equity analysis of 3 it companies

Equity Evaluation of Top 3 IT companies

Preface……… The securities market in India has undergone a metamorphosis in the past decade.

The advents of new technologies and widespread awareness among the masses about the

activities of the securities have given new blood to the market, which underwent some bad

phases in the early nineties. The new reforms introduced aftermath of stock scam of 1992,

have brought about a significant transformation in the activities of that securities markets in

India.

Economic growth of any country lies on the basic infrastructure facilities available in

that country but how and by whom is this basic infrastructure provided to the people of the

country? The government of the country, which needs huge funds for it, meets these

infrastructure needs of the people. The government raises funds from the public and other

institutional investors by issuing securities in the form of T-bills, Government securities, etc.

but when the government invites private parties to participate in the infrastructure projects,

these companies too raise funds from the market which comprises individuals, corporates,

institutions etc.in the form of debt or equity. Further, the individuals will also be in need of

long term funds to meet their basic needs of owning an asset. Thus we find that the need for

the long term funds is all pervasive and the parties to the demand and supply of funds are

same. Funds are normally raised in the IPO market through the issue of shares, debentures

and bonds.

In India, though the capital market is denominated by the debt market, equity markets are

more attractive with a lot many participants. The government owned securities market

constitutes the majority of the total capital market of India. The securities market is being

classified in to primary or new issue market, and secondary market. The new issues of both

the government and private corporate sectors are floated in the primary market. The

secondary market provides liquidity to the outstanding securities or existing securities.

Alkesh Dinesh Institute For Finance and Management


The securities market no doubt plays a vital role in the distribution of economic prosperity in

a country over the masses when a large number of people invest their surpluses in securities.

The stock market is an integral part of organized capital market.

It facilitates the sale of initial and further issues, and subsequently provides liquidity to the

securities subscribed by the individual and institutional participants. The stock market

provides a place where ownership or creditorship securities are traded. The stock exchange

is a place where industrial securities like shares, debentures and bonds are traded.

In the early eighties, the public awareness of the stock market in India was at a very low

level, and the activities in the stock market confined only to the institutional investors but

the situation changed in the late eighties and the market activity reached its zenith in the

early nineties but the stock market scam of 1992 came as a major blow to the development

of market, and it called for a mammoth effort on the part of the regulatory authorities to

resurrect the lost confidence of the investors. The role of leading regulator of the securities

market in India namely SEBI, is remarkable for a span of few years it has brought about

organized structure of operations. It clearly defines the roles of various participants,

introduced innovative changes to meet their demands and to ensure transparency in the

functioning of the securities market and safety of investor’s money.

For investment purposes it is very important to know about security markets

especially equity market. Thus the present work involves the study of equity market, about

its evolution and its structure the way the trading takes place and its settlement process and

also evaluating the probable equity prices of top IT Companies namely Wipro, Tata

Consultancy Services, Infosys Technologies, Satyam Computers, and Patni Computers for

the future period. The equity prices will be determined after careful analysis of the Balance

sheets of last five years of all the companies and also by adopting various models.



CONTENTS

1. Executive Summary 7-13

2. Introduction 14

3. Organization Profile 15-16

4.Stock Market 17-21

5.Global Economy 22-23

6.Indian Economy 24-32

7.IT Industry 33-36

8.Data Analysis 37-69

a) Wipro 37-47

b) Infosys 48-59

c) TCS 60-69

8.Equity Valuation Models 70-81

9. Findings 82-83

10. Recommendations 84

11.Bibilography 85

Annexure



1) Ratio formulas 85

2) Beta valuation 86-107

Executive Summary Equity markets, the world over, grew at a great speed in the decade

of nineties. After bear markets of the late eighties, the world markets saw one of the largest

ever bull markets of more than ten years. The market capitalization of all the listed

companies in the world market increased from US $9,399,659 million in1990 to US

$32,222,750 million in 2000; the market capitalization thus increased to more than 3.4 times

in 10 years. The increase of the market capitalization in the developing countries was even

more marked, with an increase to 4.3 times the market capitalization in 1990. the world

market capitalization as a percentage of the world GDP also increased from 48% in 90 to

105.% in 2000. Thus, the growth of equity market has outpaced the GDP growth of the

world. However due to recession in the world economy, the world market capitalization

decreased to US $27,818,618 million during 2001. The spectacular growth was partly due to

increase in the number of listed companies, which grew from 25,424 in 90 to 45,645 in

2001.

Indian stock markets have turned extremely buoyant with the Sensex, the

bellwether index of the Indian stock markets zooming sky high to a peak of 22000- a feat

which could not have even been imagined by anyone just one year ago. Surprisingly, while

engineering, steel, cement, oil and gas, construction and power among others have shot up

into prominence, the information technology sector the proud mascot of modern resurgent

India have started loosing their shine. If we take the present fiscal year, Sensex has given

return of about 45% since April 2007 till now; IT index has shown a loss of around 6%. So

the present study would be to know the reason for the same and also to know the future

prices of these stocks. Hence Equity Valuation of these companies have been undertaken by

taking in to consideration five years data pertaining to these companies so as to find out the



reasons and to frame proper strategies for the investors as to what sort of steps should be

taken by them in future.

Design of the study

Title of the study

“Equity Valuation of Top Three IT Companies”

Objectives of the study a) To study the performance of three IT Companies namely Wipro, Infosys, TCS.

b) To evaluate the financial performance of these companies through fundamental analysis by taking in to consideration data of last five years

c). To determine the Equity prices through Equity Valuation Models.

d) To evaluate the prices of these companies.

e) To design strategy for profitable investment in equities which yields maximum returns.

Scope of the studya) The study is conducted only on the Equity shares of the company

b) The study covers only top three companies in IT sector

c) Five years (2003-07) data has been taken into consideration for the study



Need for the study The knowledge of securities markets, particularly of the equity markets, is essential to

come to grips with the fundamental analysis of a company and the environment surrounding

it- the economy in general and the industry in particular. The global market scenario also

affects the pricing of a company’s share or any issue, in today’s boundary less world. So,

equity valuation of a company is the need of the hour so as to know the competitiveness of

the company when compared with industry benchmark and with its competitors and also to

predict the future price of the company to know where the company stands which would

help the investor whether or not to hold the scrip for a longer period.

Need for Equity valuation of IT Companies.

India’s information technology services companies, the proud mascot of a

modern, resurgent India, and darling of investing public, have started loosing their appeal.

Their shares have lost their shine and have grossly underperformed inn a buoyant market,

which is scaling newer peaks almost every month. Is it the time to write them off? Or do

they have the talent, resources and infrastructure to overcome the daunting problems that

afflict them now and hit the high-growth path once again. So it is very necessary to know

what the investors should do at this time.

METHODOLOGY OF DATA COLLECTION



SOURCES OF DATA

PRIMARY DATA

Discussion with the professor

Discussion regarding the IT sector and IT Companies performance

and how equity shares of these companies are performing presently.

SECONDARY DATA

Internet sources

Annual Reports of the companies

Business magazines

CONCEPTUAL DESIGN

Sample unit: Equity shares of the selected companies

Sample size: 5 years financial data of these companies

Sample method: direct.



FINDINGS

1) The Indian economy is growing very fast. It’s contribution to the world’s GDP is around 7.7%. Next only to China and U.S. This revels the fact that it will have positive impact on all the industries of the country.

2) The growth of IT Industry has been commendable in the recent past. It has been the fastest growing industry but the stocks performance revels a different story. The last 16 months performance has been very disappointing. The main reasons being stock market’s high volatility, Rupee appreciation and U.S. slowdown. In such case it can adopt the following remedies.

3) The fundamental analysis of the companies revels the following a) The companies are fundamentally very strong. There has been full utilization of

the resources, except for TCS very there was a lack of liquidity in the year 2004

b) The earnings of the companies have been very good.c) When a comparison is made between the three companies, Infosys stands

fundamentally very strong. it has outperformed in all the aspects be it, the ROE, EPS, book value and even in terms of liquidity. The company having no Debt in its capital structure has been earning revenues higher than the revenues earned by Wipro and TCS.

d) The next company better in terms of fundamentals is TCS. It has performed better than Wipro in all the aspects of fundamentals.

4) The stock market performance also depicts the same picture. It is Infosys, which is in the lead followed by TCS and Wipro.

5) The most risky stocks among the three has been TCS share prices having a Beta value of . 0.91 followed by Wipro which has got beta of 0.79 and Infosys is less riskier as it has got beta of 0.68



The findings from the Equity has reveled the following

Model Wipro TCS InfosysDiscount Model Rs.605 Rs.1508 Rs.2385Multi Period Rs.731 Rs.1859 Rs.2843Two Stage Model

Rs.1325 Rs.1745 Rs.1453

The above table shows the expected future equity price of respective shares. It can be observed from the above table that

1) The Dividend Discount Model, which speaks about the future, expected price is Rs.572 in case of Wipro. It means that stock will perform better in future compared to its present value.

2) The generalized Model, which speaks about future, expected price in forthcoming years is valued at Rs.694. Which is again higher than its previous value of Rs.572.

3) The Multi period model, which indicates the intrinsic value of share in future, is about Rs.1085 in next 8 years, which will be lower than its share price. It shows a good sign as a lesser intrinsic value compared to market price indicates that the stock has got great potential to perform in future and investment in such stock would be profitable.

4) The same can be noticed in case of TCS and Infosys. There market prices going to Rs.1508 in case of TCS and Rs.2385 in case of Infosys. The intrinsic value of these stocks is also lesser compared to their market price, indicating better performance in future.

5) A comparison between these stocks reveals that, Infosys shares will perform better compared to TCS and Infosys. The reason is that the company is fundamentally very strong.

RECOMMENDATION1) In spite of fall in the value of share prices in the recent past, I would definitely recommend the investors to invest in these companies. Reasons being the companies are financially very strong.



2) The current volatility in the market is due to Rupee appreciation, and U.S.slowdown but the companies have taken several measures to see that these two problems are resolved. They have diversified their business and also they have hedged against the rupee appreciation. So investment in these stocks would not lead to loss.

3) The recommendation would be to invest for a longer period of time. At least for 5 years as they would yield better returns.

4) As the intrinsic value of all the three stocks are lesser compared to their market price so the suggestion would be hold the stocks if they have bought or buy the shares as they will definitely give good returns in the future.

5) If a choice has to be made among the three then it would be better to choose Infosys as the option, as it is fundamentally very strong company and it has got higher value in market currently and it will also give better returns in the future compared to other two stocks.

6) It is advisable for the investor to go through the fundamental of the companies before investing and avoid investing based on the market sentiments, as they would be misleading. Investing in a fundamentally strong company for longer period of time would be a worthy decision.

7) A better Strategy for any investor would be to invest in these companies and not to trade or speculate because share market is not a casino. And don’t panic if the values of shares are coming down, as it is only temporary.

Equity Valuation Equity valuation in recent years has become one of the important aspects in finance field. Today Equity Valuation has received much attention and it is the need of the hour. Equity Valuation is a way of determining the value of equity share of the company. To evaluate the equity price of any company the most important steps to be taken are



To study the Global Economy: To know the growth of the world economy and India’s contribution in the world’s GDP.

To study the Indian Economy: To assess the track record of Indian Economy so as to know at what rate the economy is growing and to see impact of economy on the industries and particularly to IT sector.

To Study about IT sector: To know how the industry as a whole is performing so as to assess its impact on the companies. To know where does the industry stands in its life cycle to know whether the industry is growing or matured, which will tell us whether the company is performing poorly or the industry itself is stagnated.

To fundamentally assess the companies: to study the performance of the companies for five years so as to evaluate the performance critically. The fundamental analysis includes analysis of Balance sheet and Profit and Loss account of these companies and to calculate the key ratios, which will help in assessing the value anchor, which gives the expected market price for the next year.

Lastly assessing the equity price of company through Equity Models. The models used in the study are Dividend Discount Model, Multi period Model, Two stage Model.

Dividend Discount Model, which is used to assess the market, price of share for the next year.

Multi Period Model is used to assess the expected market price of share for N number of years.

Two Stage Model is used to evaluate the intrinsic value of share in future.

This is how the equity is valued. Equity Valuation is becoming increasingly important as India is operating in global scenario where it becomes important to know what exactly is the value of company and it is also becoming very important for analysts and also for investor who would like to know the value of the equity before investing. Equity valuation

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Stock Market

Capital occupies a position so dominant to the economic theory of production and distribution that it is natural to assume that it should occupy at least an equally important


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place in the theory and practice of economic growth. The subject whether approached historically or analytically or from the standpoint of policy, it is the process of capital accumulation that occupies the front of the stage. It is usually implied that economic growth and capital accumulation with a high positive and significant correlation and additions to the stock of capital can provoke and facilitate faster rate of growth even under the circumstances which can be described as shortage of capital.

Capital market means the market for all the financial instruments, short term and long term as also commercial, industrial and government paper. The capital market deals with capital. The capital market is a market where borrowing and lending of long term funds takes place. Capital markets deal in both debt and equity. The governments both central and state raise money in the capital market, through the issue of government securities. Capital markets refer to all the institutes and mechanisms of raising medium and long-term funds, through various instruments available like shares, debentures, bonds etc.

Corporate both in the private sector as well as in the public sector raise thousands of crores of rupees in these markets. The government, through Reserve Bank of India, as well as financial institutions also raises a lot of money from these markets. Example of well-developed markets is – The Global depository and American depository.

The two important operations carried out are

1) Raising of the new capital

2) Trading in securities issued by the company.

:

The important constituents of capital market are:

1. The stock exchanges 2. Banks3. The investment trusts and companies 4. Specialized financial institutions or development banks. 5. Mutual funds 6. Post office saving banks7. Non banking financial institutions 8. International financial investors and institutions.

The supply in this market comes from saving from different sectors of the economy. These come from the following sources:

1. Individuals



2. Corporate3. Governments 4. Foreign countries 5. Banks6. Provident funds 7. Financial institutions.

Moreover the establishment of National Stock Exchange and Bombay Stock Exchange has been turning point in the working of capital markets. Even tough BSE is the oldest exchange in the country the performance of NSE has been commendable. NSE started in the year 1994 and BSE in 1857.BSE trade for the top thirty companies in India where as NSE trades for top fifty companies. The establishment time, and number of companies traded differs so as their indices points and turn over. There has been considerable change in the percentage change that takes place in these exchanges. They never go parallel. Recently the RBI has allowed participation of individuals in the government securities markets. This move is likely to open new avenues for investment to individuals. Moreover the Finance Ministry has announced the removal of income tax on dividend in the hands of the receiver and no capital gains tax on investments made in equity after 1.3.03 and held for one year.

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Evolution of Indian Capital Market

The history of the capital market in India dates back to the eighteenth century when East India Company securities were traded in the country. Until the end of the nineteenth



century, securities trading were unorganized and the main trading centers were Bombay (now Mumbai) and Calcutta (now Kolkata). Of the two, Bombay was the chief trading centre wherein bank shares were the major trading stock. During the American Civil War (1860-61), Bombay was an important source of supply for cotton. Hence, trading activities flourished during the period, resulting in a boom in share prices. This boom, the first in the history of the Indian capital market, lasted for a half a decade. The bubble burst on July 1, 1865, when there was tremendous slump in share prices.

Trading was at that time limited to a dozen brokers: their trading place was under a banyan tree in front of the Town Hall in Bombay. These stockbrokers organized an informal association in 1875-Native Shares and Stock Brokers Association, Bombay. The stock exchanges in Calcutta and Ahmadabad, also industrial and trading centers, came up later. The Bombay Stock Exchange was recognized in May 1927 under the Bombay Securities Contracts Control Act, 1925.

The capital market was not well organized and developed during the British rule because the British government was not interested in the economic growth of the country. As a result, many foreign companies depended on the London capital market for funds rather than on the Indian capital market.

In the post-independence period also, the size of the capital market remained small. During the first and second five-year plans, the government's emphasis was on the development of the agricultural sector and public sector undertakings. The public sector undertakings were healthier than the private undertakings in terms of paid-up capital but their shares were not listed on the stock exchanges. Moreover, the Controller of Capital Issues (CCI) closely supervised and controlled the timing, composition, interest rates, pricing, allotment, and floatation costs of new issues. These strict regulations demotivated many companies from going public for almost four and a half decades.

In the 1950s, Century Textiles, Tata Steel, Bombay Dyeing, National Rayon, and Kohinoor Mills were the favorite scrips of speculators. As speculation became rempant, the stock market came to be known as 'Satta Bazaar'. Despite speculation, non-payment or defaults were not very frequent. The government enacted the Securities Contracts (Regulation) Act in 1956s was also characterized by the establishment of a network for the development of financial institutions and state financial corporations.

The 1960s was characterized by wars and droughts in the country, which led to bearish trends. These trends were aggravated by the ban in 1969 on forward trading and 'badla', technically called 'contracts for clearing.' 'Badla' provided a mechanism for carrying



forward positions as well as borrowing funds. Financial institutions such as LIC and GIC helped to revive the sentiment by emerging as the most important group of investors. The first mutual fund of India, the Unit Trust of India (UTI) came into existence in 1964.

In the 1970s, badla trading was resumed under the disguised form of 'hand-delivery contracts-A group.' This revived the market. However, the capital market received another severe setback on July 6, 1974, when the government promulgated the Dividend Restriction Ordinance, restricting the payment of dividend by companies to 12 per cent of the face value or one-third of the profits of the companies that can be distributed as computed under section 369 of the Companies Act, whichever was lower. This led to a slump in market capitalization at the BSE by about 20 per cent overnight and the stock market did not open for nearly a fortnight. Later came buoyancy in the stock markets when the multinational companies (MNCs) were forced to dilute their majority stocks in their Indian ventures in favour of the Indian public under FERA, 1973. Several MNCs opted out of India.

The 1980s witnessed an explosive growth of the securities market in India, with millions of investors suddenly discovering lucrative opportunities. Many investors jumped into the stock markets for the first time. The government's liberalization process initiated during the mid-1980s, spurred this growth. Participation by small investors, speculation, defaults, ban on badla, and resumption of badla continued. Convertible debentures emerged as a popular instrument of resource mobilization in the primary market. The introduction of public sector bonds and the successful mega issues of Reliance Petrochemicals and Larsen and Toubro gave a new lease of life to the primary market..

The 1990s will go down as the most important decade in the history of the capital market of India. Liberalizations and globalization were the new terms coined and marketed during this decade. The Capital Issues (Control) Act, 1947 was repealed in May 1992. The decade was characterized by a new industrial policy, emergence of SEBI as a regulator of capital market, advent of foreign institutional investors, Euro-issues, free pricing, new trading practices, new stock exchanges, entry of new players such as private sector mutual funds and private sector banks, and primary market boom and bust.

Major capital market scams took place in the 1990s. These shook the capital market and drove away small investors from the market. The securities scam of March 1992 involving brokers as well as bankers was on of the biggest scams in the history of the capital market. In the subsequent years owing to free pricing, many unscrupulous promoters, who raised money from the capital market, proved to be fly-by-night operators. This led to erosion in the investors' confidence. The M S Shoes case, one such scam which took place in March 1995, put a break on new issue activity.



The 1991-92 securities scam revealed the inadequacies of and inefficiencies in the financial system. It was the scam, which prompted a reform of the equity market. The Indian stock market witnessed a sea change in terms of technology and market prices. Technology brought radical changes in the trading mechanism. The Bombay Stock Exchange was subject to nationwide competition by two new stock exchanges-the National Stock Exchange, set up in 1994, and Over the Counter Exchange of India, set up in 1992. The National Securities Clearing Corporation (NSCC) and National Securities Depository Limited (NSDL) were set up in April 1995 and November 1996 respectively form improved clearing and settlement and dematerialized trading. The Securities Contracts (Regulation) Act, 1956 was amended in 1995-96 for introduction of options trading. Moreover, rolling settlement was introduced in January 1998 for the dematerialized segment of all companies. With automation and geographical spread, stock market participation increased.

In the late 1990s, the Information Technology (IT) scrips were dominant on the Indian bourses. These scrips included Infosys, Wipro, and Satyam. They were a part of the favorite scrips of the period, also known as 'New Economy' scrips, along with telecommunications and media scrips. The new economy companies are knowledge intensive unlike the old economy companies that were asset intensive.

The Indian capital market entered the twenty-first century with the Ketan Parekh scam. As a result of this scam, badla was discontinued from July 2001 and rolling settlement was introduced in all scrips. Trading of futures commenced from June 2000, and Internet trading was permitted in February 2000.

It has been a long journey for the Indian capital market. Now the capital market is organized, fairly integrated, mature, more global and modernized. The Indian equity market is one of the best in the world in terms of technology. Advances in computer and communications technology, coming together on Internet are shattering geographic boundaries and enlarging the investor class. Internet trading has become a global phenomenon. The Indian stock markets are now getting integrated with global markets.



The Global Economy

The movement of the World Wide Economy from a Traditional Economy to a Global one has come through the technological advancements strengthened by modern technological discoveries, beginning from the days of the Industrial Revolution in England. However due to rapid globalization, national economies along with rules & regulations are losing importance. Mergers between multinational corporations are in vogue, as every organization wants to exercise total control over the World Market.

The main features of the Global Economy are as follows

1) Global output (gross world product (GWP) rose by 4.4% in 2005, led by China (9.3%), India (7.6%), and Russia (5.9%). The contribution of U.S.A. was 3.5%. 2) gross world product:purchasing power parity exchange rates are $59.38 trillion(2005),$51.48 trillion (2004), $49 trillion (2002).

3)GDP - real growth rate: 4.3% (2005 est.), 3.8% (2003), 2.7% (2001)

4)GDP - per capita: purchasing power parity - $9,300 (2005), $8,200 (2003), $7,900 5)GDP - composition by sector: agriculture: 4% industry: 32% services: 64% (2004)

6) Inflation rate (consumer prices): developed countries 1% to 4% typically; developing countries 5% to 60% typically; national inflation rates vary widely in individual cases, from declining prices in Japan to hyperinflation in several Third World countries (2003)

7) Global debt issuance: $5.187 trillion (2004), $4.938 trillion (2003), $3.938 trillion (2002)

8)Global equity issuance: $505 billion (2004), $388 billion (2003), $319 billion (2002)

Employment

Unemployment rate: 30% combined unemployment and underemployment in many non-industrialized countries; developed countries typically 4%-12% unemployment

Industries

Industries: dominated by the onrush of technology, especially in computers, robotics,telecommunications and medicines and medical Industrial production growth rate: 3% (2002 est.)



INDIAN ECONOMY

The economy of India when measured in USDexchange-rate terms, is the twelfth largestin the world, with a GDP of US $1.25 trillion (2008).It is the third largest in terms of purchasing power parity India is the second fastest growingmajor economy in the world, with a GDP growth rate of 9.4% for the fiscal year 2006–2007. However, India's huge population has a per capita income of $4,542 at PPP and $1,089 in nominal terms (revised 2007 estimate).The World Bankclassifies India as a low-income economy.

India's economy is diverse, encompassing agriculture, handicrafts, textile, manufacturing, and a multitude of services. Although two-thirds of the Indian workforce still earn their livelihood directly or indirectly through agriculture, services are a growing sector and play an increasingly important role of India's economy. The advent of the digital age, and the large number of young and educated populace fluent in English, is gradually transforming India as an important 'back office' destination for global outsourcing of customer services and technical support. India is a major exporter of highly-skilled workers in software and financial services, and software engineering Other sectors like manufacturing, pharmaceuticals, biotechnology, nanotechnology, telecommunication, shipbuilding aviation and tourism are showing strong potentials with higher growth rates.

India followed a socialist-inspired approach for most of its independent history, with strict government control over private sector participation, foreign trade, and foreign direct investment. However, since the early 1990s, India has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment. The privatisation of publicly owned industries and the opening up of certain sectors to private and foreign interests has proceeded slowly amid political debate.



India faces a fast-growing population and the challenge of reducing economic and social inequality. Poverty remains a serious problem, although it has declined significantly since independence. Official surveys estimated that in the year 2004-2005, 27% of Indians were poor.

Public expenditure

India's public expenditure is classified as development expenditure, comprising central plan expenditure and central assistance and non-development expenditures; these categories can each be divided into capital expenditure and revenue expenditure.

India's non-development revenue expenditure has increased nearly fivefold in 2003–04 since 1990–91 and more than tenfold since 1985–1986. Interest payments are the single largest item of expenditure and accounted for more than 40% of the total non-development expenditure in the 2003–04 budgets. Defense expenditure increased fourfold during the same period and has been increasing due to growing tensions in the region, the expensive dispute with Pakistan over Jammu and Kashmir and an effort to modernize the military. Administrative expenses are compounded by a large salary and pension bill, which rises periodically due to revisions in wages, dearness allowance etc. subsidies on food, fertilizers, education and petroleum and other merit and non-merit subsidies account are not only continuously rising, especially because of rising crude oil and food prices, but are also harder to rein in, because of political compulsions. Public receipts

India has a three-tier tax structure, wherein the constitution empowers the union government to levy Income tax, tax on capital transactions (wealth tax, inheritance tax), sales tax, service tax, customs and excise duties and the state governments to levy sales tax on intra-state sale of goods, tax on entertainment and professions, excise duties on manufacture of alcohol, stamp duties on transfer of property and collect land revenue (levy on land owned). The local governments are empowered by the state government to levy property tax, Octroi and charge users for public utilities like water supply, sewage etc. More than half of the revenues of the union and state governments come from taxes, of which half come from Indirect taxes. More than a quarter of the union government's tax revenues is shared with the state governments.



The tax reforms, initiated in 1991, have sought to rationalise the tax structure and increase compliance by taking steps in the following directions:Reducing the rates of individual and corporate income taxes, excises, customs and making it more progressive Reducing exemptions and concessions Simplification of laws and procedures Introduction of Permanent account number to track monetary transactions 21 of the 29 states introduced Value added tax(VAT) on April 1, 2005 to replace the complex and multiple sales tax systemThe non-tax revenues of the central government come from fiscal services, interest receipts, public sector dividends, etc., while the non-tax revenues of the States are grants from the central government, interest receipts, dividends and income from general, economic and social services.Inter-State share in the federal tax pool is decided by the recommendations of the Finance Commission to the President.

General budget

The Finance minister of India presents the annual union budget in the Parliament on the last working day of February. The budget has to be passed by the Lok Sabha before it can come into effect on April 1 the start of India's fiscal year. The Union budget is preceded by an economic survey which outlines the broad direction of the budget and the economic performance of the country for the outgoing financial year. This economic survey involves all the various NGOs, women organizations, business people, old people associations etc.India's union budget for 2005–06, had an estimated outlay of Rs.5,14,344 crores ($118 billion). Earnings from taxes amount to Rs. 2,73,466 crore ($63b). India's fiscal deficit amounts to 4.5% or 1,39,231 crore ($32b). The fiscal deficit is expected to be 3.8% of GDP, by March 2007.



Currency system

Rupee

The Rupee is the only legal tender accepted in India. The exchange rate as of October 13, 2007 is about 39.18 to a US dollar, 55.56 to a Euro, and 79.82 to a UK pound. The Indian rupee is accepted as legal tender in the neighboring Nepal and Bhutan, both of which peg their currency to that of the Indian rupee. The rupee is divided into 100 paise. The highest-denomination banknote is the 1,000 rupee note; the lowest-denomination coin in circulation is the 25 paise coin.

Exchange rates

Under the fixed exchange rate system, the value of the rupee was linked to the British pound sterling until 1946, and after independence, 30% of India's foreign trade was determined in pound sterling. In 1975, as per the floating exchange rate system, the value of the rupee was pegged to a basket of currencies and was tightly controlled by the Reserve Bank of India. Since 2005, its value has been appreciating against the US dollar, Euro and British Pound Sterling. Since liberalisation reforms in early 1990s, the rupee is fully convertible on trade and current account. This appreciation of rupee aganist dollar in the year 2008 does have a very big negative impact on the overall economy since indian economy is direclty linked to its IT sector, IT sector contributes a major part of indian economy.

