BSE                   BSE                                                             Rs.                   No.           ...
Jindal Steel & Power                       0.45      933943010      385.21   1.45Ltd.Larsen & Toubro Ltd.   0.90      6031...
No of Free float   30 days Avg.       Sensex   Company Name          cost of equity                                       ...
Mahanagar                      0.1786    283500000.00       0.00                0Telephone NigamLtd.Mahindra &            ...
Sensex may 2008closing average16844 averageSensex                                                                        1...
H D F C Bank Ltd.      0.1666    367752562.40   269.2159969     99004872709Hero Honda Motors                       0.1188 ...
Sun Pharmaceutical                      0.1059    82846556.40            0               0Inds. Ltd.Tata Consultancy      ...
BSE                  BSE                   BSE                   BSE      BSE             BSERs.                  Rs.     ...
74.33   1298.31    1.2   78.62   1242.14    1.2 37.87    280.59    1.1   36.57    259.09    1.1 60.22    724.63   0.74   5...
30 days Avg.       Sensex           30 days         Sensex  Closing        Contribution     Avg. Closing    Contribution  ...
0.00             0.00       0.00              0.00  280.59 121727197636.52      259.09   112399941678.77  724.63 104676448...
14866.58271                          13629.8698                        Avalible       EPS*(1+g)/(r-EPS*(1+g)/(r-g)        ...
577.84419 212503681546.67    543.869425   200009374505.64         0              0.00           0               0.00182.30...
0            0.00            0              0.001392.569455 817669852872.74   1227.45529   720720377437.19 528.953271 1741...
BSE       BSE                     BSE                   BSE          BSE                     BSERs.     Rs.               ...
78.59    1343.1    1.2   78.59   1291.77    1.236.57    281.25    1.1   36.57    277.78    1.159.05    634.82   0.74   59....
30 days Avg.         Sensex          30 days Avg.         Sensex  Closing          Contribution        Closing          Co...
0.00              0.00       0.00              0.00  281.25   122013522703.13     277.78   120508146974.13  634.82    9170...
14835.30946                                13999.71015EPS*(1+g)/(r-g)       Avalible MarketCap   EPS*(1+g)/(r-g)       Ava...
580.3081879   213409823074.17   592.3131635    217824683614.58         0               0.00             0               0....
0              0.00             0              0.001407.786413   826604737607.17   1221.537093   717245413803.35530.903103...
BSE       BSE                     BSE                   BSE      BSE                     BSERs.     Rs.                   ...
82.41    883.44    1.2    41.2    808.08    1.2 30.61    207.34    1.1   30.61    167.44    1.1 53.15    637.38   0.74   5...
30 days Avg.         Sensex          30 days Avg.         Sensex  Closing          Contribution        Closing          Co...
0.00              0.00      0.00              0.00  207.34    89949453501.39    167.44    72639801747.24  637.38    920727...
10327.29023                                9336.856654EPS*(1+g)/(r-g)       Avalible MarketCap   EPS*(1+g)/(r-g)       Ava...
474.2352452    174401226585.81   432.0522074    158888306349.39          0               0.00             0               ...
0              0.00             0              0.00811.9829893   476769046524.16   697.3676584   409470786857.90326.595230...
BSE          BSE                     BSE                   BSE        BSE                     BSERs.     Rs.              ...
41.2   768.12    1.2   43.28     722.81    1.2 30.61   139.79    1.1   22.71     149.56    1.1 53.15   507.91   0.74   44....
30 days Avg.         Sensex          30 days Avg.         Sensex  Closing          Contribution        Closing          Co...
0.00              0.00      0.00              0.00 139.79    60644516759.72    149.56    64882995397.26 507.91    73370154...
9439.58819                                9179.743376EPS*(1+g)/(r-g)       Avalible MarketCap   EPS*(1+g)/(r-g)       Aval...
493.5837299    181516681438.58   490.7098696    180459811947.62          0               0.00             0               ...
0              0.00   1232.558499   102113227191.44747.0819075   438661318522.32   740.5397498   434819984021.61144.133162...
BSE        BSE                     BSE                   BSE        BSE                     BSERs.     Rs.                ...
43.27     654.55    1.2   43.27    610.79    1.222.71     146.93    1.1   21.06    175.87    1.144.38     613.52   0.74   ...
30 days Avg.         Sensex          30 days Avg.         Sensex  Closing          Contribution        Closing          Co...
0.00              0.00      0.00              0.00 146.93    63742033389.41    175.87    76296953734.40 613.52    88626050...
9069.673905                                8901.616683EPS*(1+g)/(r-g)       Avalible MarketCap   EPS*(1+g)/(r-g)       Ava...
486.6151851    178953981210.06   513.6320047   188889485858.47          0               0.00             0              0....
1210.483979   100284429264.00   1348.256893   111698440743.50730.8410671   429125244371.90   701.2923336   411775223878.39...
BSE          BSE                     BSE                   BSE      BSE                     BSERs.     Rs.                ...
46.26    824.71    1.2   46.26   1141.82    1.2 29.64    223.31    1.1   29.64    288.28    1.1 42.18    808.37   0.74   4...
30 days Avg.         Sensex          30 days Avg.         Sensex  Closing          Contribution        Closing          Co...
0.00              0.00       0.00              0.00  223.31    96877652461.64     288.28   125063318488.38  808.37   11677...
10794.78773                                13078.61904EPS*(1+g)/(r-g)       Avalible MarketCap   EPS*(1+g)/(r-g)       Ava...
608.5892043   223810239317.73   714.0330646   262587489142.38          0              0.00             0              0.00...
2028.55799   168059043893.21   3398.187012   281528091984.37932.6114063   547597987638.38   1266.231936   743488719047.362...
BSE          BSE                     BSE                   BSE        BSE                     BSERs.     Rs.              ...
46.21   1514.84    1.2    64.9   1456.63    1.2 29.64    364.39    1.1   37.35    382.33    1.1 42.18   1062.45   0.74   4...
30 days Avg.         Sensex          30 days Avg.         Sensex  Closing          Contribution        Closing          Co...
0.00              0.00       0.00              0.00  364.39   158081804578.82     382.33   165864640480.31 1062.45   15347...
14854.44583                                14742.05416EPS*(1+g)/(r-g)       Avalible MarketCap   EPS*(1+g)/(r-g)       Ava...
839.7526532   308821190004.11    852.011303   313329339859.22          0              0.00   3438.895376   343352210191.11...
4795.565652   397296100240.60   5262.172849   435952899755.69826.0863046   485050037948.76   857.3369047   503399337142.44...
BSE       BSE                     BSE                   BSE          BSE                    BSERs.     Rs.                ...
64.9   1505.24    1.2   64.75   1615.72    1.237.35    408.52    1.1   37.35    425.36    1.146.26   1369.73   0.74   46.2...
30 days Avg.         Sensex          30 days Avg.         Sensex  Closing          Contribution        Closing          Co...
0.00              0.00       0.00              0.00  408.52   177226539714.42     425.36   184532167171.56 1369.73   19786...
15589.78963                                16566.24106EPS*(1+g)/(r-g)       Avalible MarketCap   EPS*(1+g)/(r-g)       Ava...
899.9117411   330944848740.02   1002.587871   368704258529.064057.637539   405129748012.40   5629.095776   562030031394.93...
7811.886044   647187857712.83   11419.39969   946057940763.12981.9442388   576564564338.06   1178.056299   691714956708.82...
BSE       BSE                     BSE                   BSE      BSE                     BSERs.     Rs.                   ...
66.8   1638.77    1.2   65.39   1612.56    1.2 52.89    457.56    1.1   52.89    506.58    1.1 55.73   1510.87   0.74   55...
30 days Avg.         Sensex          30 days Avg.         Sensex  Closing          Contribution        Closing          Co...
0.00              0.00       0.00              0.00  457.56   198501359815.26     506.58   219767503398.93 1510.87   21825...
16993.24441                                16828.93961EPS*(1+g)/(r-g)       Avalible MarketCap   EPS*(1+g)/(r-g)       Ava...
1021.914809   375811789525.15   1059.373184   389587203004.846035.378226   602594794757.56   9337.632827   932304277605.29...
15235.6297 1262219455555.97    -23899.83322 -1980018880678.391243.625979   730215263257.30   1709.975073 1004039734704.493...
BSE          BSE                    BSE                   BSE      BSE                     BSERs.     Rs.                 ...
65.39   1657.85    1.2   66.92   1608.47    1.2  52.7    522.17    1.1   65.93    564.01    1.1 55.73   1575.13   0.74   7...
30 days Avg.         Sensex          30 days Avg.         Sensex  Closing          Contribution        Closing          Co...
Index Valuation (sensex) - - not calculation
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Index Valuation (sensex) - - not calculation

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This is the excel file for the avalible pdf of the same which is containing the theory.

The main idea of this research was to create a system by which a layman could time his entry and exit in the stock market. To time the entry and exit a system was needed which could indicate whether the market is over or under-valued. This was determined by calculating implied growth rate of a Market Index which would justify the level of Index (share prices of all the companies comprising that index), considering the trailing twelve months ‘earnings per share’ and their cost of equity individually.
Implied growth rate for Sensex was calculated for the period from June 2008 to January 2011. According to that the Indian equity markets are overvalued at 20022 points. The correct value of Sensex should be at around 14589.
This model can also be used as a market timing tool using mean +/- standard deviation as exit and entry points. Upon testing it for the above stated period it gave better returns than long term investing for the same period.

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Index Valuation (sensex) - - not calculation

  1. 1. BSE BSE Rs. No. May-08 May-08 30 days Avg. Company Name Free Float No of shares Beta ClosingA C C Ltd. 0.55 187745356 693.7 0.85Ambuja Cements Ltd. 0.55 1525617511 106.81 0.78Bajaj Auto Ltd. 0.55 289367020 297.7 0.91Bharat Heavy 0.35 489520000 1748.36 1.01Electricals Ltd.Bharti Airtel Ltd. 0.35 3797530096 424.8 0.68Cipla Ltd. 0.65 802921357 209.23 0.51D L F Ltd. 0.25 1697403220 632.53 1.63Dr. ReddyS 0.75 169201575.00 660.47 0.48Laboratories Ltd.Grasim Industries Ltd. 0.75 91685012.00 2284.88 0.87H D F C Bank Ltd. 0.80 459690703 1443.18 0.92Hero Honda Motors 0.50 199687500 801.58 0.44Ltd.Hindalco Industries 0.70 1913476324 171.44 1.33Ltd.Hindustan Petroleum 0.50 338627250.00 245 0.78Corpn. Ltd.Hindustan Unilever 0.50 2182080402 242.02 0.47Ltd.Housing 0.90 290951303 533.22 0.92DevelopmentFinance Corpn. Ltd.I C I C I Bank Ltd. 1.00 1115458683 882.06 1.38I T C Ltd. 0.70 3818176790 110.48 0.47Infosys Technologies 0.85 573901101 1842.43 0.45Ltd.Jaiprakash 0.55 2124634633 168.14 1.7Associates Ltd.
