Major Project MBA

FINANCIAL MODELLING FOR PORTFOLIO SELECTION
AND RISK MANAGEMENT
Submitted in the partial fulfillment of the requirements for the award of degree of
MASTER OF BUSINESS ADMINISTRATION
SUBMITTED BY
ARUN K T
(CUALMGT004)
UNDER THE GUIDANCE OF

Dr. B. JOHNSON
READER
DCMS
UNIVERSITY OF CALICUT
DEPARTMENT OF COMMERCE AND MANAGEMENT STUDIES

2011-13

Dr.E K Satheesh
Calicut University
Associate Professor
Malappuram District
Kerala State 673635
& Head of the Department

CERTIFICATE
This is to certify that Mr. Arun K T, the student of this department conducted the study entitled
Financial Modelling for Portfolio Selection and Risk Management submitted for the partial
requirement of degree of Master of Business Administration at Department of Commerce and
Management Studies, University of Calicut is a bonafide record of work done by him under the
guidance of Dr. B Johnson, Professor, DCMS, University of Calicut.
Place: CU Campus
Date:
Dr.E K Satheesh

Dr. B.Johnson
Calicut University
Reader
Malappuram District
DCMS
Kerala State -673635
CERTIFICATE
This is to certify that Mr. Arun K Tis a bonafide student of the Department of Commerce and
Management Studies, University of Calicut. This report entitled Financial Modelling for
Portfolio Selection and Risk Management is an authentic record of the project work done by him
under my supervision in partial fulfillment of the requirements for the award of the degree of Master
of Business Administration, University of Calicut.
Place: CU Campus
Date:
Dr. B. Johnson
DECLARATION
I, Arun K T, student of MBA 4th semester, Department of Commerce and Management

Studies, University Of Calicut ,hereby declare that the project report entitled Financial Modelling
for Portfolio Selection and Risk Management submitted to University of Calicut for the partial
fulfillment of Master of Business Administration is a record of original work done by me under the
guidance of Dr. B. Johnson, Reader, DCMS, University of Calicut during the academic year
2011-2013.
The empirical findings in this report are based on data collected by me, while studying and preparing
this project report.
Date
Place: CU Campus
Arun K T
ACKNOWLEDGEMENTS
First of all, I express our heartfelt gratitude to God, the almighty, without whose blessings I
would not have completed this endeavor in time.
I express my sincere and cordial gratitude to my guide, Dr. B Johnson, Reader, Department of
Commerce and Management Studies, University Of Calicut, for his profound inspiration,
valuable insights, continuous support and assistance throughout the study.
I feel great delight in expressing my earnest thankfulness to Dr.E K Satheesh, Head, Department
of Commerce and Management Studies, University Of Calicut, for providing all necessary help
and guidance throughout the project.
I am also indebted to Dr. K P Rajendran, visiting faculty, Department of Commerce and
Management Studies, University of Calicut for his support and guidance for this project work.
I am indebted to all my faculty members in the Department of Commerce and Management
Studies, University of Calicut for their timely suggestions and guidance for this project work.
I would like to extend my sincere gratitude to Mr.Thomas George, Faculty ,Cochin Stock
Exchage Ltd. for providing me with all necessary aids to complete the tasks.
Special thanks must go to my parents and friends for their zealous prayers and muse that
strengthened our efforts to do this research work in time.
The success of this project is the result of cooperation from different people. I would like to take
this opportunity to express my ardent gratitude to all those people for the whole- hearted
contribution made to this project that can never be forgotten
ARUN K T
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
1.1.1 Research problem
1.1.2 Significance of the study
1.1.3 Scope of the study
1.1.4 Objectives of the study
1.1.5 Research Methodology
1.1.6Sources of data
1.1.7 Tools for data collection
1.1.8 Sampling Plan
1.1.9 Tools for analysis
1.1.10 Variables of the study
1.1.11 Period of study
1.1.12 Conceptual model of the study
10
1.1.14 Limitations
10
1.2 Literature Review
11
CHAPTER 2: INDIAN CAPITAL MARKET-AN OVERVIEW
31
CHAPTER 3: COCHIN STOCK EXCHANGE LTD-A PROFILE
45
CHAPTER 4: DATA ANALYSIS
PART 1
53
CHAPTER 5: DATA ANALYSIS
PART 2
95
CHAPTER 6: FINDINGS, SUGGESTIONS & CONCLUSION
117
BLIOGRAPHY
CHAPTER 6: ANNEXURE
123
LIST OF TABLES
Table No.
Table 4.1
Details
Return of Securities
Page No
55
Table 4.2
Risk of Securities
56
Table 4.3
Beta of Securities
58
Table 4.4
Alpha of the Securities
60
Table 4.5
Systematic risk of Securities.
62
Table 4.6
Unsystematic risk/residual variance of Securities.
63
Table 4.7.1
Ranks of Securities based on excess return to beta.
64
Table 4.7.2
Calculation of cut-off point.
65
Table 4.8.1
Calculation of optimal portfolio
65
Table 4.8.2
Optimal portfolio
66
Table 4.9.1
Portfolio alpha in optimal portfolio
66
Table 4.9.2
Portfolio beta in optimal portfolio
67
Table 4.9.4
Optimal portfolio return , risk ,alpha ,beta , residual, variance
68
Table 4.9.5
Benefit of diversification.
68
Table 4.10.1
Portfolio alpha in equal weight
71
Table 4.10.2
Portfolio beta in equal weight
71
Table.4.10.3
Portfolio residual variance in equal weight
72
Table.4.10.4
Benefit of diversification in equal weight.
73
Table.4.11.1
Calculation of weight based on PE ratio
74
Table.4.11.2
Portfolio alpha based on PE ratio.
74
Table.4.11.3
Portfolio beta based on PE ratio.
75
Table 4.11.4
Portfolio residual variance based on PE ratio
75
Table 4.11.5
Benefit of diversification in based on PE ratio.
76
Table 4.12.1
Calculation of weight based on risk adjusted rate of return
77
Table 4.12.2
Portfolio alpha based on risk adjusted rate of return.
77
Table 4.12.3
Portfolio beta based on risk adjusted rate of return.
78
Table 4.12.4
Portfolio residual variance based on risk adjusted rate of return.
78
Table 4.12.5
Benefit of diversification in based on risk adjusted rate of

return.
80
Table 4:13.1
Sharpe ratio of the portfolios.
82
Table 4.13.2
Treynor ratio of portfolios.
83
Table 4.13.3
Jensen measure of portfolios.
85
Table 4.14.1.1
Portfolio value for Mont Carlo Simulation.
88
Table 4.14.1.2
Changes in the total value of portfolio.
89
Table 4.14.2.1
Changes in total value of portfolio in Back testing.
92
Table 4.14.3.1
Variance Co-variance matrix.
93
Table 4.14.3.2
Portfolio PE weights
93
Table 5.1
Gender of the respondents.
96
Table 5.2
Age group of the respondents.
97
Table 5.3
Qualification of the respondents.
98
Table 5.4
Occupation of the respondents.
99
Table 5.5
Annual income of the respondents.
100
Table 5.6
Investment experience of the respondents.
101
Table 5.7
Investment preference of the respondents
102
Table 5.8
Sector Preference of the respondents
103
Table 5.9
Type of Analysis used by the respondents for investing
104
Table 5.10
Investment Objective of the respondents.
105
Table 5.11
Preferred rate of growth.
106
Table 5.12
Investment in stock market securities.
107
Table 5.13
Whether the respondents have financial advisor or not.
108
Table 5.14
Level of Knowledge of the respondents in Portfolio

Management.
109
Table 5.15
Technique used by the respondents to balance risk and return.
110
Table 5.16
Technique used by the respondents for portfolio diversification.
111
Table 5.17
Familiarity of the respondents with the Financial Modelling.
112
Table 5.18
Portfolio evaluation techniques used by respondents.
113
Table 5.19
Awareness of VAR concepts among the respondents.
114
Table 5.20
Methods for measuring VAR used by the respondents
115
Table 5.22
Qualification and awareness of the investors.
116
Table 5.23
Chi-Square Tests
117
LIST OF FIGURES
Figure No
Details
Page No
Fig.1.1.12
Conceptual Model
17
Fig.1.2
Efficient frontier.
21
Fig.3.1
Organisational Structre.
47
Fig.4.1
Return of Securities
55
Fig.4.2
Risk of Securities
56
Fig.4.3
Beta of Securities
58
Fig.4.4
Alpha of the Securities
60
Fig.4.5
Systematic risk of Securities.
62
Fig.4.6
Unsystematic risk/residual variance of Securities.
63
Fig.4:13.1
Sharpe ratio of the portfolios.
82
Fig.4.13.2
Treynor ratio of portfolios.
83
Fig.4.13.3
Jensen measure of portfolios.
85
Fig.5.1
Gender of the respondents.
96
Fig.5.2
Age group of the respondents.
97
Fig.5.3
Qualification of the respondents.
98
Fig.5.4
Occupation of the respondents.
99
Fig.5.5
Annual income of the respondents.
100
Fig.5.6
Investment experience of the respondents.
101
Fig.5.7
Investment preference of the respondents
102
Fig.5.8
Sector Preference of the respondents
103
Fig.5.9
Type of Analysis used by the respondents for investing
104
Fig.5.10
Investment Objective of the respondents.
105
Fig.5.11
Preferred rate of growth.
106
Fig.5.12
Investment in stock market securities.
107
Fig.5.13
Whether the respondents have financial advisor or not.
108
Fig.5.14
Fig.5.15
Fig.5.16
Level of Knowledge of the respondents in Portfolio

Management.
Technique used by the respondents to balance risk and
return.
Technique used by the respondents for portfolio
diversification.
109
110
111
Fig.5.17
Familiarity of the respondents with the Financial Modelling.
112
Fig.5.18
Portfolio evaluation techniques used by respondents.
113
Fig.5.19
Awareness of VAR concepts among the respondents.
114
Fig.5.20
Methods for measuring VAR used by the respondents
115
CHAPTER 1
INTRODUCTION
Financial modelling for portfolio selection and risk management
Financial health plays a pivotal role in the overall well-being of an economy, organization, or
individual. This can certainly be assessed qualitatively, but in order to make comparisons both
vertically and horizontally, it makes sense to quantify this notion with the use of numbers and
statistics. Therefore, it is vitally important to have standards and means to manage, monitor,
maintain, and grow wealth.
Even though there is lot of improvements happening day by day in financial and investment
management area, the individual investors who are the main part of stock market are much
concerned about the aspects like portfolio selection and risk management. Their intention is to
maximize return by minimizing risk associated with their investment .So there are mainly two
basic problems any individual investor is concerned. They are formation of an optimal portfolio
and efficient management of its risk.
The development of quantitative finance and financial modeling is helping both the
investors and portfolio managers in improving the efficiency of their portfolio and effectiveness
of risk management tools. Financial models are used to predict financial performance. It is the
task of building an abstract model of a financial decision making situation. It normally involves
application of quantitative and analytical techniques to build a statistical or mathematical model
for explaining an investment situation and for explaining a financial process or product. A
financial model can be compared to a prototype for a machine. Financial modeling is extensively
used in investment management and corporate finance. It includes the application of various
financial models in solving various problems in finance.
The study titled Financial modeling for portfolio selection and risk management is an attempt
to find out the application of different financial models for portfolio selection and management of
risk. William Sharpe optimization model is used for finding out the optimal portfolio. Different
Value at Risk measures like Monte Carlo simulation and Variance Covariance method is used
for studying the role of financial models in risk management.
DCMS,UNIVERSITY OF CACLICUT
-2-
1.1.1: RESEARCH PROBLEM

Todays Financial Market is more complex and uncertain due to introduction of new
processes and innovative products. Financial modeling strategies are effective analytical methods
for making scientific and efficient investment decisions in such complex and volatile market. The
three main problems faced by investors in managing their investment are
1. How to obtain superior performance of portfolio by striking a trade-off between risk &
return
2. How to identify under-priced securities for making investment decision.
3. How to manage the risk associated with the portfolio.
Because of volatility and complexity of capital market traditional methods based on intuitive
investment decisions fails to achieve this purpose. Investors have to use financial models for
striking an optimal trade-off between risk and return.
The study mainly focuses on studying the effectiveness of financial models in portfolio
optimization, portfolio risk management.
1.1.2: SIGNIFICANCE OF THE STUDY
Every investment decision is based on an efficient risk-return trade-off. Increased complexity of
financial instruments and the economic conditions such as recession, boom, etc makes it difficult
for any investment manager to plan his investments.
The study recognizes the importance of in generating an optimal portfolio for making right
investment decision and devising superior strategy for risk management.
1.1.3: SCOPE OF THE STUDY

The study entitled Financial Modelling and Risk Management focuses on how effectively an
investor can apply Financial Modelling in Portfolio Selection,Optimization and Portfolio Risk
Management. The study also tries to study to Value at Risk risk management techniques using
Montecarlo Simulation, Backtesting and Variance covariance model. The scope of the study is
also limited to Indian Stock Market and Indian Derivative Securities Market.
-3-
1.1.4: OBJECTIVES
Broad objective of the study is to review the different financial models for portfolio selection &
portfolio risk management. Specific objectives of the study are:
To study the application of Sharpes optimization model in portfolio selection and

optimization
To study the role of VaR matrics by using variance- covariance method and Monte Carlo
simulation method in portfolio risk management.
To perform a back test in order to determine the reliability of the VaR model so
developed.
To evaluate the awareness of Financial Modelling techniques among the investors.
1.1.5: RESEARCH METHODOLOGY

Research design
Research design is the conceptual structure within which research will be conducted. Design
includes an outline of what the researcher will do from writing the hypothesis and its operational
implications to the final analysis of the data. The study is based on analytical type of research.
1.1.6: SOURCES OF DATA

Primary data and secondary data were collected in order to fulfill the purpose of the research.
Primary data
The primary data required for the study were collected from the respondents through
questionnaire and personal interviews.
Secondary data
The main source of information is from the website Historical data of closing price of the
selected equities are collected from websites of the exchange. Data is also collected from
newspapers, magazines and journals. Five years historical data was analyzed for doing this
research.
-4-
1.1.7: TOOLS FOR DATA COLLECTION

The research instrument mainly used for the data collection was questionnaire. Personal
interview was another tool.
1.1.8: SAMPLING PLAN
The sampling method used for the research was purposive sampling. The research was done
according to the ease of accessibility and proximity to the researcher.
a. Sampling unit
The sampling unit used by the researcher includes investors investing in Indian
stock market.
b. Sample size
The sample size taken for the study was 30.
c. Contact Method
Direct contact method was used for the study. Questionnaires were circulated
among the sample respondents.
Criteria for selection of stocks
Ten securities which included in the CNX NIFTY are only selected on the base that they
represent major stocks in the capital market.
1.1.9: TOOLS FOR ANALYSIS
The data collected has been analysed using basic statistical tools like standard deviation, mean
etc.
Important Terms and Formulas used
Portfolio construction
Ri= (Todays price- yesterdays price)*100

Yesterdays price
Return (Ri) = (PE -PB) *100

PB
Alpha = Stock Return (Beta x Market Return)
Alpha (i) =Ri-i*Rm
-5-
Nxy-xy
Beta () =
Nx-(x)
Risk () =(xi-x)
N
Residual variance (ei) = i- i * m
n
Portfolio alpha (p) = i i
i=1
n
Portfolio beta (p) = i i
i=1
n
Portfolio residual variance (ei) = i
i=1
Portfolio return = Portfolio alpha+ (Portfolio beta * Market return)
Rp= p+ (p*Rm)
Portfolio risk, (p) =
n
m+ i ei
i=1
Cut off point

n
m ((Ri - Rf) x i)/ ei
i =1
Ci =
n
1+ m i)/ ei
i=1
Proportion of fund invested in each security

Zi
Xi =
n
Zi
i=1
-6-

Markowitz model
Portfolio return (Rp)=X1R1+X2R2+X3R3
Portfolio Risk ( p)
p2= 12 X1 2+ 2 2 X2 2+ 3 2 X3 2+2 X1 X2 COV12+2 X2 X3 COV 23+2X1X3 COV13
Rp=Portfolio Return
p2=Portfolio Variance
X1 = Proportion of funds invested in first security
R1=Return of first security
X2= Proportion of funds invested in second security
R2= Return of second security
X3= Proportion of funds invested in third security
R3= Return of second security
COV12=Covariance between the return of first and second securities

COV 23 = Covariance between the return of second and third securities
COV13 = Covariance between the return of first and third securities
TANGENCY PORTFOLIO:
MMULT (MMULT (TRANSPOSE (ONES), MINVERSE

(VARIANCE CO-VARIANCE MATRIX)), ONES)
MMULT (MMULT (TRANSPOSE (ONES), MINVERSE

(VARIANCE CO-VARIANCE MATRIX)), 1+ E)
C.
MMULT (MMULT (TRANSPOSE (1+ E), MINVERSE

(VARIANCE CO-VARIANCE MATRIX)), 1+ E)
DELTA :
A x C. - B2
GAMMA:
1 / (B-A x R.)
RISK =
SQRT (MMULT (MMULT (TRANSPOSE (OPTIMAL

COMBINATION OF RISKY ASSETS), VARIANCE CO-VAR
MATRIX), OPTIMAL COMBINATION OF RISKY ASSETS))
RETURN:
MMULT (TRANSPOSE (OPTIMAL COMBINATION OF RISKY

ASSETS), 1+E)-1
-7-
Portfolio evaluation:
Sharpe ratio
Sharpe ratio (SR) = Portfolio return-Risk free rate of return
Portfolio Standard deviation
=
Rp-Rf
p
Where
Rp- realized return on the portfolio
Rf- Risk free rate of return
p- Standard deviation of portfolio return
Treynor ratio
Treynor ratio =
Rp-Rf
p
Where
Rp - realized return on the portfolio
Rf - Risk free rate of return
p - Portfolio beta
Jensen measure
Jensen measure (p) = Rp -E(Rp)
Where,
Rp - Realized return of the portfolio
E (Rp) Expected return of the portfolio
E (Rp) = Rf + p(Rm Rf):-Where,
p - Beta of portfolio
Rm - Market Return
Rf - Risk free rate of return
-8-
Value at Risk
At 95% confidence level
VaR = portfolio value x 1.65

VaR = portfolio value x 2.33
Monte Carlo Simulation

s = St + S t
Where,
s = change in the stock price for a small change in time interval t
S= stock price at time t
= expected rate of return per unit of time
= Random drawing from a standardized normal distribution
= Volatility of stock price or standard deviation of the expected return
t = A small time interval
1.1.10: VARIABLES OF THE STUDY
Return
Risk
Awareness
Optimization
Stock Price
1.1.11: PERIOD OF STUDY

The study was conducted for a period of 45 days extending from April 1st to May 15 2013
-9-
1.1.12: CONCEPTUAL MODEL OF THE STUDY

Fig.No:1.1.12
1.1.3: LIMITATIONS
Duration of the study is limited to the period of one month .So in depth study is not
possible.
Only four portfolio were constructed
The conclusion cannot be conclusive as market is unpredictable
Data considered is only for past 5 year period
- 10 -
Value at Risk estimate the market risk, based on the past data
Security beta is assumed to be static
1.2: LITERATURE REVIEW

PORTFOLIO MANAGEMENT
Portfolio is a collection of assets .Creation of portfolio helps to reduce risk without sacrificing
returns. It is rare to find investors investing in a single security, instead of this they tend to invest
in a group of securities. Such a group of securities is called a portfolio.
Portfolio management deals with the analysis of individual securities as well as with the
theory and practice of optimally combining securities in to portfolio. An investor is faced with
problems in choosing the securities among the large number of securities. His choice depends
upon risk return returns characteristics of individual securities. Another problem is how much to
invest in each security. The risk return characteristics of a portfolio differ from those of
individual securities combining to form a portfolio. The investor tries to choose the optimal
portfolio taking in to consideration the risk return characteristics of all possible portfolios.
Portfolio management is a complex process which tries to make investment activity more
rewarding and less risky.
Portfolio management process consist of the following five process,
1. Security analysis
2. Portfolio analysis
3. Portfolio selection
4. Portfolio revision
5. Portfolio evaluation
- 11 -

The success of portfolio management depends on how effectively each phase is carried out.
1. Security analysis
Security analysis is the initial phase of the portfolio management process. This step consists of
examining the risk return characteristics of individual securities. For the purpose of analysis ten
securities are selected and the return, risk and risk adjusted rate of return are determined. There
are two alternative approaches to security analysis they are fundamental analysis and technical
analysis. They are based on different premises and follow different techniques.
Fundamental analysis concentrates on fundamental factors affecting the company such as the
EPS of the company, the dividend pay-out ratio, competition faced by the company, market share
.quality management, etc According to this approach the share price of this company is
determined by these fundamental factors. The fundament analysts works out the true worth or
intrinsic values of a security based on its fundamentals and then compares this value with the
current market price. If the current market price is higher than the intrinsic value the share is said
to be overpriced. Fundamental analysis helps to identify fundamentally strong companies whose
shares are worthy to be included in the investors portfolio.
Technical analysis concentrates on price movements and ignores the fundamental s of shares.
The technical analyst believes that the share price movements are systematic and exhibit certain
consistent patterns .He therefore studies past movements in the prices of shares to identify trends
and patterns .He then tries to predict the future price movement s. The current market are
compared with the future predicted price to determine the extend of mis pricing.
More recent approach to security analysis is the efficient market hypothesis. This hypothesis
holds that share movements are random and not systematic. According to this approach it is
possible for an investor to earn normal returns by randomly choosing securities of a given risk
level.
2. PORTFOLIO ANALYSIS
Portfolio analysis phase of portfolio management consist of identifying the range of
portfolios that can be constituted from a given set of securities and calculating their return and
risk for further analysis. It is better to invest in a group of securities rather than a single security.
Such a group of securities held together as an investment is known as a portfolio. A rational
- 12 -

investor attempts to find out the most efficient portfolio. The efficiency can be evaluated only in
terms of the expected return and risk of different portfolio.
Security analysis provides the investor with a set of worthwhile or desirable securities.
From this set of securities an indefinitely large number of portfolios can be constructed by
choosing different set of securities and also by varying the proportion of investment in each
security. Each of these securities has its own risk return characteristics which are not just the
aggregate of individual security characteristics. The risk and return can be measured and
expressed quantitatively.
3. Portfolio selection
The proper goal of portfolio construction is to generate a portfolio that provides the highest
return at a given level of risk .A portfolio having this characteristic is known as efficient
portfolio. From this set of efficient portfolios, optimal portfolio has to be selected for investment.
4. Portfolio revision
Having constructed the optimal portfolio, the investor has to constantly monitor the portfolio to
ensure that it continues to be optimal. Portfolio revision involves changing the existing mix of
securities. The main objective of portfolio revision is to ensure the optimality of the revised
portfolio. Portfolio revision is not a causal process of portfolio management, portfolio revision is
as important as portfolio analysis and selection.
Portfolio revision may also be necessitated by some investor related changes such as availability
of additional fund, changes in risk attitude, need of cash for other alternative use, etc. Portfolio
revision has to be done scientifically and objectively so as to ensure the optimality of the revised
portfolio.
5. Portfolio evaluation
The objective of constructing and revising it periodically is to earn maximum returns with
minimum risk. Portfolio evaluation is the process which is concerned with assessing the
performance of the portfolio over a selected period of time in terms of return and risk. It provides
mechanism for identifying weakness in the investment process for improving these deficient
areas. It provides a feedback mechanism for improving the entire portfolio management process
- 13 -

Portfolio Theory
Portfolio theory is concerned with the risk-reducing role played by individual assets in an
investment portfolio of several assets. The benefits of diversification were first formalized in
1952 by Harry Markowitz, who later was awarded the Nobel prize in economics for his work.
Portfolio Theory is today a corner stone of modern financial theory, as well as a widely used tool
for managing risk-return tradeoffs in investment portfolios.
Means and standard deviations of Total Return
The return and risk of an asset are commonly measured in terms of the mean and standard
deviation of total return, where total return represents income plus capital gains or losses. The
mean is the return one expects to obtain on average; standard deviation is a measure of
dispersion.
The mean and standard deviation of return for a given asset can be computed from historical
returns. In that case, however, they are merely summary descriptors of past performance, and
may or may not reflect the probability distribution of future returns.
Portfolio selection
Optimal Portfolio selection using Sharpes optimization model
Sharpe had provided a model for the selection of appropriate securities in a portfolio. In this
model, the ranking criteria are used to order the stocks for selecting the optimal portfolio.
Formation of optimal portfolio

The inclusion of any security in the portfolio directly related to its excess return to beta
ratio. Excess return is the difference between the expected return on the stock and the risk free
rate of interest such as rate of return on Govt. securities. The excess return-to-beta ratio measures
the additional return on a stock (excess return over the risk free rate) per unit of non
diversifiable risk. This ratio gets easy interpretation and acceptance because this ratio gives
relationship between potential reward risks. The numerator of this ratio gives the extra return
over the risk- free rate and the denominator give the non-diversifiable risk
- 14 -

Excess return to beta ratio= (Ri-Rf)/i
Where
Ri
= the expected return on security I
Rf
= the return on risk less asset
= the expected change in the ratio of return on stock I associated with a 1%

change in the market return
If the stock ranked by excess return to beta (from highest to lowest), ranking
represents the desirability of a stock inclusion in the portfolio. This implies that if a
particular stock with a specific ratio of (Ri-Rf)/i included in the optimal portfolio, all
stocks with higher ratio will also be included. On the other hand, if a stock with a
particular (Ri-Rf)/i is excluded from an optimal portfolio; all stocks with a lower ratio
will be excluded. The number of stocks included in the optimal portfolio depends on a
unique cut off rate which ensures that all stocks with higher (Ri-Rf)/i will be included
and all stocks with lower ratios should be excluded. Cut off rate is denoted by C*
The steps for finding out the stocks to be included in the optimal portfolio are given below
1. Find out the excess return to beta ratio for each stock under consideration
2. rank them from the highest to lowest
3. proceed to calculate Ci for all stocks according to the ranked order using the following
formula
2m (RI-RF) i/ 2ei
i=1
Ci
1+
2m i2/ 2ei
i=1
4. The cumulated values of Ci starts declining after a particular Ci and that point is taken as
the cut-off point and that stock ratio is the cut off ratio C*
CONSTRUCTING THE OPTIMAL PORTFOLIO
Once the cut-off rate is determined the next step is calculating the proportion to be
invested in each security. The proportion invested in each security is:
- 15 -

Zi
Xi
Zi
i=1
Where
i
(RI-RF)
Zi =
- C*
Xi = weight on each security

i=Beta of each security
i=Risk of security
Ri=return of each security
Rf=Risk free rate of return
C*= cut off rate
The Markowitz Portfolio Theory

(Concept of Expected Risk and Expected Rates of Return)
Creating an optimum portfolio doesn't involve simply finding the best risk vs. return situations,
but considering varying relationships between different asset classes.
In the early 1960s, there was much contemplation among investment industry professionals about
risk and its implications on selecting specific securities and other types of assets when
constructing an optimum portfolio. Yet, there were also no effective means or models of
measuring risk available at the time. By the same token, it was very clear that to construct the
optimum portfolio, capable of meeting an investors investment objectives within the constraints
of his or her chosen investment horizon, was not going to be possible without adequate and
quantifiable measures of risk.
Prompted by this largely unmet need, Harry M. Markowitz introduced the preliminary portfolio
model in a paper titled Portfolio Selection, which he had published in the 1952 Journal of
Finance. Markowitz was further credited with the formulation of two terms critical to the
development of the portfolio theory: the expected rate of return and the expected risk measure.
Note that almost four decades after publishing Portfolio Selection, Markowitz shared a Nobel
Prize with Merton Miller and William Sharpe for his contribution to the development of what has
become known as the capital market theory.
- 16 -
Investor Behavior Assumptions

The Markowitz Portfolio Theory relies on a number of assumptions regarding investor behavior;
such is that investors will always seek the second opinion. When presented with a spectrum of
alternatives, investors will consider all expected rates of return over a specified holding period.
Furthermore, investors are very much interested to know the estimated risk level of all securities
contained within a portfolio. In fact, we could say that their investment decisions are solely based
on these two variables: the levels of expected return and the expected risk.
Notably, for any given risk level, investors will always rather go for portfolios with higher
expected returns than for those with lower returns. Alternatively, for any given expected return
level, investors are likely to prefer portfolios with less risk than those with more risk.
Based on these assumptions, most of which are pretty much common sense, when comparing a
single security or a portfolio of securities, only securities or portfolios with the highest expected
return at the same or lower risk level are considered as efficient.
The Efficient Frontier

The Markowitz Portfolio Theory also examines the curve called the efficient frontier. The idea
behind this curve is a graphic presentation of a set of portfolios that offer the maximum rate of
return for any given level of risk. Alternatively, the efficient frontier identifies portfolios that
offer the minimum risk for any given level of return.
The Markowitz efficient investor will seek his or hers optimum portfolio somewhere along the
efficient frontier curve, depending on their individual perception of the return-risk relationship.
Each portfolio on the curve will either have a higher rate of return for the same or lower risk, or
lower risk for an equal or better rate of return when compared to portfolios or securities that are
not on the efficient frontier.
Because portfolios enjoy benefits of diversification due to imperfectly correlated assets contained
within them, the efficient frontier is really made up of portfolios rather than individual securities
or assets. The two potential exemptions would be the efficient frontier curves end points, at the
beginning of which could be the asset with the lowest risk and at the end of which could be the
asset with the highest return.
What Harry Markowitz started back in the early 1960s was continued through the development
of the capital market theory, whose final product, the capital asset pricing model (CAPM),
allowed a Markowitz efficient investor to estimate the required rate of return for any risky
security or asset.
- 17 -
The capital asset pricing model

The capital asset pricing model was developed in mid 1960s by three researchers William
Sharpe, John Lintner and Jan Mossin independently. This model is also known as Sharpe-LinterMossin Capital Asset Pricing Model.
The Capital Asset Pricing Model or CAPM is really an extension of the Portfolio theory of
Markowitz. The portfolio theory is a description of how rational investors should build efficient
portfolios and select the optimal portfolio. The Capital Asset Pricing Model derives the
relationship between the expected return and risk of individual securities and portfolios in the
capital markets if everyone behaves in the way the portfolio theory suggested.
Fundamental Notions of Portfolio theory

Return and risk are two important characteristic of every investment. Investors place their
investment decisions on the expected return and risk of investments. Risk is measured by the
variability in return.
Investors attempt to reduce the variability of returns through diversification of

investment. This results in the creation of a portfolio. With a given set of securities, any number
of portfolios may be created by altering the proportion of funds invested in each security. Among
these portfolios some dominate others or some are more efficient than the vast majority of
portfolios because of lower risk or higher returns. Investors identify this efficient set of
portfolios.
CAPM decomposes a portfolio's risk into systematic and specific risk. Systematic risk is the risk
of holding the market portfolio. As the market moves, each individual asset is more or less
affected. To the extent that any asset participates in such general market moves, that asset entails
systematic risk. Specific risk is the risk which is unique to an individual asset. It represents the
component of an asset's return which is uncorrelated with general market moves.
According to CAPM, the marketplace compensates investors for taking systematic risk but not
for taking specific risk. This is because specific risk can be diversified away. When an investor
holds the market portfolio, each individual asset in that portfolio entails specific risk, but through
diversification, the investor's net exposure is just the systematic risk of the market portfolio
- 18 -

