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INTRODUCTION

In its broadest sense, an investment is a sacrifice current money or other
resources for future benefits. Numerous avenues of investment are available
today. You can either deposit money in a bank account or purchase a long-term
government bond or invest in the equity shares of a company or contribute to a
provident fund account or buy a stock option or acquire a plot of land or invest in
some other form.
The two key aspects of any investment are time and risk. The sacrifice
takes place now and is certain. The benefit is expected in the future and tends to
be uncertain. In some investments (like government bonds) the time element is the
dominant attribute. In other investments (like stock options) the risk element is the
dominant attribute. In yet other investments (like equity shares) both time and risk
are important.
Almost everyone owns a portfolio of investments. The portfolio is likely to
comprise financial assets (bank deposits, bonds, stocks, and so on) and real assets
(motorcycle, house, and so on). The portfolio may be the result of a series of
haphazard decisions or may be the result of deliberate and careful planning.

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FUNDAMENTAL ANALYSIS
COMPANY HISTORY
Dabur India Limited is a leading Indian consumer goods company with
interests in

health care, Personal care

and

foods.

Over more than a 100 years we have

been dedicated to providing nature-based solutions for a healthy and holistic
lifestyle.
1884: Birth of Dabur
1896: Setting up a manufacturing plant
Early 1900s: Ayurvedic medicines
1919: Establishment of research laboratories
1936: Dabur India (Dr. S.K. Burman) Pvt. Ltd.
2003: Dabur demerges Pharma Business
2005: Dabur aquires Balsara
2006: Dabur crosses $2 Bin market Cap, adopts US GAAP

FOUNDER & LEADERS

The story of Dabur began with a small, but visionary endeavour by Dr. S. K.
Burman, a physician tucked away in Bengal. His mission was to provide effective
and affordable cure for ordinary people in far-flung villages. With missionary zeal
and fervour, Dr. Burman undertook the task of preparing natural cures for the
killer diseases of those days, like cholera, malaria and plague.
COMPANY DETAILS

Group Companies:(Dabur

Food, Dabur Nepal, Dabur Oncology, Dabur Egypt,

Dabur Pharama).

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Dabur Foods Limited
Dabur Foods a 100% subsidiary of US $ 3 billion Dabur Group realized the
potential of the processed & packaged food industry (4th largest in the world),
began operations as a separate division in the year 1999. with A range of leading
brands to choose from – Real Fruit Juice, Coolers, Hommade, Lemoneez and
Capsico. Dabur Foods' multi-fruit processing facility at Siliguri, West Bengal
became fully operational during the year 2004-05.

Dabur Nepal Pvt Ltd.( Dedicated to Nature)
Dabur Nepal Private Limited was set up as an independent Group company in
1992, for manufacturing of premium products like Real fruit juices, Vatika Hair
Care products, Dabur Hajmola and Dabur Honey.

Business Opportunity
(Overseas dealership, Overseas distributorship, C&F Agency, Raw material
sourcing, Technical collaboration, Research collaboration, Sponsorships)

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INDUSTRY ANALYSIS 6 .

The Burmans hold 75% of the stake in Dabur India. Healthcare. Exports and Miscellaneous products. It has its presence in Indian market for past 115 years. Dabur has six plants overseas in Egypt. health care product is the second major contributor. It acquired Balsara home products in April’ 2005. Bangladesh and Nepal. It plans to expand its overseas business with emphasis on the South Asian markets and Russia. Hair care products like Dabur Amla and oral care products like various branded toothpowders are major contributors to the company\'s revenue. three of which are in special economic zones. The company conducts its operations through six business units: Family Products. Pharmaceuticals. with the rights of sales being given over to Redrock Limited. Nigeria. Dabur Chyawanprash. Dabur has plants situated in eight different locations in India. The company\'s exports division primarily sells products to the Middle East. ayurvedic. natural and herbal personal & health products and processed foods either directly or indirectly through its subsidiaries. It is also planning to commence local manufacturing in Pakistan and Russia. 7 .B) Business profile Dabur India is into business of manufacturing and selling of ayurvedic medicines. Ayurvedic Specialities. The company's other products include anti allergic & anticancer drugs and guar gum. Dubai. baby care.

M. Jasmine Hair Oil.Shampoo. GLYCERIN. Dabur Balm. The results of our policies and initiatives speak for themselves. Hajmola Combipack. Trikleen Tooth Brush. SHANKH PUSHPI. Vatika Fairness Face Pack. Vatika Lite.  CCD.1899. Dabur Himsagar. Denta Care Herbal Tooth. Binaca Fresh Tooth Powder. Dabur Honey. Gulabari. SHARBAT E AZAM. ANMOL AMLA SARSON TAIL. Keora Water. Vatika Henna Cond. Lal Dant Manjan. Dabur Baby Olive Oil. Hajmola Combipack Bot. Sura. Janam Ghunti. Our story of success is based on dedication to nature. Top Tooth Brush. DABUR LAL PASTE. dynamic leadership and commitment to our partners and stakeholders. Vatika Anti Dandriff Shampoo. Binaca Flexi. BORO GLOW. Candy.Dabur Foods. D)Functions:BUSINESS OPERATIONS:-Dabur India Limited has marked its presence with some very significant achievements and today commands a market leadership status. Anmol Amla Shampoo. Restora. Maha Bhringraj Hair Oil. Hingol. Glucose – D. Haj. Gripe Water. Lal Tail. Anmo. Vatika Hair Oil HDPE.C) Products:(Amla Hair Oil/ Amla Lite. Glucose C.Asian Consumer Care in Bangladesh. Dabur Nepal and Dabur International and 3 step down subsidiaries of Dabur International .  Leading consumer goods company in India amongest turnover of Rs. Back Aid. African Consumer Care in Nigeria and Dabur Egypt. Bramhi Amla Hair Oil. ITCH CARE. Gulabari Face Pack. Hajmola Reg – Bottle. Vatika Fairness Face Pack. Level.Consumer Care Division (CCD) and Consumer Health Division (CHD)  3 Subsidiary Group companies . Sharbat E azam. Boro Glow. Hajmola Imli. Pudina Hara. dealing with FMCG Products relating to Personal Care and Health Care  Leading brands 8 . Shilajit capsule. Chywanprash. DABUR SAT ISABGOLE. Candy (O+P). New Spl Hair Oil. NATURE CARE.57 Crore (FY02)  2 major strategic business units (SBU) . corporate and process hygiene. NEW RING RING). SARBYNA STRONG.

100 crore turnover each . Dr. -Ras Rasayanas. TECHNOLOGY ABSORPTION. Vatika-Personal Care Brand . and he came to be known as the trusted 'Daktar' or Doctor who came up with effective cures. dealing with classical Ayurvedic medicines  Has more than 250 products sold through prescriptions as well as over the counter  Major categories in traditional formulations include: . Vatika Hair Oil & Shampoo the high growth brand  Strategic positioning of Honey as food product.Tasty Digestive Brand and Dabur Amla. 9 . leading to market leadership (over 40%) in branded honey market  Dabur Chyawanprash the largest selling Ayurvedic medicine with over 65% market share. to a household name that at once evokes trust and reliability.Dabur . Hajmola.  Leader in herbal digestives with 90% market share  Hajmola tablets in command with 75% market share of digestive tablets category . Reaching out to a wide mass of people who had no access to proper treatment. Burman's commitment and ceaseless efforts resulted in the company growing from a fledgling medicine manufacturer in a small Calcutta house.Madhuvaani. Burman set up Dabur in 1884 to produce and dispense Ayurvedic medicines. ENERGY CONSERVATION ETC.Asav Arishtas.Nature Care Isabgol. S. K. Strategic Direction : The mission Soon the news of his medicines traveled.Churnas.Trifgol E)Technology:-R&D.AnmolValue for Money Brand .The Health Care Brand . Chyawanprash and Lal Dant Manjan with Rs.derived from the Devanagri rendition of Daktar Burman.Medicated Oils  Proprietary Ayurvedic medicines developed by Dabur include: . Dabur Lal Tail tops baby massage oil market with 35% of total share CHD (Consumer Health Division). And that is how his venture Dabur got its name . Dr.

Rivalry intensity is intense due to  Price war  Use of :Quality.high standards of ethics throughout the organization • achieve excellence in Corporate Governance by .sound business decisions .conforming to. and exceeding wherever possible. – Increasing focus on R&D and IT. the prevalent mandatory guidelines on Corporate Governance “DABUR defines not in terms of the success of individual product line but as a decade-long battle to build deeper core competencies”-they are following single strictly planned strategy (Any idea that focuses attention does so at the expense of peripheral vision). DABUR PHILOSOPHY ON CORPORATE GOVERNANCE • strive towards enhancement of shareholder value through . Product introduction. – Concern for manufacturing in an environmentally friendly manner. Bargaining power of suppliers is high due to Less Fragmented supplier  Fewer number of suppliers for inputs(R/M) B. Customer service. External Analysis Industry Analysis:A.prudent financial management.Goal and Objectives:– Continuously focus on the varying needs of the Customer. Advertising 10 . – Focusing on employee-development. Bargaining power of buyers is volatile due to Fragmented buyers  More Price sensitive C. and .

opinions. Entry barrier is high due to –  Economies of scale. Improvements in existing products.marketing and distribution techniques -Role of technological forecasting b) Foresees advancements and estimating their impact on organization’s operations c) Alerts managers to impending challenges and promising opportunities Economical -Concern the nature and direction of economy in which a firm operates 11 . Body care utensils F. switching cost  Capital Expensive Disadvantage Independent of Scale  Proprietary product technology  Experience curve E. other food items(snakes) Porters Five Force Model Step Analysis Suppliers Buyers (High) (Low) Industry Competitor Rivalry among firms Social Substitutes (High) (significant) -Beliefs. and lifestyles of people Complementary (Significant) -Recent social trends:-Accelerating interest of consumers and employees in Potential Entrant quality-of-life issues (High) Technological -Focus on technological changes affecting industry -Types of changes: New products. a) Manufacturing . Complementary Products are significant :Home appliances.Substitutes are also significant like:Traditional cure.D. values.

