PNB & SBI Cost Of Capital

Balance Sheet of Punjab National Bank as on March 31st 2013Crore Rs.Particulars Mar-13 Mar-12 Mar-11 Mar-10 Capital & LiabilitiesShare Capital 353 339 317 315Reserves 34116 27409 20822 16895Revaluation Reserve 0 1455 1476 1492

Net Worth 34469 29204 22615 18703Deposits 399000 384408 316232 251458Borrowings 47090 42645 34639 22763

Total Debt 446090 427054 350870 274221

Minority Interest 366 331 301 227Other Liabilities and Provisions 15652 13856 12497 10419

Total Current Liabilities 16018 14188 12799 10646Total Liabilities 496577 470445 386284 303569

AssetsCash and Balance With RBI 17930 18508 23791 18335Balance with Banks & Call Money 10204 11612 6300 5916Advance 320218 301347 247747 191111

Total Current Assets 348351 331466 277838 215362Investments 134734 125746 96911 79254

Gross Block 3422 5348 5201 4375Less : Accumulated Depreciation 0 2131 2050 1843

Net Block 3422 3217 3150 2531Other Assets 10069 10016 8384 6423

Total Assets 496577 470445 386284 3035700 0 0 0

Profit and Loss A/c of Punjab National Bank as on 31st March 2013

Mn Rs.Particular Mar-13 Mar-12 Mar-11 Mar-10IncomeInterest Income 43078 37495 27551 21982Other Income 4302 4240 3655 3453

Total 47380 41735 31207 25436

ExpenditureInterest Expended 27802 23789 15507 13230Operating Expenses 8002 6820 6185 4597Provisions and Contingencies 6313 5849 4735 3491Depreciation 336 302 265 227

Total Expenses 42453 36760 26691 21545Net Profit For The Year 4927 4975 4516 3890

Minority Interest -65 -27 -22 -16Share Of P/L Of Associates 92 78 81 98

Net P/L After Minority Interest & Share Of Associates 4954 5025 4575 3973Profit brought forward 463 452 375 385

Total 5418 5478 4950 4358Equity Dividend 1108 869 814 814

Earning Per Share (Rs) 139.39 146.67 142.53 123.39

AppropriationsTransfer to:Statutory Reserves 3736 4165 3694 3169Other Reserves 0 0 0 0Proposed Dividend/Transfer to Govt 1108 869 814 814Balance Carried over to consolidated Balance Sheet 573 444 442 375

Total 5418 5478 4950 4358

Source for Balance Sheet and P/L statement is PNB official Site

Particulars Mar-13 Mar-12Interest on Debt 6.23% 5.57%Tax Percentage 30.00% 30.00%Cost of Debt (COD) = Interest*(1-Tax) 4.36% 3.90%

Risk Free Rate (Rf) - Given 8.75% 8.75%

Beta 1.55 1.31Market Return (Rm) 15.75% 24.31%Cost of Equity (COE) = Rf+B*(Rm-Rf) 19.63% 29.14% Weighted Average Cost of Capital (WACC) 5.46% 5.52%

NOPAT 24416 21678CE (Capital Employed) 480559 456257ROC 5.08% 4.75%

EVACE % -0.38% -0.76%

EVA=PAT-(CoE*Equity Capital) -1811.6 -3485.99EVA=CE*(ROC-WACC) -1811.6 -3485.99EVA=NOPAT-(WACC*CE) -1811.6 -3485.99EVA=(PAT+I(1-t)-(WACC*CE) -1811.6 -3485.99EVA=(EVACE%-WACC%)*CE -1811.6 -3485.99

Notes:- a. Interest on debt is calculated as Total interest paid divided by total debtb. Tax percentage is 30% for 2011-12 and 2012-13 as per Company P/L statementc. Risk free rate of investment is given 8.75%

d.e.

Conclusion:-a.

b.

Beta is calculated for 2011-12 and 2012-13 as NOPAT, CE, PAT, ROC, Rm, COD and COE is different in given years

Rm = The expected market return is the return the investor would expect to receive from a broad stock market indicator such as the NIFTY-50 Index. Eg. Over the last 2 years or so, the Nifty-50 has yielded annual around 28.50% (Moneycontrol.com)

Although in both cases companies are generating positive PAT but in both the cases companies are not able to increase book value of share in term of economic profit to company

A negative number indicates that the company did not make enough profit to cover the cost of doing business.

Balance Sheet of Punjab National Bank as on March 31st 2013

Mar-09

31513731

151415560

210659 8951

219610

1401828118421

253591

170604966

158453 180479

653924168 1546 2622 5098

2535910

Profit and Loss A/c of Punjab National Bank as on 31st March 2013

Mar-09

195793057

22636

1257640532680

19519504

3132 -3 69

3197 327

3524743

99.32

2396 0

743 385

3524

Source for Balance Sheet and P/L statement is PNB official Site

Although in both cases companies are generating positive PAT but in both the cases companies are not

A negative number indicates that the company did not make enough profit to cover the cost of doing

Return From Deviation From Mean

No of Day Date NIFTY PNB Security (Ri) Market (Rm) Ri-Avg(Ri) Rm-Avg(Rm)1 15-Nov-11 5068.50 918.102 16-Nov-11 5030.45 895.90 -0.02 -0.01 -0.02 -0.013 17-Nov-11 4934.75 872.65 -0.03 -0.02 -0.03 -0.024 18-Nov-11 4905.80 877.00 0.00 -0.01 0.01 -0.015 21-Nov-11 4778.35 867.40 -0.01 -0.03 -0.01 -0.036 22-Nov-11 4812.35 884.25 0.02 0.01 0.02 0.017 23-Nov-11 4706.45 883.40 0.00 -0.02 0.00 -0.028 24-Nov-11 4756.45 885.00 0.00 0.01 0.00 0.019 25-Nov-11 4710.05 880.40 -0.01 -0.01 0.00 -0.01

10 28-Nov-11 4851.30 921.15 0.05 0.03 0.05 0.0311 29-Nov-11 4805.10 891.60 -0.03 -0.01 -0.03 -0.0112 30-Nov-11 4832.05 882.05 -0.01 0.01 -0.01 0.0113 1-Dec-11 4936.85 900.95 0.02 0.02 0.02 0.0214 2-Dec-11 5050.15 916.35 0.02 0.02 0.02 0.0215 5-Dec-11 5039.15 927.50 0.01 0.00 0.01 0.0016 7-Dec-11 5062.60 921.00 -0.01 0.00 -0.01 0.0017 8-Dec-11 4943.65 933.40 0.01 -0.02 0.01 -0.0218 9-Dec-11 4866.70 927.00 -0.01 -0.02 -0.01 -0.0219 12-Dec-11 4764.60 892.90 -0.04 -0.02 -0.04 -0.0220 13-Dec-11 4800.60 889.25 0.00 0.01 0.00 0.0121 14-Dec-11 4763.25 885.50 0.00 -0.01 0.00 -0.0122 15-Dec-11 4746.35 868.55 -0.02 0.00 -0.02 0.0023 16-Dec-11 4651.60 828.65 -0.05 -0.02 -0.05 -0.0224 19-Dec-11 4613.10 799.05 -0.04 -0.01 -0.04 -0.0125 20-Dec-11 4544.20 778.10 -0.03 -0.01 -0.03 -0.0226 21-Dec-11 4693.15 790.20 0.02 0.03 0.02 0.0327 22-Dec-11 4733.85 822.35 0.04 0.01 0.04 0.0128 23-Dec-11 4714.00 816.80 -0.01 0.00 -0.01 0.0029 26-Dec-11 4779.00 812.65 -0.01 0.01 0.00 0.0130 27-Dec-11 4750.50 808.35 -0.01 -0.01 0.00 -0.0131 28-Dec-11 4705.80 774.35 -0.04 -0.01 -0.04 -0.0132 29-Dec-11 4646.25 780.90 0.01 -0.01 0.01 -0.0133 30-Dec-11 4624.30 780.80 0.00 0.00 0.00 -0.0134 2-Jan-12 4636.75 766.25 -0.02 0.00 -0.02 0.0035 3-Jan-12 4765.30 802.10 0.05 0.03 0.05 0.0336 4-Jan-12 4749.65 798.60 0.00 0.00 0.00 0.0037 5-Jan-12 4749.95 826.80 0.04 0.00 0.04 0.0038 6-Jan-12 4754.10 812.30 -0.02 0.00 -0.02 0.0039 7-Jan-12 4746.90 814.80 0.00 0.00 0.00 0.0040 9-Jan-12 4742.80 824.70 0.01 0.00 0.01 0.0041 10-Jan-12 4849.55 859.80 0.04 0.02 0.04 0.0242 11-Jan-12 4860.95 880.45 0.02 0.00 0.02 0.00

43 12-Jan-12 4831.25 902.85 0.03 -0.01 0.03 -0.0144 13-Jan-12 4866.00 894.85 -0.01 0.01 -0.01 0.0145 16-Jan-12 4873.90 885.95 -0.01 0.00 -0.01 0.0046 17-Jan-12 4967.30 917.60 0.04 0.02 0.04 0.0247 18-Jan-12 4955.80 901.95 -0.02 0.00 -0.02 0.0048 19-Jan-12 5018.40 911.75 0.01 0.01 0.01 0.0149 20-Jan-12 5048.60 948.55 0.04 0.01 0.04 0.0150 23-Jan-12 5046.25 961.10 0.01 0.00 0.01 0.0051 24-Jan-12 5127.35 1002.60 0.04 0.02 0.04 0.0252 25-Jan-12 5158.30 1000.95 0.00 0.01 0.00 0.0153 27-Jan-12 5204.70 971.15 -0.03 0.01 -0.03 0.0154 30-Jan-12 5087.30 955.25 -0.02 -0.02 -0.02 -0.0255 31-Jan-12 5199.25 941.15 -0.01 0.02 -0.01 0.0256 1-Feb-12 5235.70 955.80 0.02 0.01 0.02 0.0157 2-Feb-12 5269.90 952.80 0.00 0.01 0.00 0.0158 3-Feb-12 5325.85 962.80 0.01 0.01 0.01 0.0159 6-Feb-12 5361.65 974.55 0.01 0.01 0.01 0.0160 7-Feb-12 5335.15 982.80 0.01 0.00 0.01 -0.0161 8-Feb-12 5368.15 980.70 0.00 0.01 0.00 0.0162 9-Feb-12 5412.35 1000.55 0.02 0.01 0.02 0.0163 10-Feb-12 5381.60 1007.65 0.01 -0.01 0.01 -0.0164 13-Feb-12 5390.20 994.75 -0.01 0.00 -0.01 0.0065 14-Feb-12 5416.05 1015.75 0.02 0.00 0.02 0.0066 15-Feb-12 5531.95 1050.30 0.03 0.02 0.03 0.0267 16-Feb-12 5521.95 1056.65 0.01 0.00 0.01 0.0068 17-Feb-12 5564.30 1076.50 0.02 0.01 0.02 0.0169 21-Feb-12 5607.15 1071.75 0.00 0.01 0.00 0.0170 22-Feb-12 5505.35 1026.80 -0.04 -0.02 -0.04 -0.0271 23-Feb-12 5483.30 1002.75 -0.02 0.00 -0.02 0.0072 24-Feb-12 5429.30 965.20 -0.04 -0.01 -0.04 -0.0173 27-Feb-12 5281.20 908.90 -0.06 -0.03 -0.06 -0.0374 28-Feb-12 5375.50 951.30 0.05 0.02 0.05 0.0275 29-Feb-12 5385.20 953.30 0.00 0.00 0.00 0.0076 1-Mar-12 5339.75 948.65 0.00 -0.01 0.00 -0.0177 2-Mar-12 5359.35 953.70 0.01 0.00 0.01 0.0078 3-Mar-12 5359.40 957.25 0.00 0.00 0.00 0.0079 5-Mar-12 5280.35 941.05 -0.02 -0.01 -0.02 -0.0280 6-Mar-12 5222.40 933.30 -0.01 -0.01 -0.01 -0.0181 7-Mar-12 5220.45 932.30 0.00 0.00 0.00 0.0082 9-Mar-12 5333.55 957.70 0.03 0.02 0.03 0.0283 12-Mar-12 5359.55 971.05 0.01 0.00 0.01 0.0084 13-Mar-12 5429.50 976.30 0.01 0.01 0.01 0.0185 14-Mar-12 5463.90 1026.55 0.05 0.01 0.05 0.0186 15-Mar-12 5380.50 996.70 -0.03 -0.02 -0.03 -0.0287 16-Mar-12 5317.90 963.45 -0.03 -0.01 -0.03 -0.0188 19-Mar-12 5257.05 927.45 -0.04 -0.01 -0.04 -0.01

89 20-Mar-12 5274.85 958.10 0.03 0.00 0.03 0.0090 21-Mar-12 5364.95 975.00 0.02 0.02 0.02 0.0291 22-Mar-12 5228.45 945.25 -0.03 -0.03 -0.03 -0.0392 23-Mar-12 5278.20 951.45 0.01 0.01 0.01 0.0193 26-Mar-12 5184.25 911.35 -0.04 -0.02 -0.04 -0.0294 27-Mar-12 5243.15 925.30 0.02 0.01 0.02 0.0195 28-Mar-12 5194.75 912.30 -0.01 -0.01 -0.01 -0.0196 29-Mar-12 5178.85 909.55 0.00 0.00 0.00 0.0097 30-Mar-12 5295.55 925.00 0.02 0.02 0.02 0.0298 2-Apr-12 5317.90 929.00 0.00 0.00 0.00 0.0099 3-Apr-12 5358.50 931.20 0.00 0.01 0.00 0.01

100 4-Apr-12 5322.90 929.30 0.00 -0.01 0.00 -0.01101 9-Apr-12 5234.40 911.25 -0.02 -0.02 -0.02 -0.02102 10-Apr-12 5243.60 906.90 0.00 0.00 0.00 0.00103 11-Apr-12 5226.85 899.95 -0.01 0.00 -0.01 0.00104 12-Apr-12 5276.85 912.55 0.01 0.01 0.01 0.01105 13-Apr-12 5207.45 902.50 -0.01 -0.01 -0.01 -0.01106 16-Apr-12 5226.20 923.75 0.02 0.00 0.02 0.00107 17-Apr-12 5289.70 928.90 0.01 0.01 0.01 0.01108 18-Apr-12 5300.00 924.20 -0.01 0.00 0.00 0.00109 19-Apr-12 5332.40 921.70 0.00 0.01 0.00 0.01110 20-Apr-12 5290.85 906.20 -0.02 -0.01 -0.02 -0.01111 23-Apr-12 5200.60 888.30 -0.02 -0.02 -0.02 -0.02112 24-Apr-12 5222.65 883.05 -0.01 0.00 -0.01 0.00113 25-Apr-12 5202.00 875.00 -0.01 0.00 -0.01 0.00114 26-Apr-12 5189.00 845.30 -0.03 0.00 -0.03 0.00115 27-Apr-12 5190.60 834.00 -0.01 0.00 -0.01 0.00116 28-Apr-12 5209.00 838.50 0.01 0.00 0.01 0.00117 30-Apr-12 5248.15 850.15 0.01 0.01 0.01 0.01118 2-May-12 5239.15 866.95 0.02 0.00 0.02 0.00119 3-May-12 5188.40 843.80 -0.03 -0.01 -0.03 -0.01120 4-May-12 5086.85 804.20 -0.05 -0.02 -0.05 -0.02121 7-May-12 5114.15 795.40 -0.01 0.01 -0.01 0.00122 8-May-12 4999.95 783.95 -0.01 -0.02 -0.01 -0.02123 9-May-12 4974.80 767.45 -0.02 -0.01 -0.02 -0.01124 10-May-12 4965.70 753.20 -0.02 0.00 -0.02 0.00125 11-May-12 4928.90 744.85 -0.01 -0.01 -0.01 -0.01126 14-May-12 4907.80 723.85 -0.03 0.00 -0.03 0.00127 15-May-12 4942.80 731.20 0.01 0.01 0.01 0.01128 16-May-12 4858.25 709.35 -0.03 -0.02 -0.03 -0.02129 17-May-12 4870.20 719.50 0.01 0.00 0.01 0.00130 18-May-12 4891.45 721.65 0.00 0.00 0.00 0.00131 21-May-12 4906.05 719.40 0.00 0.00 0.00 0.00132 22-May-12 4860.50 719.95 0.00 -0.01 0.00 -0.01133 23-May-12 4835.65 708.10 -0.02 -0.01 -0.02 -0.01134 24-May-12 4921.40 724.55 0.02 0.02 0.02 0.02

