Year PAT EPS DPS PAYOUT RATIO b(RETENTION RATIO

Mar-05 1210.67 6.53 0 0 1

Mar-06 2012.08 10.62 0 0 1
Mar-07 4033.23 21.27 0 0 1
Mar-08 6244.19 32.9 0 0 1
Mar-09 7,743.84 40.79 20 0.490316253984 0.50968374601618

EXPECTED GROWEPS DPS PAYOUT COST OF EQUITY

2009 22% 40.79 20 0.49 0.0548
2010 22% 49.7638 9.8 0.49 0.0548
2011 22% 60.71184 4.802 0.49 0.0548
2012 22% 74.06844 2.35298 0.49 0.0548
2013 22% 90.3635 1.15296 0.49 0.0548

2014 19% 107.5326 54.84161 0.51 0.0545652

2015 18% 126.8884 68.51975 0.54 0.0540496
2016 16% 147.1906 83.89862 0.57 0.0530184

2017 4% 76.81 46.086 0.6 0.052245

TERMINAL 4140.024 THE PRESENT VALUE OF DIVIDEND IN HIGH GRO

P V OF T P 2715.409 THE PRESENT VALUE OF DIVIDEND IN TRANSITIO
THE PRESENT VALUE OF DIVIDEND IN STABLE PH
THE PRESENT VALUE OF TERMINAL PRICE AT EN
VALUE OF BHARTI AIRTEL STOCK

eps growth
45
40
35
30
25
20
15
10
5
0
1 2 3 4 5
 B V OF equity ROE=PAT/BV OF EQUI GROWTH
4,533.60 0.267043850361743 0.267044
7,345.56 0.273917849694237 0.273918
11,443.27 0.352454324681669 0.352454
20,241.49 0.308484701472075 0.308485
27,643.97 0.28012763723879 0.142777
0.268935

CUMULATED COST OF EQUITY P V OF DPS

1.0548 18.960940462647
1.11260304 8.80817294908704
1.0179 4.71755575203851
1.013427 2.3218051226186
1.0107 1.14075413080044
SUM 35.9492284171915

1.30543074826798 42.0103526912089
1.37598928021187 49.7967163719366
1.44894147987014 57.9033907427921
SUM 149.710459805938

1.52464142748595 30.2274352311108

ESENT VALUE OF DIVIDEND IN HIGH GROWTH PHASE 35.95

ESENT VALUE OF DIVIDEND IN TRANSITION PHASE 149.71
ESENT VALUE OF DIVIDEND IN STABLE PHASE 30.28
ESENT VALUE OF TERMINAL PRICE AT END OF TRANSITION 2715.41
OF BHARTI AIRTEL STOCK 2931.35

eps growth

Column C

3 4 5
EPS GROWTH IN EPS
6.53
0.626339969372
10.62
1.002824858757
21.27
0.546779501646
32.9
0.239817629179
40.79
average ep0.603940489739

Rf 0.0458
Rm-Rf 0.2578
beta 0.035
ke 0.054823
 GROSS BLOCKnet change in capex deprecation deprecation current asset cash
05----m 13,240.63 1,019.36 922.28 174.96
06--ma 17,951.74 4,711.11 1,432.34 1,432.34 1,295.72 201.81
07--ma 26,509.93 8,558.19 2,353.30 2,353.30 1,705.44 239.11
08---m 28,115.65 1,605.72 3,166.58 3,166.58 3,034.18 200.86
09--ma 37,266.70 9,151.05 3,206.28 3,206.28 2,765.64 153.44

EXPECTED GRPAT CAPEX-DEPRE CHANGE IN ND/E 1-D/D+E

2009 22% 7743.84 5,944.77 -1,153.53 0.56 0.66
2010 22% 9447.4848 7252.6194 -1407.3066 0.56 0.66
2011 22% 11525.931456 8848.195668 -1716.914052 0.56 0.66
2012 22% 14061.63637632 10794.798715 -2094.635143 0.56 0.66
2013 22% 17155.1963791104 13169.654432 -2555.454875 0.56 0.66

2014 19% 24905.9141031925 19119.704305 -3710.009388 0.58 0.367089

2015 18% 29388.9786417671 22561.25108 -4377.811077 0.59 0.371069
2016 16% 34091.2152244499 26171.051252 -5078.26085 0.62 0.382716

2017 4% 35454.8638334278 27217.893302 -5281.391284 0.7 0.411765

growth in capex
10,000.00
9,000.00
8,000.00
7,000.00
6,000.00
Column C
5,000.00
4,000.00
3,000.00
2,000.00
1,000.00
0.00
1 2 3 4
3,000.00
2,000.00
1,000.00
0.00
1 2 3 4
 non cash current assecurrent liabilities loan noncash cl total debt
747.32 4,458.80 1,354.85 3,103.95 4,994.29
1093.91 6,735.36 1,937.54 4,797.82 4,796.29
1466.33 9,809.83 3,160.02 6,649.81 5,310.81
2833.32 12,400.38 5,103.13 7,297.25 6,570.34
2612.2 13,832.49 5,602.83 8,229.66 7,713.65

REINVESTMENT AMREINVESTMENT RATE ROE FCFE COST OF EQUI

3162.2184 0.408352755222215 0.53875 4581.6216 0.0548
3857.906448 0.408352755222215 0.53875 5589.5784 0.0548
4706.64586656 0.408352755222215 0.53875 6819.2856 0.0548
5742.1079572032 0.408352755222215 0.53875 8319.5284 0.0548
7005.3717077879 0.408352755222215 0.53875 10149.825 0.0548

5656.72345062577 0.227123703518302 0.836549 19249.191 0.0543074

6747.31421469806 0.229586550010584 0.784018 22641.664 0.0537918
8072.54941337648 0.23679265641393 0.675697 26018.666 0.0532762

9032.67730185929 0.254765533561097 0.157007 26422.187 0.0519872

terminal value 2292368.02529626 THE PRESENT VALUE OF FCFE IN HIGH GROWTH

present value 2179083.57183078 THE PRESENT VALUE OF FCFE IN TRANSITION P
THE PRESENT VALUE OF FCFE IN STABLE PHAS
THE PRESENT VALUE OF TERMINAL PRICE AT EN
VALUE OF BHARTI AIRTEL STOCK

growth in roe
0.4

0.35
0.3

0.25
Column C
Column U
0.2
0.15

0.1

0.05

0
1 2 3 4 5
 0.1

0.05

0
1 2 3 4 5
 net debt W/C change w/c equity reinv net income reinvestmen
-2,356.63 1,210.67
-198.00 -3,703.91 -1,347.28 2,129.49 2,012.08 1.058353
514.52 -5,183.48 -1,479.57 4,210.80 4,033.23 1.044027
1,259.53 -4,463.93 719.55 -2,100.84 6,244.19 -0.336447
1,143.31 -5,617.46 -1,153.53 3,647.93 7,743.84 0.471075

CUMULATED COST OF EQUITY PRESENT VALUE

1.0548 4343.5927189989
1.11260304 5023.8747792744
1.173573686592 5810.7008254785
1.23788552461724 6720.7574962873
1.30572165136627 7773.3448478104
29672.27066785

1.37663199937567 13982.815059723
1.45068351255969 15607.583756928
1.52797041751152 17028.252322743
46618.651139394

1.60740532120078 16437.787148689

E PRESENT VALUE OF FCFE IN HIGH GROWTH PHASE 29672.271

E PRESENT VALUE OF FCFE IN TRANSITION PHASE 46618.651
E PRESENT VALUE OF FCFE IN STABLE PHASE 16437.787
E PRESENT VALUE OF TERMINAL PRICE AT END OF TRANSITION 2179083.6
LUE OF BHARTI AIRTEL STOCK 2271812.3

Column U

4 5
4 5
pat bv of equity roe growth D/E D/D+E 1-D/D+E
1,210.67 4,533.60 0.267044 1.101617 0.524176 0.475824
2,012.08 7,345.56 0.273918 0.289902 0.652951 0.395021 0.604979
4,033.23 11,443.27 0.352454 0.367972 0.464099 0.316986 0.683014
6,244.19 20,241.49 0.308485 -0.103789 0.324598 0.245054 0.754946
7,743.84 27,643.97 0.280128 0.131961 0.279036 0.218161 0.781839

average 0.171511 AVERAGE 0.56446 0.66012

17.15114
 INTERESTGROWTH IPBT TAX
05----mar 317 -207.98 353.6
06--mar 236.81 -0.252965 2,268.97 273.68
07--mar 282.07 0.191124 4,592.99 566.79
08---mar 393.43 0.394796 6,940.37 632.43
09--mar 434.16 0.103525 8,134.66 321.78
0.10912

EXPECTEDebit CAPEX-DECHANGE I D/E 1-D/D+E

2009 20% 7743.84 5,944.77 -1,153.53 0.56 0.66
2010 20% 9292.608 7133.724 -1384.236 0.56 0.66
2011 20% 11151.13 8560.469 -1661.083 0.56 0.66
2012 20% 13381.36 10272.56 -1993.3 0.56 0.66
2013 20% 16057.63 12327.08 -2391.96 0.56 0.66

2014 18% 24696.62 18959.03 -3678.833 0.58 0.367089

2015 16% 28648.08 22178.86 -4267.446 0.59 0.371069
2016 15% 32945.29 25505.69 -4907.563 0.62 0.382716

2017 3% 33933.65 26270.86 -5054.79 0.7 0.411765

TAX RATE total debt growth in debt total equity growth in equity
-1.70016347725743 4,994.29 4,533.60
0.120618606680564 4,796.29 -0.039645 7,345.56 0.620249
0.123403273249016 5,310.81 0.107275 11,443.27 0.557849
0.091123383911809 6,570.34 0.237163 20,241.49 0.768855
0.039556662478825 7,713.65 0.174011 27,643.97 0.365708
0.093675481580054 0.578165

REINVESTMENT AMOUNT REINVESTMENT RATE ROC FCFE interest tax rate

3162.2184 0.408352755222215 0.489773 4581.622 434.16 0.039557
3794.66208 0.408352755222215 0.489773 5497.946 520.992 0.043908
4553.594496 0.408352755222215 0.489773 6597.535 625.1904 0.048738
5464.3133952 0.408352755222215 0.489773 7917.042 750.2285 0.054099
6557.17607424 0.408352755222215 0.489773 9500.451 900.2742 0.06005

