Date

SENSEX Adj Close

Monthly Return (S)
1+(S)
1/2/2009
9424.24
2/2/2009
8891.61
-5.65%
3/2/2009
9708.5
9.19%
4/1/2009
11403.25
17.46%
5/4/2009
14625.25
28.26%
6/1/2009
14493.84
-0.90%
7/1/2009
15670.31
8.12%
8/3/2009
15666.64
-0.02%
9/1/2009
17126.84
9.32%
10/1/2009
15896.28
-7.18%
11/3/2009
16926.22
6.48%
12/1/2009
17464.81
3.18%
1/4/2010
16357.96
-6.34%
2/1/2010
16429.55
0.44%
3/2/2010
17527.77
6.68%
4/1/2010
17558.71
0.18%
5/3/2010
16944.63
-3.50%
6/1/2010
17700.9
4.46%
7/1/2010
17868.29
0.95%
8/2/2010
17971.12
0.58%
9/1/2010
20069.12
11.67%
10/1/2010
20032.34
-0.18%
11/1/2010
19521.25
-2.55%
12/1/2010
20509.09
5.06%
1/3/2011
18327.76
-10.64%
2/1/2011
17823.4
-2.75%
3/1/2011
19445.22
9.10%
4/1/2011
19135.96
-1.59%
5/2/2011
18503.28
-3.31%
6/1/2011
18845.87
1.85%
7/1/2011
18197.2
-3.44%
8/1/2011
16676.75
-8.36%
9/2/2011
16453.76
-1.34%
10/3/2011
17705.01
7.60%
11/1/2011
16123.46
-8.93%
12/1/2011
15454.92
-4.15%
1/2/2012
17193.55
11.25%
2/1/2012
17752.68
3.25%
3/1/2012
17404.2
-1.96%
4/2/2012
17318.81
-0.49%
5/2/2012
16218.53
-6.35%
6/1/2012
17429.98
7.47%
7/2/2012
17236.18
-1.11%
8/1/2012
17380.75
0.84%
9/3/2012
18762.74
7.95%
10/1/2012
18505.38
-1.37%

(S-S')
94.35%
109.19%
117.46%
128.26%
99.10%
108.12%
99.98%
109.32%
92.82%
106.48%
103.18%
93.66%
100.44%
106.68%
100.18%
96.50%
104.46%
100.95%
100.58%
111.67%
99.82%
97.45%
105.06%
89.36%
97.25%
109.10%
98.41%
96.69%
101.85%
96.56%
91.64%
98.66%
107.60%
91.07%
95.85%
111.25%
103.25%
98.04%
99.51%
93.65%
107.47%
98.89%
100.84%
107.95%
98.63%

(S-S')^2
-7.16%
7.68%
15.95%
26.75%
-2.41%
6.61%
-1.53%
7.81%
-8.69%
4.97%
1.67%
-7.85%
-1.07%
5.18%
-1.33%
-5.01%
2.95%
-0.56%
-0.93%
10.17%
-1.69%
-4.06%
3.55%
-12.14%
-4.26%
7.59%
-3.10%
-4.81%
0.34%
-4.95%
-9.86%
-2.85%
6.10%
-10.44%
-5.65%
9.74%
1.74%
-3.47%
-2.00%
-7.86%
5.96%
-2.62%
-0.67%
6.44%
-2.88%

0.51%
0.59%
2.54%
7.15%
0.06%
0.44%
0.02%
0.61%
0.76%
0.25%
0.03%
0.62%
0.01%
0.27%
0.02%
0.25%
0.09%
0.00%
0.01%
1.03%
0.03%
0.16%
0.13%
1.47%
0.18%
0.58%
0.10%
0.23%
0.00%
0.25%
0.97%
0.08%
0.37%
1.09%
0.32%
0.95%
0.03%
0.12%
0.04%
0.62%
0.36%
0.07%
0.00%
0.42%
0.08%

11/1/2012
12/3/2012
1/2/2013
2/1/2013
3/1/2013
4/1/2013
5/2/2013
6/3/2013
7/1/2013
8/1/2013
9/2/2013
10/1/2013
11/1/2013
12/2/2013
1/1/2014

19339.9
19426.71
19894.98
18861.54
18835.77
19504.18
19760.3
19395.81
19345.7
18619.72
19379.77
21164.52
20791.93
21170.68
20513.85

4.51%
0.45%
2.41%
-5.19%
-0.14%
3.55%
1.31%
-1.84%
-0.26%
-3.75%
4.08%
9.21%
-1.76%
1.82%
-3.10%

SENSEX
Arithematic Mean
Standard Deviation

104.51%
100.45%
102.41%
94.81%
99.86%
103.55%
101.31%
98.16%
99.74%
96.25%
104.08%
109.21%
98.24%
101.82%
96.90%

3.00%
-1.06%
0.90%
-6.70%
-1.65%
2.04%
-0.20%
-3.35%
-1.77%
-5.26%
2.57%
7.70%
-3.27%
0.31%
-4.61%

0.09%
0.01%
0.01%
0.45%
0.03%
0.04%
0.00%
0.11%
0.03%
0.28%
0.07%
0.59%
0.11%
0.00%
0.21%
25.93%

TATA MOTORS
0.015084838
0.07529409
0.066292582
0.561859469

Covariance
Corelation

0.005254692
0.141076471

Market Variance
BETA

0.004394706
1.195686579

SUMMARY OUTPUT
Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.141675866
0.020072051
0.003176741
0.558593009
60

ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

SS
0.370694883
18.0975167
18.46821158

MS
F
0.370694883 1.188025054
0.31202615

Coefficients
Standard Error
0.108454048
0.073988322
1.195686579
1.096994765

t Stat
P-value
1.465826578 0.14809623
1.08996562 0.280236106

1
58
59

SUMMARY OUTPUT with rfr

Regression Statistics
Multiple R
R Square
Adjusted R Square
Standard Error
Observations

0.141278166
0.01995952
0.003062271
0.558605513
60

ANOVA
df
Regression
Residual
Total

Intercept
X Variable 1

SS
0.368590816
18.09832689
18.46691771

MS
F
0.368590816 1.181228932
0.312040119

Coefficients
Standard Error
0.109685506
0.072814531
1.186645174
1.091827024

t Stat
P-value
1.506368366 0.137400001
1.086843564 0.281602174

1
58
59

Rfr 3 Month T-Bills

0.34%
0.34%
0.34%
0.48%
0.48%
0.48%
0.26%
0.26%
0.26%
0.28%
0.28%
0.28%
0.28%
0.28%
0.28%
0.53%
0.53%
0.53%
0.57%
0.57%
0.57%
0.63%
0.63%
0.63%
0.64%
0.64%
0.64%
0.69%
0.69%
0.69%
0.70%
0.70%
0.70%
0.72%
0.72%
0.72%
0.70%
0.70%
0.70%
0.67%
0.67%
0.67%
0.69%
0.69%
0.69%
0.66%

(S-S')(T-T')

(S-Rfr)
0.005391197
0.009952053
0.042822209
0.084346105
0.005074036
0.024588721
-0.002673299
0.010423851
0.010412459
0.004696059
0.00206972
0.015619504
0.000548589
-0.000653767
-0.001058872
0.010532184
-0.001304021
-6.63203E-05
-0.002065099
0.001407511
0.000314209
0.000340306
-0.000691563
0.023835678
0.005675453
0.005912182
0.002785168
0.008979836
-0.000568822
0.000881172
0.028504755
-0.118485255
0.01194924
0.021542832
0.002305044
0.028264547
0.000634166
0.001985756
-0.001471271
0.026656931
-0.002224632
0.00328116
0.00027144
0.004436985
0.003546626

-6.00%
8.84%
16.97%
27.77%
-1.38%
7.86%
-0.28%
9.07%
-7.46%
6.20%
2.90%
-6.61%
0.16%
6.41%
-0.36%
-4.03%
3.93%
0.38%
0.01%
11.11%
-0.81%
-3.18%
4.43%
-11.27%
-3.39%
8.46%
-2.28%
-4.00%
1.16%
-4.14%
-9.06%
-2.04%
6.89%
-9.65%
-4.86%
10.54%
2.55%
-2.67%
-1.16%
-7.02%
6.80%
-1.81%
0.15%
7.26%
-2.03%

(T-Rfr)
-0.34%
20.15%
33.90%
38.58%
-14.03%
44.48%
24.72%
20.62%
-4.73%
16.70%
19.62%
-12.65%
2.13%
5.99%
14.94%
-14.04%
2.58%
8.14%
29.09%
8.34%
5.04%
6.06%
4.95%
-12.74%
-6.43%
14.68%
-2.15%
-11.81%
-9.74%
5.05%
-22.07%
423.21%
26.41%
-13.82%
2.74%
35.84%
10.46%
1.10%
14.22%
-27.05%
3.13%
-5.69%
2.78%
13.72%
-5.44%

0.66%
0.66%
0.64%
0.64%
0.64%
0.67%
0.67%
0.67%
0.75%
0.75%
0.75%
0.73%
0.71%
0.71%
0.71%

5.05308E-05
-0.000676067
-0.0010948
0.007431546
0.002274862
0.000748259
5.57869E-05
0.005947365
0.000635093
0.00248557
0.000961471
0.005289001
0.000879293
-0.000410174
0.006724299
0.3100268

3.85%
-0.21%
1.77%
-5.83%
-0.77%
2.88%
0.65%
-2.51%
-1.01%
-4.50%
3.33%
8.48%
-2.47%
1.11%
-3.82%

7.04%
13.25%
-5.24%
-4.19%
-6.93%
10.53%
4.01%
-10.87%
3.18%
2.05%
10.51%
13.66%
4.13%
-6.28%
-7.77%

Significance F
0.280236106

Lower 95%
-0.039649668
-1.000187004

Upper 95%
Lower 95.0% Upper 95.0%
0.256557764 -0.03964967 0.256557764
3.391560162
-1.000187 3.391560162

Significance F
0.281602174

Lower 95%
-0.036068612
-0.998884053

Upper 95%
Lower 95.0% Upper 95.0%
0.255439624 -0.03606861 0.255439624
3.372174401 -0.99888405 3.372174401