  2. 2. Jindal Steel & Power 0.45 933943010 385.21 1.45Ltd.Larsen & Toubro Ltd. 0.90 603167122 1457.05 1.2Mahanagar 0.45 630000000.00 102.73 1.04Telephone NigamLtd.Mahindra & 0.75 578434478 327.93 1.1Mahindra Ltd.Maruti Suzuki India 0.50 288910060 784.11 0.74Ltd.N T P C Ltd. 0.20 8245464400 186.44 0.69Oil & Natural Gas 0.20 2138872530 957.96 0.9Corpn. Ltd.Ranbaxy 0.40 420754157.00 492.15 0.8Laboratories Ltd.Reliance 0.35 2064026881 564.1 1.31Communications Ltd.Reliance Industries 0.55 3270714336 1289.12 1.03Ltd.Reliance 0.60 244870262 1368.14 1.54Infrastructure Ltd.Satyam Computer 0.60 1176424871.00 493.8 0.72Services Ltd.State Bank Of India 0.45 634883509 1642.18 1.08Sterlite Industries 0.45 3361207534 220.37 1.41(India) Ltd.Sun Pharmaceutical 0.40 207116391 276.83 0.31Inds. Ltd.Tata Consultancy 0.30 1957220996 479.05 0.49Services Ltd.Tata Motors Ltd. 0.65 506381356 635.6 1.16Tata Power Co. Ltd. 0.70 237307236 1393.62 1.01Tata Steel Ltd. 0.70 887214196 867.51 1.45Wipro Ltd. 0.20 2449412810 298.97 0.75Zee Entertainment 0.6 978076130 114.4 0.95Enterprises Ltd.
  3. 3. No of Free float 30 days Avg. Sensex Company Name cost of equity shares Closing ContributionA C C Ltd. 0.1597 103259945.80 693.70 71631424401Ambuja Cements Ltd. 0.1527 839089631.05 106.81 89623163492Bajaj Auto Ltd. 0.1656 159151861.00 0.00 0Bharat Heavy 0.1756 171332000.00 1748.36 299550015520Electricals Ltd.Bharti Airtel Ltd. 0.1427 1329135533.60 424.80 564616774673Cipla Ltd. 0.1258 521898882.05 209.23 109196903091D L F Ltd. 0.2373 424350805.00 632.53 268414614687Dr. ReddyS 0.1228 126901181.25 0.00 0Laboratories Ltd.Grasim Industries Ltd. 0.1617 68763759.00 2284.88 157116937664H D F C Bank Ltd. 0.1666 367752562.40 1443.18 530733143004Hero Honda Motors 0.1188 99843750.00 0.00 0Ltd.Hindalco Industries 0.2075 1339433426.80 171.44 229632466691Ltd.Hindustan Petroleum 0.1527 169313625.00 0.00 0Corpn. Ltd.Hindustan Unilever 0.1218 1091040201.00 242.02 264053549446Ltd.Housing 0.1666 261856172.70 533.22 139626948407DevelopmentFinance Corpn. Ltd.I C I C I Bank Ltd. 0.2124 1115458683.00 882.06 983901485927I T C Ltd. 0.1218 2672723753.00 110.48 295282520231Infosys Technologies 0.1198 487815935.85 1842.43 898766714688Ltd.Jaiprakash 0.2443 1168549048.15 168.14 196479836956Associates Ltd.Jindal Steel & Power 0.2194 420274354.50 0.00 0Ltd.Larsen & Toubro Ltd. 0.1945 542850409.80 1457.05 790960189599
  4. 4. Mahanagar 0.1786 283500000.00 0.00 0Telephone NigamLtd.Mahindra & 0.1846 433825858.50 327.93 142264513778Mahindra Ltd.Maruti Suzuki India 0.1487 144455030.00 784.11 113268633573Ltd.N T P C Ltd. 0.1437 1649092880.00 186.44 307456876547Oil & Natural Gas 0.1646 427774506.00 957.96 409790865768Corpn. Ltd.Ranbaxy 0.1547 168301662.80 492.15 82829663347Laboratories Ltd.Reliance 0.2055 722409408.35 564.10 407511147250Communications Ltd.Reliance Industries 0.1776 1798892884.80 1289.12 2318988795653Ltd.Reliance 0.2284 146922157.20 1368.14 201010080152Infrastructure Ltd.Satyam Computer 0.1467 705854922.60 493.80 348551160780Services Ltd.State Bank Of India 0.1826 285697579.05 1642.18 469166850364Sterlite Industries 0.2154 1512543390.30 0.00 0(India) Ltd.Sun Pharmaceutical 0.1059 82846556.40 0.00 0Inds. Ltd.Tata Consultancy 0.1238 587166298.80 479.05 281282015440Services Ltd.Tata Motors Ltd. 0.1905 329147881.40 635.60 209206393418Tata Power Co. Ltd. 0.1756 166115065.20 0.00 0Tata Steel Ltd. 0.2194 621049937.20 867.51 538767031020Wipro Ltd. 0.1497 489882562.00 298.97 146460189561Zee Entertainment 0.1696 586845678.00 0.00 0Enterprises Ltd. 11866140905131Calculated value of 16844.00sensex
  5. 5. Sensex may 2008closing average16844 averageSensex 16844closing calculatedcost of equitymarket premimum 9.96%risk free rate 7.50% for calculation of implied growth rate No of free-float Avalible Company Name cost of equity EPS*(1+g)/(r-g) shares MarketCapA C C Ltd. 0.1597 103259945.80 409.1820118 42252112358Ambuja Cements Ltd. 0.1527 839089631.05 53.31132767 44732982269Bajaj Auto Ltd. 0.1656 159151861.00 0 0Bharat Heavy 0.1756 171332000.00 334.0053304 57225801271Electricals Ltd.Bharti Airtel Ltd. 0.1427 1329135533.60 230.5083796 306376878086Cipla Ltd. 0.1258 521898882.05 71.70339279 37421920539D L F Ltd. 0.2373 424350805.00 63.61966395 26997055612Dr. ReddyS 0.1228 126901181.25 0 0Laboratories Ltd.Grasim Industries Ltd. 0.1617 68763759.00 1472.484102 101253541897
  6. 6. H D F C Bank Ltd. 0.1666 367752562.40 269.2159969 99004872709Hero Honda Motors 0.1188 99843750.00 0 0Ltd.Hindalco Industries 0.2075 1339433426.80 91.14658646 122084784645Ltd.Hindustan Petroleum 0.1527 169313625.00 0 0Corpn. Ltd.Hindustan Unilever 0.1218 1091040201.00 66.16753686 72191442715Ltd.Housing 0.1666 261856172.70 380.1790772 99552238109DevelopmentFinance Corpn. Ltd.I C I C I Bank Ltd. 0.2124 1115458683.00 175.8547974 196158760717I T C Ltd. 0.1218 2672723753.00 67.31684891 179919341071Infosys Technologies 0.1198 487815935.85 634.535136 309536351216Ltd.Jaiprakash 0.2443 1168549048.15 20.83333333 24344771836Associates Ltd.Jindal Steel & Power 0.2194 420274354.50 0 0Ltd.Larsen & Toubro Ltd. 0.1945 542850409.80 382.1200905 207434047709Mahanagar 0.1786 283500000.00 0 0Telephone NigamLtd.Mahindra & 0.1846 433825858.50 205.1907239 89017041945Mahindra Ltd.Maruti Suzuki India 0.1487 144455030.00 404.9655692 58499313446Ltd.N T P C Ltd. 0.1437 1649092880.00 62.55044391 103151491687Oil & Natural Gas 0.1646 427774506.00 463.313897 198193873407Corpn. Ltd.Ranbaxy 0.1547 168301662.80 85.7253685 14427722063Laboratories Ltd.Reliance 0.2055 722409408.35 60.9803578 44052784202Communications Ltd.Reliance Industries 0.1776 1798892884.80 570.4214249 1026127042538Ltd.Reliance 0.2284 146922157.20 185.9149503 27315025548Infrastructure Ltd.Satyam Computer 0.1467 705854922.60 174.2188778 122973252506Services Ltd.State Bank Of India 0.1826 285697579.05 580.5508085 165861960494Sterlite Industries 0.2154 1512543390.30 0 0(India) Ltd.
