AIRTEL Assignment No 2 3 4 5

7/29/2019 AIRTEL Assignment No 2 3 4 5

1/39

Bharti Airtel

12/12/2012 311.9 77.4 5888

12/11/2012 314.2 74.8 5898.8 -0.007320178

12/10/2012 317.9 76 5908.9 -0.01163888

12/7/2012 322.45 73.7 5907.4 -0.014110715

12/6/2012 324.7 73.9 5930.9 -0.006929473

12/5/2012 330.4 72.5 5900.5 -0.017251816

12/4/2012 332.45 72.7 5889.25 -0.006166341

12/3/2012 331.15 71.5 5870.95 0.003925713

11/30/2012 337 71.5 5879.85 -0.01735905

11/29/2012 330.35 69.55 5825 0.020130165

11/27/2012 326.7 69.5 5727.45 0.011172329

11/26/2012 310.25 67.75 5635.9 0.053021757

11/23/2012 305.45 63.4 5626.6 0.01571452

11/22/2012 307.8 63.3 5627.75 -0.007634828

11/21/2012 307.4 61.55 5614.8 0.001301236

11/20/2012 309 58.95 5571.55 -0.005177994

11/19/2012 309.5 62.15 5571.4 -0.001615509

11/16/2012 301.4 61.35 5574.05 0.026874585

11/15/2012 290.3 63.5 5631 0.038236307

11/13/2012 280 58.9 5666.95 0.03678571411/12/2012 280 58.9 5683.7 0

11/9/2012 275.8 57.4 5686.25 0.015228426

11/8/2012 277.05 58.7 5738.75 -0.004511821

11/7/2012 271.1 57.9 5760.1 0.021947621

11/6/2012 273.75 56.5 5724.4 -0.009680365

11/5/2012 273.5 56.15 5704.2 0.000914077

11/2/2012 274.95 55.45 5697.7 -0.005273686

11/1/2012 281.15 54.85 5645.05 -0.022052285

10/31/2012 269.65 54 5619.7 0.042647877

10/30/2012 270.2 53.85 5597.9 -0.002035529

10/29/2012 269.8 56.3 5665.6 0.00148258

10/26/2012 269.65 58.25 5664.3 0.000556277

10/25/2012 269.65 58.25 5705.3 0

10/23/2012 271.2 59.45 5691.4 -0.005715339

10/22/2012 271.9 59.9 5717.15 -0.002574476

10/19/2012 267.1 60 5684.25 0.017970797

10/18/2012 265.9 61.7 5718.7 0.004512975

10/17/2012 270.55 61.1 5660.25 -0.017187211

10/16/2012 267.65 58.85 5648 0.010835046

MarketDate Bharti Airtel

Reliance

communication


2/39

10/15/2012 264.05 61.9 5687.25 0.013633781

10/12/2012 260.35 62.6 5676.05 0.014211638

10/11/2012 267.3 61.1 5708.05 -0.026000748

10/10/2012 262.05 59.85 5652.15 0.020034345

10/9/2012 265.3 61.6 5704.6 -0.012250283

10/8/2012 270.45 63 5676 -0.019042337

10/5/2012 265.75 61.8 5746.95 0.01768579510/4/2012 269.75 63.1 5787.6 -0.014828545

10/3/2012 265.3 62.2 5731.25 0.016773464

10/1/2012 265.05 63.5 5718.8 0.000943218

9/28/2012 265.45 64.8 5703.3 -0.001506875

9/27/2012 261.4 63.45 5649.5 0.015493497

9/26/2012 265.2 63.2 5663.45 -0.014328808

9/25/2012 275.6 64.15 5673.9 -0.037735849

9/24/2012 279 63.45 5669.6 -0.01218638

9/21/2012 279.25 62.1 5691.15 -0.000895255

9/20/2012 268.25 57.5 5554.25 0.041006524

9/18/2012 268.2 57.05 5600.05 0.000186428

9/17/2012 264.75 53.35 5610 0.013031161

9/14/2012 255.1 51.15 5577.65 0.037828303

9/13/2012 253.55 49.85 5435.35 0.006113193

9/12/2012 260.75 51.15 5431 -0.027612656

9/11/2012 261.6 51.55 5390 -0.003249235

9/10/2012 261.05 48.8 5363.45 0.002106876

9/7/2012 256 50.7 5342.1 0.019726563

9/6/2012 252.1 49.45 5238.4 0.015470052

9/5/2012 257.85 49.35 5225.7 -0.022299787

9/4/2012 249.75 50.15 5274 0.0324324329/3/2012 246.85 47.9 5253.75 0.011748025

8/31/2012 247.8 48.2 5258.5 -0.003833737

8/30/2012 242.85 48.85 5315.05 0.020382952

8/29/2012 242.3 48.2 5287.8 0.002269913

8/28/2012 248.8 50.95 5334.6 -0.026125402

8/27/2012 249.15 52.1 5350.25 -0.001404776

8/24/2012 247.95 54.15 5386.7 0.004839685

8/23/2012 249 54.1 5415.35 -0.004216867

8/22/2012 248.65 54.1 5412.85 0.001407601

8/21/2012 258.55 56.84 5421 -0.038290466

8/17/2012 262.3 55.69 5366.3 -0.014296607

8/16/2012 260 56.04 5362.95 0.008846154

8/14/2012 259.8 55.94 5380.35 0.000769823

8/13/2012 259.05 55.49 5347.9 0.002895194

8/10/2012 254.62 54.45 5320.4 0.017398476

8/9/2012 255.77 54.65 5322.95 -0.004496227

8/8/2012 273.3 55.84 5338 -0.064141969

8/7/2012 292.67 57.63 5336.7 -0.066183756

8/6/2012 295.06 56.84 5282.55 -0.008100047


3/39

8/3/2012 295.36 55.64 5215.7 -0.00101571

8/2/2012 297.11 55.94 5227.75 -0.005890074

8/1/2012 296.36 56.19 5240.5 0.002530706

7/31/2012 298.9 55.84 5229 -0.008497825

7/30/2012 307.96 55.94 5199.8 -0.029419405

7/27/2012 306.27 53.8 5099.85 0.005518007

7/26/2012 299.35 55.84 5043 0.0231167537/25/2012 299.55 58.58 5109.6 -0.000667668

