.1

407.65 2,351,075.00

14239

950,441.34

3,926.48

423

399

408.85 1,082,143.00

6498

440,984.47

3,945.81

421

401.55

410.55 1,014,391.00

5860

413,027.20

3,970.84

305.8

293.85

201004

410

424

395

201005

406

412.45

387.5

405 4,729,421.00

6495 1,935,561.37

3,917.16

279,984.00

3844

110,943.60

3,819.47

201006

393.05

488.8

201007

428

477.05

390.5

428 1,130,782.00

10596

472,627.78

4,139.62

412.05

426.55 1,158,342.00

10836

516,353.24

4,125.59

201008

430

442.55

409.15

424.45

470,688.00

6259

203,444.30

4,105.28

201009

424.05

462

201010

420

432.8

386.2

420.8 1,350,348.00

27867

593,419.42

4,069.98

411.6

416.9

401,239.00

5515

168,183.87

4,032.26

201011

420.45

434

340

417.6

669,958.00

3905

283,650.49

4,047.38

201012
201101

418

427.8

406.65

416.85

786,515.00

4981

328,154.25

4,048.45

417.5

435

399

414.55

173,157.00

2483

71,935.41

4,032.33

201102
201103

414.5

422

407

414.1

104,944.00

2655

43,541.32

4,027.95

415

421.9

413

416

99,189.00

1762

41,225.84

4,046.43

201104

416.95

437.65

415

416.9

123,367.00

3086

52,559.58

4,055.19

201105

418

421

404.15

411.3

277,342.00

2615

114,744.80

4,000.72

201106

412

413

89.7

90.75 ##########

1243487 ##########

882.73

201107

91.2

99.65

66.3

74.85 ##########

493107 5,445,311.17

728.07

394.9

201108

76.3

80.9

46.4

50.05 ##########

231338 1,700,509.27

486.84

201109

50.65

76.25

49.25

58.15 ##########

633156 5,714,895.13

565.63

Avg.
Turnover -In BSE_SENSE
Avg. Price Avg. Volume Thousand
X
153.58

349,025.14

53,976.56

12454.42

141.58

159,046.80

22,710.46

12961.9

135.03

161,501.00

21,921.90

13696.31

128.93

296,524.45

39,209.80

13786.91

148.81

457,039.25

69,309.44

14090.92

148.53

255,442.16

38,827.18

12938.09

133.5

79,966.71

10,692.62

13072.1

154.48

917,386.70

161,221.67

13872.37

183.83

511,119.67

95,554.30

14544.46

220.35

583,323.05

127,675.05

14650.51

229.54

299,447.45

69,392.58

15550.99

224.95

131,043.77

29,816.53

15318.6

239.14

130,455.85

31,403.76

17291.1

248.36

194,569.41

49,010.38

19837.99

259.97

152,484.00

40,627.50

19363.19

259.88

123,280.47

32,391.46

20286.99

273.96

273,519.78

75,498.31

17648.71

252.23

90,969.62

23,298.34

17578.72

242.08

77,298.28

18,585.96

15644.44

265.45

323,660.40

87,228.89

17287.31

251.55

82,981.50

21,599.92

16415.57

224.36

49,836.76

10,983.34

13461.6

209.55

109,245.61

22,991.87

14355.75

193.26

80,499.05

15,639.54

14564.53

185.27

94,820.86

17,504.19

12860.43

172.53

334,551.20

54,643.39

9788.06

196.26

176,396.39

34,426.27

9092.72

203.78

68,851.52

14,189.89

9647.31

217.92

107,268.65

23,461.23

9424.24

221.72

46,879.89

10,444.79

8891.61

236.25

81,480.05

19,441.56

9708.5

248.9

33,292.47

8,283.74

11403.25

268.61

54,991.20

14,665.66

14625.25

297.27

43,080.68

12,823.15

14493.84

302.65

45,357.52

13,734.50

15670.31

297.8

36,771.00

11,020.19

15666.64

305.14

126,184.10

38,206.04

17126.84

322.98

54,389.05

17,580.65

15896.28

347.37

92,548.50

32,351.61

16926.22

372.88

130,581.48

48,738.40

17464.81

398.96

123,740.79

50,023.23

16357.96

407.68

54,107.15

22,049.22

16429.55

407.75

48,304.33

19,667.96

17527.77

410.03

236,471.05

96,778.07

17558.71

396.08

13,332.57

5,283.03

16944.63

412.8

51,399.18

21,483.08

17700.9

443.8

52,651.91

23,470.60

17868.29

423.2

21,394.91

9,247.47

17971.12

427.44

64,302.29

28,258.07

20069.12

418.78

19,106.62

8,008.76

20032.34

418.81

31,902.76

13,507.17

19521.25

417.23

35,750.68

14,916.10

20509.09

416.05

8,657.85

3,596.77

18327.76

415.51

5,247.20

2,177.07

17823.4

415.56

4,508.59

1,873.90

19445.22

420.13

6,853.72

2,919.98

19135.96

414.81

12,606.45

5,215.67

18503.28

283.24 4,951,540.32

590,208.51

18845.87

83.94 2,997,523.52

259,300.53

18197.2

57.46 1,378,789.90

80,976.63

16676.75

61.18 4,106,563.38

272,137.86

16453.76

Jun-11

Year

Mar-10

Mar-09

Mar-08

Mar-07

Jun-06

Mar-05

Mar-04

SOURCES OF FUNDS :

Share Capital + 97.27

Reserves Total +1,187.80

96.72

94.72

94.57

97.32

85.57

74.13

71.28

1,045.52

891.29

829.05

938.19

811.42

1,376.01

1,257.90

Equity Share Warrants

Equity Application Money 0

Total Shareholders1,285.07
Funds

1,142.24

986.01

923.62

1,035.51

896.99

1,450.14

1,329.18

0
Secured Loans +
3,963.83
Unsecured Loans
+

31.35

62.55

143.83

132.61

2,373.50

1,011.25

701.82

789.84

205.8

285.65

9.8

Total Debt

3,963.83

2,373.50

1,011.25

701.82

821.19

268.35

429.48

142.41

Total Liabilities

5,248.90

3,515.74

1,997.26

1,625.44

1,856.70

1,165.34

1,879.62

1,471.59

408.69

373.46

342.36

301.78

860.15

775.95

APPLICATION OF FUNDS :
519.76
Gross Block + 842.01
318.45
231.88+
Less : Accumulated
Depreciation

184.7

151.21

125.8

95.13

403.48

311.69

287.88

223.99

222.25

216.56

206.65

456.67

464.26

Less:Impairment of Assets 0

Net Block +

523.56
0

Lease Adjustment

300.42
Progress+

Capital Work in
Investments + 2,802.55

99.43

146.45

19.61

61.66

40.92

117.63

100.57

820.14

728.36

737.93

363.39

396.18

337.68

139.94

194.35

246.27

193.24

120

57.1

147.34

84.53

Current Assets, Loans & Advances

333.07
Inventories +
Sundry Debtors +668.85
Cash and Bank+ 548.78
1,687.56
Loans and Advances
+
3,238.26
Total Current Assets

