Portfolio :-

Available Fund :- 1 Crore

Total
Sr. Share Buy Buy Share
Shares Name Share
No. Price as on Qty
Value
1 HDFC BANK 1572.45 500 786225
2 Polycab India 2240 500 1120000
3 Tata Elxsi Ltd. 4850 500 2425000
4 ASIAN PAINTS 3322.65 400 1329060
5 IRCTC 2930 545 1596850
6 Bajaj Finance 7425 200 1485000
7 JB Chemicals & Pharmaceuticals Ltd. 1695 500 847500
8 MRF 81375 5 406875
9996510

1) Mention the Stocks selected & the corresponding rationale behind it.

Answer:-

I was buying following shares HDFC Bank, Polycab India, Reliance Industries, Asian
Paints, IRCTC, Bajaj Finance, Godrej Consumer, and MRF after analysis company essentials. We
started from HDFC Bank Ltd. (Banking Sector) Company has maintaining a healthy ROA of 1.87%
since last 3 years. Good Return on Equity 16.50% past 3 years as well as company has
consistently maintaining a NIM of 3.89% since last 3 Years the company has delivered good
profit growth of 21.18% over past 3 years. So that’s why I was buying 500 no. of share of HDFC
Bank on 06/09/2021 at Rs. 1572.45/-.

Polycab India Ltd. (Sector – Cable) The company shown good profit growth of 32.38% for the
past 3 years. The company has significantly healthy ROE of 27.06% over the past 3 years.
Company is virtually debt free. It has healthy interest coverage ratio of 25.21 as well as good
cash flow management: CFO/PAT stands 1.21 and company has a high promoters holding of
68.40%. Only the company has shown poor revenue growth 8.93% for the past 3 years but there
is not too much effect on it so because of that I was buy 500 no. of shares at Rs. 2240/- on
06/09/2021 & its current price is ____ as on 10/09/2021 its indicate there is we make _______
TATA Elxsi Ltd. The company is in IT Software sector the company is virtually debt free the
company has a good ROE track record of 29.95%. The Company has effective cash conversation
ratio of 118.82. The Company has healthy operation margin of 28.67% overall company record is
good for investment so I was buy 500 no. of shares at Rs. 4850/- on 06/09/2021.
Asian Paints Ltd. The Company is in Paint sector. The Company has shown good profit growth of
17.23% past 3 years. As well as company maintain healthy ROE of 27.66% over the past 3 years.
The company has been maintaining healthy ROCE of 38.55% over the past 3 years. Company is
 virtually debt free. Company has a healthy interest coverage ratio of 58.08. Company has
efficient cash conversation cycle of 16.20 days. Company maintains healthy liquidity position
with current ratio of 2.18. & company has good cash flow management. I was buying 400 no. of
shares at Rs. 4850/- on 06/09/2021.
Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) It’s a travel service sector and it
has been shown good profit growth of 35.03% for the past 3 years & also maintain healthy ROE
of 33.38% over the past 3 years. As well as maintaining healthy ROCE of 50.04% over the past 3
years. Company is virtually debt free. Company has a healthy interest coverage ratio of 103.47.
Last 5 years company has been maintaining effective average operating margins of 20.86%. Also
the company has High Promoters holdings and it is good for investing. I was buying 545 no. of
shares at Rs. 2930/- on 06/09/2021.
Bajaj Finance Ltd. (Sector – Finance) The Company has maintained a good ROA of 3.66% in last
3 years. Company has a healthy return on equity (ROE) track record of 17.68%. Operating
income has growth well for the company. Operating income has grown well for the company
over past 3 years CAGR 23.01%. The company has delivered substantial profit growth of 0% over
past 3 years. Promoters shareholding is 56.03%. I was buying 200 no. of shares at Rs. 7425/- on
06/09/2021.
JB Chemicals & Pharmaceuticals Ltd. (Sector – Pharmaceuticals & Drugs) – After the analysis of
overall about JB Chemicals & Pharmaceuticals Ltd. the company has shown a good Profit growth
of 51.73% for the past 3 years. As well as company has maintaining healthy ROCE of 25.87% over
past 3 years. The company has virtually debt free. The company has a healthy interest coverage
ratio of 83.55. Company maintaining effective average operating margins of 20.72% in the past 5
years. Company PEG ration is 0.47. The Company has an efficient cash conversation cycle of
74.85 days. Healthy liquidity position with current ratio of 2.78. Companies Promoters holding is
higher of 55.91%. I was buying 500 no. of shares at Rs. 1695/- on 06/09/2021.
MRF Ltd. (Sector Tyres & allied) The Company is virtually debt free. the company has as
efficient cash conversation Cycle of 73.96 days. As well as company has a good cash flow
management; CFO/PAT stands at 1.98. Due to Covid-19 pandemic company has shown poor
profit growth of 4.57% past 2 to 3 years. I was buy 5 no’s of shares at Rs. 81375/- on
06/09/2021.

