Abdul Hafeez-0501-Divedend Announcement, Security Performanc

DIVIDENDANNOUNCEMENT,SECURITYPERFORMANCE,ANDCAPITALMARKETEFFICIENCY
ADissertationReportOn
DIVIDENDANNOUNCEMENT,SECURITYPERFORMANCE,
ANDCAPITALMARKETEFFICIENCY
Submittedinpartialfulfillmentofrequirementfortheawardofthedegreeof
MasterofBusinessAdministrationofBangaloreUniversity
BY
ABDULHAFEEZ
REGNO:05XQCM6001
UndertheGuidanceandSupervisionof
Dr.NAGESH.S.MALAVALLI
M.P.BIRLAINSTITUTEOFMANAGEMENT
(AssociateBharatiyaVidyaBhavan)
#43.RACECOURSEROAD,BANGALORE560001
200507
DECLARATION
I hereby declare that this dissertation entitled DIVIDEND

ANNOUNCEMENTS, SECURITY PERFORMANCE AND CAPITAL
MARKET EFFICIENCY is the result of my own research work
carried out under the guidance and supervision of Dr. Nagesh S.
Malavalli,principalMPBirlaInstituteofManagementBangalore.
I also declare that this dissertation has not been submitted
earlier to any Institute/organization for the award of any degree or

diploma.
Place:Bangalore
Date:
AbdulHafeez
TABLEOFCONTENT
SL.NO.
PARTICULARS
PAGENO
1.
EXECUTIVESUMMARY
01
2.
INTRODUCTION ..
02
3.
RESEARCHMETHODOLOGY..
3.1
PROBLEMSTATEMENT
3.2
OBJECTIVES
3.3
HYPOTHESIS
3.4
SOURCESOFDATA
3.5
LIMITATIONS
3.6
METHODOLOGY
4.
ANALYSISANDINTERPRETATION.
09
5.
SUMMARYandCONCLUSIONS..
45
6.
BIBLIOGRAPHY&REFERENCES..
46
06
LISTOFTABLES
TABLENO.
TABLENAME
PAGENO
1.
ABNORMALRETURNS
0920
2.
CUMULATIVEABNORMALRETURNS
2132
RESEARCHMETHODOLOGY
ANALYSIS
AND
INTERPRETATION
SUMMARY
AND
CONCLUSION
ACKNOWLEDGEMENT
I would like to express my sincere gratitude to my research guide

DR. NAGESH S. MALAVALLI, Principal, M.P.Birla Institute of
Management, Bangalore for his constant encouragement and guidance in the
course of the research investigation.
I would like to thank DR. T.V. NARSHIMA RAO, Adjunct Faculty,

M.P.Birla Institute of Management, Bangalore for his constant guidance and
timely support in the course of the research.
I would also like to thank PROF. S. SANTHANAM, Adjunct Faculty,

M.P.Birla Institute of Management, Bangalore who helped me to analysis
data with his expertise knowledge in statistics.
And further I would like to thank all the faculty members of MPBIM
who have helped me in completing my project. I have gained a lot of
knowledge throughout the course of carrying out this project.
I would like to sincerely thank my Parents and all my Friends who

have helped me in completing this project by extending their support.
Abdul Hafeez
BIBLIOGRAPHY
AND
REFERENCES
INTRODUCTION
10
EXECUTIVESUMMARY:
This paper investigates the stock market reaction associated with
dividends announcements in the Indian stock market, and to verify

whether these announcements possess any informational value. An event
studywasconductedon34companies,comprisingtheCNXNiftyIndex.
Returnswerecomputedusingtheadjustedpricedataofcompanies
andtheNiftyIndexwiththehelpofCapitalLinePlus.Theeventdayis
the day when the quarterly announcement is made. The event day was
taken from Prowess (the events section). The Abnormal Returns (AR),
Average Abnormal Returns (AAR), and Cumulative Average Abnormal
Returns (CAAR) were computed based on the Single Index Model. The
behaviorofthesevariableswasexaminedfor30daysbeforeandafterthe
eventday.
The sample study found significant Abnormal Return (AR) in and
around the days of announcement. It has been observed that the

Cumulative Average Abnormal Returns (CAAR) also has significance in
and around the event day. Thus, the results of the study indicate that
dividends announcements contain important information which causes
stockpricestochange.
Further, in an efficient market, CAAR should flatten out after the
eventdaytoindicatethatthemarkethasabsorbedtheresultsquickly.But
this was not the case. Hence strengthens the belief that the Indian stock
marketisnotefficientbutsemistrong.
11
INTRODUCTION:
In a market that is essentially characterized by a large number of
rationalandprofitseekinginvestorswhocompetewithoneanotherfreely,
the prices should reflect all the available and expected information. An
efficient market is one that rapidly absorbs new information and adjusts
the prices swiftly. Researchers and analysts who have worked onis the
efficiencyofstockmarkethaverealizedthatnostockmarketisabsolutely
efficient.
Researchers in this area have classified the stock market efficiency
into three separate forms weak, semi-strong, and strong. Fuller and
Farell(1987)haveattemptedtodividethestrongformofmarketefficiency
into two distinct parts: The super-strong form and near-strong form. The
threeformsofmarketefficiencyhavebeenasubjectofintenseresearchin
the field of finance. While there have been an overwhelming number of
studiestotesttheweakformofEMH,studiestotestthestrongformare
not many. Because of problems in getting the relevant data to test the
strongformofEMH,studiesinthisareaarelimited.Semi-strong form has
alsobeentestedbutnotasextensivelyastheweakform.Amajorityofthe
studieshaveaffirmedthatstockmarketsareefficientintheweakform.
Studiesonthesemistrongformhaveyieldmixedresults.Thesemistrongform
of EMH has been extensively researched in the US, the UK, other European
countries,andAustralia.However,therearelimitedstudiesinIndia.
A number of studies have confirmed that markets are efficient in the

semistrongform.However,alargenumberofstudieshavealsoconcluded
that markets are not efficient in the semistrong form. In their seminal
12
studyofstockpricereactiontostocksplits,Famaetal.(1969)foundthat
there was considerable market reaction prior to the stock split
announcement and the cumulative abnormal returns taered off after the
eventday.Theyconcludedthatthemarketisefficientinthesemistrongform.
May (1971), Brown and Kennely (1972) and Jordan (1973) studied the
behavior of security prices by taking the quarterly earnings as the event
and found that the results were consistet with the semistrong form of
EMH.
BallandBrown(1968),Beaver(1968)andBeaveretal.(1980)examinedthe
magnitude of price changes surrounding the announcement of a firms
annual earnings. Their results showed that the reaction occurred quickly and,
therefore, the EMH in the semistrong form holds good. Kormendi and Lipe
(1987), and Easton and Zmijewski (1989) found evidence consistent with stock
prices reflecting crosssectional differences in the time series behavior of
earnings, which support the existence of efficient markets. Ball and
Bartov(1996)reportedthatinvestorsareawareoftheexistenceaswellasof
the signs of serial correlation for all the lags. They found that all the
variables had predicted signs. However, they report that the market
systematically underestimates serial correlation in standardizedunexpected
earnings.
Some of the studies on the Indian market have also supported the
semistrong form of EMH. Obaidullah (1992) examined the bonus issues
andshowedthatthemarketwascapableofreactingtobonusissues.Dixit
(1986)foundthatdividendwasthemostimportantdeterminantofshareprices.
Based on the study of rights issues, Srinivasan (1997) concluded that the
market was efficient in the semistrong form. Narayana Rao (1994),who
examined the share price responses to some of the corporate financial
policy announcements, reported that the stock market is efficient in the
semistrongform.
13
Whereastheabovestudieshavefoundtheexistenceoftheefficientmarket,
there are others that contradict this. Joy et al. (1977) found that the
favorable information contained in quarterly earnings was not reflected in
share prices. Basu (1977) tested the predictive content of PriceEarnings
(P/E) multiples and concluded that the result was a contradiction of
semistrongformofEMH.Charest(1978)foundnoevidencefortheNYSE
being efficient in interpreting selected cash dividend change information
during19471967.Thisisbasedonhisfindingthatasystematictraderin
dividend changing stocks would have earned significant abnormal returs.
Jensen(1978)andJoyandJones(1979)reportedthatthesemistrongform
of EMH does not hold well.Watts (1978), Rendleman et al. (1982) Fosteret
al.(1984), Bernard and Thomas (1989, 1990), Freeman and Tse (1989),
Mendenhall(1991)andBartov(1992)foundstatisticallysignificantabnormal
returnsafterquarterlyearningsannouncements.AccordingtoBrown(1979)
stock markets failed to adjust instantaneously to the new Earnings Per
Share (EPS) information. The results of Poterba and Summers (1988) and
Ou and Penman (1989a, b), are inconsistent with the semistrong form of
EMH.BajajandVijh(1995)foundthatalldividendannouncementswithout
any expost selection criteria are accompanied by positive average excess
returns. They also found that positive average excess returns increase as
firm size and stock prices decrease. Cuthbertson et al. (1997) rejected the
existence of efficient market based on astudy of the behavior of the UK
stock market under the null hypothesis tat the expected returns are
constant. Porta et al. (1997) found evidence that is inconsistent with the
riskbased explanation for return differential. They reported that
postformationearningsannouncementreturnsweresubstantiallyhigherfor
valuestocksthanforglamorstocks.Thisfindinggoesagainstthesemistrong
form of EMH. Rangan and Sloan (1998) reported that earnings expectations
embedded in stock prices systematically underestimate the time series
14
properties resulting from quarterly reporting requirements. Studies on the

