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Market Share of Automobile 1. Characteristic line of Maruti Suzuki 9 4. Security Market Line 1.4. Maruti Suzuki 8 4.1. Tata Motors 3.3. Analysis of Stock price 12 3 |Page 3 3 3 4 5 5 .1. Maruti Suzuki Stock Price Chart 8 4.2.2.INDEX 1.3. Hindustan Motors 11 5. Characteristic line of Hindustan Motor 12 5. Analysis of Stock price 9 4. Tata Motor Stock Price Chart 6 3.3.1.2. Hindustan Motor Stock Price Chart 11 5.2. Characteristic line of Tata Motors 6 3.3. Capital Structure of three companies 2. Executive Summary 1. Net Present Value 10 5. Methodology 3. Analysis of Stock price 7 3. Net Present Value 7 4.4.1.

4. Observation 14 7. Net Present Value 13 6.5. Inference 14 Appendix A (Tata Motors) 16 Appendix B (Maruti Suzuki) 19 Appendix C (Hindustan Motors) 22 4 |Page .

For this purpose. Maruti Suzuki and Hindustan Motor.1. 3 BSE listed companies were chosen. Executive Summary This study analyses the risk and return pattern in the Indian auto industry. 1. Market Share of Auto industry has been shown below. Tata Motors. Maruti Suzuki is market leader and Hindustan Motor is the smallest player as per market share.2 Security Market Line Risk free rate Market rate 5 |Page 5.1 Market Share of Automobile 1. namely.25% 9% .

26 7.28 13.69 Further analysis about companies is done in later sections.74 0.99 24.93 2.51 15.1. 6 |Page .47 3.60 0.7 0 5.53 0.07 0.90 14.3 Capital Structure of three companies Company Maruti Tata Hindustan Equity Cost of Cost of Debt weight weight debt(ki) equity(ke) WACC 0.91 0.

it was formerly known as TELCO (TATA Engineering and Locomotive Company). Tata Motors in 2005. which ended in 1969. Methodology Risk Return Analysis of BSE 100 Companies have been done over a 6 year period from January 2005 to October 2010. Total Risk ( Unsystematic and Market Risk). Part of theTata Group. The analysis has been done on basis of Beta. For calculating Cost of Equity CAPM Model has been used. with consolidated revenues of USD 20 billion in 2009-10. Tata Motors Tata Motors Ltd is a multinational corporation headquartered in Mumbai. Alpha.000 workers. Tata Motors has produced and sold over 4 million vehicles in India.Tata Motors is a dual-listed company traded on both the Bombay Stock Exchange. Cost of Equity. Established in 1945. Tata Motors surpassed Reliance to win the coveted title of 'India's most valuable brand' in a annual survey conducted by Brand Finance and The Economic Times. 7 |Page . was ranked among the top 10 corporations in India with an annual revenue exceeding INR320 billion. the world's second largest bus manufacturer. For Risk free rate average 91 day Tbill rates have been taken from RBI website. when the company began manufacturing locomotives. and employs 24. the company manufactured its first commercial vehicle in 1954 in collaboration with Daimler-Benz AG. Monthly Adjusted Data has been taken as from Prowess by CMIE. India. In 2010. Tata Motors is India’s largest automobile company. Debt and Weighted Average cost of capital based on debt equity ratio 3. The company is the world's fourth largest truck manufacturer. Since first rolled out in 1954. It is the leader in commercial vehicles and among the top three in passenger vehicles. as well as on the New York Stock Exchange. Tata Motors has products in the compact. midsize car and utility vehicle segments.2.

2 Characteristic line of Tata Motor 8 |Page .1 Tata Motor Stock Price Chart 3.3.

50 709.30 11.75 208.3.0 0 0.7 2 1169.00 Rang e C.09 % 44881.55 % 46227.53 Covariance Beta 491651. D.35 569.43 % Varianc e 4862.30 6.40 Cost of equity = 24.28% Cost of debt = 3.30 241.99% WACC = 13.07 2008 445.86 18.3 Minimu m Net Present Value Year 2006 2007 9 |Page Net Cash flow(PAT+Depreciatio n) NPV 2049.1 8 1.25 694.09 2007 748.51 % 27950.8 2 792.75 3067.89% 5226.15 136.33 Maximu m 653.53 2010 868.48 2009 405.2 0 0.50 .44 2499.71 950.60 149. 411.1 0 0.82 2647.7 0 706.8 0 0.29 9.90 241. 485.39% 2773.14 2006 831.75 669.9 0 0.87 18.71 10.19 Correlatio n 0.1 5 0.35 474.V.3 Analysis of Stock Price Year Mean 2005 S.45 643.60% 3.62 877.

