Piramal Group Acquisition o

Group 3
E008 Kalpesh Sontakke
E029 Nitin Jaitly
G046 Kislay Sinha
H022 Riya Dholani

Submitted to
Prof. Sangeeta Wats
oup Acquisition of DHFL
 ------------------
- in Rs. Cr.
------------------
Consolidated Profit & Loss account -
FY17 FY18 FY19 FY20
INCOME

Revenue From Operations 8,438.03 10,572.58 11,812.38 12,969.23

25% 12% 10%

Other Operating Revenues 65.62 58.45 70.21 99.06

Total Operating Revenues 8,503.65 10,631.03 11,882.59 13,068.29

Other Income 233.75 259.53 309.61 491.11
Total Revenue 8,737.40 10,890.56 12,192.20 13,559.40
EXPENSES

Cost Of Materials Consumed 1,122.02 1,223.93 1,217.64 1,377.19

13% 11% 10% 10%

Purchase Of Stock-In Trade 268.64 299.91 289.24 473.45

3% 3% 2% 3%

Changes In Inventories Of FG,WIP And

Stock-In Trade 10.44 -5.49 3.57 -173.82

Employee Benefit Expenses 1,793.87 1,988.14 1,507.72 1,610.20

21% 18% 12% 12%
Finance Costs 2,030.98 2,978.30 4,100.26 5,320.62

Depreciation And Amortisation

Expenses 381.70 477.33 400.52 520.30
4% 4% 3% 4%
Other Expenses 1,809.54 1,964.67 1,998.54 3,513.90
Total Expenses 7,417.19 8,926.79 9,517.49 12,641.84

Profit/Loss Before Exceptional,

ExtraOrdinary Items And Tax 1,320.21 1,963.77 2,674.71 917.56
Exceptional Items -9.95 0.00 -452.25 0.00
Profit/Loss Before Tax 1,310.26 1,963.77 2,222.46 917.56
Total Tax Expenses 228.12 -2,876.42 852.22 1,960.43
PAT 1,082.14 4,840.19 1,370.24 -1,042.87

Profit Loss From Discontinuing

Operations 0.00 0.00 -216.62 625.74

Total Tax Expenses Discontinuing

Operations 0.00 0.00 8.91 51.29

Net Profit Loss From Discontinuing

Operations 0.00 0.00 -225.53 574.45
Profit/Loss For The Period 1,082.14 4,840.19 1,144.71 -468.42
Minority Interest 0.29 1.21 2.97 2.89

Share Of Profit/Loss Of Associates 169.90 280.09 319.38 489.56

Consolidated Profit/Loss After MI And

Associates 1,252.33 5,121.49 1,467.06 24.03
 FY21 FY22E FY23E FY24E FY25E FY26E

12,770.76 14,216.62 15,731.73 17,303.80 18,918.01 20,431.45

-2% 11% 11% 10% 9% 8%

38.59 66.39 66.54 68.16 67.75 61.48

12,809.35 14,283.01 15,798.27 17,371.96 18,985.76 20,492.94

363.64 331.53 351.08 369.39 381.35 359.40
13,172.99 14,614.53 16,149.35 17,741.35 19,367.11 20,852.33

1,412.20 1,605.97 1,714.79 1,951.55 2,324.05 2,710.80

11% 11% 11% 11% 12% 13%

664.69 489.25 549.45 626.62 728.96 796.21

5% 3% 3% 4% 4% 4%

-155.30 -64.12 -79.03 -93.74 -113.20 -101.08

1,650.47 1,753.74 2,164.86 2,306.38 2,711.40 3,336.37

13% 12% 13% 13% 14% 16%
4,208.53 4,208.53 4,579.23 4,332.10 4,373.28 4,428.20

560.88 622.26 687.61 755.39 824.61 887.85

4% 4% 4% 4% 4% 4%
1,773.04 2,211.94 2,292.42 2,357.97 2,429.85 2,213.04
10,114.51 10,827.56 11,909.31 12,236.26 13,278.95 14,271.41

3,058.48 3,786.97 4,240.04 5,505.09 6,088.16 6,580.93

58.86 -80.67 -94.81 -113.77 -46.08 -55.29
3,117.34 3,706.30 4,145.23 5,391.32 6,042.08 6,525.63
2,042.91 926.58 1,036.31 1,347.83 1,510.52 1,631.41
1,074.43 2,779.73 3,108.92 4,043.49 4,531.56 4,894.23

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00

1,074.43 2,779.73 3,108.92 4,043.49 4,531.56 4,894.23
-80.52 -80.52 -80.52 -80.52 -80.52 -80.52

338.43 319.47 349.39 363.25 372.02 348.51

1,332.34 3,018.68 3,377.79 4,326.22 4,823.06 5,162.22

------------------- in Rs. Cr. -------------------

Consolidated Balance Sheet

FY17 FY18 FY19 FY20 FY21 FY22E
EQUITIES AND LIABILITIES HISTORICAL FORE
SHAREHOLDER'S FUNDS
Equity Share Capital 34.5 36.1 36.9 45.1 45.1 45.1
Total Reserves and Surplus 14848.1 26409.3 23823.4 28999.1 32445.5 36301.5
0.8 -0.1 0.2 0.1 0.1
Total Shareholders Funds 14882.6 26445.4 23860.3 29044.2 32490.6 36346.6
NON-CURRENT LIABILITIES
Long Term Borrowings 14495.7 24220.6 27033.1 20306.3 28096.8 28096.8
Deferred Tax Liabilities [Net] 30.8 29.2 19.5 8.2 222.7 62.1
Other Long Term Liabilities 185.7 205.6 193.0 284.3 283.1 230.3
Long Term Provisions 73.6 42.1 51.0 65.2 30.2 33.2
Total Non-Current Liabilities 14785.7 24497.5 27296.5 20664.0 28632.7 28422.3
CURRENT LIABILITIES
Short Term Borrowings 12079.5 14665.9 15578.4 7949.9 3362.5 3362.5
Trade Payables 764.3 874.3 960.9 989.8 1178.4 1315.0
0.1 0.1 0.0 0.2 0.1
Other Current Liabilities 5600.6 6095.0 14384.1 14488.9 8640.5 9841.8
Short Term Provisions 113.5 93.4 160.3 244.4 165.9 155.5
Total Current Liabilities 18557.8 21728.5 31083.7 23673.0 13347.3 14674.8
Total Capital And Liabilities 48239.4 72683.4 85613.5 74908.6 77118.9 79443.7

ASSETS
NON-CURRENT ASSETS
Tangible Assets 1465.1 2145.0 2417.7 2614.6 4223.9 5584.2
0.5 0.1 0.1 0.6 0.3
Intangible Assets 3080.5 2948.0 2839.9 2661.9 2522.2 2810.5
Capital Work-In-Progress 732.4 294.1 239.1 266.1 400.8 386.5
Intangible Assets Under Development 147.3 353.1 254.6 251.0 234.8 248.1
Fixed Assets 5425.1 5740.2 5751.2 5793.5 7381.7 9029.3
Non-Current Investments 21716.7 23526.6 23299.5 16492.4 18467.2 20700.5
Deferred Tax Assets [Net] 625.2 4244.4 4068.5 2372.3 937.2 937.2
Long Term Loans And Advances 5835.2 21223.9 33613.6 31304.5 27387.7 28757.1
Other Non-Current Assets 451.0 500.3 680.3 1693.7 1963.3 1445.8
Total Non-Current Assets 39480.4 60868.0 73352.4 58795.5 57251.4 60869.8
CURRENT ASSETS
Current Investments 3464.0 5198.5 2447.7 2950.4 3562.1 3524.5
Inventories 723.1 774.0 831.3 1061.2 1299.2 1508.8
0.1 0.1 0.3 0.2 0.2
Trade Receivables 1107.7 1355.5 1403.3 1324.4 1544.7 1622.0
Cash And Cash Equivalents 1540.9 2467.0 918.6 4771.1 7024.7 5989.9
Short Term Loans And Advances 1500.6 1432.3 5171.8 4075.8 5045.6 4764.4
OtherCurrentAssets 422.7 588.1 1488.4 1930.2 1391.0 1164.1
Total Current Assets 8759.0 11815.4 12261.0 16113.1 19867.4 18573.9
Total Assets 48,239.36 72,683.39 85,613.45 74,908.58 77,118.86 79,443.70
 FY23E FY24E FY25E FY26E
FORECASTED

45.1 45.1 45.1 45.1

40615.7 45442.6 50441.3 55485.4
0.1 0.1 0.1 0.1
40660.8 45487.7 50486.4 55530.5 s

28096.8 28096.8 28096.8 28096.8

68.3 76.2 87.5 103.3
239.3 246.0 256.6 251.0
36.5 40.1 44.2 48.6
28440.8 28459.0 28485.0 28499.7

3362.5 3362.5 3362.5 3362.5

1458.1 1620.5 1833.9 2048.4
0.1 0.1 0.1 0.1
10690.1 11609.1 11054.1 10367.1
163.9 178.0 181.5 168.9
15674.6 16770.1 16432.1 15947.0
84776.2 90716.9 95403.4 99977.2

6701.0 7706.2 8476.8 9155.0

0.2 0.2 0.1 0.1
2756.5 2718.2 2693.8 2700.2
317.3 322.0 338.6 353.0
268.3 251.4 250.7 250.7
10043.2 10997.7 11759.9 12458.9
21735.5 23909.0 26299.9 28929.9
937.2 937.2 937.2 937.2
30194.9 31704.7 33289.9 34954.4
1700.9 1703.4 1616.7 1673.7
64611.7 69252.0 73903.7 78954.1