Indian market in this area have cast doubt on the existence of the EMH.
Obaidullah (1990) examined the market reaction to halfyearly earnings
announcementsandfoundthatthesemistrongformofEMHcouldnotbe
accepted.BaruaandRaghunathan(1990),Sundaram(1991)andObaidullah
(1991) cast doubt on the consistency of the observed priceearnings ratios
with fundamental factors like dividend growth and payoutratios.
Chaturvedi (2000a) found that low P/E stocks outperformed the high P/E
onesandconcludedthatthemarketisinefficient.Chaturvedi(2000b)studied
the behavior of stock returns surrounding the announcement of halfyearly
earnings. His results showed that abnormal returns were present both
during the pre and postearnings announcement periods. Mohanty (2002)
foundthatcompanieswhichannouncedbuybackyieldedexcessreturnseven
threemonthsaftertheannouncementdates.Thiscastsdoubtontheexistence
of the Semistrong form of EMH. However, he attributes the excess returns to
highpremiumofferedonbuybacks.
Moreoverinvestorsassignagreatdealofsignificancetoannouncementof
earningsanddividendsreportsasitreflectsthefinancialperformanceofthe
company and is an indicator of the future direction of the company.
Earningsanddividendsannouncementsprovidethemarketparticipantswith
the single most important piece of public information by which they can
evaluate the performance of a firm. The market is filled with anticipation at
thetimewhenfinancialresultsofacompanyaretobeannouncedasthey
formthebiasforrevalidationofthefuturegrowthprospectsofacompany
which would be reflected in a buy, hold or sell strategy. Thus, the
adjustment of stock prices to the announcement of earnings reports is an
importantempiricalissue.
15
RESEARCHMETHODOLOGY:
PROBLEMSTATEMENT:
There exists conflicting views with regard to the impact of Earnings
announcements on the stock prices. Some are of the opinions that
earnings announcements do affect the stock price of the shares while
others argue it does not. Thus there exists a research gap. The research
problemunderconsiderationisasfollows:
Whether there is any significant effect on the stock prices due to
dividendsannouncementsornot.
OBJECTIVE:
1. To examine whether the dividends s announcements has any
impactonthestockmarketreaction.
2.Tochecktheinformationalvalueoftheseannouncements.
HYPOTHESIS:
H0=DividendsannouncementsdonothaveanyimpactonStockPrices.
H1=DividendsannouncementsdohaveimpactonStockPrices.
SOURCESOFDATA:
The Dividends announcements made by companies included in CNX
NIFTY during the year 200607 is considered. Daily adjusted market price
dataforthesamplestocksfor30daysbeforeand30daysaftertheboard
meeting date are taken. The board meeting date is taken as event or
announcement date. The required data is extracted from Prowess,
CapitaLinePlus
and
NSE
website
16
LIMITATIONS:
1.Samplesizeof34isconsidered.
2.Macroeconomicfactorsaremottakenintoconsideration.
3.Eventwindowoft=30to+30istaken.
METHODOLOGY:
Event study methodology is used to calculate Average Abnormal Return
(AAR) and Cumulative Abnormal Return (CAAR) for the event window
period.i.e.30daysbeforeandafterthedayofannouncement.
Dailyreturnsforeachsamplecompanyarecomputedas:
Rit=Ln[Pit/Pit1]
WherePit&Pit1arerespectivedailypricesforcompanyiattimetand
t1.
Similarly,theactualreturnsforthemarketarealsocomputedas:
Rmt=Ln[(It)/It1]
WhereItandIt1aredailyindexvaluesattimetandt1.
SharpesMarketmodelisusedtocomputetheexpectedreturnas:
Rit=i+iRmt+it
WhereRit=expectedreturnonsecurityiattimet.Rmtisthereturnon
themarketindexattimet,iistheestimateoftheinterceptforshareof
companyianditistheindependentlyandidenticallydistributedresidual
errorterm.
17
Inthenextstep,wecalculatedabnormalreturnas:
ARit=Riti+iRmt.
ARs are averaged over the number of companies for each day
surrounding the event day (i.e, 30 to +30 days) by using the following
equation:
(AARt)=ARit/N
InthenextstepCAARiscalculatedonthedayssurroundingtheeventas:
(CAARd)=AARt.
Furtherttestingisdonetotestthehypothesis.
18
DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY
ANALYSISANDINTERPRETATION:
ABNORMALRETURNS(AR):
T0
RELIANCE
INFOSYS
TCS
-30
-29
0.0028605
-0.0049497
-0.001823
-0.010513
-0.0043704
-0.0037959
-0.0082994
0.03088824
ICICI
0.00899467
0.00015094
ONGC
-28
-27
-26
-25
-24
-0.0010492
0.0014261
0.0024854
0.0055566
0.0046934
-0.014942
-0.005469
0.014579
0.00361
0.006756
0.02154405
-0.016187
-0.0119749
0.00638151
-0.0021259
-0.0260884
0.01018012
-0.0159377
0.01482426
-0.0860125
-0.01221923
-0.02073437
-0.00654829
-0.00728445
0.00767766
-23
-22
-21
-20
-19
-0.0038127
0.0028737
0.0058485
-0.0059019
0.0138423
-0.014024
-0.000792
0.007547
-0.004713
-0.009291
0.00803071
-0.0128556
-0.0086554
0.00219379
0.00531973
-0.0273367
0.03196647
-0.0509609
-0.0369972
-0.017301
-0.01114729
0.01313339
0.0152847
0.00297892
-0.01310221
-18
-17
-16
-15
-14
0.0216495
-0.0082492
0.0078679
-0.004964
-0.0077991
-0.003089
-0.003147
-0.000163
-0.003938
0.01202
0.01538091
-0.0045711
0.01311954
0.00831306
0.01148228
0.06929049
0.04835402
-0.0180355
-0.0255178
0.00576606
0.00348661
-0.00289795
-0.01024922
-0.00106636
0.01020299
-13
-12
-11
-10
-0.0203388
-0.0086271
0.0069629
-0.0025288
-0.009592
-0.013428
0.002501
0.022365
0.02047208
-0.0097734
0.00341825
-0.0050939
0.03565115
-0.0115489
-0.0052145
-0.0358051
-0.00392898
-0.01552053
0.01300292
-0.01130385
-9
-8
-7
-6
-5
-0.0009952
-0.004989
-0.0088214
-0.0033301
-0.0019617
0.002373
0.011712
0.003415
0.040167
0.003772
0.01411452
-0.0038875
0.01191921
0.01039033
-0.0047227
0.01418502
-0.0180457
0.01583405
-0.0402262
0.01635272
-0.02699515
0.00241821
0.01494487
0.03457889
0.00649424
-4
-3
-2
-1
0
-0.0049338
0.0191871
0.0104939
-0.0003651
-0.0066731
0.019393
-0.006947
-0.012981
0.001379
0.004611
-0.0030596
-0.0148311
0.00031566
-0.0100835
0.00816256
-0.0026684
0.00045995
0.01815464
-0.0068631
-0.0256872
0.01871309
-0.00332535
0.00554163
0.01203332
-0.02007948
1
2
3
4
5
-0.0039421
0.0013778
-0.0012082
0.0009541
-0.0065692
-0.00281
0.002188
-0.01029
0.009682
-0.006378
-0.0012823
-0.0026417
-0.0069468
-0.0095006
-0.007355
0.02797434
-0.0152946
-0.0110566
-0.0029239
0.01438978
0.00385833
-0.0049265
6.5549E-05
-0.00711302
0.00871907
M. P.BIRLA INSTITUTE OF MANAGEMENT
19
6
7
0.0011002
0.0021719
0.008766
-0.010292
-0.0015834
-0.0041979
-0.0202843
-0.0161868
0.0251411
0.02684961
8
9
10
11
12
0.0029145
0.0031837
-0.0106725
-0.006647
-0.0038298
-0.002507
-0.01547
-0.008927
-0.004175
0.017032
-0.0035255
-0.0025152
-0.000777
-0.0021096
-0.0065585
-0.0108632
-0.0100198
0.04657122
0.02675515
-0.0435785
0.0102472
-0.01737718
0.01137153
-0.00810996
-0.01185786
13
14
15
16
-0.0046894
0.0058096
-0.0063343
0.0066111
0.015199
-5.2E-05
-0.008527
0.003058
0.00184026
-0.0002289
0.00478233
0.00244868
0.0671674
-0.0133689
0.04939687
-0.0042863
0.00450614
-0.02610927
0.01710732
-0.01665735
17
18
19
20
21
0.0161392
-0.0025304
0.0051672
0.0098067
0.0051718
0.020524
0.002183
-0.011299
-0.001602
0.028687
0.00868946
0.00351056
-0.0107528
0.01937441
0.00823455
0.00390947
-0.0035291
0.01821263
-0.0092952
-0.0041189
-0.00343377
0.0038146
0.01982712
0.00034491
-0.00022336
22
23
24
25
26
0.0026583
0.0012233
-0.0061002
-0.0182861
0.0103168
-0.013791
-0.022891
0.006321
-0.002807
-0.012875
0.00523649
-0.0073022
-0.0242088
0.03376934
-0.0185946
0.016593
-0.0223182
0.03481733
0.04601299
-0.0106992
0.0015679
-0.00889782
-0.0126905
0.00049572
0.00174783
27
28
29
30
AR/N
0.0238562
-0.0220331
0.0132673
-0.0033576
-1.536E-18
-0.014517
-0.006175
0.003842
-0.003444
1.61E-18
-0.0094838
0.01525066
0.00150037
-0.0109976
0.00030566
0.01256731
-0.0274986
-0.0147628
0.0223564
-2.275E-19
-0.02199762
0.00314758
-0.00492155
0.00226991
3.1282E-19
20
SAIL
SBIN
GUJAMB
SIEMENS
CIPLA
STER
0.0116169
-0.012758
-0.0257909
0.0007879
0.0031395
0.0013082
0.004158
-0.031356
0.0035998
-0.019342
-0.0046354
0.049882
0.0317292
0.005838
0.0258731
0.0141679
-0.001826
-0.0112022
-0.0143657
0.0714124
-0.0027886
0.0805224
0.0346564
0.0025407
-0.0307912
-0.085255
0.0072928
-0.031912
-0.013848
0.0129125
-0.0192925
-0.042892
-0.0072213
-0.084023
0.0235523
-0.01035
0.0037956
-0.005406
0.0178022
-0.025282
-0.0116018
-0.0215701
-0.0155053
0.0234766
0.0028766
0.0162557
-0.0079394
0.0153973
0.0014577
0.1775558
0.0090265
-0.009254
0.0147799
0.0216846
0.0226235
-0.188909
0.003374
-0.016964
-0.0077892
0.0444225
-0.0022657
0.0006258
0.0317544
0.0305964
-0.0002642
-0.0184686
0.0001863
0.0141321
-0.0127664
0.0138058
0.0274717
-0.0146397
-0.0154258
0.1569487
-0.0577674
-0.019265
-0.0295772
0.0072433
-0.0340247
-0.140275
0.0044566
-0.010771
0.0195869
-0.0242718
0.0028547
-0.018885
-0.0062354
0.0245827
-0.0015729
-0.0091176
-0.0111359
-0.027811
-0.0187048
0.0083927
0.0030858
0.0027017
-0.0021831
0.1804641
0.035223
0.0069603
0.0093611