Physical infrastructure

Since independence, India has allocated nearly half of the total outlay of the five-year plans for infrastructural development] Development of infrastructure was completely in the hands of the public sector and was plagued by corruption, bureaucratic inefficiencies, urban-bias and an inability to scale investment.India's low spending on power, construction, transportation, telecommunications and real estate, at $31 billion or 6% of GDP in 2002 had prevented India from sustaining higher growth rates.

This had prompted the government to partially open up infrastructure to the private sector allowing foreign investment which has helped in a sustained growth rate of close to 9% for the past six quarters. India holds second position in the world in roadways' construction, more than twice that of China. As of 2005 the electricity production was at 661.6 billion kWh with oil production standing at 785,000 bbl/day. India's prime import partners are : China 8.7%, US 6%, Germany 4.6%, Singapore 4.6%, Australia 4% as of 2006 CIA FactBook As of 15 January 2007, there were 2.10 million broadband lines in India. Low



tele-density is the major hurdle for slow pickup in broadband services. Over 76% of the broadband lines were via DSL and the rest via cable modems. Financial institutions

India inherited several institutions, such as the civil services, Reserve Bank of India, railways, etc., from its British rulers. Mumbai serves as the nation's commercial capital, with the Reserve Bank of India (RBI), Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) located here. The headquarters of many financial institutions are also located in the city.

The RBI, the country's central bank was established on 1 April 1935. It serves as the nation's monetary authority, regulator and supervisor of the financial system, manager of exchange control and as an issuer of currency. The RBI is governed by a central board, headed by a governor who is appointed by the Central government of India.

The BSE Sensex or the BSE Sensitive Index is a value-weighted index composed of 30 companies with April 1979 as the base year (100). These companies have the largest and most actively traded stocks and are representative of various sectors, on the Exchange. They account for around one-fifth of the market capitalisation of the BSE. The Sensex is generally regarded as the most popular and precise barometer of the Indian stock markets.

Incorporated in 1992, the National Stock Exchange is one of the largest and most advanced stock markets in India. The NSE is the world's third largest stock exchange in terms of transactions. There are a total of 23 stock exchanges in India, but the BSE and NSE comprise 83% of the volumes. The Securities and Exchange Board of India (SEBI), established in 1992, regulates the stock markets and other securities markets of the country.

Industry

Per capita GDP (at PPP) of South Asian economies versus those of South Korea, as a percentage of the US India is fourteenth in the world in factory output. They together account for 27.6% of the GDP and employ 17% of the total workforce. However, about one-third of the industrial labour force is engaged in simple household manufacturing only. Economic reforms brought foreign competition, led to privatisation of certain public sector industries, opened up sectors hitherto reserved for the public sector and led to an expansion in the production of fast-moving consumer good Post-liberalisation, the Indian private sector, which was usually run by oligopolies of old family firms and required political connections to prosper was faced with foreign competition, including the threat of cheaper Chinese imports. It has since handled the change by squeezing costs, revamping management, focusing on designing new products and relying on low labour costs and technology.



34 Indian companies have been listed in the Forbes Global 2000 ranking for 2007. ] The 10 leading companies are

World rank

Company Industry Revenue

(billion

Profits(billion

Assets(billion

Market Value(billion)

239 Oil and Natural Gas Corporation

Oil & Gas Operations 15.64 3.46 26.98 38.19

258 Reliance Industries


326 State Bank of India Banking 13.66 1.24 156.37 12.35

399 Indian Oil Corporation


494 NTPC Utilities 6.06 1.31 17.25 26.06536 ICICI Bank Banking 5.79 0.54 62.13 16.72

800 Steel Authority of India Limited Materials 6.30 0.91 7.06 10.16

1047 Tata Consultancy Svcs

Software & Services 2.98 0.67 1.93 26.27

1128 Tata Steel Materials 4.54 0.84 4.61 5.80

1130 Infosys Technologies

Software & Services 2.14 0.55 2.09 26.19

Services

India is fifteenth in services output. It provides employment to 23% of work force, and it is growing fast, growth rate 7.5% in 1991–2000 up from 4.5% in 1951–80. It has the largest share in the GDP, accounting for 53.8% in 2005 up from 15% in 1950.Business services (information technology, information technology enabled services, business process outsourcing) are among the fastest growing sectors contributing to one third of the total output of services in 2000. The growth in the IT sector is attributed to increased specialisation, availability of a large pool of low cost, but highly skilled, educated and fluent English-speaking workers (a legacy of British Colonialism) on the supply side and on the demand side, increased demand from foreign consumers interested in India's service exports or those looking to outsource their operations. India's IT industry, despite contributing significantly to its balance of payments, accounted for only about 1% of the total GDP or 1/50th of the total services.


http://en.wikipedia.org/wiki/Economy_of_India#_note-fg2-2007


Banking and finance

Structure of the organised banking sector in India. Number of banks are in brackets.The Indian money market is classified into: the organised sector (comprising private, public and foreign owned commercial banks and cooperative banks, together known as scheduled banks); and the unorganised sector (comprising individual or family owned indigenous bankers or money lenders and non-banking financial companies (NBFCs)). The unorganised sector and microcredit are still preferred over traditional banks in rural and sub-urban areas, especially for non-productive purposes, like ceremonies and short duration loans.Prime Minister Indira Gandhi nationalised 14 banks in 1969, followed by six others in 1980, and made it mandatory for banks to provide 40% of their net credit to priority sectors like agriculture, small-scale industry, retail trade, small businesses, etc. to ensure that the banks fulfill their social and developmental goals. Since then, the number of bank branches has increased from 10,120 in 1969 to 98,910 in 2003 and the population covered by a branch decreased from 63,800 to 15,000 during the same period. The total deposits increased 32.6 times between 1971 to 1991 compared to 7 times between 1951 to 1971. Despite an increase of rural branches, from 1,860 or 22% of the total number of branches in 1969 to 32,270 or 48%, only 32,270 out of 5 lakh (500,000) villages are covered by a scheduled bank..

.External trade and investment Global trade relations:

Until the liberalisation of 1991, India was largely and intentionally isolated from the world markets, to protect its fledging

economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export taxes and quantitative restrictions, while foreign direct investment was restricted by upper-limit equity participation, restrictions on technology transfer, export obligations and government approvals; these approvals were needed for nearly 60% of new FDI in the industrial sector. The restrictions ensured that FDI averaged only around $200M annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid, commercial borrowing and deposits of non-resident Indians.


Share of top five investing countries in FDI inflows. (2000–2007)[81]

Rank Country Inflows(Million USD) Inflows (%)

1 Mauritius 85,178 44.24%2 United States 18,040 9.37%3 United Kingdom 15,363 7.98%4 Netherlands 11,177 5.81%5 Singapore 9,742 5.06%

http://en.wikipedia.org/wiki/Economy_of_India#_note-fdi-1


India's exports were stagnant for the first 15 years after independence, due to the predominance of tea, jute and cotton manufactures, demand for which was generally inelastic. Imports in the same period consisted predominantly of machinery, equipment and raw materials, due to nascent industrialisation. Since liberalisation, the value of India's international trade has become more broad-based and has risen to Rs. 63,080,109 crores in 2003–04 from Rs.1,250 crores in 1950–51 India's major trading partners are China, the US, the UAE, the UK, Japan and the EU. The exports during April 2007 were $12.31 billion up by 16% and import were $17.68 billion with an increase of 18.06% over the previous year.India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947 and its successor, the World Trade Organization. While participating actively in its general council meetings, India has been crucial in voicing the concerns of the developing world. For instance, India has continued its opposition to the inclusion of such matters as labour and environment issues and other non-tariff barriers into the WTO policies.

Balance of payments

Since independence, India's balance of payments on its current account has been negative. Since liberalisation in the 1990s (precipitated by a balance of payment crisis), India's exports have been consistently rising, covering 80.3% of its imports in 2002–03, up from 66.2% in 1990–91. Although India is still a net importer, since 1996–97, its overall balance of payments (i.e., including the capital account balance), has been positive, largely on account of increased foreign direct investment and deposits from non-resident Indians; until this time, the overall balance was only occasionally positive on account of external assistance and commercial borrowings. As a result, India's foreign currency reserves stood at $285 billion in 2008, which could be used in infrastructural development of the country if used effectively.

India is a net importer: in 2005, imports were $89.33bn and exports $69.18bn.India's reliance on external assistance and commercial borrowings has decreased since 1991–92, and since 2002–03, it has gradually been repaying these debts. Declining interest rates and reduced borrowings decreased India's debt service ratio to 4.5% in 2007.

Foreign Direct Investment in India

As the third-largest economy in the world in PPP terms, India is a preferred destinations for foreign direct investments (FDI)]; India has strength in information technology and other significant areas such as auto components, chemicals, apparels, pharmaceuticals and jewellery. India has always held promise for global investors, but its rigid FDI policies were a significant hindrance in this regard. However, as a result of a series of ambitious and positive economic reforms aimed at deregulating the economy and stimulating foreign



investment, India has positioned itself as one of the front-runners of the rapidly growing Asia Pacific Region. India has a large pool of skilled managerial and technical expertise.

The size of the middle-class population at 300 million exceeds the population of both the US and the EU, and represents a powerful consumer market.

India's recently liberalised FDI policy (2005) allows up to a 100% FDI stake in ventures. Industrial policy reforms have substantially reduced industrial licensing requirements, removed restrictions on expansion and facilitated easy access to foreign technology and foreign direct investment FDI. The upward moving growth curve of the real-estate sector owes some credit to a booming economy and liberalized FDI regime. In March 2005, the government amended the rules to allow 100 per cent FDI in the construction business. This automatic route has been permitted in townships, housing, built-up infrastructure and construction development projects including housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, and city- and regional-level infrastructure.

A number of changes were approved on the FDI policy to remove the caps in most sectors. Restrictions will be relaxed in sectors as diverse as civil aviation, constructiondevelopment, industrial parks, petroleum and natural gas, commodity exchanges, credit-information services and mining. But this still leaves an unfinished agenda of permitting greater foreign investment in politically sensitive areas such as insurance and retailing. FDI inflows into India reached a record US$19.5bn in fiscal year 2006/07 (April-March), according to the government's Secretariat for Industrial Assistance. This was more than double the total of US$7.8bn in the previous fiscal year. Between April and September 2007, FDI inflows were US$8.2bn.

The IT Industry

The Indian software industry has grown from a mere US $ 150 million in 1991-92 to a staggering US $ 5.7 billion (including over $4 billion worth of software exports) in 1999-2000. No other Indian industry has performed so well against the global competition.



The annual growth rate of India’s software exports has been consistently over 50 percent since 1991 to 2008. According to NASSCOM, the sector aggregated revenues of US$100 billion in 2012, where export and domestic revenue stood at US$69.1 billion and US$31.7 billion respectively, growing by over 9%. But due to recession in world market, India has seen decline in growth rate between 2008 and 2010. Currently the growth rate of IT sector is inconsistent in india.

The growth story:

http://www.business-standard.com/article/companies/information-technology-light-at-the-end-of-the-tunnel-113123101124_1.html

IT services Exports The almost three-decade-old Indian IT industry crossed the $25billion mark. The top tier Indian firms-TCS, Infosys, Wipro , HCL, firmly established themselves among the leading global players in IT services.

Growing products market: Software products: the story of Indian software products was that of renewed success. At $ 1.7 billion, the top 10 Indian software product companies showed very strong growth. International products characterize the market, barring a few. The key trend was reduction in piracy and the acceptance of the value of software.

Concern Areas: The share market clearly believes that there are: India’s big software four- Infosys, TCS, Wipro, and Tech Mahindra has seen values fall by 15 to 20%. The main reasons being slowdown of U.S. economy and strengthening of the Rupee. This has hit Indian software exporters hard because most software companies bill most of their clients in dollar terms, and U.S. accounts for about 60 % of the work that the Indian companies do. Hence the share prices of these IT companies have seen a sharp fall. But 2013-14 seen to be bright for the IT sector as US economy is strengthening along with dollar.




http://en.wikipedia.org/wiki/NASSCOM


Whats wrong with IT stocks

It has been a year since the dark clouds around the Indian information technology industry have been squaring in, and storm in the form of a U.S. slowdown appears to be knocking at the doors. Last fiscal the rupee appreciated nearly by 12%. Due to slowdown many investors have already reduced their exposure to IT stocks, and valuation of software companies are close to the lower end of their historical price earning multiples. Fortunately, the trend emerging from the guidance of global IT companies support the more optimistic argument that a slowdown, will prompt greater outsourcing and higher volumes for large software companies.

Profitability puzzle

The graph shows the operating profit margin of these top companies in various quarters. It can be seen fro the graph that the profit margin of these companies has been very volatile due to causes mentioned above.

What the big guys do?

Issues Remedies



# Rupee appreciation

#Pressure on volumes

# High dependence on BFSI

#Margin pressures

#U.S. slowdown

# Hedging risk

#Cross selling of services

#Strengthening skills in verticals

#Better utilization, lower attrition

# Geographical diversification

Value picks Among the Indian IT pack, it is mainly the large cap companies, which can boast of a diverse global presence and a varied client mix, which could help them weather any slowdown in demand of IT services. Thus Infosys, TCS, Wipro and Satyam remain the top picks. After a hefty beating over the past few months, their valuations are down to the lowest range of the respective historical price earning multiple bands. This means that most of the bad news surrounding the prospects of these companies have already factored in. the companies indicate a cautious stance, in their top and bottom line guidance going forward. indicators of further any loss and which is not yet discounted in the share price, will perhaps be visible in the next quarter results.

Company Analysis



Wipro Ltd Wipro started 60 years back as a company manufacturing vegetable oil and today it is world’s one of the leading technology service provider. Wipro Technologies is a global services provider delivering technology-driven business solutions that meet the strategic objectives of clients. Wipro has 40+ ‘Centers of Excellence’ that create solutions around specific needs of industries. Wipro delivers unmatched business value to customers through a combination of process excellence, quality frameworks and service delivery innovation. - 8,000 shares subscribed for by directors, etc. 9,000 shares offered at par to public in February-March 1946.

Business Units

1) Wipro Technologies – global IT service and products2) WiproSpectramind - IT enabled services3) Wipro InfoTech4) Wipro consumer care and lighting.

Rewards and Recognitions

o In May 2013, it was ranked 812th on the Forbes Global 2000 listo Wipro was ranked 2nd in the Newsweek 2012 Global 500 Green companies.o It was recognized by the Ethisphere Institute as one of the World’s Most Ethical

(WME) Companies in 2013, for the second year in a row. o Wipro received the 'NASSCOM Corporate Award for Excellence

in Diversity[disambiguation needed] and Inclusion, 2012', in the category 'Most Effective Implementation of Practices & Technology for Persons with Disabilities'.

o In 2012, it was awarded the highest rating of Stakeholder Value and Corporate Rating 1 (SVG 1) by ICRA Limited.

o It received the award for excellence in Financial Reporting from Institute of Chartered Accountants of India in 2012.

REVENUE Revenue of wipro ltd (Crores).


http://en.wikipedia.org/wiki/Institute_of_Chartered_Accountants_of_India

http://en.wikipedia.org/wiki/Institute_of_Chartered_Accountants_of_India

http://en.wikipedia.org/wiki/Financial_Reporting

http://en.wikipedia.org/wiki/ICRA_Limited

http://en.wikipedia.org/wiki/Disability

http://toolserver.org/~dispenser/cgi-bin/dab_solver.py?page=Wipro&editintro=Template:Disambiguation_needed/editintro&client=Template:Dn

http://en.wikipedia.org/wiki/Diversity

http://en.wikipedia.org/wiki/NASSCOM

http://en.wikipedia.org/wiki/Ethisphere_Institute

http://en.wikipedia.org/wiki/Forbes_Global_2000


The above picture shows the revenue earned from global IT services and products.

PROFIT Profit of a company in crores.

The above graph shows the profit of a company over the period of 5 year.

Performance of Wipro Stock v/s Nifty index over 5 year.



It can be seen from the graph that the performance of stock was in accordance with its index. i.e. there was less volatility in share’s performance when compared. However it is seems that sometimes value of stock moves against the index also.

Performance of Wipro Stock v/s Sensex index over 5 year.



From the above graph it can be seen that the performance of stock against its index is less volatile. This is the period where the stocks started gaining their value.

Financial statement analysis of Wipro Ltd.

Balance sheetsAlkesh Dinesh Institute For Finance and Management


(Rs.in Crores)Particulars 2013 2012 2011 2010 2009

Share Capital 492.60 491.70 490.80 293.60 293.00

Reserve and surplus 23,736.90 23,860.80 20,829.40 17,396.80 12,220.40

Shareholders fund 24,229.50 24,352.50 21,320.20 17,690.40 12,513.40

Loan funds 4,046.00 5,243.20 4710.80

5,530.20 5,013.90

Capital employed 28275.5 29595.7 26031 23220.6 17527.3

Fixed assets 3,909.40 4,649.80 4,237.00 3,656.30 3,179.60

Capital WIP 378.90 301.20 396.40 991.10 1131.80

Investments 10,904.20 10,335.20 10,813.40 8,966.50 6,884.50

Net current assets 13,083.00 14309.50 10584.20 9608.50 6142.20

Total 28275.50 29595.70 26031.00 23222.40 17528.90

The table shows the balance sheet of Wipro Ltd. The table contains the data of 5 years .i.e. From 2009 to 2013.the performance of these years have been analyzed as follows.



Share capital (in Crores)

The company had raised funds through IPO for the first time in the year 1946. the total capital being 1700000,the number of shares being 17000. Company there after has not raised money through IPO. it has increased the capital either through stock split or through bonus issue. The graph shows the trend of share capital .it can be observed from the graph that in the year 2009 and 2010 the capital has been kept constant later on it has been increased to 490.80, by the issue of bonus issue in the ratio of 2:3 and the face value being Rs.2. The capital was further increased to Rs. 490.80 in the year 2011 by the allotment of equity shares pursuant to exercise of stock options. The same thing continued in the year wherein the capital was further increased to Rs.492.60.

Loan Funds



It can be noticed from the graph that there has been considerable increase in the loan funds in the year 20010 compared with 2009. the reason being borrowing from banks, term loans and also from financial institution have been increased in the year.

Capital employed

Considerable increase in the capital employed as the company has expanded its business and have also acquired some of the companies in last few years. It has therefore increased its share capital by the way of issuing bonus shares and stock splits and also by making huge investments.

Investment



The graph shows the investment pattern of Wipro Ltd. Investments has been made in plant and machinery, equipment and in many other fixed assets. Investment has also being made in to money market instruments, mutual funds and in many other instruments of the stock market.

Profit and loss account of Wipro Ltd.Alkesh Dinesh Institute For Finance and Management


Particulars 2013 2012 2011 2010 2009

Net sales 33226.50 31682.90 26300.50 22922.00 21507.30

Other Income 1325.30 1227.40 680.70 866.70 -480.40

Total Income 34570.00 32865.400 27012.80 23899.70 21023.10

Operating expenses 26311.20 25595.00 20571.20 17531.50 16744.80

PBDIT 8258.80 7270.40 6441.60 6368.20 4278.30

Interest 352.40 605.70 136.00 99.80 196.80

PBDT 7906.40 6664.70 6305.60 6268.40 4081.50

DEPRECIATION 701.30 746.10 600.10 579.60 533.60

PBT 7205.10 5918.60 5705.50 5688.80 3547.90

TAX 1554.90 1233.50 861.80 790.80 574.10

PAT 5650.20 4685.10 4843.70 4898.00 2973.80

Dividend 1,724.70 1,475.20 1,472.60 880.90 586.00

Retained Earning 3925.5 3209.9 3371.1 4017.1 2387.8

The report shows that there has been considerable increase in the net sales as many acquisitions took place in the past two to three years. And there has also been increase in operating profit and the net profit. Dividend has been declared every year. There is consistent increase in the dividend paid in the year from 2009 to 2010.



The key ratios

Particulars 2013 2012 2011 2010 2007Current ratio 1.55 1.83 1.82 1.82 1.42Debt to equity 0.16 0.21 0.23 0.34 0.42ROE 23.33 20.57 24.96 32.87 25.15Book value/share

98.15 98.69 86.76 119.33 83.84

EPS 22.94 19.06 19.74 33.37 20.30P/E ratio 20.1 24.3 25.4 21.8 12.5P/B ratio 4.4 4.4 5.5 5.9 2.9ROCE 25.21 23.43 23.70 28.41 22.72Dividend per share

7 6 6 6 4

Retention Ratio

0.70 0.69 0.70 0.82 0.80

CAGR of sales

(Sales in 2013/sales in 2009) ^1/4 - 1 (33226.50/21507.30)^1/4 -1 = 11.48%

CAGR of EPS (EPS in 2013/EPS in 2009)^1/4 - 1 (22.94/20.30)^1/4 -1 = 3.1%



Estimation of next year income statement

Particulars 2012 2013 % IncreaseTotal Income 32865.40 34570.00 6%Operating expenses 25595 26311.20 3%Profit 4685.10 5650.20 21%Interest 605.70 352.40 -42%Tax 1233.50 1554.90 26%

Estimated Profit and Loss account for the next year

Estimated EPS =Amount available to equity shareholders

Number of equity shares outstanding

= 5955.98*10000000 = Rs.24.13 2,468,060,030 (weighted average OES)

Average retention ratio = 0.70+0.69+0.70 = 0.696 3

Average payout ratio = 1-0.696 = 0.304


Particulars 2014Net sales 35220.09Operating expenses 27100.54PBIT 8119.55Interest 204.40PBT 7915.15Tax 1959.17PAT 5955.98


Required rate of return Beta= 0.74Risk free rate=8%Market return on IT stocks=25%Market risk premium= 17% Required rate of return = 0.08+0.74*0.17= 0.20 = 20.28 %

Expected Growth rate of Dividend

Average retention ratio in last 3 years * average return on Equity 0.77 + 0.69 +0.70 * 23.33 + 20.57 + 24.96 3 3

0.696 * 22.95 = 16.10%

P/E ratio as per constant dividend Model

Average payout ratio Required rate of return – Expected growth rate of dividend

0.304 =33.41 0.1688 - 0.1597

Value anchor Value anchor gives the expected price of share for next year. Expected EPS * Expected P/E ratio

24.13 * 33.41 = Rs. 806



Infosys Technologies Ltd

1981 On July 2nd the company was incorporated as Infosys Consultants Private Limited at

Mumbai. INFOSYS was promoted by software professionals, Viz Mr. S. Gopalakrishnan, Mr. K.

Dinesh, Nandan M Nilekani, Mr. S.D. Shibulal, Mr. N.R. Narayana Murthy & Mr. N S Raghavan.

The company is engaged in software development in the form of services, turnkey projects and products for the domestic and export market. The software development is targeted towards the distribution, banking, telecommunication and manufacturing sectors worldwide.

1992

On April 21st the name changed to Infosys Technologies Private Limited, and the registered office was moved to Bangalore.

On June 2nd the company was converted into a Public Limited Company under the name Infosys Technologies Ltd. - The company provides software maintenance, re-engineering and downsizing of software applications in these market segments. It also markets internationally, two well-known packages, one for the distribution industry (DMAP) and one for retail banking (Bancs 2000).

The company has a joint venture in USA with KSA (Kurt Salmon Associates). KSA is a $40 million management consultancy company operating in ten cities of the USA and also in eight different countries. The company also has an offshore software development centre for General Electric USA. Yantra Corporation is an wholly owned subsidiary of the Company.

1993

The Company turned up with ISO 9000 certification. 19,76,100 No. of equity shares of Rs 10 each issued, subscribed and paid-up (15,84,000

shares to directors, promoters; 2,68,100 shares to employees of the company and 1,24,000 shares at a prem., of Rs 70 per to shareholders on right basis).

68,600 shares reserved for allotment in preferential basis to employees of the company and group company (only 10,3000 shares taken up). Balance 13,07,200 shares along with 58,500 shares not taken up by employees were issued to the public (all were taken up).



To part finance the Company's project for setting up a Software Technology Park, Company made a public issue of 13,76,000 equity shares of Rs. 10 each at a premium of Rs. 85 per share in February.

1998 During the year, the issued, subscribed and paid-up capital increased by Rs. 8,75,76,000

consequent to the issue of 7,49,000 shares of Rs. 10 each, fully paid, to employees of the Company and the Employees Welfare Trust under the ESOP, and a bonus issue of 80,08,600 shares in the ratio of 1:1 to the members, as of the record date. Of the total paid-up capital of Rs. 16,01,72,000, Rs. 12,92,69,000 (81% of the paid-up capital), has been issued as bonus shares.

During the year the company received several AWARDS. 1. For the second year in succession, the Company received the Silver Shield from the Institute of Chartered Accountants of India for the Best-Presented-Accounts, amongst the entries received from non-financial, private sector companies, for the year 1995-96.

The readers of Asia Money magazine, once again, voted Infosys the best in Strategy and Management from among the listed companies in India, and among the best in Asia, for the year 1996-97.

BANCS 2000 received the CSI-WIPRO award for the Best-Packaged-Application, in December 1997, at the SEARCC '97 Conference in Delhi.

A Certificate of Merit, was received from the Ministry of Commerce, Government of India, for meritorious performance in the field of exports during 1995-96.

2000 Indian Information Technology giant Infosys Technologies has confirmed its plan of

setting up a centre for exports in Mohali, twin city of Chandigarh. During the year a new methodology and toolkit to port applications from OS/2 to

WINDOWS NT was developed. The Company it had tied-up with Japan's Toshiba Corporation to provide enterprise

resource planning (ERP) software solutions for Toshiba's business processes. The Company proposes to increase its software professional strength to 2,400 from the

present 1,200. The Company has re-emerged as India's second most valuable company, replacing the

FMCG heavyweight, HLL. .

2001 The Company has been awarded silver shield for the best presented accounts

competition for the sixth consecutive year by the Institute of Chartered Accountants of India.



The Company has allotted 100 equity shares of par value of 5 per share to the Bankers Trust Company, New York, the depository to the company's ADS issue as underlying shares in respect of 200 ADR's to be issued and allocated to the purchasers.

Infosys Technologies board has allocated 67,050 No. of equity shares at a par value of Rs 5 par to employees of the company.

2002 Receives Motilal Oswal Award for Wealth Creation for 1996-2001 Mr. Nandan Nilekani becomes the new CEO of the company. Mr. Narayanamurthy

assumes the role of Chairman & Chief Mentor Adjudged best Indian employer in a study conducted by Hewitt Associates and Business

Today Infosys Tech bags prestigious Corporate University Exchange Excellence Award for

2002 NASDAQ selects Infosys as the best value reporter Operations RBI permits 100% FII purchase in Infosys N R Narayana Murthy receives the Ernst & Young Entrepreneur of the Year award for

2002 Company declares that it has won Most Admired Knowledge Enterprises (MAKE)

award in the Asia region for 2002 Implements `Balanced Score Card' (BSC), a unique concept that entails establishment of

strategic objectives and a measurement system, which not only targets on financial measures but also non-financial measures

Today Infosys was ranked #19 amongst the world's most innovative companies by Forbes. The company was ranked number one among the best managed companies in Asia

Pacific in the annual Euro money Best Managed Companies in Asia survey, 2013 and named a leader in The Forrester Wave™: Enterprise Mobility Services, Q1 2013 report.

Infosys was identified as one of the top 25 performers in Caring for Climate Initiative by UN Global Compact and UN Environment Program – the only global consulting and technology major in the list.

The company also won the Oracle Excellence Award for Specialized Partner of the Year North America in both Financial Management and Human Capital Management categories, at Oracle OpenWorld2012.

Boston Consulting Group has listed it in the list of top ten technology companies for total shareholder return. Infosys was in the list of top twenty green companies in Newsweek's Green Rankings for 2012.

It has been voted India's most admired company in The Wall Street Journal Asia 200every year since 2000. The company's corporate governance practices were


http://en.wikipedia.org/wiki/The_Wall_Street_Journal

http://en.wikipedia.org/wiki/Newsweek

http://en.wikipedia.org/wiki/Boston_Consulting_Group

http://en.wikipedia.org/wiki/Forbes


recognized by The Asset Platinum award and the IR Global Rankings. Infosys was also ranked as the 15th most trusted brand in India by The Brand Trust Report.