6 78.6 19.03.3 121.0 58.03.Inflation rates. Prime interest rates. Antitrust/ competition laws.06 1219.2 19.0 107.12.06 1899.0 19.12.Cr) Cr) d% Hindustan Lever Ltd.4 220.7 49.5 1408.8% 6.05 2643. Political -Define legal and regulatory parameters within which firms must operate -Types of factors: Fair-trade decisions.0 261. Strategic Group Analysis  There are no strategic alliance at present Competitor Analysis Comparative Study Among Competitors of Dabur (2005-2006) Year Company Sales Ending (Rs Cr.3 140.2% 10.3 464.4% 31.05 11060. Tax programs.7 57.1 86.) Share (Rs.4% 31. Pollution and pricing policies. employe (Rs.4% Nestle India Ltd.1 84.) Capital (Rs.8 42.9 309.12.5 22. 12 . Propensity of people to spend.1% 24.3% 3. Minimum wage legislation.4% 21.06 1089.Level of disposable income.1 2305.Cr.7 86.4% 15.2 18.-Types of factors: General availability of credit.) Net PBDIT/ EPS Equity Net Return on Profit Worth capital Sales% (Rs.2 15.9% 32.Trends in growth of gross national product .06 1100.0 280.0% 31.6 60. Godrej Consumer Products Ltd. 31.06 734. 31.9 13. Administrative jawboning Other drivers:– Product upgradation necessitated thru’  Legislation requirements  Changing market demand – Pan India introduction of VAT to boost trade across state borders.7% ColgatePalmolive(India) Ltd Marico Industries Ltd.6 214.1% Dabur India Ltd.1 475.03.1 23.3 136. 31. GlaxoSmithKline Consumer Healthcare Ltd.3% 31.03.2 39.4 354.1 96.3 20.1 15.

.) Competitive Advantages Generic Strategy:. and clever advertising. better Product attributes) Distribution:(-Strong network of dealers.-Distribution network and Supply chain management.Broad Differentiation Cost Drivers:Economies of scale-it has a greater sales volume which lowered the per unit cost and invests more in R&D. customer service. Purchaning scale lowers the procurement cost for R/M . Brand name and Brand loyalty-Techassistance. Co-location Facility-knowledge sharing and reduces coordination cost.) Marketing:(-Breadth of product line. Economies of experience & Timimg-upto dating product design timely .Wide network and robust backoffice & Restructuring the business process . R&D potential in the industry Key Success Factor(KSF) for FMCG industry Technology:(-improving production processes. Differentiation:Differentiation through delivery of services.• The above analysis is based upon the published results of comparable FMCG companies for the year 2005-06 Competitor Response Profile What Drives the Competitor What the Competitor is doing and Futures Goals*To be a market leader in Can do Current Strategy*Broad FMCG Assumption*They believe there is enough differentiation Capabilities*Manufacturing. achieve scale economies.Improving buyer’s performance and reducing the buyer’s cost Differentiation Opportunity 13 . Capacity UtilisationIt runs countinuously.Integration-less coordination cost and accelerates the yield. ) Manufacturing:(-Customize. Customer centric approach & Globality and reliability.) Skills and Capability:(-Product innovation capability.

50 542. Mn.24.30 11.80 3407.50 11.1 . specialty. Catering to a broad market.65 573. frontier.53 35.90 9445.09 1820.35 11265.80 1480.04 286. Sources of competitive Advantage:Value activities (High productivity).09 9928.3 31-Mar-2005 (12) 11209. .90 2865.30 1.) BV (Rs. Cost differentiation-wider weges & Buyers willingness to pay. Meet/exceed the buyer expectation . Buyers – less price sencitive.57 12346.6 14 31-Mar-2006 (12) 12310.99 1892. legacy.75 7.36 0.20 3065.6 15. Products aimed at lowering buyers cost.70 .26 .10 49. Performance and features at a relative cost & Match close rivals on key product attribute and beating them on price. Broad Differentiation advantage Upscale products at a relative cost & Cust more value for money.30 3.18 0.17 2.60 573. Brand loyalty is hard for new entrant & Continues investment for technology.68.40 396.94 3172.11 2417.41 – 62. Brief Financials (in Rs.05 19.) DPS (Rs.2 13.9 11.11 32.97 15.69 38.70 0.15 16.54 56.reliability.) P/E range (x) Debt / Equity (x) Operating margin (% of OI) Net margin (% of OI) Detailed Quarterly 30-Jun-2006(3) 3358.Rivalry:-Cost high due to R&D expenditure. customization.) Period ending (months) Net sales Other Income Total Income Cost of goods sold OPBDIT PAT Gross Block Equity capital EPS (Rs.42 5.

Africa. reduces the shipping cost) (Downstream differentiation):OVERSEAS INITIATIVES AND EXPORTS Today Dabur’s products are available for people in more than 50 countries ( Middle East. the European Union and America).  Value chain analysis (Upstream differentiation)  Procurement of R/M & Quality & Purity of R/M  Primary and Support activities & Technology development(Product design)  Outbound logistical system(for speed and consistent delivery)  Quick inspection(less defective product. South-East Asia.Internal Analysis  Resource Based View (RBV) of the firm: Brand Loyalty and Technology Know-How. 15 .

• IT systems with inbuilt controls to facilitate all the above. policies. •Compliance with applicable statutes.  Supply Capabilities(Capacity addition with minimum capital Expenditure) 16 . • Review of capital investments and long term business plans. • Effective use of resources and safeguarding of assets. performance management and employee engagement and by implementing different missions . Functional Analysis:Technology Up gradation The Company is infusing Design for Six Sigma (DFSS) tools and concepts into its Product Development process with assistance of an external consultant. listing requirements and operating guidelines of the Company. commitment and involvement. Risk Management : Internal Control systems and their adequacy Based on the nature of business and size of operations. to improve the Company’s cost competitiveness through greater level of employee participation. This is part of an Information Technology Human Resources HR focus is on capability development. • Effective management of working capital. the Company’s internal control system has been designed to provide for : • Accurate recording of transactions with internal checks and prompt reporting.

Dabur has been continuously able to grow at a rate more than growth rate for FMCG Sector. and hence. Product Development : Range Expansion -Significant expansion of R&D facilities : New design office SWOT Analysis Strength: • About 100 years of experience with large consumer base.5 million retail outlets all over India. This helps them maintain heavy volumes. and hence. It also brings "Household and Personal Care" and foods distribution networks together. the initiative also creates brand awareness amongst the lower strata of society. fill the shelves of most outlets. e-sourcing. • Its SCM strategy with ERP & SAP. Apart from product reach. thereby reaffirming its future stronghold in Indian market. 13 ultra-modern manufacturing units spread around the globe. Dabur has come up with a unique and successful initiative wherein the women from the rural sector market Dabur products. several Projects it has adopted to reach to rural India is spread across 627. • Strong Brand Equity and a well planned Brand DNA • Adequate Financial heath & wealth with financial stability 17 .Wide and deep market penetration with 47 C&F agents. • Location advantage through dispersed manufacturing facilities and wider distribution network: Products marketed in over 50 countries . are able to reach the same wavelength as of the common man in village. thereby aligning all the units towards the common goal of achieving success.000 villages and possesses a serious distribution challenge for FMCG Cos. Value engineering. This has brought about phenomenal results. more than 5000 distributors and over 1.

Dabur's weakness was its inability to transform its strategies at the right time. allowed it to raise the prices even as raw materials were getting cheaper. Lack of pricing power in core business and absence of growth drivers have put Dabur on a deflationary mode. the key differentiators for an FMCG player are ability to call shots and pricing power. As shown in above figure. An expansion of horizons towards more and more countries would help Dabur grow its consumer base and henceforth the revenues. though the volumes decreased. and ferocity of competition forced it into a defensive mode.  Opportunity in Food Sector . and company was able to earn more profits. have been going global. if not increase it. Hence. and Dabur has shown weakness over both these factors. Dabur's risk aversion and market myopia led to stagnation of business. Dabur is one of the top companies exporting FMCG goods from India. the margins grew.Weakness: Dabur 's market dominance. But higher margins attracted competition in areas of operations. Opportunity  India is one of the world's largest producer of FMCG goods but its exports are miniscule as compared to production. It was not left with any other option but to try cutting down the costs in order to protect volumes. originating from its extensive reach and strong brand presence. their focus is more towards Asian countries because of the similar preferences. Though Indian Cos. They continued with the same old strategy which helped them gain profits but was not genuine in this changed environment. Dabur’s strategy remained focused on creating power brands and earning higher margins.The advent of modern trade has opened up greater opportunities for Dabur to diversify its brand and strength its food 18 .