2) Summarize the Historical return of Individual stocks.

Answer:-

HDFC BANK LTD. Historical return summary. Return on Equity (ROE) its measures the ability
of a firm to generate profit from its shareholders investments. ROE% of the past 5 years and
below is the average value of 1 year (16.61%), 3 year (16.5%) & 5 year (17.06%). Return On
Assets indicates how profitable company relatives to its total assets & also explain how
efficiently company using its assets to generate earnings and in past 5 years company maintain
good ROA% 1 Year (1.9%), 3 year (1.87%), 5 year (1.85%). Net Non Performing Assets it shows
the proportion of loan or advances that are in default or arrears after adjusting for provisions.
Lesser the Net NPA, better it is. The company Net NPA % of the past 5 years and below are the
average Value of 1 Year (0.4%), 3 Year (0.38%), 5 year (0.38%).

Polycab India Ltd. Historical return summary of past 5 years is the company sales growth shows
the compounded growth in net sales. The past 5 years figures of net sales are (Value in Cr.)
2017-18 5.5k , 2018-19 6.8k, 2019-20 7.9k, 2020-21 8.8, Current Year 2021 8.7k and CAGR % in 1
year -0.8%, 3 year 8.93%, 5 year 10.99%. The Profit Growth of the company shows the
compounded growth in Net Profit. The past 5 years figure of net profit is 232.1 Cr in year 2017-
18, 358.39Cr in year 2018-19, 501.44Cr in 2019-20, 760.95Cr in 2020-21, 831.33Cr in Current
Year 2021 and the CAGR % is for 1 Year 9.25%, 3 Year 32.38% & 5 year 34.38%. Return on Equity
measures the ability of a firm to generate profit from its shareholders Investments in the
company. The growth here shows the ROE% of past 5 years 2017-18 (12.29%), 2018-19
(16.51%), 2019-20 (19.35%), 2020-21 (22.89%) & current year 2021 (19.58%). & the average
value of 1 year 19.58%, 3 year 20.61%, 5 year 18.13%. Return on Capital Employed ROCE its
measures how efficiently a company is using its capital employed. The ROCE % of past 5 years is
2017-18 (15.69%), 2018-19 (22.06%), 2019-20 (27.94%), 2020-21 (29.64%) & current year 2021
(23.6%) And the Average value of 1 year 23.6%, 3 year 27.06%, 5 year 23.79%.
Tata Elxsi Ltd. Historical return summary of past 5 years is the company sales growth shows the
compounded growth in net sales. The past 5 years figures of net sales is 2017-18 1.2k , 2018-19
1.4k, 2019-20 1.6k, 2020-21 1.6k, Current Year 2021 1.8k and CAGR % in 1 year 13.44%, 3 year
9.62%, 5 year 11.18%. The Profit Growth of the company shows the compounded growth in Net
Profit. The past 5 years figure of net profit is 174.78Cr in year 2017-18, 240.04Cr in year 2018-
19, 289.97Cr in 2019-20, 256.1Cr in 2020-21, 368.12Cr in Current Year 2021 and the CAGR % is
for 1 Year 43.74%, 3 Year 15.32% & 5 year 18.92%. Return on Equity measures the ability of a
firm to generate profit from its shareholders Investments in the company. The growth here
shows the ROE% of past 5 years 2017-18 (37.06%), 2018-19 (37.04%), 2019-20 (34.5%), 2020-21
(25.2%) & current year 2021 (30.15%). & the average value of 1 year 30.15%, 3 year 29.95%, 5
year 32.79%. Return on Capital Employed ROCE its measures how efficiently a company is using
its capital employed. The ROCE % of past 5 years is 2017-18 (56.19%), 2018-19 (56.28%), 2019-
20 (51.68%), 2020-21 (35.35%) & current year 2021 (42.5%) And the Average value of 1 year
42.5%, 3 year 43.18%, 5 year 48.4%.
Asian Paints Ltd. Historical return summary of past 5 years is the company sales growth shows
the compounded growth in net sales. The past 5 years figures of net sales are (Value in Cr.)
2017-18 12.7k , 2018-19 14.2k, 2019-20 16.4k, 2020-21 17.2k, Current Year 2021 18.5k and
CAGR % in 1 year 7.69%, 3 year 9.37%, 5 year 9.37%. The Profit Growth of the company shows
the compounded growth in Net Profit. The past 5 year’s figure of net profit is (Value in Cr.) 1.8k
in year 2017-18, 1.9k in year 2018-19, and 2.1k in 2019-20, 2.7k in 2020-21, 3.1k in Current Year
2021 and the CAGR % is for 1 Year 15.02%, 3 Year 17.23% & 5 year 13.47%. Return on Equity
measures the ability of a firm to generate profit from its shareholders Investments in the
company. The growth here shows the ROE% of past 5 years 2017-18 (27.68%), 2018-19
(25.45%), 2019-20 (25.63%), 2020-21 (29.01%) & current year 2021 (28.34%). & the average
value of 1 year 28.34%, 3 year 27.66%, 5 year 27.22%. Return on Capital Employed ROCE its
measures how efficiently a company is using its capital employed. The ROCE % of past 5 years is
2017-18 (40.92%), 2018-19 (38.67%), 2019-20 (39.01%), 2020-21 (38.08%) & current year 2021
(38.55%) And the Average value of 1 year 38.55%, 3 year 38.55%, 5 year 39.05%.
IRCTC Historical return summary of past 5 years is the company sales growth shows the