5609.18795944404 0.227123703518302 0.79252 19087.43 1062.324 0.067256

6646.37259862098 0.232000629496087 0.689653 22001.71 1242.919 0.075999
7883.23208189856 0.239282507383598 0.626874 25062.06 1429.356 0.086639

8736.02726404095 0.257444367526566 0.11653 25197.62 1543.705 0.102234

growth in equity

interest(1-t net debt is FCFF Ke total debt Kd total equity D+E Ko

416.9861 1,143.31 3,855.30
498.1163 1371.972 4,624.09
594.72 1646.366 5,545.89
709.6419 1975.64 6,651.04
846.2129 2370.768 7,975.90
0.0548 7,713.65 0.056285 27,643.97 35,357.62 0.055124
0.0548 9,085.62 0.057342 41465.96 50,551.58 0.055257
0.0548 10,731.99 0.058255 62198.93 72,930.92 0.055308
0.0548 12,707.63 0.059038 93298.4 106,006.03 0.055308
0.0548 15,078.40 0.059706 139947.6 155,025.99 0.055277

990.8761 2323.352 17754.96 0.054307 17,401.75 0.061047 195926.6 213,328.39 0.054857

1148.458 2230.418 20919.75 0.053792 2,230.42 0.557258 262541.7 264,772.11 0.058033
1305.518 2096.593 24270.99 0.053276 2,096.59 0.681752 328177.1 330,273.71 0.057266

1385.886 1677.274 24906.23 0.051987 3,773.87 0.409051 360994.8 364,768.70 0.055681

TERMINAL VALUE 1651801 THE PRESENT VALUE OF F

PRESENT VALUE 1564679 THE PRESENT VALUE OF F
THE PRESENT VALUE OF F
THE PRESENT VALUE OF T
VALUE OF BHARTI AIRTEL
 CUMULATEDpresent value of FCFF
1.055124 3653.881
1.113567 4152.502
1.17527 4718.821
1.240272 5362.569
1.308677 6094.627
SUM 23982.4

1.380467 12861.56
1.460579 14322.91
1.544221 15717.3
SUM 42901.77

1.630205 15277.98

THE PRESENT VALUE OF FCFF IN HIGH GROWTH PHASE 23982.4

THE PRESENT VALUE OF FCFF IN TRANSITION PHASE 42901.77
THE PRESENT VALUE OF FCFF IN STABLE PHASE 15277.98
THE PRESENT VALUE OF TERMINAL PRICE AT END OF TRANS 1564679
VALUE OF BHARTI AIRTEL STOCK 1646841
 EXPECTEDEPS DPS PAYOUT COST OF EQUITY CUMULATED COST OF EQUITY
2009 22% 40.79 20 0.49 0.303 1.303
2010 22% 49.7638 9.8 0.49 0.303 1.6978
2011 22% 60.71184 4.802 0.49 0.303 1.09223
2012 22% 74.06844 2.35298 0.49 0.303 1.0684
2013 22% 90.3635 1.15296 0.49 0.303 1.05435
SUM

2014 19% 107.5326 54.84161 0.51 0.293288 1.381755

2015 18% 126.8884 68.51975 0.54 0.288132 1.77988283166
2016 16% 147.1906 83.89862 0.57 0.282976 2.28354695583182
SUM

2017 10% 161.9096 97.14578 0.6 0.272664 2.906186786544

TERMINAL 618.8918 THE PRESENT VALUE OF DIVIDEND IN HIGH GROWTH PHASE

P V OF T P 212.9567 THE PRESENT VALUE OF DIVIDEND IN TRANSITION PHASE
THE PRESENT VALUE OF DIVIDEND IN STABLE PHASE
THE PRESENT VALUE OF TERMINAL PRICE AT END OF TRANSIT
VALUE OF BHARTI AIRTEL STOCK
 P V OF DPS Rf 0.0458
15.34919 Rm-Rf 0.2578
5.772176 beta(marke 1
4.39651 ke 0.3036
2.20234
1.093527
28.81375

39.68982
38.49677
36.74049
114.9271

33.42723

IGH GROWTH PHASE 28.81375

RANSITION PHASE 114.9271
TABLE PHASE 33.42723
CE AT END OF TRANSITION 212.9567
390.1247
YEAR EXPECTED G.R. PAT ROE R.R. FCFE COST OF EQUITY
2009 22% 7743.84 0.53874988520717 0.4084 4581.622 0.303
2010 22% 9447.4848 0.53874988520717 0.4084 5589.578 0.303
2011 22% 11525.931456 0.53874988520717 0.4084 6819.286 0.303
2012 22% 14061.636376 0.53874988520717 0.4084 8319.528 0.303
2013 22% 17155.196379 0.53874988520717 0.4084 10149.82 0.303

2014 19.00% 24905.914103 0.836548528650995 0.2271 19249.19 0.293288

2015 18.00% 29388.978642 0.78401805328623 0.2296 22641.66 0.288132
2016 16.00% 34091.215224 0.675696630221121 0.2368 26018.67 0.282976

2017 10% 37500.336747 0.157007109403232 0.2548 27946.54 0.272664

terminal value 178040.57471 THE PRESENT VALUE OF COMPANY IN HIGH GRO

present value 61262.605533 THE PRESENT VALUE OF COMPANY IN TRANSITIO
THE PRESENT VALUE OF TERMINAL PRICE AT EN
THE PRESENT VALUE OF TERMINAL PRICE AT EN
VALUE OF BHARTI AIRTEL STOCK

pat growth
9,000.00
30,000.00
8,000.00
7,000.00
1,210.67 25,000.00
6,000.00
2,012.08
5,000.00
4,033.23 20,000.00
4,000.00
6,244.19
3,000.00
7,743.84 15,000.00
2,000.00
1,000.00
10,000.00
0.00
year
5,000.00

0.00
 CUMULATED COST OF EQUITY PRESENT VALUE
1.303 3516.20997829685
1.6978 3292.24782188715
1.09223 6243.45201051061
1.0684 7786.90417363984
1.05435 9626.61798389766
sum 30465.4319682321

1.381755 13930.9723160522
1.77988283166 12720.8735453403
2.28354695583182 11393.970132572
sum 38045.8159939644

2.906186786544 9616.22411066188

COMPANY IN HIGH GROWTH PHASE 30465.4319682321

COMPANY IN TRANSITION PHASE 38045.8159939644
TERMINAL PRICE AT END OF TRANSITION P 9616.22411066188
TERMINAL PRICE AT END OF TRANSITION 61262.6055328735
139390.077605732

growth in equity
30,000.00

25,000.00

20,000.00
Column P
15,000.00

10,000.00

5,000.00

0.00
1 2 3 4 5
year EXPECTED G.REBIT(1-T) BV OF DEBT BV OF EQUITY ROC
2009 20% 8747.64 7713.65 27643.97 0.2474046613
2010 20% 10497.168 7867.923 35937.161 0.2396335549
2011 20% 12596.6016 8025.28146 46718.3093 0.2301018517
2012 20% 15115.92192 8185.7870892 60733.80209 0.2193269301
2013 20% 18139.106304 8349.502830984 78953.942717 0.2077707952

2014 18.00% 21404.14543872 8432.9978592938 106587.82266795 0.1860893127

2015 16.00% 24828.808708915 8441.4308571531 140695.92592169 0.1664828266
2016 15.00% 28553.130015253 8466.7551497246 177276.86666134 0.1537233405

2017 9% 31122.911716625 8509.0889254732 216277.77732683 0.1384552053

ebit(1-t) growth
9000
8000
7000
6000
5000 Column I
4000
3000
2000
1000
0
1 2 3 4 5
R.R. FCFF COST OF EQUITY COST OF DEBT COST OF CAPITAL
0.808392 1676.116 0.303 0.056284638271117 0.249176356044326
0.834608 1736.151 0.303 0.057342469233257 0.258876935735522
0.86918 1647.883 0.303 0.058254852381316 0.267120937842383
0.911881 1332.004 0.303 0.05903764851135 0.274023857065164
0.962599 678.4172 0.303 0.059706230964533 0.279731937662118

0.967277 700.3977 0.293288 0.06104694368298 0.276260749439762

0.96106 966.8316 0.288132 0.557258070418168 0.303364998387259
0.975779 691.5867 0.282976 0.681751894660525 0.301153409414023

0.65003 10892.09 0.272664 0.409051136796315 0.277826802856942

terminal value
present value

THE PRESENT VALUE OF COMPANY IN HIGH GROWTH

THE PRESENT VALUE OF COMPANY IN TRANSITION PH
THE PRESENT VALUE OF TERMINAL PRICE AT END OF
THE PRESENT VALUE OF TERMINAL PRICE AT END OF
VALUE OF BHARTI AIRTEL STOCK

growth in debt
9,000.00
8,000.00
7,000.00
6,000.00
5,000.00 Column R
4,000.00
3,000.00
2,000.00
1,000.00
0.00
1 2 3 4 5
 CUMULATED (Ko) present value
1.24917635604433 1341.777
1.58457744 1095.656
2.03448363991844 809.9763
2.63457303322495 505.5863
3.43237747617959 197.6523
sum 3950.647

4.38060864859969 159.8859
5.70953198252092 169.3364
7.42897700285162 93.09313
sum 422.3155

9.49294593311441 1147.388

2408679.68995145
2199850.11809117

ALUE OF COMPANY IN HIGH GROWTH PHASE 3950.647

ALUE OF COMPANY IN TRANSITION PHASE 422.3155
ALUE OF TERMINAL PRICE AT END OF TRANSITION PHASE 1147.388
ALUE OF TERMINAL PRICE AT END OF TRANSITION 2199850
TI AIRTEL STOCK 2205370

