index valuation (sensex) - - not calculation

179
BSE Rs. May-08 Company Name Free Float No of shares A C C Ltd. 0.55 187745356 693.7 0.55 1525617511 106.81 Bajaj Auto Ltd. 0.55 289367020 297.7 0.35 489520000 1748.36 0.35 3797530096 424.8 Cipla Ltd. 0.65 802921357 209.23 D L F Ltd. 0.25 1697403220 632.53 0.75 169201575.00 660.47 0.75 91685012.00 2284.88 H D F C Bank Ltd. 0.80 459690703 1443.18 0.50 199687500 801.58 0.70 1913476324 171.44 0.50 338627250.00 245 0.50 2182080402 242.02 0.90 290951303 533.22 1.00 1115458683 882.06 I T C Ltd. 0.70 3818176790 110.48 0.85 573901101 1842.43 0.55 2124634633 168.14 30 days Avg. Closing Ambuja Cements Ltd. Bharat Heavy Electricals Ltd. Bharti Airtel Ltd. Dr. Reddy'S Laboratories Ltd. Grasim Industries Ltd. Hero Honda Motors Ltd. Hindalco Industries Ltd. Hindustan Petroleum Corpn. Ltd. Hindustan Unilever Ltd. Development Finance Corpn. I C I C I Bank Ltd. Infosys Technologies Ltd. Jaiprakash Associates Ltd.

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This is the excel file for the avalible pdf of the same which is containing the theory. The main idea of this research was to create a system by which a layman could time his entry and exit in the stock market. To time the entry and exit a system was needed which could indicate whether the market is over or under-valued. This was determined by calculating implied growth rate of a Market Index which would justify the level of Index (share prices of all the companies comprising that index), considering the trailing twelve months ‘earnings per share’ and their cost of equity individually. Implied growth rate for Sensex was calculated for the period from June 2008 to January 2011. According to that the Indian equity markets are overvalued at 20022 points. The correct value of Sensex should be at around 14589. This model can also be used as a market timing tool using mean +/- standard deviation as exit and entry points. Upon testing it for the above stated period it gave better returns than long term investing for the same period.

TRANSCRIPT

Page 1: Index Valuation (sensex) - - not calculation

BSE BSE

Rs. No.May-08 May-08

Company Name Free Float No of shares Beta

A C C Ltd. 0.55 187745356 693.7 0.85

Ambuja Cements Ltd. 0.55 1525617511 106.81 0.78

Bajaj Auto Ltd. 0.55 289367020 297.7 0.91

0.35 489520000 1748.36 1.01

Bharti Airtel Ltd. 0.35 3797530096 424.8 0.68

Cipla Ltd. 0.65 802921357 209.23 0.51

D L F Ltd. 0.25 1697403220 632.53 1.63

0.75 169201575.00 660.47 0.48

0.75 91685012.00 2284.88 0.87

H D F C Bank Ltd. 0.80 459690703 1443.18 0.92

0.50 199687500 801.58 0.44

0.70 1913476324 171.44 1.33

0.50 338627250.00 245 0.78

0.50 2182080402 242.02 0.47

0.90 290951303 533.22 0.92

I C I C I Bank Ltd. 1.00 1115458683 882.06 1.38

I T C Ltd. 0.70 3818176790 110.48 0.47

0.85 573901101 1842.43 0.45

0.55 2124634633 168.14 1.7

30 days Avg. Closing

Bharat Heavy Electricals Ltd.

Dr. Reddy'S Laboratories Ltd.

Grasim Industries Ltd.

Hero Honda Motors Ltd.

Hindalco Industries Ltd.

Hindustan Petroleum Corpn. Ltd.

Hindustan Unilever Ltd.Housing Development Finance Corpn. Ltd.

Infosys Technologies Ltd.

Jaiprakash Associates Ltd.

Page 2: Index Valuation (sensex) - - not calculation

0.45 933943010 385.21 1.45

Larsen & Toubro Ltd. 0.90 603167122 1457.05 1.2

0.45 630000000.00 102.73 1.04

0.75 578434478 327.93 1.1

0.50 288910060 784.11 0.74

N T P C Ltd. 0.20 8245464400 186.44 0.69

0.20 2138872530 957.96 0.9

0.40 420754157.00 492.15 0.8

0.35 2064026881 564.1 1.31

0.55 3270714336 1289.12 1.03

0.60 244870262 1368.14 1.54

0.60 1176424871.00 493.8 0.72

State Bank Of India 0.45 634883509 1642.18 1.08

0.45 3361207534 220.37 1.41

0.40 207116391 276.83 0.31

0.30 1957220996 479.05 0.49

Tata Motors Ltd. 0.65 506381356 635.6 1.16

Tata Power Co. Ltd. 0.70 237307236 1393.62 1.01

Tata Steel Ltd. 0.70 887214196 867.51 1.45

Wipro Ltd. 0.20 2449412810 298.97 0.75

0.6 978076130 114.4 0.95

Jindal Steel & Power Ltd.

Mahanagar Telephone Nigam Ltd.Mahindra & Mahindra Ltd.

Maruti Suzuki India Ltd.

Oil & Natural Gas Corpn. Ltd.

Ranbaxy Laboratories Ltd.

Reliance Communications Ltd.

Reliance Industries Ltd.

Reliance Infrastructure Ltd.

Satyam Computer Services Ltd.

Sterlite Industries (India) Ltd.

Sun Pharmaceutical Inds. Ltd.

Tata Consultancy Services Ltd.

Zee Entertainment Enterprises Ltd.

Page 3: Index Valuation (sensex) - - not calculation

Company Name cost of equity

A C C Ltd. 0.1597 103259945.80 693.70 71631424401

Ambuja Cements Ltd. 0.1527 839089631.05 106.81 89623163492

Bajaj Auto Ltd. 0.1656 159151861.00 0.00 0

0.1756 171332000.00 1748.36 299550015520

Bharti Airtel Ltd. 0.1427 1329135533.60 424.80 564616774673

Cipla Ltd. 0.1258 521898882.05 209.23 109196903091

D L F Ltd. 0.2373 424350805.00 632.53 268414614687

0.1228 126901181.25 0.00 0

0.1617 68763759.00 2284.88 157116937664

H D F C Bank Ltd. 0.1666 367752562.40 1443.18 530733143004

0.1188 99843750.00 0.00 0

0.2075 1339433426.80 171.44 229632466691

0.1527 169313625.00 0.00 0

0.1218 1091040201.00 242.02 264053549446

0.1666 261856172.70 533.22 139626948407

I C I C I Bank Ltd. 0.2124 1115458683.00 882.06 983901485927

I T C Ltd. 0.1218 2672723753.00 110.48 295282520231

0.1198 487815935.85 1842.43 898766714688

0.2443 1168549048.15 168.14 196479836956

No of Free float shares

30 days Avg. Closing

Sensex Contribution

Bharat Heavy Electricals Ltd.

Dr. Reddy'S Laboratories Ltd.

Grasim Industries Ltd.

Hero Honda Motors Ltd.

Hindalco Industries Ltd.

Hindustan Petroleum Corpn. Ltd.

Hindustan Unilever Ltd.Housing Development Finance Corpn. Ltd.

Infosys Technologies Ltd.

Jaiprakash Associates Ltd.

Page 4: Index Valuation (sensex) - - not calculation

0.2194 420274354.50 0.00 0

Larsen & Toubro Ltd. 0.1945 542850409.80 1457.05 790960189599

0.1786 283500000.00 0.00 0

0.1846 433825858.50 327.93 142264513778

0.1487 144455030.00 784.11 113268633573

N T P C Ltd. 0.1437 1649092880.00 186.44 307456876547

0.1646 427774506.00 957.96 409790865768

0.1547 168301662.80 492.15 82829663347

0.2055 722409408.35 564.10 407511147250

0.1776 1798892884.80 1289.12 2318988795653

0.2284 146922157.20 1368.14 201010080152

0.1467 705854922.60 493.80 348551160780

State Bank Of India 0.1826 285697579.05 1642.18 469166850364

0.2154 1512543390.30 0.00 0

0.1059 82846556.40 0.00 0

0.1238 587166298.80 479.05 281282015440

Tata Motors Ltd. 0.1905 329147881.40 635.60 209206393418

Tata Power Co. Ltd. 0.1756 166115065.20 0.00 0

Tata Steel Ltd. 0.2194 621049937.20 867.51 538767031020

Wipro Ltd. 0.1497 489882562.00 298.97 146460189561

0.1696 586845678.00 0.00 0

11866140905131

Jindal Steel & Power Ltd.

Mahanagar Telephone Nigam Ltd.Mahindra & Mahindra Ltd.

Maruti Suzuki India Ltd.

Oil & Natural Gas Corpn. Ltd.

Ranbaxy Laboratories Ltd.

Reliance Communications Ltd.

Reliance Industries Ltd.

Reliance Infrastructure Ltd.

Satyam Computer Services Ltd.

Sterlite Industries (India) Ltd.

Sun Pharmaceutical Inds. Ltd.

Tata Consultancy Services Ltd.

Zee Entertainment Enterprises Ltd.

Page 5: Index Valuation (sensex) - - not calculation

16844.00

16844

cost of equity

market premimum 9.96%

risk free rate 7.50%

for calculation of implied growth rate

Company Name cost of equity EPS*(1+g)/(r-g)

A C C Ltd. 0.1597 103259945.80 409.18201177502 42252112358

Ambuja Cements Ltd. 0.1527 839089631.05 53.311327674735 44732982269

Bajaj Auto Ltd. 0.1656 159151861.00 0 0

0.1756 171332000.00 334.00533041755 57225801271

Bharti Airtel Ltd. 0.1427 1329135533.60 230.50837957514 306376878086

Calculated value of sensex

Sensex may 2008 closing average 16844Sensex average closing calculated

No of free-float shares

Avalible MarketCap

Bharat Heavy Electricals Ltd.

Page 6: Index Valuation (sensex) - - not calculation

Cipla Ltd. 0.1258 521898882.05 71.703392794683 37421920539

D L F Ltd. 0.2373 424350805.00 63.619663953351 26997055612

0.1228 126901181.25 0 0

0.1617 68763759.00 1472.4841016505 101253541897

H D F C Bank Ltd. 0.1666 367752562.40 269.21599692736 99004872709

0.1188 99843750.00 0 0

0.2075 1339433426.80 91.146586461527 122084784645

0.1527 169313625.00 0 0

0.1218 1091040201.00 66.167536860079 72191442715

0.1666 261856172.70 380.17907724807 99552238109

I C I C I Bank Ltd. 0.2124 1115458683.00 175.85479740925 196158760717

I T C Ltd. 0.1218 2672723753.00 67.316848914721 179919341071

0.1198 487815935.85 634.53513603739 309536351216

0.2443 1168549048.15 20.833333333333 24344771836

0.2194 420274354.50 0 0

Larsen & Toubro Ltd. 0.1945 542850409.80 382.12009047913 207434047709

0.1786 283500000.00 0 0

0.1846 433825858.50 205.19072388383 89017041945

0.1487 144455030.00 404.96556918442 58499313446

N T P C Ltd. 0.1437 1649092880.00 62.550443906376 103151491687

0.1646 427774506.00 463.31389698737 198193873407

0.1547 168301662.80 85.725368502715 14427722063

0.2055 722409408.35 60.980357803344 44052784202

Dr. Reddy'S Laboratories Ltd.

Grasim Industries Ltd.

Hero Honda Motors Ltd.

Hindalco Industries Ltd.

Hindustan Petroleum Corpn. Ltd.

Hindustan Unilever Ltd.Housing Development Finance Corpn. Ltd.

Infosys Technologies Ltd.

Jaiprakash Associates Ltd.

Jindal Steel & Power Ltd.

Mahanagar Telephone Nigam Ltd.Mahindra & Mahindra Ltd.

Maruti Suzuki India Ltd.

Oil & Natural Gas Corpn. Ltd.

Ranbaxy Laboratories Ltd.

Reliance Communications Ltd.

Page 7: Index Valuation (sensex) - - not calculation

0.1776 1798892884.80 570.42142487105 1026127042538

0.2284 146922157.20 185.91495025921 27315025548

0.1467 705854922.60 174.21887780141 122973252506

State Bank Of India 0.1826 285697579.05 580.55080846589 165861960494

0.2154 1512543390.30 0 0

0.1059 82846556.40 0 0

0.1238 587166298.80 343.12300087235 201470262455

Tata Motors Ltd. 0.1905 329147881.40 276.11579963891 90882930472

Tata Power Co. Ltd. 0.1756 166115065.20 0 0

Tata Steel Ltd. 0.2194 621049937.20 301.75006836205 187401861006

Wipro Ltd. 0.1497 489882562.00 140.01336005344 68590103537

0.1696 586845678.00 0 0

Sensex value 16844implied growth rate

Reliance Industries Ltd.

Reliance Infrastructure Ltd.

Satyam Computer Services Ltd.

Sterlite Industries (India) Ltd.

Sun Pharmaceutical Inds. Ltd.

Tata Consultancy Services Ltd.

Zee Entertainment Enterprises Ltd.

Page 8: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE BSE

Rs. Rs. No. Rs. Rs. No. Rs.May-08 Jun-08 Jun-08 Jun-08 Jul-08 Jul-08 Jul-08

EPS Beta EPS Beta EPS

65.33 618.27 0.85 60.7 542.33 0.85 60.7

8.14 85.47 0.78 8.38 79.62 0.78 8.38

58.65 1456.5 1.01 60.6 1545.32 1.01 60.6

32.9 398.36 0.68 36.24 380.49 0.68 36.24

9.02 212.38 0.51 9.27 217.03 0.51 9.27

15.1 488.2 1.63 15.81 453.67 1.63 15.81

238.03 2152.15 0.87 238.31 1752.72 0.87 238.31

44.86 1148.9 0.92 40.82 1050.51 0.92 40.8

18.91 151.54 1.33 19.71 131.06 1.33 19.71

8.06 227.35 0.47 8.48 220.43 0.47 8.48

63.35 447.87 0.92 81.96 416.22 0.92 81.96

37.36 741.08 1.38 36.93 617.78 1.38 36.93

8.2 101.03 0.47 8.19 89.47 0.47 8.19

76.03 1861.53 0.45 81.35 1639.48 0.45 81.3

5.09 118.36 1.7 5.07 104.96 1.7 5.07

30 days Avg. Closing

30 days Avg. Closing

Page 9: Index Valuation (sensex) - - not calculation

74.33 1298.31 1.2 78.62 1242.14 1.2 78.59

37.87 280.59 1.1 36.57 259.09 1.1 36.57

60.22 724.63 0.74 59.05 583.96 0.74 59.05

8.99 161.31 0.69 8.2 170.16 0.69 8.2

76.28 862.49 0.9 85.54 922.65 0.9 85.54

13.26 540.95 0.8 5.97 490.07 0.8 5.96

12.53 522.32 1.31 10.03 452.32 1.31 10.03

101.3 1112.06 1.03 104.6 1050.41 1.03 104.59

42.46 1017.06 1.54 42.91 861.89 1.54 43.02

25.56 476.69 0.72 28.29 413.18 0.72 28.28

105.99 1289.3 1.08 109.38 1283.5 1.08 109.38

42.48 452.64 0.49 43.64 409.36 0.49 43.64

52.61 491.72 1.16 48.97 396 1.16 48.96

66.21 805.45 1.45 67.8 643.35 1.45 67.8

20.96 288.93 0.75 20.61 244.69 0.75 20.61

Page 10: Index Valuation (sensex) - - not calculation

618.27 63842526689.77 542.33 56000966405.71

85.47 71716990765.84 79.62 66808316424.20

0.00 0.00 0.00 0.00

1456.50 249545058000.00 1545.32 264762766240.00

398.36 529474431164.90 380.49 505722779179.46

212.38 110840884569.78 217.03 113267714371.31

488.20 207168063001.00 453.67 192515229704.35

0.00 0.00 0.00 0.00

2152.15 147989923931.85 1752.72 120523615674.48

1148.90 422510918941.36 1050.51 386327744326.82

0.00 0.00 0.00 0.00

151.54 202977741497.27 131.06 175546144916.41

0.00 0.00 0.00 0.00

227.35 248047989697.35 220.43 240497991506.43

447.87 117277524067.15 416.22 108989776201.19

741.08 826644120797.64 617.78 689108065183.74

101.03 270025280765.59 89.47 239128594180.91

1861.53 908083999062.85 1639.48 799764470507.36

118.36 138309465339.03 104.96 122650908093.82

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 11: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

