Infosys NIFTY 50 (^NSEI)

Date Adj Close ROR Date Adj Close

1/1/2017 957.572449 1/1/2017 8243.799805
1/8/2017 961.068848 0.365% 1/8/2017 8400.349609
1/15/2017 934.377991 -2.777% 1/15/2017 8349.349609
1/22/2017 927.92688 -0.690% 1/22/2017 8641.25
1/29/2017 921.96814 -0.642% 1/29/2017 8740.950195
2/5/2017 953.682068 3.440% 2/5/2017 8793.549805
2/12/2017 985.001953 3.284% 2/12/2017 8821.700195
2/19/2017 993.619873 0.875% 2/19/2017 8939.5
2/26/2017 1015.632446 2.215% 2/26/2017 8897.549805
3/5/2017 1006.423645 -0.907% 3/5/2017 8934.549805
3/12/2017 1024.595215 1.806% 3/12/2017 9160.049805
3/19/2017 1015.829529 -0.856% 3/19/2017 9108
3/26/2017 1006.817627 -0.887% 3/26/2017 9173.75
4/2/2017 966.732056 -3.981% 4/2/2017 9198.299805
4/9/2017 917.339172 -5.109% 4/9/2017 9150.799805
4/16/2017 909.755371 -0.827% 4/16/2017 9119.400391
4/23/2017 905.077087 -0.514% 4/23/2017 9304.049805
4/30/2017 917.437622 1.366% 4/30/2017 9285.299805
5/7/2017 949.693237 3.516% 5/7/2017 9400.900391
5/14/2017 943.488342 -0.653% 5/14/2017 9427.900391
5/21/2017 980.668457 3.941% 5/21/2017 9595.099609
5/28/2017 954.814697 -2.636% 5/28/2017 9653.5
6/4/2017 948.599976 -0.651% 6/4/2017 9668.25
6/11/2017 940.25 -0.880% 6/11/2017 9588.049805
6/18/2017 943.25 0.319% 6/18/2017 9574.950195
6/25/2017 935.549988 -0.816% 6/25/2017 9520.900391
7/2/2017 935.400024 -0.016% 7/2/2017 9665.799805
7/9/2017 972.049988 3.918% 7/9/2017 9886.349609
7/16/2017 980.099976 0.828% 7/16/2017 9915.25
7/23/2017 997.349976 1.760% 7/23/2017 10014.5
7/30/2017 983.75 -1.364% 7/30/2017 10066.40039
8/6/2017 987.700012 0.402% 8/6/2017 9710.799805
8/13/2017 923.25 -6.525% 8/13/2017 9837.400391
8/18/2017 923.25 0.000% 8/18/2017 9837.400391

Average -0.082%
Annualized -4.25% (52 weeks)
Covariance 5.88481724478601E-05

Variance
 Beta=Covari
ance/Varianc
e

ko=ke ke
(as no debt) (called hurdle rate)

Infosys
Date Dividends Annualized
6/1/2005 6.5 Growth Rate
8/17/2005 3
10/17/2005 6.5 16.00 16.00
5/25/2006 38.5 43.50 171.88%
10/19/2006 5 43.50 12.50 -71.26%
6/6/2007 6.5 39.45 215.60%
10/18/2007 6 12.50 23.50 -40.43%
5/26/2008 2.2 25.00 6.38%
5/29/2008 27.25 35.00 40.00%
10/16/2008 10 39.45 37.00 5.71%
6/4/2009 13.5 47.00 27.03%
10/15/2009 10 23.50 73.00 55.32%
5/26/2010 15 54.25 -25.68%
10/21/2010 10 25.00 25.25 -53.46%
5/26/2011 20 14.75 -41.58%
10/20/2011 15 35.00
5/24/2012 22 Average(g) 24.12%
10/18/2012 15 37.00
5/30/2013 27 Po 957.6
10/17/2013 20 47.00 Average Dividend 34.32
5/29/2014 43
10/16/2014 30 73.00 Dividend Yield 0.035842812
6/12/2015 29.5
6/15/2015 14.75 Ke 27.71%
10/16/2015 10 54.25
6/9/2016 14.25
10/21/2016 11 25.25
6/1/2017 14.75 14.75
WACC