135 25-May-12 4920.40 725.85 0.00 0.00 0.00 0.00136 28-May-12 4985.65 749.30 0.03 0.01 0.03 0.01137 29-May-12 4990.10 749.30 0.00 0.00 0.00 0.00138 30-May-12 4950.75 731.35 -0.02 -0.01 -0.02 -0.01139 31-May-12 4924.25 755.50 0.03 -0.01 0.03 -0.01140 1-Jun-12 4841.60 727.35 -0.04 -0.02 -0.04 -0.02141 4-Jun-12 4848.15 739.75 0.02 0.00 0.02 0.00142 5-Jun-12 4863.30 750.95 0.02 0.00 0.02 0.00143 6-Jun-12 4997.10 768.85 0.02 0.03 0.02 0.03144 7-Jun-12 5049.65 766.15 0.00 0.01 0.00 0.01145 8-Jun-12 5068.35 782.00 0.02 0.00 0.02 0.00146 11-Jun-12 5054.10 771.95 -0.01 0.00 -0.01 0.00147 12-Jun-12 5115.90 801.75 0.04 0.01 0.04 0.01148 13-Jun-12 5121.45 814.15 0.02 0.00 0.02 0.00149 14-Jun-12 5054.75 769.45 -0.05 -0.01 -0.05 -0.01150 15-Jun-12 5139.05 792.15 0.03 0.02 0.03 0.02151 18-Jun-12 5064.25 760.25 -0.04 -0.01 -0.04 -0.02152 19-Jun-12 5103.85 749.45 -0.01 0.01 -0.01 0.01153 20-Jun-12 5120.55 754.25 0.01 0.00 0.01 0.00154 21-Jun-12 5165.00 779.35 0.03 0.01 0.03 0.01155 22-Jun-12 5146.05 780.00 0.00 0.00 0.00 0.00156 25-Jun-12 5114.65 774.20 -0.01 -0.01 -0.01 -0.01157 26-Jun-12 5120.80 781.00 0.01 0.00 0.01 0.00158 27-Jun-12 5141.90 786.10 0.01 0.00 0.01 0.00159 28-Jun-12 5149.15 787.90 0.00 0.00 0.00 0.00160 29-Jun-12 5278.90 808.30 0.03 0.03 0.03 0.02161 2-Jul-12 5278.60 814.00 0.01 0.00 0.01 0.00162 3-Jul-12 5287.95 829.45 0.02 0.00 0.02 0.00163 4-Jul-12 5302.55 846.20 0.02 0.00 0.02 0.00164 5-Jul-12 5327.30 845.65 0.00 0.00 0.00 0.00165 6-Jul-12 5316.95 840.90 -0.01 0.00 -0.01 0.00166 9-Jul-12 5275.15 837.40 0.00 -0.01 0.00 -0.01167 10-Jul-12 5345.35 864.75 0.03 0.01 0.03 0.01168 11-Jul-12 5306.30 863.00 0.00 -0.01 0.00 -0.01169 12-Jul-12 5235.25 844.60 -0.02 -0.01 -0.02 -0.01170 13-Jul-12 5227.25 842.95 0.00 0.00 0.00 0.00171 16-Jul-12 5197.25 852.65 0.01 -0.01 0.01 -0.01172 17-Jul-12 5192.85 857.05 0.01 0.00 0.01 0.00173 18-Jul-12 5216.30 832.05 -0.03 0.00 -0.03 0.00174 19-Jul-12 5242.70 823.70 -0.01 0.01 -0.01 0.00175 20-Jul-12 5205.10 819.40 -0.01 -0.01 0.00 -0.01176 23-Jul-12 5117.95 805.35 -0.02 -0.02 -0.02 -0.02177 24-Jul-12 5128.20 806.75 0.00 0.00 0.00 0.00178 25-Jul-12 5109.60 792.20 -0.02 0.00 -0.02 0.00179 26-Jul-12 5043.00 755.95 -0.05 -0.01 -0.05 -0.01180 27-Jul-12 5099.85 714.85 -0.05 0.01 -0.05 0.01

181 30-Jul-12 5199.80 730.60 0.02 0.02 0.02 0.02182 31-Jul-12 5229.00 727.10 0.00 0.01 0.00 0.01183 1-Aug-12 5240.50 731.15 0.01 0.00 0.01 0.00184 2-Aug-12 5227.75 728.60 0.00 0.00 0.00 0.00185 3-Aug-12 5215.70 740.50 0.02 0.00 0.02 0.00186 6-Aug-12 5282.55 743.95 0.00 0.01 0.01 0.01187 7-Aug-12 5336.70 752.20 0.01 0.01 0.01 0.01188 8-Aug-12 5338.00 741.40 -0.01 0.00 -0.01 0.00189 9-Aug-12 5322.95 731.70 -0.01 0.00 -0.01 0.00190 10-Aug-12 5320.40 721.30 -0.01 0.00 -0.01 0.00191 13-Aug-12 5347.90 719.15 0.00 0.01 0.00 0.00192 14-Aug-12 5380.35 732.10 0.02 0.01 0.02 0.01193 16-Aug-12 5362.95 729.35 0.00 0.00 0.00 0.00194 17-Aug-12 5366.30 727.35 0.00 0.00 0.00 0.00195 21-Aug-12 5421.00 719.80 -0.01 0.01 -0.01 0.01196 22-Aug-12 5412.85 709.55 -0.01 0.00 -0.01 0.00197 23-Aug-12 5415.35 716.75 0.01 0.00 0.01 0.00198 24-Aug-12 5386.70 711.15 -0.01 -0.01 -0.01 -0.01199 27-Aug-12 5350.25 679.05 -0.05 -0.01 -0.04 -0.01200 28-Aug-12 5334.60 675.85 0.00 0.00 0.00 0.00201 29-Aug-12 5287.80 666.15 -0.01 -0.01 -0.01 -0.01202 30-Aug-12 5315.05 679.35 0.02 0.01 0.02 0.00203 31-Aug-12 5258.50 676.55 0.00 -0.01 0.00 -0.01204 3-Sep-12 5253.75 669.20 -0.01 0.00 -0.01 0.00205 4-Sep-12 5274.00 677.20 0.01 0.00 0.01 0.00206 5-Sep-12 5225.70 668.85 -0.01 -0.01 -0.01 -0.01207 6-Sep-12 5238.40 666.35 0.00 0.00 0.00 0.00208 7-Sep-12 5342.10 683.25 0.03 0.02 0.03 0.02209 8-Sep-12 5358.70 685.95 0.00 0.00 0.00 0.00210 10-Sep-12 5363.45 686.40 0.00 0.00 0.00 0.00211 11-Sep-12 5390.00 685.05 0.00 0.00 0.00 0.00212 12-Sep-12 5431.00 685.05 0.00 0.01 0.00 0.01213 13-Sep-12 5435.35 681.95 0.00 0.00 0.00 0.00214 14-Sep-12 5577.65 709.05 0.04 0.03 0.04 0.03215 17-Sep-12 5610.00 747.75 0.05 0.01 0.06 0.01216 18-Sep-12 5600.05 802.80 0.07 0.00 0.07 0.00217 20-Sep-12 5554.25 795.40 -0.01 -0.01 -0.01 -0.01218 21-Sep-12 5691.15 837.25 0.05 0.02 0.05 0.02219 24-Sep-12 5669.60 821.20 -0.02 0.00 -0.02 0.00220 25-Sep-12 5673.90 823.55 0.00 0.00 0.00 0.00221 26-Sep-12 5663.45 833.40 0.01 0.00 0.01 0.00222 27-Sep-12 5649.50 833.40 0.00 0.00 0.00 0.00223 28-Sep-12 5703.30 840.30 0.01 0.01 0.01 0.01224 1-Oct-12 5718.80 831.70 -0.01 0.00 -0.01 0.00225 3-Oct-12 5731.25 827.90 0.00 0.00 0.00 0.00226 4-Oct-12 5787.60 832.60 0.01 0.01 0.01 0.01

227 5-Oct-12 5746.95 819.10 -0.02 -0.01 -0.02 -0.01228 8-Oct-12 5676.00 796.40 -0.03 -0.01 -0.03 -0.01229 9-Oct-12 5704.60 792.10 -0.01 0.01 0.00 0.00230 10-Oct-12 5652.15 797.05 0.01 -0.01 0.01 -0.01231 11-Oct-12 5708.05 821.35 0.03 0.01 0.03 0.01232 12-Oct-12 5676.05 820.30 0.00 -0.01 0.00 -0.01233 15-Oct-12 5687.25 820.20 0.00 0.00 0.00 0.00234 16-Oct-12 5648.00 805.15 -0.02 -0.01 -0.02 -0.01235 17-Oct-12 5660.25 813.30 0.01 0.00 0.01 0.00236 18-Oct-12 5718.70 831.60 0.02 0.01 0.02 0.01237 19-Oct-12 5684.25 822.80 -0.01 -0.01 -0.01 -0.01238 22-Oct-12 5717.15 820.30 0.00 0.01 0.00 0.01239 23-Oct-12 5691.40 818.55 0.00 0.00 0.00 -0.01240 25-Oct-12 5705.30 803.85 -0.02 0.00 -0.02 0.00241 26-Oct-12 5664.30 749.45 -0.07 -0.01 -0.07 -0.01242 29-Oct-12 5665.60 755.35 0.01 0.00 0.01 0.00243 30-Oct-12 5597.90 728.85 -0.04 -0.01 -0.03 -0.01244 31-Oct-12 5619.70 738.40 0.01 0.00 0.01 0.00245 1-Nov-12 5645.05 751.65 0.02 0.00 0.02 0.00246 2-Nov-12 5697.70 755.55 0.01 0.01 0.01 0.01247 5-Nov-12 5704.20 755.15 0.00 0.00 0.00 0.00248 6-Nov-12 5724.40 757.50 0.00 0.00 0.00 0.00249 7-Nov-12 5760.10 775.70 0.02 0.01 0.02 0.01250 8-Nov-12 5738.75 778.10 0.00 0.00 0.00 0.00251 9-Nov-12 5686.25 769.30 -0.01 -0.01 -0.01 -0.01252 12-Nov-12 5683.70 771.90 0.00 0.00 0.00 0.00253 13-Nov-12 5666.95 767.40 -0.01 0.00 -0.01 0.00

Total -0.11880 0.12627 Mean -0.00047 0.00050

Beta 1.31

Return From Deviation From MeanNo of Day Date NIFTY PNB Security (Ri) Market (Rm) Ri-Avg(Ri) Rm-Avg(Rm)

1 15-Nov-12 5631.00 763.25 -0.01 -0.01 0.00 -0.012 16-Nov-12 5574.05 742.90 -0.03 -0.01 -0.03 -0.013 19-Nov-12 5571.40 743.95 0.00 0.00 0.00 0.004 20-Nov-12 5571.55 730.45 -0.02 0.00 -0.02 0.005 21-Nov-12 5614.80 727.65 0.00 0.01 0.00 0.016 22-Nov-12 5627.75 733.75 0.01 0.00 0.01 0.007 23-Nov-12 5626.60 734.45 0.00 0.00 0.00 0.008 26-Nov-12 5635.90 740.10 0.01 0.00 0.01 0.009 27-Nov-12 5727.45 754.45 0.02 0.02 0.02 0.02

10 29-Nov-12 5825.00 766.75 0.02 0.02 0.02 0.0211 30-Nov-12 5879.85 784.90 0.02 0.01 0.02 0.0112 3-Dec-12 5870.95 783.05 0.00 0.00 0.00 0.0013 4-Dec-12 5889.25 787.30 0.01 0.00 0.01 0.00

14 5-Dec-12 5900.50 814.20 0.03 0.00 0.04 0.0015 6-Dec-12 5930.90 823.00 0.01 0.01 0.01 0.0016 7-Dec-12 5907.40 821.05 0.00 0.00 0.00 0.0017 10-Dec-12 5908.90 839.70 0.02 0.00 0.02 0.0018 11-Dec-12 5898.80 829.60 -0.01 0.00 -0.01 0.0019 12-Dec-12 5888.00 825.40 -0.01 0.00 0.00 0.0020 13-Dec-12 5851.50 819.75 -0.01 -0.01 -0.01 -0.0121 14-Dec-12 5879.60 830.40 0.01 0.00 0.01 0.0022 17-Dec-12 5857.90 837.45 0.01 0.00 0.01 0.0023 18-Dec-12 5896.80 844.25 0.01 0.01 0.01 0.0124 19-Dec-12 5929.60 851.05 0.01 0.01 0.01 0.0125 20-Dec-12 5916.40 851.20 0.00 0.00 0.00 0.0026 21-Dec-12 5847.70 831.70 -0.02 -0.01 -0.02 -0.0127 24-Dec-12 5855.75 833.50 0.00 0.00 0.00 0.0028 26-Dec-12 5905.60 842.50 0.01 0.01 0.01 0.0129 27-Dec-12 5870.10 844.10 0.00 -0.01 0.00 -0.0130 28-Dec-12 5908.35 842.70 0.00 0.01 0.00 0.0131 31-Dec-12 5905.10 871.30 0.03 0.00 0.04 0.0032 1-Jan-13 5950.85 892.45 0.02 0.01 0.03 0.0133 2-Jan-13 5993.25 905.50 0.01 0.01 0.02 0.0134 3-Jan-13 6009.50 896.80 -0.01 0.00 -0.01 0.0035 4-Jan-13 6016.15 908.10 0.01 0.00 0.01 0.0036 7-Jan-13 5988.40 902.80 -0.01 0.00 0.00 0.0037 8-Jan-13 6001.70 896.10 -0.01 0.00 -0.01 0.0038 9-Jan-13 5971.50 888.00 -0.01 -0.01 -0.01 -0.0139 10-Jan-13 5968.65 888.20 0.00 0.00 0.00 0.0040 11-Jan-13 5951.30 880.75 -0.01 0.00 -0.01 0.0041 14-Jan-13 6024.05 905.45 0.03 0.01 0.03 0.0142 15-Jan-13 6056.60 900.85 -0.01 0.01 0.00 0.0143 16-Jan-13 6001.85 882.95 -0.02 -0.01 -0.02 -0.0144 17-Jan-13 6039.20 890.55 0.01 0.01 0.01 0.0145 18-Jan-13 6064.40 894.30 0.00 0.00 0.01 0.0046 21-Jan-13 6082.30 891.85 0.00 0.00 0.00 0.0047 22-Jan-13 6048.50 882.00 -0.01 -0.01 -0.01 -0.0148 23-Jan-13 6054.30 874.25 -0.01 0.00 -0.01 0.0049 24-Jan-13 6019.35 852.15 -0.03 -0.01 -0.02 -0.0150 25-Jan-13 6074.65 873.35 0.02 0.01 0.03 0.0151 28-Jan-13 6074.80 872.55 0.00 0.00 0.00 0.0052 29-Jan-13 6049.90 859.25 -0.02 0.00 -0.01 0.0053 30-Jan-13 6055.75 833.65 -0.03 0.00 -0.03 0.0054 31-Jan-13 6034.75 912.10 0.09 0.00 0.10 0.0055 1-Feb-13 5998.90 899.85 -0.01 -0.01 -0.01 -0.0156 4-Feb-13 5987.25 882.70 -0.02 0.00 -0.02 0.0057 5-Feb-13 5956.90 880.10 0.00 -0.01 0.00 -0.0158 6-Feb-13 5959.20 880.90 0.00 0.00 0.00 0.0059 7-Feb-13 5938.80 877.30 0.00 0.00 0.00 0.00

60 8-Feb-13 5903.50 862.55 -0.02 -0.01 -0.02 -0.0161 11-Feb-13 5897.85 858.95 0.00 0.00 0.00 0.0062 12-Feb-13 5922.50 860.70 0.00 0.00 0.00 0.0063 13-Feb-13 5932.95 850.45 -0.01 0.00 -0.01 0.0064 14-Feb-13 5896.95 850.15 0.00 -0.01 0.00 -0.0165 15-Feb-13 5887.40 845.85 -0.01 0.00 0.00 0.0066 18-Feb-13 5898.20 850.20 0.01 0.00 0.01 0.0067 19-Feb-13 5939.70 861.20 0.01 0.01 0.01 0.0168 20-Feb-13 5943.05 866.20 0.01 0.00 0.01 0.0069 21-Feb-13 5852.25 842.00 -0.03 -0.02 -0.03 -0.0270 22-Feb-13 5850.30 853.05 0.01 0.00 0.01 0.0071 25-Feb-13 5854.75 844.75 -0.01 0.00 -0.01 0.0072 26-Feb-13 5761.35 827.45 -0.02 -0.02 -0.02 -0.0273 27-Feb-13 5796.90 836.75 0.01 0.01 0.01 0.0174 28-Feb-13 5693.05 790.45 -0.06 -0.02 -0.05 -0.0275 1-Mar-13 5719.70 788.65 0.00 0.00 0.00 0.0076 4-Mar-13 5698.50 781.75 -0.01 0.00 -0.01 0.0077 5-Mar-13 5784.25 789.60 0.01 0.02 0.01 0.0178 6-Mar-13 5818.60 809.30 0.02 0.01 0.03 0.0179 7-Mar-13 5863.30 810.60 0.00 0.01 0.00 0.0180 8-Mar-13 5945.70 814.65 0.00 0.01 0.01 0.0181 11-Mar-13 5942.35 814.00 0.00 0.00 0.00 0.0082 12-Mar-13 5914.10 806.00 -0.01 0.00 -0.01 -0.0183 13-Mar-13 5851.20 789.30 -0.02 -0.01 -0.02 -0.0184 14-Mar-13 5908.95 796.70 0.01 0.01 0.01 0.0185 15-Mar-13 5872.60 797.00 0.00 -0.01 0.00 -0.0186 18-Mar-13 5835.25 794.50 0.00 -0.01 0.00 -0.0187 19-Mar-13 5745.95 769.95 -0.03 -0.02 -0.03 -0.0288 20-Mar-13 5694.40 744.00 -0.03 -0.01 -0.03 -0.0189 21-Mar-13 5658.75 718.10 -0.03 -0.01 -0.03 -0.0190 22-Mar-13 5651.35 727.25 0.01 0.00 0.01 0.0091 25-Mar-13 5633.85 724.10 0.00 0.00 0.00 0.0092 26-Mar-13 5641.60 713.10 -0.02 0.00 -0.01 0.0093 28-Mar-13 5682.55 717.90 0.01 0.01 0.01 0.0194 1-Apr-13 5704.40 724.90 0.01 0.00 0.01 0.0095 2-Apr-13 5748.10 743.25 0.03 0.01 0.03 0.0196 3-Apr-13 5672.90 726.80 -0.02 -0.01 -0.02 -0.0197 4-Apr-13 5574.75 716.85 -0.01 -0.02 -0.01 -0.0298 5-Apr-13 5553.25 719.75 0.00 0.00 0.01 0.0099 8-Apr-13 5542.95 705.65 -0.02 0.00 -0.02 0.00

100 9-Apr-13 5495.10 689.65 -0.02 -0.01 -0.02 -0.01101 10-Apr-13 5558.70 707.60 0.03 0.01 0.03 0.01102 11-Apr-13 5594.00 709.60 0.00 0.01 0.00 0.01103 12-Apr-13 5528.55 713.10 0.00 -0.01 0.01 -0.01104 15-Apr-13 5568.40 734.45 0.03 0.01 0.03 0.01105 16-Apr-13 5688.95 740.45 0.01 0.02 0.01 0.02