3536.6 3204.3 3355.6 3436.6

1720.1 1926.5 2119.1 2288.7
0.1 0.1 0.1 0.1
1703.1 1788.2 1877.6 1971.5
7263.6 8275.7 7961.0 7245.5
4628.6 4812.9 4735.3 4725.6
1312.4 1457.2 1451.0 1355.1
20164.5 21464.9 21499.7 21023.1
84,776.24 90,716.87 95,403.42 99,977.19
 %Change %Change in
Date BSE Sensex in Index Piramal Share Price Piramal Share
26-Nov-21 57107.15 -3% 2472.2 -7% Beta
25-Nov-21 58795.09 1% 2650.9 2% 1.177254
24-Nov-21 58340.99 -1% 2596.05 -1%
23-Nov-21 58664.33 0% 2616.05 2%
22-Nov-21 58465.89 -2% 2573.85 1%
18-Nov-21 59636.01 -1% 2552.3 -1%
17-Nov-21 60008.33 -1% 2573.25 -2%
16-Nov-21 60322.37 -1% 2624.8 0%
15-Nov-21 60718.71 0% 2615.5 -1%
12-Nov-21 60686.69 1% 2653.3 -2%
11-Nov-21 59919.69 -1% 2714.05 -4%
10-Nov-21 60352.82 0% 2819.15 2%
9-Nov-21 60433.45 0% 2770.2 0%
8-Nov-21 60545.61 1% 2765.85 1%
4-Nov-21 60067.62 0% 2746.8 1%
3-Nov-21 59771.92 0% 2728.7 1%
2-Nov-21 60029.06 0% 2700.95 3%
1-Nov-21 60138.46 1% 2615.6 0%
29-Oct-21 59306.93 -1% 2604.75 0%
28-Oct-21 59984.7 -2% 2597.6 -3%
27-Oct-21 61143.33 0% 2677.1 0%
26-Oct-21 61350.26 1% 2673.35 3%
25-Oct-21 60967.05 0% 2601.75 0%
22-Oct-21 60821.62 0% 2589.8 -3%
21-Oct-21 60923.5 -1% 2683.45 1%
20-Oct-21 61259.96 -1% 2662.55 -3%
19-Oct-21 61716.05 0% 2747.25 -2%
18-Oct-21 61765.59 1% 2817.4 -1%
14-Oct-21 61305.95 1% 2836.8 1%
13-Oct-21 60737.05 1% 2796.3 0%
12-Oct-21 60284.31 0% 2790.1 1%
11-Oct-21 60135.78 0% 2755.5 1%
8-Oct-21 60059.06 1% 2736.05 -5%
7-Oct-21 59677.83 1% 2886.4 2%
6-Oct-21 59189.73 -1% 2841.9 -3%
5-Oct-21 59744.88 1% 2922.9 5%
4-Oct-21 59299.32 1% 2787.55 5%
1-Oct-21 58765.58 -1% 2653.9 2%
30-Sep-21 59126.36 0% 2590.9 -2%
29-Sep-21 59413.27 0% 2641.35 -1%
28-Sep-21 59667.6 -1% 2680.2 -3%
27-Sep-21 60077.88 0% 2750.55 -1%
24-Sep-21 60048.47 0% 2772.35 0%
23-Sep-21 59885.36 2% 2778.95 5%
22-Sep-21 58927.33 0% 2641.35 1%
21-Sep-21 59005.27 1% 2612.25 4%
20-Sep-21 58490.93 -1% 2502.95 -5%
17-Sep-21 59015.89 0% 2631.8 -1%
16-Sep-21 59141.16 1% 2647.75 0%
15-Sep-21 58723.2 1% 2649.35 0%
14-Sep-21 58247.09 0% 2648.85 3%
13-Sep-21 58177.76 0% 2570.85 0%
9-Sep-21 58305.07 0% 2576.1 0%
8-Sep-21 58250.26 0% 2579.2 0%
7-Sep-21 58279.48 0% 2578.1 -2%
6-Sep-21 58296.91 0% 2632.25 1%
3-Sep-21 58129.95 0% 2614.3 0%
2-Sep-21 57852.54 1% 2607.3 1%
1-Sep-21 57338.21 0% 2592.55 0%
31-Aug-21 57552.39 1% 2604.75 0%
30-Aug-21 56889.76 1% 2598 1%
27-Aug-21 56124.72 0% 2570 0%
26-Aug-21 55949.1 0% 2566.85 0%
25-Aug-21 55944.21 0% 2562.4 -2%
24-Aug-21 55958.98 1% 2607.95 2%
23-Aug-21 55555.79 0% 2552.2 -3%
20-Aug-21 55329.32 -1% 2639.5 -2%
18-Aug-21 55629.49 0% 2700.9 0%
17-Aug-21 55792.27 0% 2702.35 -2%
16-Aug-21 55582.58 0% 2767.6 2%
13-Aug-21 55437.29 1% 2723.75 0%
12-Aug-21 54843.98 1% 2718.65 0%
11-Aug-21 54525.93 0% 2728.5 -2%
10-Aug-21 54554.66 0% 2779.1 -1%
9-Aug-21 54402.85 0% 2814.75 6%
6-Aug-21 54277.72 0% 2664.3 3%
5-Aug-21 54492.84 0% 2599.25 2%
4-Aug-21 54369.77 1% 2550.05 2%
3-Aug-21 53823.36 2% 2507.65 1%
2-Aug-21 52950.63 1% 2489.35 7%
30-Jul-21 52586.84 0% 2317.8 0%
29-Jul-21 52653.07 0% 2318.15 0%
28-Jul-21 52443.71 0% 2310.05 0%
 27-Jul-21 52578.76 -1% 2305.9 2%
26-Jul-21 52852.27 0% 2250.65 0%
23-Jul-21 52975.8 0% 2253.75 1%
22-Jul-21 52837.21 1% 2235.1 2%
20-Jul-21 52198.51 -1% 2200.1 -4%
19-Jul-21 52553.4 -1% 2299.9 -2%
16-Jul-21 53140.06 0% 2351.95 3%
15-Jul-21 53158.85 0% 2278.55 -1%
14-Jul-21 52904.05 0% 2291.45 -1%
13-Jul-21 52769.73 1% 2322.3 1%
12-Jul-21 52372.69 0% 2307.7 0%
9-Jul-21 52386.19 0% 2312.65 0%
8-Jul-21 52568.94 -1% 2319 0%
7-Jul-21 53054.76 0% 2328.1 -1%
6-Jul-21 52861.18 0% 2348.7 -3%
5-Jul-21 52880 1% 2411.2 0%
2-Jul-21 52484.67 0% 2405.9 0%
1-Jul-21 52318.6 0% 2398.95 0%
30-Jun-21 52482.71 0% 2393.7 -1%
29-Jun-21 52549.66 0% 2414.25 0%
28-Jun-21 52735.59 0% 2418.25 0%
25-Jun-21 52925.04 0% 2422.65 1%
24-Jun-21 52699 1% 2399.85 -1%
23-Jun-21 52306.08 -1% 2432.55 -1%
22-Jun-21 52588.71 0% 2446.2 5%
21-Jun-21 52574.46 0% 2322.9 4%
18-Jun-21 52344.45 0% 2233.9 3%
17-Jun-21 52323.33 0% 2163.05 -2%
16-Jun-21 52501.98 -1% 2212.05 0%
15-Jun-21 52773.05 0% 2218.1 0%
14-Jun-21 52551.53 0% 2220.7 -1%
11-Jun-21 52474.76 0% 2252.6 3%
10-Jun-21 52300.47 1% 2194.25 3%
9-Jun-21 51941.64 -1% 2128.3 -2%
8-Jun-21 52275.57 0% 2167.15 11%
7-Jun-21 52328.51 0% 1960.75 2%
4-Jun-21 52100.05 0% 1924.7 5%
3-Jun-21 52232.43 1% 1841.05 0%
2-Jun-21 51849.48 0% 1841.45 2%
1-Jun-21 51934.88 0% 1796.75 -1%
31-May-21 51937.44 1% 1815.35 2%
28-May-21 51422.88 1% 1787.1 -1%
27-May-21 51115.22 0% 1808.6 6%
26-May-21 51017.52 1% 1701.3 0%
25-May-21 50637.53 0% 1700.65 0%
24-May-21 50651.9 0% 1700.4 -2%
21-May-21 50540.48 2% 1728.3 3%
20-May-21 49564.86 -1% 1681.45 0%
19-May-21 49902.64 -1% 1687.6 0%
18-May-21 50193.33 1% 1692.4 2%
17-May-21 49580.73 2% 1653.05 1%
14-May-21 48732.55 0% 1633 -4%
12-May-21 48690.8 -1% 1694.6 0%
11-May-21 49161.81 -1% 1691.7 -1%
10-May-21 49502.41 1% 1705.9 2%
7-May-21 49206.47 1% 1670.45 -2%
6-May-21 48949.76 1% 1700 -1%
5-May-21 48677.55 1% 1721.1 3%
4-May-21 48253.51 -1% 1664.7 -2%
3-May-21 48718.52 0% 1706.75 2%
30-Apr-21 48782.36 -2% 1679.85 -1%
29-Apr-21 49765.94 0% 1690.4 -1%
28-Apr-21 49733.84 2% 1708.85 3%
27-Apr-21 48944.14 1% 1659.45 1%
26-Apr-21 48386.51 1% 1635.3 -1%
23-Apr-21 47878.45 0% 1647.4 -1%
22-Apr-21 48080.67 1% 1657.3 -3%
20-Apr-21 47705.8 -1% 1705.7 3%
19-Apr-21 47949.42 -2% 1662.95 -3%
16-Apr-21 48832.03 0% 1719.5 0%
15-Apr-21 48803.68 1% 1715.05 0%
13-Apr-21 48544.06 1% 1715 5%
12-Apr-21 47883.38 -3% 1629.2 -10%
9-Apr-21 49591.32 0% 1809.55 0%
8-Apr-21 49746.21 0% 1803.1 1%
7-Apr-21 49661.76 1% 1783.6 2%
6-Apr-21 49201.39 0% 1750 0%
5-Apr-21 49159.32 -2% 1744.5 -2%
1-Apr-21 50029.83 1% 1776.25 1%
31-Mar-21 49509.15 -1% 1752 -1%
30-Mar-21 50136.58 2% 1764.85 -2%
26-Mar-21 49008.5 1% 1802.95 1%
25-Mar-21 48440.12 -2% 1791.7 -3%
24-Mar-21 49180.31 -2% 1844.35 -4%
23-Mar-21 50051.44 1% 1911.7 1%
22-Mar-21 49771.29 0% 1895.55 0%
19-Mar-21 49858.24 1% 1887.95 3%
18-Mar-21 49216.52 -1% 1838.05 2%
17-Mar-21 49801.62 -1% 1809.7 -4%
16-Mar-21 50363.96 0% 1876.95 1%
15-Mar-21 50395.08 -1% 1863.05 -2%
12-Mar-21 50792.08 -1% 1906.65 -2%
10-Mar-21 51279.51 0% 1954.7 3%
9-Mar-21 51025.48 1% 1903 -1%
8-Mar-21 50441.07 0% 1917.1 0%
5-Mar-21 50405.32 -1% 1924.3 -2%
4-Mar-21 50846.08 -1% 1956.9 -2%
3-Mar-21 51444.65 2% 1992.7 4%
2-Mar-21 50296.89 1% 1918 2%
1-Mar-21 49849.84 2% 1879 3%
26-Feb-21 49099.99 -4% 1828.5 -6%
25-Feb-21 51039.31 1% 1950.4 5%
24-Feb-21 50781.69 2% 1858.8 0%
23-Feb-21 49751.41 0% 1850.7 2%
22-Feb-21 49744.32 -2% 1808 -2%
19-Feb-21 50889.76 -1% 1842.45 -3%
18-Feb-21 51324.69 -1% 1896.9 1%
17-Feb-21 51703.83 -1% 1887.15 2%
16-Feb-21 52104.17 0% 1842.45 0%
15-Feb-21 52154.13 1% 1843.55 6%
12-Feb-21 51544.3 0% 1731.25 6%
11-Feb-21 51531.52 0% 1633.25 1%
10-Feb-21 51309.39 0% 1622.15 3%
9-Feb-21 51329.08 0% 1578.25 -1%
8-Feb-21 51348.77 1% 1591.1 3%
5-Feb-21 50731.63 0% 1543.65 1%
4-Feb-21 50614.29 1% 1522.4 1%
3-Feb-21 50255.75 1% 1514.35 1%
2-Feb-21 49797.72 2% 1502.2 7%
1-Feb-21 48600.61 5% 1403.9 7%
29-Jan-21 46285.77 -1% 1311.6 -4%
28-Jan-21 46874.36 -1% 1372.2 -3%
27-Jan-21 47409.93 -2% 1421.2 -3%
25-Jan-21 48347.59 -1% 1466.8 -1%
22-Jan-21 48878.54 -2% 1487 -5%
21-Jan-21 49624.76 0% 1563.7 -2%
20-Jan-21 49792.12 1% 1596.4 0%
19-Jan-21 49398.29 2% 1590.45 0%
18-Jan-21 48564.27 -1% 1583.55 -3%
 15-Jan-21 49034.67 -1% 1624.45 2%
14-Jan-21 49584.16 0% 1596.7 2%
13-Jan-21 49492.32 0% 1566.15 0%
12-Jan-21 49517.11 1% 1565.5 4%
11-Jan-21 49269.32 1% 1507.3 -1%
8-Jan-21 48782.51 1% 1522.75 2%
7-Jan-21 48093.32 0% 1496.2 6%
6-Jan-21 48174.06 -1% 1415.75 -2%
5-Jan-21 48437.78 1% 1442.15 -2%
4-Jan-21 48176.8 1% 1477.75 0%
1-Jan-21 47868.98 0% 1480.7 4%
31-Dec-20 47751.33 0% 1429.6 0%
30-Dec-20 47746.22 0% 1435.9 1%
29-Dec-20 47613.08 1% 1428.5 -1%
28-Dec-20 47353.75 1% 1447.15 3%
24-Dec-20 46973.54 1% 1407.05 -1%
23-Dec-20 46444.18 1% 1424.15 7%
22-Dec-20 46006.69 1% 1334.7 -1%
21-Dec-20 45553.96 -3% 1348.7 -7%
18-Dec-20 46960.69 0% 1444.65 0%
17-Dec-20 46890.34 0% 1442 -1%
16-Dec-20 46666.46 1% 1457.25 0%
15-Dec-20 46263.17 0% 1450.6 2%
14-Dec-20 46253.46 0% 1421.75 -1%
11-Dec-20 46099.01 0% 1433.65 -1%
10-Dec-20 45959.88 0% 1454.2 -1%
9-Dec-20 46103.5 1% 1465.65 -1%
8-Dec-20 45608.51 0% 1482.9 -1%
7-Dec-20 45426.97 1% 1500.35 2%
4-Dec-20 45079.55 1% 1468.4 -2%
3-Dec-20 44632.65 0% 1492.05 5%
2-Dec-20 44618.04 0% 1422.65 1%
1-Dec-20 44655.44 1% 1413.75 2%
27-Nov-20 44149.72 0% 1386.7 -3%
26-Nov-20 44259.74 1% 1423.15 2%
25-Nov-20 43828.1 -2% 1388.85 -2%
24-Nov-20 44523.02 1% 1423.95 2%
23-Nov-20 44077.15 0% 1390.65 0%
20-Nov-20 43882.25 1% 1394.2 0%
19-Nov-20 43599.96 -1% 1394 -3%
18-Nov-20 44180.05 1% 1435.7 2%
17-Nov-20 43952.71 1% 1411.4 -3%
14-Nov-20 43637.98 0% 1454.45 -1%
13-Nov-20 43443 0% 1469.35 5%
12-Nov-20 43357.19 -1% 1403.35 1%
11-Nov-20 43593.67 1% 1394.85 1%
10-Nov-20 43277.65 2% 1382.05 0%
9-Nov-20 42597.43 2% 1382.45 3%
6-Nov-20 41893.06 1% 1344.15 1%
5-Nov-20 41340.16 2% 1335.55 3%
4-Nov-20 40616.14 1% 1302.25 0%
3-Nov-20 40261.13 1% 1299 0%
2-Nov-20 39757.58 0% 1296.35 3%
30-Oct-20 39614.07 0% 1261.55 4%
29-Oct-20 39749.85 0% 1215.25 -5%
28-Oct-20 39922.46 -1% 1282.05 -1%
27-Oct-20 40522.1 1% 1298.95 0%
26-Oct-20 40145.5 -1% 1300.8 -2%
23-Oct-20 40685.5 0% 1327.45 1%
22-Oct-20 40558.49 0% 1319.75 0%
21-Oct-20 40707.31 0% 1316.75 0%
20-Oct-20 40544.37 0% 1318 0%
19-Oct-20 40431.6 1% 1322.9 2%
16-Oct-20 39982.98 1% 1291.1 3%
15-Oct-20 39728.41 -3% 1252.95 -4%
14-Oct-20 40794.74 0% 1301.1 2%
13-Oct-20 40625.51 0% 1279 -3%
12-Oct-20 40593.8 0% 1313.9 0%
9-Oct-20 40509.49 1% 1319.75 0%
8-Oct-20 40182.67 1% 1316.6 0%
7-Oct-20 39878.95 1% 1318.7 -2%
6-Oct-20 39574.57 2% 1349.45 2%
5-Oct-20 38973.7 1% 1319.2 2%
1-Oct-20 38697.05 2% 1297.25 4%
30-Sep-20 38067.93 0% 1251.95 0%
29-Sep-20 37973.22 0% 1253.15 -2%
28-Sep-20 37981.63 2% 1283.9 3%
25-Sep-20 37388.66 2% 1245.55 4%
24-Sep-20 36553.6 -3% 1192.5 -4%
23-Sep-20 37668.42 0% 1237.1 -1%
22-Sep-20 37734.08 -1% 1247.45 -2%
21-Sep-20 38034.14 -2% 1273.65 -6%
18-Sep-20 38845.82 0% 1350.2 -2%
17-Sep-20 38979.85 -1% 1376.35 1%
16-Sep-20 39302.85 1% 1360.15 1%
15-Sep-20 39044.35 1% 1346.75 2%
14-Sep-20 38756.63 0% 1321.6 -1%
11-Sep-20 38854.55 0% 1333.65 1%
10-Sep-20 38840.32 2% 1314.35 1%
9-Sep-20 38193.92 0% 1296.15 0%
8-Sep-20 38365.35 0% 1300.8 2%
7-Sep-20 38417.23 0% 1270.05 -2%
4-Sep-20 38357.18 -2% 1292.1 -4%
3-Sep-20 38990.94 0% 1349.45 0%
2-Sep-20 39086.03 0% 1356.15 0%
1-Sep-20 38900.8 1% 1357.7 -1%
31-Aug-20 38628.29 -2% 1366.8 -10%
28-Aug-20 39467.31 1% 1510.8 -1%
27-Aug-20 39113.47 0% 1523.2 6%
26-Aug-20 39073.92 1% 1433.85 1%
25-Aug-20 38843.88 0% 1415.4 0%
24-Aug-20 38799.08 1% 1417.05 0%
21-Aug-20 38434.72 1% 1423.65 0%
20-Aug-20 38220.39 -1% 1425.45 -1%
19-Aug-20 38614.79 0% 1436.15 0%
18-Aug-20 38528.32 1% 1435.7 -1%
17-Aug-20 38050.78 0% 1445.15 1%
14-Aug-20 37877.34 -1% 1431.4 -2%
13-Aug-20 38310.49 0% 1466.25 0%
12-Aug-20 38369.63 0% 1462.45 -1%
11-Aug-20 38407.01 1% 1474.25 0%
10-Aug-20 38182.08 0% 1474.05 1%
7-Aug-20 38040.57 0% 1464.35 0%
6-Aug-20 38025.45 1% 1463.25 2%
5-Aug-20 37663.33 0% 1432.95 -2%
4-Aug-20 37687.91 2% 1465.5 0%
3-Aug-20 36939.6 -2% 1460.15 -1%
31-Jul-20 37606.89 0% 1475.1 8%
30-Jul-20 37736.07 -1% 1369.05 -4%
29-Jul-20 38071.13 -1% 1423.3 -3%
28-Jul-20 38492.95 1% 1470.25 1%
27-Jul-20 37934.73 -1% 1453.55 -3%
24-Jul-20 38128.9 0% 1492 0%
23-Jul-20 38140.47 1% 1498.75 1%
22-Jul-20 37871.52 0% 1489.9 -4%
21-Jul-20 37930.33 1% 1559.65 11%
20-Jul-20 37418.99 1% 1406.2 2%
17-Jul-20 37020.14 2% 1377.35 0%
16-Jul-20 36471.68 1% 1373.1 -1%
 15-Jul-20 36051.81 0% 1390.3 0%
14-Jul-20 36033.06 -2% 1390.15 -3%
13-Jul-20 36693.69 0% 1432.2 -1%
10-Jul-20 36594.33 0% 1449.2 0%
9-Jul-20 36737.69 1% 1446.4 1%
8-Jul-20 36329.01 -1% 1433.3 1%
7-Jul-20 36674.52 1% 1416.55 0%
6-Jul-20 36487.28 1% 1412.7 0%
3-Jul-20 36021.42 0% 1411.45 2%
2-Jul-20 35843.7 1% 1389.1 1%
1-Jul-20 35414.45 1% 1378.4 1%
30-Jun-20 34915.8 0% 1363 -2%
29-Jun-20 34961.52 -1% 1387.45 3%
26-Jun-20 35171.27 1% 1342.6 0%
25-Jun-20 34842.1 0% 1342.95 8%
24-Jun-20 34868.98 -2% 1240.4 -2%
23-Jun-20 35430.43 1% 1267.4 5%
22-Jun-20 34911.32 1% 1207.6 4%
19-Jun-20 34731.73 2% 1163.9 12%
18-Jun-20 34208.05 2% 1039.6 -1%
17-Jun-20 33507.92 0% 1051.25 1%
16-Jun-20 33605.22 1% 1043.25 1%
15-Jun-20 33228.8 -2% 1035.55 -3%
12-Jun-20 33780.89 1% 1064.45 4%
11-Jun-20 33538.37 -2% 1025.6 -2%
10-Jun-20 34247.05 1% 1044.65 -2%
9-Jun-20 33956.69 -1% 1064.1 -2%
8-Jun-20 34370.58 0% 1085.75 -4%
5-Jun-20 34287.24 1% 1126.6 4%
4-Jun-20 33980.7 0% 1081.55 -4%
3-Jun-20 34109.54 1% 1127.05 -4%
2-Jun-20 33825.53 2% 1179.25 6%
1-Jun-20 33303.52 3% 1113.4 15%
29-May-20 32424.1 1% 970.4 1%
28-May-20 32200.59 2% 958.5 0%
27-May-20 31605.22 3% 957.8 6%
26-May-20 30609.3 0% 905.25 -5%
22-May-20 30672.59 -1% 953.95 2%
21-May-20 30932.9 0% 934.7 2%
20-May-20 30818.61 2% 913.95 4%
19-May-20 30196.17 1% 880.15 1%
18-May-20 30028.98 -3% 873.05 -2%
15-May-20 31097.73 0% 888.85 2%
14-May-20 31122.89 -3% 873.6 -1%
13-May-20 32008.61 2% 886.7 -2%
12-May-20 31371.12 -1% 900.95 -3%
11-May-20 31561.22 0% 932.25 5%
8-May-20 31642.7 1% 886.1 -3%
7-May-20 31443.38 -1% 913.4 -1%
6-May-20 31685.75 1% 918.35 1%
5-May-20 31453.51 -1% 910.45 1%
4-May-20 31715.35 -6% 904.55 -9%
30-Apr-20 33717.62 3% 988.85 4%
29-Apr-20 32720.16 2% 955.4 2%
28-Apr-20 32114.52 1% 933.65 2%
27-Apr-20 31743.08 1% 912.1 5%
24-Apr-20 31327.22 -2% 865.2 1%
23-Apr-20 31863.08 2% 852.95 2%
22-Apr-20 31379.55 2% 840.15 1%
21-Apr-20 30636.71 -3% 829.8 -5%
20-Apr-20 31648 0% 877.35 -2%
17-Apr-20 31588.72 3% 891.5 0%
16-Apr-20 30602.61 1% 894.95 -4%
15-Apr-20 30379.81 -1% 933.3 2%
13-Apr-20 30690.02 -2% 919.5 -4%
9-Apr-20 31159.62 4% 958.15 2%
8-Apr-20 29893.96 -1% 935.35 3%
7-Apr-20 30067.21 9% 911.9 0%
3-Apr-20 27590.95 -2% 912.45 -3%
1-Apr-20 28265.31 -4% 936.3 0%
31-Mar-20 29468.49 4% 938.8 10%
30-Mar-20 28440.32 -5% 855.7 1%
27-Mar-20 29815.59 0% 849.7 4%
26-Mar-20 29946.77 5% 819.15 20%
25-Mar-20 28535.78 7% 682.1 9%
24-Mar-20 26674.03 3% 624.7 -3%
23-Mar-20 25981.24 -13% 641.6 -6%
20-Mar-20 29915.96 6% 684.8 -12%
19-Mar-20 28288.23 -2% 778.5 -6%
18-Mar-20 28869.51 -6% 826.15 -6%
17-Mar-20 30579.09 -3% 876.85 0%
16-Mar-20 31390.07 -8% 879.4 -14%
13-Mar-20 34103.48 4% 1026.55 -1%
12-Mar-20 32778.14 -8% 1036.6 -16%
11-Mar-20 35697.4 0% 1227.05 1%
9-Mar-20 35634.95 -5% 1212.25 -7%
 6-Mar-20 37576.62 -2% 1302.35 -9%
5-Mar-20 38470.61 0% 1428.45 0%
4-Mar-20 38409.48 -1% 1423.7 -2%
3-Mar-20 38623.7 1% 1448.5 7%
2-Mar-20 38144.02 0% 1357.95 4%
28-Feb-20 38297.29 -4% 1307.35 -6%
27-Feb-20 39745.66 0% 1395.4 -2%
26-Feb-20 39888.96 -1% 1429.2 -4%
25-Feb-20 40281.2 0% 1493.9 -5%
24-Feb-20 40363.23 -2% 1567.75 -2%
20-Feb-20 41170.12 0% 1599.45 2%
19-Feb-20 41323 1% 1572 3%
18-Feb-20 40894.38 0% 1522.3 -1%
17-Feb-20 41055.69 0% 1531.3 0%
14-Feb-20 41257.74 0% 1528.65 0%
13-Feb-20 41459.79 0% 1531.65 0%
12-Feb-20 41565.9 1% 1528.95 -2%
11-Feb-20 41216.14 1% 1563 1%
10-Feb-20 40979.62 0% 1548.15 -3%
7-Feb-20 41141.85 0% 1600.95 2%
6-Feb-20 41306.03 0% 1570.8 8%
5-Feb-20 41142.66 1% 1459.9 3%
4-Feb-20 40789.38 2% 1419.35 6%
3-Feb-20 39872.31 0% 1337.9 -8%
1-Feb-20 39735.53 -2% 1452.8 -6%
31-Jan-20 40723.49 0% 1545 -2%
30-Jan-20 40913.82 -1% 1578.6 -7%
29-Jan-20 41198.66 1% 1702.3 1%
28-Jan-20 40966.86 0% 1679.85 -1%
27-Jan-20 41155.12 -1% 1700 1%
24-Jan-20 41613.19 1% 1676.55 -1%
23-Jan-20 41386.4 1% 1687.55 5%
22-Jan-20 41115.38 -1% 1608.6 0%
21-Jan-20 41323.81 0% 1611.45 2%
20-Jan-20 41528.91 -1% 1586.05 -3%
17-Jan-20 41945.37 0% 1627.05 5%
16-Jan-20 41932.56 0% 1546.95 1%
15-Jan-20 41872.73 0% 1536.25 6%
14-Jan-20 41952.63 0% 1445.4 1%
13-Jan-20 41859.69 1% 1436.3 -1%
10-Jan-20 41599.72 0% 1448.15 -2%
9-Jan-20 41452.35 2% 1475.65 0%
8-Jan-20 40817.74 0% 1473.55 0%
 7-Jan-20 40869.47 0% 1479.95 1%
6-Jan-20 40676.63 -2% 1459.1 -4%
3-Jan-20 41464.61 0% 1522.85 0%
2-Jan-20 41626.64 1% 1524.55 -1%
1-Jan-20 41306.02 0% 1535.6 1%
31-Dec-19 41253.74 -1% 1523.5 -4%
30-Dec-19 41558 0% 1585.15 -3%
27-Dec-19 41575.14 1% 1631.15 -1%
26-Dec-19 41163.76 -1% 1640.35 0%
24-Dec-19 41461.26 0% 1647.45 0%
23-Dec-19 41642.66 0% 1646.3 1%
20-Dec-19 41681.54 0% 1635.6 0%
19-Dec-19 41673.92 0% 1631.7 0%
18-Dec-19 41558.57 0% 1638.75 -1%
17-Dec-19 41352.17 1% 1660.45 0%
16-Dec-19 40938.72 0% 1657.6 -1%
13-Dec-19 41009.71 1% 1677.15 1%
12-Dec-19 40581.71 0% 1657.25 1%
11-Dec-19 40412.57 0% 1634.45 2%
10-Dec-19 40239.88 -1% 1609.85 -2%
9-Dec-19 40487.43 0% 1647.9 0%
6-Dec-19 40445.15 -1% 1643.35 -4%
5-Dec-19 40779.59 0% 1705.3 1%
4-Dec-19 40850.29 0% 1690.55 -2%
3-Dec-19 40675.45 0% 1724.2 -5%
2-Dec-19 40802.17 0% 1819.2 0%
29-Nov-19 40793.81 -1% 1810.7 0%
28-Nov-19 41130.17 0% 1805.55 2%
27-Nov-19 41020.61 0% 1763.35 0%
26-Nov-19 40821.3 0% 1762.55 -5%
25-Nov-19 40889.23 1% 1848.1 4%
22-Nov-19 40359.41 -1% 1773.45 1%
21-Nov-19 40575.17 0% 1764.55 -1%
20-Nov-19 40651.64 0% 1774.25 1%
19-Nov-19 40469.7 0% 1761.05 1%
18-Nov-19 40284.19 0% 1746.75 -1%
15-Nov-19 40356.69 0% 1767.2 0%
14-Nov-19 40286.48 0% 1758.75 -3%
13-Nov-19 40116.06 -1% 1810.3 2%
11-Nov-19 40345.08 0% 1781.25 0%
8-Nov-19 40323.61 -1% 1775.9 -1%