  7. 7. Sun Pharmaceutical 0.1059 82846556.40 0 0Inds. Ltd.Tata Consultancy 0.1238 587166298.80 343.1230009 201470262455Services Ltd.Tata Motors Ltd. 0.1905 329147881.40 276.1157996 90882930472Tata Power Co. Ltd. 0.1756 166115065.20 0 0Tata Steel Ltd. 0.2194 621049937.20 301.7500684 187401861006Wipro Ltd. 0.1497 489882562.00 140.0133601 68590103537Zee Entertainment 0.1696 586845678.00 0 0Enterprises Ltd.Sensex value 16844implied growth rate
  8. 8. BSE BSE BSE BSE BSE BSERs. Rs. No. Rs. Rs. No. May-08 Jun-08 Jun-08 Jun-08 Jul-08 Jul-08 30 days Avg. 30 days EPS Beta EPS Beta Closing Avg. Closing 65.33 618.27 0.85 60.7 542.33 0.85 8.14 85.47 0.78 8.38 79.62 0.78 58.65 1456.5 1.01 60.6 1545.32 1.01 32.9 398.36 0.68 36.24 380.49 0.68 9.02 212.38 0.51 9.27 217.03 0.51 15.1 488.2 1.63 15.81 453.67 1.63 238.03 2152.15 0.87 238.31 1752.72 0.87 44.86 1148.9 0.92 40.82 1050.51 0.92 18.91 151.54 1.33 19.71 131.06 1.33 8.06 227.35 0.47 8.48 220.43 0.47 63.35 447.87 0.92 81.96 416.22 0.92 37.36 741.08 1.38 36.93 617.78 1.38 8.2 101.03 0.47 8.19 89.47 0.47 76.03 1861.53 0.45 81.35 1639.48 0.45 5.09 118.36 1.7 5.07 104.96 1.7
  9. 9. 74.33 1298.31 1.2 78.62 1242.14 1.2 37.87 280.59 1.1 36.57 259.09 1.1 60.22 724.63 0.74 59.05 583.96 0.74 8.99 161.31 0.69 8.2 170.16 0.69 76.28 862.49 0.9 85.54 922.65 0.9 13.26 540.95 0.8 5.97 490.07 0.8 12.53 522.32 1.31 10.03 452.32 1.31 101.3 1112.06 1.03 104.6 1050.41 1.03 42.46 1017.06 1.54 42.91 861.89 1.54 25.56 476.69 0.72 28.29 413.18 0.72105.99 1289.3 1.08 109.38 1283.5 1.08 42.48 452.64 0.49 43.64 409.36 0.49 52.61 491.72 1.16 48.97 396 1.16 66.21 805.45 1.45 67.8 643.35 1.45 20.96 288.93 0.75 20.61 244.69 0.75
  10. 10. 30 days Avg. Sensex 30 days Sensex Closing Contribution Avg. Closing Contribution 618.27 63842526689.77 542.33 56000966405.71 85.47 71716990765.84 79.62 66808316424.20 0.00 0.00 0.00 0.00 1456.50 249545058000.00 1545.32 264762766240.00 398.36 529474431164.90 380.49 505722779179.46 212.38 110840884569.78 217.03 113267714371.31 488.20 207168063001.00 453.67 192515229704.35 0.00 0.00 0.00 0.00 2152.15 147989923931.85 1752.72 120523615674.48 1148.90 422510918941.36 1050.51 386327744326.82 0.00 0.00 0.00 0.00 151.54 202977741497.27 131.06 175546144916.41 0.00 0.00 0.00 0.00 227.35 248047989697.35 220.43 240497991506.43 447.87 117277524067.15 416.22 108989776201.19 741.08 826644120797.64 617.78 689108065183.74 101.03 270025280765.59 89.47 239128594180.91 1861.53 908083999062.85 1639.48 799764470507.36 118.36 138309465339.03 104.96 122650908093.82 0.00 0.00 0.00 0.00 1298.31 704788115547.44 1242.14 674296208028.97
  11. 11. 0.00 0.00 0.00 0.00 280.59 121727197636.52 259.09 112399941678.77 724.63 104676448388.90 583.96 84355959318.80 161.31 266015172472.80 170.16 280609644460.80 862.49 368951233679.94 922.65 394686147960.90 540.95 91042784491.66 490.07 82479595888.40 522.32 377328882169.37 452.32 326760223584.87 1112.06 ############### 1050.41 1889575075122.77 1017.06 149428649201.83 861.89 126630738069.11 476.69 336473983054.19 413.18 291645136919.87 1289.30 368349888669.17 1283.50 366692842710.68 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 452.64 265774953488.83 409.36 240362396076.77 491.72 161848596242.01 396.00 130342561034.40 0.00 0.00 0.00 0.00 805.45 500224671917.74 643.35 399552477097.62 288.93 141541768638.66 244.69 119869364095.78 0.00 0.00 0.00 0.0014866.58 13629.87
  12. 12. 14866.58271 13629.8698 Avalible EPS*(1+g)/(r-EPS*(1+g)/(r-g) Avalible MarketCap MarketCap g) 944.842167 97564350958.86 884.923396 91377141923.34 144.8694398 121558444808.45 134.793848 113104120078.43 0 0.00 0 0.00 768.3693044 131646249659.64 727.682518 124675301165.56 744.0761278 988978021154.15 683.887724 908979475153.21 279.5043397 145873002409.35 247.935205 129397106049.73 116.6450583 49498424409.23 112.782939 47859530888.24 0 0.00 0 0.00 3606.842895 248020075608.65 3383.68758 232675077588.92
  13. 13. 577.84419 212503681546.67 543.869425 200009374505.64 0 0.00 0 0.00182.3009768 244180022096.30 174.971041 234362061679.63 0 0.00 0 0.00287.3635682 313525205165.00 251.500261 274396894805.791160.218271 303810315886.57 1092.5377 286087739880.78327.7185644 365556518286.28 315.005255 351375346750.79277.5362763 741777798050.38 242.899426 649203065870.822938.779781 ############### 2550.0212 1243940977175.8835.71988789 41740440990.90 34.5826573 40411531259.29 0 0.00 0 0.00816.9562449 443485032351.59 780.312956 423593207705.46 0 0.00 0 0.00419.8874407 182158029423.27 399.505581 173315851718.631089.704745 157413331685.37 1009.43851 145818469905.62165.2601307 272529304946.32 152.108352 250840799956.711243.064956 531751497602.21 1168.85971 500008383447.35100.0447655 16837700380.36 93.1183356 15671970716.1294.36464517 68169907483.11 90.513956 65388133428.431296.216053 ############### 1228.82762 2210529257665.76337.0434963 49519157549.86 326.104982 47912047491.30540.2887376 381365465082.05 499.097315 352290296530.841282.798997 366492567842.10 1219.363 348369056125.66 0 0.00 0 0.00
  14. 14. 0 0.00 0 0.001392.569455 817669852872.74 1227.45529 720720377437.19 528.953271 174103848515.24 504.508954 166058053234.76 0 0.00 0 0.00569.3340564 353584879948.03 548.274707 340505972040.43374.0265521 183229085582.10 346.878289 169929624680.50 0 0.00 0 0.00 16707.36 15414.09 8.97% 8.52% 1840.77 1784.22
  15. 15. BSE BSE BSE BSE BSE BSERs. Rs. No. Rs. Rs. No. Jul-08 Aug-08 Aug-08 Aug-08 Sep-08 Sep-08 30 days Avg. 30 days Avg. EPS Beta EPS Beta Closing Closing 60.7 589.64 0.85 60.7 600.35 0.85 8.38 60.6 1731.13 1.01 60.6 1670.66 1.01 36.24 410.34 0.68 36.24 397.28 0.68 9.27 15.81 516.14 1.63 15.81 441.77 1.63 238.3 1979.47 0.87 238.31 1922.58 0.87 40.8 1209.86 0.92 40.79 1261.3 0.92 19.71 125.06 1.33 14.22 114.54 1.33 8.48 241.83 0.47 8.48 246.87 0.47 81.96 473.13 0.92 81.96 448.8 0.92 36.93 677.82 1.38 36.93 631.42 1.38 8.19 93.91 0.47 8.19 95.7 0.47 81.3 1678.88 0.45 81.3 1616.59 0.45 5.07 114.88 1.7 5.07 96.44 1.7
  16. 16. 78.59 1343.1 1.2 78.59 1291.77 1.236.57 281.25 1.1 36.57 277.78 1.159.05 634.82 0.74 59.05 694.16 0.74 8.2 178.17 0.69 8.2 175.36 0.6985.54 1032.22 0.9 85.54 1043.36 0.9 5.96 508.66 0.8 5.96 388.92 0.810.03 425.45 1.31 10.03 375.54 1.31104.6 1120.09 1.03 104.59 1011.96 1.0343.02 1006.08 1.54 43.02 920.93 1.5428.28 403.53 0.72 28.26 373.6 0.72109.4 1454.47 1.08 109.38 1517.85 1.08 153.53 1.41 16.39 126.72 1.4143.64 414.65 0.49 43.64 384.23 0.4948.96 412.05 1.16 48.96 402.78 1.16 1052.43 1.01 39.31 1015.21 1.01 67.8 620.48 1.45 67.8 509.73 1.4520.61 258.88 0.75 20.6 241.99 0.75
  17. 17. 30 days Avg. Sensex 30 days Avg. Sensex Closing Contribution Closing Contribution 589.64 60886194441.51 600.35 61992108461.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1731.13 296597965160.00 1670.66 286237519120.00 410.34 545397474857.42 397.28 528038964788.61 0.00 0.00 0.00 0.00 516.14 219024424492.70 441.77 187465455124.85 0.00 0.00 0.00 0.00 1979.47 136115798027.73 1922.58 132203827778.22 1209.86 444929115145.26 1261.30 463846306955.12 0.00 0.00 0.00 0.00 125.06 167509544355.61 114.54 153418704705.67 0.00 0.00 0.00 0.00 241.83 263846251807.83 246.87 269345094420.87 473.13 123892010989.55 448.80 117521050307.76 677.82 756080204511.06 631.42 704322921619.86 93.91 250995487644.23 95.70 255779663162.10 1678.88 818984418379.85 1616.59 788598363735.75 114.88 134242914651.47 96.44 112694870203.59 0.00 0.00 0.00 0.00 1343.10 729102385402.38 1291.77 701237873867.35