Systematic risk can be measured using beta. According to CAPM, the expected return of a stock
equals the risk-free rate plus the portfolio's beta multiplied by the expected excess return of the
market portfolio Capital asset pricing model
An estimation of the CAPM and the Security Market Line (purple) for the Dow Jones Industrial
Average over the last 3 years for monthly data.
The Capital Asset Pricing Model (CAPM) is used in finance to determine a theoretically
appropriate required rate of return of an asset, if that asset is to be added to an already welldiversified portfolio, given that asset's non-diversifiable risk. The model takes into account the
asset's sensitivity to non-diversifiable risk (also known as systemic risk or market risk), often
represented by the quantity beta () in the financial industry, as well as the expected return of the
market and the expected return of a theoretical risk-free asset.
The model was introduced by Jack Treynor, William Sharpe, John Lintner and Jan Mossin
independently, building on the earlier work of Harry Markowitz on diversification and modern
portfolio theory. Sharpe received the Nobel Memorial Prize in Economics (jointly with
Markowitz and Merton Miller) for this contribution to the field of financial economics.
Asset pricing
Once the expected return, E(Ri), is calculated using CAPM, the future cash flows of the asset can
be discounted to their present value using this rate (E(Ri)), to establish the correct price for the
asset.
In theory, therefore, an asset is correctly priced when its observed price is the same as its value
calculated using the CAPM derived discount rate. If the observed price is higher than the
valuation, then the asset is overvalued (and undervalued when the observed price is below the
CAPM valuation).
Alternatively, one can "solve for the discount rate" for the observed price given a particular
valuation model and compare that discount rate with the CAPM rate. If the discount rate in the
model is lower than the CAPM rate then the asset is overvalued (and undervalued for a too high
discount rate).
- 19 -

Asset-specific required return
The CAPM returns the asset-appropriate required return or discount rate - i.e. the rate at which
future cash flows produced by the asset should be discounted given that asset's relative riskiness.
Betas exceeding one signify more than average "riskiness"; betas below one indicate lower than
average. Thus a more risky stock will have a higher beta and will be discounted at a higher rate;
less sensitive stocks will have lower betas and be discounted at a lower rate. The CAPM is
consistent with intuition - investors (should) require a higher return for holding a more risky
asset.
Since beta reflects asset-specific sensitivity to non-diversifiable, i.e. market risk, the market as a
whole, by definition, has a beta of one. Stock market indices are frequently used as local proxies
for the market - and in that case (by definition) have a beta of one. An investor in a large,
diversified portfolio (such as a mutual fund) therefore expects performance in line with the
market.
Risk and diversification

The risk of a portfolio comprises systematic risk, also known as diversifiable risk, and
unsystematic risk which is also known as idiosyncratic risk or diversifiable risk. Systematic risk
refers to the risk common to all securities - i.e. market risk. Unsystematic risk is the risk
associated with individual assets. Unsystematic risk can be diversified away to smaller levels by
including a greater number of assets in the portfolio (specific risks "average out"). The same is
not possible for systematic risk within one market. Depending on the market, a portfolio of
approximately 30-40 securities in developed markets such as UK or US will render the portfolio
sufficiently diversified to limit exposure to systemic risk only. In developing markets a larger
number is required, due to the higher asset volatilities.
A rational investor should not take on any diversifiable risk, as only non-diversifiable risks are
rewarded within the scope of this model. Therefore, the required return on an asset, that is, the
return that compensates for risk taken, must be linked to its riskiness in a portfolio context - i.e.
its contribution to overall portfolio riskiness - as opposed to its "stand alone riskiness." In the
CAPM context, portfolio risk is represented by higher variance i.e. less predictability. In other
- 20 -

words the beta of the portfolio is the defining factor in rewarding the systematic exposure taken
by an investor.
The efficient frontier
Fig.No:1.2
The (Markowitz) efficient frontier

The CAPM assumes that the risk-return profile of a portfolio can be optimized - an optimal
portfolio displays the lowest possible level of risk for its level of return. Additionally, since each
additional asset introduced into a portfolio further diversifies the portfolio, the optimal portfolio
must comprise every asset, (assuming no trading costs) with each asset value-weighted to achieve
the above (assuming that any asset is infinitely divisible). All such optimal portfolios, i.e., one for
each level of return, comprise the efficient frontier.
Because the unsystematic risk is diversifiable, the total risk of a portfolio can be viewed as beta.
The market portfolio
An investor might choose to invest a proportion of his or her wealth in a portfolio of risky assets
with the remainder in cash - earning interest at the risk free rate (or indeed may borrow money to
fund his or her purchase of risky assets in which case there is a negative cash weighting). Here,
- 21 -

the ratio of risky assets to risk free asset does not determine overall return - this relationship is
clearly linear. It is thus possible to achieve a particular return in one of two ways:
1.
By investing all of one's wealth in a risky portfolio,
2.
or by investing a proportion in a risky portfolio and the remainder in cash (either
borrowed or invested).
For a given level of return, however, only one of these portfolios will be optimal (in the sense of
lowest risk). Since the risk free asset is, by definition, uncorrelated with any other asset, option 2
will generally have the lower variance and hence be the more efficient of the two.
This relationship also holds for portfolios along the efficient frontier: a higher return portfolio
plus cash is more efficient than a lower return portfolio alone for that lower level of return. For a
given risk free rate, there is only one optimal portfolio which can be combined with cash to
achieve the lowest level of risk for any possible return. This is the market portfolio.
Assumptions of CAPM
All Investors:
Aim to maximize utilities.
Are rational risk-averse.
Are price takers i.e. they cannot influence prices.
Can lend and borrow unlimited under the risk free rate of interest.
Securities are all highly divisible into small parcels.
No transaction or taxation costs incurred.
Capital market line & security market line

The efficient frontier represents the efficient set of portfolios. The line formed by the action of all
investors mixing the market portfolio with the risk free assets is known as the Capital market
line. All efficient portfolios of all investors will lie along this CML.
CML does not describe the risk return relationship of inefficient portfolios. The CAPM specifies
the relationship between expected return and risk of all securities and all portfolios, whether
efficient or inefficient.
- 22 -

SML gives the relationship between expected return and beta value () of a security. Beta value
is a measure of the securitys sensitivity to changes in the market return. Beta value greater than
one indicates higher sensitivity to changes in the market changes, whereas beta value less than
one indicates lower sensitivity to market changes. When the beta value equals to one it indicates
that security moves at the same rate and in the same direction as the market.
Pricing securities with CAPM
The CAPM can also be used for evaluating the pricing of securities. It provides a frame work for
assessing whether a security is underpriced, overpriced or correctly priced. According to CAPM
each security is expected to provide a return commensurate with its level of risk. A security may
be offering more returns than expected returns, making it more attractive. Another security may
be offering less return than the expected return, making it less attractive.
Shortcomings of CAPM
The model assumes that asset returns are (jointly) normally distributed random variables.
It is however frequently observed that returns in equity and other markets are not
normally distributed. As a result, large swings (3 to 6 standard deviations from the mean)
occur in the market more frequently than the normal distribution assumption would
expect.
The model assumes that the variance of returns is an adequate measurement of risk. This
might be justified under the assumption of normally distributed returns, but for general
return distributions other risk measures (like coherent risk measures) will likely reflect the
investors' preferences more adequately.
The model does not appear to adequately explain the variation in stock returns. Empirical
studies show that low beta stocks may offer higher returns than the model would predict.
Some data to this effect was presented as early as a 1969 conference in Buffalo, New
York in a paper by Fischer Black, Michael Jensen, and Myron Scholes. Either that fact is
itself rational (which saves the Efficient Market Hypothesis but makes CAPM wrong), or
it is irrational (which saves CAPM, but makes the EMH wrong indeed, this possibility
makes volatility arbitrage a strategy for reliably beating the market).
The model assumes that given a certain expected return investors will prefer lower risk
(lower variance) to higher risk and conversely given a certain level of risk will prefer
- 23 -

higher returns to lower ones. It does not allow for investors who will accept lower returns
for higher risk. Casino gamblers clearly pay for risk, and it is possible that some stock
traders will pay for risk as well.
The model assumes that all investors have access to the same information and agree about
the risk and expected return of all assets (homogeneous expectations assumption).
The model assumes that there are no taxes or transaction costs, although this assumption
may be relaxed with more complicated versions of the model.
The market portfolio consists of all assets in all markets, where each asset is weighted by
its market capitalization. This assumes no preference between markets and assets for
individual investors, and that investors choose assets solely as a function of their riskreturn profile. It also assumes that all assets are infinitely divisible as to the amount which
may be held or transacted.
The market portfolio should in theory include all types of assets that are held by anyone
as an investment (including works of art, real estate, human capital...) In practice, such a
market portfolio is unobservable and people usually substitute a stock index as a proxy
for the true market portfolio. Unfortunately, it has been shown that this substitution is not
innocuous and can lead to false inferences as to the validity of the CAPM, and it has been
said that due to the inobservability of the true market portfolio, the CAPM might not be
empirically testable. This was presented in greater depth in a paper by Richard Roll in
1977, and is generally referred to as Roll's critique
Tools for portfolio evaluation
Sharpe ratio
The performance measured developed by William Sharpe is referred to as the Sharpe ratio or the
reward to variability ratio. It is the ratio of the reward or risk premium to the variability of return
or risk as measured by the standard deviation of return. The formula for calculating Sharpe ratio
may be stated as
Sharpe ratio (SR)= Rp-Rf
p
Where
Rp=realized return on the portfolio
p=Standard deviation of portfolio return
- 24 -
Treynor ratio
The performance measure developed by Jack Treynor is referred to as Treynor ratio or reward to
volatility ratio. It is the ratio of the reward or risk premium to the volatility of return as measured
by the portfolio beta. The formula for calculating Treynor ratio may be stated as
Treynor ratio=
Rp-Rf
p
Where
Rp=realized return on the portfolio
p=Portfolio beta
Both the measures are relative measures of performance because they relate the return to the risk
involved. However they differ in the measure of risk used for the purpose. Sharpe uses the total
risk as measured by standard deviation, while Treynor employs the systematic risk as measured
by the beta coefficient in a fully diversified portfolio all the unsystematic risk would be
diversified away and the relevant measure of risk would be the beta coefficient. For such a
portfolio Treynor ratio would be the appropriate measure of performance evaluation .For a
portfolio that is not so well diversified, the Sharpe ratio using the total risk measure would be the
appropriate performance measure.
Jensen ratio
Another type of risk adjusted performance has been developed by the Michael Jensen and is
referred to a Jensen ratio. This ratio measures the differential between actual return earned on a
portfolio given its level of risk. The CAPM model is used to to calculate the expected return on a
portfolio. The difference between the return that a portfolio should earn for a given level of risk
.The difference between the return actually earned on a portfolio and the return expected from the
portfolio is a measure of the excess return.
- 25 -

Using the CAPM model the expected return of the portfolio can be calculated as follows
E(Rp) =Expected portfolio return

Rf =Risk free rate
Rm= Return on market index
p=Systematic risk of the portfolio
The differential return is calculated as follows:

p= Rp- E(Rp)
Where
p =Differential return earned
Rp= actual return earned on the portfolio
E (Rp) =Expected return
Value at Risk
Risk management attempts to provide financial predictability for a company. Every day firms
face financial risks. Interest and exchange rate volatility, default on loans, and changes in credit
rating are some examples. These risks can be sorted into two categories-credit risk and market
risk. Credit risk includes all risks associated with the credit of specific participants, such as
potential default or changes in credit rating.
Market risk refers to risks affecting broad sectors of the economy, such as an increase in interest
rates, currency devaluation, or a decline in commodities prices, like aluminum and oil. Financial
analysts use a number of innovations to calculate and hedge against these kinds of risk. One
innovation that has been receiving immense attention is Value at Risk.
Value at Risk is a summary statistic that quantifies the exposure of an asset or portfolio to market
risk, or the risk that a position declines in value with adverse market price changes. Measuring
risk using VaR allows managers to statements regarding the expected losses for a certain period.
To arrive at a VaR measure for a given portfolio, a firm must generate a probability distribution
of possible changes in the value of some portfolio over a specific time or risk horizon
.J.P.Morgan Chairman Dennis Weatherstone introduced this concept.
- 26 -
Different approaches for calculating VaR

VaR can be calculated in many ways. As a result, firms using different calculating methods can
arrive at different Value at Risk numbers for the same portfolio. There are advantages and
disadvantages in each method of calculating VaR
Variance Covariance model
Historical Simulation Method
For applying Monte Carlo simulation technique, security prices are assumed to be a random
variable. It is also assumed that the stock market is efficient in the weak form (which is true for
Indian Market).Since stock price is a random variable; the stock price movement is a stochastic
process.
The Wiener process, which is a particular type of Markov stochastic process, best defines the
stock price movement. The mathematical model which defines the stock price movements under
Wiener process is given by the following mathematical relation:
s = St + S t
Where,
s = change in the stock price for a small change in time interval t
S= stock price at time t
= expected rate of return per unit of time
= Random drawing from a standardized normal distribution
= Volatility of stock price or standard deviation of the expected return
t = A small time interval
The stock price after a small time interval t would be
ST = S+s
- 27 -

Since the period considered is very small, a logo normal return or continuously
compounded return would be more appropriate. So the expected return for period T is defined
as
= 1
T
n*
ST
SO
Where
ST = Stock price at time T
SO = Stock price at time Zero
= Natural logarithm
T =Time interval in years
Following steps are involved in Monte Carlo Simulation to calculate one-day VaR for a
portfolio.
1. Determining the expected return and standard deviation of the return for the stock ( and
).These are assumed to be constant.
2. Value the portfolio today.(in our case 31.4.2008) in the usual way by using current value of
the stock price .
3. Sample once from the multivariate normal probability distribution to determine the value of
(for the purpose we have used a random number generator to obtain the random number
with the computer by using Microsoft Excel)
4. Determine the change in value of the security and the new value of the security using the
relation.
s = St + S t
Where
s = Change in the stock price for one day
S = Price of stock today
= Expected return for period T
= Random number
t = a small time interval
- 28 -

For our analysis t = 1 day
The expected return
=1
n*
ST
SO
ST = Stock price at time T

SO = Stock price at time Zero
5. Revalue the portfolio at the end of the day in the usual way.
6. Subtract the value calculated in step 2 from the value in steps to determine a sample change
in portfolio value P.
7. Repeat steps (3) to (6) many times (in our case 500 times) to build up a probability
distribution for P.
We have repeated the steps to obtain 500 sample values for P. The VaR is calculated at
99%and95% confidence level.
The 500 simulated values of changes in portfolio values so obtained are then sorted in ascending
order.1-day VaR at 99% is the 5th worst outcome and 1-day VaR at 95% is the 25th worst
outcome.
Variance Covariance model
This model is termed as correlation models. It is based on J.P.Morgans Risk Metrics and
Modern Portfolio Theory (MPT).Using this, expected return or standard deviation can be
explained as function of volatility of return of each security in the portfolio and the covariance
between each securities position.
These are less flexible models which require normal probability distribution, using equation
based on Markowitz model. Inputs of data required are the variance and covariance of individual
assets in the portfolio. The equation gives a value of portfolio variance and whose square root is
- 29 -

the standard deviation of the portfolio .The VaR in this model is the multiple of standard
deviation depending on the required confidence level. At 95% confidence level, the VaR equals
to standard deviation. This method is used only to the portfolios that conform to normal
distribution.
Historical Simulation Method

This method is similar to the delta Normal method in that it also uses historical data of
asset returns and the exposure to these risk factors. The difference is that this return does not
represent an actual portfolio but rather reconstructs the history of a hypothetical portfolio using
the current position .both the methods would generate the same VAR if asset returns are all
normally distributed
This is also relatively simple .the drawback to this is that only one sample path is used for
simulation, which may not adequately represent future distributions.
Back Testing
Statistically perverse nature of the asset returns compel risk managers to perform back
testing. In back testing, the performance of VaR estimates of extreme losses with respect to
realized losses is examined. That is, it allows the risk manager to determine whether VaR
methods employed are adequate. Through back testing, the reasons for increase in actual losses
than those predicted by VaR can be found out.
Sometimes, the composition of the portfolio can drive actual losses beyond VaR.If selling an
asset in one day can be only accomplished only by accepting a large price- discount; the value
change caused by an adverse set of price changes should reflect this. Accordingly, bid prices
should be used for the computation of VaR, particularly if the risk manager believes that parts of
the portfolio will be liquidated after adverse price movements. For this reason, institutions will
often adjust their VaR for the liquidity of their positions.
- 30 -
CHAPTER 2
INDIAN CAPITAL MARKET-AN
OVERVIEW
- 31 -
Stock exchanges are intricacy inter-woven in the fabric of a nation's economic life. The history of
Indian capital markets spans back 200 years, around the end of the 18th century. It was at this
time that India was under the rule of the East India Company. In 1860-61 the American Civil
War broke out and cotton supply from United States of Europe was stopped; thus, the 'Share
Mania' in India begun. The number of brokers increased to about 200 to 250. However, at the end
of the American Civil War, in 1865, a disastrous slump began (for example, Bank of Bombay
Share which had touched Rs 2850 could only be sold at Rs.87)
At the end of the American Civil War, the brokers who thrived out of Civil War in 1874,
found a place in a street (now appropriately called as Dalal Street) where they would
conveniently assemble and transact business. In 1887, they formally established in Bombay, the
"Native Share and Stock Brokers' Association" (which is alternatively known as " The Stock
Exchange "). In 1895, the Stock Exchange acquired a premise in the same street and it was
inaugurated in 1899. Thus, the Stock Exchange at Bombay was consolidated The capital market
of India initially developed around Mumbai; with around 200 to 250 securities brokers
participating in active trade during the second half of the 19th century. . In 1887, an indenture
was executed and the Bombay Stock Exchange (BSE) was formally established as a society
named Native Share and Stock Brokers Association.
The effects of Industrial Revolution began to be felt in India by the dawn of 20th century.
After Independence, the Indian Government gave priority to infrastructure development
considering the urgency of proceeding with large scale industrial development,. Accordingly,
Industrial Finance Corporation was formed in 1948with the objective of providing financial
assistance to the industrial sector. In 1955, Industrial Credit and Investment Corporation of India
(ICICI) were set up for providing the capital market with underwriting facility. Establishment of
Life Insurance Corporation in 1956 was another landmark in the field of institutionalization of
the capital market. Apart from the insurance business it also invested in government securities.
An important development in company law took place when the government of India
promulgated the Companies Act, 1956 based on the recommendations of the company law
committee. This was the largest statute ever passed by the Parliament. Unit Trust of India (UTI)
was formed in 1964 for providing facilities of equity investment for small investors thereby
supplementing the efforts of institutions engaged in mobilizing the savings of the community.
Mutual fund scheme was first introduced in Indian by UTI in 1964. Industrial Development Bank
- 32 -

of India (IDBI) was also formed in 1964 as a subsidiary of Reserve bank of India (RBI) to
provide long term financial assistance to medium and large scale industries. As the apex
development bank of the country, IDBI has been vested with the responsibility of strengthening
the resources off the financial institutions including banks. The passing of Foreign Exchange
Regulation Act, 1973 limited the shareholding of foreign firms to 40%, if they were to be
recognized as Indian companies. For diluting their share holdings, many multinational companies
offered shares to the public at attractive rates.
During 1980s, debentures emerged as a powerful device for mobilizing funds in the
capital market. Also, many public sector undertakings came out with bonds. There was also an
impressive growth in the secondary market as ten stock exchanges were established in mideighties. Moreover, several instruments like convertible debentures and mutual fund schemes
were offered to meet the expectations of emerging investors.
During eighties, however, many stock exchanges were established: Cochin Stock
Exchange (1980), Uttar Pradesh Stock Exchange Association Limited (at Kanpur, 1982), and
Pune Stock Exchange Limited (1982), Ludhiana Stock Exchange Association Limited (1983),
Gauhati Stock Exchange Limited (1984), Kanara Stock Exchange Limited (at Mangalore, 1985),
Magadh Stock Exchange Association (at Patna, 1986), Jaipur Stock Exchange Limited (1989),
Bhubaneswar Stock Exchange Association Limited (1989), Saurashtra Kutch Stock Exchange
Limited (at Rajkot, 1989), Vadodara Stock Exchange Limited (at Baroda, 1990) and recently
established exchanges - Coimbatore and Meerut. Thus, at present, there are totally twenty one
recognized stock exchanges in India excluding the Over The Counter Exchange of India Limited
(OTCEI) and the National Stock Exchange of India Limited (NSEIL).
The Indian stock markets till date have remained stagnant due to the rigid economic
controls. It was only in 1991, after the liberalization process that the India securities market
witnessed a flurry of IPOs serially. The market saw many new companies spanning across
different industry segments and business began to flourish .
The launch of the NSE (National Stock Exchange) and the OTCEI (Over the Counter Exchange
of India) in the mid-1990s helped in regulating a smooth and transparent form of securities
trading.
The stock market however received a dubbing in 1995-1996 onwards because of the
sudden erosion of the saving of the investors. The investor lost confidence in the securities
market and therefore the public issues dried up , thus ending of a golden era of public issues .
However the resource mobilization continued to grow this time through other channels like
bonds,
mutual
funds
and
more
considerably
- 33 -
through
private
placements.

The regulatory body for the Indian capital markets was the SEBI (Securities and Exchange Board
of India). Another sea change that the security market has witnessed is the introduction of demat
trading in India. Now we have one of the best demat trading in the world, and almost 100%
trading at the bourses take place in demat mode only.The capital markets in India experienced
turbulence after which the SEBI came into prominence. The market loopholes had to be bridged
by taking drastic measures.
Trading Pattern Of The Indian Stock Market:Trading in Indian stock exchanges is limited to listed securities of public limited
companies. They are broadly divided into two categories, namely, specified securities (forward
list) and non-specified securities (cash list). Equity shares of dividend paying, growth-oriented
companies with a paid-up capital of at least Rs.50 million and a market capitalization of at least
Rs.100 million and having more than 20,000 shareholders are, normally, put in the specified
group and the balance in non-specified group.
Two types of transactions can be carried out on the Indian stock exchanges: (a) spot
delivery transactions "for delivery and payment within the time or on the date stipulated when
entering into the contract which shall not be more than 14 days following the date of the
contract" : and (b) forward transactions "delivery and payment can be extended by further period
of 14 days each so that the overall period does not exceed 90 days from the date of the contract".
The latter is permitted only in the case of specified shares. The brokers who carry over the out
standings pay carry over charges (can tango or backwardation) which are usually determined by
the rates of interest prevailing.
A member broker in an Indian stock exchange can act as an agent, buy and sell securities
for his clients on a commission basis and also can act as a trader or dealer as a principal, buy and
sell securities on his own account and risk, in contrast with the practice prevailing on New York
and London Stock Exchanges, where a member can act as a jobber or a broker only.
The nature of trading on Indian Stock Exchanges are that of age old conventional style of
face-to-face trading with bids and offers being made by open outcry. However, there is a great
amount of effort to modernize the Indian stock exchanges in the very recent times.
OVER THE COUNTER EXCHANGE OF INDIA (OTCEI)
The traditional trading mechanism ,which prevailed in the Indian stock exchanges,
resulted in much functional inefficiency such as absence of liquidity ,lack of transparency, undue
delay in settlement of transactions, fraudulent practices etc. with the objective of providing more
efficient services to investors, the countrys first electronic which facilitates ringless,scripless
- 34 -

trading was set up in 1992with the name Over the Counter Exchange Of India. It was sponsored
by the countrys premier financial institutions such as Unit Trust of India (UTI), Industrial Credit
and Investment Corporation of India (ICICI), Industrial Development Bank of India (IDBI) ,SBI
Capital Markets, Industrial Finance Corporation of India (IFCI), General Insurance Corporation
(GIC) and its subsidiaries and Canbank Financial services.
The exchange was set up to aid enterprising promoters in raising finance for new projects
in a cost effective manner and to provide investors with a transparent and efficient mode of
trading. The OTCEI has many novel features. It introduced screen based trading for the first time
in the Indian stock market. Trading takes place through a network of computers of over the
counter dealers located at several places, linked to a central OTC computer using tele communication links. All the activities of the OTC trading process are fully computerized.
Moreover, OTCEI is a national exchange having a country wide reach. OTCEI has an exclusive
listing in any other stock exchanges. For being listed in OTCEI the companies have to be
sponsored by members of OTCEI. It was the first exchange in the country to introduce the
practice of market making that is dealers in securities providing two way quotes (bid prices and
offer prices of securities)
Compared to the traditional Exchanges, OTC Exchange network has the following advantages:
OTCEI has widely dispersed trading mechanism across the country which provides
greater liquidity and lesser risk of intermediary charges.
Greater transparency and accuracy of prices is obtained due to the screen-based scrip less
trading.
Since the exact price of the transaction is shown on the computer screen, the investor gets
to know the exact price at which s/he is trading.
Faster settlement and transfer process compared to other exchanges.
In the case of an OTC issue (new issue), the allotment procedure is completed in a month
and trading commences after a month of the issue closure, whereas it takes a longer
period for the same with respect to other exchanges.
- 35 -
NATIONAL STOCK EXCHANGE (NSE):With the liberalization of the Indian economy, it was found inevitable to lift the Indian
stock market trading system on par with the international standards. On the basis of the
recommendations of high powered Pherwani Committee, the National Stock Exchange was
incorporated in 1992 by Industrial Development Bank of India, Industrial Credit and Investment
Corporation of India, Industrial Finance Corporation of India, all Insurance Corporations,
selected commercial banks and others.
The National Stock Exchange of India Limited has genesis in the report of the High
Powered Study Group on Establishment of New Stock Exchanges. It recommended promotion of
a National Stock Exchange by financial institutions (FIs) to provide access to investors from all
across the country on an equal footing. Based on the recommendations, NSE was promoted by
leading Financial Institutions at the behest of the Government of India and was incorporated in
November 1992 as a tax-paying company unlike other stock exchanges in the country. On its
recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April
1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in june 1994.
The following years witnessed rapid development of Indian capital market with
introduction of internet trading, Exchange traded funds (ETF), stock derivatives and the first
volatility index
India VIX in April2008, by NSE.
August 2008 saw introduction of Currency derivatives in India with the launch of Currency
Futures in USD INR by NSE. Interest Rate Futures was introduced for the first time in India by
NSE on 31st August 2009, exactly after one year of the launch of Currency Futures.
The National Stock Exchange (NSE) is India's leading stock exchange covering various
cities and towns across the country. NSE was set up by leading institutions to provide a modern,
fully automated screen-based trading system with national reach. The Exchange has brought
about unparalleled transparency, speed & efficiency, safety and market integrity. It has set up
facilities that serve as a model for the securities industry in terms of systems, practices and
procedures.
NSE has played a catalytic role in reforming the Indian securities market in terms of
microstructure, market practices and trading volumes. The market today uses state-of-art
information technology to provide an efficient and transparent trading, clearing and settlement
- 36 -

mechanism, and has witnessed several innovations in products & services viz. demutualization of
stock exchange governance, screen based trading, compression of settlement cycles,
dematerialization and electronic transfer of securities, securities lending and borrowing,
professionalization of trading members, fine-tuned risk management systems, emergence of
clearing corporations to assume counterparty risks, market of debt and derivative instruments and
intensive use of information technology.
STOCK MARKET:A stock market is a market for the trading of shares, debentures, derivatives and other
instruments of different companies listed on different Stock Exchanges.
Although common, the term 'the stock market' is a somewhat abstract concept for the mechanism
that enables the trading of company stocks. It is also used to describe the totality of all stocks,
especially within a country, for example in the phrase "the stock market was up today", or in the
term "stock market bubble".It is distinct from a stock exchange, which is an entity (a corporation
or a mutual organization) in the business of bringing buyers and sellers of stocks together.
Trading:Participants in the stock market range from small individual stock investor to large hedge
fund traders. Their orders usually end up with a professional at a stock exchange, who executes
an order.
Most stocks are traded on exchanges, which are places where buyers and sellers meet and
decide on a price. Some exchanges are physical locations where transactions are carried out on a
transaction floor, by a method known as open outcry. This type of auction is used in stock
exchanges and commodity exchanges where traders may enter "verbal" bids and offers
simultaneously. The other type of exchange is a virtual kind, composed of a network of
computers where trades are made electronically via traders at computer terminals.
Actual traders are based on an auction market paradigm where a potential buyer bids a
specific price for a stock and a potential seller quotes a specific price for the stock. (Buying or
selling at market means one will accept any bid or ask price for the stock.) When the bid and ask
prices match, a sale takes place on a first come first serve basis if there are multiple bidders or
askers at a given price.
The purpose of a stock exchange is to facilitate the exchange of securities between buyers
and sellers, thus providing a marketplace (virtual or real). Just imagine how difficult it would be
to sell the shares (and what a disadvantage one would be at with respect to the buyer) if one had
to call around trying to locate a buyer, as when selling a house. Really, a stock exchange is
- 37 -

nothing more than a super-sophisticated farmers' market providing a meeting place for buyers
and sellers.
The New York Stock Exchange is a physical exchange, where much of the trading is done
face-to-face on a trading floor. This is also referred to as a "listed" exchange (because only stocks
listed within the exchange may be traded).
The NASDAQ is a virtual (listed) exchange, where all of the trading is done by
computers. The process is similar to the above, in that the seller provides an asking price and the
buyer provides a bidding price. However, buyers and sellers are electronically matched. One or
more NASDAQ market makers will always provide a bid and ask price at which they will always
purchase or sell 'their' stock.
Major Participants in the Indian Stock Market:There are 23 stock exchanges in India. Among them two are national level stock exchanges
namely Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE). The rest
21 are Regional Stock Exchanges (RSE). Even though there are 23 stock Exchanges in India,
increase in turnover took place mostly in the large exchanges at the expense of smaller ones.
Bombay Stock Exchange:
A very common name for all traders in the stock market, BSE, stands for Bombay Stock
Exchange. The Bombay Stock Exchange, established in 1875, as The Native Share and Stock
Brokers Association is the oldest in Asia, even older than the Tokyo Stock Exchange, founded
in 1878 until the establishment of National Stock Exchange; it was considered the premier stock
exchange and trend setter in the country. Among the 23 stock exchanges recognized by the
Government of India under the Securities Contract (Regulation) Act, 1956, it was the first one to
be recognized and the only one that has been granted the privilege of permanent registration. In
1994, the Bombay Stock Exchange faced competition for the first time when National Stock
Exchange was formed with completely automated trading system. It rose to the challenges of
technology and in 1995, put the automated trading programming and transferred over 5000 scrips
from floor to screen. The Bombay On-Line Trading (BOLT) network has been expanded to
centers outside Mumbai.
Market returns on equity shares as well as volatility in prices are measured through share price
indices. In India, Bombay Stock Exchange 30 shares Sensitive Index (BSE SENSEX) is one of
the popular benchmarks of share prices.
- 38 -

BSE Vision:The vision of the Bombay Stock Exchange is to "Emerge as the premier Indian stock
exchange by establishing global benchmarks."
Regional Stock Exchanges (RSE)
Ahmedabad Stock Exchange
Bangalore Stock Exchange
Bhubaneshwar Stock Exchange
Calcutta Stock Exchange
Cochin Stock Exchange
Coimbatore Stock Exchange
Delhi Stock Exchange
Guwahati Stock Exchange
Jaipur Stock Exchange
Ludhiana Stock Exchange
Madhya Pradesh Stock Exchange
Madras Stock Exchange
Magadh Stock Exchange
Mangalore Stock Exchange
Meerut Stock Exchange
OTC Exchange Of India
Pune Stock Exchange
Saurashtra Kutch Stock Exchange
Uttar Pradesh Stock Exchange
The Regional Stock Exchanges started clustering from the year 1894, when the first RSE,
the Ahmedabad Stock Exchange (ASE) was established. In the year 1908, the second in the
series, Calcutta Stock Exchange (CSE) came into existence. During the early sixties, there were
only few recognized RSEs in India namely Calcutta, Madras, Ahmedabad, Delhi, Hyderabad and
Indore. The number remained unchanged for the next two decades. 1980s was the turning point
and many RSEs were incorporated. The latest is Coimbatore Stock Exchange and Meerut Stock
Exchange.
- 39 -