Infosys Cloud Ecosystem Hub won the 2012 Golden Peacock Award for the most innovative product/service.

Infosys Share prices v/s Nifty Index for the year 2013-2014

From the above graph it can be seen that prices of shares are more volatile. We can notice that the share prices have increased over a period.


http://en.wikipedia.org/wiki/The_Brand_Trust_Report


Infosys Share prices v/s Sensex Index for the year 2013-2014

From the above graph it can be seen that prices of shares are more volatile. We can notice that the share prices have increased over a period.



Financial Statements of Infosys Ltd

Balance sheet

(Rs.in crores)Particulars 2013 2012 2011 2010 2009

Share Capital 287 287 287 287 286

Reserve and surplus 35772 29470 24214 21749 17523

Shareholders fund 36059 29757 24501 22036 17809

Loan funds 00 00 00 00 00

Capital employed 36059 29757 24501 22036 17809

Fixed assets 4453 4061 4056 3779 3799

Capital WIP 1135 588 249 409 615

Investments 4344 1409 1325 4636 1005

Net current assets 26127 23699 18871 13212 12390

Total 36059 29757 24501 22036 17809

The Balance sheets are analyzed below



Share capital

The share capital of Infosys is increased in year 2010 from 2009.After 2010,the share capital of Infosys is constant upto 2013.

Reserves and surplus

The Reserves and Surplus of the company have increased over a period of time. The increase in Reserves and Surplus is due to increase in Profits of the company through which substantial amount has been contributed to Reserves and Surpluses.



Investments

The investment has increased to a greater level from 1005 crore in 2009 to Rs.4636 crore in 2010 and later it was again saw a decrease to 1325 crores. Again it shows an increase of investment from 1409 crore in 2012 to 4344 crore in 2013.The company has significantly invested in different types of securities, which yield better returns.

Net Current Assets



Infosys has always enjoyed better liquidity position. It has got better position compared to their competitors Wipro, Infosys. It’s has increased its liquidity position with increase in its obligation.

Profit and Loss Account of Infosys for 5 years

Particulars 2013 2012 2011 2010 2009

Net sales 36765 31254 25385 21140 20264

Other Income 2298 2313 1147 967 502

Total Income 39063 33567 26532 22107 20766

Operating expenses 25750 21193 16971 13778 13356

PBDIT 13313 12374 9561 8329 7410

Interest 00 00 00 2 2

PBDT 13313 12374 9561 8327 7408

Depreciation 956 794 740 807 694

PBT 12357 11580 8821 7520 6713

TAX 3241 3110 2378 1717 895

PAT 9116 8470 6443 5803 5819

Dividend 2815 3137 4013 1674 1573

Retained earnings 6301 5333 2430 4129 4246

The report shows that there has been considerable increase in the net sales as many acquisitions took place in the past two to three years. And there has also been increase in operating profit and the net profit. Dividend has been declared every year. There is decline in dividend from year 2011 in successive two year.



The key ratios of Infosys Technology Ltd

Particulars 2013 2012 2011 2010 2009Current ratio 4.75 4.91 5.34 4.28 4.71

Debt to equity --- --- --- --- ---ROE 25.28 28.46 26.29 26.33 32.67Book

value/share627.95 518.21 426.73 384.02 310.90

EPS 158.75 147.50 112.22 101.13 101.58P/E ratio 19 20.5 31.6 27 13.6Dividend

payout Ratio26.45 37.03 62.28 28.84 27.03

Retention ratio

0.69 0.63 0.37 0.71 0.73

Dividend per share

5 5 5 5 5

CAGR of sales

(Sales in 2013/sales in 2009) ^1/4 - 1 (36765/20264) ^ 1/4 -1 = 16%

CAGR of EPS (EPS in 2013/EPS in 2009)^ 1/4 - 1 (158.75/101.58)^ 1/4 -1 = 11.8%




Particulars 2012 2013 % Increase/Total Income 33567 39063 16.3%Operating expenses 21193 25750 21.5%PBT 11580 12357 6.7%Tax 3110 3241 4.2%PAT 8470 9116 7.6%




= 98088100000 crore = Rs.170.84 574151559

Average retention ratio = 0.69 + 0.63 + 0.37 = 0.56 3



Particulars 2014Total Income 45313.08Operating Expense 31157.5PBT 13184.92Tax 3377.12PAT 9808.81


Required rate of return Beta= 0.59Risk free rate=8%Market return on IT stocks=20%Market risk premium= 12% Required rate of return = 0.08+0.59*0.12= 0.1508 or 15.08%


Average retention ratio in last 3 years * average return on Equity 0.69 + 0.63 + 0.37 * 25.28 + 28.46 + 26.29 3 3

0.55 * 26.6 = 14.63%


Average payout ratio Required rate of return – expected growth rate of dividend

0.44 =15.94 0.1769 - 0.1493

Value anchor Value anchor gives the expected price of share for next year. Expected EPS * Expected P/E ratio 170.84 * 15.94 = Rs. 2340



TCS Ltd.

Tata Consultancy Services Limited (TCS) is an Indian multinational information technology (IT) services, business process and consulting company headquartered in Mumbai, Maharashtra. TCS operates in 46 countries and has 199 branches across the world. It is a subsidiary of the Tata Group and is listed on the Bombay Stock Exchange and the National Stock Exchange of India. TCS is the largest Indian company by market capitalization and is the largest India-based IT services company by 2013 revenues. TCS is ranked 40th overall in the Forbes World's Most Innovative Companies ranking, making it both the highest-ranked IT services company and the top Indian company. The management Team includes

Cyrus Mistry Chairman

Dr.Ron sommer Independent Director

A mehta Independent DirectorN Chandrasekaran CEO and M.D

OP Bhatt Independent Director

Strategic Alliances and Acquisitions

Strategic Acquisitions1) TkS-Teknosoft S.A, Switzerland2) TCS Management Pty Ltd, Austrailia

Strategic Alliances1) Tata Consultancy Services (China) Co.Ltd2) MP online Ltd

2000 to present

By 2008, TCS's e-business activities were generating over US$500 million in annual revenues.

On 25 August 2004, TCS became a publicly listed company.In 2005, TCS became the first India-based IT services company to enter the bioinformatics market.



In 2006, TCS designed an ERP system for the Indian Railway Catering and Tourism Corporation.

In 2008, TCS undertook an internal restructuring exercise which aimed to increase the company's agility.

TCS entered the small and medium enterprises market for the first time in 2011, with cloud-based offerings. On the last trading day of 2011, TCS overtook RIL to achieve the highest market capitalization of any India-based company.

In the 2011/12 fiscal year, TCS achieved annual revenues of over US$10 billion for the first time.

In May 2013, TCS was awarded a six-year contract worth over INR 1100 crores to provide services to the Indian Department of Posts.

Human Resource Development TCS is one of the largest private sector employers in India, and the second-largest employer among listed Indian companies (after Coal India Limited).

TCS had a total of 276,196 employees as of March 2013, of which 31% were women. The number of non-Indian nationals was 21,282 as at March 31, 2013 (7.7%).

The employee costs for the FY 2012-13 were US$ 4.38 billion, which was approx. 38% of the total revenue of the company for that period. In the fiscal year 2012-13, TCS recruited a total of 69,728 new staff, of whom 59,276 were based in India and 10,452 were based in the rest of the world. In the same period, the rate of attrition was 10.6%.

The average age of a TCS employee is 28 years. The employee utilisation rate, excluding trainees, for the FY 2012-13 was 82%. TCS was the fifth-largest United States visa recipient in 2008 (after Infosys, CTS, Wipro and Mahindra Satyam). In 2012, the Tata group companies, including TCS, were the second largest recipient of H-1B visas.

Subramaniam Ramadorai, former CEO of TCS, has written an autobiographical book about his experiences in the company called The TCS Story...and Beyond.



Awards and Recognition

TCS ranked #1 for customer satisfaction in the UK.

TCS was awarded the Business Standard's Company of the Year award for 2012.

In 2012, the company won Gold Shield award for excellence in financial reporting from the Institute of Chartered Accountants of India (ICAI).The company won 'Recruiting and Staffing Industry Leader of the Year' and ‘Best Employer Brand’ awards at the World HRD Congress' annual meet in 2012.

TCS was ranked #1 IT service provider for the Manufacturing in Europe, Middle East and Africa (EMEA) by International Data Corporation in 2014.

TCS in Numbers

The above chart shows the key markets in world wide IT spends. It can be seen that the major customer for IT services is America, which receives about 51% followed by Western Europe and the least being Middle East, and Africa.



TCS Share prices v/s Nifty indices for the year 2013-14

from the above graph it can be seen that share prices have overperformed compared to its indices but volatility is more.



TCS Share prices v/s Sensex indices for the year 2013-14

from the above graph it can be seen that share prices have overperformed compared to its indices but volatility is more.



Financial Statement Analysis of TCS Ltd

Balance sheets

(Rs.in crores)

Particulars 2013 2012 2011 2010 2009

Share Capital 295.72 295.72 295.72 295.72 197.86

Reserve and surplus 32266.53 24560.91 19283.77 14820.90 13248.39

Shareholders fund 32562.25 24854.63 19579.49 15116.62 13446.25

Loan funds 163.12 96.23 41.12 35.74 40.37

Capital employed 32725.37 24952.86 19620.61 15152.36 13486.62

Fixed assets 5104.28 4063.62 3422.18 2760.52 2669.08

Capital WIP 1763.85 1726.88 1345.37 940.72 685.13

Investments 6324.38 5688.39 5795.49 7893.39 5936.03

Net current assets 19532.86 13473.97 9057.57 3557.73 4196.38

Total 32725.37 24952.86 19620.61 15152.36 13486.62

Share CapitalAlkesh Dinesh Institute For Finance and Management


The share Capital of a company has increased 295.72 in 2010 from 197.86 in 2009. The has issued a fresh equity share in 2010 of 98 crores. Since 2010, the shares capital of company remains unchanged.

Reserves and Surplus

The reserves and surplus have gradually increased over the period of time. Reason being increase in the profit earned by the company. It can be seen that the profit after tax of the company have increased manifold since 2009 hence the contribution to reserves and surplus have also increased.



Investments

The investments are showing an impressive growth in 2010. The reason for increase in investment is the strategic tie up with many countries across the world. It has invested in newer technologies and Wireless Application Protocol (WAP) as a strategic area of focus.. It has also invested heavily in Research and development area. But year 2011 sees a sharp decline in investment over the previous year.

Net Current Assets

The value of Net current asset of a company increases gradually over the year. Reason be the investment of a company in a number of location and also company growth in the year between is 2009 and 2013 is eminent.

Profit and Loss Account of 5 years of TCS Ltd



(Rs. In Crores)Particulars 2013 2012 2011 2010 2009

Net sales 48,426.14 38,858.54 29,275.41 23,044.45 22,401.92

Other Income 2,230.39 2,685.18 486.44 182.10 -456.24

Total Income 50,656.53 41,543.46 29,760.98 23,225.17 21,947.41

Operating expenses 34,119.87 27,472.56 20,502.72 16,375.90 16,382.82

PBDIT 16,536.66 14,070.90 9,258.26 6,849.27 5,564.59

Interest 30.62 16.40 20.01 9.54 7.44

PBDT 16,506.04 14,054.50 9,238.25 6,839.73 5,557.15

Depreciation 802.86 688.17 537.82 469.35 417.46

PBT 15,703.18 13,236.84 8,700.43 6,356.40 5,036.58

Tax 2,916.84 2,260.86 1,130.44 737.89 340.37

PAT 12,786.34 10,975.98 7,569.99 5,618.51 4,696.21

Preference Dividend 19.00 22.00 11.00 17.00 7.0

Dividend 4,305.88 4,893.04 2,740.10 3,914.43 1,370.05

Corporate div Tax 712.18 797.34 450.82 657.51 234.02

Retained earnings 7,749.28 5,263.60 4,368.07 1,029.57 3,085.14

The report shows that there has been considerable increase in the net sales as many acquisitions took place in the past two to three years. And there has also been increase in operating profit and the net profit. Dividend has been declared every year. There has been considerable increase in the dividend declared.

The key ratios of TCS Ltd



Particulars 2013 2012 2011 2010 2009Current ratio 2.85 2.48 2.45 1.49 1.83

Debt to equity 0.01 0.01 0.01 0.01 0.01ROE 44.69 49.62 43.89 39.62 38.73

Cal roe 39.38 44.33 38.86 37.41 35.18Book

value/share165.86 126.49 99.53 76.72 136.38

EPS 65.23 55.97 38.62 28.62 47.92P/E ratio -- 26 32 36 38P/B ratio --- 20 18 10 15Retention

ratio0.61 0.48 0.58 0.18 0.66

Dividend per share

22.00 25.00 14.00 20.00 14.00

CAGR of sales 1/4

(Sales in 2007/sales in 2001) - 1 1/4 (15156.52/4914) -1 = 32%

CAGR of EPS 1/4

(EPS in 2007/EPS in 2001) - 1 1/4 (38.89/3.87) -1 = 38.7%

Volatility of ROE = 45%


Particulars 2006 2007 % Increase/Net sales 11293.76 15156.52 34%



Cost of goods sold 7957.54 10639 33%Operating expenses 257.38 343.41 33%Interest 4.49 3.49 22%Tax 322.41 406 16%




= 3918,00,00,000 = Rs. 40.04 97,86,10,498

Average retention ratio = 0.88+0.79+0.62 = 0.53 3


Required rate of return Beta= 0.91Risk free rate=8%Market return on IT stocks=25%Market risk premium= 17% Required rate of return = 0.08+0.91*0.17=0.2347 =23.47%


Particulars 2008Net sales 20309.73Cost of goods sold 14149.87Gross profit 6159.86Operating expenses 230PBIT 6029.86Tax 2109PAT 3918



Average retention ratio in last 3 years * average return on Equity 0.73 + 0.61 +0.66 * 34.04 +33.08 + 33.03 3 3

0.53 * 42 =22.26%


Average payout ratio Average retention ratio – expected growth rate of dividend

0.47 =38.84 0.2347 - 0.2226

Value anchor Value anchor gives the expected price of share for next year. Expected EPS * Expected P/E ratio 41.40 *38.84 = Rs. 1607.97

Equity Valuation Models

Equity valuation Models used for the study are as follows

1) Dividend Discount Model2) Generalized Dividend Discount Model



3) Multi-period Model.

Dividend Discount Model This model is used to calculate the expected price of share for the next year. The formula used for calculation is as follows.

Po = D1 + P1 (1+r) (1+r)

WherePo = current Market PriceD1= Dividend per share in current yearR= expected rate of return on equity

The model is very useful in determining the market price of the share for the next year. The model is simple and easy to calculate as the data used are easily available and it is realistic as no assumptions are being made. The model can be applied to any company to know the expected future price of share.

Multi-Period Model

This is a higher version of Dividend Discount Model. The Dividend Discount Model was used in determining the future price of share for the very next year but this can be applied to know the price of share for N number of years. The formula is

Po = Dn + Pn

(1+r) n (1+r) n

The applicability of the model is similar to Dividend Discount Model.

Two Stage Growth Model This model is used to determine the intrinsic value of shares. It is useful in knowing the future intrinsic value for the shares. There are certain assumptions of this theory. They are as follows

1) It assumes that the company is enjoying normal growth rate.2) The growth rate will fall substantially in the future.



3) The dividends move in the line with growth rate.

The formula is as follows

Pn =Dn = Dn (1+Gn) [ r- Gn ] [ r- Gn]

Where

Pn = intrinsic value of share in future Dn= Dividend per shareGn= Growth rate

This particular model is applicable to those companies where the growth rate is normal in present years but is going to decline over the period of time. It can applied to companies where they are working under copy write system once the period of copy write is over there will be Sharpe decline in growth rate. This particular is used in this study a this model is also applicable to those companies which have got high entry barriers. Since it is difficult to make an entry in to IT sector this particular model has been applied.

Equity Valuation of Wipro Ltd

Dividend Discount Model

Po = D1 + P1 1+r 1+r



502= 5 + P1 (1+0.216) (1+0.216)

502 = 5 + P1 ( 1.216) (1.216)

502 = 4.11 + P1 1.216P1 = Rs.605

Multi period Discount Model

P0 = D + Pn (1+r) 2 (1+r)2

502= 5 + P2 (1+0.216) 2 (1+0.216) 2

502 = 4.46 + Pn 1.47 P2=Rs. 731.3

P5 = D + P5 (1+r) (1+r)

502= 5 + P5 (1+0.216) 5 ( 1+0.216) 5



502 = 1.88 + P5 2.65 P5= Rs.1325

Two Stage growth Model

G1= 22%, G2= 20%, G3=18%, r=21%, n=8

D1 = 5(1.22) = 6.1

D2= 5(1.22) 2 = 7.4

D3= 5(1.22) 3 = 9.07

D4= 5(1.22) 4 = 11.07

D5 = 5(1.22) 5 = 13.5

D6 = 5(1.22) 4 (1.20) = 16.21

D7 = 5(1.22) 4 (1.2) 2 = 19.4

D8= 5(1.22) 4(1.20 ) 3 = 23.32

6.1(PVIF 21%,1) +7.4(PVIF 21%,2) +9.07 (PVIF 21%,3) +11.07 (PVIF 21%,4) +13.5 (PVIF 21%,5) +16.21(PVIF 21%,6) +19.4(PVIF 21%,7) +23.32 (PVIF 21%,8)

5.04+5.06+5.12+5.17+5.01+5.17+5.11+6.29 = 41.97

P8 =D8 = D8 (1+Gn)



[ r- Gn] [r- Gn]

= 5*(1.22)*(1.20) (1.18)

[ 0.21 – 0.18]

= 875.25

Present value = 875 190.63 (1.21) intrinsic value = Rs.1065

Equity Valuation of Infosys Ltd


Po = D1 + P1



1+r 1+r

2006=11.25 + P1 1+0.195 1+0.195

2006 = 11.25 + P1 1.195 1.195

2006 = 9.41 + P1 1.195P1 = 2385

Multi Period Model

P0 = D + Pn (1+r) 2 (1+r) 2

2006 = 11.25 + P2 (1+0.195) 2 (1+0.195) 2

2006 = 7.9 + Pn 1.42 P2= 2843.5

P5 = D + P5 (1+r) 5 (1+r) 5

2006= 11.25 + P2Alkesh Dinesh Institute For Finance and Management


(1+0.195) 5 ( 1+0.195) 5

2006 = 4.62 + P5 2.43 P5= Rs.4863.36

Two Stage Model

G1= 38%, G2= 37%, G3=35%, r=19.5%, n=8

D1 = 11.5(1.38) = 15.87

D2= 11.5(1.38) 2 = 21.90

D3= 5(1.38) 3 = 30.22

D4= 11.5(1.38) 4 = 41.70

D5 = 11.5(1.38) 5 (1.37) = 57.12

D6 = 11.5(1.38) 4 (1.37) = 78.02

D7 = 11.5(1.38) 4 (1.37) 2 = 107.2

D8=11. 5(1.38) 4(1.37) 3 = 146.89

15.87(PVIF 19.5%,1) +21.9(PVIF 19.5%,2) +30.22 (PVIF 19.5%,3) +41.70 (PVIF 19.5%,4) +57.12 (PVIF 19.5%,5) +78.02(PVIF 19.5%,6) +107.22(PVIF 19.5%,7) +146.89 (PVIF 19.5%,8)

13.28+15.33+17.71+20.54+23.50+35.62+30.08+35.39 = 191.25



P8 =D8 = D8 (1+Gn) [ r- Gn ] [ r- Gn]

=11. 5*(1.38)*(1.37) (1.35)

[ .195-.35]

= 195.25

Present value = 195.25 = 1262 (1.195) 8

Intrinsic value = 1262+191= Rs. 1453

Equity Valuation of TCS Ltd




Po = D1 + P1 1+r 1+r

123= 11.5 + P1 ( 1+0.2347) (1+0.2347)

1231 = 11.5 + P1 1.2347 1.2347

1231 = 9.31 + P1 1.2347P1 = Rs.1508.5

Multi Period Discount Model

P0 = D + Pn (1+r) (1+r)

1231 = 11.25 + P2 (1+0.2347) 2 (1+2347) 2

1231 = 7.56 + Pn 1.52 P2= Rs.1859.62

P5 = D + P5 (1+r) (1+r)



1231= 11.5 + P2 (1+0.2347) 5 ( 1+0.2347) 5

1231 = 4.02 + P5 2.86 P5= Rs.3540.8

Two Stage Growth Model

G1= 32%, G2= 30%, G3=31%, r=22%, n=8

D1 = 11.5(1.32) = 15.18

D2= 11.5(1.32) 2 = 20.03

D3= 11.5(1.32) 3 = 26.44

D4= 11.5(1.32) 4 = 41.70

D5 = 11.5(1.32) 4 (1.30) = 54.13

D6 = 11.5(1.32) 4 (1.30) 2 = 70.42

D7 = 11.5(1.32) 4 (1.30) 3 = 91.61

D8=11. 5(1.32) 4(1.30) 4 = 119.09

15.87(PVIF 22%,1) +20.03(PVIF 22%,2) +26.44 (PVIF 22%,3) +41.7 (PVIF 22%,4) +54.13 (PVIF 22%,5) +70.42(PVIF 22%,6) +91.61(PVIF 22%,7) +119.09 (PVIF 22%,8)



13+13.53+14.60+18.86+20.04+21.40+24.30 = 125.73

P8 =D8 = D8 (1+Gn) r- Gn] [ r- Gn]

=11. 5*(1.32)*(1.30) (1.31)

[ .22-.31]

= 1450

Present value = 1450 = 295 (1.22) 8

Intrinsic value = 1450+295= Rs.1745

Findings



1) The Indian economy is growing very fast. It’s contribution to the world’s GDP is around 7.7%. Next only to China and U.S. This revels the fact that it will have positive impact on all the industries of the country.

2) The growth of IT Industry has been commendable in the recent past. It has been the fastest growing industry but the stocks performance revels a different story. The last 16 months performance has been very disappointing. The main reasons being stock market’s high volatility, Rupee appreciation and U.S. slowdown. In such case it can adopt the following remedies.

3) The fundamental analysis of the companies revels the following a) The companies are fundamentally very strong. There has been full utilization of

the resources, except for TCS very there was a lack of liquidity in the year 2004

b) The earnings of the companies have been very good.c) When a comparison is made between the three companies, Infosys stands

fundamentally very strong. it has outperformed in all the aspects be it, the ROE, EPS, book value and even in terms of liquidity. The company having no Debt in its capital structure has been earning revenues higher than the revenues earned by Wipro and TCS.

d) The next company better in terms of fundamentals is TCS. It has performed better than Wipro in all the aspects of fundamentals.

4) The stock market performance also depicts the same picture. It is Infosys, which is in the lead followed by TCS and Wipro.

5) The most risky stocks among the three has been TCS share prices having a Beta value of 0.91 followed by Wipro which has got beta value of 0.79 and less riskier being Infosys and its value is 0.68.

The findings from the Equity has reveled the following



Model Wipro TCS InfosysDiscount Model Rs.605 Rs.1508 Rs.2385Multi period Model

Rs.731 Rs.1859 Rs.2843

Two stage growth Model

Rs.1325 Rs.1745 Rs.1453

The above table shows the expected future equity price of respective shares. It can be observed from the above table that

1) The Dividend Discount Model, which speaks about the future, expected price is Rs.572 in case of Wipro. It means that stock will perform better in future compared to its present value.

2) The generalized Model, which speaks about future, expected price in forthcoming years is valued at Rs.694. Which is again higher than its previous value of Rs.572.

3) The Multi period model, which indicates the intrinsic value of share in future, is about Rs.1085 in next 8 years, which will be lower than its share price. It shows a good sign as a lesser intrinsic value compared to market price indicates that the stock has got great potential to perform in future and investment in such stock would be profitable.

4) The same can be noticed in case of TCS and Infosys. There market prices going to Rs.1508 in case of TCS and Rs.2385 in case of Infosys. The intrinsic value of these stocks is also lesser compared to their market price, indicating better performance in future.

5) A comparison between these stocks reveals that, Infosys shares will perform better compared to TCS and Infosys. The reason is that the company is fundamentally very strong.



RECOMMENDATIONS1) In spite of fall in the value of share prices in the recent past, I would definitely recommend the investors to invest in these companies. Reason being the companies is financially very strong.

2) The current volatility in the market is due to Rupee appreciation, and U.S.slowdown but the companies have taken several measures to see that these two problems. They have diversified their business and also they have hedged against the rupee appreciation. So investment in these stocks would not lead to loss.

3) The recommendation would be to invest for a longer period of time. At least for 5 years as they would yield better returns.

4) As the intrinsic value of all the three stocks are lesser compared to their market price so the suggestion would be hold the stocks if they have bought or buy the shares as they will definitely give good returns in the future.

5) If a choice has to be made among the three then it would be better to choose Infosys as the option as it is fundamentally very strong company and it has got higher value in market currently and it will also give better returns in the future compared to other two stocks.

6) It is advisable for the investor to go through the fundamental of the companies before investing and avoid investing based on the market sentiments, as they would be misleading. Investing in a fundamentally strong company for longer period of time would be a worthy decision.

7) A better Strategy for any investor would be to invest in these companies and not to trade or speculate because share market is not a casino. And don’t panic if the values of shares are coming down, as it is only temporary.

BIBILOGRAPHY

Prasanna Chandra, “Equity Valuation: A bearing on shareholders”, Investment Analysis and portfolio Management”.



Punithavathy Pandian, “ Fundamental Analysis”, “Security Analysis and Portfolio Management”.

Jansen & Fischer, “ Indian Stock Market”, “ Security and Portfolio Management.

Fortune India, “IT stocks Paradise Lost”, Dec 31 2007

Capital Market, “ Testing times”, Jan 2008.