7/24/2012 307.37 59.67 5128.2 -0.02544165

7/23/2012 303.08 61.57 5117.95 0.014154679

7/20/2012 313.44 63.46 5205.1 -0.033052578

7/19/2012 315.34 63.66 5242.7 -0.006025243

7/18/2012 323.36 64.65 5216.3 -0.024802078

7/17/2012 322.91 64.45 5192.85 0.001393577

7/16/2012 318.32 66.84 5197.25 0.014419452

7/13/2012 306.77 67.99 5227.25 0.037650357

7/12/2012 305.13 68.58 5235.25 0.005374758

7/11/2012 314.54 70.33 5306.3 -0.029916704

7/10/2012 320.17 70.82 5345.35 -0.017584408

7/9/2012 315.54 66.54 5275.15 0.014673259

7/6/2012 320.07 68.33 5316.95 -0.014153154

7/5/2012 322.86 68.38 5327.3 -0.008641516

7/4/2012 325.7 66.64 5302.55 -0.008719681

7/3/2012 317.48 65.4 5287.95 0.025891395

7/2/2012 309.01 63.85 5278.6 0.027410116

6/29/2012 303.88 63.21 5278.9 0.016881664

6/28/2012 302.44 61.57 5149.15 0.004761275

6/27/2012 303.68 62.46 5141.9 -0.0040832466/26/2012 304.83 62.36 5120.8 -0.003772595

6/25/2012 307.67 62.61 5114.65 -0.009230669

6/22/2012 309.71 62.46 5146.05 -0.006586807

6/21/2012 310.46 64 5165 -0.00241577

6/20/2012 309.16 63.9 5120.55 0.004204942

6/19/2012 313.74 63.26 5103.85 -0.014598075

6/18/2012 308.01 64.85 5064.25 0.018603292

6/15/2012 310.5 67.94 5139.05 -0.008019324

6/14/2012 304.78 67.24 5054.75 0.018767636

6/13/2012 306.12 68.28 5121.45 -0.004377368

6/12/2012 307.57 66.54 5115.9 -0.004714374

6/11/2012 302.88 65.1 5054.1 0.01548468

6/8/2012 303.08 65.85 5068.35 -0.000659892

6/7/2012 300.34 65.85 5049.65 0.009122994

6/6/2012 296.16 64.9 4997.1 0.014113992

6/5/2012 286.1 61.76 4863.3 0.035162531

6/4/2012 293.42 62.46 4848.15 -0.024947175

6/1/2012 299.7 62.36 4841.6 -0.020954288

5/31/2012 301.39 64.25 4924.25 -0.005607353


4/39

5/30/2012 301.09 63.46 4950.75 0.00099638

5/29/2012 298.85 65.7 4990.1 0.007495399

5/28/2012 301.19 67.09 4985.65 -0.007769182

5/25/2012 297.9 65.2 4920.4 0.011043974

5/24/2012 296.66 64.25 4921.4 0.004179869

5/23/2012 281.02 62.86 4835.65 0.055654402

5/22/2012 294.02 64 4860.5 -0.0442146795/21/2012 293.62 65.65 4906.05 0.001362305

5/18/2012 295.41 64.45 4891.45 -0.006059375

5/17/2012 297.55 64.65 4870.2 -0.007192069

5/16/2012 296.41 65.2 4858.25 0.003846024

5/15/2012 302.98 66.84 4942.8 -0.0216846

5/14/2012 306.57 65.8 4907.8 -0.011710213

5/11/2012 306.02 67.34 4928.9 0.001797268

5/10/2012 308.91 66.99 4965.7 -0.009355476

5/9/2012 308.21 67.69 4974.8 0.002271179

5/8/2012 314.19 69.78 4999.95 -0.019033069

5/7/2012 314.84 74.01 5114.15 -0.002064541

5/4/2012 310.55 72.47 5086.85 0.013814201

5/3/2012 313.79 76.25 5239.15 -0.010325377

5/2/2012 316.73 75.45 5239.15 -0.009282354

4/30/2012 309.31 74.7 5248.15 0.023988878

4/27/2012 306.22 73.91 5190.6 0.010090784

4/26/2012 307.12 75.95 5189 -0.002930451

4/25/2012 311.8 78.39 5202 -0.015009622

4/24/2012 306.17 80.03 5200.6 0.018388477

4/23/2012 311.3 81.17 5200.6 -0.01647928

4/20/2012 323.11 85.85 5290.85 -0.036551024/19/2012 322.41 85.8 5332.4 0.002171149

4/18/2012 320.22 86.5 5300 0.006839048

4/17/2012 321.06 88.59 5289.7 -0.002616333

4/16/2012 315.83 84.01 5226.2 0.016559542

4/13/2012 322.26 84.01 5207.45 -0.019952833

4/12/2012 322.76 86.3 5276.85 -0.001549139

4/11/2012 320.77 83.31 5226.85 0.006203822

4/10/2012 328.59 85.26 5243.6 -0.023798655

4/9/2012 328.49 82.62 5234.4 0.000304423

4/4/2012 328.83 84.81 5322.9 -0.001033969

4/3/2012 335.51 86.6 5358.5 -0.019909988

4/2/2012 339 85.11 5317.9 -0.010294985

3/30/2012 336.6 83.66 5295.55 0.007130125

3/29/2012 330.88 82.17 5178.85 0.017287234

3/28/2012 336.45 83.96 5194.75 -0.016555209

3/27/2012 337.4 86.75 5243.15 -0.002815649

3/26/2012 327.59 85.95 5184.25 0.029945969

3/23/2012 334.71 88.99 5278.2 -0.021272146

3/22/2012 322.66 87.79 5228.45 0.037345813


5/39

3/21/2012 331.57 92.72 5364.95 -0.026872154

3/20/2012 321.51 91.03 5274.85 0.031289851

3/19/2012 323.95 89.49 5257.05 -0.007532027

3/16/2012 326.29 91.63 5317.9 -0.007171535

3/15/2012 330.38 93.82 5380.5 -0.012379684

3/14/2012 336.9 98.54 5463.9 -0.019352924

3/13/2012 337.75 99.64 5429.5 -0.0025166543/12/2012 337.8 96.26 5359.55 -0.000148017