Financial Market:
Financial market is the market where financial securities like stocks and bonds and
commodities like valuable metals are exchanged at efficient market prices. Here by efficient
market prices we mean the unbiased price that reflects belief at collective speculation of all
investors about the future prospect. Markets work by placing many interested buyers and sellers
in one "place", thus making it easier for them to find each other.
The trading of stock and bonds in the Financial Market can take place directly between
buyers and sellers or by the medium of stock exchange .Financial markets can be domestic or
international. Financial market is constituted mainly with money markets and capital markets. It
also include other markets like bond market, stock market, commodity market, derivative market,
futures market, insurance market, foreign exchange market etc..
The financial instruments that have short or medium term maturity periods are dealt in the
money market whereas the financial instruments that have long term maturity periods are dealt in
the capital market. Here we are mainly focusing on money market and capital market as they are
the major constituents in the financial market system.
Money Market
Money market is the market for short term financial assets with maturities of one year or
less. Treasury bills, commercial bills, commercial papers,etc. are the short term securities traded
in the money market . these instruments being close substitutes for money ,the market for their
trading is known as money market.
Money market is the main source of working capital funds for business and industry. It
provides a mechanism for evening out short term surpluses and deficits. The short term
requirements of borrowers can be met by the creation of money market securities, which can be
purchased by lenders with short term surpluses to park their funds for short durations. In India,
the money market has a narrow base with limited number of participants who are mostly
financial institutions.
Capital Market
Capital market is the market segment where securities with maturity than one year are
bought and sold. The market where investment funds like bonds, equities and mortgages are
traded is known as the capital market. The primal role of the capital market is to channelize
investments from investors who have surplus funds to the ones who are running a deficit. The
capital market offers both long term and overnight funds. The different types of financial
- 40 -

instruments that are traded in the capital markets are equity instruments, credit market
instruments, insurance instruments, foreign exchange instruments, hybrid instruments and
derivative
Capital markets may be classified as primary markets and secondary markets. In primary
markets, new stock or bond issues are sold to investors via a mechanism known as underwriting.
In the secondary markets, existing securities are sold and bought among investors or traders,
usually on a securities exchange, over-the-counter, or elsewhere.
Primary Market:
The market mechanism for buying and selling of new issues of securities is known as
primary market. This market is also known as new issue market as it deals in new issues of
securities. Companies, governments or public sector institutions can obtain funding through the
sale of a new stock or bond issue. The process of selling new issues to investors is called
underwriting. In the case of a new stock issue, this sale is an initial public offering (IPO).
Secondary Market:The secondary market deals with securities which have already been issued and are
owned by investors, both individual and institutional. These may be traded between investors.
The buying and selling of securities already issued and outstanding takes place in stock
exchanges. Hence, stock exchanges constitute the secondary market in securities. For the general
investor, the secondary market provides an efficient platform for trading of his securities. For the
management of the company, Secondary equity markets serve as a monitoring and control
conduitby facilitating value-enhancing control activities, enabling implementation of
incentive-based management contracts, and aggregating information (via price discovery) that
guides management decision.
The main financial products dealt in secondary market includes:
Equity: The ownership interest in a company of holders of its common and preferred
stock. The various kinds of equity shares are as follows
Equity Shares: An equity share, commonly referred to as ordinary share also represents
the form of fractional ownership in which a shareholder, as a fractional owner, undertakes
the maximum entrepreneurial risk associated with a business venture. The holders of such
shares are members of the company and have voting rights. A company may issue such
shares with differential rights as to voting, payment of dividend, etc.
- 41 -

Rights Issue/ Rights Shares: The issue of new securities to existing shareholders at a
ratio to those already held.
Bonus Shares: Shares issued by the companies to their shareholders free of cost by
capitalization of accumulated reserves from the profits earned in the earlier years.
Preferred Stock/ Preference shares: Owners of these kinds of shares are entitled to a
fixed dividend or dividend calculated at a fixed rate to be paid regularly before dividend
can be paid in respect of equity share. They also enjoy priority over the equity
shareholders in payment of surplus. But in the event of liquidation, their claims rank
below the claims of the companys creditors, bondholders / debenture holders.
Cumulative Preference Shares:
A type of preference shares on which dividend
accumulates if remains unpaid. All arrears of preference dividend have to be paid out
before paying dividend on equity shares.
Cumulative Convertible Preference Shares: A type of preference shares where the
dividend payable on the same accumulates, if not paid. After a specified date, these
shares will be converted into equity capital of the company.
Participating Preference Share: The right of certain preference shareholders to
participate in profits after a specified fixed dividend contracted for is paid. Participation
right is linked with the quantum of dividend paid on the equity shares over and above a
particular specified level.
Security Receipts: Security receipt means a receipt or other security, issued by a securitization
company or reconstruction company to any qualified institutional buyer pursuant to a scheme,
evidencing the purchase or acquisition by the holder thereof, of an undivided right, title or
interest in the financial asset involved in securitization.
Government securities (G-Secs): These are sovereign (credit risk-free) coupon bearing
instruments which are issued by the Reserve Bank of India on behalf of Government of India, in
lieu of the Central Government's market borrowing programme. These securities have a fixed
coupon that is paid on specific dates on half-yearly basis. These securities are available in wide
range of maturity dates, from short date (less than one year) to long date (up to twenty years).
Debentures: Bonds issued by a company bearing a fixed rate of interest usually payable half
yearly on specific dates and principal amount repayable on particular date on redemption of the
debentures. Debentures are normally secured/ charged against the asset of the company in favor
of debenture holder.
Bond: A negotiable certificate evidencing indebtedness. It is normally unsecured. A debt security
is generally issued by a company, municipality or government agency. A bond investor lends
- 42 -

money to the issuer and in exchange, the issuer promises to repay the loan amount on a specified
maturity date. The issuer usually pays the bond holder periodic interest payments over the life of
the loan. The various types of Bonds are as follows;
Zero Coupon Bond: Bond issued at a discount and repaid at a face value. No periodic
interest is paid. The difference between the issue price and redemption price represents
the return to the holder. The buyer of these bonds receives only one payment, at the
maturity of the bond.
Convertible Bond: A bond giving the investor the option to convert the bond into equity
at a fixed conversion price.
Commercial Paper: A short term promise to repay a fixed amount that is placed on the market
either directly or through a specialized intermediary. It is usually issued by companies with a
high credit standing in the form of a promissory note redeemable at par to the holder on maturity
and therefore, doesnt require any guarantee. Commercial paper is a money market instrument
issued normally for tenure of 90 days.
Treasury Bills: Short-term (up to 91 days) bearer discount security issued by the Government
as a means of financing its cash requirements.
Future of the capital market
In the liberalized economic environment, the capital market is all set to play a highly critical role
in the process of economic development. The Indian capital market has to arrange funds to meet
the financial needs of both domestic and foreign resources. What is more critical is that the
changed environment is characterized by cutthroat competition. Ability of enterprises to mobilize
funds at cheap cost will determine their competitiveness vis--vis their rivals.
- 43 -
CONCLUSION:
Over the last few years, there has been a rapid change in the Indian securities market especially
in the secondary market. Advanced technology and online-based transactions have modernized
the stock exchanges. In terms of the number of companies listed and total market capitalization,
the Indian equity market is considered large relative to the countrys stage of economic
development. The debt market, however, is almost nonexistent in India even though there has
been a large volume of Government bonds traded. Banks and financial institutions have been
holding a substantial part of these bonds as statutory liquidity requirement. Securities market
development has to be supported by overall macroeconomic and financial sector environments. If
an investor has a clear understanding of the India financial market, then formulating investing
strategies and tips would be easier. Unless stock markets provide professionalized service, small
investors and foreign investors will not be interested in capital market operations. And capital
market being one of the major source of long-term finance for industrial projects, India cannot
afford to damage the capital market path. Further liberalization of interest rates, reduced fiscal
deficits, fully market-based issuance of Government securities and a more competitive banking
sector will help in the development of a sounder and a more efficient capital market in India.
- 44 -
CHAPTER 3
COCHIN STOCK EXCHANGE LTDPROFILE
- 45 -
COCHIN STOCK EXCHANGE LTD. is one of the premier Stock Exchanges in India,
established in the year 1978. The exchange had a humble beginning with just 5 companies listed
in 1978 -79, and had only 14 members. Today the Exchange has more than 508 members and
240 listed companies. In 1980 the Exchange computerized its offices. In order to keep pace with
the changing scenario in the capital market, CSE took various steps including trading in
dematerialized shares. CSE introduced the facility for computerized trading - "Cochin Online
Trading (COLT)" on March 17, 1997. CSE was one of the promoters of the "Interconnected
Stock Exchange of India (ISE)". The objective was to consolidate the small, fragmented and less
liquid markets into a national level integrated liquid market. With the enforcement of efficient
margin system and surveillance, CSE has successfully prevented defaults. Introduction of fast
track system made CSE the stock exchange with the shortest settlement cycle in the country at
that time. By the dawn of the new century, the regional exchanges faced a serious challenge from
the NSE & BSE. To face this challenge CSE promoted a 100% subsidiary called the "Cochin
Stock Brokers Ltd. (CSBL)" and started trading in the National Stock Exchange (NSE) and
Bombay Stock Exchange (BSE).
CSBL is the first subsidiary of a stock exchange to get membership in both NSE & BSE.
CSBL also became a depository participant in the Central Depository Services Ltd. The CSE has
been playing a vital role in the economic development of the country in general, and Kerala in
particular and striving hard to achieve the following goals:
Providing investors with high level of liquidity whereby the cost and time involved in the
entry into and exit from the market are minimized.
Bringing in high tech solutions and make all operations absolutely transparent.
Building infrastructure for capital market by turning CSE into a financial super market.
Serve the investors of the region.
Professional stock broking and investment management.
Imparting Capital Market knowledge to all intermediaries on a continuous basis
The Cochin Stock Exchange is directly under the control and supervision of Securities &
Exchange Board of India (the SEBI), and is today a demutualized entity in accordance with the
Cochin Stock Exchange (Demutualization) Scheme, 2005 approved and notified by SEBI on
29th of August 2005. Demutualization essentially means de-linking and separation of ownership
and trading rights and restructuring the Board in accordance with the provisions of the
- 46 -

scheme. The Exchange has been demutualised and the notification thereof published in the
Gazette
MANAGEMENT OF CSE LTD

The policy decisions of the CSE are taken by the Board of Directors. The Board is
constituted with 12 members of whom less than one-fourth are elected from amongst the trading
member of CSE, another one fourth are Public Interest Directors selected by SEBI from the
panel submitted by the Exchange and the remaining are Shareholder Directors. The Board
appoints the Executive Director who functions as an ex-officio member of the Board and takes
charge of the administration of the Exchange.
Fig.No:3.1
Organisation Structure
Management - Board of Directors

The Exchange is professionally managed, under the overall direction of the Board of
Directors.
The
Board consists of eminent
professionals from fields
such
as
judiciary,
administration and management, who are known as Public Representative Directors. The
composition of the Board is such that 75% of the total strength of the Board consists of
- 47 -

Public Representative Directors and Govt. And SEBI nominee Directors and the balance 25%
are represented by the Brokers of the Exchange.
DEPARTMENTS
Legal:Guided by the Officer-Legal, the Legal Department is primarily responsible for advising
the management of the merits and demerits of legal issues involving the Exchange. The
department consistently monitors the compliance parameters in terms of the Companies Act,
SEBI Act, Securities Contracts Regulation Act and other related statutes. Listing Guidelines and
related criteria stipulated by SEBI, and the rules, regulations, directives and circulars issued by
SEBI with regard to trading in the Capital Market are consistently scrutinized and necessary
directions are given to the concerned departments to ensure strict and continued compliance.
Relevant developments are brought to the notice of the members and the investing public.
Officer-Legal is the Compliance Officer as per the provisions of SEBI regulations and also
functions as Secretary to the Board of Directors. Other major activities undertaken by the
department relate to Investor Grievance Service, Arbitration and Resolution of issues pertaining
to declared defaulters.
Systems:The Systems Department is the heart of the various operations of CSE. The department
provides the necessary technical support for screen based trading and the computerized
functioning of all the other departments.
The activities of the department include: Developments of software needed for the functions of the exchange.
Maintenance of Multex software, which enables online trading with NSE and BSE.
Maintenance of an effective network of computers for the smooth functioning of the
exchange.
Providing the necessary services to the Settlement and Surveillance Departments.
The support for maintenance of depository participants accounts with the CSBL DP.
Membership:The Membership Department screens applications from prospective members to ensure

that they are eligible to be members of the Exchange as per provisions of the Securities Contracts
Regulation Act. It is also verified whether they are Fit and Proper persons eligible to be
members as per the SEBI (Criteria for Fit and Proper persons) Regulation 2004. The eligible
- 48 -

applications are processed and forwarded to SEBI for the purpose of obtaining registration with
SEBI. The department continuously follows up the status of the applications with SEBI and
provides necessary data if any required by SEBI. The members are informed of their fee liability
as and when information in this regard is obtained from SEBI. The Membership Department also
assists SEBI by ensuring proper delivery of notices and letters issued by SEBI to the concerned
members. The changes in status and constitution of the Brokers are sent for approval to the
Governing Board of the Exchange and thereafter to SEBI and Members are given necessary
directions wherever required. Change in address and contact information are updated in the
Finance and Accounting System and SEBI intimated.
Settlement:Settlement Department is a key department of the Exchange, dealing with cash and
securities. It assists the brokers in settling the matters related to their pay-in and payout, recovery
of dues and settling issues related to bad deliveries. This department is headed by a Deputy
Manager assisted by two Senior Officers who take care of the operations involved in the
settlement activities in CSE. The Exchange follows the T+2 settlement system.
Listing:The Listing Department guides prospective companies desirous of being listed on the
Exchange by providing the knowledge base and information on the statutory requirements that
have to be complied with. The major functions undertaken by the department include post-listing
monitoring and compliance with the listing agreement, monitoring the listing agreements and
reviewing the provisions of listing agreement from time to time with specific reference to SEBI
Regulations/Circulars that are in force. The department also ensures diligence in scrutinizing
listing applications and adhering to the Listing Norms.
Compliance Monitoring is carried out with specific emphasis on the following clauses in
the Listing Agreement.
Clauses 15/16 - Short/non intimation of BC/RD
Clause 19 Intimation of Board Meeting including advance notice wherever required
Clause 20- Outcome of Board Meeting
Clause 24 In-principle approvals
Clause 31 Annual Reports
- 49 -
Clause 32 Name Change, Cash Flow, Consolidated Financial Statement, Related Party
Disclosures etc.
Clause 35 Quarterly submission of Shareholding Pattern.
Clause 36 Material Price sensitive Information
Clause 40 - Continuous Listing requirements
Clause 41 Financial Results and Limited Review Reports
Clause 47 Appointment of Compliance Officer

The department also performs the processing of the documents submitted by companies
on new listings/additional listings and provides them with the listing approval/trading permission
and also ensures that listing fee/processing fee is paid at the stipulated time.
Marketing:The Marketing Department interacts with the brokers of the exchange trading both within
the state and outside and collects their opinions and suggestions. These are brought to the notice
of the Committee constituted for the purpose and decisions of the committee are placed for
approval of the Governing Board of the Exchange .The efforts are aimed at improving the quality
and efficiency of the service offered. In addition, the department conducts extensive surveys and
campaigns in remote areas and where necessary organizes awareness programmes about capital
markets. Experts with sufficient experience in the trade brief the participants and address their
queries. Talk shows and interviews are conducted on television channels, clippings are displayed
in theatres all with a view to increase public awareness and motivate their interest in the Capital
Markets .The marketing wing also coordinates the off campus programmes of the CSE Institute
and organizes regular classes at authorized centers after verifying the availability of suitable
infrastructure and facilities.
Finance:The Finance Department controls the financial transactions of the Exchange and is the
life line of the organization. The department is headed by a Finance Officer.
The activities of the department include: Fund Management
Interaction with bankers
Maintaining general accounts of the Exchange
Preparation of various financial statements.
Maintaining payrolls and cash register.
- 50 -

Coordinating accounting transactions of different branches and departments.
Taxation
Budgeting and Expense research.
Maintenance of internal control system.
Liaison with external and internal auditors
Annual Report Generation
Procedure for Acquiring Membership

Transactions pertaining to the Capital market can be carried out only through a broker or
a sub-broker registered with SEBI. A Broker is a member of a recognized Stock Exchange
permitted to trade on the Screen Based Trading System of different Exchanges. A Member has to
be qualified for membership of a recognized Stock Exchange as per the provisions of Section 8
of the Securities Contracts Regulation Act. In addition eligibility as per the stipulations in the
SEBI (Criteria for fit and proper persons) Regulation 2004 is also a pre-requisite.
Trading Membership Selection Committee has been constituted by the Governing Board
and entrusted with the specific responsibility of screening applications for admission to trading
membership of the Exchange. Persons admitted as trading Members of Exchange are required to
maintain the Base Minimum Capital as may specified by SEBI from time to time irrespective of
whether they choose to exercise their right to trade or not. At present the Base Minimum Capital
required to be maintained is Rs. 2 lakhs. In addition, annual subscription and contribution to the
Investor Protection Fund has to be paid by Members. Individuals Rs. 2,520/- and Corporates
Rs. 6,120/- One time admission fee as may be prescribed by the Governing Board will also have
to be remitted.
Investor Grievance Services at CSE Ltd

The Cochin Stock Exchange remains committed to the protection of investor interests.
The complaints received from the investors are taken up with the companies/brokers concerned
and wherever necessary with the enforcement authorities for redress.
Resolution of complaints proceeds in two phases:1. At the preliminary stage when the Exchange receives a complaint, the concerned
broker/company is requested to settle the same. A copy of the complaint is sent to the concerned
broker/company.
2. If the issue is still not resolved, it is referred to the Grievance Committee constituted by
the Exchange. Notice is issued to both parties. Opportunity to adduce evidence and privilege of
- 51 -

detailed and fair hearing is given to the parties .After weighing the evidence/documents on
record and taking into consideration the arguments raised, a decision is given on merits which are
communicated to the parties. If the concerned broker/company does not comply with the
decision, the matter is referred to the Board Of Directors which initiates necessary action to
ensure compliance.
Complaints against Defaulters:All claims and complaints against a trading member who is declared a defaulter is dealt
with by the Committee for Settlement of Claims against Defaulters. Tenable claims are adjudged
on merits after verification of records and a report is submitted to the Board Of Directors for
taking the final decision. It may however be noted that belated claims will not be entertained.
Claims against Defaulter by a Trading Member:Within such time of the declaration of a defaulter every trading member carrying on
business on the Exchange shall, be required to compare with the Committee for Settlement of
Claims Against Defaulters his accounts with the defaulter / deemed defaulter, as provided in the
Rules and Procedure, or furnish a statement of such accounts with the defaulter / deemed
defaulter in such form or form as the Committee for Settlement of Claims Against Defaulters
may prescribe or render a certificate that he has no such account.
Claims against Defaulter by Investors/Clients:Within the time frame decided by the Executive Director, on the declaration of defaulter /
deemed defaulter, every person who had a transaction / dealing with the defaulter / deemed
defaulter in relation to and/ or in connection with the stock broking business, and has to recover
any amount and / or securities, shall be required to lodge a claim in the prescribed form, together
with supporting papers / proof as may be specified in the Notice published in the daily newspaper
by the Exchange /Clearing Corporation.
- 52 -
CHAPTER 4
DATA ANALYSIS PART I
- 53 -
Security analysis:
Security analysis is the initial phase of the portfolio management process. This step consists of
examining the risk return characteristics of invidual securities. For the purpose of analysis ten
securities are selected and the return, risk and risk adjusted rate of return are determined.
Risk and return of securities:

The return of the securities is measured by the arithmetic mean of the securitys return. The risk
of the security is measured by the variance or standard deviation of its securities. The risk
adjusted rate of return of the security is the excess return per unit of risk, the excess return being
the difference between the security return and the risk free rate of return. For our analysis the
risk free return is taken as 8.1%
- 54 -
4.1:Return of the Securities

The Table No: 4.1 shows the corresponding returns of the securities and the graphical
representation of the same is given below.
TABLE No: 4.1
Showing the Return of Securities
COMPANY
RETURN(%) RANK
AMBUJACEMENT
15.37
14
ASIANPAINTS
32.25
2
BHARATIAIRTEL
18.59
7
CIPLA
15.50
13
HCL
33.74
1
HDFC
23.27
6
HUL
17.53
10
ITC
15.70
11
LUPINLTD
26.79
5
M&M
18.59
8
MARUTHI
15.58
12
MINDTREE
29.25
4
ONGC
9.86
15
SUNTVLTD
17.20
9
YESBANK
32.23
3
Source: Computed from Secondary data.
Fig.No:4.1
Showing Return of Securities
From the above table and chart it can be seen that the security HCL is giving maximum return of
33.74% and ONGC has minimum return of 9.86%.
- 55 -
4.2:Risk of the Securities

The Table No:4.2 shows the corresponding risk of the securities and the graphical representation
of the same is given below.
TABLE No: 4.2
Showing the Risk of Securities
COMPANY
RISK(%)
AMBUJACEMENT
39.94
ASIANPAINTS
26.82
BHARATIAIRTEL
48.82
CIPLA
29.19
HCL
45.49
HDFC
34.01
HUL
27.50
ITC
36.50
LUPINLTD
48.39
M&M
48.82
MARUTHI
35.85
MINDTREE
44.30
ONGC
34.06
SUNTVLTD
49.07
YESBANK
50.50
Source: Computed from secondary data
Fig No: 4.2
Showing Return of Securities
From the above table and chart it can be seen that the security YES BANK is having maximum
risk of 50.50%)and ASIAN PAINTS is having minimum risk of 26.82(%)
- 56 -
BETA
The beta value indicates the measure of systematic risk of security. Beta describes the
relationship between the stock return and market index return. Beta of security may be positive or
negative. If beta is one, one percent change in the market index return causes exactly one percent
changes in the stock return. It indicates that the stock moves in tandem with the market. If the
portfolio is efficient, the beta measures the systematic risk efficiently.
NXY-XY
i
=
NX2-(X) 2
= Number of Observation =750
= Current Stock Price Yesterdays Stock Price
Yesterdays Stock Price
= Current Market Index- Yesterdays Market Index

100
Yesterdays Market Index
- 57 -
100
4.3:Beta of the securities.

The Table No: 4.3 shows the beta of the securities. The graphical representation of the same is
given below.
TABLE No: 4.3
Showing the Beta of Securities
COMPANY
Y
X
AMBUJACEMENT
76.16
36.06
ASIANPAINTS
159.85
36.06
BHARATIAIRTEL
92.14
36.06
CIPLA
76.80
36.06
HCL
167.24
36.06
HDFC
115.31
36.06
HUL
86.87
36.06
ITC
77.80
36.06
LUPINLTD
132.77
36.06
M&M
92.14
36.06
MARUTHI
77.21
36.06
MINDTREE
144.99
36.06
ONGC
48.88
36.06
SUNTVLTD
85.24
36.06
YESBANK
159.72
36.06
Source: Computed from secondary data.
X2
3527.56
3527.56
3527.56
3527.56
3527.56
3527.56
3527.56
3527.56
3527.56
3527.56
3527.56
3527.56
3527.56
3527.56
3527.56
XY
2976.32
988.80
3755.48
1764.90
3618.89
3370.87
1480.64
1993.14
1564.20
3755.48
2559.31
1638.63
2814.77
2654.71
4671.52
(X)2
BETA()
1300.476
0.84
1300.476
0.28
1300.476
1.06
1300.476
0.50
1300.476
1.02
1300.476
0.95
1300.476
0.42
1300.476
0.56
1300.476
0.44
1300.476
1.06
1300.476
0.73
1300.476
0.46
1300.476
0.80
1300.476
0.75
1300.476
1.32
Fig. No: 4.3

Showing Beta of Securities
From the above table and graph it can be seen that YES BANK has the maximum beta value,
which means maximum sensitivity to market (1.32). The minimum sensitivity to market is for
ASIAN PAINTS (0.28).
- 58 -
ALPHA
The alpha value indicates the extra return earn by the stock over and above the market
return. Alpha measures the unsystematic risk of security.
Return of stock = Alpha + (Beta Market Return per Year)
Ri
i+ (iRm)
Ri-( iRm)
So
Alpha (i)
Where,
i
- Alpha of the security
Ri
- return of the security
- Beta of the security
Rm
- Return of the market
- 59 -
4.4: Alpha of the securities.

The Table No: 4.4 shows the alpha of the securities. The graphical representation of the same is
given below.
TABLE No: 4.4
Showing the Alpha of Securities
COMPANY
Ri
I
Rm
ALPHA(i)
AMBUJACEMENT
15.37
0.84
7.27
9.23
ASIANPAINTS
32.25
0.28
7.27
30.23
BHARATIAIRTEL
18.59
1.06
7.27
10.85
CIPLA
15.50
0.50
7.27
11.86
HCL
33.74
1.02
7.27
26.29
HDFC
23.27
0.95
7.27
16.32
HUL
17.53
0.42
7.27
14.48
ITC
15.70
0.56
7.27
11.59
LUPINLTD
26.79
0.44
7.27
23.57
M&M
18.59
1.06
7.27
10.85
MARUTHI
15.58
0.73
7.27
10.31
MINDTREE
29.25
0.46
7.27
25.89
ONGC
9.86
0.80
7.27
4.06
SUNTVLTD
17.20
0.75
7.27
11.73
YESBANK
32.23
1.32
7.27
22.61
Fig No: 4.4

Showing Alpha of Securities
ASIAN PAINTS has the maximum Alpha 30.23 indicating that it has maximum extra return and
ONGC has the minimum Alpha 4.06 which indicate its earning is below market return.
- 60 -
DECOMPOSITION OF TOTAL RISK OF SECURITIES

The total risk of security can be resolved in to two components; the systematic or
market risk, which cannot be diversified, and the unsystematic or specific risk, which can be
diversified by construction of the portfolio. An investor would be interested in knowing these
two risks of the security in order to plan his portfolio. For the purpose of the analysis the
systematic and unsystematic risk of the securities are measured by using Sharpes single index
model. According to Sharpe index model:
Systematic risk =12*2 m
Unsystematic risk = 2 - 2*2 m
1
- 61 -
4.5: Systematic risk of the securities

The Table No: 4.5 shows the systematic risk of the securities. The graphical representation of the
same is given below.
TABLE No: 4.5
Showing the Systematic Risk of Securities
COMPANY
i2
i2
m2
AMBUJACEMENT
0.71 1595.54
712.14
ASIANPAINTS
0.08 719.11
712.14
BHARATIAIRTEL
1.13 2383.77
712.14
CIPLA
0.25 852.11
712.14
HCL
1.05 2069.39
712.14
HDFC
0.91 1156.39
712.14
HUL
0.18 755.99
712.14
ITC
0.32 1332.03
712.14
LUPINLTD
0.20 2341.89
712.14
M&M
1.13 2383.77
712.14
MARUTHI
0.53 1284.87
712.14
MINDTREE
0.21 1962.88
712.14
ONGC
0.64 1159.83
712.14
SUNTVLTD
0.57 2407.79
712.14
YESBANK
1.75 2550.71
712.14
Systematic Risk(i2 x
m2)
506.51
55.46
806.46
177.92
747.92
649.37
125.11
226.97
139.42
806.46
374.42
152.97
453.23
402.81
1247.17
Fig No: 4.5

Showing Systematic Risk of Securities
Systematic risk or non-diversifiable risk is the component of the total risk, which cannot be
diversified. From the above table it is clear that YESBANK has the maximum systematic risk
1247.17% and ASIANPAINTS has minimum systematic risk 55.46%.
- 62 -
4.6: Unsystematic risk of the securities

The Table No: 4.6 shows the unsystematic risk of the securities. The graphical representation of
the same is given below.
TABLE No: 4.6
Showing the unsystematic Risk/residual variance of Securities
i2
i2
m2
Unsystematic Risk(ei2)=i2(i2*m2)
1089.03
663.64
1577.30
674.19
1321.46
507.02
630.88
1105.07
2202.48
1577.30
910.45
1809.91
706.60
2004.98
1303.54
COMPANY
AMBUJACEMENT
0.71
1595.54
712.14
ASIANPAINTS
0.08
719.11
712.14
BHARATIAIRTEL
1.13
2383.77
712.14
CIPLA
0.25
852.11
712.14
HCL
1.05
2069.39
712.14
HDFC
0.91
1156.39
712.14
HUL
0.18
755.99
712.14
ITC
0.32
1332.03
712.14
LUPINLTD
0.20
2341.89
712.14
M&M
1.13
2383.77
712.14
MARUTHI
0.53
1284.87
712.14
MINDTREE
0.21
1962.88
712.14
ONGC
0.64
1159.83
712.14
SUNTVLTD
0.57
2407.79
712.14
YESBANK
1.75
2550.71
712.14
Fig No: 4.6
Showing Unsystematic Risk/Residual Variance
From the above table and chart shows LUPIN LTD has maximum residual variance or
unsystematic risk 2202.48 and HDFC has minimum unsystematic risk 507.02.
- 63 -
CONSTRUCTION OF PORTFOLIO USING SHARPES MODEL

After the decomposing the risk of the securities it is required to construct the optimal portfolio.
For the construction of optimal portfolio first the best stocks from the current 15 stocks need to
be selected. This can be done by first ranking the stocks based on excess return to beta .Then a
cut-off point is determined. This cut-off point is taken as the basis for selecting the stock. After
That Sharpes optimization model is used to determine the weights for each security and hence
the portfolio is formed.
4.7: Ranking of Securities

The Table No: 4.7.1 shows the computation for ranking the securities by finding the excess
return on beta.
TABLE: 4.7.1
Showing ranks of securities based on excess return to beta
Sl.No:
Security name
Mean
return
Ri
Rf
Excess
return
beta
Ri-Rf
Beta
Excess return
to beta
RANK
Ri-Rf/i
1 AMBUJACEMENT
15.37
8.1
7.2665427
0.84
8.650646071
14
2 ASIANPAINTS
32.25
8.1 24.15407754
0.28
86.26456264
3 BHARATIAIRTEL
18.59
8.1 10.49079027
1.06
9.896971952
13
4 CIPLA
15.50
8.1
7.39694599
0.5
14.79389198
5 HCL
33.74
8.1 25.64452304
1.02
25.14168925
6 HDFC
23.27
8.1 15.16633789
0.95
15.9645662
7 HUL
17.53
8.1
9.42763104
0.42
22.44674057
8 ITC
15.70
8.1 7.599091749
0.56
13.56980669
9 LUPINLTD
26.79
8.1 18.68898194
0.44
42.47495896
18.59
15.58
29.25
9.86
17.20
8.1
8.1
8.1
8.1
8.1
10.49079027
7.478317992
21.15469397
1.762090632
9.09950262
1.06
0.73
0.46
0.8
0.75
9.896971952
10.24427122
45.98846515
2.20261329
12.13267016
12
11
2
15
10
8.1 24.12741325
1.32
18.27834337
10
11
12
13
14
M&M
MARUTHI
MINDTREE
ONGC
SUNTVLTD
15 YESBANK
32.23
- 64 -
Calculation of cut off point

The Table No: 4.7.2 shows the calculation for finding the cut-off point.
TABLE: 4.7.2
Showing Calculation of cut off point
Sl.No
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
COMPANY
ASIANPAINTS
MINDTREE
LUPINLTD
HCL
HUL
YESBANK
HDFC
CIPLA
ITC
SUNTVLTD
MARUTHI
BHARATIAIRTEL
M&M
AMBUJACEMENT
ONGC
(Ri(Riei
Rf)*i/ei Rf)*i/ei
719.11
0.009
0.009
1962.88
0.005
0.014
2341.89
0.004
0.018
2069.39
0.013
0.031
755.99
0.005
0.036
2550.71
0.012
0.048
1156.39
0.012
0.061
852.11
0.004
0.065
1332.03
0.003
0.068
2407.79
0.003
0.071
1284.87
0.004
0.075
2383.77
0.005
0.080
2383.77
0.005
0.085
1595.54
0.004
0.088
1159.83
0.001
0.090
i/ei
0.000109024
0.000107801
8.26682E-05
0.000502757
0.000233336
0.000683104
0.000780447
0.000293391
0.00023543
0.000233617
0.000414751
0.000471355
0.000471355
0.000442232
0.000551806
i/ei
0.000109024
0.000216825
0.000299494
0.000802251
0.001035587
0.001718691
0.002499138
0.002792529
0.003027958
0.003261575
0.003676327
0.004147682
0.004619037
0.005061269
0.005613075
Source:Computed from secondary data.

