Professional Documents
Culture Documents
A PROJECT ON
EQUITY RESEARCH
FINANCIAL SERVICES SECTOR
&
PAIR STRATEGY
DATE OF SUBMISSION:
SUBMITTED BY:-
Shashank Sanwar
087633
MBA
DEI
1
Equity Research Report
A PROJECT ON
EQUITY RESEARCH
FINANCIAL SERVICES SECTOR
&
PAIR STRATEGY
DATE OF SUBMISSION:
SUBMITTED BY:-
Shashank Sanwar
087633
MBA
DEI
2
Equity Research Report
AUTHORIZATION
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Equity Research Report
ACKNOWLEDGEMENT
Firstly, I would like express my gratitude to Mr. Lalit Khanna CEO and Dr.
Ashok Aggarwal, COO for allowing me to do the Summer Internship
Training at Escorts Mutual Funds
I would also like to thank my faculty guide Prof K. Shanti Swroop who has
been a source of constant inspiration, stimulating me to learn and making my
learning process an enlightening experience.
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Equity Research Report
TABLE OF CONTENTS
1. EXECUTIVE SUMMARY………………………………………………………..... 8
2. MAJOR PROJECTS………………………………………………………………….. 9
3. PURPOSE & BENEFITS……………………………………………………………10
4. OBJECTIVE………………………………………………………………………………11
5. Introduction to financial services industries in India…………….12
6. India - Strategic Map in financial services industries……………12
7. Financial services industries –Over View………………………….……13
1) Stock markets……………………………………………………………….14
2) Insurance……………………………………………………………………….14
3) Banking services……………………………………………………………15
4) Government Initiatives………………………………………………….15
8. Private Equity Outlook in India……………………………………………….16
1) Strong Macroeconomic Outlook…………………………………….16
2) Private Equity in India – The Story So Far……………………16
3) Private Equity in India – Future Outlook………………………17
4) India Lags the Developed Markets In PE Investment
Levels…………………………………………………………………………….17
5) PE Investments in India Getting More Diversified ………18
6) Key Industry Groups’ to Look for…………………………………19
7) Risks and Opportunities in India………………………………….20
I. Risks……………………………………………………………….20
II. Opportunities in Public Sector Undertakings
(PSUs)…………………………………………………………….20
III. Opportunities in Family-run Businesses……….21
9. PAIR TRADING……………………………………………………………………….22
1) What Is Pairs Trading?...........................................22
2) An Example Using Stocks ……………………………………23
3) An Example Using Futures Contracts ..............................25
4) An Example Using Options ………………………………….25
5) Evidence of Profitability……………………………………………….25
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LIST OF FIGURES
1. India - Strategic Map…………………………………………………………….12
2. Private Equity in India – The Story So Far……………………………16
3. Private Equity in India – Future Outlook………………………………17
4. PE Investments in India Getting More Diversified 2000……..18
5. PE Investments in India Getting More Diversified 2008………18
6. Closing Price of AXIS BANK & ICICI BANK……………………………23
7. Bollinger Band…………………………………………………………………………24
8. Price Ratio and Mean Value of Pair…………………………………………31
9. BOLLINGER BAND AXIS Bank & ICICI Bank………………………….32
10. Price Ratio & Mean Value Of Axis Bank & ICICI Bank………..33
11. AXIS Bank/ ICICI Bank Volatility…………………………………………33
LIST OF TABLES
1. Private Equity Investments as a Percentage of GDP (2008) 17
2. Percentage by Number &Market Capitalization of the
Hundred Companies Comprising BSE-100…………………………………21
3. Correlation between the pair…………………………………………………30
4. Summary Table………………………………………………………………………34
5. Other Pairs……………………………………………………………………………..34
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Equity Research Report
EXECUTIVE SUMMARY
Equity Research is the area which deals with the live economy. Equity
Research is a field that has evolved and transformed the Financial Sector
over the Past few decades. With the Capital market in doldrums,
sentiments and confidence reaching all time lows, investors are going
back to fundamental and technical analysis which seems to have taken a
back seat from past few years.
Equity Research helps the investor to know about the value, risk &
volatility of the covered security, and thus assist investors to decide
whether to buy, hold, sell, sell short, or simply avoid the security in
question.