213.42

300.32

285.49

265.47

161.34

161.35

194.63

1,328.35

891.44

613.97

1,083.74

509.29

685.47

515.69

1,365.68

507.8

485.98

353.07

198.08

174.77

140.93

3,101.80

1,945.83

1,578.68

1,822.28

925.81

1,168.93

935.78

1,018.38

891.42

584.33

172.39

170.83

131.69

Less : Current Liabilities and Provisions

1,587.89
Current Liabilities
+
27.86
Provisions +

753.38
62.35

54.3

68.57

35.25

241.93

15.68

12.06

1,615.75
Total Current Liabilities

815.73

1,072.68

959.99

619.58

414.32

186.51

143.75

Net Current Assets 1,622.51

2,286.07

873.15

Miscellaneous

0
Expenses
5.75

Deferred Tax Assets

not

0
written
22.23

618.69

1,202.70

511.49

982.42

792.03

9.94

0.07

25.91

26.96

12.39

10.1

0.83

off +

5.89

0.01

0.6

24.72

26.11

-0.14

22.22

25.31

26.96

12.39

10.1

-24.72

-25.28

5,248.90

3,515.74

1,997.26

1,625.44

1,856.70

1,165.34

1,879.62

1,471.59

1,026.57
Contingent Liabilities+

1,269.11

941.01

1,564.10

1,194.94

814.85

264.22

118.43

Deferred Tax Liability

Net Deferred Tax
Total Assets

Jun-11

Mar-10

Mar-09

Mar-08

Mar-07

Jun-06

Mar-05

Mar-04

Total Shareholders1,285.07
Funds

1,142.24

986.01

923.62

1,035.51

896.99

1,450.14

1,329.18

Total Debt

3,963.83

2,373.50

1,011.25

701.82

821.19

268.35

429.48

142.41

Total Assets

5,248.90
452.01

3,515.74
147.08

1,997.26
136.48

1,625.44
156.18

1,856.70
56.3

1,165.34
37.05

1,879.62
35.99

1,471.59
30.04

214.23

197.69

112.79

126.6

43.68

65.54

101.82

91.46

Year

Interest +
Profit Before Tax

Mar-03

Mar-02

70.79

71.75

1,341.50

1,272.38

1,412.29

1,344.13

54.32

50.33

25.84

0.7

80.16

51.03

1,492.45

1,395.16

871.05

689.78

360.21

271.75

510.84

418.03

83.76

86

158.22

49.45

62.39

51.14

219.74

194.8

479.66

587.28

122.12

116.45

883.91

949.67

89.12

54.77

9.59

7.81

98.71

62.58

785.2

887.09

8.57

0.12

0.78

0.5

54.92

46.03

-54.14

-45.53

1,492.45

1,395.16

172.46

134.83

Mar-03

Mar-02

1,412.29

1,344.13

Mar-02

1,344.13

Year

Total Shareholders
Total Debt
Funds Total Assets

Interest +

Profit Before Tax

51.03

1,395.16

9.15

115.16

80.16

51.03

Mar-03

1,412.29

80.16

1,492.45

20.41

86.06

1,492.45
20.41

1,395.16
9.15

Mar-04
Mar-05

1,329.18
1,450.14

142.41
429.48

1,471.59
1,879.62

30.04
35.99

91.46
101.82

86.06

115.16

Jun-06

896.99

268.35

1,165.34

37.05

65.54

Mar-07

1,035.51

821.19

1,856.70

56.3

43.68

Mar-08

923.62

701.82

1,625.44

156.18

126.6

Mar-09

986.01

1,011.25

1,997.26

136.48

112.79

Mar-10

1,142.24

2,373.50

3,515.74

147.08

197.69

Jun-11

1,285.07

3,963.83

5,248.90

452.01

214.23

Profit Before Tax

Jun 11(15)

Mar 10(12)

Mar 09(12)

Mar 08(12)

Mar 07(9)

Jun 06(15)

Mar 05(12)

Mar 04(12)

Sales Turnover 3+,091.71

1,551.33

1,450.90

1,433.33

691.59

649.74

544.52

479.93

3,091.71

1,551.33

1,450.90

1,433.33

691.59

649.74

544.52

479.93

Other Income + 266

138.72
Stock Adjustments
+

127.19

69.07

107

44.4

51.54

47.23

29.43

-51.92

53.04

73.23

62.9

45.45

60.96

21.65

3,496.43

1,626.60

1,573.01

1,613.56

798.89

746.73

652.71

531.01

980.88
1,067.97
Raw Materials +2,367.15
3.17
3.54
Power & Fuel Cost+4.32
109.68
84.55
72.64
Employee Cost +
135.32Expenses67.4
49.21
Other Manufacturing
+
92.58
68.13
Selling and Administration
Expenses
+ 52.94
33.58
29.69
34.03
Miscellaneous Expenses +
0
0
0
Less: Pre-operative Expenses
Capitalised+

1,081.07

520.94

372.53

233.44

176.81

Total Expenditure 2,742.63

1,233.82

Interest +

753.8
452.01

392.78
147.08

Gross Profit

301.79

Depreciation+

87.56

Profit Before Tax

Year
INCOME :

Excise Duty
Net Sales

Total Income
EXPENDITURE :