Monthly Return
1+Monthly Return
Date
Adj Close
1/1/2009
28.08
2/2/2009
28.24
0.57%
100.57%
3/2/2009
32.53
15.19%
115.19%
4/1/2009
44.11
35.60%
135.60%
5/1/2009
56.65
28.43%
128.43%
6/1/2009
67.45
19.06%
119.06%
7/1/2009
79.65
18.09%
118.09%
8/3/2009
84.72
6.37%
106.37%
9/1/2009
578.3
582.60%
682.60%
10/1/2009
630.17
8.97%
108.97%
11/2/2009
675.69
7.22%
107.22%
12/1/2009
692.86
2.54%
102.54%
1/1/2010
619.24
-10.63%
89.37%
2/1/2010
623.42
0.68%
100.68%
3/2/2010
691.19
10.87%
110.87%
4/1/2010
731.99
5.90%
105.90%
5/3/2010
642.47
-12.23%
87.77%
6/1/2010
614.37
-4.37%
95.63%
7/1/2010
613.34
-0.17%
99.83%
8/2/2010
674.46
9.97%
109.97%
9/1/2010
697.43
3.41%
103.41%
10/1/2010
687.13
-1.48%
98.52%
11/1/2010
627.72
-8.65%
91.35%
12/1/2010
703.2
12.02%
112.02%
1/3/2011
654.15
-6.98%
93.02%
2/1/2011
649.81
-0.66%
99.34%
3/1/2011
688.8
6.00%
106.00%
4/1/2011
644.04
-6.50%
93.50%
5/2/2011
640.44
-0.56%
99.44%
6/1/2011
642.02
0.25%
100.25%
7/1/2011
578.13
-9.95%
90.05%
8/1/2011
512.22
-11.40%
88.60%
9/2/2011
499.45
-2.49%
97.51%
10/3/2011
556.26
11.37%
111.37%
11/1/2011
496.98
-10.66%
89.34%
12/1/2011
447.99
-9.86%
90.14%
1/2/2012
536.18
19.69%
119.69%
2/1/2012
577.56
7.72%
107.72%
3/1/2012
538.85
-6.70%
93.30%
4/2/2012
497.03
-7.76%
92.24%
5/1/2012
436.47
-12.18%
87.82%
6/1/2012
464.21
6.36%
106.36%
7/2/2012
394.25
-15.07%
84.93%
8/1/2012
348.33
-11.65%
88.35%

X-X'
-0.0314314
0.11478277
0.31884969
0.24715987
0.1535149
0.14374531
0.02652407
5.7888857
0.05256452
0.03510507
-0.0117183
-0.1433846
-0.0303792
0.0715774
0.02189922
-0.1594262
-0.0808669
-0.0388059
0.06252168
-0.0030725
-0.0518979
-0.1235905
0.08311529
-0.106882
-0.043764
0.02287274
-0.102112
-0.0427191
-0.0346624
-0.1366434
-0.1511349
-0.0620601
0.07661571
-0.1436983
-0.1357048
0.15972766
0.04004617
-0.1041527
-0.1147391
-0.1589732
0.02642593
-0.1878371
-0.1536037

(X-X')^2
0.0009879
0.0131751
0.1016651
0.061088
0.0235668
0.0206627
0.0007035
33.511198
0.002763
0.0012324
0.0001373
0.0205592
0.0009229
0.0051233
0.0004796
0.0254167
0.0065394
0.0015059
0.003909
9.44E-06
0.0026934
0.0152746
0.0069082
0.0114238
0.0019153
0.0005232
0.0104269
0.0018249
0.0012015
0.0186714
0.0228418
0.0038515
0.00587
0.0206492
0.0184158
0.0255129
0.0016037
0.0108478
0.0131651
0.0252725
0.0006983
0.0352828
0.0235941

Y-Y'
-0.07945
0.271752
0.135976
0.58421
-0.12311
0.172831
-0.07083
0.053179
-0.03389
0.201813
0.222758
-0.10657
0.029554
0.155381
-0.12932
-0.05584
-0.06069
0.068245
-0.08003
0.100184
-0.04633
-0.0906
0.035239
-0.10884
-0.04792
0.114031
-0.05475
-0.11537
-0.02284
-0.07837
-0.13445
-0.02138
0.070733
-0.27988
0.008992
0.256715
0.02807
-0.08545
0.011135
0.003275
-0.04256
-0.05241
-0.07824

9/3/2012
10/1/2012
11/1/2012
12/3/2012
1/1/2013
2/1/2013
3/1/2013
4/1/2013
5/1/2013
6/3/2013
7/1/2013
8/1/2013
9/2/2013
10/1/2013
11/1/2013
12/2/2013
1/1/2014

Geometric Mean
Standard Deviation

424.63
384.8
399.3
444.5
417.53
346.51
345.82
302.31
282.29
215.84
198.26
220.41
235.45
240.05
257.9
260.95
250.25

21.90%
-9.38%
3.77%
11.32%
-6.07%
-17.01%
-0.20%
-12.58%
-6.62%
-23.54%
-8.14%
11.17%
6.82%
1.95%
7.44%
1.18%
-4.10%

0.03712941
0.762808269

121.90%
90.62%
103.77%
111.32%
93.93%
82.99%
99.80%
87.42%
93.38%
76.46%
91.86%
111.17%
106.82%
101.95%
107.44%
101.18%
95.90%

0.18191575
-0.1309287
0.0005525
0.07606869
-0.0978043
-0.207225
-0.0391207
-0.1629463
-0.1033528
-0.2725256
-0.1185786
0.07459257
0.03110706
-0.0175924
0.0372301
-0.0253031
-0.0781334

0.0330933
0.0171423
3.053E-07
0.0057864
0.0095657
0.0429422
0.0015304
0.0265515
0.0106818
0.0742702
0.0140609
0.0055641
0.0009676
0.0003095
0.0013861
0.0006402
0.0061048
34.330711

Geometric Mean
Standard Deviation

Covariance

SAIL
Tata Motors
Bajaj Motors

0.01537601
0.02046047
0.02347411

Corelation

SAIL
Tata Motors
Bajaj Motors

0.14513187
0.04773891
0.62327217

0.099023
-0.057
0.009014
0.123231
-0.03915
-0.16095
-0.12027
-0.00861
-0.0872
-0.09447
-0.17291
0.117599
0.085156
0.240201
0.104751
0.068854
-0.11443