In the process of research, analysts require high level of real time as well
as historical data, so as to evaluate and analyze different aspects of the
covered security. With Technology, the availability of data is no matter
today but there are tools and models needed to analyze the data.
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Equity Research Report
MAJOR PROJECTS
The project is categorized under the following major topics.
• Identifying the pairs and best trading rules that should lead to
higher returns and lower volatility of returns.
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OBJECTIVE
Introduction to financial services industries in India
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Financial
Services
ICICI Bank
HDFC
Karur Vysya
AXIS Bank
Service Quality
IndusInd Bank
Vysya Bank
Bank of Baroda
Bank of India
PNB
Andhra Bank
Canara Bank
Co-operative Bank
Low
Rural Banks
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Equity Research Report
The largest fund house, Reliance Mutual Fund, registered 16 per cent
growth in its average assets under management (AUM) to US$ 21.6
billion in May 2009 compared to April’s figure of US$ 18.6 billion. The
second-largest fund house, HDFC Mutual Fund, grew 18 per cent to US$
16 billion, compared with the previous month’s figure of US$ 13.4 billion.
The Spice Group is now looking for a US$ 1-billion valuation in financial
services business in the next three to five years. It has put US$ 105.2
million as seed money for the financial services business and is roping in
a Singapore-based firm as a partner for the asset reconstruction business.
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Stock markets
Fund raising by India Inc through initial public offers (IPOs) rose by a
whopping 62 per cent since the beginning of 2008 to May 29, 2008 to
US$ 4.2 billion, against US$ 2.6 billion during the same period in 2006,
according to global deal data provider, Dealogic. According to Goldman
Sachs, Indian companies may raise US$ 4 billion-6 billion from IPOs in the
fiscal year ending March 31, 2010
Insurance
India is the fifth largest life insurance market in the emerging insurance
economies globally and the segment is growing at a healthy 32–34 per
cent annually. The insurance industry’s sales rose the fastest in two years
since April 2007. The country’s 22 life insurance companies saw 29.5 per
cent rise in premium collected through sale of new policies to US$ 758
million in April 2009, as against US$ 585 million in the corresponding
period last year. In case of LIC, which recorded 69.33 per cent growth in
first-year premium during April 2009, a bulk of the growth came from the
group single premium segment and individual single premium rose to US$
89.8 million from US$ 77 million in the corresponding period of last year.
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Equity Research Report
Online sales take place through two major channels through direct sales
by the insurers and through online insurance portals which offer a range
of products from various insurers. The most active insurers online are
ICICI Lombard, Bajaj Allianz etc.
Banking services
During 2008-09, State Bank of India (SBI) and associate banks advanced
US$ 16.8 billion for infrastructure projects such as power plants and
petroleum refineries. The big-sized credits have made SBI and group one
of the largest project financiers in the country.
IDFC Mutual Fund and Bank of India have entered into a strategic alliance
to distribute and market mutual fund products of IDFC through Bank of
India's branches.
Government Initiatives
The Central Board of Direct Taxes (CBDT) has changed the investment
pattern for recognised provident funds and superannuation trusts
managed by the private sector under the income-tax rules to take a
greater exposure in the stock market from April 1, 2009
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Projections - 2020
GDP of $1,030 billion during calendar year 2007
Assuming real GDP growth rate of 8% per year and an average of
5.5% inflation:
GDP of $1.920 billion in 2012
GDP of $5,040 billion in 2020
Value of Deals
(USD million)
250 5,000
200 4,000
146
150 3,000
107 110
100 2,183 2,000
1,160 311 71
60 56
50 500 591 1,650 1,000
250
5 20 18 80 937 470
0 0
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Number of Deals Value of Deals
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400 8,000
7,460
350 7,000
299
300 6,000
Number of Deals
280
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Financial
Services
4%
Manufacturi
ng
Others Medical & 3%
25% Healthcare
2%
2008
Financial
Services
IT & ITeS 10% Manufacturing
28% 18%
Medical &
Healthcare
Others Engineering & 10%
26% Construction
8%
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Includes:
Includes: → Retail
→ IT/ITES → Travel and hospitality
→ Drug Research → Health care
→ Clinical Research → Entertainment
Outsourcing (CRO) → Private education
→ Engineering Services → Financial Services
Outsourcing (ESO)
→ Telecom products and Expected to grow at
services approximately 19% per year
Expected to grow at during the next five years
approximately 22% per year Likely to contribute about 2.7%
during the next five years out of a total growth of 13%
Likely to contribute about per year
1.3% out of a total growth
of 13% per year
Includes:
→ Auto/Auto-
components
→ Electrical/electronic
goods
→ Specialty chemicals
→ Pharmaceuticals
→ Gems and Jewellery
→ Textiles
→ Construction/Real
Estate
Expected to grow at
approximately 19% per
year during the next five
years
Likely to contribute about
2.5% out of a total growth
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Risks First...