1298.31 704788115547.44 1242.14 674296208028.97

0.00 0.00 0.00 0.00

280.59 121727197636.51 259.09 112399941678.76

724.63 104676448388.90 583.96 84355959318.80

161.31 266015172472.80 170.16 280609644460.80

862.49 368951233679.94 922.65 394686147960.90

540.95 91042784491.66 490.07 82479595888.40

522.32 377328882169.37 452.32 326760223584.87

1112.06 ### 1050.41 1889575075122.77

1017.06 149428649201.83 861.89 126630738069.11

476.69 336473983054.19 413.18 291645136919.87

1289.30 368349888669.17 1283.50 366692842710.68

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

452.64 265774953488.83 409.36 240362396076.77

491.72 161848596242.01 396.00 130342561034.40

0.00 0.00 0.00 0.00

805.45 500224671917.74 643.35 399552477097.62

288.93 141541768638.66 244.69 119869364095.78

0.00 0.00 0.00 0.00

Page 12: Index Valuation (sensex) - - not calculation

14866.58 13629.87

14866.582709931 13629.86979

EPS*(1+g)/(r-g) Avalible MarketCap

944.84216704728 97564350958.86 884.9233961 91377141923.34

144.86943981937 121558444808.45 134.7938479 113104120078.43

0 0.00 0 0.00

768.36930438937 131646249659.64 727.682518 124675301165.56

744.07612779374 988978021154.15 683.8877241 908979475153.21

Avalible MarketCap

EPS*(1+g)/(r-g)

Page 13: Index Valuation (sensex) - - not calculation

279.50433968429 145873002409.35 247.9352045 129397106049.73

116.64505834797 49498424409.23 112.7829388 47859530888.24

0 0.00 0 0.00

3606.8428953782 248020075608.65 3383.687584 232675077588.92

577.84419001692 212503681546.67 543.8694246 200009374505.64

0 0.00 0 0.00

182.30097682396 244180022096.30 174.9710415 234362061679.63

0 0.00 0 0.00

287.36356815967 313525205165.00 251.5002605 274396894805.79

1160.2182707934 303810315886.57 1092.537697 286087739880.78

327.71856444124 365556518286.28 315.0052549 351375346750.79

277.53627632402 741777798050.38 242.8994262 649203065870.82

2938.779781118 ### 2550.021198 1243940977175.88

35.719887887444 41740440990.90 34.58265729 40411531259.29

0 0.00 0 0.00

816.95624493492 443485032351.59 780.3129556 423593207705.46

0 0.00 0 0.00

419.88744067287 182158029423.27 399.5055812 173315851718.63

1089.7047453825 157413331685.37 1009.438508 145818469905.62

165.26013073704 272529304946.32 152.1083518 250840799956.71

1243.0649562885 531751497602.21 1168.859706 500008383447.35

100.04476545406 16837700380.35 93.11833558 15671970716.12

94.364645165418 68169907483.11 90.51395604 65388133428.43

Page 14: Index Valuation (sensex) - - not calculation

1296.2160531096 ### 1228.827617 2210529257665.76

337.04349632202 49519157549.86 326.1049824 47912047491.30

540.28873763082 381365465082.05 499.0973148 352290296530.84

1282.79899697 366492567842.10 1219.362997 348369056125.66

0 0.00 0 0.00

0 0.00 0 0.00

1392.5694552699 817669852872.74 1227.455286 720720377437.19

528.95327101819 174103848515.24 504.5089536 166058053234.76

0 0.00 0 0.00

569.33405635973 353584879948.03 548.2747065 340505972040.43

374.02655206596 183229085582.10 346.8782885 169929624680.50

0 0.00 0 0.00

16707.36 15414.098.97% 8.52%

1840.77 1784.22

Page 15: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Aug-08 Aug-08 Aug-08 Sep-08 Sep-08 Sep-08

Beta EPS Beta EPS

589.64 0.85 60.7 600.35 0.85 60.7

1731.13 1.01 60.6 1670.66 1.01 58.5

410.34 0.68 36.24 397.28 0.68 36.16

516.14 1.63 15.81 441.77 1.63 15.16

1979.47 0.87 238.31 1922.58 0.87 229.55

1209.86 0.92 40.79 1261.3 0.92 44.53

125.06 1.33 14.22 114.54 1.33 14.68

241.83 0.47 8.48 246.87 0.47 8.58

473.13 0.92 81.96 448.8 0.92 78.01

677.82 1.38 36.93 631.42 1.38 37.03

93.91 0.47 8.19 95.7 0.47 8.27

1678.88 0.45 81.3 1616.59 0.45 86.79

114.88 1.7 5.07 96.44 1.7 5.89

30 days Avg. Closing

30 days Avg. Closing

Page 16: Index Valuation (sensex) - - not calculation

1343.1 1.2 78.59 1291.77 1.2 82.41

281.25 1.1 36.57 277.78 1.1 30.61

634.82 0.74 59.05 694.16 0.74 53.15

178.17 0.69 8.2 175.36 0.69 8.43

1032.22 0.9 85.54 1043.36 0.9 84.57

508.66 0.8 5.96 388.92 0.8 -12.24

425.45 1.31 10.03 375.54 1.31 8.42

1120.09 1.03 104.59 1011.96 1.03 106.51

1006.08 1.54 43.02 920.93 1.54 44.87

403.53 0.72 28.26 373.6 0.72 30.93

1454.47 1.08 109.38 1517.85 1.08 119.59

153.53 1.41 16.39 126.72 1.41 19.91

414.65 0.49 43.64 384.23 0.49 43.62

412.05 1.16 48.96 402.78 1.16 37.98

1052.43 1.01 39.31 1015.21 1.01 39.51

620.48 1.45 67.8 509.73 1.45 75.97

258.88 0.75 20.6 241.99 0.75 21.23

Page 17: Index Valuation (sensex) - - not calculation

589.64 60886194441.51 600.35 61992108461.03

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1731.13 296597965160.00 1670.66 286237519120.00

410.34 545397474857.42 397.28 528038964788.61

0.00 0.00 0.00 0.00

516.14 219024424492.70 441.77 187465455124.85

0.00 0.00 0.00 0.00

1979.47 136115798027.73 1922.58 132203827778.22

1209.86 444929115145.26 1261.30 463846306955.12

0.00 0.00 0.00 0.00

125.06 167509544355.61 114.54 153418704705.67

0.00 0.00 0.00 0.00

241.83 263846251807.83 246.87 269345094420.87

473.13 123892010989.55 448.80 117521050307.76

677.82 756080204511.06 631.42 704322921619.86

93.91 250995487644.23 95.70 255779663162.10

1678.88 818984418379.85 1616.59 788598363735.75

114.88 134242914651.47 96.44 112694870203.59

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 18: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

1343.10 729102385402.38 1291.77 701237873867.35

0.00 0.00 0.00 0.00

281.25 122013522703.13 277.78 120508146974.13

634.82 91702942144.60 694.16 100274903624.80

178.17 293818878429.60 175.36 289184927436.80

1032.22 441557400583.32 1043.36 446322808580.16

508.66 85608323799.85 388.92 65455882696.18

425.45 307349082782.51 375.54 271293629211.76

1120.09 2014921931335.63 1011.96 1820407643702.21

1006.08 147815443915.78 920.93 135305022230.20

403.53 284833636916.78 373.60 263707399083.36

1454.47 415538557800.85 1517.85 433646070361.04

153.53 232220786712.76 126.72 191669498418.82

0.00 0.00 0.00 0.00

414.65 243468505797.42 384.23 225606906987.92

412.05 135625384530.87 402.78 132574183670.29

1052.43 174824478068.44 1015.21 168641675341.69

620.48 385349065033.86 509.73 316567784488.96

258.88 126820797650.56 241.99 118546681178.38

0.00 0.00 0.00 0.00

Page 19: Index Valuation (sensex) - - not calculation

14835.31 13999.71

14835.309458051 13999.7101458353

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

950.011068903404 98098091484.37 882.85310867266 91163364150.90

0 0.00 0 0.00

0 0.00 0 0.00

771.837067974979 132240388530.29 701.093027582659 120119670601.79

749.375690303097 996021857997.87 680.343049618002 904268122285.07

Page 20: Index Valuation (sensex) - - not calculation

0 0.00 0 0.00

116.966911469313 49635003040.37 108.013824726847 45835753473.97

0 0.00 0 0.00

3626.05895030927 249341443778.86 3251.86751060325 223610633799.05

580.3081878789 213409823074.17 592.31316348423 217824683614.58

0 0.00 0 0.00

131.967314143545 176761431808.88 130.124892246384 174293630333.55

0 0.00 0 0.00

290.694464101047 317159346542.39 253.297138220359 276357360596.67

1166.0225319577 305330197500.41 1037.64540497204 271713854365.72

328.784829051135 366745892403.76 315.405789161184 351822126188.31

280.753261908912 750375911836.18 244.145376816127 652533147801.60

2973.22737959692 1450387696672.92 2709.02019771074 1321503222982.82

35.8145250636188 41851029173.04 40.1286652053978 46892313529.30

0 0.00 0 0.00

819.711330320898 444980631582.40 816.897518400841 443453152628.50

0 0.00 0 0.00

421.615864717626 182907864468.34 333.796967714613 144809756083.49

1096.71216462822 158425588642.74 906.112133322819 130892455402.51

166.416349016978 274436016279.49 155.915982117022 257119935987.39

1249.43877381471 534478054245.83 1153.05990497571 493249631239.39

100.463131157406 16908112023.89 -190.758970852977 -32105051988.57

94.6883370441374 68403745541.70 75.8703139622044 54809428620.76

Page 21: Index Valuation (sensex) - - not calculation

1301.81821693319 2341831527744.14 1248.98880673681 2246797077633.69

338.893090801802 49790903960.78 339.68982697326 49907962157.81

543.302177817653 383492516671.89 544.337628527865 384223394652.80

1288.18408879995 368031075540.87 1330.75019398959 380192108743.14

142.442530546379 215450508075.53 165.698381172201 250625991225.42

0 0.00 0 0.00

1407.7864129745 826604737607.17 1221.53709310156 717245413803.35

530.903103589386 174745631775.13 390.700574616671 128598266396.84

500.675167361327 83169688070.25 473.50744478275 78656720062.77

571.096717435862 354679580498.67 613.503479273381 381016297274.71

376.211041942396 184299229079.43 356.356797017689 174572980709.14

0 0.00 0 0.00

16764.30 15588.979.00% 8.51%

1928.99 1589.26

Page 22: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Oct-08 Oct-08 Oct-08 Nov-08 Nov-08 Nov-08

Beta EPS Beta EPS

509.44 0.85 60.7 443.96 0.85 60.7

1291.54 1.01 58.5 1326.44 1.01 58.5

341.6 0.68 36.16 325.69 0.68 36.16

273.74 1.63 15.17 236.33 1.63 15.18

1315.73 0.87 229.55 998.49 0.87 229.55

1076.41 0.92 44.52 973.59 0.92 44.52

70.15 1.33 14.68 56.56 1.33 14.68

235.67 0.47 8.58 238.1 0.47 8.58

357.11 0.92 77.95 314.57 0.92 77.95

405.36 1.38 37.03 389.54 1.38 37.03

82.62 0.47 8.27 84.06 0.47 8.27

1300.26 0.45 86.79 1247.25 0.45 86.79

51.13 1.7 5.84 48.21 1.7 5.84

30 days Avg. Closing

30 days Avg. Closing

Page 23: Index Valuation (sensex) - - not calculation

883.44 1.2 41.2 808.08 1.2 41.2

207.34 1.1 30.61 167.44 1.1 30.61

637.38 0.74 53.15 556.12 0.74 53.15

155.19 0.69 8.43 149.76 0.69 8.43

812.43 0.9 84.57 707.83 0.9 84.57

242.07 0.8 -12.23 211.07 0.8 -10.89

249.03 1.31 8.42 214.69 1.31 8.42

703.53 1.03 98.39 600.8 1.03 98.39

528.03 1.54 44.93 512.09 1.54 45.34

286.72 0.72 30.92 260.27 0.72 30.91

1350.98 1.08 119.59 1174.82 1.08 119.59

70.77 1.41 19.91 60.26 1.41 19.91

272.12 0.49 43.62 258.52 0.49 43.62

243.62 1.16 37.98 151.96 1.16 37.98

741.08 1.01 39.51 702.71 1.01 39.51

265.19 1.45 75.97 181.83 1.45 75.97

165.86 0.75 21.22 148.46 0.75 21.22

Page 24: Index Valuation (sensex) - - not calculation

509.44 52604746788.35 443.96 45843285537.37

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1291.54 221282131280.00 1326.44 227261618080.00

341.60 454032698277.76 325.69 432886151938.18

0.00 0.00 0.00 0.00

273.74 116161789360.70 236.33 100286825745.65

0.00 0.00 0.00 0.00

1315.73 90474540629.07 998.49 68659925723.91

1076.41 395852535692.98 973.59 358040217227.02

0.00 0.00 0.00 0.00

70.15 93961254890.02 56.56 75758354619.81

0.00 0.00 0.00 0.00

235.67 257125444169.67 238.10 259776671858.10

357.11 93511457832.90 314.57 82372096246.24

405.36 452162331740.88 389.54 434515775375.82

82.62 220820436472.86 84.06 224669158677.18

1300.26 634287548748.32 1247.25 608428425988.91

51.13 59747912831.91 48.21 56335749611.31

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 25: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

883.44 479575766033.71 808.08 438666559151.18

0.00 0.00 0.00 0.00

207.34 89949453501.39 167.44 72639801747.24

637.38 92072747021.40 556.12 80334331283.60

155.19 255922724047.20 149.76 246968149708.80

812.43 347536841909.58 707.83 302791628581.98

242.07 40740783514.00 211.07 35523431967.20

249.03 179901614961.40 214.69 155094075878.66

703.53 1265575111243.34 600.80 1080774845187.84

528.03 77579306666.32 512.09 75237367480.55

286.72 202382723407.87 260.27 183712860705.10

1350.98 385971715344.97 1174.82 335643229819.52

70.77 107042695731.53 60.26 91145864699.48

0.00 0.00 0.00 0.00

272.12 159779693229.46 258.52 151794231565.78

243.62 80187006866.67 151.96 50017312057.54

741.08 123104552518.42 702.71 116730717466.69

265.19 164696232846.07 181.83 112925510081.08

165.86 81251921733.32 148.46 72727965154.52

0.00 0.00 0.00 0.00

Page 26: Index Valuation (sensex) - - not calculation

10327.29 9336.86

10327.2902349211 9336.85665439975

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

694.9830984002 71763917072.72 629.334311333501 64985026878.38

0 0.00 0 0.00

0 0.00 0 0.00

571.945691171118 97992599159.73 524.576604523213 89876758806.17

505.987741338004 672526286578.35 449.516290605679 597468074776.07

Page 27: Index Valuation (sensex) - - not calculation

0 0.00 0 0.00

94.7039423613589 40187694177.72 89.3442403046409 37913300295.39

0 0.00 0 0.00

2573.19894465105 176942832089.04 2334.37802552062 160520607961.80

474.235245154099 174401226585.81 432.052207365897 158888306349.38

0 0.00 0 0.00

111.07175968643 148773227697.50 103.633322247141 138809935948.16

0 0.00 0 0.00

165.469155686706 180533500879.72 141.429941205934 154305751480.74

830.33776639178 217429069555.62 756.479549958932 198088839678.06

270.615442402034 301860344981.24 253.003108546443 282214514254.12

159.490666378679 426274492412.09 136.320001605253 364345706299.36

1736.32815763418 847008545159.02 1476.45591685637 720238724822.56

35.0286623230317 40932710015.55 33.0884541390026 38665481588.89

0 0.00 0 0.00

343.258150526374 186337827680.43 318.365447281314 172824813522.82

0 0.00 0 0.00

276.544531100057 119972168617.96 255.096274748522 110667360392.93

689.655160693104 99624156927.58 617.360717978591 89180861036.42

116.439570498151 192019666658.76 103.583351006327 170818566631.07

919.142357438053 393185667896.74 836.005021288964 357621634995.41

-147.936114551736 -24897894067.23 -118.701719575906 -19977696781.84

64.6205858040965 46682519157.97 60.2418876653714 43519306426.23

Page 28: Index Valuation (sensex) - - not calculation

944.693231379218 1699401932246.80 867.621912064057 1560758884308.60

296.023625117453 43492429584.42 280.866120819275 41265456355.16

411.171698985981 290227567763.06 367.06346959419 259093556919.69

1098.97436786501 313974316337.04 1012.52650011222 289276369806.03

142.583065529083 215663073334.73 133.456692662071 201859038377.31

0 0.00 0 0.00

811.982989314166 476769046524.16 697.367658352914 409470786857.90

326.595230060458 107498128049.75 302.282201871701 99495546331.00

386.283320652494 64167478995.86 354.290968285678 58853067296.55

529.874962290995 329078812054.68 496.685864026099 308466724661.54

272.04644146096 133270807725.88 243.81274901707 119439614136.75

0 0.00 0 0.00

11473.96 10332.486.65% 5.76%

1146.67 995.63

Page 29: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Dec-08 Dec-08 Dec-08 Jan-09 Jan-09 Jan-09