106 17-Apr-13 5688.70 747.50 0.01 0.00 0.01 0.00107 18-Apr-13 5783.10 766.50 0.03 0.02 0.03 0.02108 22-Apr-13 5834.40 781.45 0.02 0.01 0.02 0.01109 23-Apr-13 5836.90 779.10 0.00 0.00 0.00 0.00110 25-Apr-13 5916.30 785.70 0.01 0.01 0.01 0.01111 26-Apr-13 5871.45 772.25 -0.02 -0.01 -0.02 -0.01112 29-Apr-13 5904.10 784.80 0.02 0.01 0.02 0.01113 30-Apr-13 5930.20 767.90 -0.02 0.00 -0.02 0.00114 2-May-13 5999.35 768.55 0.00 0.01 0.00 0.01115 3-May-13 5944.00 743.90 -0.03 -0.01 -0.03 -0.01116 6-May-13 5971.05 738.90 -0.01 0.00 -0.01 0.00117 7-May-13 6043.55 747.95 0.01 0.01 0.01 0.01118 8-May-13 6069.30 748.80 0.00 0.00 0.00 0.00119 9-May-13 6050.15 783.30 0.05 0.00 0.05 0.00120 10-May-13 6094.75 770.95 -0.02 0.01 -0.01 0.01121 11-May-13 6107.25 772.75 0.00 0.00 0.00 0.00122 13-May-13 5980.45 758.10 -0.02 -0.02 -0.02 -0.02123 14-May-13 5995.40 765.80 0.01 0.00 0.01 0.00124 15-May-13 6146.75 822.45 0.07 0.03 0.08 0.02125 16-May-13 6169.90 816.95 -0.01 0.00 -0.01 0.00126 17-May-13 6187.30 834.25 0.02 0.00 0.02 0.00127 20-May-13 6156.90 835.50 0.00 0.00 0.00 -0.01128 21-May-13 6114.10 819.70 -0.02 -0.01 -0.02 -0.01129 22-May-13 6094.50 806.60 -0.02 0.00 -0.01 0.00130 23-May-13 5967.05 771.70 -0.04 -0.02 -0.04 -0.02131 24-May-13 5983.55 787.55 0.02 0.00 0.02 0.00132 27-May-13 6083.15 804.30 0.02 0.02 0.02 0.02133 28-May-13 6111.25 810.50 0.01 0.00 0.01 0.00134 29-May-13 6104.30 802.10 -0.01 0.00 -0.01 0.00135 30-May-13 6124.05 798.00 -0.01 0.00 0.00 0.00136 31-May-13 5985.95 760.05 -0.05 -0.02 -0.05 -0.02137 3-Jun-13 5939.30 759.35 0.00 -0.01 0.00 -0.01138 4-Jun-13 5919.45 760.05 0.00 0.00 0.00 0.00139 5-Jun-13 5923.85 764.80 0.01 0.00 0.01 0.00140 6-Jun-13 5921.40 774.95 0.01 0.00 0.01 0.00141 7-Jun-13 5881.00 762.95 -0.02 -0.01 -0.01 -0.01142 10-Jun-13 5878.00 757.95 -0.01 0.00 -0.01 0.00143 11-Jun-13 5788.80 746.90 -0.01 -0.02 -0.01 -0.02144 12-Jun-13 5760.20 754.25 0.01 0.00 0.01 -0.01145 13-Jun-13 5699.10 721.80 -0.04 -0.01 -0.04 -0.01146 14-Jun-13 5808.40 741.25 0.03 0.02 0.03 0.02147 17-Jun-13 5850.05 742.05 0.00 0.01 0.00 0.01148 18-Jun-13 5813.60 725.15 -0.02 -0.01 -0.02 -0.01149 19-Jun-13 5822.25 725.55 0.00 0.00 0.00 0.00150 20-Jun-13 5655.90 688.05 -0.05 -0.03 -0.05 -0.03151 21-Jun-13 5667.65 667.00 -0.03 0.00 -0.03 0.00

152 24-Jun-13 5590.25 648.65 -0.03 -0.01 -0.03 -0.01153 25-Jun-13 5609.10 646.75 0.00 0.00 0.00 0.00154 26-Jun-13 5588.70 642.15 -0.01 0.00 -0.01 0.00155 27-Jun-13 5682.35 635.75 -0.01 0.02 -0.01 0.02156 28-Jun-13 5842.20 650.85 0.02 0.03 0.02 0.03157 1-Jul-13 5898.85 668.75 0.03 0.01 0.03 0.01158 2-Jul-13 5857.55 655.25 -0.02 -0.01 -0.02 -0.01159 3-Jul-13 5770.90 621.85 -0.05 -0.01 -0.05 -0.02160 4-Jul-13 5836.95 620.05 0.00 0.01 0.00 0.01161 5-Jul-13 5867.90 625.20 0.01 0.01 0.01 0.00162 8-Jul-13 5811.55 620.25 -0.01 -0.01 -0.01 -0.01163 9-Jul-13 5859.00 632.15 0.02 0.01 0.02 0.01164 10-Jul-13 5816.70 622.05 -0.02 -0.01 -0.01 -0.01165 11-Jul-13 5935.10 630.15 0.01 0.02 0.01 0.02166 12-Jul-13 6009.00 633.50 0.01 0.01 0.01 0.01167 15-Jul-13 6030.80 662.20 0.05 0.00 0.05 0.00168 16-Jul-13 5955.25 625.80 -0.05 -0.01 -0.05 -0.01169 17-Jul-13 5973.30 621.50 -0.01 0.00 -0.01 0.00170 18-Jul-13 6038.05 636.90 0.02 0.01 0.03 0.01171 19-Jul-13 6029.20 631.00 -0.01 0.00 -0.01 0.00172 22-Jul-13 6031.80 645.35 0.02 0.00 0.02 0.00173 23-Jul-13 6077.80 661.25 0.02 0.01 0.03 0.01174 24-Jul-13 5990.50 631.25 -0.05 -0.01 -0.04 -0.01175 25-Jul-13 5907.50 625.65 -0.01 -0.01 -0.01 -0.01176 26-Jul-13 5886.20 593.90 -0.05 0.00 -0.05 0.00177 29-Jul-13 5831.65 584.05 -0.02 -0.01 -0.02 -0.01178 30-Jul-13 5755.05 565.90 -0.03 -0.01 -0.03 -0.01179 31-Jul-13 5742.00 570.10 0.01 0.00 0.01 0.00180 1-Aug-13 5727.85 544.10 -0.05 0.00 -0.04 0.00181 2-Aug-13 5677.90 523.75 -0.04 -0.01 -0.04 -0.01182 5-Aug-13 5685.40 537.15 0.03 0.00 0.03 0.00183 6-Aug-13 5542.25 520.50 -0.03 -0.03 -0.03 -0.03184 7-Aug-13 5519.10 532.70 0.02 0.00 0.02 0.00185 8-Aug-13 5565.65 540.55 0.01 0.01 0.02 0.01186 12-Aug-13 5612.40 535.05 -0.01 0.01 -0.01 0.01187 13-Aug-13 5699.30 539.15 0.01 0.02 0.01 0.02188 14-Aug-13 5742.30 537.75 0.00 0.01 0.00 0.01189 16-Aug-13 5507.85 500.25 -0.07 -0.04 -0.07 -0.04190 19-Aug-13 5414.75 479.60 -0.04 -0.02 -0.04 -0.02191 20-Aug-13 5401.45 478.25 0.00 0.00 0.00 0.00192 21-Aug-13 5302.55 479.30 0.00 -0.02 0.00 -0.02193 22-Aug-13 5408.45 487.20 0.02 0.02 0.02 0.02194 23-Aug-13 5471.75 482.30 -0.01 0.01 -0.01 0.01195 26-Aug-13 5476.50 479.25 -0.01 0.00 -0.01 0.00196 27-Aug-13 5287.45 459.00 -0.04 -0.03 -0.04 -0.03197 28-Aug-13 5285.00 434.50 -0.05 0.00 -0.05 0.00

198 29-Aug-13 5409.05 425.65 -0.02 0.02 -0.02 0.02199 30-Aug-13 5471.80 429.85 0.01 0.01 0.01 0.01200 2-Sep-13 5550.75 438.75 0.02 0.01 0.02 0.01201 3-Sep-13 5341.45 409.45 -0.07 -0.04 -0.07 -0.04202 4-Sep-13 5448.10 412.60 0.01 0.02 0.01 0.02203 5-Sep-13 5592.95 442.60 0.07 0.03 0.07 0.03204 6-Sep-13 5680.40 447.45 0.01 0.02 0.01 0.02205 10-Sep-13 5896.75 463.75 0.04 0.04 0.04 0.04206 11-Sep-13 5913.15 497.05 0.07 0.00 0.07 0.00207 12-Sep-13 5850.70 494.20 -0.01 -0.01 0.00 -0.01208 13-Sep-13 5850.60 514.00 0.04 0.00 0.04 0.00209 16-Sep-13 5840.55 508.10 -0.01 0.00 -0.01 0.00210 17-Sep-13 5850.20 499.95 -0.02 0.00 -0.01 0.00211 18-Sep-13 5899.45 509.15 0.02 0.01 0.02 0.01212 19-Sep-13 6115.55 556.80 0.09 0.04 0.09 0.04213 20-Sep-13 6012.10 515.55 -0.07 -0.02 -0.07 -0.02214 23-Sep-13 5889.75 483.85 -0.06 -0.02 -0.06 -0.02215 24-Sep-13 5892.45 483.50 0.00 0.00 0.00 0.00216 25-Sep-13 5873.85 484.85 0.00 0.00 0.00 0.00217 26-Sep-13 5882.25 476.05 -0.02 0.00 -0.02 0.00218 27-Sep-13 5833.20 477.65 0.00 -0.01 0.00 -0.01219 30-Sep-13 5735.30 461.45 -0.03 -0.02 -0.03 -0.02220 1-Oct-13 5780.05 461.90 0.00 0.01 0.00 0.01221 3-Oct-13 5909.70 471.05 0.02 0.02 0.02 0.02222 4-Oct-13 5907.30 470.30 0.00 0.00 0.00 0.00223 7-Oct-13 5906.15 467.40 -0.01 0.00 0.00 0.00224 8-Oct-13 5928.40 467.65 0.00 0.00 0.00 0.00225 9-Oct-13 6007.45 476.40 0.02 0.01 0.02 0.01226 10-Oct-13 6020.95 474.05 0.00 0.00 0.00 0.00227 11-Oct-13 6096.20 486.40 0.03 0.01 0.03 0.01228 14-Oct-13 6112.70 487.20 0.00 0.00 0.00 0.00229 15-Oct-13 6089.05 469.85 -0.04 0.00 -0.03 0.00230 17-Oct-13 6045.85 463.65 -0.01 -0.01 -0.01 -0.01231 18-Oct-13 6189.35 475.50 0.03 0.02 0.03 0.02232 21-Oct-13 6204.95 484.15 0.02 0.00 0.02 0.00233 22-Oct-13 6202.80 486.95 0.01 0.00 0.01 0.00234 23-Oct-13 6178.35 495.75 0.02 0.00 0.02 0.00235 24-Oct-13 6164.35 494.65 0.00 0.00 0.00 0.00236 25-Oct-13 6144.90 496.65 0.00 0.00 0.01 0.00237 28-Oct-13 6101.10 479.90 -0.03 -0.01 -0.03 -0.01238 29-Oct-13 6220.90 503.00 0.05 0.02 0.05 0.02239 30-Oct-13 6251.70 499.80 -0.01 0.00 -0.01 0.00240 31-Oct-13 6299.15 544.40 0.09 0.01 0.09 0.01241 1-Nov-13 6307.20 570.85 0.05 0.00 0.05 0.00242 3-Nov-13 6317.35 575.85 0.01 0.00 0.01 0.00243 5-Nov-13 6253.15 583.10 0.01 -0.01 0.01 -0.01

244 6-Nov-13 6215.15 560.25 -0.04 -0.01 -0.04 -0.01245 7-Nov-13 6187.25 545.55 -0.03 0.00 -0.03 0.00246 8-Nov-13 6140.75 522.25 -0.04 -0.01 -0.04 -0.01247 11-Nov-13 6078.80 518.10 -0.01 -0.01 -0.01 -0.01248 12-Nov-13 6018.05 505.10 -0.03 -0.01 -0.02 -0.01249 13-Nov-13 5989.60 505.05 0.00 0.00 0.00 -0.01250 14-Nov-13 6056.15 520.85 0.03 0.01 0.03 0.01

Total -0.30698 0.08164 Mean -0.00123 0.00033 Cov(Rm,Ri) Beta 1.55

Date Coveriance St. Deviation Beta15th Nov 2011 14th Nov 2012 0.0384 0.02932 1.3115th Nov 2012 14th Nov 2013 0.0472 0.03039 1.55

Notes:-a.

Beta is Calculated for two years separately because we have 2 years data such as NOPAT, PAT for both the year differentb. R(i) is Return on Securityc. R(m) is Return on Marketd.

e.f. Coveriance is multiplication of daviations of both R(i) and R(m)g. Standard deviation is squear rute of deviation of mean R(m)h. To get Beta Coveration of R(m) and R(i) been divided by Standard Deviation R(m)

Mean is total of Return on Market and Return on Security divided by number of samples. Here nubmer of sample is No. of Days

To get mean sum of R(i) and Sum of R(m) is divided by number of samples

0.00019 0.00006 0.00050 0.00038

-0.00003 0.00004 0.00028 0.00070 0.00013 0.000040.00001 0.000510.00002 0.000100.00005 0.000110.00138 0.000870.00032 0.00010

-0.00005 0.000030.00046 0.000450.00039 0.00050

-0.00003 0.00001-0.00003 0.00002-0.00033 0.000580.00010 0.000260.00078 0.00046

-0.00003 0.000050.00003 0.000070.00008 0.000020.00093 0.000420.00031 0.000080.00040 0.000240.00052 0.001040.00034 0.000070.00003 0.00002

-0.00006 0.000180.00003 0.000040.00041 0.00010

-0.00012 0.000170.00000 0.00003

-0.00004 0.000000.00129 0.000740.00001 0.00001

-0.00002 0.00000-0.00001 0.00000-0.00001 0.00000-0.00002 0.000000.00095 0.000480.00005 0.00000

Cov(Rm,Ri)

St. Deviatio

n

-0.00017 0.00004-0.00006 0.00004-0.00001 0.000000.00068 0.000350.00005 0.000010.00014 0.000150.00023 0.00003

-0.00001 0.000000.00068 0.00024

-0.00001 0.00003-0.00025 0.000070.00037 0.00053

-0.00031 0.000460.00010 0.00004

-0.00002 0.000040.00011 0.000100.00008 0.00004

-0.00005 0.00003-0.00001 0.000030.00016 0.00006

-0.00005 0.00004-0.00001 0.000000.00009 0.000020.00072 0.00044

-0.00002 0.000010.00014 0.00005

-0.00003 0.000050.00077 0.000350.00010 0.000020.00038 0.000110.00161 0.000770.00082 0.000300.00000 0.000000.00004 0.000080.00002 0.000010.00000 0.000000.00025 0.000230.00009 0.000130.00000 0.000000.00059 0.000450.00006 0.000020.00007 0.000160.00030 0.000030.00045 0.000250.00040 0.000150.00044 0.00014

0.00010 0.000010.00030 0.000270.00078 0.000670.00006 0.000080.00076 0.000330.00017 0.000120.00013 0.000090.00001 0.000010.00038 0.000490.00002 0.000010.00002 0.000050.00001 0.000050.00032 0.00029

-0.00001 0.000000.00003 0.000010.00013 0.000080.00014 0.000190.00007 0.000010.00007 0.00014

-0.00001 0.00000-0.00001 0.000030.00014 0.000070.00034 0.00031

-0.00002 0.000010.00004 0.000020.00010 0.000010.00000 0.000000.00002 0.000010.00010 0.00005

-0.00004 0.000000.00027 0.000100.00093 0.00040

-0.00005 0.000020.00032 0.000520.00011 0.000030.00004 0.000010.00008 0.000060.00013 0.000020.00007 0.000040.00052 0.000310.00003 0.000000.00001 0.00001

-0.00001 0.00001-0.00001 0.000100.00009 0.000030.00041 0.00030

0.00000 0.000000.00042 0.000160.00000 0.000000.00020 0.00007

-0.00020 0.000030.00064 0.000300.00001 0.000000.00004 0.000010.00066 0.00073

-0.00003 0.000100.00007 0.000010.00004 0.000010.00046 0.000140.00001 0.000000.00074 0.000180.00048 0.000260.00060 0.00023

-0.00010 0.000050.00002 0.000010.00028 0.00007

-0.00001 0.000020.00005 0.000040.00001 0.000000.00003 0.000010.00000 0.000000.00065 0.000610.00000 0.000000.00002 0.000000.00005 0.000010.00000 0.000020.00001 0.000010.00003 0.000070.00042 0.000160.00001 0.000060.00029 0.000190.00000 0.00000

-0.00007 0.00004-0.00001 0.00000-0.00012 0.00002-0.00004 0.000020.00004 0.000060.00029 0.000300.00000 0.000000.00007 0.000020.00061 0.00018

-0.00058 0.00012

0.00043 0.00036-0.00002 0.000030.00001 0.000000.00001 0.00001

-0.00005 0.000010.00006 0.000150.00011 0.000100.00000 0.000000.00004 0.000010.00001 0.00000

-0.00001 0.000020.00010 0.000030.00001 0.000010.00000 0.00000

-0.00010 0.000090.00003 0.000000.00000 0.000000.00004 0.000030.00032 0.000050.00001 0.000010.00013 0.000090.00009 0.000020.00004 0.000120.00001 0.000000.00004 0.000010.00011 0.00009

-0.00001 0.000000.00050 0.000370.00001 0.000010.00000 0.00000

-0.00001 0.000020.00000 0.000050.00000 0.000000.00103 0.000660.00029 0.00003

-0.00017 0.000010.00008 0.000080.00128 0.000580.00008 0.000020.00000 0.00000

-0.00003 0.000010.00000 0.000010.00008 0.00008

-0.00002 0.00000-0.00001 0.000000.00006 0.00009

0.00012 0.000060.00035 0.00016

-0.00002 0.00002-0.00007 0.000090.00029 0.000090.00000 0.000040.00000 0.000000.00013 0.000050.00002 0.000000.00023 0.000100.00007 0.00004

-0.00001 0.000030.00001 0.00003

-0.00003 0.000000.00052 0.000060.00000 0.000000.00043 0.000150.00005 0.000010.00007 0.000020.00005 0.000080.00000 0.000000.00001 0.000010.00014 0.00003

-0.00001 0.000020.00010 0.000090.00000 0.000000.00002 0.000010.03843 0.02932

overiance Deviation

ov(Rm,Ri)St. Deviation0.00003 0.000040.00027 0.000110.00000 0.000000.00001 0.00000

-0.00002 0.000060.00002 0.000000.00000 0.000000.00001 0.000000.00033 0.000250.00029 0.000280.00023 0.000080.00000 0.000000.00002 0.00001