Column R
 30 Days Index Returns
Year B S E 100 Index TRm
Feb-02 7.96 7.96
Mar-02 -4.04 -8.08
Apr-02 -2.6 -7.8
May-02 -4.48 -17.92
Jun-02 2.39 11.95
Jul-02 -9.9 -59.4
Aug-02 4.93 34.51
Sep-02 -6.75 -54
Oct-02 -0.27 -2.43
Nov-02 10.33 103.3
Dec-02 4.43 48.73
Jan-03 -4.28 -51.36
Feb-03 1.83 23.79
Mar-03 -7.86 -110.04
Apr-03 -2.03 -30.45
May-03 11.64 186.24
Jun-03 10.84 184.28
Jul-03 4.1 73.8
Aug-03 17.68 335.92
Sep-03 3.83 76.6
Oct-03 7.24 152.04
Nov-03 8.32 183.04
Dec-03 16.13 370.99
Jan-04 -4.19 -100.56
Feb-04 -4.38 -109.5
Mar-04 -1.65 -42.9
Apr-04 1.98 53.46
May-04 -16.52 -462.56
Jun-04 1.42 41.18
Jul-04 7.58 227.4
Aug-04 1.23 38.13
Sep-04 7.49 239.68
Oct-04 1.9 62.7
Nov-04 10.3 350.2
Dec-04 7 245
Jan-05 -1.64 -59.04
Feb-05 4.63 171.31
Mar-05 -2.79 -106.02
Apr-05 -3.23 -125.97
May-05 8.7 348
Jun-05 5.51 225.91
Jul-05 7.96 334.32
Aug-05 2.31 99.33
Sep-05 9.12 401.28
Oct-05 -8.91 -400.95
Nov-05 11.79 542.34
Dec-05 6.53 306.91
Jan-06 5.49 263.52
 Feb-06 4.16 203.84
Mar-06 6.89 344.5
Apr-06 6.01 306.51
May-06 -13.86 -720.72
Jun-06 -0.24 -12.72
Jul-06 0.75 40.5
Aug-06 9.5 522.5
Sep-06 6.18 346.08
Oct-06 4.35 247.95
Nov-06 4.96 287.68
Dec-06 1.14 67.26
Jan-07 2.34 140.4
Feb-07 -9.52 -580.72
Mar-07 0.92 57.04
Apr-07 6.77 426.51
May-07 6.2 396.8
Jun-07 2.83 183.95
Jul-07 5.24 345.84
Aug-07 2.39 160.13
Sep-07 16.65 1132.2
Oct-07 15.09 1041.21
Nov-07 -0.07 -4.9
Dec-07 7.41 526.11
Jan-08 -15.76 -1134.72
Feb-08 -1.11 -81.03
Mar-08 -17.26 -1277.24
Apr-08 11.74 880.5
May-08 -5.61 -426.36
Jun-08 -19.04 -1466.08
Jul-08 10.92 851.76
Aug-08 2.1 165.9
Sep-08 -12.2 -976
Oct-08 -26.9 -2178.9
Nov-08 -0.4 -32.8
Dec-08 11.15 925.45
Jan-09 -3.96 -332.64
Feb-09 -4.32 -367.2
Mar-09 9.44 811.84

1.76686046511628
ANNUAL RETURN
21.2023255813953

30 Days Index Returns 30 days Avg. Returns over a Period

B S E 100 Index TRm Bharti Airtel Ltd.
 7.96 1 -0.78
-4.04 0 -0.56
-2.6 0 -0.39
-4.48 0 -0.35
2.39 1 0.29
-9.9 0 -0.49
4.93 1 0.2
-6.75 0 -0.14
-0.27 0 -1
10.33 1 -0.19
4.43 1 -0.38
-4.28 0 1.06
1.83 1 -0.31
-7.86 0 0.26
-2.03 0 0.96
11.64 1 0.62
10.84 1 0.12
4.1 1 1.23
17.68 1 2.01
3.83 1 0.71
7.24 1 0.81
8.32 1 -0.05
16.13 1 1.2
-4.19 0 1.31
-4.38 0 0.14
-1.65 0 -0.21
1.98 1 0.51
-16.52 0 -0.87
1.42 1 -0.02
7.58 1 0.53
1.23 1 -0.35
7.49 1 0.22
1.9 1 0.57
10.3 1 0.5
7 1 0.77
-1.64 0 0.41
4.63 1 0.13
-2.79 0 -0.34
-3.23 0 0.12
8.7 1 0.37
5.51 1 0.36
7.96 1 0.75
2.31 1 0.48
9.12 1 0.5
-8.91 0 -0.34
11.79 1 0.52
6.53 1 -0.14
5.49 1 0.15
4.16 1 0.09
6.89 1 0.45
 6.01 1 -0.09
-13.86 0 -0.45
-0.24 0 0.11
0.75 1 0.19
9.5 1 0.25
6.18 1 0.58
4.35 1 0.63
4.96 1 0.8
1.14 1 0.08
2.34 1 0.61
-9.52 0 0.08
0.92 1 0.31
6.77 1 0.33
6.2 1 0.21
2.83 1 0.03
5.24 0 0.37
2.39 1 0.12
16.65 1 0.33
15.09 1 0.38
-0.07 0 -0.27
7.41 1 0.36
-15.76 0 -0.46
-1.11 0 -0.12
-17.26 0 0.05
11.74 1 0.47
-5.61 0 -0.1
-19.04 0 -0.89
10.92 1 0.6
2.1 1 0.18
-12.2 0 -0.27
-26.9 0 -0.85
-0.4 0 0.57
11.15 1 0.51
-3.96 0 -0.55
-4.32 0 -0.11
9.44 1 -0.05

beta of bharti airtel

Coefficients Standard Error

Intercept 0.116891507794703 0.048715539768287
X Variable 1 0.035059758668349 0.005724111405032
 30 days Avg. Returns o time
Bharti Airtel Ltd.
-0.78 1 SUMMARY OUTPUT
-0.56 2
-0.39 3 Regression Statistics
-0.35 4 Multiple R 0.555631
0.29 5 R Square 0.308726
-0.49 6 Adjusted R 0.300496
0.2 7 Standard E 0.441926
-0.14 8 Observatio 86
-1 9
-0.19 10 ANOVA
-0.38 11 df SS MS
1.06 12 Regression 1 7.326581 7.326581
-0.31 13 Residual 84 16.4051 0.195299
0.26 14 Total 85 23.73168
0.96 15
0.62 16 Coefficients
Standard Error t Stat
0.12 17 Intercept 0.116892 0.048716 2.399471
1.23 18 X Variable 0.03506 0.005724 6.124926
2.01 19
0.71 20
0.81 21
-0.05 22
1.2 23
1.31 24
0.14 25
-0.21 26
0.51 27
-0.87 28
-0.02 29
0.53 30
-0.35 31
0.22 32
0.57 33
0.5 34
0.77 35
0.41 36
0.13 37
-0.34 38
0.12 39
0.37 40
0.36 41
0.75 42
0.48 43
0.5 44
-0.34 45
0.52 46
-0.14 47
0.15 48 SUMMARY OUTPUT
 0.09 49
0.45 50 Regression Statistics
-0.09 51 Multiple R 0.557587
-0.45 52 R Square 0.310904
0.11 53 Adjusted R 0.294299
0.19 54 Standard E 0.44388
0.25 55 Observatio 86
0.58 56
0.63 57 ANOVA
0.8 58 df SS MS F
0.08 59 Regression 2 7.378271 3.689135 18.72381
0.61 60 Residual 83 16.35341 0.197029
0.08 61 Total 85 23.73168
0.31 62
0.33 63 Coefficients
Standard Error t Stat P-value
0.21 64 Intercept 0.112588 0.049647 2.267768 0.025941
0.03 65 X Variable 0.041082 0.013088 3.138949 0.002348
0.37 66 X Variable -0.000113 0.000221 -0.512198 0.609873
0.12 67
0.33 68
0.38 69
-0.27 70 SUMMARY OUTPUT
0.36 71
-0.46 72 Regression Statistics
-0.12 73 Multiple R 0.557587
0.05 74 R Square 0.310904
0.47 75 Adjusted R 0.294299
-0.1 76 Standard E 0.44388
-0.89 77 Observatio 86
0.6 78
0.18 79 ANOVA
-0.27 80 df SS MS F
-0.85 81 Regression 2 7.378271 3.689135 18.72381
0.57 82 Residual 83 16.35341 0.197029
0.51 83 Total 85 23.73168
-0.55 84
-0.11 85 Coefficients
Standard Error t Stat P-value
-0.05 86 Intercept 0.112588 0.049647 2.267768 0.025941
X Variable 0.041082 0.013088 3.138949 0.002348
X Variable -0.000113 0.000221 -0.512198 0.609873

eturns over a Period

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.55611
R Square 0.309259
Adjusted R 0.292614
Standard E 0.444409
Observatio 86

ANOVA
df SS MS F
Regression 2 7.339229 3.669615 18.58038
Residual 83 16.39245 0.197499
Total 85 23.73168

Coefficients
Standard Error t Stat P-value
Intercept 0.13854 0.09858 1.405361 0.163646
X Variable 0.036827 0.009051 4.068753 0.000107
X Variable -0.039451 0.155894 -0.253064 0.800844
 t Stat P-value Lower 95%Upper 95%Lower 95.0%
Upper 95.0%
2.39947064839454 0.018631 0.020015 0.213768 0.020015 0.213768
6.12492598196594 2.81E-08 0.023677 0.046443 0.023677 0.046443
 F Significance F
37.51472 2.81E-08

P-value Lower 95%Upper 95%Lower 95.0%

Upper 95.0%
0.018631 0.020015 0.213768 0.020015 0.213768
2.81E-08 0.023677 0.046443 0.023677 0.046443
Significance F
1.94E-07

Lower 95%Upper 95%Lower 95.0%Upper 95.0%

0.013842 0.211334 0.013842 0.211334
0.015051 0.067113 0.015051 0.067113
-0.000553 0.000326 -0.000553 0.000326

Significance F
1.94E-07

Lower 95%Upper 95%Lower 95.0%Upper 95.0%

0.013842 0.211334 0.013842 0.211334
0.015051 0.067113 0.015051 0.067113
-0.000553 0.000326 -0.000553 0.000326
Significance F
2.15E-07