3.35

3.79

6.57

5.46

5.35

78.04

69.69

108.22

104.41

78.78

38.8

6.44

10.61

11.42

33.8

73.88

63.35

64.07

58.78

37.27

9.76

4.74

11.95

10.67

3.86

1,280.33

1,284.90

668.95

573.95

424.18

335.87

292.68
136.48

328.66
156.18

129.94
56.3

172.78
37.05

228.53
35.99

195.14
30.04

245.7

156.2

172.48

73.64

135.73

192.54

165.1

48.01

43.41

45.88

29.96

70.19

90.72

73.64

214.23

197.69

112.79

126.6

43.68

65.54

101.82

91.46

49.68
Tax+
Fringe Benefit tax+ 0
Deferred Tax+ 22.37

36.25

17.5

18.77

3.94

1.5

-3.03

2.14

2.19

2.16

1.68

1.88

3.08

1.66

-15.62

-1.92

-9.64

-0.93

10.19

Reported Net Profit 142.18

158.36

91.44

121.29

39.98

71.8

105.78

79.13

Extraordinary Items5.82
+

14.55

4.52

32.78

0.12

-4.8

7.19

6.09

Adjusted Net Profit

136.36

143.81

86.92

88.51

39.86

76.6

98.59

73.04

Adjst. below Net

1.07
Profit

1.71

20.1

30

248.39
P & L Balance brought
forward

196.21

150.02

82.21

57.34

232.41

152.34

135.27

0
Statutory Appropriations
+
151.34
Appropriations +

106.18

45.25

55.19

35.21

246.87

25.71

92.06

P & L Balance carried 240.3

down

248.39

196.21

150.02

82.21

57.34

232.41

152.34

9.73

29.93

28.42

28.37

25.82

207.73

13.75

10.69

Operating Profit

Dividend
Preference Dividend
Equity Dividend %

10

11.56
Earnings Per Share-Unit
Curr

30

30

30

25

200

18

15

15.85

9.14

12.32

4.88

3.99

14.01

10.91

118.1

104.1

97.67

106.4

104.83

195.62

186.47

Earnings Per Share(Adj)-Unit Curr

Book Value-Unit Curr132.11

Mar 03(12)

Mar 02(12)