Beta EPS Beta EPS

470.64 0.85 63.98 499.75 0.85 63.98

1361.95 1.01 59.07 1385.48 1.01 59.07

354.2 0.68 39.31 319.75 0.68 39.31

261.75 1.63 12.6 210.87 1.63 12.63

1126.5 0.87 205.61 1245.17 0.87 205.61

962.46 0.92 49.05 958.98 0.92 49.03

52.22 1.33 14.69 49.97 1.33 14.69

247.62 0.47 8.83 252.85 0.47 8.83

302.86 0.92 74.36 307.02 0.92 74.36

413.31 1.38 37.41 427.77 1.38 37.41

86.51 0.47 8.46 85.72 0.47 8.46

1149.67 0.45 94 1226.63 0.45 94

51.82 1.7 5.94 48.41 1.7 5.94

30 days Avg. Closing

30 days Avg. Closing

Page 30: Index Valuation (sensex) - - not calculation

768.12 1.2 43.28 722.81 1.2 43.27

139.79 1.1 22.71 149.56 1.1 22.71

507.91 0.74 44.38 559.46 0.74 44.38

172.5 0.69 9.01 179.66 0.69 9.01

677.36 0.9 75.82 660.53 0.9 75.82

217.3 0.8 -38.52 218.95 0.8 -38.52

215.49 1.31 8.23 191.05 1.31 8.23

621.08 1.03 99.12 606.26 1.03 99.12

579.15 1.54 47.35 548.52 1.54 47.35

190.99 0.72 30.91 63.25 0.72

1217.9 1.08 130.14 1177.62 1.08 130.14

66.53 1.41 19.32 67.25 1.41 19.32

219.15 0.31 52.55

251.09 0.49 44.09 253.47 0.49 44.09

158.78 1.16 17.57 155.81 1.16 17.57

716.83 1.01 35.86 758.6 1.01 35.86

208.82 1.45 67.73 203.57 1.45 67.73

142.95 0.75 20.73 140.64 0.75 20.73

Page 31: Index Valuation (sensex) - - not calculation

470.64 48598260891.31 499.75 51604157913.55

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1361.95 233345617400.00 1385.48 237377059360.00

354.20 470779806001.12 319.75 424991086868.60

0.00 0.00 0.00 0.00

261.75 111073823208.75 210.87 89482854250.35

0.00 0.00 0.00 0.00

1126.50 77462374513.50 1245.17 85622569794.03

962.46 353947131207.50 958.98 352667352290.35

0.00 0.00 0.00 0.00

52.22 69945213547.50 49.97 66931488337.20

0.00 0.00 0.00 0.00

247.62 270163374571.62 252.85 275869514822.85

302.86 79305760463.92 307.02 80395082142.35

413.31 461030228270.73 427.77 477159760826.91

86.51 231217331872.03 85.72 229105880107.16

1149.67 560827346968.67 1226.63 598369661391.69

51.82 60554211675.13 48.41 56569459420.94

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 32: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

768.12 416974256775.58 722.81 392377704707.54

0.00 0.00 0.00 0.00

139.79 60644516759.72 149.56 64882995397.26

507.91 73370154287.30 559.46 80816811083.80

172.50 284468521800.00 179.66 296276026820.80

677.36 289757339384.16 660.53 282557894448.18

217.30 36571951326.44 218.95 36849649070.06

215.49 155672003405.34 191.05 138016317465.27

621.08 1117256392891.58 606.26 1090596800338.85

579.15 85089967342.38 548.52 80589741667.34

190.99 134811231667.37 0.00 0.00

1217.90 347951081525.00 1177.62 336443183040.86

66.53 100629511756.66 67.25 101718542997.68

0.00 0.00 219.15 18155822835.06

251.09 147431585965.69 253.47 148829041756.84

158.78 52262100608.69 155.81 51284531400.93

716.83 119076262187.32 758.60 126014888460.72

208.82 129687647886.10 203.57 126427135715.80

142.95 70028712237.90 140.64 68897083519.68

0.00 0.00 0.00 0.00

Page 33: Index Valuation (sensex) - - not calculation

9439.59 9179.74

9439.58819031717 9179.74337620307

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

689.401210090504 71187531588.40 685.427702259131 70777227385.10

0 0.00 0 0.00

0 0.00 0 0.00

547.845046800776 93863387558.47 545.087840262664 93390989847.88

511.520525558462 679880106685.50 508.015960035775 675222064119.47

Page 34: Index Valuation (sensex) - - not calculation

0 0.00 0 0.00

75.8970153758465 32206959571.84 75.8155674374771 32172397073.63

0 0.00 0 0.00

2171.57718826887 149325810424.02 2159.28663829411 148480666007.58

493.583729924222 181516681438.58 490.709869619714 180459811947.62

0 0.00 0 0.00

106.5596755746 142729591413.58 106.128422336068 142151956410.48

0 0.00 0 0.00

154.535089890377 168603995535.55 153.140232759116 167082150330.69

748.274947138943 195940413785.10 744.221617477503 194879024393.26

262.434367097197 292734693496.18 261.402887980924 291584121159.60

148.059667097689 395722589113.27 146.723258113491 392150737077.48

1700.98907620917 829769578081.60 1685.1469450152 822041534027.36

34.417923815405 40219032113.79 34.303182807434 40084951618.14

0 0.00 0 0.00

344.433835061312 186976048512.02 342.84222303457 186112041271.06

0 0.00 0 0.00

195.321771060535 84735635014.08 194.402915402891 84337011669.56

538.064665177234 77726147350.12 534.610471327195 77227171673.88

115.827795895615 191010793517.55 115.043059857744 189716690904.82

777.656369424538 332661569268.34 773.37051708303 330828190900.16

-437.169514448517 -73576356207.15 -434.527734297124 -73131740214.92

60.5236661225425 43722865834.76 60.2757637862672 43543778854.68

Page 35: Index Valuation (sensex) - - not calculation

903.558286167158 1625404571988.18 899.080731686857 1617349931092.27

300.506683014554 44151090121.51 299.423732878408 43991980751.37

383.481478699589 270682289466.03 0 0.00

1137.66179356996 325027220200.62 1132.23157023771 323475818540.89

132.906209839772 201026409222.97 132.39265352845 200249633018.73

0 0.00 1232.55849885198 102113227191.44

747.081907491656 438661318522.32 740.539749829411 434819984021.61

144.133162172963 47441124968.71 143.483048621707 47227141470.65

332.583771428404 55247174875.29 330.909936546794 54969125684.80

454.197994490819 282079635954.89 452.481382654847 281013534281.96

248.503426968769 121737495469.24 246.924595045333 120964053241.62

0 0.00 0 0.00

10686.59 10384.066.12% 6.07%

1247.01 1204.31

Page 36: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Feb-09 Feb-09 Feb-09 Mar-09 Mar-09 Mar-09

Beta EPS Beta EPS

541.6 0.85 63.98 549.11 0.85 66.48

1382.32 1.01 59.07 1409.33 1.01 62.53

321.13 0.68 39.31 295.67 0.68 40.79

152.3 1.63 12.64 160.22 1.63 9.13

1339.92 0.87 205.61 1471.98 0.87 179.76

899.6 0.92 49.02 871.72 0.92 52.77

43.26 1.33 14.69 44.79 1.33 12.23

257.28 0.47 8.83 234.35 0.47 9.25

284.05 0.92 74.36 275.9 0.92 80.24

386.99 1.38 37.41 321.01 1.38 33.76

90.26 0.47 8.46 86.39 0.47 8.65

1251.04 0.45 94 1275.18 0.45 101.62

46.61 1.7 5.94 50.24 1.7 7.54

30 days Avg. Closing

30 days Avg. Closing

Page 37: Index Valuation (sensex) - - not calculation

654.55 1.2 43.27 610.79 1.2 46.26

146.93 1.1 21.06 175.87 1.1 29.64

613.52 0.74 44.38 711.71 0.74 42.18

180.43 0.69 9.01 177.65 0.69 9.95

681.88 0.9 75.82 725.46 0.9 72.6

208.23 0.8 -38.52 151.74 0.8 -69.83

164 1.31 8.23 154.74 1.31 8.46

655.52 1.03 99.12 670.28 1.03 99.63

529.15 1.54 47.43 484.34 1.54 50.39

1099.98 1.08 130.14 990.04 1.08 143.67

65.77 1.41 19.32 74.76 1.41 16.67

211.45 0.31 52.55 205.96 0.31 61.09

247.86 0.49 44.09 251.61 0.49 43.66

138.64 1.16 17.57 160.12 1.16 22.26

759.53 1.01 35.85 689.31 1.01 41.65

178.59 1.45 67.73 176.3 1.45 71.2

131.79 0.75 20.73 136.18 0.75 20.3

Page 38: Index Valuation (sensex) - - not calculation

541.60 55925586645.28 549.11 56701068838.24

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1382.32 236835650240.00 1409.33 241463327560.00

321.13 426825293904.97 295.67 392985503219.51

0.00 0.00 0.00 0.00

152.30 64628627601.50 160.22 67989485977.10

0.00 0.00 0.00 0.00

1339.92 92137935959.28 1471.98 101218877972.82

899.60 330830205135.04 871.72 320577263695.33

0.00 0.00 0.00 0.00

43.26 57943890043.37 44.79 59993223186.37

0.00 0.00 0.00 0.00

257.28 280702822913.28 234.35 255685271104.35

284.05 74380245855.44 275.90 72246118047.93

386.99 431671355734.17 321.01 358073391829.83

90.26 241240045945.78 86.39 230896605021.67

1251.04 610277248385.78 1275.18 622053125077.20

46.61 54466071134.27 50.24 58707904179.06

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 39: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

654.55 355322735734.59 610.79 331567601801.74

0.00 0.00 0.00 0.00

146.93 63742033389.41 175.87 76296953734.40

613.52 88626050005.60 711.71 102810089401.30

180.43 297545828338.40 177.65 292961350132.00

681.88 291690880151.28 725.46 310333293122.76

208.23 35045455244.84 151.74 25538094313.27

164.00 118475142969.40 154.74 111785631848.08

655.52 1179210263844.10 670.28 1205761922823.74

529.15 77743859482.38 484.34 71160277618.25

0.00 0.00 0.00 0.00

1099.98 314261623003.42 990.04 282852031162.66

65.77 99479978780.03 74.76 113077743858.83

211.45 17517904350.78 205.96 17063076756.14

247.86 145535038820.57 251.61 147736912441.07

138.64 45633062277.30 160.12 52703158769.77

759.53 126169375471.36 689.31 114504775593.01

178.59 110913308284.55 176.30 109491103928.36

131.79 64561622845.98 136.18 66712207293.16

0.00 0.00 0.00 0.00

Page 40: Index Valuation (sensex) - - not calculation

9069.67 8901.62

9069.67390464763 8901.61668286561

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

679.492659876803 70164375230.38 691.428564125537 71396876056.17

0 0.00 0 0.00

0 0.00 0 0.00

540.96197235081 92684096646.81 562.259506229621 96333045721.33

502.795610062444 668283511472.08 508.958377248884 676474664324.89

Page 41: Index Valuation (sensex) - - not calculation

0 0.00 0 0.00

75.481430666524 32030605865.89 53.8382569108621 22846307659.92

0 0.00 0 0.00

2140.92403185099 147217984163.51 1833.69322101305 126091638729.68

486.615185064055 178953981210.06 513.632004698352 188889485858.47

0 0.00 0 0.00

105.481499032075 141285445712.53 86.5298832646421 115901018061.76

0 0.00 0 0.00

151.073764719128 164827550624.98 153.21269468497 167161209204.84

738.162079995167 193292297099.81 781.008756054497 204511963705.62

259.855112293574 289857641329.81 231.160497189229 257849983756.32

144.743380467024 386859071063.73 143.274573948648 382933356993.51

1661.69385247901 810600741743.24 1737.37070700006 847517117353.61

34.130751205927 39883456834.33 42.7990397273334 50012777135.11

0 0.00 0 0.00

340.575983494033 184881812207.77 358.328045426186 194518526302.44

0 0.00 0 0.00

179.002406222896 77655872553.21 247.649957204901 107436955291.90

529.459583754662 76483100055.07 491.649706712813 71021273132.69

113.873904990253 187788645937.22 122.709933308958 202360077325.08

766.964885237376 328088024901.77 719.838034628845 307928359663.37

-430.584593243863 -72468103019.00 -763.657625633903 -128524848204.09

59.9039309511827 43275163316.28 60.6644908821295 43824598966.01

Page 42: Index Valuation (sensex) - - not calculation

892.379244532402 1605294673532.54 880.941608848851 1584719592082.46

298.300531909681 43826957642.08 312.769720871885 45952802097.34

0 0.00 0 0.00

1124.10051915383 321152796931.10 1219.58718489043 348433106163.60

131.621913312645 199083854999.68 111.976839601523 169369828605.97

1210.4839793196 100284429264.00 1348.25689319173 111698440743.50

730.841067085947 429125244371.90 701.29233356877 411775223878.39

142.508946573064 46906517845.07 177.605761724598 58458560196.08

328.313639898029 54537841697.71 374.50997016574 62211748112.13

449.904561307907 279413199546.27 466.469619205047 289700927713.00

244.569852334429 119810505849.55 234.048278555366 114656170330.39

0 0.00 0 0.00

10278.72 10225.325.99% 5.79%

1209.05 1323.70

Page 43: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Apr-09 Apr-09 Apr-09 May-09 May-09 May-09

Beta EPS Beta EPS

617.6 0.85 66.48 678.51 0.85 66.48

1587.76 1.01 62.53 1871.58 1.01 62.53

343.29 0.68 40.79 402.51 0.68 40.79

223.42 1.63 9.13 299.85 1.63 9.13

1641.59 0.87 179.76 1981.57 0.87 179.76

1066.66 0.92 52.77 1280.22 0.92 52.77

56.27 1.33 12.23 73.85 1.33 12.23

235.54 0.47 9.25 230.71 0.47 9.25

340.26 0.92 80.24 402 0.92 80.23

410.28 1.38 33.76 627.6 1.38 33.76

93.78 0.47 8.65 94.61 0.47 8.65

1405.67 0.45 101.62 1570.33 0.45 101.62

75.47 1.7 7.54 107.11 1.7 7.54

30 days Avg. Closing

30 days Avg. Closing

Page 44: Index Valuation (sensex) - - not calculation

824.71 1.2 46.26 1141.82 1.2 46.21

223.31 1.1 29.64 288.28 1.1 29.64

808.37 0.74 42.18 908.96 0.74 42.18

189.11 0.69 9.95 199.95 0.69 9.95

858.93 0.9 72.6 960.46 0.9 72.6

180.32 0.8 -69.83 210.72 0.8 -69.83

212.78 1.31 8.46 268.26 1.31 8.46

859.73 1.03 99.63 1028.32 1.03 99.63

653.42 1.54 50.56 968.72 1.54 50.56

1217.66 1.08 143.67 1528.95 1.08 143.67

97.58 1.41 16.67 129.47 1.41 16.67

233.78 0.31 61.09 260.13 0.31 61.09

288.74 0.49 43.66 324.53 0.49 43.66

231.44 1.16 22.26 300.57 1.16 22.26

861.41 1.01 41.59 983 1.01 41.59

248.99 1.45 71.2 319.26 1.45 71.2

170.23 0.75 20.3 224.58 0.75 20.29

Page 45: Index Valuation (sensex) - - not calculation

617.60 63773342526.08 678.51 70062905824.76

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1587.76 272034096320.00 1871.58 320661544560.00

343.29 456278937329.54 402.51 534990343629.34

0.00 0.00 0.00 0.00

223.42 94808456853.10 299.85 127241588879.25

0.00 0.00 0.00 0.00

1641.59 112881899136.81 1981.57 136260201921.63

1066.66 392266948209.58 1280.22 470804185435.73

0.00 0.00 0.00 0.00

56.27 75369918926.04 73.85 98917158569.18

0.00 0.00 0.00 0.00

235.54 256983608943.54 230.71 251713884772.71

340.26 89099181322.90 402.00 105266181425.40

410.28 457650388461.24 627.60 700061869450.80

93.78 250648033556.34 94.61 252866394271.33

1405.67 685708226546.27 1570.33 766031998543.33

75.47 88190396663.88 107.11 125163288547.35

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 46: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