Lower 95%Upper 95%Lower 95.0%Upper 95.0%

-0.057531 0.334611 -0.057531 0.334611
0.018825 0.05483 0.018825 0.05483
-0.349518 0.270616 -0.349518 0.270616
YEAR PAT INTERESTPBT TAX TAX RATE EBIT EBIT(1-T) CAPEX
05----mar 1,210.67 317 -207.98 353.6 -1.700163 109.02 294.3718
06--mar 2,012.08 0.66 236.81 2,268.97 273.68 0.120619 2505.78 2203.536 1,909.16
07--mar 4,033.23 1.00 282.07 4,592.99 566.79 0.123403 4875.06 4273.462 2,069.93
08---mar 6,244.19 0.55 393.43 6,940.37 632.43 0.091123 7333.8 6665.519 2,392.06
09--mar 7,743.84 0.24 434.16 8,134.66 321.78 0.039557 8568.82 8229.866 1,564.35
0.61

pat growth
9,000.00
8,000.00
7,000.00
6,000.00 1,210.67
2,012.08
5,000.00
4,033.23
4,000.00
6,244.19
3,000.00
7,743.84
2,000.00
1,000.00
0.00
year

ebit(1-t) growt
growth in capital expenditure 9000
8000
3,000.00
7000
6000
2,500.00 5000
4000
3000
2,000.00 2000
1000
Column J
1,500.00 0
1 2 3 4
1,000.00

500.00

0.00
1 2 3 4
 DEPRECATCAPEX-DECHANGE I REINVES RR BV OF EQUITY GROWTH I
1,019.36 4,533.60
1,432.34 476.82 -1,347.28 -870.46 -0.395027 7,345.56 0.62
2,353.30 -283.37 -1,479.57 -1,762.94 -0.412533 11,443.27 0.56
3,166.58 -774.52 719.55 -54.97 -0.008247 20,241.49 0.77
3,206.28 -1,641.93 -1,153.53 -2,795.46 -0.339673 27,643.97 0.37
0.58

growth in debt
9,000.00
8,000.00
7,000.00
6,000.00
5,000.00 Column
4,000.00
3,000.00
2,000.00
1,000.00
ebit(1-t) growth
0.00
1 2 3 4 5

Column I
growth in e
30,000.00

25,000.00
2 3 4 5

20,000.00

15,000.00

10,000.00

5,000.00

0.00
1 2 3
 BV OF DEBT GROWTH IN DEBT TOTAL BV ROC
4,994.29 9,527.89 0.030896
4,796.29 -0.04 12,141.85 0.181483
5,310.81 0.11 16,754.08 0.25507
6,570.34 0.24 26,811.83 0.248604
7,713.65 0.17 35,357.62 0.232761
0.12

