-------------

------ in
Profit & Loss account of
Rs. Cr.
Dabur India
-------------
------
Mar 19 Mar-18 Mar-17 Mar-16 Mar-15

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From Operations
6,189.54 5,552.26 5,357.84 5,822.23 5,493.39
[Gross]
Less: Excise/Sevice Tax/Other
0 16.77 79.19 82.53 74.38
Levies
Revenue From Operations
6,189.54 5,535.49 5,278.65 5,739.70 5,419.01
[Net]
Other Operating Revenues 83.65 56.8 12 10.3 12.27
Total Operating Revenues 6,273.19 5,592.29 5,290.65 5,750.00 5,431.28
Other Income 274.74 283.23 274.64 196.64 137.85
Total Revenue 6,547.93 5,875.52 5,565.29 5,946.64 5,569.13
EXPENSES
Cost Of Materials Consumed 2,262.51 2,060.26 1,843.18 1,847.75 1,921.09
Purchase Of Stock-In Trade 984.91 916.46 944.6 988.14 937.25
Changes In Inventories Of
10.09 -74.03 -8.19 -23.77 -32.25
FG,WIP And Stock-In Trade
Employee Benefit Expenses 572.33 461.13 425.3 431.77 392.99
Finance Costs 29.8 21.89 16.23 9.83 9.89
Depreciation And
108.83 102.5 75.43 72.82 65.97
Amortisation Expenses
Other Expenses 1,076.11 999.64 974.39 1,407.36 1,273.70
Total Expenses 5,044.58 4,487.85 4,270.94 4,733.90 4,568.64
Mar-19 Mar-18 Mar-17 Mar-16 Mar-15

12 mths 12 mths 12 mths 12 mths 12 mths

Profit/Loss Before
Exceptional, ExtraOrdinary 1,503.35 1,387.67 1,294.35 1,212.74 1,000.49
Items And Tax
Exceptional Items 0 -14.54 0 0 -23.96
Profit/Loss Before Tax 1,503.35 1,373.13 1,294.35 1,212.74 976.53
Tax Expenses-Continued Operations
Current Tax 369.28 340.33 310.83 259.11 204.35
Deferred Tax -130.22 -39.25 -14.81 14.12 9.6
Total Tax Expenses 239.06 301.08 296.02 273.23 213.95
Profit/Loss After Tax And
1,264.29 1,072.05 998.33 939.51 762.58
Before ExtraOrdinary Items
Profit/Loss From Continuing
Operations 1,264.29 1,072.05 998.33 939.51 762.58
Profit/Loss For The Period 1,264.29 1,072.05 998.33 939.51 762.58
1,641.98 0.294326
 -------------
------ in
Balance Sheet of Dabur
Rs. Cr.
India
-------------
------
Mar 19 Mar-18 Mar-17 Mar-16 Mar-15

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND LIABILITIES

SHAREHOLDER'S FUNDS
Equity Share Capital 176.63 176.15 176.15 175.91 175.65
Total Share Capital 176.63 176.15 176.15 175.91 175.65
Reserves and Surplus 3,717.20 4,050.71 3,481.73 2,695.87 2,160.54
Total Reserves and
3,717.20 4,050.71 3,481.73 2,695.87 2,160.54
Surplus
Employees Stock Options 74.99 0 0 0 0
Total Shareholders Funds 3,968.82 4,226.86 3,657.88 2,871.78 2,336.19
NON-CURRENT LIABILITIES
Long Term Borrowings 26.05 201.04 200.64 0 0
Deferred Tax Liabilities 8.32 96.03 98.28 64.47 50.35
[Net]
Other Long Term 4.56 4.25 3.71 0 0
Liabilities
Long Term Provisions 52.76 50.04 47.52 45.03 42.79
Total Non-Current 91.69 351.36 350.15 109.5 93.14
Liabilities
CURRENT LIABILITIES
Short Term Borrowings 108.72 85.49 83.04 86.51 129.13
Trade Payables 998.32 960.62 914.52 931.34 756.64
Other Current Liabilities 330.14 123.98 157.05 187.75 170.22
Short Term Provisions 81.09 64.39 54.38 268.13 203.04
Total Current Liabilities 1,518.27 1,234.48 1,208.99 1,473.73 1,259.03
Total Capital And
5,578.78 5,812.70 5,217.02 4,455.01 3,688.36
Liabilities
ASSETS
NON-CURRENT ASSETS
Tangible Assets 971.88 971.34 929.18 673.49 662.43
Intangible Assets 15.37 8.78 12.8 17.04 20.09
Capital Work-In-Progress 21.69 26.82 28.25 24.96 12.22
Other Assets 49.37 50.36 51.35 0 0
Fixed Assets 1,058.31 1,057.30 1,021.58 715.49 694.74
Non-Current Investments 2,236.74 2,719.69 2,319.03 1,763.39 1,407.00
Long Term Loans And
13.14 9.61 8.92 23.66 12.3
Advances
Other Non-Current Assets 146.24 67.26 81.88 0.02 2

Total Non-Current Assets 3,454.43 3,853.86 3,431.41 2,502.56 2,116.04

CURRENT ASSETS
Current Investments 725.4 713.39 735.12 661.48 371.17
Inventories 732.9 704.79 599.27 615.56 550.6
Trade Receivables 431.46 321.34 333.25 420.69 338.79
Cash And Cash
124.71 87.02 26.16 54.16 123.94
Equivalents
Short Term Loans And
4.56 1.41 3.35 123.91 114.08
Advances
OtherCurrentAssets 105.32 130.89 88.46 76.65 73.74
Total Current Assets 2,124.35 1,958.84 1,785.61 1,952.45 1,572.32
Total Assets 5,578.78 5,812.70 5,217.02 4,455.01 3,688.36
 -------------
------ in
Balance Sheet of Titan
Rs. Cr.
Company
-------------
------
Mar '19 Mar '18 Mar '17 Mar '16 Mar '15

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 88.78 88.78 88.78 88.78 88.78
Equity Share Capital 88.78 88.78 88.78 88.78 88.78
Reserves 6,092.94 5,105.21 4,223.23 3,425.82 3,003.23
Networth 6,181.72 5,193.99 4,312.01 3,514.60 3,092.01
Secured Loans 2,287.63 717.52 1,066.49 113.05 99.79
Unsecured Loans 0 886.34 800.6 0 0
Total Debt 2,287.63 1,603.86 1,867.09 113.05 99.79
Total Liabilities 8,469.35 6,797.85 6,179.10 3,627.65 3,191.80
Mar '19 Mar '18 Mar '17 Mar '16 Mar '15