It has a very well-defined product portfolio spread  Across many product categories. Over a period of five years. retailing. agri. These are businesses that can give it growth impetus in the long run. ITC has extended its presence into areas like foods. It could look at introducing products from its parents stable like margarines and could also look at expanding its Knorr range of products. greetings. it is turning into a consumer monolith. shampoo (38%). Recent Developments : MRTPC agreed with Colgate\'s contention that the application filed with it against Colgate was mala fide and clearly appeared to be at the behest of Dabur India 19 . etc. toothpaste (48%) in the market still there are huge market capture options available for Dabur in certain categories like processed foods. paper. Threats:The competitors like ITC which has reduced its dependence on the cigarettes business .Contribution of the core business in revenues has come down from 87% in FY99 to 70% in FY05. which may continue to remain low offerings but great growth opportunities products. Well-placed to take advantage of future FMCG Growth – Dabur reach out 80% of 207 million households in the country through various brands.division. the greatest threat to Dabur's Business. With ITC&HLL’s gaining momentum in each of these businesses. Though HLL’s penetration levels for some major categories like skin-cream (22%). hotels. and hence.

indicates a better management of operation.226.13 0.80 2.15 0. Profit retention after tax had picked up subsequently.14 135.22 3.158.01 189.07 447.98 136.51 95.64 Net Sales 1.27 1.89 0.90 0.18 SALES/TA(4) 1.54 113.342. an FMCG brand in Egypt and an FMCG company in Malaysia.23 1.08 PBT 75.79 Total Assets 613.20 148. 2.Future Plans : Dabur is in the process of acquisition of a vitamins/supplements company in the US.83 0.37 411.03 84.01 214.70 468. 20 .93 1.12 0.21 0.51 3.10 268. Dabur has earmarked up to Rs 500 crore for acquisitions in FMCG and health/ayurvedic domain.89 0.54 521.082.17 2.61 0. Mar '02 Mar '03 Mar '04 Mar '05 Mar '06 PAT 65. Gross profit margin has increased throughout the period.44 165.43 0.87 TA/NW(5) 1.14 1.88 PBT/PBDIT(2) 0.43 Followings can be inferred from the above: 1.102.05 ROE%(5)=1×2×3×4×5 0.88 0.86 PBDIT 123. 3.39 0.77 186.65 338.58 1.86 0.70 0.46 386.16 0.11 308.58 1. ROE five factor model for fundament analysis. PBT to operating profit has increased over the entire period indicating that financial cost as a proportion has fallen.87 PAT/PBT(1) 0.90 PBDIT/SALES(3) 0.44 Networth 400.15 1.53 1.77 239.11 0.92 101.

6.41 0.70 54.40 6.80 3.06 4.4.The leverage TA/NW remained gradually reduced throughout this period due minimal use of current liabilities(primarily provisions).66 4.91 14.78 11.12 17.50 21 Mar '06 .15 36.06 6.79 0.54 3.89 20.83 0. Asset turnover had slowly reduced during this period due to lesser use of current liabilities.80 48.22 15.19 0. ROE was increased up to year 2005 but remained same in 2006 as it was in 2005 .82 29.03 11.04 3.18 2.00 2.79 13.73 1.19 29. RATIO ANALYSIS PROFITABILITY RATIO OPERATING PRFIT MARGIN(%) NET PROFIT MARGIN(%) RETURN ON NETWORTH(%) RETURN ON INVESTMENT(%) TURNOVER RATIO FIXED ASSETS TURNOVER RATIO TOTAL ASSETS TURNOVER RATIO LIQUIDITY RATIO CURRENT RATIO LEVERAGE RATIO DEBTE-QUITY RATIO INTEREST COVERAGE Mar '02 Mar '03 Mar '04 Mar '05 10.97 0. 5.50 5.09 38.59 11.59 1.33 4.72 3.67 48.36 1.27 0.93 8.59 17.50 49.60 20.24 2.72 17.15 3.79 0.

The company’s return on net worth has been increased though out but it was decreased from 48. though there was a fall in 2004(Rs.INTERPRATATION OF RATIOS The company has a consistenly increasing gross profit margin and net profit margin. the company appears to have a favourable financial position in all fronts except some liquidity problems and worth of investing from an invester’s point of view.31% in the last year. Operating profit has just increased by almost 24. If company is having low level of inventory it may affect its sales in the long run when there is an increase in demand.e. Hence . The current is bellow one. with increasing sales implises that the company is maintaining low level of total assets.00(2002) to 3.11cr . Increasing total asset turnover ratio from 2.1148 Cr.) as well as a reduction of cost of sales from Rs. The debt equity ratio has decreased by 40% in the last year because a huge amount of both secured and unsecured loan have been reduced by the company. Company’s liquidity position is not comfortable as shown by a declining current ratio i. This is a very healthy sign.79). to Rs.33 Cr.12(2006) and return on long-term fund are also showing an increasing trend.36(2006).3 to 0. Company is having a low debt-equity ratio.. interest over is high.79(2004) to 48. Presently . from (17. This shows that company is not well protected with its liquidity position to meet its current liabilities. Fixed assets turn over ratio has increased during the last five years this implieses that fixed assets are efficiently utilized. This increase in the coverage(rised by 200% almost every year) ratio and decline in the long term debt-equity ratio shows healthy probability of the company which is in a position to meet its interest obligations. 22 .365. Although sales have increased through out.368.

66 5.00 400.58 332.23 109.35 9.30 6.65 116.50 148.46 185.70 244.42 213.04 180.27 107.37 16.96 65.11 118.92 17.00 390.81 386.00 268.00 447.58 28.00 0.61 26.00 0.89 0.75 14.03 0.19 -24.56 28.94 38.63 386.73 7.54 28.72 39.37 49.00 240.75 163.00 338.01 110.54 106.08 115.89 324. ------------------Mar '03 Mar '04 Mar '05 Mar '06 28.97 21.43 165.46 199.00 172.76 52.23 1.39 317.07 275.93 48.48 56.56 406.40 521.56 0.65 187.07 11.85 24.88 14.17 613.54 0.35 242.07 15.59 308.33 0.35 32.03 -38.00 371.00 411. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Total CA.44 193.in Rs.00 81.41 219.32 158.49 71.03 49.18 117.81 0.00 309.64 28.43 0.34 171.52 42. Loans & Advances Deffered Credit Fixed Deposites Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs) BSE: 500096 Mar '02 NSE: ISIN: INE016A01026 DABUR ------------------.33 57.57 468.Dabur India Balance Sheet Sources Of Funds Total Share Capital Equity Share Capital Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Accum.81 308.52 0.62 28.34 2.01 521.70 57.58 0.59 105.16 83.81 23 .32 3.23 142.70 197.70 32.60 6.89 73.46 28.38 216.39 253.11 28.14 113.15 147.77 13.28 10.00 0.74 178.44 376.33 179.09 285.46 135.31 2. Cr.53 9.38 268.61 11.26 270.87 19.62 0.11 182.00 251.45 0.13 228.53 119.09 20.00 210.64 0.35 0.68 0.05 123.00 382.48 613.00 0.02 297.80 328.87 468.40 407.89 163.16 119.81 123.00 42.00 163.56 148.85 335.77 300.14 190.94 128.67 0.01 -81.10 29.66 37.65 19.

58 11.30 239.28 91.25 10.00 75.58 1.40 1.91 368.51 0.Profit & Loss ------------------.21 214.01 612.00 95.73 233.15 0.54 11.46 74.78 9.25 7.00 57.89 1.03 26.23 153.51 10.147.10 165.05 214.09 32.37 0.342.07 2.246.98 18.89 466.268.03 546.00 1.28 0.00 71.25 14.00 40.01 15.09 0.00 1.05 250.00 4.23 11.00 14.04 .20 526. Cr.04 136.89 7.86 140.028.76 125.92 576.96 1.11 17.44 -0.19 15.46 329.068.19 21.02 2.82 11.06 113.360.121.54 10.39 174.74 16.24 1. Cr.17 1.082.96 1.50 8.98 65.55 0.77 4.163.20 9.13 0.00 2.79 22.64 96.00 2.12 70.858.80 186.28 200.00 11.78 189.62 84.20 0.99 75.11 35.102.44 0.59 6.46 452.69 74.136.73 -25.54 0.30 73.23 50.733.93 9.59 9.70 19.67 13.19 60.58 22.03 11.232.5 12.30 80.37 1.00 7.58 129.24 101.48 65.25 217.04 95.53 1.54 13.369.50 49.86 0.84 89.16 1.06 17.00 100.64 5. ------------Mar '02 Mar '03 Mar '04 Mar '05 5.33 56.39 2.37 135.01 -0.00 1.28 405.77 428.14 26.75 113.37 16.08 11.862.00 3.164.00 9.40 123.77 7.00 148.00 3.33 447.70 54.47 74.31 77.61 -3.08 692.81 ------------------.00 1.in Rs.32 14.32 17.38 2.5 20.34 365.34 -4.30 10.78 1.00 931.72 42.19 13.68 26.99 111.66 182.11 17.49 1.19 29.98 126.00 14.97 7. ------------------Mar '03 Mar '04 Mar '05 Mar '06 Mar '02 Account Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses Operating Profit PBDIT Interest PBDT Depreciation Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs) Equity Dividend (%) Book Value (Rs) Key Financial Ratios Profitability Ratios Adjusted Net Profit Margin(%) Cash Profit Margin(%) Gross Profit Margin(%) Operating Profit Margin(%) Profit Before Interest And Tax 1.158.91 14.91 19.864.70 26.03 106.00 14.59 Margin(%) Return On Capital Employed(%) 24 Mar '06 8.27 1.23 350.16 0.65 25.60 20.05 165.01 3.85 1.73 360.87 18.40 117.83 250.68 10.80 8.40 8.72 17.in Rs.50 0.80 5.58 16.856.013.35 17.61 1.47 29.059.226.

42 3.03 3.54 0.97 36.72 -- -3.79 0.06 20.09 0.94 4.18 -- -2.83 6.12 ------- ------- ------- -- -- -- -- 9.24 11.15 0.73 0.Return On Net Worth(%) Spread Ratios Interest Expended / Total Funds(%) Interest Income / Total Funds(%) Net Interest Income / Total Funds(%) Net Profit / Total Funds(%) Non Interest Income / Total Funds(%) Operating Expense / Total Funds(%) Profit Before Provisions / Total Funds(%) Management Efficiency Ratios Debtors Turnover Ratio Fixed Assets Turnover Ratio Inventory Turnover Ratio Loans Turnover Ratio Total Assets Turnover Ratio Total Income / Capital Employed(%) Profit And Loss Account Ratios Interest Expended / Interest Earned(%) Operating Expense / Total Income(%) Other Income / Total Income(%) Liquidity And Solvency Ratios Current Ratio Debt Equity Ratio Long Term Debt Equity Ratio Balance Sheet Ratios Advances / Loan Funds(%) Debt Coverage Ratios Interest Cover Deposit And Credit Growth Ratios Cash Deposit Ratio(%) Credit Deposit Ratio(%) Investment Deposit ratio(%) Leverage Ratios Interest Expended / Capital Employed(%) Total Assets Turnover Ratio Total Income / Capital Employed(%) 25 17.50 ---- ---- ---- ---- ---- -2.24 1.72 -- 35.68 -3.81 -2.27 0.18 -- 14.66 7.46 4.35 1.33 10.00 -- 10.36 -- ---- ---- ---- ---- ---- 1.59 0.79 48.22 0.15 7.93 ------- ------- -- 29.06 -- -- -- -- -- 3.40 0.36 -- .80 -- 27.78 48.11 0.31 -2.06 7.24 -3.00 -- -2.79 0.19 15.17 0.41 38.78 4.80 -- -3.97 -2.