7-Nov-19 40653.74 0% 1798.5 4%
6-Nov-19 40469.78 1% 1735.5 1%
 5-Nov-19 40248.23 0% 1714.75 -2%
4-Nov-19 40301.96 0% 1743.1 -1%
1-Nov-19 40165.03 0% 1759.75 4%
31-Oct-19 40129.05 0% 1684.6 -1%
30-Oct-19 40051.87 1% 1696.35 2%
29-Oct-19 39831.84 1% 1666 4%
27-Oct-19 39250.2 0% 1599.85 1%
25-Oct-19 39058.06 0% 1590.4 -8%
24-Oct-19 39020.39 0% 1723.7 0%
23-Oct-19 39058.83 0% 1721.95 2%
22-Oct-19 38963.84 -1% 1680.5 8%
18-Oct-19 39298.38 1% 1556.35 6%
17-Oct-19 39052.06 1% 1467.95 7%
16-Oct-19 38598.99 0% 1374.8 0%
15-Oct-19 38506.09 1% 1375.6 0%
14-Oct-19 38214.47 0% 1376.85 1%
11-Oct-19 38127.08 1% 1358.95 0%
10-Oct-19 37880.4 -1% 1364.35 -2%
9-Oct-19 38177.95 2% 1395.25 -6%
7-Oct-19 37531.98 0% 1477.1 -7%
4-Oct-19 37673.31 -1% 1596.6 1%
3-Oct-19 38106.87 -1% 1573.25 -6%
1-Oct-19 38305.41 -1% 1666.1 2%
30-Sep-19 38667.33 0% 1631.7 -5%
27-Sep-19 38822.57 0% 1726.55 -7%
26-Sep-19 38989.74 1% 1859.05 2%
25-Sep-19 38593.52 -1% 1823.05 -1%
24-Sep-19 39097.14 0% 1849.7 0%
23-Sep-19 39090.03 3% 1845.8 0%
20-Sep-19 38014.62 5% 1849.55 5%
19-Sep-19 36093.47 -1% 1764.25 -3%
18-Sep-19 36563.88 0% 1825.55 0%
17-Sep-19 36481.09 -2% 1826.3 -4%
16-Sep-19 37123.31 -1% 1900.8 0%
13-Sep-19 37384.99 1% 1902.65 -3%
12-Sep-19 37104.28 0% 1965.4 -1%
11-Sep-19 37270.82 0% 1981.85 5%
9-Sep-19 37145.45 0% 1891.6 1%
6-Sep-19 36981.77 1% 1881.9 -3%
5-Sep-19 36644.42 0% 1938.55 0%
4-Sep-19 36724.74 0% 1946.7 -1%
3-Sep-19 36562.91 -2% 1969 -3%
30-Aug-19 37332.79 1% 2031.8 3%
29-Aug-19 37068.93 -1% 1981.95 5%
28-Aug-19 37451.84 -1% 1895.35 -3%
27-Aug-19 37641.27 0% 1949.25 4%
26-Aug-19 37494.12 2% 1878.65 5%
23-Aug-19 36701.16 1% 1781.4 3%
22-Aug-19 36472.93 -2% 1725.6 -3%
21-Aug-19 37060.37 -1% 1782.7 0%
20-Aug-19 37328.01 0% 1779.85 -1%
19-Aug-19 37402.49 0% 1797.4 1%
16-Aug-19 37350.33 0% 1782.55 1%
14-Aug-19 37311.53 1% 1766.6 2%
13-Aug-19 36958.16 -2% 1723.8 -3%
9-Aug-19 37581.91 1% 1771 2%
8-Aug-19 37327.36 2% 1729.35 3%
7-Aug-19 36690.5 -1% 1674.3 -3%
6-Aug-19 36976.85 1% 1718.7 -1%
5-Aug-19 36699.84 -1% 1727.9 -1%
2-Aug-19 37118.22 0% 1747.25 -1%
1-Aug-19 37018.32 -1% 1764.1 -2%
31-Jul-19 37481.12 0% 1809.3 1%
30-Jul-19 37397.24 -1% 1786.8 0%
29-Jul-19 37686.37 -1% 1790.55 0%
26-Jul-19 37882.79 0% 1797.25 3%
25-Jul-19 37830.98 0% 1750.8 -1%
24-Jul-19 37847.65 0% 1762.3 -6%
23-Jul-19 37982.74 0% 1870.05 -2%
22-Jul-19 38031.13 -1% 1904.05 0%
19-Jul-19 38337.01 -1% 1904.4 -4%
18-Jul-19 38897.46 -1% 1992.05 -3%
17-Jul-19 39215.64 0% 2058 1%
16-Jul-19 39131.04 1% 2036.8 -2%
15-Jul-19 38896.71 0% 2077.75 7%
12-Jul-19 38736.23 0% 1945.8 -1%
11-Jul-19 38823.11 1% 1963.65 1%
10-Jul-19 38557.04 0% 1937.65 -3%
9-Jul-19 38730.82 0% 1990.8 4%
8-Jul-19 38720.57 -2% 1920 -4%
5-Jul-19 39513.39 -1% 1993.55 2%
4-Jul-19 39908.06 0% 1946.65 -4%
3-Jul-19 39839.25 0% 2025.3 4%
2-Jul-19 39816.48 0% 1948 -1%
1-Jul-19 39686.5 1% 1964.95 1%
28-Jun-19 39394.64 0% 1946.2 0%
 27-Jun-19 39586.41 0% 1938.9 3%
26-Jun-19 39592.08 0% 1879.45 -1%
25-Jun-19 39434.94 1% 1900.55 -2%
24-Jun-19 39122.96 0% 1945.6 3%
21-Jun-19 39194.49 -1% 1889.7 1%
20-Jun-19 39601.63 1% 1880.15 8%
19-Jun-19 39112.74 0% 1742.75 -7%
18-Jun-19 39046.34 0% 1870.05 -7%
17-Jun-19 38960.79 -1% 2004.85 -3%
14-Jun-19 39452.07 -1% 2068.45 0%
13-Jun-19 39741.36 0% 2078.75 -2%
12-Jun-19 39756.81 0% 2130.45 -2%
11-Jun-19 39950.46 0% 2167.65 2%
10-Jun-19 39784.52 0% 2126.4 1%
7-Jun-19 39615.9 0% 2109.65 2%
6-Jun-19 39529.72 -1% 2068.65 -6%
4-Jun-19 40083.54 0% 2208.65 -1%
3-Jun-19 40267.62 1% 2224.4 0%
31-May-19 39714.2 0% 2222.7 1%
30-May-19 39831.97 1% 2201.1 2%
29-May-19 39502.05 -1% 2156.15 -2%
28-May-19 39749.73 0% 2199.35 0%
27-May-19 39683.29 1% 2188.85 0%
24-May-19 39434.72 2% 2198.7 1%
23-May-19 38811.39 -1% 2167.55 -1%
22-May-19 39110.21 0% 2186.15 -2%
21-May-19 38969.8 -1% 2228.1 -3%
20-May-19 39352.67 4% 2288.7 7%
17-May-19 37930.77 1% 2133.4 4%
16-May-19 37393.48 1% 2045.75 -4%
15-May-19 37114.88 -1% 2137.7 0%
14-May-19 37318.53 1% 2142.15 1%
13-May-19 37090.82 -1% 2117.25 -4%
10-May-19 37462.99 0% 2195.4 1%
9-May-19 37558.91 -1% 2181.1 -1%
8-May-19 37789.13 -1% 2193.5 -3%
7-May-19 38276.63 -1% 2272.95 0%
6-May-19 38600.34 -1% 2269.6 -2%
3-May-19 38963.26 0% 2319.3 -2%
2-May-19 38981.43 0% 2375.85 1%
30-Apr-19 39031.55 0% 2356.4 -2%
26-Apr-19 39067.33 1% 2409.65 -6%
25-Apr-19 38730.86 -1% 2555.25 -1%
24-Apr-19 39054.68 1% 2585.7 2%
23-Apr-19 38564.88 0% 2536.1 -1%
22-Apr-19 38645.18 -1% 2554.85 -4%
18-Apr-19 39140.28 0% 2653.95 -1%
16-Apr-19 39275.64 1% 2675.15 -1%
15-Apr-19 38905.84 0% 2690.85 1%
12-Apr-19 38767.11 0% 2674.15 0%
11-Apr-19 38607.01 0% 2668 0%
10-Apr-19 38585.35 -1% 2680.75 2%
9-Apr-19 38939.22 1% 2633.9 -1%
8-Apr-19 38700.53 0% 2649.05 1%
5-Apr-19 38862.23 0% 2613.9 0%
4-Apr-19 38684.72 0% 2616.9 1%
3-Apr-19 38877.12 0% 2599.3 -2%
2-Apr-19 39056.65 0% 2642.5 -2%
1-Apr-19 38871.87 1% 2693.3 -2%
29-Mar-19 38672.91 0% 2754.7 2%
28-Mar-19 38545.72 1% 2692.25 3%
27-Mar-19 38132.88 0% 2621.7 -1%
26-Mar-19 38233.41 1% 2636.35 2%
25-Mar-19 37808.91 -1% 2574.05 -1%
22-Mar-19 38164.61 -1% 2599.45 0%
20-Mar-19 38386.75 0% 2612.25 -1%
19-Mar-19 38363.47 1% 2646.3 1%
18-Mar-19 38095.07 0% 2629.05 -1%
15-Mar-19 38024.32 1% 2643.25 0%
14-Mar-19 37754.89 0% 2654.05 2%
13-Mar-19 37752.17 1% 2598.05 -1%
12-Mar-19 37535.66 1% 2637 -1%
11-Mar-19 37054.1 1% 2656.8 3%
8-Mar-19 36671.43 0% 2585.95 0%
7-Mar-19 36725.42 0% 2573.95 0%
6-Mar-19 36636.1 1% 2580.25 5%
5-Mar-19 36442.54 1% 2461.85 4%
1-Mar-19 36063.81 1% 2372.15 2%
28-Feb-19 35867.44 0% 2327.85 1%
27-Feb-19 35905.43 0% 2315.05 0%
26-Feb-19 35973.71 -1% 2317.6 0%
25-Feb-19 36213.38 1% 2318.35 1%
22-Feb-19 35871.48 0% 2302.2 3%
21-Feb-19 35898.35 0% 2240.15 2%
20-Feb-19 35756.26 1% 2196.1 1%
19-Feb-19 35352.61 0% 2173.05 0%
18-Feb-19 35498.44 -1% 2169.25 0%
15-Feb-19 35808.95 0% 2160.65 -2%
14-Feb-19 35876.22 0% 2210.45 1%
13-Feb-19 36034.11 0% 2191.15 1%
12-Feb-19 36153.62 -1% 2179.5 3%
11-Feb-19 36395.03 0% 2121.25 -4%
8-Feb-19 36546.48 -1% 2202.65 -1%
7-Feb-19 36971.09 0% 2235.75 3%
6-Feb-19 36975.23 1% 2171.55 0%
5-Feb-19 36616.81 0% 2166.1 3%
4-Feb-19 36582.74 0% 2108 -2%
1-Feb-19 36469.43 1% 2153.7 6%
31-Jan-19 36256.69 2% 2031.8 -2%
30-Jan-19 35591.25 0% 2074.05 -2%
29-Jan-19 35592.5 0% 2125.5 -2%
28-Jan-19 35656.7 -1% 2162.45 -6%
25-Jan-19 36025.54 0% 2296.8 0%
24-Jan-19 36195.1 0% 2306.35 -2%
23-Jan-19 36108.47 -1% 2360.25 1%
22-Jan-19 36444.64 0% 2334.85 2%
21-Jan-19 36578.96 1% 2281.7 -1%
18-Jan-19 36386.61 0% 2295 -4%
17-Jan-19 36374.08 0% 2386.75 1%
16-Jan-19 36321.29 0% 2367.35 1%
15-Jan-19 36318.33 1% 2344.1 3%
14-Jan-19 35853.56 0% 2273.3 -1%
11-Jan-19 36009.84 0% 2295.9 0%
10-Jan-19 36106.5 0% 2303.5 -1%
9-Jan-19 36212.91 1% 2336.7 1%
8-Jan-19 35980.93 0% 2309.3 1%
7-Jan-19 35850.16 0% 2282.55 -3%
4-Jan-19 35695.1 1% 2352.9 3%
3-Jan-19 35513.71 -1% 2288.1 -2%
2-Jan-19 35891.52 -1% 2340.8 -2%
1-Jan-19 36254.57 1% 2394.6 1%
31-Dec-18 36068.33 0% 2381.85 1%
28-Dec-18 36076.72 1% 2354.25 3%
27-Dec-18 35807.28 0% 2289.7 -1%
26-Dec-18 35649.94 1% 2315.1 1%
24-Dec-18 35470.15 -1% 2295.6 0%
21-Dec-18 35742.07 -2% 2289.9 0%
20-Dec-18 36431.67 0% 2290.2 1%
19-Dec-18 36484.33 0% 2276.2 4%
18-Dec-18 36347.08 0% 2183.15 2%
17-Dec-18 36270.07 1% 2149.8 0%
14-Dec-18 35962.93 0% 2141.15 -2%
13-Dec-18 35929.64 0% 2173.9 1%
12-Dec-18 35779.07 2% 2146.9 3%
11-Dec-18 35150.01 1% 2088.35 2%
10-Dec-18 34959.72 -2% 2045.7 -2%
7-Dec-18 35673.25 1% 2085.95 -1%
6-Dec-18 35312.13 -2% 2099.45 -3%
5-Dec-18 35884.41 -1% 2163.85 -1%
4-Dec-18 36134.31 0% 2195.85 0%
3-Dec-18 36241 0% 2198.7 0%
30-Nov-18 36194.3 0% 2200.05 2%
29-Nov-18 36170.41 1% 2161.5 3%
28-Nov-18 35716.95 1% 2100.25 2%
27-Nov-18 35513.14 0% 2050.7 -6%
26-Nov-18 35354.08 1% 2177.25 -3%
22-Nov-18 34981.02 -1% 2238.3 -1%
21-Nov-18 35199.8 -1% 2259.65 -1%
20-Nov-18 35474.51 -1% 2281.9 -3%
19-Nov-18 35774.88 1% 2359 1%
16-Nov-18 35457.16 1% 2341.5 2%
15-Nov-18 35260.54 0% 2289.8 0%
14-Nov-18 35141.99 0% 2288.6 0%
13-Nov-18 35144.49 1% 2293.75 1%
12-Nov-18 34812.99 -1% 2271.75 -1%
9-Nov-18 35158.55 0% 2287.8 4%
7-Nov-18 35237.68 1% 2201.65 1%
6-Nov-18 34991.91 0% 2188.3 -1%
5-Nov-18 34950.92 0% 2203.8 3%
2-Nov-18 35011.65 2% 2149.95 0%
1-Nov-18 34431.97 0% 2140.75 -1%
31-Oct-18 34442.05 2% 2172.15 8%
30-Oct-18 33891.13 -1% 2011 -1%
29-Oct-18 34067.4 2% 2025.6 5%
26-Oct-18 33349.31 -1% 1921.3 3%
25-Oct-18 33690.09 -1% 1865.35 -4%
24-Oct-18 34033.96 1% 1935.25 1%
23-Oct-18 33847.23 -1% 1908 1%
22-Oct-18 34134.38 -1% 1890.45 0%
19-Oct-18 34315.63 -1% 1894.7 -10%
17-Oct-18 34779.58 -1% 2098.95 -10%
16-Oct-18 35162.48 1% 2329 3%
 15-Oct-18 34865.1 0% 2251.25 0%
12-Oct-18 34733.58 2% 2245.2 0%
11-Oct-18 34001.15 -2% 2235.15 -7%
10-Oct-18 34760.89 1% 2394.9 11%
9-Oct-18 34299.47 -1% 2159.35 2%
8-Oct-18 34474.38 0% 2113.7 -4%
5-Oct-18 34376.99 -2% 2207.75 -4%
4-Oct-18 35169.16 -2% 2298.5 0%
3-Oct-18 35975.63 -2% 2307.9 1%
1-Oct-18 36526.14 1% 2274 -1%
28-Sep-18 36227.14 0% 2304.2 -3%
27-Sep-18 36324.17 -1% 2368.3 -7%
26-Sep-18 36542.27 0% 2538.45 0%
25-Sep-18 36652.06 1% 2526.7 0%
24-Sep-18 36305.02 -1% 2517.75 -8%
21-Sep-18 36841.6 -1% 2749.4 -5%
19-Sep-18 37121.22 0% 2888.4 -1%
18-Sep-18 37290.67 -1% 2929.35 -1%
17-Sep-18 37585.51 -1% 2961.05 -3%
14-Sep-18 38090.64 1% 3041.35 4%
12-Sep-18 37717.96 1% 2926.3 0%
11-Sep-18 37413.13 -1% 2920.25 -3%
10-Sep-18 37922.17 -1% 3019.6 -1%
7-Sep-18 38389.82 0% 3043.55 1%
6-Sep-18 38242.81 1% 3021.6 2%
5-Sep-18 38018.31 0% 2962.8 -2%
4-Sep-18 38157.92 0% 3010.05 -2%
3-Sep-18 38312.52 -1% 3081.45 -4%
31-Aug-18 38645.07 0% 3201.9 2%
30-Aug-18 38690.1 0% 3127.15 0%
29-Aug-18 38722.93 0% 3118.9 1%
28-Aug-18 38896.63 1% 3102.05 1%
27-Aug-18 38694.11 1% 3062.15 6%
24-Aug-18 38251.8 0% 2883.45 3%
23-Aug-18 38336.76 0% 2812.55 -1%
21-Aug-18 38285.75 0% 2843.35 3%
20-Aug-18 38278.75 1% 2772.15 2%
17-Aug-18 37947.88 1% 2706.35 0%
16-Aug-18 37663.56 0% 2711.05 -4%
14-Aug-18 37852 1% 2837.25 2%
13-Aug-18 37644.9 -1% 2780.9 -1%
10-Aug-18 37869.23 0% 2807.1 -2%
9-Aug-18 38024.37 0% 2872.5 0%
8-Aug-18 37887.56 1% 2872.4 -1%
7-Aug-18 37665.8 0% 2906.6 3%
6-Aug-18 37691.89 0% 2811.15 0%
3-Aug-18 37556.16 1% 2797.7 -2%
2-Aug-18 37165.16 -1% 2851.8 2%
1-Aug-18 37521.62 0% 2799.8 4%
31-Jul-18 37606.58 0% 2680.3 1%
30-Jul-18 37494.4 0% 2664.45 0%
27-Jul-18 37336.85 1% 2659.7 -1%
26-Jul-18 36984.64 0% 2684.9 0%
25-Jul-18 36858.23 0% 2693.8 -1%
24-Jul-18 36825.1 0% 2718.9 7%
23-Jul-18 36718.6 1% 2546.85 2%
20-Jul-18 36496.37 0% 2499.95 -1%
19-Jul-18 36351.23 0% 2520.8 -1%
18-Jul-18 36373.44 0% 2558.45 1%
17-Jul-18 36519.96 1% 2525.35 0%
16-Jul-18 36323.77 -1% 2520.85 0%
13-Jul-18 36541.63 0% 2521.3 1%
12-Jul-18 36548.41 1% 2494.95 1%
11-Jul-18 36265.93 0% 2476.65 0%
10-Jul-18 36239.62 1% 2469.2 1%
9-Jul-18 35934.72 1% 2456.75 -1%
6-Jul-18 35657.86 0% 2475.3 1%
5-Jul-18 35574.55 0% 2455.5 0%
4-Jul-18 35645.4 1% 2465.4 0%
3-Jul-18 35378.6 0% 2464.05 0%
2-Jul-18 35264.41 0% 2471.55 -2%
29-Jun-18 35423.48 1% 2532.6 0%
28-Jun-18 35037.64 -1% 2534.4 -1%
27-Jun-18 35217.11 -1% 2550.85 0%
26-Jun-18 35490.04 0% 2540.15 0%
25-Jun-18 35470.35 -1% 2529.45 -3%
22-Jun-18 35689.6 1% 2602.35 2%
21-Jun-18 35432.39 0% 2539.3 0%
20-Jun-18 35547.33 1% 2549 0%
19-Jun-18 35286.74 -1% 2541.75 0%
18-Jun-18 35548.26 0% 2545.8 2%
15-Jun-18 35622.14 0% 2500.15 3%
14-Jun-18 35599.82 0% 2425.5 -1%
13-Jun-18 35739.16 0% 2440.95 0%
12-Jun-18 35692.52 1% 2447.55 1%
11-Jun-18 35483.47 0% 2412.25 0%
 8-Jun-18 35443.67 0% 2405.6 0%
7-Jun-18 35463.08 1% 2404.5 1%
6-Jun-18 35178.88 1% 2387.3 2%
5-Jun-18 34903.21 0% 2332.45 -3%
4-Jun-18 35011.89 -1% 2401.7 -1%
1-Jun-18 35227.26 0% 2438.05 3%
31-May-18 35322.38 1% 2377 1%
30-May-18 34906.11 0% 2354.45 -2%
29-May-18 34949.24 -1% 2408.8 -2%
28-May-18 35165.48 1% 2468.35 3%
25-May-18 34924.87 1% 2405.5 1%
24-May-18 34663.11 1% 2393.25 2%
23-May-18 34344.91 -1% 2349.3 -1%
22-May-18 34651.24 0% 2377.35 1%
21-May-18 34616.13 -1% 2354 0%
18-May-18 34848.3 -1% 2346.85 -2%
17-May-18 35149.12 -1% 2400.15 -1%
16-May-18 35387.88 0% 2416.4 -1%
15-May-18 35543.94 0% 2435.6 0%
14-May-18 35556.71 0% 2437.3 0%
11-May-18 35535.79 1% 2438.5 0%
10-May-18 35246.27 0% 2445.35 -2%
9-May-18 35319.35 0% 2507.55 0%
8-May-18 35216.32 0% 2503 -1%
7-May-18 35208.14 1% 2520.05 1%
4-May-18 34915.38 -1% 2493.7 -2%
3-May-18 35103.14 0% 2534 -2%
2-May-18 35176.42 0% 2589.45 -1%
30-Apr-18 35160.36 1% 2605.2 -1%
27-Apr-18 34969.7 1% 2630.95 2%
26-Apr-18 34713.6 1% 2585.1 0%
25-Apr-18 34501.27 0% 2577.8 0%
24-Apr-18 34616.64 0% 2571.05 -1%
23-Apr-18 34450.77 0% 2602.4 1%
20-Apr-18 34415.58 0% 2571 -1%
19-Apr-18 34427.29 0% 2601.3 1%
18-Apr-18 34331.68 0% 2578.15 -1%
17-Apr-18 34395.06 0% 2601.65 0%
16-Apr-18 34305.43 0% 2601.7 1%
13-Apr-18 34192.65 0% 2568.35 -1%
12-Apr-18 34101.13 0% 2582.4 -1%
11-Apr-18 33940.44 0% 2599 -1%
10-Apr-18 33880.25 0% 2620.25 0%
 9-Apr-18 33788.54 0% 2633.1 -1%
6-Apr-18 33626.97 0% 2661.5 5%
5-Apr-18 33596.8 2% 2540.85 3%
4-Apr-18 33019.07 -1% 2465.65 -1%
3-Apr-18 33370.63 0% 2496.75 1%
2-Apr-18 33255.36 1% 2468.45 1%
28-Mar-18 32968.68 -1% 2440.5 -1%
27-Mar-18 33174.39 0% 2456 2%
26-Mar-18 33066.41 1% 2407.75 0%
23-Mar-18 32596.54 -1% 2398.7 -3%
22-Mar-18 33006.27 0% 2477.65 0%
21-Mar-18 33136.18 0% 2472.6 0%
20-Mar-18 32996.76 0% 2470.85 -1%
19-Mar-18 32923.12 -1% 2488.25 0%
16-Mar-18 33176 -2% 2494.15 2%
15-Mar-18 33685.54 0% 2451.15 0%
14-Mar-18 33835.74 0% 2454.5 -1%
13-Mar-18 33856.78 0% 2482.05 3%
12-Mar-18 33917.94 2% 2413.8 2%
9-Mar-18 33307.14 0% 2362.45 1%
8-Mar-18 33351.57 1% 2330.2 1%
7-Mar-18 33033.09 -1% 2302.25 -3%
6-Mar-18 33317.2 -1% 2369.85 -3%
5-Mar-18 33746.78 -1% 2440.05 -4%
1-Mar-18 34046.94 0% 2547.5 -1%
28-Feb-18 34184.04 0% 2585.7 -1%
27-Feb-18 34346.39 0% 2615.85 -1%
26-Feb-18 34445.75 1% 2642.85 1%
23-Feb-18 34142.15 1% 2622.05 1%
22-Feb-18 33819.5 0% 2588.15 -2%
21-Feb-18 33844.86 0% 2633.35 0%
20-Feb-18 33703.59 0% 2625.4 0%
19-Feb-18 33774.66 -1% 2630.1 0%
16-Feb-18 34010.76 -1% 2628 -3%
15-Feb-18 34297.47 0% 2715.4 0%
14-Feb-18 34155.95 0% 2723.6 2%
12-Feb-18 34300.47 1% 2683.25 2%
9-Feb-18 34005.76 -1% 2640.25 -2%
8-Feb-18 34413.16 1% 2706.85 2%
7-Feb-18 34082.71 0% 2649.05 4%
6-Feb-18 34195.94 -2% 2551.5 -3%
5-Feb-18 34757.16 -1% 2619.8 -1%
2-Feb-18 35066.75 -2% 2644 -4%
 1-Feb-18 35906.66 0% 2744.65 0%
31-Jan-18 35965.02 0% 2735.7 -1%
30-Jan-18 36033.73 -1% 2765.85 -1%
29-Jan-18 36283.25 1% 2800.8 1%
25-Jan-18 36050.44 0% 2776.25 -1%
24-Jan-18 36161.64 0% 2802.05 -1%
23-Jan-18 36139.98 1% 2837.35 1%
22-Jan-18 35798.01 1% 2821.5 1%
19-Jan-18 35511.58 1% 2794.55 1%
18-Jan-18 35260.29 1% 2769 -3%
17-Jan-18 35081.82 1% 2842.15 2%
16-Jan-18 34771.05 0% 2796.25 -2%
15-Jan-18 34843.51 1% 2848.85 0%
12-Jan-18 34592.39 0% 2861.05 0%
11-Jan-18 34503.49 0% 2858.8 0%
10-Jan-18 34433.07 0% 2851.15 -1%
9-Jan-18 34443.19 0% 2889.2 -1%
8-Jan-18 34352.79 1% 2907.1 2%
5-Jan-18 34153.85 1% 2852.2 1%
4-Jan-18 33969.64 1% 2815.6 -1%
3-Jan-18 33793.38 0% 2843.65 0%
2-Jan-18 33812.26 0% 2844.85 0%
1-Jan-18 33812.75 -1% 2846 -1%
29-Dec-17 34056.83 1% 2863.95 1%
28-Dec-17 33848.03 0% 2842.85 -1%
27-Dec-17 33911.81 0% 2866.1 -1%
26-Dec-17 34010.61 0% 2889.95 0%
22-Dec-17 33940.3 1% 2900.55 1%
21-Dec-17 33756.28 0% 2868.05 1%
20-Dec-17 33777.38 0% 2853 -1%
19-Dec-17 33836.74 1% 2869.2 3%
18-Dec-17 33601.68 0% 2798.8 1%
15-Dec-17 33462.97 1% 2772.3 0%
14-Dec-17 33246.7 1% 2758.6 1%
13-Dec-17 33053.04 -1% 2723.6 -3%
12-Dec-17 33227.99 -1% 2821.1 -2%
11-Dec-17 33455.79 1% 2891.7 0%
8-Dec-17 33250.3 1% 2878.7 5%
7-Dec-17 32949.21 1% 2752.55 1%
6-Dec-17 32597.18 -1% 2726.8 -1%
5-Dec-17 32802.44 0% 2754.05 1%
4-Dec-17 32869.72 0% 2723.35 0%
1-Dec-17 32832.94 -1% 2728.15 -2%
30-Nov-17 33149.35 -1% 2774.75 -1%
29-Nov-17 33602.76 0% 2805.15 2%
28-Nov-17 33618.59 0% 2760.45 4%
27-Nov-17 33724.44 0% 2660.45 0%
24-Nov-17 33679.24 0% 2661.1 3%
23-Nov-17 33588.08 0% 2587.85 -1%
22-Nov-17 33561.55 0% 2601.4 -1%
21-Nov-17 33478.35 0% 2619.75 0%
20-Nov-17 33359.9 0% 2610.9 0%
17-Nov-17 33342.8 1% 2604.6 1%
16-Nov-17 33106.82 1% 2575.45 0%
15-Nov-17 32760.44 -1% 2569.55 -3%
14-Nov-17 32941.87 0% 2636.25 0%
13-Nov-17 33033.56 -1% 2632.8 0%
10-Nov-17 33314.56 0% 2645.95 0%
9-Nov-17 33250.93 0% 2637.75 0%
8-Nov-17 33218.81 0% 2646.15 -2%
7-Nov-17 33370.76 -1% 2707.55 -2%
6-Nov-17 33731.19 0% 2762.4 3%
3-Nov-17 33685.56 0% 2691.7 -1%
2-Nov-17 33573.22 0% 2714.9 0%
1-Nov-17 33600.27 1% 2727.55 0%
31-Oct-17 33213.13 0% 2740.55 -1%
30-Oct-17 33266.16 0% 2757.35 2%
27-Oct-17 33157.22 0% 2703.8 3%
26-Oct-17 33147.13 0% 2633.45 0%
25-Oct-17 33042.5 1% 2625.55 -4%
24-Oct-17 32607.34 0% 2732.95 0%
23-Oct-17 32506.72 0% 2736.35 -1%
19-Oct-17 32389.96 -1% 2773.6 1%
18-Oct-17 32584.35 0% 2756.05 0%
17-Oct-17 32609.16 0% 2765.4 1%
16-Oct-17 32633.64 1% 2746.25 0%
13-Oct-17 32432.69 1% 2743.75 0%
12-Oct-17 32182.22 1% 2740.8 0%
11-Oct-17 31833.99 0% 2746.4 -1%
10-Oct-17 31924.41 0% 2768.9 0%
9-Oct-17 31846.89 0% 2770.5 2%
6-Oct-17 31814.22 1% 2704.25 0%
5-Oct-17 31592.03 0% 2698.25 0%
4-Oct-17 31671.71 1% 2706.5 0%
3-Oct-17 31497.38 2711.25
 CAPEX FY17 FY18
Net Sales 8737.40 10890.56
Capital Expenditure (Capex) 2171.60 818.77
Capes as a % of sales 24.85% 7.52%

