Report of Top 3 Company Analysis

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.
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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
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 20000- 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
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c) Five years (2003-07) data has been taken into consideration for the study
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.
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METHODOLOGY OF DATA COLLECTION

SOURCES OF DATA
PRIMARY DATA
Discussion with the company official
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
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Sample method: direct.
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
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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.
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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.
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
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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
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.
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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

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Page 12

Research is the solid foundation on which Motilal Oswal Securities advice is based. Almost
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Page 13
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
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
Page 14

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:
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
Page 16

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.
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..
Page 17

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.
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.
Page 18

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.
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)
Page 19

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.)
Energy
Yearly electricity - production: 15,850,000 GWh (2003 est.), 14,850,000 GWh (2001 est.)
Yearly electricity - consumption: 14,280,000 GWh (2003 est.), 13,930,000 GWh (2001
est.)
Oil- production: 79.65 million bbl/day (2003 est.), 75.46 million barrel/day (12,000,000
m/d) (2001)
Oil - consumption: 80.1 million bbl/day (2003 est.), 76.21 million barrel/day (12,120,000
m/d) (2001)
Oil - proved reserves: 1.025 trillion barrel (163 km) (2001 est.)
Natural gas- production: 2,569 km (2001 est.)
Natural gas - consumption: 2,556 km (2001 est.)
Natural gas - proved reserves: 161,200 km
Cross-border
Yearly exports: $6.6 trillion (f.o.b., 2002 est.)
Exports - commodities: the whole range of industrial and agricultural goods and services
Page 20

Exports - partners: US 17.4%, Germany 7.6%, UK 5.4%, France 5.1%, Japan 4.8%, China
4% (2002)
Yearly imports: $6.6 trillion (f.o.b., 2002 est.)
Imports - commodities: the whole range of industrial and agricultural goods and services
Imports - partners: US 11.2%, Germany 9.2%, China 7%, Japan 6.8%, France 4.7%, UK
4% (2002)
Debt - external: $2 trillion for less developed countries (2002 est.)
Gift economy
Yearly economic aid - recipient: Official Development Assistance (ODA) $50 billion...
Communications
Telephones
main
lines
in
use:
843,923,500
(2003)
1,263,367,600 (2005)
Telephones - mobile cellular: 2,168,433,600 (2005)
Internet Service Providers(ISPs): 10,350 (2000 est.)
Internet users: 1,311,050,595 (January 18, 2008 est.), 1,091,730,861 (December 30, 2006
est.), 604,111,719 (2002 est.)
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.
Page 21
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
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
Page 22

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.
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
Page 23

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.
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.
Page 24

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 :
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.
Page 25

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
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
Industry
Company
Revenue
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
0.91
17.25
62.13
7.06
26.06
16.72
10.16
(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
Profits
(billion
Page 26

1047
1128
1130
India Limited
Tata Consultancy Software
Svcs
Services
Tata Steel
Materials
Infosys
Software
Technologies
Services
&
&
2.98
0.67
1.93
26.27
4.54
0.84
4.61
5.80
2.14
0.55
2.09
26.19
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.
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..
.
Page 27

External trade and investment
Global trade
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%
relations:
Until the liberalisation of 1991, India was largely and intentionally isolated from the world
markets, to protect its fledging
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
Page 28

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.
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.
Page 29

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.
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. As per the projections made by the National Association of Software
and Services Companies (NASSCOM) for 2000-2001 (April 1, 2000 - March 31, 2001),
Indias software exports would be around $ 6.3 billion, in addition to $ 2.5 billion in
domestic sale.
The growth story:
Page 30

80%
70%
60%
50%
40%
30%
20%
10%
0%
93-94
97-98
200001
200203
200405
200607
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.
Geographic break up: top firms

Financial year 2006
Page 31
73%
3%
21%
3%
north america
europe
asia
others
Total sales: Rs.35579 Crore

Financial year 2007
62%
Total sales:
Crore.
5%
4%
29%
europe
north america
asia
others
Rs.63749
This is based on data of

top eight services firms:
TCS, Infosys, Wipro,
Satyam, HCL, Tech
Mahindra,
Patni
computers.
Concern Areas:
The share market clearly believes that there are: Indias big software four- Infosys,
TCS, Wipro, and Satyam 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.
Whats wrong with IT stocks

Page 32

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.
What the big guys do?

Issues
Remedies
Page 33

# 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.
Company Analysis
Page 34
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

Wipro has become the second largest company in terms of market capitalization on the
Bombay Stock Exchange.
- The Company for the fourth year has won the top award of STPI for software exports for
the year 1999-2000.
- The Company has been awarded first prize, at national level, for outstanding export
performance during 1999-2000 from the Software Technology Parks of India.
- The Company has bagged the PC Quest's User's Choice Awards, 2000, in Office OC
Segment
- The company has strong software engineering processes & also achieved ISO 9000
certification. Wipro is the first software company to get SEI Level 5 & also implemented Six
Sigma TQM practices to software projects and support functions.
- Chairman Azim Premji, with a net worth of $5.9 billion, has made it to the Forbes list of
ten most powerful billionaires in the world
Wipro in terms of Numbers

Page 35
the graph shows the number of customer in terms of crores.
Page 36
The above picture shows the trend in the revenue earned from global IT services and
products. The growth has been manifold .
The above graph shows the growth in operating income in terms of crore.
Page 37

Performance of Wipro Stock v/s its index in 2005-06.
140
120
100
wipro
price
S &P
CnX
80
60
40
ch
ar
M
Fe
n
Ja
c
de
N
ov
O
ct
Se
p
Au
g
ly
Ju
ne
Ju
ay
M
Ap
r
il
20
0
It can be seen from the graph that in the year 2005-06 the performance of stock was in
accordance with its index. I.e. there was less volatility in shares performance when
compared.
From the above graph it can be seen that the performance of stock against its index is more
volatile. This is the period where the stocks started loosing their value.
Page 38
Financial statement analysis of Wipro Ltd.