  18. 18. 0.00 0.00 0.00 0.00 281.25 122013522703.13 277.78 120508146974.13 634.82 91702942144.60 694.16 100274903624.80 178.17 293818878429.60 175.36 289184927436.80 1032.22 441557400583.32 1043.36 446322808580.16 508.66 85608323799.85 388.92 65455882696.18 425.45 307349082782.51 375.54 271293629211.76 1120.09 2014921931335.63 1011.96 1820407643702.21 1006.08 147815443915.78 920.93 135305022230.20 403.53 284833636916.78 373.60 263707399083.36 1454.47 415538557800.85 1517.85 433646070361.04 153.53 232220786712.76 126.72 191669498418.82 0.00 0.00 0.00 0.00 414.65 243468505797.42 384.23 225606906987.92 412.05 135625384530.87 402.78 132574183670.29 1052.43 174824478068.44 1015.21 168641675341.69 620.48 385349065033.86 509.73 316567784488.96 258.88 126820797650.56 241.99 118546681178.38 0.00 0.00 0.00 0.0014835.31 13999.71
  19. 19. 14835.30946 13999.71015EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap 950.0110689 98098091484.37 882.8531087 91163364150.90 0 0.00 0 0.00 0 0.00 0 0.00 771.837068 132240388530.29 701.0930276 120119670601.79 749.3756903 996021857997.88 680.3430496 904268122285.07 0 0.00 0 0.00 116.9669115 49635003040.37 108.0138247 45835753473.97 0 0.00 0 0.00 3626.05895 249341443778.86 3251.867511 223610633799.05
  20. 20. 580.3081879 213409823074.17 592.3131635 217824683614.58 0 0.00 0 0.00131.9673141 176761431808.88 130.1248922 174293630333.56 0 0.00 0 0.00290.6944641 317159346542.39 253.2971382 276357360596.671166.022532 305330197500.41 1037.645405 271713854365.72328.7848291 366745892403.76 315.4057892 351822126188.31280.7532619 750375911836.18 244.1453768 652533147801.60 2973.22738 1450387696672.92 2709.020198 1321503222982.8235.81452506 41851029173.04 40.12866521 46892313529.30 0 0.00 0 0.00819.7113303 444980631582.40 816.8975184 443453152628.50 0 0.00 0 0.00421.6158647 182907864468.34 333.7969677 144809756083.491096.712165 158425588642.74 906.1121333 130892455402.51 166.416349 274436016279.49 155.9159821 257119935987.391249.438774 534478054245.83 1153.059905 493249631239.39100.4631312 16908112023.89 -190.7589709 -32105051988.5794.68833704 68403745541.70 75.87031396 54809428620.761301.818217 2341831527744.14 1248.988807 2246797077633.69338.8930908 49790903960.78 339.689827 49907962157.81543.3021778 383492516671.89 544.3376285 384223394652.801288.184089 368031075540.88 1330.750194 380192108743.14142.4425305 215450508075.53 165.6983812 250625991225.42
  21. 21. 0 0.00 0 0.001407.786413 826604737607.17 1221.537093 717245413803.35530.9031036 174745631775.13 390.7005746 128598266396.84500.6751674 83169688070.25 473.5074448 78656720062.77571.0967174 354679580498.67 613.5034793 381016297274.71376.2110419 184299229079.43 356.356797 174572980709.14 0 0.00 0 0.00 16764.30 15588.97 9.00% 8.51% 1928.99 1589.26
  22. 22. BSE BSE BSE BSE BSE BSERs. Rs. No. Rs. Rs. No. Sep-08 Oct-08 Oct-08 Oct-08 Nov-08 Nov-08 30 days Avg. 30 days Avg. EPS Beta EPS Beta Closing Closing 60.7 509.44 0.85 60.7 443.96 0.85 58.5 1291.54 1.01 58.5 1326.44 1.01 36.16 341.6 0.68 36.16 325.69 0.68 15.16 273.74 1.63 15.17 236.33 1.63 229.55 1315.73 0.87 229.55 998.49 0.87 44.53 1076.41 0.92 44.52 973.59 0.92 14.68 70.15 1.33 14.68 56.56 1.33 8.58 235.67 0.47 8.58 238.1 0.47 78.01 357.11 0.92 77.95 314.57 0.92 37.03 405.36 1.38 37.03 389.54 1.38 8.27 82.62 0.47 8.27 84.06 0.47 86.79 1300.26 0.45 86.79 1247.25 0.45 5.89 51.13 1.7 5.84 48.21 1.7
  23. 23. 82.41 883.44 1.2 41.2 808.08 1.2 30.61 207.34 1.1 30.61 167.44 1.1 53.15 637.38 0.74 53.15 556.12 0.74 8.43 155.19 0.69 8.43 149.76 0.69 84.57 812.43 0.9 84.57 707.83 0.9-12.24 242.07 0.8 -12.23 211.07 0.8 8.42 249.03 1.31 8.42 214.69 1.31106.51 703.53 1.03 98.39 600.8 1.03 44.87 528.03 1.54 44.93 512.09 1.54 30.93 286.72 0.72 30.92 260.27 0.72119.59 1350.98 1.08 119.59 1174.82 1.08 19.91 70.77 1.41 19.91 60.26 1.41 43.62 272.12 0.49 43.62 258.52 0.49 37.98 243.62 1.16 37.98 151.96 1.16 39.51 741.08 1.01 39.51 702.71 1.01 75.97 265.19 1.45 75.97 181.83 1.45 21.23 165.86 0.75 21.22 148.46 0.75
  24. 24. 30 days Avg. Sensex 30 days Avg. Sensex Closing Contribution Closing Contribution 509.44 52604746788.35 443.96 45843285537.37 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1291.54 221282131280.00 1326.44 227261618080.00 341.60 454032698277.76 325.69 432886151938.18 0.00 0.00 0.00 0.00 273.74 116161789360.70 236.33 100286825745.65 0.00 0.00 0.00 0.00 1315.73 90474540629.07 998.49 68659925723.91 1076.41 395852535692.98 973.59 358040217227.02 0.00 0.00 0.00 0.00 70.15 93961254890.02 56.56 75758354619.81 0.00 0.00 0.00 0.00 235.67 257125444169.67 238.10 259776671858.10 357.11 93511457832.90 314.57 82372096246.24 405.36 452162331740.88 389.54 434515775375.82 82.62 220820436472.86 84.06 224669158677.18 1300.26 634287548748.32 1247.25 608428425988.91 51.13 59747912831.91 48.21 56335749611.31 0.00 0.00 0.00 0.00 883.44 479575766033.71 808.08 438666559151.18
  25. 25. 0.00 0.00 0.00 0.00 207.34 89949453501.39 167.44 72639801747.24 637.38 92072747021.40 556.12 80334331283.60 155.19 255922724047.20 149.76 246968149708.80 812.43 347536841909.58 707.83 302791628581.98 242.07 40740783514.00 211.07 35523431967.20 249.03 179901614961.40 214.69 155094075878.66 703.53 1265575111243.34 600.80 1080774845187.84 528.03 77579306666.32 512.09 75237367480.55 286.72 202382723407.87 260.27 183712860705.10 1350.98 385971715344.97 1174.82 335643229819.52 70.77 107042695731.53 60.26 91145864699.48 0.00 0.00 0.00 0.00 272.12 159779693229.46 258.52 151794231565.78 243.62 80187006866.67 151.96 50017312057.54 741.08 123104552518.42 702.71 116730717466.69 265.19 164696232846.07 181.83 112925510081.08 165.86 81251921733.32 148.46 72727965154.52 0.00 0.00 0.00 0.0010327.29 9336.86
  26. 26. 10327.29023 9336.856654EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap 694.9830984 71763917072.72 629.3343113 64985026878.38 0 0.00 0 0.00 0 0.00 0 0.00 571.9456912 97992599159.73 524.5766045 89876758806.17 505.9877413 672526286578.35 449.5162906 597468074776.07 0 0.00 0 0.00 94.70394236 40187694177.72 89.3442403 37913300295.39 0 0.00 0 0.00 2573.198945 176942832089.04 2334.378026 160520607961.80
  27. 27. 474.2352452 174401226585.81 432.0522074 158888306349.39 0 0.00 0 0.00111.0717597 148773227697.50 103.6333222 138809935948.16 0 0.00 0 0.00165.4691557 180533500879.72 141.4299412 154305751480.74830.3377664 217429069555.62 756.47955 198088839678.06270.6154424 301860344981.24 253.0031085 282214514254.12159.4906664 426274492412.09 136.3200016 364345706299.361736.328158 847008545159.02 1476.455917 720238724822.5635.02866232 40932710015.55 33.08845414 38665481588.89 0 0.00 0 0.00343.2581505 186337827680.43 318.3654473 172824813522.82 0 0.00 0 0.00276.5445311 119972168617.96 255.0962747 110667360392.93689.6551607 99624156927.58 617.360718 89180861036.42116.4395705 192019666658.76 103.583351 170818566631.08919.1423574 393185667896.74 836.0050213 357621634995.41-147.9361146 -24897894067.23 -118.7017196 -19977696781.84 64.6205858 46682519157.97 60.24188767 43519306426.23944.6932314 1699401932246.80 867.6219121 1560758884308.60296.0236251 43492429584.42 280.8661208 41265456355.16 411.171699 290227567763.06 367.0634696 259093556919.701098.974368 313974316337.04 1012.5265 289276369806.03142.5830655 215663073334.73 133.4566927 201859038377.31
  28. 28. 0 0.00 0 0.00811.9829893 476769046524.16 697.3676584 409470786857.90326.5952301 107498128049.75 302.2822019 99495546331.00386.2833207 64167478995.86 354.2909683 58853067296.55529.8749623 329078812054.68 496.685864 308466724661.54272.0464415 133270807725.88 243.812749 119439614136.75 0 0.00 0 0.00 11473.96 10332.48 6.65% 5.76% 1146.67 995.63
  29. 29. BSE BSE BSE BSE BSE BSERs. Rs. No. Rs. Rs. No. Nov-08 Dec-08 Dec-08 Dec-08 Jan-09 Jan-09 30 days Avg. 30 days Avg. EPS Beta EPS Beta Closing Closing 60.7 470.64 0.85 63.98 499.75 0.85 58.5 1361.95 1.01 59.07 1385.48 1.01 36.16 354.2 0.68 39.31 319.75 0.68 15.18 261.75 1.63 12.6 210.87 1.63 229.55 1126.5 0.87 205.61 1245.17 0.87 44.52 962.46 0.92 49.05 958.98 0.92 14.68 52.22 1.33 14.69 49.97 1.33 8.58 247.62 0.47 8.83 252.85 0.47 77.95 302.86 0.92 74.36 307.02 0.92 37.03 413.31 1.38 37.41 427.77 1.38 8.27 86.51 0.47 8.46 85.72 0.47 86.79 1149.67 0.45 94 1226.63 0.45 5.84 51.82 1.7 5.94 48.41 1.7