Kd 5%
Tax 30%

Kd after tax 4%

Weight
Debt
Short/current long-t 0
Long-term debt 0

Equity
Market cap 2.11T

Wd 0
We 100%

Ko=Ke=10.40%
ROR

1.90%
-0.61%
3.50%
1.15%
0.60%
0.32%
1.34%
-0.47%
0.42%
2.52%
-0.57%
0.72%
0.27%
-0.52%
-0.34%
2.02%
-0.20%
1.24%
0.29%
1.77%
0.61%
0.15%
-0.83%
-0.14%
-0.56%
1.52%
2.28%
0.29%
1.00%
0.52%
-3.53%
1.30%
0.00%

0.54%
28.33%

0.0001558806
 0.377520722

10.40% CAPM
lled hurdle rate)

This is incomplete dividend for current year so we take average

Dividend Method
Reliance NIFTY 50 (^NSEI)
Date Adj Close ror Date Adj Close
1/1/2017 1067.124878 1/1/2017 8243.799805
1/8/2017 1082.462524 1.44% 1/8/2017 8400.349609
1/15/2017 1018.332764 -5.92% 1/15/2017 8349.349609
1/22/2017 1017.637817 -0.07% 1/22/2017 8641.25
1/29/2017 1026.12561 0.83% 1/29/2017 8740.950195
2/5/2017 1022.651123 -0.34% 2/5/2017 8793.549805
2/12/2017 1067.670898 4.40% 2/12/2017 8821.700195
2/19/2017 1174.140259 9.97% 2/19/2017 8939.5
2/26/2017 1249.38855 6.41% 2/26/2017 8897.549805
3/5/2017 1272.320313 1.84% 3/5/2017 8934.549805
3/12/2017 1291.231567 1.49% 3/12/2017 9160.049805
3/19/2017 1277.383179 -1.07% 3/19/2017 9108
3/26/2017 1311.284546 2.65% 3/26/2017 9173.75
4/2/2017 1396.360718 6.49% 4/2/2017 9198.299805
4/9/2017 1354.86499 -2.97% 4/9/2017 9150.799805
4/16/2017 1392.290527 2.76% 4/16/2017 9119.400391
4/23/2017 1385.043701 -0.52% 4/23/2017 9304.049805
4/30/2017 1318.581055 -4.80% 4/30/2017 9285.299805
5/7/2017 1340.619385 1.67% 5/7/2017 9400.900391
5/14/2017 1309.249512 -2.34% 5/14/2017 9427.900391
5/21/2017 1327.565186 1.40% 5/21/2017 9595.099609
5/28/2017 1315.106567 -0.94% 5/28/2017 9653.5
6/4/2017 1325.976807 0.83% 6/4/2017 9668.25
6/11/2017 1378.690308 3.98% 6/11/2017 9588.049805
6/18/2017 1425.397827 3.39% 6/18/2017 9574.950195
6/25/2017 1369.954346 -3.89% 6/25/2017 9520.900391
7/2/2017 1480.295288 8.05% 7/2/2017 9665.799805
7/9/2017 1522.585083 2.86% 7/9/2017 9886.349609
7/16/2017 1585 4.10% 7/16/2017 9915.25
7/23/2017 1594.449951 0.60% 7/23/2017 10014.5
7/30/2017 1622.150024 1.74% 7/30/2017 10066.40039
8/6/2017 1546.25 -4.68% 8/6/2017 9710.799805
8/13/2017 1575.400024 1.89% 8/13/2017 9837.400391
8/18/2017 1575.400024 0.00% 8/18/2017 9837.400391

covariance 0.0001446239 variance

beta 0.9277837372
kd
 ke 15.35% CAPM method

ke 6.23% Dividend method

Reliance
Date Dividends Growth rate
5/12/2005 7.5 Remove outliar
6/1/2006 10 33.33% 33.33%
3/21/2007 11 10.00% 10.00%
5/8/2008 13 18.18% 18.18%
10/16/2009 13 0.00% 0.00%
5/10/2010 7 -46.15% remove outliar(-46.15%) 14.29%
5/5/2011 8 14.29% 6.25%
5/31/2012 8.5 6.25% 5.88%
5/10/2013 9 5.88% 5.56%
5/16/2014 9.5 5.56% 5.26%
5/8/2015 10 5.26% 5.00%
3/17/2016 10.5 5.00% 4.76%
7/13/2017 11 4.76%

Average 5.20% Average 9.86%

dividend yield 0.0103092784

Ke 6.23%

Next Dividend 11.572

WACC

Kd 5% pre tax
Tax 30%

Kd after tax 4%

Weight
Debt
Short/current long-term debt 2E+12
Long-term debt 1.52E+12
3.4875E+12