Working Capital FY17 FY18

Receivables 1107.74 1355.45
Inventory 723.07 774.02
Payables 764.29 874.29
Working Capital 1066.52 1255.18
Changes in Working Capital 188.66
 FY19 FY20 FY21 FY22E FY23E FY24E
12192.20 13559.40 13172.99 14614.53 16149.35 17741.35
691.90 470.66 595.18 773.93 765.47 887.07
5.67% 3.47% 4.52% 5.30% 4.74% 5.00%

FY19 FY20 FY21 FY22E FY23E FY24E

1403.33 1324.39 1544.73 1621.97 1703.06 1788.22
831.33 1061.17 1299.23 1508.83 1720.07 1926.48
960.87 989.83 1178.39 1314.96 1458.15 1620.52
1273.79 1395.73 1665.57 1815.84 1964.98 2094.17
18.61 121.94 269.84 150.27 149.15 129.19
 FY25E FY26E
19367.11 20852.33
1355.70 1563.93
7.00% 7.50%

FY25E FY26E
1877.63 1971.51
2119.13 2288.66
1833.88 2048.36
2162.87 2211.81
68.70 48.94
 Weighted Average Cost of Capital
Risk Free Rate Rf 6.4%
Beta 1.18
Equity Risk Premium ERP 6.9%
Rf+Beta*ERP Cost of Equity 14.4%
Debt 31459.21
Credit Spread for AAA 1.32%
Pre-tax Cost of debt 7.7%
Tax- Rate 25.7%
Post-tax Cost of Debt 5.7%
Market Cap (Cr.) 58985.00
WACC 10.88%
 Source https://pages.stern.nyu.edu/~adamodar/N
ERP Calculations as per Damodharan
Current risk premium for a mature equity market (US is used as the base) 4.72%
Moody' s rating for India Baa3
Country risk Premium 2.13%
ERP 6.85%
To estimate the equity risk premium for a country, start with a mature market premium and add an addi

Credit Spread Matrix

Source https://www.akgroup.co.in/docs/Daily%20Market%20Update-202012091025320116022.pdf
s.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html

Damodharan Corporate lectures (Projections on Cash generated in Country)

premium and add an additional country risk premium, based upon the risk of the country in question.