50 219.40 112.20 57.71 6.55 0.01 30.50 133.80 12.80 111.57 44.00 213.71 58.84 .46 38.55 213.29 58.45 83.10 94.00 222.60 117.10 7.35 7.30 115.90 116.05 110.75 109.10 106.53 1.50 63.60 6.75 113.10 C-5(L) 213.80 8.80 14.40 114.05 6.86 17.70 1.87 61.55 8.75 13.10 29.65 205.60 118.45 120.67 1.40 1.47 57.10 7.70 8.00 222.50 219.50 225.70 111.30 108.60 9.40 111.00 116.35 209.70 110.00 112.35 2.90 113.60 4.25 114.35 20.25 239.60 223.40 4.00 118.55 17.95 114.80 23.45 12.85 3.58 23.40 1.94 92.70 133.30 64.40 115.05 7.45 113.45 10.50 110.52 52.72 93.43 79.30 226.44 51.50 215.85 8.93 86.95 109.50 115.75 109.75 2.70 90.49 53.40 4.85 113.13 59.25 111.03 77.26 21.70 7.55 133.15 87.05 116.10 9.50 109.75 116.50 115.25 117.50 133.48 12.95 220.50 111.95 38.11 20.25 115.00 214.70 7.00 114.70 115.05 2.30 12.95 112.85 112.00 114.90 114.76 11.95 114.14 71.70 8.99 33.40 1.70 13.20 220.00 78.25 115.00 216.10 111.96 91.40 83.91 71.05 108.75 116.60 18.75 214.55 16.65 8.70 114.00 224.71 75.48 91.05 204.00 110.99 24.08 53.66 53.00 116.25 109.65 107.06 16.20 210.45 13.31 2.05 109.30 109.85 111.20 221.40 89.00 214.10 109.10 219.75 21.65 111.65 117.60 6.10 117.00 11.87 73.35 116.72 91.50 108.50 107.00 10.83 8.55 63.70 113.25 6.65 221.10 9.60 112.48 6.35 21.60 9.69 74.40 101.68 28.90 2.30 210.65 6.TECHNICAL ANALYSIS Calculation for Five day stochastic STOCHASTIC Close(C Date 2-Jan-06 3-Jan-06 4-Jan-06 5-Jan-06 6-Jan-06 9-Jan-06 10-Jan-06 12-Jan-06 13-Jan-06 16-Jan-06 17-Jan-06 18-Jan-06 19-Jan-06 20-Jan-06 23-Jan-06 24-Jan-06 25-Jan-06 27-Jan-06 30-Jan-06 31-Jan-06 1-Feb-06 2-Feb-06 3-Feb-06 6-Feb-06 7-Feb-06 8-Feb-06 10-Feb-06 13-Feb-06 14-Feb-06 15-Feb-06 16-Feb-06 17-Feb-06 20-Feb-06 21-Feb-06 22-Feb-06 23-Feb-06 24-Feb-06 27-Feb-06 28-Feb-06 1-Mar-06 2-Mar-06 3-Mar-06 6-Mar-06 7-Mar-06 8-Mar-06 9-Mar-06 10-Mar-06 High(H) Low(L) ) 217.90 110.00 218.68 51.70 6.60 114.75 10.70 220.00 16.00 6.59 12.01 83.50 116.20 10.74 32.15 45.00 112.15 107.50 118.78 74.02 68.05 13.50 113.65 76.85 20.20 16.70 4.85 10.95 18.35 114.20 108.34 1.00 112.00 119.95 58.90 113.10 118.45 2.15 8.85 221.40 111.68 77.25 222.10 107.25 8.50 115.20 3.10 206.70 1.95 112.60 2.10 7.40 9.85 108.20 217.35 108.12 80.10 114.90 118.00 75.60 120.26 24.45 110.10 9.80 114.25 220.80 21.25 106.61 50.64 67.70 12.70 1.00 119.25 110.32 86.09 60.75 13.17 1.42 30.05 5.50 6.80 105.90 112.35 110.50 1.11 34.45 117.81 80.15 108.95 224.40 110.36 32.00 112.00 9.82 32.95 108.75 112.77 5.53 1.90 110.70 119.90 2.65 10.30 26 5(H)-5(L) %K %D DABUR 9.13 67.35 113.10 0.95 69.80 8.70 13.

32 24.18 91.50 160.20 117.20 140.30 55.20 160.85 123.00 122.55 123.50 8.00 159.19 77.20 8.49 50.40 120.35 11.20 58.25 131.50 125.80 173.00 113.90 35.03 81.50 40.55 130.55 9.22 15.39 82.00 155.64 83.95 29.50 154.75 163.50 76.65 6.00 18.95 9.15 122.70 57.27 86.45 5.60 133.85 33.00 16.50 7.75 54.85 161.00 33.45 133.50 121.50 118.00 163.33 88.00 18.00 7.81 14.60 50.77 24.86 7.30 115.15 41.10 2.40 42.50 118.50 137.00 14.45 12.00 131.42 49.50 134.15 148.95 159.47 60.50 121.25 123.50 34.85 44.00 130.98 73.70 13.49 78.20 132.53 70.00 157.00 130.45 132.00 64.93 82.48 85.25 72.61 87.65 10.60 119.85 10.89 95.25 13.40 67.45 3.50 19.74 70.10 121.40 119.36 57.70 162.25 17.00 123.55 121.00 118.45 142.60 152.90 66.15 156.50 162.39 92.50 14.12 30.00 30.70 120.86 71.70 119.50 8.60 133.00 125.80 133.00 127.50 138.00 14.60 78.00 124.98 35.45 173.86 24.50 13.00 131.20 9.00 156.65 133.45 6.80 58.70 60.05 128.90 11.25 15.35 31.70 121.00 135.25 155.76 91.10 160.06 80.00 4.00 123.20 21.75 131.90 135.48 68.40 166.90 154.26 80.19 12.95 131.27 85.12 75.45 170.00 117.47 71.20 21.70 10.23 85.35 123.55 114.05 79.48 80.90 122.00 33.10 120.75 119.60 121.85 127.54 92.80 129.60 8.04 45.45 134.17 74.09 11.90 18.15 134.10 133.80 47.34 44.79 86.83 60.41 36.05 149.65 13.65 5.00 18.80 113.65 24.40 8.10 90.95 21.05 8.58 65.15 107.00 167.90 8.55 139.28 58.10 160.52 32.05 157.20 131.10 9.00 139.00 132.25 161.20 12.35 25.00 157.00 152.20 7.00 141.69 81.95 150.40 40.90 12.50 150.50 144.00 117.48 75.67 59.22 .00 12.90 10.97 60.13-Mar-06 14-Mar-06 16-Mar-06 17-Mar-06 20-Mar-06 21-Mar-06 22-Mar-06 23-Mar-06 24-Mar-06 27-Mar-06 28-Mar-06 29-Mar-06 30-Mar-06 31-Mar-06 3-Apr-06 4-Apr-06 5-Apr-06 7-Apr-06 10-Apr-06 12-Apr-06 13-Apr-06 17-Apr-06 18-Apr-06 19-Apr-06 20-Apr-06 21-Apr-06 24-Apr-06 25-Apr-06 26-Apr-06 27-Apr-06 28-Apr-06 29-Apr-06 2-May-06 3-May-06 4-May-06 5-May-06 8-May-06 9-May-06 10-May-06 11-May-06 12-May-06 15-May-06 16-May-06 17-May-06 18-May-06 19-May-06 22-May-06 23-May-06 24-May-06 25-May-06 26-May-06 29-May-06 30-May-06 31-May-06 121.20 10.15 152.00 156.90 165.11 71.25 29.30 53.00 149.15 128.40 5.75 132.86 74.30 158.10 136.10 94.00 117.10 15.05 31.75 154.75 7.50 40.85 9.10 138.15 50.00 126.60 147.00 134.75 57.00 148.30 89.20 130.50 6.40 7.85 159.90 161.00 0.55 118.85 15.60 136.90 10.20 85.00 131.55 142.00 143.50 26.50 40.40 122.90 127.40 1.31 46.30 6.65 119.70 9.15 91.55 119.75 20.30 119.75 13.90 122.20 2.50 121.55 133.00 124.03 61.20 7.75 12.50 156.50 2.70 59.10 80.75 1.85 42.00 86.10 144.71 72.30 6.20 132.15 12.14 49.95 143.30 6.50 16.00 128.87 36.39 85.35 7.35 41.00 63.27 76.20 18.35 165.17 60.00 11.80 122.60 131.60 152.39 53.63 68.80 124.73 9.54 20.95 56.40 81.00 31.45 131.50 6.70 126.20 132.65 9.30 117.00 154.50 29.10 132.23 55.08 95.76 66.45 128.85 161.77 81.29 77.06 79.55 16.91 50.60 16.07 49.15 119.75 33.65 25.75 159.25 8.90 126.40 23.70 134.90 27 7.25 152.43 39.00 156.00 136.40 131.01 47.