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
Gross Block 1,349.11 1,150.04 810.3 1,340.06 1,193.57
Less: Accum. 279.76 176.19 102.99 571.46 510.34
Depreciation
Net Block 1,069.35 973.85 707.31 768.6 683.23
Capital Work in Progress 25.63 41.17 147.83 0 54.93
Investments 875.92 733.75 886.13 73.98 32.63
Inventories 6,719.18 5,749.20 4,806.49 4,442.24 4,047.43
Sundry Debtors 358.23 192.99 115.36 195.13 187.35
Cash and Bank Balance 1,001.00 612.28 772.74 111.66 210.2
Total Current Assets 8,078.41 6,554.47 5,694.59 4,749.03 4,444.98
Loans and Advances 1,420.51 1,093.17 881.67 678.87 656.47
Total CA, Loans &
9,498.92 7,647.64 6,576.26 5,427.90 5,101.45
Advances
Current Liabilities 2,823.28 2,473.37 2,011.02 2,558.45 2,248.26
Provisions 177.19 125.19 127.41 190.43 432.18
Total CL & Provisions 3,000.47 2,598.56 2,138.43 2,748.88 2,680.44
Net Current Assets 6,498.45 5,049.08 4,437.83 2,679.02 2,421.01
Total Assets 8,469.35 6,797.85 6,179.10 3,521.60 3,191.80
 -------------
------ in
Profit & Loss account of
Rs. Cr.
Titan Company
-------------
------
Mar 19 Mar-18 Mar-17 Mar-16 Mar-15

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From
18,885.34 15,483.45 12,925.68 11,208.11 11,824.54
Operations [Gross]
Less: Excise/Sevice
0 34.55 102.35 31.21 33.5
Tax/Other Levies
Revenue From
18,885.34 15,448.90 12,823.33 11,176.90 11,791.04
Operations [Net]
Other Operating 184.63 172.4 73.19 87.63 112.17
Revenues
Total Operating 19,069.97 15,621.30 12,896.52 11,264.53 11,903.21
Revenues
Other Income 178.5 86.4 64.77 64.36 70.58
Total Revenue 19,248.47 15,707.70 12,961.29 11,328.89 11,973.79
EXPENSES
Cost Of Materials 11,822.04 10,240.21 8,449.38 7,423.95 7,833.99
Consumed
Purchase Of Stock-In 2,828.92 2,076.91 1,127.87 956.23 1,123.94
Trade
Changes In Inventories
Of FG,WIP And Stock-In -663.78 -931.39 -288.47 -191.39 -204.32
Trade
Employee Benefit 878.79 762.26 695.54 681.18 625.65
Expenses
Finance Costs 44.45 47.68 37.13 42.28 80.66
Depreciation And
138.89 109.67 93.23 96.91 87.39
Amortisation Expenses
Other Expenses 2,201.79 1,739.99 1,716.82 1,449.07 1,370.59
Total Expenses 17,251.10 14,045.33 11,831.50 10,458.23 10,917.90
Mar-19 Mar-18 Mar-17 Mar-16 Mar-15

12 mths 12 mths 12 mths 12 mths 12 mths

Profit/Loss Before
Exceptional,
1,997.37 1,662.37 1,129.79 870.66 1,055.89
ExtraOrdinary Items
And Tax
Exceptional Items -70 -91.65 -96.37 0 0
Profit/Loss Before Tax 1,927.37 1,570.72 1,033.42 870.66 1,055.89
Tax Expenses-Continued
Operations
Current Tax 602.01 446.43 300 185.7 241
Less: MAT Credit
0 0 0 16.63 0
Entitlement
Deferred Tax -49 -38.58 -28.44 -4.26 -8.18
Total Tax Expenses 553.01 407.85 271.56 164.81 232.82
Profit/Loss After Tax
And Before 1,374.36 1,162.87 761.86 705.85 823.07
ExtraOrdinary Items
Profit/Loss From
1,374.36 1,162.87 761.86 705.85 823.07
Continuing Operations
Profit/Loss For The
1,374.36 1,162.87 761.86 705.85 823.07
Period
 ----------------
--- in Rs. Cr.
Balance Sheet of Yes Bank
----------------
---
Mar '19 Mar '18 Mar '17 Mar '16 Mar '15

12 mths 12 mths 12 mths 12 mths 12 mths

Capital and Liabilities:

Total Share Capital 463.01 460.59 456.49 420.53 417.74
Equity Share Capital 463.01 460.59 456.49 420.53 417.74
Reserves 26,441.19 25,297.69 21,597.57 13,366.07 11,262.25
Net Worth 26,904.20 25,758.28 22,054.06 13,786.60 11,679.99
Deposits 227,610.18 200,738.15 142,873.86 111,719.53 91,175.85
Borrowings 108,424.11 74,893.58 38,606.67 31,658.98 26,220.40
Total Debt 336,034.29 275,631.73 181,480.53 143,378.51 117,396.25
Other Liabilities & 17,887.68 11,055.60 11,525.33 8,098.30 7,094.18
Provisions
Total Liabilities 380,826.17 312,445.61 215,059.92 165,263.41 136,170.42
Mar '19 Mar '18 Mar '17 Mar '16 Mar '15

12 mths 12 mths 12 mths 12 mths 12 mths

Assets
Cash & Balances with RBI 10,797.74 11,425.75 6,952.07 5,776.16 5,240.65
Balance with Banks, Money 16,091.77 13,308.62 12,597.37 2,442.26 2,316.50
at Call
Advances 241,499.60 203,533.86 132,262.68 98,209.93 75,549.82
Investments 89,522.03 68,398.94 50,031.80 48,838.47 46,605.24
Gross Block 767.02 760.83 608.86 411.95 293.4
Net Block 767.02 760.83 608.86 411.95 293.4
Capital Work In Progress 49.98 71.56 74.67 58.77 25.57
Other Assets 22,098.02 14,946.04 12,532.46 9,525.88 6,139.24
Total Assets 380,826.16 312,445.60 215,059.91 165,263.42 136,170.42
 -------------
------ in
Profit & Loss account of
Rs. Cr.
Yes Bank
-------------
------
Mar 19 Mar-18 Mar-17 Mar-16 Mar-15