growth in debt

Column R

3 4 5

growth in equity
30,000.00

25,000.00

20,000.00
Column P
15,000.00

10,000.00

5,000.00

0.00
1 2 3 4 5
 BSE BSE BSE

Times No. Rs. Crore Times Rs. Crore Rs. Crore (%)
Mar-09 Mar-09 Mar-09 Mar-09 Mar-09 Mar-08 Mar-09
Company P/E Beta Divide P/B PAT PAT growth ratepayout rati ROE
3I Infotech 3.95 1.27 19.63 0.66 153.71 94.26 0.630702 0.127708 23.54
A B B Ltd. 17.83 0.87 46.62 4.15 492.98 546.77 -0.098378 0.094568 26
A C C Ltd. 8.67 0.88 375.35 2.03 1,136.13 1,211.12 -0.061918 0.330376 24.61
Aditya Birl 1.81 1.22 3.51 0.35 459.26 476.54 -0.036261 0.007643 19.25
Adlabs Film -11.41 1.39 1.25 40.63 725.54 -0.944 0 6.76
Ador Fonte 2.67 1 1.75 0.82 94.17 88.35 0.065874 0.018583 30.88
Ador Multip 7.26 1 0 0.63 0.39 0.27 0.444444 0 8.82
Advent Com -21.84 1.29 0 0.26 65.13 66.04 -0.01378 0 15.62
Ajanta Pha 2.81 1.29 2.93 0.4 23.42 18.65 0.255764 0.125107 14.05
Albert Davi 3.53 1.33 2 0.48 7.48 7.15 0.046154 0.26738 13.49
Alfa Laval ( 17.16 0.63 45.4 4.7 97.72 82.91 0.178627 0.464593 29.34
Ambuja Cem 7.76 0.8 334.97 1.81 1,080.97 1,121.57 -0.036199 0.309879 24.73
Amtek Auto 6.3 0.55 7.99 0.43 176.7 196.76 -0.101952 0.045218 11.22
Amtek India 1.22 0.94 3.85 0.23 346.96 117.17 1.961168 0.011096 24.39
Andhra Ba 3.34 1.25 218.25 0.6 652.72 575.33 0.134514 0.33437 17.9
Aplab Ltd. 22.32 1.24 0.5 0.51 0.7 3.5 -0.8 0.714286 2.26
Areva T & D 19.19 1.22 43.04 6.27 254.35 216.71 0.173688 0.169216 31.27
Arihant Fo 0.59 0.91 0.7 0.27 32 28.3 0.130742 0.021875 20.54
Ashirwad Ca 6.72 0.62 0.4 1.01 0.52 1.12 -0.535714 0.769231 10.52
Asian Paint 20.5 0.41 167.86 6.89 370.53 376.53 -0.015935 0.453027 33.1
Astra Micr 16.49 0.92 2.71 1.97 15.77 20.92 -0.246176 0.171845 11.76
Astrazenec 20.14 0.79 37.5 11.42 72.48 61.26 0.183154 0.517384 63.56
Automotive 5.15 0.84 9.82 0.75 59.95 48.69 0.231259 0.163803 32.83
Avaya Glob 20.16 0.88 4.98 0.5 14.85 42.14 -0.647603 0.335354 7.66
Aventis Ph 13.15 0.68 36.85 2.65 138.51 169.47 -0.182687 0.266046 20.88
Axis Bank L 8.2 1.03 420.52 1.46 1,823.56 1,086.21 0.678828 0.230604 17.77
B O C India 34.68 1.18 12.79 1.17 39.91 1.13 34.31858 0.320471 7.73
Bajaj Hindu -3.28 1.19 8.49 0.5 28.14 43.48 -0.352806 0.301706 3.54
Bajaj Hindu -1.1 1.15 0 0.47 -12.41 -25.12 -0.505971 0 28.13
Bajaj Holdi 15.07 0.72 101.18 0.94 191.63 299.94 -0.361106 0.527997 5.45
Balrampur C 13.93 1.02 12.78 1.27 97.23 -48.47 -3.005983 0.131441 9.57
Bank Of Ba 4.01 1.35 383.56 0.67 2,227.25 1,435.16 0.551918 0.172212 17.35
Bank Of In 3.84 1.46 491.55 0.98 3,007.35 2,009.37 0.496663 0.16345 25.51
Bank Of Ma 2.38 1.09 64.58 0.43 361.71 325.7 0.110562 0.178541 18.16
Bata India 11.11 1.14 16.07 2.53 61.51 43.76 0.405622 0.261258 24.71
Bharat Bijl 5.19 1.27 14.13 1.25 47.82 72.96 -0.344572 0.295483 23.82
Bharat Seat 6.54 1.05 1.57 0.72 2.83 2.9 -0.024138 0.55477 10.71
Baharti Airt 9.85 0.82 20 9,287.72 6,467.73 0.436009 0.002153 28.13
Binani Indu 4.3 1.57 8.88 0.5 18.23 14.13 0.290163 0.487109 18.11
Blue Dart E 16.66 0.75 2.37 2.41 73.16 71.03 0.029987 0.032395 19.73
C M C Ltd. 4.59 0.8 22.73 1.27 93.78 80.27 0.168307 0.242376 27.59
Century En 17.49 1.1 10.03 0.28 42.58 18.86 1.257688 0.235557 3.64
Cheviot Co. 4.08 1.3 2.71 0.29 173.81 164.42 0.05711 0.015592 7.18
City Union 3.2 0.83 24 0.59 71.79 56.31 0.274907 0.334308 18.47
Clariant Ch 6.75 0.51 50.66 1.53 758.67 321.2 1.361986 0.066775 21.24
Colgate-Pal 22.06 0.61 203.99 29.6 288.63 218.42 0.321445 0.706753 134.17
Cravatex Lt 5.14 0.55 0.45 0.51 1.84 1.25 0.472 0.244565 12.36
Crisil Ltd. 13.45 0.67 50.58 5.1 71.49 35.56 1.010405 0.707512 26.34
Crompton G 11.36 1.02 73.31 3.68 510.6 272.77 0.871907 0.143576 32.35
D I C India 7.52 0.74 3.21 0.6 13.58 8.54 0.590164 0.236377 8.36
De Nora Ind 13.5 1.08 1.39 0.87 1.26 4.98 -0.746988 1.103175 7.92
Denison Hyd 4.03 1.46 0.9 0.81 8.64 9.26 -0.066955 0.104167 23.23
Dhanalaksh 5.6 0.91 6.41 0.8 57.27 28.46 1.012298 0.111926 13.53
Dr. Reddy'S 14.39 0.67 105.4 1.57 598.4 433.08 0.381731 0.176136 10.66
Esab India 7.73 1.09 23.86 3.13 60.62 51.9 0.168015 0.393599 44.65
Essel Prop 7.95 0.82 4.7 0.34 34.72 33.54 0.035182 0.135369 4.65
Excel Crop 2.7 1.22 5.5 0.54 45.77 24.13 0.896809 0.120166 19.91
F A G Beari 4.81 0.88 7.48 1.16 95.53 80.27 0.190108 0.0783 23.77
Foseco Indi 10.82 0.77 6.07 2.56 15.42 19.89 -0.224736 0.393645 29.09
G M Brewer 5.92 1.05 1.87 1.04 9.06 14.94 -0.393574 0.206402 17.46
G T L Ltd. 20.59 1.31 28.42 2.29 109.44 124.3 -0.119549 0.259686 11.13
Garden Silk 2.64 1.22 5.74 0.34 34.43 23.68 0.45397 0.166715 10.21
Gati Ltd. 14.44 0.8 6.77 1.22 35.83 23.31 0.537109 0.188948 8.01
Geojit B N 29.58 1.08 11.21 1.54 14.33 45.33 -0.683874 0.782275 5.28
Gillette Ind 23.95 0.55 40.73 4.3 109.5 93.29 0.173759 0.371963 27.59
Glaxosmith 13.7 0.55 63.08 3.5 184.66 162.48 0.136509 0.341601 24.75
Granules In 10.19 0.93 2.51 0.41 9.23 8.31 0.11071 0.271939 5.16
Great Easte 2.37 1.01 121.83 0.58 999.89 870.83 0.148203 0.121843 27.89
Greaves Co 4.69 1.21 29.3 0.69 91.94 119.62 -0.231399 0.318686 29.7
Grindwell N 7.7 1.06 22.15 1.32 53.78 57.45 -0.063882 0.411863 18.07
Gruh Finan 6.37 0.83 16.63 1.45 50.24 42.33 0.186865 0.331011 22.76
Gujarat Flu 2.12 1.08 38.45 0.59 421.6 231.22 0.823372 0.0912 27.63
H C L Infos 5.05 0.75 136.84 1.15 286.35 286.57 -0.000768 0.477877 30.38
H C L Tech 8.62 0.92 598.58 1.85 952.41 678.47 0.403761 0.62849 24.29
H D F C Ba 18.34 0.62 425.97 2.81 2,240.75 1,589.48 0.409738 0.190102 15.32
Hexaware T 9.44 1.05 14.36 0.62 73.05 65.77 0.110689 0.196578 6.35
Hindustan -119.44 1.2 0.15 0.57 -0.03 0.75 -1.04 -5 2.21
I C I India 15.73 0.57 60.89 1.73 25.14 66.2 -0.620242 2.422037 30.38
I D B I Ban 3.83 1.41 181.2 0.44 845.26 728.64 0.160052 0.214372 11.53
IL&FS 9.47 1.12 27.85 5.47 37.36 28.03 0.332858 0.74545 57.71
I T D Cemen -37.99 1 1.15 0.24 0.49 -2.89 -1.16955 2.346939 1.57
Indag Rubb 1.37 0.56 1.05 0.39 7.44 8.19 -0.091575 0.141129 28.28
Indian Ove 1.97 1.26 286.83 0.42 1,257.29 1,200.76 0.047079 0.228134 22.31
Infosys Tec 13.28 0.68 1346 4.26 6,191.00 4,465.00 0.386562 0.217412 32.67
Infotech En 6.59 1.51 8.33 0.68 126.01 54.54 1.310414 0.066106 10.27
J B Chemic 4.27 1.11 8.43 0.58 92.25 51.01 0.808469 0.091382 14.79
J S W Steel 9.46 1.24 18.71 0.57 1,075.70 1,639.05 -0.343705 0.017393 5.59
Jindal Saw 2.61 1.12 26.06 0.4 339.15 278.8 0.216463 0.076839 15.06
K S B Pump 7.06 0.95 9.57 1.51 63.34 44.78 0.414471 0.151089 21.93
Kabra Extru 4.4 1.06 4.79 0.71 13.05 14.77 -0.116452 0.36705 16.13
Kansai Nero 12.21 0.61 32.33 1.84 94.47 106.01 -0.108858 0.342225 15.06
Karur Vysy 4.59 0.76 64.74 0.8 235.58 208.3 0.130965 0.274811 17.46
Kirloskar O 10.04 0.94 19.42 1.14 118.48 123.01 -0.036826 0.16391 12.07
L G Balakri 7.51 0.84 4.71 0.45 6.2 15.18 -0.591568 0.759677 22.77
M R F Ltd. 18.54 0.87 8.48 0.65 137.43 163.99 -0.161961 0.061704 12.66
Madras Alu 19.45 1.14 20.25 3.19 65.9 93.15 -0.292539 0.307284 11.7
Maharashtr 8.42 1 6.29 0.46 8.39 9.09 -0.077008 0.749702 5.44
Mangalam 1.66 1.11 15.42 0.57 92.69 111.83 -0.171153 0.166361 33.61
Navin Fluori 1.55 1.72 10.1 0.38 47.11 13.15 2.58251 0.214392 19.77
Oil Country 2.39 1.39 6.64 1.24 70.05 29.11 1.40639 0.094789 49.38
Oriental B 3.63 1.18 182.9 0.43 905.57 838.28 0.080272 0.201972 14.03
Punjab Nat 4.19 1.19 630.61 0.99 3,089.11 2,047.63 0.508627 0.20414 23.52
Rain Commo 6.54 1.36 26.65 1.08 91.57 85.65 0.069119 0.291034 17.14
Rallis India 6.53 1.26 19.17 1.8 77.51 38.33 1.022176 0.247323 25.51
S K F India 7.54 1.03 23.73 1.19 128.07 157.48 -0.186754 0.185289 19.78
State Bank 7.42 1 1841.15 1.17 9,124.18 6,718.08 0.358153 0.201788 15.74
Supreme In 5.26 1.2 22.1 1.03 102.76 51.32 1.002338 0.215064 34.13
Swaraj Eng 5.55 0.76 6.21 1.22 21.28 14.3 0.488112 0.291823 21.93
T C P L Pa 4.22 0.88 1.15 0.3 3.97 2.12 0.872642 0.289673 7.15
Tata Consu 12.37 0.73 1370.05 3.96 5,385.07 4,270.84 0.260892 0.254416 35.13
Value Indus 11.41 1.43 1.97 0.08 34.84 -1.16 -31.03448 0.056544 1.74
Vardhman H 4.58 0.76 0.64 0.34 8.08 1.35 4.985185 0.079208 7.42
Videocon In 2.98 1.4 22.94 0.29 1,059.43 760.55 0.392979 0.021653 14.45
Vijaya Ban 3.85 1.12 50.72 0.44 207.64 349.91 -0.40659 0.244269 11.31
Visaka Indu 1.61 1.19 6.35 0.34 41.51 12.06 2.441957 0.152975 19.13
Rs. Crore Rs. Crore
Mar-09 Mar-09
mkt cap Sales net pro ma p/s
1125.93 527.24 0.291537 2.135517
15956.7 6,867.77 0.071782 2.323418
15190.16 7,229.97 0.157142 2.100998
160.431 2,050.22 0.224005 0.078251
15535.29 2,703.54 0.015028 5.746277
439.25 1,048.41 0.089822 0.418968
3.52 10.26 0.038012 0.34308
212.84 660.22 0.098649 0.322377
106.9 319.33 0.073341 0.334763
49.14 205.69 0.036365 0.238903
1735.78 801.94 0.121855 2.164476
15022.51 6,182.09 0.174855 2.430005
2113.49 1,307.97 0.135095 1.615855