Equity
 Market cap 4.66E+12

Total Asset VaEnterprise Va Total Capital Employed 8.1495E+12

Debt Equity
Wd 42.79% ratio
We 57.21%

Ke 15.35%

WACC 10.28%
ROR

1.90%
-0.61%
3.50%
1.15%
0.60%
0.32%
1.34%
-0.47%
0.42%
2.52%
-0.57%
0.72%
0.27%
-0.52%
-0.34%
2.02%
-0.20%
1.24%
0.29%
1.77%
0.61%
0.15%
-0.83%
-0.14%
-0.56%
1.52%
2.28%
0.29%
1.00%
0.52%
-3.53%
1.30%
0.00%

0.000155881

4% given
move outliar
0.748069498
Wipro NIFTY 50 (^NSEI)
Date Adj Close ROR Date Adj Close ROR
1/1/2017 232.913818 1/1/2017 8243.799805
1/8/2017 240.199326 3.13% 1/8/2017 8400.349609 1.90%
1/15/2017 236.853943 -1.39% 1/15/2017 8349.349609 -0.61%
1/22/2017 230.733109 -2.58% 1/22/2017 8641.25 3.50%
1/29/2017 226.867325 -1.68% 1/29/2017 8740.950195 1.15%
2/5/2017 234.625 3.42% 2/5/2017 8793.549805 0.60%
2/12/2017 237.675003 1.30% 2/12/2017 8821.700195 0.32%
2/19/2017 243.050003 2.26% 2/19/2017 8939.5 1.34%
2/26/2017 246.925003 1.59% 2/26/2017 8897.549805 -0.47%
3/5/2017 243.524994 -1.38% 3/5/2017 8934.549805 0.42%
3/12/2017 252.125 3.53% 3/12/2017 9160.049805 2.52%
3/19/2017 256.625 1.78% 3/19/2017 9108 -0.57%
3/26/2017 257.850006 0.48% 3/26/2017 9173.75 0.72%
4/2/2017 255.949997 -0.74% 4/2/2017 9198.299805 0.27%
4/9/2017 247.699997 -3.22% 4/9/2017 9150.799805 -0.52%
4/16/2017 245.625 -0.84% 4/16/2017 9119.400391 -0.34%
4/23/2017 247.125 0.61% 4/23/2017 9304.049805 2.02%
4/30/2017 249.649994 1.02% 4/30/2017 9285.299805 -0.20%
5/7/2017 253.524994 1.55% 5/7/2017 9400.900391 1.24%
5/14/2017 259.875 2.50% 5/14/2017 9427.900391 0.29%
5/21/2017 269.5 3.70% 5/21/2017 9595.099609 1.77%
5/28/2017 275.825012 2.35% 5/28/2017 9653.5 0.61%
6/4/2017 268.475006 -2.66% 6/4/2017 9668.25 0.15%
6/11/2017 255.25 -4.93% 6/11/2017 9588.049805 -0.83%
6/18/2017 256.850006 0.63% 6/18/2017 9574.950195 -0.14%
6/25/2017 258.350006 0.58% 6/25/2017 9520.900391 -0.56%
7/2/2017 257.700012 -0.25% 7/2/2017 9665.799805 1.52%
7/9/2017 259.850006 0.83% 7/9/2017 9886.349609 2.28%
7/16/2017 286.049988 10.08% 7/16/2017 9915.25 0.29%
7/23/2017 289.049988 1.05% 7/23/2017 10014.5 1.00%
7/30/2017 289.399994 0.12% 7/30/2017 10066.40039 0.52%
8/6/2017 289.700012 0.10% 8/6/2017 9710.799805 -3.53%
8/13/2017 288.100006 -0.55% 8/13/2017 9837.400391 1.30%
8/18/2017 288.100006 0.00% 8/18/2017 9837.400391 0.00%