577.91

532.81

577.91

532.81

33.05

79.41

11.14

-1.78

622.1

610.44

253.81

244.91

5.36

6.11

69.34

64.68

32.61

30.32

38.61

35.92

26.02

15.55

425.75

397.49

196.35
20.41

212.95
9.15

175.94

203.8

89.88

88.64

86.06

115.16

1.98

3.5

6.94

1.8

77.14

109.86

2.12

7.61

75.02

102.25

-43.73

138.75

186.14

80.62

113.52

135.27

138.75

8.5

7.07

0.03

0.41

12

10

10.74

15.36

199.5

189.84

Sep-06

296.25

352

296.25

346.6

4,746,000

342.82

Oct-06

344

399.8

333.75

378.85

5,170,900

374.72

Nov-06

379

433

371.35

427.95

4,988,900

423.28

Dec-06

429.5

492.45

388.2

471.65

6,994,700

466.5

Jan-07

474.1

479.9

404

461.25

6,412,700

456.22

Feb-07

464.5

518.85

399

407.55

8,435,600

403.1

Mar-07

410

448.7

372

420.9

6,789,300

416.31

Apr-07

400

482.9

390.4

477.1

5,951,300

471.89

May-07

485.5

530.75

453.7

505.45

5,719,100

499.93

Jun-07

514

531.95

480

517.45

4,901,600

511.8

Jul-07

520.5

591.95

519.1

559

5,750,300

553.41

Aug-07

555

558

465.75

543

5,681,200

537.57

Sep-07

545.8

612

526.25

588.65

4,958,500

582.76

Oct-07

592

797.7

584

770.3 11,510,200

762.6

Nov-07

785

814.7

650

675.3

5,323,500

668.55

Dec-07

682

776.8

679.15

745

4,278,600

737.55

Jan-08

750

844.7

485

601.9

7,184,400

595.88

Feb-08

615.1

704.9

548.7

573

5,318,300

567.27

Mar-08

563.5

573.4

478

505.3

5,727,700

500.25

Apr-08

512

598.8

482.25

575.55

4,953,900

569.79

May-08

585

610.1

527

577.1

4,962,000

571.33

Jun-08

579

581.75

433.25

440.05

4,213,700

435.65

Jul-08

442

541.4

380

496

7,058,400

491.04

Aug-08

482.4

482.4

382.5

396

7,827,200

392.04

Sep-08

393.9

413.4

261.35

333.1

4,759,400

330.47

Oct-08

340

356.2

147.3

221.6

9,066,500

219.85

Nov-08

230

262

179.05

198 10,434,700

196.43

Dec-08

196.75

255

184

227.05 10,458,000

225.25

Jan-09

230

265.7

154.6

170.85 13,067,700

Feb-09

167.9

183.8

150

155.1

8,464,400

153.87

Mar-09

152.35

187.9

131.1

175.95

9,360,300

174.56

Apr-09

176

240.8

172.5

214.95 12,227,700

213.25

May-09

255

347.4

211.85

305.5 11,850,800

303.08

Jun-09

308.4

362

282.55

289.9 10,369,900

287.61

Jul-09

290.85

301.75

231.05

277

8,148,400

274.81

Aug-09

281.05

293.25

245

260.2

6,199,000

258.85

Sep-09

261.25

321

260.05

308.7

7,908,300

307.1

169.5

Oct-09

313.1

319.85

175

175.2 13,702,800

174.29

Nov-09

172.4

183.35

161.1

172.1

8,440,100

171.21

Dec-09

173

190

168.4

172.45

5,362,500

171.56

Jan-10

173

193.8

172.55

186.5

5,765,900

185.53

Feb-10

168.55

172.4

154

156.6

2,700,600

155.79

Mar-10

158.35

173.95

156.65

171.95

2,960,800

171.06