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME
Interest / Discount on
22,922.64 15,478.24 12,209.77 9,711.48 8,016.09
Advances / Bills
Income from Investments 6,048.42 4,102.53 3,796.84 3,508.21 3,510.63
Interest on Balance with
RBI and Other Inter-Bank 397.57 516.07 257.82 112.54 42.89
funds
Others 256.11 170.58 160.21 201.21 2.39
Total Interest Earned 29,624.75 20,267.42 16,424.64 13,533.44 11,572.01
Other Income 4,590.15 5,223.83 4,156.76 2,712.15 2,046.46
Total Income 34,214.90 25,491.26 20,581.40 16,245.59 13,618.46
EXPENDITURE
Interest Expended 19,815.72 12,530.36 10,627.34 8,966.72 8,084.17
Payments to and Provisions 2,469.77 2,188.92 1,805.04 1,296.80 979.66
for Employees
Depreciation 301.54 230.97 171.25 110.56 85.04
Operating Expenses
(excludes Employee Cost & 3,492.97 2,792.89 2,140.25 1,569.01 1,220.00
Depreciation)
Total Operating Expenses 6,264.28 5,212.78 4,116.54 2,976.37 2,284.71
Provision Towards Income 2,298.22 2,238.52 1,839.55 1,348.76 904.75
Tax
Provision Towards Deferred -1,661.16 -268.78 -125.53 -122.01 0
Tax
Other Provisions and
5,777.56 1,553.80 793.41 0 339.48
Contingencies
Total Provisions and 6,414.63 3,523.55 2,507.43 1,763.05 1,244.22
Contingencies
Total Expenditure 32,494.62 21,266.69 17,251.30 13,706.14 11,613.10
Net Profit / Loss for The
1,720.28 4,224.56 3,330.10 2,539.45 2,005.36
Year
 Multiplication
Altman's Z score parameter Factor/Co efficient Dabur Titan
A Working Capital/Total Assets 1.2 0.10864024 0.76729
B Reserve/Total Assets 1.4 0.666310555 0.719411
C PBDIT/Total Asset 3.3 0.294326 0.257483
D Market Value of Equity/Total Liability 0.6 14.34232036 12.02527
E Sales/Total Assets 1 1.173720778 2.229845
Altman's Z Score 11.81359186 12.22262
Probality of Bankruptcy 0% 0%

Risk Matrix
>=3 Good & Safe 11.81359
1.8-2.99 Cautious
<1.8 Highly dangerous
Yes Bank
0.081664
0.069431
0.057343
0.044972
0.089844
0.501258
31%
Equity value is a call option on the value of the company with a strike price equal to the debt of the company
Black Scholes Inputs Equivalent Co inputs Dabur Titan
Stock Price Value of the Company (V) 80138.938582 103989.89364
Strike Price Book value of debt 134.77 2,287.63
R Risk free rate of return 6.50% 6.50%
Sigma ( E ) 0.3360751555 0.4085523086
Time to maturity 1 1
Sigma (V) 34% 40%

Theoritical Sigma (V) 0.3355455446 0.4001303485

d1 19.038113613 9.5468041772
d2 18.702568211 9.1466741276
nd1 1 1
nd2 1 1

Call Option 80012.65 101846.23

Equity Value (Market Value of Equity) 80012.65 101846.23
Error 0 0
Probability of Default [1-N(d2)] 0% 0%
Yes Bank 500
320508.347888231
336,034.29
6.50%
2.08876397919136 0
1
11%

