Equity Analysis of 3 IT Companies

Equity Evaluation of Top 3 IT companies
Preface
The securities market in India has undergone a metamorphosis in the past decade.
The advents of new technologies and widespread awareness among the masses about the
activities of the securities have given new blood to the market, which underwent some bad
phases in the early nineties. The new reforms introduced aftermath of stock scam of 1992,
have brought about a significant transformation in the activities of that securities markets in
India.
Economic growth of any country lies on the basic infrastructure facilities available in
that country but how and by whom is this basic infrastructure provided to the people of the
country? The government of the country, which needs huge funds for it, meets these
infrastructure needs of the people. The government raises funds from the public and other
institutional investors by issuing securities in the form of T-bills, Government securities, etc.
but when the government invites private parties to participate in the infrastructure projects,
these companies too raise funds from the market which comprises individuals, corporates,
institutions etc.in the form of debt or equity. Further, the individuals will also be in need of
long term funds to meet their basic needs of owning an asset. Thus we find that the need for
the long term funds is all pervasive and the parties to the demand and supply of funds are
same. Funds are normally raised in the IPO market through the issue of shares, debentures
and bonds.
In India, though the capital market is denominated by the debt market, equity markets are
more attractive with a lot many participants. The government owned securities market
constitutes the majority of the total capital market of India. The securities market is being
classified in to primary or new issue market, and secondary market. The new issues of both
the government and private corporate sectors are floated in the primary market. The
secondary market provides liquidity to the outstanding securities or existing securities.
Alkesh Dinesh Institute For Finance and Management
Page 1
The securities market no doubt plays a vital role in the distribution of economic prosperity in
a country over the masses when a large number of people invest their surpluses in securities.
The stock market is an integral part of organized capital market.
It facilitates the sale of initial and further issues, and subsequently provides liquidity to the
securities subscribed by the individual and institutional participants. The stock market
provides a place where ownership or creditorship securities are traded. The stock exchange
is a place where industrial securities like shares, debentures and bonds are traded.
In the early eighties, the public awareness of the stock market in India was at a very low
level, and the activities in the stock market confined only to the institutional investors but
the situation changed in the late eighties and the market activity reached its zenith in the
early nineties but the stock market scam of 1992 came as a major blow to the development
of market, and it called for a mammoth effort on the part of the regulatory authorities to
resurrect the lost confidence of the investors. The role of leading regulator of the securities
market in India namely SEBI, is remarkable for a span of few years it has brought about
organized structure of operations. It clearly defines the roles of various participants,
introduced innovative changes to meet their demands and to ensure transparency in the
functioning of the securities market and safety of investors money.
For investment purposes it is very important to know about security markets
especially equity market. Thus the present work involves the study of equity market, about
its evolution and its structure the way the trading takes place and its settlement process and
also evaluating the probable equity prices of top IT Companies namely Wipro, Tata
Consultancy Services, Infosys Technologies, Satyam Computers, and Patni Computers for
the future period. The equity prices will be determined after careful analysis of the Balance
sheets of last five years of all the companies and also by adopting various models.
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CONTENTS
1. Executive Summary
7-13
2. Introduction
14
3. Organization Profile
15-16
4.Stock Market
17-21
5.Global Economy
22-23
6.Indian Economy
24-32
7.IT Industry
33-36
8.Data Analysis
37-69
a) Wipro
37-47
b) Infosys
48-59
c) TCS
60-69
8.Equity Valuation Models
70-81
9. Findings
82-83
10. Recommendations
84
11.Bibilography
85
Annexure
Page 3
1) Ratio formulas
85
2) Beta valuation
86-107
Executive Summary
Equity markets, the world over, grew at a great speed in the decade
of nineties. After bear markets of the late eighties, the world markets saw one of the largest
ever bull markets of more than ten years. The market capitalization of all the listed
companies in the world market increased from US $9,399,659 million in1990 to US
$32,222,750 million in 2000; the market capitalization thus increased to more than 3.4 times
in 10 years. The increase of the market capitalization in the developing countries was even
more marked, with an increase to 4.3 times the market capitalization in 1990. the world
market capitalization as a percentage of the world GDP also increased from 48% in 90 to
105.% in 2000. Thus, the growth of equity market has outpaced the GDP growth of the
world. However due to recession in the world economy, the world market capitalization
decreased to US $27,818,618 million during 2001. The spectacular growth was partly due to
increase in the number of listed companies, which grew from 25,424 in 90 to 45,645 in
2001.
Indian stock markets have turned extremely buoyant with the Sensex, the
bellwether index of the Indian stock markets zooming sky high to a peak of 22000- a feat
which could not have even been imagined by anyone just one year ago. Surprisingly, while
engineering, steel, cement, oil and gas, construction and power among others have shot up
into prominence, the information technology sector the proud mascot of modern resurgent
India have started loosing their shine. If we take the present fiscal year, Sensex has given
return of about 45% since April 2007 till now; IT index has shown a loss of around 6%. So
the present study would be to know the reason for the same and also to know the future
prices of these stocks. Hence Equity Valuation of these companies have been undertaken by
taking in to consideration five years data pertaining to these companies so as to find out the
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reasons and to frame proper strategies for the investors as to what sort of steps should be
taken by them in future.
Design of the study

Title of the study
Equity Valuation of Top Three IT Companies

Objectives of the study
a) To study the performance of three IT Companies namely Wipro, Infosys, TCS.
b) To evaluate the financial performance of these companies through fundamental
analysis by taking in to consideration data of last five years
c). To determine the Equity prices through Equity Valuation Models.
d) To evaluate the prices of these companies.
e) To design strategy for profitable investment in equities which yields maximum
returns.
Scope of the study

a) The study is conducted only on the Equity shares of the company
b) The study covers only top three companies in IT sector
c) Five years (2003-07) data has been taken into consideration for the study
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Need for the study

The knowledge of securities markets, particularly of the equity markets, is essential to
come to grips with the fundamental analysis of a company and the environment surrounding
it- the economy in general and the industry in particular. The global market scenario also
affects the pricing of a companys share or any issue, in todays boundary less world. So,
equity valuation of a company is the need of the hour so as to know the competitiveness of
the company when compared with industry benchmark and with its competitors and also to
predict the future price of the company to know where the company stands which would
help the investor whether or not to hold the scrip for a longer period.
Need for Equity valuation of IT Companies.

Indias information technology services companies, the proud mascot of a
modern, resurgent India, and darling of investing public, have started loosing their appeal.
Their shares have lost their shine and have grossly underperformed inn a buoyant market,
which is scaling newer peaks almost every month. Is it the time to write them off? Or do
they have the talent, resources and infrastructure to overcome the daunting problems that
afflict them now and hit the high-growth path once again. So it is very necessary to know
what the investors should do at this time.
METHODOLOGY OF DATA COLLECTION

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SOURCES OF DATA
PRIMARY DATA
Discussion with the professor
Discussion regarding the IT sector and IT Companies performance
and how equity shares of these companies are performing presently.
SECONDARY DATA
Internet sources
Annual Reports of the companies
Business magazines
CONCEPTUAL DESIGN
Sample unit: Equity shares of the selected companies
Sample size: 5 years financial data of these companies
Sample method: direct.
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FINDINGS
1) The Indian economy is growing very fast. Its contribution to the worlds GDP is
around 7.7%. Next only to China and U.S. This revels the fact that it will have positive
impact on all the industries of the country.
2) The growth of IT Industry has been commendable in the recent past. It has been the
fastest growing industry but the stocks performance revels a different story. The last 16
months performance has been very disappointing. The main reasons being stock
markets high volatility, Rupee appreciation and U.S. slowdown. In such case it can
adopt the following remedies.
3) The fundamental analysis of the companies revels the following
a) The companies are fundamentally very strong. There has been full utilization of
the resources, except for TCS very there was a lack of liquidity in the year
2004
b) The earnings of the companies have been very good.
c) When a comparison is made between the three companies, Infosys stands
fundamentally very strong. it has outperformed in all the aspects be it, the
ROE, EPS, book value and even in terms of liquidity. The company having no
Debt in its capital structure has been earning revenues higher than the revenues
earned by Wipro and TCS.
d) The next company better in terms of fundamentals is TCS. It has performed
better than Wipro in all the aspects of fundamentals.
4) The stock market performance also depicts the same picture. It is Infosys, which is in
the lead followed by TCS and Wipro.
5) The most risky stocks among the three has been TCS share prices having a Beta value
of . 0.91 followed by Wipro which has got beta of 0.79 and Infosys is less riskier as it
has got beta of 0.68
Page 8
The findings from the Equity has reveled the following
Model
Discount Model
Multi Period
Two Stage
Model
Wipro
Rs.605
Rs.731
Rs.1325
TCS
Rs.1508
Rs.1859
Rs.1745
Infosys
Rs.2385
Rs.2843
Rs.1453
The above table shows the expected future equity price of respective shares. It can be
observed from the above table that
1) The Dividend Discount Model, which speaks about the future, expected price is Rs.572 in
case of Wipro. It means that stock will perform better in future compared to its present
value.
2) The generalized Model, which speaks about future, expected price in forthcoming years is
valued at Rs.694. Which is again higher than its previous value of Rs.572.
3) The Multi period model, which indicates the intrinsic value of share in future, is about
Rs.1085 in next 8 years, which will be lower than its share price. It shows a good sign as a
lesser intrinsic value compared to market price indicates that the stock has got great
potential to perform in future and investment in such stock would be profitable.
4) The same can be noticed in case of TCS and Infosys. There market prices going to
Rs.1508 in case of TCS and Rs.2385 in case of Infosys. The intrinsic value of these stocks is
also lesser compared to their market price, indicating better performance in future.
5) A comparison between these stocks reveals that, Infosys shares will perform better
compared to TCS and Infosys. The reason is that the company is fundamentally very strong.
RECOMMENDATION
1) In spite of fall in the value of share prices in the recent past, I would definitely
recommend the investors to invest in these companies. Reasons being the companies
are financially very strong.
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2) The current volatility in the market is due to Rupee appreciation, and
U.S.slowdown but the companies have taken several measures to see that these two
problems are resolved. They have diversified their business and also they have
hedged against the rupee appreciation. So investment in these stocks would not lead
to loss.
3) The recommendation would be to invest for a longer period of time. At least for 5
years as they would yield better returns.
4) As the intrinsic value of all the three stocks are lesser compared to their market
price so the suggestion would be hold the stocks if they have bought or buy the
shares as they will definitely give good returns in the future.
5) If a choice has to be made among the three then it would be better to choose
Infosys as the option, as it is fundamentally very strong company and it has got
higher value in market currently and it will also give better returns in the future
compared to other two stocks.
6) It is advisable for the investor to go through the fundamental of the companies
before investing and avoid investing based on the market sentiments, as they would
be misleading. Investing in a fundamentally strong company for longer period of
time would be a worthy decision.
7) A better Strategy for any investor would be to invest in these companies and not to
trade or speculate because share market is not a casino. And dont panic if the values
of shares are coming down, as it is only temporary.
Equity Valuation
Equity valuation in recent years has become one of the important aspects in
finance field. Today Equity Valuation has received much attention and it is the need of the
hour. Equity Valuation is a way of determining the value of equity share of the company. To
evaluate the equity price of any company the most important steps to be taken are
Page 10

To study the Global Economy: To know the growth of the world economy and
Indias contribution in the worlds GDP.
To study the Indian Economy: To assess the track record of Indian Economy so as to
know at what rate the economy is growing and to see impact of economy on the
industries and particularly to IT sector.
To Study about IT sector: To know how the industry as a whole is performing so as
to assess its impact on the companies. To know where does the industry stands in its
life cycle to know whether the industry is growing or matured, which will tell us
whether the company is performing poorly or the industry itself is stagnated.
To fundamentally assess the companies: to study the performance of the companies
for five years so as to evaluate the performance critically. The fundamental analysis
includes analysis of Balance sheet and Profit and Loss account of these companies
and to calculate the key ratios, which will help in assessing the value anchor, which
gives the expected market price for the next year.
Lastly assessing the equity price of company through Equity Models. The models
used in the study are Dividend Discount Model, Multi period Model, Two stage
Model.
Dividend Discount Model, which is used to assess the market, price of share for the
next year.
Multi Period Model is used to assess the expected market price of share for N
number of years.
Two Stage Model is used to evaluate the intrinsic value of share in future.
This is how the equity is valued. Equity Valuation is becoming increasingly important as
India is operating in global scenario where it becomes important to know what exactly is the
value of company and it is also becoming very important for analysts and also for investor
who would like to know the value of the equity before investing. Equity valuation
Motilal Oswal Securities Ltd

Motilal Oswal Financial Services is a well-diversified financial services group having
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Page 11

Oswal is well suited to handle all your wealth creation and wealth management needs. The
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Motilal Oswal Securities Ltd. (MOSt) is a leading research and advisory based stock
broking house of India, with a dominant position in both institutional equities and wealth
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Motilal Oswal Securities has witnessed rapid organic growth due to favorable market
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Motilal Oswal Securities Ltd. was founded in 1987 as a small sub-broking unit, with just
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The organization finds its strength in its team of young, talented and confident individuals.
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Stock Market
Capital occupies a position so dominant to the economic theory of production and
distribution that it is natural to assume that it should occupy at least an equally important
Page 13

place in the theory and practice of economic growth. The subject whether approached
historically or analytically or from the standpoint of policy, it is the process of capital
accumulation that occupies the front of the stage. It is usually implied that economic growth
and capital accumulation with a high positive and significant correlation and additions to the
stock of capital can provoke and facilitate faster rate of growth even under the circumstances
which can be described as shortage of capital.
Capital market means the market for all the financial instruments, short term and long term
as also commercial, industrial and government paper. The capital market deals with capital.
The capital market is a market where borrowing and lending of long term funds takes place.
Capital markets deal in both debt and equity. The governments both central and state raise
money in the capital market, through the issue of government securities. Capital markets
refer to all the institutes and mechanisms of raising medium and long-term funds, through
various instruments available like shares, debentures, bonds etc.
Corporate both in the private sector as well as in the public sector raise thousands of crores
of rupees in these markets. The government, through Reserve Bank of India, as well as
financial institutions also raises a lot of money from these markets. Example of welldeveloped markets is The Global depository and American depository.
The two important operations carried out are

1) Raising of the new capital
2) Trading in securities issued by the company.
:
The important constituents of capital market are:
1. The stock exchanges
2. Banks
3. The investment trusts and companies
4. Specialized financial institutions or development banks.
5. Mutual funds
6. Post office saving banks
7. Non banking financial institutions
8. International financial investors and institutions.
The supply in this market comes from saving from different sectors of the economy. These
come from the following sources:
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1. Individuals
2. Corporate
3. Governments
4. Foreign countries
5. Banks
6. Provident funds
7. Financial institutions.
Moreover the establishment of National Stock Exchange and Bombay Stock Exchange has
been turning point in the working of capital markets. Even tough BSE is the oldest
exchange in the country the performance of NSE has been commendable. NSE started in the
year 1994 and BSE in 1857.BSE trade for the top thirty companies in India where as NSE
trades for top fifty companies. The establishment time, and number of companies traded
differs so as their indices points and turn over. There has been considerable change in the
percentage change that takes place in these exchanges. They never go parallel. Recently the
RBI has allowed participation of individuals in the government securities markets. This
move is likely to open new avenues for investment to individuals. Moreover the Finance
Ministry has announced the removal of income tax on dividend in the hands of the receiver
and no capital gains tax on investments made in equity after 1.3.03 and held for one year.
.
Page 15

Evolution of Indian Capital Market
The history of the capital market in India dates back to the eighteenth century when
East India Company securities were traded in the country. Until the end of the nineteenth
century, securities trading were unorganized and the main trading centers were Bombay
(now Mumbai) and Calcutta (now Kolkata). Of the two, Bombay was the chief trading
centre wherein bank shares were the major trading stock. During the American Civil War
(1860-61), Bombay was an important source of supply for cotton. Hence, trading activities
flourished during the period, resulting in a boom in share prices. This boom, the first in the
history of the Indian capital market, lasted for a half a decade. The bubble burst on July 1,
1865, when there was tremendous slump in share prices.
Trading was at that time limited to a dozen brokers: their trading place was under a banyan
tree in front of the Town Hall in Bombay. These stockbrokers organized an informal
association in 1875-Native Shares and Stock Brokers Association, Bombay. The stock
exchanges in Calcutta and Ahmadabad, also industrial and trading centers, came up later.
The Bombay Stock Exchange was recognized in May 1927 under the Bombay Securities
Contracts Control Act, 1925.
The capital market was not well organized and developed during the British rule because the
British government was not interested in the economic growth of the country. As a result,
many foreign companies depended on the London capital market for funds rather than on the
Indian capital market.
In the post-independence period also, the size of the capital market remained small. During
the first and second five-year plans, the government's emphasis was on the development of
the agricultural sector and public sector undertakings. The public sector undertakings were
healthier than the private undertakings in terms of paid-up capital but their shares were not
listed on the stock exchanges. Moreover, the Controller of Capital Issues (CCI) closely
supervised and controlled the timing, composition, interest rates, pricing, allotment, and
floatation costs of new issues. These strict regulations demotivated many companies from
going public for almost four and a half decades.
In the 1950s, Century Textiles, Tata Steel, Bombay Dyeing, National Rayon, and Kohinoor
Mills were the favorite scrips of speculators. As speculation became rempant, the stock
market came to be known as 'Satta Bazaar'. Despite speculation, non-payment or defaults
were not very frequent. The government enacted the Securities Contracts (Regulation) Act
in 1956s was also characterized by the establishment of a network for the development of
financial institutions and state financial corporations.
Page 16

The 1960s was characterized by wars and droughts in the country, which led to
bearish trends. These trends were aggravated by the ban in 1969 on forward trading and
'badla', technically called 'contracts for clearing.' 'Badla' provided a mechanism for carrying
forward positions as well as borrowing funds. Financial institutions such as LIC and GIC
helped to revive the sentiment by emerging as the most important group of investors. The
first mutual fund of India, the Unit Trust of India (UTI) came into existence in 1964.
In the 1970s, badla trading was resumed under the disguised form of 'hand-delivery
contracts-A group.' This revived the market. However, the capital market received another
severe setback on July 6, 1974, when the government promulgated the Dividend Restriction
Ordinance, restricting the payment of dividend by companies to 12 per cent of the face value
or one-third of the profits of the companies that can be distributed as computed under
section 369 of the Companies Act, whichever was lower. This led to a slump in market
capitalization at the BSE by about 20 per cent overnight and the stock market did not open
for nearly a fortnight. Later came buoyancy in the stock markets when the multinational
companies (MNCs) were forced to dilute their majority stocks in their Indian ventures in
favour of the Indian public under FERA, 1973. Several MNCs opted out of India.
The 1980s witnessed an explosive growth of the securities market in India, with millions of
investors suddenly discovering lucrative opportunities. Many investors jumped into the
stock markets for the first time. The government's liberalization process initiated during the
mid-1980s, spurred this growth. Participation by small investors, speculation, defaults, ban
on badla, and resumption of badla continued. Convertible debentures emerged as a popular
instrument of resource mobilization in the primary market. The introduction of public sector
bonds and the successful mega issues of Reliance Petrochemicals and Larsen and Toubro
gave a new lease of life to the primary market..
The 1990s will go down as the most important decade in the history of the capital market of
India. Liberalizations and globalization were the new terms coined and marketed during this
decade. The Capital Issues (Control) Act, 1947 was repealed in May 1992. The decade was
characterized by a new industrial policy, emergence of SEBI as a regulator of capital
market, advent of foreign institutional investors, Euro-issues, free pricing, new trading
practices, new stock exchanges, entry of new players such as private sector mutual funds
and private sector banks, and primary market boom and bust.
Major capital market scams took place in the 1990s. These shook the capital market and
drove away small investors from the market. The securities scam of March 1992 involving
brokers as well as bankers was on of the biggest scams in the history of the capital market.
In the subsequent years owing to free pricing, many unscrupulous promoters, who raised
money from the capital market, proved to be fly-by-night operators. This led to erosion in
the investors' confidence. The M S Shoes case, one such scam which took place in March
1995, put a break on new issue activity.
Page 17
The 1991-92 securities scam revealed the inadequacies of and inefficiencies in the financial
system. It was the scam, which prompted a reform of the equity market. The Indian stock
market witnessed a sea change in terms of technology and market prices. Technology
brought radical changes in the trading mechanism. The Bombay Stock Exchange was
subject to nationwide competition by two new stock exchanges-the National Stock
Exchange, set up in 1994, and Over the Counter Exchange of India, set up in 1992. The
National Securities Clearing Corporation (NSCC) and National Securities Depository
Limited (NSDL) were set up in April 1995 and November 1996 respectively form improved
clearing and settlement and dematerialized trading. The Securities Contracts (Regulation)
Act, 1956 was amended in 1995-96 for introduction of options trading. Moreover, rolling
settlement was introduced in January 1998 for the dematerialized segment of all companies.
With automation and geographical spread, stock market participation increased.
In the late 1990s, the Information Technology (IT) scrips were dominant on the Indian
bourses. These scrips included Infosys, Wipro, and Satyam. They were a part of the favorite
scrips of the period, also known as 'New Economy' scrips, along with telecommunications
and media scrips. The new economy companies are knowledge intensive unlike the old
economy companies that were asset intensive.
The Indian capital market entered the twenty-first century with the Ketan Parekh scam. As a
result of this scam, badla was discontinued from July 2001 and rolling settlement was
introduced in all scrips. Trading of futures commenced from June 2000, and Internet trading
was permitted in February 2000.
It has been a long journey for the Indian capital market. Now the capital market is
organized, fairly integrated, mature, more global and modernized. The Indian equity market
is one of the best in the world in terms of technology. Advances in computer and
communications technology, coming together on Internet are shattering geographic
boundaries and enlarging the investor class. Internet trading has become a global
phenomenon. The Indian stock markets are now getting integrated with global markets.
Page 18
The Global Economy

The movement of the World Wide Economy from a Traditional Economy to a Global one
has come through the technological advancements strengthened by modern technological
discoveries, beginning from the days of the Industrial Revolution in England. However due
to rapid globalization, national economies along with rules & regulations are losing
importance. Mergers between multinational corporations are in vogue, as every organization
wants to exercise total control over the World Market.
The main features of the Global Economy are as follows
1)
Global output (gross world product (GWP) rose by 4.4% in 2005, led by China
(9.3%), India (7.6%), and Russia (5.9%). The contribution of U.S.A. was 3.5%.
2)
gross world product:purchasing power parity exchange rates are $59.38
trillion(2005),$51.48 trillion (2004), $49 trillion (2002).
3)GDP - real growth rate: 4.3% (2005 est.), 3.8% (2003), 2.7% (2001)
4)GDP - per capita: purchasing power parity - $9,300 (2005), $8,200 (2003), $7,900
5)GDP - composition by sector: agriculture: 4% industry: 32% services: 64% (2004)
6) Inflation rate (consumer prices): developed countries 1% to 4% typically; developing
countries 5% to 60% typically; national inflation rates vary widely in individual cases, from
declining prices in Japan to hyperinflation in several Third World countries (2003)
7) Global debt issuance: $5.187 trillion (2004), $4.938 trillion (2003), $3.938 trillion (2002)
8)Global equity issuance: $505 billion (2004), $388 billion (2003), $319 billion (2002)
Employment
Unemployment rate: 30% combined unemployment and underemployment in many nonindustrialized countries; developed countries typically 4%-12% unemployment
Industries
Industries: dominated by the onrush of technology, especially in computers,
robotics,telecommunications and medicines and medical
Industrial production growth rate: 3% (2002 est.)
Page 19
INDIAN ECONOMY
The economy of India when measured in USDexchange-rate terms, is the twelfth largestin
the world, with a GDP of US $1.25 trillion (2008).It is the third largest in terms of
purchasing power parity India is the second fastest growingmajor economy in the world,
with a GDP growth rate of 9.4% for the fiscal year 20062007. However, India's huge
population has a per capita income of $4,542 at PPP and $1,089 in nominal terms (revised
2007 estimate).The World Bankclassifies India as a low-income economy.
India's economy is diverse, encompassing agriculture, handicrafts, textile,

manufacturing, and a multitude of services. Although two-thirds of the Indian workforce
still earn their livelihood directly or indirectly through agriculture, services are a growing
sector and play an increasingly important role of India's economy. The advent of the digital
age, and the large number of young and educated populace fluent in English, is gradually
transforming India as an important 'back office' destination for global outsourcing of
customer services and technical support. India is a major exporter of highly-skilled workers
in software and financial services, and software engineering Other sectors like
manufacturing, pharmaceuticals, biotechnology, nanotechnology, telecommunication,
shipbuilding aviation and tourism are showing strong potentials with higher growth rates.
India followed a socialist-inspired approach for most of its independent
history, with strict government control over private sector participation, foreign trade, and
foreign direct investment. However, since the early 1990s, India has gradually opened up its
markets through economic reforms by reducing government controls on foreign trade and
Page 20

investment. The privatisation of publicly owned industries and the opening up of certain
sectors to private and foreign interests has proceeded slowly amid political debate.
India faces a fast-growing population and the challenge of reducing economic and social
inequality. Poverty remains a serious problem, although it has declined significantly since
independence. Official surveys estimated that in the year 2004-2005, 27% of Indians were
poor.
Public expenditure
India's public expenditure is classified as development expenditure, comprising central plan
expenditure and central assistance and non-development expenditures; these categories can
each be divided into capital expenditure and revenue expenditure.
India's non-development revenue expenditure has increased nearly fivefold in 2003
04 since 199091 and more than tenfold since 19851986. Interest payments are the single
largest item of expenditure and accounted for more than 40% of the total non-development
expenditure in the 200304 budgets. Defense expenditure increased fourfold during the
same period and has been increasing due to growing tensions in the region, the expensive
dispute with Pakistan over Jammu and Kashmir and an effort to modernize the military.
Administrative expenses are compounded by a large salary and pension bill, which rises
periodically due to revisions in wages, dearness allowance etc. subsidies on food, fertilizers,
education and petroleum and other merit and non-merit subsidies account are not only
continuously rising, especially because of rising crude oil and food prices, but are also
harder to rein in, because of political compulsions
.
Public receipts
India has a three-tier tax structure, wherein the constitution empowers the union government
to levy Income tax, tax on capital transactions (wealth tax, inheritance tax), sales tax, service
tax, customs and excise duties and the state governments to levy sales tax on intra-state sale
of goods, tax on entertainment and professions, excise duties on manufacture of alcohol,
stamp duties on transfer of property and collect land revenue (levy on land owned). The
local governments are empowered by the state government to levy property tax, Octroi and
charge users for public utilities like water supply, sewage etc. More than half of the revenues
of the union and state governments come from taxes, of which half come from Indirect
taxes. More than a quarter of the union government's tax revenues is shared with the state
governments.
Page 21
The tax reforms, initiated in 1991, have sought to rationalise the tax structure and increase
compliance by taking steps in the following directions:
Reducing the rates of individual and corporate income taxes, excises, customs and making it
more progressive
Reducing exemptions and concessions
Simplification of laws and procedures
Introduction of Permanent account number to track monetary transactions
21 of the 29 states introduced Value added tax(VAT) on April 1, 2005 to replace the
complex and multiple sales tax system
The non-tax revenues of the central government come from fiscal services, interest receipts,
public sector dividends, etc., while the non-tax revenues of the States are grants from the
central government, interest receipts, dividends and income from general, economic and
social services.
Inter-State share in the federal tax pool is decided by the recommendations of the Finance
Commission to the President.
General budget
The Finance minister of India presents the annual union budget in the Parliament on the last
working day of February. The budget has to be passed by the Lok Sabha before it can come
into effect on April 1 the start of India's fiscal year. The Union budget is preceded by an
economic survey which outlines the broad direction of the budget and the economic
performance of the country for the outgoing financial year. This economic survey involves
all the various NGOs, women organizations, business people, old people associations etc.
India's union budget for 200506, had an estimated outlay of Rs.5,14,344 crores ($118
billion). Earnings from taxes amount to Rs. 2,73,466 crore ($63b). India's fiscal deficit
amounts to 4.5% or 1,39,231 crore ($32b). The fiscal deficit is expected to be 3.8% of GDP,
by March 2007.
Page 22
Currency system
Rupee
The Rupee is the only legal tender accepted in India. The exchange rate as of October
13, 2007 is about 39.18 to a US dollar, 55.56 to a Euro, and 79.82 to a UK pound. The
Indian rupee is accepted as legal tender in the neighboring Nepal and Bhutan, both of which
peg their currency to that of the Indian rupee. The rupee is divided into 100 paise. The
highest-denomination banknote is the 1,000 rupee note; the lowest-denomination coin in
circulation is the 25 paise coin.
Exchange rates
Under the fixed exchange rate system, the value of the rupee was linked to the British pound
sterling until 1946, and after independence, 30% of India's foreign trade was determined in
pound sterling. In 1975, as per the floating exchange rate system, the value of the rupee was
pegged to a basket of currencies and was tightly controlled by the Reserve Bank of India.
Since 2005, its value has been appreciating against the US dollar, Euro and British Pound
Sterling. Since liberalisation reforms in early 1990s, the rupee is fully convertible on trade
and current account. This appreciation of rupee aganist dollar in the year 2008 does have a
very big negative impact on the overall economy since indian economy is direclty linked to
its IT sector, IT sector contributes a major part of indian economy.
Physical infrastructure
Since independence, India has allocated nearly half of the total outlay of the five-year plans
for infrastructural development] Development of infrastructure was completely in the hands
of the public sector and was plagued by corruption, bureaucratic inefficiencies, urban-bias
and an inability to scale investment.
India's low spending on power, construction, transportation, telecommunications and real
estate, at $31 billion or 6% of GDP in 2002 had prevented India from sustaining higher
growth rates.
This had prompted the government to partially open up infrastructure to the private sector
allowing foreign investment which has helped in a sustained growth rate of close to 9% for
the past six quarters. India holds second position in the world in roadways' construction,
more than twice that of China. As of 2005 the electricity production was at 661.6 billion
kWh with oil production standing at 785,000 bbl/day. India's prime import partners are :
Page 23

