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8/18/2019 aaarrrtttiiiii

1/22

Date Adjusted Closing Security Returns(Rs) CNX500 Closing Market Return(Rm)

2 !Mar!"5 #"$%50 !""%' '"5#&' #'%#0 !2%5' ' # '20!Mar!"5 #$$% 5 !#% ####5 2'# 02'%20 !"%00$' '5" !Mar!"5 & % ""%'2552 &5 0$$%$0 !2% '5 0 $2'#5!Mar!"5 ##'% 0 5% 2#$&"$ $# 0 % 5 0%''2## '

2'! e*!"5 # 2%"0 !&% &0 250 0& 2 $%&5 0%&"#'"#$ &20! e*!"5 ##0% ' 2%'&0 & 0 5 20$%&0 0%#&0 $

" ! e*!"5 #&2%5 '%0 #0& 5$ " #%20 2%0' #&55&'&

#! e*!"5 5$&%5 !"%25 2##2 &' 02$%&5 !"%$"5"0 "#

0!+an!"5 #02%"0 "0%"$ $$ 0 " "##% 0 !0%0&$5"0"2'

2 !+an!"5 5%&0 &%25''$" 22 " 0%25 2%$$$ 5" 02

"#!+an!"5 52&%0' &%& "2&&'$"$ #$#"%&5 2%# 0'&"'"0&

$!+an!"5 50"%#5 5%"# "&''& # ' %00 !"%2"5 2$#0$$2!+an!"5 & %00 ""%#$#522#55& #'##%&5 "% 00"'$

"!Dec!"& &2 %05 '%'# 5##'& # %#5 "%&'0$& 2&$2

2#!Dec!"& $2%2' !"%$ &"""#&$' ## &%'0 0%0#$ " 5 &

"$!Dec!"& &00%"' "%'2#$ 20"02 ## 0%"5 !0%"55# 5'05""2!Dec!"& $ %00 !2% &'"" '# ##'0%55 ! % 0&& '05#5!Dec!"& &02%&5 "% #00 0222$ #$ %55 0%2'"' " ##

2'!No,!"& $ %05 ! %"0#5&&$ 5& #$"'%05 "%0 25 $'2"!No,!"& &0$% ' 0% &$'' 2"&$ #'& % 0 0%$0 0& '5 #

"&!No,!"& &0#% %$"# 0$2&'$ # '5% 5 0%$#&"&$&" &

!No,!"& $"%&0 '% $ 0 ""2'' # 20%$5 0%52#&$2$"&"!-ct!"& #"%0' &%00 #'#'&' ##'5% 5 %&&25&05" 5

2 !-ct!"& & %"' !0%&2"#2#2 2' # %25 % 2#'5'##'5" !-ct!"& &'%#5 !#%2#&2'2' #255%"5 !"%"' $2 $$

"0!-ct!"& "%$5 !2%2 2 2 2 2 # 0% 5 !"%05'" &$005"!-ct!"& '0%#0 !0%$&$$02&0 # $'%05 0%02 &50"&""2#!Se.!"& '&%25 "%'0#$5 5'"5 # $#%55 !2%5"#" 5&2"$!Se.!"& %& !&%"520# #5#"%#5 !0%"#'""$#&"2!Se.!"& $ % ' #%& 2 '0"50 #5 2% 0 "%0'2#$ '"#5!Se.!"& #$%$' !0%22$2"55& 5 #502% 0 2%225 ##50552'!Aug!"& 0%' !0%52'& & #& # #0% 5 0%" 22 &52 &


2/22

0!May!"& 200%#0 !0%"$ 5#& 5'02%'5 !2%0 $2' 2"222 !May!"& 20"%5 &% 22 $ #225 5$2 %#5 &% 2"&2'5 "

"#!May!"& "$ %"' !2% 5 5'# "0 5#5#%00 5%2"02$0

$!May!"& "$'%#5 ! % &55" $ #5 5 5%$0 2%"'&$##5$ 52!May!"& 20#% ' " % 0222 &&22 52#0%$5 !"%2#$5#&2 '