  30. 30. 41.2 768.12 1.2 43.28 722.81 1.2 30.61 139.79 1.1 22.71 149.56 1.1 53.15 507.91 0.74 44.38 559.46 0.74 8.43 172.5 0.69 9.01 179.66 0.69 84.57 677.36 0.9 75.82 660.53 0.9-10.89 217.3 0.8 -38.52 218.95 0.8 8.42 215.49 1.31 8.23 191.05 1.31 98.39 621.08 1.03 99.12 606.26 1.03 45.34 579.15 1.54 47.35 548.52 1.54 30.91 190.99 0.72 30.91 63.25 0.72119.59 1217.9 1.08 130.14 1177.62 1.08 19.91 66.53 1.41 19.32 67.25 1.41 219.15 0.31 43.62 251.09 0.49 44.09 253.47 0.49 37.98 158.78 1.16 17.57 155.81 1.16 39.51 716.83 1.01 35.86 758.6 1.01 75.97 208.82 1.45 67.73 203.57 1.45 21.22 142.95 0.75 20.73 140.64 0.75
  31. 31. 30 days Avg. Sensex 30 days Avg. Sensex Closing Contribution Closing Contribution 470.64 48598260891.31 499.75 51604157913.55 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1361.95 233345617400.00 1385.48 237377059360.00 354.20 470779806001.12 319.75 424991086868.60 0.00 0.00 0.00 0.00 261.75 111073823208.75 210.87 89482854250.35 0.00 0.00 0.00 0.00 1126.50 77462374513.50 1245.17 85622569794.03 962.46 353947131207.50 958.98 352667352290.35 0.00 0.00 0.00 0.00 52.22 69945213547.50 49.97 66931488337.20 0.00 0.00 0.00 0.00 247.62 270163374571.62 252.85 275869514822.85 302.86 79305760463.92 307.02 80395082142.35 413.31 461030228270.73 427.77 477159760826.91 86.51 231217331872.03 85.72 229105880107.16 1149.67 560827346968.67 1226.63 598369661391.69 51.82 60554211675.13 48.41 56569459420.94 0.00 0.00 0.00 0.00 768.12 416974256775.58 722.81 392377704707.54
  32. 32. 0.00 0.00 0.00 0.00 139.79 60644516759.72 149.56 64882995397.26 507.91 73370154287.30 559.46 80816811083.80 172.50 284468521800.00 179.66 296276026820.80 677.36 289757339384.16 660.53 282557894448.18 217.30 36571951326.44 218.95 36849649070.06 215.49 155672003405.34 191.05 138016317465.27 621.08 1117256392891.58 606.26 1090596800338.85 579.15 85089967342.38 548.52 80589741667.34 190.99 134811231667.37 0.00 0.001217.90 347951081525.00 1177.62 336443183040.86 66.53 100629511756.66 67.25 101718542997.68 0.00 0.00 219.15 18155822835.06 251.09 147431585965.69 253.47 148829041756.84 158.78 52262100608.69 155.81 51284531400.93 716.83 119076262187.32 758.60 126014888460.72 208.82 129687647886.10 203.57 126427135715.80 142.95 70028712237.90 140.64 68897083519.68 0.00 0.00 0.00 0.009439.59 9179.74
  33. 33. 9439.58819 9179.743376EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap 689.4012101 71187531588.40 685.4277023 70777227385.10 0 0.00 0 0.00 0 0.00 0 0.00 547.8450468 93863387558.47 545.0878403 93390989847.88 511.5205256 679880106685.50 508.01596 675222064119.47 0 0.00 0 0.00 75.89701538 32206959571.84 75.81556744 32172397073.63 0 0.00 0 0.00 2171.577188 149325810424.02 2159.286638 148480666007.58
  34. 34. 493.5837299 181516681438.58 490.7098696 180459811947.62 0 0.00 0 0.00106.5596756 142729591413.58 106.1284223 142151956410.48 0 0.00 0 0.00154.5350899 168603995535.55 153.1402328 167082150330.69748.2749471 195940413785.10 744.2216175 194879024393.26262.4343671 292734693496.18 261.402888 291584121159.60148.0596671 395722589113.27 146.7232581 392150737077.481700.989076 829769578081.60 1685.146945 822041534027.3634.41792382 40219032113.79 34.30318281 40084951618.14 0 0.00 0 0.00344.4338351 186976048512.02 342.842223 186112041271.06 0 0.00 0 0.00195.3217711 84735635014.08 194.4029154 84337011669.56538.0646652 77726147350.12 534.6104713 77227171673.88115.8277959 191010793517.55 115.0430599 189716690904.82777.6563694 332661569268.34 773.3705171 330828190900.16-437.1695144 -73576356207.15 -434.5277343 -73131740214.9260.52366612 43722865834.76 60.27576379 43543778854.68903.5582862 1625404571988.18 899.0807317 1617349931092.26 300.506683 44151090121.51 299.4237329 43991980751.37383.4814787 270682289466.03 0 0.001137.661794 325027220200.62 1132.23157 323475818540.89132.9062098 201026409222.97 132.3926535 200249633018.74
  35. 35. 0 0.00 1232.558499 102113227191.44747.0819075 438661318522.32 740.5397498 434819984021.61144.1331622 47441124968.71 143.4830486 47227141470.65332.5837714 55247174875.29 330.9099365 54969125684.80454.1979945 282079635954.89 452.4813827 281013534281.96 248.503427 121737495469.24 246.924595 120964053241.62 0 0.00 0 0.00 10686.59 10384.06 6.12% 6.07% 1247.01 1204.31
  36. 36. BSE BSE BSE BSE BSE BSERs. Rs. No. Rs. Rs. No. Jan-09 Feb-09 Feb-09 Feb-09 Mar-09 Mar-09 30 days Avg. 30 days Avg. EPS Beta EPS Beta Closing Closing 63.98 541.6 0.85 63.98 549.11 0.85 59.07 1382.32 1.01 59.07 1409.33 1.01 39.31 321.13 0.68 39.31 295.67 0.68 12.63 152.3 1.63 12.64 160.22 1.63 205.6 1339.92 0.87 205.61 1471.98 0.87 49.03 899.6 0.92 49.02 871.72 0.92 14.69 43.26 1.33 14.69 44.79 1.33 8.83 257.28 0.47 8.83 234.35 0.47 74.36 284.05 0.92 74.36 275.9 0.92 37.41 386.99 1.38 37.41 321.01 1.38 8.46 90.26 0.47 8.46 86.39 0.47 94 1251.04 0.45 94 1275.18 0.45 5.94 46.61 1.7 5.94 50.24 1.7
  37. 37. 43.27 654.55 1.2 43.27 610.79 1.222.71 146.93 1.1 21.06 175.87 1.144.38 613.52 0.74 44.38 711.71 0.74 9.01 180.43 0.69 9.01 177.65 0.6975.82 681.88 0.9 75.82 725.46 0.9-38.52 208.23 0.8 -38.52 151.74 0.8 8.23 164 1.31 8.23 154.74 1.3199.12 655.52 1.03 99.12 670.28 1.0347.35 529.15 1.54 47.43 484.34 1.54130.1 1099.98 1.08 130.14 990.04 1.0819.32 65.77 1.41 19.32 74.76 1.4152.55 211.45 0.31 52.55 205.96 0.3144.09 247.86 0.49 44.09 251.61 0.4917.57 138.64 1.16 17.57 160.12 1.1635.86 759.53 1.01 35.85 689.31 1.0167.73 178.59 1.45 67.73 176.3 1.4520.73 131.79 0.75 20.73 136.18 0.75
  38. 38. 30 days Avg. Sensex 30 days Avg. Sensex Closing Contribution Closing Contribution 541.60 55925586645.28 549.11 56701068838.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1382.32 236835650240.00 1409.33 241463327560.00 321.13 426825293904.97 295.67 392985503219.51 0.00 0.00 0.00 0.00 152.30 64628627601.50 160.22 67989485977.10 0.00 0.00 0.00 0.00 1339.92 92137935959.28 1471.98 101218877972.82 899.60 330830205135.04 871.72 320577263695.33 0.00 0.00 0.00 0.00 43.26 57943890043.37 44.79 59993223186.37 0.00 0.00 0.00 0.00 257.28 280702822913.28 234.35 255685271104.35 284.05 74380245855.44 275.90 72246118047.93 386.99 431671355734.17 321.01 358073391829.83 90.26 241240045945.78 86.39 230896605021.67 1251.04 610277248385.78 1275.18 622053125077.20 46.61 54466071134.27 50.24 58707904179.06 0.00 0.00 0.00 0.00 654.55 355322735734.59 610.79 331567601801.74
  39. 39. 0.00 0.00 0.00 0.00 146.93 63742033389.41 175.87 76296953734.40 613.52 88626050005.60 711.71 102810089401.30 180.43 297545828338.40 177.65 292961350132.00 681.88 291690880151.28 725.46 310333293122.76 208.23 35045455244.84 151.74 25538094313.27 164.00 118475142969.40 154.74 111785631848.08 655.52 1179210263844.10 670.28 1205761922823.74 529.15 77743859482.38 484.34 71160277618.25 0.00 0.00 0.00 0.001099.98 314261623003.42 990.04 282852031162.66 65.77 99479978780.03 74.76 113077743858.83 211.45 17517904350.78 205.96 17063076756.14 247.86 145535038820.57 251.61 147736912441.07 138.64 45633062277.30 160.12 52703158769.77 759.53 126169375471.36 689.31 114504775593.01 178.59 110913308284.55 176.30 109491103928.36 131.79 64561622845.98 136.18 66712207293.16 0.00 0.00 0.00 0.009069.67 8901.62
  40. 40. 9069.673905 8901.616683EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap 679.4926599 70164375230.38 691.4285641 71396876056.17 0 0.00 0 0.00 0 0.00 0 0.00 540.9619724 92684096646.81 562.2595062 96333045721.33 502.7956101 668283511472.08 508.9583772 676474664324.89 0 0.00 0 0.00 75.48143067 32030605865.89 53.83825691 22846307659.92 0 0.00 0 0.00 2140.924032 147217984163.51 1833.693221 126091638729.68