From the calculation shown in the table it can be seen that the cut off value is 15.55.
4.8.1: Optimal Portfolio
The Table No: 4.8.1 shows the calculation for obtaining optimal portfolio by using Sharpes
optimization model.
TABLE: 4.8.1
Showing calculation of optimal portfolio
COMPANY
ei
(Ri-Rf)/i C*
Zi
Zi
Xi
ASIANPAINTS
719.11
86.26
0.74
1.70
0.43
15.55
MINDTREE
1962.88
45.99
0.32
1.70
0.19
15.55
LUPINLTD
2341.89
42.47
0.24
1.70
0.14
15.55
HCL
2069.39
25.14
0.22
1.70
0.13
15.55
HUL
755.99
22.45
0.11
1.70
0.06
15.55
YESBANK
2550.71
18.28
0.07
1.70
0.04
15.55
HDFC
1156.39
15.96
0.01
1.70
0.01
15.55
- 65 -
Ci
6.22
8.86
10.49
13.83
14.65
15.45
15.55
15.50
15.39
15.23
14.82
14.41
14.05
13.68
12.78
TABLE: 4.8.2
Showing optimal portfolio
Sl.No
COMPANY
PROPOTION
1 ASIANPAINTS
0.43
2 MINDTREE
0.19
3 LUPINLTD
0.14
4 HCL
0.13
5 HUL
0.06
6 YESBANK
0.04
7 HDFC
0.01
4.9:Return and Risk of optimal portfolio
In order to determine the effectiveness of optimization, the return and risk of the optimal
portfolio are determined.
The Table No: 4.9.1 shows the calculation for obtaining the alpha of the portfolio.
TABLE: 4.9.1
Shows portfolio alpha in optimal portfolio
COMPANY
WEIGHT(I)
ALPHA(i)
ALPHA*WEIGHT(II)
ASIANPAINTS
0.43
30.23
13.1083261
MINDTREE
0.19
25.89
4.804989058
LUPINLTD
0.14
23.57
3.389463848
HCL
0.13
26.29
3.321486146
HUL
0.06
14.48
0.896023331
YESBANK
0.04
22.61
0.946829668
HDFC
0.01
16.32
0.111044348
TOTAL
1.00
26.58
n
Portfolio alpha = ii
i=1
= 26.58
- 66 -

The Table No: 4.9.2 shows the calculation for obtaining the beta of the portfolio. For that weight
of each stock is multiplied with its corresponding beta.
TABLE: 4.9.2
Shows portfolio beta in optimal portfolio
COMPANY
WEIGHT(I)
BETA(i)
1 ASIANPAINTS
0.43
2 MINDTREE
0.19
3 LUPINLTD
0.14
4 HCL
0.13
5 HUL
0.06
6 YESBANK
0.04
7 HDFC
0.01
TOTAL
1.00
BETA*WEIGHT(iI)
Sl.No
0.28
0.46
0.44
1.02
0.42
1.32
0.95
0.12
0.09
0.06
0.13
0.03
0.06
0.01
0.49
n
Portfolio Beta= ii =0.49
i=1
TABLE: 4.9.3
Shows portfolio residual variance in optimal portfolio
COMPANY
WEIGHT(i) i
ASIANPAINTS
0.43
MINDTREE
0.19
LUPINLTD
0.14
HCL
0.13
HUL
0.06
YESBANK
0.04
HDFC
0.01
TOTAL
1.00
Source:Computed from secondary data.
0.19
0.03
0.02
0.02
0.00
0.00
0.00
- 67 -
RESIDUAL
VARIANCE (ei)
i2 *ei
719.11
135.25
1962.88
67.64
2341.89
48.42
2069.39
33.02
755.99
2.89
2550.71
4.47
1156.39
0.05
26.58
291.76

n
Portfolio residual variance=i22ei
i=1
=291.76
MEASURING PORTFOLIO RETURN AND RISK

PORTFOLIOS RETURN (RP)
PORTFOLIO RETURN= PORTFOLIOALPHA+(PORTFOLIOBETAMARKET RETURN)
RP
=P+ (pRm)
= 26.58
= 0.49
Rm
=7.27
RP
= 26.58+(0.49 X 7.27)
= 30.14
PORTFOLIO RISK (2P)

n
Portfolio risk (2p) = p22m+wi22ei

p2
= 0.49
2m
= 712.14
i22ei
= 221.76
2p
= 462.74
= 21.51
- 68 -
TABLE: 4.9.4
Shows optimal portfolio Return, Risk, Alpha, Beta, Residual variance
Portfolio
Return
Risk
Alpha
Optimal
30.14
21.51
26.54
Beta
Residual variance
0.49
291.76
The Table No: 4.9.4 illustrates the benefit that have been achieved due to diversification of the
portfolio
TABLE: 4.9.5
Shows Benefit of Diversification
Total for
Benefit of
securities
Portfolio
Diversification
8438.93
170.98
8267.95
Risk Class
Systematic Risk
Unsystematic
3117.42
Risk
11556.35
Total Risk
291.76
462.74
- 69 -
2825.66
11093.61
% of risk
reduction
97.97
90.64
96.00
Effectiveness of Optimization
To examine the effectiveness of optimization three different portfolios are constructed
with the securities included in the optimal portfolio. The criteria used for construction of these
portfolios are based on the proportion of investment in different securities for the three portfolios
under consideration are:
1. Equal investment in each security
2. Investment in each security in proportion to the P/E multiple of each security.
3. Investment in each security in proportion to the risk adjusted rate of return of the
security.
The return and risk of these portfolios are determined for the purpose of evaluation of
the performance of these portfolios
- 70 -
4.10:1st PORTFOLIO ( By giving equal weight to each security.)

First portfolio is constructed by giving equal weights to the six securities and then the portfolio
alpha, portfolio beta and weighted residual variance are calculated to arrive at portfolio return
and risk.
The Table No: 4.10.1 shows the calculation for obtaining the portfolio alpha. Portfolio alpha can
be obtained by multiplying weight of each security by its corresponding alpha.
TABLE: 4.10.1
Shows portfolio alpha in equal weight
COMPANY
WEIGHT(I) ALPHA(i) ALPHA*WEIGHT(II)
ASIANPAINTS
0.14
30.23
4.32
MINDTREE
0.14
LUPINLTD
0.14
HCL
0.14
HUL
0.14
YESBANK
0.14
HDFC
0.14
TOTAL
1.00
n
i=1
25.89
23.57
26.29
14.48
22.61
16.32
3.70
3.37
3.76
2.07
3.23
2.33
22.77
=22.77
The Table No: 4.10.2 shows the calculation for obtaining the portfolio beta. Portfolio beta can be
obtained by multiplying weight of each security by its corresponding alpha.
TABLE: 4.10.2
Shows portfolio beta in equal weight
COMPANY
WEIGHT(I)
ASIANPAINTS
0.14
MINDTREE
0.14
LUPINLTD
0.14
HCL
0.14
HUL
0.14
YESBANK
0.14
HDFC
0.14
TOTAL
1.00
- 71 -
BETA(i)
0.28
0.46
0.44
1.02
0.42
1.32
0.95
BETA*WEIGHT(iI)
0.04
0.07
0.06
0.15
0.06
0.19
0.14
0.70

n
Portfolio Beta= ii =0.70
i=1
TABLE: 4.10.3
Shows portfolio residual variance in equal weight
COMPANY
WEIGHT(i)
ASIANPAINTS
0.14
MINDTREE
0.14
LUPINLTD
0.14
HCL
0.14
HUL
0.14
YESBANK
0.14
HDFC
0.14
TOTAL
1.00
i2
0.02
0.02
0.02
0.02
0.02
0.02
0.02
RESIDUAL VARIANCE
(ei)
719.11
1962.88
2341.89
2069.39
755.99
2550.71
1156.39
26.58
n
Portfolio residual variance= i 2* 2ei
i=1
=235.84

Portfolio Return= Portfolio Alpha + (Portfolio Beta Market return)
RP
=P+ (pRm)
Where,
P
= 22.77
= 0.70
Rm
=7.27
RP
=22.77+ (0.70 x 7.27)

= 27.85
- 72 -
i2 *ei
14.68
40.06
47.79
42.23
15.43
52.06
23.60
235.84
PORTFOLIO RISK (P2)

n
Portfolio risk (p2)
= p22m+i22ei
i=1
Where,
p2
= 0.49
2m
= 712.14
i22ei
= 235.84
2p
= 583.37
= 24.15
portfolio
TABLE: 4.10.4
Shows Benefit of diversification
Risk Class
Total for securities
8438.93
Systematic Risk
Unsystematic
3117.42
Risk
11556.35
Total Risk
Portfolio
347.53
235.84
583.37
- 73 -
Benefit of
Diversification
8091.41
% of risk
reduction
95.88
2881.58
10972.98
92.43
94.95
4.11:2nd PORTFOLIO (BASED ON PE Ratio)

Second portfolio is constructed on the basis on PE Ratio of the six securities and then the
portfolio alpha, portfolio beta and weighted residual variance are calculated to arrive at portfolio
return and risk
The Table No: 4.11.1 shows the calculation of the weight based on the PE ratio of the securities.
TABLE: 4.11.1
Shows the calculation of weight based on PE ratio
COMPANY
ASIANPAINTS
MINDTREE
LUPINLTD
HCL
HUL
YESBANK
HDFC
TOTAL
P/E RATIO
40.58
15.80
32.19
13.96
78.00
14.30
89.08
283.91
WEIGHT(I)
0.14
0.06
0.11
0.05
0.27
0.05
0.31
1.00
TABLE: 4.11.2
SHOWS PORTFOLIO ALPHA
COMPANY
ASIANPAINTS
MINDTREE
LUPINLTD
HCL
HUL
YESBANK
HDFC
TOTAL
WEIGHT(I) ALPHA(i)
0.14
0.06
0.11
0.05
0.27
0.05
0.31
1.00
30.23
25.89
23.57
26.29
14.48
22.61
16.32

n
i=1
=19.96
- 74 -
ALPHA*WEIGHT(II)
4.32
1.44
2.67
1.29
3.98
1.14
5.12
19.96
obtained by multiplying weight of each security by its corresponding beta.
TABLE: 4.11.3
SHOWS PORTFOLIO BETA
COMPANY
WEIGHT(I) BETA(i)
BETA*WEIGHT(iI)
ASIANPAINTS
0.14
0.28
0.04
MINDTREE
0.06
0.46
0.03
LUPINLTD
0.11
0.44
0.05
HCL
0.05
1.02
0.05
HUL
0.27
0.42
0.12
YESBANK
0.05
1.32
0.07
HDFC
0.31
0.95
0.30
TOTAL
1.00
0.65
n
Portfolio Beta = ii = 0.65
i=1
TABLE: 4.11.4
SHOWS PORTFOLIO RESIDUAL VARIANCE
COMPANY
WEIGHT(i)
ASIANPAINTS
0.14
MINDTREE
0.06
LUPINLTD
0.11
HCL
0.05
HUL
0.27
YESBANK
0.05
HDFC
0.31
TOTAL
1.00
i2
0.02
0.00
0.01
0.00
0.08
0.00
0.10
n
Portfolio residual variance= i22ei
i=1
=233.25
- 75 -
RESIDUAL VARIANCE
(ei)
719.11
1962.88
2341.89
2069.39
755.99
2550.71
1156.39
26.58
i2 *ei
14.69
6.08
30.11
5.00
57.06
6.47
113.84
233.25

PORTFOLIO RETURN (RP)
PORTFOLIO RETURN
RETURN)
= PORTFOLIO ALPHA + (PORTFOLIO BETAMARKET
RP
=P+ (pRm)
= 19.96
= 0.65
Rm
=7.27
RP
= 19.96+ (0.65*7.27)
= 24.65
PORTFOLIO RISK (2P)

n
Portfolio risk (2p)
= p22m+i22ei
i=1
p2
= 0.42
m2
= 712.14
wi22ei
= 233.25
2p
= 530.1
= 23.02
The Table No: illustrates the benefit that have been achieved due to diversification of the
portfolio
TABLE: 4.11.5
Benefit of diversification
Total for
Risk Class
securities
8438.93
Systematic Risk
3117.42
Unsystematic Risk
11556.35
Total Risk
Portfolio
296.83
233.25
530.08
- 76 -
Benefit of
Diversification
8142.10
2884.17
11026.27
% of risk
reduction
96.48
92.52
95.41
4.12:3rd PORTFOLIO BASED ON RISK ADJUSTED RATE OF RETURN)

Third portfolio is constructed on the basis on Risk Adjusted Rate of Return of the six
securities and then the portfolio alpha, portfolio beta and weighted residual variance are
calculated to arrive at portfolio return and risk. For this purpose the risk free rate return is taken
as 8.1.
The Table No: 4.12.1 shows the calculation of the weight based on risk adjusted rate of return.
TABLE: 4.12.1
Shows calculation of weight based on risk adjusted rate of return
RETURN
(Ri)
32.25
29.25
26.79
33.74
17.53
32.23
23.27
COMPANY
ei
ASIANPAINTS 719.11
MINDTREE
1962.88
LUPINLTD
2341.89
HCL
2069.39
HUL
755.99
YESBANK
2550.71
HDFC
1156.39
TOTAL
Rf
(Ri-Rf)/
WEIGHT(I)
8.10
0.90
0.25
8.10
0.48
0.13
8.10
0.39
0.11
8.10
0.56
0.16
8.10
0.34
0.10
8.10
0.48
0.13
8.10
0.45
0.12
3.59
TABLE: 4.12.2
Shows portfolio alpha in risk adjusted rate of return
COMPANY
ASIANPAINTS
MINDTREE
LUPINLTD
HCL
HUL
YESBANK
HDFC
TOTAL
WEIGHT(I)
0.25
0.13
0.11
0.16
0.10
0.13
0.12
1.00
ALPHA(i) ALPHA*WEIGHT(II)
30.23
7.57
25.89
3.44
23.57
2.53
26.29
4.12
14.48
1.38
22.61
3.00
16.32
2.03
24.08
- 77 -
n
i=1
=24.08
obtained by multiplying weight of each security by its corresponding beta.
TABLE: 4.12.3
Shows portfolio beta in risk adjusted rate of return
COMPANY
WEIGHT(I)
BETA(i) BETA*WEIGHT(iI)
ASIANPAINTS
0.25
0.28
0.07
MINDTREE
0.13
0.46
0.06
LUPINLTD
0.11
0.44
0.05
HCL
0.16
1.02
0.16
HUL
0.10
0.42
0.04
YESBANK
0.13
1.32
0.18
HDFC
0.12
0.95
0.12
TOTAL
1.00
0.67
n
Portfolio Beta= wii =0.67
i=1
TABLE: 4.12.4
Shows portfolio residual variance in risk adjusted rate of return
COMPANY
WEIGHT(i) i2
ASIANPAINTS
0.25
0.06
MINDTREE
0.13
0.02
LUPINLTD
0.11
0.01
HCL
0.16
0.02
HUL
0.10
0.01
YESBANK
0.13
0.02
HDFC
0.12
0.02
TOTAL
1.00
RESIDUAL
VARIANCE
(ei)
719.11
1962.88
2341.89
2069.39
755.99
2550.71
1156.39
26.58
- 78 -
i2 *ei
45.15
34.63
27.03
50.89
6.88
45.05
17.80
227.43
n
Portfolio residual variance= i 2 2ei
i=1
= 227.43

Portfolio Return
= Portfolio Alpha + (Portfolio BetaMarket Return)
RP
=P+ (pRm)
= 24.08
= 0.67
Rm
=7.27
RP
= 24.08+ (0.67*7.27)
=28.96
PORTFOLIO RISK (P2)

n
Portfolio risk (p2)
= p2 2 m+ i2 ei2
i=1
p2
= 0.45
2m
= 712.14
i2 2ei
= 204.74
2p
= 548.87
=23.43
- 79 -
portfolio
TABLE: 4.12.5
Benefit of diversification
Total for
Risk Class
securities
8438.93
Systematic Risk
3117.42
Unsystematic Risk
11556.35
Total Risk
Portfolio
321.44
227.43
548.87
- 80 -
Benefit of
Diversification
8117.50
2889.99
11007.49
% of risk reduction
96.19
92.70
95.25
4.13: PORTFOLIO EVALUATION

Portfolio evaluation is the process to determine the performance of the portfolio. The best
measure for evaluation of portfolio is the risk adjusted rate of return as determined by SHARPE
ratio and TREYNEOR ratio. The following three different evaluation processes is used.
SHARPE RATIO
TREYNOR RATIO
JENSEN MEASURE
4.13.1: SHARPE RATIO:

Sharpe Ratio (SR)
= Rp Rf
P
Where,
Rp
= is the realized return on the portfolio
Rf
= is the risk free rate of return
= is the standard deviation of portfolio return
- 81 -
The Table No 4.13.1 shows the calculation for obtaining the Sharpe ratio of the portfolios.
TABLE: 4.13.1
Shows Sharpe Ratio of the portfolios
PORTFOLIO Rp(%)
Rf(%)
pi(%)
(Rp-Rf)/p
OPTIMAL
30.14
8.10
21.51
1.02
1
27.85
8.10
24.15
0.82
2
24.66
8.10
23.02
0.72
3
28.96
8.10
23.43
0.89
Fig No: 4.13.1

Shows the Sharpe ratio of different portfolios
Optimal portfolio has highest Sharpe ratio (1.02) and PE ratio portfolio has lowest Sharpe ratio
(0.72).
- 82 -
4.12.2: TREYNOR RATIO

Treynor ratio is also the ratio of excess return to risk. But here risk is defined as the systematic
risk or market risk on the assumption that the portfolio is well diversified.
Treynor Ratio
Rp-Rf
p
Where,
Rp
=Return of the portfolio
Rf
=Risk free rate return
=Standard deviation of portfolio
The Table No 4.13.2 shows the calculation for obtaining the Treynors ratio of the portfolios.
TABLE: 4.13.2
Shows Treynor ratio of the portfolio
PORTFOLIO
Rp(%)
OPTIMAL
30.14
1
27.85
2
24.66
3
28.96
Rf(%)
8.10
8.10
8.10
8.10
p
0.49
0.70
0.65
0.67
(RpRf)/p
45.29
28.27
25.65
31.14
Fig No: 4.12.2

Shows the Treynor ratio of different portfolios
Optimal portfolio has highest Treynor ratio (45.29) and PE ratio portfolio has lowest Treynor
ratio (25.65).
- 83 -
4.13.3: JENSENS MEASURE

In finance, Jensen's alpha is used to determine the excess return of a stock, other security, or
portfolio over the security's required rate of return as determined by the Capital Asset Pricing
Model. This model is used to adjust for the level of beta risk, so that riskier securities are
expected to have higher returns. The measure was first used in the evaluation of mutual fund
managers by Michael Jensen in the 1970's.
It is mentioned as a measure of absolute performance because a definite standard is set and
against that the performance is measured.
Where,
Rp = Average return of portfolio
Rf = Riskless rate of interest
p= Portfolio beta
Rm= Average market return
- 84 -
The Table No: 4.13.3 shows the calculation for obtaining the Jensens measure of the portfolios.
The graphical representation of the same is given below.
TABLE: 4.13.3
Shows Jensen measure of the portfolio
PORTFOLIO Rp(%)
Rf(%) p
Rm(%)
OPTIMAL
30.14
8.10
0.49
7.27
1
27.85
8.10
0.70
7.27
2
24.66
8.10
0.65
7.27
3
28.96
8.10
0.67
7.27
E(Rp)=
Rf+p(Rm- RpRf)
E(Rp)
7.70
22.45
7.52
20.33
7.56
17.09
7.54
21.42
Fig No: 4.13.3
Optimal portfolio has highest Jensen alpha (22.45) and PE ratio portfolio has lowest Jensen alpha
(17.09)
- 85 -
4.14: VALUE AT RISK

Every type of business involves some extent of risk. Risk can be minimized but can not be
eliminated. The only way to totally eliminate the risk is by stopping the business itself .in the
1990 VaR concepts become more popular. It is latest concept in the field of risk management.
VAR is a method of assessing risk using standard statistical techniques. Formally, it is the
maximum loss over a target horizon such that there is a low, predetermined probability that the
actual loss will be larger. VAR has a scientific basis and provides users with summary measure
of market risk
METHODS FOR CALCULATING VaR

Various methods are possible to compute Value At Risk .these methods basically differ in
terms of:
Distributional assumptions for the risk factors (normal versus other distributions )
Linear vs Full valuation , where the former approximates the exposure to risk factors by a
linear mode
Some important methods for measuring VaR are:

1. Monte Carlo Method
2. Variance Covariance Method
3. Historical Simulation Method
- 86 -
4.14.1:MONTE CARLO SIMULATION

Under this method VaR for a portfolio is calculated using a one day time horizon at 95% and
99% confidence level for 500 days of data. The following steps are involved in Monte Carlo
simulation.
1. the data is collected on the movements of each securities for the past 500days before 1st
April 2013.
2. the daily returns of each security for this 500days is calculated
3. This provides us 500 alternative scenarios for what can happen between today (1st April
2013) and tomorrow.
4. the closing price of each security for each scenario is then calculated by using the
formula Vp= Vop(1+r)
Simulated price = closing price (1+(r/100))
r
=return of each day
5. the value of the portfolio and change in value of the portfolio is then determined for each
scenario and then arranged in ascending order
6. the estimate of VaR is the portfolio loss at 1st percentile point (5th item ) for 99%
confidence level and 5th percentile point (25th item) for 95% confidence level
The following tables show the estimation of VaR using this method .the first table
gives the value of the opening value of the portfolio for today (31st march 2008). Only part of
the table containing the critical values of VaR is shown in the following table. The detailed
calculation for the change in the value of the portfolio for 500 scenarios are shown in a
separate table in Appendix no.1
- 87 -
Here initial amount taken is Rs.7000000.The Table No shows the value of the portfolio on 1st
April 2013 for the Monte Carlo simulation.
TABLE: 4.14.1.1
Showing Portfolio Value on 1st April 2013 (Today) For the Monte Carlo simulation
Closing
Price
174.25
904.30
631.10
788.50
471.35
432.30
623.85
COMPANY
i
ASIANPAINTS
0.43
MINDTREE
0.19
LUPINLTD
0.14
HCL
0.13
HUL
0.06
YESBANK
0.04
HDFC
0.01
TOTAL
1.00
Total
Value
3035833.92
1299396.33
1006541.62
884264.03
433153.95
293191.21
47618.95
7000000.00
- 88 -
No: of
Shares
17422.29
1436.91
1594.90
1121.45
918.96
678.21
76.33
Actual
No:
17422.00
1437.00
1595.00
1121.00
919.00
678.00
76.00
Actual Value
3035783.50
1299479.10
1006604.50
883908.50
433170.65
293099.40
47412.60
6999458.25
The Table No 4.14.1.2 shows possible values of portfolio sorted in ascending order. From here
we get VAR at 99% and 95% confidence level.
TABLE: 4.14.1.2
Showing Changes in Total Value of Portfolio (sorted in ascending order).
Day
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
Portfolio
7104535.15
7007990.43
7023208.27
6964696.47
7032340.33
7053401.26
7096244.09
6933708.56
7063724.04
7000630.03
7065147.3
7061278.1
7085987.24
7060857.77
6892250.87
7089498.86
7010892.88
7083021.82
6937416.36
7010557.9
6983163.28
6984084.42
6934340.52
7078443.42
6888207.84
7116990.29
6907362.93
6994994.46
7076745.58
6997460.86
7193596.6
7084282.08
6923717.06
7176085.07
6937661.14
6944139.17
Change in
value
105076.9
8532.18
23750.02
-34761.78
32882.08
53943.01
96785.84
-65749.69
64265.79
1171.78
65689.05
61819.85
86528.99
61399.52
-107207.38
90040.61
11434.63
83563.57
-62041.89
11099.65
-16294.97
-15373.83
-65117.73
78985.17
-111250.41
117532.04
-92095.32
-4463.79
77287.33
-1997.39
194138.35
84823.83
-75741.19
176626.82
-61797.11
-55319.08
Value at risk
-344389.44
-220221.61
-212887.14
-208741.57
-191274.86
-186838.82
-183370.59
-181937.14
-180199.11
-168804.28
-151046.86
-147821.96
-147565.37
-145795.8
-145175.34
-142423.07
-142356.96
-140817.87
-138025.75
-135355.82
-133757.55
-126985.56
-126778.15
-124133.04
-123742.83
-123135.48
-121446.22
-120378.58
-119874.81
-119802.56
-118653.96
-116866.12
-116728.77
-116492.93
-115205.76
-115101.11
- 89 -
From the above table it is clear that:Value at Risk At 99% of confidence level =191274.86
At 99% confidence level the maximum daily loss or gain of the portfolio will be Rs191274.86.;
that is portfolio value will lie between 6808183.39
and 7190733.11
Value at Risk at 95% of confidence level=123742.83
At 95% confidence level the maximum daily loss or gain of the portfolio will be Rs.123742.83;
that is portfolio value will be lie between Rs.6875715.42
and Rs.7123201.08
- 90 -
4.14.2: BACK TESTING

In back testing risk management teams examines the performance of their VaR estimates of
extreme losses with respect to realized losses. That is back testing allows the risk manager to
determine whether the VaR methods employed are adequate. While in back testing, the risk
manager must be aware that there will be periods in which actual losses will exceed those
predicted by VaR. For example, the risk manager must realize that statistically, actual losses will
exceed a 5% of VaR, 5% of the time.
Here the VaR through Monte Carlo simulation method, from that Value at Risk At 99%
of confidence level = -Rs.1817415.70 and Value at Risk at 95% of confidence
level=Rs.1336210.65 was found. For back testing past 250 days of data selected from before 1st
April 2013
The detailed calculation for the change in the value of the portfolio for 250 days are
shown in a separate table in Appendix no.4
- 91 -
The Table No: 4.14.2.1 shows values of portfolio sorted in ascending order. From here we get
Back testing values in 99% and 95% confidence level.
TABLE: 4.14.2.1
Showing Change in Total Value of the Portfolio (Sorted In Ascending Order) in Back Testing
Sl.No
Change
1
-4251543.8
2
-2024189.35
3
-1817415.7
99% Confidence Interval
4
-1688437.1
5
-1633201.25
6
-1574157.1
7
-1568466.5
8
-1525137.4
9
-1461409.85
10
-1445007.35
11
-1391928.4
12
-1370060.35
13
-1336210.65
95% Confidence Interval
14
-1327271.15
15
-1257758.45
16
-1240362.85
17
-1219338.6
18
-1195918.95
19
-1190387.75
20
-1150599.2
21
-1121047.6
22
-1114543.8
23
-1104266.3
24
-1092375.1
25
-1006020.55
26
-981703.85
27
-980731.9
28
-900990.6
29
-875899.55
30
-849582.45
31
-795150.15
32
-788465.15
33
-770526.4
34
-767259.2
35
-767245.4
- 92 -
4.14.3:Variance-Covariance Model
The Table No: 4.13.3.1 shows the variance covariance matrix. From this matrix VAR can be
calculated.
TABLE: 4.14.3.1
Shows Variance co-variance matrix
COMPANY
ASIANPAINTS
MINDTREE
LUPINLTD
1040.33
96.94
191.00
190.13
85.67
391.59
201.86
MINDTREE
96.94
855.84
169.97
565.40
133.72
442.61
272.62
LUPINLTD
191.00
169.97
717.65
362.02
145.96
485.67
312.89
HCL
190.13
565.40
362.02
1138.69
314.69
1016.64
677.08
HUL
85.67
133.72
145.96
314.69
307.22
755.38
277.02
YESBANK
391.59
442.61
485.67
1016.64
755.38
1038.61
960.40
HDFC
201.86
272.62
312.89
677.08
277.02
960.40
541.32
HCL
HUL
YESBANK
HDFC
ASIANPAINTS
HCL
HUL
YESBANK
HDFC
TABLE: 4.14.3.2
COMPANY
ASIANPAINTS
MINDTREE
LUPINLTD
0.14
0.06
0.11
Portfolio Weight(P/E)
0.05
0.27
Variance per year
0.0359
Standard deviation per year
0.1875
Standard deviation per day
0.01875(standard deviation per day/250)
Daily volatility
0.01875
Value of portfolio
Rs.6999458.25
Value at Risk at 5% significant level.
VaR
Value of portfolio*1.65*p
6999458.25 x 1.65 x 0.01875
=
Rs.216545.70
At 5% significant level the maximum daily loss or gain of the portfolio will be
Rs.216545.70 , that is portfolio value will lie between Rs. 6782912.51
and Rs.7216003.99.
- 93 -
0.05
0.31
Value at Risk at 25% significant level.
VaR
Value of portfolio*2.33*p
6999458.25 x 2.33 x 0.01875
=
Rs.305788.83
At 25 % significant level the maximum daily loss or gain of the portfolio will be
Rs.305788.83, that is portfolio value will lie between Rs. 6693669.418
and Rs. 7305247.08.
.
- 94 -
CHAPTER 5
DATA ANALYSIS PART II
- 95 -
5.1: Gender of the respondents.

The Table No: 5.1 shows the gender of the respondents. The percentage analysis of the same is
given below.
TABLE: 5.1
Gender
Male
26
Female
4
Total
30
Source: Primary Data
Fig No: 5.1
Majority of the respondents are male. Male respondents constitute 87%.
- 96 -
5.2: Age group of the respondents.

The Table No: 5.2 shows the age group of the respondents. The percentage analysis of the same
is given below.
TABLE: 5.2
Age Group
Below 25
25-30
35-45
45-55
55 & Above
Total
3
5
10
9
3
30
Fig No: 5.2
Majority of the respondents are in the age group 35-55 i.e. about 63%.
- 97 -
5.3: Qualification of the respondents.

The Table No: 5.3 shows the qualification of the respondents. The percentage analysis of the
TABLE: 5.3
Qualification
Graduate
8
Post graduate
10
Professional
12
Total
30
Fig No: 5.3
About 40% of the respondents have professional qualification, 33% are post graduates
And the rest are graduates.
- 98 -
5.4: Occupation of the respondents.

The Table No: 5.4 shows the occupation of the respondents. The percentage analysis of the same
is given below.
TABLE: 5.4
Occupation
Entrepreneurs
Business
Professional
Others
Total
2
6
14
8
30
Fig No: 5.4
About 46% of the respondents are professionals and 27% of the respondents are doing
business.
- 99 -
5.5: Annual Income of the respondents.