Web siteswww.tcs.comwww.infosys.comwww.wipro.comwww.moneyconrol.comwww.icicidirect.comwww.investopedia.com

ANNXEURE

Formulas of Ratios used

1) Current ratio = Current Assets


http://www.investopedia.com/

http://www.icicidirect.com/

http://www.moneyconrol.com/

http://www.wipro.com/

http://www.infosys.com/

http://www.tcs.com/


Current Liabilities

2) Debt Equity Ratio = Total Debt Net worth

3) Return on Equity = = Profit After Tax Net worth

4) Book Value per share = Shareholder’s fund price per share

5) Earning Per Share = Amount available to equity shareholders Number of Equity Share outstanding

6) Bonus Adjustment Factor = Capital before Bonus issue Capital After Bonus issue

7) Price Earning Ratio = Market Price of share Earning price per share

8) P/B ratio = market price per share Book value per shares

Growth rate for Two stage Model has been calculated using the following formula. It is calculated on the basis of market price of shares. Market prices of last 5 years have been used to know the growth and same has been applied in the calculation. The formula is

Po= D r-g

where D is dividend r- return on equity g- is the growth ratePo is the market price

Beta Calculation

Date Close return(x) Close(infy) return(y) x*x x*yClose Price

return (wit) x*y clo(tcs) Return Return(Y)

1-Apr-03 984.3 0 4059 0 0 0 1231.2 0 0 NA NA NA



2-Apr-03 999.4 1.5341 4133 1.82701 2.353 2.803 1277.3 3.7403 5.7379 NA NA NA3-Apr-03 1009.2 0.9756 4295 3.92359 0.952 3.828 1273.7 -0.278 -0.2712 NA NA NA4-Apr-03 1017 0.7729 4295 0.00815 0.597 0.006 1293.4 1.5427 1.1924 NA NA NA7-Apr-03 1031.5 1.4307 4383 2.04181 2.047 2.921 1293.6 0.0193 0.0277 NA NA NA8-Apr-03 1018.1 -1.299 4233 -3.4315 1.688 4.458 1253.5 -3.1 4.027 NA NA NA9-Apr-03 1004.9 -1.301 4152 -1.9031 1.694 2.477 1231.3 -1.775 2.3101 NA NA NA

10-Apr-03 962.2 -4.244 3050 -26.547 18.02 112.7 1007.4 -18.18 77.184 NA NA NA11-Apr-03 949.8 -1.289 2653 -12.998 1.661 16.75 935.2 -7.162 9.2302 NA NA NA15-Apr-03 951.2 0.1474 2860 7.77696 0.022 1.146 980.85 4.8813 0.7195 NA NA NA16-Apr-03 958.65 0.7832 3025 5.76284 0.613 4.514 957.1 -2.421 -1.8965 NA NA NA17-Apr-03 940.7 -1.872 2963 -2.0202 3.506 3.783 880.85 -7.967 14.917 NA NA NA21-Apr-03 947.2 0.691 2933 -1.0393 0.477 -0.72 911.7 3.5023 2.42 NA NA NA22-Apr-03 943.5 -0.391 2920 -0.4399 0.153 0.172 901.65 -1.102 0.4306 NA NA NA23-Apr-03 934.2 -0.986 2883 -1.257 0.972 1.239 914.25 1.3974 -1.3774 NA NA NA24-Apr-03 929.7 -0.482 2898 0.51509 0.232 -0.25 913.15 -0.12 0.058 NA NA NA25-Apr-03 924.3 -0.581 2910 0.41583 0.337 -0.24 886.4 -2.929 1.7015 NA NA NA28-Apr-03 929.5 0.5626 2893 -0.5859 0.317 -0.33 882.3 -0.463 -0.2602 NA NA NA29-Apr-03 932.3 0.3012 2867 -0.8815 0.091 -0.27 868.8 -1.53 -0.4609 NA NA NA30-Apr-03 934.05 0.1877 2787 -2.8162 0.035 -0.53 866.7 -0.242 -0.0454 NA NA NA2-May-03 938.3 0.455 2914 4.57906 0.207 2.084 868.5 0.2077 0.0945 NA NA NA5-May-03 945.4 0.7567 2946 1.10493 0.573 0.836 884.55 1.848 1.3984 NA NA NA6-May-03 951.85 0.6823 2982 1.20147 0.465 0.82 912.9 3.205 2.1866 NA NA NA7-May-03 950.15 -0.179 3024 1.39848 0.032 -0.25 919.85 0.7613 -0.136 NA NA NA8-May-03 941.55 -0.905 2976 -1.5776 0.819 1.428 903.35 -1.794 1.6236 NA NA NA9-May-03 937.85 -0.393 2926 -1.6668 0.154 0.655 890.05 -1.472 0.5786 NA NA NA

12-May-03 936 -0.197 2782 -4.9176 0.039 0.97 876.8 -1.489 0.2937 NA NA NA13-May-03 944.2 0.8761 2875 3.3174 0.767 2.906 901.6 2.8285 2.4779 NA NA NA14-May-03 952.15 0.842 2865 -0.32 0.709 -0.27 902.5 0.0998 0.084 NA NA NA15-May-03 959.85 0.8087 2884 0.63516 0.654 0.514 905.05 0.2825 0.2285 NA NA NA16-May-03 973.1 1.3804 2994 3.83028 1.906 5.287 941.45 4.0219 5.5519 NA NA NA19-May-03 966.55 -0.673 2791 -6.7901 0.453 4.57 903 -4.084 2.7491 NA NA NA20-May-03 971.55 0.5173 2854 2.25567 0.268 1.167 905.55 0.2824 0.1461 NA NA NA21-May-03 968 -0.365 2788 -2.2918 0.134 0.837 859.45 -5.091 1.8602 NA NA NA22-May-03 963.25 -0.491 2691 -3.5003 0.241 1.718 826 -3.892 1.9098 NA NA NA23-May-03 967.9 0.4827 2612 -2.9249 0.233 -1.41 823.05 -0.357 -0.1724 NA NA NA26-May-03 982.45 1.5033 2633 0.79824 2.26 1.2 811.05 -1.458 -2.1917 NA NA NA27-May-03 976.85 -0.57 2613 -0.7729 0.325 0.441 807.5 -0.438 0.2495 NA NA NA28-May-03 990.8 1.4281 2746 5.1177 2.039 7.308 839.8 4 5.7122 NA NA NA29-May-03 1002.6 1.191 2770 0.85209 1.418 1.015 824.85 -1.78 -2.1201 NA NA NA30-May-03 1006.8 0.4189 2674 -3.4445 0.175 -1.44 806.15 -2.267 -0.9497 NA NA NA

2-Jun-03 1015.2 0.8294 2811 5.10994 0.688 4.238 820.55 1.7863 1.4815 NA NA NA3-Jun-03 1010.7 -0.443 2726 -3.0293 0.197 1.343 827.5 0.847 -0.3755 NA NA NA4-Jun-03 1021.1 1.029 2764 1.40331 1.059 1.444 834.25 0.8157 0.8394 NA NA NA5-Jun-03 1035.1 1.3711 2860 3.46786 1.88 4.755 862.6 3.3983 4.6595 NA NA NA6-Jun-03 1046.4 1.0966 2949 3.11735 1.202 3.418 870.8 0.9506 1.0424 NA NA NA9-Jun-03 1052.1 0.5447 2969 0.66464 0.297 0.362 849.2 -2.48 -1.3512 NA NA NA

10-Jun-03 1037.8 -1.359 2875 -3.148 1.847 4.279 830.1 -2.249 3.057 NA NA NA11-Jun-03 1044.1 0.6071 2939 2.21731 0.369 1.346 831.35 0.1506 0.0914 NA NA NA12-Jun-03 1051.3 0.6896 2970 1.05654 0.476 0.729 839.6 0.9924 0.6843 NA NA NA



13-Jun-03 1056.2 0.4661 2971 0.04209 0.217 0.02 849.7 1.203 0.5607 NA NA NA16-Jun-03 1051.8 -0.417 2917 -1.8208 0.174 0.759 852.75 0.359 -0.1495 NA NA NA17-Jun-03 1082 2.8665 3093 6.01807 8.217 17.25 897.55 5.2536 15.059 NA NA NA18-Jun-03 1086.8 0.4436 3064 -0.9345 0.197 -0.41 924.75 3.0305 1.3444 NA NA NA19-Jun-03 1092.6 0.5337 3043 -0.6691 0.285 -0.36 909.15 -1.687 -0.9003 NA NA NA20-Jun-03 1100.3 0.7048 3054 0.36475 0.497 0.257 929.75 2.2659 1.5969 NA NA NA23-Jun-03 1089.2 -1.004 3095 1.32109 1.009 -1.33 913.25 -1.775 1.7823 NA NA NA24-Jun-03 1085.4 -0.353 3144 1.60761 0.125 -0.57 888.95 -2.661 0.9405 NA NA NA25-Jun-03 1106.7 1.9625 3141 -0.1145 3.851 -0.22 902.6 1.5355 3.0135 NA NA NA26-Jun-03 1116.4 0.8765 3239 3.12659 0.768 2.741 915.3 1.407 1.2333 NA NA NA27-Jun-03 1125.6 0.8241 3330 2.82031 0.679 2.324 935.3 2.1851 1.8008 NA NA NA30-Jun-03 1134.2 0.7641 3274 -1.692 0.584 -1.29 947.8 1.3365 1.0212 NA NA NA

1-Jul-03 1130.7 -0.304 3303 0.88882 0.093 -0.27 935.15 -1.335 0.406 NA NA NA2-Jul-03 1133.8 0.2742 3170 -4.0432 0.075 -1.11 912.55 -2.417 -0.6626 NA NA NA3-Jul-03 1144.7 0.957 3119 -1.6075 0.916 -1.54 907.8 -0.521 -0.4981 NA NA NA4-Jul-03 1138.5 -0.542 3096 -0.7231 0.293 0.392 901.75 -0.666 0.361 NA NA NA7-Jul-03 1140.6 0.1845 3095 -0.0275 0.034 -0.01 917.35 1.73 0.3191 NA NA NA8-Jul-03 1145.9 0.4691 3240 4.6879 0.22 2.199 938.1 2.262 1.061 NA NA NA9-Jul-03 1141.1 -0.423 3251 0.34102 0.179 -0.14 918.35 -2.105 0.8911 NA NA NA

10-Jul-03 1162.4 1.8667 3627 11.5475 3.485 21.56 1005.5 9.4898 17.715 NA NA NA11-Jul-03 1161.7 -0.06 3515 -3.084 0.004 0.186 953.7 -5.152 0.3102 NA NA NA14-Jul-03 1171.5 0.8479 3487 -0.7881 0.719 -0.67 968 1.4994 1.2714 NA NA NA15-Jul-03 1159.9 -0.994 3407 -2.2998 0.989 2.287 945.5 -2.324 2.3115 NA NA NA16-Jul-03 1168.8 0.7673 3446 1.13588 0.589 0.872 974.65 3.083 2.3657 NA NA NA17-Jul-03 1152 -1.433 3463 0.51223 2.054 -0.73 935.95 -3.971 5.6906 NA NA NA18-Jul-03 1140 -1.042 3389 -2.1381 1.085 2.227 916.65 -2.062 2.148 NA NA NA21-Jul-03 1115.8 -2.123 3291 -2.9003 4.506 6.157 885.1 -3.442 7.3064 NA NA NA22-Jul-03 1109.2 -0.592 3338 1.44027 0.35 -0.85 898.45 1.5083 -0.8922 NA NA NA23-Jul-03 1119.1 0.888 3431 2.78572 0.789 2.474 925.2 2.9773 2.644 NA NA NA24-Jul-03 1139.5 1.823 3461 0.85387 3.323 1.557 917.1 -0.875 -1.596 NA NA NA25-Jul-03 1162.8 2.0448 3517 1.6167 4.181 3.306 929.35 1.3357 2.7314 NA NA NA28-Jul-03 1169.2 0.5547 3527 0.28009 0.308 0.155 955.6 2.8246 1.5668 NA NA NA29-Jul-03 1174.8 0.4747 3586 1.67444 0.225 0.795 949.7 -0.617 -0.2931 NA NA NA30-Jul-03 1183 0.7023 3567 -0.5257 0.493 -0.37 941.15 -0.9 -0.6322 NA NA NA31-Jul-03 1185.9 0.2409 3602 0.9939 0.058 0.239 947.6 0.6853 0.1651 NA NA NA1-Aug-03 1195.8 0.8348 3777 4.84287 0.697 4.043 986.6 4.1157 3.4359 NA NA NA4-Aug-03 1203.6 0.6565 3742 -0.9056 0.431 -0.59 989.5 0.2939 0.193 NA NA NA5-Aug-03 1184.5 -1.591 3727 -0.4062 2.531 0.646 958.2 -3.163 5.0329 NA NA NA6-Aug-03 1171.1 -1.131 3505 -5.9535 1.28 6.735 921.75 -3.804 4.3036 NA NA NA7-Aug-03 1197 2.2117 3508 0.08558 4.892 0.189 934.15 1.3453 2.9753 NA NA NA8-Aug-03 1222.7 2.1471 3558 1.40522 4.61 3.017 959 2.6602 5.7117 NA NA NA

11-Aug-03 1232.9 0.8343 3482 -2.132 0.696 -1.78 945.9 -1.366 -1.1396 NA NA NA12-Aug-03 1234.8 0.1541 3409 -2.1024 0.024 -0.32 924.85 -2.225 -0.343 NA NA NA13-Aug-03 1246.9 0.984 3463 1.58863 0.968 1.563 927.25 0.2595 0.2554 NA NA NA14-Aug-03 1247.8 0.0682 3417 -1.3313 0.005 -0.09 912.8 -1.558 -0.1062 NA NA NA18-Aug-03 1281.4 2.6969 3490 2.14245 7.273 5.778 912.35 -0.049 -0.133 NA NA NA19-Aug-03 1277.7 -0.289 3492 0.06591 0.083 -0.02 924.8 1.3646 -0.394 NA NA NA20-Aug-03 1287.4 0.7592 3677 5.29473 0.576 4.02 951.65 2.9033 2.2041 NA NA NA21-Aug-03 1301 1.0525 3714 1.01712 1.108 1.071 981.45 3.1314 3.2958 NA NA NA



22-Aug-03 1311.2 0.784 3642 -1.9572 0.615 -1.53 973.1 -0.851 -0.667 NA NA NA25-Aug-03 1271.1 -3.055 3561 -2.2215 9.33 6.786 949.7 -2.405 7.3453 NA NA NA26-Aug-03 1318.2 3.7055 3717 4.39221 13.73 16.28 976.35 2.8061 10.398 NA NA NA27-Aug-03 1340.3 1.6765 3856 3.72856 2.811 6.251 1020.1 4.481 7.5125 NA NA NA28-Aug-03 1341.1 0.056 3899 1.11389 0.003 0.062 1069.9 4.8819 0.2732 NA NA NA29-Aug-03 1356.6 1.1558 3926 0.6938 1.336 0.802 1068.9 -0.098 -0.1134 NA NA NA1-Sep-03 1376 1.4301 3869 -1.4443 2.045 -2.07 1107.5 3.616 5.1713 NA NA NA2-Sep-03 1385.5 0.6904 3892 0.58669 0.477 0.405 1135.2 2.4966 1.7237 NA NA NA3-Sep-03 1359.4 -1.884 3814 -2.0106 3.549 3.788 1111.2 -2.114 3.983 NA NA NA4-Sep-03 1372.7 0.9821 4210 10.3852 0.964 10.2 1187.3 6.8533 6.7305 NA NA NA5-Sep-03 1398.4 1.8722 4198 -0.2827 3.505 -0.53 1246.1 4.9482 9.2641 NA NA NA8-Sep-03 1417.4 1.3551 4252 1.29951 1.836 1.761 1268 1.7576 2.3817 NA NA NA9-Sep-03 1407.1 -0.727 4478 5.31242 0.528 -3.86 1288.2 1.5971 -1.1606 NA NA NA

10-Sep-03 1409.6 0.1777 4303 -3.9056 0.032 -0.69 1266.5 -1.688 -0.3 NA NA NA11-Sep-03 1403.2 -0.454 4225 -1.83 0.206 0.831 1223.2 -3.415 1.5506 NA NA NA12-Sep-03 1372.1 -2.213 4162 -1.4842 4.897 3.284 1190.5 -2.677 5.9248 NA NA NA15-Sep-03 1329.3 -3.123 4039 -2.9482 9.753 9.207 1108.9 -6.855 21.406 NA NA NA16-Sep-03 1358 2.1591 4209 4.20509 4.662 9.079 1194.9 7.7558 16.746 NA NA NA17-Sep-03 1341.6 -1.204 4328 2.83084 1.45 -3.41 1191.8 -0.259 0.3124 NA NA NA18-Sep-03 1302.4 -2.926 4241 -2.0101 8.559 5.881 1131.6 -5.047 14.766 NA NA NA19-Sep-03 1322.2 1.5203 4320 1.85563 2.311 2.821 1150.2 1.6437 2.4989 NA NA NA22-Sep-03 1302.9 -1.456 4373 1.22805 2.12 -1.79 1129.7 -1.787 2.6013 NA NA NA23-Sep-03 1328.2 1.9418 4316 -1.3081 3.771 -2.54 1141.5 1.049 2.037 NA NA NA24-Sep-03 1372.1 3.3015 4509 4.48015 10.9 14.79 1197 4.862 16.052 NA NA NA25-Sep-03 1357.2 -1.082 4508 -0.0344 1.171 0.037 1179.4 -1.475 1.5959 NA NA NA26-Sep-03 1387 2.192 4552 0.97726 4.805 2.142 1245.6 5.6175 12.314 NA NA NA29-Sep-03 1400 0.9373 4474 -1.6939 0.879 -1.59 1243.6 -0.165 -0.1543 NA NA NA30-Sep-03 1417.1 1.225 4528 1.19791 1.501 1.467 1255.8 0.9811 1.2018 NA NA NA

1-Oct-03 1420.9 0.2646 4574 1.01258 0.07 0.268 1247.6 -0.653 -0.1728 NA NA NA3-Oct-03 1449.3 2.0023 4560 -0.3072 4.009 -0.62 1216.8 -2.469 -4.9434 NA NA NA6-Oct-03 1478.9 2.0424 4569 0.20615 4.171 0.421 1237.9 1.7341 3.5417 NA NA NA7-Oct-03 1477.9 -0.071 4474 -2.089 0.005 0.148 1232.1 -0.469 0.0333 NA NA NA8-Oct-03 1478.6 0.0507 4389 -1.8877 0.003 -0.1 1212.4 -1.599 -0.0811 NA NA NA9-Oct-03 1502.1 1.5893 4447 1.31568 2.526 2.091 1244.1 2.6148 4.1557 NA NA NA

10-Oct-03 1523.1 1.398 4630 4.10267 1.955 5.736 1347.2 8.2874 11.586 NA NA NA13-Oct-03 1546.8 1.5528 4748 2.55424 2.411 3.966 1371.8 1.8298 2.8412 NA NA NA14-Oct-03 1520.8 -1.678 4722 -0.5403 2.815 0.906 1334.5 -2.723 4.5679 NA NA NA15-Oct-03 1537 1.0652 4735 0.28165 1.135 0.3 1333.6 -0.067 -0.0718 NA NA NA16-Oct-03 1555.7 1.2167 4631 -2.2131 1.48 -2.69 1379.4 3.4382 4.1831 NA NA NA17-Oct-03 1569.5 0.8838 4735 2.2567 0.781 1.995 1419.4 2.8998 2.563 NA NA NA20-Oct-03 1542.7 -1.704 4623 -2.3716 2.905 4.042 1372.2 -3.329 5.6738 NA NA NA21-Oct-03 1506.5 -2.347 4552 -1.5348 5.506 3.601 1318.3 -3.928 9.2175 NA NA NA22-Oct-03 1494.1 -0.823 4513 -0.8601 0.677 0.708 1268.6 -3.766 3.1001 NA NA NA23-Oct-03 1470.5 -1.583 4418 -2.0974 2.506 3.32 1232.2 -2.873 4.548 NA NA NA24-Oct-03 1506.1 2.421 4554 3.08617 5.861 7.472 1284.8 4.273 10.345 NA NA NA25-Oct-03 1522 1.0557 4576 0.46548 1.115 0.491 1283.4 -0.109 -0.115 NA NA NA27-Oct-03 1485.3 -2.408 4447 -2.8204 5.799 6.792 1229.9 -4.169 10.038 NA NA NA28-Oct-03 1481.8 -0.239 4467 0.46103 0.057 -0.11 1252.8 1.8579 -0.444 NA NA NA29-Oct-03 1498.5 1.127 4570 2.31022 1.27 2.604 1258.7 0.471 0.5308 NA NA NA



30-Oct-03 1516.9 1.2279 4617 1.01306 1.508 1.244 1252.2 -0.516 -0.6341 NA NA NA31-Oct-03 1555.9 2.5744 4739 2.6448 6.628 6.809 1342.3 7.1956 18.525 NA NA NA3-Nov-03 1601.7 2.9404 4979 5.07629 8.646 14.93 1425.7 6.2134 18.27 NA NA NA4-Nov-03 1618.7 1.0645 5026 0.94793 1.133 1.009 1454.2 2.0026 2.1318 NA NA NA5-Nov-03 1609.2 -0.59 4994 -0.6545 0.348 0.386 1419.9 -2.359 1.3916 NA NA NA6-Nov-03 1612.2 0.1895 5075 1.63911 0.036 0.311 1449.7 2.0952 0.3971 NA NA NA7-Nov-03 1592.1 -1.25 4982 -1.8363 1.562 2.295 1429.4 -1.4 1.7502 NA NA NA

10-Nov-03 1594.5 0.1539 4936 -0.9203 0.024 -0.14 1420.5 -0.623 -0.0958 NA NA NA11-Nov-03 1601.2 0.4171 4923 -0.2644 0.174 -0.11 1437.6 1.2074 0.5035 NA NA NA12-Nov-03 1603.8 0.1655 4868 -1.1171 0.027 -0.18 1458.8 1.4747 0.2441 NA NA NA13-Nov-03 1580 -1.487 4747 -2.4885 2.211 3.701 1425 -2.32 3.4507 NA NA NA14-Nov-03 1550.5 -1.867 4626 -2.5542 3.486 4.769 1415.1 -0.695 1.2972 NA NA NA15-Nov-03 1562.8 0.7965 4622 -0.0897 0.634 -0.07 1413.7 -0.095 -0.076 NA NA NA17-Nov-03 1579.9 1.0942 4624 0.0476 1.197 0.052 1444.7 2.1893 2.3955 NA NA NA18-Nov-03 1564.4 -0.981 4613 -0.2379 0.963 0.233 1414.3 -2.101 2.0611 NA NA NA19-Nov-03 1540.6 -1.521 4662 1.05898 2.315 -1.61 1414.4 0.0071 -0.0108 NA NA NA20-Nov-03 1522.3 -1.188 4622 -0.857 1.411 1.018 1402.5 -0.845 1.0036 NA NA NA21-Nov-03 1540.7 1.2087 4671 1.07316 1.461 1.297 1444.8 3.0197 3.6499 NA NA NA24-Nov-03 1543.9 0.2077 4626 -0.9719 0.043 -0.2 1444 -0.055 -0.0115 NA NA NA25-Nov-03 1568.7 1.6031 4733 2.31515 2.57 3.711 1450.4 0.4398 0.705 NA NA NA27-Nov-03 1598.4 1.8933 4928 4.1241 3.585 7.808 1515.5 4.4886 8.4984 NA NA NA28-Nov-03 1615.3 1.0573 4926 -0.0487 1.118 -0.05 1538 1.4847 1.5698 NA NA NA1-Dec-03 1657.7 2.625 5163 4.81836 6.891 12.65 1615.3 5.0262 13.194 NA NA NA2-Dec-03 1658.5 0.0513 5138 -0.4881 0.003 -0.03 1565 -3.111 -0.1595 NA NA NA3-Dec-03 1670.5 0.7235 5094 -0.8515 0.524 -0.62 1583.2 1.1597 0.8391 NA NA NA4-Dec-03 1675.2 0.2814 5062 -0.6399 0.079 -0.18 1570 -0.834 -0.2346 NA NA NA5-Dec-03 1645.8 -1.755 4911 -2.9871 3.08 5.242 1508.6 -3.911 6.8638 NA NA NA8-Dec-03 1646.3 0.0273 4906 -0.1018 7E-04 -0 1526.2 1.1667 0.0319 NA NA NA9-Dec-03 1675.9 1.798 4979 1.50646 3.233 2.709 1548.6 1.4677 2.639 NA NA NA

10-Dec-03 1686.9 0.6594 4967 -0.2561 0.435 -0.17 1591.5 2.7703 1.8267 NA NA NA11-Dec-03 1695.4 0.5039 4978 0.22349 0.254 0.113 1635.8 2.7836 1.4026 NA NA NA12-Dec-03 1698.9 0.2064 5032 1.09084 0.043 0.225 1609.4 -1.611 -0.3326 NA NA NA15-Dec-03 1724 1.4745 5139 2.12834 2.174 3.138 1666.8 3.5634 5.2542 NA NA NA16-Dec-03 1736.3 0.7135 5229 1.74443 0.509 1.245 1685.8 1.1399 0.8133 NA NA NA17-Dec-03 1733.3 -0.173 5122 -2.0454 0.03 0.353 1660.7 -1.489 0.2573 NA NA NA18-Dec-03 1756.1 1.3183 5129 0.13569 1.738 0.179 1681.9 1.2766 1.683 NA NA NA19-Dec-03 1778.6 1.2784 5261 2.5727 1.634 3.289 1705.8 1.4211 1.8167 NA NA NA22-Dec-03 1789.2 0.596 5323 1.18803 0.355 0.708 1681.2 -1.442 -0.8595 NA NA NA23-Dec-03 1780.3 -0.495 5452 2.41486 0.245 -1.19 1656.5 -1.466 0.7253 NA NA NA24-Dec-03 1808.7 1.5952 5424 -0.5136 2.545 -0.82 1720.5 3.8636 6.1633 NA NA NA26-Dec-03 1837.1 1.5674 5395 -0.5264 2.457 -0.83 1713.8 -0.389 -0.6104 NA NA NA29-Dec-03 1874.1 2.0141 5499 1.91278 4.057 3.853 1753.6 2.3223 4.6774 NA NA NA30-Dec-03 1873.3 -0.043 5536 0.68291 0.002 -0.03 1757.7 0.231 -0.0099 NA NA NA31-Dec-03 1879.8 0.347 5565 0.51752 0.12 0.18 1736.1 -1.229 -0.4264 NA NA NA

1-Jan-04 1912.3 1.729 5636 1.28758 2.989 2.226 1760.9 1.4314 2.4748 NA NA NA2-Jan-04 1946.1 1.7676 5667 0.54024 3.124 0.955 1762.3 0.0795 0.1405 NA NA NA5-Jan-04 1955 0.4599 5887 3.8805 0.212 1.785 1740.8 -1.223 -0.5624 NA NA NA6-Jan-04 1926.7 -1.448 5685 -3.4264 2.095 4.96 1692.5 -2.772 4.0124 NA NA NA7-Jan-04 1916.8 -0.516 5693 0.14424 0.267 -0.07 1695.6 0.1802 -0.0931 NA NA NA



8-Jan-04 1968.6 2.7025 5848 2.72079 7.303 7.353 1735.8 2.3709 6.4074 NA NA NA9-Jan-04 1971.9 0.1702 5821 -0.4702 0.029 -0.08 1756.7 1.2041 0.2049 NA NA NA

12-Jan-04 1945.6 -1.334 5720 -1.7258 1.779 2.302 1737.2 -1.11 1.4805 NA NA NA13-Jan-04 1963.6 0.9252 5794 1.28406 0.856 1.188 1748.3 0.6419 0.5938 NA NA NA14-Jan-04 1982.2 0.9447 5706 -1.5206 0.892 -1.44 1759.4 0.6349 0.5998 NA NA NA15-Jan-04 1944.5 -1.902 5561 -2.5248 3.618 4.802 1704.2 -3.137 5.9673 NA NA NA16-Jan-04 1900.7 -2.253 5524 -0.6752 5.074 1.521 1699.5 -0.276 0.6212 NA NA NA19-Jan-04 1935.4 1.8257 5503 -0.3856 3.333 -0.7 1734.7 2.0683 3.776 NA NA NA20-Jan-04 1893.3 -2.175 5411 -1.6728 4.732 3.639 1717.9 -0.968 2.1068 NA NA NA21-Jan-04 1824.6 -3.626 5396 -0.2689 13.15 0.975 1656.9 -3.548 12.865 NA NA NA22-Jan-04 1770.5 -2.965 5174 -4.1105 8.791 12.19 1639 -1.08 3.2032 NA NA NA23-Jan-04 1847.6 4.3519 5461 5.54772 18.94 24.14 1720 4.939 21.494 NA NA NA27-Jan-04 1904.7 3.0933 5561 1.83474 9.568 5.675 1731.2 0.6512 2.0143 NA NA NA28-Jan-04 1863.1 -2.184 5417 -2.5893 4.77 5.655 1648.1 -4.797 10.478 NA NA NA29-Jan-04 1843.6 -1.047 5253 -3.0337 1.095 3.175 1573.8 -4.508 4.7185 NA NA NA30-Jan-04 1809.8 -1.836 5213 -0.7672 3.371 1.409 1558.8 -0.953 1.75 NA NA NA3-Feb-04 1769 -2.252 5198 -0.2897 5.07 0.652 1525.5 -2.139 4.8174 NA NA NA4-Feb-04 1822.2 3.0073 5360 3.12061 9.044 9.385 1517.2 -0.541 -1.6264 NA NA NA5-Feb-04 1804.5 -0.971 5439 1.48417 0.944 -1.44 1499 -1.2 1.1652 NA NA NA6-Feb-04 1833.7 1.6154 5559 2.18956 2.61 3.537 1555.7 3.7825 6.1103 NA NA NA9-Feb-04 1880.7 2.5659 5650 1.65331 6.584 4.242 1625.4 4.4771 11.488 NA NA NA

