Submitted by:

NAME
SUJIT KUMAR DHAR
MD. AYUBUR RAHMAN
MD. ASAD- UZ- JAMAN
MD. SHORAB PATOARY
Submitted to:
Farhana Zahir, CFA, FRM, CAIA,
Lecturer,
Department of Accounting and Finance,
School of Business and Economics,
North South University

ID
1411666030
1410071030
1411166030
1410420030
S/L DSE 30 Basic Information
1 ACI Company Name
2 BATASHOE Establishing Date
3 BATBC Financial Year End
4 BEXIMCO Auditor
5 BRACBANK
6 BSCCL
7 BSRMLTD Stock Statistics
8 BSRMSTEEL Market Capitalization (BDT)
9 BXPHARMA Shareholders Equity (BDT)
10 CITYBANK Book Value Per Share (BDT)
11 DELTALIFE Last Audited P/B Ratio (x)
12 GP Forward P/E
13 HEIDELBCEM EPS (BDT)
14 IDLC Audited P/E (x)
15 ISLAMIBANK Trading Currency
16 JAMUNAOIL Market Category
17 LAFSURCEML Market Lot
18 MJLBD Last Dividend Declaration Date
19 MPETROLEUM AGM Date
20 NBL
21 OLYMPIC
22 ORIONPHARM Liquidity Position
23 RAKCERAMIC Current Ratio
24 RENATA Quick Ratio
25 SINGERBD Debt to Equity Ratio
26 SQURPHARMA Debt to Total Capital
27 SUMITPOWER Debt to Total Assets
28 TITASGAS Financial Leverage
29 UCB Interest Coverage
30 UNIQUEHRL

Data Source
 BSRM Steels Limited
1952
December
Rahman Rahman Huq

35,476,245,000
10,369,794,575
30.34
3.42
9.51
6.14
17.04
Bangladeshi Taka
A
1
Thursday, February 11, 2016
Wednesday, March 30, 2016

0.59
0.29
1.48
0.6
0.54
2.75
2.58

http://lankabd.com/dse/stock-market/BSRMSTEEL/bsrm-steels-limited/stock-price?stockId=49
 Share Capital
Total Shares 341,775,000
Paid Up Capital (BDT) 3,417,750,000

Shareholding Pattern
Sponsor/Director 71%
Govt. 0%
Institute 18%
Foreign 0%
Public 11%

Growth
Annual Revenue Growth -13%
Annual Net Profit Growth 68%
Annual Operating Profit Growth 44%

Profitibility & Investment Ratio

Gross Profit Margin 14%
Operating Profit Margin 11%
Net Profit Margin 6%
ROA 7%
ROE 22%

rm-steels-limited/stock-price?stockId=49
Dividend Discount Model

BSRM Year Net income after Tax EPS EPS Growth

2011 977,328,048 2.86
Historica

2012 1,001,207,077 2.93 2%

2013 1,401,589,117 4.10 40%
2014 1,247,558,867 3.65 -11%
2015 2,097,290,420 6.14 68%
Forecasted
l

2016 2,619,280,227 7.66 25%

2017 3,271,186,881 9.57 25%
2018 4,085,345,089 11.95 25%
2019 5,102,137,268 14.93 25%
2020 6,371,996,522 18.64 25%

BSRM Year DPS EPS Payout Ratio

2011 1.5 2.86 52%
Historica

2012 1.0 2.93 34%

2013 1.5 4.10 37%
2014 1.5 3.65 41%
2015 3.0 6.14 49%
Forecasted
l

2016 3.3 7.66 43%

2017 4.1 9.57 43%
2018 5.1 11.95 43%
2019 6.4 14.93 43%
2020 7.9 18.64 43%

S/L Year DPS Present valueTerminal Value

1 2016 3.3 2.26
2 2017 4.1 1.95
3 2018 5.1 1.68
4 2019 6.4 1.45
5 2020 7.9 1.26 58.69
 Fundamental Analysis

Price P/E Number of Share 341,775,000

118.5 41.4
67.9 23.2 Average EPS Growth 25%
68.7 16.8
87.7 24.0 Average P/E 19.9
96.3 15.7
152.6 19.9 Required Rate of Retu 45%
190.6 19.9
238.0 19.9 Market Price 100.9
297.3 19.9 -33%
371.2 19.9 Intrinsic Value 67.29

Decision Over valued

P/E Year Dividend

41.4 2011 15%
23.2 2012 10%
16.8 2013 15%
24.0 2014 15%
15.7 2015 30%
19.9
19.9 Face value 10.00
19.9
19.9 Average Payout ratio 43%
19.9