China 8.7%, US 6%, Germany 4.6%, Singapore 4.6%, Australia 4% as of 2006 CIA
FactBook As of 15 January 2007, there were 2.10 million broadband lines in India. Low
tele-density is the major hurdle for slow pickup in broadband services. Over 76% of the
broadband lines were via DSL and the rest via cable modems.
Financial institutions
India inherited several institutions, such as the civil services, Reserve Bank of India,
railways, etc., from its British rulers. Mumbai serves as the nation's commercial capital, with
the Reserve Bank of India (RBI), Bombay Stock Exchange (BSE) and the National Stock
Exchange (NSE) located here. The headquarters of many financial institutions are also
located in the city.
The RBI, the country's central bank was established on 1 April 1935. It serves as the nation's
monetary authority, regulator and supervisor of the financial system, manager of exchange
control and as an issuer of currency. The RBI is governed by a central board, headed by a
governor who is appointed by the Central government of India.
The BSE Sensex or the BSE Sensitive Index is a value-weighted index composed of 30
companies with April 1979 as the base year (100). These companies have the largest and
most actively traded stocks and are representative of various sectors, on the Exchange. They
account for around one-fifth of the market capitalisation of the BSE. The Sensex is generally
regarded as the most popular and precise barometer of the Indian stock markets.
Incorporated in 1992, the National Stock Exchange is one of the largest and
most advanced stock markets in India. The NSE is the world's third largest stock exchange
in terms of transactions. There are a total of 23 stock exchanges in India, but the BSE and
NSE comprise 83% of the volumes. The Securities and Exchange Board of India (SEBI),
established in 1992, regulates the stock markets and other securities markets of the country.
Industry
Per capita GDP (at PPP) of South Asian economies versus those of South Korea, as a
percentage of the US India is fourteenth in the world in factory output. They together
account for 27.6% of the GDP and employ 17% of the total workforce. However, about onethird of the industrial labour force is engaged in simple household manufacturing only.
Economic reforms brought foreign competition, led to privatisation of certain
public sector industries, opened up sectors hitherto reserved for the public sector and led to
an expansion in the production of fast-moving consumer good Post-liberalisation, the Indian
private sector, which was usually run by oligopolies of old family firms and required
political connections to prosper was faced with foreign competition, including the threat of
cheaper Chinese imports. It has since handled the change by squeezing costs, revamping
Page 24

management, focusing on designing new products and relying on low labour costs and
technology.
34 Indian companies have been listed in the Forbes Global 2000 ranking for 2007. ] The 10
leading companies are
World
rank
239
258
326
399
494
536
800
1047
1128
1130
Industry
Company
Revenue
Profits
(billion
Assets Market
(billion Value
(billion)
3.46
26.98
38.19
2.11
21.75
42.62
1.24
156.37 12.35
1.11
22.68
10.92
1.31
0.54
17.25
62.13
26.06
16.72
0.91
7.06
10.16
0.67
1.93
26.27
0.84
4.61
5.80
0.55
2.09
26.19
(billion
Oil and Natural Oil & Gas

15.64
Gas Corporation Operations
Reliance
Oil & Gas
18.05
Industries
Operations
State Bank of
Banking
13.66
India
Indian
Oil Oil & Gas
34.22
Corporation
Operations
NTPC
Utilities
6.06
ICICI Bank
Banking
5.79
Steel Authority of
Materials
6.30
India Limited
Tata Consultancy Software &
2.98
Svcs
Services
Tata Steel
Materials
4.54
Infosys
Software &
2.14
Technologies
Services
Services
India is fifteenth in services output. It provides employment to 23% of work force, and it is
growing fast, growth rate 7.5% in 19912000 up from 4.5% in 195180. It has the largest
share in the GDP, accounting for 53.8% in 2005 up from 15% in 1950.Business services
(information technology, information technology enabled services, business process
outsourcing) are among the fastest growing sectors contributing to one third of the total
output of services in 2000. The growth in the IT sector is attributed to increased
specialisation, availability of a large pool of low cost, but highly skilled, educated and fluent
English-speaking workers (a legacy of British Colonialism) on the supply side and on the
demand side, increased demand from foreign consumers interested in India's
service exports or those looking to outsource their operations. India's IT industry, despite
contributing significantly to its balance of payments, accounted for only about 1% of the
total GDP or 1/50th of the total services.
Page 25
Banking and finance

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

Share of top five investing countries in FDI inflows. (20002007)[81]
Inflows
Rank Country
Inflows (%)
(Million USD)
1
Mauritius
85,178
44.24%
2
United States
18,040
9.37%
3
United Kingdom
15,363
7.98%
4
Netherlands
11,177
5.81%
5
Singapore
9,742
5.06%
Global trade relations:
Until the liberalisation of 1991, India was largely and intentionally isolated from the world
markets, to protect its fledging
Page 26

economy and to achieve self-reliance. Foreign trade was subject to import tariffs, export
taxes and quantitative restrictions, while foreign direct investment was restricted by upperlimit equity participation, restrictions on technology transfer, export obligations
and government approvals; these approvals were needed for nearly 60% of new FDI in the
industrial sector. The restrictions ensured that FDI averaged only around $200M annually
between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid,
commercial borrowing and deposits of non-resident Indians.
India's exports were stagnant for the first 15 years after independence, due to the
predominance of tea, jute and cotton manufactures, demand for which was generally
inelastic. Imports in the same period consisted predominantly of machinery, equipment and
raw materials, due to nascent industrialisation. Since liberalisation, the value of India's
international trade has become more broad-based and has risen to Rs. 63,080,109 crores in
200304 from Rs.1,250 crores in 195051 India's major trading partners are China, the US,
the UAE, the UK, Japan and the EU. The exports during April 2007 were $12.31 billion up
by 16% and import were $17.68 billion with an increase of 18.06% over the previous year.
India is a founding-member of General Agreement on Tariffs and Trade (GATT) since 1947
and its successor, the World Trade Organization. While participating actively in its general
council meetings, India has been crucial in voicing the concerns of the developing world.
For instance, India has continued its opposition to the inclusion of such matters as labour
and environment issues and other non-tariff barriers into the WTO policies.
Balance of payments
Since independence, India's balance of payments on its current account has been negative.
Since liberalisation in the 1990s (precipitated by a balance of payment crisis), India's exports
have been consistently rising, covering 80.3% of its imports in 200203, up from 66.2% in
199091. Although India is still a net importer, since 199697, its overall balance of
payments (i.e., including the capital account balance), has been positive, largely on account
of increased foreign direct investment and deposits from non-resident Indians; until this
time, the overall balance was only occasionally positive on account of external assistance
and commercial borrowings. As a result, India's foreign currency reserves stood at $285
billion in 2008, which could be used in infrastructural development of the country if used
effectively.
India is a net importer: in 2005, imports were $89.33bn and exports $69.18bn.
India's reliance on external assistance and commercial borrowings has decreased since
199192, and since 200203, it has gradually been repaying these debts. Declining interest
rates and reduced borrowings decreased India's debt service ratio to 4.5% in 2007.
Page 27

Foreign Direct Investment in India
As the third-largest economy in the world in PPP terms, India is a preferred destinations for
foreign direct investments (FDI)]; India has strength in information technology and other
significant areas such as auto components, chemicals, apparels, pharmaceuticals and
jewellery. India has always held promise for global investors, but its rigid FDI policies were
a significant hindrance in this regard. However, as a result of a series of ambitious and
positive economic reforms aimed at deregulating the economy and stimulating foreign
investment, India has positioned itself as one of the front-runners of the rapidly growing
Asia Pacific Region. India has a large pool of skilled managerial and technical expertise.
The size of the middle-class population at 300 million exceeds the population of both the US
and the EU, and represents a powerful consumer market.
India's recently liberalised FDI policy (2005) allows up to a 100% FDI stake in
ventures. Industrial policy reforms have substantially reduced industrial licensing
requirements, removed restrictions on expansion and facilitated easy access to foreign
technology and foreign direct investment FDI. The upward moving growth curve of the realestate sector owes some credit to a booming economy and liberalized FDI regime. In March
2005, the government amended the rules to allow 100 per cent FDI in the construction
business. This automatic route has been permitted in townships, housing, built-up
infrastructure and construction development projects including housing, commercial
premises, hotels, resorts, hospitals, educational institutions, recreational facilities, and cityand regional-level infrastructure.
A number of changes were approved on the FDI policy to remove the caps in most
sectors. Restrictions will be relaxed in sectors as diverse as civil aviation,
constructiondevelopment, industrial parks, petroleum and natural gas, commodity
exchanges, credit-information services and mining. But this still leaves an unfinished agenda
of permitting greater foreign investment in politically sensitive areas such as insurance and
retailing. FDI inflows into India reached a record US$19.5bn in fiscal year 2006/07 (AprilMarch), according to the government's Secretariat for Industrial Assistance. This was more
than double the total of US$7.8bn in the previous fiscal year. Between April and September
2007, FDI inflows were US$8.2bn.
Page 28
The IT Industry
The Indian software industry has grown from a mere US $ 150 million in 1991-92 to a
staggering US $ 5.7 billion (including over $4 billion worth of software exports) in 19992000. No other Indian industry has performed so well against the global competition
.
The annual growth rate of Indias software exports has been consistently over 50
percent since 1991 to 2008. According to NASSCOM, the sector aggregated revenues
of US$100 billion in 2012, where export and domestic revenue stood at US$69.1 billion
and US$31.7 billion respectively, growing by over 9%. But due to recession in world
market, India has seen decline in growth rate between 2008 and 2010. Currently the growth
rate of IT sector is inconsistent in india.
The growth story:
http://www.business-standard.com/article/companies/information-technology-light-at-theend-of-the-tunnel-113123101124_1.html
IT services Exports
The almost three-decade-old Indian IT industry crossed the $25billion
mark. The top tier Indian firms-TCS, Infosys, Wipro , HCL, firmly established themselves
among the leading global players in IT services.
Growing products market:
Software products: the story of Indian software products was that of renewed success. At $
1.7 billion, the top 10 Indian software product companies showed very strong growth.
International products characterize the market, barring a few. The key trend was reduction in
piracy and the acceptance of the value of software.
Concern Areas:
Page 29

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

It has been a year since the dark clouds around the Indian information technology industry
have been squaring in, and storm in the form of a U.S. slowdown appears to be knocking at
the doors. Last fiscal the rupee appreciated nearly by 12%. Due to slowdown many investors
have already reduced their exposure to IT stocks, and valuation of software companies are
close to the lower end of their historical price earning multiples.
Fortunately, the trend emerging from the guidance of global IT companies
support the more optimistic argument that a slowdown, will prompt greater outsourcing and
higher volumes for large software companies.
Profitability puzzle
45
40
35
30
25
20
15
10
5
0
Infosys
TCS
Wipro
satyam
Q3FY08
Q2FY08
Q1FY08
Q4FY07
Q3FY07
Q2FY07
Q1FY07
Q4FY06
HCL
The graph shows the operating profit margin of these top companies in various quarters. It
can be seen fro the graph that the profit margin of these companies has been very volatile
due to causes mentioned above.
Page 30
What the big guys do?

Issues
Remedies
# Rupee appreciation
# Hedging risk
#Pressure on volumes
#Cross selling of services
# High dependence on BFSI
#Strengthening skills in verticals
#Margin pressures
#Better utilization, lower attrition
#U.S. slowdown
# Geographical diversification
Value picks
Among the Indian IT pack, it is mainly the large cap companies, which can
boast of a diverse global presence and a varied client mix, which could help them weather
any slowdown in demand of IT services. Thus Infosys, TCS, Wipro and Satyam remain the
top picks. After a hefty beating over the past few months, their valuations are down to the
lowest range of the respective historical price earning multiple bands. This means that most
of the bad news surrounding the prospects of these companies have already factored in. the
companies indicate a cautious stance, in their top and bottom line guidance going forward.
indicators of further any loss and which is not yet discounted in the share price, will perhaps
be visible in the next quarter results.
Page 31
Company Analysis
Wipro Ltd
Wipro started 60 years back as a company manufacturing vegetable oil and today it is
worlds one of the leading technology service provider. Wipro Technologies is a
global services provider delivering technology-driven business solutions that meet the
strategic objectives of clients. Wipro has 40+ Centers of Excellence that create solutions
around specific needs of industries. Wipro delivers unmatched business value to customers
through a combination of process excellence, quality frameworks and service delivery
innovation. - 8,000 shares subscribed for by directors, etc. 9,000 shares offered at par to
public in February-March 1946.
Business Units
1)
2)
3)
4)
Wipro Technologies global IT service and products

WiproSpectramind - IT enabled services
Wipro InfoTech
Wipro consumer care and lighting.
Rewards and Recognitions

In May 2013, it was ranked 812th on the Forbes Global 2000 list
Wipro was ranked 2nd in the Newsweek 2012 Global 500 Green companies.
It was recognized by the Ethisphere Institute as one of the Worlds Most Ethical
(WME) Companies in 2013, for the second year in a row.
o Wipro
received
the
'NASSCOM Corporate
Award
for
Excellence
in Diversity[disambiguation needed] and Inclusion, 2012', in the category 'Most
Effective Implementation of Practices & Technology for Persons with Disabilities'.
o In 2012, it was awarded the highest rating of Stakeholder Value and Corporate Rating 1
(SVG 1) by ICRA Limited.
o It received the award for excellence in Financial Reporting from Institute of Chartered
Accountants of India in 2012.
o
o
o
REVENUE
Revenue of wipro ltd (Crores).
Page 32

35000
30000
25000
20000
Revenue
15000
10000
5000
0
2013
2012
2011
2010
2009
The above picture shows the revenue earned from global IT services and products.
PROFIT
Profit of a company in crores.
6000
5000
4000
3000
Profit
2000
1000
0
2013
2012
2011
2010
2009
The above graph shows the profit of a company over the period of 5 year.
Performance of Wipro Stock v/s Nifty index over 5 year.

Page 33
It can be seen from the graph that the performance of stock was in accordance with its index.
i.e. there was less volatility in shares performance when compared. However it is seems
that sometimes value of stock moves against the index also.
Performance of Wipro Stock v/s Sensex index over 5 year.
Page 34
From the above graph it can be seen that the performance of stock against its index is less
volatile. This is the period where the stocks started gaining their value.
Financial statement analysis of Wipro Ltd.

Balance sheets
Page 35
Particulars
2013
2012
2011
(Rs.in Crores)
2010
2009
Share Capital
492.60
491.70
490.80
293.60
293.00
Reserve and surplus
23,736.90
23,860.80
20,829.40
17,396.80
12,220.40
Shareholders fund
24,229.50
24,352.50
21,320.20
17,690.40
12,513.40
Loan funds
4,046.00
5,243.20
5,530.20
5,013.90
Capital employed
28275.5
29595.7
26031
23220.6
17527.3
Fixed assets
3,909.40
4,649.80
4,237.00
3,656.30
3,179.60
Capital WIP
378.90
301.20
396.40
991.10
1131.80
Investments
10,904.20
10,335.20
10,813.40
8,966.50
6,884.50
Net current assets
13,083.00
14309.50
10584.20
9608.50
6142.20
Total
28275.50
29595.70
26031.00
23222.40
17528.90
4710.8
0
The table shows the balance sheet of Wipro Ltd. The table
contains the data of 5 years .i.e. From 2009 to 2013.the performance of
these years have been analyzed as follows.
Page 36
Share capital (in Crores)

600
500
400
300
200
100
0
2009
2010
2011
2012
2013
The company had raised funds through IPO for the first time in the year 1946. the total
capital being 1700000,the number of shares being 17000. Company there after has not raised
money through IPO. it has increased the capital either through stock split or through bonus
issue.
The graph shows the trend of share capital .it can be observed from the graph
that in the year 2009 and 2010 the capital has been kept constant later on it has been
increased to 490.80, by the issue of bonus issue in the ratio of 2:3 and the face value being
Rs.2. The capital was further increased to Rs. 490.80 in the year 2011 by the allotment of
equity shares pursuant to exercise of stock options. The same thing continued in the year
wherein the capital was further increased to Rs.492.60.
Loan Funds
Page 37

6000
5000
4000
3000
2000
1000
0
2009
2010
2011
2012
2013
It can be noticed from the graph that there has been considerable increase in the loan funds
in the year 20010 compared with 2009. the reason being borrowing from banks, term loans
and also from financial institution have been increased in the year.
Capital employed
35000
30000
25000
20000
15000
10000
5000
0
2009
2010
2011
2012
2013
Considerable increase in the capital employed as the company has expanded its business and
have also acquired some of the companies in last few years. It has therefore increased its
share capital by the way of issuing bonus shares and stock splits and also by making huge
investments.
Investment
Page 38

12000
10000
8000
6000
4000
2000
0
2009
2010
2011
2012
2013
The graph shows the investment pattern of Wipro Ltd. Investments has been made in plant
and machinery, equipment and in many other fixed assets. Investment has also being made
in to money market instruments, mutual funds and in many other instruments of the stock
market.
Profit and loss account of Wipro Ltd.

Page 39

Particulars
2013
2012
2011
2010
2009
Net sales
33226.50
31682.90
26300.50
22922.00
21507.30
Other Income
1325.30
1227.40
680.70
866.70
-480.40
Total Income
34570.00
32865.400
27012.80
23899.70
21023.10
Operating expenses
26311.20
25595.00
20571.20
17531.50
16744.80
PBDIT
8258.80
7270.40
6441.60
6368.20
4278.30
Interest
352.40
605.70
136.00
99.80
196.80
PBDT
7906.40
6664.70
6305.60
6268.40
4081.50
DEPRECIATION
701.30
746.10
600.10
579.60
533.60
PBT
7205.10
5918.60
5705.50
5688.80
3547.90
TAX
1554.90
1233.50
861.80
790.80
574.10
PAT
5650.20
4685.10
4843.70
4898.00
2973.80
Dividend
1,724.70
1,475.20
1,472.60
880.90
586.00
Retained Earning
3925.5
3209.9
3371.1
4017.1
2387.8
The report shows that there has been considerable increase in the net sales as many
acquisitions took place in the past two to three years. And there has also been increase in
operating profit and the net profit. Dividend has been declared every year. There is
consistent increase in the dividend paid in the year from 2009 to 2010.
Page 40
The key ratios

Particulars
2013
Current ratio
1.55
Debt to equity 0.16
ROE
23.33
Book
98.15
value/share
EPS
22.94
P/E ratio
20.1
P/B ratio
4.4
ROCE
25.21
Dividend per 7
share
Retention
0.70
Ratio
2012
1.83
0.21
20.57
98.69
2011
1.82
0.23
24.96
86.76
2010
1.82
0.34
32.87
119.33
2007
1.42
0.42
25.15
83.84
19.06
24.3
4.4
23.43
6
19.74
25.4
5.5
23.70
6
33.37
21.8
5.9
28.41
6
20.30
12.5
2.9
22.72
4
0.69
0.70
0.82
0.80
CAGR of sales
(Sales in 2013 sales in 2009) ^1/4

(33226.50/21507.30)^1/4
-1
-1 = 11.48%
CAGR of EPS
(EPS in 2013 EPS in 2009)^1/4

(22.94/20.30)^1/4
-1
-1 = 3.1%
Page 41

Estimation of next year income statement
Particulars
Total Income
Operating expenses
Profit
Interest
Tax
2012
32865.40
25595
4685.10
605.70
1233.50
2013
34570.00
26311.20
5650.20
352.40
1554.90
% Increase
6%
3%
21%
-42%
26%
Estimated Profit and Loss account for the next year

Particulars
Net sales
2014
35220.09
Operating expenses
PBIT
Interest
PBT
Tax
PAT
27100.54
8119.55
204.40
7915.15
1959.17
5955.98
Estimated EPS =Amount available to equity shareholders

Number of equity shares outstanding
5955.98*10000000
= Rs.24.13
2,468,060,030
(weighted average OES)
Average retention ratio = 0.70+0.69+0.70
= 0.696
3
Page 42
Average payout ratio = 1-0.696
= 0.304
Required rate of return

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

Expected Growth rate of Dividend
Average retention ratio in last 3 years * average return on Equity
0.77 + 0.69 +0.70
*
23.33 + 20.57 + 24.96
3
3
0.696
22.95
16.10%
P/E ratio as per constant dividend Model

Average payout ratio
Required rate of return Expected growth rate of dividend
0.304
=33.41
0.1688 - 0.1597
Value anchor
Value anchor gives the expected price of share for next year.
Expected EPS * Expected P/E ratio
24.13
* 33.41
= Rs. 806
Page 43
Infosys Technologies Ltd

1981
On July 2nd the company was incorporated as Infosys Consultants Private Limited at
Mumbai.
INFOSYS was promoted by software professionals, Viz Mr. S. Gopalakrishnan, Mr. K.
Dinesh, Nandan M Nilekani, Mr. S.D. Shibulal, Mr. N.R. Narayana Murthy & Mr. N S
Raghavan.
The company is engaged in software development in the form of services, turnkey
projects and products for the domestic and export market. The software development is
targeted towards the distribution, banking, telecommunication and manufacturing sectors
worldwide.
1992
On April 21st the name changed to Infosys Technologies Private Limited, and the
registered office was moved to Bangalore.
On June 2nd the company was converted into a Public Limited Company under the
name Infosys Technologies Ltd. - The company provides software maintenance, reengineering and downsizing of software applications in these market segments. It also
markets internationally, two well-known packages, one for the distribution industry
(DMAP) and one for retail banking (Bancs 2000).
The company has a joint venture in USA with KSA (Kurt Salmon Associates). KSA is a
$40 million management consultancy company operating in ten cities of the USA and
also in eight different countries. The company also has an offshore software
development centre for General Electric USA. Yantra Corporation is an wholly owned
subsidiary of the Company.
1993
The Company turned up with ISO 9000 certification.
Page 44

19,76,100 No. of equity shares of Rs 10 each issued, subscribed and paid-up (15,84,000
shares to directors, promoters; 2,68,100 shares to employees of the company and
1,24,000 shares at a prem., of Rs 70 per to shareholders on right basis).
68,600 shares reserved for allotment in preferential basis to employees of the company
and group company (only 10,3000 shares taken up). Balance 13,07,200 shares along
with 58,500 shares not taken up by employees were issued to the public (all were taken
up).
To part finance the Company's project for setting up a Software Technology Park,
Company made a public issue of 13,76,000 equity shares of Rs. 10 each at a premium of
Rs. 85 per share in February.
1998
During the year, the issued, subscribed and paid-up capital increased by Rs. 8,75,76,000
consequent to the issue of 7,49,000 shares of Rs. 10 each, fully paid, to employees of the
Company and the Employees Welfare Trust under the ESOP, and a bonus issue of
80,08,600 shares in the ratio of 1:1 to the members, as of the record date. Of the total
paid-up capital of Rs. 16,01,72,000, Rs. 12,92,69,000 (81% of the paid-up capital), has
been issued as bonus shares.
During the year the company received several AWARDS. 1. For the second year in
succession, the Company received the Silver Shield from the Institute of Chartered
Accountants of India for the Best-Presented-Accounts, amongst the entries received
from non-financial, private sector companies, for the year 1995-96.
The readers of Asia Money magazine, once again, voted Infosys the best in Strategy and
Management from among the listed companies in India, and among the best in Asia, for
the year 1996-97.
BANCS 2000 received the CSI-WIPRO award for the Best-Packaged-Application, in
December 1997, at the SEARCC '97 Conference in Delhi.
A Certificate of Merit, was received from the Ministry of Commerce, Government of
India, for meritorious performance in the field of exports during 1995-96.
2000
Indian Information Technology giant Infosys Technologies has confirmed its plan of
setting up a centre for exports in Mohali, twin city of Chandigarh.
During the year a new methodology and toolkit to port applications from OS/2 to
WINDOWS NT was developed.
The Company it had tied-up with Japan's Toshiba Corporation to provide enterprise
resource planning (ERP) software solutions for Toshiba's business processes.
The Company proposes to increase its software professional strength to 2,400 from the
present 1,200.
The Company has re-emerged as India's second most valuable company, replacing the
FMCG heavyweight, HLL. .
Page 45
2001
The Company has been awarded silver shield for the best presented accounts
competition for the sixth consecutive year by the Institute of Chartered Accountants of
India.
The Company has allotted 100 equity shares of par value of 5 per share to the Bankers
Trust Company, New York, the depository to the company's ADS issue as underlying
shares in respect of 200 ADR's to be issued and allocated to the purchasers.
Infosys Technologies board has allocated 67,050 No. of equity shares at a par value of
Rs 5 par to employees of the company.
2002
Receives Motilal Oswal Award for Wealth Creation for 1996-2001
Mr. Nandan Nilekani becomes the new CEO of the company. Mr. Narayanamurthy
assumes the role of Chairman & Chief Mentor
Adjudged best Indian employer in a study conducted by Hewitt Associates and Business
Today
Infosys Tech bags prestigious Corporate University Exchange Excellence Award for
2002
NASDAQ selects Infosys as the best value reporter
Operations
RBI permits 100% FII purchase in Infosys
N R Narayana Murthy receives the Ernst & Young Entrepreneur of the Year award for
2002
Company declares that it has won Most Admired Knowledge Enterprises (MAKE)
award in the Asia region for 2002
Implements `Balanced Score Card' (BSC), a unique concept that entails establishment of
strategic objectives and a measurement system, which not only targets on financial
measures but also non-financial measures
Today
Infosys was ranked #19 amongst the world's most innovative companies by Forbes.
The company was ranked number one among the best managed companies in Asia
Pacific in the annual Euro money Best Managed Companies in Asia survey, 2013 and
named a leader in The Forrester Wave: Enterprise Mobility Services, Q1 2013 report.
Infosys was identified as one of the top 25 performers in Caring for Climate Initiative by
UN Global Compact and UN Environment Program the only global consulting and
technology major in the list.
Page 46