Balance sheets
(Rs.in million)
2007
Particulars
2003
2004
2005
2006
Share Capital
465.128
465.52
1407.14
2852
2918
Reserve and surplus
32838
34610
47529
63277
93077
Shareholders fund
33303.128.
35075.52
48936.14
66129
95995
Loan funds
6974.77
1006.88
620
758
3856
Capital employed
34000.824
36082.79
49557.40
66887
99851
Fixed assets
65915.10
79472.9
11582
21683
37962
Investments
14407.161
24560.33
28595.11
30812
33249
Net current assets
13002.15
35751.7
93802.9
14392
28640
Total
34000.824
36082.79
49557.40
66887
99851
The table shows the balance sheet of Wipro Ltd. The table
contains the data of 5 years.i.e. From 2003 to 2007.the performance of
these years have been analyzed as follows.
Page 39
Share capital
3500
3000
2500
2000
1500
1000
500
0
2003
2004
2005
2006
2007
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 2003 and 2004 the capital has been kept constant later on it has been
increased to 1407, by the issue of bonus issue in the ratio of 2:1 and the face value being
Rs.2. The capital was further increased to Rs. 2852 Mn in the year 2006by 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.2918.
Loan Funds
4500
4000
3500
3000
2500
2000
1500
1000
500
0
2003
2004
2005
2006
2007
It can be noticed from the graph that there has been considerable increase in the loan funds
in the year 2007 compared with 2006. the reason being borrowing from banks, term loans
and also from financial institution have been increased in the year.
Page 40

Capital employed
120000
100000
80000
60000
40000
20000
0
2003
2004
2005
2006
2007
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 f issuing bonus shares and stock splits and also by making huge
investments.
Investment
35000
30000
25000
20000
15000
10000
5000
0
2003
2004
2005
2006
2007
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.
Page 41

Profit and loss account of Wipro Ltd.
Particulars
2003
2004
2005
2006
2007
Net sales
410324
525967
732669
107566
152945
Cost of goods sold
25523
34711
47832
71484
102420
Gross profit
14324
17885
25434
36082
50525
Operating expenses
5873.78
7037.71
8108
12268
17440
PBIT
9635.34
10857.64
17325.91
23814
33085
Interest
29304
3517
5568
35
124
PBT
9606
10821
17570
23780
32961
TAX
1473.71
1673.67
2622.02
3391
3868
PAT
8132.32
9148.80
14948
20388
29093
Dividend
2325.64
6750.02
3517.86
7129
8697
Retained earnings
7869.97
15339
10936
12545
19456
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. It was in the year
2005 where there has been a decline in the dividend declared and in the next two years there
has been considerable increase in it.
Page 42
The key ratios

Particulars
2003
Current ratio
2.90
Debt to equity 0.20
ROE
24.41
Book
143
value/share
EPS
36.81
Bonus
1
adjustment
factor
P/E ratio
36.81
P/B ratio
4.19
Retention
0.96
ratio
Dividend per 4.2
share
2004
1.19
0.28
26.08
180
2005
2.91
0.30
30.04
695
2006
1.44
038
30.08
463
2007
1.67
0.26
30.03
657
39.56
1
21.48
3.02
14.37
2.02
19.92
1.02
39.52
5
0.167
64.80
0.96
0.73
29.02
1.28
0.61
20.38
0.92
0.66
6.4
CAGR of sales
1/4
(Sales in 2007 sales in 2001) - 1

1/4
(152945/410324.11)
-1 = 22%
CAGR of EPS
1/4
(EPS in 2007 EPS in 2001) - 1

1/4
(19.22/36.81)
-1 = 14.99%
Page 43

Volatility of ROE = 5.67/27.6 = 20%
Estimation of next year income statement
Particulars
Net sales
Cost of goods sold
Operating expenses
Interest
Tax
2006
107566
71484
12268
35
3391
2007
152945
102420
17440
124
3868
% Increase
42%
43%
42%
354%
14%
Estimated Profit and Loss account for the next year

Particulars
Net sales
2008
217181.9
Cost of goods sold

Gross profit
Operating expenses
PBIT
Tax
PAT
146460.6
70721.3
24764.8
45956.5
11489
34467
Estimated EPS =Amount available to equity shareholders

Number of equity shares outstanding
= 3446700000
= Rs.23.89
144,233,782
Average retention ratio = 0.73+0.61+0.66
= 0.66
Average payout ratio = 1-0.66
= 0.34
Page 44

Required rate of return
Beta= 0.79
Risk free rate=8%
Market return on IT stocks=25%
Market risk premium= 17%
Required rate of return = 0.08+0.79*0.17=0.2143 = 21.43%

Expected Growth rate of Dividend
Average retention ratio in last 3 years * average return on Equity
0.73 + 0.61 +0.66
* 30.04 +30.08 + 30.03
3
3
0.66
* 30.05
=19.83%
P/E ratio as per constant dividend Model

Average payout ratio
Average retention ratio expected growth rate of dividend
0.34
=21.25
0.2143 - 0.1983
Value anchor
Value anchor gives the expected price of share for next year.
Expected EPS * Expected P/E ratio
23.89
*21.25
= Rs. 507
Page 45
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, re-engineering
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.
- 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.
Page 46