Apr-10

170.95

181.45

163.15

164

2,563,100

163.15

May-10

163.8

166.45

131.5

144.3

5,053,100

143.55

Jun-10

145

207.8

138

198.5 16,544,500

197.47

Jul-10

197.4

197.4

177.3

178.55

5,965,800

177.62

Aug-10

180

181.4

155

155.85

3,461,000

155.04

Sep-10

157

176.75

156.5

168.05

4,728,000

168.05

Oct-10

170.15

188

166.2

180.25

4,918,500

180.25

Nov-10

181.1

186.4

123

131.2

5,262,800

131.2

Dec-10

132

146.3

119.5

145.5

6,534,200

145.5

Jan-11

147.4

150

121.05

122.3

4,957,000

122.3

Feb-11

124.05

125.05

85

85.75 12,388,000

85.75

Mar-11

87.05

111.75

84.25

107.8 13,146,100

107.8

Apr-11

110.4

113.85

98.25

100.6

5,782,400

100.6

May-11

100.5

101.6

79.4

89.8

5,643,100

89.8

Jun-11

89.1

97.7

86.25

96

6,836,200

96

Jul-11

96.6

108.7

89.25

101.45

7,409,600

101.45

Aug-11

102.75

103.9

71.65

79.5

8,500,100

79.5

Sep-11

81.9

93.3

70.9

71.4 11,074,400

71.4

Date

Open

High

Low

Close

Avg Vol

Adj Close*

Sep-06

19.65

20.2

19.3

19.6

1,841,100

19.6

Oct-06

20

20.75

18

18.8

1,327,900

18.8

Nov-06

18.95

20.25

17.4

17.45

1,517,500

17.45

Dec-06

17.5

19.9

16.75

19.15

1,679,400

19.15

Jan-07

19.4

24.35

18.7

24.05

4,019,400

24.05

Feb-07

24.6

28.2

20.05

21.85

4,567,900

21.85

Mar-07

21.9

22.75

19.3

21.1

2,073,800

21.1

Apr-07

20.95

29.1

20.05

28.9

5,823,600

28.9

May-07

29.1

30.8

26.7

27.2

6,912,100

27.2

Jun-07

27.8

28.6

25.35

28.25

3,245,400

28.25

Jul-07

28.55

30.4

24.5

28.6

5,524,200

28.6

Aug-07

28.25

35

25.1

31.9

8,802,800

31.9

Sep-07

32.15

46.2

31.05

43.5 20,092,200

43.5

Oct-07

43.95

48.7

35.6

45.3 20,886,600

45.3

Nov-07

45.5

54.15

40.65

48.2 16,553,400

48.2

Dec-07

49.5

63.2

48.55

62.25 20,148,700

62.25

Jan-08

62.25

65

28

35.15

9,224,600

35.15

Feb-08

35.5

42.35

32.95

35.25

6,619,000

35.25

Mar-08

33.25

36.9

25.9

28.1

6,389,800

28.1

Apr-08

28.5

37.85

27.15

35.8

6,987,500

35.8

May-08

35.8

38.25

31.05

31.45

5,871,500

31.45

Jun-08

31.7

31.9

24

24.15

3,175,700

24.15

Jul-08

24.1

26.6

21.7

24.9

2,547,300

24.9

Aug-08

24.4

29.75

24.25

26.45

3,611,900

26.45

Sep-08

26.3

28.45

20.05

21.7

2,448,700

21.7

Oct-08

21.9

22.2

12.5

13.5

1,752,500

13.5

Nov-08

13.8

20.94

13.72

19.61

4,816,600

19.61

Dec-08

19.7

21.95

19.3

21.75

1,324,800

21.75

Jan-09

22

24.25

21

22.7

1,508,400

22.7

Feb-09

22.6

23.65

22.05

23.55

1,566,500

23.55

Mar-09

23.45

25

18.7

22.8

2,164,900

22.8

Apr-09

23.2

29

22.6

24

784,500

24

May-09

24.25

34.4

22.95

32.9

1,445,300

32.9

Jun-09

33.5

41.8

32.35

35.9

4,630,300

35.9

Jul-09