73 10 | P a g e .08 1891.2008 2009 2010 2681.09 2094.83 14381.95 3445.87 3273.23 3126.

The company's headquarters are located in Delhi.67% 10. It was the first company in India to mass-produce and sell more than a million cars. It is the market leader in India and on 17 September 2007.20 246.842 cars.2 Characteristic line of Maruti Suzuki 4.72 406.3 Analysis of Stock Price Year Mean 2005 2006 11 | P a g e 499. Swift. The company is a subsidiary of Suzuki Motor Corporation. More than half the cars sold in India are Maruti Suzuki cars. It is listed on the Bombay Stock Exchange and National Stock Exchange in India. A star. SX4 and Sports Utility vehicle Grand Vitara.15 0. Maruti Suzuki Maruti Suzuki India Limited a partial subsidiary of Suzuki Motor Corporation of Japan. 8.35 0.15 6945. Japan. The rest is owned by public and financial institutions.97 734. Maruti Suzuki sold 764. which owns 54. over six million Maruti Suzuki cars are on Indian roads since the first car was rolled out on 14 December 1983.1 Maruti Suzuki Stock Price Chart 4.36 S. During 2007-08. The company offers a complete range of cars from entry level Maruti 800 and Alto. Estillo and sedans DZire. to stylish hatchback Ritz.10 .35 636. of which 53.024 were exported.85 981. It is largely credited for having brought in an automobile revolution to India. is India's largest passenger car company. D.50 230. accounting for over 45% of the domestic car market. In all.4.51 863. Maruti Udyog Limited was renamed Maruti Suzuki India Limited.19% Variance Min Max Range Coefficient of variation 5348. Wagon-R. 4.2 per cent of Maruti Suzuki.

12 1198.63 2010 1359.18 153192.15 1490.90% Cost of debt = 2.49% 10634.45 292.00 1698.65 3497.29 8.20 347.04 12464.78 Covariance 1017960.91% 4.57 743.54 2009 1166.77% 13.82 Cost of equity = 15.12 15657.39 2249.34 11223.30 0.44 2132.10 867.10 0.90 0.6 2010 NPV 1904.08 Beta .55 330.45 0.98 520.10% 10.51% WACC = 14.81 2680.32 12 | P a g e .5 2006 1833.56 2008 683.90 1127.4 Net Present Value Net Cash flow(PAT+Depreciation Year ) 1474.56 Correlation 0.4 2007 2299 2008 1925.10 1073.55 571.2 2009 3322.02% 9.2007 895.

45 22.01 2008 25.23 61.91 55.3 Analysis of Stock Price Year Mean 2005 32. General Motors India to make Opel Astra cars. widely used as a taxicab and as a government limousine.75 2007 37. Hindustan Motors is an automobile manufacturer from India. Hindustan and General Motors have had several tie-ups in the post independence era to produce Bedford Trucks. 30. B. when the industry was opened up from protection.36% 18.15 0.58 2006 37.54 24. a British car that dates back to 1954. Vauxhall Motors(1980 to 1990). The Place is now Called Hindmotor.50 0.09% Variance Max Min Range C. 18.60 10.05 30.55 21.90 30.57 47. Hindustan Motors Ltd.23 136. founded in 1942 by Mr. Manoj Jha is the Managing Director. moved to West Bengal.29 37. This car is based on the Morris Oxford.86 S.55 0.17 39. it was a leader in car sales until the 1980s.21 . D. Allison Transmissions and off-road equipment.77 45. 5.70% 18.5.10 11. The company was the largest car manufacturer in India before the rise of Maruti Udyog. One of the original three car manufacturers in India.05 30.17 72. Gujarat plant from Hindustan in 1999.31 0. It is the producer of the Ambassador car.80 2009 13 | P a g e 22. In 1994.M. GM and Hindustan (C K Birla) formed a 50-50 joint venture. It began in Port Okha near Gujarat. and in 1948.2 Characteristic line of Hindustan Motors 5. Birla.17% 19.26 12. It is part of the Birla Technical Services industrial group. GM bought out the Halol. V.84 0.50 24.06% 17.05 23.1 Hindustan Motors Stock Price Chart 5.