0.445553
2.642445

(X-X')(Y-Y')
0.002497138
0.031192408
0.04335599
0.144393381
-0.01889997
0.024843642
-0.001878711
0.307845072
-0.001781172
0.007084649
-0.002610361
0.015280418
-0.000897836
0.011121778
-0.002832112
0.008901607
0.004907524
-0.002648309
-0.00500375
-0.000307818
0.002404411
0.011197614
0.002928884
0.011632513
0.002097386
0.002608201
0.005590403
0.004928695
0.000791528
0.010708657
0.020320477
0.001326882
0.005419273
0.0402189
-0.001220241
0.041004523
0.001124109
0.008899808
-0.001277657
-0.000520635
-0.001124785
0.009844167
0.012017406

Z-Z'
-0.07529
0.129606
0.268514
0.315352
-0.2108
0.372074
0.174508
0.133435
-0.11977
0.094476
0.123676
-0.19907
-0.05123
-0.01263
0.079497
-0.2104
-0.04413
0.011783
0.221341
0.013846
-0.01857
-0.00838
-0.01947
-0.19627
-0.13321
0.077885
-0.08988
-0.18651
-0.16582
-0.0178
-0.28898
4.163784
0.196013
-0.20632
-0.04076
0.290155
0.036373
-0.0572
0.073596
-0.33908
-0.03732
-0.12522
-0.04053

(X-X')(Z-Z')
0.002366599
0.0148765
0.0856155
0.077942458
-0.032361476
0.053483941
0.004628671
0.772437431
-0.006295832
0.003316583
-0.001449278
0.028544135
0.001556324
-0.000904087
0.001740924
0.03354334
0.00356896
-0.000457267
0.013838604
-4.25409E-05
0.000963902
0.001035976
-0.001618298
0.020977601
0.005830013
0.001781446
0.009177417
0.007967457
0.005747878
0.002432227
0.043675097
-0.258404867
0.01501764
0.029648396
0.005531619
0.046345717
0.001456613
0.005957789
-0.008444365
0.053904415
-0.0009862
0.023520557
0.006225572

A-A'
0.076124
0.110182
-0.02586
0.5756
-0.08297
0.182622
-0.05689
0.183935
-0.11677
0.073303
0.07311
-0.0429
-0.02439
0.057191
-0.008
0.008105
0.07192
0.070258
-0.03399
1.107288
-0.0207
-0.00871
-0.07086
-0.23936
-0.03363
0.101609
-0.04732
-0.13035
0.026705
-0.00744
0.031961
-0.08072
0.080189
-0.08416
-0.09723
-0.04426
0.074305
-0.11666
-0.08203
-0.11721
-0.01038
-0.00091
-0.0406

(X-X')(A-A')
-0.002392669
0.012646987
-0.008245356
0.142265138
-0.01273763
0.026250994
-0.001508876
1.064778554
-0.006138116
0.002573293
-0.000856725
0.006151569
0.000740935
0.004093549
-0.000175112
-0.001292096
-0.00581595
-0.002726437
-0.002125088
-0.00340218
0.001074175
0.00107681
-0.005889439
0.025582766
0.001471834
0.002324078
0.004831456
0.005568412
-0.000925663
0.001016574
-0.004830451
0.005009236
0.006143715
0.012094012
0.013194154
-0.007069106
0.002975634
0.012150872
0.009412549
0.018632559
-0.000274307
0.000170028
0.006236934

0.018013784
0.007462744
4.9803E-06
0.009374047
0.003829398
0.03335307
0.004704949
0.001402911
0.009012357
0.025744364
0.020503618
0.008772043
0.002648949
-0.004225707
0.003899878
-0.001742227
0.008941137
0.907184381

0.068868 0.012528086 0.085023

-0.12314 0.016122667
-0.0595
0.001684 9.30265E-07 0.014905
0.063803 0.004853397 0.054456
-0.12138
0.01187149
-0.0978
-0.11087 0.022974953 -0.07709
-0.13828 0.005409615
-0.139
0.036677 -0.005976365 -0.00096
-0.02856 0.002951798 -0.08081
-0.17737 0.048338491 0.002639
-0.03595 0.004262325 -0.01531
-0.04724 -0.00352404 -0.09907
0.037361 0.001162183 0.031463
0.068681 -0.001208254 0.021444
-0.0269 -0.001001434 -0.12183
-0.13099 0.003314431 -0.08188
-0.14583 0.011394257 -0.05343
1.207167621

0.015466979
0.007789828
8.23488E-06
0.004142397
0.009565429
0.015974055
0.005437723
0.000155955
0.008351801
-0.00071913
0.001815118
-0.00739
0.000978735
-0.000377252
-0.004535579
0.002071925
0.004174682
1.384972517