0.00006 0.000000.00006 0.000020.00000 0.000020.00000 0.000000.00002 0.000000.00001 0.000000.00004 0.000040.00006 0.00002

-0.00004 0.000020.00006 0.000040.00005 0.000030.00000 0.000010.00026 0.000140.00000 0.000000.00010 0.00007

-0.00002 0.000040.00000 0.00004

-0.00003 0.000000.00019 0.000060.00011 0.00005

-0.00002 0.000010.00001 0.000000.00002 0.00002

-0.00001 0.000000.00004 0.000030.00000 0.000000.00002 0.000010.00035 0.00014

-0.00002 0.000030.00017 0.000090.00006 0.000030.00002 0.000010.00000 0.000010.00006 0.000030.00000 0.000000.00015 0.000040.00023 0.000080.00000 0.000000.00006 0.00002

-0.00002 0.00000-0.00036 0.000010.00008 0.000040.00004 0.000010.00001 0.000030.00000 0.000000.00001 0.00001

0.00010 0.000040.00000 0.000000.00001 0.00001

-0.00002 0.00000-0.00001 0.000040.00001 0.000000.00001 0.000000.00010 0.000050.00000 0.000000.00042 0.00024

-0.00001 0.000000.00000 0.000000.00031 0.000270.00007 0.000030.00099 0.000330.00000 0.000020.00003 0.000020.00017 0.000220.00015 0.000030.00002 0.000050.00009 0.000190.00000 0.000000.00004 0.000030.00021 0.000120.00010 0.00009

-0.00001 0.000040.00001 0.000040.00046 0.000240.00030 0.000090.00022 0.00004

-0.00002 0.000000.00001 0.00001

-0.00001 0.000000.00006 0.000050.00004 0.000010.00019 0.000050.00028 0.000180.00022 0.00031

-0.00002 0.000020.00004 0.000000.00019 0.000080.00031 0.000130.00002 0.00004

-0.00007 0.000140.00021 0.000050.00020 0.00045

0.00000 0.000000.00043 0.000260.00018 0.000070.00000 0.000000.00013 0.000180.00013 0.000060.00009 0.00003

-0.00008 0.000020.00002 0.000130.00029 0.00009

-0.00002 0.000020.00016 0.000140.00001 0.00002

-0.00016 0.00001-0.00010 0.000050.00001 0.000000.00037 0.000440.00002 0.000000.00187 0.00062

-0.00002 0.000010.00006 0.00001

-0.00001 0.000030.00013 0.000050.00005 0.000010.00089 0.000450.00005 0.000010.00037 0.000270.00004 0.000020.00001 0.00000

-0.00001 0.000010.00106 0.000520.00000 0.00007

-0.00001 0.000010.00000 0.00000

-0.00001 0.000000.00010 0.000050.00000 0.000000.00021 0.00024

-0.00006 0.000030.00046 0.000120.00053 0.000360.00002 0.000050.00014 0.000040.00000 0.000000.00146 0.00084

-0.00005 0.00000

0.00037 0.00020-0.00001 0.000010.00002 0.00002

-0.00014 0.000270.00069 0.000770.00027 0.000090.00014 0.000050.00075 0.00023

-0.00002 0.000120.00005 0.000020.00007 0.000100.00016 0.000060.00011 0.000060.00029 0.000400.00008 0.000150.00015 0.000010.00069 0.00017

-0.00002 0.000010.00027 0.000110.00001 0.000000.00000 0.000000.00019 0.000050.00065 0.000220.00011 0.000200.00019 0.000020.00015 0.000090.00040 0.00018

-0.00002 0.000010.00012 0.000010.00033 0.000080.00003 0.000000.00076 0.00065

-0.00011 0.000020.00013 0.00007

-0.00007 0.000070.00013 0.00023

-0.00001 0.000050.00282 0.001690.00069 0.000300.00000 0.00001

-0.00006 0.000350.00035 0.00039

-0.00010 0.000130.00000 0.000000.00143 0.001210.00004 0.00000

-0.00044 0.000540.00013 0.000130.00031 0.000200.00249 0.001450.00018 0.000390.00194 0.000690.00019 0.000230.00142 0.001430.00018 0.000010.00005 0.00012

-0.00001 0.000000.00002 0.00000

-0.00002 0.000000.00016 0.000070.00344 0.001320.00126 0.000300.00125 0.000430.00000 0.00000

-0.00001 0.00001-0.00002 0.00000-0.00004 0.000080.00056 0.000290.00002 0.000060.00047 0.000490.00000 0.000000.00000 0.000000.00001 0.000010.00026 0.00017

-0.00001 0.000000.00033 0.000150.00001 0.000010.00014 0.000020.00009 0.000060.00063 0.000550.00004 0.000000.00000 0.00000

-0.00008 0.000020.00000 0.00001

-0.00002 0.000010.00024 0.000060.00095 0.00037

-0.00002 0.000020.00066 0.000050.00005 0.000000.00001 0.00000

-0.00014 0.00011

0.00024 0.000040.00012 0.000020.00033 0.000060.00007 0.000110.00025 0.00011

-0.00001 0.000030.00035 0.000120.04724 0.03039

Cov(Rm,Ri)St. Deviation

Beta is Calculated for two years separately because we have 2 years data such as NOPAT, PAT for both the year differentR(i) is Return on SecurityR(m) is Return on Market

Coveriance is multiplication of daviations of both R(i) and R(m)Standard deviation is squear rute of deviation of mean R(m)To get Beta Coveration of R(m) and R(i) been divided by Standard Deviation R(m)

Mean is total of Return on Market and Return on Security divided by number of samples. Here nubmer of sample is No. of

Consolidated Balance Sheet of State Bank of IndiaIn Rs. CroreParticular Mar-13 Mar-12 Mar-11 Mar-10 Mar-09

Capital and Liabilities:Equity Share Capital 684 671 635 635 635Reserves 124349 105559 82836 82501 71756

Net Worth 125033 106230 83471 83136 72390

Deposits 1627403 1414689 1255562 1116465 1011988Borrowings 203723 157991 142471 122075 105257

Total Debt 1831126 1572681 1398033 1238539 1117246

Minority Interest 4254 3726 2977 2631 2228Other Liabilities & Provisions 172746 147320 163417 125838 112961

Total Current Liabilities 177000 151045 166394 128469 115190Total Liabilities 2133158 1829956 1647898 1450144 1304826

AssetsCash & Balances with RB 89574 79199 119350 82196 74161Balance with Banks, Money at Call 55654 48392 35978 39653 51101Advances 1392608 1163670 1006402 869502 750362

Total Current Assets 1537836 1291261 1161729 991351 875624

Investments 519393 460949 419066 402754 372231

Gross Block 23250 19620 17665 15887 14064Less : Accumulated Depreciation 13880 12802 11402 10359 9127

Net Block 9370 6818 6263 5528 4937

Capital Work In Progress 0 590 224 486 287Other Assets 66559 70338 60616 50025 51747

Total Assets 2133158 1829956 1647899 1450144 1304826

Consolidated Profit & Loss account of State Bank of IndiaIn Rs. CroreParticular Mar-13 Mar-12 Mar-11 Mar-10 Mar-09IncomeInterest Earned 167978 147197 113636 100081 91667Other Income 32582 29835 34207 33771 21427

Total Income 200560 177033 147844 133852 113094

Interest expended 106818 89320 68086 66638 62626Operating Expenses 51242 45484 45137 41094 25647Depreciation 1577 1372 1381 1322 924

Provisions and Contingencies 22599 24884 22060 12785 12722Total Expenses 182237 161060 136664 121838 101920

Net Profit for the year 18323 15973 11180 12014 11174Minority Interest 638 630 495 280 218Share Of P/L Of Associates 232 0 0 0 0Net P/L After Minority Interest & Share Of 17916 15343 10685 11734 10956Profit brought forward 893 523 59 216 88

Total 18809 15866 10744 11950 11044Equity Dividend 2839 2349 1905 1905 1841Corporate Dividend Tax 481 388 354 322 310Earning Per Share (Rs) 266.82 241.55 168.28 184.82 172.68

Book Value (Rs) 1828 1583 1315 1309 1140

AppropriationsTransfer to Statutory Reserves 14067 12236 7962 9665 8677Proposed Dividend/Transfer to Govt 3319 2737 2259 2226 2151Balance c/f to Balance Sheet 1423 893 523 59 216

Total 18809 15866 10744 11950 1104414067

Source : http://www.moneycontrol.com/ (Dion Global Solutions Limited)

Particulars Mar-13 Mar-12Interest on Debt 5.83% 5.68%Tax Percentage 30.00% 30.00%Cost of Debt (COD) = Interest*(1-Tax) 4.08% 3.98%

Risk Free Rate (Rf) - Given 8.75% 8.75%

Beta 1.12 1.50Market Return (Rm) 15.75% 24.31%Cost of Equity (COE) = Rf+B*(Rm-Rf) 16.56% 32.06% Weighted Average Cost of Capital (WACC) 4.88% 5.75%

NOPAT 92689 77867CE (Capital Employed) 1956159 1678911ROC 4.74% 4.64%

EVACE % -0.14% -1.11%

EVA=PAT-(CoE*Equity Capital) -2784.22 -18714.5EVA=CE*(ROC-WACC) -2784.22 -18714.5EVA=NOPAT-(WACC*CE) -2784.22 -18714.5EVA=(PAT+I(1-t)-(WACC*CE) -2784.22 -18714.5

EVA=(EVACE%-WACC%)*CE -2784.22 -18714.5

Notes:- a. Interest on debt is calculated as Total interest paid divided by b. Tax percentage is 30% for 2011-12 and 2012-13 as per Company P/L statementc. Risk free rate of investment is given 8.75%d.

e.

Conclusion:-a.

b.

Beta is calculated for 2011-12 and 2012-13 as NOPAT, CE, PAT, ROC, Rm, COD and COE is different in given years

Rm = The expected market return is the return the investor would expect to receive from a broad stock market indicator such as the NIFTY-50 Index. Eg. Over the last 2 years or so, the Nifty-50 has yielded annual around 28.50% (Moneycontrol.com)

Although in both cases companies are generating positive PAT but in both the cases companies are not able to increase book value of share in term of economic profit to

company

A negative number indicates that the company did not make enough profit to cover the cost of doing business.

Return From

Date NIFTY SBI Ri-Avg(Ri)1 15-Nov-11 5068.50 1729.652 16-Nov-11 5030.45 1765.95 0.02 -0.01 0.02 -0.01 -0.00016 0.000063 17-Nov-11 4934.75 1757.45 0.00 -0.02 -0.01 -0.02 0.00012 0.000384 18-Nov-11 4905.80 1726.65 -0.02 -0.01 -0.02 -0.01 0.00012 0.000045 21-Nov-11 4778.35 1672.20 -0.03 -0.03 -0.03 -0.03 0.00087 0.000706 22-Nov-11 4812.35 1689.50 0.01 0.01 0.01 0.01 0.00006 0.000047 23-Nov-11 4706.45 1655.20 -0.02 -0.02 -0.02 -0.02 0.00048 0.000518 24-Nov-11 4756.45 1653.90 0.00 0.01 0.00 0.01 -0.00002 0.000109 25-Nov-11 4710.05 1690.60 0.02 -0.01 0.02 -0.01 -0.00022 0.00011

10 28-Nov-11 4851.30 1779.60 0.05 0.03 0.05 0.03 0.00152 0.0008711 29-Nov-11 4805.10 1761.20 -0.01 -0.01 -0.01 -0.01 0.00012 0.0001012 30-Nov-11 4832.05 1762.45 0.00 0.01 0.00 0.01 0.00000 0.0000313 1-Dec-11 4936.85 1824.15 0.04 0.02 0.03 0.02 0.00072 0.0004514 2-Dec-11 5050.15 1886.85 0.03 0.02 0.03 0.02 0.00075 0.0005015 5-Dec-11 5039.15 1911.05 0.01 0.00 0.01 0.00 -0.00003 0.0000116 7-Dec-11 5062.60 1945.40 0.02 0.00 0.02 0.00 0.00007 0.0000217 8-Dec-11 4943.65 1867.90 -0.04 -0.02 -0.04 -0.02 0.00098 0.0005818 9-Dec-11 4866.70 1865.55 0.00 -0.02 0.00 -0.02 0.00004 0.0002619 12-Dec-11 4764.60 1772.75 -0.05 -0.02 -0.05 -0.02 0.00109 0.0004620 13-Dec-11 4800.60 1787.85 0.01 0.01 0.01 0.01 0.00005 0.0000521 14-Dec-11 4763.25 1785.15 0.00 -0.01 0.00 -0.01 0.00002 0.0000722 15-Dec-11 4746.35 1736.80 -0.03 0.00 -0.03 0.00 0.00011 0.0000223 16-Dec-11 4651.60 1679.10 -0.03 -0.02 -0.03 -0.02 0.00070 0.0004224 19-Dec-11 4613.10 1628.10 -0.03 -0.01 -0.03 -0.01 0.00028 0.0000825 20-Dec-11 4544.20 1578.50 -0.03 -0.01 -0.03 -0.02 0.00049 0.0002426 21-Dec-11 4693.15 1623.50 0.03 0.03 0.03 0.03 0.00088 0.0010427 22-Dec-11 4733.85 1671.10 0.03 0.01 0.03 0.01 0.00023 0.0000728 23-Dec-11 4714.00 1647.45 -0.01 0.00 -0.02 0.00 0.00007 0.0000229 26-Dec-11 4779.00 1665.65 0.01 0.01 0.01 0.01 0.00013 0.0001830 27-Dec-11 4750.50 1643.65 -0.01 -0.01 -0.01 -0.01 0.00009 0.0000431 28-Dec-11 4705.80 1610.20 -0.02 -0.01 -0.02 -0.01 0.00021 0.0001032 29-Dec-11 4646.25 1628.85 0.01 -0.01 0.01 -0.01 -0.00014 0.0001733 30-Dec-11 4624.30 1619.05 -0.01 0.00 -0.01 -0.01 0.00004 0.0000334 2-Jan-12 4636.75 1627.65 0.01 0.00 0.00 0.00 0.00001 0.0000035 3-Jan-12 4765.30 1705.65 0.05 0.03 0.05 0.03 0.00127 0.0007436 4-Jan-12 4749.65 1696.05 -0.01 0.00 -0.01 0.00 0.00003 0.0000137 5-Jan-12 4749.95 1692.45 0.00 0.00 0.00 0.00 0.00000 0.0000038 6-Jan-12 4754.10 1672.75 -0.01 0.00 -0.01 0.00 0.00000 0.0000039 7-Jan-12 4746.90 1669.10 0.00 0.00 0.00 0.00 0.00001 0.0000040 9-Jan-12 4742.80 1637.25 -0.02 0.00 -0.02 0.00 0.00003 0.0000041 10-Jan-12 4849.55 1702.60 0.04 0.02 0.04 0.02 0.00085 0.00048

Deviation From Mean

No of Day

Security (Ri)

Market (Rm)

Rm-Avg(Rm)

Cov(Ri,Rm)

St. Deviation

42 11-Jan-12 4860.95 1726.95 0.01 0.00 0.01 0.00 0.00002 0.0000043 12-Jan-12 4831.25 1764.40 0.02 -0.01 0.02 -0.01 -0.00014 0.0000444 13-Jan-12 4866.00 1776.10 0.01 0.01 0.01 0.01 0.00004 0.0000445 16-Jan-12 4873.90 1816.40 0.02 0.00 0.02 0.00 0.00002 0.0000046 17-Jan-12 4967.30 1844.00 0.02 0.02 0.01 0.02 0.00026 0.0003547 18-Jan-12 4955.80 1865.35 0.01 0.00 0.01 0.00 -0.00003 0.0000148 19-Jan-12 5018.40 1884.30 0.01 0.01 0.01 0.01 0.00011 0.0001549 20-Jan-12 5048.60 1932.85 0.03 0.01 0.02 0.01 0.00014 0.0000350 23-Jan-12 5046.25 1940.50 0.00 0.00 0.00 0.00 0.00000 0.0000051 24-Jan-12 5127.35 2040.80 0.05 0.02 0.05 0.02 0.00079 0.0002452 25-Jan-12 5158.30 2058.00 0.01 0.01 0.01 0.01 0.00004 0.0000353 27-Jan-12 5204.70 2040.60 -0.01 0.01 -0.01 0.01 -0.00008 0.0000754 30-Jan-12 5087.30 1985.25 -0.03 -0.02 -0.03 -0.02 0.00065 0.0005355 31-Jan-12 5199.25 2061.60 0.04 0.02 0.04 0.02 0.00080 0.0004656 1-Feb-12 5235.70 2077.65 0.01 0.01 0.01 0.01 0.00004 0.0000457 2-Feb-12 5269.90 2072.60 0.00 0.01 0.00 0.01 -0.00002 0.0000458 3-Feb-12 5325.85 2103.15 0.01 0.01 0.01 0.01 0.00014 0.0001059 6-Feb-12 5361.65 2162.65 0.03 0.01 0.03 0.01 0.00017 0.0000460 7-Feb-12 5335.15 2153.10 0.00 0.00 -0.01 -0.01 0.00003 0.0000361 8-Feb-12 5368.15 2177.75 0.01 0.01 0.01 0.01 0.00006 0.0000362 9-Feb-12 5412.35 2184.00 0.00 0.01 0.00 0.01 0.00001 0.0000663 10-Feb-12 5381.60 2171.90 -0.01 -0.01 -0.01 -0.01 0.00004 0.0000464 13-Feb-12 5390.20 2129.25 -0.02 0.00 -0.02 0.00 -0.00002 0.0000065 14-Feb-12 5416.05 2200.15 0.03 0.00 0.03 0.00 0.00014 0.0000266 15-Feb-12 5531.95 2250.65 0.02 0.02 0.02 0.02 0.00046 0.0004467 16-Feb-12 5521.95 2350.35 0.04 0.00 0.04 0.00 -0.00010 0.0000168 17-Feb-12 5564.30 2417.05 0.03 0.01 0.03 0.01 0.00020 0.0000569 21-Feb-12 5607.15 2452.45 0.01 0.01 0.01 0.01 0.00010 0.0000570 22-Feb-12 5505.35 2255.00 -0.08 -0.02 -0.08 -0.02 0.00152 0.0003571 23-Feb-12 5483.30 2260.50 0.00 0.00 0.00 0.00 -0.00001 0.0000272 24-Feb-12 5429.30 2205.60 -0.02 -0.01 -0.03 -0.01 0.00026 0.0001173 27-Feb-12 5281.20 2122.85 -0.04 -0.03 -0.04 -0.03 0.00107 0.0007774 28-Feb-12 5375.50 2231.25 0.05 0.02 0.05 0.02 0.00087 0.0003075 29-Feb-12 5385.20 2247.55 0.01 0.00 0.01 0.00 0.00001 0.0000076 1-Mar-12 5339.75 2218.75 -0.01 -0.01 -0.01 -0.01 0.00012 0.0000877 2-Mar-12 5359.35 2246.70 0.01 0.00 0.01 0.00 0.00004 0.0000178 3-Mar-12 5359.40 2250.85 0.00 0.00 0.00 0.00 0.00000 0.0000079 5-Mar-12 5280.35 2176.05 -0.03 -0.01 -0.03 -0.02 0.00052 0.0002380 6-Mar-12 5222.40 2147.85 -0.01 -0.01 -0.01 -0.01 0.00016 0.0001381 7-Mar-12 5220.45 2141.55 0.00 0.00 0.00 0.00 0.00000 0.0000082 9-Mar-12 5333.55 2226.40 0.04 0.02 0.04 0.02 0.00081 0.0004583 12-Mar-12 5359.55 2310.80 0.04 0.00 0.04 0.00 0.00016 0.0000284 13-Mar-12 5429.50 2327.50 0.01 0.01 0.01 0.01 0.00008 0.0001685 14-Mar-12 5463.90 2354.80 0.01 0.01 0.01 0.01 0.00006 0.0000386 15-Mar-12 5380.50 2299.30 -0.02 -0.02 -0.02 -0.02 0.00039 0.00025