0.0147907
-0.0046607
-0.194267
0.0070771
-0.019256
0.0106724
-0.0535067
-0.0080951
0.0238863
0.0196131
0.0438196
-0.0196925
-0.0132975
0.0786941
-0.01973
-0.0004076
-0.004767
0.0012294
0.0040119
-0.0343512
0.0329274
0.0041391
-0.017267
-0.010855
0.0029552
-0.0062772
-0.039619
-0.0088118
0.0106675
-0.0211296
0.0302785
-0.0013991
-0.047548
0.0052452
0.0119092
0.0133937
0.0044884
-0.0166282
0.0022122
-0.0092993
-0.002715
-0.0121701
0.0099567
0.0044748
-0.021832
-0.0166363
-0.014195
-0.0053247
0.0023465
-0.0022725
0.005881
-0.0056099
0.0011374
0.0170543
0.0005276
0.0539802
0.1121832
0.0133653
-0.012621
0.0140155
-0.019057
0.0386414
-0.122622
0.0181939
-0.012123
0.0255826
0.0234898
0.0143249
0.0535977
-0.0305995
-0.011382
-0.0279723
0.0538119
-0.0320306
0.0019957
-0.0042027
0.0212544
-0.0079439
-0.0234004
0.0056009
-0.012027
0.0154582
-0.005774
0.0180864
-0.0021822
-0.0140189
-0.020212
-0.0249659
-0.011294
0.004388
-0.0076119
-0.0405673
0.0117186
0.0041068
0.0007399
-1.538E-06
-0.008227
0.001409
0.0605799
0.0372633
0.0052134
-0.019899
-0.0097048
0.0294249
-0.00173
0.000342
-0.010404
-0.005259
-0.011578
-0.0147034
-0.00915
-0.0441785
-0.005748
-0.006002
0.0255185
-0.005913
-0.011478
-0.0470266
0.0072552
-0.0179349
-0.0136533
-0.0044864
-0.027982
0.0061172
-0.014357
0.0119467
0.0265865
0.0014927
0.0064366
0.0592229
0.0050685
-0.002532
-0.0372319
0.0002721
-0.016061
-0.0032606
0.0521905
0.012747
0.0015633
-0.0021908
0.0019784
-0.0767614
0.0101136
0.0200609
-0.0038797
21
0.0349821
0.0320723
0.0562402
0.0270511
-0.0076785
0.0042163
-0.0137516
0.0242544
-0.011079
-0.017073
0.0101211
-0.0160873
0.0077555
0.024599
-0.0429877
-0.01929
-0.0028512
0.0203825
-0.0112128
0.0018709
0.0009837
-0.024088
-0.0248737
-0.0204077
0.0266144
-0.007794
0.035927
0.0045962
0.0055553
-0.0028565
0.0107962
-0.028701
0.002481
-0.00015
-0.0272297
0.0197918
0.0213195
0.0141531
-0.0091229
-0.029902
0.0137977
0.0085576
0.0136974
-0.000992
0.0201145
0.0216449
-0.0054612
-0.0185153
-0.0364193
0.0111066
0.0326709
0.0166605
0.005202
-0.0048414
0.0114952
0.0129337
-0.0519127
0.0017758
-0.0049963
0.0139903
-0.0204409
-0.007087
-0.0065855
-0.005997
0.0184993
-0.0099834
-0.0473837
0.012333
-0.0180048
-0.002321
-0.0168791
-0.0001913
-0.0402702
-0.038435
0.0036699
0.012945
-0.0057273
0.0101228
0.0507651
-0.00144
-0.0029813
0.0034989
0.0018382
-0.0122956
0.0092214
-0.014299
0.0178546
-0.001777
0.0048183
-0.0150251
-0.009688
0.0565545
0.0195571
0.0051494
-0.0100038
-0.0090026
-0.0122676
-0.007145
0.0193243
0.0002223
0.0003132
-0.0168489
0.0097753
0.0417348
0.0078238
-0.011726
0.0118956
-0.0099813
0.0158132
0.0168843
-0.0134591
0.0064449
-0.0065393
-0.0107463
0.0050464
0.0113519
0.0110981
0.0056083
-0.0088404
0.0242536
5.261E-19
1.393E-18
8.247E-19
-1.56E-18
6.825E-19
1.081E-18
22
SUZLON
ACC
ITC
0.012147
-0.016475
0.0020104
0.0234945
0.0196386
0.0223235
IPCL
MARUTHI
DR.REDDY
-0.00377
-0.012716
0.002836
-0.025967
-0.01563
0.0077608
-0.01793
0.0068411
0.0062489
-0.017138
-0.00406
0.012085
0.0249317
0.0008366
-0.018413
-0.020069
0.0025732
0.024042
-0.023161
0.0059986
-0.000567
0.0135021
-0.002998
0.02636
-0.010702
0.0213999
-0.019427
-0.005366
-0.002321
0.012847
0.0037496
0.0061904
0.023486
0.0083645
-0.008017
0.013014
-0.106348
-0.0263165
0.0241696
0.0036193
-0.020965
0.027993
0.0206176
-0.0126553
0.0302592
-0.015061
-0.001855
0.013937
-0.026929
0.0041685
-0.004851
-0.004749
-0.001017
0.0274
-0.0565
0.0132549
-0.009727
0.0074171
0.0039607
0.0495
-0.016021
0.001769
0.0200798
-0.024237
-0.001083
0.004473
-0.029326
-0.0033106
-0.009639
0.0082502
0.0028531
0.005665
0.039663
0.0007165
0.014138
0.0077429
-0.00505
0.02257
0.032453
-0.0024535
-0.000987
0.0140601
0.0193586
0.0028
0.0364012
-0.0414931
0.0029628
0.0364158
-0.007342
0.029217
-0.001043
-0.0419149
0.0207287
-0.01993
-0.017562
0.000524
0.0161331
0.0392386
-0.012642
0.0041059
0.0094321
0.008097
0.0361687
0.0226862
-0.016633
-0.040752
-0.003446
0.018844
0.0051557
-0.0569894
0.0033409
-0.042154
-0.009549
0.008766
0.0091891
-0.0170645
0.0059122
-0.003169
-0.002614
0.007164
-0.018403
-0.0253155
0.0428495
0.0826874
-0.001832
0.000796
-0.002535
-0.043342
0.007138
0.0404086
-0.006622
0.011072
0.037895
0.0617273
-0.01259
-0.023732
-0.002304
0.036326
-0.033583
-0.0515264
-0.00763
-0.008196
-0.007344
0.015785
-0.018583
0.0328539
0.0069321
0.0008113
-0.000759
-0.004867
0.0169852
-0.0048707
-0.028972
0.0033575
0.0066917
-0.010427
0.0370571
-0.0575795
0.012585
0.0128966
0.02409
0.024588
-0.004064
-0.0424246
-0.002979
-0.00742
-0.002745
0.007965
-0.028803
0.0051389
-0.008457
-0.004041
-0.005011
-0.000758
-0.040732
0.0077938
-0.022034
-0.020212
-0.001822
-0.695268
-0.006207
-0.0170156
0.0142753
-0.01804
-0.007577
0.004855
0.0043419
-0.0062279
0.0042475
0.0067149
-0.002579
0.019009
23
-0.018006
0.0216956
0.007596
0.0105188
-0.00817
0.020131
-0.020592
0.0157837
-0.009876
0.0014001
0.0190715
0.036534
-0.002243
0.0045561
0.0147815
-0.004339
0.0065337
-0.00406
-0.009342
-0.0012773
-0.00902
-0.002188
0.0050424
-0.001103
-0.000469
-0.0054353
0.0093698
0.0004507
0.0075073
0.018096
0.0095728
-0.0112822
0.0125032
0.0072577
0.0162463
0.006885
0.0090012
0.0083991
-0.017243
0.0058159
-0.008374
0.023261
0.0076115
0.00162
-0.031905
-0.009234
-0.003358
0.001262
-0.011054
0.0030001
-0.020241
-0.009567
0.031027
0.005631
-0.015865
-0.0285171
6.661E-06
-0.005365
0.0238108
0.030701
0.0049839
0.0001158
-0.021341
-0.001983
0.0141345
0.022155
-0.008826
0.0311967
-0.005539
0.0049215
-0.00339
0.007882
0.0031712
-0.0132707
0.0134267
-0.004275
0.011625
0.022571
0.0567358
0.0089046
0.0098747
0.0063118
-0.013695
0.019648
0.0039927
0.0304943
0.0132114
0.0146134
-0.001838
-0.001215
0.0226576
0.010415
-0.010587
-0.000605
-0.013065
0.004485
0.0454545
-0.0146494
-0.017228
0.008085
-0.015121
0.003193
-0.02955
-0.0095157
0.0101742
0.0044437
-0.003682
0.002097
0.0226267
0.0282769
0.0026939
0.0107873
4.766E-05
0.002673
0.003172
0.0533827
0.0239715
0.0092994
-0.005631
0.008725
-0.016608
0.0315743
-0.015435
-0.004186
-0.004142
-0.00941
-0.039679
0.0137103
-0.01015
-0.01302
0.0042255
0.020899
0.0037224
-0.0352041
0.0066634
-0.006575
0.01552
0.010237
0.0100013
0.007589
-9.35E-05
0.0085604
-0.018801
0.003722
0.0255043
0.0058717
0.0022092
0.0187732
0.0336015
0.000539
-0.007055
0.0282394
-0.007951
-0.009426
-0.006105
0.00649
0.0007118
0.0207396
0.0030706
0.00112
-0.003182
0.009671
-0.005398
0.0103091
0.0072091
0.0017158
-0.017365
0.019021
-2.99E-19
6.256E-19
1.507E-18
-1.21E-18
-9.67E-19
2.5E-18
24
HINDALCO
BPCL
GAIL
MTNL
TATAPWR
PNB
0.0300901
-0.025764
0.0043107
0.0215754
0.0174255
-0.011715
3.405E-05
-0.004334
0.0066906
-0.021092
0.0260914
-0.002286
-0.0368743
-0.005859
0.0148091
0.0173434
-0.007099
0.0035782
-0.0131351
-0.000308
0.0024142
0.0671761
-0.012666
0.0015263
0.0399105
-0.006306
-0.009077
-0.016399
-0.038649
0.0035301
-0.0357263
0.0006153
0.0030626
0.0227833
-4.45E-05
0.0137536
0.0035008
-0.008362
0.0217455
0.0089256
0.0209167
-0.022012
-0.1221294
-0.019364
0.006511
-0.004762
0.0131286
0.0027751
-0.0376079
-0.016372
-0.005372
-0.027788
-0.047151
-0.031977
0.0280197
0.0146733
-0.007072
0.0009969
-0.018532
0.0291777
0.0171191
0.0047885
-0.00216
0.0087778
-0.00344
-0.000522
-0.0207925
0.0097827
0.0119492
-0.014078
-0.049791
-0.003863
0.0142656
0.0103916
0.0120689
0.0560554
0.0441647
0.0168043
0.0172947
-0.019735
0.0265625
-0.015151
0.0088261
-0.008062
-0.0063631
0.0038516
-0.011675
0.0101869
-0.015826
-0.007192
0.0044368
-0.003854
-0.018964
-0.015593
-0.004599
0.0151741
0.0130237
0.0063627
-0.012935
0.0184426
0.0028699
-0.011896
0.0010584
-0.005064
0.0133746
-0.014062
-0.014042
-0.013948
0.005239
0.023582
-0.042383
-0.011687
0.0136423
-0.013807
-0.0264912
0.032163
-0.033601
0.009624
0.0014977
-0.008416
0.0269212
0.0123985
0.0338908
-0.012674
-0.006208
0.0163263
0.0136415
-0.00824
0.0158482
-0.019758
-0.023672
0.025997
-0.0464705
0.0135708
-0.016272
-0.009716
0.0442018
-0.03305
-0.0179288
0.0239624
0.0376349
-0.01109
0.0062539
0.000372
0.0164166
0.0220142
-0.016584
-0.000869
0.0365436
0.0034537
-0.0173493
0.0018398
-0.0038
-0.03285
-0.012852
-0.011346
0.001444
-0.017717
-0.063276
-0.065025
-0.00613
-0.003041
0.0086153
-0.000241
0.0330473
-0.018524
-0.026512
-0.010927
0.0158949
0.0296699
0.0220717
0.0352782
0.0118259
0.0088726
0.022826
0.0388572
-0.018691
0.0156975
0.0055538
-0.010441
0.0039378
-0.04095
-0.030925
-0.022148
0.0073844
-0.048046
-0.0202136
-0.00948
-0.01255
-0.018009
-0.006409
-0.018152
0.0340612
0.0363924
0.0218509
-0.010637
0.0191426
-0.001201
-0.0079657
0.0186587
-0.009817
-0.007901
-0.031597
0.0172566
-0.0079811
0.0010761
0.024231
0.0092325
0.0395281
0.0011651
0.0044049
0.0045103
-0.024391
0.0132636
-0.022254
-0.026332
-0.0053637
-0.024873
0.0378265
-0.003042
0.0351343
0.0023642
-0.0061496