covariance 5.20982E-05 variance 0.000155881

beta 0.33421771
ITC NIFTY 50 (^NSEI)
Date Adj Close ror Date Adj Close
1/1/2017 239.088394 1/1/2017 8243.799805
1/8/2017 245.934967 2.86% 1/8/2017 8400.349609
1/15/2017 251.599396 2.30% 1/15/2017 8349.349609
1/22/2017 253.569641 0.78% 1/22/2017 8641.25
1/29/2017 268.986755 6.08% 1/29/2017 8740.950195
2/5/2017 269.282288 0.11% 2/5/2017 8793.549805
2/12/2017 264.159668 -1.90% 2/12/2017 8821.700195
2/19/2017 261.696869 -0.93% 2/19/2017 8939.5
2/26/2017 257.657867 -1.54% 2/26/2017 8897.549805
3/5/2017 259.529633 0.73% 3/5/2017 8934.549805
3/12/2017 277.064728 6.76% 3/12/2017 9160.049805
3/19/2017 276.818451 -0.09% 3/19/2017 9108
3/26/2017 276.128845 -0.25% 3/26/2017 9173.75
4/2/2017 268.592712 -2.73% 4/2/2017 9198.299805
4/9/2017 274.995972 2.38% 4/9/2017 9150.799805
4/16/2017 270.267426 -1.72% 4/16/2017 9119.400391
4/23/2017 273.863098 1.33% 4/23/2017 9304.049805
4/30/2017 273.025726 -0.31% 4/30/2017 9285.299805
5/7/2017 270.85849 -0.79% 5/7/2017 9400.900391
5/14/2017 281.941071 4.09% 5/14/2017 9427.900391
5/21/2017 304.500305 8.00% 5/21/2017 9595.099609
5/28/2017 314.450012 3.27% 5/28/2017 9653.5
6/4/2017 301.446442 -4.14% 6/4/2017 9668.25
6/11/2017 306.799988 1.78% 6/11/2017 9588.049805
6/18/2017 311 1.37% 6/18/2017 9574.950195
6/25/2017 323.649994 4.07% 6/25/2017 9520.900391
7/2/2017 334.299988 3.29% 7/2/2017 9665.799805
7/9/2017 337.149994 0.85% 7/9/2017 9886.349609
7/16/2017 288.899994 -14.31% 7/16/2017 9915.25
7/23/2017 291.549988 0.92% 7/23/2017 10014.5
7/30/2017 280.75 -3.70% 7/30/2017 10066.40039
8/6/2017 271.5 -3.29% 8/6/2017 9710.799805
8/13/2017 281.850006 3.81% 8/13/2017 9837.400391
8/18/2017 281.850006 0.00% 8/18/2017 9837.400391

covariance 0.00015469 variance 0.000155881

beta 0.992361458 Ke 15.93%

ITC
Date Dividends Growth
7/3/2001 10
7/12/2002 13.5 35.00%
7/14/2003 15 11.11%
7/19/2004 20 33.33%
7/18/2005 31 55.00%
7/10/2006 2.65 -91.45%
7/16/2007 3.1 16.98%
7/16/2008 3.5 12.90%
7/13/2009 3.7 5.71%
6/9/2010 4.5 21.62%
6/10/2011 2.8 -37.78%
6/11/2012 4.5 60.71%
5/31/2013 5.25 16.67%
6/3/2014 6 14.29%
6/3/2015 6.25 4.17%
5/30/2016 6.5 4.00%
6/5/2017 4.75 -26.92%

g Average 8.46%

DIV1 4.75
Po 239

Dividend yiel 0.019874477

Ke 10.45% Dividend Method

WACC

Kd 5%
Tax 30%

Kd after tax 4%

Weight
Debt
Short/current long-term debt 457000000
Long-term debt 184000000
 641000000

Equity
Market cap 3431000000000

EV 3431641000000

Wd 0.02%
We 99.98%

Ko 15.93%
ROR

1.90%
-0.61%
3.50%
1.15%
0.60%
0.32%
1.34%
-0.47%
0.42%
2.52%
-0.57%
0.72%
0.27%
-0.52%
-0.34%
2.02%
-0.20%
1.24%
0.29%
1.77%
0.61%
0.15%
-0.83%
-0.14%
-0.56%
1.52%
2.28%
0.29%
1.00%
0.52%
-3.53%
1.30%
0.00%