10-Feb-04 1880.8 0.0027 5508 -2.5219 ##### -0.01 1598.1 -1.68 -0.0045 NA NA NA11-Feb-04 1891.5 0.5716 5471 -0.6636 0.327 -0.38 1608.9 0.679 0.3881 NA NA NA12-Feb-04 1885.3 -0.328 5353 -2.1612 0.107 0.708 1577.4 -1.961 0.6428 NA NA NA13-Feb-04 1913.6 1.5011 5376 0.43059 2.253 0.646 1625.6 3.0558 4.587 NA NA NA16-Feb-04 1913.6 -0.003 5356 -0.3757 ##### 1E-03 1616.8 -0.538 0.0014 NA NA NA17-Feb-04 1920.1 0.3423 5398 0.78417 0.117 0.268 1608.5 -0.516 -0.1768 NA NA NA18-Feb-04 1916.5 -0.19 5351 -0.8633 0.036 0.164 1590.6 -1.11 0.211 NA NA NA19-Feb-04 1858.3 -3.034 5106 -4.5801 9.207 13.9 1511 -5.004 15.185 NA NA NA20-Feb-04 1852.7 -0.304 5065 -0.8059 0.092 0.245 1503.9 -0.47 0.1429 NA NA NA23-Feb-04 1808.2 -2.399 5083 0.35043 5.756 -0.84 1468.4 -2.361 5.6635 NA NA NA24-Feb-04 1821.4 0.7272 5044 -0.7683 0.529 -0.56 1467.1 -0.092 -0.0669 NA NA NA25-Feb-04 1786.8 -1.897 4967 -1.5167 3.598 2.877 1442.5 -1.673 3.1744 NA NA NA26-Feb-04 1765.8 -1.175 4885 -1.6558 1.381 1.946 1418.8 -1.643 1.931 NA NA NA27-Feb-04 1800.3 1.9538 5062 3.63043 3.817 7.093 1454.6 2.5197 4.923 NA NA NA

1-Mar-04 1852.7 2.9106 5319 5.07462 8.472 14.77 1498.1 2.9941 8.7146 NA NA NA3-Mar-04 1860.4 0.4156 5185 -2.5257 0.173 -1.05 1508 0.6608 0.2747 NA NA NA4-Mar-04 1843.9 -0.89 5285 1.92864 0.791 -1.72 1514.8 0.4509 -0.4011 NA NA NA5-Mar-04 1867.7 1.2935 5249 -0.6868 1.673 -0.89 1488.8 -1.72 -2.2244 NA NA NA8-Mar-04 1885.3 0.9397 5111 -2.6321 0.883 -2.47 1442.7 -3.093 -2.9066 NA NA NA9-Mar-04 1866.1 -1.018 4985 -2.4586 1.037 2.504 1429.1 -0.943 0.9601 NA NA NA

10-Mar-04 1844.4 -1.163 4902 -1.658 1.352 1.928 1461.6 2.2742 -2.6446 NA NA NA11-Mar-04 1805.4 -2.112 4856 -0.9516 4.46 2.01 1437.6 -1.645 3.475 NA NA NA12-Mar-04 1812.2 0.3766 5037 3.73589 0.142 1.407 1469.8 2.2434 0.845 NA NA NA15-Mar-04 1763.4 -2.693 4940 -1.9168 7.251 5.162 1424.5 -3.085 8.3087 NA NA NA16-Mar-04 1749.4 -0.797 4942 0.03947 0.635 -0.03 1458.2 2.3658 -1.885 NA NA NA17-Mar-04 1749.9 0.0286 5043 2.03241 8E-04 0.058 1468.1 0.6789 0.0194 NA NA NA18-Mar-04 1716.7 -1.897 4937 -2.095 3.6 3.975 1424.7 -2.956 5.609 NA NA NA19-Mar-04 1725.1 0.4922 5189 5.10411 0.242 2.512 1436.5 0.8283 0.4077 NA NA NA



22-Mar-04 1685 -2.325 5076 -2.1892 5.403 5.089 1382.1 -3.784 8.7951 NA NA NA23-Mar-04 1696.4 0.6766 5170 1.852 0.458 1.253 1401.3 1.3856 0.9374 NA NA NA24-Mar-04 1692.1 -0.253 5048 -2.3619 0.064 0.599 1382.2 -1.36 0.3446 NA NA NA25-Mar-04 1704.5 0.7299 5167 2.36751 0.533 1.728 1384.6 0.17 0.1241 NA NA NA26-Mar-04 1747.5 2.5257 5310 2.75789 6.379 6.966 1427.7 3.1165 7.8716 NA NA NA29-Mar-04 1762.1 0.8326 5213 -1.8175 0.693 -1.51 1411.7 -1.121 -0.9331 NA NA NA30-Mar-04 1750.2 -0.675 5038 -3.3503 0.456 2.263 1377.7 -2.408 1.6265 NA NA NA31-Mar-04 1771.9 1.2428 4938 -1.9878 1.544 -2.47 1361.2 -1.198 -1.4884 NA NA NA

1-Apr-04 1819.7 2.6948 5111 3.49925 7.262 9.43 1368.8 0.5547 1.4947 NA NA NA2-Apr-04 1841.1 1.1788 5000 -2.1718 1.39 -2.56 1349.5 -1.41 -1.6622 NA NA NA5-Apr-04 1856.6 0.8419 5174 3.488 0.709 2.937 1392.9 3.2198 2.7107 NA NA NA6-Apr-04 1851.2 -0.294 5313 2.67664 0.086 -0.79 1409.3 1.1774 -0.3456 NA NA NA7-Apr-04 1848.7 -0.132 5325 0.23339 0.018 -0.03 1417.2 0.5606 -0.0742 NA NA NA8-Apr-04 1853.6 0.2623 5312 -0.2479 0.069 -0.07 1463.9 3.2952 0.8645 NA NA NA

12-Apr-04 1838.2 -0.828 5143 -3.1786 0.686 2.632 1451.8 -0.827 0.6845 NA NA NA13-Apr-04 1878.5 2.1896 5494 6.81476 4.795 14.92 1607.1 10.697 23.423 NA NA NA15-Apr-04 1862 -0.878 5336 -2.8642 0.772 2.516 1599 -0.504 0.4427 NA NA NA16-Apr-04 1869 0.3759 5390 1.00161 0.141 0.377 1626.2 1.6979 0.6383 NA NA NA17-Apr-04 1868.1 -0.045 5394 0.0705 0.002 -0 1619.3 -0.424 0.0193 NA NA NA19-Apr-04 1844.1 -1.287 5361 -0.6063 1.657 0.781 1594.4 -1.535 1.9757 NA NA NA20-Apr-04 1844.3 0.0108 5381 0.37866 1E-04 0.004 1606.7 0.7715 0.0084 NA NA NA21-Apr-04 1873.4 1.5779 5426 0.8223 2.49 1.297 1597.3 -0.588 -0.928 NA NA NA22-Apr-04 1889.6 0.8648 5386 -0.7317 0.748 -0.63 1612.8 0.9735 0.8419 NA NA NA23-Apr-04 1892.5 0.1535 5307 -1.4603 0.024 -0.22 1593.5 -1.197 -0.1837 NA NA NA27-Apr-04 1817.3 -3.974 5136 -3.2315 15.79 12.84 1531.3 -3.906 15.523 NA NA NA28-Apr-04 1816.6 -0.039 5102 -0.6504 0.001 0.025 1521.6 -0.633 0.0244 NA NA NA29-Apr-04 1809 -0.418 5039 -1.2445 0.175 0.521 1534.3 0.838 -0.3506 NA NA NA30-Apr-04 1796.1 -0.71 5146 2.13148 0.505 -1.51 1545.2 0.7104 -0.5047 NA NA NA3-May-04 1766.7 -1.637 5185 0.74716 2.679 -1.22 1554.8 0.618 -1.0117 NA NA NA4-May-04 1793.1 1.4943 5220 0.68183 2.233 1.019 1591.4 2.3573 3.5225 NA NA NA5-May-04 1809.9 0.9369 5261 0.78449 0.878 0.735 1605.8 0.9017 0.8448 NA NA NA6-May-04 1832.8 1.2653 5297 0.69095 1.601 0.874 1591.6 -0.881 -1.115 NA NA NA7-May-04 1804.5 -1.547 5219 -1.4706 2.393 2.275 1549.8 -2.629 4.0672 NA NA NA

10-May-04 1769.1 -1.959 5125 -1.7991 3.838 3.524 1535.1 -0.949 1.8582 NA NA NA11-May-04 1699.5 -3.937 5046 -1.5482 15.5 6.095 1506.5 -1.86 7.3224 NA NA NA12-May-04 1711.1 0.6855 5083 0.73819 0.47 0.506 1528.3 1.4471 0.992 NA NA NA13-May-04 1717.5 0.374 5194 2.1718 0.14 0.812 1595.7 4.4069 1.6483 NA NA NA14-May-04 1582.4 -7.866 5090 -2.0024 61.88 15.75 1545.6 -3.137 24.673 NA NA NA17-May-04 1388.8 -12.24 4519 -11.218 149.8 137.3 1243.1 -19.57 239.55 NA NA NA18-May-04 1504 8.2952 4881 8.0143 68.81 66.48 1539.3 23.828 197.66 NA NA NA19-May-04 1567.9 4.2488 4973 1.87873 18.05 7.982 1521.6 -1.15 -4.8858 NA NA NA20-May-04 1543.9 -1.531 4928 -0.8989 2.343 1.376 1474.7 -3.079 4.7134 NA NA NA21-May-04 1560.2 1.059 4910 -0.3622 1.122 -0.38 1511.7 2.5056 2.6535 NA NA NA24-May-04 1608.9 3.1182 5319 8.32264 9.723 25.95 1610.1 6.5128 20.308 NA NA NA25-May-04 1606.7 -0.134 5356 0.69659 0.018 -0.09 1620 0.6118 -0.0818 NA NA NA26-May-04 1598.8 -0.492 5284 -1.3406 0.242 0.659 1589 -1.914 0.9409 NA NA NA27-May-04 1586.4 -0.776 5298 0.26022 0.602 -0.2 1605.5 1.0384 -0.8054 NA NA NA28-May-04 1508.8 -4.895 5058 -4.5302 23.96 22.17 1503.7 -6.341 31.037 NA NA NA31-May-04 1483.6 -1.667 5201 2.83031 2.779 -4.72 1523.7 1.3334 -2.2227 NA NA NA



1-Jun-04 1507.9 1.6379 5288 1.66606 2.683 2.729 1526.6 0.187 0.3064 NA NA NA2-Jun-04 1535.2 1.8105 5338 0.94467 3.278 1.71 1529.2 0.1736 0.3143 NA NA NA3-Jun-04 1495.1 -2.612 5241 -1.7995 6.823 4.7 1459.8 -4.542 11.863 NA NA NA4-Jun-04 1521.1 1.739 5217 -0.4598 3.024 -0.8 1504.9 3.0896 5.3728 NA NA NA7-Jun-04 1542.6 1.4102 5207 -0.1907 1.989 -0.27 1485.5 -1.286 -1.8132 NA NA NA8-Jun-04 1550.6 0.5186 5178 -0.5655 0.269 -0.29 1495.4 0.6631 0.3439 NA NA NA9-Jun-04 1548.3 -0.145 5222 0.85072 0.021 -0.12 1495 -0.023 0.0034 NA NA NA

10-Jun-04 1544.8 -0.229 5273 0.97951 0.053 -0.22 1523.6 1.9097 -0.4379 NA NA NA11-Jun-04 1508.5 -2.35 5111 -3.0826 5.522 7.244 1479.8 -2.875 6.7556 NA NA NA14-Jun-04 1481.4 -1.797 4994 -2.2815 3.228 4.099 1443.7 -2.44 4.3829 NA NA NA15-Jun-04 1501 1.3265 5082 1.76512 1.76 2.341 1487.2 3.0132 3.997 NA NA NA16-Jun-04 1494.8 -0.416 5146 1.25636 0.173 -0.52 1483.4 -0.252 0.105 NA NA NA17-Jun-04 1512.1 1.1574 5200 1.04061 1.34 1.204 1504.1 1.3954 1.6151 NA NA NA18-Jun-04 1491.2 -1.379 5265 1.24915 1.901 -1.72 1515 0.7247 -0.9993 NA NA NA21-Jun-04 1482 -0.617 5351 1.64973 0.381 -1.02 1568.1 3.5017 -2.1604 NA NA NA22-Jun-04 1474.7 -0.493 5375 0.45035 0.243 -0.22 1557.6 -0.67 0.3298 NA NA NA23-Jun-04 1446.1 -1.939 5323 -0.9683 3.761 1.878 1535.6 -1.409 2.7331 NA NA NA24-Jun-04 1470.8 1.7046 5409 1.61081 2.906 2.746 1588.1 3.4189 5.8277 NA NA NA25-Jun-04 1488.5 1.2069 5484 1.38192 1.457 1.668 533.25 -66.42 -80.163 NA NA NA28-Jun-04 1514.4 1.7366 5598 2.07881 3.016 3.61 556.15 4.2944 7.4579 NA NA NA29-Jun-04 1518.3 0.2608 5587 -0.2001 0.068 -0.05 541.65 -2.607 -0.6801 NA NA NA30-Jun-04 1505.6 -0.836 5524 -1.1205 0.7 0.937 532.1 -1.763 1.4748 NA NA NA

1-Jul-04 1537.2 2.0988 1409 -74.497 4.405 -156 535.75 0.686 1.4397 NA NA NA2-Jul-04 1537.5 0.0195 1423 1.03279 4E-04 0.02 527.7 -1.503 -0.0293 NA NA NA5-Jul-04 1526.9 -0.693 1429 0.42857 0.48 -0.3 523.25 -0.843 0.5841 NA NA NA6-Jul-04 1558.3 2.0565 1427 -0.2064 4.229 -0.42 532.15 1.7009 3.498 NA NA NA7-Jul-04 1566.8 0.5487 1392 -2.387 0.301 -1.31 516.15 -3.007 -1.6497 NA NA NA8-Jul-04 1518.2 -3.105 1352 -2.887 9.641 8.964 500.55 -3.022 9.3846 NA NA NA9-Jul-04 1553.2 2.3087 1383 2.23701 5.33 5.165 499.85 -0.14 -0.3229 NA NA NA

12-Jul-04 1557 0.2414 1376 -0.4593 0.058 -0.11 498.6 -0.25 -0.0604 NA NA NA13-Jul-04 1539.3 -1.134 1403 1.93293 1.285 -2.19 496.25 -0.471 0.5343 NA NA NA14-Jul-04 1522.8 -1.075 1421 1.28676 1.156 -1.38 511.8 3.1335 -3.369 NA NA NA15-Jul-04 1539.4 1.0934 1443 1.59417 1.196 1.743 525.15 2.6084 2.8521 NA NA NA16-Jul-04 1558.8 1.2602 1478 2.37625 1.588 2.995 525.8 0.1238 0.156 NA NA NA19-Jul-04 1571.6 0.8211 1478 0.03384 0.674 0.028 528.6 0.5325 0.4373 NA NA NA20-Jul-04 1566.1 -0.35 1448 -2.0599 0.122 0.721 519.8 -1.665 0.5826 NA NA NA21-Jul-04 1581.4 0.9769 1437 -0.7252 0.954 -0.71 524.55 0.9138 0.8927 NA NA NA22-Jul-04 1598.1 1.056 1443 0.3757 1.115 0.397 524.05 -0.095 -0.1007 NA NA NA23-Jul-04 1601.6 0.219 1455 0.86297 0.048 0.189 529.95 1.1258 0.2466 NA NA NA26-Jul-04 1618 1.024 1460 0.30237 1.049 0.31 523.75 -1.17 -1.198 NA NA NA27-Jul-04 1600.8 -1.066 1479 1.35316 1.137 -1.44 519.6 -0.792 0.8448 NA NA NA28-Jul-04 1594.2 -0.412 1508 1.96039 0.17 -0.81 526.75 1.3761 -0.5674 NA NA NA29-Jul-04 1618.7 1.54 1536 1.80998 2.372 2.787 541.45 2.7907 4.2977 NA NA NA30-Jul-04 1632.3 0.8402 1554 1.16567 0.706 0.979 546.85 0.9973 0.8379 NA NA NA2-Aug-04 1639.1 0.4135 1556 0.16093 0.171 0.067 540.8 -1.106 -0.4575 NA NA NA3-Aug-04 1630.6 -0.516 1577 1.34319 0.266 -0.69 537.9 -0.536 0.2765 NA NA NA4-Aug-04 1626.6 -0.248 1548 -1.8264 0.062 0.454 531.55 -1.181 0.2932 NA NA NA5-Aug-04 1655 1.746 1558 0.62657 3.049 1.094 564.7 6.2365 10.889 NA NA NA6-Aug-04 1633.4 -1.302 1527 -1.99 1.696 2.591 551.15 -2.4 3.1245 NA NA NA



9-Aug-04 1642.6 0.5632 1534 0.48795 0.317 0.275 557.9 1.2247 0.6898 NA NA NA10-Aug-04 1652.2 0.5814 1525 -0.5964 0.338 -0.35 561.45 0.6363 0.37 NA NA NA11-Aug-04 1621.6 -1.849 1504 -1.377 3.419 2.546 556.85 -0.819 1.515 NA NA NA12-Aug-04 1607.2 -0.888 1499 -0.3623 0.789 0.322 543.55 -2.388 2.121 NA NA NA13-Aug-04 1598.2 -0.56 1480 -1.2545 0.314 0.702 534.4 -1.683 0.9427 NA NA NA16-Aug-04 1599.2 0.0594 1487 0.49667 0.004 0.03 540.25 1.0947 0.0651 NA NA NA17-Aug-04 1604.4 0.3252 1483 -0.316 0.106 -0.1 546.2 1.1013 0.3581 NA NA NA18-Aug-04 1581.8 -1.406 1487 0.29005 1.976 -0.41 546.25 0.0092 -0.0129 NA NA NA19-Aug-04 1609.2 1.7322 1537 3.35956 3.001 5.819 560.35 2.5812 4.4712 NA NA NA20-Aug-04 1590.4 -1.171 1547 0.65398 1.372 -0.77 564.5 0.7406 -0.8675 NA NA NA23-Aug-04 1578.2 -0.764 1560 0.82428 0.584 -0.63 564.25 -0.044 0.0338 NA NA NA24-Aug-04 1591.6 0.8491 1556 -0.234 0.721 -0.2 576.95 2.2508 1.9111 NA NA NA25-Aug-04 1595.7 0.2576 1535 -1.3401 0.066 -0.35 565.15 -2.045 -0.5269 988 0 026-Aug-04 1610.8 0.9432 1546 0.68402 0.89 0.645 574.25 1.6102 1.5187 979 -0.906 -0.8527-Aug-04 1609 -0.109 1565 1.27786 0.012 -0.14 568.5 -1.001 0.1088 962.7 -1.67 0.1830-Aug-04 1628.5 1.2088 1577 0.77621 1.461 0.938 580.15 2.0493 2.4772 986.8 2.504 3.0331-Aug-04 1631.8 0.2026 1576 -0.1236 0.041 -0.03 578.5 -0.284 -0.0576 998 1.14 0.231-Sep-04 1635.5 0.2268 1581 0.36179 0.051 0.082 576.2 -0.398 -0.0902 997 -0.1 -0.022-Sep-04 1629.3 -0.376 1603 1.35656 0.141 -0.51 578.2 0.3471 -0.1305 993 -0.401 0.153-Sep-04 1634.1 0.2946 1607 0.24647 0.087 0.073 581.5 0.5707 0.1681 988 -0.504 -0.156-Sep-04 1644 0.6058 1608 0.08092 0.367 0.049 584 0.4299 0.2605 977 -1.113 -0.677-Sep-04 1650.2 0.3741 1615 0.46645 0.14 0.174 592.2 1.4041 0.5253 987 1.024 0.388-Sep-04 1656.3 0.3697 1625 0.59428 0.137 0.22 590.05 -0.363 -0.1342 922 -6.586 -2.439-Sep-04 1649 -0.438 1623 -0.1446 0.192 0.063 590.05 0 0 975 5.748 -2.52

10-Sep-04 1668.8 1.1977 1654 1.93511 1.434 2.318 591.25 0.2034 0.2436 988 1.333 1.613-Sep-04 1675.2 0.3865 1676 1.31798 0.149 0.509 589.4 -0.313 -0.1209 983 -0.506 -0.214-Sep-04 1685.6 0.6178 1701 1.5067 0.382 0.931 600.9 1.9511 1.2055 1005 2.238 1.3815-Sep-04 1683.2 -0.139 1701 -0.0059 0.019 8E-04 589.15 -1.955 0.2726 1021 1.592 -0.2216-Sep-04 1705.7 1.3367 1695 -0.3557 1.787 -0.48 590.45 0.2207 0.295 1004 -1.665 -2.2317-Sep-04 1733.7 1.6386 1690 -0.3097 2.685 -0.51 592.5 0.3472 0.5689 1022 1.793 2.9420-Sep-04 1728.8 -0.28 1658 -1.9057 0.078 0.533 580.9 -1.958 0.5477 1028 0.587 -0.1621-Sep-04 1750.2 1.2379 1676 1.12519 1.532 1.393 599.25 3.1589 3.9102 1026 -0.195 -0.2422-Sep-04 1753.9 0.2114 1664 -0.7547 0.045 -0.16 606.15 1.1514 0.2434 1218 18.71 3.9623-Sep-04 1726.2 -1.582 1630 -1.9958 2.503 3.158 593.15 -2.145 3.3933 1006 -17.4 27.524-Sep-04 1722.5 -0.211 1614 -1.0029 0.045 0.212 582.75 -1.753 0.3708 1008 0.234 -0.0527-Sep-04 1717.5 -0.29 1640 1.59546 0.084 -0.46 577 -0.987 0.2864 1025 1.592 -0.4628-Sep-04 1700.3 -1.004 1612 -1.6954 1.009 1.703 571.05 -1.031 1.0357 1023 -0.156 0.1629-Sep-04 1728 1.6292 1640 1.73708 2.654 2.83 584.05 2.2765 3.7088 1046 2.239 3.6530-Sep-04 1745.5 1.0157 1696 3.39045 1.032 3.444 596.8 2.183 2.2172 1052 0.598 0.61

1-Oct-04 1775.2 1.6987 1703 0.45709 2.885 0.776 604.45 1.2818 2.1774 1030 -2.072 -3.524-Oct-04 1805.7 1.7182 1728 1.44723 2.952 2.487 628 3.8961 6.6941 1029 -0.141 -0.245-Oct-04 1812.5 0.3766 1721 -0.4283 0.142 -0.16 637.15 1.457 0.5487 1021 -0.782 -0.296-Oct-04 1794.9 -0.968 1686 -2.0139 0.938 1.95 622 -2.378 2.3024 1016 -0.509 0.497-Oct-04 1815.7 1.1588 1706 1.16558 1.343 1.351 632.45 1.6801 1.9469 1031 1.521 1.768-Oct-04 1820.2 0.2478 1708 0.14952 0.061 0.037 637.9 0.8617 0.2136 1027 -0.378 -0.099-Oct-04 1817.8 -0.132 1699 -0.5094 0.017 0.067 636.7 -0.188 0.0248 1048 2.006 -0.26

11-Oct-04 1807.8 -0.553 1687 -0.7532 0.306 0.416 631.2 -0.864 0.4776 1077 2.749 -1.5212-Oct-04 1786.9 -1.153 1711 1.47046 1.33 -1.7 627.7 -0.554 0.6395 1081 0.39 -0.4514-Oct-04 1794.8 0.4393 1815 6.02741 0.193 2.648 659.85 5.1219 2.2501 1082 0.083 0.04



15-Oct-04 1795 0.0139 1787 -1.5293 2E-04 -0.02 649.65 -1.546 -0.0215 1097 1.433 0.0218-Oct-04 1786 -0.501 1761 -1.43 0.251 0.717 637.9 -1.809 0.9069 1098 0.087 -0.0419-Oct-04 1808.4 1.2542 1768 0.37758 1.573 0.474 651.95 2.2025 2.7624 1101 0.237 0.320-Oct-04 1790.1 -1.015 1759 -0.5119 1.03 0.519 646.8 -0.79 0.8016 1089 -1.031 1.0521-Oct-04 1779.8 -0.575 1780 1.19115 0.331 -0.69 641.1 -0.881 0.5071 1084 -0.445 0.2625-Oct-04 1757.3 -1.264 1820 2.27841 1.598 -2.88 634.3 -1.061 1.3409 1116 2.928 -3.726-Oct-04 1781.1 1.3544 1861 2.2359 1.834 3.028 638.8 0.7094 0.9609 1126 0.878 1.1927-Oct-04 1783.9 0.1572 1868 0.36539 0.025 0.057 641.7 0.454 0.0714 1137 0.999 0.1628-Oct-04 1800.1 0.911 1949 4.33665 0.83 3.95 658.8 2.6648 2.4275 1143 0.523 0.4829-Oct-04 1786.9 -0.733 1906 -2.1783 0.538 1.597 657.5 -0.197 0.1447 1133 -0.87 0.641-Nov-04 1797.8 0.6072 1946 2.08251 0.369 1.264 654.8 -0.411 -0.2493 1126 -0.679 -0.412-Nov-04 1813.7 0.8872 1911 -1.8216 0.787 -1.62 660.4 0.8552 0.7588 1117 -0.729 -0.653-Nov-04 1837.4 1.3067 1961 2.6353 1.708 3.444 675.6 2.3016 3.0076 1137 1.777 2.324-Nov-04 1834.9 -0.139 1988 1.36413 0.019 -0.19 671.8 -0.562 0.0781 1140 0.237 -0.035-Nov-04 1852.3 0.951 1977 -0.5584 0.904 -0.53 688.1 2.4263 2.3075 1166 2.285 2.178-Nov-04 1862.8 0.5669 2018 2.08439 0.321 1.182 687.35 -0.109 -0.0618 1156 -0.832 -0.479-Nov-04 1858.8 -0.217 2037 0.93914 0.047 -0.2 689.4 0.2982 -0.0648 1171 1.245 -0.27

10-Nov-04 1876.1 0.9334 2041 0.21112 0.871 0.197 699.1 1.407 1.3133 1160 -0.935 -0.8711-Nov-04 1870.6 -0.296 2017 -1.1734 0.088 0.347 694.65 -0.637 0.1883 1175 1.337 -0.412-Nov-04 1873 0.1283 2027 0.50072 0.016 0.064 691.85 -0.403 -0.0517 1170 -0.408 -0.0516-Nov-04 1879 0.323 2049 1.07784 0.104 0.348 706.85 2.1681 0.7003 1165 -0.423 -0.1417-Nov-04 1888.7 0.5136 2077 1.35917 0.264 0.698 717.75 1.5421 0.792 1184 1.605 0.8218-Nov-04 1892.1 0.18 2063 -0.6789 0.032 -0.12 720.7 0.411 0.074 1188 0.359 0.0619-Nov-04 1872.4 -1.041 2058 -0.24 1.084 0.25 713 -1.068 1.1124 1194 0.501 -0.5222-Nov-04 1873.4 0.0534 2028 -1.4505 0.003 -0.08 709.7 -0.463 -0.0247 1196 0.159 0.0123-Nov-04 1892.6 1.0276 2031 0.15039 1.056 0.155 714.9 0.7327 0.7529 1197 0.042 0.0424-Nov-04 1904.1 0.605 2024 -0.352 0.366 -0.21 715.55 0.0909 0.055 1191 -0.489 -0.325-Nov-04 1901.1 -0.158 2030 0.28163 0.025 -0.04 736.55 2.9348 -0.4624 1205 1.218 -0.1929-Nov-04 1939.7 2.0305 2091 3.01537 4.123 6.123 761.85 3.4349 6.9745 1231 2.124 4.3130-Nov-04 1958.8 0.9873 2149 2.79319 0.975 2.758 766.4 0.5972 0.5896 1217 -1.129 -1.111-Dec-04 1962.1 0.1659 2108 -1.9007 0.028 -0.32 755.2 -1.461 -0.2425 1222 0.44 0.072-Dec-04 1999 1.8832 2080 -1.3494 3.547 -2.54 756.4 0.1589 0.2992 1236 1.072 2.023-Dec-04 1996.2 -0.14 2051 -1.3727 0.02 0.192 749.65 -0.892 0.125 1234 -0.134 0.026-Dec-04 1993.2 -0.153 2030 -1.0335 0.023 0.158 742.6 -0.94 0.1437 1217 -1.382 0.217-Dec-04 1992.7 -0.023 2040 0.48026 5E-04 -0.01 757.15 1.9593 -0.0442 1244 2.223 -0.058-Dec-04 1978 -0.74 2031 -0.4167 0.548 0.308 739.65 -2.311 1.7108 1275 2.472 -1.839-Dec-04 1990 0.6067 2042 0.53165 0.368 0.323 738.5 -0.155 -0.0943 1262 -1.028 -0.62