Monthly Return
Date
Adj Close
1/1/2009
75.45
2/2/2009
69.25
-8.22%
3/2/2009
87.88
26.90%
4/1/2009
99.59
13.32%
5/1/2009
157.5
58.15%
6/1/2009
137.68
-12.58%
7/1/2009
161.1
17.01%
8/3/2009
149.25
-7.36%
9/1/2009
156.78
5.05%
10/1/2009
151.04
-3.66%
11/2/2009
181.11
19.91%
12/1/2009
220.96
22.00%
1/1/2010
196.81
-10.93%
2/1/2010
202.09
2.68%
3/1/2010
232.94
15.27%
4/1/2010
202.18
-13.21%
5/3/2010
190.34
-5.86%
6/1/2010
178.27
-6.34%
7/1/2010
189.95
6.55%
8/2/2010
174.23
-8.28%
9/1/2010
191.21
9.75%
10/1/2010
181.83
-4.91%
11/1/2010
164.86
-9.33%
12/1/2010
170.22
3.25%
1/3/2011
151.23
-11.16%
2/1/2011
143.57
-5.07%
3/1/2011
159.55
11.13%
4/1/2011
150.38
-5.75%
5/2/2011
132.62
-11.81%
6/1/2011
129.23
-2.56%
7/1/2011
118.75
-8.11%
8/1/2011
102.46
-13.72%
9/2/2011
99.99
-2.41%
10/3/2011
106.79
6.80%
11/1/2011
76.61
-28.26%
12/1/2011
77.09
0.63%
1/2/2012
96.67
25.40%
2/1/2012
99.12
2.53%
3/1/2012
90.38
-8.82%
4/2/2012
91.14
0.84%
5/1/2012
91.19
0.05%
6/1/2012
87.06
-4.53%
7/2/2012
82.26
-5.51%
8/1/2012
75.6
-8.10%
9/3/2012
82.88
9.63%
10/1/2012
77.93
-5.97%

1+Monthly Return
91.78%
126.90%
113.32%
158.15%
87.42%
117.01%
92.64%
105.05%
96.34%
119.91%
122.00%
89.07%
102.68%
115.27%
86.79%
94.14%
93.66%
106.55%
91.72%
109.75%
95.09%
90.67%
103.25%
88.84%
94.93%
111.13%
94.25%
88.19%
97.44%
91.89%
86.28%
97.59%
106.80%
71.74%
100.63%
125.40%
102.53%
91.18%
100.84%
100.05%
95.47%
94.49%
91.90%
109.63%
94.03%

X-X'
-0.0794472
0.27175165
0.13597627
0.58421046
-0.1231149
0.17283097
-0.0708304
0.05317864
-0.0338854
0.20181271
0.2227584
-0.1065694
0.02955428
0.15538114
-0.1293248
-0.0558353
-0.0606865
0.06824497
-0.0800322
0.10018376
-0.0463296
-0.0906026
0.03523881
-0.1088351
-0.0479249
0.11403097
-0.0547478
-0.1153744
-0.0228354
-0.0783693
-0.1344526
-0.0213806
0.07073318
-0.2798844
0.00899188
0.25671522
0.02807033
-0.0854496
0.01113532
0.00327499
-0.0425637
-0.052408
-0.0782364
0.09902268
-0.0569985

(X-X')^2
0.0063119
0.073849
0.0184895
0.3413019
0.0151573
0.0298705
0.0050169
0.002828
0.0011482
0.0407284
0.0496213
0.011357
0.0008735
0.0241433
0.0167249
0.0031176
0.0036828
0.0046574
0.0064052
0.0100368
0.0021464
0.0082088
0.0012418
0.0118451
0.0022968
0.0130031
0.0029973
0.0133113
0.0005215
0.0061418
0.0180775
0.0004571
0.0050032
0.0783353
8.085E-05
0.0659027
0.0007879
0.0073016
0.000124
1.073E-05
0.0018117
0.0027466
0.0061209
0.0098055
0.0032488

Y-Y'
-0.07529
0.129606
0.268514
0.315352
-0.2108
0.372074
0.174508
0.133435
-0.11977
0.094476
0.123676
-0.19907
-0.05123
-0.01263
0.079497
-0.2104
-0.04413
0.011783
0.221341
0.013846
-0.01857
-0.00838
-0.01947
-0.19627
-0.13321
0.077885
-0.08988
-0.18651
-0.16582
-0.0178
-0.28898
4.163784
0.196013
-0.20632
-0.04076
0.290155
0.036373
-0.0572
0.073596
-0.33908
-0.03732
-0.12522
-0.04053
0.068868
-0.12314

11/1/2012
12/3/2012
1/1/2013
2/1/2013
3/1/2013
4/1/2013
5/1/2013
6/3/2013
7/1/2013
8/1/2013
9/2/2013
10/1/2013
11/1/2013
12/2/2013
1/1/2014

Geometric Mean
Standard Deviation

78.42
87.87
84.19
70.41
61.75
61.05
55.56
50.16
41.35
46.1
49.9
61.75
68.05
72.55
64.05

0.63%
12.05%
-4.19%
-16.37%
-12.30%
-1.13%
-8.99%
-9.72%
-17.56%
11.49%
8.24%
23.75%
10.20%
6.61%
-11.72%

-0.002726379
0.138888202

100.63%
112.05%
95.81%
83.63%
87.70%
98.87%
91.01%
90.28%
82.44%
111.49%
108.24%
123.75%
110.20%
106.61%
88.28%

0.00901407
0.12323135
-0.0391537
-0.160951
-0.1202675
-0.0086097
-0.0871999
-0.0944658
-0.1729116
0.11759941
0.08515588
0.24020133
0.10475067
0.06885423
-0.1144342

8.125E-05
0.015186
0.001533
0.0259052
0.0144643
7.413E-05
0.0076038
0.0089238
0.0298984
0.0138296
0.0072515
0.0576967
0.0109727
0.0047409
0.0130952
1.138106

Geometric Mean
Standard Deviation

Covariance

Tata Motors
Bajaj Motors

0.01170715
0.011942

Corelation

Tata Motors
Bajaj Motors

0.1500231
1.74146814

0.001684
0.063803
-0.12138
-0.11087
-0.13828
0.036677
-0.02856
-0.17737
-0.03595
-0.04724
0.037361
0.068681
-0.0269
-0.13099
-0.14583