  41. 41. 486.6151851 178953981210.06 513.6320047 188889485858.47 0 0.00 0 0.00 105.481499 141285445712.53 86.52988326 115901018061.76 0 0.00 0 0.00151.0737647 164827550624.98 153.2126947 167161209204.84 738.16208 193292297099.81 781.0087561 204511963705.62259.8551123 289857641329.81 231.1604972 257849983756.32144.7433805 386859071063.73 143.2745739 382933356993.511661.693852 810600741743.24 1737.370707 847517117353.6134.13075121 39883456834.33 42.79903973 50012777135.11 0 0.00 0 0.00340.5759835 184881812207.77 358.3280454 194518526302.44 0 0.00 0 0.00179.0024062 77655872553.21 247.6499572 107436955291.90529.4595838 76483100055.07 491.6497067 71021273132.69 113.873905 187788645937.22 122.7099333 202360077325.08766.9648852 328088024901.77 719.8380346 307928359663.37-430.5845932 -72468103019.00 -763.6576256 -128524848204.0959.90393095 43275163316.28 60.66449088 43824598966.01892.3792445 1605294673532.54 880.9416088 1584719592082.46298.3005319 43826957642.08 312.7697209 45952802097.34 0 0.00 0 0.001124.100519 321152796931.10 1219.587185 348433106163.60131.6219133 199083854999.68 111.9768396 169369828605.97
  42. 42. 1210.483979 100284429264.00 1348.256893 111698440743.50730.8410671 429125244371.90 701.2923336 411775223878.39142.5089466 46906517845.07 177.6057617 58458560196.08328.3136399 54537841697.71 374.5099702 62211748112.13449.9045613 279413199546.27 466.4696192 289700927713.00244.5698523 119810505849.55 234.0482786 114656170330.39 0 0.00 0 0.00 10278.72 10225.32 5.99% 5.79% 1209.05 1323.70
  43. 43. BSE BSE BSE BSE BSE BSERs. Rs. No. Rs. Rs. No. Mar-09 Apr-09 Apr-09 Apr-09 May-09 May-09 30 days Avg. 30 days Avg. EPS Beta EPS Beta Closing Closing 66.48 617.6 0.85 66.48 678.51 0.85 62.53 1587.76 1.01 62.53 1871.58 1.01 40.79 343.29 0.68 40.79 402.51 0.68 9.13 223.42 1.63 9.13 299.85 1.63 179.76 1641.59 0.87 179.76 1981.57 0.87 52.77 1066.66 0.92 52.77 1280.22 0.92 12.23 56.27 1.33 12.23 73.85 1.33 9.25 235.54 0.47 9.25 230.71 0.47 80.24 340.26 0.92 80.24 402 0.92 33.76 410.28 1.38 33.76 627.6 1.38 8.65 93.78 0.47 8.65 94.61 0.47 101.62 1405.67 0.45 101.62 1570.33 0.45 7.54 75.47 1.7 7.54 107.11 1.7
  44. 44. 46.26 824.71 1.2 46.26 1141.82 1.2 29.64 223.31 1.1 29.64 288.28 1.1 42.18 808.37 0.74 42.18 908.96 0.74 9.95 189.11 0.69 9.95 199.95 0.69 72.6 858.93 0.9 72.6 960.46 0.9-69.83 180.32 0.8 -69.83 210.72 0.8 8.46 212.78 1.31 8.46 268.26 1.31 99.63 859.73 1.03 99.63 1028.32 1.03 50.39 653.42 1.54 50.56 968.72 1.54143.67 1217.66 1.08 143.67 1528.95 1.08 16.67 97.58 1.41 16.67 129.47 1.41 61.09 233.78 0.31 61.09 260.13 0.31 43.66 288.74 0.49 43.66 324.53 0.49 22.26 231.44 1.16 22.26 300.57 1.16 41.65 861.41 1.01 41.59 983 1.01 71.2 248.99 1.45 71.2 319.26 1.45 20.3 170.23 0.75 20.3 224.58 0.75
  45. 45. 30 days Avg. Sensex 30 days Avg. Sensex Closing Contribution Closing Contribution 617.60 63773342526.08 678.51 70062905824.76 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1587.76 272034096320.00 1871.58 320661544560.00 343.29 456278937329.54 402.51 534990343629.34 0.00 0.00 0.00 0.00 223.42 94808456853.10 299.85 127241588879.25 0.00 0.00 0.00 0.00 1641.59 112881899136.81 1981.57 136260201921.63 1066.66 392266948209.58 1280.22 470804185435.73 0.00 0.00 0.00 0.00 56.27 75369918926.04 73.85 98917158569.18 0.00 0.00 0.00 0.00 235.54 256983608943.54 230.71 251713884772.71 340.26 89099181322.90 402.00 105266181425.40 410.28 457650388461.24 627.60 700061869450.80 93.78 250648033556.34 94.61 252866394271.33 1405.67 685708226546.27 1570.33 766031998543.33 75.47 88190396663.88 107.11 125163288547.35 0.00 0.00 0.00 0.00 824.71 447694161466.16 1141.82 619837454917.84
  46. 46. 0.00 0.00 0.00 0.00 223.31 96877652461.64 288.28 125063318488.38 808.37 116773112601.10 908.96 131303844068.80 189.11 311859954536.80 199.95 329736121356.00 858.93 367428356438.58 960.46 410860302032.76 180.32 30348155836.10 210.72 35464526385.22 212.78 153714273908.71 268.26 193793547883.97 859.73 1546562179849.10 1028.32 1849837531297.54 653.42 96001875957.62 968.72 142326432122.78 0.00 0.00 0.00 0.00 1217.66 347882514106.02 1528.95 436817313488.50 97.58 147593984025.47 129.47 195828992742.14 233.78 19367867955.19 260.13 21550874716.33 288.74 169538397115.51 324.53 190553078949.56 231.44 76177985671.22 300.57 98931978712.40 861.41 143093178313.93 983.00 163291109091.60 248.99 154635223863.43 319.26 198276402950.47 170.23 83392708529.26 224.58 110017825773.96 0.00 0.00 0.00 0.0010794.79 13078.62
  47. 47. 10794.78773 13078.61904EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap 828.7791767 85579692871.36 985.0888436 101720220597.78 0 0.00 0 0.00 0 0.00 0 0.00 657.8045432 112702968002.66 761.1162327 130403566380.91 632.9689181 841301480726.78 785.9328022 1044611214432.15 0 0.00 0 0.00 59.83740544 25392051166.32 65.68373978 27872947852.83 0 0.00 0 0.00 2190.327914 150615180831.94 2593.192201 178317643535.80
  48. 48. 608.5892043 223810239317.73 714.0330646 262587489142.38 0 0.00 0 0.0098.03830808 131315786953.75 109.69165 146924662663.04 0 0.00 0 0.00205.7418678 224472648752.66 283.3374379 309132535229.45925.3969632 242320907022.80 1085.595467 284269873983.40260.9247021 291050724597.67 290.837591 324417316267.26192.3964493 514222560060.25 264.9587933 708161660438.022357.569302 1150059875616.17 3297.967561 1608801132177.16 47.3991718 55388257086.59 51.85080005 60590203048.96 0 0.00 0 0.00410.5205704 222851259885.94 464.0699398 251920557017.07 0 0.00 0 0.00286.6301288 124347561698.28 327.8501303 142229864223.58602.4944743 87033357354.18 734.8288839 106149728473.33 152.21024 251008823040.17 188.3865077 310666848604.13855.5952877 366001851526.79 1007.347371 430917524028.08-923.9762104 -155506732593.42 -1110.137358 -186837963340.9068.84114515 49731490939.00 77.14706293 55731764085.34 1028.0231 1849303439985.91 1186.222239 2133886745788.59350.5506002 51503650393.11 386.6984227 56814566451.35 0 0.00 0 0.001414.729305 404184737521.61 1622.042831 463413710017.58126.1261263 190771238627.73 140.2855809 212188028202.03
  49. 49. 2028.55799 168059043893.21 3398.187012 281528091984.37932.6114063 547597987638.38 1266.231936 743488719047.36204.2667955 67233982983.15 232.0970158 76394241034.95437.5194459 72678571285.37 506.2341935 84093126055.54523.9904042 325424207603.11 581.2417054 360980124616.74286.1705993 140189986329.79 347.9203035 170440089663.93 0 0.00 0 0.00 12506.72 15446.75 7.35% 8.63% 1711.94 2368.13
  50. 50. BSE BSE BSE BSE BSE BSERs. Rs. No. Rs. Rs. No. May-09 Jun-09 Jun-09 Jun-09 Jul-09 Jul-09 30 days Avg. 30 days Avg. EPS Beta EPS Beta Closing Closing 66.48 810.94 0.85 78.54 809.71 0.85 62.53 2176.57 1.01 63.94 2156.18 1.01 40.79 404.89 0.68 44.17 406.69 0.68 9.13 359.76 1.63 5.52 341.41 1.63 179.76 2323.72 0.87 181.54 2617.58 0.87 52.77 1479.48 0.92 56 1431.56 0.92 1543.68 0.44 12.23 90.24 1.33 10.96 84.56 1.33 9.25 256.26 0.47 9.41 273.28 0.47 80.23 468.52 0.92 83.61 480.27 0.92 33.76 727.43 1.38 35.11 719.54 1.38 8.65 97.73 0.47 8.99 110.17 0.47 101.62 1736.26 0.45 105.1 1868.57 0.45 7.54 142.88 1.7 8.88 143.11 1.7
  51. 51. 46.21 1514.84 1.2 64.9 1456.63 1.2 29.64 364.39 1.1 37.35 382.33 1.1 42.18 1062.45 0.74 46.26 1201.25 0.74 9.95 210.78 0.69 10.32 203.78 0.69 72.6 1096.5 0.9 61.94 1065.73 0.9-69.83 274.96 0.8 -54.22 260.94 0.8 8.46 317.66 1.31 10.75 269.45 1.31 99.63 1073.01 1.03 96.84 960.37 1.03 50.56 1226.6 1.54 54.69 1136.14 1.54143.67 1746.85 1.08 154.53 1671.31 1.08 16.67 159.8 1.41 12.64 152.47 1.41 61.09 255.21 0.31 53.4 238.97 0.31 43.66 375.86 0.49 22.74 441.64 0.49 22.26 347.08 1.16 22.96 323.23 1.16 41.59 1133.71 1.01 49.94 1153.15 1.01 71.2 428.32 1.45 61.64 405.82 1.45 20.29 235.93 0.75 24.74 254.93 0.75