25!A.r!"& "'2%"5 "2%#25$'"5 &2 5 2'%#0 0% #""0 "''

" !A.r!"& "#"% #%" 0'" #5 5 "0% 5 !0%" 0#$5#0"5

""!A.r!"& "52% "&%' #0 5 " % 0 "%5'$&5&5'02&!A.r!"& " 2%#5 0% 555 5 0" 52 &%50 0%#2"'5'2 0"

2'!Mar!"& " 2%"' 0%0#05#0"'" 5202%"5 %2#'&'# 52&

22!Mar!"& " 2%"0 "%#"5 '"5& 50 %50 0%5" '0 ' ""&!Mar!"& " 0%00 2%"20$ &0 50""%55 !0%&& 000''&

!Mar!"& "2 % 0 !"%2#&25"$"$# 50 %'5 %'0"&22'2 "2'! e*!"& "2'%$ "'% $ 02""20 &'&$%50 "%'2"&2##$#'2"! e*!"& "0'%$0 !"%'$"'$"'$"$ & #2% 5 "%'"#02"&! e*!"& """%00 !"%"&000 "25 %'0 !0%50' 2# 5&

! e*!"& ""2%2' 0%#0$ "'$$#& & 0"% 0 !0%"5'202#&'"!+an!"& """%#0 %&00 520'0" & 0$%"5 !2%# "2'#20'

2&!+an!"& "0 %$ &%'''2&"0"0 &' #% 0 !0%0$50"5'0"5" !+an!"& "02%$0 ! %' #$$05$5# &'&"% 0 0%5#'"&050'"0!+an!"& """%#5 &%# $" 525 &'" %$5 !0% 5#5$$# "

!+an!"& "0#% 0 !&%$#$ "'5#0 &'50%#5 !"% 0#2&5 5'5"!Dec!" ""2%2' 2%02# 5"#5' &$"&%'5 0%00 0520#'

2 !Dec!" ""0%05 $% #"0255 $" &$"&% 0 "%0$""$ "$"20!Dec!" "00%# %'" "' ##"2 &'#"%#5 2%220 2$'$5#" !Dec!" $#%$ !"% $ " 0#$$ & 5#%05 !"%5& #2 55

#!Dec!" $'% 0 "% & 0225' &' 0%'0 "%2 25"00"02$!No,!" $ %&0 "%2"5' 05 " & 0%"0 2%$ "&2$'0522!No,!" $#%2 !'% 00"'$ 5 2%&5 !0%'0#"$25'#$"&!No,!" "05%&0 "%$5 $5#2 ' 0%"0 !"%"'0 2 &'05'!No,!" "0 % ' %0"'# 5&0& & 25%$0 !2%0" 2#$ &$""!No,!" $#%#0 2%' 5 $$ #" &'2 %00 2% #" 2&&"25!-ct!" $ %$0 0%#& 0'#'"# $ %&0 !0%2'#'"2$ #"'!-ct!" $ % 0 !0%2$$20$2 2 & 0#%$0 "%"'&&' 252

""!-ct!" $ %5' "%#2$0"'2&5 "%'0 %00 ##'&!-ct!" $2%0' % 52""2# #" &5"#%"5 "% 5"0025$22 !Se.!" ''% 5 !'%$2 #5520 ' &&55%$5 !2%2' $&""&"#20!Se.!" $ %&5 0%"2 2$"'$ # &5#0%"0 2% $5 $5$" !Se.!" $ % &% "$ $$ '5# &&50%&5 %0 $'#20"'#!Se.!" $ % 0 !0%$55&"&0"2 & "$%&0 %& #2 & $

0!Aug!" $&%20 !&%5''2 "0&22 &" 5%'5 !0%"'#&&00 02 !A !" $'% 0%5$0$ 22# &"' %#5 !0%$#22'$#"0"