nal Value
Technical Analysis
 Sector P/E 15.15

Beta Coefficient 1.64

Risk Free Rate 7%

Market Return 30%

SELL
 Date Market Cap Return
29-12-2005 228,574.85
28-12-2006 315,446.21 38%
30-12-2007 742,195.87 135%
30-12-2008 1,043,799.02 41% Average Market Return
30-12-2009 1,903,228.05 82%
30-12-2010 3,508,005.80 84%
29-12-2011 2,616,730.54 -25%
30-12-2012 2,403,555.62 -8%
30-12-2013 2,647,790.83 10%
30-12-2014 3,259,246.76 23%
31-12-2015 3,159,757.75 -3%
30%
 Date Closing Price Volume
# 30-Mar-16 86.3 204,669.00 110
# 31-Mar-16 87.2 285,104.00
# 3-Apr-16 87.4 143,858.00
105
# 4-Apr-16 89.7 695,052.00
# 5-Apr-16 88.4 127,784.00
# 6-Apr-16 88.4 219,475.00
100
# 7-Apr-16 89.1 427,518.00
# 10-Apr-16 91.8 827,920.00
# 11-Apr-16 90.9 236,652.00 95
# 12-Apr-16 93 782,494.00 Closing Price
# 13-Apr-16 92.3 378,350.00
# 17-Apr-16 91.4 241,071.00 90
# 18-Apr-16 95 901,437.00
# 19-Apr-16 94.7 448,212.00
# 20-Apr-16 93 451,438.00 85
# 21-Apr-16 96.8 1,347,910.00
## 24-Apr-16 95 266,009.00
## 25-Apr-16 92.3 432,042.00 80
30-Mar-16
31-Mar-16
3-Apr-16
4-Apr-16
5-Apr-16
6-Apr-16
7-Apr-16
10-Apr-16
11-Apr-16
12-Apr-16
13-Apr-16
17-Apr-16
18-Apr-16
19-Apr-16
20-Apr-16
21-Apr-16
24-Apr-16
25-Apr-16
26-Apr-16
27-Apr-16
28-Apr-16
2-May-16
3-May-16
4-May-1
5-May-
8-May
9-Ma
10-M
11
12
1
## 26-Apr-16 88.5 477,145.00
## 27-Apr-16 89 147,065.00
## 28-Apr-16 91.9 526,101.00
## 2-May-16 90.7 64,580.00
## 3-May-16 93.7 422,715.00
## 4-May-16 97 1,345,250.00
## 5-May-16 95.3 678,240.00
## 8-May-16 97.2 1,082,360.00
## 9-May-16 104.2 4,602,630.00
## 10-May-16 100.7 1,465,870.00
## 11-May-16 99.5 1,502,680.00
## 12-May-16 96.4 803,309.00
## 15-May-16 94.1 474,835.00
## 16-May-16 94.1 443,871.00
## 17-May-16 93.1 631,473.00
## 18-May-16 95.8 534,613.00
## 19-May-16 95.8 1,102,870.00
## 22-May-16 95.1 414,360.00
## 24-May-16 94.1 390,143.00
## 25-May-16 93.9 367,432.00
## 26-May-16 94.1 314,553.00
## 29-May-16 94 319,524.00
## 30-May-16 94.5 633,828.00
## 31-May-16 93.5 439,686.00
## 1-Jun-16 93.4 186,712.00
## 2-Jun-16 93.8 493,032.00
## 5-Jun-16 95.2 534,476.00
## 6-Jun-16 93.8 281,777.00
## 7-Jun-16 93.5 463,293.00
## 8-Jun-16 93.3 222,659.00
## 9-Jun-16 93.2 338,849.00
## 12-Jun-16 94.2 306,932.00
## 13-Jun-16 94.5 422,654.00
## 14-Jun-16 93.1 240,556.00
## 15-Jun-16 93.2 237,015.00
## 16-Jun-16 92.5 260,067.00
## 19-Jun-16 92 198,491.00
## 20-Jun-16 91.1 130,110.00
## 21-Jun-16 90.6 217,528.00
## 22-Jun-16 90.9 182,435.00
## 23-Jun-16 90.7 113,090.00
## 26-Jun-16 90.1 205,211.00
## 27-Jun-16 90.8 143,433.00
## 28-Jun-16 91.1 150,717.00
## 29-Jun-16 91.4 183,911.00
## 30-Jun-16 92.3 228,954.00
## 10-Jul-16 91.7 115,578.00
## 11-Jul-16 92.3 243,483.00
## 12-Jul-16 92.3 179,344.00
## 13-Jul-16 92.4 169,907.00
## 14-Jul-16 91.7 173,592.00
## 16-Jul-16 93.9 400,234.00
## 17-Jul-16 93.3 242,973.00
## 18-Jul-16 93.1 266,983.00
## 19-Jul-16 92.1 156,037.00
## 20-Jul-16 92.9 206,300.00
## 21-Jul-16 93.1 188,091.00
## 24-Jul-16 94.6 392,411.00
## 25-Jul-16 96.3 1,129,700.00
## 26-Jul-16 96 720,858.00
## 27-Jul-16 96 425,476.00
## 28-Jul-16 96.3 404,771.00
## 31-Jul-16 96 469,113.00
## 1-Aug-16 96.9 436,118.00
## 2-Aug-16 97.4 477,138.00
## 3-Aug-16 99.4 1,104,490.00
## 4-Aug-16 98.3 330,597.00
 ## 7-Aug-16 98.4 474,598.00
## 8-Aug-16 101.2 1,514,960.00
## 9-Aug-16 103.7 1,599,930.00
## 10-Aug-16 103.8 1,209,550.00
## 11-Aug-16 104.2 1,113,240.00
## 14-Aug-16 102.5 690,387.00
## 16-Aug-16 101.7 686,572.00
## 17-Aug-16 100.6 443,254.00
## 18-Aug-16 101.3 463,883.00
## 21-Aug-16 102.1 467,896.00
## 22-Aug-16 103.6 736,919.00
## 23-Aug-16 102.6 839,269.00
## 24-Aug-16 101.1 631,470.00
## 28-Aug-16 99.2 580,774.00
## 29-Aug-16 100.1 446,597.00
## 30-Aug-16 100.5 209,910.00
## 31-Aug-16 100.2 247,411.00
## 1-Sep-16 101.8 481,188.00
## 4-Sep-16 102.4 858,924.00
## 5-Sep-16 101.1 482,318.00
## 6-Sep-16 100.3 372,789.00
### 7-Sep-16 101.8 605,248.00
### 8-Sep-16 102.1 697,660.00
### 18-Sep-16 101.7 312,420.00
### 19-Sep-16 101.1 346,146.00
### 20-Sep-16 101.1 319,350.00
### 21-Sep-16 101.8 421,781.00
### 22-Sep-16 100.6 466,770.00
### 24-Sep-16 100.9 281,987.00
### 25-Sep-16 101.1 35,000.00
 5,035,000.00
BSRM Steel
Price & Volume Chart 4,535,000.00