824.71 447694161466.16 1141.82 619837454917.84

0.00 0.00 0.00 0.00

223.31 96877652461.64 288.28 125063318488.38

808.37 116773112601.10 908.96 131303844068.80

189.11 311859954536.80 199.95 329736121356.00

858.93 367428356438.58 960.46 410860302032.76

180.32 30348155836.10 210.72 35464526385.22

212.78 153714273908.71 268.26 193793547883.97

859.73 1546562179849.10 1028.32 1849837531297.54

653.42 96001875957.62 968.72 142326432122.78

0.00 0.00 0.00 0.00

1217.66 347882514106.02 1528.95 436817313488.50

97.58 147593984025.47 129.47 195828992742.14

233.78 19367867955.19 260.13 21550874716.33

288.74 169538397115.51 324.53 190553078949.56

231.44 76177985671.22 300.57 98931978712.40

861.41 143093178313.93 983.00 163291109091.60

248.99 154635223863.43 319.26 198276402950.47

170.23 83392708529.26 224.58 110017825773.96

0.00 0.00 0.00 0.00

Page 47: Index Valuation (sensex) - - not calculation

10794.79 13078.62

10794.7877290269 13078.6190414546

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

828.779176749909 85579692871.36 985.088843594738 101720220597.78

0 0.00 0 0.00

0 0.00 0 0.00

657.80454324152 112702968002.66 761.116232699751 130403566380.91

632.968918111831 841301480726.78 785.932802204746 1044611214432.15

Page 48: Index Valuation (sensex) - - not calculation

0 0.00 0 0.00

59.8374054370444 25392051166.32 65.6837397841834 27872947852.83

0 0.00 0 0.00

2190.32791432974 150615180831.94 2593.19220079 178317643535.80

608.58920426582 223810239317.73 714.03306459294 262587489142.38

0 0.00 0 0.00

98.0383080833475 131315786953.75 109.691650009107 146924662663.04

0 0.00 0 0.00

205.741867757868 224472648752.66 283.337437929523 309132535229.45

925.396963242172 242320907022.80 1085.59546659639 284269873983.40

260.924702127823 291050724597.67 290.837591039003 324417316267.26

192.396449308709 514222560060.25 264.958793307067 708161660438.02

2357.56930247109 1150059875616.17 3297.96756101027 1608801132177.16

47.3991717970882 55388257086.59 51.8508000540352 60590203048.96

0 0.00 0 0.00

410.520570423883 222851259885.93 464.06993983828 251920557017.07

0 0.00 0 0.00

286.630128799214 124347561698.28 327.850130269674 142229864223.58

602.494474260825 87033357354.18 734.828883932445 106149728473.33

152.210239995802 251008823040.17 188.386507741233 310666848604.13

855.595287688302 366001851526.79 1007.34737106583 430917524028.08

-923.976210372994 -155506732593.42 -1110.13735831549 -186837963340.90

68.8411451514541 49731490939.00 77.147062927423 55731764085.34

Page 49: Index Valuation (sensex) - - not calculation

1028.02309999215 1849303439985.91 1186.22223914452 2133886745788.59

350.550600227006 51503650393.11 386.698422716544 56814566451.35

0 0.00 0 0.00

1414.7293052521 404184737521.61 1622.04283129915 463413710017.58

126.126126265964 190771238627.73 140.285580937908 212188028202.03

2028.5579895655 168059043893.21 3398.18701244619 281528091984.37

932.61140627028 547597987638.38 1266.23193559787 743488719047.36

204.266795512019 67233982983.15 232.097015815539 76394241034.95

437.519445920595 72678571285.37 506.234193474854 84093126055.54

523.990404169892 325424207603.11 581.241705367872 360980124616.74

286.170599250257 140189986329.79 347.920303527615 170440089663.93

0 0.00 0 0.00

12506.72 15446.757.35% 8.63%

1711.94 2368.13

Page 50: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Jun-09 Jun-09 Jun-09 Jul-09 Jul-09 Jul-09

Beta EPS Beta EPS

810.94 0.85 78.54 809.71 0.85 78.54

2176.57 1.01 63.94 2156.18 1.01 63.94

404.89 0.68 44.17 406.69 0.68 22.08

359.76 1.63 5.52 341.41 1.63 5.52

2323.72 0.87 181.54 2617.58 0.87 181.54

1479.48 0.92 56 1431.56 0.92 55.93

1543.68 0.44 75.57

90.24 1.33 10.96 84.56 1.33 10.96

256.26 0.47 9.41 273.28 0.47 9.41

468.52 0.92 83.61 480.27 0.92 83.61

727.43 1.38 35.11 719.54 1.38 35.1

97.73 0.47 8.99 110.17 0.47 8.99

1736.26 0.45 105.1 1868.57 0.45 105.1

142.88 1.7 8.88 143.11 1.7 8.88

30 days Avg. Closing

30 days Avg. Closing

Page 51: Index Valuation (sensex) - - not calculation

1514.84 1.2 64.9 1456.63 1.2 64.9

364.39 1.1 37.35 382.33 1.1 37.35

1062.45 0.74 46.26 1201.25 0.74 46.26

210.78 0.69 10.32 203.78 0.69 10.32

1096.5 0.9 61.94 1065.73 0.9 61.94

274.96 0.8 -54.22 260.94 0.8

317.66 1.31 10.75 269.45 1.31 10.75

1073.01 1.03 96.84 960.37 1.03 96.84

1226.6 1.54 54.69 1136.14 1.54 54.69

1746.85 1.08 154.53 1671.31 1.08 154.53

159.8 1.41 12.64 152.47 1.41 10.66

255.21 0.31 53.4 238.97 0.31 53.4

375.86 0.49 22.74 441.64 0.49 22.74

347.08 1.16 22.96 323.23 1.16 22.96

1133.71 1.01 49.94 1153.15 1.01 46.81

428.32 1.45 61.64 405.82 1.45 56.57

235.93 0.75 24.74 254.93 0.75 24.73

Page 52: Index Valuation (sensex) - - not calculation

810.94 83737620447.05 809.71 83610610713.72

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

2176.57 372916091240.00 2156.18 369422631760.00

404.89 538153686199.30 406.69 540546130159.78

0.00 0.00 0.00 0.00

359.76 152664445606.80 341.41 144877608335.05

0.00 0.00 0.00 0.00

2323.72 159787722063.48 2617.58 179994640283.22

1479.48 544082561019.55 1431.56 526459858229.34

0.00 0.00 1543.68 154126800000.00

90.24 120870472434.43 84.56 113262490570.21

0.00 0.00 0.00 0.00

256.26 279589961908.26 273.28 298159466129.28

468.52 122684854033.40 480.27 125761664062.63

727.43 811418109774.69 719.54 802617140765.82

97.73 261205292380.69 110.17 294453975868.01

1736.26 846975296778.92 1868.57 911518223251.23

142.88 166962287999.67 143.11 167231054280.75

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 53: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

1514.84 822331514781.43 1456.63 790732192426.97

0.00 0.00 0.00 0.00

364.39 158081804578.82 382.33 165864640480.31

1062.45 153476246623.50 1201.25 173526604787.50

210.78 347595797246.40 203.78 336052147086.40

1096.50 469054745829.00 1065.73 455892124279.38

274.96 46276225203.49 0.00 0.00

317.66 229480572656.46 269.45 194653215079.91

1073.01 1930230054319.25 960.37 1727602759775.38

1226.60 180214718021.52 1136.14 166924139681.21

0.00 0.00 0.00 0.00

1746.85 499070815963.49 1671.31 477489220842.06

159.80 241704433769.94 152.47 230617490719.04

255.21 21143269658.84 238.97 19797841582.91

375.86 220692325066.97 441.64 259316124202.03

347.08 114240646676.31 323.23 106390469704.92

1133.71 188326310567.89 1153.15 191555587435.38

428.32 266008109101.50 405.82 252034485514.50

235.93 115577992852.66 254.93 124885761530.66

0.00 0.00 0.00 0.00

Page 54: Index Valuation (sensex) - - not calculation

14854.45 14742.05

14854.4458328333 14742.0541575544

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

1302.23712712831 134468935166.02 1324.98400502592 136817776544.84

0 0.00 0 0.00

0 0.00 0 0.00

853.87272145688 146295721112.65 866.011743380291 148375524016.83

985.274075000534 1309562783418.08 503.995967016067 669878948552.15

Page 55: Index Valuation (sensex) - - not calculation

0 0.00 0 0.00

42.0270296608917 17834203868.36 42.3835299706207 17985485061.77

0 0.00 0 0.00

2921.7995572857 200913920603.50 2971.40127832116 204324721394.77

839.752653220698 308821190004.11 852.011302965205 313329339859.22

0 0.00 3438.89537593599 343352210191.11

105.360431766648 141123284170.33 106.463813893917 142601191074.13

0 0.00 0 0.00

366.061752016571 399388087498.57 380.903358813581 415580877161.54

1253.78070242469 328310216142.05 1273.67539855034 333519765126.54

323.364290308683 360699505396.95 326.527750344826 364228214362.59

349.723182851113 934713457780.93 363.902358739011 972610477974.48

4400.3063684175 2146539569136.30 4592.55538574796 2240321703441.60

64.4792375845542 75347151704.87 65.0036318561304 75959932131.77

0 0.00 0 0.00

704.018097586177 382176512781.27 712.258559116312 386649850699.85

0 0.00 0 0.00

449.575306996712 195037393518.25 455.372489922794 197552361378.04

919.787967063049 132867998375.73 938.935251125517 135633919869.39

225.61895320212 372066609318.67 230.770998267347 380562810153.17

954.906957021421 408484851815.80 970.464554962619 415139995589.64

-972.412426291716 -163658628272.28 0 0.00

105.183309663464 75985412502.28 106.302806769134 76794147744.03

Page 56: Index Valuation (sensex) - - not calculation

1262.52059077008 2271139307649.78 1280.06711533109 2302703625835.56

444.099812461145 65248102458.91 448.090556893383 65834431239.73

0 0.00 0 0.00

1901.74241108555 543323202823.85 1926.77917892018 550476146781.44

113.557498062382 171760643113.26 96.7121134109358 146281267901.65

4795.56565178612 397296100240.60 5262.17284941592 435952899755.68

826.086304578561 485050037948.76 857.336904674605 503399337142.44

259.310674469673 85351559126.10 262.461599880104 86388679549.39

666.912788701229 110784261377.82 634.000777410563 105317080476.41

536.224094580795 333021940264.53 496.824373075178 308552745697.77

483.157145570704 236690260320.78 492.841972055213 241434687931.54

0 0.00 0 0.00

17895.14 18052.599.37% 9.48%

3040.70 3310.54

Page 57: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Aug-09 Aug-09 Aug-09 Sep-09 Sep-09 Sep-09

Beta EPS Beta EPS

822.37 0.85 78.54 802.35 0.85 86.65

2258.51 1.01 63.94 2254.75 1.01 68.88

405.1 0.68 22.08 419.21 0.68 23.91

386.72 1.63 5.52 419.67 1.63 1.98

2654.7 0.87 181.54 2718.7 0.87 209.33

1442.3 0.92 55.93 1516.25 0.92 59.58

1484.05 0.44 75.57 1625.7 0.44 90.13

106 1.33 10.96 121.68 1.33 8.75

265.59 0.47 9.41 262.89 0.47 9.92

482.44 0.92 83.57 512.56 0.92 88.07

743.82 1.38 35.1 819.93 1.38 35.33

116.7 0.47 8.99 114.96 0.47 9.53

2067.45 0.45 105.1 2263.74 0.45 105.89

147.51 1.7 8.87 155.88 1.7 13.64

30 days Avg. Closing

30 days Avg. Closing

Page 58: Index Valuation (sensex) - - not calculation

1505.24 1.2 64.75 1615.72 1.2 66.8

408.52 1.1 37.35 425.36 1.1 52.89

1369.73 0.74 46.26 1563.24 0.74 55.73

209.36 0.69 10.32 208.32 0.69 10.37

1171.07 0.9 61.94 1165.51 0.9 63.25

260.45 1.31 10.75 298.93 1.31 7.62

998.99 1.03 96.84 1047.42 1.03 91.15

1148.78 1.54 54.69 1186.43 1.54 55.49

1764.52 1.08 154.53 1979.26 1.08 158.16

162.6 1.41 10.66 183.1 1.41 7.64

239.19 0.31 53.4 246.46 0.31 48.57

524 0.49 22.74 568.9 0.49 24.19

450.08 1.16 22.96 569.75 1.16 31.46

1292.79 1.01 46.81 1296.66 1.01 43.44

453.86 1.45 56.57 479.57 1.45 40.78

309.68 0.75 24.73 337.2 0.75 27.31

Page 59: Index Valuation (sensex) - - not calculation

822.37 84917881627.55 802.35 82850617512.63

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

2258.51 386955035320.00 2254.75 386310827000.00

405.10 538432804661.36 419.21 557186907040.46

0.00 0.00 0.00 0.00

386.72 164104943309.60 419.67 178087302334.35

0.00 0.00 0.00 0.00

2654.70 182547151017.30 2718.70 186948031593.30

1442.30 530409520749.52 1516.25 557604822739.00

1484.05 148173117187.50 1625.70 162315984375.00

106.00 141979943240.80 121.68 162982259373.02

0.00 0.00 0.00 0.00

265.59 289769366983.59 262.89 286823558440.89

482.44 126329891957.39 512.56 134216999879.11

743.82 829700477589.06 819.93 914598037952.19

116.70 311906861975.10 114.96 307256322644.88

2067.45 1008535056573.08 2263.74 1104288446621.08

147.51 172372670092.61 155.88 182153425625.62

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 60: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

1505.24 817120150847.35 1615.72 877094264122.06

0.00 0.00 0.00 0.00

408.52 177226539714.42 425.36 184532167171.56

1369.73 197864388241.90 1563.24 225817881097.20

209.36 345254085356.80 208.32 343539028761.60

1171.07 500953890741.42 1165.51 498575464488.06

0.00 0.00 0.00 0.00

260.45 188151530404.76 298.93 215949844438.07

998.99 1797076002986.35 1047.42 1884196385397.22

1148.78 168781235748.22 1186.43 174312854966.80

0.00 0.00 0.00 0.00

1764.52 504119092185.31 1979.26 565469790310.50

162.60 245939555262.78 183.10 276946694763.93

239.19 19816067825.32 246.46 20418362290.34

524.00 307675140571.20 568.90 334038907387.32

450.08 148142878460.51 569.75 187532005427.65

1292.79 214751895139.91 1296.66 215394760442.23

453.86 281869724497.59 479.57 297836918383.00

309.68 151706831800.16 337.20 165188399906.40

0.00 0.00 0.00 0.00

Page 61: Index Valuation (sensex) - - not calculation

15589.79 16566.24

15589.7896259576 16566.2410643334

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

1407.45275021201 145333494702.95 1631.98368718125 168518547084.82

0 0.00 0 0.00

0 0.00 0 0.00

909.378723871282 155805675518.31 1019.4404066272 174662763748.25

546.705993710018 726646362672.08 633.900848757687 842540142863.04

Page 62: Index Valuation (sensex) - - not calculation

0 0.00 0 0.00

43.6248654096281 18512246754.59 16.0137325256081 6795440288.30

0 0.00 0 0.00

3150.83139077993 216663010405.23 3812.66580168991 262173232334.95

899.911741145279 330944848740.02 1002.58787083045 368704258529.06

4057.63753877829 405129748012.40 5629.09577609944 562030031394.93

110.3400055642 147793091765.99 90.6645053590244 121439069102.16

0 0.00 0 0.00

440.862206321928 480998390198.78 529.776565312604 578007530303.75

1344.6383731005 352101858045.65 1482.00593796639 388072402834.55

337.944068842263 376962645958.45 349.691102585429 390065976746.76

421.185040896295 1125711263211.80 508.948655990838 1360279161924.14

5381.206052443 2625038066474.17 6259.781191615 3053621020203.90

66.7514834933027 78002382498.70 104.943098648118 122631158035.17

0 0.00 0 0.00

739.653924722393 401521436145.73 788.186738835702 427867494175.89

0 0.00 0 0.00

475.960248989733 206483863629.84 698.616723490502 303077999830.72

1009.42349745475 145816301607.53 1291.67052383303 186588304270.42

249.914403815738 412132063941.98 268.490734414248 442766158468.51

1026.56848072788 439139824718.54 1097.76124859336 469594275822.97

0 0.00 0 0.00

110.238613128711 79637411287.64 80.4640259449664 58127969376.36

Page 63: Index Valuation (sensex) - - not calculation

1342.66265491907 2415306296620.59 1313.86575891108 2363503765287.50

462.017493062013 67880606744.81 480.417880341698 70584031337.25

0 0.00 0 0.00

2015.8013413157 575909563059.64 2140.25317988437 611465152047.03

100.015254746219 151277412495.56 73.6417860235909 111386396699.87

7811.88604373694 647187857712.83 11419.3996935172 946057940763.11

981.944238823636 576564564338.06 1178.05629873936 691714956708.82

273.614308928204 90059570104.44 387.755539511988 127628914331.48

665.749422339923 110591008698.86 642.922347036665 106799087596.53

513.288421801264 318777742125.16 379.831687900618 235894445917.25

529.154433392921 259223529524.18 619.975162340917 303715020903.93

0 0.00 0 0.00

19991.05 22508.059.84% 10.12%

4401.26 5941.81

Page 64: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Oct-09 Oct-09 Oct-09 Nov-09 Nov-09 Nov-09