35.9

37.85

30.05

34.55

2,530,700

34.55

Aug-09

35.25

37

32.05

33.7

1,405,400

33.7

Sep-09

33.9

37.05

32.5

36.1

1,990,700

36.1

Oct-09

36.1

36.95

26.3

26.55

1,287,400

26.55

Nov-09

26.55

28.6

24.35

25.7

746,900

25.7

Dec-09

25.8

28.5

25.7

26.75

748,700

26.75

Jan-10

27

30.8

24.4

25.35

1,444,700

25.35

Feb-10

25.15

26.2

22.75

23.2

531,200

23.2

Mar-10

23.85

25.7

23.1

23.65

756,400

23.65

Apr-10

23.85

25.2

22.95

23.25

666,000

23.25

May-10

23

23.35

18.65

19.65

547,800

19.65

Jun-10

19.6

23.4

19.2

22.3

1,031,900

22.3

Jul-10

22.1

23.35

21.1

22.5

980,800

22.5

Aug-10

22.75

25

22.25

22.4

1,410,700

22.4

Sep-10

22.5

24

21.95

22.05

717,700

22.05

Oct-10

22.2

25.65

22.2

22.5

1,320,400

22.5

Nov-10

22.9

23.95

18.05

19.45

665,100

19.45

Dec-10

19.55

20.95

18.1

19.35

360,100

19.35

Jan-11

19.45

20.3

17.1

17.2

581,500

17.2

Feb-11

17.1

17.45

13.9

14.75

685,400

14.75

Mar-11

14.75

17.5

14.45

17.1

706,600

17.1

Apr-11

17.25

21.4

16.95

18.45

1,467,400

18.45

May-11

18.45

18.85

14.5

15.6

425,700

15.6

Jun-11

15.55

19.45

14.85

19.25

1,232,400

19.25

Jul-11

19.4

23.5

18.6

22.1

1,375,500

22.1

Aug-11

22.4

22.5

16.1

18.75

661,200

18.75

Sep-11

18.95

19.8

16.7

17.1

484,400

17.1

Date

Open

High

Low

Close

Avg Vol

Adj Close*

Nov-06

32.15

56.85

32.15

38.95

4,237,100

38.95

Dec-06

39.4

42.75

35

39.15

786,300

39.15

Jan-07

39.85

44.75

39

39.15

696,700

39.15

Feb-07

39.6

45

33.3

34.55

363,200

34.55

Mar-07

34.7

37.35

30

34.65

149,300

34.65

Apr-07

33.75

39.35

31.4

33.85

295,900

33.85

May-07

35.4

44.8

32.9

42.25

576,400

42.25

Jun-07

43.6

52.4

39.75

49.25

1,231,300

49.25

Jul-07

48.95

62.75

31

31.95

1,608,800

31.95

Aug-07

31.5

38.55

30.6

33.75

1,092,700

33.75

Sep-07

34

41.9

33.8

38.1

1,329,500

38.1

Oct-07

39

51.5

28

50.65

3,362,800

50.65

Nov-07

51.2

61

45

53.6

3,132,800

53.6

Dec-07

54.4

96.75

53.1

94.25 12,079,300

94.25

Jan-08

96.3

106.5

56.05

58.95

5,687,500

58.95

Feb-08

60

69.25

54.55

55.1

1,178,500

55.1

Mar-08

52.6

54.15

40.2

46

1,441,200

46

Apr-08

46

52

43.6

50.85

1,894,900

50.85

May-08

51.5

58.65

47.25

48.7

2,824,000

48.7

Jun-08

49.25

50.5

39.5

42.1

969,000

42.1

Jul-08

42.95

44.8

37.65

39.1

1,007,200

39.1

Aug-08

39

43

37.5

39.9

3,064,100

39.9

Sep-08

39.6

42.75

30.05

35.8

2,185,100

35.8

Oct-08

36

38.8

31.4

38.5

1,213,100

38.5

Nov-08

38.9

48

30.6

47

3,621,000

47

Dec-08

45.1

46.8

28.3

30.5

1,374,200

30.5

Jan-09

30.45

33.6

28.1

29.9

1,025,700

29.9

Feb-09

29.6