-0.009826
0.0346704
-0.009136
0.0132704
0.0505919
-0.0221354
0.0157773
-0.019158
-0.011252
-0.002371
-0.003834
0.0166294
0.01505
-0.023721
0.0274617
-0.012268
-0.011635
0.0252772
-0.00647
-0.014963
0.0268627
-0.022514
0.0247917
25
0.0016418
-0.006901
-0.001101
0.0323963
0.0060214
-0.010222
0.0046445
-0.011954
-0.010659
0.0197829
0.0073189
0.0134816
0.0130984
0.0194019
-0.014292
0.0166086
0.0144765
0.0101278
0.0094785
-0.005861
-0.001098
-0.044689
-0.002691
0.0068224
0.0055885
-0.024789
0.0316401
-0.027657
-0.004327
-0.015381
0.0413847
0.0134615
0.0394554
0.0112957
-0.017688
-0.001443
-0.0035283
-0.012741
0.0120381
0.007244
-0.007182
-4.96E-05
-0.0164242
-0.036263
0.022092
0.0242601
0.016509
0.0046381
0.0134643
-0.007373
-0.013566
0.0044156
-0.006111
0.0162704
0.0017754
-0.011292
-0.010568
0.0226718
0.0039207
-0.01632
0.0104192
0.0139619
0.0162284
-0.02353
0.0066318
0.0034502
0.0076876
0.0256334
-0.031138
-0.006575
-0.000222
-0.006696
-0.0036458
-0.007634
-0.021579
-0.007558
-0.017655
0.0214533
0.0097711
0.0163748
0.0053436
-0.019109
0.0014833
0.0147469
-0.0051391
-0.018844
-0.001976
0.0271235
-0.00757
0.0342813
0.0040918
-0.034698
-0.003619
0.0102645
-0.005557
-0.000256
-0.0062335
-0.004459
0.0115347
-0.025458
-0.003517
0.0015764
0.0195525
-0.016851
0.0115832
-0.001251
0.0225298
-0.003137
-0.01019
0.0089145
-0.012661
0.0122071
0.0147671
0.0098056
-0.0108224
-0.004958
-0.01484
-0.008884
-0.003914
-0.006958
-2.076E-18
-4.55E-19
-2.56E-19
-1.37E-18
1.01E-18
1.066E-18
26
HERO
HONDA
HIND
PETRO
-0.005441
0.0248279
-0.008227
-0.010147
0.028921
0.0128443
0.004441
-0.005076
-0.009878
-0.006899
0.0074442
-0.012481
-0.006569
-0.014937
0.0054687
0.0197128
-0.00879
0.0098119
-0.014072
0.0655207
-0.011138
0.0197792
0.0187938
0.0398507
-0.025449
-0.009386
0.0075581
-0.005412
0.0191746
0.0068092
0.016893
0.0226117
0.0247105
-0.022169
-0.012249
-0.014958
-0.056845
-0.036375
-0.004535
-0.002622
-0.009857
-0.003386
0.000908
0.0065683
0.0051968
0.0006337
-0.014939
-0.003736
-0.019944
-0.001412
-0.0037
-0.014987
-0.004813
-0.015452
0.016237
-0.022961
0.0005129
-0.00104
-0.026444
0.0126708
0.005303
-0.014749
-0.0312
-0.001752
-0.01767
0.025689
0.016132
-0.034233
-0.017289
-0.002703
-0.010503
-0.005185
0.002044
-0.038872
-0.004199
-0.028186
0.0269019
-0.015019
-0.008646
0.0155147
-0.015782
-0.005769
0.0121097
0.0375473
0.002902
0.0173796
-0.004606
0.0084791
0.0028635
-0.048678
-0.001063
-0.008627
-0.037793
0.0125244
0.0035756
-0.002206
-0.005669
-0.020825
-0.042184
0.005181
0.0092837
0.0102512
-0.020575
-0.019753
0.0312647
0.000543
0.0003808
-0.000798
-0.022215
-0.003409
0.0111692
-0.006983
0.0234994
0.0121607
0.013377
-0.012923
-0.021933
-0.022896
0.0021767
-0.027562
0.010206
0.0044286
-0.033193
0.0086936
-0.005948
0.0273098
-0.012571
0.0470495
-0.012026
-0.032255
-0.01232
-0.030234
-0.00366
0.00457
0.0369361
0.0283574
-0.006384
-0.02504
0.005997
-0.019269
-0.005005
-0.004713
0.0005788
0.0065386
-0.015647
-0.013121
-0.001367
0.0081027
0.0002029
-0.01173
-0.022474
0.0097259
0.0330882
0.01731
0.0362222
-0.015067
-0.008323
0.0234221
-0.062342
0.0164159
-0.023436
-0.017006
0.009233
-0.026724
-0.029562
-0.027738
0.0054484
0.0104703
-0.005309
0.0034768
0.0146867
0.003494
-7.92E-05
-4.31E-06
0.030817
-0.00494
0.0168579
0.0247355
0.0096642
-0.005499
-0.023267
0.0107968
-0.003211
-0.008257
-1.29E-05
-0.030178
0.028292
-0.002181
0.0075723
0.0023511
0.0030949
-0.003498
-0.015176
0.0145386
0.0011472
-0.010261
0.0004514
-0.012842
0.018586
-0.006546
0.037725
0.0135813
-0.016106
0.0275086
-0.012378
-0.006114
-0.021347
0.0212875
0.0016517
0.0228408
0.012223
0.0530356
-0.030133
0.0253286
-0.009972
0.0320004
GRASIM
VSNL
GLAXO
DABUR
27
-0.002867
0.029567
0.0044556
-0.012955
-0.022445
-0.020713
0.015516
-0.004674
0.0057766
0.0297796
-0.012172
0.0085048
0.000236
-0.008773
0.0138583
-0.004864
-0.002271
-0.006987
0.000781
-0.003547
-0.013999
-0.004632
-0.020603
0.0440744
0.003553
0.0113427
0.0169462
-0.002914
-0.016548
0.0079334
0.001975
0.0230614
0.024999
-0.004287
0.0326316
-0.00956
0.00381
-0.031097
0.0112128
0.0142825
-0.000813
-0.008938
0.00547
0.0116976
-0.026333
-0.001753
0.0084415
0.0133586
-0.009714
0.0519918
0.0212056
-0.007108
-0.007262
-0.029752
0.002478
0.0176028
0.0283277
0.0059664
-0.006129
0.005298
-0.003708
0.0050936
0.0155062
0.0038864
-0.006295
0.0017328
-0.009386
0.0051644
-0.005758
0.0011801
0.0238278
0.0111073
0.033459
-0.007312
0.0220651
0.0027401
-0.001174
-0.01873
0.026554
-0.023508
-0.001898
0.0023096
0.0069752
-0.006249
0.03289
0.0220281
0.0219983
-0.034943
-0.000647
0.0071117
0.00447
-0.015395
0.0065845
0.0002838
0.0035333
0.0487228
-0.019396
0.0018981
-0.015688
-0.002121
0.0167275
0.0135165
0.002265
-0.036992
0.0134138
0.0064423
0.0033907
-0.041981
0.005446
-0.007297
-0.000568
0.0054476
-0.008668
-0.002217
-0.000792
-0.005481
0.0047899
0.0071414
-0.010337
0.0154945
0.003433
-0.019316
-0.018133
-0.022953
0.0157379
-0.001778
-0.011265
-0.01323
0.0220754
0.004553
-0.015254
-0.014523
-0.001214
0.0142131
0.0289835
-0.005091
0.0285188
-0.018101
0.011007
-0.013127
-0.014184
-0.009918
-0.013105
0.0041899
0.0167
-0.004944
0.011119
0.0078052
-0.02898
0.0047408
-2.28E-19
-5.69E-20
3.128E-18
1.152E-18
3.981E-19
-5.83E-19
28
BAJAJ
AUTO
SATYAM
BHEL
TATA
MOTORS
TATASTEEL
0.0260349
0.001875
-0.008027
0.022985336
0.026831677
0.02743379
0.003573
-0.003063
-0.001081569
0.011540996
-0.00020898
-0.003271
-0.010814
0.008344703
-0.056224561
-0.01467125
0.007895
-0.006688
-0.001117357
0.021939582
-0.04287343
0.022503
-0.00082
-0.011349965
0.036759582
0.03969517
0.006852
0.0070123
0.010650863
0.01490657
-0.01822066
0.013432
0.0043382
-0.04338219
0.008323294
0.00019319
0.000167
-0.001031
-0.019357003
-0.007884758
0.00409379
-0.679689
-0.030351
0.035403349
0.004429973
-0.00824621
0.013997
-0.025143
0.009869811
-0.005847607
-0.00274539
0.03437
0.0110446
-0.002760123
-0.007572949
0.01011849
0.005827
-0.019556
0.011055765
-0.006727837
0.00026803
0.002267
0.0164117
-0.032192416
0.014242354
0.00965276
0.013453
0.0047999
0.041454847
-0.023397433
-0.02181256
0.048564
0.0018174
-0.017902627
-0.021941148
-0.00492288
0.011203
-0.006854
0.014390438
-0.033083004
-0.0144538
0.002566
0.0169197
0.023361588
-0.008607725
-0.00911583
-0.016958
0.0084299
0.006639866
0.009696657
0.03001492
0.012504
0.0151148
0.002252903
-0.004453087
0.03627497
0.01174
0.0154294
0.021443736
-0.022001719
0.02045729
0.015387
0.0314792
-0.006320785
0.029269858
0.0207648
-0.00138
0.0171009
-0.00270044
-0.025390162
-0.01876019
-0.008515
-0.02607
0.000875204
-0.032665767
-0.01963212
0.040317
-0.011988
-0.036194624
0.009392657
-0.0161031
-0.006976
-0.00303
-0.017134409
0.000737147
0.00601493
-0.016306
-0.002596
0.005909202
-0.007250633
0.00322517
0.004411
-0.010067
0.048720566
0.017959788
-0.00128142
0.002371
0.0054564
0.009694327
0.016454828
-0.01738568
0.002448
0.0080861
-0.018218013
-0.010906046
0.04205361
0.012823
-0.029834
-0.002960706
0.029150915
-0.02759171
0.035162
-0.008753
-0.021120961
0.025445278
0.00310986
-0.011071
6.043E-05
-0.003795327
0.037813092
-0.00794292
0.007259
-0.001156
-0.018831973
-0.013315572
0.01309164
0.023169
-0.009335
0.005831966
0.003875044
-0.00192757
-0.003886
0.0085836
-0.003769631
0.002956716
0.00030354
0.037278
-0.016712
0.025869057
-0.015995359
0.01921606
0.009572
0.0062729
-0.009220318
-0.006649255
-0.00468538
0.028591
0.0221073
-0.016213483
0.01445812
0.00429102
0.013968
-0.008742
0.017804799
0.001711327
-0.03250209
0.053256
-0.001499
-0.015541824
-0.000871102
-0.00188159
-0.019212
0.0254068
0.011510876
-0.01625877
29
-0.01016531
0.009895
-0.025783
-0.005043433
-0.014388144
-0.00715113
0.009746
-0.008437
-0.002442797
-0.026486335
-0.00891429
-0.007194
0.003615
-0.029349957
0.007590422
-0.01634732
0.01499
-0.01565
-0.009940635
-0.030071254
0.01699415
0.019811
0.0010582
0.010155316
0.050788976
0.00931298
0.013577
0.0335016
-0.023131929
0.01743922
-0.00466067
-0.009758
-0.022742
-0.017920863
0.008426274
-0.00871966
0.014619
-0.002273
-0.003176162
-0.012170256
-0.0199778
0.015819
-0.006131
-0.02006061
-0.018112641
0.00563166
0.020126
-0.000954
0.010156143
0.017830916
-0.02002623
0.000962
-0.012388
0.006688775
0.03205139
-0.00622482
0.034005
-0.017466
0.003006426
-0.010639779
0.0050816
0.034969
0.0407902
0.005199562
0.019105231
0.01705864
0.019464
-0.022332
0.013029328
-0.009025067
0.0127717
0.023053
0.0071087
-0.002219559
-0.019995781
0.02089503
0.015209
0.0220611
-0.003881685
-0.027216112
-0.00308063
0.005034
0.0218941
0.014649772
0.002239175
0.00939136
0.008291
0.0042351
-0.015007285
-0.003217396
-0.00039056
0.006625
0.0299164
0.024480481
0.014347955
-0.02082191
0.019219
-0.013769
0.011905653
-0.009347758
-1.1944E-18
8.13E-18
-8.53E-20
2.33192E-18
-2.10442E-18
30
CUMULATIVE AVERAGE ABNORMAL RETURNS (CAAR)