1025320116022.pdf
Particulars 2022E 2023E 2024E
NOPAT 5229.31 5753.04 6267.45
Add: Dep & Amortization 622.26 687.61 755.39
Less: CapEx 773.93 765.47 887.07
Less: Change in working capital 150.27 149.15 129.19
FCFF 4927.38 5526.03 6006.59
Percentage growth 12.15% 8.70%

Share Price Calculations

Terminal Value 94861.79
Growth Rate 3.0%
WACC 10.88%
Present Value ₹ 66,586.65
Equity Value (Cr.) ₹ 66,586.65
No of Shares (Cr.) 23.86
Share Price ₹ 2,790.72
Target Price After one year ₹ 3,094.40
2025E 2026E 2027E 2028E 2029E 2030E 2031E Terminal Value
6663.49 6975.97
824.61 887.85
1355.70 1563.93
68.70 48.94
6063.71 6250.96 6442.90 6639.59 6841.12 7047.56 7258.98 94861.79
0.95% 3.09% 3.07% 3.05% 3.04% 3.02% 3.00%
Key Ratios FY17 FY18 FY19 FY20 FY21
Profitaility Ratios
Gross Profit Margin 84% 86% 88% 88% 85%
EBITA Margin 43% 50% 59% 50% 59%
Net Profit Margin 14% 47% 12% 0% 10%
Liquity Ratios
Current Ratio 0.47 0.54 0.39 0.68 1.49
Quick Ratio 0.43 0.51 0.37 0.64 1.39
Turnover Ratios
Inventory Turnover 1.94 1.96 1.82 1.58 1.48
Asset Turnover Ratio 0.176 0.146 0.139 0.174 0.166
Leverage Ratios
Debt/Equity 1.786 1.470 1.786 0.973 0.968
Working Capital Days
Inventory Days 188.4 186.1 200.9 231.0 246.8
Payable Days 199.1 210.2 232.2 215.5 223.8
Recievable Days 46.3 45.4 42.0 35.7 42.8
Return Ratios
ROE 8.4% 19.4% 6.1% 0.1% 4.1%
ROCE 11% 10% 13% 13% 12%
Veritcal Statement Analysis
COGS/ Revenue 16.0% 13.9% 12.4% 12.4% 14.6%
Employe Expense/ Sal 20.5% 18.3% 12.4% 11.9% 12.5%
Finance Costs/ Sales 23.2% 27.3% 33.6% 39.2% 31.9%

Depriciation and
Ammortisation/ Sales 4.4% 4.4% 3.3% 3.8% 4.3%
Other Expenses 20.7% 18.0% 16.4% 25.9% 13.5%
 ------------------
Consolidated Profit & - in Rs. Cr.
Loss account ------------------
-
FY17 FY18 FY19 FY20 FY21 FY22E
HISTORICAL FORC
Revenue From 8,906.7 10,742.4 12,799.8 9,259.0 8,722.3
Operations [Net] 8,859.7
21% 19% -28% -6% 2%
Other Operating
Revenues 703.2 107.0 82.4 299.0 48.4
248.0
Total Operating 9,609.9 10,849.4 12,882.1 9,558.0 8,770.7
Revenues 9,107.7
Other Income 5.7 41.7 29.5 20.9 32.1 26.0
Total Revenue 9,615.6 10,891.1 12,911.7 9,578.9 8,802.8 9,133.7
EXPENSES
Employee Benefit
Expenses 391.7 370.3 485.3 283.3 213.1
221.1
0.0 0.0 0.0 0.0 0.0 0.0
Finance Costs 6,674.4 7,744.0 9,416.9 5,736.2 218.5 5,958.0
Provsions and 218.0 629.7 1,009.0 6,242.1 2,244.8
Contingencies 2,068.7

Depreciation And
Amortisation Expenses 43.5 27.6 51.2 79.4 80.8
83.9
0.0 0.0 0.0 0.0 0.0 0.0
Operating and Other 867.3 414.0 3,053.3 15,300.3 26,162.7
Expenses 9,133.7
9% 4% 24% 160% 297% 100%
Total Expenses 8,194.8 9,185.5 14,015.7 27,641.4 28,919.9 17,465.4
Profit/Loss Before
Exceptional, 1,420.8 1,705.6 -1,104.0 -18,062.5 -20,117.1
ExtraOrdinary Items
And Tax -8,331.7
Exceptional Items 1,855.5 0.0 0.0 0.0 0.0 0.0
Profit/Loss Before Tax 3,276.3 1,705.6 -1,104.0 -18,062.5 -20,117.1 -8,331.7
Current Tax 801.4 483.6 536.4 0.0 -5,065.9 -2,082.9
Deferred Tax 139.3 -22.6 -658.4 -4,624.3 0.0 0.0
Total Tax Expenses 479.9 461.0 -120.1 -4,635.7 -5,065.9 -2,082.9
Profit/Loss After Tax 2,796.4 1,244.6 -983.9 -13,426.9 -15,051.2 -6,248.8
 FY23E FY24E FY25E FY26E
FORCASTED

9,059.9 9,326.8 9,665.4 10,148.6

2% 3% 4% 5%

157.0 166.9 183.9 160.8

9,216.9 9,493.7 9,849.2 10,309.5

30.1 27.7 27.4 28.7
9,247.0 9,521.5 9,876.6 10,338.1

223.9 230.5 239.1 250.3

0.0 0.0 0.0 0.0
5,814.7 5,428.9 4,631.3 4,410.3

2,438.9 2,800.7 3,159.0 2,542.4

84.9 87.4 90.7 94.9

0.0 0.0 0.0 0.0

8,192.8 7,350.6 6,498.8 4,445.4

89% 77% 66% 43%
16,755.2 15,898.1 14,618.9 11,743.3

-7,508.2 -6,376.6 -4,742.3 -1,405.2

0.0 0.0 0.0 0.0
-7,508.2 -6,376.6 -4,742.3 -1,405.2
-1,877.1 -1,594.2 -1,185.6 -351.3
0.0 0.0 0.0 0.0
-1,877.1 -1,594.2 -1,185.6 -351.3
-5,631.2 -4,782.5 -3,556.7 -1,053.9
 ----------------
Consolidated Balance --- in Rs. Cr.
Sheet ----------------
---
FY17 FY18 FY19 FY20 FY21 FY22E FY23E FY24E
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 313.2 313.7 313.8 313.8 313.8 313.8 313.8 313.8
Reserves and Surplus 7417.5 8684.4 7580.2 -5885.4 -20959.1 -8331.7 -7508.2 -6376.6
Total Shareholders Funds 7730.6 8998.0 7937.4 -5546.1 -20645.3 -8017.9 -7194.4 -6062.8
NON-CURRENT
LIABILITIES
Long Term Borrowings 66999.2 91979.3 53394.7 52001.5 0.0 35132.1 26000.7 17566.0
Deferred Tax Liabilities 309.4 0.0 0.0 0.0 0.0
[Net] 0.0 0.0 0.0
Other Long Term
Liabilities 0.3 164.9 163.3 139.4 79.3
136.7 129.7 121.3
Long Term Provisions 714.4 6.3 10.2 7.5 7.6 7.6 7.6 7.6
Total Non-Current
Liabilities 68023.3 92150.6 53568.1 52148.4 86.9 35276.3 26138.0 17694.9
CURRENT LIABILITIES
Short Term Borrowings 4269.9 0.0 40604.2 38410.8 89851.2 56288.7 61516.9 69218.9
Trade Payables 22.6 104.1 102.1 121.2 76.0 85.2 97.7 102.6
Other Current Liabilities 12242.8 5091.8 4390.2 695.4 989.9 1088.8 1197.7 1317.5
Total Current Liabilities 16536.2 5195.9 45096.5 39227.4 90917.1 57462.8 62812.4 70639.1
Total Capital And 92290.1 106344.5 106602.0 85829.7 70358.7
Liabilities 84721.2 81755.9 82271.1
ASSETS
NON-CURRENT ASSETS
Tangible Assets 206.0 842.3 782.9 853.6 939.7 1033.7 1137.1 1250.8
Intangible Assets 4.7 7.5 81.8 66.7 0.0 32.1 37.6 43.6
Intangible Assets Under
Development 87.6 129.1 104.0 105.2 0.0
85.2 84.7 75.8
Fixed Assets 844.5 978.8 968.7 1025.5 939.7 1151.0 1259.4 1370.2
Non-Current Investments 878.4 0.0 0.0 0.0 0.0
Deferred Tax Assets [Net] 0.0 95.6 434.0 5043.3 10200.8 3154.7 3785.7 4523.7
Long Term Loans And
Advances 68644.7 0.0 0.0 0.0 0.0
0.0 0.0 0.0
Other Non-Current Assets 190.4 185.1 467.3 471.5 157.5
294.4 315.1 341.2
Total Non-Current Assets 70558.0 1259.6 1870.0 6540.2 11298.0 4600.1 5360.2 6235.1
CURRENT ASSETS
Current Investments 12631.1 8120.3 2487.2 3880.5 8448.7 7113.6 6010.1 5588.0
Trade Receivables 12.4 42.7 4.8 2.8 0.5 0.5 0.6 0.6
Cash And Cash
Equivalents 3430.1 2953.5 3000.7 7719.9 10323.8
11639.0 6058.8 3238.5
Short Term Loans And
5577.4 93114.6 97977.0 66202.7 38455.3
Advances 60265.4 63278.7 66442.6
OtherCurrentAssets 81.1 853.7 1262.4 1483.6 1832.5 1102.7 1307.0 1397.6
Total Current Assets 21732.1 105084.9 104732.0 79289.4 59060.7 80121.1 76655.1 76667.3
Total Assets 92290.1 106344.5 106602.0 85829.7 70358.7 84721.2 82015.3 82902.4
 FY25E FY26E