CAPM
NSEI50
Date Adj Close ror
12/31/2008 2874.800049
1/31/2009 2763.649902 -3.87%
2/28/2009 3020.949951 9.31%
3/31/2009 3473.949951 15.00%
4/30/2009 4448.950195 28.07%
5/31/2009 4291.100098 -3.55%
6/30/2009 4636.450195 8.05%
7/31/2009 4662.100098 0.55%
8/31/2009 5083.950195 9.05%
9/30/2009 4711.700195 -7.32%
10/31/2009 5032.700195 6.81%
11/30/2009 5201.049805 3.35%
12/31/2009 4882.049805 -6.13%
1/31/2010 4922.299805 0.82%
2/28/2010 5249.100098 6.64%
3/31/2010 5278 0.55%
4/30/2010 5086.299805 -3.63%
5/31/2010 5312.5 4.45%
6/30/2010 5367.600098 1.04%
7/31/2010 5402.399902 0.65%
8/31/2010 6029.950195 11.62%
9/30/2010 6017.700195 -0.20%
10/31/2010 5862.700195 -2.58%
11/30/2010 6134.5 4.64%
12/31/2010 5505.899902 -10.25%
1/31/2011 5333.25 -3.14%
2/28/2011 5833.75 9.38%
3/31/2011 5749.5 -1.44%
4/30/2011 5473.100098 -4.81%
5/31/2011 5647.399902 3.18%
6/30/2011 5482 -2.93%
7/31/2011 5001 -8.77%
8/31/2011 4943.25 -1.15%
9/30/2011 5326.600098 7.76%
10/31/2011 4832.049805 -9.28%
11/30/2011 4624.299805 -4.30%
12/31/2011 5199.25 12.43%
1/31/2012 5385.200195 3.58%
2/29/2012 5295.549805 -1.66%
3/31/2012 5248.149902 -0.90%
 4/30/2012 4924.25 -6.17%
5/31/2012 5278.899902 7.20%
6/30/2012 5229 -0.95%
7/31/2012 5258.5 0.56%
8/31/2012 5703.299805 8.46%
9/30/2012 5619.700195 -1.47%
10/31/2012 5879.850098 4.63%
11/30/2012 5905.100098 0.43%
12/31/2012 6034.75 2.20%
1/31/2013 5693.049805 -5.66%
2/28/2013 5682.549805 -0.18%
3/31/2013 5930.200195 4.36%
4/30/2013 5985.950195 0.94%
5/31/2013 5842.200195 -2.40%
6/30/2013 5742 -1.72%
7/31/2013 5471.799805 -4.71%
8/31/2013 5735.299805 4.82%
9/30/2013 6299.149902 9.83%
10/31/2013 6176.100098 -1.95%
11/30/2013 6304 2.07%
12/31/2013 6089.5 -3.40%
1/31/2014 6276.950195 3.08%
2/28/2014 6704.200195 6.81%
3/31/2014 6696.399902 -0.12%
4/30/2014 7229.950195 7.97%
5/31/2014 7611.350098 5.28%
6/30/2014 7721.299805 1.44%
7/31/2014 7954.350098 3.02%
8/31/2014 7964.799805 0.13%
9/30/2014 8322.200195 4.49%
10/31/2014 8588.25 3.20%
11/30/2014 8282.700195 -3.56%
12/31/2014 8808.900391 6.35%
1/31/2015 8844.599609 0.41%
2/28/2015 8491 -4.00%
3/31/2015 8181.5 -3.65%
4/30/2015 8433.650391 3.08%
5/31/2015 8368.5 -0.77%
6/30/2015 8532.849609 1.96%
7/31/2015 7948.950195 -6.84%
8/31/2015 7948.899902 0.00%
9/30/2015 8065.799805 1.47%
10/31/2015 7935.25 -1.62%
11/30/2015 7946.350098 0.14%
12/31/2015 7563.549805 -4.82%
1/31/2016 6987.049805 -7.62%
2/29/2016 7738.399902 10.75%
3/31/2016 7849.799805 1.44%
4/30/2016 8160.100098 3.95%
5/31/2016 8287.75 1.56%
6/30/2016 8638.5 4.23%
7/31/2016 8786.200195 1.71%
8/31/2016 8611.150391 -1.99%
9/30/2016 8638 0.31%
10/31/2016 8224.5 -4.79%
11/30/2016 8185.799805 -0.47%
12/31/2016 8561.299805 4.59%
1/31/2017 8879.599609 3.72%
2/28/2017 9173.75 3.31%
3/31/2017 9304.049805 1.42%
4/30/2017 9621.25 3.41%
5/31/2017 9520.900391 -1.04%
6/30/2017 10077.09961 5.84%
7/31/2017 9837.400391 -2.38%
8/18/2017 9837.400391 0.00%

Avg 1.34%
Rm Annualized 16.07%