Date Adj Close of TCS RETURN NIFTY IT RETURN 91 DAY T BILL

1/1/2015 1057.40 7.69% 11824.15 6.18% 8.23

2/1/2015 1138.76 -4.07% 12554.95 -3.76% 8.36
3/1/2015 1092.38 -3.53% 12083 -8.18% 8.27
4/1/2015 1053.79 5.95% 11094.4 4.33% 7.94
5/1/2015 1116.49 -2.27% 11575.05 -4.64% 7.85
6/1/2015 1091.10 0.27% 11037.4 5.04% 7.69
7/1/2015 1094.07 2.56% 11594.15 0.10% 7.48
8/1/2015 1122.11 0.94% 11605.7 3.67% 7.44
9/1/2015 1132.61 -3.59% 12032.1 -4.53% 7.06
10/1/2015 1091.97 -4.04% 11486.9 -0.63% 7.1
11/1/2015 1047.84 2.67% 11414.45 0.00% 7.14
12/1/2015 1075.78 -1.87% 0 0.00% 7.23
1/1/2016 1055.67 -8.53% 0 0.00% 7.31
2/1/2016 965.63 15.78% 0 0.00% 7.35
3/1/2016 1118.01 0.60% 830 27.71% 7.27
4/1/2016 1124.75 1.34% 1060 2.64% 6.81
5/1/2016 1139.79 -0.63% 1088 0.00% 6.85
6/1/2016 1132.56 4.74% 0 0.00% 6.73
7/1/2016 1186.29 -3.63% 0 0.00% 6.56
8/1/2016 1143.29 -3.21% 0 0.00% 6.56
9/1/2016 1106.64 -1.32% 0 0.00% 6.36
10/1/2016 1092.02 -4.60% 0 0.00% 6.36
11/1/2016 1041.77 3.93% 0 0.00% 5.94
12/1/2016 1082.73 -5.74% 10399.25 -5.30% 6.27
1/1/2017 1020.59 11.24% 9848.5 8.45% 6.23
2/1/2017 1135.27 -1.40% 10680.95 0.21% 6.15
3/1/2017 1119.42 -6.52% 10703.25 -7.10% 5.82
4/1/2017 1046.38 12.03% 9943.7002 6.09% 6.19
5/1/2017 1172.26 -7.23% 10549.1 -3.74% 6.31
6/1/2017 1087.45 6.66% 10155.05 5.92% 6.27
7/1/2017 1159.86 0.47% 10755.75 -1.84% 6.15
8/1/2017 1165.26 -2.42% 10558.25 -0.79% 6.11
9/1/2017 1137.06 7.72% 10475.35 3.46% 6.11
10/1/2017 1224.84 0.77% 10837.9 2.56% 6.11
11/1/2017 1234.26 2.43% 11115.35 4.95% 6.15
12/1/2017 1264.31 15.22% 11665.75 11.32% 6.19
1/1/2018 1456.75 -2.25% 12986.4 -1.37% 6.4
2/1/2018 1423.94 -6.13% 12809 -2.32% 6.36
3/1/2018 1336.71 23.97% 12511.55 11.79% 6.11
4/1/2018 1657.13 -1.42% 13986.25 -2.29% 6.19
5/1/2018 1633.68 7.01% 13666 2.37% 6.4
6/1/2018 1748.22 5.00% 13989.5 4.28% 6.52
7/1/2018 1835.69 7.34% 14587.8 8.39% 6.69
8/1/2018 1970.41 5.07% 15811.4 0.17% 6.81
9/1/2018 2070.24 -11.24% 15838.05 -5.67% 7.19
10/1/2018 1837.45 1.77% 14940.1 -2.02% 6.94
11/1/2018 1869.91 -3.82% 14638.05 -1.35% 6.77
12/1/2018 1798.47 6.39% 14440.3 7.33% 6.65
1/1/2019 1913.47 -1.31% 15499.3 1.50% 6.56
2/1/2019 1888.39 0.92% 15732 -0.66% 6.4
3/1/2019 1905.72 12.92% 15628.2 6.89% 6.31
4/1/2019 2152.02 -2.82% 16705.4 -3.26% 6.44
5/1/2019 2091.28 1.40% 16160.65 -1.39% 6.19
6/1/2019 2120.46 -0.16% 15936.45 -1.98% 6.03
7/1/2019 2116.99 2.68% 15620.2 2.50% 5.65
8/1/2019 2173.78 -7.09% 16010.4 -2.94% 5.41
9/1/2019 2019.57 8.11% 15540.15 0.12% 5.41
10/1/2019 2183.45 -7.73% 15559.4 -3.61% 5.04
11/1/2019 2014.65 -100.00% 14998.05 -100.00% 4.99
-0.53% 6.6
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.928445
R Square 0.862011
Adjusted R 0.85959
Standard E 0.055329
Observatio 59

ANOVA
df SS MS F Significance F
Regression 1 1.090054 1.090054 356.0751 3.458E-26
Residual 57 0.174494 0.003061
Total 58 1.264548

Coefficients
Standard Error t Stat P-value Lower 95%Upper 95%
Lower 95.0%
Upper 95.0%
Intercept 0.00121 0.007208 0.167877 0.867274 -0.013224 0.015645 -0.013224 0.015645
X Variable 0.960281 0.050889 18.86995 3.458E-26 0.858377 1.062185 0.858377 1.062185
CAPM FORM
COSTOF EQUITY = RISK FREE RATE OF RETURN + BETA

BETA 0.96 COST OF EQUITY = -0.246

RF RETURN 6.57
MKT RATE -0.53
INTEREST EXPENSES ( IN 2.1
TOTAL DEBT ( IN CRORES 125.59

COST OF DEBT 1.672107652

1.67%
COST OF DEBT IS 1.67%
 Equity (crore) 301.1
Debt (crore) 145.45
Equity + Debt 446.5
Equity% 69.73443223
Debt% 30.26556777

Cost of Equity 1.70%

Cost of Debt 1.67%
Tax Rate 23.10%

WACC 0.45623

WACC = (COST OF EQUITY* % OF EQUITY) + (COST OF DEBT* % OF DEBT)*(1-TAX RATE)