High volatility in Indian stock markets
→ Heavy dependence on short-term Foreign Institutional
Investment inflows
→ Rich valuations: P/E ratio of 25 for BSE-100 compared with 13
for emerging markets as a whole
Currency fluctuations, which are making India less competitive to
China. For example, Indian Rupee has appreciated by 14.5% during
Oct. 15, 2006 and Oct. 14, 2007 whereas the Chinese Yuan has
only appreciated by 5.4% (during the same period).
Political risk: “Rules of the game” sometimes not clear
Shortage of skilled workers especially in IT/ITES leading to wage
inflation
Indian economy heating up very quickly. For example, real costs
have gone up by a factor of five in five years whereas wages have
only doubled during last five years.
Key Challenge
Most PSUs are hierarchical and bureaucratic in nature, and do not
like external advice
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PAIR TRADING
The first and most important step in pairs trading strategy is to find pairs.
Pairs are trading instruments (stocks, options, futures, currencies, bonds,
etc.) which show great correlation that is the price of one move in same
direction of the other. For stocks, pairs can be shares of two companies in
same (or related) industry. For futures it can be mini and full-size
contract or can be futures of related (same) industries. And for forex it
can be currencies of countries having good trade relations. Traders should
use various fundamental and technical analysis tools to find these pairs*.
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Equity Research Report
The first step in designing a pairs trade is finding two stocks that are
highly correlated. Usually that means that the businesses are in the same
industry or sub-sector, but not always.
For instance, index tracking stocks like the AXIS BANK (NSE) or the ICICI
BANK (NSE) can offer excellent pairs trading opportunities. Two indices
that generally trade together are the AXIS BANK and the ICICI BANK.
This simple price plot of the two indices demonstrates their correlation:
For my example, I look at two businesses that are highly correlated: L&T
and BHEL. Since both are INDIAN MANUFACTURERS, their stocks tend to
move together.
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Equity Research Report
Below is an annually chart of the price ratio between L&T and BHEL
(calculated by dividing L&T’s stock price by BHEL’s stock price). This price
ratio is sometimes called "relative performance" (not to be confused with
the relative strength index, something completely different). The center
Pink line represents the mean price ratio over the past One years. The
Blue and Sky blue lines represent Plus(+tive) one and two standard
deviations from the Mean ratio, respectively. The Red and Green lines
represent Minus(-tive) one and two standard deviations from the Mean
ratio, respectively.
In the chart below, the potential for profit can be identified when the price
ratio hits its first or second deviation. When these profitable divergences
occur it is time to take a long position in the underperformer and a short
position in the overachiever. The revenue from the short sale can help
cover the cost of the long position, making the pairs trade inexpensive to
put on. Position size of the pair should be matched by Rupees value
rather than number of shares; this way a 5% move in one equals a 5%
move in the other. As with all investments, there is a risk that the trades
could move into the Blue & Green, so it is important to determine
optimized stop-loss points before implementing the pairs trade.
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Equity Research Report
Evidence of Profitability
In June of 1998, Yale School of Management released a paper written by Even G. Gatev,
William Goetzmann, and K. Geert Rouwenhorst who attempted to prove that pairs trading
is profitable. Using data from 1967 to 1997, the trio found that over a six-month trading
period, the pairs trade averaged a 12% return. To distinguish profitable results from plain
luck, their test included conservative estimates of transaction costs and randomly selected
pairs.
NOTE:-
The broad market is full of ups and downs that force out weak players and
confound even the smartest prognosticators. Fortunately, using market-
neutral strategies like the pairs trade, investors and traders can find
profits in all market conditions. The beauty of the pairs trade is its
simplicity. The long/short relationship of two correlated securities acts as
a ballast for a portfolio caught in the choppy waters of the overall market.
Good luck with your hunt for profit in pairs trading, and here's to your
success in the markets.