313.8 313.8
-4742.3 -1405.2
-4428.5 -1091.3

30566.4 21783.4

0.0 0.0

116.8 126.1
7.6 7.6

30690.7 21917.0

62341.5 64359.1
107.8 113.2
1449.2 1594.2
63898.5 66066.4

90160.8 86892.1

1375.9 1513.4
36.0 29.9

70.2 63.2
1482.0 1606.5

5341.6 5401.3

0.0 0.0

315.9 284.8
7139.6 7292.6

6208.2 6673.7
0.7 0.8

6843.6 1140.3

69764.7 73253.0
1424.7 1412.9
84241.8 82480.6
91381.4 89773.2
 %Change in %Change in
Date BSE Sensex Index DHFL Close Price Share Price
11-Jun-21 52474.76 0% 16.7 -10%
10-Jun-21 52300.47 1% 18.55 -10%
9-Jun-21 51941.64 -1% 20.6 -10%
8-Jun-21 52275.57 0% 22.85 10%
7-Jun-21 52328.51 0% 20.8 10%
4-Jun-21 52100.05 0% 18.95 5%
3-Jun-21 52232.43 1% 18.05 1%
2-Jun-21 51849.48 0% 17.95 3%
1-Jun-21 51934.88 0% 17.45 -3%
31-May-21 51937.44 1% 17.95 2%
28-May-21 51422.88 1% 17.55 -3%
27-May-21 51115.22 0% 18.1 0%
26-May-21 51017.52 1% 18.05 3%
25-May-21 50637.53 0% 17.45 -4%
24-May-21 50651.9 0% 18.25 5%
21-May-21 50540.48 2% 17.4 5%
20-May-21 49564.86 -1% 16.6 5%
19-May-21 49902.64 -1% 15.85 5%
18-May-21 50193.33 1% 15.1 0%
17-May-21 49580.73 2% 15.15 0%
14-May-21 48732.55 0% 15.15 -2%
12-May-21 48690.8 -1% 15.45 -1%
11-May-21 49161.81 -1% 15.55 1%
10-May-21 49502.41 1% 15.4 4%
7-May-21 49206.47 1% 14.8 -1%
6-May-21 48949.76 1% 15 0%
5-May-21 48677.55 1% 14.95 0%
4-May-21 48253.51 -1% 14.9 0%
3-May-21 48718.52 0% 14.9 -3%
30-Apr-21 48782.36 -2% 15.4 -2%
29-Apr-21 49765.94 0% 15.7 2%
28-Apr-21 49733.84 2% 15.45 5%
27-Apr-21 48944.14 1% 14.75 5%
26-Apr-21 48386.51 1% 14.05 5%
23-Apr-21 47878.45 0% 13.4 0%
22-Apr-21 48080.67 1% 13.4 -2%
20-Apr-21 47705.8 -1% 13.65 3%
19-Apr-21 47949.42 -2% 13.3 -5%
16-Apr-21 48832.03 0% 13.95 0%
15-Apr-21 48803.68 1% 13.9 -2%
13-Apr-21 48544.06 1% 14.15 -3%
12-Apr-21 47883.38 -3% 14.65 -5%
9-Apr-21 49591.32 0% 15.4 -2%
8-Apr-21 49746.21 0% 15.7 0%
7-Apr-21 49661.76 1% 15.65 -1%
6-Apr-21 49201.39 0% 15.8 -2%
5-Apr-21 49159.32 -2% 16.1 -1%
1-Apr-21 50029.83 1% 16.3 4%
31-Mar-21 49509.15 -1% 15.6 -3%
30-Mar-21 50136.58 2% 16.05 0%
26-Mar-21 49008.5 1% 16 -4%
25-Mar-21 48440.12 -2% 16.65 -5%
24-Mar-21 49180.31 -2% 17.5 -3%
23-Mar-21 50051.44 1% 18.1 1%
22-Mar-21 49771.29 0% 17.85 1%
19-Mar-21 49858.24 1% 17.7 -3%
18-Mar-21 49216.52 -1% 18.3 -5%
17-Mar-21 49801.62 -1% 19.25 5%
16-Mar-21 50363.96 0% 18.35 -5%
15-Mar-21 50395.08 -1% 19.3 -5%
12-Mar-21 50792.08 -1% 20.3 -2%
10-Mar-21 51279.51 0% 20.7 -1%
9-Mar-21 51025.48 1% 20.95 -3%
8-Mar-21 50441.07 0% 21.65 -5%
5-Mar-21 50405.32 -1% 22.75 -5%
4-Mar-21 50846.08 -1% 23.9 5%
3-Mar-21 51444.65 2% 22.8 5%
2-Mar-21 50296.89 1% 21.75 5%
1-Mar-21 49849.84 2% 20.75 5%
26-Feb-21 49099.99 -4% 19.8 5%
25-Feb-21 51039.31 1% 18.9 5%
24-Feb-21 50781.69 2% 18 5%
23-Feb-21 49751.41 0% 17.15 -5%
22-Feb-21 49744.32 -2% 18.05 -5%
19-Feb-21 50889.76 -1% 18.95 5%
18-Feb-21 51324.69 -1% 18.05 5%
17-Feb-21 51703.83 -1% 17.2 5%
16-Feb-21 52104.17 0% 16.4 5%
15-Feb-21 52154.13 1% 15.65 5%
12-Feb-21 51544.3 0% 14.95 5%
11-Feb-21 51531.52 0% 14.25 -5%
10-Feb-21 51309.39 0% 14.95 -5%
9-Feb-21 51329.08 0% 15.7 -5%
 8-Feb-21 51348.77 1% 16.5 -5%
5-Feb-21 50731.63 0% 17.35 -5%
4-Feb-21 50614.29 1% 18.25 -5%
3-Feb-21 50255.75 1% 19.2 -5%
2-Feb-21 49797.72 2% 20.2 -5%
1-Feb-21 48600.61 5% 21.25 -5%
29-Jan-21 46285.77 -1% 22.35 -5%
28-Jan-21 46874.36 -1% 23.5 -5%
27-Jan-21 47409.93 -2% 24.7 -5%
25-Jan-21 48347.59 -1% 26 -5%
22-Jan-21 48878.54 -2% 27.35 -5%
21-Jan-21 49624.76 0% 28.75 -5%
20-Jan-21 49792.12 1% 30.25 5%
19-Jan-21 49398.29 2% 28.85 5%
18-Jan-21 48564.27 -1% 27.5 5%
15-Jan-21 49034.67 -1% 26.2 1%
14-Jan-21 49584.16 0% 26.05 2%
13-Jan-21 49492.32 0% 25.65 -5%
12-Jan-21 49517.11 1% 26.95 5%
11-Jan-21 49269.32 1% 25.7 5%
8-Jan-21 48782.51 1% 24.5 -5%
7-Jan-21 48093.32 0% 25.75 -5%
6-Jan-21 48174.06 -1% 27.1 -5%
5-Jan-21 48437.78 1% 28.5 -5%
4-Jan-21 48176.8 1% 30 -4%
1-Jan-21 47868.98 0% 31.1 5%
31-Dec-20 47751.33 0% 29.65 5%
30-Dec-20 47746.22 0% 28.25 5%
29-Dec-20 47613.08 1% 26.95 -5%
28-Dec-20 47353.75 1% 28.35 -5%
24-Dec-20 46973.54 1% 29.8 -3%
23-Dec-20 46444.18 1% 30.75 5%
22-Dec-20 46006.69 1% 29.3 -5%
21-Dec-20 45553.96 -3% 30.8 -5%
18-Dec-20 46960.69 0% 32.4 -5%
17-Dec-20 46890.34 0% 34.1 -5%
16-Dec-20 46666.46 1% 35.85 -5%
15-Dec-20 46263.17 0% 37.7 -5%
14-Dec-20 46253.46 0% 39.65 -5%
11-Dec-20 46099.01 0% 41.7 5%
10-Dec-20 45959.88 0% 39.75 5%
9-Dec-20 46103.5 1% 37.9 5%
8-Dec-20 45608.51 0% 36.1 5%
 7-Dec-20 45426.97 1% 34.4 5%
4-Dec-20 45079.55 1% 32.8 5%
3-Dec-20 44632.65 0% 31.25 5%
2-Dec-20 44618.04 0% 29.8 5%
1-Dec-20 44655.44 1% 28.4 5%
27-Nov-20 44149.72 0% 27.05 5%
26-Nov-20 44259.74 1% 25.8 5%
25-Nov-20 43828.1 -2% 24.6 5%
24-Nov-20 44523.02 1% 23.45 5%
23-Nov-20 44077.15 0% 22.35 5%
20-Nov-20 43882.25 1% 21.3 5%
19-Nov-20 43599.96 -1% 20.3 5%
18-Nov-20 44180.05 1% 19.35 5%
17-Nov-20 43952.71 1% 18.45 5%
14-Nov-20 43637.98 0% 17.6 4%
13-Nov-20 43443 0% 16.85 -1%
12-Nov-20 43357.19 -1% 17.1 0%
11-Nov-20 43593.67 1% 17.15 5%
10-Nov-20 43277.65 2% 16.35 5%
9-Nov-20 42597.43 2% 15.6 1%
6-Nov-20 41893.06 1% 15.4 -2%
5-Nov-20 41340.16 2% 15.65 -2%
4-Nov-20 40616.14 1% 15.9 0%
3-Nov-20 40261.13 1% 15.95 -4%
2-Nov-20 39757.58 0% 16.7 5%
30-Oct-20 39614.07 0% 15.91 5%
29-Oct-20 39749.85 0% 15.16 5%
28-Oct-20 39922.46 -1% 14.44 -4%
27-Oct-20 40522.1 1% 15.1 -5%
26-Oct-20 40145.5 -1% 15.89 -5%
23-Oct-20 40685.5 0% 16.72 -5%
22-Oct-20 40558.49 0% 17.6 5%
21-Oct-20 40707.31 0% 16.77 10%
20-Oct-20 40544.37 0% 15.25 10%
19-Oct-20 40431.6 1% 13.87 10%
16-Oct-20 39982.98 1% 12.61 3%
15-Oct-20 39728.41 -3% 12.23 -1%
14-Oct-20 40794.74 0% 12.32 -3%
13-Oct-20 40625.51 0% 12.69 -1%
12-Oct-20 40593.8 0% 12.85 3%
9-Oct-20 40509.49 1% 12.44 1%
8-Oct-20 40182.67 1% 12.28 -2%
7-Oct-20 39878.95 1% 12.5 -1%
 6-Oct-20 39574.57 2% 12.62 0%
5-Oct-20 38973.7 1% 12.59 -1%
1-Oct-20 38697.05 2% 12.78 -1%
30-Sep-20 38067.93 0% 12.86 0%
29-Sep-20 37973.22 0% 12.9 -2%
28-Sep-20 37981.63 2% 13.11 2%
25-Sep-20 37388.66 2% 12.91 4%
24-Sep-20 36553.6 -3% 12.36 -3%
23-Sep-20 37668.42 0% 12.78 1%
22-Sep-20 37734.08 -1% 12.64 -3%
21-Sep-20 38034.14 -2% 13.02 -4%
18-Sep-20 38845.82 0% 13.54 -3%
17-Sep-20 38979.85 -1% 13.9 -2%
16-Sep-20 39302.85 1% 14.16 0%
15-Sep-20 39044.35 1% 14.19 0%
14-Sep-20 38756.63 0% 14.19 -2%
11-Sep-20 38854.55 0% 14.43 1%
10-Sep-20 38840.32 2% 14.3 -1%
9-Sep-20 38193.92 0% 14.41 0%
8-Sep-20 38365.35 0% 14.4 -2%
7-Sep-20 38417.23 0% 14.73 5%
4-Sep-20 38357.18 -2% 14.03 1%
3-Sep-20 38990.94 0% 13.87 -2%
2-Sep-20 39086.03 0% 14.11 1%
1-Sep-20 38900.8 1% 13.94 -2%
31-Aug-20 38628.29 -2% 14.17 -4%
28-Aug-20 39467.31 1% 14.7 0%
27-Aug-20 39113.47 0% 14.76 -1%
26-Aug-20 39073.92 1% 14.95 2%
25-Aug-20 38843.88 0% 14.7 -2%
24-Aug-20 38799.08 1% 14.97 0%
21-Aug-20 38434.72 1% 15 1%
20-Aug-20 38220.39 -1% 14.82 5%
19-Aug-20 38614.79 0% 14.12 1%
18-Aug-20 38528.32 1% 14.03 0%
17-Aug-20 38050.78 0% 14.02 -2%
14-Aug-20 37877.34 -1% 14.24 2%
13-Aug-20 38310.49 0% 13.93 -1%
12-Aug-20 38369.63 0% 14.07 0%
11-Aug-20 38407.01 1% 14.03 -2%
10-Aug-20 38182.08 0% 14.25 5%
7-Aug-20 38040.57 0% 13.58 -1%
6-Aug-20 38025.45 1% 13.65 -1%
5-Aug-20 37663.33 0% 13.77 2%
4-Aug-20 37687.91 2% 13.51 0%
3-Aug-20 36939.6 -2% 13.51 0%
31-Jul-20 37606.89 0% 13.55 0%
30-Jul-20 37736.07 -1% 13.5 -3%
29-Jul-20 38071.13 -1% 13.85 1%
28-Jul-20 38492.95 1% 13.65 -3%
27-Jul-20 37934.73 -1% 14.05 -3%
24-Jul-20 38128.9 0% 14.45 0%
23-Jul-20 38140.47 1% 14.45 -4%
22-Jul-20 37871.52 0% 15 -5%
21-Jul-20 37930.33 1% 15.75 5%
20-Jul-20 37418.99 1% 15 5%
17-Jul-20 37020.14 2% 14.3 3%
16-Jul-20 36471.68 1% 13.95 -3%
15-Jul-20 36051.81 0% 14.4 5%
14-Jul-20 36033.06 -2% 13.75 -4%
13-Jul-20 36693.69 0% 14.3 -4%
10-Jul-20 36594.33 0% 14.95 -4%
9-Jul-20 36737.69 1% 15.65 0%
8-Jul-20 36329.01 -1% 15.7 -1%
7-Jul-20 36674.52 1% 15.9 -2%
6-Jul-20 36487.28 1% 16.15 -2%
3-Jul-20 36021.42 0% 16.5 2%
2-Jul-20 35843.7 1% 16.2 5%
1-Jul-20 35414.45 1% 15.45 -1%
30-Jun-20 34915.8 0% 15.63 -1%
29-Jun-20 34961.52 -1% 15.84 -1%
26-Jun-20 35171.27 1% 16.07 1%
25-Jun-20 34842.1 0% 15.93 -1%
24-Jun-20 34868.98 -2% 16.03 -5%
23-Jun-20 35430.43 1% 16.8 3%
22-Jun-20 34911.32 1% 16.31 4%
19-Jun-20 34731.73 2% 15.72 5%
18-Jun-20 34208.05 2% 14.98 5%
17-Jun-20 33507.92 0% 14.27 -4%
16-Jun-20 33605.22 1% 14.79 -3%
15-Jun-20 33228.8 -2% 15.21 4%
12-Jun-20 33780.89 1% 14.68 -4%
11-Jun-20 33538.37 -2% 15.35 -5%
10-Jun-20 34247.05 1% 16.15 -5%
9-Jun-20 33956.69 -1% 16.99 6%
8-Jun-20 34370.58 0% 16.04 10%
 5-Jun-20 34287.24 1% 14.59 10%
4-Jun-20 33980.7 0% 13.27 5%
3-Jun-20 34109.54 1% 12.64 5%
2-Jun-20 33825.53 2% 12.05 0%
1-Jun-20 33303.52 3% 12.05 2%
29-May-20 32424.1 1% 11.76 3%
28-May-20 32200.59 2% 11.46 1%
27-May-20 31605.22 3% 11.33 0%
26-May-20 30609.3 0% 11.38 -1%
22-May-20 30672.59 -1% 11.52 -3%
21-May-20 30932.9 0% 11.84 5%
20-May-20 30818.61 2% 11.32 -2%
19-May-20 30196.17 1% 11.57 -5%
18-May-20 30028.98 -3% 12.14 -5%
15-May-20 31097.73 0% 12.77 1%
14-May-20 31122.89 -3% 12.62 5%
13-May-20 32008.61 2% 12.02 5%
12-May-20 31371.12 -1% 11.45 -2%
11-May-20 31561.22 0% 11.68 0%
8-May-20 31642.7 1% 11.69 2%
7-May-20 31443.38 -1% 11.51 -3%
6-May-20 31685.75 1% 11.84 -4%
5-May-20 31453.51 -1% 12.36 0%
4-May-20 31715.35 -6% 12.39 -5%
30-Apr-20 33717.62 3% 13.03 2%
29-Apr-20 32720.16 2% 12.76 -2%
28-Apr-20 32114.52 1% 13.03 -5%
27-Apr-20 31743.08 1% 13.71 -5%
24-Apr-20 31327.22 -2% 14.43 -5%
23-Apr-20 31863.08 2% 15.18 5%
22-Apr-20 31379.55 2% 14.46 5%
21-Apr-20 30636.71 -3% 13.78 5%
20-Apr-20 31648 0% 13.15 5%
17-Apr-20 31588.72 3% 12.53 5%
16-Apr-20 30602.61 1% 11.94 5%
15-Apr-20 30379.81 -1% 11.38 4%
13-Apr-20 30690.02 -2% 10.9 4%
9-Apr-20 31159.62 4% 10.46 5%
8-Apr-20 29893.96 -1% 9.97 5%
7-Apr-20 30067.21 9% 9.5 5%
3-Apr-20 27590.95 -2% 9.05 5%
1-Apr-20 28265.31 -4% 8.62 0%
31-Mar-20 29468.49 4% 8.65 -1%
30-Mar-20 28440.32 -5% 8.77 -3%
27-Mar-20 29815.59 0% 9.07 1%
26-Mar-20 29946.77 5% 8.99 -1%
25-Mar-20 28535.78 7% 9.09 -5%
24-Mar-20 26674.03 3% 9.56 -5%
23-Mar-20 25981.24 -13% 10.06 -5%
20-Mar-20 29915.96 6% 10.58 -5%
19-Mar-20 28288.23 -2% 11.13 -5%
18-Mar-20 28869.51 -6% 11.71 -5%
17-Mar-20 30579.09 -3% 12.32 -5%
16-Mar-20 31390.07 -8% 12.96 -5%
13-Mar-20 34103.48 4% 13.64 -5%
12-Mar-20 32778.14 -8% 14.35 -5%
11-Mar-20 35697.4 0% 15.1 -5%
9-Mar-20 35634.95 -5% 15.89 -5%
6-Mar-20 37576.62 -2% 16.72 -5%
5-Mar-20 38470.61 0% 17.6 5%
4-Mar-20 38409.48 -1% 16.77 5%
3-Mar-20 38623.7 1% 15.98 5%
2-Mar-20 38144.02 0% 15.22 5%
28-Feb-20 38297.29 -4% 14.5 5%
27-Feb-20 39745.66 0% 13.81 5%
26-Feb-20 39888.96 -1% 13.16 5%
25-Feb-20 40281.2 0% 12.54 5%
24-Feb-20 40363.23 -2% 11.95 5%
20-Feb-20 41170.12 0% 11.39 5%
19-Feb-20 41323 1% 10.85 5%
18-Feb-20 40894.38 0% 10.34 5%
17-Feb-20 41055.69 0% 9.85 -2%
14-Feb-20 41257.74 0% 10.03 5%
13-Feb-20 41459.79 0% 9.56 -5%
12-Feb-20 41565.9 1% 10.06 -5%
11-Feb-20 41216.14 1% 10.56 -5%
10-Feb-20 40979.62 0% 11.11 -5%
7-Feb-20 41141.85 0% 11.69 5%
6-Feb-20 41306.03 0% 11.14 5%
5-Feb-20 41142.66 1% 10.61 -5%
4-Feb-20 40789.38 2% 11.16 -5%
3-Feb-20 39872.31 0% 11.74 -5%
1-Feb-20 39735.53 -2% 12.35 -5%
31-Jan-20 40723.49 0% 12.95 -5%
30-Jan-20 40913.82 -1% 13.6 -5%
29-Jan-20 41198.66 1% 14.3 -5%
 28-Jan-20 40966.86 0% 15.05 -5%
27-Jan-20 41155.12 -1% 15.8 -2%
24-Jan-20 41613.19 1% 16.05 0%
23-Jan-20 41386.4 1% 16.05 -2%
22-Jan-20 41115.38 -1% 16.35 2%
21-Jan-20 41323.81 0% 16.05 -1%
20-Jan-20 41528.91 -1% 16.15 -5%
17-Jan-20 41945.37 0% 16.95 2%
16-Jan-20 41932.56 0% 16.6 -1%
15-Jan-20 41872.73 0% 16.8 3%
14-Jan-20 41952.63 0% 16.3 -4%
13-Jan-20 41859.69 1% 16.9 -1%
10-Jan-20 41599.72 0% 17.05 0%
9-Jan-20 41452.35 2% 17.1 -3%
8-Jan-20 40817.74 0% 17.55 -1%
7-Jan-20 40869.47 0% 17.7 5%
6-Jan-20 40676.63 -2% 16.9 5%
3-Jan-20 41464.61 0% 16.1 -2%
2-Jan-20 41626.64 1% 16.5 0%
1-Jan-20 41306.02 0% 16.45 -2%
31-Dec-19 41253.74 -1% 16.8 -3%
30-Dec-19 41558 0% 17.35 5%
27-Dec-19 41575.14 1% 16.55 5%
26-Dec-19 41163.76 -1% 15.8 5%
24-Dec-19 41461.26 0% 15.05 -3%
23-Dec-19 41642.66 0% 15.45 -3%
20-Dec-19 41681.54 0% 16 -1%
19-Dec-19 41673.92 0% 16.2 -4%
18-Dec-19 41558.57 0% 16.95 5%
17-Dec-19 41352.17 1% 16.15 5%
16-Dec-19 40938.72 0% 15.4 5%
13-Dec-19 41009.71 1% 14.7 5%
12-Dec-19 40581.71 0% 14 -5%
11-Dec-19 40412.57 0% 14.7 -5%
10-Dec-19 40239.88 -1% 15.45 -5%
9-Dec-19 40487.43 0% 16.25 -5%
6-Dec-19 40445.15 -1% 17.1 -5%
5-Dec-19 40779.59 0% 17.95 0%
4-Dec-19 40850.29 0% 18 -4%
3-Dec-19 40675.45 0% 18.75 -5%
2-Dec-19 40802.17 0% 19.7 -5%
29-Nov-19 40793.81 -1% 20.7 4%
28-Nov-19 41130.17 0% 19.85 -1%
27-Nov-19 41020.61 0% 19.95 -5%
26-Nov-19 40821.3 0% 21 -5%
25-Nov-19 40889.23 1% 22.05 -1%
22-Nov-19 40359.41 -1% 22.2 5%
21-Nov-19 40575.17 0% 21.15 5%
20-Nov-19 40651.64 0% 20.15 -4%
19-Nov-19 40469.7 0% 20.95 -5%
18-Nov-19 40284.19 0% 22.05 -5%
15-Nov-19 40356.69 0% 23.2 -5%
14-Nov-19 40286.48 0% 24.4 -5%
13-Nov-19 40116.06 -1% 25.65 5%
11-Nov-19 40345.08 0% 24.45 5%
8-Nov-19 40323.61 -1% 23.3 5%
7-Nov-19 40653.74 0% 22.2 5%
6-Nov-19 40469.78 1% 21.15 5%
5-Nov-19 40248.23 0% 20.15 5%
4-Nov-19 40301.96 0% 19.2 5%
1-Nov-19 40165.03 0% 18.3 5%
31-Oct-19 40129.05 0% 17.45 5%
30-Oct-19 40051.87 1% 16.65 5%
29-Oct-19 39831.84 1% 15.9 -5%
27-Oct-19 39250.2 0% 16.7 -5%
25-Oct-19 39058.06 0% 17.55 -5%
24-Oct-19 39020.39 0% 18.45 -5%
23-Oct-19 39058.83 0% 19.4 -5%
22-Oct-19 38963.84 -1% 20.4 -5%
18-Oct-19 39298.38 1% 21.45 5%
17-Oct-19 39052.06 1% 20.45 1%
16-Oct-19 38598.99 0% 20.2 -5%
15-Oct-19 38506.09 1% 21.25 -4%
14-Oct-19 38214.47 0% 22.2 5%
11-Oct-19 38127.08 1% 21.15 -10%
10-Oct-19 37880.4 -1% 23.45 -10%
9-Oct-19 38177.95 2% 26.05 -10%
7-Oct-19 37531.98 0% 28.9 -8%
4-Oct-19 37673.31 -1% 31.25 -1%
3-Oct-19 38106.87 -1% 31.6 2%
1-Oct-19 38305.41 -1% 31 -20%
30-Sep-19 38667.33 0% 38.7 -8%
27-Sep-19 38822.57 0% 42.25 -1%
26-Sep-19 38989.74 1% 42.85 -9%
25-Sep-19 38593.52 -1% 47.05 5%
24-Sep-19 39097.14 0% 44.9 7%
23-Sep-19 39090.03 3% 41.9 -3%
20-Sep-19 38014.62 5% 43.4 -9%
19-Sep-19 36093.47 -1% 47.5 -3%
18-Sep-19 36563.88 0% 48.75 -3%
17-Sep-19 36481.09 -2% 50.25 -3%
16-Sep-19 37123.31 -1% 51.8 2%
13-Sep-19 37384.99 1% 50.9 -1%
12-Sep-19 37104.28 0% 51.25 1%
11-Sep-19 37270.82 0% 50.85 4%
9-Sep-19 37145.45 0% 49 5%
6-Sep-19 36981.77 1% 46.55 -2%
5-Sep-19 36644.42 0% 47.6 1%
4-Sep-19 36724.74 0% 47.15 -2%
3-Sep-19 36562.91 -2% 47.9 1%
30-Aug-19 37332.79 1% 47.6 1%
29-Aug-19 37068.93 -1% 47.2 -2%
28-Aug-19 37451.84 -1% 48.3 0%
27-Aug-19 37641.27 0% 48.45 6%
26-Aug-19 37494.12 2% 45.65 12%
23-Aug-19 36701.16 1% 40.75 3%
22-Aug-19 36472.93 -2% 39.7 -13%
21-Aug-19 37060.37 -1% 45.6 -2%
20-Aug-19 37328.01 0% 46.5 -5%
19-Aug-19 37402.49 0% 49.05 7%
16-Aug-19 37350.33 0% 45.9 -2%
14-Aug-19 37311.53 1% 46.9 1%
13-Aug-19 36958.16 -2% 46.5 -4%
9-Aug-19 37581.91 1% 48.65 2%
8-Aug-19 37327.36 2% 47.6 -4%
7-Aug-19 36690.5 -1% 49.4 -11%
6-Aug-19 36976.85 1% 55.4 32%
5-Aug-19 36699.84 -1% 41.95 -10%
2-Aug-19 37118.22 0% 46.65 -4%
1-Aug-19 37018.32 -1% 48.55 -2%
31-Jul-19 37481.12 0% 49.3 -1%
30-Jul-19 37397.24 -1% 50 -4%
29-Jul-19 37686.37 -1% 52.15 -5%