T
-30
-29
-28
-27
-26
-25
-24
-23
-22
-21
-20
-19
-18
-17
-16
-15
-14
-13
-12
-11
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
0
1
2
3
4
5
6
7
8
9
10
RELIANCE INFOSYS
0.0028605
-0.002089
-0.003138
-0.001712
0.0007731
0.0063297
0.0110231
0.0072104
0.0100841
0.0159326
0.0100307
0.023873
0.0455224
0.0372732
0.0451411
0.0401772
0.0323781
0.0120392
0.0034121
0.0103751
0.0078463
0.0068511
0.001862
-0.006959
-0.010289
-0.012251
-0.017185
0.0020021
-0.008492
-0.008857
-0.01553
-0.019472
-0.018094
-0.019303
-0.018348
-0.024918
-0.023817
-0.021646
-0.018731
-0.015547
-0.02622
-0.001823
-0.012336
-0.027277
-0.032747
-0.018168
-0.014558
-0.007802
-0.021826
-0.022618
-0.015071
-0.019784
-0.029075
-0.032165
-0.035312
-0.035475
-0.039413
-0.027393
-0.036985
-0.050413
-0.047912
-0.025547
-0.023174
-0.011462
-0.008047
0.0321205
0.0358927
0.0552857
0.0483383
0.0353575
0.0367368
0.0413481
0.0385383
0.040726
0.0304358
0.0401176
0.0337395
0.0425054
0.0322133
0.029706
0.0142358
0.0053084
TCS
-0.00437
-0.00817
0.01338
-0.00281
-0.01478
-0.0084
-0.01053
-0.0025
-0.01535
-0.02401
-0.02182
-0.0165
-0.00111
-0.00569
0.00743
0.01575
0.02723
0.0477
0.03793
0.04135
0.03625
0.05037
0.04648
0.0584
0.06879
0.06407
0.06101
0.04618
0.04649
0.03641
0.04457
0.04329
0.04065
0.0337
0.0242
0.01684
0.01526
0.01106
0.00754
0.00502
0.00424
ICICI
-0.0083
0.02259
-0.0035
0.00668
-0.00926
0.00557
-0.08045
-0.10778
-0.07582
-0.12678
-0.16377
-0.18107
-0.11178
-0.06343
-0.08147
-0.10698
-0.10122
-0.06557
-0.07712
-0.08233
-0.11813
-0.10395
-0.122
-0.10616
-0.14639
-0.13003
-0.1327
-0.13224
-0.11409
-0.12095
-0.14664
-0.11866
-0.13396
-0.14502
-0.14794
-0.13355
-0.15383
-0.17002
-0.18088
-0.1909
-0.14433
ONGC
0.008995
0.009146
-0.00307
-0.02381
-0.03036
-0.03764
-0.02996
-0.04111
-0.02798
-0.01269
-0.00971
-0.02282
-0.01933
-0.02223
-0.03248
-0.03354
-0.02334
-0.02727
-0.04279
-0.02979
-0.04109
-0.06809
-0.06567
-0.05072
-0.01614
-0.00965
0.009064
0.005739
0.011281
0.023314
0.003234
0.007093
0.002166
0.002232
-0.00488
0.003838
0.028979
0.055828
0.066076
0.048698
0.06007
SAIL
0.011617
0.015775
0.047504
0.033138
0.002347
-0.016945
-0.01315
-0.028655
-0.027197
-0.004574
-0.00684
-0.006653
-0.022079
-0.056104
-0.053249
-0.064385
-0.066568
-0.071229
-0.079324
-0.00063
-0.034981
-0.041258
-0.042657
-0.059285
-0.054811
-0.057083
-0.003103
0.035538
0.049863
0.017833
0.023434
0.009415
-0.031153
-0.029744
-0.000319
-0.015022
-0.020935
-0.025422
-0.023929
-0.023657
-0.025848
31
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
-0.032867
-0.036697
-0.041386
-0.035576
-0.041911
-0.0353
-0.01916
-0.021691
-0.016524
-0.006717
-0.001545
0.0011133
0.0023366
-0.003764
-0.02205
-0.011733
0.0121234
-0.00991
0.0033576
-9.37E-17
0.0011331
0.0181649
0.0333635
0.0333115
0.0247842
0.0278426
0.0483667
0.0505496
0.0392509
0.037649
0.0663362
0.0525451
0.029654
0.0359749
0.0331683
0.0202936
0.0057769
-0.000398
0.0034444
9.801E-17
0.00214
-0.00442
-0.00258
-0.00281
0.00197
0.00442
0.01311
0.01662
0.00587
0.02524
0.03348
0.03871
0.03141
0.0072
0.04097
0.02238
0.01289
0.02814
0.02964
0.01865
-0.11758
-0.16116
-0.09399
-0.10736
-0.05796
-0.06225
-0.05834
-0.06187
-0.04365
-0.05295
-0.05707
-0.04048
-0.06279
-0.02798
0.01804
0.00734
0.01991
-0.00759
-0.02236
0
0.05196
0.040102
0.044608
0.018499
0.035606
0.018949
0.015515
0.01933
0.039157
0.039502
0.039279
0.040846
0.031949
0.019258
0.019754
0.021502
-0.0005
0.002652
-0.00227
1.91E-17
0.009134
-0.004617
0.003138
-0.008074
0.01854
0.029336
0.050656
0.064353
0.027934
0.039429
0.018988
-0.028396
-0.068666
-0.017901
-0.008679
-0.018367
-0.030635
-0.02086
-0.005046
3.21E-17
32
SBIN
GUJ
AMB
-0.0128
-0.0258
0.0007879
-0.0441
-0.0222
-0.018554
-0.0015
0.05119
0.0356415
-0.0383
0.00368
-0.004386
-0.00332
0.039988
0.05796501
SIEMENS
CIPLA
0.00314
STER
0.001308
SUZLON
0.012147
0.03314
0.00089
0.0761365
0.031335
0.042529
0.08289666
-0.0521
0.00819
0.0442241
0.017487
0.055441
0.05973589
-0.095
0.00096
-0.039799
0.041039
0.045091
0.04903399
-0.1004
0.01877
-0.065081
0.029437
0.023521
0.05278357
-0.0769
0.02164
-0.048825
0.021498
0.038918
-0.05356483
0.10062
0.03067
-0.058079
0.036277
0.060603
-0.03294728
-0.0883
0.03404
-0.075043
0.028488
0.105025
-0.05987638
-0.0877
0.0658
-0.044446
0.028224
0.086557
-0.11637686
-0.0735
0.05303
-0.03064
0.055696
0.071917
-0.13239818
0.08341
-0.0047
-0.049905
0.026118
0.07916
-0.16172429
-0.0569
-0.0003
-0.060676
0.045705
0.054889
-0.12206128
-0.0757
-0.0065
-0.036093
0.044132
0.045771
-0.08960828
-0.1036
-0.0252
-0.027701
0.047218
0.048473
-0.05320709
0.07691
0.01
-0.02074
0.056579
0.063264
-0.05424987
-0.1174
0.01708
-0.039997
0.067252
0.009757
-0.03811675
-0.0935
0.03669
0.0038231
0.047559
-0.00354
-0.00194808
-0.1132
0.03629
-0.000943
0.048789
0.000471
0.00320759
-0.0803
0.04043
-0.018211
0.037934
0.003426
0.0123967
-0.1199
0.03161
-0.007543
0.016804
0.033705
-0.00600585
-0.1674
0.03686
0.004366
0.030198
0.038193
-0.00854127
-0.1652
0.02756
0.001651
0.018028
0.04815
0.02935377
-0.1871
0.01092
-0.012544
0.012703
0.050497
-0.00422935
-0.1812
0.00531
-0.011407
0.029757
0.051024
-0.02281237
-0.069
0.01868
-0.024027
0.043773
0.031967
-0.00582718
-0.1916
0.03687
-0.03615
0.069356
0.055457
0.03122991
-0.138
0.00627
-0.047532
0.041383
0.109269
0.02716572
-0.136
0.00207
-0.026278
0.033439
0.085868
-0.00163714
-0.1481
0.01753
-0.032052
0.051526
0.083686
-0.04236928
-0.1683
-0.0074
-0.043346
0.055914
0.076074
-0.04857587
-0.1565
-0.0033
-0.042606
0.055912
0.067847
-0.04423398
-0.096
0.03393
-0.037392
0.036013
0.058142
-0.06223979
-0.0977
0.03427
-0.047796
0.030754
0.046564
-0.08283207
-0.1069
-0.0099
-0.053545
0.024752
0.072083
-0.08507458
-0.1183
-0.0569
-0.04629
0.006817
0.05843
-0.09441634
-0.1463
-0.0508
-0.060646
0.018764
0.085016
-0.094885
-0.1399
0.00841
-0.055578
0.016232
0.047784
-0.08531218
-0.1559
0.00515
-0.003387
0.028979
0.049348
-0.07631096
33
-0.154
-0.0716
0.0067266
0.04904
0.045468
-0.0686995
-0.1219
-0.0154
0.0337777
0.041361
0.049684
-0.07975335
-0.0976
-0.0265
0.0167047
0.051482
0.033597
-0.09561817
-0.073
-0.0694
-0.002585
0.048631
0.053979
-0.0906343
-0.0712
-0.0685
-0.026673
0.023757
0.033572
-0.09946066
-0.079
-0.0325
-0.022077
0.029313
0.030715
-0.09628948
-0.1077
-0.03
-0.022227
0.002083
0.050507
-0.0395537
-0.0935
-0.0392
-0.052129
0.015881
0.059065
-0.035561
-0.0945
-0.0191
-0.030484
0.01042
0.040549
-0.01290338
-0.0834
0.01362
-0.013824
0.015622
0.035708
0.03255113
-0.0705
-0.0383
-0.012048
0.010625
0.049698
0.00300112
-0.0775
-0.0449
-0.018045
0.029125
0.039715
0.02562778
-0.0652
-0.0629
-0.020365
0.012245
0.039523
0.02879979
-0.1036
-0.0592
-0.00742
0.006518
0.049646
0.01219191
-0.1051
-0.0622
-0.003921
0.008356
0.037351
-0.02748686
-0.1194
-0.0443
-0.005699
0.013175
0.022326
-0.02376442
-0.0628
-0.0248
-0.000549
0.003171
0.013323
-0.01376316
-0.07
-0.0055
-0.000327
0.003484
-0.00353
0.01174114
-0.0282
0.00236
-0.012053
0.01538
-0.01351
0.00468612
-0.0114
-0.0111
-0.005608
0.00884
-0.02425
0.00539795
8.5E-17
5E-17
-9.54E-17
4.16E-17
6.59E-17
-1.8215E-17
34
ACC
-0.01647
ITC
0.00201
IPCL
MARUTHI
DR.REDDY
HINDALCO
-0.00377
-0.0127
0.0028364
0.03009
0.00316
-0.02396
-0.0194
-0.005
-0.0150937
0.030124
0.01
-0.01771
-0.036538
-0.009
-0.0030091
-0.00675
0.01084
-0.03612
-0.056607
-0.0064
0.02103337
-0.01989
0.01684
-0.03669
-0.043105
-0.0094
0.04739313
0.020025
0.03824
-0.05611
-0.048471
-0.0118
0.06024015
-0.0157
0.04443
-0.03263
-0.040106
-0.0198
0.07325392
-0.0122
0.01811
-0.00846
-0.036487
-0.0407
0.10124663
-0.13433
0.00546
0.0218
-0.051548
-0.0426
0.11518323
-0.17194
0.00963
0.016949
-0.056297
-0.0436
0.14258364
-0.14392
0.02288
0.007222
-0.04888
-0.0397
0.19208404
-0.1268
0.02465
0.027302
-0.073117
-0.0407
0.19655684
-0.14759
0.02134
0.017663
-0.064867
-0.0379
0.20222172
-0.13333
0.02206
0.031801
-0.057124
-0.0429
0.22479131
-0.11603
0.0196
0.030814
-0.043064
-0.0236
0.22759132
-0.12239
-0.02189
0.033777
-0.006648
-0.0309
0.25680811
-0.11796
-0.0638
0.054506
-0.026578
-0.0485
0.25733164
-0.10493
-0.02457
0.041864
-0.022472
-0.039
0.26542907
-0.10388
-0.00188
0.025231
-0.063224
-0.0425
0.28427351
-0.09864
-0.05887
0.028572
-0.105379
-0.052
0.29303912
-0.12513
-0.07593
0.034484
-0.108548
-0.0547
0.30020281
-0.09821
-0.10125
0.077333
-0.025861
-0.0565
0.30099834
-0.08456
-0.14459
0.084471
0.0145479
-0.0631
0.31207077
-0.13104
-0.08286
0.071882
-0.009184
-0.0654
0.34839713
-0.14896
-0.13439
0.064252
-0.01738
-0.0728
0.36418218
-0.13255
-0.10154
0.071184
-0.016569
-0.0735
0.35931549
-0.1499
-0.10641
0.042211
-0.013211
-0.0668
0.34888878
-0.14845
-0.16399
0.054796
-0.000315
-0.0427
0.37347689
-0.13984
-0.20641
0.051818
-0.007734
-0.0455
0.38144151
-0.12394
-0.20127
0.043361
-0.011775
-0.0505
0.38068305
-0.10112
-0.19348
0.021326
-0.031987
-0.0523
-0.3145852
-0.09718
-0.21049
0.035602
-0.050027
-0.0599
-0.3097297
-0.11739
-0.21672
0.039849
-0.043313
-0.0625
-0.2907205
-0.08333
-0.19503
0.047445
-0.032794
-0.0706
-0.2705893
-0.0913
-0.17924
0.037569
-0.031394
-0.0516
-0.2340553
-0.09928
-0.17469
0.05235
-0.035732
-0.045
-0.2381157
-0.09487
-0.17596
0.04333
-0.03792
-0.04
-0.2392187
-0.10024
-0.1814
0.0527
-0.037469
-0.0325
-0.2211222
-0.10639
-0.19268
0.065203
-0.030212
-0.0162
-0.2142376
-0.12852
-0.18428
0.04796
-0.024396
-0.0246
-0.1909763
-0.11189
-0.18266
0.016056
-0.03363
-0.028
-0.1897141
-0.08661
-0.17966
-0.00419
-0.043197
0.00305
-0.1840826
-0.08497
35
-0.20818
-0.00418
-0.048562
0.02686
-0.1533817
-0.08033
-0.20806
-0.02552
-0.050545
0.041
-0.1312269
-0.06723
-0.17687
-0.03106
-0.045623
0.03761
-0.123345
-0.05775
-0.19014
-0.01763
-0.049898
0.04923
-0.1007738
-0.05216
-0.18123
-0.00776
-0.043586
0.03554
-0.0811259
-0.01078
-0.15074
0.005454
-0.028973
0.0337
-0.0823406
-0.01431
-0.14032
-0.00513
-0.029578
0.02064
-0.0778554
-0.03073
-0.15497
-0.02236
-0.021493
0.00551
-0.0746624
-0.01727
-0.16449
-0.01219
-0.017049
0.00183
-0.0725655
-0.01549
-0.13621
-0.00949
-0.006262
0.00188
-0.069893
-0.00507
-0.08283
0.014478
0.0030379
-0.0038
-0.0611682
0.002615
-0.05125
-0.00096
-0.001148
-0.0079
-0.0705786
-0.00103
-0.03754
-0.01111
-0.014168
-0.0037
-0.0496799
0.008741
-0.07275
-0.00444
-0.020743
0.01185
-0.0394431
0.003602
-0.06516
-0.00454
-0.012183
-0.0069
-0.0357212
0.007693
-0.05929
-0.00233
0.0065905
0.02665
-0.0351824
0.00146
-0.03105
-0.01028
-0.002836
0.02055
-0.0286924
0.021012
-0.01031
-0.00721
-0.001716
0.01737
-0.0190211
0.010822
3.8E-17
9.19E-17
-7.37E-17
-6E-17
1.5266E-16
-1.3E-16
36
BPCL
-0.025764
-0.030099
-0.035958
-0.036266
-0.042572
-0.041956
-0.050318
-0.069682
-0.086054
-0.07138
-0.066592
-0.056809
-0.046417
-0.066153
-0.062301
-0.066155
-0.059792
-0.064857
-0.041275
-0.009112
0.003287
-0.004953
0.008617
0.03258
0.054594
0.056434
0.038716
0.038476
0.068146
0.107003
0.066053
0.056573
0.092965
0.111624
0.1127
0.11721
0.092337
0.082512
0.098289
0.113339
0.106869
0.099968
GAIL
0.004311
0.011001
0.02581
0.028224
0.019148
0.02221
0.043956
0.050467
0.045094
0.038023
0.035863
0.047812
0.059881
0.086443
0.074768
0.055804
0.042868
0.056243
0.01386
-0.01974
0.01415
0.029998
0.013726
0.051361
0.034776
0.030977
-0.0323
0.000748
0.02282
0.004129
-0.0268
-0.03935
-0.0175
-0.02731
-0.00308
-0.02747
0.010353
0.045023
0.025865
0.002144
-0.01282
-0.01392
MTNL
0.021575
0.000483
0.017826
0.085002
0.068603
0.091386
0.100312
0.09555
0.067762
0.068759
0.077537
0.063459
0.119514
0.104363
0.11455
0.098957
0.1174
0.103337
0.091651
0.101275
0.088601
0.068843
0.059126
0.048036
0.047167
0.014318
-0.05071
-0.06923
-0.03395
-0.01826
-0.0404
-0.05841
-0.06905
-0.07695
-0.06772
-0.05445
-0.0575
-0.06663
-0.07788
-0.05042
-0.02356
0.008837
TATA PWR
0.017425
0.043517
0.036418