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Market-neutral strategy
Share Neutrality
Dollar neutrality
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Sector neutrality
Beta Neutrality
Beta neutrality refers to balancing the beta of the long side of the
portfolio against the beta of the short side of the portfolio. Beta is the
measurement of a stock’s volatility relative to the market. A stock with a
beta of 1 move historically in sync with the market, while a stock with a
higher beta tends to be more volatile than the market and a stock with a
lower beta can be expected to rise and fall more slowly than the market.
Beta neutrality, therefore, refers to the practice of matching the beta of
the long portfolio with the beta of the short portfolio to ensure that
market swings affect each portfolio in a similar way.
“This strategy is used by Escorts securities in screening the stocks for pair trading:”
(Escorts Securities policies)
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INITIAL SCREEN
The most important step involves initial screening of stocks. By taking this
step, we can quickly eliminate a large percentage of stocks that would not
be included in the portfolio under any circumstances. There are usually
four criteria used during the initial screen.
LIQUIDITY
“Escorts Securities have declared a list as “hard to borrow” stocks and are excluded from the
initial screening of stocks”.
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At any given time, there are many companies involved in some type of
corporate action, ranging from mergers and acquisitions to secondary
public offerings and stock repurchases. Such activities have a tendency to
cause the price of the company’s stock to fluctuate in ways that it might
not otherwise. The stock of a company being considered for acquisition is
more likely to feel upward price pressure than that of a company
considering making acquisition; such stocks are excluded from
consideration.
STOCK SELECTION
This is the most vital step because of its value added characteristics.
Stock selection involves looking for quantifiable metrics that have strong
predictive ability across a wide range of stocks. This metrics is based on
fundamental and technical analysis of the stock.
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FUNDAMENTAL TRADE
The two companies being considered for pair trading are AXIS BANK and
ICICI BANK. These companies make an appropriate pair because they
are not only in the same sector and industry, but they follow similar
business plans.
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7 /1 6/2 0 0 8
8 /1 6/2 0 0 8
9 /1 6/2 0 0 8
1 0 /1 6/2 0 0 8
1 1 /1 6/2 0 0 8
1 2 /1 6/2 0 0 8
1 /1 6/2 0 0 9
2 /1 6/2 0 0 9
3 /1 6/2 0 0 9
4 /1 6/2 0 0 9
5 /1 6/2 0 0 9
DATE
TECHNICAL TRADE
Technical analysis deals with three pieces of data: price, volume and
sentiments while fundamental analysis uses huge amount of subjective
data. There are thousands of indicators used worldwide however our
study will be limited to those that are related to market neutral strategy.
RSI=100-100/(1+RS)
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For AXIS BANK and ICICI BANK the RSI is 29.3% which is within the
acceptable limits.
BOLLINGER BAND
Bollinger Bands are envelopes that surround the means price bars on a
chart. Bollinger Bands are plotted two standard deviations away from a
simple moving average. Bollinger Bands can be used to evaluate the
relationship between two stocks as well as to evaluate a single stock or
index. Bollinger Bands also give us the time and position at which a trader
should enter or exit the trade. As we observe in the figure, entry point of
the trader should be at the point when the price ratio is away form mean
value. The return would be higher in the case when the price ratio curve
is close to two standard deviation as compared to when the curve is near
mean value. As evident from the figure below, price ratio is close to two
standard deviation, eventually with passage of time it would come back to
its mean value; however the time taken the stock can be utilized by the
trader to make profit.
2
1.8 Entry Point
1.6
Price
1.4
1.2 Ratio
1 MEAN(PR)
0.8
0.6 SD(+1)
0.4
0.2
0 (SD+2)
6 /1 6 /2 0 0 8
7 /1 6 /2 0 0 8
8 /1 6 /2 0 0 8
9 /1 6 /2 0 0 8
1 0 /1 6 /2 0 0 8
1 1 /1 6 /2 0 0 8
1 2 /1 6 /2 0 0 8
1 /1 6 /2 0 0 9
2 /1 6 /2 0 0 9
3 /1 6 /2 0 0 9
4 /1 6 /2 0 0 9
5 /1 6 /2 0 0 9
SD(-1)
SD(-2)
DATE
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VOLUME AS INDICATOR
If increasing volume is observed in a down-trending stock, the technician
confirms the strength of that trend and believes it will continue. In
simpler terms, volume should increase or expand in the direction of the
prevailing price trend. When volume decreases in the direction of the
prevailing price trend, this suggests that a reversal may occur in the near
future.