0660273 9 -42.02 87.30 19.88% Correlation Covariance 0.38 68.98 47.08 .06 2484.884873 3 14 | P a g e 0.59 NPV 122.167517 2 -71.69% 5.85 -40.31 3.2010 22.55 5.78 25.889625 365.4 Net Present Value Net Cash flow(PAT+Depreciation Year ) 2006 2007 2008 2009 2010 -94.0% Cost of debt = 7.70% WACC = 5.1503400 5 -58.41 Cost of equity = 0.6113636 3 -38.75 Beta 1.96 12.

Also the cost of debt of Hindustan Motors is higher compared to that of the other two companies as well as that of the market.75 Coefficient of variation 0. Inference From the observation table we see that the cost of debt of Hindustan Motors is 0%.28% 0% 11.0097 0.88 7.82 1.72 Beta 1.41 6. in the sense that they both tend to be above their respective averages together.80% Variance 27950.6.32 -365.) 868.19 0. or both tend to be below their respective averages together.0057 0.91% 5. Beta analysis An asset with a Beta of zero means that its returns change independently of changes in the market's returns.4 0.08 0.6% 14.99% 2.96 Standard deviation 10. This is because Hindustan Motors doesn’t give any dividend.51% 10.80% Cost of debt 3.9 292. A positive beta means that the asset's returns generally follow the market's returns.49% 12.51% 7.56 22. This means that Hindustan Motors finds it difficult to raise money from the market because investors are not ready to invest on it as they do not expect good returns.0098 Covariance 1.34% 8.69% NPV(in crores) 14381.3 5.78 11223. 15 | P a g e .71 1359.7% Cost of equity 15.73 12464.90% 24.78 Range 474. Observation Maruti Hindustan Industry Tata Motors Suzuki Motor Average Mean(in Rs.23 3.58% WACC 13. A negative beta means that the asset's returns generally move opposite the market's returns: one will tend to be above its average when the other is below its average.08 0.

Cost of debt analysis The cost of debt is computed by taking the rate on a risk free bond whose duration matches the term structure of the corporate debt. From investor’s point of view. the risk rises as the amount of debt rises).g. Cost of debt should be as low as possible from company’s perspective.Beta of Tata motor and Hindustan motors is more than one meaning that their stock prices respond more to the market prices than Maruti Suzuki. e. increases in the share price. ceteris paribus. non-diversifiable risk of Tata motors and Hindustan motors is more than Maruti Suzuki Cost of equity analysis The cost of equity capital for a particular company is the rate of return on investment that is required by the company's ordinary shareholders. not historical returns. So. Thus. This default premium will rise as the amount of debt increases (since. and so the returns on equity can be expressed as the anticipated dividends on the shares every year in perpetuity."all other things being equal". 16 | P a g e . Maruti Suzuki is the best investment as it gives highest returns and Hindustan Motors is the least preferable investment. Maruti Suzuki is the best possible option and Hindustan Motors is the least preferred one. The returns are expected future returns. then adding a default premium. The return consists both of dividend and capital gains. The cost of equity is then the cost of capital which will equate the current market price of the share with the discounted value of all future dividends in perpetuity.