87 16-Mar-12 5317.90 2227.90 -0.03 -0.01 -0.03 -0.01 0.00039 0.0001588 19-Mar-12 5257.05 2157.55 -0.03 -0.01 -0.03 -0.01 0.00039 0.0001489 20-Mar-12 5274.85 2187.35 0.01 0.00 0.01 0.00 0.00004 0.0000190 21-Mar-12 5364.95 2232.85 0.02 0.02 0.02 0.02 0.00033 0.0002791 22-Mar-12 5228.45 2160.60 -0.03 -0.03 -0.03 -0.03 0.00087 0.0006792 23-Mar-12 5278.20 2166.75 0.00 0.01 0.00 0.01 0.00002 0.0000893 26-Mar-12 5184.25 2117.45 -0.02 -0.02 -0.02 -0.02 0.00044 0.0003394 27-Mar-12 5243.15 2129.15 0.01 0.01 0.00 0.01 0.00005 0.0001295 28-Mar-12 5194.75 2079.25 -0.02 -0.01 -0.02 -0.01 0.00024 0.0000996 29-Mar-12 5178.85 2061.35 -0.01 0.00 -0.01 0.00 0.00003 0.0000197 30-Mar-12 5295.55 2096.35 0.02 0.02 0.02 0.02 0.00035 0.0004998 2-Apr-12 5317.90 2130.40 0.02 0.00 0.02 0.00 0.00006 0.0000199 3-Apr-12 5358.50 2172.55 0.02 0.01 0.02 0.01 0.00013 0.00005

100 4-Apr-12 5322.90 2162.55 0.00 -0.01 -0.01 -0.01 0.00004 0.00005101 9-Apr-12 5234.40 2100.45 -0.03 -0.02 -0.03 -0.02 0.00051 0.00029102 10-Apr-12 5243.60 2151.20 0.02 0.00 0.02 0.00 0.00003 0.00000103 11-Apr-12 5226.85 2158.55 0.00 0.00 0.00 0.00 -0.00001 0.00001104 12-Apr-12 5276.85 2227.55 0.03 0.01 0.03 0.01 0.00028 0.00008105 13-Apr-12 5207.45 2212.30 -0.01 -0.01 -0.01 -0.01 0.00011 0.00019106 16-Apr-12 5226.20 2265.10 0.02 0.00 0.02 0.00 0.00007 0.00001107 17-Apr-12 5289.70 2304.30 0.02 0.01 0.02 0.01 0.00019 0.00014108 18-Apr-12 5300.00 2291.75 -0.01 0.00 -0.01 0.00 -0.00001 0.00000109 19-Apr-12 5332.40 2269.05 -0.01 0.01 -0.01 0.01 -0.00006 0.00003110 20-Apr-12 5290.85 2260.45 0.00 -0.01 0.00 -0.01 0.00004 0.00007111 23-Apr-12 5200.60 2193.20 -0.03 -0.02 -0.03 -0.02 0.00054 0.00031112 24-Apr-12 5222.65 2190.70 0.00 0.00 0.00 0.00 -0.00001 0.00001113 25-Apr-12 5202.00 2171.75 -0.01 0.00 -0.01 0.00 0.00004 0.00002114 26-Apr-12 5189.00 2162.35 0.00 0.00 -0.01 0.00 0.00002 0.00001115 27-Apr-12 5190.60 2125.50 -0.02 0.00 -0.02 0.00 0.00000 0.00000116 28-Apr-12 5209.00 2131.30 0.00 0.00 0.00 0.00 0.00000 0.00001117 30-Apr-12 5248.15 2138.10 0.00 0.01 0.00 0.01 0.00001 0.00005118 2-May-12 5239.15 2140.60 0.00 0.00 0.00 0.00 0.00000 0.00000119 3-May-12 5188.40 2084.10 -0.03 -0.01 -0.03 -0.01 0.00028 0.00010120 4-May-12 5086.85 1996.25 -0.04 -0.02 -0.04 -0.02 0.00087 0.00040121 7-May-12 5114.15 2028.20 0.02 0.01 0.01 0.00 0.00007 0.00002122 8-May-12 4999.95 1955.35 -0.04 -0.02 -0.04 -0.02 0.00085 0.00052123 9-May-12 4974.80 1883.10 -0.04 -0.01 -0.04 -0.01 0.00021 0.00003124 10-May-12 4965.70 1843.15 -0.02 0.00 -0.02 0.00 0.00005 0.00001125 11-May-12 4928.90 1853.60 0.01 -0.01 0.00 -0.01 -0.00004 0.00006126 14-May-12 4907.80 1839.75 -0.01 0.00 -0.01 0.00 0.00004 0.00002127 15-May-12 4942.80 1860.40 0.01 0.01 0.01 0.01 0.00007 0.00004128 16-May-12 4858.25 1827.70 -0.02 -0.02 -0.02 -0.02 0.00033 0.00031129 17-May-12 4870.20 1848.35 0.01 0.00 0.01 0.00 0.00002 0.00000130 18-May-12 4891.45 1940.55 0.05 0.00 0.05 0.00 0.00019 0.00001131 21-May-12 4906.05 2009.50 0.04 0.00 0.03 0.00 0.00009 0.00001

132 22-May-12 4860.50 1938.75 -0.04 -0.01 -0.04 -0.01 0.00036 0.00010133 23-May-12 4835.65 1955.00 0.01 -0.01 0.01 -0.01 -0.00004 0.00003134 24-May-12 4921.40 1966.15 0.01 0.02 0.00 0.02 0.00008 0.00030135 25-May-12 4920.40 2006.90 0.02 0.00 0.02 0.00 -0.00001 0.00000136 28-May-12 4985.65 2101.30 0.05 0.01 0.05 0.01 0.00059 0.00016137 29-May-12 4990.10 2120.15 0.01 0.00 0.01 0.00 0.00000 0.00000138 30-May-12 4950.75 2098.20 -0.01 -0.01 -0.01 -0.01 0.00010 0.00007139 31-May-12 4924.25 2056.05 -0.02 -0.01 -0.02 -0.01 0.00012 0.00003140 1-Jun-12 4841.60 2028.25 -0.01 -0.02 -0.01 -0.02 0.00025 0.00030141 4-Jun-12 4848.15 2045.85 0.01 0.00 0.01 0.00 0.00001 0.00000142 5-Jun-12 4863.30 2082.75 0.02 0.00 0.02 0.00 0.00004 0.00001143 6-Jun-12 4997.10 2158.25 0.04 0.03 0.04 0.03 0.00095 0.00073144 7-Jun-12 5049.65 2167.95 0.00 0.01 0.00 0.01 0.00003 0.00010145 8-Jun-12 5068.35 2179.45 0.01 0.00 0.00 0.00 0.00001 0.00001146 11-Jun-12 5054.10 2164.80 -0.01 0.00 -0.01 0.00 0.00003 0.00001147 12-Jun-12 5115.90 2206.15 0.02 0.01 0.02 0.01 0.00021 0.00014148 13-Jun-12 5121.45 2226.05 0.01 0.00 0.01 0.00 0.00000 0.00000149 14-Jun-12 5054.75 2150.25 -0.03 -0.01 -0.04 -0.01 0.00048 0.00018150 15-Jun-12 5139.05 2183.10 0.02 0.02 0.01 0.02 0.00023 0.00026151 18-Jun-12 5064.25 2087.95 -0.04 -0.01 -0.04 -0.02 0.00067 0.00023152 19-Jun-12 5103.85 2100.65 0.01 0.01 0.00 0.01 0.00004 0.00005153 20-Jun-12 5120.55 2117.05 0.01 0.00 0.01 0.00 0.00002 0.00001154 21-Jun-12 5165.00 2178.35 0.03 0.01 0.03 0.01 0.00023 0.00007155 22-Jun-12 5146.05 2157.80 -0.01 0.00 -0.01 0.00 0.00004 0.00002156 25-Jun-12 5114.65 2115.00 -0.02 -0.01 -0.02 -0.01 0.00014 0.00004157 26-Jun-12 5120.80 2113.10 0.00 0.00 0.00 0.00 0.00000 0.00000158 27-Jun-12 5141.90 2113.40 0.00 0.00 0.00 0.00 0.00000 0.00001159 28-Jun-12 5149.15 2098.30 -0.01 0.00 -0.01 0.00 -0.00001 0.00000160 29-Jun-12 5278.90 2159.00 0.03 0.03 0.03 0.02 0.00069 0.00061161 2-Jul-12 5278.60 2181.95 0.01 0.00 0.01 0.00 -0.00001 0.00000162 3-Jul-12 5287.95 2187.35 0.00 0.00 0.00 0.00 0.00000 0.00000163 4-Jul-12 5302.55 2224.80 0.02 0.00 0.02 0.00 0.00004 0.00001164 5-Jul-12 5327.30 2233.45 0.00 0.00 0.00 0.00 0.00001 0.00002165 6-Jul-12 5316.95 2222.65 0.00 0.00 -0.01 0.00 0.00001 0.00001166 9-Jul-12 5275.15 2209.45 -0.01 -0.01 -0.01 -0.01 0.00006 0.00007167 10-Jul-12 5345.35 2229.00 0.01 0.01 0.01 0.01 0.00010 0.00016168 11-Jul-12 5306.30 2218.70 0.00 -0.01 -0.01 -0.01 0.00004 0.00006169 12-Jul-12 5235.25 2221.20 0.00 -0.01 0.00 -0.01 0.00000 0.00019170 13-Jul-12 5227.25 2178.45 -0.02 0.00 -0.02 0.00 0.00004 0.00000171 16-Jul-12 5197.25 2199.45 0.01 -0.01 0.01 -0.01 -0.00005 0.00004172 17-Jul-12 5192.85 2199.10 0.00 0.00 0.00 0.00 0.00000 0.00000173 18-Jul-12 5216.30 2185.50 -0.01 0.00 -0.01 0.00 -0.00003 0.00002174 19-Jul-12 5242.70 2158.10 -0.01 0.01 -0.01 0.00 -0.00006 0.00002175 20-Jul-12 5205.10 2132.00 -0.01 -0.01 -0.01 -0.01 0.00010 0.00006176 23-Jul-12 5117.95 2093.15 -0.02 -0.02 -0.02 -0.02 0.00033 0.00030

177 24-Jul-12 5128.20 2095.00 0.00 0.00 0.00 0.00 0.00000 0.00000178 25-Jul-12 5109.60 2070.35 -0.01 0.00 -0.01 0.00 0.00005 0.00002179 26-Jul-12 5043.00 2017.40 -0.03 -0.01 -0.03 -0.01 0.00036 0.00018180 27-Jul-12 5099.85 1941.00 -0.04 0.01 -0.04 0.01 -0.00042 0.00012181 30-Jul-12 5199.80 2031.75 0.05 0.02 0.05 0.02 0.00087 0.00036182 31-Jul-12 5229.00 2005.10 -0.01 0.01 -0.01 0.01 -0.00007 0.00003183 1-Aug-12 5240.50 2033.40 0.01 0.00 0.01 0.00 0.00002 0.00000184 2-Aug-12 5227.75 2011.35 -0.01 0.00 -0.01 0.00 0.00004 0.00001185 3-Aug-12 5215.70 2005.35 0.00 0.00 0.00 0.00 0.00001 0.00001186 6-Aug-12 5282.55 2018.25 0.01 0.01 0.01 0.01 0.00007 0.00015187 7-Aug-12 5336.70 2061.25 0.02 0.01 0.02 0.01 0.00020 0.00010188 8-Aug-12 5338.00 2060.80 0.00 0.00 0.00 0.00 0.00000 0.00000189 9-Aug-12 5322.95 1968.75 -0.04 0.00 -0.05 0.00 0.00015 0.00001190 10-Aug-12 5320.40 1887.75 -0.04 0.00 -0.04 0.00 0.00004 0.00000191 13-Aug-12 5347.90 1906.55 0.01 0.01 0.01 0.00 0.00004 0.00002192 14-Aug-12 5380.35 1910.35 0.00 0.01 0.00 0.01 0.00000 0.00003193 16-Aug-12 5362.95 1894.45 -0.01 0.00 -0.01 0.00 0.00004 0.00001194 17-Aug-12 5366.30 1897.05 0.00 0.00 0.00 0.00 0.00000 0.00000195 21-Aug-12 5421.00 1915.10 0.01 0.01 0.01 0.01 0.00008 0.00009196 22-Aug-12 5412.85 1912.15 0.00 0.00 0.00 0.00 0.00001 0.00000197 23-Aug-12 5415.35 1911.85 0.00 0.00 0.00 0.00 0.00000 0.00000198 24-Aug-12 5386.70 1893.85 -0.01 -0.01 -0.01 -0.01 0.00006 0.00003199 27-Aug-12 5350.25 1844.50 -0.03 -0.01 -0.03 -0.01 0.00020 0.00005200 28-Aug-12 5334.60 1844.20 0.00 0.00 0.00 0.00 0.00000 0.00001201 29-Aug-12 5287.80 1829.90 -0.01 -0.01 -0.01 -0.01 0.00008 0.00009202 30-Aug-12 5315.05 1839.70 0.01 0.01 0.00 0.00 0.00002 0.00002203 31-Aug-12 5258.50 1837.35 0.00 -0.01 0.00 -0.01 0.00003 0.00012204 3-Sep-12 5253.75 1850.70 0.01 0.00 0.01 0.00 -0.00001 0.00000205 4-Sep-12 5274.00 1875.00 0.01 0.00 0.01 0.00 0.00004 0.00001206 5-Sep-12 5225.70 1830.25 -0.02 -0.01 -0.03 -0.01 0.00024 0.00009207 6-Sep-12 5238.40 1853.95 0.01 0.00 0.01 0.00 0.00002 0.00000208 7-Sep-12 5342.10 1892.05 0.02 0.02 0.02 0.02 0.00037 0.00037209 8-Sep-12 5358.70 1898.50 0.00 0.00 0.00 0.00 0.00001 0.00001210 10-Sep-12 5363.45 1861.15 -0.02 0.00 -0.02 0.00 -0.00001 0.00000211 11-Sep-12 5390.00 1857.70 0.00 0.00 0.00 0.00 -0.00001 0.00002212 12-Sep-12 5431.00 1859.40 0.00 0.01 0.00 0.01 0.00000 0.00005213 13-Sep-12 5435.35 1867.60 0.00 0.00 0.00 0.00 0.00000 0.00000214 14-Sep-12 5577.65 1971.50 0.06 0.03 0.05 0.03 0.00140 0.00066215 17-Sep-12 5610.00 2079.55 0.05 0.01 0.05 0.01 0.00028 0.00003216 18-Sep-12 5600.05 2149.45 0.03 0.00 0.03 0.00 -0.00007 0.00001217 20-Sep-12 5554.25 2123.35 -0.01 -0.01 -0.01 -0.01 0.00012 0.00008218 21-Sep-12 5691.15 2213.20 0.04 0.02 0.04 0.02 0.00099 0.00058219 24-Sep-12 5669.60 2198.25 -0.01 0.00 -0.01 0.00 0.00003 0.00002220 25-Sep-12 5673.90 2196.50 0.00 0.00 0.00 0.00 0.00000 0.00000221 26-Sep-12 5663.45 2229.00 0.01 0.00 0.01 0.00 -0.00003 0.00001