4,035,000.00

3,535,000.00

3,035,000.00

2,535,000.00
Vo
e
2,035,000.00

1,535,000.00

1,035,000.00

535,000.00

35,000.00
Apr-16
pr-16
7-Apr-16
r-16
16
-Apr-16
10-Apr-16
-16
11-Apr-16
12-Apr-16
13-Apr-16
17-Apr-16
18-Apr-16
19-Apr-16
20-Apr-16
21-Apr-16
24-Apr-16
25-Apr-16
26-Apr-16
27-Apr-16
28-Apr-16
2-May-16
3-May-16
4-May-16
5-May-16
8-May-16
9-May-16
10-May-16
11-May-16
12-May-16
15-May-16
16-May-16
17-May-16
18-May-16
19-May-16
22-May-16
24-May-16
25-May-16
26-May-16
29-May-16
30-May-16
31-May-16
1-Jun-16
2-Jun-16
5-Jun-16
6-Jun-16
7-Jun-16
8-Jun-16
9-Jun-16
12-Jun-16
13-Jun-16
14-Jun-16
15-Jun-16
16-Jun-16
19-Jun-16
20-Jun-16
21-Jun-16
22-Jun-16
23-Jun-16
26-Jun-16
27-Jun-16
28-Jun-16
29-Jun-16
30-Jun-16
10-Jul-16
11-Jul-16
12-Jul-16
13-Jul-16
14-Jul-16
16-Jul-16
17-Jul-16
18-Jul-16
19-Jul-16
20-Jul-16
21-Jul-16
24-Jul-16
25-Jul-16
26-Jul-16
27-Jul-16
28-Jul-16
31-Jul-16
1-Aug-16
2-Aug-16
3-Aug-16
4-Aug-16
7-Aug-16
8-Aug-16
9-Aug-16
10-Aug-16
11-Aug-16
14-Aug-16
16-Aug-16
17-Aug-16
18-Aug-16
21-Aug-16
22-Aug-16
23-Aug-16
24-Aug-16
28-Aug-16
29-Aug-16
30-Aug-16
31-Aug-16
1-Sep-16
4-Sep-16
5-Sep-16
6-Sep-16
7-Sep-16
8-Sep-16
18-Sep-16
19-Sep-16
20-Sep-16
21-Sep-16
22-Sep-16
24-Sep-16
25-Sep-16