3/9/2012 337.55 94.31 5333.55 0.000740631

3/7/2012 328.39 91.88 5220.45 0.027893663

3/6/2012 334.26 91.13 5222.4 -0.01756118

3/5/2012 347.71 96.3 5280.35 -0.03868166

3/2/2012 349.06 93.57 5359.35 -0.00386753

3/1/2012 344.97 94.86 5339.75 0.011856103

2/29/2012 348.86 94.07 5385.2 -0.011150605

2/28/2012 341.93 93.87 5375.5 0.020267306

2/27/2012 339.64 87.45 5281.2 0.006742433

2/24/2012 341.29 93.12 5429.3 -0.004834598

2/23/2012 337.4 95.91 5483.3 0.011529342

2/22/2012 346.12 97.5 5505.35 -0.025193574

2/21/2012 357.52 106.81 5607.15 -0.031886328

2/17/2012 348.26 103.62 5564.3 0.02658933

2/16/2012 349.01 102.78 5521.95 -0.002148936

2/15/2012 348.26 104.07 5531.95 0.002153563

2/14/2012 341.04 98.74 5416.05 0.021170537

2/13/2012 346.37 93.52 5390.2 -0.015388169

2/10/2012 348.61 93.57 5381.6 -0.006425518

2/9/2012 348.76 94.66 5412.35 -0.0004300952/8/2012 352.64 92.57 5368.15 -0.011002722

2/7/2012 377.3 90.48 5335.15 -0.065359131

2/6/2012 387.56 93.92 5361.65 -0.02647332

2/3/2012 386.11 93.27 5325.85 0.003755406

2/2/2012 384.37 96.26 5269.9 0.004526888

2/1/2012 359.91 99.94 5235.7 0.067961435

1/31/2012 364.3 98.79 5199.25 -0.012050508

1/30/2012 355.78 92.57 5087.3 0.023947383

1/27/2012 373.16 95.91 5204.7 -0.046575196

1/25/2012 357.92 95.76 5158.3 0.042579347

1/24/2012 355.28 94.31 5127.35 0.007430759

1/23/2012 350.8 91.38 5046.25 0.01277081

1/20/2012 341.04 90.18 5048.6 0.028618344

1/19/2012 339.44 91.13 5018.4 0.004713646

1/18/2012 344.13 88.24 4955.8 -0.013628571

1/17/2012 343.73 88.44 4967.3 0.001163704

1/16/2012 338.7 86 4873.9 0.014850901

1/13/2012 333.32 87.15 4866 0.016140646

1/12/2012 325.2 82.37 4831.25 0.02496925


6/39

1/11/2012 324.4 81.72 4860.95 0.002466091

1/10/2012 329.08 80.68 4849.55 -0.014221466

1/9/2012 319.22 77.29 4742.8 0.030887789

1/6/2012 329.28 77.24 4754.1 -0.030551506

1/5/2012 343.08 73.31 4749.95 -0.040223854

1/4/2012 345.02 72.61 4749.65 -0.005622862

1/3/2012 357.27 73.91 4765.3 -0.0342877941/2/2012 343.48 71.77 4636.75 0.040147898