The Table No: 5.5 shows the income range of the respondents. The percentage analysis of the
TABLE: 5.5
Annual Income
Below 2 lakh
2-5 lakhs
5-10 lakhs
Above 10 lakhs
Total
2
8
16
4
30
Fig No: 5.5
About 53% of the respondents are in the income range 5-10 lakhs,27% in the range 2-5 lakhs
13% in the range above 10 lakhs and the rest are below 2 lakhs range.
- 100 -
5.6:Investment experience of the respondents.

The Table No: 5.6 shows the investment experience of the respondents. The percentage analysis
TABLE: 5.6
Investment Experience
Less than 1
2-5 years
5-10 years
Above 10 years
Total
2
6
15
7
30
Fig No: 5.6
About 50% of have investment experience of 5-10 years,23% in the range above 10 years range
20% in the range above 2-5 years and the rest are below 1 year range.
- 101 -
5.7: Investment preference of the respondents.

The Table No: 5.7 shows the investment preference of the respondents. The percentage analysis
TABLE: 5.7
Type of Investment
Stock
Bond
Gold
ETF
Bank Deposit
Mutual Fund
Life Insurance
Real Estate
Frequency
Total
25
5
24
3
26
5
16
8
30
30
30
30
30
30
30
30
Fig No: 5.7
From the above data it is clear that respondents are more interested in investing in stock
gold and in bank deposits
- 102 -
5.8: Sector preference of the respondents while investing.

The Table No: 5.9 shows the sector preference of the respondents. The percentage analysis of the
TABLE: 5.8
Sector
Government
Private
Foreign
Diversify
Total
5
4
2
19
30
Fig No: 5.8
Majority of the respondents are interested to diversify their investment rather than putting their
money in a single sector.
- 103 -
5.9:Type of analysis used by the respondents for investing.

The Table No: 5.10 shows the types of analysis used by the respondents. The percentage analysis
TABLE: 5.9
Type of Analysis
Fundamental
Technical
Both
None
Total
8
12
9
1
30
Fig No: 5.9
About 40 % of the respondents use technical analysis,27% use fundemental analysis and
30% use both.
- 104 -
5.10:Investment objective of the respondents.

The Table No: shows the investment objective of the respondents. The percentage analysis of the
TABLE: 5.10
Investment Objective
Income & Capital Preservation
Long-term growth
Short term growth
Safety
Liquidity
Total
10
7
6
4
3
30
Fig No: 5.10
About 34 % of the respondents objective is Income & Capital Preservation,23 % of the

respondents objective is long-term growth,20% of respondents aim short-term growth,13%
aims at the saftey of their investment and rest 10% aims at short-term growth.
- 105 -
5.11: Preferred rate of growth of investment by the respondents

The Table No: preferred rate of growth of investments by the respondents. The percentage
analysis of the same is given below.
TABLE: 5.11
Preferred Investment Growth
Steadily
Average Rate
Fast
Total
10
16
4
30

Fig No: 5.11
About 53 % of the respondents preferres investment to grow at an average rate,34% at a steady

rate and the rest at a fast rate.
- 106 -
5.12: Percentage of investment in stock market securities by the respondents

The Table No: 5.13 percentage of investments in stock market securities by the respondents. The
percentage analysis of the same is given below.
TABLE: 5.12
Investment in Stock Market
Securities
0-15%
15-30%
30-50%
More than 50%
Total
13
14
2
1
30
Fig No: 5.12
About 47% of the respondents is investing about 15-30% in stock market securities,43% in
0-15% investment range,7% in 30-50% range and rest 3% in more than 50% range.
- 107 -
5.13:Whether the respondents have a financial advisor or not.

The Table No: 5.14 percentage of respondents having financial advisor.The percentage analysis
TABLE: 5.13
Whether there is Financial
Advisor
Yes
No
Total
7
23
30
Fig No: 5.13
About 77% of the respondents does not have a financial advisor and the rest 23% has financial
advisor.
- 108 -
5.14:Level of Knowledge of the respondents in Portfolio Management

The Table No: 5.15 level of knowledge of the respondents in portfolio management. The
TABLE: 5.14
Knowledge in Portfolio
Management
Expert
5
High
10
Moderate
8
Basic
6
No
1
Total
30
Fig No: 5.14
About 33% has high level of knowledge,27% Moderate,17% expert,20% basic and 3%
no knwoledge.
- 109 -
5.15: Technique used by the respondents to balance risk and return.

The Table No: 5.16 technique used by the respondents to balance risk and return. The percentage
TABLE: 5.15
Balance Risk/Return
Portfolio Optimization
Portfolio Diversification
Both
Total
8
7
15
30
Fig No: 5.15
About 50% respondents use both portfolio diversification and optimization,27% uses portfolio
diversification and rest uses portfolio optimisation
- 110 -
5.16: Technique used by the respondents for portfolio diversification

The Table No: 5.16 technique used by the respondents for portfolio diversification. The
TABLE: 5.16
Technique Used For Portfolio diversification
Investing in different Securities
23
Including more securities to portfolio
7
Total
30
Fig No: 5.16
About 77% respondents diversifies by investing in different securities and the rest by
Including more securities to portfolio.
- 111 -
5.17: Familiarity of the respondents with Financial modeling.

The Table No: 5.17 the familiarity of the respondents with financial modeling techniques. The
TABLE: 5.17
Familiarity with Financial
Modelling
Yes
No
Total
Frequency
9
21
30
Fig.No:5.17
About 70% respondents are not familiar with financial modelling techniques.
- 112 -
5.18: Portfolio evaluation techniques used by respondents.

The Table No: 5.18 the familiarity of the respondents with financial modeling techniques. The
TABLE: 5.18
Technique Used for evaluation of
Portfolio
Sharpe
25
Treynor
22
Jenson
20
Information
5
30
30
30
30
Fig No: 5.18
From the above data it is clear that Sharpe ,Teynor ratios are the most used for portfolio
evaluation.
- 113 -
5.19: Awareness of VAR Concepts among the respondents.

The Table No: 5.19 shows the awareness of VAR concepts among the respondents. The
TABLE:5.19
Awareness of VAR Concepts
Yes
No
Total
Fig No:5.19
Only 40% of the respondents are aware of VAR Concepts.
- 114 -
12
18
30
5.20: Methods for measuring VAR used by the respondents

The Table No: 5.20 shows the techniques used by respondents to measure VAR. The percentage
TABLE: 5.20
Method used for measuring VAR
Monte-Carlo Simulation
Historical Simulation
Backtest
Others
6
5
4
2
30
30
30
30
Fig No: 5.20
From the above data it is clear that Monte-Carlo Simulation and Historical Simulation are the
two most used techiques by the respondents to measur VAR.
- 115 -
5.21: Qualification of the investors and their awareness towards Financial modeling
techniques
Table No:5.21 shows the qualification of the investors and their level of awareness towards
Financial Modeling Techniques.
TABLE NO:5.21
Qualification
Graduate Postgraduate Professional
Awareness Yes
No
Total
Total
10
21
10
12
30
Ho : There is no relation between the qualification of the investors and their level of
awareness towards Financial Modelling techniques.
H1 : There is no relation between the qualification of the investors and their level of
awareness towards Financial Modelling techniques.
TABLE NO:5.23
Chi-Square Tests
Value
Asymp. Sig.
(2-sided)
df
Pearson Chi-Square
19.286a
.000
Likelihood Ratio
23.156
.000
Linear-by-Linear
Association
14.386
.000
N of Valid Cases
30
Since the table value is greater than the computed value. Ho is rejected,ie; there is a relation
Between the qualification of the investors and their level of awareness towards the Financial
Modelling techniques.
- 116 -
CHAPTER 6
FINDINGS, SUGGESTIONS AND
CONCLUSION
- 117 -
6.1:FINDINGS
SECURITY ANALYSIS
Return of Securities:
HCL has the maximum return (33.74%) ONGC has the minimum return
(9.86%)
Beta Value of the Securities:
YES BANK has the maximum beta value, which means maximum sensitivity to
market (1.32). The minimum sensitivity to market is for ASIAN PAINTS (0.28).
Alpha Value of the Securities:

ASIAN PAINTS has the maximum Alpha (30.23) indicating that it has
maximum extra return and ONGC has the minimum Alpha (4.06) which indicate
its earning is below market return
Risk of Securities:
i.
Systematic Risk Of Securities:

YES BANK has the maximum systematic risk (1247.17%) and ASIAN PAINTS
has minimum systematic risk (55.46 %)
ii.
Unsystematic Risk of Securities:

LUPIN LTD has maximum residual variance or unsystematic risk (2202.48) and
HDFC has minimum unsystematic risk (507.02)
ii.
Risk Of Securities:
YES BANK has maximum risk (50.50 %) and ASIANPAINTS has minimum
risk (26.82%)
PORTFOLIO ANALYSIS
Portfolio return:
The return of optimal portfolio is highest with return (28.96%) and the return of 2nd portfolio
based on PE ratio has the least return of (24.65)
Portfolio risk:
The risk of equal weight portfolio is highest with risk (24.15) and the risk of 2nd portfolio
based on PE ratio has the least risk (23.02)
- 118 -
Portfolio evaluation:
The portfolio is tested for optimality by comparing its performance against the four other
portfolios using Sharpes ratio, Treynor ratio and Jensen ratio Tangency. In all cases except the
performance of the optimal portfolio is found to be superior
VALUE AT RISK:
Monte Carlo simulation:
Value at Risk At 99% of confidence level =191274.86
At 99% confidence level the maximum daily loss or gain of the portfolio will be Rs.191274.86.;
that is portfolio value will lie between 6808183.39
and 7190733.11
Value at Risk at 95% of confidence level=123742.83
At 95% confidence level the maximum daily loss or gain of the portfolio will be Rs.123742.83;
that is portfolio value will be lie between Rs. 6875715.42
and 7123201.08
Back testing:
The back test result shows at 5 % level significant day loss is stipulated by 5% historical
simulation value, at the same time 1% level significant day loss not stipulated but it very near to
1% level of confidence
Variance covariance model
At 5% significant level the maximum daily loss or gain of the portfolio will
be Rs.216545.70 , that is portfolio value will lie between Rs. 6782912.51
and Rs.7216003.99.
At 25 % significant level the maximum daily loss or gain of the portfolio
will be Rs.305788.83, that is portfolio value will lie between Rs.
6693669.418 and Rs. 7305247.08.
.
FINDINGS FROM PRIMARY DATA
Most of the investors are not aware of Financial Modelling techniques.
Most of the investors are not aware of VaR techniques for risk management.
Qualification of the investors do affect their level of awareness of investors towards

Financial Modelling techniques. It can be observed those who are professionally
qualified are more aware of Financial Modelling techniques.
- 119 -
6.2: SUGGESTIONS
The investor should calculate the cost and benefit of each risk management
strategy with the conditions prevailing in the market while he is opting a risk
reduction
Even though the investor can use any type of models for optimization and risk
management, he has to consider the present state of securities market before his
investment.
Most of the investors are not aware of these techniques they should improve their
knowledge.
- 120 -
CONCLUSION
Financial modelling is the task of building an abstract model of a financial decision making
situation. In Todays complex and dynamic investment environment it is necessary for any
investment manager to device and apply different kind of financial modeling strategies. Due to
the increased volatility and upswings in the capital market, every investment manager must be
careful regarding his investment decisions. Increased complexity of financial instruments and the
economic conditions such as recession, boom, etc. makes it difficult for any investment manager
to plan his investments. In these conditions, financial modeling strategies will help him to
effectively manage his assets. Every investment decision is based on an efficient risk-return
trade-off. Modern financial management offers different kind of financial models which will
enable an investment manager to strike an optimal balance between risk and return.
A portfolio is not a simple aggregation of a random group of securities. It is a combination of
carefully selected securities, combined in a specific way so as to reduce the risk of investment to
the minimum. A good portfolio selection through Sharpes optimization model & Markowitz
theory along with VaR techniques like Monte Carlo Simulation and variance covariance method
will assist an individual investor to select a good portfolio which maximizes his return by
keeping his portfolio risk at a minimum level.
- 121 -
BIBLIOGRAPHY
David A. Dubofsky and Thomas W, Miller J R.,Derivates Valuation and Risk

Management,Oxford University Press.
Ederington,W. T.(1979),The Hedging Performance of the New Futures Market,

The Journal of Finance
Punithavathy Pandian,Security Analysis and Portfolio Management,Vikas Publishing

House Pvt. Ltd.
Dr.Krishna Swami O.R,Research Methods,Himalaya Publishing House.
Kevin S,Portfolio Management, Pearson Education
WEBSITES
www.nseindia.com
www.rbi.org
www.investopedia.com
- 122 -
ANNEXURE
- 123 -
FINANCIAL MODELLING FOR PORTFOLIO SELECTION AND

RISK MANAGEMENT
QUESTIONNAIRE
INSTRUCTIONS
Read all the questions carefully and put tick mark on appropriate box.
All the information collected is only for academic purpose and will be kept confidential.
1. Name (optional):__________________
2. Gender:
Male
Female
3. Age group: Below 25
25-35yrs
45-55yrs
35-45 yrs
55 & Above
4. Qualification: Undergraduate
Graduate
Postgraduate
Professional
5. Occupation: Entrepreneur
Business
Professional
Others
6. Annual income: Below 2 lakh
2 - 5 lakhs
5-10 lakhs
Above 10 lakhs
7. How many years of Investment experience do you have?

Less than 1 year
2-5 years
5-10
More than 10 years
8. What type of investments do you have? Please tick all appropriate

Stock
Bond
Mutual fund
Life insurance
ETF
Gold
Real estate
Bank deposit
9. Which sector do you prefer invest your money?

Private sector
Government sector
Foreign sector
Diversify
Public sector
10. Which type of analysis do you use for taking investment decisions?
Fundemental Analysis
Technical Analysis
Both
None
11.What is your investment objective?
Income and capital preservation
Long term growth
Short term growth
Liquidity
Safety
12. At what rate do you want your investment to grow?

Steadily
Average rate
Fast
13. What percentage of your income do you invest in stock market securities?
0-15%
15-30%
30-50%
More than 50%
14. Do you believe that investment in selected sectors is a successful strategy for
maximizing returns and minimizing risks?
Yes
No
15. Do you have a financial advisor?

Yes
No
16.What is your knowledge regarding portfolio management?

Expert knowledge
Basic knowledge
High knowledge
No knowledge
Moderate knowledge
17.Which technique would you use to balance the risk and return of the investment?
Portfolio optimization
Portfolio diversification
Both
18.Which technique would you use for portfolio diversification?

Investing in different securities
Including more securities in portfolio
19. Are you familiar with financial modeling techniques?
Yes
No
20. Which of the following techniques you use for evaluation of portfolio?
Sharpe ratio
Treynors ratio
Jensons ratio
Information ratio
21. Are you aware of VAR concepts in the field of risk management?
Yes
No
22. .If yes which method is used by you for measuring VAR?
Monte-Carlo Simulation
Historical Simulation
Others
Thank you for your valuable time
Appendix No: 2 Monte Carlo Simulation