The company also won the Oracle Excellence Award for Specialized Partner of the Year
North America in both Financial Management and Human Capital Management
categories, at Oracle OpenWorld2012.
Boston Consulting Group has listed it in the list of top ten technology companies for
total shareholder return. Infosys was in the list of top twenty green companies in
Newsweek's Green Rankings for 2012.
It has been voted India's most admired company in The Wall Street Journal Asia
200every year since 2000. The company's corporate governance practices were
recognized by The Asset Platinum award and the IR Global Rankings. Infosys was also
ranked as the 15th most trusted brand in India by The Brand Trust Report.
Infosys Cloud Ecosystem Hub won the 2012 Golden Peacock Award for the most
innovative product/service.
Infosys Share prices v/s Nifty Index for the year 2013-2014
From the above graph it can be seen that prices of shares are more volatile. We can notice
that the share prices have increased over a period.
Page 47
Infosys Share prices v/s Sensex Index for the year 2013-2014
From the above graph it can be seen that prices of shares are more volatile. We can notice
that the share prices have increased over a period.
Page 48
Financial Statements of Infosys Ltd
Balance sheet
Particulars
2013
2012
2011
(Rs.in crores)
2010
2009
Share Capital
287
287
287
287
286
Reserve and surplus
35772
29470
24214
21749
17523
Shareholders fund
36059
29757
24501
22036
17809
00
00
00
00
00
Capital employed
36059
29757
24501
22036
17809
Fixed assets
4453
4061
4056
3779
3799
Capital WIP
1135
588
249
409
615
Investments
4344
1409
1325
4636
1005
Net current assets
26127
23699
18871
13212
12390
Total
36059
29757
24501
22036
17809
Loan funds
The Balance sheets are analyzed below
Page 49
Share capital
287.2
287
286.8
286.6
286.4
286.2
286
285.8
285.6
285.4
The
share
capital
of
2009
2010
2011
2012
2013
Infosys is increased in year 2010 from 2009.After 2010,the share capital of Infosys is
constant upto 2013.
Reserves and surplus
Page 50

40000
35000
30000
25000
20000
15000
10000
5000
0
2009
2010
2011
2012
2013
The Reserves and Surplus of the company have increased over a period of time. The
increase in Reserves and Surplus is due to increase in Profits of the company through which
substantial amount has been contributed to Reserves and Surpluses.
Investments
5000
4000
3000
2000
1000
0
2009
2010
2011
2012
2013
The investment has increased to a greater level from 1005 crore in 2009 to Rs.4636 crore
in 2010 and later it was again saw a decrease to 1325 crores. Again it shows an increase of
investment from 1409 crore in 2012 to 4344 crore in 2013.The company has significantly
invested in different types of securities, which yield better returns.
Page 51

Net Current Assets
30000
25000
20000
15000
10000
5000
0
2009
2010
2011
2012
2013
Infosys has always enjoyed better liquidity position. It has got better position compared to
their competitors Wipro, Infosys. Its has increased its liquidity position with increase in its
obligation.
Profit and Loss Account of Infosys for 5 years
Particulars
2013
2012
2011
2010
2009
Net sales
36765
31254
25385
21140
20264
Other Income
2298
2313
1147
967
502
Total Income
39063
33567
26532
22107
20766
Operating expenses
25750
21193
16971
13778
13356
PBDIT
13313
12374
9561
8329
7410
Interest
00
00
00
PBDT
13313
12374
9561
8327
7408
Depreciation
956
794
740
807
694
Page 52

PBT
12357
11580
8821
7520
6713
TAX
3241
3110
2378
1717
895
PAT
9116
8470
6443
5803
5819
Dividend
2815
3137
4013
1674
1573
Retained earnings
6301
5333
2430
4129
4246
operating profit and the net profit. Dividend has been declared every year. There is decline
in dividend from year 2011 in successive two year.
The key ratios of Infosys Technology Ltd

Particulars
Current ratio
Debt to equity
2013
4.75
--25.28
627.95
ROE
Book
value/share
EPS
158.75
P/E ratio
19
Dividend
26.45
payout Ratio
Retention
0.69
ratio
Dividend per
5
share
2012
4.91
--28.46
518.21
2011
5.34
--26.29
426.73
2010
4.28
--26.33
384.02
2009
4.71
--32.67
310.90
147.50
20.5
37.03
112.22
31.6
62.28
101.13
27
28.84
101.58
13.6
27.03
0.63
0.37
0.71
0.73
CAGR of sales
Page 53
(Sales in 2013 sales in 2009) ^1/4

(36765/20264) ^ 1/4
-1
-1 = 16%
CAGR of EPS
(EPS in 2013 EPS in 2009)^ 1/4

(158.75/101.58)^ 1/4
-1
-1 = 11.8%

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

Particulars
Total Income
2014
45313.08
Operating Expense
PBT
Tax
PAT
31157.5
13184.92
3377.12
9808.81
Page 54

98088100000 crore
= Rs.170.84
574151559
Average retention ratio = 0.69 + 0.63 + 0.37 = 0.56

3
= 0.44

Beta= 0.59
Risk free rate=8%
Required rate of return = 0.08+0.59*0.12= 0.1508 or 15.08%

0.69 + 0.63 + 0.37 *
25.28 + 28.46 + 26.29
3
3
0.55
26.6
= 14.63%

Page 55

Required rate of return expected growth rate of dividend
0.44
=15.94
0.1769 - 0.1493
Value anchor
170.84 *
15.94
= Rs. 2340
TCS Ltd.
T ata Consultancy Services Limited (TCS) is an Indian
multinational information technology (IT) services, business process and consulting
company headquartered in Mumbai, Maharashtra. TCS operates in 46 countries and has 199
branches across the world. It is a subsidiary of the Tata Group and is listed on the Bombay
Stock Exchange and the National Stock Exchange of India. TCS is the largest Indian
company by market capitalization and is the largest India-based IT services company by
2013 revenues. TCS is ranked 40th overall in the Forbes World's Most Innovative
Companies ranking, making it both the highest-ranked IT services company and the top
Indian company. The management Team includes
Cyrus Mistry
Chairman
Dr.Ron sommer
Independent Director
A mehta
N Chandrasekaran
CEO and M.D
OP Bhatt
Page 56

Strategic Alliances and Acquisitions
Strategic Acquisitions
1) TkS-Teknosoft S.A, Switzerland
2) TCS Management Pty Ltd, Austrailia
Strategic Alliances
1) Tata Consultancy Services (China) Co.Ltd
2) MP online Ltd
2000 to present
By 2008, TCS's e-business activities were generating over US$500 million in annual
revenues.
On 25 August 2004, TCS became a publicly listed company.
In 2005, TCS became the first India-based IT services company to enter the
bioinformatics market.
In 2006, TCS designed an ERP system for the Indian Railway Catering and Tourism
Corporation.
In 2008, TCS undertook an internal restructuring exercise which aimed to increase the
company's agility.
TCS entered the small and medium enterprises market for the first time in 2011, with
cloud-based offerings. On the last trading day of 2011, TCS overtook RIL to achieve the
highest market capitalization of any India-based company.
In the 2011/12 fiscal year, TCS achieved annual revenues of over US$10 billion for the
first time.
In May 2013, TCS was awarded a six-year contract worth over INR 1100 crores to
provide services to the Indian Department of Posts.
Human Resource Development

TCS is one of the largest private sector employers in India, and the second-largest
employer among listed Indian companies (after Coal India Limited).
TCS had a total of 276,196 employees as of March 2013, of which 31% were women.
The number of non-Indian nationals was 21,282 as at March 31, 2013 (7.7%).
The employee costs for the FY 2012-13 were US$ 4.38 billion, which was approx. 38%
of the total revenue of the company for that period. In the fiscal year 2012-13, TCS
Page 57

recruited a total of 69,728 new staff, of whom 59,276 were based in India and 10,452
were based in the rest of the world. In the same period, the rate of attrition was 10.6%.
The average age of a TCS employee is 28 years. The employee utilisation rate,
excluding trainees, for the FY 2012-13 was 82%. TCS was the fifth-largest United States
visa recipient in 2008 (after Infosys, CTS, Wipro and Mahindra Satyam). In 2012, the
Tata group companies, including TCS, were the second largest recipient of H-1B visas.
Subramaniam Ramadorai, former CEO of TCS, has written an autobiographical book
about his experiences in the company called The TCS Story...and Beyond.
Awards and Recognition

TCS ranked #1 for customer satisfaction in the UK.
TCS was awarded the Business Standard's Company of the Year award for 2012.
In 2012, the company won Gold Shield award for excellence in financial reporting from
the Institute of Chartered Accountants of India (ICAI).
The company won 'Recruiting and Staffing Industry Leader of the Year' and Best
Employer Brand awards at the World HRD Congress' annual meet in 2012.
TCS was ranked #1 IT service provider for the Manufacturing in Europe, Middle East
and Africa (EMEA) by International Data Corporation in 2014.
TCS in Numbers
Page 58
The above chart shows the key markets in world wide IT spends. It can be seen that the
major customer for IT services is America, which receives about 51% followed by Western
Europe and the least being Middle East, and Africa.
TCS Share prices v/s Nifty indices for the year 2013-14
Page 59
from the above graph it can be seen that share prices have overperformed compared to its
indices but volatility is more.
TCS Share prices v/s Sensex indices for the year 2013-14
Page 60
from the above graph it can be seen that share prices have overperformed compared to its
indices but volatility is more.
Financial Statement Analysis of TCS Ltd

Page 61
Balance sheets
(Rs.in crores)
2010
2009
Particulars
2013
2012
2011
Share Capital
295.72
295.72
295.72
295.72
197.86
Reserve and surplus
32266.53
24560.91
19283.77
14820.90
13248.39
Shareholders fund
32562.25
24854.63
19579.49
15116.62
13446.25
Loan funds
163.12
96.23
41.12
35.74
40.37
Capital employed
32725.37
24952.86
19620.61
15152.36
13486.62
Fixed assets
5104.28
4063.62
3422.18
2760.52
2669.08
Capital WIP
1763.85
1726.88
1345.37
940.72
685.13
Investments
6324.38
5688.39
5795.49
7893.39
5936.03
Net current assets
19532.86
13473.97
9057.57
3557.73
4196.38
Total
32725.37
24952.86
19620.61
15152.36
13486.62
Share Capital
Page 62

350
300
250
200
150
100
50
0
2009
2010
2011
2012
2013
The share Capital of a company has increased 295.72 in 2010 from 197.86 in 2009. The has
issued a fresh equity share in 2010 of 98 crores. Since 2010, the shares capital of company
remains unchanged.
Reserves and Surplus

35000
30000
25000
20000
15000
10000
5000
0
2009
2010
2011
2012
2013
The reserves and surplus have gradually increased over the period of time. Reason being
increase in the profit earned by the company. It can be seen that the profit after tax of the
company have increased manifold since 2009 hence the contribution to reserves and surplus
have also increased.
Page 63

Investments
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
2009
2010
2011
2012
2013
The investments are showing an impressive growth in 2010. The reason for increase in
investment is the strategic tie up with many countries across the world. It has invested in
newer technologies and Wireless Application Protocol (WAP) as a strategic area of focus.. It
has also invested heavily in Research and development area. But year 2011 sees a sharp
decline in investment over the previous year.
Net Current Assets

35000
30000
25000
20000
15000
10000
5000
0
2009
2010
2011
2012
2013
The value of Net current asset of a company increases gradually over the year. Reason be
the investment of a company in a number of location and also company growth in the year
between is 2009 and 2013 is eminent.
Profit and Loss Account of 5 years of TCS Ltd

Page 64

(Rs. In Crores)
2010
2009
Particulars
2013
2012
2011
Net sales
48,426.1
4
2,230.39
38,858.54
29,275.41
23,044.45
22,401.92
2,685.18
486.44
182.10
-456.24
50,656.5
3
34,119.8
7
16,536.6
6
30.62
41,543.46
29,760.98
23,225.17
21,947.41
27,472.56
20,502.72
16,375.90
16,382.82
14,070.90
9,258.26
6,849.27
5,564.59
16.40
20.01
9.54
7.44
16,506.0
4
802.86
14,054.50
9,238.25
6,839.73
5,557.15
688.17
537.82
469.35
417.46
15,703.1
8
2,916.84
13,236.84
8,700.43
6,356.40
5,036.58
2,260.86
1,130.44
737.89
340.37
10,975.98
7,569.99
5,618.51
4,696.21
Preference Dividend
12,786.3
4
19.00
22.00
11.00
17.00
7.0
Dividend
4,305.88
4,893.04
2,740.10
3,914.43
1,370.05
Corporate div Tax
712.18
797.34
450.82
657.51
234.02
Retained earnings
7,749.28
5,263.60
4,368.07
1,029.57
3,085.14
Other Income
Total Income
Operating expenses
PBDIT
Interest
PBDT
Depreciation
PBT
Tax
PAT
operating profit and the net profit. Dividend has been declared every year. There has been
considerable increase in the dividend declared.
The key ratios of TCS Ltd

Page 65
Particulars
Current ratio
Debt to equity
2013
2.85
0.01
44.69
39.38
165.8
ROE
Cal roe
Book
value/share
EPS
65.23
P/E ratio
-P/B ratio
--Retention
0.61
ratio
Dividend per 22.00
share
2012
2.48
0.01
49.62
44.33
126.49
2011
2.45
0.01
43.89
38.86
99.53
2010
1.49
0.01
39.62
37.41
76.72
2009
1.83
0.01
38.73
35.18
136.38
55.97
26
20
0.48
38.62
32
18
0.58
28.62
36
10
0.18
47.92
38
15
0.66
25.00
14.00
20.00
14.00
CAGR of sales
1/4
(Sales in 2007 sales in 2001) - 1

1/4
(15156.52/4914)
-1 = 32%
CAGR of EPS
1/4
(EPS in 2007 EPS in 2001) - 1

1/4
(38.89/3.87)
-1 = 38.7%
Volatility of ROE = 45%

Particulars
Net sales
2006
11293.76
2007
15156.52
% Increase/
34%
Page 66

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

Particulars
Net sales
2008
20309.73
Cost of goods sold

Gross profit
Operating expenses
PBIT
Tax
PAT
14149.87
6159.86
230
6029.86
2109
3918

= 3918,00,00,000
= Rs. 40.04
97,86,10,498
Average retention ratio = 0.88+0.79+0.62
= 0.53
= 0.47
Page 67

Beta= 0.91
Risk free rate=8%
Required rate of return = 0.08+0.91*0.17=0.2347 =23.47%

0.73 + 0.61 +0.66
* 34.04 +33.08 + 33.03
3
3
0.53
* 42
=22.26%

Average retention ratio expected growth rate of dividend
0.47
=38.84
0.2347 - 0.2226
Value anchor
41.40
*38.84
= Rs. 1607.97
Page 68
Equity Valuation Models

Equity valuation Models used for the study are as follows
1) Dividend Discount Model
2) Generalized Dividend Discount Model
3) Multi-period Model.
Dividend Discount Model

This model is used to calculate the expected price of share for the next year. The formula
used for calculation is as follows.
Po = D1 + P1
(1+r)
(1+r)
Where
Po = current Market Price
D1= Dividend per share in current year
R= expected rate of return on equity
The model is very useful in determining the market price of the share for the next year. The
model is simple and easy to calculate as the data used are easily available and it is realistic
as no assumptions are being made. The model can be applied to any company to know the
expected future price of share.
Multi-Period Model
This is a higher version of Dividend Discount Model. The Dividend Discount
Model was used in determining the future price of share for the very next year but this can
be applied to know the price of share for N number of years. The formula is
Po = Dn
(1+r) n
Pn
(1+r) n
The applicability of the model is similar to Dividend Discount Model.
Page 69

Two Stage Growth Model
This model is used to determine the intrinsic value of shares. It is useful in knowing the
future intrinsic value for the shares. There are certain assumptions of this theory. They are as
follows
1) It assumes that the company is enjoying normal growth rate.
2) The growth rate will fall substantially in the future.
3) The dividends move in the line with growth rate.
The formula is as follows
Pn =Dn
= Dn (1+Gn)
[ r- Gn ]
[ r- Gn]
Where
Pn = intrinsic value of share in future
Dn= Dividend per share
Gn= Growth rate
This particular model is applicable to those companies where the growth rate is normal
in present years but is going to decline over the period of time. It can applied to companies
where they are working under copy write system once the period of copy write is over there
will be Sharpe decline in growth rate. This particular is used in this study a this model is also
applicable to those companies which have got high entry barriers. Since it is difficult to
make an entry in to IT sector this particular model has been applied.
Page 70

Equity Valuation of Wipro Ltd
Po = D1
1+r
+ P1
1+r
502= 5
+
P1
(1+0.216) (1+0.216)
502 = 5
( 1.216)
P1
(1.216)
502 = 4.11 + P1
1.216
P1 = Rs.605
Multi period Discount Model

P0 = D
(1+r) 2
Pn
(1+r)2
502= 5
+ P2
(1+0.216) 2 (1+0.216) 2
502 = 4.46 +
Pn
1.47
P2=Rs. 731.3
Page 71
P5 = D
+
P5
(1+r)
(1+r)
502= 5
+
P5
5
(1+0.216)
( 1+0.216) 5
502 = 1.88 +
P5
2.65
P5= Rs.1325
Two Stage growth Model

G1= 22%, G2= 20%, G3=18%, r=21%, n=8
D1 = 5(1.22) = 6.1
D2= 5(1.22) 2 = 7.4
D3= 5(1.22) 3 = 9.07
D4= 5(1.22) 4 = 11.07
D5 = 5(1.22) 5 = 13.5
D6 = 5(1.22) 4 (1.20) = 16.21
D7 = 5(1.22) 4 (1.2) 2 = 19.4
D8= 5(1.22) 4(1.20 ) 3 = 23.32
Page 72

6.1(PVIF 21%,1) +7.4(PVIF 21%,2) +9.07 (PVIF 21%,3) +11.07 (PVIF 21%,4)
+13.5 (PVIF 21%,5) +16.21(PVIF 21%,6) +19.4(PVIF 21%,7) +23.32 (PVIF 21%,8)
5.04+5.06+5.12+5.17+5.01+5.17+5.11+6.29
= 41.97
P8 =D8
= D8 (1+Gn)
[ r- Gn]
[r- Gn]
= 5*(1.22)*(1.20) (1.18)
[ 0.21 0.18]
= 875.25
Present value = 875
190.63
(1.21)
intrinsic value = Rs.1065
Page 73

Equity Valuation of Infosys Ltd
Po = D1
1+r
+ P1
1+r
2006=11.25 + P1
1+0.195 1+0.195
2006 = 11.25 + P1
1.195
1.195
2006 = 9.41 + P1
1.195
P1 = 2385
Multi Period Model

P0 = D
+
2
(1+r)
Pn
(1+r) 2
2006 = 11.25 + P2
(1+0.195) 2 (1+0.195) 2
2006 = 7.9 +
Pn
1.42
P2= 2843.5
Page 74
P5 = D
+
5
(1+r)
P5
(1+r) 5
2006= 11.25 +
(1+0.195) 5
2006 = 4.62
P2
( 1+0.195) 5
+
P5
2.43
P5= Rs.4863.36
Two Stage Model

G1= 38%, G2= 37%, G3=35%, r=19.5%, n=8
D1 = 11.5(1.38) = 15.87
D2= 11.5(1.38) 2 = 21.90
D3= 5(1.38) 3 = 30.22
D4= 11.5(1.38) 4 = 41.70
D5 = 11.5(1.38) 5 (1.37) = 57.12
D6 = 11.5(1.38) 4 (1.37) = 78.02
D7 = 11.5(1.38) 4 (1.37) 2 = 107.2
D8=11. 5(1.38) 4(1.37) 3 = 146.89
Page 75
15.87(PVIF 19.5%,1) +21.9(PVIF 19.5%,2) +30.22 (PVIF 19.5%,3) +41.70 (PVIF

19.5%,4) +57.12 (PVIF 19.5%,5) +78.02(PVIF 19.5%,6) +107.22(PVIF 19.5%,7)
+146.89 (PVIF 19.5%,8)
13.28+15.33+17.71+20.54+23.50+35.62+30.08+35.39 = 191.25
P8 =D8
= D8 (1+Gn)
[ r- Gn ]
[ r- Gn]
=11. 5*(1.38)*(1.37) (1.35)
[ .195-.35]
= 195.25
Present value = 195.25 = 1262
(1.195) 8
Intrinsic value = 1262+191= Rs. 1453
Page 76
Equity Valuation of TCS Ltd

Po = D1
1+r
+ P1
1+r
123= 11.5
+ P1
( 1+0.2347) (1+0.2347)
1231 = 11.5 + P1
1.2347
1.2347
1231 = 9.31 + P1
1.2347
P1 = Rs.1508.5
Multi Period Discount Model
P0 = D
+
Pn
(1+r)
(1+r)
1231 = 11.25 +
(1+0.2347) 2
P2
(1+2347) 2
1231 = 7.56 +
Pn
1.52
P2= Rs.1859.62
Page 77
P5 = D
+
P5
(1+r)
(1+r)
1231= 11.5
+ P2
5
(1+0.2347)
( 1+0.2347) 5
1231 = 4.02
P5
2.86
P5= Rs.3540.8
Two Stage Growth Model

G1= 32%, G2= 30%, G3=31%, r=22%, n=8
D1 = 11.5(1.32) = 15.18
D2= 11.5(1.32) 2 = 20.03
D3= 11.5(1.32) 3 = 26.44
D4= 11.5(1.32) 4 = 41.70
D5 = 11.5(1.32) 4 (1.30) = 54.13
D6 = 11.5(1.32) 4 (1.30) 2 = 70.42
D7 = 11.5(1.32) 4 (1.30) 3 = 91.61
D8=11. 5(1.32) 4(1.30) 4 = 119.09
Page 78
15.87(PVIF 22%,1) +20.03(PVIF 22%,2) +26.44 (PVIF 22%,3) +41.7 (PVIF 22%,4) +54.13
(PVIF 22%,5) +70.42(PVIF 22%,6) +91.61(PVIF 22%,7) +119.09 (PVIF 22%,8)
13+13.53+14.60+18.86+20.04+21.40+24.30 = 125.73
P8 =D8
= D8 (1+Gn)
r- Gn]
[ r- Gn]
=11. 5*(1.32)*(1.30) (1.31)
[ .22-.31]
= 1450
Present value = 1450 = 295
(1.22) 8
Intrinsic value = 1450+295= Rs.1745
Page 79
Findings
1) The Indian economy is growing very fast. Its contribution to the worlds GDP is
around 7.7%. Next only to China and U.S. This revels the fact that it will have positive
impact on all the industries of the country.
2) The growth of IT Industry has been commendable in the recent past. It has been the
fastest growing industry but the stocks performance revels a different story. The last 16
months performance has been very disappointing. The main reasons being stock markets
high volatility, Rupee appreciation and U.S. slowdown. In such case it can adopt the
following remedies.
3)
The fundamental analysis of the companies revels the following

a) The companies are fundamentally very strong. There has been full utilization of
the resources, except for TCS very there was a lack of liquidity in the year
2004
b) The earnings of the companies have been very good.
c) When a comparison is made between the three companies, Infosys stands
fundamentally very strong. it has outperformed in all the aspects be it, the
ROE, EPS, book value and even in terms of liquidity. The company having no
Debt in its capital structure has been earning revenues higher than the revenues
earned by Wipro and TCS.
d) The next company better in terms of fundamentals is TCS. It has performed
better than Wipro in all the aspects of fundamentals.
4) The stock market performance also depicts the same picture. It is Infosys, which is in
the lead followed by TCS and Wipro.
5) The most risky stocks among the three has been TCS share prices having a Beta
value of 0.91 followed by Wipro which has got beta value of 0.79 and less riskier
being Infosys and its value is 0.68.
Page 80
The findings from the Equity has reveled the following
Model
Discount Model
Multi period
Model
Two stage
growth Model
Wipro
Rs.605
Rs.731
TCS
Rs.1508
Rs.1859
Infosys
Rs.2385
Rs.2843
Rs.1325
Rs.1745
Rs.1453
The above table shows the expected future equity price of respective shares. It can be
observed from the above table that
1) The Dividend Discount Model, which speaks about the future, expected price is Rs.572 in
case of Wipro. It means that stock will perform better in future compared to its present
value.
2) The generalized Model, which speaks about future, expected price in forthcoming years is
valued at Rs.694. Which is again higher than its previous value of Rs.572.
3) The Multi period model, which indicates the intrinsic value of share in future, is about
Rs.1085 in next 8 years, which will be lower than its share price. It shows a good sign as a
lesser intrinsic value compared to market price indicates that the stock has got great
potential to perform in future and investment in such stock would be profitable.
4) The same can be noticed in case of TCS and Infosys. There market prices going to
Rs.1508 in case of TCS and Rs.2385 in case of Infosys. The intrinsic value of these stocks is
also lesser compared to their market price, indicating better performance in future.
5) A comparison between these stocks reveals that, Infosys shares will perform better
compared to TCS and Infosys. The reason is that the company is fundamentally very strong.
Page 81
RECOMMENDATIONS
1) In spite of fall in the value of share prices in the recent past, I would definitely
recommend the investors to invest in these companies. Reason being the companies
is financially very strong.
2) The current volatility in the market is due to Rupee appreciation, and
U.S.slowdown but the companies have taken several measures to see that these two
problems. They have diversified their business and also they have hedged against the
rupee appreciation. So investment in these stocks would not lead to loss.
3) The recommendation would be to invest for a longer period of time. At least for 5
years as they would yield better returns.
4) As the intrinsic value of all the three stocks are lesser compared to their market
price so the suggestion would be hold the stocks if they have bought or buy the
shares as they will definitely give good returns in the future.
5) If a choice has to be made among the three then it would be better to choose
Infosys as the option as it is fundamentally very strong company and it has got higher
value in market currently and it will also give better returns in the future compared to
other two stocks.
6) It is advisable for the investor to go through the fundamental of the companies
before investing and avoid investing based on the market sentiments, as they would
be misleading. Investing in a fundamentally strong company for longer period of
time would be a worthy decision.
7) A better Strategy for any investor would be to invest in these companies and not to
trade or speculate because share market is not a casino. And dont panic if the values
of shares are coming down, as it is only temporary.
BIBILOGRAPHY
Page 82

Prasanna Chandra, Equity Valuation: A bearing on shareholders, Investment
Analysis and portfolio Management.
Punithavathy Pandian, Fundamental Analysis, Security Analysis and
Portfolio Management.
Jansen & Fischer, Indian Stock Market, Security and Portfolio
Management.
Fortune India, IT stocks Paradise Lost, Dec 31 2007
Capital Market, Testing times, Jan 2008.
Web sites
www.tcs.com
www.infosys.com
www.wipro.com
www.moneyconrol.com
www.icicidirect.com
www.investopedia.com
Page 83
ANNXEURE
Formulas of Ratios used
1) Current ratio =
2) Debt Equity Ratio =
Current Assets
Current Liabilities
Total Debt
Net worth
3) Return on Equity = = Profit After Tax

Net worth
4) Book Value per share = Shareholders fund
price per share
5) Earning Per Share = Amount available to equity shareholders
Number of Equity Share outstanding
6) Bonus Adjustment Factor = Capital before Bonus issue
Capital After Bonus issue
7) Price Earning Ratio = Market Price of share
Earning price per share
8) P/B ratio = market price per share
Book value per shares
Growth rate for Two stage Model has been calculated using the following formula. It is
calculated on the basis of market price of shares. Market prices of last 5 years have been
used to know the growth and same has been applied in the calculation. The formula is
Po= D
r-g
where D is dividend
r- return on equity
g- is the growth rate
Page 84