Volume Closing Price

 5,035,000.00

4,535,000.00

4,035,000.00

3,535,000.00

3,035,000.00

2,535,000.00
Volume
2,035,000.00

1,535,000.00

1,035,000.00

535,000.00

35,000.00
ep-16
16
p-16
6
21-Sep-16
Sep-16
-16
0-Sep-16
-Sep-16
22-Sep-16
24-Sep-16
25-Sep-16
 Date Closing Price Return Maximum Return
30-Mar-16 86.3 Minimum Return
31-Mar-16 87.2 1.0% Return Range
3-Apr-16 87.4 0.2% Number of Bins
4-Apr-16 89.7 2.6% Bin width
5-Apr-16 88.4 -1.4%
6-Apr-16 88.4 0.0%
7-Apr-16 89.1 0.8% From
10-Apr-16 91.8 3.0% 1
11-Apr-16 90.9 -1.0% 2 -4.1%
12-Apr-16 93 2.3% 3 -3.6%
13-Apr-16 92.3 -0.8% 4 -3.0%
17-Apr-16 91.4 -1.0% 5 -2.4%
18-Apr-16 95 3.9% 6 -1.9%
19-Apr-16 94.7 -0.3% 7 -1.3%
20-Apr-16 93 -1.8% 8 -0.7%
21-Apr-16 96.8 4.1% 9 -0.2%
24-Apr-16 95 -1.9% 10 0.4%
25-Apr-16 92.3 -2.8% 11 1.0%
26-Apr-16 88.5 -4.1% 12 1.5%
27-Apr-16 89 0.6% 13 2.1%
28-Apr-16 91.9 3.3% 14 2.7%
2-May-16 90.7 -1.3% 15 3.2%
3-May-16 93.7 3.3% 16 3.8%
4-May-16 97 3.5% 17 4.4%
5-May-16 95.3 -1.8% 18 4.9%
8-May-16 97.2 2.0% 19 5.5%
9-May-16 104.2 7.2% 20 6.1%
10-May-16 100.7 -3.4% 21 6.6%
11-May-16 99.5 -1.2%
12-May-16 96.4 -3.1%
15-May-16 94.1 -2.4%
16-May-16 94.1 0.0%
17-May-16 93.1 -1.1%
18-May-16 95.8 2.9%
19-May-16 95.8 0.0%
22-May-16 95.1 -0.7%
24-May-16 94.1 -1.1%
25-May-16 93.9 -0.2%
26-May-16 94.1 0.2%
29-May-16 94 -0.1%
30-May-16 94.5 0.5%
31-May-16 93.5 -1.1%
1-Jun-16 93.4 -0.1%
2-Jun-16 93.8 0.4%
5-Jun-16 95.2 1.5%
6-Jun-16 93.8 -1.5%
7-Jun-16 93.5 -0.3%
8-Jun-16 93.3 -0.2%
9-Jun-16 93.2 -0.1%
12-Jun-16 94.2 1.1%
13-Jun-16 94.5 0.3%
14-Jun-16 93.1 -1.5%
15-Jun-16 93.2 0.1%
16-Jun-16 92.5 -0.8%
19-Jun-16 92 -0.5%
20-Jun-16 91.1 -1.0%
21-Jun-16 90.6 -0.5%
22-Jun-16 90.9 0.3%
23-Jun-16 90.7 -0.2%
26-Jun-16 90.1 -0.7%
27-Jun-16 90.8 0.8%
28-Jun-16 91.1 0.3%
29-Jun-16 91.4 0.3%
30-Jun-16 92.3 1.0%
10-Jul-16 91.7 -0.7%
11-Jul-16 92.3 0.7%
12-Jul-16 92.3 0.0%
13-Jul-16 92.4 0.1%
14-Jul-16 91.7 -0.8%
16-Jul-16 93.9 2.4%
17-Jul-16 93.3 -0.6%
18-Jul-16 93.1 -0.2%
19-Jul-16 92.1 -1.1%
20-Jul-16 92.9 0.9%
21-Jul-16 93.1 0.2%
24-Jul-16 94.6 1.6%
25-Jul-16 96.3 1.8%
26-Jul-16 96 -0.3%
27-Jul-16 96 0.0%
28-Jul-16 96.3 0.3%
31-Jul-16 96 -0.3%
1-Aug-16 96.9 0.9%
2-Aug-16 97.4 0.5%
3-Aug-16 99.4 2.1%
4-Aug-16 98.3 -1.1%
7-Aug-16 98.4 0.1%
 8-Aug-16 101.2 2.8%
9-Aug-16 103.7 2.5%
10-Aug-16 103.8 0.1%
11-Aug-16 104.2 0.4%
14-Aug-16 102.5 -1.6%
16-Aug-16 101.7 -0.8%
17-Aug-16 100.6 -1.1%
18-Aug-16 101.3 0.7%
21-Aug-16 102.1 0.8%
22-Aug-16 103.6 1.5%
23-Aug-16 102.6 -1.0%
24-Aug-16 101.1 -1.5%
28-Aug-16 99.2 -1.9%
29-Aug-16 100.1 0.9%
30-Aug-16 100.5 0.4%
31-Aug-16 100.2 -0.3%
1-Sep-16 101.8 1.6%
4-Sep-16 102.4 0.6%
5-Sep-16 101.1 -1.3%
6-Sep-16 100.3 -0.8%
7-Sep-16 101.8 1.5%
8-Sep-16 102.1 0.3%
18-Sep-16 101.7 -0.4%
19-Sep-16 101.1 -0.6%
20-Sep-16 101.1 0.0%
21-Sep-16 101.8 0.7%
22-Sep-16 100.6 -1.2%
24-Sep-16 100.9 0.3%
25-Sep-16 101.1 0.2%
 7.2% Kurthosis 2.82
-4.1% Skewness 0.89
11.3%
20
0.0057

Return Distribution
To Frequency Frequency 30
-4.1% 0 1
-3.55% 1 0 25
-2.99% 2 2
-2.42% 1 1 20
-1.85% 3 3 Frequency
-1.29% 8 8 15
-0.72% 19 19
-0.16% 16 16 10
0.41% 26 26
0.98% 14 14 5
1.54% 6 6
2.11% 5 5 0
2.67% 4 4
3.24% 3 3
3.81% 3 3 Return
4.37% 2 2
4.94% 0 0
5.50% 0 0
6.07% 0 0
6.64% 0 0
7.20% 0 0
Distribution