222 27-Sep-12 5649.50 2247.25 0.01 0.00 0.01 0.00 -0.00002 0.00001223 28-Sep-12 5703.30 2240.60 0.00 0.01 0.00 0.01 -0.00004 0.00008224 1-Oct-12 5718.80 2270.15 0.01 0.00 0.01 0.00 0.00003 0.00000225 3-Oct-12 5731.25 2296.90 0.01 0.00 0.01 0.00 0.00002 0.00000226 4-Oct-12 5787.60 2345.70 0.02 0.01 0.02 0.01 0.00019 0.00009227 5-Oct-12 5746.95 2339.45 0.00 -0.01 0.00 -0.01 0.00003 0.00006228 8-Oct-12 5676.00 2269.45 -0.03 -0.01 -0.03 -0.01 0.00040 0.00016229 9-Oct-12 5704.60 2282.55 0.01 0.01 0.00 0.00 0.00002 0.00002230 10-Oct-12 5652.15 2223.55 -0.03 -0.01 -0.03 -0.01 0.00026 0.00009231 11-Oct-12 5708.05 2267.15 0.02 0.01 0.02 0.01 0.00017 0.00009232 12-Oct-12 5676.05 2251.75 -0.01 -0.01 -0.01 -0.01 0.00005 0.00004233 15-Oct-12 5687.25 2264.45 0.01 0.00 0.00 0.00 0.00001 0.00000234 16-Oct-12 5648.00 2228.85 -0.02 -0.01 -0.02 -0.01 0.00012 0.00005235 17-Oct-12 5660.25 2214.70 -0.01 0.00 -0.01 0.00 -0.00001 0.00000236 18-Oct-12 5718.70 2278.20 0.03 0.01 0.03 0.01 0.00027 0.00010237 19-Oct-12 5684.25 2257.75 -0.01 -0.01 -0.01 -0.01 0.00007 0.00004238 22-Oct-12 5717.15 2240.95 -0.01 0.01 -0.01 0.01 -0.00005 0.00003239 23-Oct-12 5691.40 2234.70 0.00 0.00 0.00 -0.01 0.00002 0.00003240 25-Oct-12 5705.30 2199.35 -0.02 0.00 -0.02 0.00 -0.00003 0.00000241 26-Oct-12 5664.30 2173.35 -0.01 -0.01 -0.01 -0.01 0.00010 0.00006242 29-Oct-12 5665.60 2167.70 0.00 0.00 0.00 0.00 0.00000 0.00000243 30-Oct-12 5597.90 2074.30 -0.04 -0.01 -0.04 -0.01 0.00055 0.00015244 31-Oct-12 5619.70 2110.25 0.02 0.00 0.02 0.00 0.00005 0.00001245 1-Nov-12 5645.05 2115.50 0.00 0.00 0.00 0.00 0.00001 0.00002246 2-Nov-12 5697.70 2152.45 0.02 0.01 0.02 0.01 0.00014 0.00008247 5-Nov-12 5704.20 2144.75 0.00 0.00 0.00 0.00 0.00000 0.00000248 6-Nov-12 5724.40 2173.15 0.01 0.00 0.01 0.00 0.00004 0.00001249 7-Nov-12 5760.10 2217.00 0.02 0.01 0.02 0.01 0.00011 0.00003250 8-Nov-12 5738.75 2242.30 0.01 0.00 0.01 0.00 -0.00004 0.00002251 9-Nov-12 5686.25 2155.05 -0.04 -0.01 -0.04 -0.01 0.00039 0.00009252 12-Nov-12 5683.70 2190.30 0.02 0.00 0.02 0.00 -0.00001 0.00000253 13-Nov-12 5666.95 2171.35 -0.01 0.00 -0.01 0.00 0.00003 0.00001

Total 0.28739 0.12627 0.04393 0.02932Mean 0.00114 0.00050 CoverianceSt.Deviation

Beta 1.50

Return From Deviation From MeanNo of Day Date NIFTY SBI Security (Ri)Market (Rm)Ri-Avg(Ri)Rm-Avg(Rm)Cov(Ri,Rm)St. Deviation

1 15-Nov-12 5631.00 2153.70 -0.01 -0.01 -0.01 -0.01 0.00005 0.000042 16-Nov-12 5574.05 2108.45 -0.02 -0.01 -0.02 -0.01 0.00021 0.000113 19-Nov-12 5571.40 2093.90 -0.01 0.00 -0.01 0.00 0.00000 0.000004 20-Nov-12 5571.55 2066.50 -0.01 0.00 -0.01 0.00 0.00000 0.000005 21-Nov-12 5614.80 2061.00 0.00 0.01 0.00 0.01 -0.00001 0.000066 22-Nov-12 5627.75 2098.45 0.02 0.00 0.02 0.00 0.00004 0.000007 23-Nov-12 5626.60 2089.50 0.00 0.00 0.00 0.00 0.00000 0.00000

8 26-Nov-12 5635.90 2091.90 0.00 0.00 0.00 0.00 0.00000 0.000009 27-Nov-12 5727.45 2115.15 0.01 0.02 0.01 0.02 0.00019 0.00025

10 29-Nov-12 5825.00 2131.85 0.01 0.02 0.01 0.02 0.00014 0.0002811 30-Nov-12 5879.85 2170.30 0.02 0.01 0.02 0.01 0.00017 0.0000812 3-Dec-12 5870.95 2204.05 0.02 0.00 0.02 0.00 -0.00003 0.0000013 4-Dec-12 5889.25 2239.55 0.02 0.00 0.02 0.00 0.00005 0.0000114 5-Dec-12 5900.50 2271.80 0.01 0.00 0.02 0.00 0.00002 0.0000015 6-Dec-12 5930.90 2307.20 0.02 0.01 0.02 0.00 0.00008 0.0000216 7-Dec-12 5907.40 2316.20 0.00 0.00 0.00 0.00 -0.00002 0.0000217 10-Dec-12 5908.90 2320.25 0.00 0.00 0.00 0.00 0.00000 0.0000018 11-Dec-12 5898.80 2308.80 0.00 0.00 0.00 0.00 0.00001 0.0000019 12-Dec-12 5888.00 2294.90 -0.01 0.00 -0.01 0.00 0.00001 0.0000020 13-Dec-12 5851.50 2262.60 -0.01 -0.01 -0.01 -0.01 0.00009 0.0000421 14-Dec-12 5879.60 2320.25 0.03 0.00 0.03 0.00 0.00012 0.0000222 17-Dec-12 5857.90 2344.30 0.01 0.00 0.01 0.00 -0.00004 0.0000223 18-Dec-12 5896.80 2372.70 0.01 0.01 0.01 0.01 0.00008 0.0000424 19-Dec-12 5929.60 2372.30 0.00 0.01 0.00 0.01 0.00000 0.0000325 20-Dec-12 5916.40 2381.25 0.00 0.00 0.00 0.00 -0.00001 0.0000126 21-Dec-12 5847.70 2334.45 -0.02 -0.01 -0.02 -0.01 0.00023 0.0001427 24-Dec-12 5855.75 2331.30 0.00 0.00 0.00 0.00 0.00000 0.0000028 26-Dec-12 5905.60 2370.85 0.02 0.01 0.02 0.01 0.00014 0.0000729 27-Dec-12 5870.10 2388.35 0.01 -0.01 0.01 -0.01 -0.00005 0.0000430 28-Dec-12 5908.35 2379.50 0.00 0.01 0.00 0.01 -0.00002 0.0000431 31-Dec-12 5905.10 2385.50 0.00 0.00 0.00 0.00 0.00000 0.0000032 1-Jan-13 5950.85 2426.45 0.02 0.01 0.02 0.01 0.00013 0.0000633 2-Jan-13 5993.25 2450.55 0.01 0.01 0.01 0.01 0.00007 0.0000534 3-Jan-13 6009.50 2471.60 0.01 0.00 0.01 0.00 0.00002 0.0000135 4-Jan-13 6016.15 2486.70 0.01 0.00 0.01 0.00 0.00001 0.0000036 7-Jan-13 5988.40 2467.60 -0.01 0.00 -0.01 0.00 0.00003 0.0000237 8-Jan-13 6001.70 2493.35 0.01 0.00 0.01 0.00 0.00002 0.0000038 9-Jan-13 5971.50 2522.80 0.01 -0.01 0.01 -0.01 -0.00007 0.0000339 10-Jan-13 5968.65 2539.10 0.01 0.00 0.01 0.00 -0.00001 0.0000040 11-Jan-13 5951.30 2491.05 -0.02 0.00 -0.02 0.00 0.00006 0.0000141 14-Jan-13 6024.05 2499.75 0.00 0.01 0.00 0.01 0.00005 0.0001442 15-Jan-13 6056.60 2489.85 0.00 0.01 0.00 0.01 -0.00002 0.0000343 16-Jan-13 6001.85 2432.40 -0.02 -0.01 -0.02 -0.01 0.00021 0.0000944 17-Jan-13 6039.20 2469.85 0.02 0.01 0.02 0.01 0.00010 0.0000345 18-Jan-13 6064.40 2492.05 0.01 0.00 0.01 0.00 0.00004 0.0000146 21-Jan-13 6082.30 2499.45 0.00 0.00 0.00 0.00 0.00001 0.0000147 22-Jan-13 6048.50 2464.45 -0.01 -0.01 -0.01 -0.01 0.00008 0.0000348 23-Jan-13 6054.30 2480.40 0.01 0.00 0.01 0.00 0.00000 0.0000049 24-Jan-13 6019.35 2459.15 -0.01 -0.01 -0.01 -0.01 0.00005 0.0000450 25-Jan-13 6074.65 2513.70 0.02 0.01 0.02 0.01 0.00020 0.0000851 28-Jan-13 6074.80 2491.55 -0.01 0.00 -0.01 0.00 0.00000 0.0000052 29-Jan-13 6049.90 2462.45 -0.01 0.00 -0.01 0.00 0.00005 0.00002

53 30-Jan-13 6055.75 2436.10 -0.01 0.00 -0.01 0.00 -0.00001 0.0000054 31-Jan-13 6034.75 2438.00 0.00 0.00 0.00 0.00 -0.00001 0.0000155 1-Feb-13 5998.90 2412.35 -0.01 -0.01 -0.01 -0.01 0.00006 0.0000456 4-Feb-13 5987.25 2352.60 -0.02 0.00 -0.02 0.00 0.00005 0.0000157 5-Feb-13 5956.90 2371.50 0.01 -0.01 0.01 -0.01 -0.00005 0.0000358 6-Feb-13 5959.20 2348.70 -0.01 0.00 -0.01 0.00 0.00000 0.0000059 7-Feb-13 5938.80 2326.60 -0.01 0.00 -0.01 0.00 0.00003 0.0000160 8-Feb-13 5903.50 2286.15 -0.02 -0.01 -0.02 -0.01 0.00010 0.0000461 11-Feb-13 5897.85 2294.35 0.00 0.00 0.00 0.00 -0.00001 0.0000062 12-Feb-13 5922.50 2296.40 0.00 0.00 0.00 0.00 0.00001 0.0000163 13-Feb-13 5932.95 2254.70 -0.02 0.00 -0.02 0.00 -0.00003 0.0000064 14-Feb-13 5896.95 2215.75 -0.02 -0.01 -0.02 -0.01 0.00011 0.0000465 15-Feb-13 5887.40 2233.45 0.01 0.00 0.01 0.00 -0.00002 0.0000066 18-Feb-13 5898.20 2262.70 0.01 0.00 0.01 0.00 0.00002 0.0000067 19-Feb-13 5939.70 2273.50 0.00 0.01 0.01 0.01 0.00004 0.0000568 20-Feb-13 5943.05 2252.05 -0.01 0.00 -0.01 0.00 0.00000 0.0000069 21-Feb-13 5852.25 2210.55 -0.02 -0.02 -0.02 -0.02 0.00028 0.0002470 22-Feb-13 5850.30 2196.00 -0.01 0.00 -0.01 0.00 0.00000 0.0000071 25-Feb-13 5854.75 2220.90 0.01 0.00 0.01 0.00 0.00001 0.0000072 26-Feb-13 5761.35 2198.40 -0.01 -0.02 -0.01 -0.02 0.00015 0.0002773 27-Feb-13 5796.90 2213.40 0.01 0.01 0.01 0.01 0.00004 0.0000374 28-Feb-13 5693.05 2080.90 -0.06 -0.02 -0.06 -0.02 0.00108 0.0003375 1-Mar-13 5719.70 2087.65 0.00 0.00 0.00 0.00 0.00002 0.0000276 4-Mar-13 5698.50 2099.50 0.01 0.00 0.01 0.00 -0.00003 0.0000277 5-Mar-13 5784.25 2128.55 0.01 0.02 0.01 0.01 0.00021 0.0002278 6-Mar-13 5818.60 2168.60 0.02 0.01 0.02 0.01 0.00011 0.0000379 7-Mar-13 5863.30 2166.15 0.00 0.01 0.00 0.01 0.00000 0.0000580 8-Mar-13 5945.70 2209.50 0.02 0.01 0.02 0.01 0.00028 0.0001981 11-Mar-13 5942.35 2204.70 0.00 0.00 0.00 0.00 0.00000 0.0000082 12-Mar-13 5914.10 2206.85 0.00 0.00 0.00 -0.01 -0.00001 0.0000383 13-Mar-13 5851.20 2179.35 -0.01 -0.01 -0.01 -0.01 0.00013 0.0001284 14-Mar-13 5908.95 2255.05 0.03 0.01 0.04 0.01 0.00034 0.0000985 15-Mar-13 5872.60 2262.00 0.00 -0.01 0.00 -0.01 -0.00002 0.0000486 18-Mar-13 5835.25 2249.80 -0.01 -0.01 0.00 -0.01 0.00003 0.0000487 19-Mar-13 5745.95 2203.55 -0.02 -0.02 -0.02 -0.02 0.00031 0.0002488 20-Mar-13 5694.40 2120.40 -0.04 -0.01 -0.04 -0.01 0.00034 0.0000989 21-Mar-13 5658.75 2119.45 0.00 -0.01 0.00 -0.01 0.00000 0.0000490 22-Mar-13 5651.35 2083.95 -0.02 0.00 -0.02 0.00 0.00003 0.0000091 25-Mar-13 5633.85 2058.25 -0.01 0.00 -0.01 0.00 0.00004 0.0000192 26-Mar-13 5641.60 2050.30 0.00 0.00 0.00 0.00 0.00000 0.0000093 28-Mar-13 5682.55 2072.75 0.01 0.01 0.01 0.01 0.00008 0.0000594 1-Apr-13 5704.40 2090.60 0.01 0.00 0.01 0.00 0.00003 0.0000195 2-Apr-13 5748.10 2140.45 0.02 0.01 0.02 0.01 0.00018 0.0000596 3-Apr-13 5672.90 2104.60 -0.02 -0.01 -0.02 -0.01 0.00021 0.0001897 4-Apr-13 5574.75 2067.60 -0.02 -0.02 -0.02 -0.02 0.00030 0.00031

98 5-Apr-13 5553.25 2056.70 -0.01 0.00 0.00 0.00 0.00002 0.0000299 8-Apr-13 5542.95 2033.70 -0.01 0.00 -0.01 0.00 0.00002 0.00000

100 9-Apr-13 5495.10 1988.25 -0.02 -0.01 -0.02 -0.01 0.00019 0.00008101 10-Apr-13 5558.70 2023.15 0.02 0.01 0.02 0.01 0.00021 0.00013102 11-Apr-13 5594.00 2042.35 0.01 0.01 0.01 0.01 0.00006 0.00004103 12-Apr-13 5528.55 2081.80 0.02 -0.01 0.02 -0.01 -0.00024 0.00014104 15-Apr-13 5568.40 2146.30 0.03 0.01 0.03 0.01 0.00022 0.00005105 16-Apr-13 5688.95 2183.10 0.02 0.02 0.02 0.02 0.00038 0.00045106 17-Apr-13 5688.70 2245.15 0.03 0.00 0.03 0.00 -0.00001 0.00000107 18-Apr-13 5783.10 2299.65 0.02 0.02 0.03 0.02 0.00041 0.00026108 22-Apr-13 5834.40 2327.10 0.01 0.01 0.01 0.01 0.00011 0.00007109 23-Apr-13 5836.90 2287.50 -0.02 0.00 -0.02 0.00 0.00000 0.00000110 25-Apr-13 5916.30 2334.55 0.02 0.01 0.02 0.01 0.00028 0.00018111 26-Apr-13 5871.45 2287.95 -0.02 -0.01 -0.02 -0.01 0.00015 0.00006112 29-Apr-13 5904.10 2273.55 -0.01 0.01 -0.01 0.01 -0.00003 0.00003113 30-Apr-13 5930.20 2264.30 0.00 0.00 0.00 0.00 -0.00001 0.00002114 2-May-13 5999.35 2299.45 0.02 0.01 0.02 0.01 0.00018 0.00013115 3-May-13 5944.00 2213.80 -0.04 -0.01 -0.04 -0.01 0.00035 0.00009116 6-May-13 5971.05 2226.10 0.01 0.00 0.01 0.00 0.00003 0.00002117 7-May-13 6043.55 2256.80 0.01 0.01 0.01 0.01 0.00017 0.00014118 8-May-13 6069.30 2254.70 0.00 0.00 0.00 0.00 0.00000 0.00002119 9-May-13 6050.15 2290.95 0.02 0.00 0.02 0.00 -0.00006 0.00001120 10-May-13 6094.75 2293.60 0.00 0.01 0.00 0.01 0.00001 0.00005121 11-May-13 6107.25 2305.70 0.01 0.00 0.01 0.00 0.00001 0.00000122 13-May-13 5980.45 2277.70 -0.01 -0.02 -0.01 -0.02 0.00024 0.00044123 14-May-13 5995.40 2293.05 0.01 0.00 0.01 0.00 0.00002 0.00000124 15-May-13 6146.75 2382.75 0.04 0.03 0.04 0.02 0.00099 0.00062125 16-May-13 6169.90 2419.35 0.02 0.00 0.02 0.00 0.00006 0.00001126 17-May-13 6187.30 2424.85 0.00 0.00 0.00 0.00 0.00001 0.00001127 20-May-13 6156.90 2411.80 -0.01 0.00 0.00 -0.01 0.00002 0.00003128 21-May-13 6114.10 2360.70 -0.02 -0.01 -0.02 -0.01 0.00015 0.00005129 22-May-13 6094.50 2363.00 0.00 0.00 0.00 0.00 -0.00001 0.00001130 23-May-13 5967.05 2177.60 -0.08 -0.02 -0.08 -0.02 0.00165 0.00045131 24-May-13 5983.55 2151.20 -0.01 0.00 -0.01 0.00 -0.00003 0.00001132 27-May-13 6083.15 2162.10 0.01 0.02 0.01 0.02 0.00009 0.00027133 28-May-13 6111.25 2129.80 -0.01 0.00 -0.01 0.00 -0.00006 0.00002134 29-May-13 6104.30 2106.30 -0.01 0.00 -0.01 0.00 0.00002 0.00000135 30-May-13 6124.05 2088.55 -0.01 0.00 -0.01 0.00 -0.00002 0.00001136 31-May-13 5985.95 2046.75 -0.02 -0.02 -0.02 -0.02 0.00044 0.00052137 3-Jun-13 5939.30 2069.85 0.01 -0.01 0.01 -0.01 -0.00010 0.00007138 4-Jun-13 5919.45 2028.20 -0.02 0.00 -0.02 0.00 0.00007 0.00001139 5-Jun-13 5923.85 2031.75 0.00 0.00 0.00 0.00 0.00000 0.00000140 6-Jun-13 5921.40 2048.80 0.01 0.00 0.01 0.00 -0.00001 0.00000141 7-Jun-13 5881.00 2024.15 -0.01 -0.01 -0.01 -0.01 0.00008 0.00005142 10-Jun-13 5878.00 2011.55 -0.01 0.00 -0.01 0.00 0.00000 0.00000