Po is the market price
Beta Calculation
Close return
Date
Close return(x) Close(infy) return(y) x*x
x*y
Price
(wit)
x*y
clo(tcs) Return
1-Apr-03 984.3
0
4059
0
0
0 1231.2
0
0NA
NA
2-Apr-03 999.4 1.5341
4133 1.82701 2.353 2.803 1277.3 3.7403 5.7379NA
NA
3-Apr-03 1009.2 0.9756
4295 3.92359 0.952 3.828 1273.7 -0.278 -0.2712NA
NA
4-Apr-03 1017 0.7729
4295 0.00815 0.597 0.006 1293.4 1.5427 1.1924NA
NA
7-Apr-03 1031.5 1.4307
4383 2.04181 2.047 2.921 1293.6 0.0193 0.0277NA
NA
8-Apr-03 1018.1 -1.299
4233 -3.4315 1.688 4.458 1253.5
-3.1
4.027NA
NA
9-Apr-03 1004.9 -1.301
4152 -1.9031 1.694 2.477 1231.3 -1.775 2.3101NA
NA
10-Apr-03 962.2 -4.244
3050 -26.547 18.02 112.7 1007.4 -18.18 77.184NA
NA
11-Apr-03 949.8 -1.289
2653 -12.998 1.661 16.75
935.2 -7.162 9.2302NA
NA
15-Apr-03 951.2 0.1474
2860 7.77696 0.022 1.146 980.85 4.8813 0.7195NA
NA
16-Apr-03 958.65 0.7832
3025 5.76284 0.613 4.514
957.1 -2.421 -1.8965NA
NA
17-Apr-03 940.7 -1.872
2963 -2.0202 3.506 3.783 880.85 -7.967 14.917NA
NA
21-Apr-03 947.2 0.691
2933 -1.0393 0.477 -0.72
911.7 3.5023
2.42NA
NA
22-Apr-03 943.5 -0.391
2920 -0.4399 0.153 0.172 901.65 -1.102 0.4306NA
NA
23-Apr-03 934.2 -0.986
2883 -1.257 0.972 1.239 914.25 1.3974 -1.3774NA
NA
24-Apr-03 929.7 -0.482
2898 0.51509 0.232 -0.25 913.15 -0.12
0.058NA
NA
25-Apr-03 924.3 -0.581
2910 0.41583 0.337 -0.24
886.4 -2.929 1.7015NA
NA
28-Apr-03 929.5 0.5626
2893 -0.5859 0.317 -0.33
882.3 -0.463 -0.2602NA
NA
29-Apr-03 932.3 0.3012
2867 -0.8815 0.091 -0.27
868.8 -1.53 -0.4609NA
NA
30-Apr-03 934.05 0.1877
2787 -2.8162 0.035 -0.53
866.7 -0.242 -0.0454NA
NA
2-May-03 938.3 0.455
2914 4.57906 0.207 2.084
868.5 0.2077 0.0945NA
NA
5-May-03 945.4 0.7567
2946 1.10493 0.573 0.836 884.55 1.848 1.3984NA
NA
6-May-03 951.85 0.6823
2982 1.20147 0.465 0.82
912.9 3.205 2.1866NA
NA
7-May-03 950.15 -0.179
3024 1.39848 0.032 -0.25 919.85 0.7613 -0.136NA
NA
8-May-03 941.55 -0.905
2976 -1.5776 0.819 1.428 903.35 -1.794 1.6236NA
NA
9-May-03 937.85 -0.393
2926 -1.6668 0.154 0.655 890.05 -1.472 0.5786NA
NA
12-May-03
936 -0.197
2782 -4.9176 0.039 0.97
876.8 -1.489 0.2937NA
NA
13-May-03 944.2 0.8761
2875 3.3174 0.767 2.906
901.6 2.8285 2.4779NA
NA
14-May-03 952.15 0.842
2865
-0.32 0.709 -0.27
902.5 0.0998
0.084NA
NA
15-May-03 959.85 0.8087
2884 0.63516 0.654 0.514 905.05 0.2825 0.2285NA
NA
16-May-03 973.1 1.3804
2994 3.83028 1.906 5.287 941.45 4.0219 5.5519NA
NA
19-May-03 966.55 -0.673
2791 -6.7901 0.453 4.57
903 -4.084 2.7491NA
NA
20-May-03 971.55 0.5173
2854 2.25567 0.268 1.167 905.55 0.2824 0.1461NA
NA
21-May-03
968 -0.365
2788 -2.2918 0.134 0.837 859.45 -5.091 1.8602NA
NA
22-May-03 963.25 -0.491
2691 -3.5003 0.241 1.718
826 -3.892 1.9098NA
NA
23-May-03 967.9 0.4827
2612 -2.9249 0.233 -1.41 823.05 -0.357 -0.1724NA
NA
26-May-03 982.45 1.5033
2633 0.79824 2.26
1.2 811.05 -1.458 -2.1917NA
NA
27-May-03 976.85
-0.57
2613 -0.7729 0.325 0.441
807.5 -0.438 0.2495NA
NA
28-May-03 990.8 1.4281
2746 5.1177 2.039 7.308
839.8
4 5.7122NA
NA
29-May-03 1002.6 1.191
2770 0.85209 1.418 1.015 824.85 -1.78 -2.1201NA
NA
30-May-03 1006.8 0.4189
2674 -3.4445 0.175 -1.44 806.15 -2.267 -0.9497NA
NA
2-Jun-03 1015.2 0.8294
2811 5.10994 0.688 4.238 820.55 1.7863 1.4815NA
NA
Return(Y)
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Page 85

3-Jun-03
4-Jun-03
5-Jun-03
6-Jun-03
9-Jun-03
10-Jun-03
11-Jun-03
12-Jun-03
13-Jun-03
16-Jun-03
17-Jun-03
18-Jun-03
19-Jun-03
20-Jun-03
23-Jun-03
24-Jun-03
25-Jun-03
26-Jun-03
27-Jun-03
30-Jun-03
1-Jul-03
2-Jul-03
3-Jul-03
4-Jul-03
7-Jul-03
8-Jul-03
9-Jul-03
10-Jul-03
11-Jul-03
14-Jul-03
15-Jul-03
16-Jul-03
17-Jul-03
18-Jul-03
21-Jul-03
22-Jul-03
23-Jul-03
24-Jul-03
25-Jul-03
28-Jul-03
29-Jul-03
30-Jul-03
31-Jul-03
1-Aug-03
4-Aug-03
5-Aug-03
6-Aug-03
7-Aug-03
8-Aug-03
1010.7
1021.1
1035.1
1046.4
1052.1
1037.8
1044.1
1051.3
1056.2
1051.8
1082
1086.8
1092.6
1100.3
1089.2
1085.4
1106.7
1116.4
1125.6
1134.2
1130.7
1133.8
1144.7
1138.5
1140.6
1145.9
1141.1
1162.4
1161.7
1171.5
1159.9
1168.8
1152
1140
1115.8
1109.2
1119.1
1139.5
1162.8
1169.2
1174.8
1183
1185.9
1195.8
1203.6
1184.5
1171.1
1197
1222.7
-0.443
1.029
1.3711
1.0966
0.5447
-1.359
0.6071
0.6896
0.4661
-0.417
2.8665
0.4436
0.5337
0.7048
-1.004
-0.353
1.9625
0.8765
0.8241
0.7641
-0.304
0.2742
0.957
-0.542
0.1845
0.4691
-0.423
1.8667
-0.06
0.8479
-0.994
0.7673
-1.433
-1.042
-2.123
-0.592
0.888
1.823
2.0448
0.5547
0.4747
0.7023
0.2409
0.8348
0.6565
-1.591
-1.131
2.2117
2.1471
2726
2764
2860
2949
2969
2875
2939
2970
2971
2917
3093
3064
3043
3054
3095
3144
3141
3239
3330
3274
3303
3170
3119
3096
3095
3240
3251
3627
3515
3487
3407
3446
3463
3389
3291
3338
3431
3461
3517
3527
3586
3567
3602
3777
3742
3727
3505
3508
3558
-3.0293
1.40331
3.46786
3.11735
0.66464
-3.148
2.21731
1.05654
0.04209
-1.8208
6.01807
-0.9345
-0.6691
0.36475
1.32109
1.60761
-0.1145
3.12659
2.82031
-1.692
0.88882
-4.0432
-1.6075
-0.7231
-0.0275
4.6879
0.34102
11.5475
-3.084
-0.7881
-2.2998
1.13588
0.51223
-2.1381
-2.9003
1.44027
2.78572
0.85387
1.6167
0.28009
1.67444
-0.5257
0.9939
4.84287
-0.9056
-0.4062
-5.9535
0.08558
1.40522
0.197
1.059
1.88
1.202
0.297
1.847
0.369
0.476
0.217
0.174
8.217
0.197
0.285
0.497
1.009
0.125
3.851
0.768
0.679
0.584
0.093
0.075
0.916
0.293
0.034
0.22
0.179
3.485
0.004
0.719
0.989
0.589
2.054
1.085
4.506
0.35
0.789
3.323
4.181
0.308
0.225
0.493
0.058
0.697
0.431
2.531
1.28
4.892
4.61
1.343
1.444
4.755
3.418
0.362
4.279
1.346
0.729
0.02
0.759
17.25
-0.41
-0.36
0.257
-1.33
-0.57
-0.22
2.741
2.324
-1.29
-0.27
-1.11
-1.54
0.392
-0.01
2.199
-0.14
21.56
0.186
-0.67
2.287
0.872
-0.73
2.227
6.157
-0.85
2.474
1.557
3.306
0.155
0.795
-0.37
0.239
4.043
-0.59
0.646
6.735
0.189
3.017
827.5
834.25
862.6
870.8
849.2
830.1
831.35
839.6
849.7
852.75
897.55
924.75
909.15
929.75
913.25
888.95
902.6
915.3
935.3
947.8
935.15
912.55
907.8
901.75
917.35
938.1
918.35
1005.5
953.7
968
945.5
974.65
935.95
916.65
885.1
898.45
925.2
917.1
929.35
955.6
949.7
941.15
947.6
986.6
989.5
958.2
921.75
934.15
959
0.847
0.8157
3.3983
0.9506
-2.48
-2.249
0.1506
0.9924
1.203
0.359
5.2536
3.0305
-1.687
2.2659
-1.775
-2.661
1.5355
1.407
2.1851
1.3365
-1.335
-2.417
-0.521
-0.666
1.73
2.262
-2.105
9.4898
-5.152
1.4994
-2.324
3.083
-3.971
-2.062
-3.442
1.5083
2.9773
-0.875
1.3357
2.8246
-0.617
-0.9
0.6853
4.1157
0.2939
-3.163
-3.804
1.3453
2.6602
-0.3755NA
0.8394NA
4.6595NA
1.0424NA
-1.3512NA
3.057NA
0.0914NA
0.6843NA
0.5607NA
-0.1495NA
15.059NA
1.3444NA
-0.9003NA
1.5969NA
1.7823NA
0.9405NA
3.0135NA
1.2333NA
1.8008NA
1.0212NA
0.406NA
-0.6626NA
-0.4981NA
0.361NA
0.3191NA
1.061NA
0.8911NA
17.715NA
0.3102NA
1.2714NA
2.3115NA
2.3657NA
5.6906NA
2.148NA
7.3064NA
-0.8922NA
2.644NA
-1.596NA
2.7314NA
1.5668NA
-0.2931NA
-0.6322NA
0.1651NA
3.4359NA
0.193NA
5.0329NA
4.3036NA
2.9753NA
5.7117NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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NA
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NA
NA
NA
NA
NA
NA
NA
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Page 86

11-Aug-03
12-Aug-03
13-Aug-03
14-Aug-03
18-Aug-03
19-Aug-03
20-Aug-03
21-Aug-03
22-Aug-03
25-Aug-03
26-Aug-03
27-Aug-03
28-Aug-03
29-Aug-03
1-Sep-03
2-Sep-03
3-Sep-03
4-Sep-03
5-Sep-03
8-Sep-03
9-Sep-03
10-Sep-03
11-Sep-03
12-Sep-03
15-Sep-03
16-Sep-03
17-Sep-03
18-Sep-03
19-Sep-03
22-Sep-03
23-Sep-03
24-Sep-03
25-Sep-03
26-Sep-03
29-Sep-03
30-Sep-03
1-Oct-03
3-Oct-03
6-Oct-03
7-Oct-03
8-Oct-03
9-Oct-03
10-Oct-03
13-Oct-03
14-Oct-03
15-Oct-03
16-Oct-03
17-Oct-03
20-Oct-03
1232.9
1234.8
1246.9
1247.8
1281.4
1277.7
1287.4
1301
1311.2
1271.1
1318.2
1340.3
1341.1
1356.6
1376
1385.5
1359.4
1372.7
1398.4
1417.4
1407.1
1409.6
1403.2
1372.1
1329.3
1358
1341.6
1302.4
1322.2
1302.9
1328.2
1372.1
1357.2
1387
1400
1417.1
1420.9
1449.3
1478.9
1477.9
1478.6
1502.1
1523.1
1546.8
1520.8
1537
1555.7
1569.5
1542.7
0.8343
0.1541
0.984
0.0682
2.6969
-0.289
0.7592
1.0525
0.784
-3.055
3.7055
1.6765
0.056
1.1558
1.4301
0.6904
-1.884
0.9821
1.8722
1.3551
-0.727
0.1777
-0.454
-2.213
-3.123
2.1591
-1.204
-2.926
1.5203
-1.456
1.9418
3.3015
-1.082
2.192
0.9373
1.225
0.2646
2.0023
2.0424
-0.071
0.0507
1.5893
1.398
1.5528
-1.678
1.0652
1.2167
0.8838
-1.704
3482
3409
3463
3417
3490
3492
3677
3714
3642
3561
3717
3856
3899
3926
3869
3892
3814
4210
4198
4252
4478
4303
4225
4162
4039
4209
4328
4241
4320
4373
4316
4509
4508
4552
4474
4528
4574
4560
4569
4474
4389
4447
4630
4748
4722
4735
4631
4735
4623
-2.132
-2.1024
1.58863
-1.3313
2.14245
0.06591
5.29473
1.01712
-1.9572
-2.2215
4.39221
3.72856
1.11389
0.6938
-1.4443
0.58669
-2.0106
10.3852
-0.2827
1.29951
5.31242
-3.9056
-1.83
-1.4842
-2.9482
4.20509
2.83084
-2.0101
1.85563
1.22805
-1.3081
4.48015
-0.0344
0.97726
-1.6939
1.19791
1.01258
-0.3072
0.20615
-2.089
-1.8877
1.31568
4.10267
2.55424
-0.5403
0.28165
-2.2131
2.2567
-2.3716
0.696
0.024
0.968
0.005
7.273
0.083
0.576
1.108
0.615
9.33
13.73
2.811
0.003
1.336
2.045
0.477
3.549
0.964
3.505
1.836
0.528
0.032
0.206
4.897
9.753
4.662
1.45
8.559
2.311
2.12
3.771
10.9
1.171
4.805
0.879
1.501
0.07
4.009
4.171
0.005
0.003
2.526
1.955
2.411
2.815
1.135
1.48
0.781
2.905
-1.78
-0.32
1.563
-0.09
5.778
-0.02
4.02
1.071
-1.53
6.786
16.28
6.251
0.062
0.802
-2.07
0.405
3.788
10.2
-0.53
1.761
-3.86
-0.69
0.831
3.284
9.207
9.079
-3.41
5.881
2.821
-1.79
-2.54
14.79
0.037
2.142
-1.59
1.467
0.268
-0.62
0.421
0.148
-0.1
2.091
5.736
3.966
0.906
0.3
-2.69
1.995
4.042
945.9
924.85
927.25
912.8
912.35
924.8
951.65
981.45
973.1
949.7
976.35
1020.1
1069.9
1068.9
1107.5
1135.2
1111.2
1187.3
1246.1
1268
1288.2
1266.5
1223.2
1190.5
1108.9
1194.9
1191.8
1131.6
1150.2
1129.7
1141.5
1197
1179.4
1245.6
1243.6
1255.8
1247.6
1216.8
1237.9
1232.1
1212.4
1244.1
1347.2
1371.8
1334.5
1333.6
1379.4
1419.4
1372.2
-1.366
-2.225
0.2595
-1.558
-0.049
1.3646
2.9033
3.1314
-0.851
-2.405
2.8061
4.481
4.8819
-0.098
3.616
2.4966
-2.114
6.8533
4.9482
1.7576
1.5971
-1.688
-3.415
-2.677
-6.855
7.7558
-0.259
-5.047
1.6437
-1.787
1.049
4.862
-1.475
5.6175
-0.165
0.9811
-0.653
-2.469
1.7341
-0.469
-1.599
2.6148
8.2874
1.8298
-2.723
-0.067
3.4382
2.8998
-3.329
-1.1396NA
-0.343NA
0.2554NA
-0.1062NA
-0.133NA
-0.394NA
2.2041NA
3.2958NA
-0.667NA
7.3453NA
10.398NA
7.5125NA
0.2732NA
-0.1134NA
5.1713NA
1.7237NA
3.983NA
6.7305NA
9.2641NA
2.3817NA
-1.1606NA
-0.3NA
1.5506NA
5.9248NA
21.406NA
16.746NA
0.3124NA
14.766NA
2.4989NA
2.6013NA
2.037NA
16.052NA
1.5959NA
12.314NA
-0.1543NA
1.2018NA
-0.1728NA
-4.9434NA
3.5417NA
0.0333NA
-0.0811NA
4.1557NA
11.586NA
2.8412NA
4.5679NA
-0.0718NA
4.1831NA
2.563NA
5.6738NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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21-Oct-03
22-Oct-03
23-Oct-03
24-Oct-03
25-Oct-03
27-Oct-03
28-Oct-03
29-Oct-03
30-Oct-03
31-Oct-03
3-Nov-03
4-Nov-03
5-Nov-03
6-Nov-03
7-Nov-03
10-Nov-03
11-Nov-03
12-Nov-03
13-Nov-03
14-Nov-03
15-Nov-03
17-Nov-03
18-Nov-03
19-Nov-03
20-Nov-03
21-Nov-03
24-Nov-03
25-Nov-03
27-Nov-03
28-Nov-03
1-Dec-03
2-Dec-03
3-Dec-03
4-Dec-03
5-Dec-03
8-Dec-03
9-Dec-03
10-Dec-03
11-Dec-03
12-Dec-03
15-Dec-03
16-Dec-03
17-Dec-03
18-Dec-03
19-Dec-03
22-Dec-03
23-Dec-03
24-Dec-03
26-Dec-03
1506.5
1494.1
1470.5
1506.1
1522
1485.3
1481.8
1498.5
1516.9
1555.9
1601.7
1618.7
1609.2
1612.2
1592.1
1594.5
1601.2
1603.8
1580
1550.5
1562.8
1579.9
1564.4
1540.6
1522.3
1540.7
1543.9
1568.7
1598.4
1615.3
1657.7
1658.5
1670.5
1675.2
1645.8
1646.3
1675.9
1686.9
1695.4
1698.9
1724
1736.3
1733.3
1756.1
1778.6
1789.2
1780.3
1808.7
1837.1
-2.347
-0.823
-1.583
2.421
1.0557
-2.408
-0.239
1.127
1.2279
2.5744
2.9404
1.0645
-0.59
0.1895
-1.25
0.1539
0.4171
0.1655
-1.487
-1.867
0.7965
1.0942
-0.981
-1.521
-1.188
1.2087
0.2077
1.6031
1.8933
1.0573
2.625
0.0513
0.7235
0.2814
-1.755
0.0273
1.798
0.6594
0.5039
0.2064
1.4745
0.7135
-0.173
1.3183
1.2784
0.596
-0.495
1.5952
1.5674
4552
4513
4418
4554
4576
4447
4467
4570
4617
4739
4979
5026
4994
5075
4982
4936
4923
4868
4747
4626
4622
4624
4613
4662
4622
4671
4626
4733
4928
4926
5163
5138
5094
5062
4911
4906
4979
4967
4978
5032
5139
5229
5122
5129
5261
5323
5452
5424
5395
-1.5348
-0.8601
-2.0974
3.08617
0.46548
-2.8204
0.46103
2.31022
1.01306
2.6448
5.07629
0.94793
-0.6545
1.63911
-1.8363
-0.9203
-0.2644
-1.1171
-2.4885
-2.5542
-0.0897
0.0476
-0.2379
1.05898
-0.857
1.07316
-0.9719
2.31515
4.1241
-0.0487
4.81836
-0.4881
-0.8515
-0.6399
-2.9871
-0.1018
1.50646
-0.2561
0.22349
1.09084
2.12834
1.74443
-2.0454
0.13569
2.5727
1.18803
2.41486
-0.5136
-0.5264
5.506
0.677
2.506
5.861
1.115
5.799
0.057
1.27
1.508
6.628
8.646
1.133
0.348
0.036
1.562
0.024
0.174
0.027
2.211
3.486
0.634
1.197
0.963
2.315
1.411
1.461
0.043
2.57
3.585
1.118
6.891
0.003
0.524
0.079
3.08
7E-04
3.233
0.435
0.254
0.043
2.174
0.509
0.03
1.738
1.634
0.355
0.245
2.545
2.457
3.601
0.708
3.32
7.472
0.491
6.792
-0.11
2.604
1.244
6.809
14.93
1.009
0.386
0.311
2.295
-0.14
-0.11
-0.18
3.701
4.769
-0.07
0.052
0.233
-1.61
1.018
1.297
-0.2
3.711
7.808
-0.05
12.65
-0.03
-0.62
-0.18
5.242
-0
2.709
-0.17
0.113
0.225
3.138
1.245
0.353
0.179
3.289
0.708
-1.19
-0.82
-0.83
1318.3
1268.6
1232.2
1284.8
1283.4
1229.9
1252.8
1258.7
1252.2
1342.3
1425.7
1454.2
1419.9
1449.7
1429.4
1420.5
1437.6
1458.8
1425
1415.1
1413.7
1444.7
1414.3
1414.4
1402.5
1444.8
1444
1450.4
1515.5
1538
1615.3
1565
1583.2
1570
1508.6
1526.2
1548.6
1591.5
1635.8
1609.4
1666.8
1685.8
1660.7
1681.9
1705.8
1681.2
1656.5
1720.5
1713.8
-3.928
-3.766
-2.873
4.273
-0.109
-4.169
1.8579
0.471
-0.516
7.1956
6.2134
2.0026
-2.359
2.0952
-1.4
-0.623
1.2074
1.4747
-2.32
-0.695
-0.095
2.1893
-2.101
0.0071
-0.845
3.0197
-0.055
0.4398
4.4886
1.4847
5.0262
-3.111
1.1597
-0.834
-3.911
1.1667
1.4677
2.7703
2.7836
-1.611
3.5634
1.1399
-1.489
1.2766
1.4211
-1.442
-1.466
3.8636
-0.389
9.2175NA
3.1001NA
4.548NA
10.345NA
-0.115NA
10.038NA
-0.444NA
0.5308NA
-0.6341NA
18.525NA
18.27NA
2.1318NA
1.3916NA
0.3971NA
1.7502NA
-0.0958NA
0.5035NA
0.2441NA
3.4507NA
1.2972NA
-0.076NA
2.3955NA
2.0611NA
-0.0108NA
1.0036NA
3.6499NA
-0.0115NA
0.705NA
8.4984NA
1.5698NA
13.194NA
-0.1595NA
0.8391NA
-0.2346NA
6.8638NA
0.0319NA
2.639NA
1.8267NA
1.4026NA
-0.3326NA
5.2542NA
0.8133NA
0.2573NA
1.683NA
1.8167NA
-0.8595NA
0.7253NA
6.1633NA
-0.6104NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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29-Dec-03
30-Dec-03
31-Dec-03
1-Jan-04
2-Jan-04
5-Jan-04
6-Jan-04
7-Jan-04
8-Jan-04
9-Jan-04
12-Jan-04
13-Jan-04
14-Jan-04
15-Jan-04
16-Jan-04
19-Jan-04
20-Jan-04
21-Jan-04
22-Jan-04
23-Jan-04
27-Jan-04
28-Jan-04
29-Jan-04
30-Jan-04
3-Feb-04
4-Feb-04
5-Feb-04
6-Feb-04
9-Feb-04
10-Feb-04
11-Feb-04
12-Feb-04
13-Feb-04
16-Feb-04
17-Feb-04
18-Feb-04
19-Feb-04
20-Feb-04
23-Feb-04
24-Feb-04
25-Feb-04
26-Feb-04
27-Feb-04
1-Mar-04
3-Mar-04
4-Mar-04
5-Mar-04
8-Mar-04
9-Mar-04
1874.1
1873.3
1879.8
1912.3
1946.1
1955
1926.7
1916.8
1968.6
1971.9
1945.6
1963.6
1982.2
1944.5
1900.7
1935.4
1893.3
1824.6
1770.5
1847.6
1904.7
1863.1
1843.6
1809.8
1769
1822.2
1804.5
1833.7
1880.7
1880.8
1891.5
1885.3
1913.6
1913.6
1920.1
1916.5
1858.3
1852.7
1808.2
1821.4
1786.8
1765.8
1800.3
1852.7
1860.4
1843.9
1867.7
1885.3
1866.1
2.0141
-0.043
0.347
1.729
1.7676
0.4599
-1.448
-0.516
2.7025
0.1702
-1.334
0.9252
0.9447
-1.902
-2.253
1.8257
-2.175
-3.626
-2.965
4.3519
3.0933
-2.184
-1.047
-1.836
-2.252
3.0073
-0.971
1.6154
2.5659
0.0027
0.5716
-0.328
1.5011
-0.003
0.3423
-0.19
-3.034
-0.304
-2.399
0.7272
-1.897
-1.175
1.9538
2.9106
0.4156
-0.89
1.2935
0.9397
-1.018
5499
5536
5565
5636
5667
5887
5685
5693
5848
5821
5720
5794
5706
5561
5524
5503
5411
5396
5174
5461
5561
5417
5253
5213
5198
5360
5439
5559
5650
5508
5471
5353
5376
5356
5398
5351
5106
5065
5083
5044
4967
4885
5062
5319
5185
5285
5249
5111
4985
1.91278
0.68291
0.51752
1.28758
0.54024
3.8805
-3.4264
0.14424
2.72079
-0.4702
-1.7258
1.28406
-1.5206
-2.5248
-0.6752
-0.3856
-1.6728
-0.2689
-4.1105
5.54772
1.83474
-2.5893
-3.0337
-0.7672
-0.2897
3.12061
1.48417
2.18956
1.65331
-2.5219
-0.6636
-2.1612
0.43059
-0.3757
0.78417
-0.8633
-4.5801
-0.8059
0.35043
-0.7683
-1.5167
-1.6558
3.63043
5.07462
-2.5257
1.92864
-0.6868
-2.6321
-2.4586
4.057
0.002
0.12
2.989
3.124
0.212
2.095
0.267
7.303
0.029
1.779
0.856
0.892
3.618
5.074
3.333
4.732
13.15
8.791
18.94
9.568
4.77
1.095
3.371
5.07
9.044
0.944
2.61
6.584
#####
0.327
0.107
2.253
#####
0.117
0.036
9.207
0.092
5.756
0.529
3.598
1.381
3.817
8.472
0.173
0.791
1.673
0.883
1.037
3.853
-0.03
0.18
2.226
0.955
1.785
4.96
-0.07
7.353
-0.08
2.302
1.188
-1.44
4.802
1.521
-0.7
3.639
0.975
12.19
24.14
5.675
5.655
3.175
1.409
0.652
9.385
-1.44
3.537
4.242
-0.01
-0.38
0.708
0.646
1E-03
0.268
0.164
13.9
0.245
-0.84
-0.56
2.877
1.946
7.093
14.77
-1.05
-1.72
-0.89
-2.47
2.504
1753.6
1757.7
1736.1
1760.9
1762.3
1740.8
1692.5
1695.6
1735.8
1756.7
1737.2
1748.3
1759.4
1704.2
1699.5
1734.7
1717.9
1656.9
1639
1720
1731.2
1648.1
1573.8
1558.8
1525.5
1517.2
1499
1555.7
1625.4
1598.1
1608.9
1577.4
1625.6
1616.8
1608.5
1590.6
1511
1503.9
1468.4
1467.1
1442.5
1418.8
1454.6
1498.1
1508
1514.8
1488.8
1442.7
1429.1
2.3223
0.231
-1.229
1.4314
0.0795
-1.223
-2.772
0.1802
2.3709
1.2041
-1.11
0.6419
0.6349
-3.137
-0.276
2.0683
-0.968
-3.548
-1.08
4.939
0.6512
-4.797
-4.508
-0.953
-2.139
-0.541
-1.2
3.7825
4.4771
-1.68
0.679
-1.961
3.0558
-0.538
-0.516
-1.11
-5.004
-0.47
-2.361
-0.092
-1.673
-1.643
2.5197
2.9941
0.6608
0.4509
-1.72
-3.093
-0.943
4.6774NA
-0.0099NA
-0.4264NA
2.4748NA
0.1405NA
-0.5624NA
4.0124NA
-0.0931NA
6.4074NA
0.2049NA
1.4805NA
0.5938NA
0.5998NA
5.9673NA
0.6212NA
3.776NA
2.1068NA
12.865NA
3.2032NA
21.494NA
2.0143NA
10.478NA
4.7185NA
1.75NA
4.8174NA
-1.6264NA
1.1652NA
6.1103NA
11.488NA
-0.0045NA
0.3881NA
0.6428NA
4.587NA
0.0014NA
-0.1768NA
0.211NA
15.185NA
0.1429NA
5.6635NA
-0.0669NA
3.1744NA
1.931NA
4.923NA
8.7146NA
0.2747NA
-0.4011NA
-2.2244NA
-2.9066NA
0.9601NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Page 89