compounded growth in net sales. The past 5 years figures of net sales are (Value in Cr.) 2017-18
1.4k , 2018-19 1.5k, 2019-20 1.5k, 2020-21 1.9, Current Year 2021 2.3k and CAGR % in 1 year
21.68%, 3 year 14.32%, 5 year 16.53%. The Profit Growth of the company shows the
compounded growth in Net Profit. The past 5 year’s figure of net profit is (Value in Cr.) 188.63
in year 2017-18, 214.69 in year 2018-19, and 219.52 in 2019-20, 308.56 in 2020-21, 528.57 in
Current Year 2021 and the CAGR % is for 1 Year 71.3%, 3 Year 35.03% & 5 year 32.26%. Return
on Equity measures the ability of a firm to generate profit from its shareholders Investments in
the company. The growth here shows the ROE% of past 5 years 2017-18 (38.25%), 2018-19
(32.52%), 2019-20 (25.47%), 2020-21 (30.61%) & current year 2021 (44.07%). & the average
value of 1 year 44.07%, 3 year 33.38%, 5 year 34.18%. Return on Capital Employed ROCE its
measures how efficiently a company is using its capital employed. The ROCE % of past 5 years is
2017-18 (62.61%), 2018-19 (50.6%), 2019-20 (39.68%), 2020-21 (47.7%) & current year 2021
(62.75%) And the Average value of 1 year 62.75%, 3 year 50.04%, 5 year 52.67%.
Bajaj Finance Ltd. Historical return summary of past 5 years is the company Compounded
growth in Income (Value in Cr.) in year 2017-18 10k , 2018-19 12.7k, 2019-20 17.4k, 2020-21
23.8k, Current Year 2021 23.5k. The company past 5 year figure of Income & the CAGR % is 1
Year -1.15%, 3 Year 23.01%, 5 year 26.42%. Profit Growth of the company it shows the
compounded growth in Net Profit for 1, 3, & 5 year 25.34%. The past 5 years figures of net profit
is (Value in Cr) 2017-18 1.8k, 2018-19 2.5k, 2019-20 3.9k, 2020-21 4.9k, Current year 2021 4k.
Return on Equity measures the ability of a firm to generate profit from its shareholders
Investments in the firm and the Firm Shows the ROE% of the past 5 Years are 2017-18 21.7%,
2018-19 19.61%, 2019-20 22.13, 2020-21 19.13, Current Year 11.77%. Return on Capital
Employed of the company downward flow due to Covid-19 Pandemic. The past 5 Years ROCE %
of Company 2017-18 12.91%, 2018-19 12.26%, 2019-20 13.03%, 2020-21 12.23%, Current year
2021 9.5% And the Average Value of year 1 9.5% , 3 year 11.59%, 5 year 11.99%.
JB Chemicals & Pharmaceuticals Ltd. Historical return summary of sales growth is upward trend
& Covid-19 Pandemic can not affect on pharma industries. The net sales value on the company
is (Value in Cr.) 2017-18 1.2k, 2018-19 1.3K, 2019-20 1.5k, 2020-21 1.6k & Current Year 2021
1.9k. The company net sales CAGR % are for 1 year 15.31%, 3 year 14.66%, 5 year 10.19%. The
companies Profit Growth is also Increases in 2017-18 172.96Cr, 2018-19 128Cr, 2019-20
182.06Cr, 2020-21 268.14Cr, And Current year 447.08Cr and the CAGR% in year 2021 66.73%,
2019 51.73%, and in year 2017 20.06%. Return on Equity measures the ability of the firm to
generate the profit from its shareholders investments of the company and the company
generate good profit through the shareholders investments in past 5 years we can see ROE% of
the company past 5 years 2017-18 13.25%, 2018-19 9.01%, 2019-20 12.39%, 2020-21 18.3 &
2021 27.5% and the Average value of ROE is in 2021 27.5%, 2019 19.4%, 2017 16.09%. The
company Return on Capital Employed of the company is healthy in past 5 years ROCE% is 2017-
 18 15.65%, 2018-19, 12.5%, 2019-20 18.3%, 2020-21 22.96%, 2021 36.33% it is an upward trend
and the Average % is in year 2021 36.33% , year 2019 25.87%, year 2017 21.15%.
MRF Ltd. Historical return summary is not too much good but for short term investment no
Issue. The companies net sales Growth Value (in Cr.) is in year 2017-18 13.3K , 2018-19 14.8k,
2019-20 15.8k 2020-21 16k & current year 2021 15.9k due to Covid-19 Pandemic Company sales
growth not increased from 2019-20. And the CAGR% in year 2021 (-0.44%), year 2019 2.52% and
year 2017 (-4.35%). Covid-19 Pandemic affects Profit Growth of the Company in year 2017-18
companies Profit growth ( Value in Cr) is 1.5K, and in year 2018-19 it will be down 1.1k, same in
year 2019-20 1.1k, and little upward trend in year 2020-21 1.4k and now in 2021 the value is
1.2k. Average profit growth CAGR% is in year 2021 (-10.46%), year 2019 4.57% & in year 2017 (-
12.78%). Return on Equity the company shareholders investment profit is down from year 2019
we can see In year 2017-18 it was 18.48% & in year 2018-19 12.04%, 6.44% down in year and
after that in year 2019-20 10.83%, in year 2020-21 12.31% it was 2% increase and now in 2021
CAGR% is 9.92%. Return on Capital employed (ROCE %) of the company in year 2017-18 23.34%,
year 2018-19 16.89%, year 2019-20 15.63%, year 2020-21 12.98 it was continuously 10% down
from 2017 to 2020. And it in year 2021 it was 14.25% increased by 2%.