Average -0.000207037

VAR 0.000411243

SD 0.020279132

Airtel+NIFTY

Covariance 8.43711E-05

Beta 0.862674798

Airtel

Which implies annual rf as

Assuming daily rate of return on risk free asset is

Market risk premium (daily return) is

0.00

0

0.00

0.00095037And therefore CAPM daily return expectation is


7/39

Reliancecommunication

Market

0.034759358 -0.001830881

-0.015789474 -0.001709286

0.031207598 0.000253919

-0.00270636 -0.003962299

0.019310345 0.005152106

-0.002751032 0.00191026

0.016783217 0.003117042

0 -0.001513644

0.028037383 0.009416309

0.000719424 0.017032013

0.025830258 0.016244078

0.068611987 0.001652863

0.001579779 -0.000204345

0.028432169 0.002306405

0.044105174 0.007762651

-0.051488335 2.69232E-05

0.013039935 -0.000475417

-0.033858268 -0.010113657

0.078098472 -0.00634380 -0.002947024

0.026132404 -0.00044845

-0.022146508 -0.009148334

0.013816926 -0.003706533

0.024778761 0.006236461

0.006233304 0.00354125

0.012623986 0.001140811

0.010938924 0.009326755

0.015740741 0.004510917

0.002785515 0.003894318

-0.043516874 -0.011949308

-0.033476395 0.000229508

0 -0.0071863

-0.020185029 0.002442281

-0.007512521 -0.004503992

-0.001666667 0.005787923

-0.027552674 -0.006024096

0.009819967 0.010326399

0.038232795 0.002168909

Returns


8/39

-0.049273021 -0.006901402

-0.011182109 0.001973203

0.024549918 -0.005606118

0.020885547 0.009890042

-0.028409091 -0.009194334

-0.022222222 0.00503876

0.019417476 -0.012345679-0.020602219 -0.007023637

0.014469453 0.009832061

-0.020472441 0.00217703

-0.020061728 0.002717725

0.021276596 0.009522967

0.003955696 -0.002463163

-0.014809041 -0.001841767

0.011032309 0.000758431

0.02173913 -0.003786581

0.08 0.024647792

0.007887818 -0.008178498

0.069353327 -0.001773619

0.043010753 0.005799934

0.026078235 0.026180467

-0.025415445 0.000800957

-0.007759457 0.007606679

0.056352459 0.004950172

-0.037475345 0.003996556

0.025278059 0.019796121

0.002026342 0.002430296

-0.015952144 -0.0091581340.04697286 0.00385439

-0.006224066 -0.000903299

-0.013306039 -0.010639599

0.013485477 0.005153372

-0.053974485 -0.008772916

-0.022072937 -0.002925097

-0.037857802 -0.006766666

0.000924214 -0.005290517

0 0.000461864

-0.048205489 -0.001503413

0.020650027 0.010193243

-0.006245539 0.000624656

0.00178763 -0.00323399

0.008109569 0.006067802

0.019100092 0.005168784

-0.003659652 -0.000479058

-0.021310888 -0.002819408

-0.031060212 0.000243596

0.013898663 0.010250731


9/39

0.021567218 0.012817072

-0.005362889 -0.002305007

-0.00444919 -0.002432974

0.006267908 0.002199273

-0.00178763 0.005615601

0.039776952 0.019598616

-0.036532951 0.011273052-0.046773643 -0.013034288

-0.018267136 -0.003627004

-0.030859185 0.002002755

-0.02978254 -0.016743194

-0.00314169 -0.007171877

-0.015313225 0.005061059

0.003103181 0.004515825

-0.035757032 -0.000846602

-0.016914252 -0.005739155

-0.008603091 -0.001528103

-0.024882696 -0.013389744

-0.006918949 -0.007305415

0.064322212 0.013307678

-0.0261964 -0.00786165

-0.000731208 -0.001942823

0.026110444 0.004667566

0.018960245 0.002760994

0.024275646 0.001771303

0.01012498 -5.683E-05

0.026636349 0.025198334

-0.014249119 0.0014099850.001603592 0.00412045

-0.003992972 0.001202428

0.002401537 -0.006101767

-0.0240625 -0.003668925

0.001564945 0.008680708

0.010116978 0.00327204

-0.024518119 0.007819519

-0.045481307 -0.014555219

0.01041047 0.016677383

-0.0152314 -0.013023655

0.026149684 0.001084853

0.022119816 0.012227696

-0.011389522 -0.002811566

0 0.003703227

0.014637904 0.010516099

0.050841969 0.027512183

-0.011207173 0.003124903

0.001603592 0.001352859

-0.029416342 -0.016784282


10/39

0.012448787 -0.005352724

-0.034094368 -0.007885614

-0.020718438 0.000892562

0.02898773 0.013261117

0.014785992 -0.000203194

0.022112631 0.01773288

-0.0178125 -0.005112643-0.025133283 -0.009284455

0.018619085 0.0029848

-0.003093581 0.004363271

-0.008435583 0.002459733

-0.024536206 -0.017105689

0.015805471 0.007131505

-0.022869023 -0.004280874

0.00522466 -0.007410838

-0.010341262 -0.001829219

-0.029951275 -0.00503005

-0.057154439 -0.022330201

0.021250172 0.005366779

-0.04957377 -0.029069601

0.010603048 0

0.010040161 -0.00171489

0.010688675 0.01108735

-0.026859776 0.000308345

-0.031126419 -0.002499039

-0.020492315 0.0002692

-0.014044598 0

-0.054513687 -0.0170577510.000582751 -0.007791989

-0.008092486 0.006113208

-0.023591828 0.00194718

0.054517319 0.01215032

0 0.003600611

-0.026535342 -0.013151786

0.035890049 0.009565991

-0.022871217 -0.00319437

0.031953522 0.001757604

-0.025822427 -0.016626275

-0.020669746 -0.00664365

0.017506756 0.007634593

0.017332058 0.004220525

0.018133139 0.02253396

-0.021319676 -0.003060783

-0.032161383 -0.009231092

0.009307737 0.011361335

-0.034161142 -0.017799629

0.013668983 0.009515248


11/39

-0.053170837 -0.025442921

0.018565308 0.017081054

0.017208627 0.003385929

-0.023354796 -0.011442487

-0.023342571 -0.011634606

-0.04789933 -0.015263823

-0.011039743 0.0063357580.035113235 0.013051469

0.020676492 0.004874802

0.02644754 0.021664799

0.008230001 -0.000373392

-0.053686397 -0.010974651

0.029176018 -0.014740594

-0.013598988 0.003670584

0.008398001 -0.008439798

0.002130606 0.001804483

0.073413379 0.01785579

-0.060889175 -0.027277918

-0.029089772 -0.009848084

-0.016307692 -0.004005195

-0.087164123 -0.018155391

0.030785563 0.007700879

0.008172796 0.007669392

-0.012395503 -0.001807681

0.05398015 0.021399359

0.055816938 0.00479574

-0.000534359 0.001598038

-0.011514895 -0.0056814510.022577509 0.008233749

0.023099027 0.006185393

-0.036626917 -0.004942508

0.006969015 0.006721932

-0.031061708 0.0106169

-0.036822093 0.006532078

0.011640854 0.007010627

0.067192395 0.022005779

-0.034824314 -0.022556535

0.001566416 0.008995212

0.015374828 0.006036257

0.032063909 0.01607134

0.01330672 -0.000465476

-0.010424668 0.006017854

0.032751587 0.012631664

-0.00226142 -0.002315141

0.028372093 0.019163298

-0.01319564 0.00162351

0.058030836 0.007192755


12/39

0.007953989 -0.006109917

0.012890431 0.002350734

0.043860784 0.022507801

0.000647333 -0.002376896

0.053607966 0.000873693

0.009640545 6.31625E-05

-0.01758896 -0.0032841580.029817472 0.02772416

0.000729057 0.001070111

0.000818297 9.78017E-05

0.02860589 0.009889477

Reliance

Communication +

NIFTY

0.000181349

1.854253043

Reliance

Communications

198158

.075

871953

0.001814979


13/39

Bharti Airtel

12/10/2012 312.45 77.25 5879.6

12/3/2012 322.45 73.65 5907.4 -0.03101256

11/26/2012 337 71.35 5879.85 -0.043175074

11/19/2012 305.45 63.4 5626.6 0.103290228

11/12/2012 301.4 61.4 5574.05 0.013437293

11/5/2012 275.8 57.25 5686.25 0.092820885

10/29/2012 274.95 55.4 5697.7 0.003091471

10/22/2012 269.65 56.7 5664.3 0.019655108

10/15/2012 267.1 59.95 5684.25 0.009546986

10/8/2012 260.35 62.65 5676.05 0.02592663710/1/2012 265.75 61.75 5746.95 -0.020319849

9/24/2012 265.45 64.75 5703.3 0.001130156

9/17/2012 279.25 62.05 5691.15 -0.049418084

9/10/2012 255.1 51.05 5577.65 0.094668757

9/3/2012 256 50.7 5342.1 -0.003515625

8/27/2012 247.8 48.6 5258.5 0.033091203

8/13/2012 262.3 55.54 5366.3 -0.055280213

8/6/2012 254.62 54.35 5320.4 0.030162595

7/30/2012 295.36 55.59 5215.7 -0.137933369

7/23/2012 306.27 53.8 5099.85 -0.0356221637/16/2012 313.44 63.46 5205.1 -0.022875191

7/9/2012 306.77 68.04 5227.25 0.021742674

7/2/2012 320.07 68.23 5316.95 -0.04155341

6/25/2012 303.88 63.16 5278.9 0.05327761

6/18/2012 309.71 62.31 5146.05 -0.018824061

6/11/2012 310.5 67.84 5139.05 -0.002544283

6/4/2012 303.08 65.94 5068.35 0.024481985

5/28/2012 299.7 62.36 4841.6 0.011277945

5/21/2012 297.9 65.3 4920.4 0.006042296

5/14/2012 295.41 64.5 4891.45 0.008428963

5/7/2012 306.02 67.34 4928.9 -0.0346709374/30/2012 310.55 72.46 5086.85 -0.014587023