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. .
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.
Page 47
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
2004
-Infosys greets Karnataka Bank for deploying Finacle
-Nandan Nilekani ranks 35th in the world business leaders
-Infosys gets ICAI award for the year '03
-Infosys completes five yrs on NASDAQ
-Infosys Chief Narayana Murthy joins NDTV Board
-Comes out with a bonus issue in the ratio of 3:1
Page 48
Infosys Share prices v/s its indices for the year 2005-06
4000
3500
3000
2500
2000
1500
1000
500
0
indices
mar
feb
jan
dec
nov
oct
sep
aug
july
jun
may
Apr
infosys
From the graph

it can be seen
that the prices
of shares are
less
volatile
when compared
with its index.
For 2006-07
5000
4000
3000
indices
2000
infosys
1000
0
Apr May jun
jul
Aug Sep Oct
Nov Dec
Jan Feb Mar
From the above graph it can be seen that prices of shares are more volatile. We can notice
that the share prices have decreased over a period.
Page 49
The above-mentioned charts are income, exports, PAT of the company. The values have
increased over a period of time.
Page 50

Financial Statements of Infosys Ltd
Balance sheet
(Rs.in crores)
2007
Particulars
2003
2004
2005
2006
Share Capital
33.12
33.22
135.29
138
286
Reserve and surplus
1954.75
2387.09
4110.18
5507
9714
Shareholders fund
1987.87
2420.31
4245.47
5645
10000
Loan funds
872.78
833.12
996.26
1252
1162
Capital employed
2860.65
3253.43
5241.73
6897
11162
Fixed assets
772.72
970.30
1494.42
2133
3107
Investments
33.20
1027.38
1328.70
876
839
Net current assets
2054.73
1255.75
2418.61
3888
7216
Total
2860.65
3253.43
5241.73
6897
11162
The Balance sheets are analyzed below
Page 51

Share capital
350
300
250
200
150
100
50
0
2003
2004
2005
2006
2007
2005
2006
2007
The share capital of

Infosys shows an
increasing trend. In
the year of inception
the share capital was
raised through the
public offer. Later it
was increased year to
year by the issue of
bonus issue in the
ratio of 1:1.
Reserves and surplus

12000
10000
8000
6000
4000
2000
0
2003
2004
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
Page 52
1400
1200
1000
800
600
400
200
0
2003
2004
2005
2006
2007
The investment has increased to a greater level from mere 23 crore in 2003 to Rs.1200
crore in 2005 and later it was again saw a decrease of 400 crores. The company has
significantly invested in different types of securities, which yield better returns.
Net Current Assets
8000
7000
6000
5000
4000
3000
2000
1000
0
2003
2004
2005
2006
2007
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

Page 53

Particulars
2003
2004
2005
2006
2007
Net sales
3622.69
4760.89
6859.66
9028
13149
Cost of goods sold
1813.30
2495.31
3654.93
4887
7278
Gross profit
1809.39
2265.58
3204.73
4141
5871
Operating expenses
537.25
681.93
879.62
1152
1646
PBIT
1272.04
1583.65
2325.11
2989
4225
Interest
188
230
268.22
409
469
PBT
1158.9
1470.47
2056.89
2580
3756
TAX
201
227
325
303
352
PAT
953
1243
1904
2421
3783
Dividend
178.81
862
309.80
1238
649
Retained earnings
766.82
200
190
242
378
operating profit and the net profit. Dividend has been declared every year. It was in the year
2005 where there has been a decline in the dividend declared and in the next two years there
has been considerable increase in it.
The key ratios of Infosys Technology Ltd

Page 54
Particulars
2003
Current ratio
2.90
Debt to equity --ROE
0.47
Book
53
value/share
EPS
18
Bonus
1
adjustment
factor
P/E ratio
28.33
P/B ratio
Retention
0.8
ratio
Dividend per 5
share
2004
1.19
--0.51
61
2005
2.91
--0.44
97
2006
1.44
--0.42
125
2007
1.67
--0.37
195
23
1
34
4
44
1.02
67
2.07
26.72
25
0.66
32.37
23
0.88
33.53
24
0.79
29.48
10
0.62
6.6
9.50
10.5
11.50
CAGR of sales
1/4
(Sales in 2007 sales in 2001)

1/4
(13195/3622)
-1 = 38%
-1
CAGR of EPS
1/4
(EPS in 2007 EPS in 2001)

1/4
(18/67)
-1 = 38.7%
-1
Volatility of ROE = 37%

Page 55

Particulars
Net sales
Cost of goods sold
Operating expenses
Interest
Tax
2006
9028
4887
1152
409
303
2007
13149
7289
1646
469
352
% Increase/
45%
49%
42%
14%
16%

Particulars
Net sales
2008
19066.05
Cost of goods sold

Gross profit
Operating expenses
PBIT
Tax
PAT
10857.63
8208.42
2337.32
5871.1
1334
4002.44

= 4002.44 crore
= Rs.71.87
556852339
= 0.76
= 0.24

Page 56

Beta= 0.68
Risk free rate=8%
Required rate of return = 0.08+0.68*0.17=0.195 =19.5%

0.73 + 0.61 +0.66
* 34.04 +33.08 + 33.03
3
3
0.5
* 34.9
=17.5%

0.5
=33.33
0.195 - 0.175
Value anchor
71.70
*33.33
= Rs. 2340
TCS Ltd.
Page 57

Tata Consultancy Services is one of leading software providers in the
world. It has got 38 years of experience in the field of IT servies, Business solutions, and
outsourcing activities. It has got authorized share capital of 1,200,000,000 of Rs.1 each and
has got issued capital of 978,610,498 shares.
The management Team includes
Ratan Tata
Chairman
Ron sommer
Independent Director
A mehta
S. Ramaodorai
CEO and M.D
Laura Cha
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
Human Resource Development