0.023751
-0.014898
-0.014943
0.005974
0.019103
-0.028048
-0.04658
-0.05002
-0.099811
-0.055647
-0.04682
-0.062646
-0.067245
-0.064376
-0.078418
-0.064775
-0.063278
-0.069486
-0.093157
-0.048956
-0.042702
-0.006158
-0.01901
-0.02514
-0.051652
-0.039826
-0.034272
-0.026887
-0.033296
-0.014154
-0.045751
-0.006223
-0.028477
0.006657
0.019928
0.017557
0.00529
-0.017224
-0.011203
PNB
-0.011715
-0.014001
-0.010423
-0.008896
-0.005366
0.008387
-0.013625
-0.01085
-0.042827
-0.013649
-0.014171
-0.018035
-0.00123
-0.009292
-0.016484
-0.00131
-0.013207
-0.027155
-0.040962
-0.049378
-0.033052
-0.007055
-0.040105
-0.039733
-0.036279
-0.047625
-0.050666
-0.061592
-0.052719
-0.063161
-0.111207
-0.129359
-0.130559
-0.113303
-0.112138
-0.138469
-0.136105
-0.085513
-0.089348
-0.100983
-0.076191
-0.086413
HERO
HONDA
-0.00544
-0.001
-0.00757
-0.02164
-0.04709
-0.0302
-0.08704
-0.08614
-0.10608
-0.08984
-0.08454
-0.06841
-0.06636
-0.07501
-0.07211
-0.07317
-0.07884
-0.09941
-0.12163
-0.10825
-0.09805
-0.11062
-0.11428
-0.10828
-0.12393
-0.1464
-0.15472
-0.14549
-0.1508
-0.11998
-0.14325
-0.11496
-0.13013
-0.11155
-0.12392
-0.1117
-0.11457
-0.09905
-0.09882
-0.09804
-0.09448
-0.09251
37
0.088015
0.107417
0.101556
0.076767
0.090228
0.077488
0.041224
0.033851
0.022559
0.036521
0.062154
0.05452
0.070895
0.052051
0.017353
0.012894
-0.003957
0.004958
-2.78E-17
-0.02458
-0.03887
-0.03997
-0.00833
0.031127
0.043165
0.065257
0.051691
0.041123
0.057351
0.026213
0.004634
0.009977
0.008002
0.004383
0.015918
0.027501
0.01484
-1.6E-17
0.02862
0.045229
0.000539
-0.02712
-0.01582
-0.00858
0.015682
0.020098
0.04277
0.01924
0.012665
0.005107
-0.014
0.013122
0.023386
-0.00207
-0.00332
0.008884
-8.3E-17
-0.003884
0.010592
0.007901
0.003575
-0.014113
-0.021296
-0.004787
-0.010897
-0.006977
-0.000345
-0.000567
-0.018222
-0.016739
-0.024309
-0.029866
-0.033383
-0.010853
0.003914
6.16E-17
-0.072931
-0.062804
-0.055981
-0.071362
-0.072805
-0.072855
-0.068217
-0.051946
-0.068266
-0.064816
-0.071512
-0.050058
-0.035311
-0.00103
-0.001287
0.00029
-0.002847
0.006958
6.51E-17
-0.0887
-0.08323
-0.09294
-0.09046
-0.09417
-0.10356
-0.0701
-0.04354
-0.01065
-0.00618
-0.02558
-0.02332
-0.01787
-0.01866
-0.01523
-0.02649
-0.02771
-0.0167
0
38
HIND PETRO
0.02482794
0.01975184
0.00481517
0.07033583
0.06095011
0.08356179
0.04718723
0.05375556
0.05234333
0.0293821
0.01463324
-0.0196002
-0.0584723
-0.0429576
-0.0255781
-0.0342053
-0.0550304
-0.074783
-0.0781916
-0.0911146
-0.086686
-0.0396365
-0.0350665
-0.0543351
-0.0674559
-0.0577299
-0.0343079
-0.0610322
-0.0575554
-0.0624959
-0.0516991
-0.0538801
-0.0393416
-0.0458875
-0.0520016
0.00103402
0.03060102
0.02592737
0.01715389
0.01360674
0.02494944
0.04801088
0.01691373
GRASIM
-0.0082266
-0.0181045
-0.0126358
-0.0237739
-0.0162158
0.0084947
0.0039598
0.0091566
0.005457
0.0059699
-0.0252305
-0.0425196
-0.0467186
-0.0625008
-0.0671069
-0.1048999
-0.1470835
-0.1158188
-0.1046496
-0.1265825
-0.1597754
-0.1718017
-0.1348657
-0.139871
-0.1412384
-0.1081502
-0.170492
-0.2000537
-0.185367
-0.1685091
-0.1717203
-0.164148
-0.1630008
-0.1252758
-0.1466229
-0.1767561
-0.1723005
-0.1665239
-0.1526656
-0.1666647
-0.1497184
-0.1247194
-0.1135067
VSNL
-0.01015
-0.01705
0.002666
0.022446
0.017033
-0.00514
-0.00776
-0.00712
-0.02211
-0.02315
-0.0249
-0.02761
-0.05579
-0.06156
-0.05308
-0.04056
-0.03538
-0.03483
-0.04182
-0.06471
-0.05602
-0.08827
-0.05992
-0.06463
-0.05653
-0.03922
-0.0228
-0.05054
-0.04704
-0.02231
-0.03057
-0.02822
-0.03848
-0.02489
-0.00361
0.021721
0.008766
0.038545
0.033681
0.029049
0.026135
0.021849
0.036131
GLAXO
0.02892
0.03637
0.02757
0.04637
0.06554
0.05329
0.04344
0.0285
0.02369
-0.00276
-0.02043
-0.03093
-0.00403
0.00808
0.01094
0.01452
0.0238
0.02418
0.04768
0.04986
0.04391
0.03159
0.02521
0.02579
0.02599
0.06221
0.03878
0.04423
0.04415
0.05381
0.0538
0.05689
0.05734
0.04124
0.04289
0.03292
0.01047
-0.0017
-0.00397
-0.02457
-0.04112
-0.00849
-0.0093
DABUR
0.012844
0.000364
0.010176
0.050026
0.056836
0.041877
0.038492
0.034756
0.019304
0.031974
0.057663
0.052479
0.037459
0.075007
0.026329
0.024122
0.034374
0.033576
0.045737
0.018175
0.045484
0.015251
-0.00979
-0.00325
-0.01498
-0.03005
-0.04705
-0.03658
-0.03659
-0.04209
-0.07226
-0.07576
-0.0886
-0.0611
-0.03825
-0.00625
-0.02697
-0.01846
-0.02545
0.018624
0.026558
0.016997
0.008059
39
0.02861131
0.08060316
0.09820593
0.10329951
0.10846393
0.10115143
0.07764319
0.0996713
0.08427621
0.08617429
0.0491822
0.04188528
0.03640395
0.01708836
0.00385789
0.018071
0.00494398
0
-0.1398397
-0.118634
-0.0903064
-0.0748002
-0.0805581
-0.058493
-0.0603911
-0.0383928
-0.0318083
-0.0474966
-0.0340828
-0.0346509
-0.029861
-0.0479939
-0.0259184
0.0030651
-0.011119
1.908E-16
0.034378
0.02727
0.033236
0.037122
0.038303
0.041043
0.043352
0.008409
0.008693
0.006572
0.013015
0.018462
0.025603
0.00265
0.007203
0.002113
-0.00781
7.03E-17
-0.00086
-0.00812
-0.01425
-0.02055
0.00328
0.00211
0.00908
0.00844
0.01197
0.0287
0.03209
0.02342
0.01308
0.02882
0.01357
0.04208
0.02898
0
0.021418
-0.00833
-0.00304
-0.0013
0.009804
-0.00893
-0.01518
-0.00806
0.040659
0.054175
0.012194
0.009977
0.025471
0.023693
0.00917
-0.00893
-0.00474
-3.6E-17
40
BAJAJ AUTO
SATYAM
BHEL
TATA MOTORS
TATA STEEL
0.026034903
0.00187459
-0.008
0.022985336
0.02683168
0.053468693
0.00544712
-0.0111
0.021903767
0.03837267
0.053259713
0.00217642
-0.0219
0.03024847
-0.0178519
0.038588459
0.01007136
-0.0286
0.029131113
0.00408769
-0.004284974
0.03257465
-0.0294
0.017781148
0.04084728
0.0354102
0.03942671
-0.0224
0.028432011
0.05575385
0.017189545
0.05285903
-0.0181
-0.01495018
0.06407714
0.017382737
0.05302607
-0.0191
-0.034307183
0.05619238
0.021476531
-0.62666286
-0.0494
0.001096166
0.06062235
0.013230319
-0.61266619
-0.0746
0.010965977
0.05477475
0.010484933
-0.57829569
-0.0635
0.008205855
0.0472018
0.020603427
-0.57246897
-0.0831
0.01926162
0.04047396
0.020871456
-0.57020161
-0.0667
-0.012930796
0.05471632
0.030524218
-0.55674901
-0.0619
0.028524051
0.03131888
0.008711657
-0.50818537
-0.0601
0.010621424
0.00937774
0.003788782
-0.49698246
-0.0669
0.025011862
-0.0237053
-0.010665014
-0.49441645
-0.05
0.04837345
-0.032313
-0.019780848
-0.51137431
-0.0416
0.055013316
-0.0226163
0.010234071
-0.49887016
-0.0265
0.057266219
-0.0270694
0.046509041
-0.48712979
-0.011
0.078709955
-0.0490711
0.066966332
-0.47174254
0.02045
0.07238917
-0.0198013
0.087731136
-0.47312221
0.03755
0.06968873
-0.0451914
0.068970946
-0.48163674
0.01148
0.070563935
-0.0778572
0.049338831
-0.44132017
-0.0005
0.034369311
-0.0684646
0.033235729
-0.44829627
-0.0035
0.017234902
-0.0677274
0.039250654
-0.46460178
-0.0061
0.023144105
-0.074978
0.042475828
-0.46019057
-0.0162
0.071864671
-0.0570183
0.041194407
-0.45781954
-0.0107
0.081558998
-0.0405634
0.023808729
-0.45537128
-0.0027
0.063340985
-0.0514695
0.065862341
-0.44254801
-0.0325
0.060380279
-0.0223186
0.038270633
-0.40738599
-0.0412
0.039259317
0.00312672
0.041380492
-0.41845724
-0.0412
0.03546399
0.04093982
0.033437568
-0.41119851
-0.0423
0.016632016
0.02762424
0.046529204
-0.38802952
-0.0517
0.022463982
0.03149929
0.044601635
-0.39191534
-0.0431
0.018694351
0.034456
0.044905173
-0.35463728
-0.0598
0.044563408
0.01846064
0.06412123
-0.3450649
-0.0535
0.035343089
0.01181139
0.059435854
-0.316474
-0.0314
0.019129607
0.02626951
0.063726873
-0.30250587
-0.0402
0.036934405
0.02798084
0.031224787
-0.24924944
-0.0417
0.021392582
0.02710973
0.029343202
-0.26846188
-0.0163
0.032903457
0.01085096
41
0.019177893
-0.25856639
-0.042
0.027860024
-0.0035372
0.012026761
-0.24882009
-0.0505
0.025417227
-0.0300235
0.003112473
-0.25601454
-0.0469
-0.003932729
-0.0224331
-0.013234852
-0.24102455
-0.0625
-0.013873364
-0.0525043
0.003759296
-0.22121375
-0.0615
-0.003718048
-0.0017154
0.013072271
-0.20763686
-0.028
-0.026849977
0.01572385
0.008411605
-0.21739492
-0.0507
-0.04477084
0.02415012
-0.000308052
-0.20277574
-0.053
-0.047947001
0.01197987
-0.020285851
-0.18695639
-0.0591
-0.068007611
-0.0061328
-0.014654192
-0.16683064
-0.0601
-0.057851468
0.01169814
-0.034680424
-0.16586857
-0.0724
-0.051162693
0.04374953
-0.040905243
-0.13186357
-0.0899
-0.048156267
0.03310975
-0.035823639
-0.09689472
-0.0491
-0.042956705
0.05221498
-0.018764995
-0.0774306
-0.0714
-0.029927376
0.04318992
-0.005993299
-0.05437736
-0.0643
-0.032146935
0.02319414
0.014901727
-0.03916879
-0.0423
-0.03602862
-0.004022
0.011821101
-0.034135
-0.0204
-0.021378849
-0.0017828
0.02121246
-0.02584416
-0.0161
-0.036386134
-0.0050002
0.020821905
-0.01921882
0.01377
-0.011905653
0.00934776
-7.28584E-17
4.9613E-16
1.42247E-16
-1.284E-16
42
GRAPHSREPRESENTINGTHECAARSAROUNDTHEEVENTDAY:
RELIANCE
0.06
0.04
0.02
0
10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
-0.02
-0.04
-0.06
31
CAAR
INFOSYS
0.08
0.06
0.04
0.02
0
28
4 7 10 13 16 19 22 25
-0.02 31 34 37 40 43 46 49 52 55 58 61
-0.04
-0.06
CAAR
43
ICICI BANK
0.05
0
7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61
-0.05
-0.1
-0.15
-0.2
-0.25
CAAR
ONGC
0.08
0.06
0.04
0.02
1
0
7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61
-0.02
-0.04
-0.06
-0.08
CAAR
SAIL
0.08
0.06
0.04
0.02
1
0
10 13 16 19 22 25
-0.02
28 31 34 37 40 43 46 49 52 55 58 61
-0.04
-0.06
-0.08
-0.1
CAAR
44
SBIN
10
13
16
19
22
0.15
0.1
0.05
0
25 -0.05
28 31
-0.1
-0.15
-0.2
-0.25
34
37
40
43
46
49
52
55
58
61
CAAR
GUJRAT AMBUJA
0.08
0.06
0.04
0.02
1
0
7 10 13 16 19 22 25
28
-0.02 31 34 37 40 43 46 49 52 55 58 61
-0.04
-0.06
-0.08
CAAR
SIEMENS
0.1
0.08
0.06
0.04
0.02
0
-0.02
10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
-0.04
-0.06
-0.08
-0.1
CAAR
45
CIPLA
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
1
0
-0.01
7 10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
CAAR
STER
0.12
0.1
0.08
0.06
0.04
0.02
1
0
10 13 16 19 22 25
28
-0.02 31 34 37 40 43 46 49 52 55 58 61
-0.04
CAAR
ITC
0.1
0.08
0.06
0.04
0.02
0
10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
-0.02
-0.04
-0.06
-0.08
CAAR
46
IPCL
0.04
0.02
0
10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
-0.02
-0.04
-0.06
-0.08
-0.1
-0.12
CAAR
MARUTHI
0.06
0.04
0.02
1
0
7 10 13 16 19 22 25
28
-0.02 31 34 37 40 43 46 49 52 55 58 61
-0.04
-0.06
-0.08
CAAR
HINDALCO
0.05
0
7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61
-0.05
-0.1
-0.15
-0.2
CAAR
47
BPCL
0.15
0.1
0.05
0
10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61
-0.05
-0.1
CAAR
GAIL
0.1
0.08
0.06
0.04
0.02
1
0
7 10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
-0.02
-0.04
-0.06
CAAR
TATA POWER
0.06
0.04
0.02
0
10 13 16 19 22 25 -0.02
28 31 34 37 40 43 46 49 52 55 58 61
-0.04
-0.06
-0.08
-0.1
-0.12
CAAR
48
GRASIM
0.05
0
10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61
-0.05
-0.1
-0.15
-0.2
-0.25
CAAR
VSNL
0.06
0.04
0.02
1
0
7 10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
-0.02
-0.04
-0.06
-0.08
-0.1
CAAR
glaxo
0.1
0.05
0
7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61
-0.05
CAAR
49
DABUR
0.1
0.08
0.06
0.04
0.02
0
-0.02
10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
-0.04
-0.06
-0.08
-0.1
CAAR
BAJAJ AUTO
0.1
0.08
0.06
0.04
0.02
1
0
10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
-0.02
-0.04
-0.06
CAAR
SATYAM
0.1
1
0
7 10 13 16 19 22 25-0.1
28 31 34 37 40 43 46 49 52 55 58 61
-0.2
-0.3
-0.4
-0.5
-0.6
-0.7
CAAR
50
BHEL
0.06
0.04
0.02
1
0
10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
-0.02
-0.04
-0.06
-0.08
-0.1
CAAR
TATA MOTORS
0.1
0.08
0.06
0.04
0.02
0
7 10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
-0.02
-0.04
-0.06
-0.08
CAAR
TATA STEEL
0.08
0.06
0.04
0.02
1
0
-0.02
7 10 13 16 19 22 25
28 31 34 37 40 43 46 49 52 55 58 61
-0.04
-0.06
-0.08
-0.1
CAAR
51
Interpretation on the based of CAAR graphs