20 138.95 128.26 21.41 34.00 50.10 94.42 82.85 7.00 6.37 79.75 133.69 25.15 75.00 130.00 141.90 22.30 10.05 20.85 140.85 84.00 127.45 2.50 127.70 135.30 144.35 136.30 145.00 130.00 0.00 133.64 64.45 148.40 136.68 36.50 131.00 136.06 40.90 10.65 22.75 135.25 10.05 134.70 133.55 84.08 61.89 .30 143.20 137.00 144.95 136.05 122.05 132.40 19.45 56.60 5.50 134.29 20.21 61.46 78.43 80.50 129.35 147.90 15.80 23.60 139.85 136.74 59.61 70.90 132.50 13.82 38.00 131.00 135.72 71.08 35.60 134.20 38.05 141.50 126.00 138.50 4.90 22.50 2.50 19.05 140.20 7.30 13.18 85.00 148.65 45.90 136.85 134.20 136.95 7.96 44.80 142.75 132.88 59.65 25.70 5.35 147.28 88.35 124.00 126.55 130.00 126.81 19.70 149.65 40.95 29.50 130.30 125.10 132.60 140.11 66.16 54.45 0.03 90.00 125.50 135.59 22.50 126.30 112.85 5.90 139.40 10.23 15.30 115.50 15.85 6.65 7.15 141.63 29.20 5.20 126.90 143.85 132.85 8.00 137.85 12.45 4.70 5.00 151.65 131.20 6.00 132.10 21.64 72.57 79.00 135.90 13.50 134.45 5.00 13.30 8.00 137.70 129.10 120.35 133.60 132.40 146.45 137.61 17.42 11.15 142.30 23.80 10.10 118.00 0.40 42.56 82.69 87.10 136.85 1.87 79.85 16.13 24.70 133.90 132.40 122.23 44.93 68.25 138.02 63.60 8.95 117.50 5.45 15.35 128.95 15.35 7.00 5.05 139.95 133.80 36.00 136.30 16.90 12.90 131.40 138.75 25.20 127.00 141.00 148.90 32.87 83.00 14.70 135.85 142.40 14.50 148.33 86.34 52.70 127.55 76.47 40.94 52.00 113.05 20.42 46.80 6.00 31.45 137.73 47.10 133.40 122.23 95.99 36.55 137.05 20.00 115.55 134.75 129.78 76.10 144.95 24.95 16.86 28.75 12.50 135.25 5.00 15.77 81.25 135.35 5.80 10.53 60.25 143.90 135.90 3.60 6.80 29.64 38.90 135.00 124.67 70.34 55.25 12.95 126.25 145.25 4.90 11.20 41.95 128.45 12.25 1.05 8.13 48.50 141.70 11.85 129.15 22.90 22.60 131.70 4.82 20.85 21.90 10.90 25.40 123.16 26.18 16.25 135.10 135.70 130.25 15.75 54.05 20.40 10.00 133.45 143.45 137.95 131.40 145.03 28.60 25.20 135.90 134.75 18.25 135.10 141.60 128.20 139.10 131.85 10.00 118.00 133.55 128.10 110.17 76.73 52.15 2.13 78.73 83.23 77.71 9.76 64.90 132.90 12.38 33.10 137.66 57.59 83.90 11.25 110.85 5.10 2.25 147.76 57.00 149.1-Jun-06 2-Jun-06 5-Jun-06 6-Jun-06 7-Jun-06 8-Jun-06 9-Jun-06 12-Jun-06 13-Jun-06 14-Jun-06 15-Jun-06 16-Jun-06 19-Jun-06 20-Jun-06 21-Jun-06 22-Jun-06 23-Jun-06 25-Jun-06 26-Jun-06 27-Jun-06 28-Jun-06 29-Jun-06 30-Jun-06 3-Jul-06 4-Jul-06 5-Jul-06 6-Jul-06 7-Jul-06 10-Jul-06 11-Jul-06 12-Jul-06 13-Jul-06 14-Jul-06 17-Jul-06 18-Jul-06 19-Jul-06 20-Jul-06 21-Jul-06 24-Jul-06 25-Jul-06 26-Jul-06 27-Jul-06 28-Jul-06 31-Jul-06 1-Aug-06 2-Aug-06 3-Aug-06 4-Aug-06 7-Aug-06 8-Aug-06 9-Aug-06 10-Aug-06 11-Aug-06 14-Aug-06 139.50 6.90 5.46 57.04 63.33 69.50 136.00 28 3.90 139.40 62.25 11.15 123.45 3.60 136.64 71.00 135.10 5.50 135.90 141.40 145.85 8.85 44.93 84.70 10.04 58.75 147.20 132.15 7.44 86.00 128.30 18.46 83.00 136.25 9.34 65.22 96.60 20.00 130.50 135.27 68.75 136.75 11.08 41.55 31.95 32.50 9.03 47.45 10.25 14.

65 4.80 138.40 15.75 8.45 144.45 3.75 5.39 23.50 137.35 3.70 139.20 137.91 96.95 3.68 46.95 4.00 142.20 138.45 139.70 138.85 137.00 138.70 6.20 8.49 37.15 1.36 40.60 1.00 142.50 135.75 7.25 137.80 8.90 139.65 141.25 6.50 4.20 65.95 141.75 134.09 58.30 136.81 70.50 137.93 69.19 86.00 139.60 137.50 137.05 139.45 34.70 6.45 3.40 6.11 26.53 5.75 138.23 65.50 141.43 74.20 138.80 136.05 135.70 139.25 9.75 8.69 68.29 18.10 140.05 6.58 78.60 0.91 69.00 137.84 58.65 5.45 4.00 139.79 21.75 STOCASTIC(Dabur) Buy 120 %K & %D 100 80 60 40 20 0 1 8 15 22 29 36 43 50 57 64 71 78 85 92 99 106 113 120 127 134 141 148 155 162 Sale No of Days %K %D Relative Strength Index 29 .00 137.40 138.16-Aug-06 17-Aug-06 18-Aug-06 21-Aug-06 22-Aug-06 23-Aug-06 24-Aug-06 25-Aug-06 28-Aug-06 29-Aug-06 30-Aug-06 31-Aug-06 142.

0000 0.0000 Over sold Zone 80. pink: short term moving avg.0000 Over Bought Zone 1 10 19 28 37 46 55 64 73 82 91 100 109 118 127 136 145 154 163 172 181 190 199 208 217 226 235 244 253 262 271 Moving Average Method 250 BUY 200 150 100 50 0 Sale 1 16 31 46 61 76 91 106 121 136 151 166 181 196 211 226 241 256 271 286 301 316 331 346 361 376 391 406 Series1 Series2 Series3 Yellow: long term moving avg.0000 BUY 60.0000 RSI 40.RSI Sale 100.0000 20. blue: price line 30 .

88 31.73 -1.30 174. It indicates a low risk for investors.18 -51.99 -3.85 178.35 0.09 -3.26 4.62 9.39 9.48 0.25 2540.84 -28. Date 27-Jun-05 4-Jul-05 11-Jul-05 18-Jul-05 25-Jul-05 1-Aug-05 8-Aug-05 16-Aug-05 22-Aug-05 29-Aug-05 5-Sep-05 12-Sep-05 19-Sep-05 26-Sep-05 3-Oct-05 10-Oct-05 17-Oct-05 24-Oct-05 31-Oct-05 7-Nov-05 14-Nov-05 21-Nov-05 28-Nov-05 5-Dec-05 12-Dec-05 19-Dec-05 26-Dec-05 2-Jan-06 9-Jan-06 16-Jan-06 23-Jan-06 30-Jan-06 6-Feb-06 Stock Price 134.75 0.18 61.54 .31 11.58 0.74 4.38 13.10 15.38 89.80 166.22 3.21 -5.46 0.00 1.00 2245.39 -64.60 5.05 134.78 13.57 -7.68 11.57 0.10 149.09 -2.33 0.54 18.85 2319.59 3.51 0.62 4.15 116.e.75 194.20 108.75 221.75 2570.56 1.24 2.59 -3.03 2611.35 1.41 -1.74 0.48 3.26 79. The details of the calculation are given in the following table.71 0.88 -0.60 1.70 2275.35 165.74 0.88 4.13 -1.60 2092.79 3.66 3.11 0.36 2.07 1.69 8.14 0.16 3.92 1. or it is neutral to the market.14 -0.70 2402.73 4.10 118.65 2104.45 167.13 5.50 1.16 23.01 1.94 0.05 2067.60 2055.05 164.98 1.42 7.98 12.02 12.41 2.76 -0.45 148.27 0.85 170.44 22.15 4.45 149.69 5..41 2.40 4.15 2255.60 221.65 37.48 17.75 2027.95 180.95 142.55 4.27 2. Duration: A duration of one year (i.07 3.65 Stock Return(Y) Market Return(X) 0.60 1.15 2517.95 2039.77 2.25 213.90 34.71 -1.72 -1.26 1.19 X2 2.83 4.15 Y2 0.04 0.40 135.95 2227.67 -0.33 24.60 14.83 3.87 -4.23 3.30 173.00 2157.63 2.00 1976.43 -0.05 195.52 0.35 1945.30 1933.06 -1.25 189.92 13.35 0.49 0.55 165.90 2.50 2452.40 2103.78 31 (X)*(Y) 0.30 2083.10 149.30 1.85 163.59 16.96 15.75 2205. Observations: Analysis for equity share performance of DABUR in NSE has done for the above mentioned period in comparison with the market return.47 4.82 8.59 0.01 3.16 3.75 4.11 7.04 2.32 -0.17 17.59 2.06 3.80 156.36 9.72 1.PORTFOLIO ANALYSIS Description: Calculation of BETA for DABUR INDIA LIMITED.21 6. It was found that It’s return is almost same as that of market return.97 6.40 2486.30 -0.03 -1.63 13.41 0.28 27.33 11.40 2299.90 158.49 0.75 1.15 2588.22 22.70 -1.94 9.60 2172.68 -2.86 15.45 13.57 2.52 3.34 12.66 6.45 2253.65 -3.05 S&P 500 Price 1903.08 0.80 2141.14 1.65 2377.82 1.84 -4.87 1.72 20.81 5.99 54.25 2346.68 -0.51 0.36 8.30 2.52 3.33 0.82 0.70 151.85 156.25 2464.34 12. from 27 th June 2005 (Monday) to 26th June 2006(Monday).64 1.14 -1.15 168.