143 11-Jun-13 5788.80 1997.50 -0.01 -0.02 -0.01 -0.02 0.00010 0.00024144 12-Jun-13 5760.20 2006.05 0.00 0.00 0.01 -0.01 -0.00003 0.00003145 13-Jun-13 5699.10 2018.80 0.01 -0.01 0.01 -0.01 -0.00008 0.00012146 14-Jun-13 5808.40 2045.85 0.01 0.02 0.01 0.02 0.00027 0.00036147 17-Jun-13 5850.05 2065.80 0.01 0.01 0.01 0.01 0.00007 0.00005148 18-Jun-13 5813.60 2043.60 -0.01 -0.01 -0.01 -0.01 0.00007 0.00004149 19-Jun-13 5822.25 2045.80 0.00 0.00 0.00 0.00 0.00000 0.00000150 20-Jun-13 5655.90 1997.55 -0.02 -0.03 -0.02 -0.03 0.00066 0.00084151 21-Jun-13 5667.65 1989.10 0.00 0.00 0.00 0.00 -0.00001 0.00000152 24-Jun-13 5590.25 1948.45 -0.02 -0.01 -0.02 -0.01 0.00028 0.00020153 25-Jun-13 5609.10 1907.80 -0.02 0.00 -0.02 0.00 -0.00006 0.00001154 26-Jun-13 5588.70 1900.05 0.00 0.00 0.00 0.00 0.00001 0.00002155 27-Jun-13 5682.35 1912.50 0.01 0.02 0.01 0.02 0.00012 0.00027156 28-Jun-13 5842.20 1953.80 0.02 0.03 0.02 0.03 0.00062 0.00077157 1-Jul-13 5898.85 2015.60 0.03 0.01 0.03 0.01 0.00030 0.00009158 2-Jul-13 5857.55 1989.90 -0.01 -0.01 -0.01 -0.01 0.00009 0.00005159 3-Jul-13 5770.90 1898.75 -0.05 -0.01 -0.05 -0.02 0.00068 0.00023160 4-Jul-13 5836.95 1899.95 0.00 0.01 0.00 0.01 0.00002 0.00012161 5-Jul-13 5867.90 1894.45 0.00 0.01 0.00 0.00 -0.00001 0.00002162 8-Jul-13 5811.55 1873.20 -0.01 -0.01 -0.01 -0.01 0.00010 0.00010163 9-Jul-13 5859.00 1894.65 0.01 0.01 0.01 0.01 0.00010 0.00006164 10-Jul-13 5816.70 1876.30 -0.01 -0.01 -0.01 -0.01 0.00007 0.00006165 11-Jul-13 5935.10 1911.35 0.02 0.02 0.02 0.02 0.00039 0.00040166 12-Jul-13 6009.00 1893.40 -0.01 0.01 -0.01 0.01 -0.00010 0.00015167 15-Jul-13 6030.80 1912.30 0.01 0.00 0.01 0.00 0.00004 0.00001168 16-Jul-13 5955.25 1827.65 -0.04 -0.01 -0.04 -0.01 0.00056 0.00017169 17-Jul-13 5973.30 1806.70 -0.01 0.00 -0.01 0.00 -0.00003 0.00001170 18-Jul-13 6038.05 1824.25 0.01 0.01 0.01 0.01 0.00011 0.00011171 19-Jul-13 6029.20 1811.30 -0.01 0.00 -0.01 0.00 0.00001 0.00000172 22-Jul-13 6031.80 1824.70 0.01 0.00 0.01 0.00 0.00000 0.00000173 23-Jul-13 6077.80 1860.95 0.02 0.01 0.02 0.01 0.00015 0.00005174 24-Jul-13 5990.50 1801.25 -0.03 -0.01 -0.03 -0.01 0.00046 0.00022175 25-Jul-13 5907.50 1798.15 0.00 -0.01 0.00 -0.01 0.00001 0.00020176 26-Jul-13 5886.20 1765.25 -0.02 0.00 -0.02 0.00 0.00007 0.00002177 29-Jul-13 5831.65 1740.05 -0.01 -0.01 -0.01 -0.01 0.00013 0.00009178 30-Jul-13 5755.05 1723.30 -0.01 -0.01 -0.01 -0.01 0.00012 0.00018179 31-Jul-13 5742.00 1708.40 -0.01 0.00 -0.01 0.00 0.00002 0.00001180 1-Aug-13 5727.85 1683.20 -0.01 0.00 -0.01 0.00 0.00004 0.00001181 2-Aug-13 5677.90 1680.60 0.00 -0.01 0.00 -0.01 0.00001 0.00008182 5-Aug-13 5685.40 1682.25 0.00 0.00 0.00 0.00 0.00000 0.00000183 6-Aug-13 5542.25 1641.40 -0.02 -0.03 -0.02 -0.03 0.00060 0.00065184 7-Aug-13 5519.10 1716.10 0.05 0.00 0.05 0.00 -0.00021 0.00002185 8-Aug-13 5565.65 1664.15 -0.03 0.01 -0.03 0.01 -0.00024 0.00007186 12-Aug-13 5612.40 1605.35 -0.04 0.01 -0.03 0.01 -0.00028 0.00007187 13-Aug-13 5699.30 1619.95 0.01 0.02 0.01 0.02 0.00015 0.00023

188 14-Aug-13 5742.30 1624.40 0.00 0.01 0.00 0.01 0.00003 0.00005189 16-Aug-13 5507.85 1570.60 -0.03 -0.04 -0.03 -0.04 0.00133 0.00169190 19-Aug-13 5414.75 1530.50 -0.03 -0.02 -0.02 -0.02 0.00043 0.00030191 20-Aug-13 5401.45 1554.05 0.02 0.00 0.02 0.00 -0.00004 0.00001192 21-Aug-13 5302.55 1548.00 0.00 -0.02 0.00 -0.02 0.00006 0.00035193 22-Aug-13 5408.45 1564.75 0.01 0.02 0.01 0.02 0.00023 0.00039194 23-Aug-13 5471.75 1559.10 0.00 0.01 0.00 0.01 -0.00003 0.00013195 26-Aug-13 5476.50 1557.25 0.00 0.00 0.00 0.00 0.00000 0.00000196 27-Aug-13 5287.45 1520.00 -0.02 -0.03 -0.02 -0.03 0.00081 0.00121197 28-Aug-13 5285.00 1497.85 -0.01 0.00 -0.01 0.00 0.00001 0.00000198 29-Aug-13 5409.05 1487.80 -0.01 0.02 -0.01 0.02 -0.00014 0.00054199 30-Aug-13 5471.80 1518.95 0.02 0.01 0.02 0.01 0.00024 0.00013200 2-Sep-13 5550.75 1516.35 0.00 0.01 0.00 0.01 -0.00001 0.00020201 3-Sep-13 5341.45 1475.65 -0.03 -0.04 -0.03 -0.04 0.00099 0.00145202 4-Sep-13 5448.10 1494.20 0.01 0.02 0.01 0.02 0.00026 0.00039203 5-Sep-13 5592.95 1638.15 0.10 0.03 0.10 0.03 0.00255 0.00069204 6-Sep-13 5680.40 1634.55 0.00 0.02 0.00 0.02 -0.00002 0.00023205 10-Sep-13 5896.75 1633.50 0.00 0.04 0.00 0.04 0.00000 0.00143206 11-Sep-13 5913.15 1690.05 0.03 0.00 0.04 0.00 0.00009 0.00001207 12-Sep-13 5850.70 1658.40 -0.02 -0.01 -0.02 -0.01 0.00020 0.00012208 13-Sep-13 5850.60 1661.10 0.00 0.00 0.00 0.00 0.00000 0.00000209 16-Sep-13 5840.55 1646.35 -0.01 0.00 -0.01 0.00 0.00002 0.00000210 17-Sep-13 5850.20 1633.65 -0.01 0.00 -0.01 0.00 -0.00001 0.00000211 18-Sep-13 5899.45 1673.65 0.02 0.01 0.03 0.01 0.00020 0.00007212 19-Sep-13 6115.55 1807.75 0.08 0.04 0.08 0.04 0.00294 0.00132213 20-Sep-13 6012.10 1747.55 -0.03 -0.02 -0.03 -0.02 0.00056 0.00030214 23-Sep-13 5889.75 1654.65 -0.05 -0.02 -0.05 -0.02 0.00108 0.00043215 24-Sep-13 5892.45 1644.95 -0.01 0.00 -0.01 0.00 0.00000 0.00000216 25-Sep-13 5873.85 1692.65 0.03 0.00 0.03 0.00 -0.00010 0.00001217 26-Sep-13 5882.25 1676.10 -0.01 0.00 -0.01 0.00 -0.00001 0.00000218 27-Sep-13 5833.20 1640.70 -0.02 -0.01 -0.02 -0.01 0.00018 0.00008219 30-Sep-13 5735.30 1614.90 -0.02 -0.02 -0.01 -0.02 0.00026 0.00029220 1-Oct-13 5780.05 1643.35 0.02 0.01 0.02 0.01 0.00014 0.00006221 3-Oct-13 5909.70 1660.20 0.01 0.02 0.01 0.02 0.00024 0.00049222 4-Oct-13 5907.30 1650.65 -0.01 0.00 -0.01 0.00 0.00000 0.00000223 7-Oct-13 5906.15 1633.05 -0.01 0.00 -0.01 0.00 0.00001 0.00000224 8-Oct-13 5928.40 1607.55 -0.02 0.00 -0.01 0.00 -0.00005 0.00001225 9-Oct-13 6007.45 1609.00 0.00 0.01 0.00 0.01 0.00002 0.00017226 10-Oct-13 6020.95 1632.95 0.01 0.00 0.02 0.00 0.00003 0.00000227 11-Oct-13 6096.20 1652.80 0.01 0.01 0.01 0.01 0.00016 0.00015228 14-Oct-13 6112.70 1657.20 0.00 0.00 0.00 0.00 0.00001 0.00001229 15-Oct-13 6089.05 1622.80 -0.02 0.00 -0.02 0.00 0.00008 0.00002230 17-Oct-13 6045.85 1621.30 0.00 -0.01 0.00 -0.01 0.00000 0.00006231 18-Oct-13 6189.35 1664.60 0.03 0.02 0.03 0.02 0.00064 0.00055232 21-Oct-13 6204.95 1671.55 0.00 0.00 0.00 0.00 0.00001 0.00000

233 22-Oct-13 6202.80 1675.25 0.00 0.00 0.00 0.00 0.00000 0.00000234 23-Oct-13 6178.35 1716.55 0.02 0.00 0.03 0.00 -0.00011 0.00002235 24-Oct-13 6164.35 1718.30 0.00 0.00 0.00 0.00 0.00000 0.00001236 25-Oct-13 6144.90 1720.95 0.00 0.00 0.00 0.00 -0.00001 0.00001237 28-Oct-13 6101.10 1675.40 -0.03 -0.01 -0.03 -0.01 0.00019 0.00006238 29-Oct-13 6220.90 1740.45 0.04 0.02 0.04 0.02 0.00076 0.00037239 30-Oct-13 6251.70 1721.05 -0.01 0.00 -0.01 0.00 -0.00005 0.00002240 31-Oct-13 6299.15 1796.75 0.04 0.01 0.04 0.01 0.00032 0.00005241 1-Nov-13 6307.20 1879.00 0.05 0.00 0.05 0.00 0.00004 0.00000242 3-Nov-13 6317.35 1886.30 0.00 0.00 0.00 0.00 0.00001 0.00000243 5-Nov-13 6253.15 1875.95 -0.01 -0.01 0.00 -0.01 0.00005 0.00011244 6-Nov-13 6215.15 1809.55 -0.04 -0.01 -0.03 -0.01 0.00022 0.00004245 7-Nov-13 6187.25 1752.60 -0.03 0.00 -0.03 0.00 0.00015 0.00002246 8-Nov-13 6140.75 1744.30 0.00 -0.01 0.00 -0.01 0.00003 0.00006247 11-Nov-13 6078.80 1704.35 -0.02 -0.01 -0.02 -0.01 0.00023 0.00011248 12-Nov-13 6018.05 1672.95 -0.02 -0.01 -0.02 -0.01 0.00018 0.00011249 13-Nov-13 5989.60 1697.05 0.01 0.00 0.02 -0.01 -0.00008 0.00003250 14-Nov-13 6056.15 1723.10 0.02 0.01 0.02 0.01 0.00017 0.00012

Total ### 0.08164 0.03390 0.03039 Mean ### 0.00033 CoverianceSt. Deviation Beta 1.12

Date CoverianceSt. Deviation Beta 15th Nov 2 14th Nov 2 0.0439 0.0293 1.5015th Nov 2 14th Nov 2 0.0339 0.0304 1.12

Notes:-a. Beta is Calculated for two years b. R(i) is Return on Securityc. R(m) is Return on Marketd. Mean is total of Return on Market and Return on Security divided by number of samples. Here n

e.f. Coveriance is which is multiplication of daviations of both R(i) and R(m)g. Standard deviation is squear rute of deviation of mean R(m)h. To get Beta Coveration of R(m) and R(i) been divided by Standard Deviation R(m)

To get mean sum of R(i) and Sum of R(m) is divided by number of samples

St.Deviation

St. Deviation

St. Deviation

For year 2011-12 For Year 2012-13No of Day Date NIFTY Returns No of Day Date NIFTY Returns

1 15-Nov-11 5068.50 -5068.5 1 15-Nov-12 5631.00 -5631.002 16-Nov-11 5030.45 -38.05 2 16-Nov-12 5574.05 -56.953 17-Nov-11 4934.75 -95.70 3 19-Nov-12 5571.40 -2.654 18-Nov-11 4905.80 -28.95 4 20-Nov-12 5571.55 0.155 21-Nov-11 4778.35 -127.45 5 21-Nov-12 5614.80 43.256 22-Nov-11 4812.35 34.00 6 22-Nov-12 5627.75 12.957 23-Nov-11 4706.45 -105.90 7 23-Nov-12 5626.60 -1.158 24-Nov-11 4756.45 50.00 8 26-Nov-12 5635.90 9.309 25-Nov-11 4710.05 -46.40 9 27-Nov-12 5727.45 91.55

10 28-Nov-11 4851.30 141.25 10 29-Nov-12 5825.00 97.5511 29-Nov-11 4805.10 -46.20 11 30-Nov-12 5879.85 54.8512 30-Nov-11 4832.05 26.95 12 3-Dec-12 5870.95 -8.9013 1-Dec-11 4936.85 104.80 13 4-Dec-12 5889.25 18.3014 2-Dec-11 5050.15 113.30 14 5-Dec-12 5900.50 11.2515 5-Dec-11 5039.15 -11.00 15 6-Dec-12 5930.90 30.4016 7-Dec-11 5062.60 23.45 16 7-Dec-12 5907.40 -23.5017 8-Dec-11 4943.65 -118.95 17 10-Dec-12 5908.90 1.5018 9-Dec-11 4866.70 -76.95 18 11-Dec-12 5898.80 -10.1019 12-Dec-11 4764.60 -102.10 19 12-Dec-12 5888.00 -10.8020 13-Dec-11 4800.60 36.00 20 13-Dec-12 5851.50 -36.5021 14-Dec-11 4763.25 -37.35 21 14-Dec-12 5879.60 28.1022 15-Dec-11 4746.35 -16.90 22 17-Dec-12 5857.90 -21.7023 16-Dec-11 4651.60 -94.75 23 18-Dec-12 5896.80 38.9024 19-Dec-11 4613.10 -38.50 24 19-Dec-12 5929.60 32.8025 20-Dec-11 4544.20 -68.90 25 20-Dec-12 5916.40 -13.2026 21-Dec-11 4693.15 148.95 26 21-Dec-12 5847.70 -68.7027 22-Dec-11 4733.85 40.70 27 24-Dec-12 5855.75 8.0528 23-Dec-11 4714.00 -19.85 28 26-Dec-12 5905.60 49.8529 26-Dec-11 4779.00 65.00 29 27-Dec-12 5870.10 -35.5030 27-Dec-11 4750.50 -28.50 30 28-Dec-12 5908.35 38.2531 28-Dec-11 4705.80 -44.70 31 31-Dec-12 5905.10 -3.2532 29-Dec-11 4646.25 -59.55 32 1-Jan-13 5950.85 45.7533 30-Dec-11 4624.30 -21.95 33 2-Jan-13 5993.25 42.4034 2-Jan-12 4636.75 12.45 34 3-Jan-13 6009.50 16.2535 3-Jan-12 4765.30 128.55 35 4-Jan-13 6016.15 6.6536 4-Jan-12 4749.65 -15.65 36 7-Jan-13 5988.40 -27.7537 5-Jan-12 4749.95 0.30 37 8-Jan-13 6001.70 13.3038 6-Jan-12 4754.10 4.15 38 9-Jan-13 5971.50 -30.2039 7-Jan-12 4746.90 -7.20 39 10-Jan-13 5968.65 -2.8540 9-Jan-12 4742.80 -4.10 40 11-Jan-13 5951.30 -17.3541 10-Jan-12 4849.55 106.75 41 14-Jan-13 6024.05 72.7542 11-Jan-12 4860.95 11.40 42 15-Jan-13 6056.60 32.5543 12-Jan-12 4831.25 -29.70 43 16-Jan-13 6001.85 -54.75