556.31 1,228.27 0.282479 0.452922
4338.33 5,664.34 0.115233 0.765902
20.33 104.74 0.006683 0.1941
7099 2,651.21 0.095937 2.677645
134.66 105.52 0.30326 1.276156
8.64 0.96 0.541667 9
13426.37 4,510.12 0.082155 2.976943
451.83 117.22 0.134533 3.854547
2146.38 356.34 0.203401 6.023405
361.48 751.02 0.079825 0.481319
207.02 565.83 0.026245 0.36587
3152.89 890.03 0.155624 3.542454
33056.89 13,550.95 0.134571 2.439452
1441.3 533.39 0.074823 2.70215
2467.55 1,767.54 0.01592 1.396036
387.63 304.38 -0.040771 1.273507
4765.24 219.12 0.874544 21.74717
2900.34 1,456.82 0.066741 1.990871
15566.93 16,605.09 0.134131 0.937479
17120.71 18,344.93 0.163934 0.933267
1747.91 4,703.17 0.076908 0.371645
1090.23 989.96 0.062134 1.101287
517.29 547.1 0.087406 0.945513
39.97 219.3 0.012905 0.182262
82617.21 34,048.32 0.272781 2.426469
233.66 14.1 1.292908 16.57163
1297.8 974.47 0.075077 1.331801
1551.13 820.45 0.114303 1.890584
297.85 1,164.72 0.036558 0.255727
82.08 1,898.84 0.091535 0.043226
819.2 411.16 0.174604 1.992412
838.48 9,313.28 0.081461 0.090031
8242.52 1,750.77 0.164859 4.70794
 18.22 44.24 0.041591 0.411844
2691.85 255.55 0.27975 10.53356
11821.77 4,678.79 0.109131 2.526672
148.33 473.24 0.028696 0.313435
35.3 19.67 0.064057 1.794611
66.78 64.1 0.134789 1.04181
856.9 430.63 0.132991 1.989875
13786.86 3,999.50 0.149619 3.447146
676.68 427 0.141967 1.584731
465.11 335.91 0.103361 1.384627
130.14 724.04 0.063215 0.179741
764.39 755.35 0.126471 1.011968
211.81 148.7 0.103699 1.424412
95.59 283.9 0.031913 0.336703
2797.17 1,450.90 0.075429 1.927886
327.96 1,675.20 0.020553 0.195774
441.78 552.07 0.064901 0.800225
993.07 140.95 0.101667 7.045548
2993.44 591.72 0.185054 5.058879
4630.95 1,584.33 0.116554 2.922971
170.59 214.42 0.043046 0.795588
4489.5 2,836.28 0.352536 1.582883
752.4 1,150.18 0.079935 0.654158
623.35 509.01 0.105656 1.224632
672.59 294 0.170884 2.287721
1619.19 1,044.56 0.403615 1.550117
2519.39 12,411.44 0.023071 0.202989
20540.01 4,615.39 0.206355 4.45033
62126.87 19,770.72 0.113337 3.142368
1218.16 498.17 0.146637 2.44527
8.84 29.79 -0.001007 0.296744
2034.44 906.34 0.027738 2.244676
7410.89 12,668.35 0.066722 0.584993
916.5 97.03 0.385036 9.445532
254.5 940.63 0.000521 0.270563
28.3 76.27 0.097548 0.37105
4497.32 10,910.87 0.115233 0.412187
125537.2 20,264.00 0.305517 6.195085
1450.45 566.57 0.222409 2.560054
443.98 687.88 0.134108 0.645432
13273.91 14,006.59 0.0768 0.94769
2876.62 5,003.35 0.067785 0.574939
754.11 597.21 0.10606 1.262722
85.74 153.5 0.085016 0.558567
2051.94 1,382.71 0.068322 1.483999
1618.28 1,631.31 0.144412 0.992013
2141.72 2,170.60 0.054584 0.986695
627.85 507.6 0.012214 1.236899
1809.17 5,060.81 0.027156 0.357486
1299.94 492.17 0.133897 2.641242
186.29 2.5 3.356 74.516
 358.23 564.15 0.1643 0.634991
245.98 420.09 0.112143 0.585541
403.92 421.48 0.1662 0.958337
4548.55 9,613.00 0.094203 0.473167
21390.12 21,907.42 0.141007 0.976387
1327.44 1,112.17 0.082335 1.193559
956.13 846.65 0.091549 1.12931
1441.44 1,637.55 0.078208 0.880242
113119.8 74,880.76 0.121849 1.510665
815 1,651.93 0.062206 0.493362
366.51 208.17 0.102224 1.760628
26.66 159.35 0.024914 0.167305
105846.5 22,401.92 0.240384 4.724886
76.27 1,244.68 0.027991 0.061277
60.45 8.34 0.968825 7.248201
5498.79 9,753.65 0.108619 0.563767
1838.12 5,587.46 0.037162 0.328972
188.9 584.69 0.070995 0.323077
Company P/E Beta growth ratepayout ratio
3I Infotech 3.95 1.27 0.630702 0.127708022
A B B Ltd. 17.83 0.87 -0.098378 0.094567731
A C C Ltd. 8.67 0.88 -0.061918 0.330375925
Aditya Birl 1.81 1.22 -0.036261 0.00764273
Adlabs Film -11.41 1.39 -0.944 0
Ador Fonte 2.67 1 0.065874 0.018583413
Ador Multip 7.26 1 0.444444 0
Advent Com -21.84 1.29 -0.01378 0
Ajanta Pha 2.81 1.29 0.255764 0.125106746
Albert Davi 3.53 1.33 0.046154 0.267379679
Alfa Laval ( 17.16 0.63 0.178627 0.464592714
Ambuja Cem 7.76 0.8 -0.036199 0.30987909 SUMMARY OUTPUT
Amtek Auto 6.3 0.55 -0.101952 0.045217883
Amtek India 1.22 0.94 1.961168 0.01109638 Regression Statistics
Andhra Ba 3.34 1.25 0.134514 0.334370021 Multiple R 0.667208
Aplab Ltd. 22.32 1.24 -0.8 0.714285714 R Square 0.445167
Areva T & D 19.19 1.22 0.173688 0.169215648 Adjusted R 0.430171
Arihant Fo 0.59 0.91 0.130742 0.021875 Standard E 11.12555
Ashirwad Ca 6.72 0.62 -0.535714 0.769230769 Observatio 115
Asian Paint 20.5 0.41 -0.015935 0.453026745
Astra Micr 16.49 0.92 -0.246176 0.171845276 ANOVA
Astrazenec 20.14 0.79 0.183154 0.517384106 df
Automotive 5.15 0.84 0.231259 0.163803169 Regression 3
Avaya Glob 20.16 0.88 -0.647603 0.335353535 Residual 111
Aventis Ph 13.15 0.68 -0.182687 0.266045773 Total 114
Axis Bank L 8.2 1.03 0.678828 0.230603874
B O C India 34.68 1.18 34.31858 0.32047106 Coefficients
Bajaj Hindu -3.28 1.19 -0.352806 0.301705757 Intercept 10.017
Bajaj Hindu -1.1 1.15 -0.505971 0 Beta -6.946701
Bajaj Holdi 15.07 0.72 -0.361106 0.52799666 Growth Rat 0.353652
Balrampur C 13.93 1.02 -3.005983 0.131440913 Payout Rat 15.19138
Bank Of Ba 4.01 1.35 0.551918 0.17221237
Bank Of In 3.84 1.46 0.496663 0.163449549
Bank Of Ma 2.38 1.09 0.110562 0.17854082
Bata India 11.11 1.14 0.405622 0.261258332 P/E ratio=1
Bharat Bijl 5.19 1.27 -0.344572 0.295483061
Bharat Seat 6.54 1.05 -0.024138 0.554770318
Baharti Airt 23.29 0.82 0.436009 0.002153381
Binani Indu 4.3 1.57 0.290163 0.487109161 P/E ratio
Blue Dart E 16.66 0.75 0.029987 0.032394751 EPS
C M C Ltd. 4.59 0.8 0.168307 0.242375773 EST Mkt Pr
Century En 17.49 1.1 1.257688 0.235556599 MKT Price
Cheviot Co. 4.08 1.3 0.05711 0.015591738
City Union 3.2 0.83 0.274907 0.334308399
Clariant Ch 6.75 0.51 1.361986 0.066774751
Colgate-Pal 22.06 0.61 0.321445 0.70675259
Cravatex Lt 5.14 0.55 0.472 0.244565217
Crisil Ltd. 13.45 0.67 1.010405 0.70751154
Crompton G 11.36 1.02 0.871907 0.143576185
D I C India 7.52 0.74 0.590164 0.236377025
De Nora Ind 13.5 1.08 -0.746988 1.103174603
Denison Hyd 4.03 1.46 -0.066955 0.104166667
Dhanalaksh 5.6 0.91 1.012298 0.111925965
Dr. Reddy'S 14.39 0.67 0.381731 0.176136364
Esab India 7.73 1.09 0.168015 0.393599472
Essel Prop 7.95 0.82 0.035182 0.135368664
Excel Crop 2.7 1.22 0.896809 0.120166048
F A G Beari 4.81 0.88 0.190108 0.07830001
Foseco Indi 10.82 0.77 -0.224736 0.393644617
G M Brewer 5.92 1.05 -0.393574 0.206401766
G T L Ltd. 20.59 1.31 -0.119549 0.259685673
Garden Silk 2.64 1.22 0.45397 0.166715074
Gati Ltd. 14.44 0.8 0.537109 0.188947809
Geojit B N 29.58 1.08 -0.683874 0.782274948
Gillette Ind 23.95 0.55 0.173759 0.37196347
Glaxosmith 13.7 0.55 0.136509 0.34160078
Granules In 10.19 0.93 0.11071 0.271939328
Great Easte 2.37 1.01 0.148203 0.121843403
Greaves Co 4.69 1.21 -0.231399 0.3186861
Grindwell N 7.7 1.06 -0.063882 0.411863146
Gruh Finan 6.37 0.83 0.186865 0.331011146
Gujarat Flu 2.12 1.08 0.823372 0.09120019
H C L Infos 5.05 0.75 -0.000768 0.477876724
H C L Tech 8.62 0.92 0.403761 0.628489831
H D F C Ba 18.34 0.62 0.409738 0.190101529
Hexaware T 9.44 1.05 0.110689 0.196577687
Hindustan -119.44 1.2 -1.04 -5
I C I India 15.73 0.57 -0.620242 2.422036595
I D B I Ban 3.83 1.41 0.160052 0.214371909
IL&FS 9.47 1.12 0.332858 0.745449679
I T D Cemen -37.99 1 -1.16955 2.346938776
Indag Rubb 1.37 0.56 -0.091575 0.141129032
Indian Ove 1.97 1.26 0.047079 0.228133525
Infosys Tec 13.28 0.68 0.386562 0.217412373
Infotech En 6.59 1.51 1.310414 0.066105865
J B Chemic 4.27 1.11 0.808469 0.091382114
J S W Steel 9.46 1.24 -0.343705 0.017393325
Jindal Saw 2.61 1.12 0.216463 0.076839157
K S B Pump 7.06 0.95 0.414471 0.151089359
Kabra Extru 4.4 1.06 -0.116452 0.367049808
Kansai Nero 12.21 0.61 -0.108858 0.342225045
Karur Vysy 4.59 0.76 0.130965 0.274811105
Kirloskar O 10.04 0.94 -0.036826 0.163909521
L G Balakri 7.51 0.84 -0.591568 0.759677419
M R F Ltd. 18.54 0.87 -0.161961 0.06170414
Madras Alu 19.45 1.14 -0.292539 0.307283763
Maharashtr 8.42 1 -0.077008 0.749702026
Mangalam 1.66 1.11 -0.171153 0.166360988
Navin Fluori 1.55 1.72 2.58251 0.214391849
Oil Country 2.39 1.39 1.40639 0.094789436
Oriental B 3.63 1.18 0.080272 0.201972238
Punjab Nat 4.19 1.19 0.508627 0.204139704
Rain Commo 6.54 1.36 0.069119 0.291034182
Rallis India 6.53 1.26 1.022176 0.247322926
S K F India 7.54 1.03 -0.186754 0.185289295
State Bank 7.42 1 0.358153 0.201787996
Supreme In 5.26 1.2 1.002338 0.215064227
Swaraj Eng 5.55 0.76 0.488112 0.291823308
T C P L Pa 4.22 0.88 0.872642 0.289672544
Tata Consu 12.37 0.73 0.260892 0.254416377
Value Indus 11.41 1.43 -31.03448 0.056544202
Vardhman H 4.58 0.76 4.985185 0.079207921
Videocon In 2.98 1.4 0.392979 0.021653153
Vijaya Ban 3.85 1.12 -0.40659 0.244268927
Visaka Indu 1.61 1.19 2.441957 0.152975187
 SS MS F Significance F
11023.66 3674.555 29.6867 3.61E-14
13739.34 123.7778
24763

Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%Upper 95.0%

4.214 2.377076 0.019162 1.666677 18.36732 1.666677 18.36732
3.958276 -1.754982 0.082022 -14.79029 0.896886 -14.79029 0.896886
0.236741 1.493834 0.138056 -0.115466 0.82277 -0.115466 0.82277
1.755009 8.656012 4.34E-14 11.71371 18.66905 11.71371 18.66905

10.017-6.9467*beta+0.353652*growth rate+15.19138*payout ratio

10.59188
40.79
432.0426
422.65
Company P/B Beta growth ratepayout rati ROE
3I Infotech 0.66 1.27 0.630702 0.127708 23.54
A B B Ltd. 4.15 0.87 -0.098378 0.094568 26
A C C Ltd. 2.03 0.88 -0.061918 0.330376 24.61
Aditya Birl 0.35 1.22 -0.036261 0.007643 19.25
Adlabs Film 1.25 1.39 -0.944 0 6.76
Ador Fonte 0.82 1 0.065874 0.018583 30.88
Ador Multip 0.63 1 0.444444 0 8.82
Advent Com 0.26 1.29 -0.01378 0 15.62
Ajanta Pha 0.4 1.29 0.255764 0.125107 14.05
Albert Davi 0.48 1.33 0.046154 0.26738 13.49
Alfa Laval ( 4.7 0.63 0.178627 0.464593 29.34
Ambuja Cem 1.81 0.8 -0.036199 0.309879 24.73
Amtek Auto 0.43 0.55 -0.101952 0.045218 11.22
Amtek India 0.23 0.94 1.961168 0.011096 24.39 SUMMARY OUTPUT
Andhra Ba 0.6 1.25 0.134514 0.33437 17.9
Aplab Ltd. 0.51 1.24 -0.8 0.714286 2.26 Regression Statistics
Areva T & D 6.27 1.22 0.173688 0.169216 31.27 Multiple R
Arihant Fo 0.27 0.91 0.130742 0.021875 20.54 R Square
Ashirwad Ca 1.01 0.62 -0.535714 0.769231 10.52 Adjusted R Sq
Asian Paint 6.89 0.41 -0.015935 0.453027 33.1 Standard Error
Astra Micr 1.97 0.92 -0.246176 0.171845 11.76 Observations
Astrazenec 11.42 0.79 0.183154 0.517384 63.56
Automotive 0.75 0.84 0.231259 0.163803 32.83 ANOVA
Avaya Glob 0.5 0.88 -0.647603 0.335354 7.66
Aventis Ph 2.65 0.68 -0.182687 0.266046 20.88 Regression
Axis Bank L 1.46 1.03 0.678828 0.230604 17.77 Residual
B O C India 1.17 1.18 34.31858 0.320471 7.73 Total
Bajaj Hindu 0.5 1.19 -0.352806 0.301706 3.54
Bajaj Hindu 0.47 1.15 -0.505971 0 28.13
Bajaj Holdi 0.94 0.72 -0.361106 0.527997 5.45 Intercept
Balrampur C 1.27 1.02 -3.005983 0.131441 9.57 Beta
Bank Of Ba 0.67 1.35 0.551918 0.172212 17.35 Growth rate
Bank Of In 0.98 1.46 0.496663 0.16345 25.51 Payout Ratio
Bank Of Ma 0.43 1.09 0.110562 0.178541 18.16 ROE
Bata India 2.53 1.14 0.405622 0.261258 24.71
Bharat Bijl 1.25 1.27 -0.344572 0.295483 23.82
Bharat Seat 0.72 1.05 -0.024138 0.55477 10.71 P/B ratio=
Baharti Airt 2.8 0.82 0.436009 0.002153 28.13 P/B ratio
Binani Indu 0.5 1.57 0.290163 0.487109 18.11 Mkt P/B Ratio
Blue Dart E 2.41 0.75 0.029987 0.032395 19.73
C M C Ltd. 1.27 0.8 0.168307 0.242376 27.59
Century En 0.28 1.1 1.257688 0.235557 3.64
Cheviot Co. 0.29 1.3 0.05711 0.015592 7.18
City Union 0.59 0.83 0.274907 0.334308 18.47
Clariant Ch 1.53 0.51 1.361986 0.066775 21.24
Colgate-Pal 29.6 0.61 0.321445 0.706753 134.17
Cravatex Lt 0.51 0.55 0.472 0.244565 12.36
Crisil Ltd. 5.1 0.67 1.010405 0.707512 26.34
Crompton G 3.68 1.02 0.871907 0.143576 32.35
D I C India 0.6 0.74 0.590164 0.236377 8.36
De Nora Ind 0.87 1.08 -0.746988 1.103175 7.92
Denison Hyd 0.81 1.46 -0.066955 0.104167 23.23
Dhanalaksh 0.8 0.91 1.012298 0.111926 13.53
Dr. Reddy'S 1.57 0.67 0.381731 0.176136 10.66
Esab India 3.13 1.09 0.168015 0.393599 44.65
Essel Prop 0.34 0.82 0.035182 0.135369 4.65
Excel Crop 0.54 1.22 0.896809 0.120166 19.91
F A G Beari 1.16 0.88 0.190108 0.0783 23.77
Foseco Indi 2.56 0.77 -0.224736 0.393645 29.09
G M Brewer 1.04 1.05 -0.393574 0.206402 17.46
G T L Ltd. 2.29 1.31 -0.119549 0.259686 11.13
Garden Silk 0.34 1.22 0.45397 0.166715 10.21
Gati Ltd. 1.22 0.8 0.537109 0.188948 8.01
Geojit B N 1.54 1.08 -0.683874 0.782275 5.28
Gillette Ind 4.3 0.55 0.173759 0.371963 27.59
Glaxosmith 3.5 0.55 0.136509 0.341601 24.75
Granules In 0.41 0.93 0.11071 0.271939 5.16
Great Easte 0.58 1.01 0.148203 0.121843 27.89
Greaves Co 0.69 1.21 -0.231399 0.318686 29.7
Grindwell N 1.32 1.06 -0.063882 0.411863 18.07
Gruh Finan 1.45 0.83 0.186865 0.331011 22.76
Gujarat Flu 0.59 1.08 0.823372 0.0912 27.63
H C L Infos 1.15 0.75 -0.000768 0.477877 30.38
H C L Tech 1.85 0.92 0.403761 0.62849 24.29
H D F C Ba 2.81 0.62 0.409738 0.190102 15.32
Hexaware T 0.62 1.05 0.110689 0.196578 6.35
Hindustan 0.57 1.2 -1.04 -5 2.21
I C I India 1.73 0.57 -0.620242 2.422037 30.38
I D B I Ban 0.44 1.41 0.160052 0.214372 11.53
IL&FS 5.47 1.12 0.332858 0.74545 57.71
I T D Cemen 0.24 1 -1.16955 2.346939 1.57
Indag Rubb 0.39 0.56 -0.091575 0.141129 28.28
Indian Ove 0.42 1.26 0.047079 0.228134 22.31
Infosys Tec 4.26 0.68 0.386562 0.217412 32.67
Infotech En 0.68 1.51 1.310414 0.066106 10.27
J B Chemic 0.58 1.11 0.808469 0.091382 14.79
J S W Steel 0.57 1.24 -0.343705 0.017393 5.59
Jindal Saw 0.4 1.12 0.216463 0.076839 15.06
K S B Pump 1.51 0.95 0.414471 0.151089 21.93
Kabra Extru 0.71 1.06 -0.116452 0.36705 16.13
Kansai Nero 1.84 0.61 -0.108858 0.342225 15.06
Karur Vysy 0.8 0.76 0.130965 0.274811 17.46
Kirloskar O 1.14 0.94 -0.036826 0.16391 12.07
L G Balakri 0.45 0.84 -0.591568 0.759677 22.77
M R F Ltd. 0.65 0.87 -0.161961 0.061704 12.66
Madras Alu 3.19 1.14 -0.292539 0.307284 11.7
Maharashtr 0.46 1 -0.077008 0.749702 5.44
Mangalam 0.57 1.11 -0.171153 0.166361 33.61
Navin Fluori 0.38 1.72 2.58251 0.214392 19.77
Oil Country 1.24 1.39 1.40639 0.094789 49.38
Oriental B 0.43 1.18 0.080272 0.201972 14.03
Punjab Nat 0.99 1.19 0.508627 0.20414 23.52
Rain Commo 1.08 1.36 0.069119 0.291034 17.14
Rallis India 1.8 1.26 1.022176 0.247323 25.51
S K F India 1.19 1.03 -0.186754 0.185289 19.78
State Bank 1.17 1 0.358153 0.201788 15.74
Supreme In 1.03 1.2 1.002338 0.215064 34.13
Swaraj Eng 1.22 0.76 0.488112 0.291823 21.93
T C P L Pa 0.3 0.88 0.872642 0.289673 7.15
Tata Consu 3.96 0.73 0.260892 0.254416 35.13
Value Indus 0.08 1.43 -31.03448 0.056544 1.74
Vardhman H 0.34 0.76 4.985185 0.079208 7.42
Videocon In 0.29 1.4 0.392979 0.021653 14.45
Vijaya Ban 0.44 1.12 -0.40659 0.244269 11.31
Visaka Indu 0.34 1.19 2.441957 0.152975 19.13
UMMARY OUTPUT

Regression Statistics
0.838186901109
0.702557281191
0.691741182325
1.7172536464
115

df SS MS F Significance F
4 766.1962 191.549 64.95478 4.32E-28
110 324.3856 2.94896
114 1090.582

Coefficients Standard Error t Stat
0.182424322201 0.724418 0.251822
-1.68695874317 0.620921 -2.716864
-0.01285559315 0.036558 -0.351646
-0.06500314821 0.272349 -0.238676
0.160600927387 0.010722 14.97798
P-value Lower 95%Upper 95%Lower 95.0% Upper 95.0%
0.801649 -1.253203 1.618051 -1.253203 1.618051
0.007657 -2.917479 -0.456438 -2.917479 -0.456438
0.725776 -0.085306 0.059594 -0.085306 0.059594
0.811801 -0.604734 0.474728 -0.604734 0.474728
2.58E-28 0.139352 0.18185 0.139352 0.18185