-0.03272
0.481123

(X-X')(Y-Y')
0.005981908
0.035220559
0.036511487
0.184232173
0.025953048
0.064305967
-0.012360494
0.007095869
0.004058574
0.019066438
0.027549857
0.021215186
-0.001514064
-0.001962604
-0.010280941
0.011747773
0.002678323
0.000804161
-0.017714406
0.001387099
0.000860482
0.00075946
-0.000686118
0.021360946
0.006384316
0.008881314
0.00492051
0.02151825
0.003786671
0.001394959
0.038854219
-0.089024156
0.01386459
0.057746843
-0.000366528
0.074487104
0.001021012
0.004887922
0.000819517
-0.001110478
0.001588451
0.00656242
0.003170929
0.006819446
0.007018844

Z-Z'
0.076124
0.110182
-0.02586
0.5756
-0.08297
0.182622
-0.05689
0.183935
-0.11677
0.073303
0.07311
-0.0429
-0.02439
0.057191
-0.008
0.008105
0.07192
0.070258
-0.03399
1.107288
-0.0207
-0.00871
-0.07086
-0.23936
-0.03363
0.101609
-0.04732
-0.13035
0.026705
-0.00744
0.031961
-0.08072
0.080189
-0.08416
-0.09723
-0.04426
0.074305
-0.11666
-0.08203
-0.11721
-0.01038
-0.00091
-0.0406
0.085023
-0.0595

(X-X')(Z-Z')
-0.006047804
0.029942121
-0.003516305
0.336271351
0.010215243
0.031562662
0.004029332
0.009781412
0.003956903
0.014793397
0.016285794
0.004572102
-0.000720816
0.008886328
0.001034117
-0.000452527
-0.004364574
0.004794774
0.002720265
0.110932242
0.000958923
0.000789395
-0.002496976
0.026050265
0.001611772
0.011586577
0.002590405
0.015038987
-0.000609822
0.000583037
-0.004297264
0.001725753
0.005672002
0.023555777
-0.000874252
-0.011361508
0.002085768
0.009968885
-0.000913479
-0.000383847
0.00044182
4.74392E-05
0.003176716
0.008419181
0.003391225

1.51773E-05
0.007862509
0.004752473
0.017844578
0.01663061
-0.000315775
0.002490465
0.016755622
0.00621533
-0.005555848
0.003181487
0.01649718
-0.002817637
-0.009019148
0.016688026
0.690721885

0.014905
0.054456
-0.0978
-0.07709
-0.139
-0.00096
-0.08081
0.002639
-0.01531
-0.09907
0.031463
0.021444
-0.12183
-0.08188
-0.05343

0.000134352
0.006710688
0.003829295
0.012407001
0.01671702
8.24026E-06
0.007046506
-0.000249273
0.002646808
-0.011650753
0.002679297
0.005150898
-0.012761313
-0.005638072
0.006114238
0.704577733

Monthly Return
1+Monthly Return
Date
Adj Close
X-X'
(X-X')^2
Y-Y'
1/6/2009
4.49
2/2/2009
4.49
0.00%
100.00%
-7.53% 0.0056692 0.076124
3/2/2009
5.41
20.49%
120.49%
12.96% 0.0167976 0.110182
4/1/2009
7.27
34.38%
134.38%
26.85% 0.0720996 -0.02586
5/1/2009
10.11
39.06%
139.06%
31.54% 0.0994471
0.5756
6/1/2009
8.74
-13.55%
86.45%
-21.08% 0.0444381 -0.08297
7/1/2009
12.65
44.74%
144.74%
37.21% 0.1384393 0.182622
8/3/2009
15.81
24.98%
124.98%
17.45% 0.0304531 -0.05689
9/1/2009
19.11
20.87%
120.87%
13.34% 0.0178048 0.183935
10/1/2009
18.26
-4.45%
95.55%
-11.98% 0.0143457 -0.11677
11/2/2009
21.36
16.98%
116.98%
9.45% 0.0089257 0.073303
12/1/2009
25.61
19.90%
119.90%
12.37% 0.0152957 0.07311
1/1/2010
22.44
-12.38%
87.62%
-19.91% 0.0396304
-0.0429
2/1/2010
22.98
2.41%
102.41%
-5.12% 0.0026245 -0.02439
3/2/2010
24.42
6.27%
106.27%
-1.26% 0.0001595 0.057191
4/1/2010
28.2
15.48%
115.48%
7.95% 0.0063198
-0.008
5/3/2010
24.39
-13.51%
86.49%
-21.04% 0.0442684 0.008105
6/1/2010
25.15
3.12%
103.12%
-4.41% 0.0019478 0.07192
7/1/2010
27.34
8.71%
108.71%
1.18% 0.0001388 0.070258
8/2/2010
35.45
29.66%
129.66%
22.13% 0.0489918 -0.03399
9/1/2010
38.61
8.91%
108.91%
1.38% 0.0001917 1.107288
10/1/2010
40.8
5.67%
105.67%
-1.86% 0.000345
-0.0207
11/1/2010
43.53
6.69%
106.69%
-0.84% 7.026E-05 -0.00871
12/1/2010
45.96
5.58%
105.58%
-1.95% 0.0003791 -0.07086
1/3/2011
40.4
-12.10%
87.90%
-19.63% 0.0385215 -0.23936
2/1/2011
38.06
-5.79%
94.21%
-13.32% 0.0177462 -0.03363
3/1/2011
43.89
15.32%
115.32%
7.79% 0.0060661 0.101609
4/1/2011
43.25
-1.46%
98.54%
-8.99% 0.0080777 -0.04732
5/2/2011
38.44
-11.12%
88.88%
-18.65% 0.0347852 -0.13035
6/1/2011
34.96
-9.05%
90.95%
-16.58% 0.0274979 0.026705
7/1/2011
36.97
5.75%
105.75%
-1.78% 0.0003168 -0.00744
8/1/2011
29.07
-21.37%
78.63%
-28.90% 0.0835099 0.031961
9/2/2011
152.3
423.91%
523.91%
416.38% 17.337097 -0.08072
10/3/2011
193.62
27.13%
127.13%
19.60% 0.0384209 0.080189
11/1/2011
168.25
-13.10%
86.90%
-20.63% 0.0425696 -0.08416
12/1/2011
174.06
3.45%
103.45%
-4.08% 0.0016616 -0.09723
1/2/2012
237.67
36.54%
136.54%
29.02% 0.0841897 -0.04426
2/1/2012
264.21
11.17%
111.17%
3.64% 0.001323 0.074305
3/1/2012
268.99
1.81%
101.81%
-5.72% 0.0032721 -0.11666
4/2/2012
309.04
14.89%
114.89%
7.36% 0.0054164 -0.08203
5/1/2012
227.52
-26.38%
73.62%
-33.91% 0.1149744 -0.11721
6/1/2012
236.16
3.80%
103.80%
-3.73% 0.0013927 -0.01038
7/2/2012
224.37
-4.99%
95.01%
-12.52% 0.0156795 -0.00091
8/1/2012
232.17
3.48%
103.48%
-4.05% 0.0016427
-0.0406
9/3/2012
265.64
14.42%
114.42%
6.89% 0.0047427 0.085023
10/1/2012
252.93
-4.78%
95.22%
-12.31% 0.0151637
-0.0595