10-Mar-04
11-Mar-04
12-Mar-04
15-Mar-04
16-Mar-04
17-Mar-04
18-Mar-04
19-Mar-04
22-Mar-04
23-Mar-04
24-Mar-04
25-Mar-04
26-Mar-04
29-Mar-04
30-Mar-04
31-Mar-04
1-Apr-04
2-Apr-04
5-Apr-04
6-Apr-04
7-Apr-04
8-Apr-04
12-Apr-04
13-Apr-04
15-Apr-04
16-Apr-04
17-Apr-04
19-Apr-04
20-Apr-04
21-Apr-04
22-Apr-04
23-Apr-04
27-Apr-04
28-Apr-04
29-Apr-04
30-Apr-04
3-May-04
4-May-04
5-May-04
6-May-04
7-May-04
10-May-04
11-May-04
12-May-04
13-May-04
14-May-04
17-May-04
18-May-04
19-May-04
1844.4
1805.4
1812.2
1763.4
1749.4
1749.9
1716.7
1725.1
1685
1696.4
1692.1
1704.5
1747.5
1762.1
1750.2
1771.9
1819.7
1841.1
1856.6
1851.2
1848.7
1853.6
1838.2
1878.5
1862
1869
1868.1
1844.1
1844.3
1873.4
1889.6
1892.5
1817.3
1816.6
1809
1796.1
1766.7
1793.1
1809.9
1832.8
1804.5
1769.1
1699.5
1711.1
1717.5
1582.4
1388.8
1504
1567.9
-1.163
-2.112
0.3766
-2.693
-0.797
0.0286
-1.897
0.4922
-2.325
0.6766
-0.253
0.7299
2.5257
0.8326
-0.675
1.2428
2.6948
1.1788
0.8419
-0.294
-0.132
0.2623
-0.828
2.1896
-0.878
0.3759
-0.045
-1.287
0.0108
1.5779
0.8648
0.1535
-3.974
-0.039
-0.418
-0.71
-1.637
1.4943
0.9369
1.2653
-1.547
-1.959
-3.937
0.6855
0.374
-7.866
-12.24
8.2952
4.2488
4902
4856
5037
4940
4942
5043
4937
5189
5076
5170
5048
5167
5310
5213
5038
4938
5111
5000
5174
5313
5325
5312
5143
5494
5336
5390
5394
5361
5381
5426
5386
5307
5136
5102
5039
5146
5185
5220
5261
5297
5219
5125
5046
5083
5194
5090
4519
4881
4973
-1.658
-0.9516
3.73589
-1.9168
0.03947
2.03241
-2.095
5.10411
-2.1892
1.852
-2.3619
2.36751
2.75789
-1.8175
-3.3503
-1.9878
3.49925
-2.1718
3.488
2.67664
0.23339
-0.2479
-3.1786
6.81476
-2.8642
1.00161
0.0705
-0.6063
0.37866
0.8223
-0.7317
-1.4603
-3.2315
-0.6504
-1.2445
2.13148
0.74716
0.68183
0.78449
0.69095
-1.4706
-1.7991
-1.5482
0.73819
2.1718
-2.0024
-11.218
8.0143
1.87873
1.352
4.46
0.142
7.251
0.635
8E-04
3.6
0.242
5.403
0.458
0.064
0.533
6.379
0.693
0.456
1.544
7.262
1.39
0.709
0.086
0.018
0.069
0.686
4.795
0.772
0.141
0.002
1.657
1E-04
2.49
0.748
0.024
15.79
0.001
0.175
0.505
2.679
2.233
0.878
1.601
2.393
3.838
15.5
0.47
0.14
61.88
149.8
68.81
18.05
1.928
2.01
1.407
5.162
-0.03
0.058
3.975
2.512
5.089
1.253
0.599
1.728
6.966
-1.51
2.263
-2.47
9.43
-2.56
2.937
-0.79
-0.03
-0.07
2.632
14.92
2.516
0.377
-0
0.781
0.004
1.297
-0.63
-0.22
12.84
0.025
0.521
-1.51
-1.22
1.019
0.735
0.874
2.275
3.524
6.095
0.506
0.812
15.75
137.3
66.48
7.982
1461.6
1437.6
1469.8
1424.5
1458.2
1468.1
1424.7
1436.5
1382.1
1401.3
1382.2
1384.6
1427.7
1411.7
1377.7
1361.2
1368.8
1349.5
1392.9
1409.3
1417.2
1463.9
1451.8
1607.1
1599
1626.2
1619.3
1594.4
1606.7
1597.3
1612.8
1593.5
1531.3
1521.6
1534.3
1545.2
1554.8
1591.4
1605.8
1591.6
1549.8
1535.1
1506.5
1528.3
1595.7
1545.6
1243.1
1539.3
1521.6
2.2742
-1.645
2.2434
-3.085
2.3658
0.6789
-2.956
0.8283
-3.784
1.3856
-1.36
0.17
3.1165
-1.121
-2.408
-1.198
0.5547
-1.41
3.2198
1.1774
0.5606
3.2952
-0.827
10.697
-0.504
1.6979
-0.424
-1.535
0.7715
-0.588
0.9735
-1.197
-3.906
-0.633
0.838
0.7104
0.618
2.3573
0.9017
-0.881
-2.629
-0.949
-1.86
1.4471
4.4069
-3.137
-19.57
23.828
-1.15
-2.6446NA
3.475NA
0.845NA
8.3087NA
-1.885NA
0.0194NA
5.609NA
0.4077NA
8.7951NA
0.9374NA
0.3446NA
0.1241NA
7.8716NA
-0.9331NA
1.6265NA
-1.4884NA
1.4947NA
-1.6622NA
2.7107NA
-0.3456NA
-0.0742NA
0.8645NA
0.6845NA
23.423NA
0.4427NA
0.6383NA
0.0193NA
1.9757NA
0.0084NA
-0.928NA
0.8419NA
-0.1837NA
15.523NA
0.0244NA
-0.3506NA
-0.5047NA
-1.0117NA
3.5225NA
0.8448NA
-1.115NA
4.0672NA
1.8582NA
7.3224NA
0.992NA
1.6483NA
24.673NA
239.55NA
197.66NA
-4.8858NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
Page 90

20-May-04
21-May-04
24-May-04
25-May-04
26-May-04
27-May-04
28-May-04
31-May-04
1-Jun-04
2-Jun-04
3-Jun-04
4-Jun-04
7-Jun-04
8-Jun-04
9-Jun-04
10-Jun-04
11-Jun-04
14-Jun-04
15-Jun-04
16-Jun-04
17-Jun-04
18-Jun-04
21-Jun-04
22-Jun-04
23-Jun-04
24-Jun-04
25-Jun-04
28-Jun-04
29-Jun-04
30-Jun-04
1-Jul-04
2-Jul-04
5-Jul-04
6-Jul-04
7-Jul-04
8-Jul-04
9-Jul-04
12-Jul-04
13-Jul-04
14-Jul-04
15-Jul-04
16-Jul-04
19-Jul-04
20-Jul-04
21-Jul-04
22-Jul-04
23-Jul-04
26-Jul-04
27-Jul-04
1543.9
1560.2
1608.9
1606.7
1598.8
1586.4
1508.8
1483.6
1507.9
1535.2
1495.1
1521.1
1542.6
1550.6
1548.3
1544.8
1508.5
1481.4
1501
1494.8
1512.1
1491.2
1482
1474.7
1446.1
1470.8
1488.5
1514.4
1518.3
1505.6
1537.2
1537.5
1526.9
1558.3
1566.8
1518.2
1553.2
1557
1539.3
1522.8
1539.4
1558.8
1571.6
1566.1
1581.4
1598.1
1601.6
1618
1600.8
-1.531
1.059
3.1182
-0.134
-0.492
-0.776
-4.895
-1.667
1.6379
1.8105
-2.612
1.739
1.4102
0.5186
-0.145
-0.229
-2.35
-1.797
1.3265
-0.416
1.1574
-1.379
-0.617
-0.493
-1.939
1.7046
1.2069
1.7366
0.2608
-0.836
2.0988
0.0195
-0.693
2.0565
0.5487
-3.105
2.3087
0.2414
-1.134
-1.075
1.0934
1.2602
0.8211
-0.35
0.9769
1.056
0.219
1.024
-1.066
4928
4910
5319
5356
5284
5298
5058
5201
5288
5338
5241
5217
5207
5178
5222
5273
5111
4994
5082
5146
5200
5265
5351
5375
5323
5409
5484
5598
5587
5524
1409
1423
1429
1427
1392
1352
1383
1376
1403
1421
1443
1478
1478
1448
1437
1443
1455
1460
1479
-0.8989
-0.3622
8.32264
0.69659
-1.3406
0.26022
-4.5302
2.83031
1.66606
0.94467
-1.7995
-0.4598
-0.1907
-0.5655
0.85072
0.97951
-3.0826
-2.2815
1.76512
1.25636
1.04061
1.24915
1.64973
0.45035
-0.9683
1.61081
1.38192
2.07881
-0.2001
-1.1205
-74.497
1.03279
0.42857
-0.2064
-2.387
-2.887
2.23701
-0.4593
1.93293
1.28676
1.59417
2.37625
0.03384
-2.0599
-0.7252
0.3757
0.86297
0.30237
1.35316
2.343
1.122
9.723
0.018
0.242
0.602
23.96
2.779
2.683
3.278
6.823
3.024
1.989
0.269
0.021
0.053
5.522
3.228
1.76
0.173
1.34
1.901
0.381
0.243
3.761
2.906
1.457
3.016
0.068
0.7
4.405
4E-04
0.48
4.229
0.301
9.641
5.33
0.058
1.285
1.156
1.196
1.588
0.674
0.122
0.954
1.115
0.048
1.049
1.137
1.376
-0.38
25.95
-0.09
0.659
-0.2
22.17
-4.72
2.729
1.71
4.7
-0.8
-0.27
-0.29
-0.12
-0.22
7.244
4.099
2.341
-0.52
1.204
-1.72
-1.02
-0.22
1.878
2.746
1.668
3.61
-0.05
0.937
-156
0.02
-0.3
-0.42
-1.31
8.964
5.165
-0.11
-2.19
-1.38
1.743
2.995
0.028
0.721
-0.71
0.397
0.189
0.31
-1.44
1474.7
1511.7
1610.1
1620
1589
1605.5
1503.7
1523.7
1526.6
1529.2
1459.8
1504.9
1485.5
1495.4
1495
1523.6
1479.8
1443.7
1487.2
1483.4
1504.1
1515
1568.1
1557.6
1535.6
1588.1
533.25
556.15
541.65
532.1
535.75
527.7
523.25
532.15
516.15
500.55
499.85
498.6
496.25
511.8
525.15
525.8
528.6
519.8
524.55
524.05
529.95
523.75
519.6
-3.079
2.5056
6.5128
0.6118
-1.914
1.0384
-6.341
1.3334
0.187
0.1736
-4.542
3.0896
-1.286
0.6631
-0.023
1.9097
-2.875
-2.44
3.0132
-0.252
1.3954
0.7247
3.5017
-0.67
-1.409
3.4189
-66.42
4.2944
-2.607
-1.763
0.686
-1.503
-0.843
1.7009
-3.007
-3.022
-0.14
-0.25
-0.471
3.1335
2.6084
0.1238
0.5325
-1.665
0.9138
-0.095
1.1258
-1.17
-0.792
4.7134NA
2.6535NA
20.308NA
-0.0818NA
0.9409NA
-0.8054NA
31.037NA
-2.2227NA
0.3064NA
0.3143NA
11.863NA
5.3728NA
-1.8132NA
0.3439NA
0.0034NA
-0.4379NA
6.7556NA
4.3829NA
3.997NA
0.105NA
1.6151NA
-0.9993NA
-2.1604NA
0.3298NA
2.7331NA
5.8277NA
-80.163NA
7.4579NA
-0.6801NA
1.4748NA
1.4397NA
-0.0293NA
0.5841NA
3.498NA
-1.6497NA
9.3846NA
-0.3229NA
-0.0604NA
0.5343NA
-3.369NA
2.8521NA
0.156NA
0.4373NA
0.5826NA
0.8927NA
-0.1007NA
0.2466NA
-1.198NA
0.8448NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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NA
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Page 91

28-Jul-04
29-Jul-04
30-Jul-04
2-Aug-04
3-Aug-04
4-Aug-04
5-Aug-04
6-Aug-04
9-Aug-04
10-Aug-04
11-Aug-04
12-Aug-04
13-Aug-04
16-Aug-04
17-Aug-04
18-Aug-04
19-Aug-04
20-Aug-04
23-Aug-04
24-Aug-04
25-Aug-04
26-Aug-04
27-Aug-04
30-Aug-04
31-Aug-04
1-Sep-04
2-Sep-04
3-Sep-04
6-Sep-04
7-Sep-04
8-Sep-04
9-Sep-04
10-Sep-04
13-Sep-04
14-Sep-04
15-Sep-04
16-Sep-04
17-Sep-04
20-Sep-04
21-Sep-04
22-Sep-04
23-Sep-04
24-Sep-04
27-Sep-04
28-Sep-04
29-Sep-04
30-Sep-04
1-Oct-04
4-Oct-04
1594.2
1618.7
1632.3
1639.1
1630.6
1626.6
1655
1633.4
1642.6
1652.2
1621.6
1607.2
1598.2
1599.2
1604.4
1581.8
1609.2
1590.4
1578.2
1591.6
1595.7
1610.8
1609
1628.5
1631.8
1635.5
1629.3
1634.1
1644
1650.2
1656.3
1649
1668.8
1675.2
1685.6
1683.2
1705.7
1733.7
1728.8
1750.2
1753.9
1726.2
1722.5
1717.5
1700.3
1728
1745.5
1775.2
1805.7
-0.412
1.54
0.8402
0.4135
-0.516
-0.248
1.746
-1.302
0.5632
0.5814
-1.849
-0.888
-0.56
0.0594
0.3252
-1.406
1.7322
-1.171
-0.764
0.8491
0.2576
0.9432
-0.109
1.2088
0.2026
0.2268
-0.376
0.2946
0.6058
0.3741
0.3697
-0.438
1.1977
0.3865
0.6178
-0.139
1.3367
1.6386
-0.28
1.2379
0.2114
-1.582
-0.211
-0.29
-1.004
1.6292
1.0157
1.6987
1.7182
1508
1536
1554
1556
1577
1548
1558
1527
1534
1525
1504
1499
1480
1487
1483
1487
1537
1547
1560
1556
1535
1546
1565
1577
1576
1581
1603
1607
1608
1615
1625
1623
1654
1676
1701
1701
1695
1690
1658
1676
1664
1630
1614
1640
1612
1640
1696
1703
1728
1.96039
1.80998
1.16567
0.16093
1.34319
-1.8264
0.62657
-1.99
0.48795
-0.5964
-1.377
-0.3623
-1.2545
0.49667
-0.316
0.29005
3.35956
0.65398
0.82428
-0.234
-1.3401
0.68402
1.27786
0.77621
-0.1236
0.36179
1.35656
0.24647
0.08092
0.46645
0.59428
-0.1446
1.93511
1.31798
1.5067
-0.0059
-0.3557
-0.3097
-1.9057
1.12519
-0.7547
-1.9958
-1.0029
1.59546
-1.6954
1.73708
3.39045
0.45709
1.44723
0.17
2.372
0.706
0.171
0.266
0.062
3.049
1.696
0.317
0.338
3.419
0.789
0.314
0.004
0.106
1.976
3.001
1.372
0.584
0.721
0.066
0.89
0.012
1.461
0.041
0.051
0.141
0.087
0.367
0.14
0.137
0.192
1.434
0.149
0.382
0.019
1.787
2.685
0.078
1.532
0.045
2.503
0.045
0.084
1.009
2.654
1.032
2.885
2.952
-0.81
2.787
0.979
0.067
-0.69
0.454
1.094
2.591
0.275
-0.35
2.546
0.322
0.702
0.03
-0.1
-0.41
5.819
-0.77
-0.63
-0.2
-0.35
0.645
-0.14
0.938
-0.03
0.082
-0.51
0.073
0.049
0.174
0.22
0.063
2.318
0.509
0.931
8E-04
-0.48
-0.51
0.533
1.393
-0.16
3.158
0.212
-0.46
1.703
2.83
3.444
0.776
2.487
526.75
541.45
546.85
540.8
537.9
531.55
564.7
551.15
557.9
561.45
556.85
543.55
534.4
540.25
546.2
546.25
560.35
564.5
564.25
576.95
565.15
574.25
568.5
580.15
578.5
576.2
578.2
581.5
584
592.2
590.05
590.05
591.25
589.4
600.9
589.15
590.45
592.5
580.9
599.25
606.15
593.15
582.75
577
571.05
584.05
596.8
604.45
628
1.3761
2.7907
0.9973
-1.106
-0.536
-1.181
6.2365
-2.4
1.2247
0.6363
-0.819
-2.388
-1.683
1.0947
1.1013
0.0092
2.5812
0.7406
-0.044
2.2508
-2.045
1.6102
-1.001
2.0493
-0.284
-0.398
0.3471
0.5707
0.4299
1.4041
-0.363
0
0.2034
-0.313
1.9511
-1.955
0.2207
0.3472
-1.958
3.1589
1.1514
-2.145
-1.753
-0.987
-1.031
2.2765
2.183
1.2818
3.8961
-0.5674NA
NA
NA
4.2977NA
NA
NA
0.8379NA
NA
NA
-0.4575NA
NA
NA
0.2765NA
NA
NA
0.2932NA
NA
NA
10.889NA
NA
NA
3.1245NA
NA
NA
0.6898NA
NA
NA
0.37NA
NA
NA
1.515NA
NA
NA
2.121NA
NA
NA
0.9427NA
NA
NA
0.0651NA
NA
NA
0.3581NA
NA
NA
-0.0129NA
NA
NA
4.4712NA
NA
NA
-0.8675NA
NA
NA
0.0338NA
NA
NA
1.9111NA
NA
NA
-0.5269
988
0
1.5187
979 -0.906
0.1088 962.7 -1.67
2.4772 986.8 2.504
-0.0576
998 1.14
-0.0902
997
-0.1
-0.1305
993 -0.401
0.1681
988 -0.504
0.2605
977 -1.113
0.5253
987 1.024
-0.1342
922 -6.586
0
975 5.748
0.2436
988 1.333
-0.1209
983 -0.506
1.2055 1005 2.238
0.2726 1021 1.592
0.295 1004 -1.665
0.5689 1022 1.793
0.5477 1028 0.587
3.9102 1026 -0.195
0.2434 1218 18.71
3.3933 1006 -17.4
0.3708 1008 0.234
0.2864 1025 1.592
1.0357 1023 -0.156
3.7088 1046 2.239
2.2172 1052 0.598
2.1774 1030 -2.072
6.6941 1029 -0.141
Page 92
0
-0.85
0.18
3.03
0.23
-0.02
0.15
-0.15
-0.67
0.38
-2.43
-2.52
1.6
-0.2
1.38
-0.22
-2.23
2.94
-0.16
-0.24
3.96
27.5
-0.05
-0.46
0.16
3.65
0.61
-3.52
-0.24

5-Oct-04
6-Oct-04
7-Oct-04
8-Oct-04
9-Oct-04
11-Oct-04
12-Oct-04
14-Oct-04
15-Oct-04
18-Oct-04
19-Oct-04
20-Oct-04
21-Oct-04
25-Oct-04
26-Oct-04
27-Oct-04
28-Oct-04
29-Oct-04
1-Nov-04
2-Nov-04
3-Nov-04
4-Nov-04
5-Nov-04
8-Nov-04
9-Nov-04
10-Nov-04
11-Nov-04
12-Nov-04
16-Nov-04
17-Nov-04
18-Nov-04
19-Nov-04
22-Nov-04
23-Nov-04
24-Nov-04
25-Nov-04
29-Nov-04
30-Nov-04
1-Dec-04
2-Dec-04
3-Dec-04
6-Dec-04
7-Dec-04
8-Dec-04
9-Dec-04
10-Dec-04
13-Dec-04
14-Dec-04
15-Dec-04
1812.5
1794.9
1815.7
1820.2
1817.8
1807.8
1786.9
1794.8
1795
1786
1808.4
1790.1
1779.8
1757.3
1781.1
1783.9
1800.1
1786.9
1797.8
1813.7
1837.4
1834.9
1852.3
1862.8
1858.8
1876.1
1870.6
1873
1879
1888.7
1892.1
1872.4
1873.4
1892.6
1904.1
1901.1
1939.7
1958.8
1962.1
1999
1996.2
1993.2
1992.7
1978
1990
1969
1985.4
2006.8
2028.7
0.3766
-0.968
1.1588
0.2478
-0.132
-0.553
-1.153
0.4393
0.0139
-0.501
1.2542
-1.015
-0.575
-1.264
1.3544
0.1572
0.911
-0.733
0.6072
0.8872
1.3067
-0.139
0.951
0.5669
-0.217
0.9334
-0.296
0.1283
0.323
0.5136
0.18
-1.041
0.0534
1.0276
0.605
-0.158
2.0305
0.9873
0.1659
1.8832
-0.14
-0.153
-0.023
-0.74
0.6067
-1.053
0.8304
1.0804
1.0913
1721
1686
1706
1708
1699
1687
1711
1815
1787
1761
1768
1759
1780
1820
1861
1868
1949
1906
1946
1911
1961
1988
1977
2018
2037
2041
2017
2027
2049
2077
2063
2058
2028
2031
2024
2030
2091
2149
2108
2080
2051
2030
2040
2031
2042
2033
2038
2051
2101
-0.4283
-2.0139
1.16558
0.14952
-0.5094
-0.7532
1.47046
6.02741
-1.5293
-1.43
0.37758
-0.5119
1.19115
2.27841
2.2359
0.36539
4.33665
-2.1783
2.08251
-1.8216
2.6353
1.36413
-0.5584
2.08439
0.93914
0.21112
-1.1734
0.50072
1.07784
1.35917
-0.6789
-0.24
-1.4505
0.15039
-0.352
0.28163
3.01537
2.79319
-1.9007
-1.3494
-1.3727
-1.0335
0.48026
-0.4167
0.53165
-0.4309
0.20655
0.66991
2.40829
0.142
0.938
1.343
0.061
0.017
0.306
1.33
0.193
2E-04
0.251
1.573
1.03
0.331
1.598
1.834
0.025
0.83
0.538
0.369
0.787
1.708
0.019
0.904
0.321
0.047
0.871
0.088
0.016
0.104
0.264
0.032
1.084
0.003
1.056
0.366
0.025
4.123
0.975
0.028
3.547
0.02
0.023
5E-04
0.548
0.368
1.108
0.69
1.167
1.191
-0.16
1.95
1.351
0.037
0.067
0.416
-1.7
2.648
-0.02
0.717
0.474
0.519
-0.69
-2.88
3.028
0.057
3.95
1.597
1.264
-1.62
3.444
-0.19
-0.53
1.182
-0.2
0.197
0.347
0.064
0.348
0.698
-0.12
0.25
-0.08
0.155
-0.21
-0.04
6.123
2.758
-0.32
-2.54
0.192
0.158
-0.01
0.308
0.323
0.454
0.172
0.724
2.628
637.15
622
632.45
637.9
636.7
631.2
627.7
659.85
649.65
637.9
651.95
646.8
641.1
634.3
638.8
641.7
658.8
657.5
654.8
660.4
675.6
671.8
688.1
687.35
689.4
699.1
694.65
691.85
706.85
717.75
720.7
713
709.7
714.9
715.55
736.55
761.85
766.4
755.2
756.4
749.65
742.6
757.15
739.65
738.5
747.05
750
754.65
763.85
1.457
-2.378
1.6801
0.8617
-0.188
-0.864
-0.554
5.1219
-1.546
-1.809
2.2025
-0.79
-0.881
-1.061
0.7094
0.454
2.6648
-0.197
-0.411
0.8552
2.3016
-0.562
2.4263
-0.109
0.2982
1.407
-0.637
-0.403
2.1681
1.5421
0.411
-1.068
-0.463
0.7327
0.0909
2.9348
3.4349
0.5972
-1.461
0.1589
-0.892
-0.94
1.9593
-2.311
-0.155
1.1578
0.3949
0.62
1.2191
0.5487
2.3024
1.9469
0.2136
0.0248
0.4776
0.6395
2.2501
-0.0215
0.9069
2.7624
0.8016
0.5071
1.3409
0.9609
0.0714
2.4275
0.1447
-0.2493
0.7588
3.0076
0.0781
2.3075
-0.0618
-0.0648
1.3133
0.1883
-0.0517
0.7003
0.792
0.074
1.1124
-0.0247
0.7529
0.055
-0.4624
6.9745
0.5896
-0.2425
0.2992
0.125
0.1437
-0.0442
1.7108
-0.0943
-1.2189
0.3279
0.6699
1.3304
1021
1016
1031
1027
1048
1077
1081
1082
1097
1098
1101
1089
1084
1116
1126
1137
1143
1133
1126
1117
1137
1140
1166
1156
1171
1160
1175
1170
1165
1184
1188
1194
1196
1197
1191
1205
1231
1217
1222
1236
1234
1217
1244
1275
1262
1243
1237
1215
1218
-0.782
-0.509
1.521
-0.378
2.006
2.749
0.39
0.083
1.433
0.087
0.237
-1.031
-0.445
2.928
0.878
0.999
0.523
-0.87
-0.679
-0.729
1.777
0.237
2.285
-0.832
1.245
-0.935
1.337
-0.408
-0.423
1.605
0.359
0.501
0.159
0.042
-0.489
1.218
2.124
-1.129
0.44
1.072
-0.134
-1.382
2.223
2.472
-1.028
-1.502
-0.471
-1.795
0.305
Page 93
-0.29
0.49
1.76
-0.09
-0.26
-1.52
-0.45
0.04
0.02
-0.04
0.3
1.05
0.26
-3.7
1.19
0.16
0.48
0.64
-0.41
-0.65
2.32
-0.03
2.17
-0.47
-0.27
-0.87
-0.4
-0.05
-0.14
0.82
0.06
-0.52
0.01
0.04
-0.3
-0.19
4.31
-1.11
0.07
2.02
0.02
0.21
-0.05
-1.83
-0.62
1.58
-0.39
-1.94
0.33