It has got 85000 employees from 67 nationalities. TCS continues to be recognized for its
good human resources practices. In the 2006 it has own Data Quest Best Employer award
for the third consecutive time. It is marked by the lowest attrition rate of 11.3%.
Awards and Recognition
During the year 2006-07 company received various awards and recognitions, significant
among which are the following
a) Company of the year-2006 from the Economic Times.
b) Dataquest best Employer-2006
c) Most Admired Knowledge Enterprise (MARK)
d) CII EXIM Bank Award for Business Excellence 2006
e) Most Distinguished Achievement Award in Information Management from IBM.
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.
4000
The above shows the PAT of TCS. A

considerable increase can be noticed.
3500
3000
The performance of Shares v/s its

Indices
2500
2000
For the year 2006
1500
1000
500
0
2004
2005
2006
2007
from the above graph it can be seen that

share
prices
have
underperformed
compared to its indices but volatility is less.
For the year 2007
Page 59

4500
4000
3500
3000
2500
2000
1500
1000
500
0
Indices
M ar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
jul
Jun
May
Apr
TCS
In this graph it can be noticed that value of share prices have been volatile and the value has
also seen a decline.
Financial Statement Analysis of TCS Ltd
Balance sheets
(Rs.in crores)
2007
Particulars
2003
2004
2005
2006
Share Capital
36.44
36.44
48.01
48.93
97.86
Reserve and surplus
1244.76
1064
3273.04
5560.43
7961.13
Shareholders fund
1856.9
2100.44
3321.05
5609.36
8058.99
Loan funds
90.12
127.35
185
100.09
111.35
Capital employed
3228.22
3328.23
3506.11
5709.52
8170.34
Page 60

Fixed assets
831.50
985.55
1028.44
1449.8
2218.46
Investments
414
1285.22
1404.42
1963.52
3252.04
Net current assets
1982.72
1057.46
1073.25
2296.22
2699.84
Total
3228.22
3328.23
3506.11
5709.52
8170.34
Share Capital
120
100
80
60
40
20
0
2003
2004
2005
2006
2007
The company has got an authorized capital of 1200,000,000 of equity shares out of which it
has issued 910,678,410 shares of Rs.1 each in the year 2007, but it was 36 crore in 2003 and
it was not increased to a greater extent till 2007. The strategic acquisitions and alliances in
the year 2007 have lead to this increase in share capital.
Page 61

Reserves and Surplus
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
2003
2004
2005
2006
2007
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 2004 hence the contribution to reserves and surplus
have also increased.
Investments
3500
3000
2500
2000
1500
1000
500
0
2003
2004
2005
2006
2007
The investments are showing an impressive growth. 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. Towards
this the company has signed a memorandum of understanding with Jataayu Software (P)
Ltd. It has also invested heavily in Research and development area. The investment has been
around 200 crore.
Page 62
Net Current Assets

3000
2500
2000
1500
1000
500
0
2003
2004
2005
2006
2007
The liquidity position of the company has been volatile. Company also faced a problem of
liquidity in the year of 2004.It can be seen from the graph that the liquidity position had
droped in the year 2004 and 2005 and gradually increased in the year 2006-07.
Profit and Loss Account of 5 years of TCS Ltd

Particulars
2003
2004
2005
(Rs. In Crores)
2006
2007
Net sales
4914
5517.88
8102.58
11293.76
15156.52
Cost of goods sold
2012.70
3058
5548.3
7957.54
10639
Gross profit
2902
2459.88
2554.2
3074.35
4517.52
Operating expenses
253.33
453.3
526.3
257.38
343.41
PBIT
2648.67
2006.58
2027.89
2816.97
4174.11
Interest
6.68
7.89
10.40
4.49
3.43
PBT
2641.99
1998.69
2017.50
2812.48
4170.68
Page 63

TAX
201
220
241.00
322.41
406
PAT
2440.9
1778.69
1776.50
2490
3790
Dividend
178.81
230.02
240.06
220.9
391.44
Retained earnings
1008
1064
1205.47
3105.3
5294
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

Particulars
Current ratio
Debt to equity
ROE
Book
value/share
EPS
Bonus
adjustment
factor
P/E ratio
P/B ratio
2003
3.14
2004
0.05
0.01
2005
1.77
0.01
2006
2.25
0.03
2007
1.99
7.97
0.53
36.52
10.50
40.05
12.92
42
69.17
44
114.64
47
82.35
3.72
1
4.17
1
38.15
1.31
42.52
1.01
38.39
2
----
26
20
32
18
36
10
38
15
Page 64
Retention
0.62
ratio
Dividend per 1.00
share
0.63
0.73
0.61
0.66
1.20
11.50
13.50
11.50
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
Cost of goods sold
Operating expenses
Interest
Tax
2006
11293.76
7957.54
257.38
4.49
322.41
2007
15156.52
10639
343.41
3.49
406
% Increase/
34%
33%
33%
22%
16%

Particulars
Net sales
2008
20309.73
Cost of goods sold

14149.87
Gross profit
6159.86
Operating expenses
230
PBIT
6029.86
Tax
2109
PAT
3918
Page 65

= 3918,00,00,000
= Rs. 40.04
97,86,10,498
= 0.53
= 0.47

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%

Page 66

0.47
=38.84
0.2347 - 0.2226
Value anchor
41.40
*38.84
= Rs. 1607.97
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
Page 67

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.
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
Page 68

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.
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

Page 69

P0 = D
(1+r) 2
Pn
(1+r)2
502= 5
+ P2
2
(1+0.216)
(1+0.216) 2
502 = 4.46 +
Pn
1.47
P2=Rs. 731.3
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
Page 70

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
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 71
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
Page 72

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
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
Page 73

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
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
Page 74

(1.195) 8
Intrinsic value = 1262+191= Rs. 1453
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
Page 75

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
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
Page 76

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
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
Page 77

Intrinsic value = 1450+295= Rs.1745
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
Page 78

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.
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
Page 79

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.
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.
Page 80

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
Prasanna Chandra, Equity Valuation: A bearing on shareholders, Investment
Analysis and portfolio Management.
Punithavathy Pandian, Fundamental Analysis, Security Analysis and
Portfolio Management.
Page 81