4/23/2012 306.22 73.96 5190.6 0.014140161

4/16/2012 323.11 85.85 5290.85 -0.05227322

4/9/2012 322.26 84.06 5207.45 0.002637622

4/2/2012 328.83 84.76 5322.9 -0.019979929

3/26/2012 336.6 83.66 5295.55 -0.023083779

3/19/2012 334.71 88.94 5278.2 0.005646679

3/12/2012 326.29 91.63 5317.9 0.025805265

Date Bharti AirtelReliance

communicationMarket


14/39

3/5/2012 337.55 94.31 5333.55 -0.033358021

2/27/2012 349.06 93.62 5359.35 -0.032974274

2/13/2012 348.26 103.82 5564.3 0.002297134

2/6/2012 348.61 93.52 5381.6 -0.001003987

1/30/2012 386.11 93.22 5325.85 -0.097122582

1/23/2012 373.16 95.86 5204.7 0.034703612

1/16/2012 341.04 90.03 5048.6 0.0941825011/9/2012 333.32 87.1 4866 0.023160926

1/2/2012 329.28 77.24 4754.1 0.012269193

12/26/2011 342.18 69.53 4624.3 -0.037699456

12/19/2011 329.38 66.79 4714 0.03886089

12/12/2011 335.26 66.59 4651.6 -0.017538627

12/5/2011 357.32 75.75 4866.7 -0.061737378

11/28/2011 389.1 76.99 5050.15 -0.081675662

11/21/2011 373.71 69.23 4710.05 0.041181665

11/14/2011 395.98 72.81 4905.8 -0.056240214

11/8/2011 394.08 83.12 5168.85 0.004821356

10/31/2011 395.78 82.82 5284.2 -0.004295316

10/24/2011 390.45 79.38 5360.7 0.013650916

10/17/2011 376.55 73.91 5049.95 0.036914088

10/10/2011 382.18 77.64 5132.3 -0.014731278

10/3/2011 353.44 72.46 4888.05 0.081315075

9/26/2011 376.55 71.42 4943.25 -0.061372992

9/19/2011 373.56 78.79 4867.75 0.008004069

9/12/2011 384.32 81.52 5084.25 -0.027997502

9/5/2011 398.62 82.86 5059.45 -0.035873764

8/29/2011 407.03 83.55 5040 -0.020661868

8/22/2011 397.12 71.48 4747.8 0.0249546748/16/2011 382.18 73.16 4845.65 0.039091528

8/8/2011 386.63 83.4 5072.95 -0.011509712

8/1/2011 413.16 91.12 5211.25 -0.064212412

7/25/2011 434.47 100.47 5482 -0.049048266

7/18/2011 408.54 92.55 5633.95 0.063469917

7/11/2011 390.45 94.58 5581.1 0.046331156

7/4/2011 395.62 96.61 5660.65 -0.013068096

6/27/2011 381.01 96.36 5627.2 0.03834545

6/20/2011 389.41 92.5 5471.25 -0.021571095

6/13/2011 378.13 94.08 5366.4 0.02983101

6/6/2011 371.58 91.51 5485.8 0.017627429

5/30/2011 376.05 92.4 5516.75 -0.011886717

5/23/2011 370.53 84.09 5476.1 0.014897579

5/16/2011 371.48 82.95 5486.35 -0.002557338

5/9/2011 365.41 89.88 5544.75 0.016611478

5/2/2011 348.72 88.84 5551.45 0.047860748

4/25/2011 377.64 98.73 5749.5 -0.076580871

4/18/2011 373.81 105.17 5884.7 0.010245847

4/11/2011 370.03 106.25 5824.55 0.010215388


15/39

4/4/2011 359.6 108.18 5842 0.029004449

3/28/2011 353.04 110.46 5826.05 0.018581464

3/21/2011 337.54 105.66 5654.25 0.045920483

3/14/2011 316.63 103.38 5373.7 0.066039226

3/7/2011 320.5 95.27 5445.45 -0.012074883

2/28/2011 324.87 92.3 5538.75 -0.013451534

2/21/2011 327.66 86.62 5303.55 -0.0085149242/14/2011 329.25 92.16 5458.95 -0.004829157

2/7/2011 316.87 96.11 5310 0.03906965

1/31/2011 330.39 113.52 5395.75 -0.040921335

1/24/2011 325.17 123.76 5512.15 0.016053141

1/17/2011 333.92 134.65 5696.5 -0.026203881

1/10/2011 341.57 136.92 5654.55 -0.02239658

1/3/2011 336.35 137.61 5904.6 0.015519548

12/27/2010 356.52 143.55 6134.5 -0.056574666

12/20/2010 346.39 140.38 6011.6 0.029244493

12/13/2010 341.57 127.52 5948.75 0.01411131

12/6/2010 328.9 124.8 5857.35 0.038522347

11/29/2010 343.41 138.01 5992.8 -0.042252701

11/22/2010 331.68 128.91 5751.95 0.035365412

11/15/2010 326.36 146.82 5890.3 0.016301017

11/8/2010 303.61 168.14 6071.65 0.074931656

11/1/2010 327.16 179.71 6312.45 -0.071983128

10/25/2010 323.58 177.63 6017.7 0.011063725

10/18/2010 331.33 177.09 6066.05 -0.023390577

10/11/2010 331.53 173.82 6062.65 -0.000603264

10/4/2010 350.66 178.47 6103.45 -0.054554269

9/27/2010 362.78 166.45 6143.4 -0.0334086779/20/2010 365.81 167.79 6018.3 -0.008282988

9/13/2010 356.57 164.67 5884.95 0.025913565

9/6/2010 346.68 161.01 5640.05 0.028527749

8/30/2010 337.1 160.82 5479.4 0.028418867

8/23/2010 314.09 158.01 5408.7 0.073259257

8/16/2010 308.33 160.27 5530.65 0.018681283

8/9/2010 313.94 165.44 5452.1 -0.017869657

8/2/2010 320.33 170.12 5439.25 -0.019948178

7/26/2010 303.89 175.63 5367.6 0.054098522

7/19/2010 310.82 185.52 5449.1 -0.022295863

7/12/2010 295.62 184.14 5393.9 0.05141736

7/5/2010 305.72 190.19 5352.45 -0.033036766

6/28/2010 262.19 188.08 5237.1 0.166024639

6/21/2010 260.55 189.46 5269.05 0.006294377

6/14/2010 262.43 181.58 5262.6 -0.007163815

6/7/2010 270.9 169.87 5119.35 -0.03126615

5/31/2010 273.68 165.49 5135.5 -0.010157849

5/24/2010 258.22 145.12 5066.55 0.059871427

5/17/2010 263.67 131.29 4931.15 -0.020669777


16/39

5/10/2010 262.04 142.21 5093.5 0.006220424

5/3/2010 284.77 150.43 5018.05 -0.079818801

4/26/2010 295.72 161.06 5278 -0.03702827

4/19/2010 295.37 164.56 5304.1 0.001184954

4/12/2010 301.91 166.03 5262.6 -0.021662085

4/5/2010 304.98 175.97 5361.75 -0.010066234

3/29/2010 299.23 168.25 5290.5 0.0192159883/22/2010 307.21 165.1 5282 -0.025975717