0.182424-1.68696*beta-0.01286*growth rate-0.065*payout ratio+0.160601*roe

-1.4524896933
2.8
65
Company p/s Beta growth ratepayout rati net pro marg
3I Infotech 2.135517 1.27 0.630702 0.127708 0.291537
A B B Ltd. 2.323418 0.87 -0.098378 0.094568 0.071782
A C C Ltd. 2.100998 0.88 -0.061918 0.330376 0.157142
Aditya Birl 0.078251 1.22 -0.036261 0.007643 0.224005
Adlabs Film 5.746277 1.39 -0.944 0 0.015028
Ador Fonte 0.418968 1 0.065874 0.018583 0.089822
Ador Multip 0.34308 1 0.444444 0 0.038012
Advent Com0.322377 1.29 -0.01378 0 0.098649
Ajanta Pha 0.334763 1.29 0.255764 0.125107 0.073341
Albert Davi 0.238903 1.33 0.046154 0.26738 0.036365
Alfa Laval ( 2.164476 0.63 0.178627 0.464593 0.121855
Ambuja Cem2.430005 0.8 -0.036199 0.309879 0.174855 SUMMARY OUTPUT
Amtek Auto 1.615855 0.55 -0.101952 0.045218 0.135095
Amtek India 0.452922 0.94 1.961168 0.011096 0.282479 Regression Statistics
Andhra Ba 0.765902 1.25 0.134514 0.33437 0.115233 Multiple R 0.951171
Aplab Ltd. 0.1941 1.24 -0.8 0.714286 0.006683 R Square 0.904726
Areva T & D2.677645 1.22 0.173688 0.169216 0.095937 Adjusted R 0.901262
Arihant Fo 1.276156 0.91 0.130742 0.021875 0.30326 Standard E 2.3276
Ashirwad Ca 9 0.62 -0.535714 0.769231 0.541667 Observatio 115
Asian Paint 2.976943 0.41 -0.015935 0.453027 0.082155
Astra Micr 3.854547 0.92 -0.246176 0.171845 0.134533 ANOVA
Astrazenec 6.023405 0.79 0.183154 0.517384 0.203401 df
Automotive 0.481319 0.84 0.231259 0.163803 0.079825 Regression 4
Avaya Glob 0.36587 0.88 -0.647603 0.335354 0.026245 Residual 110
Aventis Ph 3.542454 0.68 -0.182687 0.266046 0.155624 Total 114
Axis Bank L 2.439452 1.03 0.678828 0.230604 0.134571
B O C India 2.70215 1.18 34.31858 0.320471 0.074823 Coefficients
Bajaj Hindu 1.396036 1.19 -0.352806 0.301706 0.01592 Intercept 0.723395
Bajaj Hindu 1.273507 1.15 -0.505971 0 -0.040771 Beta -1.485128
Bajaj Holdi 21.74717 0.72 -0.361106 0.527997 0.874544 Growth Rat-0.025674
Balrampur C1.990871 1.02 -3.005983 0.131441 0.066741 Payout rati 0.449989
Bank Of Ba 0.937479 1.35 0.551918 0.172212 0.134131 NPM 20.11128
Bank Of In 0.933267 1.46 0.496663 0.16345 0.163934
Bank Of Ma 0.371645 1.09 0.110562 0.178541 0.076908
Bata India 1.101287 1.14 0.405622 0.261258 0.062134 P/S = 0.723395-1.48513*Beta -0.02
Bharat Bijl 0.945513 1.27 -0.344572 0.295483 0.087406
Bharat Seat 0.182262 1.05 -0.024138 0.55477 0.012905 P/S = 4.340155
Baharti Airt 2.426469 0.82 0.436009 0.002153 0.272781 Sales/shar 13.54
Binani Indu 16.57163 1.57 0.290163 0.487109 1.292908 EST Mkt Pr 58.76571
Blue Dart E 1.331801 0.75 0.029987 0.032395 0.075077 MKT Price 422.65
C M C Ltd. 1.890584 0.8 0.168307 0.242376 0.114303
Century En 0.255727 1.1 1.257688 0.235557 0.036558
Cheviot Co. 0.043226 1.3 0.05711 0.015592 0.091535
City Union 1.992412 0.83 0.274907 0.334308 0.174604
Clariant Ch 0.090031 0.51 1.361986 0.066775 0.081461
Colgate-Pal 4.70794 0.61 0.321445 0.706753 0.164859
Cravatex Lt 0.411844 0.55 0.472 0.244565 0.041591
Crisil Ltd. 10.53356 0.67 1.010405 0.707512 0.27975
Crompton G2.526672 1.02 0.871907 0.143576 0.109131
D I C India 0.313435 0.74 0.590164 0.236377 0.028696
De Nora Ind1.794611 1.08 -0.746988 1.103175 0.064057
Denison Hyd 1.04181 1.46 -0.066955 0.104167 0.134789
Dhanalaksh 1.989875 0.91 1.012298 0.111926 0.132991
Dr. Reddy'S3.447146 0.67 0.381731 0.176136 0.149619
Esab India 1.584731 1.09 0.168015 0.393599 0.141967
Essel Prop 1.384627 0.82 0.035182 0.135369 0.103361
Excel Crop 0.179741 1.22 0.896809 0.120166 0.063215
F A G Beari 1.011968 0.88 0.190108 0.0783 0.126471
Foseco Indi 1.424412 0.77 -0.224736 0.393645 0.103699
G M Brewer 0.336703 1.05 -0.393574 0.206402 0.031913
G T L Ltd. 1.927886 1.31 -0.119549 0.259686 0.075429
Garden Silk 0.195774 1.22 0.45397 0.166715 0.020553
Gati Ltd. 0.800225 0.8 0.537109 0.188948 0.064901
Geojit B N 7.045548 1.08 -0.683874 0.782275 0.101667
Gillette Ind 5.058879 0.55 0.173759 0.371963 0.185054
Glaxosmith 2.922971 0.55 0.136509 0.341601 0.116554
Granules In 0.795588 0.93 0.11071 0.271939 0.043046
Great Easte1.582883 1.01 0.148203 0.121843 0.352536
Greaves Co 0.654158 1.21 -0.231399 0.318686 0.079935
Grindwell N 1.224632 1.06 -0.063882 0.411863 0.105656
Gruh Finan 2.287721 0.83 0.186865 0.331011 0.170884
Gujarat Flu 1.550117 1.08 0.823372 0.0912 0.403615
H C L Infos 0.202989 0.75 -0.000768 0.477877 0.023071
H C L Tech 4.45033 0.92 0.403761 0.62849 0.206355
H D F C Ba 3.142368 0.62 0.409738 0.190102 0.113337
Hexaware T 2.44527 1.05 0.110689 0.196578 0.146637
Hindustan 0.296744 1.2 -1.04 -5 -0.001007
I C I India 2.244676 0.57 -0.620242 2.422037 0.027738
I D B I Ban 0.584993 1.41 0.160052 0.214372 0.066722
IL&FS 9.445532 1.12 0.332858 0.74545 0.385036
I T D Cemen0.270563 1 -1.16955 2.346939 0.000521
Indag Rubb 0.37105 0.56 -0.091575 0.141129 0.097548
Indian Ove 0.412187 1.26 0.047079 0.228134 0.115233
Infosys Tec 6.195085 0.68 0.386562 0.217412 0.305517
Infotech En 2.560054 1.51 1.310414 0.066106 0.222409
J B Chemic 0.645432 1.11 0.808469 0.091382 0.134108
J S W Steel 0.94769 1.24 -0.343705 0.017393 0.0768
Jindal Saw 0.574939 1.12 0.216463 0.076839 0.067785
K S B Pump1.262722 0.95 0.414471 0.151089 0.10606
Kabra Extru 0.558567 1.06 -0.116452 0.36705 0.085016
Kansai Nero1.483999 0.61 -0.108858 0.342225 0.068322
Karur Vysy 0.992013 0.76 0.130965 0.274811 0.144412
Kirloskar O 0.986695 0.94 -0.036826 0.16391 0.054584
L G Balakri 1.236899 0.84 -0.591568 0.759677 0.012214
M R F Ltd. 0.357486 0.87 -0.161961 0.061704 0.027156
Madras Alu 2.641242 1.14 -0.292539 0.307284 0.133897
Maharashtr 74.516 1 -0.077008 0.749702 3.356
Mangalam 0.634991 1.11 -0.171153 0.166361 0.1643
Navin Fluori 0.585541 1.72 2.58251 0.214392 0.112143
Oil Country 0.958337 1.39 1.40639 0.094789 0.1662
Oriental B 0.473167 1.18 0.080272 0.201972 0.094203
Punjab Nat 0.976387 1.19 0.508627 0.20414 0.141007
Rain Commo1.193559 1.36 0.069119 0.291034 0.082335
Rallis India 1.12931 1.26 1.022176 0.247323 0.091549
S K F India 0.880242 1.03 -0.186754 0.185289 0.078208
State Bank 1.510665 1 0.358153 0.201788 0.121849
Supreme In 0.493362 1.2 1.002338 0.215064 0.062206
Swaraj Eng 1.760628 0.76 0.488112 0.291823 0.102224
T C P L Pa 0.167305 0.88 0.872642 0.289673 0.024914
Tata Consu 4.724886 0.73 0.260892 0.254416 0.240384
Value Indus 0.061277 1.43 -31.03448 0.056544 0.027991
Vardhman H7.248201 0.76 4.985185 0.079208 0.968825
Videocon In 0.563767 1.4 0.392979 0.021653 0.108619
Vijaya Ban 0.328972 1.12 -0.40659 0.244269 0.037162
Visaka Indu 0.323077 1.19 2.441957 0.152975 0.070995
 SS MS F Significance F
5659.19 1414.798 261.1426 3.54E-55
595.9492 5.41772
6255.14

Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%Upper 95.0%

0.886883 0.815661 0.416457 -1.034198 2.480988 -1.034198 2.480988
0.82812 -1.793373 0.075661 -3.126267 0.156011 -3.126267 0.156011
0.049552 -0.518123 0.605413 -0.123873 0.072526 -0.123873 0.072526
0.368926 1.219728 0.225177 -0.281135 1.181113 -0.281135 1.181113
0.630123 31.91645 1.94E-57 18.86253 21.36004 18.86253 21.36004

23395-1.48513*Beta -0.02567* Growth Rate +.449989* Payout Ratio + 20.11128 * Net profit Margin