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
ANNXEURE
Formulas of Ratios used
1) Current ratio =
Current Assets
Current Liabilities
2) Debt Equity Ratio = Total Debt

Net worth
Page 82

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
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
Return(Y)
NA
NA
NA
NA
NA
NA
NA
Page 83

10-Apr-03
11-Apr-03
15-Apr-03
16-Apr-03
17-Apr-03
21-Apr-03
22-Apr-03
23-Apr-03
24-Apr-03
25-Apr-03
28-Apr-03
29-Apr-03
30-Apr-03
2-May-03
5-May-03
6-May-03
7-May-03
8-May-03
9-May-03
12-May-03
13-May-03
14-May-03
15-May-03
16-May-03
19-May-03
20-May-03
21-May-03
22-May-03
23-May-03
26-May-03
27-May-03
28-May-03
29-May-03
30-May-03
2-Jun-03
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
962.2
949.8
951.2
958.65
940.7
947.2
943.5
934.2
929.7
924.3
929.5
932.3
934.05
938.3
945.4
951.85
950.15
941.55
937.85
936
944.2
952.15
959.85
973.1
966.55
971.55
968
963.25
967.9
982.45
976.85
990.8
1002.6
1006.8
1015.2
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
-4.244
-1.289
0.1474
0.7832
-1.872
0.691
-0.391
-0.986
-0.482
-0.581
0.5626
0.3012
0.1877
0.455
0.7567
0.6823
-0.179
-0.905
-0.393
-0.197
0.8761
0.842
0.8087
1.3804
-0.673
0.5173
-0.365
-0.491
0.4827
1.5033
-0.57
1.4281
1.191
0.4189
0.8294
-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
3050
2653
2860
3025
2963
2933
2920
2883
2898
2910
2893
2867
2787
2914
2946
2982
3024
2976
2926
2782
2875
2865
2884
2994
2791
2854
2788
2691
2612
2633
2613
2746
2770
2674
2811
2726
2764
2860
2949
2969
2875
2939
2970
2971
2917
3093
3064
3043
3054
-26.547
-12.998
7.77696
5.76284
-2.0202
-1.0393
-0.4399
-1.257
0.51509
0.41583
-0.5859
-0.8815
-2.8162
4.57906
1.10493
1.20147
1.39848
-1.5776
-1.6668
-4.9176
3.3174
-0.32
0.63516
3.83028
-6.7901
2.25567
-2.2918
-3.5003
-2.9249
0.79824
-0.7729
5.1177
0.85209
-3.4445
5.10994
-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
18.02
1.661
0.022
0.613
3.506
0.477
0.153
0.972
0.232
0.337
0.317
0.091
0.035
0.207
0.573
0.465
0.032
0.819
0.154
0.039
0.767
0.709
0.654
1.906
0.453
0.268
0.134
0.241
0.233
2.26
0.325
2.039
1.418
0.175
0.688
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
112.7
16.75
1.146
4.514
3.783
-0.72
0.172
1.239
-0.25
-0.24
-0.33
-0.27
-0.53
2.084
0.836
0.82
-0.25
1.428
0.655
0.97
2.906
-0.27
0.514
5.287
4.57
1.167
0.837
1.718
-1.41
1.2
0.441
7.308
1.015
-1.44
4.238
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
1007.4
935.2
980.85
957.1
880.85
911.7
901.65
914.25
913.15
886.4
882.3
868.8
866.7
868.5
884.55
912.9
919.85
903.35
890.05
876.8
901.6
902.5
905.05
941.45
903
905.55
859.45
826
823.05
811.05
807.5
839.8
824.85
806.15
820.55
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
-18.18
-7.162
4.8813
-2.421
-7.967
3.5023
-1.102
1.3974
-0.12
-2.929
-0.463
-1.53
-0.242
0.2077
1.848
3.205
0.7613
-1.794
-1.472
-1.489
2.8285
0.0998
0.2825
4.0219
-4.084
0.2824
-5.091
-3.892
-0.357
-1.458
-0.438
4
-1.78
-2.267
1.7863
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
77.184NA
9.2302NA
0.7195NA
-1.8965NA
14.917NA
2.42NA
0.4306NA
-1.3774NA
0.058NA
1.7015NA
-0.2602NA
-0.4609NA
-0.0454NA
0.0945NA
1.3984NA
2.1866NA
-0.136NA
1.6236NA
0.5786NA
0.2937NA
2.4779NA
0.084NA
0.2285NA
5.5519NA
2.7491NA
0.1461NA
1.8602NA
1.9098NA
-0.1724NA
-2.1917NA
0.2495NA
5.7122NA
-2.1201NA
-0.9497NA
1.4815NA
-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
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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 84

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
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
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
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
-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
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
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
3482
3409
3463
3417
3490
3492
3677
3714
3642
3561
3717
3856
3899
3926
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
-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
1.009
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
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
-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
-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
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
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
-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
-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
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
-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
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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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Page 85

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
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
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
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
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
-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
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
4552
4513
4418
4554
4576
4447
4467
4570
4617
4739
4979
5026
4994
5075
-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
-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
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
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
-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
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
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
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
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
-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
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
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
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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
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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
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
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
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
-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
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
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
5499
5536
5565
5636
5667
5887
5685
5693
5848
5821
5720
5794
5706
5561
-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
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
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
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
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
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
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
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
-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
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
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
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
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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Page 87