0.111613470988211 Sigma E * E= Sigma V * V

0.221454861247231 V=(Sigma E * E)/V
0.109841512892986
0.587630860232104
0.543732466156677

17126.4199993365
17126.42
4.402250508386E-13
46%
Date Open High Low Close Adj Close Volume % Change in price
10/31/2019 462 465 458.15 461.95 460.5955 1885493
11/1/2019 462.5 471.95 461 463.85 462.4899 1818491 0.0041129861471 0.004112986
11/4/2019 464.2 467.95 458 460.4 459.05 1679706 -0.007437775047 -0.00743778
11/5/2019 459.05 483.4 455.2 481.35 479.9386 8858287 0.0455039363011 0.045503936
11/6/2019 484.5 487.7 473.5 476.55 475.1526 3883468 -0.00997199115 -0.00997199
11/7/2019 478.55 480.8 472 477.7 476.2993 1456741 0.0024132284733 0.002413228
11/8/2019 477.7 484.3 471.6 473.65 472.2611 1561299 -0.008478161813 -0.00847816
11/11/2019 474.4 480.6 472.1 477.45 476.05 1100336 0.0080228397512 0.00802284
11/13/2019 479 480.65 462.45 463.9 463.9 1734670 -0.028379972059 -0.02837997
11/14/2019 465.5 468.75 455 462.55 462.55 1593020 -0.002910122909 -0.00291012
11/15/2019 464.5 466.6 460.05 461.7 461.7 594085 -0.001837587336 -0.00183759
11/18/2019 461.7 462.85 452.2 455.1 455.1 1318573 -0.014295009375 -0.01429501
11/19/2019 455.9 456.65 448.6 453.7 453.7 1811882 -0.003076233754 -0.00307623
11/20/2019 458 470.9 455.5 468.8 468.8 2389925 0.0332818505634 0.033281851
11/21/2019 470 473.9 462.4 464.25 464.25 2168444 -0.00970560605 -0.00970561
11/22/2019 464.1 464.9 457.05 463.8 463.8 1117561 -0.000969331179 -0.00096933
11/25/2019 463.7 470.7 463.65 469.6 469.6 1229982 0.0125054293878 0.012505429
11/26/2019 470.3 476.95 459 462.75 462.75 6724984 -0.014586895044 -0.0145869
11/27/2019 465.1 470.45 462.85 469.3 469.3 1173971 0.0141544851432 0.014154485
11/28/2019 467 471.75 464.3 466.25 466.25 893025 -0.006499015721 -0.00649902
11/29/2019 466.75 466.9 457.3 459.1 459.1 3751777 -0.015335107775 -0.01533511
12/2/2019 458.9 459.1 449.25 453.75 453.75 3468701 -0.011653247506 -0.01165325
12/3/2019 453.6 454.8 449.7 451.05 451.05 2600811 -0.005950439669 -0.00595044
12/4/2019 452.9 458.75 446.15 457.8 457.8 3264668 0.0149650818747 0.014965082
12/5/2019 456.1 466.85 455.6 466.1 466.1 2047971 0.0181302276487 0.018130228
12/6/2019 468.75 471.85 460.9 463.8 463.8 1614204 -0.004934601953 -0.0049346
12/9/2019 463.85 468.5 461.5 465.35 465.35 1721369 0.0033419966367 0.003341997
12/10/2019 463.65 464.9 455 456.9 456.9 1963909 -0.018158400969 -0.0181584
12/11/2019 458.5 459.15 448.4 451.4 451.4 2047964 -0.012037645157 -0.01203765
12/12/2019 453.1 460.35 451.7 457.7 457.7 974325 0.0139566195918 0.01395662
12/13/2019 460 462.8 457.65 460 460 855397 0.0050250992783 0.005025099
12/16/2019 461 462 456 459.5 459.5 903982 -0.001086956522 -0.00108696
12/17/2019 459 462.4 456.4 460.6 460.6 1011059 0.0023939194777 0.002393919
12/18/2019 458.5 464.2 457.2 462.8 462.8 1178799 0.0047763394949 0.004776339
12/19/2019 463.6 466 458.5 460 460 1348905 -0.006050103873 -0.0060501
12/20/2019 459.9 461.95 457.7 459.8 459.8 1603344 -0.000434808696 -0.00043481
12/23/2019 458 462.9 456.95 461 461 1339055 0.0026098565274 0.002609857
12/24/2019 459.5 461 454.65 457.7 457.7 748881 -0.00715832538 -0.00715833
12/26/2019 457.7 461.2 456.7 457.6 457.6 744378 -0.000218496826 -0.0002185
12/27/2019 459.9 460.9 455.9 459.8 459.8 1081584 0.004807652909 0.004807653
12/30/2019 459.5 465.65 458.35 462.6 462.6 1349981 0.0060896434821 0.006089643
12/31/2019 462.6 466.8 457.5 458.4 458.4 1167751 -0.009079143851 -0.00907914
1/1/2020 459.7 460.8 457.55 459.8 459.8 495678 0.0030540881726 0.003054088
1/2/2020 459.8 462.2 458 459.95 459.95 502422 0.0003262810003 0.000326281
1/3/2020 459 460.7 453.55 455.6 455.6 1376230 -0.009457562532 -0.00945756
1/6/2020 454 456.45 445.7 448 448 1415568 -0.016681312335 -0.01668131
 1/7/2020 450.3 456 449.15 453.5 453.5 966767 0.0122767857143 0.012276786
1/8/2020 449.8 457.95 446.6 456.65 456.65 1291151 0.0069459625138 0.006945963
1/9/2020 459.15 464 457.75 460.7 460.7 1811623 0.0088689763565 0.008868976
1/10/2020 463 469 459.9 466.85 466.85 1037751 0.0133492377682 0.013349238
1/13/2020 469.75 479.45 469.5 478.7 478.7 2755979 0.0253828978209 0.025382898
1/14/2020 480.95 483.65 477.55 482.65 482.65 1804874 0.0082514767098 0.008251477