urn
 BSRM Steel DSEX
Date Close Return Date Close
10-Apr-16 91.8 10-Apr-16 4431.13
11-Apr-16 90.9 -0.98% 11-Apr-16 4401.79
12-Apr-16 93 2.31% 12-Apr-16 4407.52
13-Apr-16 92.3 -0.75% 13-Apr-16 4408.64
17-Apr-16 91.4 -0.98% 17-Apr-16 4393.34
18-Apr-16 95 3.94% 18-Apr-16 4391.42
19-Apr-16 94.7 -0.32% 19-Apr-16 4357.63
20-Apr-16 93 -1.80% 20-Apr-16 4359.40
21-Apr-16 96.8 4.09% 21-Apr-16 4340.34
24-Apr-16 95 -1.86% 24-Apr-16 4338.25
25-Apr-16 92.3 -2.84% 25-Apr-16 4321.63
26-Apr-16 88.5 -4.12% 26-Apr-16 4281.93
27-Apr-16 89 0.56% 27-Apr-16 4238.95
28-Apr-16 91.9 3.26% 28-Apr-16 4195.70
2-May-16 90.7 -1.31% 2-May-16 4171.41
3-May-16 93.7 3.31% 3-May-16 4272.18
4-May-16 97 3.52% 4-May-16 4258.20
5-May-16 95.3 -1.75% 5-May-16 4306.80
8-May-16 97.2 1.99% 8-May-16 4340.07
9-May-16 104.2 7.20% 9-May-16 4329.40
10-May-16 100.7 -3.36% 10-May-16 4330.32
11-May-16 99.5 -1.19% 11-May-16 4318.45
12-May-16 96.4 -3.12% 12-May-16 4298.65
15-May-16 94.1 -2.39% 15-May-16 4275.48
16-May-16 94.1 0.00% 16-May-16 4288.65
17-May-16 93.1 -1.06% 17-May-16 4326.64
18-May-16 95.8 2.90% 18-May-16 4364.31
19-May-16 95.8 0.00% 19-May-16 4392.88
22-May-16 95.1 -0.73% 22-May-16 4394.32
24-May-16 94.1 -1.05% 24-May-16 4394.07
25-May-16 93.9 -0.21% 25-May-16 4366.03
26-May-16 94.1 0.21% 26-May-16 4388.01
29-May-16 94 -0.11% 29-May-16 4426.78
30-May-16 94.5 0.53% 30-May-16 4423.00
31-May-16 93.5 -1.06% 31-May-16 4419.39
1-Jun-16 93.4 -0.11% 1-Jun-16 4421.79
2-Jun-16 93.8 0.43% 2-Jun-16 4446.09
5-Jun-16 95.2 1.49% 5-Jun-16 4425.90
6-Jun-16 93.8 -1.47% 6-Jun-16 4410.93
07-June-16 93.5 -0.32% 7-Jun-16 4412.51
08-June-16 93.3 -0.21% 8-Jun-16 4420.43
09-June-16 93.2 -0.11% 9-Jun-16 4418.99
12-Jun-16 94.2 1.07% 12-Jun-16 4409.40
13-Jun-16 94.5 0.32% 13-Jun-16 4405.40
14-Jun-16 93.1 -1.48% 14-Jun-16 4409.09
15-Jun-16 93.2 0.11% 15-Jun-16 4412.00
16-Jun-16 92.5 -0.75% 16-Jun-16 4395.28
19-Jun-16 92 -0.54% 19-Jun-16 4387.78
20-Jun-16 91.1 -0.98% 20-Jun-16 4369.01
21-Jun-16 90.6 -0.55% 21-Jun-16 4363.11
22-Jun-16 90.9 0.33% 22-Jun-16 4366.25
23-Jun-16 90.7 -0.22% 23-Jun-16 4381.46
26-Jun-16 90.1 -0.66% 26-Jun-16 4380.22
27-Jun-16 90.8 0.78% 27-Jun-16 4412.83
28-Jun-16 91.1 0.33% 28-Jun-16 4451.36
29-Jun-16 91.4 0.33% 29-Jun-16 4470.26
30-Jun-16 92.3 0.98% 30-Jun-16 4507.58
10-Jul-16 91.7 -0.65% 10-Jul-16 4495.19
11-Jul-16 92.3 0.65% 11-Jul-16 4505.17
12-Jul-16 92.3 0.00% 12-Jul-16 4544.71
13-Jul-16 92.4 0.11% 13-Jul-16 4538.08
14-Jul-16 91.7 -0.76% 14-Jul-16 4537.92
16-Jul-16 93.9 2.40% 16-Jul-16 4554.74
17-Jul-16 93.3 -0.64% 17-Jul-16 4558.94
18-Jul-16 93.1 -0.21% 18-Jul-16 4571.81
19-Jul-16 92.1 -1.07% 19-Jul-16 4556.93
20-Jul-16 92.9 0.87% 20-Jul-16 4554.55
21-Jul-16 93.1 0.22% 21-Jul-16 4553.78
24-Jul-16 94.6 1.61% 24-Jul-16 4551.07
25-Jul-16 96.3 1.80% 25-Jul-16 4549.18
26-Jul-16 96 -0.31% 26-Jul-16 4550.16
27-Jul-16 96 0.00% 27-Jul-16 4538.21
28-Jul-16 96.3 0.31% 28-Jul-16 4538.26
31-Jul-16 96 -0.31% 31-Jul-16 4525.35
1-Aug-16 96.9 0.94% 1-Aug-16 4533.71
2-Aug-16 97.4 0.52% 2-Aug-16 4552.37
3-Aug-16 99.4 2.05% 3-Aug-16 4575.97
4-Aug-16 98.3 -1.11% 4-Aug-16 4577.57
7-Aug-16 98.4 0.10% 7-Aug-16 4568.43
8-Aug-16 101.2 2.85% 8-Aug-16 4569.13
9-Aug-16 103.7 2.47% 9-Aug-16 4567.69
10-Aug-16 103.8 0.10% 10-Aug-16 4569.29
11-Aug-16 104.2 0.39% 11-Aug-16 4574.36
14-Aug-16 102.5 -1.63% 14-Aug-16 4577.08
16-Aug-16 101.7 -0.78% 16-Aug-16 4586.25
17-Aug-16 100.6 -1.08% 17-Aug-16 4595.24
18-Aug-16 101.3 0.70% 18-Aug-16 4585.08
21-Aug-16 102.1 0.79% 21-Aug-16 4579.03
22-Aug-16 103.6 1.47% 22-Aug-16 4577.85
23-Aug-16 102.6 -0.97% 23-Aug-16 4563.68
24-Aug-16 101.1 -1.46% 24-Aug-16 4554.27
28-Aug-16 99.2 -1.88% 28-Aug-16 4534.56
29-Aug-16 100.1 0.91% 29-Aug-16 4534.04
30-Aug-16 100.5 0.40% 30-Aug-16 4523.66
31-Aug-16 100.2 -0.30% 31-Aug-16 4526.58
1-Sep-16 101.8 1.60% 1-Sep-16 4549.04
4-Sep-16 102.4 0.59% 4-Sep-16 4557.44
5-Sep-16 101.1 -1.27% 5-Sep-16 4563.69
6-Sep-16 100.3 -0.79% 6-Sep-16 4568.36
7-Sep-16 101.8 1.50% 7-Sep-16 4594.68
8-Sep-16 102.1 0.29% 8-Sep-16 4601.09
18-Sep-16 101.7 -0.39% 18-Sep-16 4623.98
19-Sep-16 101.1 -0.59% 19-Sep-16 4626.18
20-Sep-16 101.1 0.00% 20-Sep-16 4639.13
21-Sep-16 101.8 0.69% 21-Sep-16 4660.15
22-Sep-16 100.6 -1.18% 22-Sep-16 4665.35
24-Sep-16 100.9 0.30% 24-Sep-16 4680.31
25-Sep-16 100.4 -0.50% 25-Sep-16 4673.44
26-Sep-16 99.9 -0.50% 26-Sep-16 4683.99
27-Sep-16 99.4 -0.50% 27-Sep-16 4677.69
28-Sep-16 100 0.60% 28-Sep-16 4690.63
29-Sep-16 100.1 0.10% 29-Sep-16 4695.19
2-Oct-16 104.2 4.10% 2-Oct-16 4690.93
3-Oct-16 104.7 0.48% 3-Oct-16 4691.14
4-Oct-16 104 -0.67% 4-Oct-16 4708.79
5-Oct-16 103.8 -0.19% 5-Oct-16 4714.05
DSEX SUMMARY OUTPUT
Return
Regression Statistics
-0.66% Multiple R 0.1887847565
0.13% R Square 0.0356396843
0.03% Adjusted R Square 0.0270293243
-0.35% Standard Error 0.0044899449
-0.04% Observations 114
-0.77%
0.04% ANOVA
-0.44% df SS
-0.05% Regression 1 8.344389E-005
-0.38% Residual 112 0.0022578758
-0.92% Total 113 0.0023413197
-1.00%
-1.02% Coefficients Standard Error
-0.58% Intercept 0.0005431194 0.0004218668
2.42% -0.0098039216 0.0529227321 0.0260127332
-0.33%
1.14%
0.77%
-0.25% Regr
0.02%
-0.27% 3.00%