10-Dec-04 1969 -1.053 2033 -0.4309 1.108 0.454 747.05 1.1578 -1.2189 1243 -1.502 1.5813-Dec-04 1985.4 0.8304 2038 0.20655 0.69 0.172 750 0.3949 0.3279 1237 -0.471 -0.3914-Dec-04 2006.8 1.0804 2051 0.66991 1.167 0.724 754.65 0.62 0.6699 1215 -1.795 -1.9415-Dec-04 2028.7 1.0913 2101 2.40829 1.191 2.628 763.85 1.2191 1.3304 1218 0.305 0.3316-Dec-04 2033.2 0.2218 2120 0.9378 0.049 0.208 769.85 0.7855 0.1742 1201 -1.432 -0.3217-Dec-04 2012.1 -1.038 2089 -1.4738 1.077 1.529 756.65 -1.715 1.7794 1211 0.887 -0.9220-Dec-04 2026.9 0.7331 2114 1.18711 0.537 0.87 767.45 1.4273 1.0463 1226 1.172 0.8621-Dec-04 2044.7 0.8782 2115 0.05677 0.771 0.05 771.45 0.5212 0.4577 1236 0.857 0.7522-Dec-04 2035.4 -0.455 2081 -1.5909 0.207 0.724 755.45 -2.074 0.9434 1233 -0.243 0.1123-Dec-04 2045.2 0.4815 2066 -0.7375 0.232 -0.36 748.7 -0.894 -0.4302 1246 1.002 0.4824-Dec-04 2062.7 0.8581 2065 -0.0436 0.736 -0.04 757.2 1.1353 0.9742 1263 1.377 1.1827-Dec-04 2062.6 -0.005 2058 -0.3341 ##### 0.002 750.6 -0.872 0.0042 1257 -0.487 0



28-Dec-04 2071.4 0.4242 2062 0.16761 0.18 0.071 751.5 0.1199 0.0509 1263 0.481 0.229-Dec-04 2069.6 -0.084 2073 0.55293 0.007 -0.05 754.85 0.4458 -0.0377 1273 0.804 -0.0730-Dec-04 2059.8 -0.474 2048 -1.2059 0.224 0.571 747.6 -0.96 0.4548 1240 -2.558 1.2131-Dec-04 2080.5 1.005 2092 2.12631 1.01 2.137 748.8 0.1605 0.1613 1228 -0.992 -1

3-Jan-05 2115 1.6583 2120 1.33145 2.75 2.208 754.2 0.7212 1.1959 1268 3.266 5.424-Jan-05 2103.8 -0.532 2090 -1.3918 0.283 0.74 749.05 -0.683 0.3632 1271 0.205 -0.115-Jan-05 2032.2 -3.401 2053 -1.7966 11.57 6.11 707.3 -5.574 18.957 1309 3.054 -10.46-Jan-05 1998.4 -1.666 2044 -0.4263 2.774 0.71 689.4 -2.531 4.2154 1320 0.832 -1.397-Jan-05 2015.5 0.8582 2051 0.34495 0.737 0.296 699.75 1.5013 1.2884 1297 -1.788 -1.53

10-Jan-05 1982 -1.662 1995 -2.7258 2.763 4.531 678 -3.108 5.1663 1335 2.992 -4.9711-Jan-05 1952.1 -1.511 1972 -1.1655 2.283 1.761 675.9 -0.31 0.468 1353 1.333 -2.0112-Jan-05 1913.6 -1.97 1906 -3.317 3.88 6.534 656 -2.944 5.7993 1341 -0.887 1.7513-Jan-05 1954.6 2.1399 1968 3.2577 4.579 6.971 670.8 2.2561 4.8279 1325 -1.212 -2.5914-Jan-05 1931.1 -1.2 1974 0.28704 1.439 -0.34 664.6 -0.924 1.1089 1320 -0.343 0.4117-Jan-05 1932.9 0.0932 1998 1.20061 0.009 0.112 675.15 1.5874 0.148 1340 1.477 0.1418-Jan-05 1934.1 0.0595 1965 -1.6169 0.004 -0.1 682.1 1.0294 0.0612 1327 -0.933 -0.0619-Jan-05 1926.7 -0.383 1959 -0.3282 0.146 0.126 688.15 0.887 -0.3394 1314 -1.032 0.3920-Jan-05 1925.3 -0.07 1965 0.29608 0.005 -0.02 674.65 -1.962 0.1375 1298 -1.195 0.0824-Jan-05 1909 -0.847 1906 -3.0157 0.717 2.553 647.8 -3.98 3.3694 1293 -0.397 0.3425-Jan-05 1931.9 1.197 1913 0.38573 1.433 0.462 656.7 1.3739 1.6445 1296 0.271 0.3227-Jan-05 1955 1.1983 1952 2.05191 1.436 2.459 674.7 2.741 3.2846 1263 -2.557 -3.0628-Jan-05 2008.3 2.7263 2038 4.38246 7.433 11.95 698.5 3.5275 9.6172 1264 0.047 0.1331-Jan-05 2057.6 2.4548 2069 1.52136 6.026 3.735 705.35 0.9807 2.4074 1255 -0.669 -1.641-Feb-05 2059.9 0.1094 2062 -0.3336 0.012 -0.04 696.25 -1.29 -0.1411 1244 -0.932 -0.12-Feb-05 2052.3 -0.369 2072 0.48745 0.136 -0.18 686.2 -1.443 0.5326 1221 -1.853 0.683-Feb-05 2079.5 1.3254 2101 1.4263 1.757 1.89 694.3 1.1804 1.5645 1235 1.212 1.614-Feb-05 2078 -0.072 2085 -0.759 0.005 0.055 703.15 1.2747 -0.0919 1241 0.413 -0.037-Feb-05 2055.1 -1.1 2030 -2.659 1.209 2.924 688.4 -2.098 2.3067 1289 3.922 -4.318-Feb-05 2055.2 0.0024 2044 0.67243 ##### 0.002 693.15 0.69 0.0017 1300 0.869 09-Feb-05 2070 0.7226 2045 0.06851 0.522 0.05 691.55 -0.231 -0.1668 1315 1.142 0.83

10-Feb-05 2063.4 -0.321 2044 -0.0293 0.103 0.009 684.85 -0.969 0.3112 1309 -0.479 0.1511-Feb-05 2082.1 0.9063 2104 2.89572 0.821 2.624 695.25 1.5186 1.3763 1311 0.164 0.1514-Feb-05 2098.3 0.7781 2170 3.13986 0.605 2.443 713.65 2.6465 2.0592 1306 -0.355 -0.2815-Feb-05 2090 -0.396 2182 0.56461 0.156 -0.22 706.65 -0.981 0.388 1314 0.559 -0.2216-Feb-05 2068.8 -1.012 2184 0.08021 1.024 -0.08 706.9 0.0354 -0.0358 1316 0.171 -0.1717-Feb-05 2061.9 -0.334 2174 -0.4442 0.111 0.148 698.5 -1.188 0.3963 1333 1.277 -0.4318-Feb-05 2055.6 -0.308 2165 -0.4255 0.095 0.131 691.25 -1.038 0.3197 1333 -0.011 021-Feb-05 2043.2 -0.601 2144 -0.9609 0.361 0.577 678.65 -1.823 1.0952 1382 3.684 -2.2122-Feb-05 2058.4 0.7439 2161 0.79761 0.553 0.593 683.45 0.7073 0.5262 1410 2.019 1.523-Feb-05 2057.1 -0.063 2141 -0.944 0.004 0.06 679.4 -0.593 0.0374 1381 -2.008 0.1324-Feb-05 2055.3 -0.088 2164 1.10717 0.008 -0.1 677.4 -0.294 0.0258 1368 -0.956 0.0825-Feb-05 2060.9 0.2725 2179 0.7 0.074 0.191 672.7 -0.694 -0.189 1382 1.001 0.2728-Feb-05 2103.3 2.0549 2240 2.78281 4.223 5.718 699.5 3.9839 8.1867 1375 -0.496 -1.02

1-Mar-05 2084.4 -0.896 2181 -2.6271 0.803 2.355 675.65 -3.41 3.0558 1366 -0.687 0.622-Mar-05 2093.3 0.4246 2187 0.2659 0.18 0.113 671.1 -0.673 -0.2859 1363 -0.154 -0.073-Mar-05 2128.9 1.7007 2214 1.25283 2.892 2.131 696.55 3.7923 6.4496 1375 0.843 1.434-Mar-05 2148.2 0.9066 2234 0.89187 0.822 0.809 720.05 3.3738 3.0586 1368 -0.509 -0.467-Mar-05 2160.1 0.5563 2252 0.80118 0.309 0.446 721.85 0.25 0.1391 1364 -0.285 -0.168-Mar-05 2169 0.4097 2264 0.53284 0.168 0.218 717.45 -0.61 -0.2497 1381 1.235 0.51



9-Mar-05 2160.8 -0.376 2252 -0.5388 0.141 0.202 713.55 -0.544 0.2043 1357 -1.698 0.6410-Mar-05 2167.4 0.3054 2232 -0.8815 0.093 -0.27 704.5 -1.268 -0.3874 1368 0.777 0.2411-Mar-05 2154 -0.618 2215 -0.7796 0.382 0.482 697.6 -0.979 0.6055 1390 1.575 -0.9714-Mar-05 2146.4 -0.355 2226 0.51927 0.126 -0.18 693.95 -0.523 0.1858 1392 0.194 -0.0715-Mar-05 2129 -0.811 2211 -0.6895 0.657 0.559 683.7 -1.477 1.1974 1400 0.571 -0.4616-Mar-05 2125.6 -0.16 2193 -0.8006 0.026 0.128 682.95 -0.11 0.0175 1414 0.982 -0.1617-Mar-05 2098.5 -1.273 2181 -0.5472 1.62 0.696 679.45 -0.512 0.6522 1408 -0.456 0.5818-Mar-05 2109.2 0.5075 2200 0.86424 0.258 0.439 686 0.964 0.4892 1400 -0.565 -0.2921-Mar-05 2096.6 -0.595 2237 1.66367 0.354 -0.99 684.85 -0.168 0.0997 1427 1.993 -1.1922-Mar-05 2061.6 -1.669 2224 -0.5723 2.787 0.955 676.2 -1.263 2.1085 1452 1.709 -2.8523-Mar-05 2026.4 -1.707 2162 -2.7589 2.915 4.71 655.7 -3.032 5.1763 1443 -0.634 1.0824-Mar-05 2015.4 -0.543 2159 -0.1526 0.295 0.083 645.4 -1.571 0.8527 1452 0.652 -0.3528-Mar-05 2029.5 0.6971 2186 1.24589 0.486 0.869 643.2 -0.341 -0.2376 1461 0.613 0.4329-Mar-05 1983.9 -2.247 2167 -0.8875 5.049 1.994 641.2 -0.311 0.6987 1469 0.53 -1.1930-Mar-05 1993.7 0.4965 2170 0.17077 0.247 0.085 630.35 -1.692 -0.8402 1456 -0.834 -0.4131-Mar-05 2035.7 2.1041 2257 4.00405 4.427 8.425 670.95 6.4409 13.552 1444 -0.886 -1.86

1-Apr-05 2067.7 1.572 2236 -0.9459 2.471 -1.49 672.65 0.2534 0.3983 1421 -1.545 -2.434-Apr-05 2063.4 -0.206 2229 -0.322 0.042 0.066 674.3 0.2453 -0.0504 1384 -2.596 0.535-Apr-05 2052.6 -0.526 2221 -0.3231 0.276 0.17 660.6 -2.032 1.0684 1392 0.582 -0.316-Apr-05 2069.3 0.8161 2236 0.66848 0.666 0.546 669.45 1.3397 1.0933 1371 -1.544 -1.267-Apr-05 2052.9 -0.795 2188 -2.1464 0.632 1.706 680.15 1.5983 -1.2706 1391 1.433 -1.148-Apr-05 2031.2 -1.055 2128 -2.7601 1.112 2.911 665.2 -2.198 2.3181 1432 2.984 -3.15

11-Apr-05 2008.2 -1.132 2078 -2.3544 1.282 2.666 652.55 -1.902 2.1533 1451 1.32 -1.4912-Apr-05 2025 0.8341 2118 1.91308 0.696 1.596 645.8 -1.034 -0.8628 1428 -1.599 -1.3313-Apr-05 2025.5 0.0247 2102 -0.758 6E-04 -0.02 645.45 -0.054 -0.0013 1425 -0.161 -015-Apr-05 1956.3 -3.414 1957 -6.8713 11.66 23.46 605.6 -6.174 21.078 1441 1.115 -3.8118-Apr-05 1927.8 -1.457 1914 -2.2048 2.122 3.212 594.75 -1.792 2.6101 1425 -1.12 1.6319-Apr-05 1909.4 -0.954 1913 -0.0705 0.911 0.067 576.95 -2.993 2.8565 1394 -2.221 2.1220-Apr-05 1929.7 1.0632 1948 1.85088 1.13 1.968 594.95 3.1199 3.3169 1364 -2.149 -2.2821-Apr-05 1948.6 0.9768 1945 -0.1643 0.954 -0.16 604.05 1.5295 1.4941 1382 1.349 1.3222-Apr-05 1967.4 0.9648 1999 2.79977 0.931 2.701 643.95 6.6054 6.373 1402 1.418 1.3725-Apr-05 1971 0.183 1988 -0.5427 0.033 -0.1 648.45 0.6988 0.1279 1319 -5.893 -1.0826-Apr-05 1957.1 -0.703 1959 -1.4987 0.494 1.053 639.95 -1.311 0.9211 1319 -0.027 0.0227-Apr-05 1935.4 -1.109 1914 -2.2695 1.229 2.516 635 -0.773 0.8576 1209 -8.338 9.2528-Apr-05 1941.3 0.3048 1906 -0.4467 0.093 -0.14 643.35 1.315 0.4009 1116 -7.653 -2.3329-Apr-05 1902.5 -1.999 1887 -0.9866 3.995 1.972 630.8 -1.951 3.8988 1142 2.347 -4.692-May-05 1916.8 0.749 1915 1.50254 0.561 1.125 638 1.1414 0.8549 1167 2.131 1.63-May-05 1920.7 0.2061 1901 -0.7153 0.042 -0.15 627.35 -1.669 -0.344 1157 -0.84 -0.174-May-05 1942.6 1.1402 1938 1.90118 1.3 2.168 630.95 0.5738 0.6543 1137 -1.75 -25-May-05 1963.3 1.0656 1995 2.97017 1.135 3.165 637.4 1.0223 1.0893 1116 -1.852 -1.976-May-05 1977.5 0.7233 2022 1.32321 0.523 0.957 636.15 -0.196 -0.1418 1115 -0.076 -0.069-May-05 2000.8 1.1757 2097 3.7125 1.382 4.365 646.25 1.5877 1.8667 1131 1.462 1.72

10-May-05 1994.3 -0.322 2059 -1.7838 0.104 0.575 647.8 0.2398 -0.0773 1129 -0.195 0.0611-May-05 1986 -0.419 2066 0.3278 0.175 -0.14 637.8 -1.544 0.6463 1109 -1.798 0.7512-May-05 1993.2 0.3625 2061 -0.2323 0.131 -0.08 643.25 0.8545 0.3098 1121 1.105 0.413-May-05 1988.3 -0.243 2033 -1.3706 0.059 0.334 636.2 -1.096 0.2667 1137 1.427 -0.3516-May-05 2012.6 1.2221 2078 2.21359 1.494 2.705 659 3.5838 4.3799 1168 2.696 3.2917-May-05 1990.8 -1.083 2064 -0.6714 1.173 0.727 657.45 -0.235 0.2548 1175 0.664 -0.7218-May-05 1982.8 -0.404 2042 -1.0514 0.164 0.425 652.35 -0.776 0.3137 1153 -1.936 0.78



19-May-05 1990.9 0.4085 2097 2.66863 0.167 1.09 658.05 0.8738 0.357 1149 -0.295 -0.1220-May-05 1992.4 0.0779 2141 2.08656 0.006 0.162 663.3 0.7978 0.0621 1147 -0.205 -0.0223-May-05 2013.9 1.0791 2135 -0.278 1.164 -0.3 666.4 0.4674 0.5043 1149 0.161 0.1724-May-05 2028.6 0.7299 2156 0.98147 0.533 0.716 682.45 2.4085 1.758 1154 0.496 0.3625-May-05 2043.9 0.7517 2171 0.72837 0.565 0.548 687 0.6667 0.5012 1151 -0.325 -0.2426-May-05 2074.7 1.5094 2205 1.56595 2.278 2.364 716.3 4.2649 6.4375 1143 -0.682 -1.0327-May-05 2076.4 0.0819 2232 1.23118 0.007 0.101 724.15 1.0959 0.0898 1163 1.733 0.1430-May-05 2072.4 -0.193 2228 -0.1949 0.037 0.038 707.45 -2.306 0.4443 1170 0.615 -0.1231-May-05 2087.6 0.731 2250 1.00763 0.534 0.737 715.75 1.1732 0.8577 1224 4.63 3.38

1-Jun-05 2087.6 0 2222 -1.2642 0 0 711.25 -0.629 0 1235 0.903 02-Jun-05 2064.7 -1.097 2201 -0.9293 1.203 1.019 700.8 -1.469 1.6117 1261 2.081 -2.283-Jun-05 2094.3 1.4337 2256 2.47575 2.055 3.549 721.65 2.9752 4.2654 1290 2.34 3.364-Jun-05 2092.4 -0.091 2241 -0.6428 0.008 0.058 722.6 0.1316 -0.0119 1269 -1.616 0.156-Jun-05 2092.8 0.0215 2216 -1.1109 5E-04 -0.02 716.2 -0.886 -0.019 1319 3.932 0.087-Jun-05 2098.2 0.2556 2233 0.73992 0.065 0.189 731.55 2.1433 0.5479 1334 1.149 0.298-Jun-05 2112.4 0.6792 2296 2.83942 0.461 1.928 734.4 0.3896 0.2646 1305 -2.23 -1.519-Jun-05 2103.2 -0.436 2237 -2.5912 0.19 1.129 725.9 -1.157 0.5041 1269 -2.756 1.2

10-Jun-05 2090.6 -0.599 2212 -1.0953 0.359 0.656 723.8 -0.289 0.1733 1293 1.939 -1.1613-Jun-05 2102.8 0.5812 2224 0.53339 0.338 0.31 721.9 -0.263 -0.1526 1282 -0.893 -0.5214-Jun-05 2112.4 0.4565 2235 0.49909 0.208 0.228 723.25 0.187 0.0854 1280 -0.094 -0.0415-Jun-05 2128.7 0.7717 2257 0.9619 0.595 0.742 733.55 1.4241 1.0989 1278 -0.215 -0.1716-Jun-05 2123.7 -0.233 2280 1.05466 0.054 -0.25 734.55 0.1363 -0.0317 1292 1.131 -0.2617-Jun-05 2123.4 -0.014 2288 0.33546 2E-04 -0 743.8 1.2593 -0.0178 1277 -1.145 0.0220-Jun-05 2144.4 0.9866 2371 3.62746 0.973 3.579 756.55 1.7142 1.6912 1266 -0.873 -0.8621-Jun-05 2170 1.1962 2394 0.94471 1.431 1.13 756.25 -0.04 -0.0474 1272 0.434 0.5222-Jun-05 2187.4 0.7995 2389 -0.1859 0.639 -0.15 759.2 0.3901 0.3119 1266 -0.44 -0.3523-Jun-05 2183.9 -0.16 2344 -1.8752 0.026 0.3 756.55 -0.349 0.0559 1272 0.482 -0.0824-Jun-05 2194.4 0.4808 2313 -1.3309 0.231 -0.64 749.8 -0.892 -0.429 1278 0.436 0.2127-Jun-05 2199.8 0.2484 2338 1.09596 0.062 0.272 754.4 0.6135 0.1524 1268 -0.787 -0.228-Jun-05 2169.9 -1.361 2293 -1.9543 1.854 2.661 740.65 -1.823 2.4815 1296 2.229 -3.0329-Jun-05 2191.7 1.0047 2325 1.39355 1.009 1.4 753.65 1.7552 1.7634 1305 0.71 0.7130-Jun-05 2220.6 1.3209 2358 1.44538 1.745 1.909 766.3 1.6785 2.2172 1333 2.165 2.86

1-Jul-05 2211.9 -0.392 2351 -0.3053 0.153 0.12 744.8 -2.806 1.0992 1307 -1.946 0.764-Jul-05 2230.7 0.8477 2394 1.83535 0.719 1.556 746.5 0.2282 0.1935 1326 1.404 1.195-Jul-05 2210.8 -0.892 2330 -2.6689 0.796 2.381 736.1 -1.393 1.2429 1316 -0.701 0.636-Jul-05 2228.2 0.7893 2346 0.65871 0.623 0.52 735.25 -0.115 -0.0911 1324 0.539 0.437-Jul-05 2179.4 -2.19 2320 -1.0978 4.797 2.404 710.5 -3.366 7.3723 1333 0.68 -1.498-Jul-05 2196.2 0.7709 2335 0.64873 0.594 0.5 722.9 1.7452 1.3453 1358 1.917 1.48

11-Jul-05 2218.9 1.0313 2316 -0.8201 1.064 -0.85 716.75 -0.851 -0.8774 1352 -0.42 -0.4312-Jul-05 2220.8 0.0879 2221 -4.0828 0.008 -0.36 702.35 -2.009 -0.1766 1359 0.492 0.0413-Jul-05 2204.1 -0.754 2205 -0.7136 0.569 0.538 709.2 0.9753 -0.7356 1320 -2.859 2.1614-Jul-05 2185.1 -0.86 2136 -3.1536 0.739 2.711 696.25 -1.826 1.57 1323 0.22 -0.1915-Jul-05 2212.6 1.2562 2196 2.81153 1.578 3.532 704.45 1.1777 1.4795 1310 -1.017 -1.2818-Jul-05 2234 0.9695 2272 3.46555 0.94 3.36 711 0.9298 0.9014 1311 0.111 0.1119-Jul-05 2237.3 0.1477 2256 -0.6866 0.022 -0.1 714.55 0.4993 0.0738 1326 1.14 0.1720-Jul-05 2241.9 0.2056 2233 -1.0238 0.042 -0.21 717.3 0.3849 0.0791 1286 -3.028 -0.6221-Jul-05 2230.5 -0.508 2209 -1.0881 0.259 0.553 711.6 -0.795 0.4041 1271 -1.178 0.622-Jul-05 2265.6 1.5736 2239 1.34676 2.476 2.119 715.3 0.52 0.8182 1225 -3.6 -5.6725-Jul-05 2291.8 1.1542 2229 -0.44 1.332 -0.51 713.25 -0.287 -0.3308 1248 1.914 2.21



26-Jul-05 2303.2 0.4974 2226 -0.1122 0.247 -0.06 708.6 -0.652 -0.3243 1322 5.907 2.9427-Jul-05 2319.1 0.6925 2231 0.18865 0.48 0.131 727.85 2.7166 1.8813 1319 -0.231 -0.1629-Jul-05 2312.3 -0.293 2268 1.69685 0.086 -0.5 736.35 1.1678 -0.3424 1308 -0.826 0.241-Aug-05 2318.1 0.2487 2265 -0.1719 0.062 -0.04 723.75 -1.711 -0.4255 1290 -1.372 -0.342-Aug-05 2353.7 1.5358 2299 1.53011 2.359 2.35 724.2 0.0622 0.0955 1294 0.283 0.433-Aug-05 2357 0.1423 2356 2.4726 0.02 0.352 731.9 1.0632 0.1513 1284 -0.742 -0.114-Aug-05 2367.8 0.4582 2314 -1.806 0.21 -0.83 731.6 -0.041 -0.0188 1265 -1.487 -0.685-Aug-05 2361.2 -0.279 2292 -0.9509 0.078 0.265 721.75 -1.346 0.3753 1285 1.521 -0.428-Aug-05 2324.4 -1.559 2271 -0.9099 2.429 1.418 704.5 -2.39 3.7249 1269 -1.222 1.99-Aug-05 2318.7 -0.245 2264 -0.2885 0.06 0.071 716.05 1.6395 -0.402 1252 -1.308 0.32

10-Aug-05 2360.2 1.7876 2315 2.24813 3.196 4.019 727.65 1.62 2.896 1290 3.043 5.4411-Aug-05 2380.9 0.8792 2293 -0.933 0.773 -0.82 732.95 0.7284 0.6404 1301 0.81 0.7112-Aug-05 2361.6 -0.813 2261 -1.3931 0.661 1.132 714.8 -2.476 2.0125 1295 -0.423 0.3416-Aug-05 2369.8 0.3493 2250 -0.5085 0.122 -0.18 720.5 0.7974 0.2786 1285 -0.76 -0.2717-Aug-05 2403.2 1.4073 2318 3.02007 1.98 4.25 724.25 0.5205 0.7325 1283 -0.183 -0.2618-Aug-05 2388.5 -0.612 2299 -0.8305 0.374 0.508 728.95 0.6489 -0.397 1284 0.105 -0.0619-Aug-05 2383.5 -0.209 2301 0.11964 0.044 -0.03 720.05 -1.221 0.2556 1313 2.231 -0.4722-Aug-05 2367.9 -0.655 2315 0.58877 0.428 -0.39 362.55 -49.65 32.496 1313 -0.015 0.0123-Aug-05 2326.1 -1.763 2285 -1.2851 3.109 2.266 356.7 -1.614 2.8451 1283 -2.285 4.0324-Aug-05 2322.5 -0.155 2264 -0.919 0.024 0.142 353.25 -0.967 0.1497 1269 -1.076 0.1725-Aug-05 2354.6 1.38 2272 0.33566 1.904 0.463 367.45 4.0198 5.5473 1299 2.372 3.2726-Aug-05 2357.1 0.1062 2269 -0.11 0.011 -0.01 359.55 -2.15 -0.2283 1314 1.12 0.1229-Aug-05 2337.7 -0.823 2301 1.40572 0.677 -1.16 351.75 -2.169 1.7855 1325 0.887 -0.7330-Aug-05 2367.8 1.2876 2347 1.98592 1.658 2.557 358.95 2.0469 2.6356 1318 -0.566 -0.7331-Aug-05 2384.7 0.7138 2376 1.24419 0.509 0.888 364.65 1.588 1.1334 1316 -0.137 -0.11-Sep-05 2405.8 0.8848 2426 2.08535 0.783 1.845 372.2 2.0705 1.832 1296 -1.546 -1.372-Sep-05 2415.8 0.4177 2386 -1.647 0.175 -0.69 374.3 0.5642 0.2357 1324 2.157 0.95-Sep-05 2423 0.296 2355 -1.2973 0.088 -0.38 377.45 0.8416 0.2491 1365 3.105 0.926-Sep-05 2428.7 0.2353 2364 0.39282 0.055 0.092 378 0.1457 0.0343 1355 -0.689 -0.168-Sep-05 2454.5 1.0623 2422 2.47039 1.129 2.624 373.25 -1.257 -1.3349 1384 2.14 2.279-Sep-05 2455.5 0.0407 2417 -0.2147 0.002 -0.01 371.45 -0.482 -0.0196 1405 1.481 0.06