55 2634.25 4.21 211.00 2812.67 0.45 23.88-761.13 6.15 3.99 3.84 -0. It is determined by taking the square root of from the coefficient of determination(r2 ).05 2780.56 14.20 No.80 2418.80 2611.22 0.71 2.45 21.40 4.(∑X)2 (33705.55 131. Time slot: A duration of one year (i.95 110.75 -1.60 2598.95 127.95 2660.35 117. of Observations(n)=52 -4.97 ∑X=28.02 -4.9916)=1.65 14.007 is equal to the market.91 -13.29 0.75 2974.40 30.77 0. Description: The coefficient of correlation describes how well one variable is explained by the another .17 1.93 6.60 108.90 3100.27 -1.67 -3.89 71.21 3.28 94.90 3024.47 1.72 4.14 0.37 42.65 46.70 2441.(∑X)(∑Y) BETA =-------------------------------n(∑X2) .38 32.67 3. from 1st Jul 2003 to 30th June 2004) as the past data and present data for the stock is taken from 1st Jul 2005 to 30th Jun 2006.80 0.55 0.38 3.92 22.58 47.93 18.13-Feb-06 20-Feb-06 27-Feb-06 6-Mar-06 13-Mar-06 20-Mar-06 27-Mar-06 3-Apr-06 10-Apr-06 17-Apr-06 24-Apr-06 2-May-06 8-May-06 15-May-06 22-May-06 29-May-06 5-Jun-06 12-Jun-06 19-Jun-06 26-Jun-06 114.82 -14.51 2.78 -2.15 173.70 ∑XY=648.56 4.85 130.35 2.57 6.98 39.89 4.90 117.50 2851.83 -6.31 1.80 -0. Calculations: 32 .0934) ---------------------------(33510.83 7.37 1.93 ∑Y=26. The sign of “r” indicates the direction of the relationship between the two variables X (MARKET RETURN) and Y (STOCK RETURN ).22 -7.3684) BETA = (32944.83 5.28 6.36-796.7866/32713.e.40 -0.87 24.95 132.70 2761.70 3163.75 152.69 1.18 4.50 119. hence it indicates that the BETA of DABUR is neutral to market.57 ∑X2=644.63 95.16 -2.30 2737.78 23.25 9.90 15.10 2994..26 191.50 -9.07 24.41 0. Title: Analysis for the coefficient of correlation of DABUR INDIA LIMITED.05 25.75 2.93 1.77 48.90 219.60 149.83 -2.18 20.45 127.81 0.68 2.52 215.00 12.94 -0.60 125.15 152.40 157.22 6.46 2.56 245.25 3007.43 ∑XY) .68 -1.60 0.007 The BETA of 1.95 18.65 121.95 123.55 2559.65 -3.88 8.45 131.1 9 1.55 2310.46 -14.28 4.60 136.04 10.30 2943.

7025 21097.9025 20363.3225 4442.69 4199.45 64.25 151.2 145.7425 9099.76 3868.05 163.73 9946.8 50.0625 3197.95 134.1225 3237.0625 18482.4025 2840.04 23028.56 22500 22440.55 Dabur Date 1-Jul-05 4-Jul-05 5-Jul-05 6-Jul-05 7-Jul-05 8-Jul-05 11-Jul-05 12-Jul-05 13-Jul-05 14-Jul-05 15-Jul-05 18-Jul-05 19-Jul-05 20-Jul-05 21-Jul-05 22-Jul-05 25-Jul-05 26-Jul-05 27-Jul-05 29-Jul-05 1-Aug-05 2-Aug-05 3-Aug-05 4-Aug-05 5-Aug-05 8-Aug-05 9-Aug-05 10-Aug-05 11-Aug-05 12-Aug-05 16-Aug-05 17-Aug-05 18-Aug-05 19-Aug-05 22-Aug-05 23-Aug-05 24-Aug-05 25-Aug-05 26-Aug-05 29-Aug-05 30-Aug-05 31-Aug-05 1-Sep-05 2-Sep-05 5-Sep-05 6-Sep-05 8-Sep-05 9-Sep-05 12-Sep-05 13-Sep-05 Present Stock price (X) 132.61 24040.05 64.8 151.07 8488.2025 18063.36 7286.25 151.9025 3243.475 7632.48 8406.5625 2636.05 54.6 133.61 9810.85 53.81 2932.5875 7680.3 51.45 146.21 22876.4 156.95 62.1 151.1225 3794.5625 4225 3794.13 9774.0625 3158.8025 23164.04 4251.935 8256.8425 7647.44 22590.88 7281.15 148.2 58.3025 18428.75 51.75 135.75 153.7 141.5625 4231.1 60.75 157.69 19460.85 56.75 153.81 20894.2 62.0625 23562.4225 2846.3225 21345.Dabur Date 1-Jul-03 2-Jul-03 3-Jul-03 4-Jul-03 7-Jul-03 8-Jul-03 9-Jul-03 10-Jul-03 11-Jul-03 14-Jul-03 15-Jul-03 16-Jul-03 17-Jul-03 18-Jul-03 21-Jul-03 22-Jul-03 23-Jul-03 24-Jul-03 25-Jul-03 28-Jul-03 29-Jul-03 30-Jul-03 31-Jul-03 1-Aug-03 4-Aug-03 5-Aug-03 6-Aug-03 7-Aug-03 8-Aug-03 11-Aug-03 12-Aug-03 13-Aug-03 14-Aug-03 18-Aug-03 19-Aug-03 20-Aug-03 21-Aug-03 22-Aug-03 25-Aug-03 26-Aug-03 27-Aug-03 28-Aug-03 29-Aug-03 1-Sep-03 2-Sep-03 3-Sep-03 4-Sep-03 5-Sep-03 8-Sep-03 9-Sep-03 Past Stock Price (Y) 52.3 151.35 149.21 24258.5625 22982.15 145.2325 7805.8225 2580.09 2657.04 3387.25 63.6225 4395.2475 8098.5625 9661.1225 22230.09 7807.6 62.5025 .2 56.55 56.5 140.16 24617.1025 23731.6 150 149.2 150.105 7400.15 33 (X)*(Y) 6978.9025 22605.255 8625.9225 Y2 2793.89 2943.69 2688.16 17702.6625 7458.3025 23134.2825 9654.4425 10216.05 9911.4025 22846.45 150.85 61.4875 10227.45 154.65 52.8025 26617.2225 2714.56 4153.2225 4617.95 134.8 65.95 56.4 149.7025 24149.5625 3844 3751.35 50.65 66.95 155.29 19923.3225 21097.3 64.6225 2782.15 52.1 51.24 3375.61 2959.9 155.4425 7798.6375 10177.25 19866.0025 4000.41 9082.3 54.2 63.16 22335.0775 8757.25 62 61.8025 4179.95 152.08 10033.1 144.96 7560.05 135.75 65.2225 2986.45 151.1025 23088.6025 3918.05 151.25 158.555 7445.09 22937.3025 2932.3 139.25 56.0625 23546.4 54.2 9561.4375 9771.6575 7072.23 8663.55 53.85 146.85 8171.9 54.2225 2814.3225 22156.41 2631.755 9706.15 158.0625 24979.65 66.25 152.225 9402.2 58.125 9913.05 63.36 2926.86 7204.0325 X2 17437.76 24367.85 60.95 142.84 21141.04 4089.2025 4192.3025 3231.3 51.6 156.61 3606.9225 3624.6 62.4 133.36 17942.25 56.1225 25043.5625 22861.95 64.1 54.05 134.5625 24837.5025 24696.9375 9854 9240 9654.25 23393.65 67.55 145.1 151.56 3912.5 152.4025 18076.45 152.5625 23332.75 65 61.6 64.8025 21403.64 2530.575 6974.44 3164.5625 4051.84 3950.15 54.0125 9735.5025 4192.6025 18117.35 53.05 157.235 6971.88 10205.9775 9404.16 10132.41 22937.5625 8601.1 155.