As we observe in the figure the price ratio of AXIS BANK/ ICICI BANK has
decreased for the past 100 days. Since the volatility of the pair is also
starting decreasing we can expect an inverse of the trend in future.
This indicator gives a tentative confirmation that trading in this pair would
be profitable.
2
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
6/16/2008
7/16/2008
8/16/2008
9/16/2008
10/16/2008
11/16/2008
12/16/2008
1/16/2009
2/16/2009
3/16/2009
4/16/2009
5/16/2009
DATE
Series1
AXIS Bank / ICICI Bank Volatility
1.4
1.2
0.8
0.6
0.4
0.2
0
1 15 29 43 57 71 85 99 113 127 141 155 169 183 197 211 225 239
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Summary
Price Ratio Target Stop %
C.P(15Jun09) Ratio Loss Return
AXISBANK(Long) 718.4 0.977747533 .50 .20 48.99
ICICI 734.75
BANK(Short)
The same process was followed for the below mentioned pair. Depending
upon the result, recommendation was given to Fund managers of the
company. Table 21 below shows the summary of the work done by me.
The stock highlighted as red signifies stock to be short (sell) while green
signifies to long (buy). For all calculation please have a look at the excel
sheet attached in the annexure
OTHER PAIRS
S SD SD SD SD SD
N Stock1 Stock2 Correlation Mean of PR (Stock1 / (PR) (+1) (+2) (-1) (-2)
Stock2)
3 AIRTEL TATA .16 .16 .36 1.58 1.41 1.38 .22 .38 .60 -.07 .16
COM
4 M&M MARUTI .72 .96 .98 .66 .56 .60 .13 .84 .97 .59 .72
5 L&T BHEL .74 .58 .88 1.03 .52 .47 .47 1.50 1.97 .55 .08
6 WIPRO INFOSYT .96 .94 .95 .22 .20 .22 .03 .98 1.0 .93 .96
ECH 1
7 RANBAX CIPLA .44 .09 .47 1.39 1.00 .90 .54 .98 1.52 -0.1 .44
Y
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CONCLUSION
This example has helped us to understand the factors that go into market
neutral investing. Some of the advantages and risks associated with this
type of investment strategy as well as the steps one takes to build a
market-neutral portfolio have been explored. Large investment banks,
institutions & hedge funds spend millions of dollars each year on
developing pair trading programs and the application of them, they know
it’s crucial to not only have the right information, but be able to view &
analyze it in a timely manner. With the significant advances and
development in technologies in recent years this has become possible for
the average online trader to view and analyze the same information.
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Equity Research Report
REFERENCE
Reading Material
Portfolio Management
• Where Science Meets Business, Patrick Grogan, Sr.
Director, Strategic Planning, BD Biosciences
Economic Survey
Website
www.commodityonline.com
www.moneycontrol.com
http://capitalmarket.com/
www.mcxindia.com
http://www.appuonline.com
www.bseindia.com
http://www.nseindia.com/
www.commodityonline.com/FuturesWatch/commodityfuture.ph
p
http://www.khelostocks.com/
www.anyoption.com