9 6154.47% 10.89% 1.86% 2.11% Jun-05 425.81 17.88 -6.25% 8.Appendix-A (Tata Motors) 1.75 10743.45 8634.29% Apr-05 411.89 8.81% 4.56 1.93% Jan-06 709.43 -3. B S E Sensex Change in Tata Change in BSE Jan-05 504.76% May-06 789.55% Feb-06 814.6 11279.52% 8.42 13.62% 5.82 -12.65% Jun-06 794.32 -11.14% Aug-05 462.6 8788.03% Jul-06 739.85 7805.05 12454.92% -13.86 -5.93 17.48 15.76% 2.95 6715.60% Nov-05 555.11% 9.7 10398.89% Sep-06 862.21% May-05 432.54% Mar-06 932.96 14.95 7635.85 -1.44 -0.92% 6.61 -16.27% Aug-06 845.05 7193.3 9919.46% 11.35 10370.23% Sep-05 534.95 6492.11 5.05 14.25 0.82% 7.15% 6.24 14.36% Dec-05 653 9397.88% -3.15 11699.46% 17 | P a g e .53% 6.42 2.50% -5.60% 2.45 10609.41% Mar-05 413.5 12042.75 6555.00% 6.15 6713.77% Apr-06 950.94 Feb-05 475. Stock Prices Year Closing Price Index Closing Tata Motors Ltd.13% Jul-05 480.50% -8.62% Oct-05 473 7892.

31 6.43 -21.9 16415.63% 14.2 17287.31 -2.83% -11.50% May-08 576.35 14564.35 19363.63% -7.25 17578.99 1.10% 18 | P a g e .46 0.19% 4.69% -8.99 4.9 -3.1 -7.Oct-06 827.84% Jun-07 669.57 -12.5 13461.92 -2.84% -13.84% -0.96% 4.15 17648.22% 0.45 15644.45% Sep-08 344.1 10.73% Jul-07 699.75 14090.45 13872.05 9647.4 13696.72 -20.40% Mar-08 623.7 19837.75 -5.22% 10.19 -3.6 0.45% 6.20% 1.31 16.50% 2.99 -2.25 14355.04% Apr-07 750.21% Feb-07 783.51 -11.99% Jul-08 403.3 15550.87% 12.44 -10.88% Oct-07 757.70% Oct-08 171.18% Mar-07 727.58% 0.97% -11.73% Nov-07 733.09% -23.88% -5.49% Sep-07 778.04% Jun-08 426.21% -2.72 -0.77% Jan-08 706.00% Apr-08 662.85 15318.10% Dec-08 159.12% May-07 757.39% Dec-07 742.1 20286.12% 6.24% 5.00% Feb-08 700.66% Jan-07 877.06 -50.15 17291.36% -1.17% 1.95 12961.2 12860.6 -26.53 9.95 12938.94% 4.89% Nov-08 136.5 14544.8 9788.35 9092.75 14650.71 -4.41% 6.64% Aug-08 440.91 11.25 13786.09 -10.67% Dec-06 900.65% 6.07% -17.75 13072.15% Aug-07 701.37 3.07% Nov-06 809.

Balance sheet Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 570.9 16926.64 16.22 16.89 6.90% Jul-09 421.65 9424.65 16944.7 17527.46% May-09 336.12% Aug-09 489.67% Oct-10 1169.06% 0.25 34.40% -6.58% Sep-10 1097.45 17971.41 382.97% 6.77 6.53% -0.9 3.5 20.12 19.26% Jun-09 291.84 -13.28 -4.35 16357.50% Jun-10 778.28% 6.54 385.13% -5.95% Aug-10 1007.15 17868.61 -0.63 -13.05 385.25 20168.55 15670.19% Apr-09 242.44% Mar-10 755.6 17464.35 17126.3 9708.56% 0.68% Apr-10 872.29 8.50% 0.3 20069.32% Oct-09 565 15896.93% 3.14% 4.34% Feb-10 711.Jan-09 149.35 11403.46% Jul-10 846.85 17558.02% Sep-09 591.24 -5.6 514.48% Dec-09 792.54% -3.18% Jan-10 694.35 15666.92% 11.71% 0.41% 0.12 8.65% Mar-09 180.41% 17.18% May-10 754.18% Nov-09 660.71 15.93% 28.35 17700.05 16429.7 14625.84% 9.08% -0.45 8891.55 2.64% 9.50% 2.31% Feb-09 149.25 38.15 14493.31 44.84 20.91% -2.79% 8.96 -12.87 Sources of funds Owner's fund Equity share capital 19 | P a g e .46% -7.81 19.