3/15/2010 308.94 165 5262.8 -0.005599793

3/8/2010 296.26 154.96 5137 0.042800243

2/22/2010 276.7 154.86 4922.3 0.070690278

2/15/2010 276.15 159.24 4844.9 0.001991671

2/8/2010 311.07 166.82 4826.85 -0.112257691

2/1/2010 297.2 161.01 4718.65 0.04666891

1/25/2010 316.47 167.16 4882.05 -0.060890448

1/18/2010 316.47 179.07 5036 0

1/11/2010 314.58 188.47 5252.2 0.006008011

1/4/2010 322.36 177.84 5244.75 -0.024134508

12/28/2009 327.76 170.17 5201.05 -0.01647547

12/21/2009 318.45 171.74 5178.4 0.029235359

12/14/2009 314.49 168.98 4987.7 0.012591815

12/7/2009 327.76 180.75 5117.3 -0.040486942

11/30/2009 308.44 176.12 5108.9 0.06263779

11/23/2009 281.01 164.26 4941.75 0.097612185

11/16/2009 286.26 171.1 5052.45 -0.018339971

11/9/2009 298.93 171.05 4998.95 -0.042384505

11/2/2009 317.95 175.18 4796.15 -0.059820727

10/26/2009 289.72 173.17 4711.7 0.09743890710/19/2009 328.3 225.87 4997.05 -0.117514468

10/12/2009 323.05 230.3 5142.15 0.016251354

10/5/2009 339.74 245.41 4945.2 -0.049125802

9/28/2009 430.87 312.97 5083.4 -0.211502309

9/21/2009 410.47 296.78 4958.95 0.049699125

9/14/2009 437.8 301.75 4976.05 -0.062425765

9/7/2009 417.8 293.19 4829.55 0.047869794

8/31/2009 400.16 287.63 4680.4 0.044082367

8/24/2009 428.84 261.25 4732.35 -0.06687809

8/17/2009 396.2 244.57 4528.8 0.082382635

8/10/2009 401.15 254.46 4580.05 -0.012339524

8/3/2009 382.83 250.72 4481.4 0.047854139

7/27/2009 407.1 270.54 4636.45 -0.059616802

7/20/2009 412.99 271.18 4568.55 -0.014261847

7/13/2009 205 268.09 4374.95 1.014585366

7/6/2009 193.44 237.66 4003.9 0.059760132

6/29/2009 201.56 286.98 4424.25 -0.040285771

6/22/2009 199.17 306.46 4375.5 0.011999799

6/15/2009 198.03 299.49 4313.6 0.005756704


17/39

6/8/2009 204.49 325.65 4583.4 -0.031590787

6/1/2009 203.04 332.57 4586.9 0.00714145

5/25/2009 202.99 300.13 4448.95 0.000246318

5/18/2009 211.21 309.7 4238.5 -0.038918612

5/11/2009 197.11 227.9 3671.65 0.071533661

5/4/2009 189 225.34 3620.7 0.042910053

4/27/2009 185.79 210.97 3473.95 0.0172775714/20/2009 183.33 227.95 3480.75 0.013418426

4/13/2009 168.54 214.06 3384.4 0.087753649

4/6/2009 164.17 207.87 3342.05 0.026618749

3/30/2009 156.88 192.51 3211.05 0.046468638

3/23/2009 153.44 180.44 3108.65 0.022419187

3/16/2009 140.96 155.42 2807.05 0.088535755

3/9/2009 138.33 144.13 2719.25 0.019012506

3/2/2009 148.09 135.25 2620.15 -0.065905868

2/16/2009 160.29 152.42 2736.45 -0.076112047

2/9/2009 160.24 178.28 2948.35 0.000312032

2/2/2009 159.71 159.49 2843.1 0.003318515

1/19/2009 151.42 157.18 2678.55 0.054748382

1/12/2009 156.38 179.22 2828.45 -0.031717611

1/5/2009 157.21 183.19 2873 -0.005279562

12/29/2008 173.88 245.71 3046.75 -0.095870715

12/22/2008 170.47 201.2 2857.25 0.02000352

12/15/2008 177.96 212 3077.5 -0.04208811

12/8/2008 178.74 244.58 2921.35 -0.00436388

12/1/2008 163.55 193.59 2714.4 0.092876796

11/24/2008 165.09 191.88 2755.1 -0.009328245

11/17/2008 152.75 203.26 2693.45 0.08078559711/10/2008 160.66 215.68 2810.35 -0.049234408

11/3/2008 162.03 223.92 2973 -0.008455224

10/27/2008 164.31 216.61 2885.6 -0.01387621

10/20/2008 126.9 189.82 2584 0.294799054

10/13/2008 167.06 229.61 3074.35 -0.240392673

10/6/2008 172.24 233 3279.95 -0.030074315

9/29/2008 187.64 327.02 3818.3 -0.082072053

9/22/2008 191.21 341.11 3985.25 -0.018670572

9/15/2008 199.62 367.12 4245.25 -0.042130047

9/8/2008 190.9 383.9 4228.45 0.045678366

9/1/2008 197.93 386.65 4352.3 -0.035517607

8/25/2008 206.76 388.37 4360 -0.04270652

8/18/2008 199.12 398.23 4327.45 0.038368823

8/11/2008 201.32 416.04 4430.7 -0.010927876

8/4/2008 207.06 430.32 4529.5 -0.027721433

7/28/2008 201.44 428.7 4413.55 0.027899126

7/21/2008 196.47 493.78 4311.85 0.025296483

7/14/2008 198.65 427.13 4092.25 -0.010974075

7/7/2008 183.46 429.78 4049 0.08279734


18/39

6/30/2008 177.91 430.08 4016 0.031195548

6/23/2008 183.49 464.77 4136.65 -0.030410377

6/16/2008 188.75 482.19 4347.55 -0.02786755

6/9/2008 202.05 533.28 4517.1 -0.065825291

6/2/2008 199.1 536.67 4627.8 0.014816675

5/26/2008 216.59 566.45 4870.1 -0.080751651

5/12/2008 209.2 590.7 5157.7 0.0353250485/5/2008 206.49 529.06 4982.6 0.013124122