  52. 52. 30 days Avg. Sensex 30 days Avg. Sensex Closing Contribution Closing Contribution 810.94 83737620447.05 809.71 83610610713.72 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2176.57 372916091240.00 2156.18 369422631760.00 404.89 538153686199.30 406.69 540546130159.78 0.00 0.00 0.00 0.00 359.76 152664445606.80 341.41 144877608335.05 0.00 0.00 0.00 0.00 2323.72 159787722063.48 2617.58 179994640283.22 1479.48 544082561019.55 1431.56 526459858229.34 0.00 0.00 1543.68 154126800000.00 90.24 120870472434.43 84.56 113262490570.21 0.00 0.00 0.00 0.00 256.26 279589961908.26 273.28 298159466129.28 468.52 122684854033.40 480.27 125761664062.63 727.43 811418109774.69 719.54 802617140765.82 97.73 261205292380.69 110.17 294453975868.01 1736.26 846975296778.92 1868.57 911518223251.23 142.88 166962287999.67 143.11 167231054280.75 0.00 0.00 0.00 0.00 1514.84 822331514781.43 1456.63 790732192426.97
  53. 53. 0.00 0.00 0.00 0.00 364.39 158081804578.82 382.33 165864640480.31 1062.45 153476246623.50 1201.25 173526604787.50 210.78 347595797246.40 203.78 336052147086.40 1096.50 469054745829.00 1065.73 455892124279.38 274.96 46276225203.49 0.00 0.00 317.66 229480572656.46 269.45 194653215079.91 1073.01 1930230054319.25 960.37 1727602759775.38 1226.60 180214718021.52 1136.14 166924139681.21 0.00 0.00 0.00 0.00 1746.85 499070815963.49 1671.31 477489220842.06 159.80 241704433769.94 152.47 230617490719.04 255.21 21143269658.84 238.97 19797841582.91 375.86 220692325066.97 441.64 259316124202.03 347.08 114240646676.31 323.23 106390469704.92 1133.71 188326310567.89 1153.15 191555587435.38 428.32 266008109101.50 405.82 252034485514.50 235.93 115577992852.66 254.93 124885761530.66 0.00 0.00 0.00 0.0014854.45 14742.05
  54. 54. 14854.44583 14742.05416EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap 1302.237127 134468935166.02 1324.984005 136817776544.84 0 0.00 0 0.00 0 0.00 0 0.00 853.8727215 146295721112.65 866.0117434 148375524016.83 985.274075 1309562783418.08 503.995967 669878948552.15 0 0.00 0 0.00 42.02702966 17834203868.36 42.38352997 17985485061.77 0 0.00 0 0.00 2921.799557 200913920603.50 2971.401278 204324721394.77
  55. 55. 839.7526532 308821190004.11 852.011303 313329339859.22 0 0.00 3438.895376 343352210191.11105.3604318 141123284170.33 106.4638139 142601191074.13 0 0.00 0 0.00 366.061752 399388087498.57 380.9033588 415580877161.541253.780702 328310216142.05 1273.675399 333519765126.54323.3642903 360699505396.95 326.5277503 364228214362.59349.7231829 934713457780.93 363.9023587 972610477974.484400.306368 2146539569136.30 4592.555386 2240321703441.6064.47923758 75347151704.87 65.00363186 75959932131.77 0 0.00 0 0.00704.0180976 382176512781.27 712.2585591 386649850699.85 0 0.00 0 0.00 449.575307 195037393518.25 455.3724899 197552361378.04919.7879671 132867998375.73 938.9352511 135633919869.39225.6189532 372066609318.67 230.7709983 380562810153.18 954.906957 408484851815.80 970.464555 415139995589.64-972.4124263 -163658628272.28 0 0.00105.1833097 75985412502.28 106.3028068 76794147744.031262.520591 2271139307649.78 1280.067115 2302703625835.56444.0998125 65248102458.91 448.0905569 65834431239.73 0 0.00 0 0.001901.742411 543323202823.85 1926.779179 550476146781.44113.5574981 171760643113.26 96.71211341 146281267901.66
  56. 56. 4795.565652 397296100240.60 5262.172849 435952899755.69826.0863046 485050037948.76 857.3369047 503399337142.44259.3106745 85351559126.10 262.4615999 86388679549.39666.9127887 110784261377.82 634.0007774 105317080476.41536.2240946 333021940264.53 496.8243731 308552745697.77483.1571456 236690260320.78 492.8419721 241434687931.54 0 0.00 0 0.00 17895.14 18052.59 9.37% 9.48% 3040.70 3310.54
  57. 57. BSE BSE BSE BSE BSE BSERs. Rs. No. Rs. Rs. No. Jul-09 Aug-09 Aug-09 Aug-09 Sep-09 Sep-09 30 days Avg. 30 days Avg. EPS Beta EPS Beta Closing Closing 78.54 822.37 0.85 78.54 802.35 0.85 63.94 2258.51 1.01 63.94 2254.75 1.01 22.08 405.1 0.68 22.08 419.21 0.68 5.52 386.72 1.63 5.52 419.67 1.63 181.5 2654.7 0.87 181.54 2718.7 0.87 55.93 1442.3 0.92 55.93 1516.25 0.92 75.57 1484.05 0.44 75.57 1625.7 0.44 10.96 106 1.33 10.96 121.68 1.33 9.41 265.59 0.47 9.41 262.89 0.47 83.61 482.44 0.92 83.57 512.56 0.92 35.1 743.82 1.38 35.1 819.93 1.38 8.99 116.7 0.47 8.99 114.96 0.47 105.1 2067.45 0.45 105.1 2263.74 0.45 8.88 147.51 1.7 8.87 155.88 1.7
  58. 58. 64.9 1505.24 1.2 64.75 1615.72 1.237.35 408.52 1.1 37.35 425.36 1.146.26 1369.73 0.74 46.26 1563.24 0.7410.32 209.36 0.69 10.32 208.32 0.6961.94 1171.07 0.9 61.94 1165.51 0.910.75 260.45 1.31 10.75 298.93 1.3196.84 998.99 1.03 96.84 1047.42 1.0354.69 1148.78 1.54 54.69 1186.43 1.54154.5 1764.52 1.08 154.53 1979.26 1.0810.66 162.6 1.41 10.66 183.1 1.41 53.4 239.19 0.31 53.4 246.46 0.3122.74 524 0.49 22.74 568.9 0.4922.96 450.08 1.16 22.96 569.75 1.1646.81 1292.79 1.01 46.81 1296.66 1.0156.57 453.86 1.45 56.57 479.57 1.4524.73 309.68 0.75 24.73 337.2 0.75
  59. 59. 30 days Avg. Sensex 30 days Avg. Sensex Closing Contribution Closing Contribution 822.37 84917881627.55 802.35 82850617512.63 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2258.51 386955035320.00 2254.75 386310827000.00 405.10 538432804661.36 419.21 557186907040.46 0.00 0.00 0.00 0.00 386.72 164104943309.60 419.67 178087302334.35 0.00 0.00 0.00 0.00 2654.70 182547151017.30 2718.70 186948031593.30 1442.30 530409520749.52 1516.25 557604822739.00 1484.05 148173117187.50 1625.70 162315984375.00 106.00 141979943240.80 121.68 162982259373.02 0.00 0.00 0.00 0.00 265.59 289769366983.59 262.89 286823558440.89 482.44 126329891957.39 512.56 134216999879.11 743.82 829700477589.06 819.93 914598037952.19 116.70 311906861975.10 114.96 307256322644.88 2067.45 1008535056573.08 2263.74 1104288446621.08 147.51 172372670092.61 155.88 182153425625.62 0.00 0.00 0.00 0.00 1505.24 817120150847.35 1615.72 877094264122.06
  60. 60. 0.00 0.00 0.00 0.00 408.52 177226539714.42 425.36 184532167171.56 1369.73 197864388241.90 1563.24 225817881097.20 209.36 345254085356.80 208.32 343539028761.60 1171.07 500953890741.42 1165.51 498575464488.06 0.00 0.00 0.00 0.00 260.45 188151530404.76 298.93 215949844438.07 998.99 1797076002986.35 1047.42 1884196385397.22 1148.78 168781235748.22 1186.43 174312854966.80 0.00 0.00 0.00 0.00 1764.52 504119092185.31 1979.26 565469790310.50 162.60 245939555262.78 183.10 276946694763.93 239.19 19816067825.32 246.46 20418362290.34 524.00 307675140571.20 568.90 334038907387.32 450.08 148142878460.51 569.75 187532005427.65 1292.79 214751895139.91 1296.66 215394760442.23 453.86 281869724497.59 479.57 297836918383.00 309.68 151706831800.16 337.20 165188399906.40 0.00 0.00 0.00 0.0015589.79 16566.24
  61. 61. 15589.78963 16566.24106EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap 1407.45275 145333494702.95 1631.983687 168518547084.82 0 0.00 0 0.00 0 0.00 0 0.00 909.3787239 155805675518.31 1019.440407 174662763748.25 546.7059937 726646362672.08 633.9008488 842540142863.04 0 0.00 0 0.00 43.62486541 18512246754.59 16.01373253 6795440288.30 0 0.00 0 0.00 3150.831391 216663010405.23 3812.665802 262173232334.95
  62. 62. 899.9117411 330944848740.02 1002.587871 368704258529.064057.637539 405129748012.40 5629.095776 562030031394.93110.3400056 147793091765.99 90.66450536 121439069102.17 0 0.00 0 0.00440.8622063 480998390198.78 529.7765653 578007530303.751344.638373 352101858045.65 1482.005938 388072402834.55337.9440688 376962645958.45 349.6911026 390065976746.76421.1850409 1125711263211.80 508.948656 1360279161924.145381.206052 2625038066474.17 6259.781192 3053621020203.9066.75148349 78002382498.70 104.9430986 122631158035.17 0 0.00 0 0.00739.6539247 401521436145.73 788.1867388 427867494175.89 0 0.00 0 0.00 475.960249 206483863629.85 698.6167235 303077999830.721009.423497 145816301607.53 1291.670524 186588304270.42249.9144038 412132063941.98 268.4907344 442766158468.511026.568481 439139824718.54 1097.761249 469594275822.97 0 0.00 0 0.00110.2386131 79637411287.64 80.46402594 58127969376.361342.662655 2415306296620.59 1313.865759 2363503765287.50462.0174931 67880606744.81 480.4178803 70584031337.25 0 0.00 0 0.002015.801341 575909563059.64 2140.25318 611465152047.03100.0152547 151277412495.56 73.64178602 111386396699.87