-0.46% 2.50%
-0.54%
0.31% 2.00%
0.89%
1.50%
0.87%
0.65% 1.00%
0.03%
0.50%
-0.01%
f(x) = 0.055366704x + 0.0004824049
-0.64% R = 0.0383184677 0.00%
0.50% -6.00% -4.00% -2.00% 0.00%

0.88% -0.50%

-0.09% -1.00%
-0.08%
0.05% -1.50%
0.55%
-0.45%
-0.34%
0.04%
0.18%
-0.03%
-0.22%
-0.09%
0.08%
0.07%
-0.38%
-0.17%
-0.43%
-0.14%
0.07%
0.35%
-0.03%
0.74%
0.87%
0.42%
0.83%
-0.27%
0.22%
0.88%
-0.15%
0.00%
0.37%
0.09%
0.28%
-0.33%
-0.05%
-0.02%
-0.06%
-0.04%
0.02%
-0.26%
0.00%
-0.28%
0.18%
0.41%
0.52%
0.03%
-0.20%
0.02%
-0.03%
0.04%
0.11%
0.06%
0.20%
0.20%
-0.22%
-0.13%
-0.03%
-0.31%
-0.21%
-0.43%
-0.01%
-0.23%
0.06%
0.50%
0.18%
0.14%
0.10%
0.58%
0.14%
0.50%
0.05%
0.28%
0.45%
0.11%
0.32%
-0.15%
0.23%
-0.13%
0.28%
0.10%
-0.09%
0.00%
0.38%
0.11%
 MS F Significance F
8.34439E-005 4.1391631059 0.0442640202
2.01596E-005

t Stat P-value Lower 95% Upper 95% Lower 95.0%

1.2874190521 0.2006023167 -0.0002927557 0.0013789945 -0.0002927557
2.034493329 0.0442640202 0.0013818358 0.1044636284 0.0013818358