3) Perform the risk return analysis of individual stock

Formula of Analysis of Returns Formula of Analysis of Returns

Rate of Return = Share Price in the Closing – Share price at the Opening Rate of Return = Share Price in the Closing – Share price at the Opening
Share Price in the opening Share Price in the opening

Analysis of Return Analysis of Return

HDFC BANK Polycab India Ltd.

Opening Price Closing (P1- Opening Price Closing (P1-
Date (P1-P0) Date (P1-P0)
(P0) Price (P1) P0)/P0*100 (P0) Price (P1) P0)/P0*100
06/09/2021 1580 1566 -14 -0.89 06/09/2021 2246 2327 81 3.61
07/09/2021 1563 1569 6 0.38 07/09/2021 2344 2405 61 2.60
08/09/2021 1572 1576 4 0.25 08/09/2021 2405 2407 2 0.08
09/09/2021 1574 1569 -5 -0.32 09/09/2021 2410 2384 -26 -1.08
Total Return -0.57 Total Return 5.21

Average Return -0.14 Average Return 1.30

The average Return of HDFC Bank -0.114 wherein the maximum returns are in the 2nd day i.e. 07/09/2021 The average Return of Polycab India Ltd 1.3025 wherein the maximum returns are in the 1nd day i.e. 06/09/2021

Analysis of Risk Analysis of Risk

HDFC BANK Polycab India Ltd.