1/15/2020 481.95 492.1 480.25 490.55 490.55 1346372 0.0163679562793 0.016367956
1/16/2020 491.75 494.4 485.35 487.6 487.6 2012701 -0.006013621592 -0.00601362
1/17/2020 488 491.95 486.7 489.65 489.65 1015739 0.0042042411296 0.004204241
1/20/2020 489.65 492.7 484.55 486.05 486.05 1406615 -0.007352202684 -0.0073522
1/21/2020 485.4 488.35 480.45 487 487 788507 0.0019545561639 0.001954556
1/22/2020 489.2 494 486.25 486.8 486.8 1140015 -0.000410702259 -0.0004107
1/23/2020 486.7 492 482.75 489.8 489.8 798731 0.0061626953039 0.006162695
1/24/2020 490.05 501.9 490 500.5 500.5 2564212 0.0218456763212 0.021845676
1/27/2020 500.4 505.85 491.65 493.2 493.2 1640739 -0.014585390609 -0.01458539
1/28/2020 493.25 499.2 486.75 488.4 488.4 1372031 -0.009732396357 -0.0097324
1/29/2020 490.9 495.5 488.7 491.6 491.6 830287 0.0065520312025 0.006552031
1/30/2020 492 496.2 472.15 478.75 478.75 7747030 -0.026139149396 -0.02613915
1/31/2020 483.95 503.45 480.05 495.75 495.75 7462427 0.0355091383812 0.035509138
2/3/2020 484.9 500.9 483.9 497 497 3688146 0.0025214321735 0.002521432
2/4/2020 498.2 513 498.1 503.35 503.35 3128490 0.0127766720322 0.012776672
2/5/2020 505 513 503.5 511.15 511.15 1728547 0.0154961515983 0.015496152
2/6/2020 514.4 518 505.3 509.65 509.65 1730852 -0.002934559361 -0.00293456
2/7/2020 512.8 517.7 506.4 513.65 513.65 1439486 0.0078485824528 0.007848582
2/10/2020 513.6 517.5 508.55 512.85 512.85 1094750 -0.001557574151 -0.00155757
2/11/2020 514.85 517 507.8 508.9 508.9 1212549 -0.007702022394 -0.00770202
2/12/2020 511.3 523.25 511.3 519.9 519.9 2805428 0.0216153077809 0.021615308
2/13/2020 518.8 518.8 510.65 512.7 512.7 1632953 -0.013848839522 -0.01384884
2/14/2020 515 516.95 503.45 506.1 506.1 1260687 -0.012873036562 -0.01287304
2/17/2020 506.45 510 500.25 500.95 500.95 1336491 -0.010175842598 -0.01017584
2/18/2020 499 507.2 496 504.55 504.55 2041114 0.0071862978616 0.007186298
2/19/2020 499 510.5 488.85 508.05 508.05 3634077 0.0069368746076 0.006936875
2/20/2020 509 517 503.05 506.15 506.15 2543540 -0.003739777669 -0.00373978
2/24/2020 503.55 513.4 498.5 501 501 3415189 -0.010174837619 -0.01017484
2/25/2020 503.5 509.5 499.1 500.25 500.25 2111814 -0.001497005988 -0.00149701
2/26/2020 501 507 497.25 501.95 501.95 2775398 0.0033983248376 0.003398325
2/27/2020 502.8 508.2 501.4 506.35 506.35 3265481 0.0087658011651 0.008765801
2/28/2020 501 504.95 492 496.1 496.1 4192788 -0.02024291474 -0.02024291
3/2/2020 503.8 513.7 493.7 499.25 499.25 3441005 0.0063495141341 0.006349514
3/3/2020 503 513 500.3 506.6 506.6 3579242 0.0147220951427 0.014722095
3/4/2020 511 516.9 506.6 514.4 514.4 3354621 0.0153967980806 0.015396798
3/5/2020 520 525 514.55 517.95 517.95 3594544 0.0069012205178 0.006901221
3/6/2020 511 513.25 496.2 500.55 500.55 2903801 -0.033594021811 -0.03359402
3/9/2020 492 494.95 478.1 483.15 483.15 2176031 -0.034761750908 -0.03476175
3/11/2020 479.8 494.35 476.45 488 488 2848963 0.0100383029292 0.010038303
3/12/2020 477.5 478 451.7 455.25 455.25 2856276 -0.067110655738 -0.06711066
3/13/2020 425 472.75 401.7 450.6 450.6 4078543 -0.01021415486 -0.01021415
3/16/2020 439.4 454.95 426.4 431.5 431.5 3101283 -0.042387939959 -0.04238794
3/17/2020 431.5 450.9 424.4 430.4 430.4 2506801 -0.002549260718 -0.00254926
3/18/2020 435 437.25 412.1 414.55 414.55 2896377 -0.036826222632 -0.03682622
3/19/2020 400.45 428.45 390.5 418.85 418.85 3097171 0.0103727370027 0.010372737
3/20/2020 419 452.7 415 444.35 444.35 4011074 0.0608809827736 0.060880983
3/23/2020 408 428 386.05 396.05 396.05 2662357 -0.108698137387 -0.10869814
3/24/2020 392.15 419.6 391 401.2 401.2 4911904 0.0130034696529 0.01300347
3/25/2020 403.65 412.05 391.05 405.2 405.2 4409305 0.0099700894326 0.009970089
3/26/2020 415 433.95 400.55 425.95 425.95 5838526 0.0512092778517 0.051209278
3/27/2020 441.5 445.6 418 423 423 3674758 -0.006925723481 -0.00692572
3/30/2020 415 434.9 404.1 427.55 427.55 3175357 0.0107564728132 0.010756473
3/31/2020 435.9 455.55 430.45 450.05 450.05 3302637 0.0526254254041 0.052625425
4/1/2020 450.9 454.8 430.3 434.85 434.85 2154766 -0.033773986013 -0.03377399
Daily Sigma 0.021255
Annual Sigma 0.336075