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
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
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
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
-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
-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
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
4902
4856
5037
4940
4942
5043
4937
5189
5076
5170
5048
5167
5310
5213
-0.6752 5.074
-0.3856 3.333
-1.6728 4.732
-0.2689 13.15
-4.1105 8.791
5.54772 18.94
1.83474 9.568
-2.5893 4.77
-3.0337 1.095
-0.7672 3.371
-0.2897 5.07
3.12061 9.044
1.48417 0.944
2.18956 2.61
1.65331 6.584
-2.5219 #####
-0.6636 0.327
-2.1612 0.107
0.43059 2.253
-0.3757 #####
0.78417 0.117
-0.8633 0.036
-4.5801 9.207
-0.8059 0.092
0.35043 5.756
-0.7683 0.529
-1.5167 3.598
-1.6558 1.381
3.63043 3.817
5.07462 8.472
-2.5257 0.173
1.92864 0.791
-0.6868 1.673
-2.6321 0.883
-2.4586 1.037
-1.658 1.352
-0.9516 4.46
3.73589 0.142
-1.9168 7.251
0.03947 0.635
2.03241 8E-04
-2.095
3.6
5.10411 0.242
-2.1892 5.403
1.852 0.458
-2.3619 0.064
2.36751 0.533
2.75789 6.379
-1.8175 0.693
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
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
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
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
-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
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
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
-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
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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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Page 88

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
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
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
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
-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
-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
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
4928
4910
5319
5356
5284
5298
5058
5201
5288
5338
5241
5217
5207
5178
-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
-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
0.456
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
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
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
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
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
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
-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
-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
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
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
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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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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
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
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
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
-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
-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
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
1508
1536
1554
1556
1577
1548
1558
1527
1534
1525
1504
1499
1480
1487
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
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
0.021
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
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
-0.12
-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
-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
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
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
-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
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
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
-0.5674NA
4.2977NA
0.8379NA
-0.4575NA
0.2765NA
0.2932NA
10.889NA
3.1245NA
0.6898NA
0.37NA
1.515NA
2.121NA
0.9427NA
0.0651NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
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

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
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
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
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
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
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
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
1721
1686
1706
1708
1699
1687
1711
1815
1787
1761
1768
1759
1780
1820
-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
-0.4283
-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
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
0.142
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
-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
-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
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
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
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
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
0.3581NA
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
0.5487 1021 -0.782
2.3024 1016 -0.509
1.9469 1031 1.521
0.2136 1027 -0.378
0.0248 1048 2.006
0.4776 1077 2.749
0.6395 1081 0.39
2.2501 1082 0.083
-0.0215 1097 1.433
0.9069 1098 0.087
2.7624 1101 0.237
0.8016 1089 -1.031
0.5071 1084 -0.445
1.3409 1116 2.928
Page 91
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
-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

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
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
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
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
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
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
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
2120
2089
2114
2115
2081
2066
2065
2058
2062
2073
2048
2092
2120
2090
2.2359 1.834
0.36539 0.025
4.33665 0.83
-2.1783 0.538
2.08251 0.369
-1.8216 0.787
2.6353 1.708
1.36413 0.019
-0.5584 0.904
2.08439 0.321
0.93914 0.047
0.21112 0.871
-1.1734 0.088
0.50072 0.016
1.07784 0.104
1.35917 0.264
-0.6789 0.032
-0.24 1.084
-1.4505 0.003
0.15039 1.056
-0.352 0.366
0.28163 0.025
3.01537 4.123
2.79319 0.975
-1.9007 0.028
-1.3494 3.547
-1.3727 0.02
-1.0335 0.023
0.48026 5E-04
-0.4167 0.548
0.53165 0.368
-0.4309 1.108
0.20655 0.69
0.66991 1.167
2.40829 1.191
0.9378 0.049
-1.4738 1.077
1.18711 0.537
0.05677 0.771
-1.5909 0.207
-0.7375 0.232
-0.0436 0.736
-0.3341 #####
0.16761 0.18
0.55293 0.007
-1.2059 0.224
2.12631 1.01
1.33145 2.75
-1.3918 0.283
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
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
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
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
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
0.7855
-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
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
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
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
1201
1211
1226
1236
1233
1246
1263
1257
1263
1273
1240
1228
1268
1271
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
-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
Page 92
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
-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

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
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
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
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
-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
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
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
2179
2240
2181
2187
2214
2234
2252
2264
2252
2232
2215
2226
2211
2193
-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
0.7
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
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
0.074
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
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
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
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
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
-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
-0.694
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
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
-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
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
1382
1375
1366
1363
1375
1368
1364
1381
1357
1368
1390
1392
1400
1414
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
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
Page 93
-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
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

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
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
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
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
-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
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
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
2097
2059
2066
2061
2033
2078
2064
2042
2097
2141
2135
2156
2171
2205
-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
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
1.62
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
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
0.696
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
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
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
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
-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
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
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
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
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
1131
1129
1109
1121
1137
1168
1175
1153
1149
1147
1149
1154
1151
1143
-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
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
Page 94
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
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

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
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
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
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
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
-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
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
2136
2196
2272
2256
2233
2209
2239
2229
2226
2231
2268
2265
2299
2356
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
-3.1536
2.81153
3.46555
-0.6866
-1.0238
-1.0881
1.34676
-0.44
-0.1122
0.18865
1.69685
-0.1719
1.53011
2.4726
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
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
0.101
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
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
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
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
1.0959
-2.306
1.1732
-0.629
-1.469
2.9752
0.1316
-0.886
2.1433
0.3896
-1.157
-0.289
-0.263
0.187
1.4241
0.1363
1.2593
1.7142
-0.04
0.3901
-0.349
-0.892
0.6135
-1.823
1.7552
1.6785
-2.806
0.2282
-1.393
-0.115
-3.366
1.7452
-0.851
-2.009
0.9753
-1.826
1.1777
0.9298
0.4993
0.3849
-0.795
0.52
-0.287
-0.652
2.7166
1.1678
-1.711
0.0622
1.0632
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
1.57
1.4795
0.9014
0.0738
0.0791
0.4041
0.8182
-0.3308
-0.3243
1.8813
-0.3424
-0.4255
0.0955
0.1513
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
1323
1310
1311
1326
1286
1271
1225
1248
1322
1319
1308
1290
1294
1284
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
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
Page 95
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
-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