3/22

" !May!" "0&%'0 "&%& 5#25$ &'& %"0 "%&0$0#$5"2""!May!" $"%5' 2%'#&20 0 # & $% 5 2%5'$555$22'

!May!" '$%0 5%0"2$ & 5'2 $%"0 "%'$ 0'&$2#!A.r!" '&% ' &% " "5#2#$ &5$"%#5 "%& 25 $ 055"'!A.r!" '0%$5 2%" 0'$&'# " &52#%'0 %$$'#2"5#"""2!A.r!" $%2 "%0200" '50 & 52% 5 !0% "' 2"'255!A.r!" '%& '%$#0'22&50 & ##%#5 !"%#"5Ȉ#2'!Mar!" "%$' !22%$$$5 2"0" && '% 5 0% #'5 2"'22!Mar!" $ %&' ! %" $#$$# 5 &&0&%50 !&%2"25" $&"'"5!Mar!" $#%55 0%05"'" & "5 &5$'%20 !"% $$&"'5 #'!Mar!" $#%50 0%#$$"5& 5 2 #0%#5 %5 5 5&20'#"!Mar!" $5%' !#%&'$0 "0 ' &&$$% 5 !2%#&0 $22! e*!" "02%&' 2%'0'$'' #& "%'0 !0%5& # 5#$'5"5! e*!" $$%#' !'%'#'"##02# & %25 !0% 5 '#2 &5'! e*!" "0$% ' !2%#'#' 2 &02 '2%55 !"%$5&"&"! e*!" ""2%&0 0% 5 "&2'5 " & 5%$0 !0%'&"$0# '25!+an!" ""2%00 !&%02 &20 #$ &'"#%&5 !0%5#$ ""#2#"'!+an!" ""#% 0 "%#550522#&' &'&&%05 "% $"$&' #""!+an!" ""&%'0 &%0 2#2 & 0' & '%"5 !"% 5$&" 0&!+an!" ""0% 5 5%' "# 00&'$ &'&&%00 2%""$ #5"&$'

"!Dec!"2 "0&%2 !0% '05'0# 5$ & & %&5 0%"0'#'' 022'!Dec!"2 "05%05 %$5'& #&" # & '% 0 "%0$## 0 #2"!Dec!"2 "0"%05 !2%2 2 2 2 2 '#%$0 !0%25 25#"505"&!Dec!"2 "0 %&0 !"%052# "5 '$ $'%'0 !0%5 ' 0$'&'"

!Dec!"2 "0&%50 ! %&20 2 & 2&%25 "%0&'0 22$5#0!No,!"2 "0'%25 !"%25' $5 "2 5%25 &%&$& 0'&$2"

2 !No,!"2 "0$%# "%''##" "00& && &%"5 0%5" '&$520"#!No,!"2 "0 %#0 ! %" 2' 205# &&5"%"0 !"%2 $ "$#5$

$!No,!"2 """%0' " %25&&'#" ' &50'%'0 !0%0 2"&'$$&2!No,!"2 $'%0' " %#"05#&""&& &5"0%25 0%##'&'202"2#!-ct!"2 '#% 2%'5$525 $5 &&'0% 0 !0%#&202$52"$!-ct!"2 ' %$ $%0$$"'"0 &50$%&5 0%0 2 2& $"2!-ct!"2 #%$ "%"5 " &' &50#%"5 !0%$"'00#""25!-ct!"2 #%05 !2%'""50"5$ & &5& %$0 0%$##'& "#22'!Se.!"2 '%25 2%'522#0 '" &50&% 5 "%0'"#5"20""2"!Se.!"2 #%0' ! % 2 5$ ""5 &&5#%"5 2%'&$ 05#

"&!Se.!"2 $%0 %5 $'"#5"& & &'%'0 %2 &' & 5'5'!Se.!"2 #% 0 "2% 2"50 & &" &2"0%$0 "%$#" 0#5#$2"!Aug!"2 # %$ "% # $02#22 &"2$%$0 !2%2 &0" $' $