Daily Sigma 0.021255

Annual Sigma 0.336075
Date Open High Low Close Adj Close Volume % Change in Price
10/31/2019 1322 1336 1319.65 1331.2 1331.2 1533763
11/1/2019 1331.8 1333.35 1287.05 1301.9 1301.9 2491686 -0.022010162319
11/4/2019 1311 1311 1282.1 1298.8 1298.8 1706003 -0.002381116017
11/5/2019 1295 1306.25 1277.5 1283.8 1283.8 2881634 -0.011549121831
11/6/2019 1165 1199 1150 1156.1 1156.1 18294122 -0.099470375546
11/7/2019 1161 1179 1156.45 1167.2 1167.2 6500446 0.0096012241419
11/8/2019 1167.2 1172.95 1154 1156.75 1156.75 2796511 -0.008953008429
11/11/2019 1156.75 1163.75 1137.65 1155.7 1155.7 2357413 -0.000907757943
11/13/2019 1155.7 1167 1150.1 1159.05 1159.05 2336007 0.002898761047
11/14/2019 1164 1176.3 1162 1169.1 1169.1 2571355 0.0086708309177
11/15/2019 1173 1174.8 1155.9 1158.45 1158.45 1506407 -0.009109593036
11/18/2019 1160.15 1164.5 1152.8 1158.8 1158.8 1132129 0.0003022124518
11/19/2019 1158.8 1167.8 1153.1 1163.2 1163.2 1109428 0.003796946681
11/20/2019 1166 1167.5 1156.4 1162.85 1162.85 920219 -0.000300872606
11/21/2019 1163 1170 1144 1148.25 1148.25 1417102 -0.012555339297
11/22/2019 1148 1150.7 1123.2 1135.6 1135.6 2320184 -0.011016785543
11/25/2019 1149.9 1166.95 1143.1 1163.6 1163.6 2270744 0.0246565697356
11/26/2019 1166.9 1184.75 1162.2 1166.1 1166.1 4025257 0.0021485046851
11/27/2019 1170 1182.5 1161 1167.15 1167.15 1587451 0.0009004785367
11/28/2019 1172 1172 1160.35 1169.5 1169.5 1031591 0.0020134309658
11/29/2019 1173 1178.55 1155 1159.7 1159.7 1244953 -0.008379691321
12/2/2019 1160 1161 1142.5 1153.8 1153.8 1016807 -0.005087438346
12/3/2019 1155 1170 1150.1 1158.15 1158.15 1315825 0.0037701289784
12/4/2019 1154.7 1178 1153 1174.65 1174.65 1388528 0.0142468589199
12/5/2019 1180 1204.6 1175 1184.25 1184.25 3637705 0.0081726265729
12/6/2019 1189.8 1189.8 1168.9 1172 1172 1026657 -0.010344099641
12/9/2019 1173 1186 1165.85 1178.05 1178.05 1092070 0.0051621578498
12/10/2019 1175.1 1192.1 1172.9 1179.3 1179.3 1641867 0.001061075462
12/11/2019 1178.1 1189 1175.75 1179.55 1179.55 1005638 0.0002119901548
12/12/2019 1182.1 1192 1177.5 1188 1188 1065673 0.0071637070484
12/13/2019 1193 1203.5 1182.6 1186.15 1186.15 1624478 -0.001557218855
12/16/2019 1188.55 1192.25 1162.85 1165.65 1165.65 1239589 -0.017282805366
12/17/2019 1171 1171 1152 1157.35 1157.35 1706196 -0.007120531745
12/18/2019 1164 1167.35 1150.35 1159.1 1159.1 1391631 0.0015120750303
12/19/2019 1159 1162.5 1153 1159.05 1159.05 1338696 -4.307393757E-05
12/20/2019 1160 1206.45 1160 1201.9 1201.9 6754831 0.0369699091398
12/23/2019 1206.1 1229 1201.1 1209.1 1209.1 3980835 0.0059904749615
12/24/2019 1206.05 1222 1200.65 1204.1 1204.1 2236779 -0.004135307335
12/26/2019 1209.95 1213.75 1190.6 1192.5 1192.5 1800229 -0.00963373161
12/27/2019 1196.45 1199.2 1184.85 1191.45 1191.45 1332568 -0.000880544235
12/30/2019 1195 1198 1183.1 1193.75 1193.75 1109808 0.0019304621214
12/31/2019 1195 1203.7 1184.2 1187.95 1187.95 1753530 -0.004858679791
1/1/2020 1194.45 1199 1152.2 1154.75 1154.75 3137636 -0.027947264085
1/2/2020 1157 1159.9 1140 1155.6 1155.6 3286436 0.0007360692791
1/3/2020 1156 1156 1132 1139.7 1139.7 2695237 -0.013759108109
1/6/2020 1162 1171.4 1150.1 1158.6 1158.6 4494752 0.0165833340463
 1/7/2020 1170.95 1173.85 1152.05 1159.95 1159.95 2363578 0.0011651778249
1/8/2020 1145 1156.3 1138 1143.3 1143.3 2370166 -0.014353983106
1/9/2020 1155 1168 1148.5 1163.45 1163.45 1764131 0.0176243340649
1/10/2020 1167 1170.7 1150.75 1154.05 1154.05 1517311 -0.008079335077
1/13/2020 1155 1162.45 1148.5 1158.95 1158.95 1135936 0.0042458314561
1/14/2020 1162 1168.65 1157.15 1167.1 1167.1 1324743 0.0070322493158
1/15/2020 1173.5 1191.5 1170.6 1184.85 1184.85 2665214 0.0152086371048
1/16/2020 1184.85 1195.5 1174.1 1192.9 1192.9 1644541 0.006794149608
1/17/2020 1194.8 1196.85 1184 1188.75 1188.75 1034774 -0.003478936974