In an efficient market, CAAR should flatten out after the event day to
indicate that the market has absorbed the results quickly. But this was not the
casein this study since there were no cases were no cases were the CAAR if
flattened out after the event day. Hence strengthens the belief that the Indian
stock market is not efficient.
52
TTESTresultsforthesamples:
no.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
company
RELIANCE
INFOSYS
TCS
ICICI
ONGC
SAIL
SBIN
GUJ AMB
SIEMENS
CIPLA
STER
SUZLON
ACC
ITC
IPCL
MARUTHI
DR.REDDY
HINDALCO
BPCL
GAIL
MTNL
TATA PWR
PNB
HERO HONDA
HIND PETRO
GRASIM
VSNL
GLAXO
DABUR
BAJAJ AUTO
SATYAM
BHEL
TATA MOTORS
TATA STEEL
t values
2.666024168
0.103220573
7.646778456
-10.00944612
-7.960748426
0.957307182
-5.795615775
8.516228704
-4.863896407
13.75374545
13.02250186
-1.319019088
-5.217604674
4.32069809
-6.798507146
-12.46489549
1.003487457
-10.4568785
-1.960496657
-0.571497448
2.814308312
-7.059569256
-7.979765698
-14.67354818
-8.164949556
-9.723215497
-12.89905444
11.75255696
-6.031951143
7.918749854
-11.22419442
-3.528594133
9.732444725
-1.441692815
53
Interpretation based on t- test values