45 174.22 10208.4025 27159.1875 11537.9 166.84 9699.85 172.69 30206.3 165.5625 3289.7 65.5625 10742.69 3837.75 165.44 26098.6025 5241.04 3528.15 59.01 32508.5025 30171.6 174.55 59.09 30642.9125 12794.45 160.4225 5097.36 30467.6025 29070.1 64.3 175.9 180.35 57.36 28140.25 69.75 58.76 5234.0625 27175.09 4257.8 161.24 3696.3625 9984.61 4186.185 10206.04 3987.0225 12344.165 11108.955 10604.7225 3570.71 11905.0625 4872.0875 12487.1625 10941.05 73.6 60.15 164.7 64.6225 29087.65 71.21 3757.04 5033.5 167.55 170.09 4153.16 3636.5125 10499.35 167.3025 3546.5225 27027.6 60.0625 29053.25 174.15 171.9 166.45 59.85 162.25 66.015 11863.5225 4186.7225 28106.5 167.41 28190.2 12143.65 155 150.09 27423.41 27639.45 9843.25 170.94 11749.3 26536.8 57.65 163.85 64.2 63.09 4664.86 12945.8 60.75 61.15 164.75 59.3 60.25 25249.9025 5270.5625 26634.25 173.24 4942.24 27738.0625 27506.0625 3794.4 72.89 27722.005 12346.2 166.5075 9237.5 57.8 163.5625 4389.6 73.3 59.05 165.8025 4205.75 163.21 27939.56 3868.33 10678.8 70.76 5336.69 3714.4975 10846.8 60.04 9459.45 64.7 173.92 10729.10-Sep-03 11-Sep-03 12-Sep-03 15-Sep-03 16-Sep-03 17-Sep-03 18-Sep-03 19-Sep-03 22-Sep-03 23-Sep-03 24-Sep-03 25-Sep-03 26-Sep-03 29-Sep-03 30-Sep-03 1-Oct-03 3-Oct-03 6-Oct-03 7-Oct-03 8-Oct-03 9-Oct-03 10-Oct-03 13-Oct-03 14-Oct-03 15-Oct-03 16-Oct-03 17-Oct-03 20-Oct-03 21-Oct-03 22-Oct-03 23-Oct-03 24-Oct-03 25-Oct-03 27-Oct-03 28-Oct-03 29-Oct-03 30-Oct-03 31-Oct-03 3-Nov-03 4-Nov-03 5-Nov-03 6-Nov-03 7-Nov-03 10-Nov-03 11-Nov-03 12-Nov-03 13-Nov-03 14-Nov-03 15-Nov-03 17-Nov-03 18-Nov-03 19-Nov-03 20-Nov-03 21-Nov-03 61.9225 31987.5 168.54 12306.45 59.15 61.36 3534.38 10415.16 3751.7225 3794.25 30450.09 3552.4 59.55 174.9 10282.5625 30590.4225 3800.8025 3981.5225 4774.1225 27010.64 26830.5 174.15 165.95 60.0625 30363.65 165.85 170.9025 28917.99 10730.5 14-Sep-05 15-Sep-05 16-Sep-05 19-Sep-05 20-Sep-05 21-Sep-05 22-Sep-05 23-Sep-05 26-Sep-05 27-Sep-05 28-Sep-05 29-Sep-05 30-Sep-05 3-Oct-05 4-Oct-05 5-Oct-05 6-Oct-05 7-Oct-05 10-Oct-05 11-Oct-05 13-Oct-05 14-Oct-05 17-Oct-05 18-Oct-05 19-Oct-05 20-Oct-05 21-Oct-05 24-Oct-05 25-Oct-05 26-Oct-05 27-Oct-05 28-Oct-05 31-Oct-05 1-Nov-05 2-Nov-05 7-Nov-05 8-Nov-05 9-Nov-05 10-Nov-05 11-Nov-05 14-Nov-05 16-Nov-05 17-Nov-05 18-Nov-05 21-Nov-05 22-Nov-05 23-Nov-05 24-Nov-05 25-Nov-05 26-Nov-05 28-Nov-05 29-Nov-05 30-Nov-05 1-Dec-05 162.5225 26863.0025 27274.9 167.25 27939.8 70.89 4692.0025 25808.2875 10626 10853.85 61.4 167.3025 5409.25 164.3225 27274.3 68.55 164.25 28173.4 71.1225 29480.8 34 10067.01 27722.17 9890.4225 24025 22740.855 10547.25 3335.55 72.9 9840.64 3624.95 63.3025 30537.5225 27324.8 162.25 61.0625 3534.32 10008.56 3624.6 62.7025 30015.925 10917.1 70.85 166.35 178.75 174.9475 11785.1475 9813.3 68.1 61.84 3825.32 12672.21 26781.2025 3552.44 3335.95 170.2 53.3025 3498.2025 30485.25 27639.3 61.25 .81 4991.35 69.7 64.09 4186.33 12655.5625 30258.0625 3457.2625 9316.3225 29756.665 10077.25 57.55 173.25 8778.9 167.25 28341.375 8951.5 158.16 28866.2 59.9 163.95 72.0225 3306.96 5155.96 9926.0675 9721.5625 3733.5 166.9225 3757.2 61.05 173.2225 27722.6 169.65 61.5625 10090.72 10224.1 9937.25 8867.04 26487.3025 10686.45 9604.44 3819.72 10510.6 61.5225 26390.04 2835.7 166.9025 3624.

9 72.95 92.1025 7621.5 189.6 112.65 14815.21 13983.55 84.7025 8770.6025 7174.95 72.8 2-Dec-05 5-Dec-05 6-Dec-05 7-Dec-05 8-Dec-05 9-Dec-05 12-Dec-05 13-Dec-05 14-Dec-05 15-Dec-05 16-Dec-05 19-Dec-05 20-Dec-05 21-Dec-05 22-Dec-05 23-Dec-05 26-Dec-05 27-Dec-05 28-Dec-05 29-Dec-05 30-Dec-05 2-Jan-06 3-Jan-06 4-Jan-06 5-Jan-06 6-Jan-06 9-Jan-06 10-Jan-06 12-Jan-06 13-Jan-06 16-Jan-06 17-Jan-06 18-Jan-06 19-Jan-06 20-Jan-06 23-Jan-06 24-Jan-06 25-Jan-06 27-Jan-06 30-Jan-06 31-Jan-06 1-Feb-06 2-Feb-06 3-Feb-06 6-Feb-06 7-Feb-06 8-Feb-06 10-Feb-06 13-Feb-06 14-Feb-06 15-Feb-06 16-Feb-06 17-Feb-06 20-Feb-06 177.1225 49128.8375 11981.5125 10514.6025 12712.75 192.5 68.4 84.3225 6980.5625 8408.24 8445.4675 20757.2 86.84 30363.96 13935.3 90.05 116.5625 12067.6025 7191.0625 13225 13156.5625 37094.2 174.05 89.7 94.21 32978.8875 18858.9 94.075 10907.14 9941.41 5936.9 91.69 8235.92 21152.95 84.3 84.85 205.0225 8262.9 91.795 10024.6025 39144.7 195.84 5829.81 45689.85 221.65 210.49 48818.1 92.9 16999.9 213.8 76.7025 6052.56 36500.64 11696.5625 8939.6 10500.1 9221.9 77.15 108.4225 11772.2 220.95 35 11961 11944.7175 14701.0025 8584.95 71.3225 8118.15 88.65 93 88.05 110.95 108.6 223.0625 13853.2 18881.61 14723.3 194.41 12984.1025 4556.88 9612.36 7047.895 19539.8025 8091.29 7123.25 117.75 91.41 4893.9 113.5625 38592.44 8281 7912.595 9862.55 68.9 69.7225 48929.85 108.61 8958.9 181.9225 7525.5 107.76 5314.525 10196.24-Nov-03 25-Nov-03 27-Nov-03 28-Nov-03 1-Dec-03 2-Dec-03 3-Dec-03 4-Dec-03 5-Dec-03 8-Dec-03 9-Dec-03 10-Dec-03 11-Dec-03 12-Dec-03 15-Dec-03 16-Dec-03 17-Dec-03 18-Dec-03 19-Dec-03 22-Dec-03 23-Dec-03 24-Dec-03 26-Dec-03 29-Dec-03 30-Dec-03 31-Dec-03 1-Jan-04 2-Jan-04 5-Jan-04 6-Jan-04 7-Jan-04 8-Jan-04 9-Jan-04 12-Jan-04 13-Jan-04 14-Jan-04 15-Jan-04 16-Jan-04 19-Jan-04 20-Jan-04 21-Jan-04 22-Jan-04 23-Jan-04 27-Jan-04 28-Jan-04 29-Jan-04 30-Jan-04 3-Feb-04 4-Feb-04 5-Feb-04 6-Feb-04 9-Feb-04 10-Feb-04 11-Feb-04 67.89 7123.7 86.85 14040.56 49840.7 115.5 116.05 77.9 67.355 9929.05 192.65 90.105 18569.8 91.635 17954.6 114.955 9492.25 115 114.6225 9072.4 83.56 7131.3225 5844.45 88.745 19226.9225 44478.5625 37655.69 8977.15 93.8025 11924.61 8427.49 38122.35 76.95 83.73 19655.09 12904.05 9711.16 12746.1025 35910.6 118.9075 9238.7025 12210.05 189.81 8445.5625 9053.035 9516.9375 21070.6025 6955.8 91 88.7 220.7 113.36 10337.05 13842.3 18272.4 83.75 194.7975 16542.5625 49662.64 13363.29 16830.25 194.8125 19854.35 83.6 72.0625 37927.985 10269.5625 7047.0225 11870.5475 10148.9025 11674.49 44142.89 7752.01 42436 45881.44 48708.2 221.0225 8649 7867.75 83.6025 5829.85 198 200.0625 45924.25 222.75 214.71 12330.95 112.25 13479.8025 13514.44 7447.1 118.45 76.75 94.55 93.65 90.6 184.29 13363.5225 19930.04 .3 84.2 108.4025 36979.65 221.25 11459.64 49106.25 173.75 109.625 9933.6 191.25 36005.29 37966.55 9477.1025 4747.6225 42291.96 31399.09 7430.2 189.25 196.6025 6938.5225 39204 40280.0025 5169.9475 13625.56 9938.95 87.36 13133.12 20447.1 206 214.05 109.45 197.25 95.855 20084.7025 5270.4225 7867.65 95.2625 14138.64 35815.75 10185.95 83.25 4699.335 14876.3 210.8025 7885.54 14192.7 88.36 6913.61 5321.21 4610.0625 30241.01 8584.15 86.55 16953.76 33929.69 7770.7 88.5225 8826.