Beta EPS Beta EPS

780.42 0.85 86.64 748.72 0.85 86.64

2405 1.01 68.88 2241.19 1.01 68.88

339.67 0.68 23.91 296.49 0.68 23.91

428.28 1.63 1.98 369.69 1.63 1.98

2342.91 0.87 209.31 2284.04 0.87 209.31

1671.54 0.92 59.58 1719.37 0.92 55.93

1621.03 0.44 90.13 1616.92 0.44 90.13

130.83 1.33 8.75 130.18 1.33 8.75

281.28 0.47 9.92 275.79 0.47 9.92

546.33 0.92 87.95 549.44 0.92 87.86

898.22 1.38 35.33 882.45 1.38 35.32

125.92 0.47 9.52 128.7 0.47 9.51

2235.1 0.45 105.89 2332.31 0.45 105.89

159.1 1.7 13.64 151.04 1.7 13.64

30 days Avg. Closing

30 days Avg. Closing

Page 65: Index Valuation (sensex) - - not calculation

1638.77 1.2 65.39 1612.56 1.2 65.39

457.56 1.1 52.89 506.58 1.1 52.7

1510.87 0.74 55.73 1518.77 0.74 55.73

212.79 0.69 10.37 212.5 0.69 10.37

1194.14 0.9 63.25 1165.67 0.9 63.25

237.5 1.31 7.62 172.84 1.31 7.62

1056 1.03 91.15 1038.72 1.03 45.8

1245.19 1.54 55.49 1096.8 1.54 55.49

2255.72 1.08 158.16 2279.72 1.08 158.16

201.35 1.41 7.64 208.05 1.41 7.64

274.92 0.31 48.57 286.69 0.31 48.57

613.12 0.49 24.19 662.69 0.49 24.19

561.24 1.16 29.5 617.51 1.16 29.5

1368.03 1.01 43.42 1322.8 1.01 43.42

529.53 1.45 40.78 526.91 1.45 40.78

353.13 0.75 27.31 374.65 0.75 27.3

Page 66: Index Valuation (sensex) - - not calculation

780.42 80586126901.24 748.72 77312786619.38

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

2405.00 412053460000.00 2241.19 383987565080.00

339.67 451467466697.91 296.49 394075394357.06

0.00 0.00 0.00 0.00

428.28 181740962765.40 369.69 156878249100.45

0.00 0.00 0.00 0.00

2342.91 161107298598.69 2284.04 157059176106.36

1671.54 614713118154.10 1719.37 632302723213.69

1621.03 161849714062.50 1616.92 161439356250.00

130.83 175238075228.24 130.18 174367443500.82

0.00 0.00 0.00 0.00

281.28 306887787737.28 275.79 300897977033.79

546.33 143059882831.19 549.44 143874255528.29

898.22 1001927298244.26 882.45 984336514813.35

125.92 336549374977.76 128.70 343979547011.10

2235.10 1090317398218.33 2332.31 1137737985342.31

159.10 185916153560.67 151.04 176497648232.58

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 67: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

1638.77 889606966067.95 1612.56 875378856827.09

0.00 0.00 0.00 0.00

457.56 198501359815.26 506.58 219767503398.93

1510.87 218252771176.10 1518.77 219393965913.10

212.79 350910473935.20 212.50 350432237000.00

1194.14 510822648594.84 1165.67 498643908409.02

0.00 0.00 0.00 0.00

237.50 171572234483.12 172.84 124861242139.21

1056.00 1899630886348.80 1038.72 1868546017299.46

1245.19 182946000923.87 1096.80 161144222016.96

0.00 0.00 0.00 0.00

2255.72 644453743014.67 2279.72 651310484911.87

201.35 304550611636.90 208.05 314684652351.92

274.92 22776175285.49 286.69 23751279254.32

613.12 360003401120.26 662.69 389109234551.77

561.24 184730956956.94 617.51 203252108243.31

1368.03 227250392645.56 1322.80 219737008246.56

529.53 328864573245.52 526.91 327237422410.05

353.13 172992229119.06 374.65 183534501853.30

0.00 0.00 0.00 0.00

Page 68: Index Valuation (sensex) - - not calculation

16993.24 16828.94

16993.244410582 16828.9396070858

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

1666.86824926721 172120725075.07 1863.07841718663 192381376379.84

0 0.00 0 0.00

0 0.00 0 0.00

1036.81931175673 177640326321.90 1131.31890763524 193831131082.96

652.958199907423 867869945452.45 765.760666017767 1017799711437.42

Page 69: Index Valuation (sensex) - - not calculation

0 0.00 0 0.00

16.1696201318014 6861591319.47 16.9795149770915 7205270849.04

0 0.00 0 0.00

3891.62408867154 267602700952.00 4333.42329359723 297982475005.91

1021.91480889367 375811789525.15 1059.37318413866 389587203004.84

6035.37822605376 602594794757.56 9337.63282734561 932304277605.29

91.7706223937492 122920639232.43 97.6053665488223 130735890590.56

0 0.00 0 0.00

562.225799624146 613410949429.31 803.318304915666 876452564862.17

1508.5164055421 395014332410.41 1664.16105772255 435770845331.61

353.781178042311 394628286929.27 375.182801158076 418500913264.04

539.555404478011 1442082545607.90 770.116641103628 2058309039258.24

6686.18737891708 3261628753514.90 10035.870562749 4895657590636.89

105.919980444232 123772692328.17 110.982014634544 129687927562.97

0 0.00 0 0.00

782.170239348463 424601434963.68 838.740454870572 455310599642.33

0 0.00 0 0.00

709.308507402772 307716372165.36 764.055937682895 331467223107.30

1325.67213504374 191500008037.91 1521.98172842728 219857916239.42

276.375034035451 455768100837.62 322.824989193959 532368391165.84

1119.56242414589 478920262925.17 1240.25093106205 530547729351.11

0 0.00 0 0.00

81.4630094921451 58849644489.63 86.7396638717386 62661549258.06

Page 70: Index Valuation (sensex) - - not calculation

1335.70772153422 2402795116440.32 730.66860527768 1314394555180.76

485.390929768639 71314682486.92 511.325899195523 75125104142.04

0 0.00 0 0.00

2173.7651350656 621039436511.54 2354.39892901707 672646074138.09

74.4824247368966 112657899229.31 78.8952880584899 119332546478.68

15235.6297039279 1262219455555.97 -23899.8332183954 -1980018880678.39

1243.62597913002 730215263257.30 1709.97507308655 1004039734704.49

368.81146445648 121393512161.88 396.681929317507 130567016624.52

653.581511563257 108569735406.84 713.151378767746 118465187781.47

384.033718134612 238504116530.18 406.043989782408 252173594354.80

635.965710535491 311548511621.28 727.698304277006 356486709662.28

0 0.00 0 0.00

23736.29 22955.6510.24% 10.81%

6743.05 6126.71

Page 71: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Dec-09 Dec-09 Dec-09 Jan-10 Jan-10 Jan-10

Beta EPS Beta EPS

839.48 0.85 85.58 918.85 0.85 85.58

2306.85 1.01 75.22 2382.62 1.01 75.22

321.68 0.68 24.68 322.9 0.68 24.68

372.67 1.63 2.34 367.84 1.63 2.34

2419.23 0.87 238.36 2688.86 0.87 238.36

1733.89 0.92 60.25 1694.74 0.92 60.14

1688.96 0.44 101.92 1647.84 0.44 101.92

146.88 1.33 7.16 164.59 1.33 7.16

268.44 0.47 9.94 260.06 0.47 9.94

534.45 0.92 92.13 505.84 0.92 92.03

855.14 1.38 33.78 853.15 1.38 33.77

126.28 0.47 10.12 126.07 0.47 10.11

2496.2 0.45 103.62 2585.53 0.45 103.62

148.71 1.7 14.55 154.66 1.7 9.69

30 days Avg. Closing

30 days Avg. Closing

Page 72: Index Valuation (sensex) - - not calculation

1657.85 1.2 66.92 1608.47 1.2 66.76

522.17 1.1 65.93 564.01 1.1 63.79

1575.13 0.74 72.14 1446.08 0.74 72.14

214.64 0.69 10.51 227.23 0.69 10.51

1185.27 0.9 67.29 1176.95 0.9 67.29

176.36 1.31 5.63 180.41 1.31 5.63

1063.3 1.03 47.47 1076.74 1.03 47.47

1067.74 1.54 56.25 1116.89 1.54 56.25

2241.27 1.08 158.17 2176.63 1.08 158.17

211.83 1.41 8.91 213.73 1.41 8.91

297.79 0.31 51.53 301.71 0.31 51.53

716.83 0.49 26.11 754.32 0.49 26.11

730.6 1.16 46.58 781.14 1.16 46.58

1346.67 1.01 44.81 1409.49 1.01 44.79

574.02 1.45 48.96 628.73 1.45 48.96

398.06 0.75 30.69 418.64 0.75 30.68

Page 73: Index Valuation (sensex) - - not calculation

839.48 86684659300.18 918.85 94880401198.33

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

2306.85 395237224200.00 2382.62 408219049840.00

321.68 427556318448.45 322.90 429177863799.44

0.00 0.00 0.00 0.00

372.67 158142814499.35 367.84 156093200111.20

0.00 0.00 0.00 0.00

2419.23 166355348685.57 2688.86 184896121024.74

1733.89 637642490419.74 1694.74 623244977601.78

1688.96 168632100000.00 1647.84 164526525000.00

146.88 196735981728.38 164.59 220457347717.01

0.00 0.00 0.00 0.00

268.44 292878831556.44 260.06 283735914672.06

534.45 139949031499.52 505.84 132457326398.57

855.14 953873338180.62 853.15 951653575401.45

126.28 337511555528.84 126.07 336950283540.71

2496.20 1217686139068.77 2585.53 1261262736618.25

148.71 173774928950.39 154.66 180727795786.88

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 74: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

1657.85 899964551886.93 1608.47 873158598651.01

0.00 0.00 0.00 0.00

522.17 226530848532.94 564.01 244682122452.59

1575.13 227535451403.90 1446.08 208893529782.40

214.64 353961295763.20 227.23 374723375122.40

1185.27 507028288726.62 1176.95 503469204836.70

0.00 0.00 0.00 0.00

176.36 127404123256.61 180.41 130329881360.42

1063.30 1912762804407.84 1076.74 1936939924779.55

1067.74 156874664128.73 1116.89 164095888155.11

0.00 0.00 0.00 0.00

2241.27 640325412997.39 2176.63 621857921487.60

211.83 320402066367.25 213.73 323275898808.82

297.79 24670876030.36 301.71 24995634531.44

716.83 420898417968.80 754.32 442911282510.82

730.60 240475442150.84 781.14 257110576076.80

1346.67 223702174852.88 1409.49 234137523248.75

574.02 356495084951.54 628.73 390472727015.76

398.06 195002652629.72 418.64 205084435755.68

0.00 0.00 0.00 0.00

Page 75: Index Valuation (sensex) - - not calculation

17299.03 17551.31

17299.0267722242 17551.3100530822

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

1793.42059656596 185188513598.00 1842.03453602959 190208386352.14

0 0.00 0 0.00

0 0.00 0 0.00

1210.94888727276 207474294754.22 1236.35966219213 211827973642.70

761.227930269937 1011775091290.56 791.524922909121 1052043900768.51

Page 76: Index Valuation (sensex) - - not calculation

0 0.00 0 0.00

19.8460318169972 8421679577.60 20.0748148078515 8518763823.94

0 0.00 0 0.00

4813.54662754549 330997560231.80 4939.38206710942 339650478071.63

1115.37172753509 410180810829.55 1140.07480449634 419265430681.21

9415.47138752687 940075971348.39 10605.9342641826 1058936249189.48

78.7574829697907 105490405300.37 79.9100827034256 107034235911.32

0 0.00 0 0.00

734.972942995457 801885027455.33 807.733431431373 881269645383.30

1705.54684245325 446607968525.38 1744.61397169601 456837937467.26

354.046186265528 394923892652.92 358.894194395058 400331645416.26

748.28231218451 1999951909725.30 821.547785892473 2195770281579.37

8837.83291378399 4311235733723.47 9860.59872765637 4810157196373.01

117.143439438434 136887854652.80 78.8732177387178 92167223513.11

0 0.00 0 0.00

844.801683731421 458600940213.33 856.813232620974 465121414450.36

0 0.00 0 0.00

938.969291881204 407349159155.50 925.446656599745 401482690295.34

1907.43406636367 275538445279.59 1972.49494562884 284936816545.66

315.415208220106 520148974119.49 327.627699292692 540288506194.36

1288.63235540079 551244069247.19 1320.61911779884 564927190730.56

0 0.00 0 0.00

63.1787205504875 45640902133.19 64.1207007173687 46321397468.22

Page 77: Index Valuation (sensex) - - not calculation

742.690155519126 1336020036374.36 757.853306376673 1363296920563.15

512.253140193587 75261336389.72 518.5527212795 76186884432.31

0 0.00 0 0.00

2311.90046664027 660504366323.69 2356.12797941664 673140059651.30

90.8156427356867 137362600155.71 92.0540990258298 139235819031.54

-58999.1657047115 -4887877709108.33 -24841.3578539621 -2058020954500.85

1703.86087726758 1000449684975.33 1851.3016211433 1087021920849.15

616.019985499767 202761673127.31 626.736293675134 206288923259.66

721.385530958421 119833004509.49 736.194486434269 122292995113.91

481.367279067825 298953118435.21 487.717358863712 302896835093.66

792.607513252288 388284599252.48 818.750212823498 401091451896.02

0 0.00 0 0.00

18284.84 23905.1510.68% 10.82%

985.81 6353.84

Page 78: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Feb-10 Feb-10 Feb-10 Mar-10 Mar-10 Mar-10

Beta EPS Beta EPS

884.31 0.85 85.58 969.81 0.85 85.6

2356.76 1.01 75.22 2396.77 1.01 87.26

294.88 0.68 24.68 301.1 0.68 24.82

308.57 1.63 2.34 307.15 1.63 4.54

2655.58 0.87 238.36 2847.49 0.87 191.53

1630.73 0.92 60.02 1836.54 0.92 64.42

1642.06 0.44 101.92 1918.2 0.44 111.77

147.28 1.33 7.16 171.36 1.33 9.42

237.54 0.47 9.94 232.96 0.47 9.84

486.31 0.92 91.93 530.41 0.92 98.45

826.53 1.38 33.76 931.55 1.38 36.1

123.78 0.47 10.09 128.57 0.47 10.64

2494.47 0.45 103.62 2701.94 0.45 100.97

132.5 1.7 9.69 147.52 1.7 9.52

30 days Avg. Closing

30 days Avg. Closing

Page 79: Index Valuation (sensex) - - not calculation

1458.82 1.2 66.71 1603.61 1.2 70.41

500.33 1.1 63.79 546.9 1.1 34.52

1372.36 0.74 72.14 1441.36 0.74 86.45

204.89 0.69 10.51 203.26 0.69 10.61

1104.52 0.9 67.29 1082.79 0.9 78.3

165.69 1.31 5.63 164.39 1.31 2.41

1003.9 1.03 47.47 1047.94 1.03 49.65

1026.18 1.54 56.25 1007.56 1.54 47.03

1944.37 1.08 158.17 2044.83 1.08 144.37

189.46 1.41 8.91 205.4 1.41 13.15

303.48 0.31 51.53 335.23 0.31 43.39

746.64 0.49 26.11 799.29 0.49 28.71

694.77 1.16 46.58 772.11 1.16 61.04

1271.22 1.01 44.79 1346.72 1.01 39.56

562.94 1.45 48.96 624.92 1.45 56.88

396.64 0.75 30.68 427.11 0.75 33.36

Page 80: Index Valuation (sensex) - - not calculation

884.31 91313802670.40 969.81 100142528036.30

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

2356.76 403788404320.00 2396.77 410643397640.00

294.88 391935486147.97 301.10 400202709166.96

0.00 0.00 0.00 0.00

308.57 130941927898.85 307.15 130339349755.75

0.00 0.00 0.00 0.00

2655.58 182607663125.22 2847.49 195804116114.91

1630.73 599705136082.55 1836.54 675392290950.10

1642.06 163949428125.00 1918.20 191520281250.00

147.28 197271755099.10 171.36 229525312016.45

0.00 0.00 0.00 0.00

237.54 259165689345.54 232.96 254168725224.96

486.31 127343275345.74 530.41 138891132561.81

826.53 921960065259.99 931.55 1039105536148.65

123.78 330829746146.34 128.57 343632092923.21

2494.47 1216842217499.75 2701.94 1318049389710.55

132.50 154832748879.88 147.52 172384355583.09

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 81: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