ASIANPAINTS
SLN
O
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
SIMULA
TED
PRICE
178.2
178.4
173.2
170.6
171.4
173.9
180.8
173.5
175.6
172.4
176.7
179.9
174.8
172.7
175.8
171.8
173.8
174.9
172.7
171.7
173.9
176.8
173.4
176.4
170.0
176.1
175.4
170.8
181.9
174.0
179.3
174.9
MINDTREE
LUPINLTD
HCL
HUL
YESBANK
HDFC BANK
VALUE
SIMULA
TED
PRICE
VALUE
SIMUL
ATED
PRICE
VALUE
SIMULA
TED
PRICE
VALUE
SIMUL
ATED
PRICE
VALUE
SIMUL
ATED
PRICE
VALUE
SIMUL
ATED
PRICE
VALUE
3104101.4
3108700.4
3017884.3
2972352.2
2985680.1
3029960.4
3150318.8
3022688.4
3060031.1
3003493.2
3079029.5
3134597.6
3044627.2
3009316.4
3062274.5
2992934.8
3028696.8
3047206.3
3009312.0
2991860.5
3029757.3
3080089.9
3021212.0
3072424.7
2961009.8
3067643.8
3055484.8
2976168.2
3168767.1
3031334.2
3123182.8
3046983.3
914.4
877.6
932.7
944.2
907.3
924.2
917.4
907.6
908.6
918.9
874.9
916.6
887.2
911.5
869.5
955.3
918.8
922.9
892.2
897.5
929.9
911.4
884.3
905.5
871.0
929.0
898.7
971.4
911.9
925.4
907.8
921.9
1313992.9
1261154.6
1340263.1
1356836.8
1303777.1
1328095.1
1318325.7
1304189.1
1305697.4
1320492.2
1257164.3
1317197.2
1274888.7
1309850.7
1249484.9
1372720.9
1320327.8
1326238.5
1282162.2
1289767.5
1336325.1
1309649.2
1270667.5
1301252.9
1251640.4
1334911.0
1291410.3
1395892.6
1310364.3
1329811.2
1304507.0
1324752.9
647.1
616.4
627.5
624.7
668.7
610.9
616.1
603.4
630.5
642.2
674.2
599.2
672.2
651.6
618.1
657.8
645.2
654.5
621.4
664.2
627.3
571.6
610.0
658.8
624.0
644.7
561.5
636.0
617.7
622.3
679.3
635.0
1032117.0
983134.5
1000904.5
996420.5
1066644.7
974441.4
982621.9
962422.5
1005667.5
1024330.9
1075301.6
955763.2
1072128.4
1039349.5
985885.0
1049201.3
1029030.3
1043883.4
991053.7
1059376.0
1000546.2
911625.3
972969.0
1050712.1
995216.6
1028334.1
895524.9
1014454.2
985152.0
992604.5
1083494.2
1012827.0
774.8
786.5
796.1
759.8
785.0
839.4
770.4
775.8
813.0
764.8
803.8
782.6
816.3
830.3
728.2
820.2
761.7
806.8
787.7
811.3
750.5
798.7
816.0
785.0
809.8
825.3
784.7
767.0
755.2
769.9
813.2
818.3
868541.7
881643.0
892441.6
851758.5
880023.6
940917.5
863634.0
869629.0
911404.6
857350.2
901101.1
877303.8
915039.9
930727.1
816330.6
919439.1
853913.1
904379.2
883001.6
909510.2
841290.6
895366.8
914758.9
879944.4
907804.6
925123.8
879650.1
859808.0
846545.4
863060.7
911641.0
917361.6
473.7
484.7
462.1
478.4
474.2
476.9
482.2
466.3
486.3
487.0
458.1
480.0
474.1
466.3
473.2
467.3
481.5
471.6
459.2
466.0
479.0
472.5
449.7
482.2
473.2
467.3
485.1
459.0
463.8
476.6
477.9
476.6
435301.5
445395.5
424676.4
439663.7
435752.2
438231.1
443140.3
428544.8
446933.7
447528.7
421006.2
441134.7
435715.1
428558.9
434867.3
429439.1
442461.3
433414.6
422017.9
428250.7
440229.7
434203.8
413276.0
443136.1
434877.6
429486.3
445809.5
421863.2
426189.7
437984.1
439168.9
438029.5
446.0
414.6
442.4
445.9
460.7
434.6
429.0
440.5
421.8
441.1
420.9
427.0
436.8
434.3
437.5
411.9
427.9
414.5
444.5
419.6
424.6
449.9
433.4
419.1
427.2
418.5
432.9
411.0
434.5
435.3
418.3
438.2
302409.5
281088.8
299948.6
302346.0
312387.1
294672.4
290895.3
298648.4
286005.6
299046.7
285342.4
289529.7
296156.1
294449.2
296636.1
279241.9
290137.5
281036.2
301401.5
284472.8
287896.8
305010.5
293843.2
284121.8
289629.8
283768.0
293473.5
278629.1
294600.5
295133.0
283602.9
297080.3
632.5
616.8
619.6
596.3
632.6
619.5
622.5
626.1
631.4
636.7
607.9
602.0
624.1
639.6
615.4
612.1
609.6
616.6
637.7
622.6
620.0
633.4
626.5
616.5
632.0
627.9
605.4
633.9
593.8
625.4
631.6
621.7
48071.2
46873.6
47089.7
45318.7
48075.6
47083.5
47308.1
47586.3
47984.0
48388.0
46202.2
45751.9
47431.6
48605.9
46772.4
46521.8
46326.0
46863.7
48467.5
47320.2
47117.6
48138.8
47613.9
46851.3
48029.0
47723.3
46009.7
48179.1
45126.6
47533.2
47999.7
47247.4
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
173.7
179.4
169.7
175.3
171.8
173.5
172.7
176.1
175.7
171.6
177.6
171.6
173.8
170.7
174.2
175.2
175.9
171.8
172.3
176.3
182.4
175.8
172.8
170.5
169.5
177.9
179.4
174.5
174.4
178.8
175.7
175.8
170.7
173.6
173.0
177.8
178.1
177.2
172.9
3026738.5
3126237.4
2957127.5
3054136.4
2992745.6
3023442.3
3008381.3
3067480.3
3061672.3
2989325.5
3094391.1
2990353.8
3027170.2
2973083.4
3034073.0
3052516.3
3064789.8
2993612.3
3002532.3
3072042.1
3178378.3
3061934.0
3011148.3
2970310.2
2952882.6
3099416.1
3125012.9
3040854.7
3037730.7
3114632.2
3061156.9
3061944.8
2974303.5
3025057.8
3013946.9
3098457.4
3102288.4
3086418.1
3012406.8
884.5
918.1
935.0
898.9
889.1
882.5
908.7
943.8
929.1
886.3
903.2
918.6
919.6
919.4
910.3
919.6
880.8
886.6
896.4
903.4
911.8
900.5
922.7
934.7
924.9
906.2
898.3
905.9
891.8
927.6
884.9
867.4
929.5
887.4
883.5
943.2
849.7
886.5
896.6
1271093.0
1319247.2
1343635.5
1291763.3
1277634.5
1268086.9
1305784.6
1356285.1
1335148.0
1273589.6
1297954.9
1320092.0
1321485.2
1321181.8
1308161.5
1321480.8
1265738.1
1274046.6
1288181.6
1298245.8
1310275.3
1294083.5
1325910.1
1343173.0
1329033.3
1302247.9
1290920.2
1301755.8
1281566.6
1332947.7
1271625.6
1246413.9
1335709.1
1275258.1
1269615.1
1355401.0
1220977.4
1273959.8
1288361.9
615.5
641.7
630.0
593.1
648.3
612.9
643.1
591.8
665.2
615.4
675.3
614.2
682.0
674.7
577.2
638.7
602.8
636.5
599.1
586.5
623.8
610.3
625.7
643.0
621.2
636.5
643.5
659.9
623.8
628.2
659.3
634.9
674.5
574.9
667.0
640.8
638.2
561.8
619.3
981691.5
1023433.4
1004897.5
946023.7
1034101.7
977540.4
1025807.1
943867.7
1061069.7
981485.7
1077076.0
979576.4
1087834.4
1076165.0
920563.2
1018698.2
961478.4
1015262.1
955634.2
935515.5
994932.7
973443.3
998040.9
1025599.0
990781.3
1015150.4
1026425.1
1052501.1
994981.4
1001929.1
1051567.9
1012692.0
1075759.1
916940.1
1063889.2
1022004.6
1017915.0
896140.4
987851.0
765.5
821.1
780.0
794.5
790.2
793.9
752.4
781.2
767.3
821.8
767.9
779.7
817.1
829.7
785.1
789.3
761.5
807.9
797.9
800.1
756.5
779.9
745.3
783.4
784.9
730.4
744.0
768.6
775.9
766.0
780.2
789.7
762.5
797.5
795.7
814.8
752.9
814.9
755.8
858168.2
920402.1
874408.2
890627.8
885772.5
889919.9
843424.2
875760.3
860166.3
921189.0
860780.6
874061.2
916013.0
930066.4
880044.3
884784.7
853653.2
905629.7
894447.4
896945.6
848061.7
874273.2
835474.6
878193.4
879903.2
818755.2
833970.8
861648.9
869764.3
858721.6
874651.4
885271.7
854763.6
893990.6
892010.2
913338.9
843981.0
913472.4
847256.6
467.2
476.0
470.6
454.9
467.3
462.6
473.0
463.0
481.7
482.4
458.2
470.3
465.6
463.5
469.4
479.0
456.2
468.2
470.4
460.6
472.0
468.9
475.3
486.5
473.2
471.5
463.0
477.7
479.6
464.7
478.6
444.4
464.8
471.2
473.5
460.2
474.1
474.7
463.6
429322.5
437466.8
432493.8
418098.2
429469.9
425125.8
434700.1
425538.3
442669.1
443321.1
421122.7
432192.6
427913.1
425916.9
431338.7
440242.8
419206.5
430294.0
432284.9
423335.2
433802.6
430923.3
436792.1
447125.1
434914.1
433298.3
425469.8
439000.6
440721.0
427029.2
439851.1
408426.9
427127.3
433018.5
435110.8
422914.5
435724.2
436220.2
426036.1
456.1
446.1
409.6
437.7
414.9
449.4
414.4
438.9
409.1
437.2
423.1
418.0
434.7
437.1
433.3
449.0
396.1
425.2
431.0
411.0
458.8
450.9
450.9
426.7
432.4
428.6
453.5
460.5
410.1
435.9
424.2
450.2
453.6
457.8
445.7
401.9
429.6
437.1
448.0
309218.1
302441.2
277714.4
296779.0
281316.7
304711.7
280996.1
297559.1
277375.6
296451.4
286829.1
283385.3
294743.1
296368.6
293803.9
304426.3
268548.5
288310.5
292243.0
278677.7
311043.3
305705.5
305737.0
289269.4
293166.7
290580.3
307479.4
312197.7
278029.3
295558.3
287584.4
305248.9
307511.6
310387.1
302204.3
272457.0
291239.6
296372.2
303717.1
624.8
616.5
623.5
614.6
638.8
615.3
630.1
631.6
603.7
606.0
629.5
619.2
620.9
618.7
640.6
612.8
623.5
649.4
629.0
630.4
625.0
634.9
600.6
612.6
628.2
621.4
623.7
618.0
615.0
608.1
599.0
632.3
614.2
622.9
628.6
610.2
631.0
650.6
612.4
47485.2
46857.0
47384.1
46710.9
48545.3
46761.4
47886.7
48001.7
45877.7
46057.0
47839.8
47058.1
47186.7
47019.1
48683.1
46573.7
47389.7
49353.0
47804.3
47910.9
47501.7
48253.9
45642.7
46558.2
47739.4
47223.5
47404.9
46964.3
46743.5
46218.5
45522.7
48053.3
46677.3
47337.3
47772.7
46372.8
47957.3
49448.3
46544.4
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
174.8
168.9
175.1
169.2
171.1
175.9
171.6
171.3
182.1
176.7
174.3
177.1
171.7
174.9
176.7
176.1
173.6
174.3
177.5
176.0
174.5
172.5
167.7
172.6
173.7
173.6
174.0
173.0
178.5
178.8
180.4
170.7
176.9
165.6
173.1
173.4
174.5
175.7
177.0
3045181.6
2942724.0
3050771.6
2948585.1
2980428.2
3064038.8
2989958.6
2984510.4
3173409.4
3079156.4
3036375.1
3084600.4
2991021.9
3047032.8
3078699.6
3068190.7
3024457.8
3037367.6
3091726.6
3066332.5
3039441.2
3006023.6
2920985.6
3007177.2
3026521.3
3024997.8
3031058.5
3013978.3
3110675.9
3114747.9
3143162.1
2974553.4
3081768.2
2885473.1
3015923.9
3021474.2
3039609.1
3060480.7
3083071.6
923.8
910.3
860.6
885.4
886.2
863.5
925.4
906.4
915.6
907.6
902.2
929.7
953.0
830.1
878.1
882.7
915.8
924.1
905.4
879.3
866.3
896.5
883.4
941.3
907.2
861.4
936.1
914.5
894.5
907.9
909.1
934.3
921.5
901.8
899.0
921.6
921.3
894.1
888.5
1327520.0
1308063.3
1236709.4
1272257.6
1273498.4
1240864.1
1329757.8
1302429.5
1315735.4
1304196.7
1296456.8
1335958.7
1369458.6
1192903.7
1261812.7
1268501.0
1315966.2
1327894.7
1301116.0
1263549.4
1244819.4
1288335.8
1269439.9
1352617.2
1303692.3
1237885.3
1345156.5
1314195.7
1285396.8
1304658.8
1306314.1
1342574.9
1324210.6
1295902.8
1291862.5
1324375.0
1323847.4
1284848.6
1276798.7
644.1
621.6
666.0
638.1
668.5
659.8
634.1
583.3
604.2
672.5
624.7
640.3
661.6
629.6
700.5
640.6
609.7
632.9
661.6
646.9
621.5
601.6
636.5
669.1
619.6
623.2
621.9
628.5
642.6
686.3
537.2
630.8
613.2
618.6
597.5
622.7
655.4
629.4
723.3
1027333.7
991470.0
1062204.3
1017838.1
1066333.6
1052451.5
1011357.4
930438.7
963772.7
1072703.2
996402.3
1021235.3
1055183.1
1004195.4
1117261.5
1021702.5
972411.9
1009467.0
1055188.7
1031816.4
991292.6
959628.4
1015295.2
1067171.2
988206.9
993967.6
991991.9
1002388.7
1024882.5
1094580.3
856868.0
1006136.7
978109.1
986711.8
953082.0
993144.8
1045287.5
1003901.5
1153690.4
806.0
786.1
790.3
785.8
798.5
783.6
797.0
784.3
780.0
763.2
796.8
799.5
809.6
769.1
771.3
786.2
788.6
809.6
755.1
761.4
774.3
789.3
765.5
790.3
774.3
783.9
800.4
835.5
809.8
818.2
801.5
783.1
772.1
805.3
797.8
785.3
770.1
795.5
738.1
903511.5
881226.2
885947.4
880849.1
895117.3
878421.7
893409.6
879255.0
874363.7
855494.1
893160.1
896255.7
907551.4
862205.8
864673.7
881377.5
884056.8
907598.8
846442.9
853531.1
868021.6
884799.0
858086.1
885886.1
867999.2
878791.7
897271.4
936589.0
907773.2
917210.2
898432.5
877855.3
865530.5
902740.7
894290.2
880345.1
863336.7
891786.0
827432.5
468.6
470.5
451.2
474.3
470.0
468.3
475.0
466.0
462.9
474.4
458.0
453.7
467.8
459.8
456.2
468.4
480.9
468.7
465.4
458.4
471.3
473.7
483.0
472.7
479.0
458.3
466.3
471.0
474.8
471.3
478.5
467.6
469.7
483.7
463.3
475.7
475.2
461.4
465.0
430623.1
432425.0
414620.1
435871.4
431889.4
430388.4
436541.3
428238.8
425422.7
435939.2
420867.0
416944.1
429941.1
422515.4
419274.8
430503.8
441924.6
430776.1
427744.0
421260.8
433152.9
435295.5
443866.7
434414.4
440216.0
421210.9
428575.2
432876.0
436365.6
433100.0
439731.6
429678.8
431689.4
444482.1
425770.6
437147.8
436748.0
424062.3
427302.6
426.9
430.4
434.5
452.6
431.4
457.2
433.9
420.0
416.2
443.0
434.6
462.9
410.9
435.9
427.1
427.7
448.8
413.4
415.4
425.9
447.5
429.8
431.1
426.4
421.0
422.7
441.7
439.3
438.0
443.3
439.7
442.9
442.2
437.4
400.7
427.7
440.1
435.6
425.1
289444.9
291800.6
294615.4
306896.7
292522.1
309981.9
294213.1
284786.4
282194.1
300327.9
294661.0
313823.1
278593.1
295570.9
289586.8
290009.5
304299.4
280270.3
281651.1
288730.6
303396.4
291429.0
292310.6
289112.0
285464.6
286581.4
299501.1
297855.3
296968.7
300575.9
298092.0
300315.0
299800.0
296529.5
271663.2
289953.3
298403.2
295347.1
288217.1
615.6
644.7
621.1
622.2
634.8
612.1
632.5
623.4
639.0
631.1
621.6
602.5
600.8
635.0
607.4
634.3
648.5
634.1
618.4
635.1
609.7
624.3
637.2
628.4
623.8
624.3
609.0
636.9
645.5
629.9
623.5
631.0
626.9
615.8
619.2
626.5
646.4
616.5
632.2
46788.4
48994.6
47204.5
47286.9
48244.4
46516.4
48067.1
47376.4
48566.7
47961.5
47240.6
45792.6
45657.8
48256.2
46158.7
48206.4
49285.4
48195.1
46998.0
48267.2
46337.3
47443.1
48427.3
47757.3
47410.9
47449.2
46286.9
48408.0
49061.7
47872.4
47389.6
47956.9
47646.4
46800.4
47058.0
47615.4
49125.8
46854.4
48050.8
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
179.9
171.3
176.0
169.5
179.9
173.6
170.5
174.1
175.0
173.1
170.6
175.0
171.6
175.5
177.9
175.9
175.3
175.9
175.3
172.0
176.9
173.5
171.8
172.1
173.5
173.8
178.1
170.8
169.5
174.8
178.1
172.0
174.0
173.2
171.5
176.5
171.7
171.4
176.0
3133675.8
2984000.7
3065909.3
2952517.9
3135009.5
3024968.2
2970890.7
3032759.6
3048317.2
3016422.9
2971818.2
3049687.6
2990210.7
3057160.8
3099199.5
3064424.9
3053681.1
3064534.3
3053581.1
2997088.1
3082712.6
3022416.8
2992324.2
2999055.4
3022328.1
3027736.3
3103642.7
2975925.6
2953107.1
3045634.2
3102532.2
2996041.8
3032090.0
3017562.1
2988250.7
3074938.8
2991349.4
2985351.5
3066052.8
888.1
940.8
876.3
911.2
906.6
868.0
928.6
883.9
849.3
858.8
901.0
901.6
921.8
897.9
883.4
927.6
904.1
893.4
898.8
897.9
942.1
894.8
911.4
917.3
936.3
886.1
914.5
922.7
886.3
923.3
871.4
925.2
874.0
874.8
920.4
925.9
900.9
908.0
886.3
1276174.5
1351964.3
1259290.8
1309394.6
1302791.4
1247292.7
1334409.2
1270201.1
1220500.6
1234025.1
1294767.4
1295544.0
1324619.2
1290329.9
1269410.4
1333012.7
1299258.4
1283862.8
1291575.0
1290262.8
1353741.5
1285777.0
1309729.6
1318132.8
1345450.2
1273392.7
1314105.0
1325979.5
1273601.0
1326788.4
1252254.7
1329520.0
1255875.2
1257135.2
1322580.5
1330561.6
1294558.2
1304795.9
1273673.5
651.7
663.2
638.8
602.0
655.3
638.5
635.0
671.4
642.9
605.9
650.1
630.2
607.8
609.6
664.9
603.9
613.5
650.8
666.4
653.4
653.0
658.1
631.5
621.2
630.0
644.9
689.0
625.9
597.1
658.6
617.2
585.7
630.0
638.6
637.4
645.1
661.1
714.4
618.5
1039515.6
1057854.7
1018809.3
960133.2
1045195.4
1018481.1
1012885.1
1070899.8
1025389.5
966456.4
1036926.5
1005129.2
969443.4
972305.0
1060465.5
963281.0
978537.7
1038035.6
1062962.4
1042183.8
1041572.7
1049649.9
1007320.1
990756.4
1004902.9
1028657.5
1098950.3
998330.0
952441.6
1050487.1
984373.6
934249.5
1004859.3
1018529.1
1016630.3
1028863.0
1054455.0
1139398.7
986437.8
814.3
789.2
771.0
789.2
767.9
784.9
783.1
798.6
794.3
754.6
776.1
790.1
837.4
749.3
811.8
779.8
772.9
794.9
776.3
772.2
765.6
797.4
777.0
829.5
802.4
780.2
786.0
810.9
774.9
824.4
773.5
759.7
752.8
777.5
788.6
813.1
817.0
775.2
768.8
912832.5
884650.3
864241.7
884640.0
860775.2
879854.8
877847.7
895209.5
890430.3
845921.0
870011.8
885702.8
938711.5
839999.5
909971.8
874128.5
866383.8
891106.8
870273.3
865661.2
858288.5
893917.4
871054.2
929864.2
899543.3
874565.6
881120.5
909053.9
868612.9
924204.2
867066.8
851679.2
843935.9
871618.2
883981.0
911482.8
915901.4
869054.5
861770.1
477.8
486.3
462.8
474.5
472.0
461.0
475.3
482.6
465.4
466.1
467.9
471.3
484.7
485.2
477.3
468.7
468.0
479.0
457.9
472.1
458.7
464.5
463.5
465.1
469.4
472.1
468.1
469.5
478.8
484.3
461.4
470.9
475.6
455.2
468.4
471.5
469.0
475.1
479.4
439083.0
446922.6
425288.6
436046.6
433736.7
423682.1
436787.4
443497.8
427704.7
428330.4
429992.2
433100.8
445454.3
445899.9
438635.8
430758.3
430071.8
440238.6
420783.1
433872.8
421515.8
426916.7
425923.9
427423.1
431361.5
433822.5
430213.1
431514.9
440027.1
445039.6
423990.9
432765.5
437122.2
418296.8
430465.5
433335.3
431034.5
436600.3
440528.6
415.4
456.1
401.8
434.1
429.3
416.4
430.3
425.5
439.1
413.1
471.6
437.0
436.4
435.7
417.0
414.8
420.3
428.8
418.5
417.7
440.3
432.0
425.9
453.4
418.9
454.3
415.1
442.1
432.9
421.3
438.6
423.2
441.9
422.8
438.1
418.1
442.1
424.1
424.8
281629.5
309232.0
272427.0
294305.3
291047.1
282316.8
291736.7
288500.9
297738.2
280064.4
319756.4
296319.5
295867.5
295395.7
282712.9
281226.8
284953.8
290737.3
283761.6
283182.2
298550.0
292911.8
288771.5
307423.5
283988.9
308036.2
281463.1
299753.3
293522.9
285672.4
297397.5
286935.1
299640.3
286635.9
297030.8
283501.0
299767.3
287509.1
288032.9
627.7
621.9
641.9
622.6
644.1
608.2
631.4
624.7
649.7
632.1
635.6
636.4
615.1
643.3
610.7
622.9
604.8
631.4
628.2
606.8
593.0
629.9
634.3
603.0
602.7
599.1
635.1
620.5
649.2
638.8
624.1
630.1
621.3
639.4
617.5
617.2
621.4
621.5
643.1
47706.2
47261.2
48781.3
47319.5
48953.7
46220.7
47988.8
47478.3
49380.6
48038.9
48307.5
48367.6
46751.2
48889.4
46415.8
47339.4
45964.0
47986.1
47744.7
46117.8
45065.8
47871.4
48209.9
45826.2
45803.7
45532.5
48266.1
47155.5
49341.3
48549.1
47433.0
47888.7
47218.7
48594.4
46929.7
46908.2
47225.8
47233.0
48875.9
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
171.9
171.6
177.1
176.3
174.0
178.3
173.7
174.6
168.2
173.0
175.3
175.9
173.3
176.9
173.8
178.5
174.3
178.7
170.3
175.4
173.0
176.6
175.5
174.5
172.2
177.5
176.7
170.0
169.4
167.0
173.8
173.3
173.0
170.6
177.3
172.2
166.4
171.9
176.0
2995285.3
2989094.6
3084929.8
3070861.1
3032244.6
3106460.7
3026120.2
3041433.6
2930865.2
3013154.2
3054254.4
3064584.4
3018695.5
3081450.9
3027489.6
3110296.6
3036661.2
3113170.1
2966934.6
3054968.6
3013640.4
3076076.2
3057589.4
3039634.9
3000255.5
3092102.9
3077934.2
2960879.6
2951337.8
2908699.7
3028794.5
3019469.5
3013431.1
2972978.7
3089276.1
3000589.3
2898751.5
2995191.6
3065439.7
904.9
901.9
902.0
913.1
889.5
873.8
900.0
903.5
919.8
906.8
909.4
923.6
913.4
892.5
874.2
927.8
886.8
906.4
950.0
944.1
932.6
912.6
911.0
951.4
895.8
928.3
907.4
921.8
927.8
923.0
908.9
895.9
886.6
942.1
934.6
894.7
891.4
898.1
865.8
1300319.3
1296066.1
1296219.6
1312090.6
1278242.4
1255657.8
1293345.6
1298388.2
1321792.6
1303007.2
1306847.2
1327234.3
1312581.7
1282468.9
1256205.1
1333260.9
1274304.0
1302469.7
1365203.1
1356727.5
1340109.4
1311353.7
1309044.4
1367099.9
1287272.9
1333908.8
1303895.8
1324598.0
1333270.2
1326325.9
1306159.3
1287455.1
1274032.2
1353786.9
1343003.7
1285637.4
1280963.3
1290523.8
1244209.2
594.5
606.7
622.3
627.5
608.2
624.2
664.3
674.2
721.2
636.8
617.4
617.3
631.4
637.1
634.8
623.2
622.4
634.4
646.0
631.6
625.6
638.1
611.7
618.1
602.6
623.3
699.5
621.1
659.6
639.5
614.9
620.9
673.9
657.8
673.7
598.4
661.2
585.0
576.9
948262.2
967739.6
992497.3
1000858.3
970109.6
995658.0
1059617.0
1075364.7
1150352.9
1015746.2
984780.8
984562.9
1007157.0
1016252.7
1012517.9
993996.8
992664.6
1011901.0
1030373.4
1007440.0
997807.9
1017827.5
975586.4
985912.7
961165.1
994140.5
1115734.3
990585.1
1052101.1
1020016.9
980716.4
990388.3
1074945.9
1049163.5
1074566.4
954372.1
1054615.3
933055.6
920086.7
750.6
784.2
814.8
812.8
750.2
740.2
809.1
798.0
814.9
805.4
762.0
784.4
763.6
778.2
745.0
782.6
760.9
804.8
767.1
794.5
769.0
740.5
800.5
801.0
789.3
799.8
766.1
788.0
774.8
737.3
813.5
756.1
758.0
834.1
821.2
774.4
780.0
816.7
812.0
841423.8
879068.4
913392.8
911197.4
841013.7
829751.6
906992.2
894515.6
913483.2
902811.0
854244.8
879339.9
855961.9
872390.4
835138.7
877317.8
852954.1
902187.3
859906.4
890652.3
862009.3
830075.0
897395.2
897886.4
884857.5
896526.8
858847.1
883366.6
868594.0
826568.0
911906.1
847543.3
849690.4
934998.0
920534.1
868098.4
874396.9
915488.7
910218.5
465.7
474.4
482.8
479.0
476.7
467.6
475.5
469.1
473.2
480.0
462.3
471.4
476.6
463.8
466.0
462.0
472.3
461.9
468.1
458.2
457.6
477.0
465.9
474.0
473.0
487.7
468.2
469.3
471.0
471.1
475.2
479.5
471.6
475.0
489.4
478.2
465.1
477.1
479.2
427998.9
436002.4
443724.4
440173.7
438125.7
429703.8
436966.7
431077.8
434852.7
441157.1
424814.8
433199.1
437957.7
426271.3
428241.9
424597.9
434001.3
424457.0
430144.8
421083.9
420580.1
438353.8
428197.7
435563.0
434723.3
448191.8
430287.9
431248.6
432852.8
432931.4
436708.1
440680.5
433411.3
436510.9
449734.5
439479.6
427421.5
438486.0
440415.8
431.6
419.4
414.8
427.2
431.5
405.9
430.6
431.4
439.2
426.9
450.2
448.6
408.9
428.7
437.0
426.6
436.7
437.1
448.4
446.7
459.9
439.5
458.1
413.6
435.2
420.0
421.7
450.3
433.3
426.8
412.4
435.9
427.9
438.0
418.3
421.2
441.3
439.4
423.1
292642.6
284383.1
281257.1
289649.0
292588.5
275221.1
291953.9
292474.1
297763.0
289406.2
305269.0
304183.2
277224.8
290632.6
296292.5
289266.8
296113.8
296324.4
304005.2
302894.5
311834.6
298006.3
310618.0
280437.9
295046.9
284783.8
285911.2
305277.1
293745.4
289359.4
279637.2
295546.4
290108.4
296937.0
283590.4
285588.0
299181.3
297920.9
286865.5
636.2
642.4
626.6
628.0
661.9
623.9
620.5
628.3
623.9
630.5
657.4
630.3
619.9
615.2
636.6
636.3
623.5
639.5
628.6
621.9
627.9
618.3
606.2
619.4
628.9
625.7
611.4
636.7
606.9
654.8
645.4
618.9
630.6
652.3
604.3
642.5
626.8
644.2
608.5
48350.8
48822.0
47624.3
47729.9
50302.5
47419.0
47155.3
47753.1
47415.9
47920.1
49961.6
47899.8
47109.6
46756.6
48383.0
48359.8
47385.6
48604.4
47772.2
47265.3
47717.6
46991.9
46068.3
47077.9
47795.3
47549.6
46469.0
48392.8
46120.8
49761.2
49046.8
47038.0
47922.8
49572.4
45929.8
48827.3
47635.4
48962.8
46245.8
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
173.5
177.2
175.2
177.2
174.2
172.6
172.5
172.3
174.6
170.9
174.3
173.7
177.2
180.5
177.0
173.7
174.8
171.1
178.0
170.4
171.3
171.5
175.7
172.6
179.9
171.7
174.3
175.2
175.1
172.0
173.4
177.8
174.5
178.6
178.2
176.6
169.8
179.3
178.2
3022082.1
3086810.9
3052387.2
3087823.9
3034789.9
3007254.4
3005234.6
3001919.3
3041590.5
2977041.0
3036631.1
3026249.7
3087184.0
3144180.9
3083911.7
3026957.0
3045323.4
2980879.3
3100764.3
2968447.2
2984721.4
2988567.2
3061889.8
3006693.4
3134397.5
2991661.3
3036771.2
3052572.8
3049852.7
2996915.4
3021360.6
3097116.9
3040961.7
3111736.4
3103800.1
3077203.1
2957802.7
3123882.6
3104517.0
919.6
929.9
894.4
929.3
844.2
958.9
953.4
939.3
885.4
926.7
917.6
909.7
911.8
880.8
927.9
806.8
877.9
898.7
891.5
904.8
887.6
888.5
903.5
864.8
885.6
901.5
893.0
901.8
886.0
866.4
873.5
889.4
863.3
869.4
928.0
864.5
886.0
903.8
981.0
1321411.1
1336282.6
1285270.6
1335399.0
1213137.1
1377936.9
1370105.6
1349726.9
1272317.7
1331675.0
1318633.2
1307287.2
1310211.4
1265663.3
1333359.2
1159396.5
1261538.0
1291463.7
1281084.5
1300142.4
1275498.1
1276788.2
1298393.8
1242756.3
1272567.9
1295422.4
1283222.8
1295933.1
1273157.4
1244998.6
1255228.0
1278049.8
1240556.6
1249364.3
1333604.9
1242220.1
1273149.2
1298808.2
1409690.4
633.4
629.3
633.2
678.5
621.6
651.9
546.3
573.5
658.2
585.8
637.7
559.7
614.7
686.7
654.7
632.5
629.7
622.9
634.9
662.9
614.0
673.5
684.6
672.5
629.8
603.5
611.6
619.5
709.1
675.8
631.2
595.9
648.2
639.7
708.4
576.7
650.9
651.5
674.2
1010249.8
1003809.3
1009967.2
1082285.7
991408.7
1039838.9
871276.0
914685.1
1049815.2
934293.5
1017169.9
892768.6
980420.8
1095360.3
1044205.4
1008795.0
1004372.4
993468.4
1012623.9
1057336.2
979315.3
1074215.1
1091871.5
1072577.8
1004526.7
962609.7
975532.9
988102.5
1131074.3
1077935.3
1006696.8
950421.5
1033871.3
1020290.9
1129928.7
919800.6
1038189.1
1039108.9
1075341.8
788.2
779.4
783.7
774.3
811.5
732.2
803.2
778.7
840.9
757.4
783.8
815.6
752.8
792.2
812.6
790.4
770.0
834.6
765.2
805.2
840.6
825.8
792.4
803.5
812.7
792.8
817.8
776.6
772.4
768.2
834.1
789.4
819.6
787.5
808.7
777.5
775.0
786.8
781.3
883609.6
873736.1
878556.1
867963.9
909675.8
820828.7
900439.4
872954.9
942628.8
849060.6
878641.6
914318.8
843927.2
888026.3
910900.3
886013.3
863193.7
935639.3
857764.2
902583.2
942302.2
925742.6
888275.6
900697.3
911053.0
888726.4
916805.3
870622.4
865862.6
861182.9
935004.2
884962.7
918810.0
882773.8
906570.1
871631.2
868758.1
881977.1
875826.6
480.8
473.2
490.6
468.5
475.4
458.1
468.9
475.5
482.8
456.5
483.3
488.5
473.9
461.4
466.0
481.8
476.4
475.5
474.6
474.9
494.5
470.7
471.0
469.3
475.2
479.6
462.8
466.8
465.9
462.8
469.4
483.7
490.0
469.9
479.3
463.8
468.3
471.8
462.0
441828.5
434914.1
450853.0
430542.0
436889.7
420967.7
430923.1
436991.5
443649.4
419486.2
444146.4
448908.8
435517.1
424024.7
428278.6
442808.2
437804.6
436997.1
436143.7
436464.5
454481.1
432548.9
432819.4
431291.0
436683.4
440735.9
425330.9
429012.7
428180.2
425288.2
431344.8
444477.9
450353.7
431878.4
440453.0
426238.4
430360.5
433571.1
424553.6
432.6
434.4
407.0
452.6
415.0
430.1
449.2
439.0
432.0
461.0
411.3
448.1
424.5
425.9
451.7
423.2
428.1
429.4
422.7
447.2
439.5
450.6
431.0
432.8
433.5
455.5
445.3
420.7
434.8
427.7
438.2
425.0
428.8
422.9
428.9
427.7
438.2
433.7
399.8
293324.7
294492.8
275972.7
306895.5
281392.2
291639.2
304549.6
297670.5
292900.6
312562.5
278850.1
303803.5
287779.8
288760.4
306263.4
286925.9
290220.8
291122.4
286608.3
303199.3
297949.7
305502.4
292190.3
293445.0
293894.0
308811.6
301908.4
285217.2
294811.6
289989.3
297090.5
288179.3
290759.2
286749.5
290776.5
290008.2
297096.0
294050.6
271037.3
630.4
618.8
621.8
626.7
619.0
624.7
621.7
617.1
615.6
636.2
621.6
635.9
608.5
627.0
626.0
608.0
626.3
636.2
636.3
634.1
634.8
612.6
621.4
622.4
657.6
616.7
613.8
636.6
624.0
623.8
623.1
605.3
621.4
630.8
636.1
634.5
631.3
599.3
613.5
47907.5
47030.3
47254.0
47627.9
47040.7
47476.2
47246.2
46898.9
46783.4
48353.8
47238.4
48330.7
46246.8
47651.2
47578.8
46205.3
47598.1
48353.3
48356.1
48193.4
48247.8
46560.9
47230.1
47299.8
49975.2
46867.5
46650.1
48383.8
47421.8
47409.6
47352.8
46002.2
47228.5
47937.7
48339.8
48223.6
47977.6
45543.1
46628.7
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
173.8
175.1
176.4
175.6
173.5
171.8
175.6
173.7
170.4
175.6
177.6
173.1
177.3
169.0
175.4
172.9
180.9
172.9
172.5
174.8
174.6
175.6
178.3
174.5
171.2
173.9
172.2
177.2
175.4
173.3
178.6
172.8
172.9
175.9
179.3
177.4
179.2
178.0
172.7
3028041.8
3050794.4
3073589.3
3059208.0
3022041.8
2992422.3
3059515.0
3025413.2
2968565.6
3058707.8
3093541.6
3016441.7
3088791.6
2945113.2
3055139.4
3011753.7
3152126.7
3012411.9
3005570.4
3044738.8
3042641.0
3059670.4
3106263.9
3039562.8
2982907.9
3029581.8
3000856.5
3088012.1
3055530.4
3019577.3
3111722.5
3010713.1
3012584.8
3065023.6
3124483.2
3089820.4
3121369.6
3101836.7
3009374.4
903.7
894.5
905.4
882.1
900.2
924.4
911.2
937.0
896.1
900.9
919.3
935.5
894.2
905.0
947.0
928.1
921.7
903.9
886.7
917.3
892.8
888.3
908.5
916.5
925.9
921.7
887.3
873.9
933.7
880.2
929.7
920.5
925.8
895.0
918.4
913.0
887.7
937.3
921.6
1298630.0
1285426.5
1301062.0
1267618.9
1293543.2
1328339.2
1309327.6
1346513.8
1287763.5
1294616.2
1321047.3
1344363.7
1284895.7
1300509.3
1360784.4
1333727.4
1324516.6
1298964.9
1274249.1
1318218.8
1282958.2
1276525.4
1305525.0
1316969.2
1330503.2
1324508.9
1274992.3
1255824.1
1341723.8
1264915.9
1335940.6
1322749.6
1330313.8
1286136.2
1319781.5
1312023.9
1275593.6
1346833.4
1324405.6
650.4
606.1
616.0
512.8
596.9
617.7
648.8
667.9
620.6
661.8
573.1
668.0
643.2
608.3
630.0
593.7
561.5
643.1
703.9
651.1
647.0
631.4
624.1
635.1
647.2
627.6
658.8
627.4
650.1
661.3
653.7
625.4
617.7
610.1
620.3
639.2
649.6
663.5
629.3
1037391.1
966706.7
982490.4
817880.5
952051.0
985269.3
1034787.6
1065357.2
989838.8
1055544.1
914067.3
1065380.3
1025854.4
970187.5
1004880.9
946902.7
895528.9
1025731.4
1122785.4
1038544.6
1031979.7
1007137.4
995518.0
1013013.6
1032306.2
1001046.8
1050722.5
1000759.5
1036899.6
1054758.1
1042625.7
997522.8
985162.7
973118.1
989405.0
1019489.3
1036164.2
1058262.4
1003721.5
784.5
793.6
753.4
778.1
808.6
761.4
793.7
771.0
829.5
739.9
785.3
789.0
800.2
773.7
784.2
777.3
775.5
801.7
769.5
815.6
773.8
736.7
777.4
781.7
799.1
812.5
773.1
749.0
771.4
781.5
790.3
781.5
768.7
802.7
819.6
744.5
785.0
760.1
744.8
879400.2
889659.7
844606.3
872274.2
906425.8
853491.5
889700.3
864303.5
929819.4
829467.2
880297.8
884415.5
897044.5
867285.7
879075.3
871347.5
869327.3
898723.1
862579.9
914258.1
867393.7
825874.6
871442.2
876320.8
895816.8
910833.3
866619.8
839603.1
864770.3
876075.8
885959.0
876086.4
861768.4
899855.5
918751.4
834601.5
879937.1
852061.5
834911.0
493.1
468.7
464.9
467.9
470.6
480.5
474.0
465.3
489.0
459.2
450.5
459.3
457.1
465.5
474.7
483.9
485.4
470.5
467.4
470.9
477.7
472.7
471.9
482.4
461.8
472.3
465.5
480.0
471.2
465.0
467.2
469.1
476.8
467.5
488.4
477.7
486.8
476.8
478.4
453136.2
430720.9
427250.0
430010.3
432446.3
441566.5
435594.9
427611.0
449406.2
422039.0
413997.8
422140.4
420073.5
427750.8
436247.9
444659.5
446085.4
432393.7
429543.2
432757.1
438965.7
434411.8
433667.0
443283.0
424363.7
434057.3
427801.3
441149.4
433044.1
427372.7
429349.3
431080.7
438143.5
429656.2
448795.7
438999.7
447371.8
438220.5
439668.7
416.3
398.0
425.0
431.8
439.8
415.1
444.7
415.3
446.5
422.1
435.8
429.4
431.5
453.1
421.6
417.8
442.0
438.7
433.4
428.5
454.0
430.1
419.7
460.2
427.1
411.8
452.3
435.9
434.7
442.3
446.3
415.6
427.0
429.5
428.5
435.0
421.6
448.8
425.3
282219.7
269863.4
288166.4
292759.4
298201.3
281413.6
301539.2
281562.9
302711.0
286211.0
295504.9
291118.2
292529.0
307169.0
285866.3
283287.9
299672.2
297407.0
293824.5
290490.7
307808.3
291618.5
284531.2
311989.3
289598.2
279179.1
306632.3
295563.7
294737.5
299887.6
302610.1
281782.3
289477.0
291192.0
290553.5
294920.3
285825.4
304297.0
288368.8
625.1
622.2
617.3
616.0
636.7
592.2
626.9
609.1
624.4
629.0
638.3
607.9
610.6
627.4
624.7
631.4
633.4
625.3
626.6
601.7
614.1
615.2
612.0
624.8
636.0
604.0
636.2
647.2
616.4
613.8
620.6
638.9
601.1
640.0
643.1
610.4
632.9
609.2
627.4
47510.8
47285.0
46915.4
46819.7
48390.2
45008.5
47648.1
46291.2
47453.5
47805.9
48512.8
46202.2
46408.1
47685.3
47479.9
47983.2
48139.8
47522.8
47624.1
45730.3
46674.5
46757.0
46510.7
47485.1
48337.5
45901.3
48348.3
49185.2
46842.8
46646.2
47167.2
48559.2
45682.0
48638.8
48876.0
46389.3
48099.2
46297.8
47683.7
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
171.0
173.1
175.6
174.0
173.2
171.9
171.2
169.0
177.1
178.5
171.2
171.1
171.2
176.1
175.9
173.8
177.3
173.1
171.5
175.9
182.8
173.3
175.2
173.6
178.2
175.0
175.2
172.5
173.8
173.7
176.3
172.0
173.3
168.8
171.5
175.9
176.7
178.3
174.4
2978419.7
3016561.9
3058724.5
3031173.2
3016891.5
2994479.4
2982352.0
2944574.1
3085336.0
3110111.9
2982176.7
2981572.5
2982438.7
3068636.5
3063795.5
3028166.4
3088489.8
3016189.8
2987959.4
3063912.5
3185369.3
3018906.5
3051509.1
3025246.2
3104300.6
3049250.7
3052425.0
3005309.6
3027303.4
3026808.1
3071811.0
2997204.4
3020009.3
2940969.9
2987899.4
3065360.8
3079195.3
3107091.5
3038708.6
906.1
909.3
886.9
871.7
931.7
910.8
921.4
903.4
862.4
928.1
912.2
917.9
926.2
922.5
914.4
877.7
888.6
880.0
879.2
897.8
890.0
920.4
900.1
906.4
919.8
908.7
890.3
931.5
917.8
928.3
951.7
867.7
946.2
937.1
874.4
872.7
929.3
889.5
877.4
1302135.1
1306705.0
1274407.9
1252683.9
1338895.0
1308819.0
1324038.5
1298122.6
1239252.1
1333697.7
1310873.5
1318984.8
1330892.8
1325654.9
1313957.5
1261204.3
1276933.9
1264582.4
1263398.6
1290166.2
1278888.4
1322622.1
1293467.7
1302562.9
1321730.7
1305770.9
1279391.0
1338534.9
1318950.1
1333979.0
1367597.2
1246886.6
1359693.3
1346668.8
1256500.8
1254017.9
1335466.0
1278268.0
1260799.1
661.1
620.6
605.1
664.6
622.1
648.1
645.0
689.8
617.0
643.0
600.6
631.8
637.7
642.0
627.9
632.4
668.2
617.8
654.7
586.1
598.1
665.7
600.0
633.4
619.8
650.2
596.6
646.4
627.4
636.2
567.3
697.6
595.9
598.0
582.2
658.1
622.2
562.2
597.0
1054429.5
989825.4
965180.7
1059964.6
992324.8
1033712.8
1028840.8
1100206.4
984116.2
1025662.7
957933.1
1007794.5
1017184.4
1023975.6
1001494.8
1008621.8
1065735.7
985388.3
1044325.4
934822.7
954005.2
1061773.9
957058.0
1010302.8
988518.7
1037080.9
951623.2
1030938.4
1000703.3
1014791.8
904881.3
1112628.3
950411.5
953860.0
928540.0
1049737.3
992421.1
896673.6
952158.1
780.8
766.2
786.3
775.8
784.5
843.7
791.1
769.1
804.0
815.5
841.6
814.7
757.4
776.3
805.4
802.2
761.5
750.1
770.3
817.1
798.8
822.4
853.7
756.7
776.4
793.3
797.5
776.4
793.9
787.6
798.2
809.4
803.6
799.5
762.7
767.9
797.1
823.2
755.5
875298.2
858940.5
881497.2
869687.5
879399.3
945763.9
886798.4
862146.7
901300.6
914166.9
943428.0
913334.6
849057.9
870246.2
902891.9
899314.3
853697.4
840907.2
863475.4
915943.2
895476.8
921897.3
957021.8
848304.3
870371.1
889293.8
893964.0
870331.4
889954.1
882947.4
894808.8
907376.5
900873.0
896275.2
855032.1
860864.0
893597.3
922852.0
846954.5
473.1
476.9
467.4
482.4
479.8
465.7
476.8
471.7
474.1
479.8
483.7
477.0
488.6
467.3
467.1
477.1
485.5
487.1
472.0
460.8
478.9
472.8
476.5
465.4
480.2
463.5
459.7
490.1
458.8
469.4
455.4
473.6
480.2
467.6
476.0
477.5
482.0
474.1
480.4
434755.7
438269.8
429572.2
443318.4
440954.6
427962.9
438170.8
433493.4
435653.7
440923.7
444474.6
438368.4
449013.2
429438.5
429238.8
438481.8
446136.9
447672.3
433795.2
423495.9
440132.4
434535.4
437906.4
427679.7
441302.4
425985.1
422421.4
450370.5
421645.2
431416.0
418527.6
435271.2
441284.7
429710.7
437451.8
438812.3
442969.4
435728.4
441514.8
436.1
433.3
407.3
448.6
444.5
468.6
431.6
432.3
424.4
418.0
429.5
431.5
436.8
422.8
442.2
438.4
443.9
439.7
436.1
441.7
417.3
430.7
437.0
448.0
433.3
444.6
430.3
449.8
422.3
452.3
421.3
437.9
432.6
425.1
441.1
432.4
463.8
424.3
429.0
295659.2
293786.9
276125.1
304182.2
301354.6
317743.1
292641.9
293129.7
287714.4
283404.7
291232.2
292544.7
296154.5
286674.9
299817.9
297253.4
300991.7
298124.9
295693.9
299440.1
282949.8
292022.2
296268.4
303767.2
293808.2
301442.8
291709.7
304975.8
286323.4
306664.4
285660.9
296872.6
293271.9
288219.9
299086.8
293159.2
314469.4
287694.4
290859.7
625.3
622.4
609.1
630.1
608.5
619.5
633.6
636.2
648.9
628.7
602.7
661.3
610.9
613.1
625.3
637.0
618.0
634.1
603.1
611.3
619.2
637.6
612.6
632.5
622.5
628.3
603.6
642.6
620.4
638.5
610.9
619.3
638.5
615.6
633.0
646.7
620.6
616.1
618.6
47524.9
47300.4
46292.0
47884.9
46249.0
47082.4
48154.7
48354.8
49318.0
47778.1
45804.1
50256.3
46429.8
46591.9
47523.4
48410.5
46971.2
48193.5
45839.2
46458.4
47059.9
48457.9
46558.9
48071.3
47307.1
47749.5
45876.3
48840.1
47151.9
48526.0
46426.8
47067.8
48527.2
46788.5
48108.6
49146.7
47168.0
46821.9
47017.2
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338
339
340
341
342
343
344
174.1
175.6
173.7
175.9
169.8
167.6
176.6
178.3
169.2
173.2
169.7
169.9
174.6
172.1
180.0
178.0
172.6
176.8
176.6
176.6
175.0
172.0
173.3
172.1
175.8
177.6
171.4
174.8
175.2
169.3
175.4
170.3
177.3
174.5
175.3
175.4
174.1
175.6
174.3
3032773.2
3059752.8
3026880.7
3064298.7
2957996.8
2919354.5
3076086.9
3106198.4
2947969.0
3018328.0
2956321.5
2959677.7
3042278.5
2997904.5
3136708.5
3101825.9
3006480.6
3079747.7
3076680.6
3077277.5
3048886.6
2997038.5
3018770.8
2998611.1
3062057.0
3094410.7
2986210.3
3044566.7
3052578.5
2949155.6
3055743.2
2966567.3
3088144.6
3039636.2
3054458.8
3055810.9
3032675.8
3058939.9
3036285.2
909.8
930.0
896.4
901.7
885.0
862.9
906.1
869.9
888.2
906.4
911.2
882.5
895.0
893.9
909.1
860.6
914.7
905.0
899.8
876.2
899.5
919.4
918.6
901.6
855.6
890.2
906.7
943.1
927.5
943.2
916.3
910.3
928.3
917.3
898.8
896.1
904.4
900.7
926.9
1307413.6
1336480.1
1288172.2
1295780.2
1271790.8
1239963.4
1301994.5
1250082.5
1276309.2
1302492.4
1309451.8
1268216.6
1286161.1
1284507.8
1306435.1
1236673.2
1314424.6
1300447.2
1292976.1
1259028.4
1292608.1
1321138.0
1320051.3
1295616.3
1229494.3
1279169.7
1302975.6
1355269.4
1332814.9
1355324.5
1316757.8
1308135.2
1333901.1
1318217.7
1291565.5
1287691.2
1299579.5
1294313.4
1331902.8
664.5
577.9
661.3
665.5
662.4
566.7
638.6
610.5
637.5
617.4
611.1
608.2
577.9
679.4
603.1
668.7
656.8
551.4
601.0
634.6
621.8
663.0
650.3
641.9
618.2
603.2
630.5
624.7
670.0
622.8
646.7
588.3
637.3
607.2
605.0
593.4
631.5
600.5
611.5
1059839.9
921779.9
1054784.6
1061501.5
1056513.3
903943.9
1018533.9
973816.2
1016781.8
984784.0
974698.3
970078.1
921693.9
1083719.8
961899.3
1066629.4
1047529.2
879431.5
958592.3
1012134.3
991785.8
1057529.7
1037194.9
1023820.7
986040.0
962041.8
1005581.5
996379.1
1068715.2
993305.6
1031473.9
938332.7
1016537.0
968544.0
965037.2
946464.2
1007300.9
957837.9
975296.7
765.3
776.8
752.7
790.0
774.4
732.9
797.3
793.1
791.2
789.2
810.9
755.2
798.0
802.5
770.4
799.8
782.3
804.4
792.2
778.5
771.2
763.0
804.8
812.8
776.9
820.5
784.3
753.2
814.5
783.4
820.9
781.4
763.0
789.0
744.8
779.1
798.7
819.8
814.8
857951.2
870809.9
843738.4
885583.4
868150.3
821569.2
893790.6
889053.2
886976.9
884688.6
909073.7
846598.9
894534.8
899564.4
863634.4
896609.4
876942.9
901719.6
888026.4
872684.7
864555.8
855319.3
902200.6
911172.8
870910.6
919769.1
879239.7
844316.6
913029.4
878156.6
920250.8
875993.4
855318.5
884491.5
834968.3
873348.0
895394.8
918969.4
913351.3
482.6
481.0
477.6
471.5
473.8
471.2
467.9
472.4
468.2
472.6
472.7
464.6
464.3
476.1
471.2
478.3
471.7
468.8
478.6
476.2
464.6
461.9
461.4
472.2
473.6
474.2
478.0
473.3
463.9
469.6
480.3
474.1
480.3
473.0
473.9
486.2
473.4
474.5
476.1
443521.2
442015.1
438882.7
433351.3
435381.3
433039.2
430005.7
434144.7
430291.4
434338.7
434450.2
426932.7
426653.5
437519.9
433065.6
439569.2
433526.7
430846.0
439808.8
437646.5
426942.6
424482.7
424025.7
433965.6
435203.9
435828.5
439325.4
434992.0
426358.5
431595.8
441432.8
435721.7
441378.1
434732.5
435503.7
446774.7
435049.7
436053.9
437537.1
443.8
429.1
437.5
473.8
433.3
429.1
420.6
436.3
451.8
436.7
408.8
438.7
412.8
424.6
438.1
422.9
420.0
423.3
427.6
437.6
439.1
435.6
452.9
433.9
438.2
414.7
462.8
423.7
439.3
430.3
432.6
455.4
425.5
433.4
436.4
437.6
460.5
423.4
451.0
300880.3
290913.3
296598.2
321212.1
293782.6
290913.3
285138.1
295816.3
306297.0
296111.6
277196.3
297437.3
279861.5
287847.0
297012.6
286722.4
284769.8
286964.4
289931.9
296724.4
297704.3
295311.1
307058.8
294212.5
297123.2
281141.6
313798.0
287235.2
297827.4
291750.8
293299.6
308734.6
288510.7
293850.4
295872.2
296685.7
312250.7
287092.1
305783.9
606.0
621.3
610.2
634.6
619.8
609.0
625.4
614.0
635.2
643.9
627.3
620.3
637.2
644.9
623.4
620.8
635.3
630.4
626.6
638.5
641.1
638.1
623.8
594.8
639.8
617.9
636.6
611.2
634.5
633.2
626.8
606.6
632.7
624.5
622.5
638.3
632.8
625.7
634.8
46055.8
47215.1
46374.1
48231.8
47104.6
46285.4
47531.0
46666.1
48272.0
48934.1
47671.8
47146.5
48429.6
49014.1
47378.3
47178.8
48281.6
47908.4
47620.0
48522.7
48722.5
48493.1
47410.5
45202.7
48624.3
46964.0
48378.0
46448.1
48220.4
48122.6
47640.3
46098.7
48082.7
47463.2
47312.5
48509.2
48090.7
47555.0
48243.0
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
176.1
176.5
179.1
169.5
169.8
175.8
179.3
174.1
171.4
171.4
177.3
179.6
176.2
176.3
172.3
172.9
179.1
177.0
176.4
175.0
179.2
170.9
171.4
175.1
172.9
174.0
174.7