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
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
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
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
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
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
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
2486
2478
2471
2526
2515
2553
2628
2640
2609
2572
2622
2683
2623
2602
-1.806
-0.9509
-0.9099
-0.2885
2.24813
-0.933
-1.3931
-0.5085
3.02007
-0.8305
0.11964
0.58877
-1.2851
-0.919
0.33566
-0.11
1.40572
1.98592
1.24419
2.08535
-1.647
-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
3.66054
-0.3439
-0.2825
2.24219
-0.4315
1.50082
2.92983
0.46045
-1.1686
-1.4047
1.93784
2.31095
-2.2457
-0.8064
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
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
-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
11.76
-0.24
-0.25
1.135
0.162
1.653
3.71
-0.33
2.883
0.278
-0.54
2.044
4.531
1.681
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
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
-0.041
-1.346
-2.39
1.6395
1.62
0.7284
-2.476
0.7974
0.5205
0.6489
-1.221
-49.65
-1.614
-0.967
4.0198
-2.15
-2.169
2.0469
1.588
2.0705
0.5642
0.8416
0.1457
-1.257
-0.482
0.1615
0.2419
1.944
0.6049
0.0131
-0.693
-0.934
-0.731
-4.698
0.4915
4.4578
0.6555
-1.05
0.994
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2.3153
5.5124
0.8479
-3.474
-0.538
1.584
1.179
-2.431
-0.873
-0.0188
0.3753
3.7249
-0.402
2.896
0.6404
2.0125
0.2786
0.7325
-0.397
0.2556
32.496
2.8451
0.1497
5.5473
-0.2283
1.7855
2.6356
1.1334
1.832
0.2357
0.2491
0.0343
-1.3349
-0.0196
0.1888
0.1578
-0.6142
0.7645
0.0147
-0.4003
-0.3968
0.3033
16.614
0.0248
14.321
0.4486
-0.9461
0.5031
0.4492
2.5499
6.9795
-0.6033
8.5727
0.1064
-0.4431
1.0427
4.9046
1.8206
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
1458
1454
1470
1454
1401
1412
1466
1462
1470
1473
1482
1498
1490
1470
-1.487
1.521
-1.222
-1.308
3.043
0.81
-0.423
-0.76
-0.183
0.105
2.231
-0.015
-2.285
-1.076
2.372
1.12
0.887
-0.566
-0.137
-1.546
2.157
3.105
-0.689
2.14
1.481
1.381
0.207
-1.188
-0.837
0.547
-1.006
2.748
-0.545
-1.564
3.553
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
Page 96
-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
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

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
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
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
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
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
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
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
2802
2821
2874
2926
2947
2886
2918
2982
3024
2970
2974
2983
2981
2951
-0.3748
-2.3613
-1.061
1.39394
0.57512
-1.6411
0.3982
-0.4422
-1.7489
-2.0618
4.41128
0.65029
1.8969
2.00464
0.20657
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1.71703
1.02112
-1.0574
3.31737
-1.2278
0.27151
-1.3778
-0.0168
0.24659
0.6634
1.4643
0.16238
0.48999
-0.8121
-1.8841
3.10864
2.64822
-1.8936
0.23499
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
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
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
-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
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
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
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
-0.881
-2.418
-1.339
0.1086
4.543
-3.295
1.1938
-0.133
-0.823
-4.47
2.1575
-0.027
1.4129
2.0289
3.6325
-1.625
0.2861
4.8107
0.0495
1.1624
1.0145
2.6016
-0.649
-0.89
3.3417
1.6574
0.228
-0.455
1.7484
-0.281
-4.663
2.28
-0.277
-2.073
1.1946
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
-0.0266
1.6492
3.0254
-0.0765
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
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
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
1545
1521
1550
1550
1531
1554
1596
1617
1683
1650
1668
1684
1683
1714
-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
-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
Page 97
-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
-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

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
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
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
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
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
-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
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
2785
2828
2818
2801
2795
2758
2851
2829
2905
2854
2824
2855
2820
2801
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
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
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
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
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
-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
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
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
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
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
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
-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
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
1663
1670
1651
1619
1619
1629
1625
1650
1666
1662
1671
1670
1690
1701
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
-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
Page 98
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
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

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
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
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
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
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
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
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
3171
3211
3212
3228
3237
3256
3256
3242
3151
3150
3208
3034
2974
2824
1.49403 0.158
2.47977 3.067
0.74481 0.347
-0.0937 0.052
-0.3632 0.956
-1.5008 0.053
3.09074 0.955
-0.241 0.011
-1.343 0.461
-1.012 0.047
0.20412 1.011
-0.5887 1.628
2.80276 0.01
2.58615 0.771
0.21241 3.727
-2.0243 0.23
5.39176 4.324
0.33576 0.08
-1.2037 0.635
1.6775 2.553
0.70414 0.469
-3.5635 8.011
-1.8468 1.042
6.99273 5.668
3.28333 7.364
-1.7146 0.255
-0.0671 1.134
0.76604 2E-04
-2.9349 0.457
-1.9642 5.907
2.64494 7.229
-2.8605 1.796
0.22185 #####
1.20077 1.971
-0.4123 1.809
0.22596 0.638
1.25812 0.152
0.02491 0.182
0.50279 0.635
0.27569 0.55
0.59003 0.82
-0.0061 2.008
-0.4223 1.899
-2.8128 16.24
-0.0333 0.337
1.846 10.07
-5.4314 45.87
-1.9611 17.56
-5.0682
26
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
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
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
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
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
-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
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
-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
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
1927
1942
1946
1978
1979
2013
2032
2044
2007
2019
2025
2022
2019
1996
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
-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
Page 99
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
-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