4/28/2008 221.03 550.8 5228.2 -0.065782925

4/21/2008 225.94 566.36 5111.7 -0.021731433

4/7/2008 200.82 484.11 4777.8 0.125087143

3/31/2008 194 490.88 4647 0.035154639

3/24/2008 207.02 526.46 4942 -0.062892474

3/17/2008 191.02 497.06 4573.95 0.083760863

3/10/2008 185.55 508.74 4745.8 0.029479925

3/3/2008 185.74 533.28 4771.6 -0.001022935

2/25/2008 204.77 564.1 5223.5 -0.092933535

2/18/2008 209.45 571.26 5110.75 -0.022344235

2/11/2008 216.85 600.36 5302.9 -0.034124971

2/4/2008 217.58 634.13 5120.35 -0.003355088

1/28/2008 222.96 600.8 5317.25 -0.024129889

1/21/2008 223.02 656.01 5383.35 -0.000269034

1/14/2008 215.13 689.14 5705.3 0.036675499

1/7/2008 238.58 778.79 6200.1 -0.098289882

1/1/2008 233.84 745.96 6274.3 0.02027027

Average 0.003845581

VAR 0.006976394

SD 0.083524812

Airtel+NIFTY

Covariance 0.001331044

Beta 0.930544628

Airtel

0.00052267And therefore CAPM weekly return expectation is

0.00

0.