175.1
178.2
175.1
170.4
174.7
170.6
169.5
178.2
176.2
175.0
170.3
174.5
3068177.9
3075327.8
3120779.9
2953777.4
2957779.9
3063241.6
3123423.1
3033271.5
2986524.4
2986208.9
3088762.8
3129114.7
3069507.0
3071490.1
3001282.4
3012167.8
3121003.1
3083087.2
3073001.2
3048163.6
3121821.1
2977927.5
2986591.4
3050433.8
3013098.8
3031531.8
3043672.7
3051394.3
3103742.7
3050897.7
2969164.5
3042776.6
2972910.7
2952575.0
3104016.6
3069990.8
3048729.9
2966208.5
3040170.7
919.3
912.4
891.5
921.7
863.3
907.9
891.4
880.4
891.0
879.1
921.9
932.9
891.4
918.4
939.9
923.8
917.3
877.8
925.7
908.4
907.6
902.0
919.6
886.1
904.9
862.5
892.0
888.0
903.2
880.1
917.9
909.4
915.8
933.8
901.4
935.9
896.6
908.8
898.1
1321007.5
1311050.9
1281140.4
1324542.8
1240600.6
1304609.1
1280956.1
1265078.6
1280324.0
1263335.5
1324822.2
1340589.0
1281003.0
1319771.6
1350689.3
1327536.0
1318228.2
1261406.9
1330169.3
1305405.8
1304208.7
1296194.1
1321488.0
1273258.5
1300300.4
1239402.3
1281859.6
1276127.6
1297879.0
1264765.4
1319052.5
1306868.6
1315974.6
1341917.0
1295257.7
1344960.1
1288388.1
1305988.1
1290635.9
552.6
633.7
689.4
569.7
646.0
620.4
638.7
641.8
640.3
642.1
598.2
642.7
652.9
695.6
587.8
656.9
623.7
658.2
553.5
655.0
620.7
690.4
608.6
620.9
646.7
597.0
669.5
620.0
651.8
595.6
570.9
629.7
636.4
628.6
592.7
631.1
636.5
670.2
578.6
881363.8
1010678.4
1099549.7
908624.6
1030331.2
989478.6
1018651.2
1023727.6
1021343.5
1024138.8
954122.9
1025177.6
1041365.6
1109536.8
937542.9
1047824.9
994824.6
1049790.7
882841.9
1044715.3
990052.6
1101245.1
970714.6
990387.4
1031561.8
952223.0
1067889.8
988877.2
1039586.2
950034.5
910653.9
1004418.4
1015131.8
1002616.1
945340.0
1006624.3
1015178.3
1069002.8
922919.5
802.5
771.2
807.5
815.4
786.0
797.2
777.6
779.7
766.0
803.6
804.9
788.1
766.4
758.9
805.7
766.6
791.1
785.0
783.4
823.4
768.4
746.4
837.1
785.9
819.7
819.2
786.1
831.5
759.6
798.1
791.1
757.6
782.2
759.3
799.2
761.4
832.0
800.2
789.4
899575.1
864474.6
905161.1
914116.9
881116.9
893665.9
871660.6
874003.5
858702.6
900807.3
902244.3
883493.4
859135.9
850676.2
903175.1
859381.2
886806.9
879979.9
878192.5
923055.6
861329.7
836726.4
938337.8
880985.0
918865.2
918349.4
881266.1
932068.1
851551.4
894636.7
886773.1
849292.4
876838.5
851218.3
895924.9
853544.3
932643.4
897032.6
884926.2
475.0
471.7
444.0
460.8
467.1
474.5
474.8
473.7
470.6
490.0
478.9
475.6
460.9
461.0
476.8
469.0
465.6
467.2
476.7
466.9
472.5
459.3
471.3
466.2
469.5
468.2
473.2
476.1
454.9
486.5
463.7
461.5
472.0
492.6
478.2
472.9
467.4
475.6
483.1
436510.1
433526.6
408024.2
423457.9
429265.2
436022.8
436312.0
435375.2
432470.8
450320.0
440128.5
437086.0
423581.1
423681.1
438173.4
431045.1
427880.3
429391.0
438088.3
429066.3
434220.0
422100.3
433082.1
428444.9
431432.9
430309.3
434840.8
437509.3
418008.5
447130.2
426139.3
424095.2
433748.4
452662.3
439438.1
434604.8
429494.8
437051.5
443940.1
432.9
453.3
434.7
426.6
432.0
420.0
434.6
442.9
422.0
433.8
432.1
418.0
436.4
397.4
443.6
424.4
437.4
435.5
421.0
441.0
468.3
426.1
411.6
427.8
421.2
440.7
415.4
442.5
439.4
443.1
466.6
431.5
433.1
440.9
414.9
416.6
427.4
423.3
437.0
293496.2
307363.8
294735.2
289212.7
292924.3
284772.1
294630.1
300317.7
286100.5
294146.8
292979.5
283373.4
295845.9
269463.6
300761.7
287766.2
296549.9
295281.9
285446.0
299021.9
317510.3
288899.6
279055.9
290020.9
285578.1
298814.5
281672.8
299988.8
297888.7
300435.0
316374.3
292580.8
293623.3
298957.4
281305.6
282460.3
289756.0
287006.4
296301.4
626.6
617.4
614.3
627.6
626.8
596.7
627.1
625.1
604.7
628.4
629.5
646.9
608.7
627.3
614.8
616.2
631.1
626.4
611.5
610.6
639.5
632.4
625.1
599.0
621.8
643.4
621.8
612.6
645.5
623.3
625.8
631.9
633.9
605.4
633.5
612.5
612.3
600.7
630.7
47620.4
46923.5
46690.5
47700.2
47637.5
45346.7
47659.8
47507.0
45960.9
47757.1
47844.8
49167.8
46257.8
47676.1
46721.4
46827.6
47962.8
47604.8
46472.7
46408.6
48602.9
48060.2
47510.5
45526.5
47259.2
48902.0
47259.1
46559.9
49059.5
47372.1
47557.8
48022.5
48174.2
46006.7
48148.4
46551.9
46533.0
45653.2
47935.0
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
173.2
182.5
167.1
173.5
177.9
173.5
175.5
176.7
172.4
175.4
172.1
177.0
178.2
176.7
178.5
174.1
172.9
172.3
175.7
170.9
173.1
172.8
178.9
169.4
172.4
175.1
175.0
178.1
172.3
174.8
176.4
183.5
173.0
178.3
173.2
174.6
178.7
172.0
172.8
3018032.5
3179037.9
2910797.6
3021974.7
3099835.9
3023050.5
3057461.1
3077735.1
3003767.4
3056275.2
2998508.2
3083168.0
3105348.5
3078548.4
3110698.0
3033778.3
3012786.4
3002168.0
3061236.7
2978165.1
3016110.5
3011046.3
3116860.7
2950894.5
3004215.3
3049760.0
3048449.1
3102392.2
3001448.0
3044773.1
3073709.4
3196570.1
3013843.7
3107130.6
3016807.2
3041103.5
3112976.9
2997309.0
3009839.9
908.8
897.3
849.9
911.9
898.9
918.5
928.5
935.9
928.1
919.0
909.7
928.3
859.6
904.7
880.5
900.7
929.8
897.9
933.6
921.6
896.4
925.2
897.8
907.2
914.8
876.1
930.4
923.3
930.8
896.7
918.2
871.9
895.4
907.5
905.2
901.1
870.9
910.5
924.6
1305949.1
1289352.5
1221291.4
1310446.0
1291732.0
1319935.6
1334244.4
1344922.8
1333632.1
1320538.1
1307198.1
1333929.4
1235316.7
1300112.5
1265325.2
1294250.5
1336132.0
1290282.4
1341582.2
1324271.4
1288160.9
1329466.4
1290119.6
1303665.7
1314532.3
1258971.6
1336983.2
1326844.5
1337572.8
1288494.1
1319431.7
1252910.4
1286626.4
1304061.7
1300790.1
1294835.4
1251429.9
1308406.2
1328662.2
603.3
646.8
614.1
609.5
656.1
633.5
631.7
641.0
599.9
655.0
625.4
547.0
583.4
708.8
637.9
625.8
661.7
642.3
617.0
666.7
620.2
575.7
592.8
635.4
632.0
679.6
664.0
603.9
660.6
660.6
589.4
629.7
608.3
607.1
546.7
603.4
680.6
611.2
614.2
962273.1
1031642.0
979480.6
972144.8
1046431.8
1010469.1
1007615.8
1022451.9
956899.2
1044683.5
997466.6
872467.6
930530.6
1130531.8
1017398.4
998124.5
1055488.1
1024457.7
984088.2
1063454.0
989247.6
918166.7
945507.7
1013517.5
1008017.1
1083912.5
1059012.7
963218.3
1053713.0
1053669.4
940039.3
1004299.7
970287.2
968300.8
871960.4
962426.3
1085489.5
974844.1
979603.4
815.7
807.0
798.4
809.7
746.8
755.7
802.4
778.6
807.4
782.7
805.3
793.4
781.0
800.8
799.8
786.8
814.0
748.6
775.8
792.7
826.9
776.4
795.9
791.2
749.9
802.4
762.0
773.3
782.5
835.4
780.1
735.2
793.1
789.3
784.9
792.0
819.7
789.9
809.4
914383.6
904642.4
894974.4
907675.8
837107.6
847131.5
899510.2
872865.7
905080.6
877457.0
902713.6
889368.9
875481.3
897651.8
896593.5
881980.4
912441.0
839179.1
869630.1
888578.1
926899.1
870372.3
892181.5
886989.2
840614.2
899513.6
854231.9
866833.2
877208.2
936494.4
874532.6
824215.2
889115.9
884807.5
879838.4
887863.5
918931.3
885492.8
907310.4
476.9
467.5
469.3
469.4
463.0
477.3
469.8
462.3
480.2
476.6
473.9
475.4
466.3
466.9
461.6
474.1
487.3
477.2
483.3
469.5
451.2
460.6
471.9
471.1
465.0
469.6
469.3
468.0
476.0
470.8
454.9
449.4
457.3
470.8
480.7
465.8
467.6
460.9
476.6
438312.7
429644.7
431297.8
431399.3
425496.8
438633.8
431774.7
424861.7
441278.2
438033.3
435475.8
436865.8
428525.1
429076.9
424226.6
435674.8
447817.2
438592.7
444113.9
431494.1
414685.4
423259.9
433698.0
432979.7
427296.3
431586.5
431310.2
430099.7
437419.8
432658.3
418009.6
413013.5
420295.9
432649.3
441738.4
428092.5
429737.9
423592.4
437950.9
440.7
433.4
432.0
430.5
428.9
447.3
442.7
415.7
445.1
443.2
421.2
408.5
424.7
410.7
430.8
446.6
437.8
435.4
426.2
428.5
449.6
440.5
430.7
422.8
432.6
421.2
432.1
456.4
421.1
400.8
440.7
444.3
440.1
427.0
452.0
426.7
436.3
429.2
426.8
298812.0
293849.7
292863.9
291856.6
290779.8
303264.0
300165.5
281868.2
301758.4
300489.9
285578.6
276933.7
287932.4
278456.7
292059.6
302770.1
296808.3
295205.8
288975.5
290554.4
304852.0
298684.7
292036.5
286673.8
293303.9
285607.0
292938.5
309450.3
285500.2
271720.5
298801.7
301252.1
298390.0
289531.0
306425.1
289303.4
295833.4
290994.7
289356.3
625.5
628.8
638.6
640.6
613.4
630.6
625.0
659.2
626.6
627.8
607.3
605.3
615.3
626.3
639.5
617.7
607.8
612.1
614.4
632.8
631.5
648.8
621.8
628.4
645.7
614.7
618.7
609.6
600.1
607.2
623.9
622.2
612.1
595.3
612.4
630.3
613.7
625.0
623.0
47535.0
47786.0
48531.0
48687.3
46619.6
47924.8
47502.3
50099.5
47621.3
47714.0
46153.9
46000.2
46765.7
47602.3
48600.1
46943.2
46194.1
46519.6
46694.2
48092.4
47996.1
49310.5
47257.2
47761.4
49072.7
46718.4
47019.1
46330.9
45607.1
46147.0
47413.4
47288.2
46523.1
45240.0
46542.7
47906.2
46644.3
47500.1
47345.1
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
175.1
177.4
179.8
175.1
179.0
170.5
173.3
174.8
173.7
175.0
174.0
181.3
174.5
176.7
171.7
173.4
174.5
173.3
173.1
173.0
173.5
176.6
173.5
173.4
174.5
168.5
173.1
173.4
176.0
177.6
177.4
176.6
173.3
175.3
173.4
176.0
175.2
174.1
173.3
3050487.3
3090644.0
3132233.6
3051450.5
3117811.2
2970574.0
3019268.5
3045924.9
3026436.8
3048490.9
3031627.2
3158692.9
3039495.9
3078558.1
2990628.7
3020996.6
3039631.7
3019803.2
3016129.1
3013924.4
3022961.9
3077110.4
3021987.9
3020514.3
3040605.0
2936136.2
3015937.4
3020638.3
3065769.7
3094158.4
3090624.8
3077399.4
3018607.1
3053410.4
3021278.4
3066767.6
3051881.9
3033649.7
3018819.0
891.4
906.1
914.8
904.3
900.5
903.0
925.8
947.0
885.5
865.2
881.9
925.4
882.4
915.7
960.7
929.3
892.8
918.8
923.3
944.0
910.4
898.4
848.9
858.6
934.9
936.7
913.2
932.9
906.9
925.0
911.4
904.0
860.4
892.9
894.2
881.9
931.4
908.6
926.2
1280932.8
1302076.4
1314528.3
1299424.9
1294088.1
1297627.6
1330432.3
1360870.3
1272392.4
1243266.1
1267354.5
1329842.4
1268042.5
1315818.1
1380581.1
1335446.6
1282916.4
1320355.6
1326758.3
1356518.7
1308295.2
1290977.6
1219812.5
1233773.1
1343395.5
1345969.9
1312204.3
1340534.5
1303283.1
1329178.1
1309619.6
1298983.8
1236402.6
1283156.8
1284945.2
1267332.4
1338458.7
1305700.6
1330924.0
663.8
680.4
627.9
646.5
654.8
650.6
617.7
649.1
610.6
627.0
581.6
636.9
656.1
609.6
607.9
588.1
647.1
598.8
632.3
646.0
620.1
640.0
660.1
587.5
611.9
625.4
605.7
640.5
625.5
629.0
641.2
653.7
617.5
591.7
603.0
657.5
679.5
616.5
649.5
1058768.9
1085170.1
1001541.7
1031129.0
1044363.1
1037700.9
985180.8
1035271.4
973870.1
1000011.1
927721.1
1015923.4
1046434.5
972272.2
969526.8
938069.6
1032105.9
955007.1
1008439.4
1030429.7
989107.8
1020728.7
1052835.1
936999.5
976025.4
997535.7
966082.2
1021572.1
997638.0
1003235.0
1022773.9
1042592.1
984833.0
943779.5
961715.7
1048748.0
1083859.3
983243.0
1035874.5
774.0
791.6
816.8
775.0
771.4
804.9
772.4
786.6
766.0
793.0
784.3
800.9
816.4
807.5
815.9
773.4
793.6
806.8
792.7
815.4
815.8
755.4
799.3
801.3
811.7
790.0
813.8
784.3
783.9
818.7
788.0
807.9
793.5
815.8
777.7
769.2
773.8
827.6
790.5
867653.1
887359.2
915623.8
868801.0
864772.6
902272.9
865903.0
881784.3
858696.9
888994.2
879169.4
897776.5
915194.0
905192.7
914634.3
866960.2
889670.5
904370.6
888579.3
914117.6
914558.4
846818.5
896003.0
898278.0
909887.2
885631.3
912235.1
879247.7
878801.0
917739.1
883359.8
905697.9
889512.9
914488.5
871813.8
862229.2
867438.1
927745.4
886165.4
473.0
470.6
480.1
486.2
468.4
457.2
473.3
469.5
462.8
478.5
468.4
475.4
463.5
478.4
469.5
460.3
482.8
459.3
468.9
467.5
463.8
465.3
464.4
472.8
458.8
465.9
475.5
470.0
465.2
472.9
473.8
470.1
465.2
472.0
478.0
459.3
481.8
476.2
476.9
434677.8
432445.8
441229.9
446818.9
430492.5
420129.0
434969.4
431464.5
425268.5
439709.3
430500.6
436914.4
425938.8
439671.8
431470.3
422981.8
443657.3
422110.9
430895.7
429669.4
426247.1
427575.1
426764.1
434485.0
421678.0
428164.6
436984.5
431958.0
427511.7
434555.0
435467.0
432001.6
427533.5
433732.0
439295.7
422084.5
442776.3
437593.0
438302.7
423.0
419.2
448.3
418.6
439.5
424.1
421.0
422.1
439.9
432.1
429.3
424.4
433.6
428.7
439.2
417.1
421.5
422.9
428.7
435.7
408.4
435.3
428.7
413.8
417.6
432.8
415.5
440.1
425.8
424.9
432.0
423.8
423.6
452.0
452.9
426.7
461.8
442.1
413.3
286791.3
284208.2
303966.2
283805.5
297947.2
287545.2
285444.7
286183.1
298275.2
292940.3
291047.3
287754.9
293973.2
290679.7
297796.3
282774.2
285774.5
286740.5
290677.8
295392.3
276905.7
295125.5
290660.6
280564.1
283129.2
293413.3
281719.1
298405.6
288699.7
288088.2
292922.6
287313.3
287201.1
306460.1
307041.6
289289.3
313101.4
299751.8
280237.1
624.4
627.0
599.1
644.8
629.7
596.9
632.9
618.0
633.2
587.4
643.5
637.4
619.4
627.1
638.1
627.0
632.6
617.7
613.2
631.2
628.0
629.6
610.3
618.7
628.7
601.6
640.7
620.9
618.4
633.8
629.8
617.0
634.1
646.4
602.7
642.4
633.4
609.8
619.2
47453.3
47652.3
45532.6
49001.1
47859.0
45366.7
48102.8
46969.3
48120.8
44642.6
48902.6
48439.0
47075.0
47660.5
48491.9
47648.6
48080.7
46944.8
46604.0
47973.6
47727.9
47846.3
46381.4
47022.4
47780.9
45725.0
48696.6
47191.6
46998.3
48166.7
47866.4
46889.6
48190.5
49129.8
45807.4
48825.1
48137.7
46346.2
47061.5
462
463
464
465
466
467
468
469
470
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
172.8
177.1
172.0
176.5
169.2
173.1
172.5
171.3
175.7
177.5
178.2
170.1
173.6
168.7
176.5
174.9
173.3
175.5
173.7
173.0
174.2
176.6
173.1
172.2
174.5
171.5
170.2
177.2
167.5
173.7
175.7
176.2
169.6
178.3
174.9
176.4
172.0
180.1
3010070.7
3085255.1
2995978.0
3075838.7
2948284.8
3015772.5
3005737.7
2984758.7
3061812.8
3092650.6
3103805.5
2963999.2
3023910.1
2938884.7
3074829.7
3047259.9
3020077.4
3057157.7
3026000.5
3014801.2
3034903.3
3077138.2
3015428.6
3000734.0
3040926.1
2988099.3
2965062.1
3087968.1
2917819.6
3025564.5
3061510.1
3069228.8
2955196.6
3105785.6
3046403.0
3073511.1
2996396.3
3138561.1
873.4
909.9
921.7
890.6
947.1
889.3
914.9
896.8
913.5
911.4
917.8
892.2
903.6
886.8
903.1
895.9
930.6
939.9
903.3
900.5
857.4
878.8
905.8
881.9
890.8
929.5
876.0
919.9
881.4
912.2
918.8
871.2
850.7
902.5
935.2
917.3
914.3
866.2
1255034.5
1307532.1
1324456.4
1279862.6
1361010.6
1277937.0
1314745.1
1288704.6
1312700.6
1309617.1
1318809.8
1282126.0
1298525.9
1274288.8
1297760.4
1287424.7
1337283.2
1350587.5
1298046.4
1294029.7
1232022.2
1262789.1
1301593.1
1267340.3
1280041.4
1335646.3
1258820.2
1321900.5
1266570.5
1310791.5
1320379.2
1251901.8
1222434.5
1296852.5
1343871.2
1318162.9
1313789.1
1244698.3
590.5
630.6
540.6
593.3
617.0
619.1
615.8
649.2
621.6
621.9
661.1
621.0
588.1
680.4
625.3
653.0
581.4
598.8
608.5
634.5
608.8
642.2
654.4
651.3
623.9
667.4
574.2
619.7
632.9
640.7
621.9
666.4
590.0
606.4
616.2
640.3
658.0
658.5
941869.6
1005865.6
862330.5
946383.8
984143.7
987455.3
982254.2
1035478.7
991474.6
991998.2
1054488.1
990441.2
938015.2
1085179.7
997323.5
1041575.4
927382.2
955105.0
970592.0
1012045.8
971019.4
1024274.2
1043709.2
1038857.1
995128.2
1064541.8
915783.7
988370.4
1009423.8
1021925.7
991881.3
1062978.5
941113.0
967176.7
982896.9
1021238.3
1049542.1
1050367.9
805.7
782.8
758.5
789.1
797.9
767.6
749.1
764.4
822.6
767.7
754.6
773.2
812.8
844.8
774.4
759.2
761.7
795.5
789.6
782.3
788.2
845.0
812.9
740.4
737.6
790.6
789.3
762.0
798.1
789.7
793.9
787.7
809.5
784.9
720.9
806.4
805.3
774.5
903244.5
877530.5
850257.5
884555.0
894462.3
860528.1
839722.6
856887.6
922164.1
860537.9
845937.7
866765.2
911163.5
947002.0
868109.6
851117.7
853812.8
891733.0
885111.2
876966.0
883617.2
947260.1
911240.2
829953.3
826820.1
886316.3
884788.6
854216.3
894659.4
885266.2
889942.3
883022.5
907481.3
879838.9
808143.2
903939.6
902753.4
868159.2
472.4
460.3
468.7
470.8
463.2
476.5
467.8
476.5
464.8
473.5
471.9
473.7
463.4
480.9
480.7
479.4
462.2
472.0
463.3
477.7
481.3
472.4
462.6
469.2
480.4
477.2
478.4
470.2
465.7
457.4
477.3
476.6
463.5
469.7
468.8
468.4
468.0
480.8
434126.3
423057.4
430762.0
432688.2
425702.8
437875.5
429885.9
437923.4
427141.8
435192.3
433707.1
435346.5
425865.9
441959.8
441745.2
440534.0
424724.6
433737.0
425788.8
439024.8
442339.9
434155.3
425116.8
431239.1
441479.3
438588.0
439618.1
432124.4
427994.7
420339.4
438617.1
437990.4
425971.9
431655.3
430790.9
430425.2
430101.6
441883.3
429.4
410.6
440.8
448.5
435.2
454.2
438.9
425.8
440.1
418.1
444.5
439.3
444.8
421.0
443.0
427.2
428.9
434.7
417.0
420.2
457.0
414.9
408.5
431.8
422.2
455.2
451.3
433.3
424.9
433.0
456.5
456.9
433.1
405.1
440.3
447.5
436.0
426.8
291146.8
278391.7
298865.1
304108.1
295096.0
307948.0
297595.4
288658.9
298389.6
283465.6
301339.4
297834.8
301574.4
285450.1
300341.1
289617.7
290794.6
294693.2
282737.2
284862.5
309818.3
281303.4
276954.1
292763.3
286269.9
308630.5
305981.9
293797.1
288079.1
293588.7
309478.8
309762.0
293660.9
274652.0
298510.4
303426.4
295581.3
289390.0
621.5
606.8
599.1
618.6
608.4
640.1
637.5
595.1
650.9
614.8
625.0
628.2
612.8
640.6
615.8
623.7
609.1
628.4
634.4
651.7
647.7
620.5
618.4
626.0
620.5
626.1
624.6
627.8
623.0
630.0
629.1
642.3
590.2
643.3
656.2
628.1
606.0
627.2
47237.2
46113.3
45533.8
47010.6
46236.6
48645.2
48448.9
45231.1
49466.0
46722.4
47498.9
47739.6
46574.8
48687.4
46802.9
47402.0
46289.6
47761.4
48217.8
49529.8
49226.6
47159.6
46994.7
47572.5
47157.0
47585.3
47466.3
47716.2
47345.8
47876.4
47810.9
48818.6
44858.4
48887.5
49874.0
47736.9
46058.9
47666.6
500
167.1
2910636.7
912.9
1311851.5
613.9
979138.2
781.7
876230.9
476.7
438066.3
474.8
321903.5
626.0
47572.3
Appendix No:3 Back Test
PORTFOLIO VALUE
Date
ASIANPAINTS
MINDTREE
LUPINLTD
858827.8
HCL
HUL
YESBANK
HDFC
Change in Value
561901.25
372792.35
252927.9
40154.6
1622532.3
2-Apr-12
56854954.8
713686.05
3-Apr-12
58475200.8
718571.85
852368
566553.4
371046.25
253741.5
40295.2
-569491.15
4-Apr-12
57902017
723026.55
852447.8
570645.05
366864.8
253266.9
40017.8
-770526.4
9-Apr-12
57127609.1
727122
860422.8
558594.3
371735.5
252622.8
39653
-381499.85
10-Apr-12
56735614.1
723673.2
869354.8
550411
381339.05
255978.9
39888.6
-343334.05
11-Apr-12
56392400.7
707075.85
886501
549290
382855.4
254792.4
40010.2
331459.55
12-Apr-12
56719934.3
713901.6
877090.5
554222.4
387082.8
251843.1
40310.4
789282.9
13-Apr-12
57511764.2
708297.3
897985
536902.95
390712.85
247775.1
40230.6
935436.3
16-Apr-12
58442970.1
702261.9
903009.3
543460.8
387128.75
250012.5
40261
-419240.65
17-Apr-12
57984771.5
761178.9
884906
539032.85
388001.8
251673.6
40299
-287012.85
18-Apr-12
57686855.3
758879.7
882752.8
554110.3
388599.15
250792.2
40861.4
327072.2
19-Apr-12
57995224.7
767573.55
880280.5
564367.45
391034.5
249334.5
42107.8
216718.35
20-Apr-12
58199062.1
783596.1
879802
566497.35
388737
247063.2
41883.6
2246091.25
23-Apr-12
60471762
782015.4
875415.8
555511.55
383314.9
243266.4
41446.6
-149380.55
24-Apr-12
60314964
784817.55
860343
571934.2
386439.5
243673.2
41180.6
-663510.25
25-Apr-12
59623310.6
789559.65
883071.8
569019.6
385152.9
248181.9
41545.4
1015601.85
26-Apr-12
60663404
800911.95
864888.8
561564.95
381109.3
242486.7
41078
749448.75
27-Apr-12
61382932.6
832525.95
857631.5
572774.95
381752.6
236147.4
41127.4
421280.65
28-Apr-12
61814127.1
819736.65
859306.3
571093.45
383774.4
236825.4
41309.8
-317821.2
30-Apr-12
61443909.6
847255.2
881078
574008.05
383774.4
237096.6
41230
91793.15
2-May-12
61513597.6
864068.1
872544.8
581182.45
390575
236384.7
41792.4
1229440.3
3-May-12
62781919.2
839136.15
860263.3
577595.25
399535.25
229028.4
42107.8
214703.35
4-May-12
62986627.7
834753.3
880838.8
575297.2
399673.1
226248.6
40850
514694.8
7-May-12
63492736.8
858104.55
879722.3
562629.9
395124.05
230214.9
40451
131129.1
8-May-12
63686992.1
835831.05
872385.3
536622.7
395951.15
223163.7
39166.6
928934.1
9-May-12
64613842.5
836118.45
869833.3
545478.6
397513.45
217299
38961.4
-980731.9
10-May-12
63657374.7
838848.75
832829.3
550747.3
398156.75
221028
39330
-541578.2
11-May-12
63134714.7
833675.55
821425
547664.55
397053.95
223401
38801.8
1342246.2
14-May-12
64413489.5
866654.7
862336.8
543741.05
398708.15
216010.8
38041.8
1246388.55
15-May-12
65646967.1
883108.35
857073.3
548112.95
397421.55
214756.5
37931.6
-261380.25
16-May-12
65408285.7
871253.1
863214
544693.9
393102.25
205806.9
37635.2
-1006020.55
17-May-12
64375161.1
892017.75
868876.3
543965.25
395124.05
204993.3
37832.8
79199.2
18-May-12
64479693.1
874127.1
854521.3
541891.4
397053.95
211841.1
38041.8
938248.85
21-May-12
65406543.5
876138.9
867201.5
537463.45
391677.8
218587.2
37806.2
-1336210.65
22-May-12
64060694
877791.45
869354.8
546655.65
389518.15
218010.9
37183
-7630.45
23-May-12
64069405
872905.65
858987.3
543404.75
24-May-12
65328144.5
871756.05
851809.8
544469.7
25-May-12
65608638.7
890149.65
846307
546039.1
28-May-12
66599950.5
888928.2
851331.3
551027.55
29-May-12
66944906.1
890940
848460.3
30-May-12
66490191.9
897693.9
31-May-12
70063444.1
1-Jun-12
392413
217434.6
37027.2
1255263.05
390299.3
222384
37977.2
292829
386761.15
223773.9
38000
1003101.35
383636.55
229231.8
38665
358411.9
566497.35
382533.75
229469.1
38376.2
-449984.05
843834.8
570813.2
388231.55
222384
38049.4
3602335.85
905597.4
864011.5
565040.05
393332
223638.3
38471.2
-4251543.8
65851675.6
903585.6
858668.3
546039.1
385520.5
219231.3
37270.4
-1688437.1
4-Jun-12
64186132.4
889503
849975.5
553605.85
378995.6
217671.9
37669.4
630224.75
5-Jun-12
64791546.9
903441.9
862017.8
555287.35
374308.7
219061.8
38114
1886104.45
6-Jun-12
66622599.1
913500.9
880599.5
562854.1
386025.95
224790.9
39512.4
374926.7
7-Jun-12
67034629.4
876641.85
874538.5
559435.05
389426.25
229265.7
40872.8
-383447.6
8-Jun-12
66644376.6
882030.6
869673.8
555567.6
394526.7
234215.1
40971.6
152717.3
11-Jun-12
66834276.4
887994.15
836497.8
540882.5
400821.85
232418.4
41188.2
819119.45
12-Jun-12
67663563.6
896688
814247.5
543404.75
397513.45
236011.8
41769.6
-78025.3
13-Jun-12
67556418.3
899059.05
822382
550186.8
411298.45
234655.8
41173
-152230.05
14-Jun-12
67433593.2
899130.9
822701
536678.75
405095.2
225129.9
40614.4
267974.85
15-Jun-12
67704505.3
881886.9
818394.5
544749.95
413044.55
226723.2
41613.8
-425526.65
18-Jun-12
67318608
868810.2
819989.5
526757.9
410287.55
220282.2
40656.2
413187.3
19-Jun-12
67703634.2
882964.65
830277.3
529055.95
412814.8
219061.8
40770.2
21971.2
20-Jun-12
67685341.1
884904.6
839927
545646.75
418696.4
225435
40599.2
201690.9
21-Jun-12
67888307.4
874917.45
842000.5
540153.85
422877.85
232723.5
41260.4
-113458.75
22-Jun-12
67793357.5
869385
841123.3
529840.65
423015.7
230689.5
41370.6
-1461409.85
25-Jun-12
66342976
877144.8
832669.8
521096.85
422785.95
229909.8
40789.2
-849582.45
26-Jun-12
65489298
887563.05
837295.3
516668.9
414193.3
231469.2
41302.2
329172.3
27-Jun-12
65788085.3
913069.8
834663.5
526589.75
415801.55
227028.3
41724
-462935.1
28-Jun-12
65315949.1
920973.3
850932.5
514595.05
415066.35
224824.8
41686
2470351.8
29-Jun-12
67746318.1
926577.6
856754.3
534100.45
417685.5
230113.2
42829.8
625510.2
2-Jul-12
68314275.3
967316.55
867680
543068.45
410425.4
233503.2
43620.2
365029
3-Jul-12
68647035.5
1011001.35
856594.8
543180.55
405600.65
237740.7
43764.6
-1190387.75
4-Jul-12
67465823.9
1005900
857392.3
541947.45
402476.05
237062.7
43928
-1574157.1
5-Jul-12
65875195.3
999217.95
861938
552036.45
405141.15
242452.8
44391.6
-1195918.95
6-Jul-12
64713147.9
950791.05
871747.3
549794.45
409919.95
244859.7
44194
-552143.5
9-Jul-12
64173065.9
947198.55
870391.5
545814.9
407990.05
243910.5
43939.4
194825.55
10-Jul-12
64341188.2
955030.2
873581.5
558650.35
410241.6
243707.1
44737.4
-16945.65
11-Jul-12
64355125.8
940660.2
872146
552428.8
405646.6
239571.3
44612
480561.35
12-Jul-12
64865590.4
914363.1
880440
539425.2
407071.05
239774.7
44087.6
-227719.65
13-Jul-12
64605131.5
944180.85
884826.3
542115.6
405370.9
236791.5
44615.8
-265261.7
16-Jul-12
64338574.9
921619.95
910984.3
539593.35
405416.85
237300
44281.4
-517142.55
17-Jul-12
63811559.4
933259.65
908990.5
536678.75
408173.85
237639
44327
32097.25
18-Jul-12
63849887.8
928086.45
908033.5
533876.25
410149.7
238079.7
44612
-788465.15
19-Jul-12
63052831.3
925715.4
912340
537519.5
410471.35
240588.3
44794.4
1730401.25
20-Jul-12
64761929.5
952587.3
908113.3
537855.8
409919.95
239978.1
44277.6
-2024189.35
23-Jul-12
62763626.1
940588.35
909708.3
535613.8
407071.05
230316.6
43548
-568471.15
24-Jul-12
62140789.6
942025.35
927891.3
538976.8
437627.8
231062.4
43627.8
-643505.7
25-Jul-12
61470913.7
932469.3
934191.5
575689.55
426829.55
234621.9
43779.8
-1104266.3
26-Jul-12
60438660.2
898053.15
902052.3
573671.75
424440.15
234350.7
43000.8
657921.95
27-Jul-12
61083274.2
893526.6
903328.3
580341.7
426967.4
240283.2
44429.6
1279058.3
30-Jul-12
62310654.1
902651.55
941767.8
579332.8
428024.25
244147.8
44631
1173475.05
31-Jul-12
63456150.6
907034.4
958435.5
581294.55
429494.65
247605.6
44669
-254452.05
1-Aug-12
63188722.9
921763.65
950301
584993.85
432067.85
247809
44574
417879.1
2-Aug-12
63612948.6
921907.35
943681.8
588412.9
430505.55
246385.2
44270
1815334.15
3-Aug-12
65458809.5
909692.85
926455.8
585610.4
428805.4
249368.4
44703.2
-139213.2
6-Aug-12
65299398.2
913500.9
941767.8
586507.2
429494.65
247944.6
45619
-61923.35
7-Aug-12
65224483.6
916446.75
938179
594690.5
431838.1
251063.4
45607.6
-224548.4
8-Aug-12
65008450.8
905956.65
927971
602369.35
438500.85
248995.5
45516.4
331669
9-Aug-12
65333371.1
904160.4
929725.5
601640.7
448701.75
245876.7
45953.4
-638480.6
10-Aug-12
64694854.8
903154.5
926296.3
601752.8
457386.3
241740.9
45763.4
1030842.45
13-Aug-12
65727108.3
895682.1
928290
608590.9
450585.7
245368.2
46166.2
198544.25
14-Aug-12
65889132.9
925499.85
918640.3
617166.55
455732.1
247944.6
46219.4
-1240362.85
16-Aug-12
64669592.9
933547.05
886899.8
625574.05
454675.25
244080
45603.8
-558534.7
17-Aug-12
64087698.1
927511.65
909947.5
624789.35
462624.6
243639.3
45227.6
288595.7
21-Aug-12
64358610.2
934265.55
911702
625237.75
471998.4
242893.5
45326.4
84.50000001
22-Aug-12
64322895.1
966957.3
921351.8
620025.1
471309.15
242215.5
45364.4
162052.75
23-Aug-12
64461400
977088.15
922627.8
627031.35
478247.6
240351
45425.2
-386800.35
24-Aug-12
64052854.1
1004894.1
927891.3
624845.4
475996.05
233571
45318.8
-302463.5
27-Aug-12
63803719.5
967316.55
914014.8
626134.55
478844.95
227706.3
45170.6
1078968.05
28-Aug-12
64913500.9
938935.8
910505.8
624957.5
481647.9
227536.8
44790.6
-423169.6
29-Aug-12
64500599.5
934193.7
920873.3
613803.55
480223.45
224282.4
44729.8
-64032.35
30-Aug-12
64397809.7
949138.5
940172.8
612682.55
485875.3
223706.1
45288.4
-981703.85
31-Aug-12
63428275.4
946911.15
945994.5
610272.4
473376.9
222892.5
45246.6
193204.15
3-Sep-12
63607722
956467.2
938577.8
622771.55
473376.9
222384
44874.2
760486.7
4-Sep-12
64342930.4
956036.1
948785.8
629441.5
478844.95
225774
44847.6
-721784.45
5-Sep-12
63613819.7
973495.65
934590.3
630058.05
488172.8
219739.8
44999.6
920642.15
6-Sep-12
64465755.5
1004175.6
968165
637344.55
483807.55
221570.4
44699.4
1254007.4
7-Sep-12
65689651
1004247.45
8-Sep-12
65471876
1032700.05
971514.5
646817
984992.3
643734.25
495295.05
227130
44870.4
-175311.1
497133.05
228858.9
44919.8
-340203.9
10-Sep-12
65134760.3
1023575.1
999985.3
643117.7
491802.85
225841.8
44927.4
648907.5
11-Sep-12
65788085.3
1037729.55
982759.3
646760.95
488770.15
223638.3
45174.4
1268409.35
12-Sep-12
66994558.8
1074085.65
988979.8
652702.25
497179
228282.6
45539.2
47540.7
13-Sep-12
67065989
1069199.85
956601.3
658923.8
502738.95
229875.9
45539.2
844184
14-Sep-12
67970190.8
1039956.9
918002.3
653374.85
503657.95
241300.2
46569
-356885.95
17-Sep-12
67676630.1
999720.9
912499.5
636335.65
488770.15
255978.9
46230.8
261073.45
18-Sep-12
67954511
988153.05
904923.3
643061.65
489275.6
251300.7
46014.2
-66023.65
20-Sep-12
67871756.5
1001445.3
923824
636840.1
484772.5
246453
46124.4
891906.85
21-Sep-12
68757665.2
990595.95
930283.8
638801.85
486794.3
251470.2
47511.4
548669.75
24-Sep-12
69337817.8
987721.95
919996
626302.7
476087.95
255606
48260
-742768.05
25-Sep-12
68581703
975004.5
930124.3
633701.3
485599.6
254487.3
48404.4
-767245.4
26-Sep-12
67826459.3
958335.3
933314.3
637680.85
484175.15
253877.1
47937
-356132.05
27-Sep-12
67428366.6
951796.95
951018.8
654047.45
494192.25
258284.1
47940.8
1123572.9
28-Sep-12
68552085.6
950791.05
950540.3
647321.45
501636.15
259029.9
47815.4
105998.5
1-Oct-12
68636582.3
957401.25
956282.3
651469.15
498879.15
267267.6
47336.6
-535177.2
3-Oct-12
68086047.1
948491.85
953172
662903.35
510504.5
271844.1
47078.2
-643864.35
4-Oct-12
67492828
930601.2
923824
660325.05
510504.5
270115.2
47978.8
-1121047.6
5-Oct-12
66399597.5
932684.85
906199.3
642949.55
519602.6
266793
47302.4
1350693.3
8-Oct-12
67768966.7
945114.9
902052.3
626358.75
514685.95
261470.7
47173.2
67387.3
9-Oct-12
67799455.2
949713.3
917842.8
628600.75
522773.15
267267.6
47557
76893.7
10-Oct-12
67876112
964227
904285.3
633701.3
518224.1
266589.6
46964.2
-32067.85
11-Oct-12
67863916.6
949497.75
876213.3
646648.85
525070.65
269199.9
47488.6
110194.25
12-Oct-12
67928378
960562.65
903248.5
652029.65
528470.95
267572.7
47967.4
-421056.55
15-Oct-12
67490214.7
979459.2
895512.8
654327.7
531687.45
267776.1
48195.4
168538.05
16-Oct-12
67685341.1
973926.75
886102.3
655224.5
527735.75
259470.6
47910.4
391409.15
17-Oct-12
68099113.6
929667.15
911941.3
650796.55
526632.95
261233.4
47735.6
308403.45
18-Oct-12
68358701.4
948348.15
913616
673721
528976.4
263809.8
48351.2
-747748.45
19-Oct-12
67626977.4
939223.2
914573
678597.35
520659.45
259979.1
47766
859922.1
22-Oct-12
68453651.3
965807.7
908831
685099.15
523324.55
262419.9
48564
-345443.25
23-Oct-12
68123504.4
955389.45
897905.3
682352.7
524151.65
270759.3
48191.6
-230206.35
25-Oct-12
67878725.3
947845.2
913616
682969.25
518270.05
282183.6
48438.6
449092.85
26-Oct-12
68354345.9
945043.05
902929.5
682913.2
507471.8
280014
48423.4
143429.4
29-Oct-12
68495464.1
951868.8
901653.5
683810
501819.95
281268.3
48685.6
-767259.2
30-Oct-12
67735864.9
948491.85
902770
679774.4
506001.4
276251.1
48157.4
-291277.25
31-Oct-12
67444046.4
947342.25
903487.8
681568
502325.4
279064.8
48199.2
111200.85
1-Nov-12
67572969.2
937858.05
903328.3
681680.1
493916.55
279708.9
47773.6
464457.3
2-Nov-12
68003292.6
942815.7
924541.8
688518.2
489827
284793.9
47902.8
940384
5-Nov-12
68938854
942025.35
931240.8
688125.85
489827
283743
48260
2438412.9
6-Nov-12
71349187.7
967747.65
937939.8
682016.4
489689.15
285302.4
48605.8
468861.2
7-Nov-12
71786479.9
988512.3
938896.8
690704.15
491251.45
284861.7
48643.8
984411.05
8-Nov-12
72790858.2
975076.35
931320.5
693338.5
490148.65
284454.9
48564
-1114543.8
9-Nov-12
71679334.6
975076.35
932596.5
689078.7
486288.85
288251.7
48590.6
-434050.05
12-Nov-12
71249011.2
963149.25
933553.5
695020
486886.2
288048.3
49498.8
-85918.75
13-Nov-12
71137510.4
998571.3
931480
690311.8
486151
286048.2
49175.8
-1219338.6
15-Nov-12
69948458.9
974286
918640.3
695748.65
490562.2
283098.9
49115
-1150599.2
16-Nov-12
68835193.1
963867.75
919677
681287.75
478799
281675.1
48811
-1327271.15
19-Nov-12
67540738.5
949785.15
896230.5
690367.85
474801.35
280963.2
49153
-450033.7
20-Nov-12
67073828.9
951796.95
906199.3
687901.65
478063.8
284522.7
49692.6
1223087.85
21-Nov-12
68292497.8
953593.2
897985
692217.5
482107.4
286251.6
50441.2
847249.35
22-Nov-12
69131367.1
948851.1
900856
703203.3
481877.65
285336.3
50851.6
1514452.45
23-Nov-12
70630530.2
955964.25
893519
713460.45
487253.8
285166.8
50901
537760.45
26-Nov-12
71140994.8
966166.95
901414.3
717383.95
493870.6
284421
50304.4
765527.55
27-Nov-12
71846585.8
992176.65
916646.5
720690.9
497776.35
294489.3
51718
3432164.65
29-Nov-12
75259555.6
996918.75
922149.3
716094.8
503749.85
300591.3
53188.6
252765.45
30-Nov-12
75443357.7
1035214.8
942645
735936.5
494513.9
299845.5
53500.2
265008.65
3-Dec-12
75727336.3
1033346.7
934510.5
726239.85
493043.5
303337.2
52208.2
92983.75
4-Dec-12
75820544
1019838.9
947908.5
726632.2
490470.3
305540.7
52071.4
421155.25
5-Dec-12
76270902.7
999074.25
951178.3
716319
488678.25
305371.2
52637.6
-387092.85
6-Dec-12
75899814.1
985782
948546.5
701129.45
491894.75
317100.6
52801
-795150.15
7-Dec-12
75133246.1
975938.55
955245.5
688350.05
487667.35
308795.1
52675.6
68795.3
10-Dec-12
75190738.7
965089.2
963938.3
696533.35
491527.15
310218.9
52668
-258187.85
11-Dec-12
74918084.4
984704.25
958276
688686.35
500763.1
309507
52504.6
386001.8
12-Dec-12
75271751
1020844.8
967606.8
690872.3
486840.25
307879.8
52732.6
-209611.85
13-Dec-12
75081851.2
1004894.1
971913.3
696309.15
477650.25
303777.9
52519.8
-499997.2
14-Dec-12
74580097.6
996775.05
965373.8
707238.9
474801.35
312286.8
52345
-526410.3
17-Dec-12
74033046.8
1015599.75
956521.5
709536.95
480407.25
315981.9
51414
820107.65
18-Dec-12
74836201
1013085
972790.5
709312.75
482245.25
317609.1
51372.2
2365506.55
19-Dec-12
77176846.7
1016964.9
983875.8
719065.45
480591.05
318490.5
52288
248962.35
20-Dec-12
77426852.4
1011360.6
979808.5
716879.5
489551.3
320694
51938.4
-1568466.5
21-Dec-12
75893716.4
1026808.35
954687.3
706173.95
484450.85
311405.4
51376
98549.05
24-Dec-12
75977342
1015743.45
967606.8
713460.45
488632.3
312998.7
51383.6
1090340.2
26-Dec-12
77068830.3
1012366.5
977894.5
711218.45
481004.6
314490.3
51702.8
-1370060.35
27-Dec-12
75722980.8
1000223.85
979250.3
700961.3
476225.8
316117.5
51687.6
837006.9
28-Dec-12
76564463.4
994116.6
978532.5
702082.3
479809.9
313947.9
51501.4
641877.65
31-Dec-12
77223886.1
981255.45
979090.8
693562.7
482337.15
314625.9
51573.6
-134061.5
1-Jan-13
77058377.1
992967
980446.5
697430.15
487621.4
323406
52022
-875899.55
2-Jan-13
76168112.9
996056.55
980765.5
700905.25
487529.5
330762.3
52238.6
427968.2
3-Jan-13
76599307.4
997349.85
971115.8
701689.95
489229.65
333711.6
51934.6
100305.65
4-Jan-13
76691644
1003457.1
964177.5
710770.05
491389.3
331575.9
51630.6
-158671.4
7-Jan-13
76558365.7
997206.15
955086
703875.9
482842.6
337813.5
50783.2
12305.25
8-Jan-13
76554010.2
1006402.95
953730.3
711498.7
482934.5
338762.7
50939
-513077.6
9-Jan-13
76032221.3
1025658.75
944718.5
712787.85
477236.7
341847.6
50730
-26542.85
10-Jan-13
76006959.4
1023718.8
933154.8
719233.6
474755.4
349475.1
51360.8
-1092375.1
11-Jan-13
74905017.9
1054470.6
937381.5
722876.85
457753.9
337915.2
50866.8
1188502.75
14-Jan-13
76056612.1
1061655.6
923664.5
754208.8
464370.7
343407
50866.8
-900990.6
15-Jan-13
75142828.2
1064745.15
930124.3
744456.1
462900.3
357950.1
50790.8
-614540.05
16-Jan-13
74536542.6
1061368.2
924940.5
755329.8
459637.85
351237.9
50198
1014579
17-Jan-13
75493010.4
1070205.75
935547.3
789184
460005.45
355204.2
50676.8
-377664.1
18-Jan-13
75107113.1
1088024.55
938418.3
791033.65
450677.6
350526
50376.6
-329607.9
21-Jan-13
74703793.8
1138606.95
948466.8
801739.2
456972.75
346932.6
50049.8
2121853.75
22-Jan-13
76884157.1
1132212.3
933314.3
782065.65
441947.1
345034.2
49685
480030.65
23-Jan-13
77397235
1138247.7
933234.5
758244.4
422785.95
348797.1
49901.6
-665047.15
24-Jan-13
76745652.2
1124021.4
941448.8
746978.35
430827.2
344288.4
50182.8
47067.4
25-Jan-13
76756105.4
1124452.5
956122.8
763457.05
437903.5
341881.5
50543.8
-72983.3
28-Jan-13
76642862.4
1146223.05
949344
780888.6
432251.65
354966.9
50946.6
552620.6
29-Jan-13
77207335.2
1147588.2
952613.8
775619.9
430597.45
346763.1
49586.2
750447.6
30-Jan-13
77941672.5
1149384.45
955883.5
772369
438776.55
352560
49905.4
465401.85
31-Jan-13
78419035.3
1133361.9
963858.5
771248
435560.05
354017.7
48871.8
743064.6
1-Feb-13
79140306.1
1147947.45
972790.5
771191.95
427197.15
360933.3
48651.4
1711354.55
4-Feb-13
80889474.9
1139612.85
952294.8
764746.2
429264.9
355814.4
49164.4
-103839.4
5-Feb-13
80818915.8
1134870.75
948945.3
752303.1
424118.5
348424.2
48955.4
-255326.05
6-Feb-13
80561941.3
1139469.15
955883.5
751126.05
417455.75
346729.2
48602
-383862.75
7-Feb-13
80208274.7
1118201.55
949025
749668.75
419064
344356.2
48754
-1391928.4
8-Feb-13
78808417
1121794.05
952932.8
751294.2
416031.3
345542.7
49403.8
175842.55
11-Feb-13
78982637
1127757.6
948068
739299.5
423245.45
350322.6
49928.2
-375171.3
12-Feb-13
78564509
1128691.65
964975
760598.5
422740
354017.7
50555.2
-643446.35
13-Feb-13
77894633.1
1148378.55
947828.8
795181.35
418834.25
347305.5
50479.2
949797.25
14-Feb-13
78853714.2
1145217.15
941369
793948.25
426921.45
339983.1
51284.8
260946
15-Feb-13
79137692.8
1141265.4
936663.8
781337
424669.9
340322.1
51433
-652620.75
18-Feb-13
78470430.2
1146941.55
945117.3
774835.2
432113.8
19-Feb-13
79425155.8
1170867.6
954687.3
790865.5
437995.4
339949.2
51376
1012517.05
342423.9
51284.8
-8436.4
20-Feb-13
79365921
1203200.1
950221.3
810314.85
438500.85
345237.6
51448.2
-738560.8
21-Feb-13
78636810.3
1223749.2
947270.5
807344.2
430321.75
330152.1
50635
419109.55
22-Feb-13
79048840.6
1230287.55
957957
807400.25
418512.6
332287.8
50106.8
-578173.05
25-Feb-13
78436457.3
1244657.55
973827.3
822309.55
415112.3
324965.4
49890.2
-1817415.7
26-Feb-13
76658542.2
1238047.35
953491
814630.7
415479.9
320117.7
49495
-739658.45
27-Feb-13
75925947.1
1225832.85
953491
806895.8
416536.75
332592.9
48849
-1525137.4
28-Feb-13
74430268.4
1236107.4
932995.3
810931.4
407162.95
320016
47526.6
1575448.65
1-Mar-13
75944240.2
1273038.3
949184.5
809866.45
416123.2
320694
47310
-531227.35
4-Mar-13
75435517.8
1270667.25
946074.3
802019.45
405233.05
322016.1
47701.4
1894587.3
5-Mar-13
77264827.8
1284103.2
951975.8
835873.65
413458.1
325473.9
48104.2
472183.75
6-Mar-13
77757870.4
1257303.15
953650.5
847812.3
404819.5
326626.5
47918
2145583.45
7-Mar-13
79887709.9
1262045.25
951337.8
864739.4
398110.8
328863.9
48776.8
1441035.55
8-Mar-13
81301505.2
1269014.7
963699
866701.15
402338.2
329406.3
49954.8
1584189.4
11-Mar-13
82872098.5
1270595.4
958435.5
877630.9
403486.95
334762.5
49799
-93587.4
12-Mar-13
82796312.8
1261901.55
957000
867037.45
408449.55
333576
48944
641150.25
13-Mar-13
83465317.6
1232802.3
957558.3
872810.6
410563.25
327067.2
48252.4
1866917.15
14-Mar-13
85305951.9
1233736.35
957159.5
887327.55
419109.95
328660.5
49343
1978893.05
15-Mar-13
87237180.6
1271457.6
972551.3
887775.95
421453.4
321168.6
48594.4
-56432.15
18-Mar-13
87153555
1285252.8
979569.3
899098.05
425910.55
311473.2
48890.8
-1633201.25
19-Mar-13
85530695.7
1313202.45
988262
876117.55
416766.5
297506.4
47997.8
1467350.35
20-Mar-13
86981077.2
1319812.65
998549.8
867878.2
430689.35
292353.6
47538
-1445007.35
21-Mar-13
85589059.4
1278139.65
996476.3
866645.1
423475.2
292963.8
46132
676535.3
22-Mar-13
86303361.4
1237759.95
1000863
860871.95
421912.9
298659
45999
-1257758.45
25-Mar-13
85002809.1
1277852.25
1005807
859919.1
423934.7
295031.7
46314.4
453089.5
26-Mar-13
85424421.5
1311549.9
990096.3
869223.4
434411.3
288353.4
46702
278960.2