26-Jul-19 37882.79 0% 55 0%
25-Jul-19 37830.98 0% 55.15 -2%
24-Jul-19 37847.65 0% 56.55 -6%
23-Jul-19 37982.74 0% 60.05 14%
22-Jul-19 38031.13 -1% 52.6 -1%
19-Jul-19 38337.01 -1% 53.35 -5%
 18-Jul-19 38897.46 -1% 56.25 0%
17-Jul-19 39215.64 0% 56.2 11%
16-Jul-19 39131.04 1% 50.6 4%
15-Jul-19 38896.71 0% 48.5 -29%
12-Jul-19 38736.23 0% 68.45 -4%
11-Jul-19 38823.11 1% 71.25 2%
10-Jul-19 38557.04 0% 70.05 -1%
9-Jul-19 38730.82 0% 70.95 -9%
8-Jul-19 38720.57 -2% 77.75 -3%
5-Jul-19 39513.39 -1% 80.15 -4%
4-Jul-19 39908.06 0% 83.2 0%
3-Jul-19 39839.25 0% 83.25 11%
2-Jul-19 39816.48 0% 75.3 2%
1-Jul-19 39686.5 1% 73.6 2%
28-Jun-19 39394.64 0% 72.1 -12%
27-Jun-19 39586.41 0% 81.7 2%
26-Jun-19 39592.08 0% 79.75 6%
25-Jun-19 39434.94 1% 75.4 -4%
24-Jun-19 39122.96 0% 78.75 8%
21-Jun-19 39194.49 -1% 73.15 6%
20-Jun-19 39601.63 1% 69.3 10%
19-Jun-19 39112.74 0% 63.05 -3%
18-Jun-19 39046.34 0% 65.05 -15%
17-Jun-19 38960.79 -1% 76.5 -5%
14-Jun-19 39452.07 -1% 80.45 -5%
13-Jun-19 39741.36 0% 84.25 -10%
12-Jun-19 39756.81 0% 93.35 4%
11-Jun-19 39950.46 0% 89.95 1%
10-Jun-19 39784.52 0% 89.5 7%
7-Jun-19 39615.9 0% 83.5 -11%
6-Jun-19 39529.72 -1% 93.9 -16%
4-Jun-19 40083.54 0% 111.6 -1%
3-Jun-19 40267.62 1% 113.2 1%
31-May-19 39714.2 0% 111.65 -2%
30-May-19 39831.97 1% 114.35 -1%
29-May-19 39502.05 -1% 115.85 1%
28-May-19 39749.73 0% 114.8 -4%
27-May-19 39683.29 1% 119.05 -1%
24-May-19 39434.72 2% 120.5 4%
23-May-19 38811.39 -1% 115.75 -2%
22-May-19 39110.21 0% 117.65 -9%
21-May-19 38969.8 -1% 129.9 4%
20-May-19 39352.67 4% 125.1 11%
17-May-19 37930.77 1% 112.6 5%
16-May-19 37393.48 1% 107.05 -1%
15-May-19 37114.88 -1% 107.95 -8%
14-May-19 37318.53 1% 117 5%
13-May-19 37090.82 -1% 110.95 -5%
10-May-19 37462.99 0% 116.35 0%
9-May-19 37558.91 -1% 116.2 0%
8-May-19 37789.13 -1% 116.55 0%
7-May-19 38276.63 -1% 116.65 -12%
6-May-19 38600.34 -1% 132.95 -6%
3-May-19 38963.26 0% 141.35 5%
2-May-19 38981.43 0% 134 -1%
30-Apr-19 39031.55 0% 134.75 -6%
26-Apr-19 39067.33 1% 143 -1%
25-Apr-19 38730.86 -1% 144.65 0%
24-Apr-19 39054.68 1% 144.7 3%
23-Apr-19 38564.88 0% 140.05 0%
22-Apr-19 38645.18 -1% 140.05 -11%
18-Apr-19 39140.28 0% 157.2 -8%
16-Apr-19 39275.64 1% 170.65 2%
15-Apr-19 38905.84 0% 166.8 0%
12-Apr-19 38767.11 0% 167.1 -3%
11-Apr-19 38607.01 0% 172.65 3%
10-Apr-19 38585.35 -1% 167.65 0%
9-Apr-19 38939.22 1% 167.35 4%
8-Apr-19 38700.53 0% 161.05 -2%
5-Apr-19 38862.23 0% 163.8 10%
4-Apr-19 38684.72 0% 148.65 0%
3-Apr-19 38877.12 0% 148.05 2%
2-Apr-19 39056.65 0% 145.2 -3%
1-Apr-19 38871.87 1% 149.05 -1%
29-Mar-19 38672.91 0% 150.5 1%
28-Mar-19 38545.72 1% 149.4 10%
27-Mar-19 38132.88 0% 136.4 1%
26-Mar-19 38233.41 1% 135.35 4%
25-Mar-19 37808.91 -1% 130.3 -3%
22-Mar-19 38164.61 -1% 133.7 -3%
20-Mar-19 38386.75 0% 137.65 1%
19-Mar-19 38363.47 1% 136.25 1%
18-Mar-19 38095.07 0% 135.55 3%
15-Mar-19 38024.32 1% 132 0%
14-Mar-19 37754.89 0% 132.05 3%
13-Mar-19 37752.17 1% 127.95 -1%
12-Mar-19 37535.66 1% 128.9 -3%
11-Mar-19 37054.1 1% 132.9 -5%
8-Mar-19 36671.43 0% 139.75 -1%
7-Mar-19 36725.42 0% 141.35 -5%
6-Mar-19 36636.1 1% 148.8 11%
5-Mar-19 36442.54 1% 134 4%
1-Mar-19 36063.81 1% 128.7 1%
28-Feb-19 35867.44 0% 127.2 -1%
27-Feb-19 35905.43 0% 128.05 -2%
26-Feb-19 35973.71 -1% 130.85 -4%
25-Feb-19 36213.38 1% 136.7 -2%
22-Feb-19 35871.48 0% 139.25 2%
21-Feb-19 35898.35 0% 137.1 5%
20-Feb-19 35756.26 1% 130.3 3%
19-Feb-19 35352.61 0% 126.75 -2%
18-Feb-19 35498.44 -1% 128.9 5%
15-Feb-19 35808.95 0% 123.15 -4%
14-Feb-19 35876.22 0% 127.9 16%
13-Feb-19 36034.11 0% 110.55 4%
12-Feb-19 36153.62 -1% 106.1 1%
11-Feb-19 36395.03 0% 104.95 -4%
8-Feb-19 36546.48 -1% 108.8 -5%
7-Feb-19 36971.09 0% 115.1 -3%
6-Feb-19 36975.23 1% 119.2 -2%
5-Feb-19 36616.81 0% 121.9 5%
4-Feb-19 36582.74 0% 116.1 4%
1-Feb-19 36469.43 1% 111.45 -18%
31-Jan-19 36256.69 2% 135.85 -16%
30-Jan-19 35591.25 0% 161.6 -5%
29-Jan-19 35592.5 0% 170.05 -8%
28-Jan-19 35656.7 -1% 184.85 -12%
25-Jan-19 36025.54 0% 209.2 1%
24-Jan-19 36195.1 0% 206.5 -1%
23-Jan-19 36108.47 -1% 209.55 2%
22-Jan-19 36444.64 0% 204.85 -3%
21-Jan-19 36578.96 1% 211.35 -2%
18-Jan-19 36386.61 0% 215.35 -2%
17-Jan-19 36374.08 0% 219.25 -2%
16-Jan-19 36321.29 0% 223.05 0%
15-Jan-19 36318.33 1% 223.35 1%
14-Jan-19 35853.56 0% 220.3 -1%
11-Jan-19 36009.84 0% 221.65 -1%
10-Jan-19 36106.5 0% 224 -1%
 9-Jan-19 36212.91 1% 226.9 -2%
8-Jan-19 35980.93 0% 231.1 1%
7-Jan-19 35850.16 0% 228.65 -4%
4-Jan-19 35695.1 1% 237.7 1%
3-Jan-19 35513.71 -1% 234.9 -3%
2-Jan-19 35891.52 -1% 241.95 -2%
1-Jan-19 36254.57 1% 246.4 -1%
31-Dec-18 36068.33 0% 249.4 4%
28-Dec-18 36076.72 1% 240.2 0%
27-Dec-18 35807.28 0% 239.65 1%
26-Dec-18 35649.94 1% 237.85 1%
24-Dec-18 35470.15 -1% 234.4 -2%
21-Dec-18 35742.07 -2% 240.4 1%
20-Dec-18 36431.67 0% 238.15 5%
19-Dec-18 36484.33 0% 227.1 6%
18-Dec-18 36347.08 0% 213.9 -2%
17-Dec-18 36270.07 1% 217.9 1%
14-Dec-18 35962.93 0% 215.9 -1%
13-Dec-18 35929.64 0% 218.15 2%
12-Dec-18 35779.07 2% 214.2 3%
11-Dec-18 35150.01 1% 207.3 5%
10-Dec-18 34959.72 -2% 196.75 -2%
7-Dec-18 35673.25 1% 201.2 -2%
6-Dec-18 35312.13 -2% 205 -3%
5-Dec-18 35884.41 -1% 210.85 -5%
4-Dec-18 36134.31 0% 223.1 3%
3-Dec-18 36241 0% 217.6 2%
30-Nov-18 36194.3 0% 212.4 6%
29-Nov-18 36170.41 1% 200.55 -4%
28-Nov-18 35716.95 1% 208.85 -5%
27-Nov-18 35513.14 0% 219.8 -1%
26-Nov-18 35354.08 1% 223.05 -4%
22-Nov-18 34981.02 -1% 232.4 -1%
21-Nov-18 35199.8 -1% 234.9 4%
20-Nov-18 35474.51 -1% 225.05 -3%
19-Nov-18 35774.88 1% 232.15 3%
16-Nov-18 35457.16 1% 225.4 -8%
15-Nov-18 35260.54 0% 244.35 2%
14-Nov-18 35141.99 0% 238.75 1%
13-Nov-18 35144.49 1% 236.9 -2%
12-Nov-18 34812.99 -1% 241.7 4%
9-Nov-18 35158.55 0% 232.5 1%
7-Nov-18 35237.68 1% 230.5 1%
 6-Nov-18 34991.91 0% 227.75 4%
5-Nov-18 34950.92 0% 219.9 -5%
2-Nov-18 35011.65 2% 230.5 0%
1-Nov-18 34431.97 0% 230.95 3%
31-Oct-18 34442.05 2% 225 8%
30-Oct-18 33891.13 -1% 207.4 12%
29-Oct-18 34067.4 2% 185.2 1%
26-Oct-18 33349.31 -1% 182.85 1%
25-Oct-18 33690.09 -1% 181.85 -4%
24-Oct-18 34033.96 1% 190.15 -2%
23-Oct-18 33847.23 -1% 193.45 2%
22-Oct-18 34134.38 -1% 190.1 -10%
19-Oct-18 34315.63 -1% 211.8 -10%
17-Oct-18 34779.58 -1% 236.3 -12%
16-Oct-18 35162.48 1% 269.55 -4%
15-Oct-18 34865.1 0% 281.35 -4%
12-Oct-18 34733.58 2% 293.5 2%
11-Oct-18 34001.15 -2% 288.9 2%
10-Oct-18 34760.89 1% 282.3 16%
9-Oct-18 34299.47 -1% 243.2 9%
8-Oct-18 34474.38 0% 223.5 -19%
5-Oct-18 34376.99 -2% 274.3 -8%
4-Oct-18 35169.16 -2% 297.5 -6%
3-Oct-18 35975.63 -2% 316.6 0%
1-Oct-18 36526.14 1% 317.9 15%
28-Sep-18 36227.14 0% 275.4 -5%
27-Sep-18 36324.17 -1% 290.15 -5%
26-Sep-18 36542.27 0% 305 1%
25-Sep-18 36652.06 1% 300.7 -23%
24-Sep-18 36305.02 -1% 393 12%
21-Sep-18 36841.6 -1% 351.55 -42%
19-Sep-18 37121.22 0% 610.6 0%
18-Sep-18 37290.67 -1% 611.05 0%
17-Sep-18 37585.51 -1% 610.2 -1%
14-Sep-18 38090.64 1% 615.1 1%
12-Sep-18 37717.96 1% 610.45 0%
11-Sep-18 37413.13 -1% 612 -3%
10-Sep-18 37922.17 -1% 630.1 -3%
7-Sep-18 38389.82 0% 648.35 0%
6-Sep-18 38242.81 1% 647.65 0%
5-Sep-18 38018.31 0% 645.8 -1%
4-Sep-18 38157.92 0% 649.75 -4%
3-Sep-18 38312.52 -1% 678.45 2%
31-Aug-18 38645.07 0% 666.8 0%
30-Aug-18 38690.1 0% 665.8 0%
29-Aug-18 38722.93 0% 664.85 0%
28-Aug-18 38896.63 1% 665.7 2%
27-Aug-18 38694.11 1% 655.8 0%
24-Aug-18 38251.8 0% 657.7 0%
23-Aug-18 38336.76 0% 659.45 -1%
21-Aug-18 38285.75 0% 664.15 -1%
20-Aug-18 38278.75 1% 672.15 0%
17-Aug-18 37947.88 1% 670.25 3%
16-Aug-18 37663.56 0% 648.3 -2%
14-Aug-18 37852 1% 658.5 6%
13-Aug-18 37644.9 -1% 623.25 2%
10-Aug-18 37869.23 0% 611.2 -1%
9-Aug-18 38024.37 0% 616.5 1%
8-Aug-18 37887.56 1% 610.4 0%
7-Aug-18 37665.8 0% 612.95 -2%
6-Aug-18 37691.89 0% 623.8 0%
3-Aug-18 37556.16 1% 625.7 4%
2-Aug-18 37165.16 -1% 602.2 2%
1-Aug-18 37521.62 0% 592.4 -1%
31-Jul-18 37606.58 0% 601.3 -2%
30-Jul-18 37494.4 0% 615.85 0%
27-Jul-18 37336.85 1% 615.3 -1%
26-Jul-18 36984.64 0% 622.85 1%
25-Jul-18 36858.23 0% 613.65 0%
24-Jul-18 36825.1 0% 616.4 1%
23-Jul-18 36718.6 1% 610.1 -1%
20-Jul-18 36496.37 0% 614.2 -1%
19-Jul-18 36351.23 0% 618.7 0%
18-Jul-18 36373.44 0% 620.55 1%
17-Jul-18 36519.96 1% 614.2 4%
16-Jul-18 36323.77 -1% 590.05 -3%
13-Jul-18 36541.63 0% 606.15 -2%
12-Jul-18 36548.41 1% 615.55 1%
11-Jul-18 36265.93 0% 609.45 0%
10-Jul-18 36239.62 1% 611.5 -2%
9-Jul-18 35934.72 1% 622.5 1%
6-Jul-18 35657.86 0% 618.25 -1%
5-Jul-18 35574.55 0% 624.1 0%
4-Jul-18 35645.4 1% 622.4 0%
3-Jul-18 35378.6 0% 624.55 1%
2-Jul-18 35264.41 0% 619 -3%
 29-Jun-18 35423.48 1% 639.05 0%
28-Jun-18 35037.64 -1% 636.15 -1%
27-Jun-18 35217.11 -1% 642.5 0%
26-Jun-18 35490.04 0% 642.65 2%
25-Jun-18 35470.35 -1% 632.7 -1%
22-Jun-18 35689.6 1% 636.85 1%
21-Jun-18 35432.39 0% 631.65 1%
20-Jun-18 35547.33 1% 628.3 2%
19-Jun-18 35286.74 -1% 613.5 -1%
18-Jun-18 35548.26 0% 620.45 -1%
15-Jun-18 35622.14 0% 625.6 0%
14-Jun-18 35599.82 0% 624.65 -1%
13-Jun-18 35739.16 0% 630.4 1%
12-Jun-18 35692.52 1% 621.75 1%
11-Jun-18 35483.47 0% 618.35 0%
8-Jun-18 35443.67 0% 621.3 1%
7-Jun-18 35463.08 1% 616.2 2%
6-Jun-18 35178.88 1% 605.6 0%
5-Jun-18 34903.21 0% 606.3 1%
4-Jun-18 35011.89 -1% 602.1 -1%
1-Jun-18 35227.26 0% 610.6 -1%
31-May-18 35322.38 1% 614.05 -1%
30-May-18 34906.11 0% 623.25 0%
29-May-18 34949.24 -1% 625.2 -1%
28-May-18 35165.48 1% 629.45 2%
25-May-18 34924.87 1% 616.05 2%
24-May-18 34663.11 1% 601.5 0%
23-May-18 34344.91 -1% 600.45 -1%
22-May-18 34651.24 0% 607.3 -1%
21-May-18 34616.13 -1% 613 0%
18-May-18 34848.3 -1% 612.9 -1%
17-May-18 35149.12 -1% 618.05 1%
16-May-18 35387.88 0% 614.45 -1%
15-May-18 35543.94 0% 620.75 -1%
14-May-18 35556.71 0% 624.6 0%
11-May-18 35535.79 1% 625.4 0%
10-May-18 35246.27 0% 623.95 0%
9-May-18 35319.35 0% 623.7 0%
8-May-18 35216.32 0% 623.3 -1%
7-May-18 35208.14 1% 627.2 0%
4-May-18 34915.38 -1% 627.25 -1%
3-May-18 35103.14 0% 632.4 -3%
2-May-18 35176.42 0% 648.65 1%
30-Apr-18 35160.36 1% 640.6 1%
27-Apr-18 34969.7 1% 634.3 2%
26-Apr-18 34713.6 1% 620.9 2%
25-Apr-18 34501.27 0% 608.55 4%
24-Apr-18 34616.64 0% 585.1 1%
23-Apr-18 34450.77 0% 582.05 0%
20-Apr-18 34415.58 0% 584.65 -1%
19-Apr-18 34427.29 0% 590.2 0%
18-Apr-18 34331.68 0% 592.6 0%
17-Apr-18 34395.06 0% 589.7 3%
16-Apr-18 34305.43 0% 572 5%
13-Apr-18 34192.65 0% 546 4%
12-Apr-18 34101.13 0% 527.4 -1%
11-Apr-18 33940.44 0% 530.4 -1%
10-Apr-18 33880.25 0% 535.8 1%
9-Apr-18 33788.54 0% 530.9 -2%
6-Apr-18 33626.97 0% 540.05 0%
5-Apr-18 33596.8 2% 540.05 4%
4-Apr-18 33019.07 -1% 520.95 -2%
3-Apr-18 33370.63 0% 534.15 2%
2-Apr-18 33255.36 1% 523 3%
28-Mar-18 32968.68 -1% 509.9 -2%
27-Mar-18 33174.39 0% 521.65 4%
26-Mar-18 33066.41 1% 502.6 2%
23-Mar-18 32596.54 -1% 494.65 -5%
22-Mar-18 33006.27 0% 518 0%
21-Mar-18 33136.18 0% 520.25 3%
20-Mar-18 32996.76 0% 503.65 1%
19-Mar-18 32923.12 -1% 496.95 -3%
16-Mar-18 33176 -2% 510.15 -1%
15-Mar-18 33685.54 0% 514.8 -1%
14-Mar-18 33835.74 0% 521.85 1%
13-Mar-18 33856.78 0% 516.4 1%
12-Mar-18 33917.94 2% 512.5 3%
9-Mar-18 33307.14 0% 496.8 0%
8-Mar-18 33351.57 1% 496 0%
7-Mar-18 33033.09 -1% 498.4 -2%
6-Mar-18 33317.2 -1% 509.4 -4%
5-Mar-18 33746.78 -1% 530.75 -1%
1-Mar-18 34046.94 0% 537.1 -2%
28-Feb-18 34184.04 0% 547 -3%
27-Feb-18 34346.39 0% 563.6 -3%
26-Feb-18 34445.75 1% 581.85 1%
23-Feb-18 34142.15 1% 577.05 4%
22-Feb-18 33819.5 0% 552.6 -1%
21-Feb-18 33844.86 0% 556.75 2%
20-Feb-18 33703.59 0% 545.2 0%
19-Feb-18 33774.66 -1% 546.8 1%
16-Feb-18 34010.76 -1% 540.9 -2%
15-Feb-18 34297.47 0% 553.1 0%
14-Feb-18 34155.95 0% 550.8 5%
12-Feb-18 34300.47 1% 524.55 2%
9-Feb-18 34005.76 -1% 514.05 0%
8-Feb-18 34413.16 1% 513.35 3%
7-Feb-18 34082.71 0% 500.35 -1%
6-Feb-18 34195.94 -2% 506.25 -1%
5-Feb-18 34757.16 -1% 510.4 -2%
2-Feb-18 35066.75 -2% 521.15 -8%
1-Feb-18 35906.66 0% 568.8 -2%
31-Jan-18 35965.02 0% 583.35 -1%
30-Jan-18 36033.73 -1% 588.1 -1%
29-Jan-18 36283.25 1% 596.4 0%
25-Jan-18 36050.44 0% 596.15 3%
24-Jan-18 36161.64 0% 577.65 -6%
23-Jan-18 36139.98 1% 613.9 -3%
22-Jan-18 35798.01 1% 629.95 3%
19-Jan-18 35511.58 1% 612.2 4%
18-Jan-18 35260.29 1% 590.35 -3%
17-Jan-18 35081.82 1% 609 1%
16-Jan-18 34771.05 0% 601.7 -2%
15-Jan-18 34843.51 1% 616.65 1%
12-Jan-18 34592.39 0% 613.45 -1%
11-Jan-18 34503.49 0% 617 0%
10-Jan-18 34433.07 0% 615.45 -1%
9-Jan-18 34443.19 0% 624.3 1%
8-Jan-18 34352.79 1% 620.8 1%
5-Jan-18 34153.85 1% 611.7 4%
4-Jan-18 33969.64 1% 588.25 0%
3-Jan-18 33793.38 0% 587.55 1%
2-Jan-18 33812.26 0% 583.1 -1%
1-Jan-18 33812.75 -1% 590.65 1%
29-Dec-17 34056.83 1% 582.85 -1%
28-Dec-17 33848.03 0% 586.7 -1%
27-Dec-17 33911.81 0% 593.3 0%
26-Dec-17 34010.61 0% 594.4 0%
22-Dec-17 33940.3 1% 593.4 -1%
21-Dec-17 33756.28 0% 601.7 -1%
20-Dec-17 33777.38 0% 607.35 0%
19-Dec-17 33836.74 1% 609.55 1%
18-Dec-17 33601.68 0% 601.35 2%
15-Dec-17 33462.97 1% 592.15 1%
14-Dec-17 33246.7 1% 586.7 2%
13-Dec-17 33053.04 -1% 577.8 -1%
12-Dec-17 33227.99 -1% 582.75 -3%
11-Dec-17 33455.79 1% 600.1 0%
8-Dec-17 33250.3 1% 600.95 0%
7-Dec-17 32949.21 1% 601.8 3%
6-Dec-17 32597.18 -1% 585.7 -2%
5-Dec-17 32802.44 0% 597.6 1%
4-Dec-17 32869.72 0% 590.45 -2%
1-Dec-17 32832.94 -1% 600.25 -3%
30-Nov-17 33149.35 -1% 616.9 0%
29-Nov-17 33602.76 0% 617.85 0%
28-Nov-17 33618.59 0% 616.75 0%
27-Nov-17 33724.44 0% 616.25 0%
24-Nov-17 33679.24 0% 618.25 0%
23-Nov-17 33588.08 0% 619.65 0%
22-Nov-17 33561.55 0% 620.55 0%
21-Nov-17 33478.35 0% 621.8 -3%
20-Nov-17 33359.9 0% 638.65 1%
17-Nov-17 33342.8 1% 635.4 2%
16-Nov-17 33106.82 1% 623.75 1%
15-Nov-17 32760.44 -1% 616.6 -1%
14-Nov-17 32941.87 0% 621.85 -2%
13-Nov-17 33033.56 -1% 632.75 -1%
10-Nov-17 33314.56 0% 638.35 1%
9-Nov-17 33250.93 0% 632.4 1%
8-Nov-17 33218.81 0% 623.65 -1%
7-Nov-17 33370.76 -1% 632.3 -1%
6-Nov-17 33731.19 0% 641.9 -4%
3-Nov-17 33685.56 0% 665.8 2%
2-Nov-17 33573.22 0% 649.95 1%
1-Nov-17 33600.27 1% 646.15 1%
31-Oct-17 33213.13 0% 641.8 -1%
30-Oct-17 33266.16 0% 647.9 6%
27-Oct-17 33157.22 0% 610.35 1%
26-Oct-17 33147.13 0% 603.45 5%
25-Oct-17 33042.5 1% 577.1 -3%
24-Oct-17 32607.34 0% 597.6 3%
23-Oct-17 32506.72 0% 582.75 -2%
19-Oct-17 32389.96 -1% 595.4 -1%
18-Oct-17 32584.35 0% 601.8 2%
17-Oct-17 32609.16 0% 590 6%
16-Oct-17 32633.64 1% 558.55 4%
13-Oct-17 32432.69 1% 537.9 1%
12-Oct-17 32182.22 1% 532.9 1%
11-Oct-17 31833.99 0% 525.5 -5%
10-Oct-17 31924.41 0% 551.4 1%
9-Oct-17 31846.89 0% 544.9 0%
6-Oct-17 31814.22 1% 545.9 -2%
5-Oct-17 31592.03 0% 559.1 1%
4-Oct-17 31671.71 1% 554.1 1%
3-Oct-17 31497.38 #DIV/0! 550.6 #DIV/0!
Beta
0.57571004
 Weighted Average Cost of Capital
Risk Free Rate Rf 6.4%
Beta 0.58
Equity Risk Premium ERP 6.9%
Rf+Beta*ERP Cost of Equity 10.3%
Debt 90412.25
Pre-tax Cost of debt 17.6%
Tax- Rate 25.7%
Post-tax Cost of Debt 13.1%
Market Cap (Cr.) 524.00
WACC 9.74%
 Source https://pages.stern.nyu.edu/~adamodar/N
ERP Calculations as per Damodharan
Current risk premium for a mature equity market (US is used as the base) 4.72%
Moody' s rating for India Baa3
Country risk Premium 2.13%
ERP 6.85%
To estimate the equity risk premium for a country, start with a mature market premium and add an addi