Regression
3.00%

2.50%

2.00%

1.50%

1.00%

0.50%
4x + 0.0004824049
7 0.00%
2.00% 0.00% 2.00% 4.00% 6.00% 8.00%
-0.50%

-1.00%

-1.50%
 Upper 95.0%
0.0013789945
0.1044636284

8.00%
 BSRM Steel DSEX
Date Close Return Date
10-Apr-16 91.80 10-Apr-16
11-Apr-16 90.90 -0.0098039216 11-Apr-16
12-Apr-16 93.00 0.0231023102 12-Apr-16
13-Apr-16 92.30 -0.0075268817 13-Apr-16
17-Apr-16 91.40 -0.0097508126 17-Apr-16
18-Apr-16 95.00 0.0393873085 18-Apr-16
19-Apr-16 94.70 -0.0031578947 19-Apr-16
20-Apr-16 93.00 -0.0179514256 20-Apr-16
21-Apr-16 96.80 0.0408602151 21-Apr-16
24-Apr-16 95.00 -0.0185950413 24-Apr-16
25-Apr-16 92.30 -0.0284210526 25-Apr-16
26-Apr-16 88.50 -0.0411700975 26-Apr-16
27-Apr-16 89.00 0.0056497175 27-Apr-16
28-Apr-16 91.90 0.0325842697 28-Apr-16
2-May-16 90.70 -0.0130576714 2-May-16
3-May-16 93.70 0.033076075 3-May-16
4-May-16 97.00 0.0352187834 4-May-16
5-May-16 95.30 -0.0175257732 5-May-16
8-May-16 97.20 0.0199370409 8-May-16
9-May-16 104.20 0.0720164609 9-May-16
10-May-16 100.70 -0.0335892514 10-May-16
11-May-16 99.50 -0.0119165839 11-May-16
12-May-16 96.40 -0.0311557789 12-May-16
15-May-16 94.10 -0.0238589212 15-May-16
16-May-16 94.10 0 16-May-16
17-May-16 93.10 -0.0106269926 17-May-16
18-May-16 95.80 0.0290010741 18-May-16
19-May-16 95.80 0 19-May-16
22-May-16 95.10 -0.0073068894 22-May-16
24-May-16 94.10 -0.0105152471 24-May-16
25-May-16 93.90 -0.0021253985 25-May-16
26-May-16 94.10 0.0021299255 26-May-16
29-May-16 94.00 -0.0010626993 29-May-16
30-May-16 94.50 0.0053191489 30-May-16
31-May-16 93.50 -0.0105820106 31-May-16
1-Jun-16 93.40 -0.0010695187 1-Jun-16
2-Jun-16 93.80 0.0042826552 2-Jun-16
5-Jun-16 95.20 0.0149253731 5-Jun-16
6-Jun-16 93.80 -0.0147058824 6-Jun-16
07-June-16 93.50 -0.0031982942 7-Jun-16
08-June-16 93.30 -0.0021390374 8-Jun-16
09-June-16 93.20 -0.0010718114 9-Jun-16
12-Jun-16 94.20 0.0107296137 12-Jun-16
13-Jun-16 94.50 0.0031847134 13-Jun-16
14-Jun-16 93.10 -0.0148148148 14-Jun-16
15-Jun-16 93.20 0.0010741139 15-Jun-16
16-Jun-16 92.50 -0.0075107296 16-Jun-16
19-Jun-16 92.00 -0.0054054054 19-Jun-16
20-Jun-16 91.10 -0.0097826087 20-Jun-16
21-Jun-16 90.60 -0.0054884742 21-Jun-16
22-Jun-16 90.90 0.0033112583 22-Jun-16
23-Jun-16 90.70 -0.00220022 23-Jun-16
26-Jun-16 90.10 -0.006615215 26-Jun-16
27-Jun-16 90.80 0.0077691454 27-Jun-16
28-Jun-16 91.10 0.0033039648 28-Jun-16
29-Jun-16 91.40 0.0032930845 29-Jun-16
30-Jun-16 92.30 0.0098468271 30-Jun-16
10-Jul-16 91.70 -0.0065005417 10-Jul-16
11-Jul-16 92.30 0.0065430752 11-Jul-16
12-Jul-16 92.30 0 12-Jul-16
13-Jul-16 92.40 0.0010834236 13-Jul-16
14-Jul-16 91.70 -0.0075757576 14-Jul-16
16-Jul-16 93.90 0.0239912759 16-Jul-16
17-Jul-16 93.30 -0.0063897764 17-Jul-16
18-Jul-16 93.10 -0.0021436227 18-Jul-16
19-Jul-16 92.10 -0.0107411386 19-Jul-16
20-Jul-16 92.90 0.0086862106 20-Jul-16
21-Jul-16 93.10 0.0021528525 21-Jul-16
24-Jul-16 94.60 0.0161117078 24-Jul-16
25-Jul-16 96.30 0.0179704017 25-Jul-16
26-Jul-16 96.00 -0.0031152648 26-Jul-16
27-Jul-16 96.00 0 27-Jul-16
28-Jul-16 96.30 0.003125 28-Jul-16
31-Jul-16 96.00 -0.0031152648 31-Jul-16
1-Aug-16 96.90 0.009375 1-Aug-16
2-Aug-16 97.40 0.0051599587 2-Aug-16
3-Aug-16 99.40 0.0205338809 3-Aug-16
4-Aug-16 98.30 -0.0110663984 4-Aug-16
7-Aug-16 98.40 0.001017294 7-Aug-16
8-Aug-16 101.20 0.0284552846 8-Aug-16
9-Aug-16 103.70 0.0247035573 9-Aug-16
10-Aug-16 103.80 0.0009643202 10-Aug-16
11-Aug-16 104.20 0.0038535645 11-Aug-16
14-Aug-16 102.50 -0.0163147793 14-Aug-16
16-Aug-16 101.70 -0.007804878 16-Aug-16
17-Aug-16 100.60 -0.0108161259 17-Aug-16
18-Aug-16 101.30 0.0069582505 18-Aug-16
21-Aug-16 102.10 0.0078973346 21-Aug-16
22-Aug-16 103.60 0.0146914789 22-Aug-16
23-Aug-16 102.60 -0.0096525097 23-Aug-16
24-Aug-16 101.10 -0.014619883 24-Aug-16
28-Aug-16 99.20 -0.018793274 28-Aug-16
29-Aug-16 100.10 0.0090725806 29-Aug-16
30-Aug-16 100.50 0.003996004 30-Aug-16