212.05 10.8 1 13.405.127.114.094.10 2.9 4 8.7 3 12.910.461.913.96 2.477.2 6 7.781.08 1.53 558.39 5.27 2.318.55 1.361.022.21 12.836.830.997.9 0 12.0 6 25.923.888.80 8.401.20 5.07 25.02 6.117.51 Net block 11.95 26.405.543.672.91 3.23 10.32 2.76 14.31 3.550.Share application money - - - - - Preference share capital - - - - - 14.32 951.20 7.358.57 1.19 Investments 22.15 6.530.855.80 7.855.99 2.852.12 31.9 4 8.41 - 2.84 4.53 1.22 1. loans & advances 12.52 21.92 6.82 2.55 24.954.65 Capital work-in-progress 5.443.742.428.04 5.54 4.51 10.094.905.818.15 7.00 Reserves & surplus Loan funds Uses of funds Fixed assets Gross block Less : revaluation reserve Net current assets Total net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments 20 | P a g e .4 2 9.416.329.232.25 -2.06 Less : current liabilities & provisions 19.009.321.81 Secured loans 7.09 14.5 5 11.90 5.852.65 -7.015.259.08 Total 31.145.63 -1.883.52 4.248.064.775.987.447.620.00 2.15 Current assets.52 18.251.45 6.534.65 2.13 4.534.179.31 7.86 1.208.846.9 3 12.4 8 10.0 6 25.323.63 25.04 822.60 5.991.76 14.894.458.447.812.336.76 Unsecured loans 8.343.58 10.51 25.80 3.971.029.513.51 10.17 10.57 345.648.39 Less : accumulated depreciation 7.83 8.968.

31 -4.85 10398.4 11699.1 7635.63 Number of equity sharesoutstanding (Lacs) 5705.Contingent liabilities 3.13% 482.6 14090.09 -10.5 10743.50% 11.32 -1.06% -3.65% 797.91 0.88 -1.41% 420.11% 465.81 11.29% 4.185.43% -5.54% -8.7 12938.51 -9.55% 822.85% 6.29% 406.14% 471 7805.96 6.92 1.91% 5.42 3.708.93 3.46 1.9 8788.54% 2.21% 839.62% 549.05 9.3 8634.36% 636.07% 924.89 18.60% 612.03% 786.07 5.42 13.35% -8.81% 4.69% 4.15 15550.46% 6.1 13872.48 18.89% 981.12% 0.34 Appendix-B (Maruti Suzuki) 1.11 14.66% 6.94 473.66% 936.27% 861.85 -0.83 5.1 -2.99 13.61 -20.52% 8.35 13786.69% 6.93% 756.196.37 -2.15 6713.69% 2.86 4.39% 1.54% 10.82 -11.2 12454.9 -1.23% 558.33 5.65 14544.95 13696.1 7193.04 3853.24 8.56 5.35 6154.6 10370.30% 2.73% 843.26% 0.433.7 13072.25% 7.95 6555.54% 874.74% 9.74 3828.35 11279.84% 743. B S E Sensex Maruti BSE 451.38% 1.1 12042.15% 21 | P a g e .5 9397.08 3855.12% 817.76% 734.21% 466.55 12961.44 -3.67% 927.00% 2.1 14650.6 10609.91% 6.58 5140.48% -13.43 -2.7 7892.50% 5.77% 924.29% 8.25 6715.8 6492.04% 803.590.18% 819. Stock Prices Year Jan-05 Feb-05 Mar-05 Apr-05 May-05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Closing Price Index Closing Maruti Suzuki Change in Change in India Ltd.46% 968.25 8.03% 6.85 9919.07 2.