Source https://www.akgroup.co.in/docs/Daily%20Market%20Update-202012091025320116022.pdf
s.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html

Damodharan Corporate lectures (Projections on Cash generated in Country)

premium and add an additional country risk premium, based upon the risk of the country in question.

1025320116022.pdf
 CAPEX FY17 FY18
Net Sales 9615.64 10891.13
Capital Expenditure (Capex) 148.00 783.00
Capes as a % of sales 1.54% 7.19%

Working Capital FY17 FY18

CA 21732.12 105084.90
CL 92290.07 106344.47
Working Capital -70557.95 -1259.57
Changes in Working Capital 69298.38
 FY19 FY20 FY21 FY22E FY23E FY24E
12911.66 9578.85 8802.79 9133.67 9246.96 9521.45
85.38 22.10 20.00 34.07 46.23 71.41
0.66% 0.23% 0.23% 0.37% 0.50% 0.75%

FY19 FY20 FY21 FY22E FY23E FY24E

104732.01 79289.43 59060.71 80121.14 76655.06 76667.29
106602.00 85829.67 70358.66 84721.24 81755.94 82271.13
-1869.99 -6540.24 -11297.95 -4600.10 -5100.88 -5603.85
-610.42 -4670.25 -4757.71 6,697.86 -500.79 -502.97
 FY25E FY26E
9876.59 10338.12
64.20 127.10
0.65% 1.23%

FY25E FY26E
84241.80 82480.62
90160.75 86892.13
-5918.95 -4411.52
-315.10 1,507.43
Particulars 2022E 2023E 2024E
NOPAT -1776.25 -1267.23 -709.20
Add: Dep & Amortization 80.83 83.87 84.91
Less: CapEx 34.07 46.23 71.41
Less: Change in working capital 6,697.86 500.79 502.97
FCFF -8427.35 -1730.38 -1198.67
Percentage growth -79.47% -30.73%

Share Price Calculations

Terminal Value 34749
Growth Rate 3%
WACC 10%
Present Value 414
No of Shares (Cr.) 31
Share Price 13
Target Price After one year 15
2025E 2026E 2027E 2028E 2029E 2030E 2031E Terminal Value
-83.09 2248.72
87.43 90.69
64.20 127.10
315.10 450.00
-374.97 1762.31 ### 15081.34 ### 2207.43 2273.65 34748.64
-68.72% -569.99% ### -340.80% -226.20% -111.60% 3.00%
Key Ratios FY17 FY18 FY19 FY20 FY21
Profitaility Ratios
EBITA Margin 85% 87% 65% -128% -225%
Net Profit Margin 29% 11% -8% -140% -171%
Liquity Ratios
Current Ratio 1.31 20.22 2.32 2.02 0.65
Turnover Ratios
Asset Turnover Ratio 0.146 0.139 0.174 0.166 0.180
Leverage Ratios
Debt/Equity 9.219 10.222 11.843 -16.302 -4.352
Return Ratios
ROE 36.2% 13.8% -12.4% -242.1% -72.9%
ROCE 13% 9% 14% -27% -96%
Veritcal Statement Analysis
Employe Expense/ Sales 4.1% 3.4% 3.8% 3.0% 2.4%
Finance Costs/ Sales 69.4% 71.1% 72.9% 59.9% 2.5%

Depriciation and
Ammortisation/ Sales 0.5% 0.3% 0.4% 0.8% 0.9%
Other Expenses 9.0% 3.8% 23.6% 159.7% 297.2%
Based on Market Prices
Target Acquirer
DHFL Piramal
Current Market Price 16.7 2474
No. of Shares (Cr) 31.00 23.86
Control Premium Assumed 0.25
Market Cap (Cr) 524.00 58985.00
Swap Ratio 0.0084
Based on Our Valuation
Target Acquirer
DHFL Piramal
Target Price 13.37 2790.72
No. of Shares (Cr) 31.00 23.86
Control Premium Assumed 0.25
Market Cap (Cr) 414.46 66586.65
Swap Ratio 0.0048
 Revenue Synergy
Operating Revenue Synergy
Combined Operating Revenue 23,350.29

To remain the
same in future
% synergy expected as per past precedents 2.0% years
Operating Revenue Synergy added 467.01
Total Synergised Revenue 23,817.30

Cost Synergy
Particulars DHFL Piramal Without Synergy
Operating Expenses 9133.67 10827.56 19961.24
% of operating cost synergy
Cost of borrowing 131.00 57.06 188.06
Total Cost Synergy 9264.67 10884.63 20149.30

Total Synergy Value

in Cr. 1,539.01
Main Drivers of operating revenue
Significant increase in loan book size – creates one of the leading HFCs in India

Pan-India distribution network with an existing customer pool of ~1 million customers

With Synergy Total Synergy Value

18963.18 998.06
5.00% Assuming 5% of the costs would be saved based on due diligence
114.12 73.94 Finance cost savings based on Change in WACC.
19077.30 1072.00