16-Dec-04
17-Dec-04
20-Dec-04
21-Dec-04
22-Dec-04
23-Dec-04
24-Dec-04
27-Dec-04
28-Dec-04
29-Dec-04
30-Dec-04
31-Dec-04
3-Jan-05
4-Jan-05
5-Jan-05
6-Jan-05
7-Jan-05
10-Jan-05
11-Jan-05
12-Jan-05
13-Jan-05
14-Jan-05
17-Jan-05
18-Jan-05
19-Jan-05
20-Jan-05
24-Jan-05
25-Jan-05
27-Jan-05
28-Jan-05
31-Jan-05
1-Feb-05
2-Feb-05
3-Feb-05
4-Feb-05
7-Feb-05
8-Feb-05
9-Feb-05
10-Feb-05
11-Feb-05
14-Feb-05
15-Feb-05
16-Feb-05
17-Feb-05
18-Feb-05
21-Feb-05
22-Feb-05
23-Feb-05
24-Feb-05
2033.2
2012.1
2026.9
2044.7
2035.4
2045.2
2062.7
2062.6
2071.4
2069.6
2059.8
2080.5
2115
2103.8
2032.2
1998.4
2015.5
1982
1952.1
1913.6
1954.6
1931.1
1932.9
1934.1
1926.7
1925.3
1909
1931.9
1955
2008.3
2057.6
2059.9
2052.3
2079.5
2078
2055.1
2055.2
2070
2063.4
2082.1
2098.3
2090
2068.8
2061.9
2055.6
2043.2
2058.4
2057.1
2055.3
0.2218
-1.038
0.7331
0.8782
-0.455
0.4815
0.8581
-0.005
0.4242
-0.084
-0.474
1.005
1.6583
-0.532
-3.401
-1.666
0.8582
-1.662
-1.511
-1.97
2.1399
-1.2
0.0932
0.0595
-0.383
-0.07
-0.847
1.197
1.1983
2.7263
2.4548
0.1094
-0.369
1.3254
-0.072
-1.1
0.0024
0.7226
-0.321
0.9063
0.7781
-0.396
-1.012
-0.334
-0.308
-0.601
0.7439
-0.063
-0.088
2120
2089
2114
2115
2081
2066
2065
2058
2062
2073
2048
2092
2120
2090
2053
2044
2051
1995
1972
1906
1968
1974
1998
1965
1959
1965
1906
1913
1952
2038
2069
2062
2072
2101
2085
2030
2044
2045
2044
2104
2170
2182
2184
2174
2165
2144
2161
2141
2164
0.9378
-1.4738
1.18711
0.05677
-1.5909
-0.7375
-0.0436
-0.3341
0.16761
0.55293
-1.2059
2.12631
1.33145
-1.3918
-1.7966
-0.4263
0.34495
-2.7258
-1.1655
-3.317
3.2577
0.28704
1.20061
-1.6169
-0.3282
0.29608
-3.0157
0.38573
2.05191
4.38246
1.52136
-0.3336
0.48745
1.4263
-0.759
-2.659
0.67243
0.06851
-0.0293
2.89572
3.13986
0.56461
0.08021
-0.4442
-0.4255
-0.9609
0.79761
-0.944
1.10717
0.049
1.077
0.537
0.771
0.207
0.232
0.736
#####
0.18
0.007
0.224
1.01
2.75
0.283
11.57
2.774
0.737
2.763
2.283
3.88
4.579
1.439
0.009
0.004
0.146
0.005
0.717
1.433
1.436
7.433
6.026
0.012
0.136
1.757
0.005
1.209
#####
0.522
0.103
0.821
0.605
0.156
1.024
0.111
0.095
0.361
0.553
0.004
0.008
0.208
1.529
0.87
0.05
0.724
-0.36
-0.04
0.002
0.071
-0.05
0.571
2.137
2.208
0.74
6.11
0.71
0.296
4.531
1.761
6.534
6.971
-0.34
0.112
-0.1
0.126
-0.02
2.553
0.462
2.459
11.95
3.735
-0.04
-0.18
1.89
0.055
2.924
0.002
0.05
0.009
2.624
2.443
-0.22
-0.08
0.148
0.131
0.577
0.593
0.06
-0.1
769.85
756.65
767.45
771.45
755.45
748.7
757.2
750.6
751.5
754.85
747.6
748.8
754.2
749.05
707.3
689.4
699.75
678
675.9
656
670.8
664.6
675.15
682.1
688.15
674.65
647.8
656.7
674.7
698.5
705.35
696.25
686.2
694.3
703.15
688.4
693.15
691.55
684.85
695.25
713.65
706.65
706.9
698.5
691.25
678.65
683.45
679.4
677.4
0.7855
-1.715
1.4273
0.5212
-2.074
-0.894
1.1353
-0.872
0.1199
0.4458
-0.96
0.1605
0.7212
-0.683
-5.574
-2.531
1.5013
-3.108
-0.31
-2.944
2.2561
-0.924
1.5874
1.0294
0.887
-1.962
-3.98
1.3739
2.741
3.5275
0.9807
-1.29
-1.443
1.1804
1.2747
-2.098
0.69
-0.231
-0.969
1.5186
2.6465
-0.981
0.0354
-1.188
-1.038
-1.823
0.7073
-0.593
-0.294
0.1742
1.7794
1.0463
0.4577
0.9434
-0.4302
0.9742
0.0042
0.0509
-0.0377
0.4548
0.1613
1.1959
0.3632
18.957
4.2154
1.2884
5.1663
0.468
5.7993
4.8279
1.1089
0.148
0.0612
-0.3394
0.1375
3.3694
1.6445
3.2846
9.6172
2.4074
-0.1411
0.5326
1.5645
-0.0919
2.3067
0.0017
-0.1668
0.3112
1.3763
2.0592
0.388
-0.0358
0.3963
0.3197
1.0952
0.5262
0.0374
0.0258
1201
1211
1226
1236
1233
1246
1263
1257
1263
1273
1240
1228
1268
1271
1309
1320
1297
1335
1353
1341
1325
1320
1340
1327
1314
1298
1293
1296
1263
1264
1255
1244
1221
1235
1241
1289
1300
1315
1309
1311
1306
1314
1316
1333
1333
1382
1410
1381
1368
-1.432
0.887
1.172
0.857
-0.243
1.002
1.377
-0.487
0.481
0.804
-2.558
-0.992
3.266
0.205
3.054
0.832
-1.788
2.992
1.333
-0.887
-1.212
-0.343
1.477
-0.933
-1.032
-1.195
-0.397
0.271
-2.557
0.047
-0.669
-0.932
-1.853
1.212
0.413
3.922
0.869
1.142
-0.479
0.164
-0.355
0.559
0.171
1.277
-0.011
3.684
2.019
-2.008
-0.956
Page 94
-0.32
-0.92
0.86
0.75
0.11
0.48
1.18
0
0.2
-0.07
1.21
-1
5.42
-0.11
-10.4
-1.39
-1.53
-4.97
-2.01
1.75
-2.59
0.41
0.14
-0.06
0.39
0.08
0.34
0.32
-3.06
0.13
-1.64
-0.1
0.68
1.61
-0.03
-4.31
0
0.83
0.15
0.15
-0.28
-0.22
-0.17
-0.43
0
-2.21
1.5
0.13
0.08

25-Feb-05
28-Feb-05
1-Mar-05
2-Mar-05
3-Mar-05
4-Mar-05
7-Mar-05
8-Mar-05
9-Mar-05
10-Mar-05
11-Mar-05
14-Mar-05
15-Mar-05
16-Mar-05
17-Mar-05
18-Mar-05
21-Mar-05
22-Mar-05
23-Mar-05
24-Mar-05
28-Mar-05
29-Mar-05
30-Mar-05
31-Mar-05
1-Apr-05
4-Apr-05
5-Apr-05
6-Apr-05
7-Apr-05
8-Apr-05
11-Apr-05
12-Apr-05
13-Apr-05
15-Apr-05
18-Apr-05
19-Apr-05
20-Apr-05
21-Apr-05
22-Apr-05
25-Apr-05
26-Apr-05
27-Apr-05
28-Apr-05
29-Apr-05
2-May-05
3-May-05
4-May-05
5-May-05
6-May-05
2060.9
2103.3
2084.4
2093.3
2128.9
2148.2
2160.1
2169
2160.8
2167.4
2154
2146.4
2129
2125.6
2098.5
2109.2
2096.6
2061.6
2026.4
2015.4
2029.5
1983.9
1993.7
2035.7
2067.7
2063.4
2052.6
2069.3
2052.9
2031.2
2008.2
2025
2025.5
1956.3
1927.8
1909.4
1929.7
1948.6
1967.4
1971
1957.1
1935.4
1941.3
1902.5
1916.8
1920.7
1942.6
1963.3
1977.5
0.2725
2.0549
-0.896
0.4246
1.7007
0.9066
0.5563
0.4097
-0.376
0.3054
-0.618
-0.355
-0.811
-0.16
-1.273
0.5075
-0.595
-1.669
-1.707
-0.543
0.6971
-2.247
0.4965
2.1041
1.572
-0.206
-0.526
0.8161
-0.795
-1.055
-1.132
0.8341
0.0247
-3.414
-1.457
-0.954
1.0632
0.9768
0.9648
0.183
-0.703
-1.109
0.3048
-1.999
0.749
0.2061
1.1402
1.0656
0.7233
2179
2240
2181
2187
2214
2234
2252
2264
2252
2232
2215
2226
2211
2193
2181
2200
2237
2224
2162
2159
2186
2167
2170
2257
2236
2229
2221
2236
2188
2128
2078
2118
2102
1957
1914
1913
1948
1945
1999
1988
1959
1914
1906
1887
1915
1901
1938
1995
2022
0.7
2.78281
-2.6271
0.2659
1.25283
0.89187
0.80118
0.53284
-0.5388
-0.8815
-0.7796
0.51927
-0.6895
-0.8006
-0.5472
0.86424
1.66367
-0.5723
-2.7589
-0.1526
1.24589
-0.8875
0.17077
4.00405
-0.9459
-0.322
-0.3231
0.66848
-2.1464
-2.7601
-2.3544
1.91308
-0.758
-6.8713
-2.2048
-0.0705
1.85088
-0.1643
2.79977
-0.5427
-1.4987
-2.2695
-0.4467
-0.9866
1.50254
-0.7153
1.90118
2.97017
1.32321
0.074
4.223
0.803
0.18
2.892
0.822
0.309
0.168
0.141
0.093
0.382
0.126
0.657
0.026
1.62
0.258
0.354
2.787
2.915
0.295
0.486
5.049
0.247
4.427
2.471
0.042
0.276
0.666
0.632
1.112
1.282
0.696
6E-04
11.66
2.122
0.911
1.13
0.954
0.931
0.033
0.494
1.229
0.093
3.995
0.561
0.042
1.3
1.135
0.523
0.191
5.718
2.355
0.113
2.131
0.809
0.446
0.218
0.202
-0.27
0.482
-0.18
0.559
0.128
0.696
0.439
-0.99
0.955
4.71
0.083
0.869
1.994
0.085
8.425
-1.49
0.066
0.17
0.546
1.706
2.911
2.666
1.596
-0.02
23.46
3.212
0.067
1.968
-0.16
2.701
-0.1
1.053
2.516
-0.14
1.972
1.125
-0.15
2.168
3.165
0.957
672.7
699.5
675.65
671.1
696.55
720.05
721.85
717.45
713.55
704.5
697.6
693.95
683.7
682.95
679.45
686
684.85
676.2
655.7
645.4
643.2
641.2
630.35
670.95
672.65
674.3
660.6
669.45
680.15
665.2
652.55
645.8
645.45
605.6
594.75
576.95
594.95
604.05
643.95
648.45
639.95
635
643.35
630.8
638
627.35
630.95
637.4
636.15
-0.694
3.9839
-3.41
-0.673
3.7923
3.3738
0.25
-0.61
-0.544
-1.268
-0.979
-0.523
-1.477
-0.11
-0.512
0.964
-0.168
-1.263
-3.032
-1.571
-0.341
-0.311
-1.692
6.4409
0.2534
0.2453
-2.032
1.3397
1.5983
-2.198
-1.902
-1.034
-0.054
-6.174
-1.792
-2.993
3.1199
1.5295
6.6054
0.6988
-1.311
-0.773
1.315
-1.951
1.1414
-1.669
0.5738
1.0223
-0.196
-0.189
8.1867
3.0558
-0.2859
6.4496
3.0586
0.1391
-0.2497
0.2043
-0.3874
0.6055
0.1858
1.1974
0.0175
0.6522
0.4892
0.0997
2.1085
5.1763
0.8527
-0.2376
0.6987
-0.8402
13.552
0.3983
-0.0504
1.0684
1.0933
-1.2706
2.3181
2.1533
-0.8628
-0.0013
21.078
2.6101
2.8565
3.3169
1.4941
6.373
0.1279
0.9211
0.8576
0.4009
3.8988
0.8549
-0.344
0.6543
1.0893
-0.1418
1382
1375
1366
1363
1375
1368
1364
1381
1357
1368
1390
1392
1400
1414
1408
1400
1427
1452
1443
1452
1461
1469
1456
1444
1421
1384
1392
1371
1391
1432
1451
1428
1425
1441
1425
1394
1364
1382
1402
1319
1319
1209
1116
1142
1167
1157
1137
1116
1115
1.001
-0.496
-0.687
-0.154
0.843
-0.509
-0.285
1.235
-1.698
0.777
1.575
0.194
0.571
0.982
-0.456
-0.565
1.993
1.709
-0.634
0.652
0.613
0.53
-0.834
-0.886
-1.545
-2.596
0.582
-1.544
1.433
2.984
1.32
-1.599
-0.161
1.115
-1.12
-2.221
-2.149
1.349
1.418
-5.893
-0.027
-8.338
-7.653
2.347
2.131
-0.84
-1.75
-1.852
-0.076
Page 95
0.27
-1.02
0.62
-0.07
1.43
-0.46
-0.16
0.51
0.64
0.24
-0.97
-0.07
-0.46
-0.16
0.58
-0.29
-1.19
-2.85
1.08
-0.35
0.43
-1.19
-0.41
-1.86
-2.43
0.53
-0.31
-1.26
-1.14
-3.15
-1.49
-1.33
-0
-3.81
1.63
2.12
-2.28
1.32
1.37
-1.08
0.02
9.25
-2.33
-4.69
1.6
-0.17
-2
-1.97
-0.06

9-May-05
10-May-05
11-May-05
12-May-05
13-May-05
16-May-05
17-May-05
18-May-05
19-May-05
20-May-05
23-May-05
24-May-05
25-May-05
26-May-05
27-May-05
30-May-05
31-May-05
1-Jun-05
2-Jun-05
3-Jun-05
4-Jun-05
6-Jun-05
7-Jun-05
8-Jun-05
9-Jun-05
10-Jun-05
13-Jun-05
14-Jun-05
15-Jun-05
16-Jun-05
17-Jun-05
20-Jun-05
21-Jun-05
22-Jun-05
23-Jun-05
24-Jun-05
27-Jun-05
28-Jun-05
29-Jun-05
30-Jun-05
1-Jul-05
4-Jul-05
5-Jul-05
6-Jul-05
7-Jul-05
8-Jul-05
11-Jul-05
12-Jul-05
13-Jul-05
2000.8
1994.3
1986
1993.2
1988.3
2012.6
1990.8
1982.8
1990.9
1992.4
2013.9
2028.6
2043.9
2074.7
2076.4
2072.4
2087.6
2087.6
2064.7
2094.3
2092.4
2092.8
2098.2
2112.4
2103.2
2090.6
2102.8
2112.4
2128.7
2123.7
2123.4
2144.4
2170
2187.4
2183.9
2194.4
2199.8
2169.9
2191.7
2220.6
2211.9
2230.7
2210.8
2228.2
2179.4
2196.2
2218.9
2220.8
2204.1
1.1757
-0.322
-0.419
0.3625
-0.243
1.2221
-1.083
-0.404
0.4085
0.0779
1.0791
0.7299
0.7517
1.5094
0.0819
-0.193
0.731
0
-1.097
1.4337
-0.091
0.0215
0.2556
0.6792
-0.436
-0.599
0.5812
0.4565
0.7717
-0.233
-0.014
0.9866
1.1962
0.7995
-0.16
0.4808
0.2484
-1.361
1.0047
1.3209
-0.392
0.8477
-0.892
0.7893
-2.19
0.7709
1.0313
0.0879
-0.754
2097
2059
2066
2061
2033
2078
2064
2042
2097
2141
2135
2156
2171
2205
2232
2228
2250
2222
2201
2256
2241
2216
2233
2296
2237
2212
2224
2235
2257
2280
2288
2371
2394
2389
2344
2313
2338
2293
2325
2358
2351
2394
2330
2346
2320
2335
2316
2221
2205
3.7125
-1.7838
0.3278
-0.2323
-1.3706
2.21359
-0.6714
-1.0514
2.66863
2.08656
-0.278
0.98147
0.72837
1.56595
1.23118
-0.1949
1.00763
-1.2642
-0.9293
2.47575
-0.6428
-1.1109
0.73992
2.83942
-2.5912
-1.0953
0.53339
0.49909
0.9619
1.05466
0.33546
3.62746
0.94471
-0.1859
-1.8752
-1.3309
1.09596
-1.9543
1.39355
1.44538
-0.3053
1.83535
-2.6689
0.65871
-1.0978
0.64873
-0.8201
-4.0828
-0.7136
1.382
0.104
0.175
0.131
0.059
1.494
1.173
0.164
0.167
0.006
1.164
0.533
0.565
2.278
0.007
0.037
0.534
0
1.203
2.055
0.008
5E-04
0.065
0.461
0.19
0.359
0.338
0.208
0.595
0.054
2E-04
0.973
1.431
0.639
0.026
0.231
0.062
1.854
1.009
1.745
0.153
0.719
0.796
0.623
4.797
0.594
1.064
0.008
0.569
4.365
0.575
-0.14
-0.08
0.334
2.705
0.727
0.425
1.09
0.162
-0.3
0.716
0.548
2.364
0.101
0.038
0.737
0
1.019
3.549
0.058
-0.02
0.189
1.928
1.129
0.656
0.31
0.228
0.742
-0.25
-0
3.579
1.13
-0.15
0.3
-0.64
0.272
2.661
1.4
1.909
0.12
1.556
2.381
0.52
2.404
0.5
-0.85
-0.36
0.538
646.25
647.8
637.8
643.25
636.2
659
657.45
652.35
658.05
663.3
666.4
682.45
687
716.3
724.15
707.45
715.75
711.25
700.8
721.65
722.6
716.2
731.55
734.4
725.9
723.8
721.9
723.25
733.55
734.55
743.8
756.55
756.25
759.2
756.55
749.8
754.4
740.65
753.65
766.3
744.8
746.5
736.1
735.25
710.5
722.9
716.75
702.35
709.2
1.5877
0.2398
-1.544
0.8545
-1.096
3.5838
-0.235
-0.776
0.8738
0.7978
0.4674
2.4085
0.6667
4.2649
1.0959
-2.306
1.1732
-0.629
-1.469
2.9752
0.1316
-0.886
2.1433
0.3896
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0.187
1.4241
0.1363
1.2593
1.7142
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0.3901
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0.6135
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1.7552
1.6785
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0.2282
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1.7452
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0.9753
1.8667
-0.0773
0.6463
0.3098
0.2667
4.3799
0.2548
0.3137
0.357
0.0621
0.5043
1.758
0.5012
6.4375
0.0898
0.4443
0.8577
0
1.6117
4.2654
-0.0119
-0.019
0.5479
0.2646
0.5041
0.1733
-0.1526
0.0854
1.0989
-0.0317
-0.0178
1.6912
-0.0474
0.3119
0.0559
-0.429
0.1524
2.4815
1.7634
2.2172
1.0992
0.1935
1.2429
-0.0911
7.3723
1.3453
-0.8774
-0.1766
-0.7356
1131
1129
1109
1121
1137
1168
1175
1153
1149
1147
1149
1154
1151
1143
1163
1170
1224
1235
1261
1290
1269
1319
1334
1305
1269
1293
1282
1280
1278
1292
1277
1266
1272
1266
1272
1278
1268
1296
1305
1333
1307
1326
1316
1324
1333
1358
1352
1359
1320
1.462
-0.195
-1.798
1.105
1.427
2.696
0.664
-1.936
-0.295
-0.205
0.161
0.496
-0.325
-0.682
1.733
0.615
4.63
0.903
2.081
2.34
-1.616
3.932
1.149
-2.23
-2.756
1.939
-0.893
-0.094
-0.215
1.131
-1.145
-0.873
0.434
-0.44
0.482
0.436
-0.787
2.229
0.71
2.165
-1.946
1.404
-0.701
0.539
0.68
1.917
-0.42
0.492
-2.859
Page 96
1.72
0.06
0.75
0.4
-0.35
3.29
-0.72
0.78
-0.12
-0.02
0.17
0.36
-0.24
-1.03
0.14
-0.12
3.38
0
-2.28
3.36
0.15
0.08
0.29
-1.51
1.2
-1.16
-0.52
-0.04
-0.17
-0.26
0.02
-0.86
0.52
-0.35
-0.08
0.21
-0.2
-3.03
0.71
2.86
0.76
1.19
0.63
0.43
-1.49
1.48
-0.43
0.04
2.16

14-Jul-05
15-Jul-05
18-Jul-05
19-Jul-05
20-Jul-05
21-Jul-05
22-Jul-05
25-Jul-05
26-Jul-05
27-Jul-05
29-Jul-05
1-Aug-05
2-Aug-05
3-Aug-05
4-Aug-05
5-Aug-05
8-Aug-05
9-Aug-05
10-Aug-05
11-Aug-05
12-Aug-05
16-Aug-05
17-Aug-05
18-Aug-05
19-Aug-05
22-Aug-05
23-Aug-05
24-Aug-05
25-Aug-05
26-Aug-05
29-Aug-05
30-Aug-05
31-Aug-05
1-Sep-05
2-Sep-05
5-Sep-05
6-Sep-05
8-Sep-05
9-Sep-05
12-Sep-05
13-Sep-05
14-Sep-05
15-Sep-05
16-Sep-05
19-Sep-05
20-Sep-05
21-Sep-05
22-Sep-05
23-Sep-05
2185.1
2212.6
2234
2237.3
2241.9
2230.5
2265.6
2291.8
2303.2
2319.1
2312.3
2318.1
2353.7
2357
2367.8
2361.2
2324.4
2318.7
2360.2
2380.9
2361.6
2369.8
2403.2
2388.5
2383.5
2367.9
2326.1
2322.5
2354.6
2357.1
2337.7
2367.8
2384.7
2405.8
2415.8
2423
2428.7
2454.5
2455.5
2484.2
2500.4
2492.5
2524
2552.4
2567.1
2578
2567.3
2476.5
2477.8
-0.86
1.2562
0.9695
0.1477
0.2056
-0.508
1.5736
1.1542
0.4974
0.6925
-0.293
0.2487
1.5358
0.1423
0.4582
-0.279
-1.559
-0.245
1.7876
0.8792
-0.813
0.3493
1.4073
-0.612
-0.209
-0.655
-1.763
-0.155
1.38
0.1062
-0.823
1.2876
0.7138
0.8848
0.4177
0.296
0.2353
1.0623
0.0407
1.1688
0.6521
-0.316
1.2638
1.1252
0.5779
0.4246
-0.415
-3.537
0.0505
2136
2196
2272
2256
2233
2209
2239
2229
2226
2231
2268
2265
2299
2356
2314
2292
2271
2264
2315
2293
2261
2250
2318
2299
2301
2315
2285
2264
2272
2269
2301
2347
2376
2426
2386
2355
2364
2422
2417
2423
2446
2446
2451
2447
2450
2504
2462
2413
2399
-3.1536
2.81153
3.46555
-0.6866
-1.0238
-1.0881
1.34676
-0.44
-0.1122
0.18865
1.69685
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1.53011
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2.24813
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3.02007
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0.11964
0.58877
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-0.919
0.33566
-0.11
1.40572
1.98592
1.24419
2.08535
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-1.2973
0.39282
2.47039
-0.2147
0.23788
0.9637
-0.0245
0.19831
-0.1469
0.13691
2.17524
-1.6636
-2.0086
-0.5782
0.739
1.578
0.94
0.022
0.042
0.259
2.476
1.332
0.247
0.48
0.086
0.062
2.359
0.02
0.21
0.078
2.429
0.06
3.196
0.773
0.661
0.122
1.98
0.374
0.044
0.428
3.109
0.024
1.904
0.011
0.677
1.658
0.509
0.783
0.175
0.088
0.055
1.129
0.002
1.366
0.425
0.1
1.597
1.266
0.334
0.18
0.172
12.51
0.003
2.711
3.532
3.36
-0.1
-0.21
0.553
2.119
-0.51
-0.06
0.131
-0.5
-0.04
2.35
0.352
-0.83
0.265
1.418
0.071
4.019
-0.82
1.132
-0.18
4.25
0.508
-0.03
-0.39
2.266
0.142
0.463
-0.01
-1.16
2.557
0.888
1.845
-0.69
-0.38
0.092
2.624
-0.01
0.278
0.628
0.008
0.251
-0.17
0.079
0.924
0.69
7.104
-0.03
696.25
704.45
711
714.55
717.3
711.6
715.3
713.25
708.6
727.85
736.35
723.75
724.2
731.9
731.6
721.75
704.5
716.05
727.65
732.95
714.8
720.5
724.25
728.95
720.05
362.55
356.7
353.25
367.45
359.55
351.75
358.95
364.65
372.2
374.3
377.45
378
373.25
371.45
372.05
372.95
380.2
382.5
382.55
379.9
376.35
373.6
356.05
357.8
-1.826
1.1777
0.9298
0.4993
0.3849
-0.795
0.52
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-0.652
2.7166
1.1678
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0.0622
1.0632
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1.6395
1.62
0.7284
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4.0198
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0.1615
0.2419
1.944
0.6049
0.0131
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0.4915
1.57
1.4795
0.9014
0.0738
0.0791
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0.8182
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1.8813
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0.0955
0.1513
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0.3753
3.7249
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2.896
0.6404
2.0125
0.2786
0.7325
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0.2556
32.496
2.8451
0.1497
5.5473
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1.7855
2.6356
1.1334
1.832
0.2357
0.2491
0.0343
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0.1888
0.1578
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0.7645
0.0147
-0.4003
-0.3968
0.3033
16.614
0.0248
1323
1310
1311
1326
1286
1271
1225
1248
1322
1319
1308
1290
1294
1284
1265
1285
1269
1252
1290
1301
1295
1285
1283
1284
1313
1313
1283
1269
1299
1314
1325
1318
1316
1296
1324
1365
1355
1384
1405
1424
1427
1410
1398
1406
1392
1430
1422
1400
1450
0.22
-1.017
0.111
1.14
-3.028
-1.178
-3.6
1.914
5.907
-0.231
-0.826
-1.372
0.283
-0.742
-1.487
1.521
-1.222
-1.308
3.043
0.81
-0.423
-0.76
-0.183
0.105
2.231
-0.015
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-1.076
2.372
1.12
0.887
-0.566
-0.137
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2.157
3.105
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2.14
1.481
1.381
0.207
-1.188
-0.837
0.547
-1.006
2.748
-0.545
-1.564
3.553
Page 97
-0.19
-1.28
0.11
0.17
-0.62
0.6
-5.67
2.21
2.94
-0.16
0.24
-0.34
0.43
-0.11
-0.68
-0.42
1.9
0.32
5.44
0.71
0.34
-0.27
-0.26
-0.06
-0.47
0.01
4.03
0.17
3.27
0.12
-0.73
-0.73
-0.1
-1.37
0.9
0.92
-0.16
2.27
0.06
1.61
0.14
0.38
-1.06
0.62
-0.58
1.17
0.23
5.53
0.18