12-Sep-05 2484.2 1.1688 2423 0.23788 1.366 0.278 372.05 0.1615 0.1888 1424 1.381 1.6113-Sep-05 2500.4 0.6521 2446 0.9637 0.425 0.628 372.95 0.2419 0.1578 1427 0.207 0.1414-Sep-05 2492.5 -0.316 2446 -0.0245 0.1 0.008 380.2 1.944 -0.6142 1410 -1.188 0.3815-Sep-05 2524 1.2638 2451 0.19831 1.597 0.251 382.5 0.6049 0.7645 1398 -0.837 -1.0616-Sep-05 2552.4 1.1252 2447 -0.1469 1.266 -0.17 382.55 0.0131 0.0147 1406 0.547 0.6219-Sep-05 2567.1 0.5779 2450 0.13691 0.334 0.079 379.9 -0.693 -0.4003 1392 -1.006 -0.5820-Sep-05 2578 0.4246 2504 2.17524 0.18 0.924 376.35 -0.934 -0.3968 1430 2.748 1.1721-Sep-05 2567.3 -0.415 2462 -1.6636 0.172 0.69 373.6 -0.731 0.3033 1422 -0.545 0.2322-Sep-05 2476.5 -3.537 2413 -2.0086 12.51 7.104 356.05 -4.698 16.614 1400 -1.564 5.5323-Sep-05 2477.8 0.0505 2399 -0.5782 0.003 -0.03 357.8 0.4915 0.0248 1450 3.553 0.1826-Sep-05 2557.4 3.2126 2486 3.66054 10.32 11.76 373.75 4.4578 14.321 1458 0.531 1.7127-Sep-05 2574.9 0.6843 2478 -0.3439 0.468 -0.24 376.2 0.6555 0.4486 1454 -0.237 -0.1628-Sep-05 2598.1 0.901 2471 -0.2825 0.812 -0.25 372.25 -1.05 -0.9461 1470 1.121 1.0129-Sep-05 2611.2 0.5061 2526 2.24219 0.256 1.135 375.95 0.994 0.5031 1454 -1.143 -0.5830-Sep-05 2601.4 -0.375 2515 -0.4315 0.141 0.162 371.45 -1.197 0.4492 1401 -3.591 1.35

3-Oct-05 2630.1 1.1013 2553 1.50082 1.213 1.653 380.05 2.3153 2.5499 1412 0.785 0.864-Oct-05 2663.4 1.2661 2628 2.92983 1.603 3.71 401 5.5124 6.9795 1466 3.784 4.795-Oct-05 2644.4 -0.712 2640 0.46045 0.506 -0.33 404.4 0.8479 -0.6033 1462 -0.246 0.17



6-Oct-05 2579.2 -2.467 2609 -1.1686 6.088 2.883 390.35 -3.474 8.5727 1470 0.492 -1.217-Oct-05 2574.1 -0.198 2572 -1.4047 0.039 0.278 388.25 -0.538 0.1064 1473 0.228 -0.05

10-Oct-05 2566.9 -0.28 2622 1.93784 0.078 -0.54 394.4 1.584 -0.4431 1482 0.645 -0.1811-Oct-05 2589.6 0.8844 2683 2.31095 0.782 2.044 399.05 1.179 1.0427 1498 1.049 0.9313-Oct-05 2537.3 -2.018 2623 -2.2457 4.071 4.531 389.35 -2.431 4.9046 1490 -0.544 1.114-Oct-05 2484.4 -2.085 2602 -0.8064 4.347 1.681 385.95 -0.873 1.8206 1470 -1.326 2.7617-Oct-05 2485.2 0.0302 2592 -0.3748 9E-04 -0.01 382.55 -0.881 -0.0266 1425 -3.085 -0.0918-Oct-05 2468.2 -0.682 2531 -2.3613 0.465 1.611 373.3 -2.418 1.6492 1445 1.414 -0.9619-Oct-05 2412.5 -2.259 2504 -1.061 5.102 2.397 368.3 -1.339 3.0254 1449 0.256 -0.5820-Oct-05 2395.5 -0.705 2539 1.39394 0.497 -0.98 368.7 0.1086 -0.0765 1468 1.329 -0.9421-Oct-05 2443.8 2.0163 2553 0.57512 4.066 1.16 385.45 4.543 9.1601 1441 -1.802 -3.6324-Oct-05 2394.9 -2.001 2511 -1.6411 4.004 3.284 372.75 -3.295 6.5931 1424 -1.197 2.3925-Oct-05 2418.2 0.975 2521 0.3982 0.951 0.388 377.2 1.1938 1.164 1434 0.709 0.6926-Oct-05 2408.5 -0.401 2510 -0.4422 0.161 0.177 376.7 -0.133 0.0532 1441 0.474 -0.1927-Oct-05 2352.9 -2.308 2466 -1.7489 5.329 4.037 373.6 -0.823 1.8997 1402 -2.731 6.328-Oct-05 2316.1 -1.566 2415 -2.0618 2.453 3.229 356.9 -4.47 7.0007 1416 1.052 -1.6531-Oct-05 2371 2.3704 2522 4.41128 5.619 10.46 364.6 2.1575 5.1141 1428 0.84 1.991-Nov-05 2386.8 0.6664 2538 0.65029 0.444 0.433 364.5 -0.027 -0.0183 1408 -1.453 -0.972-Nov-05 2419.1 1.3533 2587 1.8969 1.831 2.567 369.65 1.4129 1.9121 1440 2.309 3.127-Nov-05 2461.6 1.759 2638 2.00464 3.094 3.526 377.15 2.0289 3.5688 1422 -1.233 -2.178-Nov-05 2492.7 1.2614 2644 0.20657 1.591 0.261 390.85 3.6325 4.582 1401 -1.473 -1.869-Nov-05 2489.1 -0.142 2609 -1.3106 0.02 0.187 384.5 -1.625 0.2314 1362 -2.794 0.4

10-Nov-05 2500.7 0.466 2654 1.71703 0.217 0.8 385.6 0.2861 0.1333 1401 2.87 1.3411-Nov-05 2548.7 1.9175 2681 1.02112 3.677 1.958 404.15 4.8107 9.2243 1410 0.596 1.1414-Nov-05 2558.7 0.3943 2653 -1.0574 0.155 -0.42 404.35 0.0495 0.0195 1429 1.376 0.5416-Nov-05 2582.8 0.9399 2741 3.31737 0.883 3.118 409.05 1.1624 1.0925 1465 2.502 2.3517-Nov-05 2604 0.8208 2707 -1.2278 0.674 -1.01 413.2 1.0145 0.8328 1477 0.836 0.6918-Nov-05 2620.1 0.6183 2714 0.27151 0.382 0.168 423.95 2.6016 1.6086 1457 -1.368 -0.8521-Nov-05 2602.5 -0.67 2677 -1.3778 0.449 0.923 421.2 -0.649 0.4345 1470 0.889 -0.622-Nov-05 2572.9 -1.139 2677 -0.0168 1.298 0.019 417.45 -0.89 1.0143 1483 0.878 -123-Nov-05 2608.6 1.3895 2683 0.24659 1.931 0.343 431.4 3.3417 4.6433 1510 1.865 2.5924-Nov-05 2635 1.012 2701 0.6634 1.024 0.671 438.55 1.6574 1.6773 1512 0.093 0.0925-Nov-05 2664.3 1.112 2741 1.4643 1.236 1.628 439.55 0.228 0.2536 1508 -0.268 -0.326-Nov-05 2683.5 0.7188 2745 0.16238 0.517 0.117 437.55 -0.455 -0.327 1527 1.28 0.9228-Nov-05 2712 1.0639 2758 0.48999 1.132 0.521 445.2 1.7484 1.8601 1519 -0.544 -0.5829-Nov-05 2698.3 -0.505 2736 -0.8121 0.255 0.41 443.95 -0.281 0.1418 1500 -1.238 0.6330-Nov-05 2652.3 -1.707 2684 -1.8841 2.913 3.216 423.25 -4.663 7.9575 1517 1.12 -1.911-Dec-05 2699 1.7608 2768 3.10864 3.1 5.474 432.9 2.28 4.0145 1524 0.501 0.882-Dec-05 2698 -0.037 2841 2.64822 0.001 -0.1 431.7 -0.277 0.0103 1534 0.62 -0.025-Dec-05 2660.5 -1.388 2787 -1.8936 1.927 2.628 422.75 -2.073 2.8778 1539 0.336 -0.476-Dec-05 2662.3 0.0677 2794 0.23499 0.005 0.016 427.8 1.1946 0.0808 1548 0.572 0.047-Dec-05 2693 1.1531 2802 0.28275 1.33 0.326 436.4 2.0103 2.3181 1545 -0.149 -0.178-Dec-05 2706.7 0.5087 2821 0.69418 0.259 0.353 435.4 -0.229 -0.1166 1521 -1.569 -0.89-Dec-05 2756.5 1.838 2874 1.85198 3.378 3.404 441.45 1.3895 2.554 1550 1.907 3.5

12-Dec-05 2776.2 0.7165 2926 1.82701 0.513 1.309 436.85 -1.042 -0.7466 1550 -0.006 -013-Dec-05 2812.3 1.3003 2947 0.71427 1.691 0.929 448.85 2.7469 3.5719 1531 -1.203 -1.5614-Dec-05 2804.6 -0.276 2886 -2.0835 0.076 0.574 445.15 -0.824 0.2272 1554 1.479 -0.4115-Dec-05 2778.6 -0.927 2918 1.11244 0.859 -1.03 438.4 -1.516 1.4057 1596 2.674 -2.4816-Dec-05 2810.2 1.1373 2982 2.21582 1.293 2.52 441.75 0.7641 0.869 1617 1.316 1.5



19-Dec-05 2842.6 1.1547 3024 1.38987 1.333 1.605 456 3.2258 3.725 1683 4.092 4.7320-Dec-05 2826.2 -0.577 2970 -1.771 0.333 1.022 464.75 1.9189 -1.1071 1650 -1.931 1.1121-Dec-05 2822.9 -0.117 2974 0.13299 0.014 -0.02 458.4 -1.366 0.1595 1668 1.054 -0.1222-Dec-05 2835.3 0.4375 2983 0.29084 0.191 0.127 462.45 0.8835 0.3865 1684 0.977 0.4323-Dec-05 2804.9 -1.072 2981 -0.0553 1.15 0.059 465.45 0.6487 -0.6956 1683 -0.065 0.0726-Dec-05 2749.6 -1.97 2951 -1.0147 3.88 1.999 453.75 -2.514 4.9515 1714 1.878 -3.727-Dec-05 2805.9 2.0476 2994 1.47413 4.193 3.018 462.25 1.8733 3.8357 1735 1.175 2.4128-Dec-05 2794.1 -0.422 2989 -0.192 0.178 0.081 456.4 -1.266 0.5345 1694 -2.367 129-Dec-05 2822 0.9986 2987 -0.0402 0.997 -0.04 463.3 1.5118 1.5096 1686 -0.437 -0.4430-Dec-05 2836.6 0.5174 2997 0.31465 0.268 0.163 463.35 0.0108 0.0056 1685 -0.083 -0.04

2-Jan-06 2836 -0.021 2979 -0.5839 4E-04 0.012 461.7 -0.356 0.0075 1672 -0.769 0.023-Jan-06 2883.4 1.6714 3007 0.9247 2.794 1.546 473 2.4475 4.0907 1663 -0.529 -0.884-Jan-06 2904.4 0.7301 3055 1.60963 0.533 1.175 481.1 1.7125 1.2502 1698 2.12 1.555-Jan-06 2899.9 -0.157 3055 -0.0131 0.025 0.002 474.05 -1.465 0.2296 1686 -0.736 0.126-Jan-06 2914 0.488 3053 -0.0556 0.238 -0.03 472.7 -0.285 -0.139 1710 1.448 0.719-Jan-06 2910.1 -0.134 3036 -0.5683 0.018 0.076 460.95 -2.486 0.3327 1703 -0.421 0.06

10-Jan-06 2870.8 -1.35 2975 -1.9994 1.824 2.7 459.65 -0.282 0.3809 1688 -0.896 1.2112-Jan-06 2850.7 -0.7 2838 -4.6166 0.49 3.232 461.35 0.3698 -0.2589 1733 2.702 -1.8913-Jan-06 2850.6 -0.005 2845 0.23962 ##### -0 460.05 -0.282 0.0015 1743 0.571 -016-Jan-06 2833.1 -0.612 2780 -2.2622 0.375 1.385 460 -0.011 0.0067 1732 -0.617 0.3817-Jan-06 2829.1 -0.141 2762 -0.6492 0.02 0.092 448.35 -2.533 0.3576 1706 -1.544 0.2218-Jan-06 2809.2 -0.703 2740 -0.8073 0.495 0.568 461.05 2.8326 -1.9925 1689 -0.976 0.6919-Jan-06 2870.9 2.1946 2821 2.95631 4.816 6.488 498.05 8.0252 17.612 1673 -0.974 -2.1420-Jan-06 2901 1.0485 2814 -0.2588 1.099 -0.27 498.75 0.1405 0.1474 1674 0.072 0.0823-Jan-06 2884.1 -0.583 2745 -2.4506 0.339 1.428 492.3 -1.293 0.7534 1652 -1.311 0.7624-Jan-06 2908 0.8304 2822 2.81639 0.69 2.339 493.85 0.3148 0.2615 1609 -2.603 -2.1625-Jan-06 2940.4 1.1124 2828 0.20908 1.238 0.233 508.2 2.9057 3.2325 1623 0.911 1.0127-Jan-06 2982.8 1.442 2903 2.65396 2.079 3.827 505.15 -0.6 -0.8654 1620 -0.237 -0.3430-Jan-06 2974.5 -0.277 2863 -1.3797 0.077 0.382 522.4 3.4148 -0.9445 1650 1.902 -0.5331-Jan-06 3001.1 0.8943 2880 0.60953 0.8 0.545 529.7 1.3974 1.2496 1644 -0.385 -0.341-Feb-06 2971.6 -0.985 2876 -0.1476 0.97 0.145 522.25 -1.406 1.3849 1622 -1.329 1.312-Feb-06 2967.5 -0.138 2828 -1.6672 0.019 0.23 527.45 0.9957 -0.1374 1643 1.261 -0.173-Feb-06 2940.6 -0.905 2787 -1.4603 0.819 1.321 516 -2.171 1.9642 1651 0.524 -0.476-Feb-06 3000.5 2.0353 2843 1.99871 4.142 4.068 514.5 -0.291 -0.5917 1659 0.481 0.987-Feb-06 3020.1 0.6549 2873 1.05893 0.429 0.693 520.35 1.137 0.7446 1659 -0.015 -0.018-Feb-06 3009 -0.369 2903 1.04609 0.136 -0.39 507.55 -2.46 0.9082 1670 0.693 -0.26

10-Feb-06 3027.6 0.6182 2864 -1.3195 0.382 -0.82 512.35 0.9457 0.5846 1667 -0.224 -0.1413-Feb-06 3041.2 0.4492 2862 -0.0803 0.202 -0.04 505.6 -1.317 -0.5918 1637 -1.791 -0.814-Feb-06 3017.6 -0.776 2822 -1.4028 0.602 1.089 491.2 -2.848 2.2102 1631 -0.367 0.2815-Feb-06 3022.2 0.1541 2776 -1.6212 0.024 -0.25 495.5 0.8754 0.1349 1679 2.959 0.4616-Feb-06 3021.6 -0.02 2781 0.1783 4E-04 -0 490.15 -1.08 0.0214 1674 -0.295 0.0117-Feb-06 2981.5 -1.327 2785 0.15641 1.761 -0.21 499.1 1.826 -2.4233 1663 -0.693 0.9220-Feb-06 3005.9 0.8167 2828 1.54194 0.667 1.259 510.9 2.3643 1.9309 1670 0.427 0.3521-Feb-06 3035.5 0.9864 2818 -0.3818 0.973 -0.38 512.85 0.3817 0.3765 1651 -1.114 -1.122-Feb-06 3050.8 0.504 2801 -0.6069 0.254 -0.31 516.35 0.6825 0.344 1619 -1.965 -0.9923-Feb-06 3062.1 0.3704 2795 -0.2125 0.137 -0.08 522.4 1.1717 0.434 1619 0.049 0.0224-Feb-06 3050.1 -0.394 2758 -1.324 0.155 0.521 516.5 -1.129 0.4444 1629 0.605 -0.2427-Feb-06 3067.5 0.5705 2851 3.37256 0.325 1.924 520.2 0.7164 0.4087 1625 -0.255 -0.1528-Feb-06 3074.7 0.2364 2829 -0.7577 0.056 -0.18 520.45 0.0481 0.0114 1650 1.529 0.36



1-Mar-06 3123.1 1.5741 2905 2.69358 2.478 4.24 528.4 1.5275 2.4045 1666 0.979 1.542-Mar-06 3150.7 0.8837 2854 -1.7503 0.781 -1.55 530.55 0.4069 0.3596 1662 -0.249 -0.223-Mar-06 3147.4 -0.106 2824 -1.0493 0.011 0.112 529.7 -0.16 0.017 1671 0.524 -0.066-Mar-06 3190.4 1.3678 2855 1.08521 1.871 1.484 528.65 -0.198 -0.2711 1670 -0.03 -0.047-Mar-06 3182.8 -0.238 2820 -1.2434 0.057 0.296 522.9 -1.088 0.2591 1690 1.216 -0.298-Mar-06 3116.7 -2.077 2801 -0.6508 4.313 1.352 507.4 -2.964 6.1561 1701 0.618 -1.289-Mar-06 3129.1 0.3979 2843 1.49403 0.158 0.594 511.45 0.7982 0.3176 1740 2.317 0.92

10-Mar-06 3183.9 1.7513 2914 2.47977 3.067 4.343 520.4 1.7499 3.0647 1742 0.092 0.1613-Mar-06 3202.7 0.5889 2935 0.74481 0.347 0.439 532.4 2.3059 1.358 1706 -2.07 -1.2214-Mar-06 3195.4 -0.228 2932 -0.0937 0.052 0.021 521.65 -2.019 0.4602 1744 2.26 -0.5216-Mar-06 3226.6 0.978 2922 -0.3632 0.956 -0.36 517.4 -0.815 -0.7968 1725 -1.124 -1.117-Mar-06 3234.1 0.2309 2878 -1.5008 0.053 -0.35 520.4 0.5798 0.1339 1723 -0.125 -0.0320-Mar-06 3265.7 0.9771 2967 3.09074 0.955 3.02 544.3 4.5926 4.4875 1725 0.134 0.1321-Mar-06 3262.3 -0.103 2960 -0.241 0.011 0.025 532.2 -2.223 0.228 1764 2.249 -0.2322-Mar-06 3240.2 -0.679 2920 -1.343 0.461 0.912 522.4 -1.841 1.2503 1829 3.683 -2.523-Mar-06 3247.2 0.216 2890 -1.012 0.047 -0.22 522.85 0.0861 0.0186 1803 -1.392 -0.324-Mar-06 3279.8 1.0055 2896 0.20412 1.011 0.205 531.35 1.6257 1.6346 1835 1.789 1.827-Mar-06 3321.7 1.276 2879 -0.5887 1.628 -0.75 520.15 -2.108 -2.6896 1861 1.395 1.7828-Mar-06 3325 0.1009 2960 2.80276 0.01 0.283 529.05 1.711 0.1726 1908 2.526 0.2529-Mar-06 3354.2 0.8782 3037 2.58615 0.771 2.271 542.7 2.5801 2.2658 1915 0.377 0.3330-Mar-06 3419 1.9304 3043 0.21241 3.727 0.41 569.85 5.0028 9.6574 1893 -1.141 -2.231-Mar-06 3402.6 -0.48 2981 -2.0243 0.23 0.971 559.7 -1.781 0.8544 1874 -1.011 0.49

3-Apr-06 3473.3 2.0793 3142 5.39176 4.324 11.21 560 0.0536 0.1115 1891 0.92 1.914-Apr-06 3483.2 0.2836 3153 0.33576 0.08 0.095 559.7 -0.054 -0.0152 1891 -0.026 -0.015-Apr-06 3510.9 0.7967 3115 -1.2037 0.635 -0.96 558.2 -0.268 -0.2135 1888 -0.177 -0.147-Apr-06 3454.8 -1.598 3167 1.6775 2.553 -2.68 540.75 -3.126 4.9952 1898 0.559 -0.89

10-Apr-06 3478.5 0.6846 3189 0.70414 0.469 0.482 536.7 -0.749 -0.5127 1968 3.685 2.5212-Apr-06 3380 -2.83 3076 -3.5635 8.011 10.09 517.05 -3.661 10.362 1916 -2.673 7.5613-Apr-06 3345.5 -1.021 3019 -1.8468 1.042 1.885 515.35 -0.329 0.3356 1951 1.84 -1.8817-Apr-06 3425.2 2.3808 3230 6.99273 5.668 16.65 541.05 4.9869 11.873 1949 -0.113 -0.2718-Apr-06 3518.1 2.7137 3336 3.28333 7.364 8.91 570.9 5.5171 14.972 1932 -0.847 -2.319-Apr-06 3535.9 0.5045 3279 -1.7146 0.255 -0.87 560.2 -1.874 -0.9456 1889 -2.215 -1.1220-Apr-06 3573.5 1.0648 3277 -0.0671 1.134 -0.07 554.1 -1.089 -1.1595 1894 0.257 0.2721-Apr-06 3573.1 -0.013 3302 0.76604 2E-04 -0.01 548.9 -0.938 0.0118 1781 -5.982 0.0824-Apr-06 3548.9 -0.676 3205 -2.9349 0.457 1.984 532.4 -3.006 2.0317 1797 0.918 -0.6225-Apr-06 3462.7 -2.43 3142 -1.9642 5.907 4.774 526.95 -1.024 2.4878 1907 6.087 -14.826-Apr-06 3555.8 2.6887 3225 2.64494 7.229 7.111 548.9 4.1655 11.2 2010 5.4 14.527-Apr-06 3508.1 -1.34 3133 -2.8605 1.796 3.833 547.25 -0.301 0.4028 2013 0.162 -0.2228-Apr-06 3508.4 0.0071 3140 0.22185 ##### 0.002 537.15 -1.846 -0.0132 1990 -1.135 -0.0129-Apr-06 3557.6 1.4038 3177 1.20077 1.971 1.686 538.55 0.2606 0.3659 1999 0.46 0.652-May-06 3605.5 1.345 3164 -0.4123 1.809 -0.55 539.3 0.1393 0.1873 1979 -0.99 -1.333-May-06 3634.3 0.7988 3171 0.22596 0.638 0.18 539.2 -0.019 -0.0148 1927 -2.642 -2.114-May-06 3648.4 0.3894 3211 1.25812 0.152 0.49 540.85 0.306 0.1191 1942 0.799 0.315-May-06 3664 0.4262 3212 0.02491 0.182 0.011 539.45 -0.259 -0.1103 1946 0.18 0.088-May-06 3693.2 0.797 3228 0.50279 0.635 0.401 538.5 -0.176 -0.1403 1978 1.655 1.329-May-06 3720.6 0.7419 3237 0.27569 0.55 0.205 538.7 0.0371 0.0276 1979 0.066 0.05

10-May-06 3754.3 0.9058 3256 0.59003 0.82 0.534 542.6 0.724 0.6558 2013 1.708 1.5511-May-06 3701.1 -1.417 3256 -0.0061 2.008 0.009 544.85 0.4147 -0.5876 2032 0.914 -1.312-May-06 3650.1 -1.378 3242 -0.4223 1.899 0.582 544.55 -0.055 0.0759 2044 0.598 -0.82



15-May-06 3503 -4.03 3151 -2.8128 16.24 11.34 534.6 -1.827 7.3638 2007 -1.813 7.3116-May-06 3523.3 0.5809 3150 -0.0333 0.337 -0.02 534.15 -0.084 -0.0489 2019 0.638 0.3717-May-06 3635.1 3.1732 3208 1.846 10.07 5.858 543.95 1.8347 5.8218 2025 0.267 0.8518-May-06 3388.9 -6.773 3034 -5.4314 45.87 36.79 507.55 -6.692 45.323 2022 -0.156 1.0519-May-06 3246.9 -4.19 2974 -1.9611 17.56 8.217 487.7 -3.911 16.387 2019 -0.148 0.6222-May-06 3081.4 -5.099 2824 -5.0682 26 25.84 441.8 -9.412 47.987 1996 -1.117 5.723-May-06 3199.4 3.8295 2911 3.07929 14.66 11.79 474.15 7.3223 28.041 1961 -1.766 -6.7624-May-06 3115.6 -2.619 2861 -1.7075 6.861 4.472 454.4 -4.165 10.91 1975 0.704 -1.8425-May-06 3177.7 1.9948 2829 -1.1325 3.979 -2.26 486.25 7.0092 13.982 2017 2.119 4.2326-May-06 3209.6 1.0039 2934 3.7369 1.008 3.751 475 -2.314 -2.3226 1926 -4.508 -4.5329-May-06 3214.9 0.1651 2968 1.13998 0.027 0.188 470.65 -0.916 -0.1512 1892 -1.729 -0.2930-May-06 3185.3 -0.921 3027 1.98133 0.848 -1.82 471.1 0.0956 -0.088 1781 -5.911 5.4431-May-06 3071.1 -3.587 2910 -3.8543 12.87 13.82 449.7 -4.543 16.293 1830 2.791 -10

1-Jun-06 2962.3 -3.543 2830 -2.7493 12.55 9.74 444.7 -1.112 3.939 1791 -2.161 7.662-Jun-06 3091.4 4.3582 2886 1.9842 18.99 8.648 469.9 5.6667 24.697 1877 4.819 215-Jun-06 3016.7 -2.416 2824 -2.1396 5.839 5.17 457.5 -2.639 6.3766 1866 -0.565 1.366-Jun-06 2937.3 -2.63 2765 -2.0837 6.919 5.481 445.2 -2.689 7.0719 1851 -0.847 2.237-Jun-06 2860.5 -2.616 2763 -0.0777 6.845 0.203 445.35 0.0337 -0.0882 1860 0.53 -1.398-Jun-06 2724.4 -4.758 2704 -2.1515 22.64 10.24 419.55 -5.793 27.564 1783 -4.163 19.89-Jun-06 2866.3 5.2104 2795 3.36009 27.15 17.51 434.9 3.6587 19.063 1709 -4.125 -21.5

12-Jun-06 2776.9 -3.121 2763 -1.1254 9.739 3.512 422.3 -2.897 9.0415 1794 4.952 -15.513-Jun-06 2663.3 -4.089 2639 -4.4912 16.72 18.37 395.3 -6.394 26.144 1768 -1.472 6.0214-Jun-06 2632.8 -1.145 2485 -5.8315 1.311 6.678 389.5 -1.467 1.6803 1749 -1.058 1.2115-Jun-06 2798.8 6.3051 2727 9.73161 39.75 61.36 420 7.8306 49.372 1704 -2.57 -16.216-Jun-06 2890.4 3.271 2801 2.71722 10.7 8.888 440.5 4.881 15.966 1648 -3.289 -10.819-Jun-06 2916.9 0.9186 2871 2.50076 0.844 2.297 435.85 -1.056 -0.9697 1671 1.411 1.320-Jun-06 2861.3 -1.906 2844 -0.9473 3.633 1.806 421.9 -3.201 6.1009 1639 -1.939 3.721-Jun-06 2923.5 2.1721 2923 2.78657 4.718 6.053 438.9 4.0294 8.7522 1570 -4.174 -9.0722-Jun-06 2994.8 2.4389 2952 0.97836 5.948 2.386 450.45 2.6316 6.4182 1484 -5.521 -13.523-Jun-06 3042.7 1.6011 2992 1.34492 2.564 2.153 469.6 4.2513 6.8069 1551 4.509 7.2225-Jun-06 3050.3 0.2498 2990 -0.0635 0.062 -0.02 475.35 1.2244 0.3058 1685 8.671 2.1726-Jun-06 2943.2 -3.511 2900 -2.992 12.33 10.51 463.9 -2.409 8.4574 1668 -0.988 3.4727-Jun-06 2982.5 1.3336 2967 2.31881 1.778 3.092 473.9 2.1556 2.8747 1607 -3.656 -4.8828-Jun-06 2981.1 -0.045 2975 0.23758 0.002 -0.01 484.15 2.1629 -0.0979 1641 2.112 -0.129-Jun-06 2997.9 0.5636 2994 0.64381 0.318 0.363 496.7 2.5922 1.4608 1677 2.16 1.2230-Jun-06 3128.2 4.3464 3079 2.84936 18.89 12.38 513.35 3.3521 14.57 1695 1.079 4.69