0725 9199.6 79.5 111.95 73.96 15079.09 6544.15 75.55 85.3975 9541.1225 5760.29 6520.35 84.75 112.35 116.89 6408.04 7284.0625 17424 16576.4775 9831.49 14762.7 73.8125 11934 11622.8025 7259.5025 17862.5625 14304.09 5944.25 123.0675 9809.75 72.85 112.05 76.445 9991.49 6448.15 70.1225 12836.4 131.37 8392.275 9040.92 10332.4025 4991.75 119.45 128.5 118.6225 16281.6225 7199.75 132 128.76 9716.56 13900.5325 12946.81 .1 79.78 10017.32 8485.25 111.0625 25281 24492.3 77.41 6130.88 9349.7025 5898.45 36 9346.7375 12972.15 156 154.81 6376.3375 9414.7 84.47 9174.15 77.5 75.85 127.4 122.75 75.3 80.5625 15227.69 6209.25 12510.09 7276.65 133.105 11935.44 17569.3825 9346.25 5677.84 15376 15737.1325 8675.05 157.64 4886.55 70.41 13053.6 9926.2 78.49 6256.4 111.2025 6288.45 131.6225 6432.25 110.8225 24336 23793.8025 6625.61 17569.58 10222.81 6076.4 120.21 16345.0625 26163.7 78.6 121.4675 9593.5025 5431.3 82.65 119.8 124 125.69 5119.44 6376.29 7131.45 79.2 80.0625 13537.1025 16615.75 76.16 14737.5225 7174.09 6839.1 78.62 9547.5025 19390.1 132.24 5715.7025 17358.535 10318.7 121.6 74.9 71.56 14568.2 69.89 13841.8 79.76 17715.5625 6691.6 117.8 73.6625 8449.725 9146.0225 6593.2625 9537.35 110.8 75.3225 13595.95 80.84 5439.6 133.2 132.1025 6472.1 136.69 5416.3 79.2725 10819.81 5083.24 6288.1225 12188.81 6264.5625 5299.725 13161.04 6544.47 10039.645 9417.01 8639.3 80.0025 12177.9 127.0225 5005.85 78.725 9395.96 17213.7 80.4225 12645.9 21-Feb-06 22-Feb-06 23-Feb-06 24-Feb-06 27-Feb-06 28-Feb-06 1-Mar-06 2-Mar-06 3-Mar-06 6-Mar-06 7-Mar-06 8-Mar-06 9-Mar-06 10-Mar-06 13-Mar-06 14-Mar-06 16-Mar-06 17-Mar-06 20-Mar-06 21-Mar-06 22-Mar-06 23-Mar-06 24-Mar-06 27-Mar-06 28-Mar-06 29-Mar-06 30-Mar-06 31-Mar-06 3-Apr-06 4-Apr-06 5-Apr-06 7-Apr-06 10-Apr-06 12-Apr-06 13-Apr-06 17-Apr-06 18-Apr-06 19-Apr-06 20-Apr-06 21-Apr-06 24-Apr-06 25-Apr-06 26-Apr-06 27-Apr-06 28-Apr-06 29-Apr-06 2-May-06 3-May-06 4-May-06 5-May-06 8-May-06 9-May-06 10-May-06 11-May-06 109.67 12414.29 14580.7 85.3225 17715.74 8276.35 80.55 139.65 69.5625 12210.1 77.9025 24885.925 12529.01 4921.8 79.3 117.3 71.96 9288.15 77.0625 5670.9025 7318.49 13853.96 6256.9 79.5625 5852.45 110.5625 17279.6 119.4225 5936.04 10377.0025 6107.7225 5952.525 12296.3 80.1025 13064.25 24382.6625 9785.05 78.95 77.9 70.9 114.2 12496.5225 14220.86 8614.0625 26715.16 14304.37 9616.5625 24289.6 9546.0625 12735.75 81.12-Feb-04 13-Feb-04 16-Feb-04 17-Feb-04 18-Feb-04 19-Feb-04 20-Feb-04 23-Feb-04 24-Feb-04 25-Feb-04 26-Feb-04 27-Feb-04 1-Mar-04 3-Mar-04 4-Mar-04 5-Mar-04 8-Mar-04 9-Mar-04 10-Mar-04 11-Mar-04 12-Mar-04 15-Mar-04 16-Mar-04 17-Mar-04 18-Mar-04 19-Mar-04 22-Mar-04 23-Mar-04 24-Mar-04 25-Mar-04 26-Mar-04 29-Mar-04 30-Mar-04 31-Mar-04 1-Apr-04 2-Apr-04 5-Apr-04 6-Apr-04 7-Apr-04 8-Apr-04 12-Apr-04 13-Apr-04 15-Apr-04 16-Apr-04 17-Apr-04 19-Apr-04 20-Apr-04 21-Apr-04 22-Apr-04 23-Apr-04 27-Apr-04 28-Apr-04 29-Apr-04 30-Apr-04 85.75 131.08 10020.0225 6201.625 10292.4 78.45 81.61 18604.75 116.85 159.85 113.55 133.12 9241.2 85.85 81.96 6193.25 155.25 14054.55 114.2225 25296.25 161.4225 4788.85 84.35 13223.2025 6037.44 6233.75 159 156.5625 9939.575 9011.42 8773 9132.75 163.36 5617.7 120.16 12488.0625 12488.3 117.5 156.

2025 16628.7025 4795.81 45924.85 81.05 134.44 25632.24 6304.58 12929.9225 4495.25 22515.15 141.29 3776.95 126.49 5416.985 11080.95 76.7 134.5 76.96 5241.3 115.85 142.25 2775531.55 130.41 5798.3 214.3125 10288.915 9007.01 8820.3 62.635 9965.85 84.75 215.55 72.55 62.2 79.21 19182.6025 13759.01 10438.9075 11021.15 68.4 2 X2 Y2 X MeanX= ∑ Y 18335.4 74.5625 46526.35 79.9 125.55 76.55 134.36 4468.1925 10389.85 = = 71.1 74.5925 9532.91 n 255 151.36 15363.85 129.1025 16460.325 10922.38 13613.2 160.25 68.36 10707.775 10225.49 16770.6 131.55 18335.35 78.15 74.96 18523.765 9690.29 46053.3225 16537.95 63.48 − 255 x(151.6 133.4 66.4225 20249.1 144.96 17569.8025 5921.95 128.81 5557.6225 6201.21 29104.1 76.21 − 255 x151.29 13444.85 161.81) 2   2   ∑X − n X   37 .4 216.4025 16913.01 20938.7025 3912.6725 10584.4275 9005.9 63.7 210.2225 20121.345 10164.55 130.7 129.25 = = 151.69 8268.3 112.09 8998.4225 5402.31 10546.45 60.91 12-May-06 15-May-06 16-May-06 17-May-06 18-May-06 19-May-06 22-May-06 23-May-06 24-May-06 25-May-06 26-May-06 29-May-06 30-May-06 31-May-06 1-Jun-06 2-Jun-06 5-Jun-06 6-Jun-06 7-Jun-06 8-Jun-06 9-Jun-06 12-Jun-06 13-Jun-06 14-Jun-06 15-Jun-06 16-Jun-06 19-Jun-06 20-Jun-06 21-Jun-06 22-Jun-06 23-Jun-06 25-Jun-06 26-Jun-06 27-Jun-06 28-Jun-06 29-Jun-06 30-Jun-06 3-Jul-06 4-Jul-06 5-Jul-06 6-Jul-06 7-Jul-06 10-Jul-06 X 170.95 133.5625 4658.65 77.36 17848.4275 11111.89 3881.5225 5520.9125 13675.6225 5707.81 X = ( )( ) ( ) (X)*(Y) ∑ X 38712.29 5140.1825 13436.1 138.4025 15964.35 124.85 67.15 134.35 128.3025 5882.49 6096908.9225 18198.5625 6376.08 13210.02 13448.75 79.95 117.6025 18184.5025 6781.7375 9347.7 75.76 5490.2225 7056 6814.5225 15475.3 75.81x71.3225 16887.25 65.55 82.56 9184.85 134.695 8744.55 128.6 72.6 152.48 6376.09 18103.89 5647.35 75.1025 3714.465 38712.3 73.59 13369.0225 6634.5225 6328.4 64.45 83.3 61.5 150.89 5677.7 75.44 10493.36 23363.25 16371.0625 4342.96 9006.6 136.45 83.25 5821.89 12622.95 143.025 9813.5025 1351362.2225 5944.69 5677.9 214.95 128.0025 22485.91  = −0.6 132.1225 25985.81 n 255  ∑XY − n X Y  =  2775531.5 127.41 12908.0025 17996.3-May-04 4-May-04 5-May-04 6-May-04 7-May-04 10-May-04 11-May-04 12-May-04 13-May-04 14-May-04 17-May-04 18-May-04 19-May-04 20-May-04 21-May-04 24-May-04 25-May-04 26-May-04 27-May-04 28-May-04 31-May-04 1-Jun-04 2-Jun-04 3-Jun-04 4-Jun-04 7-Jun-04 8-Jun-04 9-Jun-04 10-Jun-04 11-Jun-04 14-Jun-04 15-Jun-04 16-Jun-04 17-Jun-04 18-Jun-04 21-Jun-04 22-Jun-04 23-Jun-04 24-Jun-04 25-Jun-04 28-Jun-04 29-Jun-04 30-Jun-04 Y n= MeanY= Y = 79.4 11944.0225 7131.2025 5875.5025 16602.85 255 71.295 9690.55 76.6 210.49 44478.04 b = 2   6096908.15 73.35 84 82.0025 20491.16 46980.0025 17835.715 8383.715 9496.4 123.1025 6922.56 4166.05 69.16 17305.7025 5227.8225 4644.9625 9155.23 10240.7025 17056.01 15800.8025 6947.185 9059.3 13622.595 13404.16 44268.81 4006.9025 4019.3 71.05 149.5225 18117.

1 Conclusion: From the above value of “r = 0.42 − 255 x (71.91) 2  =   1351362. 38   = 0.( ) a =Y −b X = 71.81 = 77.91 −( −0.49 coefficient of determination : r2 ( )  a Y +b ∑ ∑XY − n Y r 2 = 2  2 ∑(Y ) − n Y  ( ) 2   77.49 x(18335.85) + ( −0.91) 2   Coefficient of correlation (r)= √ r2 = √0.10” which indicates that past Stock is almost independent with the present stock for DABUR.21 − 255 x( 71.04)151.01   .01 = 0.04) x 2775531.

which is reflected in the findings and suggestion to cover all the objectives. Though the project is design for summer training but the scholar has opened a few new dimensions towards business development for the company. and its competitor. Dabur India Ltd. is having perfect brand name but only requirement is to reach the target mass in selected consumer markets. 39 .CONCLUSION This summer training project has met the objective set by the scholar to study by the awareness level for Dabur India Ltd. The scholar is confident about the tabulation and interpretation.

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