Square Square
Avg. Return Deviation Avg. Return Deviation
Date Return ( R ) Deviation Date Return ( R ) Deviation
( R) (R - R) ( R) (R - R)
(R-R) D2 (R-R) D2
06/09/2021 -0.89 -0.143 -0.747 0.56 06/09/2021 3.61 1.3025 2.3075 5.32
07/09/2021 0.38 -0.143 0.523 0.27 07/09/2021 2.6 1.3025 1.2975 1.68
08/09/2021 0.25 -0.143 0.393 0.15 08/09/2021 0.08 1.3025 -1.2225 1.49
09/09/2021 -0.32 -0.143 -0.177 0.03 09/09/2021 -1.08 1.3025 -2.3825 5.68
Total -0.57 1.02 Total 5.21 14.18

Variance = 1/4-1(1.02) Variance = 1/4-1(14.18)

= 0.34 = 4.73

Risk = Standard Deviation = √ Variance Risk = Standard Deviation = √ Variance

= √0.255 = √4.73
= 0.58 = 2.17
Formula of Analysis of Returns
Formula of Analysis of Returns

Rate of Return = Share Price in the Closing – Share price at the Opening Rate of Return = Share Price in the Closing – Share price at the Opening
Share Price in the opening Share Price in the opening

Analysis of Return Analysis of Return

Tata Elxsi Asian Paints

Opening Price Closing (P1- Opening Price Closing (P1-
Date (P1-P0) Date (P1-P0)
(P0) Price (P1) P0)/P0*100 (P0) Price (P1) P0)/P0*100
06/09/2021 4899 4876 -23 -0.47 06/09/2021 3342 3316 -26 -0.78
07/09/2021 4888 4920 32 0.65 07/09/2021 3334 3336 2 0.06
08/09/2021 4920 4865 -55 -1.12 08/09/2021 3345 3337 -8 -0.24
09/09/2021 4877 4929 52 1.07 09/09/2021 3305 3346 41 1.24
Total Return 0.13 Total Return 0.28

Average Return 0.03 Average Return 0.07

The average Return of Tata Elxsi Ltd. 0.03 wherein the maximum returns are in the 4th day i.e. 09/09/2021 The average Return of Asian Paints Ltd. 0.07 wherein the maximum returns are in the 4th day i.e. 09/09/2021

Analysis of Risk Analysis of Risk

Tata Elxsi Asian Paints

Square Square
Avg. Return Deviation Avg. Return Deviation
Date Return ( R ) Deviation Date Return ( R ) Deviation
( R) (R - R) ( R) (R - R)
(R-R) D2 (R-R) D2
06/09/2021 -0.47 0.0325 -0.5025 0.25 06/09/2021 -0.78 0.07 -0.85 0.72
07/09/2021 0.65 0.0325 0.6175 0.38 07/09/2021 0.06 0.07 -0.01 0.00
08/09/2021 -1.12 0.0325 -1.1525 1.33 08/09/2021 -0.24 0.07 -0.31 0.10
09/09/2021 1.07 0.0325 1.0375 1.08 09/09/2021 1.24 0.07 1.17 1.37
Total 0.13 3.04 Total 0.28 2.19

Variance = 1/4-1(3.04) Variance = 1/4-1(2.19)

= 1.01 = 0.73

Risk = Standard Deviation = √ Variance Risk = Standard Deviation = √ Variance

= √1.01 = √0.73
= 1.01 = 0.85

Formula of Analysis of Returns Formula of Analysis of Returns

Rate of Return = Share Price in the Closing – Share price at the Opening Rate of Return = Share Price in the Closing – Share price at the Opening
Share Price in the opening Share Price in the opening