3-Jul-06 3151 0.7273 3154 2.44889 0.529 1.781 502.5 -2.114 -1.5371 1700 0.325 0.244-Jul-06 3138.7 -0.39 3150 -0.149 0.152 0.058 500.65 -0.368 0.1437 1634 -3.932 1.535-Jul-06 3197.1 1.8623 3194 1.41127 3.468 2.628 496.85 -0.759 -1.4135 1645 0.676 1.266-Jul-06 3156.4 -1.273 3164 -0.9471 1.621 1.206 491.1 -1.157 1.4733 1699 3.287 -4.187-Jul-06 3075.9 -2.552 3105 -1.8601 6.512 4.747 468.85 -4.531 11.562 1681 -1.048 2.67

10-Jul-06 3142 2.1506 3188 2.67472 4.625 5.752 493.85 5.3322 11.468 1739 3.448 7.4111-Jul-06 3116.2 -0.823 3148 -1.25 0.677 1.028 495.5 0.3341 -0.2749 1800 3.534 -2.9112-Jul-06 3195.9 2.5592 3386 7.54241 6.55 19.3 516.4 4.218 10.795 1815 0.828 2.1213-Jul-06 3169.3 -0.832 1682 -50.321 0.693 41.88 502.6 -2.672 2.2242 1843 1.515 -1.2614-Jul-06 3123.4 -1.45 1649 -1.9739 2.102 2.862 489.1 -2.686 3.8943 1804 -2.079 3.0117-Jul-06 3007.6 -3.708 1605 -2.6384 13.75 9.782 478.7 -2.126 7.8836 1747 -3.192 11.818-Jul-06 2993.7 -0.462 1630 1.51378 0.214 -0.7 485.25 1.3683 -0.6324 1798 2.957 -1.3719-Jul-06 2932.8 -2.034 1605 -1.5342 4.138 3.121 458.35 -5.544 11.277 1770 -1.579 3.21



20-Jul-06 3023.1 3.079 1648 2.69858 9.48 8.309 469.95 2.5308 7.7924 1890 6.8 20.921-Jul-06 2945 -2.582 1602 -2.7763 6.666 7.168 449 -4.458 11.51 1867 -1.214 3.1324-Jul-06 2985.9 1.3871 1611 0.57425 1.924 0.797 468.95 4.4432 6.1632 1874 0.372 0.5225-Jul-06 3040.5 1.8303 1611 -0.0372 3.35 -0.07 469.8 0.1813 0.3318 1859 -0.816 -1.4926-Jul-06 3110.2 2.2907 1646 2.21643 5.247 5.077 476.35 1.3942 3.1938 1835 -1.318 -3.0227-Jul-06 3156.2 1.479 1658 0.72583 2.188 1.074 493.75 3.6528 5.4026 1758 -4.195 -6.228-Jul-06 3130.8 -0.803 1630 -1.6975 0.645 1.363 483.1 -2.157 1.7325 1806 2.765 -2.2231-Jul-06 3143.2 0.3961 1656 1.55502 0.157 0.616 490.8 1.5939 0.6313 1768 -2.137 -0.851-Aug-06 3147.8 0.1463 1658 0.14799 0.021 0.022 495.15 0.8863 0.1297 1818 2.857 0.422-Aug-06 3182.1 1.0896 1667 0.52171 1.187 0.568 502.6 1.5046 1.6395 1847 1.609 1.753-Aug-06 3190 0.2483 1673 0.378 0.062 0.094 508.3 1.1341 0.2816 1889 2.247 0.564-Aug-06 3176.8 -0.415 1681 0.46026 0.173 -0.19 507.85 -0.089 0.0368 1900 0.577 -0.247-Aug-06 3151.1 -0.807 1674 -0.4195 0.652 0.339 494.05 -2.717 2.1941 928.5 -51.13 41.38-Aug-06 3212.4 1.9454 1684 0.63635 3.784 1.238 502.05 1.6193 3.15 936.2 0.829 1.619-Aug-06 3254.6 1.3137 1702 1.05685 1.726 1.388 506.1 0.8067 1.0597 932 -0.443 -0.58

10-Aug-06 3260.1 0.169 1709 0.38483 0.029 0.065 515.35 1.8277 0.3089 940.2 0.88 0.1511-Aug-06 3274.4 0.4371 1742 1.96652 0.191 0.86 504.95 -2.018 -0.8821 944.7 0.479 0.2114-Aug-06 3313.1 1.1834 1756 0.7634 1.401 0.903 510.15 1.0298 1.2187 948.6 0.408 0.4816-Aug-06 3356.1 1.2964 1752 -0.1823 1.681 -0.24 514.7 0.8919 1.1562 936.1 -1.313 -1.717-Aug-06 3353.9 -0.064 1758 0.30246 0.004 -0.02 511.25 -0.67 0.0429 954.8 1.998 -0.1318-Aug-06 3356.8 0.085 1762 0.25034 0.007 0.021 512.2 0.1858 0.0158 966.1 1.183 0.121-Aug-06 3366 0.2756 1798 2.04881 0.076 0.565 510.75 -0.283 -0.078 965.8 -0.036 -0.0122-Aug-06 3364.6 -0.042 1781 -0.9427 0.002 0.039 512.15 0.2741 -0.0114 967.6 0.192 -0.0123-Aug-06 3335.8 -0.856 1768 -0.7439 0.733 0.637 511 -0.225 0.1922 964.7 -0.305 0.2624-Aug-06 3370.4 1.0372 1767 -0.0566 1.076 -0.06 515.4 0.8611 0.8931 972.2 0.783 0.8125-Aug-06 3386 0.4614 1767 -0.0113 0.213 -0.01 510.75 -0.902 -0.4163 960.2 -1.239 -0.5728-Aug-06 3401.1 0.4474 1773 0.34245 0.2 0.153 513.25 0.4895 0.219 969.7 0.995 0.4529-Aug-06 3425.7 0.7233 1806 1.86434 0.523 1.348 525.6 2.4062 1.7404 969.3 -0.041 -0.0330-Aug-06 3430.4 0.1357 1801 -0.2547 0.018 -0.03 526.35 0.1427 0.0194 975.4 0.629 0.0931-Aug-06 3413.9 -0.48 1806 0.2887 0.23 -0.14 518.65 -1.463 0.7015 963.1 -1.261 0.61-Sep-06 3435.5 0.6312 1811 0.22697 0.398 0.143 518.3 -0.067 -0.0426 970.4 0.758 0.484-Sep-06 3476.9 1.2051 1848 2.05468 1.452 2.476 522.75 0.8586 1.0347 974.4 0.412 0.55-Sep-06 3473.8 -0.089 1835 -0.69 0.008 0.062 515.6 -1.368 0.122 981.1 0.688 -0.066-Sep-06 3477.3 0.1008 1835 -0.0027 0.01 -0 522.6 1.3576 0.1368 990.1 0.917 0.097-Sep-06 3454.6 -0.653 1807 -1.526 0.426 0.996 512.1 -2.009 1.3116 983.8 -0.636 0.428-Sep-06 3471.5 0.4892 1789 -0.9685 0.239 -0.47 509.2 -0.566 -0.277 998.1 1.448 0.71

11-Sep-06 3366.2 -3.033 1734 -3.1212 9.201 9.467 499.65 -1.875 5.689 999.3 0.12 -0.3612-Sep-06 3389.9 0.7056 1772 2.19203 0.498 1.547 503.5 0.7705 0.5437 1017 1.791 1.2613-Sep-06 3454.6 1.9071 1809 2.13937 3.637 4.08 513.45 1.9762 3.7688 1006 -1.116 -2.1314-Sep-06 3471.6 0.4936 1831 1.20755 0.244 0.596 512.3 -0.224 -0.1105 993.6 -1.213 -0.615-Sep-06 3478.6 0.2016 1811 -1.1276 0.041 -0.23 508.9 -0.664 -0.1338 986.7 -0.694 -0.1418-Sep-06 3492.8 0.4068 1817 0.37003 0.165 0.151 513.8 0.9629 0.3917 991 0.436 0.1819-Sep-06 3457.4 -1.014 1816 -0.0523 1.027 0.053 512.75 -0.204 0.2071 953.5 -3.789 3.8420-Sep-06 3502.8 1.3146 1830 0.77351 1.728 1.017 517.6 0.9459 1.2434 977.9 2.564 3.3721-Sep-06 3553.1 1.4346 1838 0.41793 2.058 0.6 523.6 1.1592 1.6629 1000 2.255 3.2322-Sep-06 3544.1 -0.253 1830 -0.4407 0.064 0.112 519.25 -0.831 0.2104 1013 1.345 -0.3425-Sep-06 3523.5 -0.581 1817 -0.735 0.338 0.427 510 -1.781 1.0355 1003 -1.056 0.6126-Sep-06 3571.8 1.3708 1840 1.28265 1.879 1.758 526.35 3.2059 4.3947 996.2 -0.653 -0.927-Sep-06 3579.3 0.2114 1838 -0.1169 0.045 -0.02 520.6 -1.092 -0.2309 1010 1.395 0.29



28-Sep-06 3571.8 -0.211 1858 1.1128 0.044 -0.23 521.8 0.2305 -0.0486 1030 1.98 -0.4229-Sep-06 3588.4 0.4662 1850 -0.4574 0.217 -0.21 524.9 0.5941 0.2769 1053 2.228 1.04

3-Oct-06 3569.6 -0.524 1818 -1.7003 0.274 0.891 519.6 -1.01 0.529 1040 -1.277 0.674-Oct-06 3515.4 -1.52 1800 -1.0037 2.31 1.525 506.85 -2.454 3.7292 1026 -1.342 2.045-Oct-06 3564.9 1.4095 1865 3.6251 1.987 5.11 520.85 2.7622 3.8934 1044 1.823 2.576-Oct-06 3569.7 0.1346 1874 0.44767 0.018 0.06 514.3 -1.258 -0.1693 1043 -0.158 -0.029-Oct-06 3567.2 -0.071 1896 1.20627 0.005 -0.09 515.65 0.2625 -0.0188 1020 -2.129 0.15

10-Oct-06 3571.1 0.1093 1906 0.53002 0.012 0.058 519.8 0.8048 0.088 1022 0.157 0.0211-Oct-06 3558.6 -0.35 1980 3.87158 0.123 -1.36 528.85 1.7411 -0.6094 1014 -0.758 0.2712-Oct-06 3621.1 1.7563 2020 2.02273 3.085 3.553 545.25 3.1011 5.4465 987.4 -2.652 -4.6613-Oct-06 3676.1 1.5189 2089 3.41576 2.307 5.188 557.55 2.2558 3.4264 999.8 1.251 1.916-Oct-06 3724 1.303 2100 0.53852 1.698 0.702 570.6 2.3406 3.0499 994.2 -0.555 -0.7217-Oct-06 3715 -0.24 2071 -1.4093 0.058 0.339 575.15 0.7974 -0.1916 1002 0.8 -0.1918-Oct-06 3710.7 -0.117 2073 0.12556 0.014 -0.01 557.55 -3.06 0.3583 1012 0.933 -0.1119-Oct-06 3677.8 -0.885 2069 -0.2315 0.784 0.205 550.6 -1.247 1.1035 1045 3.287 -2.9120-Oct-06 3676.9 -0.026 2064 -0.2127 7E-04 0.005 556.55 1.0806 -0.0279 1083 3.618 -0.0921-Oct-06 3683.5 0.1809 2074 0.46994 0.033 0.085 553.6 -0.53 -0.0959 1104 1.944 0.3523-Oct-06 3657.3 -0.711 2042 -1.5551 0.506 1.106 547.3 -1.138 0.8094 1130 2.365 -1.6826-Oct-06 3677.6 0.5537 2073 1.55764 0.307 0.862 557.1 1.7906 0.9914 1117 -1.133 -0.6327-Oct-06 3739.4 1.6805 2093 0.92604 2.824 1.556 563.2 1.095 1.84 1106 -0.954 -1.630-Oct-06 3769.1 0.7956 2128 1.67977 0.633 1.336 554.55 -1.536 -1.2219 1092 -1.252 -131-Oct-06 3744.1 -0.663 2096 -1.5134 0.44 1.004 538.3 -2.93 1.9436 1090 -0.256 0.171-Nov-06 3767.1 0.613 2103 0.37938 0.376 0.233 537.5 -0.149 -0.0911 1091 0.087 0.052-Nov-06 3791.2 0.6411 2085 -0.889 0.411 -0.57 533.15 -0.809 -0.5188 1080 -0.958 -0.613-Nov-06 3805.4 0.3732 2075 -0.4725 0.139 -0.18 529.3 -0.722 -0.2695 1079 -0.079 -0.036-Nov-06 3809.3 0.1025 2070 -0.2362 0.011 -0.02 532 0.5101 0.0523 1075 -0.426 -0.047-Nov-06 3798.8 -0.276 2102 1.5628 0.076 -0.43 530.95 -0.197 0.0544 1079 0.437 -0.128-Nov-06 3777.3 -0.565 2126 1.1178 0.319 -0.63 535.3 0.8193 -0.4626 1087 0.718 -0.419-Nov-06 3796.4 0.5057 2137 0.53155 0.256 0.269 533.9 -0.262 -0.1322 1083 -0.359 -0.18

10-Nov-06 3834.8 1.0102 2140 0.124 1.02 0.125 536.65 0.5151 0.5203 1080 -0.291 -0.2913-Nov-06 3858.8 0.6259 2160 0.95102 0.392 0.595 542.05 1.0062 0.6298 1067 -1.213 -0.7614-Nov-06 3865.9 0.1853 2211 2.33317 0.034 0.432 545.4 0.618 0.1145 1059 -0.708 -0.1315-Nov-06 3876.3 0.269 2223 0.54738 0.072 0.147 548.05 0.4859 0.1307 1065 0.543 0.1516-Nov-06 3876.9 0.0142 2200 -1.0213 2E-04 -0.01 553.65 1.0218 0.0145 1063 -0.174 -017-Nov-06 3852.8 -0.62 2186 -0.6159 0.385 0.382 550.25 -0.614 0.381 1064 0.028 -0.0220-Nov-06 3856.2 0.0869 2254 3.08269 0.008 0.268 554.5 0.7724 0.0672 1069 0.48 0.0421-Nov-06 3918.3 1.6104 2257 0.1198 2.593 0.193 569.3 2.6691 4.2983 1076 0.66 1.0622-Nov-06 3954.8 0.9315 2226 -1.3716 0.868 -1.28 585.1 2.7753 2.5853 1106 2.835 2.6423-Nov-06 3945.5 -0.235 2237 0.51673 0.055 -0.12 582.75 -0.402 0.0944 1097 -0.854 0.224-Nov-06 3950.9 0.1369 2236 -0.0693 0.019 -0.01 590.15 1.2698 0.1738 1087 -0.862 -0.1227-Nov-06 3968.9 0.4569 2218 -0.7918 0.209 -0.36 601.3 1.8894 0.8632 1095 0.717 0.3328-Nov-06 3921.8 -1.188 2165 -2.3852 1.411 2.834 585.35 -2.653 3.1512 1118 2.073 -2.4629-Nov-06 3928.2 0.1645 2157 -0.3811 0.027 -0.06 582.85 -0.427 -0.0702 1149 2.746 0.4530-Nov-06 3954.5 0.6695 2180 1.06879 0.448 0.716 599.9 2.9253 1.9585 1148 -0.039 -0.031-Dec-06 3997.6 1.0899 2195 0.70423 1.188 0.768 601.05 0.1917 0.2089 1144 -0.344 -0.374-Dec-06 4001 0.0851 2207 0.5558 0.007 0.047 590.75 -1.714 -0.1457 1150 0.511 0.045-Dec-06 4015.8 0.3687 2239 1.44297 0.136 0.532 593.3 0.4317 0.1591 1161 0.939 0.356-Dec-06 4016 0.005 2249 0.43768 ##### 0.002 589.95 -0.565 -0.0028 1150 -0.943 -07-Dec-06 4015.4 -0.015 2224 -1.1161 2E-04 0.017 584.25 -0.966 0.0144 1165 1.278 -0.02



8-Dec-06 3962 -1.329 2196 -1.2703 1.765 1.688 576.95 -1.249 1.6601 1199 2.941 -3.9111-Dec-06 3849.5 -2.839 2195 -0.0342 8.063 0.097 567.2 -1.69 4.7985 1189 -0.788 2.2412-Dec-06 3716.9 -3.445 2164 -1.3919 11.87 4.795 558.5 -1.534 5.2835 1192 0.256 -0.8813-Dec-06 3765.2 1.2995 2150 -0.6746 1.689 -0.88 555.45 -0.546 -0.7096 1192 -0.042 -0.0514-Dec-06 3843.1 2.0676 2196 2.16082 4.275 4.468 569.55 2.5385 5.2486 1199 0.562 1.1615-Dec-06 3888.7 1.1866 2234 1.70302 1.408 2.021 566.65 -0.509 -0.6042 1194 -0.359 -0.4318-Dec-06 3928.8 1.0312 2225 -0.403 1.063 -0.42 583 2.8854 2.9754 1177 -1.457 -1.519-Dec-06 3832 -2.463 2158 -3.0074 6.064 7.406 566.75 -2.787 6.8641 1173 -0.293 0.7220-Dec-06 3815.6 -0.429 2171 0.60716 0.184 -0.26 555.25 -2.029 0.8711 1121 -4.512 1.9421-Dec-06 3833.5 0.4704 2164 -0.3225 0.221 -0.15 558.25 0.5403 0.2542 1121 0.031 0.0122-Dec-06 3871.2 0.9821 2174 0.46679 0.965 0.458 574.5 2.9109 2.8589 1150 2.565 2.5226-Dec-06 3940.5 1.7915 2219 2.10001 3.209 3.762 597.5 4.0035 7.1721 1160 0.922 1.6527-Dec-06 3974.3 0.8565 2253 1.49587 0.734 1.281 607.1 1.6067 1.3761 1181 1.814 1.5528-Dec-06 3970.6 -0.093 2248 -0.1975 0.009 0.018 608.45 0.2224 -0.0207 1142 -3.335 0.3129-Dec-06 3966.4 -0.105 2242 -0.2847 0.011 0.03 605.9 -0.419 0.0438 1129 -1.147 0.12

2-Jan-07 4007.4 1.0337 2273 1.37613 1.069 1.422 611.55 0.9325 0.9639 1137 0.726 0.753-Jan-07 4024.1 0.4155 2311 1.70286 0.173 0.708 620.2 1.4144 0.5877 1154 1.495 0.624-Jan-07 3988.8 -0.876 2285 -1.127 0.767 0.987 606.5 -2.209 1.935 1191 3.245 -2.845-Jan-07 3983.4 -0.135 2275 -0.4485 0.018 0.061 598.05 -1.393 0.1886 1196 0.386 -0.058-Jan-07 3933.4 -1.255 2206 -3.0527 1.576 3.832 578.5 -3.269 4.1032 1212 1.329 -1.679-Jan-07 3911.4 -0.559 2190 -0.7028 0.313 0.393 579.9 0.242 -0.1354 1222 0.833 -0.47

10-Jan-07 3850.3 -1.562 2164 -1.1712 2.44 1.829 590.05 1.7503 -2.7341 1249 2.169 -3.3911-Jan-07 3942.3 2.3881 2183 0.85703 5.703 2.047 619.55 4.9996 11.94 1280 2.535 6.0512-Jan-07 4052.5 2.7954 2223 1.85066 7.814 5.173 626.45 1.1137 3.1132 1259 -1.648 -4.6115-Jan-07 4078.4 0.6404 2243 0.87928 0.41 0.563 626.95 0.0798 0.0511 1263 0.314 0.216-Jan-07 4080.5 0.0515 2222 -0.9251 0.003 -0.05 636.9 1.587 0.0817 1244 -1.52 -0.0817-Jan-07 4076.5 -0.099 2205 -0.7538 0.01 0.075 633.9 -0.471 0.0468 1256 1.013 -0.118-Jan-07 4109.1 0.7997 2224 0.8479 0.64 0.678 641.6 1.2147 0.9714 1235 -1.671 -1.3419-Jan-07 4090.2 -0.46 2202 -0.9801 0.212 0.451 620.65 -3.265 1.5019 1278 3.42 -1.5722-Jan-07 4102.5 0.3007 2254 2.34522 0.09 0.705 621.75 0.1772 0.0533 1324 3.624 1.0923-Jan-07 4066.1 -0.886 2235 -0.8363 0.785 0.741 620.75 -0.161 0.1425 1326 0.181 -0.1624-Jan-07 4089.9 0.5853 2234 -0.0492 0.343 -0.03 632.9 1.9573 1.1457 1324 -0.17 -0.125-Jan-07 4147.7 1.4132 2241 0.31109 1.997 0.44 651.3 2.9073 4.1086 1305 -1.469 -2.0829-Jan-07 4124.5 -0.561 2244 0.15172 0.314 -0.09 630.3 -3.224 1.8074 1315 0.828 -0.4631-Jan-07 4082.7 -1.012 2247 0.12921 1.025 -0.13 613.25 -2.705 2.7382 1298 -1.315 1.331-Feb-07 4137.2 1.3349 2269 0.96338 1.782 1.286 622.3 1.4757 1.97 1313 1.179 1.572-Feb-07 4183.5 1.1191 2266 -0.1498 1.252 -0.17 643.1 3.3424 3.7406 1303 -0.818 -0.925-Feb-07 4215.4 0.7613 2269 0.16552 0.58 0.126 633.85 -1.438 -1.095 1307 0.342 0.266-Feb-07 4195.9 -0.461 2273 0.16084 0.213 -0.07 634.8 0.1499 -0.0692 1315 0.635 -0.297-Feb-07 4224.3 0.6757 2357 3.70004 0.457 2.5 642.8 1.2602 0.8515 1298 -1.346 -0.918-Feb-07 4223.4 -0.02 2374 0.70639 4E-04 -0.01 635.45 -1.143 0.023 1278 -1.53 0.039-Feb-07 4187.4 -0.852 2361 -0.5245 0.727 0.447 643.1 1.2039 -1.0262 1292 1.107 -0.94

12-Feb-07 4058.3 -3.083 2351 -0.4235 9.505 1.306 630.4 -1.975 6.0885 1301 0.654 -2.0213-Feb-07 4044.6 -0.339 2304 -2.0011 0.115 0.678 637.8 1.1739 -0.3977 1306 0.408 -0.1414-Feb-07 4047.1 0.063 2285 -0.8485 0.004 -0.05 650.2 1.9442 0.1226 1298 -0.567 -0.0415-Feb-07 4146.2 2.4487 2383 4.30263 5.996 10.54 677 4.1218 10.093 1306 0.608 1.4919-Feb-07 4164.6 0.4426 2376 -0.2875 0.196 -0.13 681.25 0.6278 0.2778 1305 -0.138 -0.0620-Feb-07 4107 -1.383 2360 -0.6797 1.913 0.94 664.25 -2.495 3.4514 1287 -1.311 1.8121-Feb-07 4096.2 -0.262 2311 -2.0784 0.069 0.544 668.4 0.6248 -0.1635 1256 -2.455 0.64



22-Feb-07 4040 -1.372 2288 -1.0126 1.882 1.389 649.85 -2.775 3.8077 1253 -0.231 0.3223-Feb-07 3939 -2.501 2238 -2.177 6.256 5.445 623.3 -4.086 10.219 1261 0.627 -1.5726-Feb-07 3942 0.0774 2218 -0.8737 0.006 -0.07 613.6 -1.556 -0.1205 1292 2.499 0.1927-Feb-07 3893.9 -1.22 2187 -1.4043 1.489 1.714 604.55 -1.475 1.7997 1310 1.358 -1.6628-Feb-07 3745.3 -3.816 2078 -5.0046 14.56 19.1 562.4 -6.972 26.607 1300 -0.783 2.99

1-Mar-07 3811.2 1.7595 2159 3.9277 3.096 6.911 591.5 5.1743 9.1043 1284 -1.208 -2.132-Mar-07 3726.8 -2.216 2094 -3.0405 4.91 6.737 574.2 -2.925 6.4808 1294 0.814 -1.85-Mar-07 3576.5 -4.032 2007 -4.1247 16.25 16.63 536.95 -6.487 26.155 1277 -1.31 5.286-Mar-07 3655.7 2.2131 2114 5.34589 4.898 11.83 578.3 7.7009 17.043 1286 0.685 1.527-Mar-07 3626.9 -0.788 2085 -1.3762 0.621 1.084 553.85 -4.228 3.3308 1264 -1.707 1.348-Mar-07 3761.7 3.7167 2136 2.41686 13.81 8.983 572.5 3.3673 12.515 1193 -5.597 -20.89-Mar-07 3718 -1.16 2121 -0.693 1.347 0.804 565.65 -1.197 1.3884 1255 5.132 -5.96

12-Mar-07 3734.6 0.4465 2115 -0.2664 0.199 -0.12 571.8 1.0872 0.4854 1209 -3.674 -1.6413-Mar-07 3770.6 0.9626 2105 -0.4846 0.927 -0.47 583.9 2.1161 2.037 1156 -4.385 -4.2214-Mar-07 3641.1 -3.433 2020 -4.0403 11.79 13.87 555.25 -4.907 16.845 1197 3.609 -12.415-Mar-07 3643.6 0.0687 2079 2.94059 0.005 0.202 562.3 1.2697 0.0872 1192 -0.455 -0.0316-Mar-07 3608.6 -0.962 2047 -1.5365 0.925 1.478 565.25 0.5246 -0.5047 1218 2.232 -2.1519-Mar-07 3678.9 1.9495 2087 1.94388 3.801 3.79 578.25 2.2999 4.4837 1212 -0.513 -120-Mar-07 3697.6 0.5083 2056 -1.502 0.258 -0.76 573.4 -0.839 -0.4263 1235 1.885 0.9621-Mar-07 3764.6 1.8106 2094 1.85077 3.278 3.351 581.75 1.4562 2.6367 1265 2.462 4.4622-Mar-07 3875.9 2.9579 2119 1.19869 8.749 3.546 594.7 2.226 6.5843 1214 -4.098 -12.123-Mar-07 3861.1 -0.383 2093 -1.2482 0.147 0.478 597.3 0.4372 -0.1675 1234 1.71 -0.6626-Mar-07 3820 -1.064 2058 -1.6463 1.133 1.752 581.7 -2.612 2.7802 1238 0.271 -0.2928-Mar-07 3761.1 -1.541 1992 -3.2116 2.373 4.948 559.1 -3.885 5.9855 1261 1.879 -2.8929-Mar-07 3798.1 0.9838 1991 -0.0678 0.968 -0.07 565.9 1.2162 1.1965 1253 -0.627 -0.6230-Mar-07 3821.6 0.6174 2019 1.40403 0.381 0.867 559.4 -1.149 -0.7092 1267 1.117 0.69

146.98 38.6015 2250 2040 16.794 2841.2 9E+05 59.92 77.8

Beta of Infosys =0.68

Beta of Wipro = 0.79

Beta of TCS=0.91.


equity analysis of 3 it companies

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