T-test indicate that the in 29 out of 34 companies the average of abnormal returns
before and the after the event day or not equal this supports the hypothesis that the
market is not semi-strong efficient because there is potential opportunity for
making more than normal profit.
54
SUMMARY AND CONCLUSION:

In an efficient market, CAAR should flatten out after the eventday to
indicate that the markethasabsorbed the results quickly. But this was not
thecaseinthisstudysincetherewerenocaseswerenocasesweretheCAARif
flattened out after the event day. Hence strengthens the belief that the Indian
stockmarketisnotefficient.
Ttestindicatethatthein29outof34companiestheaverageofabnormalreturns
beforeandtheaftertheeventdayornotequalthissupportsthehypothesisthat
themarketisnotsemistrongefficientbecausethereispotentialopportunityfor
makingmorethannormalprofit.
55
BIBLIOGRAPHYANDREFERENCE:
1.Foster,G,COlsen,andTShevlin(1984),EarningsReleases,Anomalies,
andtheBehaviorofSecurityPrices,TheAccountingReview,574603.
2. Obaidullah, M (1990), Stock Price Adjustment to Half Yearly Earnings
AnnouncementsA Test of Market Efficiency, Chartered Accountant,
38,922924.
3. Mallikarjunappa, T (2004), How Do the Indian Stock Prices React to
Quarterly Earnings, The ICFAI Journal of Applied Finance, 10(3),
113.
4.AmitabhGupta,(2006),ImpactofEarningsAnnouncementsonStock
Prices:Some Empirical Evidences from IndiaThe ICFAI Journal of
AppliedFinance.
5.FundamentalsofStatisticsS.C.Gupta.
6.InvestmentsKaneandBodie.
WEBSITES:
1.www.investopedia.com
2.www.blonnet.com
3.www.nseindia.com
4.www.indiainfoline.com
5.www.equitymasters.com
DATABASE:Prowess&CapitalLinePlus
TOOLS USED: SPSS, EXCEL SPREAD SHEETS.
56
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DIVIDENDANNOUNCEMENT,SECURITYPERFORMANCE,ANDCAPITALMARKETEFFICIENCY

I hereby declare that this dissertation entitled DIVIDEND

I also declare that this dissertation has not been submitted

earlier to any Institute/organization for the award of any degree or

I would like to express my sincere gratitude to my research guide

I would like to thank DR. T.V. NARSHIMA RAO, Adjunct Faculty,

I would also like to thank PROF. S. SANTHANAM, Adjunct Faculty,

I would like to sincerely thank my Parents and all my Friends who

This paper investigates the stock market reaction associated with

dividends announcements in the Indian stock market, and to verify

The sample study found significant Abnormal Return (AR) in and

around the days of announcement. It has been observed that the

Further, in an efficient market, CAAR should flatten out after the

In a market that is essentially characterized by a large number of

Researchers in this area have classified the stock market efficiency

A number of studies have confirmed that markets are efficient in the

properties resulting from quarterly reporting requirements. Studies on the

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

CUMULATIVE AVERAGE ABNORMAL RETURNS (CAAR)

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT

DIVIDEND ANNOUNCEMENT, SECURITY PERFORMANCE, AND CAPITAL MARKET EFFICIENCY

M. P.BIRLA INSTITUTE OF MANAGEMENT