33.1

28.1

28.5

761,800

28.5

Mar-09

28.45

30.3

27.65

29.55

874,100

29.55

Apr-09

29.9

36.4

29.25

29.95

2,635,900

29.95

May-09

30.7

46.5

30.25

44.65

4,886,500

44.65

Jun-09

45.2

49.7

38.1

39.7

7,357,800

39.7

Jul-09

39.8

41.4

29.7

37.75

3,679,800

37.75

Aug-09

38

39.6

33.9

38.45

3,165,700

38.45

Sep-09

38

43.4

35.7

42.2

4,573,500

42.2

Oct-09

42.65

43.7

29.65

30.15

3,012,100

30.15

Nov-09

30

37

29.85

35.35

3,858,000

35.35

Dec-09

35.75

39.25

34.95

35.5

2,723,400

35.5

Jan-10

35.7

45.35

35.5

43.9

9,966,700

43.9

Feb-10

41.8

44.1

41.35

43

2,145,100

43

Mar-10

43

43.8

40.05

42

1,679,600

42

Apr-10

42.1

44.95

40.6

41.2

1,953,200

41.2

May-10

41.1

42.2

35.85

36.8

1,412,200

36.8

Jun-10

36.8

49.4

35.35

47.05

5,368,100

47.05

Jul-10

47

47.85

43.1

46.4

2,906,400

46.4

Aug-10

46.9

48.6

37.75

45.25

1,091,800

45.25

Sep-10

45.3

48.15

42

45.9

1,666,300

45.9

Oct-10

46.7

46.7

43.95

44.65

587,000

44.65

Nov-10

44.75

46.5

42.25

43.9

485,200

43.9

Dec-10

43.5

44.55

40.6

43.05

342,100

43.05

Jan-11

43

44.1

39.7

40.7

1,462,100

40.7

Feb-11

40.5

40.95

33.1

36.25

424,000

36.25

Mar-11

36.35

38.2

34.5

36.9

554,200

36.9

Apr-11

37.25

39

35.25

36.3

361,200

36.3

May-11

35.65

36.15

31.3

32.85

355,400

32.85

Jun-11

33.3

33.8

13.25

Jul-11

15.2

16.85

13.3

15.15

5,212,900

15.15

Aug-11

15.2

16.15

10.4

12.4

2,826,500

12.4

Sep-11

12.4

15.1

11.4

11.7

4,042,300

11.7

15.1 13,692,600

15.1

Risk Free rate

Market Risk

3%

Stock

RCOM
-0.034447303
Idea
-0.006157512
Tata Tele -0.007056263
GTL
-0.016161176
GTLInfra Infra0.005922216

Stock
ER/Beta
RCOM
0.032841821
Idea
0.044323246
Tata Tele
0.049547858
GTL
0.009398405
GTLInfra Infra0.085350491

1.57001
1.048144
1.347956
0.356097
0.19374

Expected Return
5.16%
4.65%
6.68%
0.33%
1.65%

Beta
Exp Ret
1.57001
1.048144
1.347956
0.356097
0.19374

Excess
Return on
Risk free
rate
ER/Beta
2.16% -0.02002
1.65% -0.03486
3.68% -0.01203
-2.67% -0.22368
-1.35% -0.34306

ER
5.16%
4.65%
6.68%
0.33%
1.65%

2.16%
1.65%
3.68%
-2.67%
-1.35%

Unsys Risk
0.013738
0.012191
0.01774
0.047447
0.075896

RSQ
0.577
0.426195
0.43365
0.018992
0.003568

Var
0.031155
0.020788
0.03036
0.048339
0.076157

ER*Beta*
UR
2.464065
1.414876
2.795265
-0.20004
-0.03437

Beta /UR
179.418
90.11249
102.4209
2.672539
0.494564

Systematic
Risk
0.017416
0.008597
0.012619
0.000892
0.000262

Unsys Risk
0.013738
0.012191
0.01774
0.047447
0.075896

Unsys Risk
using RSQ
0.013178
0.011928
0.017194
0.047421
0.075885

Cum(ER*B Cum(beta2
eta/UR)
/UR)
C

Var/E
0.60422
0.447468
0.454563
14.44369
4.605591

Risk Free rate

sM2 (BSE Sensex)