68% 0.86% -5.50% 4.99% 6.75 1236.70% -2.22 17464.15 1279.45% -11.64% 1.50% -5.55 1416.6 1198.65% -17.04% -17.57% 3.6 17291.79% 18.42% 11.64% 1.12% -0.84% 4.90% 8.4 687.95 1423.31% -5.15 1255.95 1490.57 13461.77 17558.65 1698.50% .09% -15.35 990.2 999.13% 7.1 815.87% 5.13% -10.18% -3.25 1436.77% -13.31% -0.24 8891.18% -4.05% -19.7 1559.07% -2.32% -7.9 650.70% -23.00% 10.89% -7.19% 17.48% 3.12 20069.31 16415.15 564.7 867.05 848.24% 4.73% 3.72 15644.31 9424.63 17700.34% -10.46% 28.85 520.12 20168.9 17868.75 574.18% -6.49% 12.61 9708.30% 32.95% 0.65 1390.39% 5.55 17527.28% -3.6 775.58% 11.99 17648.89 2.72 9647.44 17287.1 571 677.24% 25.84 15896.64 17126.55 1012.45 15318.18% 6.Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 22 | P a g e 868.81 16357.84 15670.1 1463.10% -2.73% -2.00% -0.82% 14.99 19363.53 12860.13% 5.02% 9.96 16429.43 9788.94% 13.20% -14.44% 6.2 829.06 9092.9 1440.63% -3.40% -11.71 17578.7 1021.34% 15.34% 0.25 14493.28% 2.1 19837.65% 9.24% -9.10% 6.94% 9.55 1073.5 617.66% 18.75 14564.67% 0.45 535.25 14625.31 15666.46% 0.55 741.29 17971.55 1065.40% -5.67% 14.6 14355.39% 4.19 20286.9 1403 1561.5 11403.9 764.97% 15.88% 14.25% -17.45 1413.44% -1.71 16944.20% -6.28 16926.26% -0.

1 108.409.1 63.60 3.90 12.7 219.270.631.051.259.8 10.6 0 - - - - 9.1 2889.90 6.3 - 9.7 0 8.315.4 289.524.60 3.146.30 Book value of unquoted investments 11.2.10 Market value of quoted investments 215.734.40 102.60 1.10 3.80 3.90 1.162.3 238.60 Sources of funds Owner's fund Equity share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Fixed assets Gross block Less : revaluation reserve Less : accumulated depreciation - - - - - 5.80 3.3 736.20 387.60 3.094.043.50 3.30 5.956.176.308.088.1 2889.856.80 4.70 5.720.20 2.1 2889.487.709.70 2889.20 Current assets.070.20 5.954.80 3.30 6.190.10 26.00 3.406.70 4.30 10.50 2.040.1 2889.40 8.7 794.5 144.169.315.649.1 Capital work-in-progress Investments Net current assets Total net current assets Miscellaneous expenses not written Total Notes: Contingent liabilities Number of equity sharesoutstanding (Lacs) 23 | P a g e .570.40 2.296.8 0 - - - 9.200.5 144.988.6 861.382. Balance sheet Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 144.024. loans & advances 3.690.80 67.8 0 900.184.5 270.524.1 1.398.00 4.176.8 3.779.60 7.40 3.173.60 7.5 0.043.70 5.938.00 3.9 92 7.5 144.656.484.20 1.180.70 1.5 71.5 144.695.685.40 Net block 5.1 0.10 2.5 0 10.656.70 2.40 5.285.657.901.70 3.60 7.289.5 0 698.659.788.870.70 Less : current liabilities & provisions 3.484.20 2.6 1.1 567.5 Share application money - - - - - Preference share capital 11.00 5.10 2.9 12.1 3.

55 6555.27% 8.84% 0.15% -1.37% 2.85% -0.05 6715.08% 37.54% 8.05 38.2 33 35.44% -3.55% 4.95 6492.11 7193.43 8634.6 39.47% 17.37% -16.77% 6.4 38.42 12961.1 30.9 31.14% 2.2 14544.23% 20.23% 10.54% -27.85 31.57% -13.24 11279.94 31.88% 12.68% 6.07% 5.97% 9.6 1.6 33.55% -4.9 13696.62% -8. Sensex Hindustan BSE 23.36% 6.92 12938.11% 7.89 10370.57% -1.76% 9.73% 6.66% 2.44% 0.99 15318.1 35.03% 1.5 32.95 28.17% -8.31% -13.46 14650.4 38.67% 0.91 14090.96 12042.78% 2.56 12.9 41 37.89% 6.04% 6.70% -17.9 55.27% 7.88 11699.01% -10.50% -4.76% 37.41% 32.05 12454.44 -15.29% 27.93 9919.12% 32.82 4.46% 4.21% 24 | P a g e 31.15 34 40.99% 25.9 6154.25 33.97% 4.25 10743.55 6713.05 30.31 13786.85 7635. Stock Prices Year Jan-05 Feb-05 Mar-05 Apr-05 May05 Jun-05 Jul-05 Aug-05 Sep-05 Oct-05 Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 May06 Jun-06 Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07 Feb-07 Mar-07 Apr-07 May07 Jun-07 Jul-07 Aug-07 Adjusted Closing Price Index Closing Hindustan BSE Change in Change in Motors Ltd.9 32.65% 2.1 13872.60% 11.49% .40% -8.35 30.32 8788.18% 1.13% 6.33% -5.51 15550.86 33.48 7892.75 40.37 -32.88% 19.Appendix-C (Hindustan Motors) 1.81 9397.06% 5.61 10609.93% 5.35 32.21% -8.39% 11.35 10398.42 7805.97% 2.09 13072.95 45.

