BSE 500 KOTAK Mahindra Bank

Month Closing Value

BSE 500 Return
Closing Price

Apr-16 10,406.12 715.49

May-16 10,761.49 3.42% 744.82
Jun-16 11,029.45 2.49% 761.58
Jul-16 11,585.96 5.05% 761.73
Aug-16 11,834.89 2.15% 805.55
Sep-16 11,700.65 -1.13% 775.70
Oct-16 11,912.35 1.81% 817.98
Nov-16 11,195.09 -6.02% 754.19
Dec-16 11,036.44 -1.42% 718.50
Jan-17 11,659.94 5.65% 772.85
Feb-17 12,176.95 4.43% 800.76
Mar-17 12,631.90 3.74% 870.74
Apr-17 12,979.24 2.75% 900.44
May-17 13,199.15 1.69% 964.43
Jun-17 13,178.45 -0.16% 954.15
Jul-17 13,897.23 5.45% 1019.94
Aug-17 13,762.13 -0.97% 974.98
Sep-17 13,610.70 -1.10% 1001.20
Oct-17 14,485.57 6.43% 1023.98
Nov-17 14,493.58 0.06% 999.25
Dec-17 15,002.73 3.51% 1009.14
Jan-18 15,347.19 2.30% 1107.79
Feb-18 14,670.49 -4.41% 1089.41
Mar-18 14,125.53 -3.71% 1046.70
Apr-18 15,047.73 6.53% 1209.83
May-18 14,765.69 -1.87% 1333.20
Jun-18 14,528.54 -1.61% 1341.54
Jul-18 15,314.81 5.41% 1305.48
Aug-18 15,846.20 3.47% 1286.56
Sep-18 14,445.89 -8.84% 1140.98
Oct-18 13,881.71 -3.91% 1118.55
Nov-18 14,429.00 3.94% 1233.29
Dec-18 14,540.39 0.77% 1255.82
Jan-19 14,285.11 -1.76% 1255.07
Feb-19 14,196.80 -0.62% 1212.45
Mar-19 15,304.57 7.80% 1333.78
Apr-19 15,293.75 -0.07% 1385.80
May-19 15,517.90 1.47% 1521.33
Jun-19 15,291.70 -1.46% 1476.30
Jul-19 14,324.12 -6.33% 1518.73
Aug-19 14,234.07 -0.63% 1431.45
Sep-19 14,810.02 4.05% 1644.45
Oct-19 15,387.13 3.90% 1574.50
Nov-19 15,567.67 1.17% 1615.20
Dec-19 15,667.44 0.64% 1684.35
Jan-20 15,649.81 -0.11% 1691.75
Feb-20 14,627.62 -6.53% 1620.35
Mar-20 11,098.23 -24.13% 1296.05
Apr-20 12,721.00 14.62% 1357.20
May-20 12,414.85 -2.41% 1224.00
Jun-20 13,438.14 8.24% 1360.45
Jul-20 14,346.18 6.76% 1365.75
Aug-20 14,890.06 3.79% 1401.35
Sep-20 14,851.00 -0.26% 1268.20
Oct-20 15,215.01 2.45% 1547.40
Nov-20 16,995.01 11.70% 1907.10
Dec-20 18,300.10 7.68% 1995.60
Jan-21 17,975.30 -1.77% 1712.95
Feb-21 19,371.25 7.77% 1780.35

BETA Cov(Stock Return, BSE 500 Return)/Var(BSE 500 Return)

BETA Slope(Stock Return, BSE 500 Return)

KOTAK Mahindra Bank TITAN Closing TITAN GAIL Closing GAIL Dr.Reddy's
Return Price Return Price Return Closing Price