1458.82 791921034824.44 1603.61 870520345659.38

0.00 0.00 0.00 0.00

500.33 217056091783.31 546.90 237259362013.65

1372.36 198244304970.80 1441.36 208211702040.80

204.89 337882640183.20 203.26 335194618788.80

1104.52 472485497367.12 1082.79 463189957351.74

0.00 0.00 0.00 0.00

165.69 119696014869.51 164.39 118756882638.66

1003.90 1805908567050.72 1047.94 1885131809697.31

1026.18 150768579275.50 1007.56 148032888708.43

0.00 0.00 0.00 0.00

1944.37 555501801777.45 2044.83 584202980568.81

189.46 286566470726.24 205.40 310676412367.62

303.48 25142272936.27 335.23 27772651101.97

746.64 438401845336.03 799.29 469316150967.85

694.77 228682073560.28 772.11 254138370707.75

1271.22 211168793183.54 1346.72 223710480606.14

562.94 349613851647.37 624.92 388106526755.02

396.64 194307019391.68 427.11 209233741055.82

0.00 0.00 0.00 0.00

Page 82: Index Valuation (sensex) - - not calculation

16403.52 17507.07

16403.5192993527 17507.0705276035

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

1717.69991760241 177369600392.29 1751.27543889942 180836606901.63

0 0.00 0 0.00

0 0.00 0 0.00

1170.7564986838 200588052432.49 1378.68251305538 236212432326.80

715.483452046861 950974479818.28 739.479221322246 982868109418.26

Page 83: Index Valuation (sensex) - - not calculation

0 0.00 0 0.00

19.4752994642825 8264359005.28 38.1047685295298 16169789199.84

0 0.00 0 0.00

4617.07430847092 317487385032.79 3779.17541584308 259870307513.76

1069.22560245379 393210455086.07 1167.35397091288 429297414031.03

7928.90503241419 791651611830.10 9358.07916372749 934345716503.42

76.9046607399975 103008673271.87 102.25836393001 136968270817.74

0 0.00 0 0.00

638.849318047629 697010288371.40 671.844362675901 733009208494.63

1637.68593191565 428838170216.06 1784.01115238083 467154332416.56

345.864050043539 385797057758.61 373.613687894461 416750632249.53

648.489901317966 1733234362833.15 726.465855576381 1941642547942.46

7532.76914569611 3674604830349.75 7860.92563764684 3834684796575.95

76.6226925406279 89537374435.04 75.8861035432674 88676634063.30

0 0.00 0 0.00

819.72789482993 444989623632.92 875.653523789437 475348874231.91

0 0.00 0 0.00

881.515328961129 382424144367.47 483.473484580835 209743299510.27

1807.83245483899 261150491498.74 2218.41413624171 320461080603.22

296.92769444548 489661346784.86 307.848412936659 507670625893.14

1238.52498257404 529809412589.27 1466.76109530734 627443002965.12

0 0.00 0 0.00

61.6655418876257 44547767630.62 26.6835261784168 19276430359.24

Page 84: Index Valuation (sensex) - - not calculation

718.672024856848 1292813992019.79 762.742931913437 1372092833150.57

502.065277184895 73764513579.22 423.550540043374 62228959026.40

0 0.00 0 0.00

2241.61605309992 640424279530.26 2074.33287112284 592631879423.63

88.8196868134002 134343630218.12 132.391754058707 200248272531.72

45496.7730569107 3769250975077.36 186541.93805878 ###

1503.81122068605 882987268544.14 1745.50572846767 1024902138118.56

598.914732467843 197131515331.04 794.738852588529 261586609595.78

697.130863813447 115803938895.30 625.036445295334 103827969862.61

471.121429254956 292589934052.36 552.609429835869 343198051695.69

751.853831380812 368320081166.35 836.716562898883 409892853500.74

0 0.00 0 0.00

28207.74 46337.3410.46% 10.56%

11804.22 28830.27

Page 85: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Apr-10 Apr-10 Apr-10 May-10 May-10 May-10

Beta EPS Beta EPS

930.93 0.85 85.6 862.25 0.85 85.6

2496.28 1.01 87.26 2354.66 1.01 87.26

305.05 0.68 24.82 272.69 0.68 24.82

321.34 0.51 12.29

324.75 1.63 4.54 285.69 1.63 4.54

2825.17 0.87 191.53 2431.4 0.87 191.53

1950.91 0.92 64.31 1896.95 0.92 64.21

1941.4 0.44 111.77 1887.2 0.44 111.77

180.26 1.33 9.42 159.36 1.33 9.42

230.94 0.47 9.84 234.43 0.47 9.84

554.03 0.92 98.16 549.8 0.92 97.6

952.64 1.38 36.1 880.31 1.38 36.09

133.25 0.47 10.64 133.15 0.47 10.64

2714.6 0.45 100.97 2640.99 0.45 100.97

150.91 1.7 9.52 127.86 1.7 9.52

30 days Avg. Closing

30 days Avg. Closing

Page 86: Index Valuation (sensex) - - not calculation

1608.76 1.2 70.35 1585.59 1.2 70.29

521.5 1.1 34.52 538.6 1.1 34.52

1351.42 0.74 86.45 1248.88 0.74 86.45

207.56 0.69 10.61 202.09 0.69 10.61

1044.37 0.9 78.3 1066.04 0.9 78.3

170.45 1.31 2.41 146.73 1.31 2.41

1083.76 1.03 49.65 1028.69 1.03 49.64

1107.67 1.54 47.03 1030.35 1.54 47.03

2147.68 1.08 144.37 2258.31 1.08 144.37

209.83 1.41 13.15 173.91 1.41 13.15

346.55 0.31 43.39 314.28 0.31

793.4 0.49 28.71 745.43 0.49 28.71

805.83 1.16 61.04 771.71 1.16 61.04

1349.86 1.01 39.56 1296.11 1.01 39.56

664.9 1.45 56.88 539.89 1.45 56.88

423.32 0.75 33.35 395.26 0.75 33.34

Page 87: Index Valuation (sensex) - - not calculation

930.93 96127781343.59 862.25 89035888266.05

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

2496.28 427692644960.00 2354.66 403428607120.00

305.05 405452794524.68 272.69 362441968657.38

0.00 0.00 0.00 0.00

324.75 137807923923.75 285.69 121232781480.45

0.00 0.00 0.00 0.00

2825.17 194269309014.03 2431.40 167192203632.60

1950.91 717452151511.78 1896.95 697608223244.68

1941.40 193836656250.00 1887.20 188425125000.00

180.26 241446269514.97 159.36 213452110894.85

0.00 0.00 0.00 0.00

230.94 251964824018.94 234.43 255772554320.43

554.03 145076175360.98 549.80 143968523750.46

952.64 1062630559773.12 880.31 981949433231.73

133.25 356140440087.25 133.15 355873167711.95

2714.60 1324225139458.41 2640.99 1288317008420.49

150.91 176345736856.32 127.86 149410681296.46

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 88: Index Valuation (sensex) - - not calculation

0.00 0.00 0.00 0.00

1608.76 873316025269.85 1585.59 860738181274.78

0.00 0.00 0.00 0.00

521.50 226240185207.75 538.60 233658607388.10

1351.42 195219416642.60 1248.88 180406997866.40

207.56 342285718172.80 202.09 333265180119.20

1044.37 446754860831.22 1066.04 456024734376.24

0.00 0.00 0.00 0.00

170.45 123134683653.26 146.73 105999132487.20

1083.76 1949568152830.85 1028.69 1850503121664.91

1107.67 162741265865.72 1030.35 151381244671.02

0.00 0.00 0.00 0.00

2147.68 613586976574.10 2258.31 645193699744.41

209.83 317376979586.65 173.91 263046421007.07

346.55 28710474120.42 0.00 0.00

793.40 465857741467.92 745.43 437691374114.48

805.83 265237237268.56 771.71 254006711555.19

1349.86 224232081910.87 1296.11 215303397156.37

664.90 412936103244.28 539.89 335298650594.91

423.32 207377086145.84 395.26 193630981456.12

0.00 0.00 0.00 0.00

Page 89: Index Valuation (sensex) - - not calculation

17864.48 16940.69

17864.4828716215 16940.6904631055

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

1780.36726006202 183840626778.10 1702.52040268139 175802164504.27

0 0.00 0 0.00

0 0.00 0 0.00

1396.54792115276 239273348426.94 1348.45112031298 231032827345.46

757.235333403728 1006468388924.34 710.290255221443 944072017384.63

Page 90: Index Valuation (sensex) - - not calculation

0 0.00 626.768250848029 327109649422.02

38.3792810204519 16286278796.35 37.633031113445 15969607047.58

0 0.00 0 0.00

3839.79234983633 264038555754.19 3677.43418570625 252874198084.27

1182.57918556962 434896525734.13 1134.59692695064 417250927177.26

10003.4716797532 998784125525.36 8407.46536643705 839432870180.20

103.189923860013 138216033327.05 100.665711807446 134835019327.51

0 0.00 0 0.00

709.259629029196 773830768217.20 614.98835735573 670977021022.06

1805.03767463091 472660257058.16 1724.60146504256 451597539068.86

376.870712409225 420383708525.27 367.93745753259 410419031805.67

766.923013503114 2049773354912.11 664.987410799285 1777327648289.22

8363.09045992435 4079648799306.20 7112.47043075207 3469576419382.77

76.4080747956145 89286583073.39 74.9883298876192 87627541512.54

0 0.00 0 0.00

883.951526119887 479853448197.52 858.762578463422 466179617639.77

0 0.00 0 0.00

489.061692077462 212167608424.97 473.981947967531 205625625490.52

2264.38535714758 327101854698.31 2142.19558857234 309450928013.09

315.049049367872 519545144163.33 295.992388086176 488118939727.11

1489.13665023746 637014694921.82 1429.12746820098 611344296720.71

0 0.00 0 0.00

26.9310908281635 19455273391.39 26.2604652186149 18970807141.58

Page 91: Index Valuation (sensex) - - not calculation

772.366265659975 1389404179755.28 746.293431691042 1342501944241.99

426.802470707792 62706739694.68 417.969377572399 61408962596.48

0 0.00 0 0.00

2098.89512953043 599649257186.68 2032.64544931141 580721883935.27

133.517016539669 201950280859.65 130.464777876013 197333637443.32

-82014.9673008653 -6794657614135.29 0 0.00

1831.70094590056 1075513064912.89 1612.52154975926 946818310107.38

803.314920795312 264409404276.79 780.142571486613 256782274594.77

633.13586707315 105173405839.31 611.330808154727 101551257055.39

557.155523699304 346021403004.09 544.818670507931 338359601104.34

853.414862460364 418073059270.96 808.088694479386 395868559974.80

0 0.00 0 0.00

15658.19 23460.0110.65% 10.41%

-2206.29 6519.32

Page 92: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Jun-10 Jun-10 Jun-10 Jul-10 Jul-10 Jul-10

Beta EPS Beta EPS

858.33 0.85 78.85 832.58 0.85 78.85

2384.57 1.01 91.64 2424.41 1.01 91.64

267.43 0.68 22.83 296.74 0.68 22.83

334.21 0.51 12.49 331.42 0.51 12.49

277.19 1.63 5.17 305.73 1.63 5.17

1788.91 0.87

1935.7 0.92 68.62 2024.25 0.92 68.55

2004.89 0.44 111.34 1953.43 0.44 111.34

144.7 1.33 9.7 151.31 1.33 9.7

255.83 0.47 9.66 262.4 0.47 9.66

570.12 0.92 101.6 595.73 0.92 101.49

860 1.38 37.41 887.17 1.38 37.4

145.96 0.47 11.14 150.39 0.47 11.11

2730.82 0.45 100.38 2790.54 0.45 100.38

125.55 1.7 9.64 125.86 1.7 9.64

30 days Avg. Closing

30 days Avg. Closing

Page 93: Index Valuation (sensex) - - not calculation

642.35 1.45 17.3 628.08 1.45 17.3

1722.41 1.2 54.38 1849.01 1.2 54.22

606.38 1.1 37.32 624.5 1.1 37.32

1350.62 0.74 82.36 1344.34 0.74 82.36

199.12 0.69 10.04 200.54 0.69 10.04

1205.3 0.9 72.75 1268.85 0.9 72.75

179.53 1.31 -1.76 187.33 1.31 -1.76

1046.22 1.03 53.26 1055.4 1.03 53.26

1142.61 1.54 43.95 1156.04 1.54 43.95

2320.08 1.08 140.26 2405.46 1.08 140.26

166.41 1.41 4.12 168.79 1.41 4.12

763.72 0.49 30.14 802.61 0.49 30.14

769.15 1.16 58.71 805.97 1.16 58.71

1270.45 1.01 35 1321.14 1.01 35

482.93 1.45 65.78 508.22 1.45 64.69

397.05 0.75 19.64 403.69 0.75 19.63

Page 94: Index Valuation (sensex) - - not calculation

472.08 48747110103.18 457.92 47284691120.79

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1311.51 224704230982.00 1333.43 228458457766.00

147.09 195497893662.86 163.21 216924223032.26

183.82 95933103953.46 182.28 95132250118.96

152.45 64694189800.87 168.15 71355224386.96

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1064.64 391522249270.72 1113.34 409432718441.01

1102.69 110096654765.63 1074.39 107270777109.38

79.59 106598809271.88 83.22 111468319495.01

0.00 0.00 0.00 0.00

140.71 153516448042.01 144.32 157458921808.32

313.57 82109192648.85 327.65 85797567769.41

473.00 527611957059.00 487.94 544280813888.41

80.28 214560917443.33 82.71 221073008867.52

1501.95 732675632665.84 1534.80 748698434894.77

69.05 80691233147.38 69.22 80890470760.09

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 95: Index Valuation (sensex) - - not calculation

353.29 148479777387.19 345.44 145181254115.90

947.33 514256035888.99 1016.96 552054709923.36

0.00 0.00 0.00 0.00

333.51 144684828242.48 343.48 149008336748.29

742.84 107307118940.23 739.39 106808171266.61

109.52 180602055846.08 110.30 181889997385.36

662.92 283578136644.99 697.87 298529925065.95

0.00 0.00 0.00 0.00

98.74 71331788594.59 103.03 74430924956.41

575.42 1035120742664.50 580.47 1044203352839.86

628.44 92331099321.06 635.82 93416339835.22

0.00 0.00 0.00 0.00

1276.04 364562681561.28 1323.00 377978754175.89

91.53 138436290068.90 92.83 140416209366.81

0.00 0.00 0.00 0.00

420.05 246636855145.74 441.44 259196048693.93

423.03 139240251138.35 443.28 145905824884.58

698.75 116072486520.84 726.63 120703691481.08

265.61 164958005394.60 279.52 173596499496.08

218.38 106979329183.16 222.03 108768380299.58

0.00 0.00 0.00 0.00

Page 96: Index Valuation (sensex) - - not calculation

9771.19 10075.07

9771.18845374141 10075.0712657896

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

1710.36014555476 176611695928.46 1767.30805448716 182492133918.25

0 0.00 0 0.00

0 0.00 0 0.00

1515.28970862764 259617616358.59 1553.98558218033 266247457766.12

740.573704342705 984322825691.67 777.492759279584 1033393253475.21

Page 97: Index Valuation (sensex) - - not calculation

803.034609346088 419102864865.18 885.102666510314 461934092151.21

44.499194463951 18883268992.63 45.1146835547039 19144452283.76

0 0.00 0 0.00

0 0.00 0 0.00

1309.77506508188 481673136351.49 1346.85836868937 495310616275.40

12018.270782018 1199949223392.11 14217.8250708782 1419560971920.50

108.710454445834 145610416527.37 110.628195712264 148179103283.58

0 0.00 0 0.00

807.717235142513 881251974581.05 918.024915060074 1001602087850.15

1939.27640064587 507811496080.56 1994.05770734186 522156319387.48

399.16693668041 445254225486.67 405.784966909902 452636364770.52

931.46687365296 2489553638344.92 1055.82368595418 2821925044429.76

9877.30067058108 4818304670291.34 11500.6442576588 5610197541427.75

78.7124138723032 91979316308.07 79.7503723381265 93192221685.33

172.983634568984 72700585357.54 175.728386678967 73854134278.83

701.245186212367 380671236705.66 713.255973038957 387191297256.50

0 0.00 0 0.00

544.316168087693 236138428916.07 556.635482139419 241482865910.69

2273.99123412906 328489471945.85 2370.29238566622 342400657680.18

316.460491879914 521872743960.46 331.782270112212 547139779352.29

1437.9249323736 615107627611.20 1481.61464186522 633796971506.26

0 0.00 0 0.00

-20.1301796830081 -14542231194.78 -20.4921136009216 -14803695662.28

Page 98: Index Valuation (sensex) - - not calculation

855.255074452157 1538512268121.08 876.486646416666 1576705591861.15

406.584280269367 59736239540.78 412.590399518143 60618671537.22

0 0.00 0 0.00

2100.76489413016 600183444406.22 2149.53609614748 614117258749.92

42.7316785248186 64633517909.14 43.4330599114333 65694387689.54

0 0.00 0 0.00

2190.95372845581 1286454191579.46 2447.02964724521 1436813341026.84

793.872952580126 261301600442.51 810.588903571068 266803620296.77

578.733520318281 96136356461.10 593.512607772933 98591385537.22

657.737773522992 408488002940.52 657.102273656785 408093325788.52

529.1415106411 259217198893.41 550.724443488388 269790301332.12

0 0.00 0 0.00

27871.94 30570.7510.86% 11.01%

18100.75 20495.68

Page 99: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Aug-10 Aug-10 Aug-10 Sep-10 Sep-10 Sep-10

Beta EPS Beta EPS

849.57 0.85 78.85 975.43 0.85 60.44

2481.05 1.01 91.64 2456.24 1.01 97.37

319.99 0.68 22.83 355.18 0.68 22.31

313.15 0.51 12.49 312.56 0.51 12.33

315.57 1.63 5.17 343.36 1.63 5.66

2137.47 0.92 68.39 2347.47 0.92 73.04

1864.85 0.44 111.34 1773.47 0.44 106.76

167.58 1.33 9.7 186.47 1.33 10.17

263.17 0.47 9.66 286.94 0.47 9.67

616.39 0.92 20.27 681.09 0.92 21.23

974.49 1.38 36.37 1080.39 1.38 38.06

158.83 0.47 5.55 169.92 0.47 5.85

2789.1 0.45 100.38 2947.18 0.45 103.9

117.98 1.7 9.63 120.27 1.7 6.08

30 days Avg. Closing

30 days Avg. Closing

Page 100: Index Valuation (sensex) - - not calculation

663.86 1.45 17.3 703.95 1.45 19.15

1819.68 1.2 54.22 1942.74 1.2 56.1

629.91 1.1 37.29 668.1 1.1 39.73

1232.5 0.74 82.36 1376.77 0.74 83.34

196.02 0.69 10.04 205.84 0.69 7.85

1272.17 0.9 72.75 1389.78 0.9 72.31

167.91 1.31 -1.76 166.15 1.31 -3.21

979.38 1.03 53.25 987.37 1.03 56.52

1064.78 1.54 43.95 1056.05 1.54 38.38

2742.42 1.08 140.23 3039.86 1.08 140.41

164.43 1.41 4.12 168.32 1.41 4.69

860.85 0.49 30.14 897.97 0.49 32.51

969.33 1.16 58.71 1049.61 1.16 52.85

1299.25 1.01 35 1289.29 1.01 37.89

524.52 1.45 64.69 602.53 1.45 77.57

414.76 0.75 19.62 423.19 0.75 19.37

Page 101: Index Valuation (sensex) - - not calculation

467.26 48249603684.32 536.49 55397566912.43

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1364.58 233795792230.00 1350.93 231457881424.00