  63. 63. 7811.886044 647187857712.83 11419.39969 946057940763.12981.9442388 576564564338.06 1178.056299 691714956708.82273.6143089 90059570104.44 387.7555395 127628914331.49665.7494223 110591008698.86 642.922347 106799087596.53513.2884218 318777742125.16 379.8316879 235894445917.25529.1544334 259223529524.18 619.9751623 303715020903.93 0 0.00 0 0.00 19991.05 22508.05 9.84% 10.12% 4401.26 5941.81
  64. 64. BSE BSE BSE BSE BSE BSERs. Rs. No. Rs. Rs. No. Sep-09 Oct-09 Oct-09 Oct-09 Nov-09 Nov-09 30 days Avg. 30 days Avg. EPS Beta EPS Beta Closing Closing 86.65 780.42 0.85 86.64 748.72 0.85 68.88 2405 1.01 68.88 2241.19 1.01 23.91 339.67 0.68 23.91 296.49 0.68 1.98 428.28 1.63 1.98 369.69 1.63 209.33 2342.91 0.87 209.31 2284.04 0.87 59.58 1671.54 0.92 59.58 1719.37 0.92 90.13 1621.03 0.44 90.13 1616.92 0.44 8.75 130.83 1.33 8.75 130.18 1.33 9.92 281.28 0.47 9.92 275.79 0.47 88.07 546.33 0.92 87.95 549.44 0.92 35.33 898.22 1.38 35.33 882.45 1.38 9.53 125.92 0.47 9.52 128.7 0.47 105.89 2235.1 0.45 105.89 2332.31 0.45 13.64 159.1 1.7 13.64 151.04 1.7
  65. 65. 66.8 1638.77 1.2 65.39 1612.56 1.2 52.89 457.56 1.1 52.89 506.58 1.1 55.73 1510.87 0.74 55.73 1518.77 0.74 10.37 212.79 0.69 10.37 212.5 0.69 63.25 1194.14 0.9 63.25 1165.67 0.9 7.62 237.5 1.31 7.62 172.84 1.31 91.15 1056 1.03 91.15 1038.72 1.03 55.49 1245.19 1.54 55.49 1096.8 1.54158.16 2255.72 1.08 158.16 2279.72 1.08 7.64 201.35 1.41 7.64 208.05 1.41 48.57 274.92 0.31 48.57 286.69 0.31 24.19 613.12 0.49 24.19 662.69 0.49 31.46 561.24 1.16 29.5 617.51 1.16 43.44 1368.03 1.01 43.42 1322.8 1.01 40.78 529.53 1.45 40.78 526.91 1.45 27.31 353.13 0.75 27.31 374.65 0.75
  66. 66. 30 days Avg. Sensex 30 days Avg. Sensex Closing Contribution Closing Contribution 780.42 80586126901.24 748.72 77312786619.38 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2405.00 412053460000.00 2241.19 383987565080.00 339.67 451467466697.91 296.49 394075394357.06 0.00 0.00 0.00 0.00 428.28 181740962765.40 369.69 156878249100.45 0.00 0.00 0.00 0.00 2342.91 161107298598.69 2284.04 157059176106.36 1671.54 614713118154.10 1719.37 632302723213.69 1621.03 161849714062.50 1616.92 161439356250.00 130.83 175238075228.24 130.18 174367443500.82 0.00 0.00 0.00 0.00 281.28 306887787737.28 275.79 300897977033.79 546.33 143059882831.19 549.44 143874255528.29 898.22 1001927298244.26 882.45 984336514813.35 125.92 336549374977.76 128.70 343979547011.10 2235.10 1090317398218.33 2332.31 1137737985342.31 159.10 185916153560.67 151.04 176497648232.58 0.00 0.00 0.00 0.00 1638.77 889606966067.95 1612.56 875378856827.09
  67. 67. 0.00 0.00 0.00 0.00 457.56 198501359815.26 506.58 219767503398.93 1510.87 218252771176.10 1518.77 219393965913.10 212.79 350910473935.20 212.50 350432237000.00 1194.14 510822648594.84 1165.67 498643908409.02 0.00 0.00 0.00 0.00 237.50 171572234483.13 172.84 124861242139.21 1056.00 1899630886348.80 1038.72 1868546017299.46 1245.19 182946000923.87 1096.80 161144222016.96 0.00 0.00 0.00 0.00 2255.72 644453743014.67 2279.72 651310484911.87 201.35 304550611636.91 208.05 314684652351.92 274.92 22776175285.49 286.69 23751279254.32 613.12 360003401120.26 662.69 389109234551.77 561.24 184730956956.94 617.51 203252108243.31 1368.03 227250392645.56 1322.80 219737008246.56 529.53 328864573245.52 526.91 327237422410.05 353.13 172992229119.06 374.65 183534501853.30 0.00 0.00 0.00 0.0016993.24 16828.94
  68. 68. 16993.24441 16828.93961EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap 1666.868249 172120725075.07 1863.078417 192381376379.84 0 0.00 0 0.00 0 0.00 0 0.00 1036.819312 177640326321.90 1131.318908 193831131082.96 652.9581999 867869945452.45 765.760666 1017799711437.42 0 0.00 0 0.00 16.16962013 6861591319.47 16.97951498 7205270849.04 0 0.00 0 0.00 3891.624089 267602700952.00 4333.423294 297982475005.91
  69. 69. 1021.914809 375811789525.15 1059.373184 389587203004.846035.378226 602594794757.56 9337.632827 932304277605.2991.77062239 122920639232.43 97.60536655 130735890590.56 0 0.00 0 0.00562.2257996 613410949429.31 803.3183049 876452564862.171508.516406 395014332410.42 1664.161058 435770845331.61 353.781178 394628286929.27 375.1828012 418500913264.04539.5554045 1442082545607.90 770.1166411 2058309039258.246686.187379 3261628753514.90 10035.87056 4895657590636.89105.9199804 123772692328.17 110.9820146 129687927562.97 0 0.00 0 0.00782.1702393 424601434963.68 838.7404549 455310599642.33 0 0.00 0 0.00709.3085074 307716372165.36 764.0559377 331467223107.311325.672135 191500008037.91 1521.981728 219857916239.42 276.375034 455768100837.62 322.8249892 532368391165.841119.562424 478920262925.17 1240.250931 530547729351.11 0 0.00 0 0.0081.46300949 58849644489.63 86.73966387 62661549258.061335.707722 2402795116440.32 730.6686053 1314394555180.76485.3909298 71314682486.92 511.3258992 75125104142.04 0 0.00 0 0.002173.765135 621039436511.54 2354.398929 672646074138.0974.48242474 112657899229.31 78.89528806 119332546478.68
  70. 70. 15235.6297 1262219455555.97 -23899.83322 -1980018880678.391243.625979 730215263257.30 1709.975073 1004039734704.49368.8114645 121393512161.88 396.6819293 130567016624.52653.5815116 108569735406.85 713.1513788 118465187781.47384.0337181 238504116530.18 406.0439898 252173594354.80635.9657105 311548511621.28 727.6983043 356486709662.28 0 0.00 0 0.00 23736.29 22955.65 10.24% 10.81% 6743.05 6126.71
  71. 71. BSE BSE BSE BSE BSE BSERs. Rs. No. Rs. Rs. No. Nov-09 Dec-09 Dec-09 Dec-09 Jan-10 Jan-10 30 days Avg. 30 days Avg. EPS Beta EPS Beta Closing Closing 86.64 839.48 0.85 85.58 918.85 0.85 68.88 2306.85 1.01 75.22 2382.62 1.01 23.91 321.68 0.68 24.68 322.9 0.68 1.98 372.67 1.63 2.34 367.84 1.63 209.31 2419.23 0.87 238.36 2688.86 0.87 55.93 1733.89 0.92 60.25 1694.74 0.92 90.13 1688.96 0.44 101.92 1647.84 0.44 8.75 146.88 1.33 7.16 164.59 1.33 9.92 268.44 0.47 9.94 260.06 0.47 87.86 534.45 0.92 92.13 505.84 0.92 35.32 855.14 1.38 33.78 853.15 1.38 9.51 126.28 0.47 10.12 126.07 0.47 105.89 2496.2 0.45 103.62 2585.53 0.45 13.64 148.71 1.7 14.55 154.66 1.7
  72. 72. 65.39 1657.85 1.2 66.92 1608.47 1.2 52.7 522.17 1.1 65.93 564.01 1.1 55.73 1575.13 0.74 72.14 1446.08 0.74 10.37 214.64 0.69 10.51 227.23 0.69 63.25 1185.27 0.9 67.29 1176.95 0.9 7.62 176.36 1.31 5.63 180.41 1.31 45.8 1063.3 1.03 47.47 1076.74 1.03 55.49 1067.74 1.54 56.25 1116.89 1.54158.16 2241.27 1.08 158.17 2176.63 1.08 7.64 211.83 1.41 8.91 213.73 1.41 48.57 297.79 0.31 51.53 301.71 0.31 24.19 716.83 0.49 26.11 754.32 0.49 29.5 730.6 1.16 46.58 781.14 1.16 43.42 1346.67 1.01 44.81 1409.49 1.01 40.78 574.02 1.45 48.96 628.73 1.45 27.3 398.06 0.75 30.69 418.64 0.75
  73. 73. 30 days Avg. Sensex 30 days Avg. Sensex Closing Contribution Closing Contribution 839.48 86684659300.18 918.85 94880401198.33 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 2306.85 395237224200.00 2382.62 408219049840.00 321.68 427556318448.45 322.90 429177863799.44 0.00 0.00 0.00 0.00 372.67 158142814499.35 367.84 156093200111.20 0.00 0.00 0.00 0.00 2419.23 166355348685.57 2688.86 184896121024.74 1733.89 637642490419.74 1694.74 623244977601.78 1688.96 168632100000.00 1647.84 164526525000.00 146.88 196735981728.38 164.59 220457347717.01 0.00 0.00 0.00 0.00 268.44 292878831556.44 260.06 283735914672.06 534.45 139949031499.52 505.84 132457326398.57 855.14 953873338180.62 853.15 951653575401.45 126.28 337511555528.84 126.07 336950283540.71 2496.20 1217686139068.77 2585.53 1261262736618.25 148.71 173774928950.39 154.66 180727795786.88 0.00 0.00 0.00 0.00 1657.85 899964551886.93 1608.47 873158598651.01

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