347.92 87.09 2985.658447

4.10% 351.64 1.07% 89.64 2.93% 3072.595215
2.25% 396.18 12.67% 93.11 3.87% 3264.70459
0.02% 410.23 3.55% 92.39 -0.78% 2834.122803
5.75% 409.35 -0.21% 92.85 0.50% 2997.662842
-3.71% 387.32 -5.38% 90.42 -2.62% 3016.389893
5.45% 366.57 -5.36% 105.49 16.67% 3260.421875
-7.80% 315.27 -13.99% 103.47 -1.92% 3103.863037
-4.73% 318.90 1.15% 106.67 3.10% 2967.680908
7.57% 355.17 11.37% 113.80 6.68% 2931.342773
3.61% 427.46 20.36% 125.95 10.68% 2769.20459
8.74% 451.59 5.65% 124.44 -1.20% 2554.330078
3.41% 461.33 2.16% 140.07 12.56% 2527.501465
7.11% 464.71 0.73% 137.40 -1.91% 2443.570313
-1.07% 512.58 10.30% 119.33 -13.15% 2602.991211
6.90% 531.77 3.74% 124.52 4.35% 2314.664795
-4.41% 606.53 14.06% 125.05 0.42% 1975.011475
2.69% 573.18 -5.50% 139.53 11.58% 2277.06958
2.27% 623.94 8.86% 154.79 10.94% 2376.778076
-2.41% 805.67 29.13% 156.04 0.81% 2234.987305
0.99% 842.02 4.51% 165.53 6.08% 2360.160156
9.78% 854.86 1.52% 159.23 -3.80% 2175.259521
-1.66% 802.62 -6.11% 154.62 -2.90% 2185.425781
-3.92% 925.83 15.35% 148.22 -4.14% 2035.66748
15.59% 965.03 4.23% 146.60 -1.10% 2063.967041
10.20% 886.63 -8.12% 157.99 7.77% 1903.065063
0.63% 864.50 -2.50% 153.43 -2.88% 2183.617432
-2.69% 895.58 3.60% 169.02 10.16% 2079.363281
-1.45% 879.99 -1.74% 167.82 -0.71% 2456.58252
-11.31% 795.82 -9.57% 171.43 2.15% 2494.939209
-1.97% 833.90 4.79% 169.34 -1.22% 2505.243652
10.26% 914.57 9.67% 155.62 -8.10% 2675.48
1.83% 918.77 0.46% 163.23 4.89% 2580.48
-0.06% 983.43 7.04% 150.21 -7.98% 2685.74
-3.40% 1014.60 3.17% 154.83 3.08% 2598.87
10.01% 1123.82 10.76% 160.32 3.55% 2735.44
3.90% 1142.25 1.64% 164.17 2.40% 2891.87
9.78% 1218.72 6.69% 166.76 1.57% 2640.33
-2.96% 1318.80 8.21% 143.98 -13.66% 2514.22
2.87% 1043.45 -20.88% 118.87 -17.44% 2538.67
-5.75% 1096.62 5.10% 119.70 0.70% 2538.79
14.88% 1263.21 15.19% 125.08 4.50% 2683.56
-4.25% 1322.31 4.68% 127.78 2.16% 2765.04
2.58% 1152.00 -12.88% 117.13 -8.33% 2893.96
4.28% 1178.65 2.31% 112.57 -3.89% 2858.73
0.44% 1179.15 0.04% 112.02 -0.50% 3093.82
-4.22% 1245.29 5.61% 97.23 -13.20% 2907.07
-20.01% 926.46 -25.60% 75.01 -22.85% 3097.15
4.72% 962.49 3.89% 93.95 25.25% 3912.00
-9.81% 883.89 -8.17% 90.61 -3.55% 4047.72
11.15% 942.89 6.68% 100.23 10.61% 3915.77
0.39% 1035.39 9.81% 94.78 -5.43% 4492.96
2.61% 1090.92 5.36% 93.90 -0.93% 4257.90
-9.50% 1200.50 10.05% 85.17 -9.30% 5187.05
22.02% 1164.90 -2.97% 83.16 -2.36% 4887.95
23.25% 1357.85 16.56% 100.57 20.94% 4829.60
4.64% 1567.50 15.44% 121.03 20.34% 5204.10
-14.16% 1420.80 -9.36% 123.09 1.70% 4598.65
3.93% 1407.00 -0.97% 141.75 15.16% 4424.60
Dr.Reddy's Shree Cement Larsen & Toubro Larsen & Toubro
Shree Cement Return
Return Closing Price Closing Price Return