175.99 233920543668.17 195.35 259645297353.23

172.23 89887949202.68 171.91 89718593015.45

173.56 73651810943.62 188.85 80137800822.64

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1175.61 432333038254.22 1291.11 474808459211.42

1025.67 102406489453.13 975.41 97388442421.88

92.17 123454239514.73 102.56 137370283102.47

0.00 0.00 0.00 0.00

144.74 157920977333.44 157.82 172184691401.22

339.01 88773039459.80 374.60 98091191365.33

535.97 597851832598.17 594.21 662821723589.50

87.36 233479792528.94 93.46 249782071060.37

1534.01 748312084673.58 1620.95 790724753400.12

64.89 75825979185.41 66.15 77297766711.55

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 102: Index Valuation (sensex) - - not calculation

365.12 153451833138.10 387.17 162718672517.65

1000.82 543297718537.68 1068.51 580039462824.17

0.00 0.00 0.00 0.00

346.45 150299185590.25 367.46 159411480835.12

677.88 97922453461.25 757.22 109384743409.21

107.81 177790352485.68 113.21 186697103130.56

699.69 299311041313.91 764.38 326981849121.77

0.00 0.00 0.00 0.00

92.35 66714870065.83 91.38 66015577758.54

538.66 968989842433.48 543.05 976895077215.74

585.63 86041875998.88 580.83 85336429261.08

0.00 0.00 0.00 0.00

1508.33 430926515106.07 1671.92 477664353458.01

90.44 136789130316.87 92.58 140025216900.41

0.00 0.00 0.00 0.00

473.47 278004159577.09 493.88 289991746733.39

533.13 175479103732.60 577.29 190012299287.94

714.59 118703749153.61 709.11 117793770826.44

288.49 179164212183.08 331.39 205810670263.61

228.12 111751030278.32 232.75 114022370777.03

0.00 0.00 0.00 0.00

Page 103: Index Valuation (sensex) - - not calculation

10240.99 10881.37

10240.9909942003 10881.3664063339

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

1906.14395373686 196828321349.87 1515.62269483357 156503117321.76

0 0.00 0 0.00

0 0.00 0 0.00

1645.9324315198 282000895357.15 1797.55709763369 307979052651.77

872.658954227073 1159882024777.42 903.424833440075 1200774048061.87

Page 104: Index Valuation (sensex) - - not calculation

1139.95110822304 594939208973.26 1296.28020270801 676527188616.86

46.5223030874797 19741776765.63 51.6698881426073 21926158627.58

0 0.00 0 0.00

0 0.00 0 0.00

1435.94896331139 528073910733.39 1583.35632064421 582283344109.14

23710.5245004543 2367347680592.23 32748.7215855591 3269755170808.17

115.068694504279 154126855797.27 122.903449628911 164620988701.99

0 0.00 0 0.00

1309.11918845666 1428301662506.72 1628.12642554165 1776351382576.37

425.598559530952 111445609905.41 460.222545006525 120512114225.66

409.71290961166 457017822563.52 436.400360403083 486786571275.95

752.133695231313 2010245592676.39 984.957558368007 2632519461947.06

17956.4052127354 8759420613352.33 25017.4741582574 ###

82.0340357443759 95860794384.99 52.5073037012356 61357359761.00

182.0472370236 76509785028.60 204.888760733629 86109491661.63

746.109875483429 405026051662.01 788.615953288469 428100493417.46

0 0.00 0 0.00

585.159137014716 253857164974.53 638.683731216151 277077518004.83

2612.29544437992 377359216786.76 2773.04080137188 400579692153.40

371.08461783174 611953001143.84 306.783973074942 505915265696.00

1587.10284143884 678922133967.70 1630.67457849599 697561012262.88

0 0.00 0 0.00

-21.3310916181009 -15409781275.29 -39.6484084286393 -28642383274.95

Page 105: Index Valuation (sensex) - - not calculation

926.643762783709 1666932871615.91 1010.11175936404 1817082856772.79

426.368336047364 62642955693.85 378.11521105792 55553502478.76

0 0.00 0 0.00

2264.05823194289 646835955694.31 2323.90639982433 663934432368.61

45.0506219370602 68141020439.80 52.1732197722803 78914258717.23

0 0.00 0 0.00

3287.59039326467 1930362283183.65 4208.09431968924 2470851166693.23

849.72848044047 279686329102.22 782.212067290631 257463444754.23

628.62980252284 104424880632.74 699.490997528401 116195992661.24

680.730390928134 422767566536.05 829.933220371156 515429974391.70

605.140395808453 296447727468.34 625.913395337983 306624057698.29

0 0.00 0 0.00

36952.02 45864.8911.36% 11.52%

26711.02 34983.52

Page 106: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No. Rs.Oct-10 Oct-10 Oct-10 Nov-10 Nov-10 Nov-10

Beta EPS Beta EPS

1002.18 0.85 60.44 1049.06 0.85 60.44

0.91 78.69

2544.53 1.01 97.37 2355.44 1.01 97.37

340.93 0.68 22.31 328.75 0.68 22.31

337.46 0.51 12.33 344.27 0.51 12.33

375.16 1.63 5.66 328.8 1.63 5.66

2383.76 0.92 73.04 2347.87 0.92 72.86

1846.77 0.44 106.76 1881.05 0.44 106.76

211.26 1.33 10.17 217.53 1.33 10.17

299.45 0.47 9.67 300.79 0.47 9.67

717.94 0.92 21.21 708.62 0.92 21.19

1131.58 1.38 38.05 1199.73 1.38 38.04

172.38 0.47 5.84 173.33 0.47 5.83

3058.64 0.45 103.9 3030.94 0.45 103.9

128.32 1.7 6.08 124.67 1.7 6.08

30 days Avg. Closing

30 days Avg. Closing

Page 107: Index Valuation (sensex) - - not calculation

716.1 1.45 19.15 675.92 1.45 19.15

2032.7 1.2 55.84 2069.77 1.2 55.84

717.39 1.1 38.67 776.04 1.1 38.63

1510.38 0.74 83.34 1447.92 0.74 83.34

208.24 0.69 7.85 187.85 0.69 7.85

1357.56 0.9 72.31 1300.56 0.9 72.31

177.86 1.31 -3.21 161.6 1.31 -3.21

1055.45 1.03 56.51 1045.38 1.03 56.51

1073.89 1.54 38.38 986.15 1.54 38.38

3210.93 1.08 140.41 3114.94 1.08 140.41

174.33 1.41 4.69 175.55 1.41 4.69

985.21 0.49 32.51 1054.68 0.49 32.51

1155.24 1.16 52 1223.13 1.16 50.41

1406.01 1.01 37.89 1349.79 1.01 37.89

635.75 1.45 77.57 613.04 1.45 77.57

456.56 0.75 19.36 423.48 0.75 19.36

Page 108: Index Valuation (sensex) - - not calculation

551.20 56916778865.01 576.98 59579233307.52

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1399.49 239777677678.00 1295.49 221959235344.00

187.51 249228197608.64 180.81 240324318669.05

185.60 96865998205.13 189.35 98820770467.84

206.34 87559696402.09 180.84 76739599576.20

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1311.07 482148616480.64 1291.33 474889364775.15