2&!Aug!"2 ##% 5 !&%'' & 2 "#$ &22#%00 0%05&&5"" !Aug!"2 0%"' &%'55'"$5"2$ &22 % 0 0%' 2 22 $"0!Aug!"2 ##%$ #%2 "' 2 2 &"'#%$5 "%&0225$5$$

!Aug!"2 #2%$' 5%0'$2 0'"# &"2$%05 2%502 2 "2 ! l!"2 5$%$ 0% 22#'$0 5# &02'%25 !2%5 5 00$25


4/22

20!A.r!"2 5'%2' %$ '5$05&&2 &22#% 5 "% #225 " $" !A.r!"2 5#%05 %2""" 0#"$ &"#$%55 !2%" #00&!A.r!"2 52%2' &2#2%20


5/22

Aarti Drugs Ltd

Ans1)

Financial Year Covarianc Market Varia Beta2014-2015 2.3102208 4.5999539069 0.502232013-2014 3.4758273 3.8886498237 0.893842012-2013 2.0695792 3.482049764 0.59436 Ans2)Combined 2.7642377 4.0266586275 0.68648

Given

Tax 0% Ans3)/ro t1 Rate 0%0&

Ans4)

Industry : Pharmaceuticals -Indian - Bulk Drugs


6/22

Ans )


7/22


8/22


9/22

A!AL"#I#

Beta for 1st Year 0.502227Beta for 2nd Year $%&'3&3'Beta for 3rd Year $%5'435(

1). Since 3" i%e%0%50222 in 20"&!"5 so e can say it as de4ensi,e and less risky in,estm2). Since 3" i%e%0%'$ ' $ in 20" !"& so e can say it as less de4ensi,e and risky in,estm3). Since 3" i%e% 0%5$& 5 in 20"2!" so e can say it as less de4ensi,e and risky in,estm

Risk ree Rate 0.084!arket Risk "re#i$# 0.10

Beta 0. 8 484 %ost of &'$it(%ost of &'$it( 0.152 48400

Year 2015)ntrest 422.1

Tota* +e,t 4!027.50 %ost of +e,tCost o4 De*t 0.1048044 "3

%ost of +e,t 1-tax 0.0733 31285

ear 201567uity 242.2

De*t 4!027.508otal 4!2 ".70 9ACC

9e 0.05 7252" "

9d 0."4327470319ACC 0.0778 0 0"1

ears 6:;8("!ta


10/22

ears >redicted cas1 lo s

2015-2016 " $$% "5&5'$502

2016-2017 "$#%"5'$ $ &2017-2018 5# '%& & 5#25'22018-2019 "00' % $2& "$252019-2020 " $20% & #"0 #'"resent /a*$e 2' & %2&&' & 2&

urrent *arket +alue , the #hare . 4( %(5+alue , the share , the c,m/any as /er 0P# and P 0 rati, . rati, . 333%2&5'&54+alue , the share , the uture cash l, s . 1532&%3$224

#$ %er o&r calc&lation o' $(are %rice ba$ed on ca$( o*$ a$ *ell


11/22


12/22


13/22

nt in t1at year% nt in t1at year% nt in t1at year%

0.152 48400

0.0733 31285

0%0 '#0#0$

Current ia*ilities 9orking Ca.ital C1anges in 9C ree cas1 4lo s /ro t1 Rate"0 $% 0 "&0"%&0


14/22

;ndustry /ro t1 0%0&D" "'# %5 55"##

>er.etuity &$22#'%"'#2$&'

>resent Balue o4 >er.etuity ' # %5$#"#&2

Balue o4 t1e 4irm &""&'%202'0 #$Balue o4 e7uity "20 02'0 #%$0

No o4 s1ares outstanding 24217100

Balue .er s1are "5 2'% 022 5'$5

a$ +,-! t(e $(are i$ &nderval&ed at market %rice o' $ 47 .75 a$ on 14


15/22


16/22


17/22


18/22

02/201


19/22


20/22


21/22


22/22

4,572.40 5,067.40

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