12501.73 753.27
2.91% 12946.94 3.56% 885.92 17.61%
6.25% 14266.45 10.19% 899.08 1.49%
-13.19% 15801.39 10.76% 936.22 4.13%
5.77% 16773.22 6.15% 909.69 -2.83%
0.62% 16703.32 -0.42% 870.88 -4.27%
8.09% 16541.08 -0.97% 899.01 3.23%
-4.80% 15285.08 -7.59% 841.01 -6.45%
-4.39% 14456.46 -5.42% 820.84 -2.40%
-1.22% 15197.51 5.13% 878.85 7.07%
-5.53% 15796.54 3.94% 894.36 1.77%
-7.76% 16814.91 6.45% 959.66 7.30%
-1.05% 19030.48 13.18% 1063.34 10.80%
-3.32% 17783.99 -6.55% 1070.46 0.67%
6.52% 16739.83 -5.87% 1026.69 -4.09%
-11.08% 18413.96 10.00% 1087.74 5.95%
-14.67% 17405.81 -5.47% 1049.21 -3.54%
15.29% 18369.92 5.54% 1066.89 1.69%
4.38% 18771.27 2.18% 1141.12 6.96%
-5.97% 17036.91 -9.24% 1137.62 -0.31%
5.60% 17845.30 4.74% 1175.11 3.30%
-7.83% 17027.91 -4.58% 1324.36 12.70%
0.47% 16516.44 -3.00% 1233.21 -6.88%
-6.85% 16024.94 -2.98% 1226.48 -0.55%
1.39% 16681.38 4.10% 1309.40 6.76%
-7.80% 16673.75 -0.05% 1278.55 -2.36%
14.74% 15405.79 -7.60% 1188.52 -7.04%
-4.77% 16899.05 9.69% 1217.79 2.46%
18.14% 18811.60 11.32% 1279.96 5.11%
1.56% 16703.90 -11.20% 1199.30 -6.30%
0.41% 13787.14 -17.46% 1229.32 2.50%
6.80% 16347.22 18.57% 1353.64 10.11%
-3.55% 17077.55 4.47% 1362.02 0.62%
4.08% 15626.31 -8.50% 1243.57 -8.70%
-3.23% 16506.19 5.63% 1225.67 -1.44%
5.25% 18519.41 12.20% 1310.46 6.92%
5.72% 19616.09 5.92% 1276.09 -2.62%
-8.70% 21428.36 9.24% 1475.11 15.60%
-4.78% 21680.14 1.18% 1470.48 -0.31%
0.97% 20032.59 -7.60% 1313.40 -10.68%
0.00% 18498.11 -7.66% 1273.75 -3.02%
5.70% 18853.25 1.92% 1416.17 11.18%
3.04% 19874.03 5.41% 1413.10 -0.22%
4.66% 20897.44 5.15% 1276.14 -9.69%
-1.22% 20265.66 -3.02% 1245.79 -2.38%
8.22% 22913.16 13.06% 1313.07 5.40%
-6.04% 22546.18 -1.60% 1134.58 -13.59%
6.54% 17574.95 -22.05% 773.83 -31.80%
26.31% 19762.30 12.45% 872.68 12.77%
3.47% 20836.70 5.44% 906.67 3.89%
-3.26% 23061.85 10.68% 918.10 1.26%
14.74% 21719.85 -5.82% 888.24 -3.25%
-5.23% 20285.75 -6.60% 919.32 3.50%
21.82% 20257.55 -0.14% 885.31 -3.70%
-5.77% 21649.60 6.87% 911.94 3.01%
-1.19% 24110.40 11.37% 1094.61 20.03%
7.75% 24018.80 -0.38% 1287.55 17.63%
-11.63% 22748.85 -5.29% 1334.60 3.65%
-3.78% 26506.65 16.52% 1442.25 8.07%
Bharat Petroleum Bharat Petroleum Tata Motors Tata Motors JSW Steel
Closing Price Return Closing Price Return Closing Price