26-Sep-05
27-Sep-05
28-Sep-05
29-Sep-05
30-Sep-05
3-Oct-05
4-Oct-05
5-Oct-05
6-Oct-05
7-Oct-05
10-Oct-05
11-Oct-05
13-Oct-05
14-Oct-05
17-Oct-05
18-Oct-05
19-Oct-05
20-Oct-05
21-Oct-05
24-Oct-05
25-Oct-05
26-Oct-05
27-Oct-05
28-Oct-05
31-Oct-05
1-Nov-05
2-Nov-05
7-Nov-05
8-Nov-05
9-Nov-05
10-Nov-05
11-Nov-05
14-Nov-05
16-Nov-05
17-Nov-05
18-Nov-05
21-Nov-05
22-Nov-05
23-Nov-05
24-Nov-05
25-Nov-05
26-Nov-05
28-Nov-05
29-Nov-05
30-Nov-05
1-Dec-05
2-Dec-05
5-Dec-05
6-Dec-05
2557.4
2574.9
2598.1
2611.2
2601.4
2630.1
2663.4
2644.4
2579.2
2574.1
2566.9
2589.6
2537.3
2484.4
2485.2
2468.2
2412.5
2395.5
2443.8
2394.9
2418.2
2408.5
2352.9
2316.1
2371
2386.8
2419.1
2461.6
2492.7
2489.1
2500.7
2548.7
2558.7
2582.8
2604
2620.1
2602.5
2572.9
2608.6
2635
2664.3
2683.5
2712
2698.3
2652.3
2699
2698
2660.5
2662.3
3.2126
0.6843
0.901
0.5061
-0.375
1.1013
1.2661
-0.712
-2.467
-0.198
-0.28
0.8844
-2.018
-2.085
0.0302
-0.682
-2.259
-0.705
2.0163
-2.001
0.975
-0.401
-2.308
-1.566
2.3704
0.6664
1.3533
1.759
1.2614
-0.142
0.466
1.9175
0.3943
0.9399
0.8208
0.6183
-0.67
-1.139
1.3895
1.012
1.112
0.7188
1.0639
-0.505
-1.707
1.7608
-0.037
-1.388
0.0677
2486
2478
2471
2526
2515
2553
2628
2640
2609
2572
2622
2683
2623
2602
2592
2531
2504
2539
2553
2511
2521
2510
2466
2415
2522
2538
2587
2638
2644
2609
2654
2681
2653
2741
2707
2714
2677
2677
2683
2701
2741
2745
2758
2736
2684
2768
2841
2787
2794
3.66054
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2.24219
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1.50082
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1.71703
1.02112
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3.31737
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0.27151
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0.24659
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1.4643
0.16238
0.48999
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3.10864
2.64822
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0.23499
10.32
0.468
0.812
0.256
0.141
1.213
1.603
0.506
6.088
0.039
0.078
0.782
4.071
4.347
9E-04
0.465
5.102
0.497
4.066
4.004
0.951
0.161
5.329
2.453
5.619
0.444
1.831
3.094
1.591
0.02
0.217
3.677
0.155
0.883
0.674
0.382
0.449
1.298
1.931
1.024
1.236
0.517
1.132
0.255
2.913
3.1
0.001
1.927
0.005
11.76
-0.24
-0.25
1.135
0.162
1.653
3.71
-0.33
2.883
0.278
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2.044
4.531
1.681
-0.01
1.611
2.397
-0.98
1.16
3.284
0.388
0.177
4.037
3.229
10.46
0.433
2.567
3.526
0.261
0.187
0.8
1.958
-0.42
3.118
-1.01
0.168
0.923
0.019
0.343
0.671
1.628
0.117
0.521
0.41
3.216
5.474
-0.1
2.628
0.016
373.75
376.2
372.25
375.95
371.45
380.05
401
404.4
390.35
388.25
394.4
399.05
389.35
385.95
382.55
373.3
368.3
368.7
385.45
372.75
377.2
376.7
373.6
356.9
364.6
364.5
369.65
377.15
390.85
384.5
385.6
404.15
404.35
409.05
413.2
423.95
421.2
417.45
431.4
438.55
439.55
437.55
445.2
443.95
423.25
432.9
431.7
422.75
427.8
4.4578
0.6555
-1.05
0.994
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2.3153
5.5124
0.8479
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1.584
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2.0289
3.6325
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0.2861
4.8107
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1.1624
1.0145
2.6016
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3.3417
1.6574
0.228
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1.7484
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2.28
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1.1946
14.321
0.4486
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0.5031
0.4492
2.5499
6.9795
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8.5727
0.1064
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1.0427
4.9046
1.8206
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1.6492
3.0254
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9.1601
6.5931
1.164
0.0532
1.8997
7.0007
5.1141
-0.0183
1.9121
3.5688
4.582
0.2314
0.1333
9.2243
0.0195
1.0925
0.8328
1.6086
0.4345
1.0143
4.6433
1.6773
0.2536
-0.327
1.8601
0.1418
7.9575
4.0145
0.0103
2.8778
0.0808
1458
1454
1470
1454
1401
1412
1466
1462
1470
1473
1482
1498
1490
1470
1425
1445
1449
1468
1441
1424
1434
1441
1402
1416
1428
1408
1440
1422
1401
1362
1401
1410
1429
1465
1477
1457
1470
1483
1510
1512
1508
1527
1519
1500
1517
1524
1534
1539
1548
0.531
-0.237
1.121
-1.143
-3.591
0.785
3.784
-0.246
0.492
0.228
0.645
1.049
-0.544
-1.326
-3.085
1.414
0.256
1.329
-1.802
-1.197
0.709
0.474
-2.731
1.052
0.84
-1.453
2.309
-1.233
-1.473
-2.794
2.87
0.596
1.376
2.502
0.836
-1.368
0.889
0.878
1.865
0.093
-0.268
1.28
-0.544
-1.238
1.12
0.501
0.62
0.336
0.572
Page 98
1.71
-0.16
1.01
-0.58
1.35
0.86
4.79
0.17
-1.21
-0.05
-0.18
0.93
1.1
2.76
-0.09
-0.96
-0.58
-0.94
-3.63
2.39
0.69
-0.19
6.3
-1.65
1.99
-0.97
3.12
-2.17
-1.86
0.4
1.34
1.14
0.54
2.35
0.69
-0.85
-0.6
-1
2.59
0.09
-0.3
0.92
-0.58
0.63
-1.91
0.88
-0.02
-0.47
0.04

7-Dec-05
8-Dec-05
9-Dec-05
12-Dec-05
13-Dec-05
14-Dec-05
15-Dec-05
16-Dec-05
19-Dec-05
20-Dec-05
21-Dec-05
22-Dec-05
23-Dec-05
26-Dec-05
27-Dec-05
28-Dec-05
29-Dec-05
30-Dec-05
2-Jan-06
3-Jan-06
4-Jan-06
5-Jan-06
6-Jan-06
9-Jan-06
10-Jan-06
12-Jan-06
13-Jan-06
16-Jan-06
17-Jan-06
18-Jan-06
19-Jan-06
20-Jan-06
23-Jan-06
24-Jan-06
25-Jan-06
27-Jan-06
30-Jan-06
31-Jan-06
1-Feb-06
2-Feb-06
3-Feb-06
6-Feb-06
7-Feb-06
8-Feb-06
10-Feb-06
13-Feb-06
14-Feb-06
15-Feb-06
16-Feb-06
2693
2706.7
2756.5
2776.2
2812.3
2804.6
2778.6
2810.2
2842.6
2826.2
2822.9
2835.3
2804.9
2749.6
2805.9
2794.1
2822
2836.6
2836
2883.4
2904.4
2899.9
2914
2910.1
2870.8
2850.7
2850.6
2833.1
2829.1
2809.2
2870.9
2901
2884.1
2908
2940.4
2982.8
2974.5
3001.1
2971.6
2967.5
2940.6
3000.5
3020.1
3009
3027.6
3041.2
3017.6
3022.2
3021.6
1.1531
0.5087
1.838
0.7165
1.3003
-0.276
-0.927
1.1373
1.1547
-0.577
-0.117
0.4375
-1.072
-1.97
2.0476
-0.422
0.9986
0.5174
-0.021
1.6714
0.7301
-0.157
0.488
-0.134
-1.35
-0.7
-0.005
-0.612
-0.141
-0.703
2.1946
1.0485
-0.583
0.8304
1.1124
1.442
-0.277
0.8943
-0.985
-0.138
-0.905
2.0353
0.6549
-0.369
0.6182
0.4492
-0.776
0.1541
-0.02
2802
2821
2874
2926
2947
2886
2918
2982
3024
2970
2974
2983
2981
2951
2994
2989
2987
2997
2979
3007
3055
3055
3053
3036
2975
2838
2845
2780
2762
2740
2821
2814
2745
2822
2828
2903
2863
2880
2876
2828
2787
2843
2873
2903
2864
2862
2822
2776
2781
0.28275
0.69418
1.85198
1.82701
0.71427
-2.0835
1.11244
2.21582
1.38987
-1.771
0.13299
0.29084
-0.0553
-1.0147
1.47413
-0.192
-0.0402
0.31465
-0.5839
0.9247
1.60963
-0.0131
-0.0556
-0.5683
-1.9994
-4.6166
0.23962
-2.2622
-0.6492
-0.8073
2.95631
-0.2588
-2.4506
2.81639
0.20908
2.65396
-1.3797
0.60953
-0.1476
-1.6672
-1.4603
1.99871
1.05893
1.04609
-1.3195
-0.0803
-1.4028
-1.6212
0.1783
1.33
0.259
3.378
0.513
1.691
0.076
0.859
1.293
1.333
0.333
0.014
0.191
1.15
3.88
4.193
0.178
0.997
0.268
4E-04
2.794
0.533
0.025
0.238
0.018
1.824
0.49
#####
0.375
0.02
0.495
4.816
1.099
0.339
0.69
1.238
2.079
0.077
0.8
0.97
0.019
0.819
4.142
0.429
0.136
0.382
0.202
0.602
0.024
4E-04
0.326
0.353
3.404
1.309
0.929
0.574
-1.03
2.52
1.605
1.022
-0.02
0.127
0.059
1.999
3.018
0.081
-0.04
0.163
0.012
1.546
1.175
0.002
-0.03
0.076
2.7
3.232
-0
1.385
0.092
0.568
6.488
-0.27
1.428
2.339
0.233
3.827
0.382
0.545
0.145
0.23
1.321
4.068
0.693
-0.39
-0.82
-0.04
1.089
-0.25
-0
436.4
435.4
441.45
436.85
448.85
445.15
438.4
441.75
456
464.75
458.4
462.45
465.45
453.75
462.25
456.4
463.3
463.35
461.7
473
481.1
474.05
472.7
460.95
459.65
461.35
460.05
460
448.35
461.05
498.05
498.75
492.3
493.85
508.2
505.15
522.4
529.7
522.25
527.45
516
514.5
520.35
507.55
512.35
505.6
491.2
495.5
490.15
2.0103
-0.229
1.3895
-1.042
2.7469
-0.824
-1.516
0.7641
3.2258
1.9189
-1.366
0.8835
0.6487
-2.514
1.8733
-1.266
1.5118
0.0108
-0.356
2.4475
1.7125
-1.465
-0.285
-2.486
-0.282
0.3698
-0.282
-0.011
-2.533
2.8326
8.0252
0.1405
-1.293
0.3148
2.9057
-0.6
3.4148
1.3974
-1.406
0.9957
-2.171
-0.291
1.137
-2.46
0.9457
-1.317
-2.848
0.8754
-1.08
2.3181
-0.1166
2.554
-0.7466
3.5719
0.2272
1.4057
0.869
3.725
-1.1071
0.1595
0.3865
-0.6956
4.9515
3.8357
0.5345
1.5096
0.0056
0.0075
4.0907
1.2502
0.2296
-0.139
0.3327
0.3809
-0.2589
0.0015
0.0067
0.3576
-1.9925
17.612
0.1474
0.7534
0.2615
3.2325
-0.8654
-0.9445
1.2496
1.3849
-0.1374
1.9642
-0.5917
0.7446
0.9082
0.5846
-0.5918
2.2102
0.1349
0.0214
1545
1521
1550
1550
1531
1554
1596
1617
1683
1650
1668
1684
1683
1714
1735
1694
1686
1685
1672
1663
1698
1686
1710
1703
1688
1733
1743
1732
1706
1689
1673
1674
1652
1609
1623
1620
1650
1644
1622
1643
1651
1659
1659
1670
1667
1637
1631
1679
1674
-0.149
-1.569
1.907
-0.006
-1.203
1.479
2.674
1.316
4.092
-1.931
1.054
0.977
-0.065
1.878
1.175
-2.367
-0.437
-0.083
-0.769
-0.529
2.12
-0.736
1.448
-0.421
-0.896
2.702
0.571
-0.617
-1.544
-0.976
-0.974
0.072
-1.311
-2.603
0.911
-0.237
1.902
-0.385
-1.329
1.261
0.524
0.481
-0.015
0.693
-0.224
-1.791
-0.367
2.959
-0.295
Page 99
-0.17
-0.8
3.5
-0
-1.56
-0.41
-2.48
1.5
4.73
1.11
-0.12
0.43
0.07
-3.7
2.41
1
-0.44
-0.04
0.02
-0.88
1.55
0.12
0.71
0.06
1.21
-1.89
-0
0.38
0.22
0.69
-2.14
0.08
0.76
-2.16
1.01
-0.34
-0.53
-0.34
1.31
-0.17
-0.47
0.98
-0.01
-0.26
-0.14
-0.8
0.28
0.46
0.01

17-Feb-06
20-Feb-06
21-Feb-06
22-Feb-06
23-Feb-06
24-Feb-06
27-Feb-06
28-Feb-06
1-Mar-06
2-Mar-06
3-Mar-06
6-Mar-06
7-Mar-06
8-Mar-06
9-Mar-06
10-Mar-06
13-Mar-06
14-Mar-06
16-Mar-06
17-Mar-06
20-Mar-06
21-Mar-06
22-Mar-06
23-Mar-06
24-Mar-06
27-Mar-06
28-Mar-06
29-Mar-06
30-Mar-06
31-Mar-06
3-Apr-06
4-Apr-06
5-Apr-06
7-Apr-06
10-Apr-06
12-Apr-06
13-Apr-06
17-Apr-06
18-Apr-06
19-Apr-06
20-Apr-06
21-Apr-06
24-Apr-06
25-Apr-06
26-Apr-06
27-Apr-06
28-Apr-06
29-Apr-06
2-May-06
2981.5
3005.9
3035.5
3050.8
3062.1
3050.1
3067.5
3074.7
3123.1
3150.7
3147.4
3190.4
3182.8
3116.7
3129.1
3183.9
3202.7
3195.4
3226.6
3234.1
3265.7
3262.3
3240.2
3247.2
3279.8
3321.7
3325
3354.2
3419
3402.6
3473.3
3483.2
3510.9
3454.8
3478.5
3380
3345.5
3425.2
3518.1
3535.9
3573.5
3573.1
3548.9
3462.7
3555.8
3508.1
3508.4
3557.6
3605.5
-1.327
0.8167
0.9864
0.504
0.3704
-0.394
0.5705
0.2364
1.5741
0.8837
-0.106
1.3678
-0.238
-2.077
0.3979
1.7513
0.5889
-0.228
0.978
0.2309
0.9771
-0.103
-0.679
0.216
1.0055
1.276
0.1009
0.8782
1.9304
-0.48
2.0793
0.2836
0.7967
-1.598
0.6846
-2.83
-1.021
2.3808
2.7137
0.5045
1.0648
-0.013
-0.676
-2.43
2.6887
-1.34
0.0071
1.4038
1.345
2785
2828
2818
2801
2795
2758
2851
2829
2905
2854
2824
2855
2820
2801
2843
2914
2935
2932
2922
2878
2967
2960
2920
2890
2896
2879
2960
3037
3043
2981
3142
3153
3115
3167
3189
3076
3019
3230
3336
3279
3277
3302
3205
3142
3225
3133
3140
3177
3164
0.15641
1.54194
-0.3818
-0.6069
-0.2125
-1.324
3.37256
-0.7577
2.69358
-1.7503
-1.0493
1.08521
-1.2434
-0.6508
1.49403
2.47977
0.74481
-0.0937
-0.3632
-1.5008
3.09074
-0.241
-1.343
-1.012
0.20412
-0.5887
2.80276
2.58615
0.21241
-2.0243
5.39176
0.33576
-1.2037
1.6775
0.70414
-3.5635
-1.8468
6.99273
3.28333
-1.7146
-0.0671
0.76604
-2.9349
-1.9642
2.64494
-2.8605
0.22185
1.20077
-0.4123
1.761
0.667
0.973
0.254
0.137
0.155
0.325
0.056
2.478
0.781
0.011
1.871
0.057
4.313
0.158
3.067
0.347
0.052
0.956
0.053
0.955
0.011
0.461
0.047
1.011
1.628
0.01
0.771
3.727
0.23
4.324
0.08
0.635
2.553
0.469
8.011
1.042
5.668
7.364
0.255
1.134
2E-04
0.457
5.907
7.229
1.796
#####
1.971
1.809
-0.21
1.259
-0.38
-0.31
-0.08
0.521
1.924
-0.18
4.24
-1.55
0.112
1.484
0.296
1.352
0.594
4.343
0.439
0.021
-0.36
-0.35
3.02
0.025
0.912
-0.22
0.205
-0.75
0.283
2.271
0.41
0.971
11.21
0.095
-0.96
-2.68
0.482
10.09
1.885
16.65
8.91
-0.87
-0.07
-0.01
1.984
4.774
7.111
3.833
0.002
1.686
-0.55
499.1
510.9
512.85
516.35
522.4
516.5
520.2
520.45
528.4
530.55
529.7
528.65
522.9
507.4
511.45
520.4
532.4
521.65
517.4
520.4
544.3
532.2
522.4
522.85
531.35
520.15
529.05
542.7
569.85
559.7
560
559.7
558.2
540.75
536.7
517.05
515.35
541.05
570.9
560.2
554.1
548.9
532.4
526.95
548.9
547.25
537.15
538.55
539.3
1.826
2.3643
0.3817
0.6825
1.1717
-1.129
0.7164
0.0481
1.5275
0.4069
-0.16
-0.198
-1.088
-2.964
0.7982
1.7499
2.3059
-2.019
-0.815
0.5798
4.5926
-2.223
-1.841
0.0861
1.6257
-2.108
1.711
2.5801
5.0028
-1.781
0.0536
-0.054
-0.268
-3.126
-0.749
-3.661
-0.329
4.9869
5.5171
-1.874
-1.089
-0.938
-3.006
-1.024
4.1655
-0.301
-1.846
0.2606
0.1393
-2.4233
1.9309
0.3765
0.344
0.434
0.4444
0.4087
0.0114
2.4045
0.3596
0.017
-0.2711
0.2591
6.1561
0.3176
3.0647
1.358
0.4602
-0.7968
0.1339
4.4875
0.228
1.2503
0.0186
1.6346
-2.6896
0.1726
2.2658
9.6574
0.8544
0.1115
-0.0152
-0.2135
4.9952
-0.5127
10.362
0.3356
11.873
14.972
-0.9456
-1.1595
0.0118
2.0317
2.4878
11.2
0.4028
-0.0132
0.3659
0.1873
1663
1670
1651
1619
1619
1629
1625
1650
1666
1662
1671
1670
1690
1701
1740
1742
1706
1744
1725
1723
1725
1764
1829
1803
1835
1861
1908
1915
1893
1874
1891
1891
1888
1898
1968
1916
1951
1949
1932
1889
1894
1781
1797
1907
2010
2013
1990
1999
1979
-0.693
0.427
-1.114
-1.965
0.049
0.605
-0.255
1.529
0.979
-0.249
0.524
-0.03
1.216
0.618
2.317
0.092
-2.07
2.26
-1.124
-0.125
0.134
2.249
3.683
-1.392
1.789
1.395
2.526
0.377
-1.141
-1.011
0.92
-0.026
-0.177
0.559
3.685
-2.673
1.84
-0.113
-0.847
-2.215
0.257
-5.982
0.918
6.087
5.4
0.162
-1.135
0.46
-0.99
Page 100
0.92
0.35
-1.1
-0.99
0.02
-0.24
-0.15
0.36
1.54
-0.22
-0.06
-0.04
-0.29
-1.28
0.92
0.16
-1.22
-0.52
-1.1
-0.03
0.13
-0.23
-2.5
-0.3
1.8
1.78
0.25
0.33
-2.2
0.49
1.91
-0.01
-0.14
-0.89
2.52
7.56
-1.88
-0.27
-2.3
-1.12
0.27
0.08
-0.62
-14.8
14.5
-0.22
-0.01
0.65
-1.33

3-May-06
4-May-06
5-May-06
8-May-06
9-May-06
10-May-06
11-May-06
12-May-06
15-May-06
16-May-06
17-May-06
18-May-06
19-May-06
22-May-06
23-May-06
24-May-06
25-May-06
26-May-06
29-May-06
30-May-06
31-May-06
1-Jun-06
2-Jun-06
5-Jun-06
6-Jun-06
7-Jun-06
8-Jun-06
9-Jun-06
12-Jun-06
13-Jun-06
14-Jun-06
15-Jun-06
16-Jun-06
19-Jun-06
20-Jun-06
21-Jun-06
22-Jun-06
23-Jun-06
25-Jun-06
26-Jun-06
27-Jun-06
28-Jun-06
29-Jun-06
30-Jun-06
3-Jul-06
4-Jul-06
5-Jul-06
6-Jul-06
7-Jul-06
3634.3
3648.4
3664
3693.2
3720.6
3754.3
3701.1
3650.1
3503
3523.3
3635.1
3388.9
3246.9
3081.4
3199.4
3115.6
3177.7
3209.6
3214.9
3185.3
3071.1
2962.3
3091.4
3016.7
2937.3
2860.5
2724.4
2866.3
2776.9
2663.3
2632.8
2798.8
2890.4
2916.9
2861.3
2923.5
2994.8
3042.7
3050.3
2943.2
2982.5
2981.1
2997.9
3128.2
3151
3138.7
3197.1
3156.4
3075.9
0.7988
0.3894
0.4262
0.797
0.7419
0.9058
-1.417
-1.378
-4.03
0.5809
3.1732
-6.773
-4.19
-5.099
3.8295
-2.619
1.9948
1.0039
0.1651
-0.921
-3.587
-3.543
4.3582
-2.416
-2.63
-2.616
-4.758
5.2104
-3.121
-4.089
-1.145
6.3051
3.271
0.9186
-1.906
2.1721
2.4389
1.6011
0.2498
-3.511
1.3336
-0.045
0.5636
4.3464
0.7273
-0.39
1.8623
-1.273
-2.552
3171
3211
3212
3228
3237
3256
3256
3242
3151
3150
3208
3034
2974
2824
2911
2861
2829
2934
2968
3027
2910
2830
2886
2824
2765
2763
2704
2795
2763
2639
2485
2727
2801
2871
2844
2923
2952
2992
2990
2900
2967
2975
2994
3079
3154
3150
3194
3164
3105
0.22596
1.25812
0.02491
0.50279
0.27569
0.59003
-0.0061
-0.4223
-2.8128
-0.0333
1.846
-5.4314
-1.9611
-5.0682
3.07929
-1.7075
-1.1325
3.7369
1.13998
1.98133
-3.8543
-2.7493
1.9842
-2.1396
-2.0837
-0.0777
-2.1515
3.36009
-1.1254
-4.4912
-5.8315
9.73161
2.71722
2.50076
-0.9473
2.78657
0.97836
1.34492
-0.0635
-2.992
2.31881
0.23758
0.64381
2.84936
2.44889
-0.149
1.41127
-0.9471
-1.8601
0.638
0.152
0.182
0.635
0.55
0.82
2.008
1.899
16.24
0.337
10.07
45.87
17.56
26
14.66
6.861
3.979
1.008
0.027
0.848
12.87
12.55
18.99
5.839
6.919
6.845
22.64
27.15
9.739
16.72
1.311
39.75
10.7
0.844
3.633
4.718
5.948
2.564
0.062
12.33
1.778
0.002
0.318
18.89
0.529
0.152
3.468
1.621
6.512
0.18
0.49
0.011
0.401
0.205
0.534
0.009
0.582
11.34
-0.02
5.858
36.79
8.217
25.84
11.79
4.472
-2.26
3.751
0.188
-1.82
13.82
9.74
8.648
5.17
5.481
0.203
10.24
17.51
3.512
18.37
6.678
61.36
8.888
2.297
1.806
6.053
2.386
2.153
-0.02
10.51
3.092
-0.01
0.363
12.38
1.781
0.058
2.628
1.206
4.747
539.2
540.85
539.45
538.5
538.7
542.6
544.85
544.55
534.6
534.15
543.95
507.55
487.7
441.8
474.15
454.4
486.25
475
470.65
471.1
449.7
444.7
469.9
457.5
445.2
445.35
419.55
434.9
422.3
395.3
389.5
420
440.5
435.85
421.9
438.9
450.45
469.6
475.35
463.9
473.9
484.15
496.7
513.35
502.5
500.65
496.85
491.1
468.85
-0.019
0.306
-0.259
-0.176
0.0371
0.724
0.4147
-0.055
-1.827
-0.084
1.8347
-6.692
-3.911
-9.412
7.3223
-4.165
7.0092
-2.314
-0.916
0.0956
-4.543
-1.112
5.6667
-2.639
-2.689
0.0337
-5.793
3.6587
-2.897
-6.394
-1.467
7.8306
4.881
-1.056
-3.201
4.0294
2.6316
4.2513
1.2244
-2.409
2.1556
2.1629
2.5922
3.3521
-2.114
-0.368
-0.759
-1.157
-4.531
-0.0148
0.1191
-0.1103
-0.1403
0.0276
0.6558
-0.5876
0.0759
7.3638
-0.0489
5.8218
45.323
16.387
47.987
28.041
10.91
13.982
-2.3226
-0.1512
-0.088
16.293
3.939
24.697
6.3766
7.0719
-0.0882
27.564
19.063
9.0415
26.144
1.6803
49.372
15.966
-0.9697
6.1009
8.7522
6.4182
6.8069
0.3058
8.4574
2.8747
-0.0979
1.4608
14.57
-1.5371
0.1437
-1.4135
1.4733
11.562
1927
1942
1946
1978
1979
2013
2032
2044
2007
2019
2025
2022
2019
1996
1961
1975
2017
1926
1892
1781
1830
1791
1877
1866
1851
1860
1783
1709
1794
1768
1749
1704
1648
1671
1639
1570
1484
1551
1685
1668
1607
1641
1677
1695
1700
1634
1645
1699
1681
-2.642
0.799
0.18
1.655
0.066
1.708
0.914
0.598
-1.813
0.638
0.267
-0.156
-0.148
-1.117
-1.766
0.704
2.119
-4.508
-1.729
-5.911
2.791
-2.161
4.819
-0.565
-0.847
0.53
-4.163
-4.125
4.952
-1.472
-1.058
-2.57
-3.289
1.411
-1.939
-4.174
-5.521
4.509
8.671
-0.988
-3.656
2.112
2.16
1.079
0.325
-3.932
0.676
3.287
-1.048
Page 101
-2.11
0.31
0.08
1.32
0.05
1.55
-1.3
-0.82
7.31
0.37
0.85
1.05
0.62
5.7
-6.76
-1.84
4.23
-4.53
-0.29
5.44
-10
7.66
21
1.36
2.23
-1.39
19.8
-21.5
-15.5
6.02
1.21
-16.2
-10.8
1.3
3.7
-9.07
-13.5
7.22
2.17
3.47
-4.88
-0.1
1.22
4.69
0.24
1.53
1.26
-4.18
2.67