1/20/2020 1190 1195 1179.1 1187.85 1187.85 1139858 -0.000757117981
1/21/2020 1183.45 1183.9 1161 1176.2 1176.2 925998 -0.009807656889
1/22/2020 1181.8 1185.95 1172 1177.65 1177.65 902471 0.0012328456558
1/23/2020 1176 1206.65 1175 1204.1 1204.1 2101116 0.0224599426493
1/24/2020 1208.9 1230 1206.05 1227.85 1227.85 2841654 0.0197242757856
1/27/2020 1228 1240.35 1208.85 1213.8 1213.8 2332864 -0.01144270658
1/28/2020 1215 1223.5 1188.3 1195 1195 1703068 -0.015488588104
1/29/2020 1198.5 1207.9 1181.6 1186.2 1186.2 1380266 -0.007364057741
1/30/2020 1191 1191.5 1176.2 1179.25 1179.25 1859283 -0.005859004626
1/31/2020 1185.5 1194.8 1180 1187.75 1187.75 1809101 0.0072079711681
2/3/2020 1170 1192.3 1162.55 1186.4 1186.4 3595537 -0.001136582614
2/4/2020 1195 1287.8 1185 1275.8 1275.8 7875930 0.0753540316854
2/5/2020 1284.75 1297.7 1255 1279.85 1279.85 5459816 0.0031744214175
2/6/2020 1284.95 1294.2 1252.05 1259.3 1259.3 2463971 -0.016056512392
2/7/2020 1264.05 1279.5 1258.4 1275 1275 2277867 0.0124672043112
2/10/2020 1270.9 1275 1253.35 1257.2 1257.2 1021943 -0.013960822745
2/11/2020 1263 1278.9 1258.55 1270.7 1270.7 1351413 0.0107381486845
2/12/2020 1276.95 1288.95 1265.85 1269 1269 1195516 -0.001337806772
2/13/2020 1270 1308 1270 1298.1 1298.1 4458645 0.0229314231678
2/14/2020 1306.95 1310.7 1290 1293.45 1293.45 1416212 -0.003582177865
2/17/2020 1293.05 1321.6 1288.35 1316.05 1316.05 2347399 0.0174727270912
2/18/2020 1314 1318.9 1301.25 1311 1311 1761012 -0.003837277316
2/19/2020 1317 1332.9 1312.05 1329.6 1329.6 1445826 0.014187624714
2/20/2020 1330 1341.05 1320 1322.85 1322.85 1513648 -0.005076714893
2/24/2020 1310 1317.8 1273.85 1279.9 1279.9 1341317 -0.032467742208
2/25/2020 1285 1286.75 1256.8 1260.1 1260.1 1358874 -0.015469995803
2/26/2020 1256 1267 1245.1 1255.1 1255.1 1506693 -0.003967939128
2/27/2020 1250 1286 1250 1277.9 1277.9 4569014 0.0181659217879
2/28/2020 1255 1270.7 1235.65 1254.5 1254.5 2728105 -0.0183113104
3/2/2020 1275 1294 1228 1244.15 1244.15 2773593 -0.008250279793
3/3/2020 1248.2 1272 1225 1247 1247 2660100 0.0022907012378
3/4/2020 1251.95 1265.65 1217.3 1250.95 1250.95 3007393 0.0031675629511
3/5/2020 1253.5 1265.15 1242.2 1259.15 1259.15 1555538 0.0065550767986
3/6/2020 1229 1246.95 1219.7 1242.6 1242.6 1678642 -0.013143825346
3/9/2020 1225 1241.85 1175 1203.45 1203.45 2285787 -0.031506539318
3/11/2020 1197.95 1213.35 1177.55 1187.65 1187.65 2314388 -0.013128860894
3/12/2020 1150 1153.95 1064.65 1076.75 1076.75 3608906 -0.09337769693
3/13/2020 1055.6 1134.7 946.05 1084.35 1084.35 4337046 0.0070582549338
3/16/2020 1049.95 1049.95 983 1011.35 1011.35 3443930 -0.067321438295
3/17/2020 1005 1038 977.8 1001 1001 2985146 -0.010233822362
3/18/2020 1028 1028 921 930.75 930.75 5508541 -0.07017982018
3/19/2020 879.95 924.4 839.75 903.5 903.5 4838552 -0.02927746441
3/20/2020 906.1 934 866 904.9 904.9 4407646 0.0015495561704
3/23/2020 839.65 841.05 771.25 800.95 800.95 4960906 -0.11487458199
3/24/2020 805.25 857.85 720.9 816.1 816.1 5404961 0.0189149931619
3/25/2020 799 897.7 784.8 880.8 880.8 3564854 0.0792795170968
3/26/2020 895 947.8 872.3 928.3 928.3 3635282 0.0539282477829
3/27/2020 960 965 896 937.05 937.05 2999631 0.0094258322882
3/30/2020 861 959 861 943.65 943.65 2901412 0.0070434193314
3/31/2020 967 971.7 923.75 933.7 933.7 3811918 -0.010544176068
4/1/2020 929.7 950 902 936.05 936.05 2935916 0.0025168426366
Daily Sigma 0.025839
Annual Sigma 0.408552
Black Scholed Input Equivalent Company Inputs Dabur Titan Yes Bank
Stock Price Value of Company (V) 80138.938582 103989.8936 4632.607794
Strike Price Face Value of Debt 134.77 2287.63 336034.29
R Risk Free Return 6.50% 6.50% 6.50%
Sigma ( E ) Std Deviation of E 0.3360751555 0.408552309 2.088763979
Time to Maturity (t) 1 1 1
Sigma ( V ) Std Deviation of V 34% 40% -851%
Theotical value of V 0.3355455446 0.400130349 7.722011182