244.80 408.68 127.47

245.44 0.26% 458.01 12.07% 129.26
267.59 9.02% 459.06 0.23% 136.11
300.86 12.43% 502.80 9.53% 155.51
305.83 1.65% 537.45 6.89% 163.94
311.09 1.72% 534.75 -0.50% 161.72
339.37 9.09% 535.85 0.21% 154.85
327.01 -3.64% 459.35 -14.28% 161.24
322.18 -1.48% 471.35 2.61% 151.72
345.87 7.35% 523.60 11.09% 185.29
339.98 -1.70% 456.15 -12.88% 174.36
338.83 -0.34% 465.95 2.15% 175.20
382.55 12.91% 457.80 -1.75% 185.85
394.70 3.18% 476.20 4.02% 181.23
339.84 -13.90% 432.50 -9.18% 189.82
376.06 10.66% 444.50 2.77% 209.10
422.27 12.29% 376.60 -15.28% 240.59
377.17 -10.68% 401.25 6.55% 234.55
432.70 14.72% 428.55 6.80% 243.52
401.66 -7.17% 404.65 -5.58% 240.36
414.40 3.17% 431.20 6.56% 254.71
392.99 -5.17% 399.25 -7.41% 274.03
343.02 -12.72% 370.20 -7.28% 294.76
352.94 2.89% 327.45 -11.55% 272.04
320.12 -9.30% 340.20 3.89% 307.08
333.15 4.07% 282.90 -16.84% 313.88
306.43 -8.02% 269.30 -4.81% 308.45
321.07 4.78% 264.15 -1.91% 311.57
298.72 -6.96% 267.10 1.12% 382.32
314.26 5.20% 223.45 -16.34% 366.75
231.00 -26.49% 178.65 -20.05% 326.35
271.62 17.58% 171.95 -3.75% 303.30
305.05 12.31% 172.60 0.38% 295.30
291.26 -4.52% 181.25 5.01% 264.78
283.90 -2.53% 177.85 -1.88% 271.00
344.39 21.31% 174.30 -2.00% 282.38
329.28 -4.39% 214.20 22.89% 296.89
355.52 7.97% 172.50 -19.47% 261.84
341.35 -3.98% 162.60 -5.74% 266.61
300.12 -12.08% 135.60 -16.61% 228.77
308.55 2.81% 116.75 -13.90% 212.80
428.64 38.92% 117.45 0.60% 225.29
480.58 12.12% 177.70 51.30% 223.13
466.40 -2.95% 161.45 -9.14% 255.84
448.20 -3.90% 185.10 14.65% 264.31
416.74 -7.02% 176.60 -4.59% 245.56
388.70 -6.73% 129.00 -26.95% 230.68
288.21 -25.85% 71.05 -44.92% 143.42
356.27 23.62% 93.10 31.03% 177.16
329.68 -7.46% 86.90 -6.66% 180.14
359.83 9.15% 98.25 13.06% 185.68
397.96 10.60% 104.70 6.56% 215.64
392.05 -1.49% 143.20 36.77% 269.90
339.49 -13.41% 133.30 -6.91% 277.70
340.74 0.37% 132.70 -0.45% 308.90
358.68 5.26% 180.25 35.83% 350.50
366.37 2.15% 183.70 1.91% 387.30
369.16 0.76% 262.60 42.95% 368.00
432.68 17.21% 323.00 23.00% 395.45
JSW Steel Reliance Industries Reliance Industries
Return Limited Closing Price Limited Return

480.32 SUMMARY OUTPUT

1.40% 468.79 -2.40%
5.30% 473.92 1.09% Regression Statistics
14.25% 496.43 4.75% Multiple R
5.42% 517.21 4.19% R Square
-1.35% 528.99 2.28% Adjusted R
-4.25% 515.01 -2.64% Standard E
4.13% 485.31 -5.77% Observatio
-5.90% 528.01 8.80%
22.12% 510.07 -3.40% ANOVA
-5.90% 605.32 18.67%
0.48% 644.89 6.54% Regression
6.08% 681.85 5.73% Residual
-2.49% 655.36 -3.89% Total
4.74% 674.74 2.96%
10.16% 788.93 16.92% Coefficients
15.06% 784.65 -0.54% Intercept
-2.51% 770.27 -1.83% X Variable
3.83% 926.51 20.28%
-1.30% 908.58 -1.93%
5.97% 907.06 -0.17%
7.58% 946.55 4.35%
7.57% 937.98 -0.91%
-7.71% 869.39 -7.31%
12.88% 948.47 9.10%
2.21% 907.30 -4.34%
-1.73% 958.17 5.61%
1.01% 1174.97 22.63%
22.71% 1229.57 4.65%
-4.07% 1246.66 1.39%
-11.02% 1051.66 -15.64%
-7.06% 1157.48 10.06%
-2.64% 1110.77 -4.04%
-10.33% 1215.84 9.46%
2.35% 1220.25 0.36%
4.20% 1350.55 10.68%
5.14% 1379.03 2.11%
-11.81% 1317.55 -4.46%
1.82% 1240.51 -5.85%
-14.20% 1155.30 -6.87%
-6.98% 1236.90 7.06%
5.87% 1327.62 7.33%
-0.96% 1458.72 9.88%
14.66% 1545.10 5.92%
3.31% 1508.44 -2.37%
-7.10% 1406.42 -6.76%
-6.06% 1311.20 -6.77%
-37.83% 1097.84 -16.27%
23.52% 1447.79 31.88%
1.69% 1459.72 0.82%
3.07% 1696.98 16.25%
16.14% 2059.22 21.35%
25.16% 2078.55 0.94%
2.89% 2233.75 7.47%
11.24% 2054.35 -8.03%
13.47% 1929.85 -6.06%
10.50% 1984.65 2.84%
-4.98% 1843.15 -7.13%
7.46% 2083.85 13.06%
SUMMARY OUTPUT