44 13-Jan-12 4866.00 34.75 44 17-Jan-13 6039.20 37.3545 16-Jan-12 4873.90 7.90 45 18-Jan-13 6064.40 25.2046 17-Jan-12 4967.30 93.40 46 21-Jan-13 6082.30 17.9047 18-Jan-12 4955.80 -11.50 47 22-Jan-13 6048.50 -33.8048 19-Jan-12 5018.40 62.60 48 23-Jan-13 6054.30 5.8049 20-Jan-12 5048.60 30.20 49 24-Jan-13 6019.35 -34.9550 23-Jan-12 5046.25 -2.35 50 25-Jan-13 6074.65 55.3051 24-Jan-12 5127.35 81.10 51 28-Jan-13 6074.80 0.1552 25-Jan-12 5158.30 30.95 52 29-Jan-13 6049.90 -24.9053 27-Jan-12 5204.70 46.40 53 30-Jan-13 6055.75 5.8554 30-Jan-12 5087.30 -117.40 54 31-Jan-13 6034.75 -21.0055 31-Jan-12 5199.25 111.95 55 1-Feb-13 5998.90 -35.8556 1-Feb-12 5235.70 36.45 56 4-Feb-13 5987.25 -11.6557 2-Feb-12 5269.90 34.20 57 5-Feb-13 5956.90 -30.3558 3-Feb-12 5325.85 55.95 58 6-Feb-13 5959.20 2.3059 6-Feb-12 5361.65 35.80 59 7-Feb-13 5938.80 -20.4060 7-Feb-12 5335.15 -26.50 60 8-Feb-13 5903.50 -35.3061 8-Feb-12 5368.15 33.00 61 11-Feb-13 5897.85 -5.6562 9-Feb-12 5412.35 44.20 62 12-Feb-13 5922.50 24.6563 10-Feb-12 5381.60 -30.75 63 13-Feb-13 5932.95 10.4564 13-Feb-12 5390.20 8.60 64 14-Feb-13 5896.95 -36.0065 14-Feb-12 5416.05 25.85 65 15-Feb-13 5887.40 -9.5566 15-Feb-12 5531.95 115.90 66 18-Feb-13 5898.20 10.8067 16-Feb-12 5521.95 -10.00 67 19-Feb-13 5939.70 41.5068 17-Feb-12 5564.30 42.35 68 20-Feb-13 5943.05 3.3569 21-Feb-12 5607.15 42.85 69 21-Feb-13 5852.25 -90.8070 22-Feb-12 5505.35 -101.80 70 22-Feb-13 5850.30 -1.9571 23-Feb-12 5483.30 -22.05 71 25-Feb-13 5854.75 4.4572 24-Feb-12 5429.30 -54.00 72 26-Feb-13 5761.35 -93.4073 27-Feb-12 5281.20 -148.10 73 27-Feb-13 5796.90 35.5574 28-Feb-12 5375.50 94.30 74 28-Feb-13 5693.05 -103.8575 29-Feb-12 5385.20 9.70 75 1-Mar-13 5719.70 26.6576 1-Mar-12 5339.75 -45.45 76 4-Mar-13 5698.50 -21.2077 2-Mar-12 5359.35 19.60 77 5-Mar-13 5784.25 85.7578 3-Mar-12 5359.40 0.05 78 6-Mar-13 5818.60 34.3579 5-Mar-12 5280.35 -79.05 79 7-Mar-13 5863.30 44.7080 6-Mar-12 5222.40 -57.95 80 8-Mar-13 5945.70 82.4081 7-Mar-12 5220.45 -1.95 81 11-Mar-13 5942.35 -3.3582 9-Mar-12 5333.55 113.10 82 12-Mar-13 5914.10 -28.2583 12-Mar-12 5359.55 26.00 83 13-Mar-13 5851.20 -62.9084 13-Mar-12 5429.50 69.95 84 14-Mar-13 5908.95 57.7585 14-Mar-12 5463.90 34.40 85 15-Mar-13 5872.60 -36.3586 15-Mar-12 5380.50 -83.40 86 18-Mar-13 5835.25 -37.3587 16-Mar-12 5317.90 -62.60 87 19-Mar-13 5745.95 -89.3088 19-Mar-12 5257.05 -60.85 88 20-Mar-13 5694.40 -51.55

89 20-Mar-12 5274.85 17.80 89 21-Mar-13 5658.75 -35.6590 21-Mar-12 5364.95 90.10 90 22-Mar-13 5651.35 -7.4091 22-Mar-12 5228.45 -136.50 91 25-Mar-13 5633.85 -17.5092 23-Mar-12 5278.20 49.75 92 26-Mar-13 5641.60 7.7593 26-Mar-12 5184.25 -93.95 93 28-Mar-13 5682.55 40.9594 27-Mar-12 5243.15 58.90 94 1-Apr-13 5704.40 21.8595 28-Mar-12 5194.75 -48.40 95 2-Apr-13 5748.10 43.7096 29-Mar-12 5178.85 -15.90 96 3-Apr-13 5672.90 -75.2097 30-Mar-12 5295.55 116.70 97 4-Apr-13 5574.75 -98.1598 2-Apr-12 5317.90 22.35 98 5-Apr-13 5553.25 -21.5099 3-Apr-12 5358.50 40.60 99 8-Apr-13 5542.95 -10.30

100 4-Apr-12 5322.90 -35.60 100 9-Apr-13 5495.10 -47.85101 9-Apr-12 5234.40 -88.50 101 10-Apr-13 5558.70 63.60102 10-Apr-12 5243.60 9.20 102 11-Apr-13 5594.00 35.30103 11-Apr-12 5226.85 -16.75 103 12-Apr-13 5528.55 -65.45104 12-Apr-12 5276.85 50.00 104 15-Apr-13 5568.40 39.85105 13-Apr-12 5207.45 -69.40 105 16-Apr-13 5688.95 120.55106 16-Apr-12 5226.20 18.75 106 17-Apr-13 5688.70 -0.25107 17-Apr-12 5289.70 63.50 107 18-Apr-13 5783.10 94.40108 18-Apr-12 5300.00 10.30 108 22-Apr-13 5834.40 51.30109 19-Apr-12 5332.40 32.40 109 23-Apr-13 5836.90 2.50110 20-Apr-12 5290.85 -41.55 110 25-Apr-13 5916.30 79.40111 23-Apr-12 5200.60 -90.25 111 26-Apr-13 5871.45 -44.85112 24-Apr-12 5222.65 22.05 112 29-Apr-13 5904.10 32.65113 25-Apr-12 5202.00 -20.65 113 30-Apr-13 5930.20 26.10114 26-Apr-12 5189.00 -13.00 114 2-May-13 5999.35 69.15115 27-Apr-12 5190.60 1.60 115 3-May-13 5944.00 -55.35116 28-Apr-12 5209.00 18.40 116 6-May-13 5971.05 27.05117 30-Apr-12 5248.15 39.15 117 7-May-13 6043.55 72.50118 2-May-12 5239.15 -9.00 118 8-May-13 6069.30 25.75119 3-May-12 5188.40 -50.75 119 9-May-13 6050.15 -19.15120 4-May-12 5086.85 -101.55 120 10-May-13 6094.75 44.60121 7-May-12 5114.15 27.30 121 11-May-13 6107.25 12.50122 8-May-12 4999.95 -114.20 122 13-May-13 5980.45 -126.80123 9-May-12 4974.80 -25.15 123 14-May-13 5995.40 14.95124 10-May-12 4965.70 -9.10 124 15-May-13 6146.75 151.35125 11-May-12 4928.90 -36.80 125 16-May-13 6169.90 23.15126 14-May-12 4907.80 -21.10 126 17-May-13 6187.30 17.40127 15-May-12 4942.80 35.00 127 20-May-13 6156.90 -30.40128 16-May-12 4858.25 -84.55 128 21-May-13 6114.10 -42.80129 17-May-12 4870.20 11.95 129 22-May-13 6094.50 -19.60130 18-May-12 4891.45 21.25 130 23-May-13 5967.05 -127.45131 21-May-12 4906.05 14.60 131 24-May-13 5983.55 16.50132 22-May-12 4860.50 -45.55 132 27-May-13 6083.15 99.60133 23-May-12 4835.65 -24.85 133 28-May-13 6111.25 28.10

134 24-May-12 4921.40 85.75 134 29-May-13 6104.30 -6.95135 25-May-12 4920.40 -1.00 135 30-May-13 6124.05 19.75136 28-May-12 4985.65 65.25 136 31-May-13 5985.95 -138.10137 29-May-12 4990.10 4.45 137 3-Jun-13 5939.30 -46.65138 30-May-12 4950.75 -39.35 138 4-Jun-13 5919.45 -19.85139 31-May-12 4924.25 -26.50 139 5-Jun-13 5923.85 4.40140 1-Jun-12 4841.60 -82.65 140 6-Jun-13 5921.40 -2.45141 4-Jun-12 4848.15 6.55 141 7-Jun-13 5881.00 -40.40142 5-Jun-12 4863.30 15.15 142 10-Jun-13 5878.00 -3.00143 6-Jun-12 4997.10 133.80 143 11-Jun-13 5788.80 -89.20144 7-Jun-12 5049.65 52.55 144 12-Jun-13 5760.20 -28.60145 8-Jun-12 5068.35 18.70 145 13-Jun-13 5699.10 -61.10146 11-Jun-12 5054.10 -14.25 146 14-Jun-13 5808.40 109.30147 12-Jun-12 5115.90 61.80 147 17-Jun-13 5850.05 41.65148 13-Jun-12 5121.45 5.55 148 18-Jun-13 5813.60 -36.45149 14-Jun-12 5054.75 -66.70 149 19-Jun-13 5822.25 8.65150 15-Jun-12 5139.05 84.30 150 20-Jun-13 5655.90 -166.35151 18-Jun-12 5064.25 -74.80 151 21-Jun-13 5667.65 11.75152 19-Jun-12 5103.85 39.60 152 24-Jun-13 5590.25 -77.40153 20-Jun-12 5120.55 16.70 153 25-Jun-13 5609.10 18.85154 21-Jun-12 5165.00 44.45 154 26-Jun-13 5588.70 -20.40155 22-Jun-12 5146.05 -18.95 155 27-Jun-13 5682.35 93.65156 25-Jun-12 5114.65 -31.40 156 28-Jun-13 5842.20 159.85157 26-Jun-12 5120.80 6.15 157 1-Jul-13 5898.85 56.65158 27-Jun-12 5141.90 21.10 158 2-Jul-13 5857.55 -41.30159 28-Jun-12 5149.15 7.25 159 3-Jul-13 5770.90 -86.65160 29-Jun-12 5278.90 129.75 160 4-Jul-13 5836.95 66.05161 2-Jul-12 5278.60 -0.30 161 5-Jul-13 5867.90 30.95162 3-Jul-12 5287.95 9.35 162 8-Jul-13 5811.55 -56.35163 4-Jul-12 5302.55 14.60 163 9-Jul-13 5859.00 47.45164 5-Jul-12 5327.30 24.75 164 10-Jul-13 5816.70 -42.30165 6-Jul-12 5316.95 -10.35 165 11-Jul-13 5935.10 118.40166 9-Jul-12 5275.15 -41.80 166 12-Jul-13 6009.00 73.90167 10-Jul-12 5345.35 70.20 167 15-Jul-13 6030.80 21.80168 11-Jul-12 5306.30 -39.05 168 16-Jul-13 5955.25 -75.55169 12-Jul-12 5235.25 -71.05 169 17-Jul-13 5973.30 18.05170 13-Jul-12 5227.25 -8.00 170 18-Jul-13 6038.05 64.75171 16-Jul-12 5197.25 -30.00 171 19-Jul-13 6029.20 -8.85172 17-Jul-12 5192.85 -4.40 172 22-Jul-13 6031.80 2.60173 18-Jul-12 5216.30 23.45 173 23-Jul-13 6077.80 46.00174 19-Jul-12 5242.70 26.40 174 24-Jul-13 5990.50 -87.30175 20-Jul-12 5205.10 -37.60 175 25-Jul-13 5907.50 -83.00176 23-Jul-12 5117.95 -87.15 176 26-Jul-13 5886.20 -21.30177 24-Jul-12 5128.20 10.25 177 29-Jul-13 5831.65 -54.55178 25-Jul-12 5109.60 -18.60 178 30-Jul-13 5755.05 -76.60

179 26-Jul-12 5043.00 -66.60 179 31-Jul-13 5742.00 -13.05180 27-Jul-12 5099.85 56.85 180 1-Aug-13 5727.85 -14.15181 30-Jul-12 5199.80 99.95 181 2-Aug-13 5677.90 -49.95182 31-Jul-12 5229.00 29.20 182 5-Aug-13 5685.40 7.50183 1-Aug-12 5240.50 11.50 183 6-Aug-13 5542.25 -143.15184 2-Aug-12 5227.75 -12.75 184 7-Aug-13 5519.10 -23.15185 3-Aug-12 5215.70 -12.05 185 8-Aug-13 5565.65 46.55186 6-Aug-12 5282.55 66.85 186 12-Aug-13 5612.40 46.75187 7-Aug-12 5336.70 54.15 187 13-Aug-13 5699.30 86.90188 8-Aug-12 5338.00 1.30 188 14-Aug-13 5742.30 43.00189 9-Aug-12 5322.95 -15.05 189 16-Aug-13 5507.85 -234.45190 10-Aug-12 5320.40 -2.55 190 19-Aug-13 5414.75 -93.10191 13-Aug-12 5347.90 27.50 191 20-Aug-13 5401.45 -13.30192 14-Aug-12 5380.35 32.45 192 21-Aug-13 5302.55 -98.90193 16-Aug-12 5362.95 -17.40 193 22-Aug-13 5408.45 105.90194 17-Aug-12 5366.30 3.35 194 23-Aug-13 5471.75 63.30195 21-Aug-12 5421.00 54.70 195 26-Aug-13 5476.50 4.75196 22-Aug-12 5412.85 -8.15 196 27-Aug-13 5287.45 -189.05197 23-Aug-12 5415.35 2.50 197 28-Aug-13 5285.00 -2.45198 24-Aug-12 5386.70 -28.65 198 29-Aug-13 5409.05 124.05199 27-Aug-12 5350.25 -36.45 199 30-Aug-13 5471.80 62.75200 28-Aug-12 5334.60 -15.65 200 2-Sep-13 5550.75 78.95201 29-Aug-12 5287.80 -46.80 201 3-Sep-13 5341.45 -209.30202 30-Aug-12 5315.05 27.25 202 4-Sep-13 5448.10 106.65203 31-Aug-12 5258.50 -56.55 203 5-Sep-13 5592.95 144.85204 3-Sep-12 5253.75 -4.75 204 6-Sep-13 5680.40 87.45205 4-Sep-12 5274.00 20.25 205 10-Sep-13 5896.75 216.35206 5-Sep-12 5225.70 -48.30 206 11-Sep-13 5913.15 16.40207 6-Sep-12 5238.40 12.70 207 12-Sep-13 5850.70 -62.45208 7-Sep-12 5342.10 103.70 208 13-Sep-13 5850.60 -0.10209 8-Sep-12 5358.70 16.60 209 16-Sep-13 5840.55 -10.05210 10-Sep-12 5363.45 4.75 210 17-Sep-13 5850.20 9.65211 11-Sep-12 5390.00 26.55 211 18-Sep-13 5899.45 49.25212 12-Sep-12 5431.00 41.00 212 19-Sep-13 6115.55 216.10213 13-Sep-12 5435.35 4.35 213 20-Sep-13 6012.10 -103.45214 14-Sep-12 5577.65 142.30 214 23-Sep-13 5889.75 -122.35215 17-Sep-12 5610.00 32.35 215 24-Sep-13 5892.45 2.70216 18-Sep-12 5600.05 -9.95 216 25-Sep-13 5873.85 -18.60217 20-Sep-12 5554.25 -45.80 217 26-Sep-13 5882.25 8.40218 21-Sep-12 5691.15 136.90 218 27-Sep-13 5833.20 -49.05219 24-Sep-12 5669.60 -21.55 219 30-Sep-13 5735.30 -97.90220 25-Sep-12 5673.90 4.30 220 1-Oct-13 5780.05 44.75221 26-Sep-12 5663.45 -10.45 221 3-Oct-13 5909.70 129.65222 27-Sep-12 5649.50 -13.95 222 4-Oct-13 5907.30 -2.40223 28-Sep-12 5703.30 53.80 223 7-Oct-13 5906.15 -1.15

224 1-Oct-12 5718.80 15.50 224 8-Oct-13 5928.40 22.25225 3-Oct-12 5731.25 12.45 225 9-Oct-13 6007.45 79.05226 4-Oct-12 5787.60 56.35 226 10-Oct-13 6020.95 13.50227 5-Oct-12 5746.95 -40.65 227 11-Oct-13 6096.20 75.25228 8-Oct-12 5676.00 -70.95 228 14-Oct-13 6112.70 16.50229 9-Oct-12 5704.60 28.60 229 15-Oct-13 6089.05 -23.65230 10-Oct-12 5652.15 -52.45 230 17-Oct-13 6045.85 -43.20231 11-Oct-12 5708.05 55.90 231 18-Oct-13 6189.35 143.50232 12-Oct-12 5676.05 -32.00 232 21-Oct-13 6204.95 15.60233 15-Oct-12 5687.25 11.20 233 22-Oct-13 6202.80 -2.15234 16-Oct-12 5648.00 -39.25 234 23-Oct-13 6178.35 -24.45235 17-Oct-12 5660.25 12.25 235 24-Oct-13 6164.35 -14.00236 18-Oct-12 5718.70 58.45 236 25-Oct-13 6144.90 -19.45237 19-Oct-12 5684.25 -34.45 237 28-Oct-13 6101.10 -43.80238 22-Oct-12 5717.15 32.90 238 29-Oct-13 6220.90 119.80239 23-Oct-12 5691.40 -25.75 239 30-Oct-13 6251.70 30.80240 25-Oct-12 5705.30 13.90 240 31-Oct-13 6299.15 47.45241 26-Oct-12 5664.30 -41.00 241 1-Nov-13 6307.20 8.05242 29-Oct-12 5665.60 1.30 242 3-Nov-13 6317.35 10.15243 30-Oct-12 5597.90 -67.70 243 5-Nov-13 6253.15 -64.20244 31-Oct-12 5619.70 21.80 244 6-Nov-13 6215.15 -38.00245 1-Nov-12 5645.05 25.35 245 7-Nov-13 6187.25 -27.90246 2-Nov-12 5697.70 52.65 246 8-Nov-13 6140.75 -46.50247 5-Nov-12 5704.20 6.50 247 11-Nov-13 6078.80 -61.95248 6-Nov-12 5724.40 20.20 248 12-Nov-13 6018.05 -60.75249 7-Nov-12 5760.10 35.70 249 13-Nov-13 5989.60 -28.45250 8-Nov-12 5738.75 -21.35 250 14-Nov-13 6056.15 66.55251 9-Nov-12 5686.25 -52.50 15-Nov-13 0.00 6056.15252 12-Nov-12 5683.70 -2.55 15.75%253 13-Nov-12 5666.95 -16.75

14-Nov-12 0.00 5666.9524.31%

Note:- a. XIRR formula used to get Market Return (Rm) for 1 yearb. Beta is Calculated for two years separately because we have 2 years data such as NOPAT,

PAT for both the year different