Analysis of Return Analysis of Return

IRCTC Bajaj Finance Ltd

Opening Price Closing (P1- Opening Price Closing (P1-
Date (P1-P0) Date (P1-P0)
(P0) Price (P1) P0)/P0*100 (P0) Price (P1) P0)/P0*100
06/09/2021 2886 3008 122 4.23 06/09/2021 7550 7506 -44 -0.58
07/09/2021 3050 3287 237 7.77 07/09/2021 7529 7457 -72 -0.96
08/09/2021 3330 3296 -34 -1.02 08/09/2021 7457 7463 6 0.08
09/09/2021 3250 3295 45 1.38 09/09/2021 7430 7431 1 0.01
Total Return 12.36 Total Return -1.45

Average Return 3.09 Average Return -0.36

The average Return of IRCTC 3.09 wherein the maximum returns are in the 2nd day i.e. 07/09/2021 The average Return of Bajaj Finance Ltd. -0.36 wherein the maximum returns are in the 3rd day i.e. 08/09/2021

Analysis of Risk Analysis of Risk

IRCTC Bajaj Finance Ltd

Square Square
Avg. Return Deviation Avg. Return Deviation
Date Return ( R ) Deviation Date Return ( R ) Deviation
( R) (R - R) ( R) (R - R)
(R-R) D2 (R-R) D2
06/09/2021 4.23 3.09 1.14 1.30 06/09/2021 -0.58 -0.36 -0.22 0.05
07/09/2021 7.77 3.09 4.68 21.90 07/09/2021 -0.96 -0.36 -0.60 0.35
08/09/2021 -1.02 3.09 -4.11 16.89 08/09/2021 0.08 -0.36 0.44 0.19
09/09/2021 1.38 3.09 -1.71 2.92 09/09/2021 0.01 -0.36 0.37 0.14
Total 12.36 43.02 Total -1.45 0.73

Variance = 1/4-1(43.02) Variance = 1/4-1(0.73)

= 14.34 = 0.24

Risk = Standard Deviation = √ Variance Risk = Standard Deviation = √ Variance

= √14.34 = √0.24
= 3.79 = 0.49
Formula of Analysis of Returns Formula of Analysis of Returns

Rate of Return = Share Price in the Closing – Share price at the Opening Rate of Return = Share Price in the Closing – Share price at the Opening
Share Price in the opening Share Price in the opening

Analysis of Return Analysis of Return

JB Chemicals & Pharmaceuticals Ltd. MRF

Opening Price Closing (P1- Opening Price Closing
Date (P1-P0) Date (P1-P0) (P1-P0)/P0*100
(P0) Price (P1) P0)/P0*100 (P0) Price (P1)
06/09/2021 1702 1766 64 3.76 06/09/2021 82700 81405 -1295 -1.57
07/09/2021 1788 1781 -7 -0.39 07/09/2021 81785 81085 -700 -0.86
08/09/2021 1790 1786 -4 -0.22 08/09/2021 81380 80240 -1140 -1.40
09/09/2021 1786 1761 -25 -1.40
09/09/2021 80300 79868 -432 -0.54
Total Return 1.75
Total Return -4.36

Average Return 0.44

Average Return -1.09

The average Return of JB Chemicals & Pharmaceuticals Ltd. 0.44 wherein the maximum returns are in the 1st day i.e.
The average Return of MRF is in Negative form -1.09 in all day it was also show negative form youc an see in above chart
06/09/2021

Analysis of Risk
Analysis of Risk

MRF
JB Chemicals & Pharmaceuticals Ltd.
Square
Square Avg. Return Deviation
Avg. Return Deviation Date Return ( R ) Deviation (R-R)
Date Return ( R ) Deviation ( R) (R - R)
( R) (R - R) D2
(R-R) D2
06/09/2021 3.76 0.44 3.32 11.02 06/09/2021 -1.57 -1.09 -0.48 0.23
07/09/2021 -0.39 0.44 -0.83 0.69 07/09/2021 -0.86 -1.09 0.23 0.05
08/09/2021 -0.22 0.44 -0.66 0.44 08/09/2021 -1.40 -1.09 -0.31 0.10
09/09/2021 -1.40 0.44 -1.84 3.39 09/09/2021 -0.54 -1.09 0.55 0.30
Total 1.75 15.53 Total -4.36 0.68

Variance = 1/4-1(15.53) Variance = 1/4-1(0.68)

= 5.18 = 0.23

Risk = Standard Deviation = √ Variance Risk = Standard Deviation = √ Variance

= √5.18 = √0.23
= 2.28 = 0.48