http://www.bseindia.com/histdata/hindices.asp#
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ANNEXURE
Price
Date AXIS Bank ICICI Bank Ratio MEAN(PR) SD(+1) (SD+2) SD(-1) SD(-2)
16-Jun-08 735.75 797.45 0.92 1.13 1.02 1.14 0.79 0.90
17-Jun-08 794.5 820.65 0.97 1.13 1.02 1.14 0.79 0.90
18-Jun-08 750.5 786.95 0.95 1.13 1.02 1.14 0.79 0.90
19-Jun-08 718.1 753.6 0.95 1.13 1.02 1.14 0.79 0.90
20-Jun-08 703.7 732.95 0.96 1.13 1.02 1.14 0.79 0.90
23-Jun-08 697.15 720.7 0.97 1.13 1.02 1.14 0.79 0.90
24-Jun-08 678.65 703.15 0.97 1.13 1.02 1.14 0.79 0.90
25-Jun-08 685.05 698.2 0.98 1.13 1.02 1.14 0.79 0.90
26-Jun-08 678.2 697.55 0.97 1.13 1.02 1.14 0.79 0.90
27-Jun-08 628.6 652.15 0.96 1.13 1.02 1.14 0.79 0.90
30-Jun-08 605.05 630.2 0.96 1.13 1.02 1.14 0.79 0.90
1-Jul-08 593.85 589.1 1.01 1.13 1.02 1.14 0.79 0.90
2-Jul-08 634.45 621.05 1.02 1.13 1.02 1.14 0.79 0.90
3-Jul-08 580.2 571.9 1.01 1.13 1.02 1.14 0.79 0.90
4-Jul-08 600.45 603.6 0.99 1.13 1.02 1.14 0.79 0.90
7-Jul-08 603.95 605.15 1.00 1.13 1.02 1.14 0.79 0.90
8-Jul-08 606.95 594.35 1.02 1.13 1.02 1.14 0.79 0.90
9-Jul-08 669.1 621.7 1.08 1.13 1.02 1.14 0.79 0.90
10-Jul-08 678.45 616.9 1.10 1.13 1.02 1.14 0.79 0.90
11-Jul-08 665.25 591.6 1.12 1.13 1.02 1.14 0.79 0.90
14-Jul-08 634.35 578.9 1.10 1.13 1.02 1.14 0.79 0.90
15-Jul-08 597.1 529.15 1.13 1.13 1.02 1.14 0.79 0.90
16-Jul-08 584.45 519.75 1.12 1.13 1.02 1.14 0.79 0.90
17-Jul-08 635.45 551.85 1.15 1.13 1.02 1.14 0.79 0.90
18-Jul-08 685.6 617.45 1.11 1.13 1.02 1.14 0.79 0.90
21-Jul-08 697.4 642.95 1.08 1.13 1.02 1.14 0.79 0.90
22-Jul-08 735.05 661.7 1.11 1.13 1.02 1.14 0.79 0.90
23-Jul-08 763.65 738.7 1.03 1.13 1.02 1.14 0.79 0.90
24-Jul-08 760.3 730.2 1.04 1.13 1.02 1.14 0.79 0.90
25-Jul-08 712.85 656.75 1.09 1.13 1.02 1.14 0.79 0.90
28-Jul-08 697.3 663.4 1.05 1.13 1.02 1.14 0.79 0.90
29-Jul-08 619.7 607.7 1.02 1.13 1.02 1.14 0.79 0.90
30-Jul-08 679.25 636.1 1.07 1.13 1.02 1.14 0.79 0.90
31-Jul-08 653.9 637.3 1.03 1.13 1.02 1.14 0.79 0.90
1-Aug-08 679.9 642.4 1.06 1.13 1.02 1.14 0.79 0.90
4-Aug-08 706.05 640.45 1.10 1.13 1.02 1.14 0.79 0.90
5-Aug-08 760.55 694.1 1.10 1.13 1.02 1.14 0.79 0.90
6-Aug-08 743.05 706.65 1.05 1.13 1.02 1.14 0.79 0.90
7-Aug-08 746.55 707.95 1.05 1.13 1.02 1.14 0.79 0.90
8-Aug-08 735.15 731.6 1.00 1.13 1.02 1.14 0.79 0.90
11-Aug-08 759.6 771.15 0.99 1.13 1.02 1.14 0.79 0.90
12-Aug-08 720.55 740.65 0.97 1.13 1.02 1.14 0.79 0.90
13-Aug-08 725.1 710.7 1.02 1.13 1.02 1.14 0.79 0.90
14-Aug-08 700 673.45 1.04 1.13 1.02 1.14 0.79 0.90
18-Aug-08 692.5 665 1.04 1.13 1.02 1.14 0.79 0.90
19-Aug-08 679.8 677.7 1.00 1.13 1.02 1.14 0.79 0.90
20-Aug-08 673.8 678.8 0.99 1.13 1.02 1.14 0.79 0.90
21-Aug-08 649.1 643.7 1.01 1.13 1.02 1.14 0.79 0.90
22-Aug-08 679.85 644.55 1.05 1.13 1.02 1.14 0.79 0.90
25-Aug-08 685.6 657.15 1.04 1.13 1.02 1.14 0.79 0.90
26-Aug-08 679.65 666.55 1.02 1.13 1.02 1.14 0.79 0.90
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