Regression Statistics
0.657278
0.432014
0.421871
0.059928
58

df SS MS F Significance F
1 0.15297 0.15297 42.59393 2.091E-08
56 0.201116 0.003591
57 0.354087

Coefficients
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%
Upper 95.0%
0.007368 0.008063 0.913744 0.364769 -0.008785 0.02352 -0.008785 0.02352
0.926632 0.141982 6.526403 2.091E-08 0.642208 1.211056 0.642208 1.211056
 As analysts at AXIS Capital, Ms. Aditi Jain and Ms. Tanya Mahesh
compute the expected price of Reliance Industries Ltd. at the end of
Asset Pricing Model (CAPM). For this purpose, they have been pro
values for BSE 500 Index and closing prices for Reliance Industries Lt
the expected price of the stock at the end of February 2021. Consid
issued by RBI as 6.5% p.a. The expected return on BSE 500 index
Tanya Maheshwari have been asked to
at the end of February 2021 as per Capital
ave been provided monthly closing index
e Industries Ltd. for the past one year. Find
2021. Consider the YTM on 10 year G-Sec
BSE 500 index for February 2021 is 3%.
 Adjusted Closing Price Data Simple Discrete Returns
Date BSE 500 Reliance Industries Ltd.
BSE 500
Jan-20 15649.81 1393.16
Feb-20 14627.62 1311.25 -6.53%
Mar-20 11098.23 1099.16 -24.13%
Apr-20 12721.00 1446.80 14.62%
May-20 12414.85 1458.92 -2.41%
Jun-20 13438.14 1697.73 8.24%
Jul-20 14346.18 2059.37 6.76%
Aug-20 14890.06 2080.70 3.79%
Sep-20 14851.00 2234.35 -0.26%
Oct-20 15215.01 2054.50 2.45%
Nov-20 16995.01 1929.80 11.70%
Dec-20 18300.10 1985.30 7.68%
Jan-21 17975.30 1841.95 -1.77%
Average Return 1.68%

Variance of BSE 500 0.0104

Variance (Excel) 0.0104

Beta of Reliance Industries Ltd.

Beta of Reliance Industries Ltd.

Return on 10 year G-Sec issued by RBI per an

Return on 10 year G-Sec issued by RBI per m
Expected Return on BSE 500 in February 20

Expected Return for Reliance Industries in February 202

Price of Reliance Industries at the end of Janua
Expected Price for Reliance Industries at end of February
 Simple Discrete Returns Deviations from Mean
Reliance Industries Ltd. BSE 500 Reliance Industries Ltd.
-5.88% -8.21% -9.05%
-16.17% -25.81% -19.34%
31.63% 12.94% 28.46%
0.84% -4.08% -2.33%
16.37% 6.56% 13.20%
21.30% 5.08% 18.13%
1.04% 2.11% -2.13%
7.38% -1.94% 4.21%
-8.05% 0.77% -11.22%
-6.07% 10.02% -9.24%
2.88% 6.00% -0.29%
-7.22% -3.45% -10.39%
3.17% Sum
No. of Observations
Covariance
Covariance (Excel)

Covariance(BSE 500, Reliance)/Variance(BSE 500) 0.92

As per Excel's Slope Formula 0.92

on 10 year G-Sec issued by RBI per annum 6.50%

on 10 year G-Sec issued by RBI per month 0.54%
cted Return on BSE 500 in February 2021 3.00%

for Reliance Industries in February 2021 as per CAPM 2.80%

eliance Industries at the end of January 2021 1841.95
eliance Industries at end of February 2021 as per CAPM 1893.51
Product of Deviations
BSE 500*Reliance
Industries Ltd.
0.0074
0.0499
0.0368
0.0010
0.0087
0.0092
-0.0005
-0.0008
-0.0009
-0.0093
-0.0002
0.0036
0.1050
12
0.0095
0.0095