10-Jul-06
11-Jul-06
12-Jul-06
13-Jul-06
14-Jul-06
17-Jul-06
18-Jul-06
19-Jul-06
20-Jul-06
21-Jul-06
24-Jul-06
25-Jul-06
26-Jul-06
27-Jul-06
28-Jul-06
31-Jul-06
1-Aug-06
2-Aug-06
3-Aug-06
4-Aug-06
7-Aug-06
8-Aug-06
9-Aug-06
10-Aug-06
11-Aug-06
14-Aug-06
16-Aug-06
17-Aug-06
18-Aug-06
21-Aug-06
22-Aug-06
23-Aug-06
24-Aug-06
25-Aug-06
28-Aug-06
29-Aug-06
30-Aug-06
31-Aug-06
1-Sep-06
4-Sep-06
5-Sep-06
6-Sep-06
7-Sep-06
8-Sep-06
11-Sep-06
12-Sep-06
13-Sep-06
14-Sep-06
15-Sep-06
3142
3116.2
3195.9
3169.3
3123.4
3007.6
2993.7
2932.8
3023.1
2945
2985.9
3040.5
3110.2
3156.2
3130.8
3143.2
3147.8
3182.1
3190
3176.8
3151.1
3212.4
3254.6
3260.1
3274.4
3313.1
3356.1
3353.9
3356.8
3366
3364.6
3335.8
3370.4
3386
3401.1
3425.7
3430.4
3413.9
3435.5
3476.9
3473.8
3477.3
3454.6
3471.5
3366.2
3389.9
3454.6
3471.6
3478.6
2.1506
-0.823
2.5592
-0.832
-1.45
-3.708
-0.462
-2.034
3.079
-2.582
1.3871
1.8303
2.2907
1.479
-0.803
0.3961
0.1463
1.0896
0.2483
-0.415
-0.807
1.9454
1.3137
0.169
0.4371
1.1834
1.2964
-0.064
0.085
0.2756
-0.042
-0.856
1.0372
0.4614
0.4474
0.7233
0.1357
-0.48
0.6312
1.2051
-0.089
0.1008
-0.653
0.4892
-3.033
0.7056
1.9071
0.4936
0.2016
3188
3148
3386
1682
1649
1605
1630
1605
1648
1602
1611
1611
1646
1658
1630
1656
1658
1667
1673
1681
1674
1684
1702
1709
1742
1756
1752
1758
1762
1798
1781
1768
1767
1767
1773
1806
1801
1806
1811
1848
1835
1835
1807
1789
1734
1772
1809
1831
1811
2.67472
-1.25
7.54241
-50.321
-1.9739
-2.6384
1.51378
-1.5342
2.69858
-2.7763
0.57425
-0.0372
2.21643
0.72583
-1.6975
1.55502
0.14799
0.52171
0.378
0.46026
-0.4195
0.63635
1.05685
0.38483
1.96652
0.7634
-0.1823
0.30246
0.25034
2.04881
-0.9427
-0.7439
-0.0566
-0.0113
0.34245
1.86434
-0.2547
0.2887
0.22697
2.05468
-0.69
-0.0027
-1.526
-0.9685
-3.1212
2.19203
2.13937
1.20755
-1.1276
4.625
0.677
6.55
0.693
2.102
13.75
0.214
4.138
9.48
6.666
1.924
3.35
5.247
2.188
0.645
0.157
0.021
1.187
0.062
0.173
0.652
3.784
1.726
0.029
0.191
1.401
1.681
0.004
0.007
0.076
0.002
0.733
1.076
0.213
0.2
0.523
0.018
0.23
0.398
1.452
0.008
0.01
0.426
0.239
9.201
0.498
3.637
0.244
0.041
5.752
1.028
19.3
41.88
2.862
9.782
-0.7
3.121
8.309
7.168
0.797
-0.07
5.077
1.074
1.363
0.616
0.022
0.568
0.094
-0.19
0.339
1.238
1.388
0.065
0.86
0.903
-0.24
-0.02
0.021
0.565
0.039
0.637
-0.06
-0.01
0.153
1.348
-0.03
-0.14
0.143
2.476
0.062
-0
0.996
-0.47
9.467
1.547
4.08
0.596
-0.23
493.85
495.5
516.4
502.6
489.1
478.7
485.25
458.35
469.95
449
468.95
469.8
476.35
493.75
483.1
490.8
495.15
502.6
508.3
507.85
494.05
502.05
506.1
515.35
504.95
510.15
514.7
511.25
512.2
510.75
512.15
511
515.4
510.75
513.25
525.6
526.35
518.65
518.3
522.75
515.6
522.6
512.1
509.2
499.65
503.5
513.45
512.3
508.9
5.3322
0.3341
4.218
-2.672
-2.686
-2.126
1.3683
-5.544
2.5308
-4.458
4.4432
0.1813
1.3942
3.6528
-2.157
1.5939
0.8863
1.5046
1.1341
-0.089
-2.717
1.6193
0.8067
1.8277
-2.018
1.0298
0.8919
-0.67
0.1858
-0.283
0.2741
-0.225
0.8611
-0.902
0.4895
2.4062
0.1427
-1.463
-0.067
0.8586
-1.368
1.3576
-2.009
-0.566
-1.875
0.7705
1.9762
-0.224
-0.664
11.468
-0.2749
10.795
2.2242
3.8943
7.8836
-0.6324
11.277
7.7924
11.51
6.1632
0.3318
3.1938
5.4026
1.7325
0.6313
0.1297
1.6395
0.2816
0.0368
2.1941
3.15
1.0597
0.3089
-0.8821
1.2187
1.1562
0.0429
0.0158
-0.078
-0.0114
0.1922
0.8931
-0.4163
0.219
1.7404
0.0194
0.7015
-0.0426
1.0347
0.122
0.1368
1.3116
-0.277
5.689
0.5437
3.7688
-0.1105
-0.1338
1739
1800
1815
1843
1804
1747
1798
1770
1890
1867
1874
1859
1835
1758
1806
1768
1818
1847
1889
1900
928.5
936.2
932
940.2
944.7
948.6
936.1
954.8
966.1
965.8
967.6
964.7
972.2
960.2
969.7
969.3
975.4
963.1
970.4
974.4
981.1
990.1
983.8
998.1
999.3
1017
1006
993.6
986.7
3.448
3.534
0.828
1.515
-2.079
-3.192
2.957
-1.579
6.8
-1.214
0.372
-0.816
-1.318
-4.195
2.765
-2.137
2.857
1.609
2.247
0.577
-51.13
0.829
-0.443
0.88
0.479
0.408
-1.313
1.998
1.183
-0.036
0.192
-0.305
0.783
-1.239
0.995
-0.041
0.629
-1.261
0.758
0.412
0.688
0.917
-0.636
1.448
0.12
1.791
-1.116
-1.213
-0.694
Page 102
7.41
-2.91
2.12
-1.26
3.01
11.8
-1.37
3.21
20.9
3.13
0.52
-1.49
-3.02
-6.2
-2.22
-0.85
0.42
1.75
0.56
-0.24
41.3
1.61
-0.58
0.15
0.21
0.48
-1.7
-0.13
0.1
-0.01
-0.01
0.26
0.81
-0.57
0.45
-0.03
0.09
0.6
0.48
0.5
-0.06
0.09
0.42
0.71
-0.36
1.26
-2.13
-0.6
-0.14

18-Sep-06
19-Sep-06
20-Sep-06
21-Sep-06
22-Sep-06
25-Sep-06
26-Sep-06
27-Sep-06
28-Sep-06
29-Sep-06
3-Oct-06
4-Oct-06
5-Oct-06
6-Oct-06
9-Oct-06
10-Oct-06
11-Oct-06
12-Oct-06
13-Oct-06
16-Oct-06
17-Oct-06
18-Oct-06
19-Oct-06
20-Oct-06
21-Oct-06
23-Oct-06
26-Oct-06
27-Oct-06
30-Oct-06
31-Oct-06
1-Nov-06
2-Nov-06
3-Nov-06
6-Nov-06
7-Nov-06
8-Nov-06
9-Nov-06
10-Nov-06
13-Nov-06
14-Nov-06
15-Nov-06
16-Nov-06
17-Nov-06
20-Nov-06
21-Nov-06
22-Nov-06
23-Nov-06
24-Nov-06
27-Nov-06
3492.8
3457.4
3502.8
3553.1
3544.1
3523.5
3571.8
3579.3
3571.8
3588.4
3569.6
3515.4
3564.9
3569.7
3567.2
3571.1
3558.6
3621.1
3676.1
3724
3715
3710.7
3677.8
3676.9
3683.5
3657.3
3677.6
3739.4
3769.1
3744.1
3767.1
3791.2
3805.4
3809.3
3798.8
3777.3
3796.4
3834.8
3858.8
3865.9
3876.3
3876.9
3852.8
3856.2
3918.3
3954.8
3945.5
3950.9
3968.9
0.4068
-1.014
1.3146
1.4346
-0.253
-0.581
1.3708
0.2114
-0.211
0.4662
-0.524
-1.52
1.4095
0.1346
-0.071
0.1093
-0.35
1.7563
1.5189
1.303
-0.24
-0.117
-0.885
-0.026
0.1809
-0.711
0.5537
1.6805
0.7956
-0.663
0.613
0.6411
0.3732
0.1025
-0.276
-0.565
0.5057
1.0102
0.6259
0.1853
0.269
0.0142
-0.62
0.0869
1.6104
0.9315
-0.235
0.1369
0.4569
1817
1816
1830
1838
1830
1817
1840
1838
1858
1850
1818
1800
1865
1874
1896
1906
1980
2020
2089
2100
2071
2073
2069
2064
2074
2042
2073
2093
2128
2096
2103
2085
2075
2070
2102
2126
2137
2140
2160
2211
2223
2200
2186
2254
2257
2226
2237
2236
2218
0.37003
-0.0523
0.77351
0.41793
-0.4407
-0.735
1.28265
-0.1169
1.1128
-0.4574
-1.7003
-1.0037
3.6251
0.44767
1.20627
0.53002
3.87158
2.02273
3.41576
0.53852
-1.4093
0.12556
-0.2315
-0.2127
0.46994
-1.5551
1.55764
0.92604
1.67977
-1.5134
0.37938
-0.889
-0.4725
-0.2362
1.5628
1.1178
0.53155
0.124
0.95102
2.33317
0.54738
-1.0213
-0.6159
3.08269
0.1198
-1.3716
0.51673
-0.0693
-0.7918
0.165
1.027
1.728
2.058
0.064
0.338
1.879
0.045
0.044
0.217
0.274
2.31
1.987
0.018
0.005
0.012
0.123
3.085
2.307
1.698
0.058
0.014
0.784
7E-04
0.033
0.506
0.307
2.824
0.633
0.44
0.376
0.411
0.139
0.011
0.076
0.319
0.256
1.02
0.392
0.034
0.072
2E-04
0.385
0.008
2.593
0.868
0.055
0.019
0.209
0.151
0.053
1.017
0.6
0.112
0.427
1.758
-0.02
-0.23
-0.21
0.891
1.525
5.11
0.06
-0.09
0.058
-1.36
3.553
5.188
0.702
0.339
-0.01
0.205
0.005
0.085
1.106
0.862
1.556
1.336
1.004
0.233
-0.57
-0.18
-0.02
-0.43
-0.63
0.269
0.125
0.595
0.432
0.147
-0.01
0.382
0.268
0.193
-1.28
-0.12
-0.01
-0.36
513.8
512.75
517.6
523.6
519.25
510
526.35
520.6
521.8
524.9
519.6
506.85
520.85
514.3
515.65
519.8
528.85
545.25
557.55
570.6
575.15
557.55
550.6
556.55
553.6
547.3
557.1
563.2
554.55
538.3
537.5
533.15
529.3
532
530.95
535.3
533.9
536.65
542.05
545.4
548.05
553.65
550.25
554.5
569.3
585.1
582.75
590.15
601.3
0.9629
-0.204
0.9459
1.1592
-0.831
-1.781
3.2059
-1.092
0.2305
0.5941
-1.01
-2.454
2.7622
-1.258
0.2625
0.8048
1.7411
3.1011
2.2558
2.3406
0.7974
-3.06
-1.247
1.0806
-0.53
-1.138
1.7906
1.095
-1.536
-2.93
-0.149
-0.809
-0.722
0.5101
-0.197
0.8193
-0.262
0.5151
1.0062
0.618
0.4859
1.0218
-0.614
0.7724
2.6691
2.7753
-0.402
1.2698
1.8894
0.3917
0.2071
1.2434
1.6629
0.2104
1.0355
4.3947
-0.2309
-0.0486
0.2769
0.529
3.7292
3.8934
-0.1693
-0.0188
0.088
-0.6094
5.4465
3.4264
3.0499
-0.1916
0.3583
1.1035
-0.0279
-0.0959
0.8094
0.9914
1.84
-1.2219
1.9436
-0.0911
-0.5188
-0.2695
0.0523
0.0544
-0.4626
-0.1322
0.5203
0.6298
0.1145
0.1307
0.0145
0.381
0.0672
4.2983
2.5853
0.0944
0.1738
0.8632
991
953.5
977.9
1000
1013
1003
996.2
1010
1030
1053
1040
1026
1044
1043
1020
1022
1014
987.4
999.8
994.2
1002
1012
1045
1083
1104
1130
1117
1106
1092
1090
1091
1080
1079
1075
1079
1087
1083
1080
1067
1059
1065
1063
1064
1069
1076
1106
1097
1087
1095
0.436
-3.789
2.564
2.255
1.345
-1.056
-0.653
1.395
1.98
2.228
-1.277
-1.342
1.823
-0.158
-2.129
0.157
-0.758
-2.652
1.251
-0.555
0.8
0.933
3.287
3.618
1.944
2.365
-1.133
-0.954
-1.252
-0.256
0.087
-0.958
-0.079
-0.426
0.437
0.718
-0.359
-0.291
-1.213
-0.708
0.543
-0.174
0.028
0.48
0.66
2.835
-0.854
-0.862
0.717
Page 103
0.18
3.84
3.37
3.23
-0.34
0.61
-0.9
0.29
-0.42
1.04
0.67
2.04
2.57
-0.02
0.15
0.02
0.27
-4.66
1.9
-0.72
-0.19
-0.11
-2.91
-0.09
0.35
-1.68
-0.63
-1.6
-1
0.17
0.05
-0.61
-0.03
-0.04
-0.12
-0.41
-0.18
-0.29
-0.76
-0.13
0.15
-0
-0.02
0.04
1.06
2.64
0.2
-0.12
0.33

28-Nov-06
29-Nov-06
30-Nov-06
1-Dec-06
4-Dec-06
5-Dec-06
6-Dec-06
7-Dec-06
8-Dec-06
11-Dec-06
12-Dec-06
13-Dec-06
14-Dec-06
15-Dec-06
18-Dec-06
19-Dec-06
20-Dec-06
21-Dec-06
22-Dec-06
26-Dec-06
27-Dec-06
28-Dec-06
29-Dec-06
2-Jan-07
3-Jan-07
4-Jan-07
5-Jan-07
8-Jan-07
9-Jan-07
10-Jan-07
11-Jan-07
12-Jan-07
15-Jan-07
16-Jan-07
17-Jan-07
18-Jan-07
19-Jan-07
22-Jan-07
23-Jan-07
24-Jan-07
25-Jan-07
29-Jan-07
31-Jan-07
1-Feb-07
2-Feb-07
5-Feb-07
6-Feb-07
7-Feb-07
8-Feb-07
3921.8
3928.2
3954.5
3997.6
4001
4015.8
4016
4015.4
3962
3849.5
3716.9
3765.2
3843.1
3888.7
3928.8
3832
3815.6
3833.5
3871.2
3940.5
3974.3
3970.6
3966.4
4007.4
4024.1
3988.8
3983.4
3933.4
3911.4
3850.3
3942.3
4052.5
4078.4
4080.5
4076.5
4109.1
4090.2
4102.5
4066.1
4089.9
4147.7
4124.5
4082.7
4137.2
4183.5
4215.4
4195.9
4224.3
4223.4
-1.188
0.1645
0.6695
1.0899
0.0851
0.3687
0.005
-0.015
-1.329
-2.839
-3.445
1.2995
2.0676
1.1866
1.0312
-2.463
-0.429
0.4704
0.9821
1.7915
0.8565
-0.093
-0.105
1.0337
0.4155
-0.876
-0.135
-1.255
-0.559
-1.562
2.3881
2.7954
0.6404
0.0515
-0.099
0.7997
-0.46
0.3007
-0.886
0.5853
1.4132
-0.561
-1.012
1.3349
1.1191
0.7613
-0.461
0.6757
-0.02
2165
2157
2180
2195
2207
2239
2249
2224
2196
2195
2164
2150
2196
2234
2225
2158
2171
2164
2174
2219
2253
2248
2242
2273
2311
2285
2275
2206
2190
2164
2183
2223
2243
2222
2205
2224
2202
2254
2235
2234
2241
2244
2247
2269
2266
2269
2273
2357
2374
-2.3852
-0.3811
1.06879
0.70423
0.5558
1.44297
0.43768
-1.1161
-1.2703
-0.0342
-1.3919
-0.6746
2.16082
1.70302
-0.403
-3.0074
0.60716
-0.3225
0.46679
2.10001
1.49587
-0.1975
-0.2847
1.37613
1.70286
-1.127
-0.4485
-3.0527
-0.7028
-1.1712
0.85703
1.85066
0.87928
-0.9251
-0.7538
0.8479
-0.9801
2.34522
-0.8363
-0.0492
0.31109
0.15172
0.12921
0.96338
-0.1498
0.16552
0.16084
3.70004
0.70639
1.411
0.027
0.448
1.188
0.007
0.136
#####
2E-04
1.765
8.063
11.87
1.689
4.275
1.408
1.063
6.064
0.184
0.221
0.965
3.209
0.734
0.009
0.011
1.069
0.173
0.767
0.018
1.576
0.313
2.44
5.703
7.814
0.41
0.003
0.01
0.64
0.212
0.09
0.785
0.343
1.997
0.314
1.025
1.782
1.252
0.58
0.213
0.457
4E-04
2.834
-0.06
0.716
0.768
0.047
0.532
0.002
0.017
1.688
0.097
4.795
-0.88
4.468
2.021
-0.42
7.406
-0.26
-0.15
0.458
3.762
1.281
0.018
0.03
1.422
0.708
0.987
0.061
3.832
0.393
1.829
2.047
5.173
0.563
-0.05
0.075
0.678
0.451
0.705
0.741
-0.03
0.44
-0.09
-0.13
1.286
-0.17
0.126
-0.07
2.5
-0.01
585.35
582.85
599.9
601.05
590.75
593.3
589.95
584.25
576.95
567.2
558.5
555.45
569.55
566.65
583
566.75
555.25
558.25
574.5
597.5
607.1
608.45
605.9
611.55
620.2
606.5
598.05
578.5
579.9
590.05
619.55
626.45
626.95
636.9
633.9
641.6
620.65
621.75
620.75
632.9
651.3
630.3
613.25
622.3
643.1
633.85
634.8
642.8
635.45
-2.653
-0.427
2.9253
0.1917
-1.714
0.4317
-0.565
-0.966
-1.249
-1.69
-1.534
-0.546
2.5385
-0.509
2.8854
-2.787
-2.029
0.5403
2.9109
4.0035
1.6067
0.2224
-0.419
0.9325
1.4144
-2.209
-1.393
-3.269
0.242
1.7503
4.9996
1.1137
0.0798
1.587
-0.471
1.2147
-3.265
0.1772
-0.161
1.9573
2.9073
-3.224
-2.705
1.4757
3.3424
-1.438
0.1499
1.2602
-1.143
3.1512
-0.0702
1.9585
0.2089
-0.1457
0.1591
-0.0028
0.0144
1.6601
4.7985
5.2835
-0.7096
5.2486
-0.6042
2.9754
6.8641
0.8711
0.2542
2.8589
7.1721
1.3761
-0.0207
0.0438
0.9639
0.5877
1.935
0.1886
4.1032
-0.1354
-2.7341
11.94
3.1132
0.0511
0.0817
0.0468
0.9714
1.5019
0.0533
0.1425
1.1457
4.1086
1.8074
2.7382
1.97
3.7406
-1.095
-0.0692
0.8515
0.023
1118
1149
1148
1144
1150
1161
1150
1165
1199
1189
1192
1192
1199
1194
1177
1173
1121
1121
1150
1160
1181
1142
1129
1137
1154
1191
1196
1212
1222
1249
1280
1259
1263
1244
1256
1235
1278
1324
1326
1324
1305
1315
1298
1313
1303
1307
1315
1298
1278
2.073
2.746
-0.039
-0.344
0.511
0.939
-0.943
1.278
2.941
-0.788
0.256
-0.042
0.562
-0.359
-1.457
-0.293
-4.512
0.031
2.565
0.922
1.814
-3.335
-1.147
0.726
1.495
3.245
0.386
1.329
0.833
2.169
2.535
-1.648
0.314
-1.52
1.013
-1.671
3.42
3.624
0.181
-0.17
-1.469
0.828
-1.315
1.179
-0.818
0.342
0.635
-1.346
-1.53
Page 104
-2.46
0.45
-0.03
-0.37
0.04
0.35
-0
-0.02
-3.91
2.24
-0.88
-0.05
1.16
-0.43
-1.5
0.72
1.94
0.01
2.52
1.65
1.55
0.31
0.12
0.75
0.62
-2.84
-0.05
-1.67
-0.47
-3.39
6.05
-4.61
0.2
-0.08
-0.1
-1.34
-1.57
1.09
-0.16
-0.1
-2.08
-0.46
1.33
1.57
-0.92
0.26
-0.29
-0.91
0.03

9-Feb-07
12-Feb-07
13-Feb-07
14-Feb-07
15-Feb-07
19-Feb-07
20-Feb-07
21-Feb-07
22-Feb-07
23-Feb-07
26-Feb-07
27-Feb-07
28-Feb-07
1-Mar-07
2-Mar-07
5-Mar-07
6-Mar-07
7-Mar-07
8-Mar-07
9-Mar-07
12-Mar-07
13-Mar-07
14-Mar-07
15-Mar-07
16-Mar-07
19-Mar-07
20-Mar-07
21-Mar-07
22-Mar-07
23-Mar-07
26-Mar-07
28-Mar-07
29-Mar-07
30-Mar-07
4187.4
4058.3
4044.6
4047.1
4146.2
4164.6
4107
4096.2
4040
3939
3942
3893.9
3745.3
3811.2
3726.8
3576.5
3655.7
3626.9
3761.7
3718
3734.6
3770.6
3641.1
3643.6
3608.6
3678.9
3697.6
3764.6
3875.9
3861.1
3820
3761.1
3798.1
3821.6
-0.852
-3.083
-0.339
0.063
2.4487
0.4426
-1.383
-0.262
-1.372
-2.501
0.0774
-1.22
-3.816
1.7595
-2.216
-4.032
2.2131
-0.788
3.7167
-1.16
0.4465
0.9626
-3.433
0.0687
-0.962
1.9495
0.5083
1.8106
2.9579
-0.383
-1.064
-1.541
0.9838
0.6174
146.98
2361
2351
2304
2285
2383
2376
2360
2311
2288
2238
2218
2187
2078
2159
2094
2007
2114
2085
2136
2121
2115
2105
2020
2079
2047
2087
2056
2094
2119
2093
2058
1992
1991
2019
-0.5245
-0.4235
-2.0011
-0.8485
4.30263
-0.2875
-0.6797
-2.0784
-1.0126
-2.177
-0.8737
-1.4043
-5.0046
3.9277
-3.0405
-4.1247
5.34589
-1.3762
2.41686
-0.693
-0.2664
-0.4846
-4.0403
2.94059
-1.5365
1.94388
-1.502
1.85077
1.19869
-1.2482
-1.6463
-3.2116
-0.0678
1.40403
0.727
9.505
0.115
0.004
5.996
0.196
1.913
0.069
1.882
6.256
0.006
1.489
14.56
3.096
4.91
16.25
4.898
0.621
13.81
1.347
0.199
0.927
11.79
0.005
0.925
3.801
0.258
3.278
8.749
0.147
1.133
2.373
0.968
0.381
0.447
1.306
0.678
-0.05
10.54
-0.13
0.94
0.544
1.389
5.445
-0.07
1.714
19.1
6.911
6.737
16.63
11.83
1.084
8.983
0.804
-0.12
-0.47
13.87
0.202
1.478
3.79
-0.76
3.351
3.546
0.478
1.752
4.948
-0.07
0.867
38.6015
2250 2040
643.1
630.4
637.8
650.2
677
681.25
664.25
668.4
649.85
623.3
613.6
604.55
562.4
591.5
574.2
536.95
578.3
553.85
572.5
565.65
571.8
583.9
555.25
562.3
565.25
578.25
573.4
581.75
594.7
597.3
581.7
559.1
565.9
559.4
1.2039
-1.975
1.1739
1.9442
4.1218
0.6278
-2.495
0.6248
-2.775
-4.086
-1.556
-1.475
-6.972
5.1743
-2.925
-6.487
7.7009
-4.228
3.3673
-1.197
1.0872
2.1161
-4.907
1.2697
0.5246
2.2999
-0.839
1.4562
2.226
0.4372
-2.612
-3.885
1.2162
-1.149
-1.0262
6.0885
-0.3977
0.1226
10.093
0.2778
3.4514
-0.1635
3.8077
10.219
-0.1205
1.7997
26.607
9.1043
6.4808
26.155
17.043
3.3308
12.515
1.3884
0.4854
2.037
16.845
0.0872
-0.5047
4.4837
-0.4263
2.6367
6.5843
-0.1675
2.7802
5.9855
1.1965
-0.7092
1292
1301
1306
1298
1306
1305
1287
1256
1253
1261
1292
1310
1300
1284
1294
1277
1286
1264
1193
1255
1209
1156
1197
1192
1218
1212
1235
1265
1214
1234
1238
1261
1253
1267
1.107
0.654
0.408
-0.567
0.608
-0.138
-1.311
-2.455
-0.231
0.627
2.499
1.358
-0.783
-1.208
0.814
-1.31
0.685
-1.707
-5.597
5.132
-3.674
-4.385
3.609
-0.455
2.232
-0.513
1.885
2.462
-4.098
1.71
0.271
1.879
-0.627
1.117
-0.94
-2.02
-0.14
-0.04
1.49
-0.06
1.81
0.64
0.32
-1.57
0.19
-1.66
2.99
-2.13
-1.8
5.28
1.52
1.34
-20.8
-5.96
-1.64
-4.22
-12.4
-0.03
-2.15
-1
0.96
4.46
-12.1
-0.66
-0.29
-2.89
-0.62
0.69
16.794 2841.2 9E+05 59.92
77.8
Beta of Infosys =0.68

Beta of Wipro = 0.79
Beta of TCS=0.91
Page 105

Equity Analysis of 3 IT Companies

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Equity Analysis of 3 IT Companies

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Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

8.Equity Valuation Models

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

Design of the study

Equity Valuation of Top Three IT Companies

Scope of the study

Equity Evaluation of Top 3 IT companies

Need for the study

Need for Equity valuation of IT Companies.

METHODOLOGY OF DATA COLLECTION

Equity Evaluation of Top 3 IT companies

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

The findings from the Equity has reveled the following

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

Motilal Oswal Securities Ltd

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

The two important operations carried out are

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

The Global Economy

Equity Evaluation of Top 3 IT companies

India's economy is diverse, encompassing agriculture, handicrafts, textile,

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

Oil and Natural Oil & Gas

Equity Evaluation of Top 3 IT companies

Banking and finance

External trade and investment

Global trade relations:

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

Whats wrong with IT stocks

Alkesh Dinesh Institute For Finance and Management

Equity Evaluation of Top 3 IT companies