1015.72 101413643203.13 1034.58 103296097265.63

116.19 155632788160.17 119.64 160251824332.49

0.00 0.00 0.00 0.00

164.70 179691593504.20 165.43 180495690132.33

394.87 103398361345.53 389.74 102056086604.27

622.37 694226905080.03 659.85 736037085165.57

94.81 253398266298.18 95.33 254794764459.12

1682.25 820629333715.53 1667.02 813197457932.86

70.58 82471517622.23 68.57 80125655408.07

30 days Avg. Closing

Sensex Contribution

30 days Avg. Closing

Sensex Contribution

Page 109: Index Valuation (sensex) - - not calculation

393.86 165527155891.60 371.76 156239512931.50

1117.99 606898615400.25 1138.37 617966520980.46

0.00 0.00 0.00 0.00

394.56 171172282946.12 426.82 185166420576.69

830.71 120000093516.27 796.36 115037629870.68

114.53 188873905732.16 103.32 170380153629.40

746.66 319401257100.95 715.31 305990526337.85

0.00 0.00 0.00 0.00

97.82 70668255553.02 88.88 64207748214.15

580.50 1044252822394.19 574.96 1034289654151.72

590.64 86778029467.53 542.38 79688006927.53

0.00 0.00 0.00 0.00

1766.01 504545210124.46 1713.22 489461949287.30

95.88 145024929077.05 96.55 146039845691.94

0.00 0.00 0.00 0.00

541.87 318165160082.41 580.07 340599903610.11

635.38 209134639179.69 672.72 221424856497.23

773.31 128457693552.02 742.38 123321249620.97

349.66 217157873666.19 337.17 209400649425.60

251.11 123013430378.70 232.91 114100507045.67

0.00 0.00 0.00 0.00

Page 110: Index Valuation (sensex) - - not calculation

11387.85 11321.77

11387.849197703 11321.7736787809

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

1581.37226852073 163292414737.07 1523.02385464731 157267360682.99

0 0.00 0 0.00

0 0.00 1747.03813157398 278044369877.96

1855.12088220848 317841570990.54 1804.10002337111 309100065204.22

967.430211926269 1285845870949.38 910.465186231812 1210131631126.44

Page 111: Index Valuation (sensex) - - not calculation

1560.32095052198 814329759716.62 1322.43587517863 690177804838.54

52.518058548464 22286080422.08 51.7676043885214 21967624595.19

0 0.00 0 0.00

0 0.00 0 0.00

1642.75631827883 604127845445.83 1586.1576732817 583313548719.77

64300.4383510473 6419996891612.38 34741.1732565761 3468689017336.27

125.522241209975 168128685683.49 123.203876571358 165023390591.02

0 0.00 0 0.00

2230.46114235909 2433522773082.15 1681.18972042976 1834245570496.82

477.038082019358 124915366389.74 461.304983486677 120795557423.26

445.133414467546 496527932261.26 437.186683519546 487663682223.85

1347.04168266568 3600270301541.64 1013.58180662932 2709024170186.84

40712.6981802282 ### 26197.8990284205 ###

53.326624184999 62314775932.43 52.6017629036489 61467739972.07

208.783335117615 87746281396.91 205.33643738959 86297638679.24

804.270036716398 436598319021.36 787.169868761072 427315485839.16

0 0.00 0 0.00

639.042235961957 277233046633.96 622.982990106083 270266130513.67

2933.34134755026 423735912360.61 2790.86646508485 403154698939.83

327.72795397719 540453835480.75 309.092679543767 509722537095.75

1694.29722676626 724777159197.11 1637.86300721085 700636038805.29

0 0.00 0 0.00

-40.5108144299406 -29265393484.11 -39.7473053427764 -28713827336.18

Page 112: Index Valuation (sensex) - - not calculation

1041.26469343484 1873123648213.40 1013.49738101849 1823173227477.59

384.772834587919 56531654889.62 378.881429151572 55666076893.97

0 0.00 0 0.00

2390.81060098968 683048800669.83 2331.53217299915 666113097303.04

53.2016950647745 80469872222.98 52.2913694831012 79092965281.40

0 0.00 0 0.00

5313.11301152114 3119680902080.99 4312.93448217932 2532409776868.12

789.522151035226 259869543331.62 748.301993718072 246302015879.70

721.89103652952 119916976600.40 702.037073898854 116618934303.53

845.70878877668 525227390159.25 831.746603044936 516556175587.37

660.683555529636 323657352854.13 629.498304156721 308380242014.95

0 0.00 0 0.00

65121.75 47680.5511.70% 11.54%

53733.90 36358.78

Page 113: Index Valuation (sensex) - - not calculation

BSE BSE BSE BSE BSE

Rs. No. Rs. Rs. No.Dec-10 Dec-10 Dec-10 Jan-11 Jan-11

Beta EPS 30 days Avg. Closing Beta

1501.7 0.91 78.69 1489.54 0.91

2288.98 1.01 97.37 2301.09 1.01

343.25 0.68 22.31 344.32 0.68

363.37 0.51 12.33 364.16 0.51

289.84 1.63 5.66 287.9 1.63

2262.67 0.92 72.77 2260.31 0.92

1848.11 0.44 106.76 1864.29 0.44

228.32 1.33 10.17 230.95 1.33

297.53 0.47 9.67 299.37 0.47

697.76 0.92 21.17 700.3 0.92

1123.8 1.38 38.04 1117.88 1.38

169.33 0.47 5.83 169.79 0.47

3264.5 0.45 103.88 3297.95 0.45

1.7 6.08 104.42 1.7

30 days Avg. Closing

Page 114: Index Valuation (sensex) - - not calculation

691.61 1.45 19.15 696.22 1.45

1975.26 1.2 55.84 1971.44 1.2

768.38 1.1 38.63 767.39 1.1

1407.33 0.74 83.34 1409.68 0.74

193.86 0.69 7.85 195.29 0.69

1313.29 0.9 72.31 1310.7 0.9

133.07 1.31 -3.21 133.59 1.31

1040.88 1.03 56.51 1046.35 1.03

815.72 1.54 38.38 817.09 1.54

2795.43 1.08 140.41 2766.17 1.08

174.31 1.41 4.69 176.7 1.41

1120.46 0.49 32.51 1125.98 0.49

1313.64 1.16 49.87 1312.29 1.16

1306.51 1.01 37.89 1313.94 1.01

648.95 1.45 77.57 656.65 1.45

462.66 0.75 19.36 468.09 0.75

Page 115: Index Valuation (sensex) - - not calculation

30 days Avg. Closing

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

825.94 131449092315.04 819.25 130384684668.67

1258.94 215696536748.00 1265.60 216837693534.00

188.79 250924174549.51 189.38 251706370811.03

199.85 104303318223.78 200.29 104530083288.03

159.41 67646610526.66 158.35 67193828217.73

0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00

1244.47 457656479701.08 1243.17 457179136875.09

1016.46 101487228046.88 1025.36 102375737578.13

125.58 168200692003.84 127.02 170138182455.70

0.00 0.00 0.00 0.00

163.64 178539455051.94 164.65 179643587735.35

383.77 100492019684.73 385.17 100857832758.00

618.09 689453857375.47 614.83 685821923903.62

93.13 248914772202.52 93.38 249590971312.03

1795.48 875861317420.28 1813.87 884835911100.08

0.00 0.00 0.00 0.00

30 days Avg. Closing

Sensex Contribution

Sensex Contribution

Page 116: Index Valuation (sensex) - - not calculation

380.39 159866270473.66 382.92 160931876099.49

1086.39 589748885253.85 1084.29 588608356542.86

0.00 0.00 0.00 0.00

422.61 183338712234.83 422.06 183102494054.87

774.03 111812743553.45 775.32 111999451679.72

106.62 175831230144.24 107.41 177128241694.36

722.31 308985589541.61 720.89 308376224757.81

0.00 0.00 0.00 0.00

73.19 52872060983.02 73.47 53078670073.81

572.48 1029837394261.84 575.49 1035249363505.76

448.65 65916038139.15 449.40 66026743984.60

0.00 0.00 0.00 0.00

1537.49 439256170872.06 1521.39 434658439732.41

95.87 145008291099.76 97.19 146996529386.31

0.00 0.00 0.00 0.00

616.25 361842993134.40 619.29 363625630017.55

722.50 237810002607.26 721.76 237565610305.32

718.58 119367046608.95 722.67 120045875822.89

356.92 221666696210.27 361.16 224296842694.31

254.46 124656986374.21 257.45 126120020645.62

0.00 0.00 0.00 0.00

Page 117: Index Valuation (sensex) - - not calculation

11240.24 11269.29

11240.2380286377 11269.2862020541

EPS*(1+g)/(r-g) Avalible MarketCap EPS*(1+g)/(r-g) Avalible MarketCap

0 0.00 0 0.00

0 0.00 0 0.00

1759.55191770841 280035962229.41 1208.15331718364 192279848803.10

1814.96434191589 310961470629.13 1311.66859229314 224730803254.77

922.285055310011 1225841839120.78 504.755277180873 670888174673.22

Page 118: Index Valuation (sensex) - - not calculation

1367.82400843184 713865820841.73 429.204734810084 224001471267.95

51.9291091093058 22036159253.47 43.3181038235396 18382072228.59

0 0.00 0 0.00

0 0.00 0 0.00

1595.33320218703 586687872986.08 1101.86480753026 405213606387.64

38603.6602157522 3854334199666.51 4775.30458861833 476784317519.86

123.701148143794 165689452757.34 98.3962278499615 131795196653.27

0 0.00 0 0.00

1776.40187846562 1938125862537.91 385.457719459423 420549867716.01

464.108889519025 121529777525.50 320.550748597164 83938192183.77

438.867280557421 489538318782.37 352.521751880354 393223449081.31

1070.98479332519 2862446496222.03 232.390745030862 621116264221.35

28396.2986267634 ### 4464.72857417497 2177965747727.40

52.7578463019138 61650131078.55 44.3691448962523 51847522035.75

206.076930097516 86608848774.08 167.57220606231 70426300734.98

790.829524253655 429302131323.04 610.09970249314 331192873517.26

0 0.00 0 0.00

626.270836995154 271692483512.94 468.669648131305 203321012453.46

2820.68519667138 407462164705.72 1678.19920451675 242424316434.44

312.965953754366 516109926018.73 174.019991210763 286975128483.33

1649.82350494575 705752434815.36 1125.93220601823 481645093218.94

0 0.00 0 0.00

-39.9110227794893 -28832098352.77 -31.6139746317871 -22838232709.34

Page 119: Index Valuation (sensex) - - not calculation

1019.41411699723 1833816801730.99 743.025319103594 1336622959761.70

380.148282618445 55852205738.18 313.382357213883 46042811950.28

0 0.00 0 0.00

2344.18250046437 669727265234.05 1741.96121576467 497674102142.96

52.4868396773923 79388622431.78 42.3902675714566 64117119028.26

0 0.00 0 0.00

4497.19356160165 2640600498552.83 1208.22215904294 709427333253.39

743.89897620536 244852771993.62 567.44265506988 186772547732.24

706.264752133029 117321215349.04 510.415148012604 84787645591.18

834.746081862367 518419001718.57 678.776815887903 421554298880.00

636.032526687506 311581243689.01 382.831912817117 187542678266.21

0 0.00 0 0.00

50171.65 15927.3811.57% 9.44%

11.59%38931.41 4658.09

Page 120: Index Valuation (sensex) - - not calculation

BSE

Rs.Jan-11

EPS

78.69

97.37

22.31

12.33

5.66

72.77

106.76

10.17

9.67

21.17

38.04

5.83

103.88

6.08

Page 121: Index Valuation (sensex) - - not calculation

19.15

55.84

38.63

83.34

7.85

72.31

-3.21

56.51

38.38

140.41

4.69

32.51

49.87

37.89

77.57

19.36

Page 122: Index Valuation (sensex) - - not calculation

Date Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08implied growth rate 8.97% 8.52% 9.00% 8.51% 6.65% 5.76%Rate of Inflation 7.69% 8.33% 9.02% 9.77% 10.45% 10.45%GDP Growth 7.80% 7.80% 7.80% 7.50% 7.50% 7.50%

6.00% 6.00% 6.00% 6.00% 6.00% 6.00%

FII Activity -10577.70 -1012.90 -2065.80 -7937.00 -14248.60 -2820.30MF Activity 3186.90 1412.50 -368.90 2292.10 1429.50 -975.40DII Activity 8627.97 1527.19 2972.38 9212.96 10796.3 2874.15

Std. Dev 0.0192435Mean 9.44%

Date Jun-08 Jul-08 Aug-08 Sep-08 Oct-08implied growth rate 8.97% 8.52% 9.00% 8.51% 6.65%Date Nov-08 Dec-08 Jan-09 Feb-09 Mar-09implied growth rate 5.76% 6.12% 6.07% 5.99% 5.79%Date Apr-09 May-09 Jun-09 Jul-09 Aug-09implied growth rate 7.35% 8.63% 9.37% 9.48% 9.84%Date Sep-09 Oct-09 Nov-09 Dec-09 Jan-10implied growth rate 10.12% 10.24% 10.81% 10.68% 10.82%Date Feb-10 Mar-10 Apr-10 May-10 Jun-10implied growth rate 10.46% 10.56% 10.65% 10.41% 10.86%Date Jul-10 Aug-10 Sep-10 Oct-10 Nov-10implied growth rate 11.01% 11.36% 11.52% 11.70% 11.54%Date Dec-10 Jan-11implied growth rate 11.57% 11.59%

Benchmark Intrest Rate

Jun-08

Aug-08

Oct-08

Dec-08

Feb-09

Apr-09

Jun-09

Aug-09

Oct-09

Dec-09

Feb-10

Apr-10

Jun-10

Aug-10

Oct-10

Dec-10

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

implied growth rate

implied growth rate

Page 123: Index Valuation (sensex) - - not calculation

Correlation

FII Activity MF Activity

implied growth rate 1 0.059065957 0.083522378 -0.229125199 0.51627035 -0.4168765Rate of Inflation 1 0.689012147 -0.542216427 0.2139766 -0.3024064GDP Growth 1 -0.090794059 0.3348126 -0.4384358

1 -0.4115504 0.20474238FII Activity 1 -0.6482516MF Activity 1DII Activity

implied growth rate

Rate of Inflation

GDP Growth

Benchmark Intrest Rate

Benchmark Intrest Rate

Page 124: Index Valuation (sensex) - - not calculation

Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-096.12% 6.07% 5.99% 5.79% 7.35% 8.63% 9.37% 9.48% 9.84%9.70% 10.45% 9.63% 8.03% 8.70% 8.63% 9.29% 11.89% 11.72%

6.10% 6.10% 6.10% 5.80% 5.80% 5.80% 6.00% 6.00% 6.00%

5.50% 4.50% 4.00% 3.75% 3.38% 3.25% 3.25% 3.25% 3.25%

1330.90 -3009.50 -2690.50 269.00 7384.20 20606.90 3224.90 11625.30 4028.70340.70 -864.20 -1521.10 1477.20 38.90 2291.00 839.20 1825.60 570.60

1906.28 3718.14 2774.56 3951.53 -782.33 -82.45 2633.78 5818.98 4984.71

Jun-08

Aug-08

Oct-08

Dec-08

Feb-09

Apr-09

Jun-09

Aug-09

Oct-09

Dec-09

Feb-10

Apr-10

Jun-10

Aug-10

Oct-10

Dec-10

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

implied growth rate

implied growth rate

Page 125: Index Valuation (sensex) - - not calculation

-0.384182-0.017656-0.294267

0.1288705-0.7659450.7473315

1

DII Activity

Page 126: Index Valuation (sensex) - - not calculation

Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-1010.12% 10.24% 10.81% 10.68% 10.82% 10.46% 10.56% 10.65%11.64% 11.49% 13.51% 14.97% 16.22% 14.86% 14.86% 13.33%

8.60% 8.60% 8.60% 6.50% 6.50% 6.50% 8.60% 8.60%

3.25% 3.25% 3.25% 3.25% 3.25% 3.25% 3.38% 3.63%

19939.50 8304.10 5317.80 10367.20 5902.40 2113.50 18833.60 9764.50-2333.70 -5194.40 -695.30 -1761.50 -1311.10 -697.40 -3806.40 -1616.50

696.04 -47.51 2391.04 49.67 12222.03 1311.95 -5135.85 2190.66

Page 127: Index Valuation (sensex) - - not calculation

May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-1110.41% 10.86% 11.01% 11.36% 11.52% 11.70% 11.54% 11.57% 11.59%13.91% 13.73% 11.25% 9.88% 9.82% 9.70% 8.33% 0.00% 0.00%

8.60% 8.90% 8.90% 8.90% 8.90% 8.90% 8.90% 0.00% 0.00%

3.75% 3.75% 4.08% 4.50% 5.00% 5.00% 5.25% 5.25% 5.50%

-8629.90 10244.60 17120.60 11185.30 29195.80 24770.80 18519.90 1476.10 -5429.7098.70 -1092.50 -4404.80 -3169.60 -7236.00 -5802.10 -99.90 1376.60 199.20

6361.19 -4777.05 -6271.92 -4552.68 -11866.63 -11812.9 2468.82 634.99 5237.14

Page 128: Index Valuation (sensex) - - not calculation
Page 129: Index Valuation (sensex) - - not calculation

Date Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08implied growth rate 8.97% 8.52% 9.00% 8.51% 6.65% 5.76%Buy Condition 0 0 0 0 1 1Sell Condition 0 0 0 0 0 0Buy Call 0 0 0 1 0Sell Call 0 0 0 0 0Sensex value 14874.78 13930.31 15197.1 14378.13 10774.81 9760.769

for +/- 1 std . Dev.buying point (Mean - 1 std. Dev.) 0.075114Selling Point (Mean + 1 Std.Dev.) 0.113601

profit/Loss on buying 1 sensex Inestment ROIOn timing the market 8791.23 10774.81 81.59%On long term investment 5147.02 14874.78 34.60%

Page 130: Index Valuation (sensex) - - not calculation

Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-096.12% 6.07% 5.99% 5.79% 7.35% 8.63% 9.37% 9.48% 9.84% 10.12%

1 1 1 1 1 0 0 0 0 00 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0

9973.626 9676.366 9582.982 9489.503 11374.81 13519.47 15185.98 15031.92 15965.15 16824.25

Page 131: Index Valuation (sensex) - - not calculation

Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-1010.24% 10.81% 10.68% 10.82% 10.46% 10.56% 10.65% 10.41% 10.86% 11.01%

0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0

17149.51 16878.96 17369.3 17652.36 16456.68 17291.42 17574.56 16871.6 17632.06 18192.86

Page 132: Index Valuation (sensex) - - not calculation

Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-1111.36% 11.52% 11.70% 11.54% 11.57% 11.59%

0 0 0 0 0 00 1 1 1 1 10 0 0 0 0 00 1 0 0 0 0

18463.63 19566.04 20383.09 20014.45 19965.95 20021.8

20021.8

Page 133: Index Valuation (sensex) - - not calculation

SUMMARY OUTPUT

Regression StatisticsMultiple R 0.5554433182R Square 0.3085172798Adjusted R Square 0.1425614269Standard Error 0.0181042103Observations 32

ANOVAdf SS MS F

Regression 6 0.00365592554 0.000609320923327 1.8590322335Residual 25 0.008194060764 0.000327762430561Total 31 0.011849986304

Coefficients Standard Error t Stat P-valueIntercept 0.1003695369 0.028089525969 3.57320152127098 0.0014687688Rate of Inflation -0.0513858923 0.198735438846 -0.258564313511789 0.7980883473GDP Growth -0.0896611064 0.277695295632 -0.322875856417041 0.7494742597

-0.0700641077 0.487680138439 -0.143668159117907 0.8869143152FII Activity 9.5845622E-07 5.60566889E-07 1.7097981344309 0.0996886694MF Activity -2.417526E-06 2.22256239E-06 -1.08772038276258 0.2870943604DII Activity 7.7238834E-07 1.19658904E-06 0.64549173748351 0.5244892545

RESIDUAL OUTPUT

Observation Predicted Y Residuals Standard Residuals1 0.0740420152 0.015614593309 0.9604216337559732 0.0816856867 0.003535205405 0.2174432393469313 0.085744795 0.004269819559 0.2626278504420234 0.0783882094 0.006669352934 0.4102182307148755 0.0752977047 -0.00878701837 -0.5404714920154356 0.0859461629 -0.02829755686 -1.740524729029677 0.0879865985 -0.02680933982 -1.648987548844238 0.0884540992 -0.02779901541 -1.709860466060629 0.0903907945 -0.03052605365 -1.87759499992716

10 0.088154272 -0.03021392583 -1.8583966568038811 0.0947095814 -0.02116341163 -1.3017180771017212 0.1026060818 -0.01625958598 -1.0000938110907513 0.0910354759 0.00266189 0.16372739859895614 0.0978264216 -0.00306000099 -0.18821438986728215 0.0930223844 0.005345461707 0.32878839457522516 0.1096908128 -0.00849850126 -0.52272539546122717 0.1049573786 -0.00259562194 -0.15965138627755618 0.0920639602 0.016064012608 0.988064493783772

Benchmark Intrest Rate

Page 134: Index Valuation (sensex) - - not calculation

19 0.0988053581 0.008037360777 0.4943615895550320 0.1021966541 0.005978102868 0.36770085584423621 0.0893535529 0.015271340294 0.93930884428148822 0.1059409543 -0.00032212328 -0.01981314295434523 0.0982244327 0.008236940463 0.50663732698695824 0.0792868179 0.024858522203 1.5289967553814725 0.0914774219 0.01707668023 1.0503516038044126 0.105963878 0.004166673099 0.25628352307949627 0.0990266626 0.014568113477 0.89605480395732728 0.120150869 -0.00496235526 -0.30522430204014329 0.1125463726 0.004423088529 0.27205511070401630 0.1043298 0.011066574906 0.68068234251354331 0.0952684405 0.020469939405 1.2590640215345432 0.0948754159 0.020980838513 1.29048837861374

Page 135: Index Valuation (sensex) - - not calculation

Significance F0.12806667702

Lower 95% Upper 95% Lower 95.0% Upper 95.0%0.04251807526 0.1582209986 0.0425180753 0.1582209986-0.4606891904 0.3579174058 -0.4606891904 0.3579174058-0.6615852737 0.4822630609 -0.6615852737 0.4822630609

-1.0744601543 0.9343319388 -1.0744601543 0.9343319388-1.960529E-07 2.112965E-06 -1.960529E-07 2.112965E-06

-6.9949793E-06 2.159927E-06 -6.994979E-06 2.159927E-06-1.6920329E-06 3.23681E-06 -1.692033E-06 3.23681E-06

Page 136: Index Valuation (sensex) - - not calculation

Date

Date implied growth ratRate of Inflation GDP Growth

6/1/2008 Jun-08 8.97% 7.69% 7.80% 6.00%

7/1/2008 Jul-08 8.52% 8.33% 7.80% 6.00%

8/1/2008 Aug-08 9.00% 9.02% 7.80% 6.00%

9/1/2008 Sep-08 8.51% 9.77% 7.50% 6.00%

10/1/2008 Oct-08 6.65% 10.45% 7.50% 6.00%

11/1/2008 Nov-08 5.76% 10.45% 7.50% 6.00%

12/1/2008 Dec-08 6.12% 9.70% 6.10% 5.50%

1/1/2009 Jan-09 6.07% 10.45% 6.10% 4.50%

2/1/2009 Feb-09 5.99% 9.63% 6.10% 4.00%

3/1/2009 Mar-09 5.79% 8.03% 5.80% 3.75%

4/1/2009 Apr-09 7.35% 8.70% 5.80% 3.38%

5/1/2009 May-09 8.63% 8.63% 5.80% 3.25%

6/1/2009 Jun-09 9.37% 9.29% 6.00% 3.25%

7/1/2009 Jul-09 9.48% 11.89% 6.00% 3.25%

8/1/2009 Aug-09 9.84% 11.72% 6.00% 3.25%

9/1/2009 Sep-09 10.12% 11.64% 8.60% 3.25%

10/1/2009 Oct-09 10.24% 11.49% 8.60% 3.25%

11/1/2009 Nov-09 10.81% 13.51% 8.60% 3.25%

12/1/2009 Dec-09 10.68% 14.97% 6.50% 3.25%

1/1/2010 Jan-10 10.82% 16.22% 6.50% 3.25%

2/1/2010 Feb-10 10.46% 14.86% 6.50% 3.25%

3/1/2010 Mar-10 10.56% 14.86% 8.60% 3.38%

4/1/2010 Apr-10 10.65% 13.33% 8.60% 3.63%

5/1/2010 May-10 10.41% 13.91% 8.60% 3.75%

6/1/2010 Jun-10 10.86% 13.73% 8.90% 3.75%

7/1/2010 Jul-10 11.01% 11.25% 8.90% 4.08%

8/1/2010 Aug-10 11.36% 9.88% 8.90% 4.50%

9/1/2010 Sep-10 11.52% 9.82% 8.90% 5.00%

10/1/2010 Oct-10 11.70% 9.70% 8.90% 5.00%

11/1/2010 Nov-10 11.54% 8.33% 8.90% 5.25%

12/1/2010 Dec-10 11.57% 0.00% 0.00% 5.25%

1/1/2011 Jan-11 11.59% 0.00% 0.00% 5.50%

Benchmark Intrest Rate

Page 137: Index Valuation (sensex) - - not calculation

FII Activity MF Activity DII Activity

-10577.70 3186.90 8627.97-1012.90 1412.50 1527.19-2065.80 -368.90 2972.38-7937.00 2292.10 9212.96

-14248.60 1429.50 10796.3-2820.30 -975.40 2874.151330.90 340.70 1906.28

-3009.50 -864.20 3718.14-2690.50 -1521.10 2774.56

269.00 1477.20 3951.537384.20 38.90 -782.33

20606.90 2291.00 -82.453224.90 839.20 2633.78

11625.30 1825.60 5818.984028.70 570.60 4984.71

19939.50 -2333.70 696.048304.10 -5194.40 -47.515317.80 -695.30 2391.04

10367.20 -1761.50 49.675902.40 -1311.10 12222.032113.50 -697.40 1311.95

18833.60 -3806.40 -5135.859764.50 -1616.50 2190.66

-8629.90 98.70 6361.1910244.60 -1092.50 -4777.0517120.60 -4404.80 -6271.9211185.30 -3169.60 -4552.6829195.80 -7236.00 -11866.6324770.80 -5802.10 -11812.918519.90 -99.90 2468.82

1476.10 1376.60 634.99-5429.70 199.20 5237.14