0%
0.007260825

Beta (b i)
1.048143962
0.356096667
1.570009612
1.347956121
0.193740051
0.356096667
0.356096667
0.356096667
0.356096667
0.356096667

Security
Idea
GTL
RCOM
Tata Tele
GTLInfra Infra
GTL
GTL
GTL
GTL
GTL

Rank

Security

Mean Return (R i)

Beta (b i)

GTLInfra Infra

0.005922216

0.193740051

GTL

-0.016161176

0.356096667

Idea

-0.006157512

1.048143962

Tata Tele

-0.007056263

1.347956121

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

10

#N/A

#N/A

#N/A

Security

(RiRF)/b i

[(RiRF)b I]/ sei2

[(RiRF)b I]/ sei2

GTLInfra Infra

0.085350491

0.193740051

0.193740051

GTL

0.009398405

0.356096667

0.549836717

Idea

0.044323246

1.048143962

1.597980679

Tata Tele

0.049547858

1.347956121

2.9459368

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

Rank
3
2
2
4
1
4
4
4
4
4

-0.006157512
-0.016161176
-0.034447303
-0.007056263
0.005922216
-0.016161176
-0.016161176
-0.016161176
-0.016161176
-0.016161176

Zi =

b i/sei2 [(Ri

Security

(RiRF)/b i

RF)/b IC*]

GTLInfra Infra

0.085350491

0.001383904

0.849103026

GTL

0.009398405

0.003090978

-0.370352874

Idea

0.044323246

0.007929162

0.709427172

Tata Tele

0.049547858

0.012879131

0.740066848

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

Summation of Zi

#N/A

b*W

Security
GTLInfra Infra
GTL
Idea
Tata Tele
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
Portfolio b
Portfolio Return
Portfolio Risk (sp)
Security
GTLInfra Infra
GTL
Idea
Tata Tele
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

b
0.193740051
0.356096667
1.048143962
1.347956121
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

E( R ) *W
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

#N/A
#N/A

Mean Return E( R ) W
0.005922216
-0.016161176
-0.006157512
-0.007056263
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

Mean Return (R i) Excess return (RiRF)

Sharpe ratio
4.65%
4.65%
0.33%
0.33%
5.16%
5.16%
6.68%
6.68%
1.65%
1.65%
0.33%
0.33%
0.33%
0.33%
0.33%
0.33%
0.33%
0.33%
0.33%
0.33%

Unsys risk

sei2

Excess return

(RiRF)

Sharpe ratio

(RiRF)/b i
0.044323246
0.009398405
0.032841821
0.049547858
0.085350491
0.009398405
0.009398405
0.009398405
0.009398405
0.009398405

RSQ
Variance
0.426195037 0.020788
0.018992314 0.048339
0.577000094 0.031155
0.433649623
0.03036
0.003568025 0.076157
0.018992314 0.048339
0.018992314 0.048339
0.018992314 0.048339
0.018992314 0.048339
0.018992314 0.048339

(RiRF)/b i

0.016535809

0.016535809

0.085350491

0.003346741

0.003346741

0.009398405

0.046457142

0.046457142

0.044323246

0.066788338

0.066788338

0.049547858

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

b i2/sei2

b i2/sei2

Flag

2.269934808

2.269934808

0.001383904

37.8890545

40.1589893

0.003090978

23.64772584

63.80671515

0.007929162

27.20513425

91.0118494

0.012879131

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

#N/A

Wi = Zi /

Zj

#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

W*b
0.193740051
0.356096667
1.048143962
1.347956121
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

Unsys Risk
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

0.016535809
0.003346741
0.046457142
0.066788338
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

Wsqr*UR
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

Unsys
Systemati
2
c Risk
Unsys risk sei
0.008597
0.012191493
0.000892
0.047447323
0.017416
0.013738479
0.012619
0.017740382
0.000262
0.075895552
0.000892
0.047447323
0.000892
0.047447323
0.000892
0.047447323
0.000892
0.047447323
0.000892
0.047447323

risk sei

using RSQ

0.011928
0.047421
0.013178
0.017194
0.075885
0.047421
0.047421
0.047421
0.047421
0.047421

Var/Exp
Ret
0.44747
14.4437
0.60422
0.45456
4.60559
14.4437
14.4437
14.4437
14.4437
14.4437