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
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
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
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
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
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
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
3188
3148
3386
1682
1649
1605
1630
1605
1648
1602
1611
1611
1646
1658
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
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
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
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
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
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
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
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
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
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
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
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
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
1739
1800
1815
1843
1804
1747
1798
1770
1890
1867
1874
1859
1835
1758
-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
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
Page 100
-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
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

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
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
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
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
-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
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
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
1817
1816
1830
1838
1830
1817
1840
1838
1858
1850
1818
1800
1865
1874
-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
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
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
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
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
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
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
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
-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
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
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
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
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
991
953.5
977.9
1000
1013
1003
996.2
1010
1030
1053
1040
1026
1044
1043
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
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
Page 101
-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
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

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
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
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
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
-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
-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
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
2165
2157
2180
2195
2207
2239
2249
2224
2196
2195
2164
2150
2196
2234
1.20627 0.005
0.53002 0.012
3.87158 0.123
2.02273 3.085
3.41576 2.307
0.53852 1.698
-1.4093 0.058
0.12556 0.014
-0.2315 0.784
-0.2127 7E-04
0.46994 0.033
-1.5551 0.506
1.55764 0.307
0.92604 2.824
1.67977 0.633
-1.5134 0.44
0.37938 0.376
-0.889 0.411
-0.4725 0.139
-0.2362 0.011
1.5628 0.076
1.1178 0.319
0.53155 0.256
0.124 1.02
0.95102 0.392
2.33317 0.034
0.54738 0.072
-1.0213 2E-04
-0.6159 0.385
3.08269 0.008
0.1198 2.593
-1.3716 0.868
0.51673 0.055
-0.0693 0.019
-0.7918 0.209
-2.3852 1.411
-0.3811 0.027
1.06879 0.448
0.70423 1.188
0.5558 0.007
1.44297 0.136
0.43768 #####
-1.1161 2E-04
-1.2703 1.765
-0.0342 8.063
-1.3919 11.87
-0.6746 1.689
2.16082 4.275
1.70302 1.408
-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
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
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
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
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
-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
-0.0188 1020 -2.129

0.088 1022 0.157
-0.6094 1014 -0.758
5.4465 987.4 -2.652
3.4264 999.8 1.251
3.0499 994.2 -0.555
-0.1916 1002
0.8
0.3583 1012 0.933
1.1035 1045 3.287
-0.0279 1083 3.618
-0.0959 1104 1.944
0.8094 1130 2.365
0.9914 1117 -1.133
1.84 1106 -0.954
-1.2219 1092 -1.252
1.9436 1090 -0.256
-0.0911 1091 0.087
-0.5188 1080 -0.958
-0.2695 1079 -0.079
0.0523 1075 -0.426
0.0544 1079 0.437
-0.4626 1087 0.718
-0.1322 1083 -0.359
0.5203 1080 -0.291
0.6298 1067 -1.213
0.1145 1059 -0.708
0.1307 1065 0.543
0.0145 1063 -0.174
0.381 1064 0.028
0.0672 1069 0.48
4.2983 1076 0.66
2.5853 1106 2.835
0.0944 1097 -0.854
0.1738 1087 -0.862
0.8632 1095 0.717
3.1512 1118 2.073
-0.0702 1149 2.746
1.9585 1148 -0.039
0.2089 1144 -0.344
-0.1457 1150 0.511
0.1591 1161 0.939
-0.0028 1150 -0.943
0.0144 1165 1.278
1.6601 1199 2.941
4.7985 1189 -0.788
5.2835 1192 0.256
-0.7096 1192 -0.042
5.2486 1199 0.562
-0.6042 1194 -0.359
Page 102
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
-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

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
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
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
4187.4
4058.3
4044.6
4047.1
4146.2
4164.6
4107
4096.2
4040
3939
3942
3893.9
3745.3
3811.2
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
-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
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
2361
2351
2304
2285
2383
2376
2360
2311
2288
2238
2218
2187
2078
2159
-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
-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
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
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
-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
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
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
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
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
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
2.9754
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
-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
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
1292
1301
1306
1298
1306
1305
1287
1256
1253
1261
1292
1310
1300
1284
-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
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
Page 103
-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
-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

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
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
-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
2094
2007
2114
2085
2136
2121
2115
2105
2020
2079
2047
2087
2056
2094
2119
2093
2058
1992
1991
2019
-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
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
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
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
-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
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
1294
1277
1286
1264
1193
1255
1209
1156
1197
1192
1218
1212
1235
1265
1214
1234
1238
1261
1253
1267
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
-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
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Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

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.

Equity Evaluation of Top 3 IT companies

METHODOLOGY OF DATA COLLECTION

Equity Evaluation of Top 3 IT companies

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

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

The two important operations carried out are

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

Evolution of Indian Capital Market

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

The Global Economy

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

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

Equity Evaluation of Top 3 IT companies

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

Equity Evaluation of Top 3 IT companies

Share of top five investing countries in FDI inflows. (20002007)[81]

Equity Evaluation of Top 3 IT companies

Foreign Direct Investment in India

Equity Evaluation of Top 3 IT companies

Equity Evaluation of Top 3 IT companies

Geographic break up: top firms

Equity Evaluation of Top 3 IT companies

Total sales: Rs.35579 Crore

This is based on data of

Whats wrong with IT stocks

Equity Evaluation of Top 3 IT companies

What the big guys do?

Equity Evaluation of Top 3 IT companies

#Cross selling of services

# High dependence on BFSI

#Strengthening skills in verticals

#Better utilization, lower attrition

Equity Evaluation of Top 3 IT companies

Wipro Technologies global IT service and products

Rewards and Recognitions