31-Aug-16 100.20 -0.0029850746 31-Aug-16
1-Sep-16 101.80 0.0159680639 1-Sep-16
4-Sep-16 102.40 0.0058939096 4-Sep-16
5-Sep-16 101.10 -0.0126953125 5-Sep-16
6-Sep-16 100.30 -0.0079129575 6-Sep-16
7-Sep-16 101.80 0.0149551346 7-Sep-16
8-Sep-16 102.10 0.0029469548 8-Sep-16
18-Sep-16 101.70 -0.0039177277 18-Sep-16
19-Sep-16 101.10 -0.005899705 19-Sep-16
20-Sep-16 101.10 0 20-Sep-16
21-Sep-16 101.80 0.0069238378 21-Sep-16
22-Sep-16 100.60 -0.0117878193 22-Sep-16
24-Sep-16 100.90 0.0029821074 24-Sep-16
25-Sep-16 100.40 -0.0049554014 25-Sep-16
26-Sep-16 99.90 -0.0049800797 26-Sep-16
27-Sep-16 99.40 -0.005005005 27-Sep-16
28-Sep-16 100.00 0.0060362173 28-Sep-16
29-Sep-16 100.10 0.001 29-Sep-16
2-Oct-16 104.20 0.040959041 2-Oct-16
3-Oct-16 104.70 0.0047984645 3-Oct-16
4-Oct-16 104.00 -0.0066857689 4-Oct-16
5-Oct-16 103.80 -0.0019230769 5-Oct-16
DSEX
Close Return
4431.13
4401.79 -0.006621 BSRM Steel
4407.52 0.001302 Daily retun 0.001197
4408.64 0.000254 Daily Standard deviation 0.016199
4393.34 -0.00347 Annualized Return 30%
4391.42 -0.000437 Annualized Standard deviation 26%
4357.63 -0.007695
4359.40 0.000406 Trading days 250
4340.34 -0.004372
4338.25 -0.000482 DSEX
4321.63 -0.003831 Daily retun 0.000549
4281.93 -0.009186 Daily Standard deviation 0.004582
4238.95 -0.010038 Annualized Return 14%
4195.70 -0.010203 Annualized Standard deviation 7%
4171.41 -0.005789
4272.18 0.024157
4258.20 -0.003272
4306.80 0.011413
4340.07 0.007725
4329.40 -0.002458
4330.32 0.000213
4318.45 -0.002741
4298.65 -0.004585
4275.48 -0.00539
4288.65 0.00308
4326.64 0.008858
4364.31 0.008707
4392.88 0.006546
4394.32 0.000328
4394.07 -5.7E-005
4366.03 -0.006381
4388.01 0.005034
4426.78 0.008835
4423.00 -0.000854
4419.39 -0.000816
4421.79 0.000543
4446.09 0.005496
4425.90 -0.004541
4410.93 -0.003382
4412.51 0.000358
4420.43 0.001795
4418.99 -0.000326
4409.40 -0.00217
4405.40 -0.000907
4409.09 0.000838
4412.00 0.00066
4395.28 -0.00379
4387.78 -0.001706
4369.01 -0.004278
4363.11 -0.00135
4366.25 0.00072
4381.46 0.003484
4380.22 -0.000283
4412.83 0.007445
4451.36 0.008731
4470.26 0.004246
4507.58 0.008349
4495.19 -0.002749
4505.17 0.00222
4544.71 0.008777
4538.08 -0.001459
4537.92 -3.5E-005
4554.74 0.003707
4558.94 0.000922
4571.81 0.002823
4556.93 -0.003255
4554.55 -0.000522
4553.78 -0.000169
4551.07 -0.000595
4549.18 -0.000415
4550.16 0.000215
4538.21 -0.002626
4538.26 1.10E-005
4525.35 -0.002845
4533.71 0.001847
4552.37 0.004116
4575.97 0.005184
4577.57 0.00035
4568.43 -0.001997
4569.13 0.000153
4567.69 -0.000315
4569.29 0.00035
4574.36 0.00111
4577.08 0.000595
4586.25 0.002003
4595.24 0.00196
4585.08 -0.002211
4579.03 -0.001319
4577.85 -0.000258
4563.68 -0.003095
4554.27 -0.002062
4534.56 -0.004328
4534.04 -0.000115
4523.66 -0.002289
4526.58 0.000645
4549.04 0.004962
4557.44 0.001847
4563.69 0.001371
4568.36 0.001023
4594.68 0.005761
4601.09 0.001395
4623.98 0.004975
4626.18 0.000476
4639.13 0.002799
4660.15 0.004531
4665.35 0.001116
4680.31 0.003207
4673.44 -0.001468
4683.99 0.002257
4677.69 -0.001345
4690.63 0.002766
4695.19 0.000972
4690.93 -0.000907
4691.14 4.48E-005
4708.79 0.003762
4714.05 0.001117
Current Market Price, So 93.4
Exercise Price, X 79.39
Risk Free Rate, rf 4.54%
Time to Maturity, T 2
Probability of going up 20%
Probability of going down 20%
u , (Up factor) 1.20
d, (down factor) 0.8
Risk Neutral Probability of going up, 61%
Risk Neutral Probability of going down, 1 39%
 61%

61% 112.08
0
20% Up

93.40
2.68

20% Down
7.25
39% 74.72

39%
 134.50
0.00
20% Up

20% Down
89.66
0.00
20% Up

20% Down
19.61
59.78
Current Market Price, So 93.40
Exercise Price, X 79.39
Risk Free Rate, rf 4.54%
Time to Maturity, T 2
Annualized Standard Deviation, 26%
Annualized Variance 6.6%
Continuous Risk Free Rate, rc 4.44%
1 1.75
2 1.39
N(d1) 0.96
N(d2) 0.92
Put Option Price, 2.27