31 15666.71 42.04% -17.96% 23.55 17527.72% -6.58% -9.48% 3.47% -23.55 23.84 15896.99% 6.81% -23.23 16415.61 9708.92% 27.18% 19.7 20.95 25.53 12860.63 17700.64 17126.84 15670.1 20 23.8 24.45 40.90% 8.25 23.39% 4.03% -1.16% -2.3 24.76% 28.10% -0.88% 14.9 24.18% 6.71 17578.18% -6.70% -23.19% 49.65 10.45 18.44 17287.96 16429.95 22.12 20168.73% 21.15 19.65% 9.72 9647.89 -22.5 11403.50% .58% 11.23% 26.31 9424.40% -11.1 19837.29 13.73% -2.99 17648.72% 20.72 15644.6 10.90% 6.72% -43.29% 8.6 39.67% 0.05 24.50% 4.64% 1.31 14.26% -0.47% -17.6 14355.46% 0.95 61.37 11.74% 2.43 9788.89% -7.05 47.26 13.43% -8.88% 0.12% -0.1 20.01% 16.3 16944.40% 12.23% -5.31% -5.2 35.3 14625.50% 30.3 24.17 16.99 19363.75 32.85 24.77% -13.32% -7.00% -0.75 14564.07% 5.10% 6.19% 17.05 23.97% 16.55 17291.44% 6.75% -17.22 17464.00% -3.64% -14.29 17971.57 13461.11% -5.28 16926.02% 9.55% -5.68% 0.65 22.75% 10.9 17868.08 12.81 16357.25 -15.77 17558.95% 0.24 8891.25% 1.62% 0.03% -17.06 9092.08% -22.8 20.19 20286.34% 0.00% 10.45% -11.12 20069.25 14493.35% 9.62% 0.15 24.10% -2.46% 23.Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Mar-08 Apr-08 May08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 25 | P a g e 35.15 32.

07 57.67 46.05 182.8 -83.32 1611.85 9.83 8.73 222.88 69.44 7.14 64.39 47.27 327.18 212.21 0.72 1611.34 128.43 71.26 161.67 69.14 481.44 69.97 237.78 69.67 480.17 71.63 165. loans & advances 187.72 1611.67 190.56 5.18 212. Balance sheet Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 161.9 3.29 184.26 161.41 1.74 186.63 280.37 173.33 Less : current liabilities & provisions 265.31 43.25 -21.3 479.25 486.46 248.26 161.38 278.15 154.72 1611.06 69.72 1611.21 116.46 248.02 Unsecured loans 56.49 128.82 -38.17 5.44 70.92 -77.87 - 13.77 5.2 Total net current assets -78.26 161.38 278.88 11.72 Reserves & surplus Loan funds Total Uses of funds Fixed assets Gross block Less : revaluation reserve Capital work-in-progress Investments Net current assets Miscellaneous expenses not written Total Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities Number of equity sharesoutstanding (Lacs) 26 | P a g e .04 145.53 7.02 487.93 13.26 - - - - - Sources of funds Owner's fund Equity share capital Share application money Preference share capital - - - - - -128.6 163.8 70.85 191.97 237.63 78.2.1 Secured loans 39.19 -21.2 2.75 1.95 123.24 154.25 321.78 301.44 143.89 5.25 Current assets.11 31.52 - 1.96 -69.03 9.61 70.28 Net block 131.17 0.08 Less : accumulated depreciation 341.77 71.84 254.18 196.94 218.

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