11/1/2012
12/3/2012
1/1/2013
2/1/2013
3/1/2013
4/1/2013
5/1/2013
6/3/2013
7/1/2013
8/1/2013
9/2/2013
10/1/2013
11/1/2013
12/2/2013
1/1/2014

Geometric Mean
Standard Deviation

272.4
310.29
295.99
285.46
267.48
297.43
311.33
279.55
290.55
298.7
332.35
380.2
398.6
376.4
349.85

7.70%
13.91%
-4.61%
-3.56%
-6.30%
11.20%
4.67%
-10.21%
3.93%
2.81%
11.27%
14.40%
4.84%
-5.57%
-7.05%

0.07529409
0.561859469

107.70%
113.91%
95.39%
96.44%
93.70%
111.20%
104.67%
89.79%
103.93%
102.81%
111.27%
114.40%
104.84%
94.43%
92.95%

0.17%
6.38%
-12.14%
-11.09%
-13.83%
3.67%
-2.86%
-17.74%
-3.59%
-4.72%
3.74%
6.87%
-2.69%
-13.10%
-14.58%

2.835E-06
0.0040708
0.0147331
0.0122921
0.0191214
0.0013452
0.0008157
0.0314609
0.0012921
0.002232
0.0013958
0.004717
0.0007235
0.0171581
0.0212666
18.625478

Geometric Mean
Standard Deviation

Covariance

Bajaj Motors

0.00377469

Corelation

Bajaj Motors

0.13606831

0.014905
0.054456
-0.0978
-0.07709
-0.139
-0.00096
-0.08081
0.002639
-0.01531
-0.09907
0.031463
0.021444
-0.12183
-0.08188
-0.05343

0.903529
1.946338

(X-X')(Y-Y')
-0.005731651
0.014280205
-0.006943682
0.181516739
0.01749105
0.067948797
-0.009927257
0.024543283
0.0139863
0.006925329
0.009041908
0.00854078
0.001249475
-0.000722368
-0.00063568
-0.001705226
-0.003174104
0.000827884
-0.007523292
0.015330999
0.000384422
7.30329E-05
0.001379655
0.04697799
0.004480174
0.00791383
0.004252507
0.0243112
-0.004428376
0.000132424
-0.009236172
-0.336083488
0.015717992
0.017364746
0.003963176
-0.012841443
0.002702725
0.006673461
-0.006037416
0.039741954
0.000387383
0.000113346
0.001645686
0.005855306
0.007326473

2.50954E-05
0.003474447
0.01187117
0.008546447
0.019220752
-3.51033E-05
0.002307927
-0.000468043
0.000550223
0.004680519
0.001175498
0.001472793
0.003276927
0.010725929
0.007791761
0.222706419