-0.00

Assuming daily rate of return on risk free asset is

Which implies annual rf as

Market risk premium (weekly return) is


19/39

Reliance

communication Market

0.048879837 -0.004705962

0.032235459 0.004685494

0.125394322 0.04500942

0.03257329 0.009427615

0.072489083 -0.019731809

0.033393502 -0.002009583

-0.02292769 0.00589658

-0.054211843 -0.003509698

-0.043096568 0.0014446670.014574899 -0.012336979

-0.046332046 0.007653464

0.043513296 0.002134894

0.215475024 0.020349072

0.006903353 0.044093147

0.043209877 0.01589807

-0.124954987 -0.020088329

0.021895124 0.008627171

-0.02230617 0.020074007

0.033271375 0.022716354-0.152221872 -0.020220553

-0.067313345 -0.00423741

-0.002784699 -0.016870574

0.080272324 0.007207941

0.01364147 0.025815917

-0.08151533 0.001362119

0.028814073 0.013949313

0.057408595 0.046833691

-0.045022971 -0.016014958

0.012403101 0.00591849

-0.042174042 -0.007598044-0.070659674 -0.03105065

-0.020281233 -0.019988055

-0.138497379 -0.018947806

0.021294314 0.016015516

-0.008258613 -0.021689305

0.013148458 0.005164714

-0.059365865 0.003287105

-0.029357197 -0.007465353

Returns


20/39

-0.028416923 -0.002934256

0.00737022 -0.004814017

-0.098246966 -0.036833025

0.110136869 0.033949011

0.003218194 0.010467813

-0.027540163 0.023277038

0.064756192 0.0309194630.033639495 0.037525688

0.127654065 0.023537578

0.110887387 0.028069113

0.041024105 -0.019028426

0.003003454 0.013414739

-0.120924092 -0.044198327

-0.016105988 -0.036325654

0.112090134 0.072207301

-0.04916907 -0.039901749

-0.124037536 -0.050891398

0.003622313 -0.021829227

0.043335853 -0.014270524

0.07400893 0.061535263

-0.048042246 -0.016045438

0.071487717 0.049968801

0.014561747 -0.011166743

-0.093539789 0.015510246

-0.033488714 -0.042582485

-0.016171856 0.004901719

-0.008258528 0.003859127

0.168858422 0.061544294-0.022963368 -0.020193369

-0.122781775 -0.044806276

-0.084723442 -0.026538738

-0.093062606 -0.049388909

0.085575365 -0.02697042

-0.021463311 0.009469459

-0.021012318 -0.014053156

0.002594438 0.005944342

0.04172973 0.028503541

-0.016794218 0.019538238

0.028084362 -0.021765285

-0.009632035 -0.005610187

0.09882269 0.007423166

0.013743219 -0.001868273

-0.077102804 -0.010532486

0.011706439 -0.001206892

-0.100172187 -0.034446474

-0.061234192 -0.022974833

-0.010164706 0.010326978


21/39

-0.017840636 -0.002986991

-0.020640956 0.002737704

0.045428734 0.030384224

0.022054556 0.052207976

0.085126483 -0.013176138

0.032177681 -0.016844956

0.06557377 0.044347654-0.060112847 -0.028467013

-0.041098741 0.028050847

-0.153365046 -0.015892137

-0.082740789 -0.021116987

-0.080876346 -0.032361977

-0.016579024 0.007418804

-0.00501417 -0.042348339

-0.04137931 -0.037476567

0.022581564 0.020443809

0.100846926 0.010565245

0.021794872 0.015604326

-0.095717702 -0.022602123

0.070591886 0.041872756

-0.121986105 -0.023487768

-0.126799096 -0.029868322

-0.064381504 -0.038146837

0.011709734 0.048980508

0.003049297 -0.00797059

0.018812565 0.000560811

-0.026054799 -0.006684744

0.072213878 -0.006502914-0.007986173 0.020786601

0.018946985 0.022659496

0.022731507 0.043421601

0.001181445 0.029318904

0.017783685 0.013071533

-0.014101204 -0.022049849

-0.03125 0.014407293

-0.027509993 0.002362458

-0.031372772 0.01334861

-0.053309616 -0.014956598

0.007494298 0.010233783

-0.031810295 0.007744117

0.01121863 0.022025548

-0.007283859 -0.006063712

0.04339685 0.00122563

0.068935068 0.027982068

0.026466856 -0.003144777

0.140366593 0.013608866

0.105339325 0.027458098


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-0.076787849 -0.031873957

-0.054643356 0.015035721

-0.066000248 -0.04925161

-0.021268838 -0.004920722

-0.008853822 0.007885836

-0.056486901 -0.018492097

0.045884101 0.0134675360.019079346 0.001609239

0.000606061 0.003648248

0.064790914 0.024489001

0.000645745 0.043617821

-0.027505652 0.015975562

-0.045438197 0.003739499

0.036084715 0.022930287

-0.036791098 -0.033469547

-0.066510303 -0.030569897

-0.049875312 -0.041163703

0.05977283 0.001420468

0.045072574 0.00840215

-0.009141726 0.004373938

0.016333294 0.038234056

-0.065117566 -0.025325855

0.026288894 0.00164419

0.072202606 0.03382405

-0.039976622 -0.021910162

0.000292312 0.010702247

-0.023575751 0.042283915

0.011607091 0.017923467-0.233320051 -0.057103691

-0.019235779 -0.028217769

-0.061570433 0.039826498

-0.215867336 -0.027186529

0.054552194 0.025096038

-0.016470588 -0.003436461

0.029196084 0.030334089

0.01933039 0.031866934

0.100976077 -0.010977633

0.068201333 0.044945681

-0.03886662 -0.011189834

0.014917039 0.02201321

-0.073260886 -0.033441534

-0.002360056 0.014862484

0.01152598 0.044251934

0.128040057 0.092672145

-0.171858666 -0.095010454

-0.063564576 0.011141584

0.023272897 0.014349963


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-0.080331644 -0.058864598

-0.02080765 -0.000763043

0.108086496 0.031007316

-0.030900872 0.049652

0.358929355 0.15438563

0.011360611 0.014071865

0.06811395 0.04224298-0.07449002 -0.001953602

0.064888349 0.028468857

0.029778227 0.012671863

0.079788063 0.040796624

0.066892042 0.032940344

0.160983142 0.107443758

0.078332061 0.032288315

0.065656192 0.037822262

-0.112649259 -0.04250032

-0.145052726 -0.071870707

0.117813029 0.037019451

0.014696526 0.061432491

-0.122977346 -0.052997225

-0.021671489 -0.015506439

-0.254446298 -0.057027981

0.221222664 0.066322513

-0.050943396 -0.071567831

-0.133207948 0.053451315

0.263391704 0.076241527

0.00891182 -0.014772604

-0.055987405 0.02288886-0.057585312 -0.041596242

-0.036798857 -0.054709048

0.033747288 0.030288328

0.141133706 0.116718266

-0.173293846 -0.159497129

-0.014549356 -0.062683882

-0.287505351 -0.140992065

-0.041306323 -0.041891977

-0.070848769 -0.061244921

-0.043709299 0.003973087

-0.007112376 -0.028456219

-0.004428766 -0.001766055

-0.024759561 0.007521751

-0.042808384 -0.023303316

-0.033184607 -0.021812562

0.003778866 0.026271369

-0.131799587 0.023586164

0.156041486 0.053662411

-0.006165945 0.01068165


24/39

-0.000697545 0.008217131

-0.074639069 -0.029166113

-0.036126838 -0.04851008

-0.09580333 -0.037535144

-0.006316731 -0.023920653

-0.052573043 -0.049752572

-0.041052988 -0.0557612890.116508525 0.035142295

-0.039469862 -0.046976015

-0.027473692 0.022790852

0.169899403 0.069885721

-0.013791558 0.028147192

-0.067583482 -0.059692432

0.059147789 0.080466555

-0.022958682 -0.036210965

-0.046017102 -0.005406991

-0.054635703 -0.086512875

-0.012533697 0.022061341

-0.048470917 -0.03623489

-0.053254065 0.03565186

0.055476032 -0.03703042

-0.084160302 -0.0122786

-0.048074412 -0.056429986

-0.115114472 -0.079805164

0.044010403 -0.01182602

-0.005793521 0.000457802

0.00639523 0.001430393

0.07997018 0.037820534Reliance

Communication +

NIFTY

0.002133517

1.491560132

Rf 8.05% This is yield of 10 Yr go

Market Premium (%) 10%

Beta 0.00052267

RelianceCommunicationsCost of Equity

-1.28948E-06

Assumed

5 Year Weekly

8.06

39175

075

933948


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26/39


27/39


28/39


29/39


30/39

vt bond as on 31 dec 12


31/39

Long term debt (INR) 47453000 Avg Tax rate 0.159746383

Interest rate (annual) 0.262027691

116,451,000

0.027544237

Therefore WACC = E*ke/(D+E)+D*(1-t)*kd/(D+E)

WACC (annual) for IGL = 0.083312594

Source: Yahoo Finance (2010)

Assuming WACC to be cost o

the firm

Equity (INR)

Cost of equity (Annual)


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= Tax Paid / PBT

f Equity capital for


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Source: Money Control

Earnings History Dec '12 Sep '12 Jun '12 Mar '12 Annual EPS

EPS Est 1.95 4.75 3.9 4.1

EPS Actual 1.98 4.72 3.87 4.15 14.72

Difference 0.03 -0.03 -0.03 0.05

Surprise % 153.85% -63.16% -76.92% 121.95%

g = 0.0416563

D1 = (0.5 of Annual EPS) 7.6665903

Vo= 184.04397

Annual Six months Six months LTM

Mar '12 Mar '12 Mar '11 Mar '12

Net Income 5,730.00 2,990.30 3,685.70 5,034.60Average shareholders

Equity625920.432

ROE 0.8%

EPS 15.09 7.87 9.71 13.25

Dividend 50%

DPS 26.5

12/31/2012 12/31/2011

Share Price 317.1 342.18

Shares Outstanding 1,898.80 1,898.80

Market Cap 602109.48 649731.384

Current Dividend 26.5

Short term Growth rate 2%

Bharti Airtel

Since the calculated growth rate is

exceptionally high, Two stage dividend

model has been used

Method I

Bharti Airtel

Method II


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Long Term Growth rate 6.5%

Cost of equity 8.06%

Value of company 1959.4

Assumed. It should be equal to

expected long term growth rate of

India

CAPM


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Remarks

Assumed Value Payout Ratio4: N/A Therefore Payout (Assumed) 50%

Dividend Date3: N/A

Ex-Dividend Date4: N/A

Last Split Factor (new per

old)2:N/A

Last Split Date3: N/A

Source: Yahoo finance

Dividends & Splits

EPS Est was not

available on

yahoo finance

therefore, I had

taken the

assumed value


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37/39

of annual EPS


38/39


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Documents

AIRTEL Assignment No 2 3 4 5