Major Project MBA

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Major Project MBA

Transféré par

Droits d'auteur :

Formats disponibles

FINANCIAL MODELLING FOR PORTFOLIO SELECTION

AND RISK MANAGEMENT

UNDER THE GUIDANCE OF

DEPARTMENT OF COMMERCE AND MANAGEMENT STUDIES

DEPARTMENT OF COMMERCE AND MANAGEMENT STUDIES

& Head of the Department

DEPARTMENT OF COMMERCE AND MANAGEMENT STUDIES

Kerala State -673635

I, Arun K T, student of MBA 4th semester, Department of Commerce and Management

1.1.1 Research problem

1.1.2 Significance of the study

1.1.3 Scope of the study

1.1.4 Objectives of the study

1.1.5 Research Methodology

1.1.7 Tools for data collection

1.1.8 Sampling Plan

1.1.9 Tools for analysis

1.1.10 Variables of the study

1.1.11 Period of study

1.1.12 Conceptual model of the study

1.2 Literature Review

CHAPTER 2: INDIAN CAPITAL MARKET-AN OVERVIEW

CHAPTER 3: COCHIN STOCK EXCHANGE LTD-A PROFILE

CHAPTER 4: DATA ANALYSIS

CHAPTER 5: DATA ANALYSIS

CHAPTER 6: FINDINGS, SUGGESTIONS & CONCLUSION

Alpha of the Securities

Systematic risk of Securities.

Unsystematic risk/residual variance of Securities.

Ranks of Securities based on excess return to beta.

Calculation of cut-off point.

Calculation of optimal portfolio

Portfolio alpha in optimal portfolio

Portfolio beta in optimal portfolio

Optimal portfolio return , risk ,alpha ,beta , residual, variance

Portfolio alpha in equal weight

Portfolio beta in equal weight

Portfolio residual variance in equal weight

Benefit of diversification in equal weight.

Calculation of weight based on PE ratio

Portfolio alpha based on PE ratio.

Portfolio beta based on PE ratio.

Portfolio residual variance based on PE ratio

Benefit of diversification in based on PE ratio.

Calculation of weight based on risk adjusted rate of return

Portfolio alpha based on risk adjusted rate of return.

Portfolio beta based on risk adjusted rate of return.

Portfolio residual variance based on risk adjusted rate of return.

Benefit of diversification in based on risk adjusted rate of

Sharpe ratio of the portfolios.

Treynor ratio of portfolios.

Jensen measure of portfolios.

Portfolio value for Mont Carlo Simulation.

Changes in the total value of portfolio.

Changes in total value of portfolio in Back testing.

Variance Co-variance matrix.

Gender of the respondents.

Age group of the respondents.

Qualification of the respondents.

Occupation of the respondents.

Annual income of the respondents.

Investment experience of the respondents.

Investment preference of the respondents

Sector Preference of the respondents