Monthly Return
1+Monthly Return
Date
Adj Close
1/1/2009
105.58
2/2/2009
118.83
12.55%
112.55%
3/2/2009
137.79
15.96%
115.96%
4/1/2009
141.03
2.35%
102.35%
5/4/2009
229.17
62.50%
162.50%
6/1/2009
221.47
-3.36%
96.64%
7/1/2009
272.85
23.20%
123.20%
8/3/2009
270.8
-0.75%
99.25%
9/1/2009
333.98
23.33%
123.33%
10/1/2009
311.47
-6.74%
93.26%
11/3/2009
349.68
12.27%
112.27%
12/1/2009
392.51
12.25%
112.25%
1/1/2010
395.05
0.65%
100.65%
2/1/2010
404.92
2.50%
102.50%
3/2/2010
448.07
10.66%
110.66%
4/1/2010
466.61
4.14%
104.14%
5/3/2010
493.43
5.75%
105.75%
6/1/2010
553.28
12.13%
112.13%
7/1/2010
619.47
11.96%
111.96%
8/2/2010
629
1.54%
101.54%
9/1/2010
1356.54
115.67%
215.67%
10/1/2010
1395.44
2.87%
102.87%
11/1/2010
1452.18
4.07%
104.07%
12/1/2010
1420.98
-2.15%
97.85%
1/3/2011
1151.02
-19.00%
81.00%
2/1/2011
1169.14
1.57%
101.57%
3/1/2011
1345.66
15.10%
115.10%
4/1/2011
1348.43
0.21%
100.21%
5/2/2011
1239.24
-8.10%
91.90%
6/1/2011
1333.52
7.61%
107.61%
7/1/2011
1389.44
4.19%
104.19%
8/1/2011
1502.45
8.13%
108.13%
9/2/2011
1455.36
-3.13%
96.87%
10/3/2011
1643.92
12.96%
112.96%
11/1/2011
1586.73
-3.48%
96.52%
12/1/2011
1510.8
-4.79%
95.21%
1/2/2012
1518.53
0.51%
100.51%
2/1/2012
1706.34
12.37%
112.37%
3/1/2012
1591.52
-6.73%
93.27%
4/2/2012
1539.54
-3.27%
96.73%
5/1/2012
1435.11
-6.78%
93.22%
6/1/2012
1491.07
3.90%
103.90%
7/2/2012
1563.34
4.85%
104.85%
8/1/2012
1577.05
0.88%
100.88%

X-X'
0.076124
0.110182
-0.02586
0.5756
-0.08297
0.182622
-0.05689
0.183935
-0.11677
0.073303
0.07311
-0.0429
-0.02439
0.057191
-0.008
0.008105
0.07192
0.070258
-0.03399
1.107288
-0.0207
-0.00871
-0.07086
-0.23936
-0.03363
0.101609
-0.04732
-0.13035
0.026705
-0.00744
0.031961
-0.08072
0.080189
-0.08416
-0.09723
-0.04426
0.074305
-0.11666
-0.08203
-0.11721
-0.01038
-0.00091
-0.0406

(X-X')^2
0.0057948
0.0121401
0.0006687
0.331315
0.0068846
0.0333506
0.0032361
0.0338321
0.0136359
0.0053733
0.005345
0.0018406
0.0005949
0.0032708
6.394E-05
6.569E-05
0.0051725
0.0049362
0.0011553
1.2260859
0.0004284
7.591E-05
0.005021
0.057291
0.0011311
0.0103244
0.0022387
0.016991
0.0007132
5.535E-05
0.0010215
0.0065151
0.0064302
0.0070833
0.0094531
0.0019587
0.0055212
0.0136105
0.0067296
0.0137372
0.0001077
8.194E-07
0.0016487

9/3/2012
10/1/2012
11/1/2012
12/3/2012
1/1/2013
2/1/2013
3/1/2013
4/1/2013
5/1/2013
6/3/2013
7/1/2013
8/1/2013
9/2/2013
10/1/2013
11/1/2013
12/2/2013
1/1/2014

Geometric Mean
Standard Deviation

1789
1770.89
1884.72
2080.41
1979.66
1924.8
1752.29
1837.13
1779.38
1871.93
1935.7
1839.5
1988.2
2129
1974.75
1910.55
1902.8

13.44%
-1.01%
6.43%
10.38%
-4.84%
-2.77%
-8.96%
4.84%
-3.14%
5.20%
3.41%
-4.97%
8.08%
7.08%
-7.25%
-3.25%
-0.41%

0.049373739
0.049373739

113.44%
98.99%
106.43%
110.38%
95.16%
97.23%
91.04%
104.84%
96.86%
105.20%
103.41%
95.03%
108.08%
107.08%
92.75%
96.75%
99.59%

0.085023
-0.0595
0.014905
0.054456
-0.0978
-0.07709
-0.139
-0.00096
-0.08081
0.002639
-0.01531
-0.09907
0.031463
0.021444
-0.12183
-0.08188
-0.05343

0.0072289
0.0035399
0.0002221
0.0029655
0.0095652
0.0059422
0.0193206
9.16E-07
0.00653
6.963E-06
0.0002343
0.0098152
0.0009899
0.0004598
0.0148415
0.006705
0.0028548
1.9540723

Geometric Mean
Standard Deviation

0.592485
0.171036

Jindal
Sail
TataM
Bajaj

Wa
Wb
Wc
Wd

sigma(P)

0.00%
45.67% 0.01903524
3.02%
51.31%

0.06946

0.4
0.3 0.118137
0.2
0.1

0 0.456667 0.030211 0.513123 *

0.01957376 0.015277 0.016239 0.022545 *

Portfolio Risk
=
Expected Portfolio Return
=

Expected Return
Standard Deviation
Variance
Expected weights

0.25
0.25
0.25
0.25

0.01903524
15%

Jindal
Sail
0.00%
264.24%
698.25%
0.00%

-1.49%
48.11%
23.15%
45.67%

Tata M
Bajaj
2.73%
30.40%
194.63%
17.10%
378.82%
2.93%
3.02%
51.31%

100.00%

0.1
0.2 0.047591
0.3
0.4

Jindal
0.581876
0.015376
0.02046
0.023474

Sail
0.015376
0.01929
0.011707
0.011942

0.581876 0.015376 0.016781 0.023474 *

0.015376 0.01929 0.011258 0.011942
0.016781 0.011258 0.313021 0.003199
0.023474 0.011942 0.003199 0.03312
0
0.456667
0.030211
0.513123

TataM
0.02046
0.011707
0.315686
0.003775

0
0.456667
0.030211
0.513123

Bajaj
0.023474
0.011942
0.003775
0.03312