d1 20.094377854 10.4917227 Err:502

d2 19.758832308 10.09159235 Err:502
n(d1) 1 1 Err:502
n(d2) 1 1 Err:502

Call Option 80012.65 101846.23 Err:502

Market Capitalization 80012.65 101846.23 17126.42
Error 0.00 0.00 Err:502
Probability of default 0 0 Err:502
1-n(d2) 0 0 Err:502
V=D+E

Sigma V=Sigma (D+E)

Sigma D + Sigma E

V.Sigma V=E.Sigma E
V=E.Sigma E/Sigma V
Date Open High Low Close Adj Close Volume % Change in price
10/31/2019 56.2 76.65 54.9 70.45 70.45 62620476
11/1/2019 71 71.85 65 66.6 66.6 39676191 -0.0546486751447
11/4/2019 59.95 71.35 59.95 66.1 66.1 45824409 -0.007507507733
11/5/2019 70.4 71.9 67.25 68.35 68.35 28138949 0.0340393353718
11/6/2019 68.5 71.2 67.35 68.75 68.75 21050895 0.0058522605955
11/7/2019 68 69.5 66 66.5 66.5 15831270 -0.0327272727273
11/8/2019 66 72.3 64.35 69 69 30173343 0.0375939849624
11/11/2019 69.9 73.55 69.2 73 73 19768090 0.0579710144928
11/13/2019 74.6 75.35 67.2 68.25 68.25 25043884 -0.0650684931507
11/14/2019 68.75 70.8 67.15 68.75 68.75 15035997 0.007326007326
11/15/2019 69.1 70.2 68.3 68.7 68.7 9365034 -0.0007273163636
11/18/2019 69.1 69.45 65.5 65.9 65.9 16557751 -0.0407568431189
11/19/2019 65.5 67.25 63 64.15 64.15 24268562 -0.026555386144
11/20/2019 62.2 66.4 62 65.85 65.85 17911382 0.0265003265316
11/21/2019 66.6 67.2 63.9 64.25 64.25 10878761 -0.0242976165314
11/22/2019 64.2 66.15 64.1 64.8 64.8 9691602 0.0085603579767
11/25/2019 65 65.5 62.35 63.7 63.7 14217505 -0.0169753387203
11/26/2019 64.4 67.5 62.55 63.4 63.4 19652455 -0.0047095603656
11/27/2019 68.3 68.85 65.7 68.25 68.25 21314758 0.076498388754
11/28/2019 69.5 70.65 68.35 70.05 70.05 17065106 0.0263736703297
11/29/2019 72 74.1 67.6 68.3 68.3 34095082 -0.0249821545332
12/2/2019 70 70.5 63.1 64.05 64.05 25476054 -0.0622254731087
12/3/2019 64.1 65.35 59 59.5 59.5 22760247 -0.0710382948772
12/4/2019 58.75 63.45 56.8 63.05 63.05 29471027 0.0596638487395
12/5/2019 63.05 64 60.8 62.1 62.1 19908604 -0.0150674229194
12/6/2019 61 61 55.2 56 56 21329180 -0.0982286344035
12/9/2019 56 58.8 53.8 56.2 56.2 22463632 0.0035714464286
12/10/2019 55 56.3 49.3 50.55 50.55 22981105 -0.1005338416275
12/11/2019 49.3 49.3 40.7 42.8 42.8 43998321 -0.1533135539726
12/12/2019 43.25 48.15 42.9 45.35 45.35 24164382 0.0595794172799
12/13/2019 45.75 47.65 45.5 46.65 46.65 13061178 0.0286660211099
12/16/2019 47 48 46 46.8 46.8 9799372 0.0032153696371
12/17/2019 47.25 48.15 46.8 47.6 47.6 7100948 0.0170939960918
12/18/2019 48.05 48.2 46.05 46.75 46.75 7749600 -0.0178571015906
12/19/2019 46 51.4 45 49.9 49.9 21688640 0.0673797219251
12/20/2019 49.75 53.5 48.5 51.35 51.35 22408918 0.0290580349075
12/23/2019 50.95 52.3 48.8 49.65 49.65 24400767 -0.0331060577646
12/24/2019 50.1 52 50.05 51.2 51.2 11797926 0.0312185083094
12/26/2019 51 51.6 48.25 48.7 48.7 11357799 -0.0488281240463
12/27/2019 49.4 49.8 47.7 48 48 9119411 -0.0143737368712
12/30/2019 47.6 48.95 46.7 47.35 47.35 7558913 -0.0135417083333
12/31/2019 47.25 48.05 46.35 46.95 46.95 7177521 -0.0084476666715
1/1/2020 46.9 47.5 46.5 46.65 46.65 4609755 -0.0063897549225
1/2/2020 46.65 48.5 46.45 47.3 47.3 6392694 0.0139334827896
1/3/2020 47.4 48.3 46.9 47.1 47.1 5920660 -0.0042283510408
1/6/2020 46.95 46.95 45 45.15 45.15 4713067 -0.0414011907177
 1/7/2020 45.7 46.45 44 45.1 45.1 5561460 -0.0011075082566
1/8/2020 45.8 47.25 45.3 46.05 46.05 6522690 0.0210643246592
1/9/2020 47.15 48.45 46.3 47.3 47.3 6835915 0.0271444088414
1/10/2020 47.6 48.35 43.9 44.8 44.8 15918973 -0.052854123739
1/13/2020 43.4 44 41.2 42.1 42.1 10763969 -0.0602678808096
1/14/2020 41.75 41.75 36.55 38.55 38.55 18250917 -0.0843230206329
1/15/2020 38.55 41.1 36.65 39.8 39.8 19876620 0.0324254223716
1/16/2020 40 40.9 39.8 39.95 39.95 7109699 0.0037688945671
1/17/2020 37.3 39.55 37.2 39.25 39.25 7608519 -0.0175219269707
1/20/2020 39.45 40.2 38.45 38.65 38.65 6006782 -0.0152865732484
1/21/2020 38.55 39.2 38.1 38.35 38.35 3898750 -0.007762069456
1/22/2020 38.6 39.1 38 38.45 38.45 3589875 0.0026076402924
1/23/2020 38.65 41.35 38.35 40.95 40.95 9053730 0.0650195041607
1/24/2020 41.1 45 41.1 42.75 42.75 16450388 0.0439560184626
1/27/2020 42.5 43.45 41.9 42.4 42.4 6415092 -0.0081870877193
1/28/2020 42.65 43.25 41.3 41.65 41.65 4585982 -0.0176886784109
1/29/2020 41.9 42.35 41 41.2 41.2 5861420 -0.0108043452195
1/30/2020 40.9 40.9 38.55 39.05 39.05 7820373 -0.0521845132965
1/31/2020 39.4 40.15 38.7 39.2 39.2 6920216 0.0038412805081
2/3/2020 38 38.4 35.7 36 36 8628968 -0.081632676489
2/4/2020 36.35 36.4 34.5 34.95 34.95 7441565 -0.0291666388889
2/5/2020 35.2 39.75 34.1 37.6 37.6 16516129 0.0758225157132
2/6/2020 37.9 39.5 37.85 38.55 38.55 7080971 0.0252659853865
2/7/2020 39 39.95 38.15 38.7 38.7 7195078 0.0038911025653
2/10/2020 40.1 40.7 37.15 37.6 37.6 8573682 -0.0284238493947
2/11/2020 37.95 38.1 36.7 36.85 36.85 5905371 -0.0199468095716
2/12/2020 36.85 36.85 35.05 35.2 35.2 6399022 -0.044776040422
2/13/2020 36.95 38 36 37.2 37.2 9626172 0.056818180204
2/14/2020 37.7 40.2 37.55 38.9 38.9 8610794 0.0456989503844
2/17/2020 39.8 40.05 36.6 37.15 37.15 6570357 -0.0449871442166
2/18/2020 37.45 37.55 33.7 35.05 35.05 11833451 -0.0565276685584
2/19/2020 34 36.2 33.6 35.3 35.3 8707381 0.0071326678212
2/20/2020 35.25 36.5 34.7 35.45 35.45 6780421 0.0042493485623
2/24/2020 35.6 35.95 34.15 34.95 34.95 7767888 -0.0141043719576
2/25/2020 35.15 36 34.85 35.15 35.15 7361583 0.0057224891067
2/26/2020 34.9 37 34.5 36.55 36.55 8710912 0.0398292153724
2/27/2020 37.2 37.95 36.05 36.75 36.75 8207210 0.0054719837338
2/28/2020 35.3 35.85 34.25 34.55 34.55 6886960 -0.0598639727891
3/2/2020 35.2 35.5 29.85 31.6 31.6 7013789 -0.0853834756985
3/3/2020 32.8 33.3 30.6 31.25 31.25 10299879 -0.0110759493671
3/4/2020 31.4 31.7 28.65 29.3 29.3 10055149 -0.062400032
3/5/2020 29.4 37.9 28.05 36.85 36.85 43386506 0.25767915555219
3/6/2020 33.2 33.2 5.55 16.2 16.2 1.06E+08 -0.5603798675919
3/9/2020 16.2 16.2 16.2 16.2 16.2 0 0
3/11/2020 23.35 29.45 23.35 28.8 28.8 32779480 0.77777760631
3/12/2020 28.8 28.8 22.55 25.05 25.05 32280759 -0.1302083378545
3/13/2020 22.55 27.55 21.3 25.55 25.55 26819759 0.0199600806371
3/16/2020 23.15 40.4 23.15 37.1 37.1 18424460 0.4520547730746
3/17/2020 40.8 64.15 40.8 58.65 58.65 22196004 0.5808626728228
3/18/2020 64.5 87.95 49.9 60.8 60.8 39837934 0.0366580891165
3/19/2020 59 62 45.15 53.9 53.9 16836809 -0.1134867946297
3/20/2020 59.25 61.95 43.15 45.9 45.9 12799339 -0.1484230000585
3/23/2020 41.35 49.5 39.35 39.75 39.75 8418419 -0.1339869658393
3/24/2020 43 43.7 34.5 35.05 35.05 6748687 -0.1182390188679
3/25/2020 35 35.55 28.65 29.7 29.7 5821852 -0.1526390343121
3/26/2020 30 31 25.25 26.65 26.65 7483814 -0.1026936329059
3/27/2020 29.3 32.85 26 26.4 26.4 8210075 -0.0093808630394
3/30/2020 27.7 27.7 24.2 24.85 24.85 3720049 -0.0587121212121
3/31/2020 25.6 25.9 22.15 22.45 22.45 4059931 -0.0965794366197
4/1/2020 22.3 24.65 20.3 23.95 23.95 7028050 0.06681514179
Daily Sigma 0.132105
Annual Sigma 2.088764

250 No of trading Days