An Analysis of Indian Telecom Sector Vis a Vis American Telecom Industry

8/9/2019 An Analysis of Indian Telecom Sector Vis a Vis American Telecom Industry

1/12

Security Analysis Assignment

Comparison of Beta () of Indian

Telecom Industry with American

Telecom Industry

Submitted To: Submitted By:

Prof. Monika Chopra Ankush Baweja

09BS0000321

Section - C


2/12

An analysis of Indian Telecom Sector vis a vis American Telecom Industry on the basis

of BETA values of Stocks.

For this assignment I have done the comparison and analysis of Indian Telecom Industry with

respect to American Telecom industry on the basis of Beta values of Telecom Stock.

BETA Value

Simply defined BETA value is measurement of the movement of the price of a particular

stock compared with the movement of the market as a whole over the same period. It is a

measure of non-diversifiable risk. It can be said that the beta of a stock measures the

sensitivity of the stock with reference to a broad based market index.

The formula for the calculation of beta of a security is

= )

where,

i = The rate of return of the asset,

m =The rate of return of the market or the index, and

Cov(i,m)= The covariance between the rates of return.

A beta of 1 indicates that the security's price will move with the market .A beta of less than 1

means that the security will be less volatile than the market. A beta of greater than 1 indicates

that the security's price will be more volatile than the market.

For the comparison purpose and calculation of Beta value, the stock prices for the past 3

years i.e from July 2007 to June 2010 have been considered.

From Indian Telecom Sector I have taken the stock prices of :

y Bharti Airtely Idea Cellulary Reliance Communications


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And from American Telecom Industry I have taken the prices of

y AT&Ty Verizon Communications Ltd.y Sprint Nextel Corporation

For the Benchmark SENSEX and NASDAQ values have been considered

A Brief Information about the Companies Undertaken for Study.

Indian Telecom Companies:

1. Bharti Airtel- Bharti Airtel Limited is an Indian company offeringtelecommunication services in 18 countries. It the largest cellular service provider in

India, and fifth largest telecom operator in the world in terms of subscriber base. It

offers its telecom services under the Airtel brand and is headed by Sunil Bharti Mittal.

2. Idea Cellular- IDEA Cellular is a leading GSM mobile services operator in Indiaoperating under brand IDEA. It is a pan India integrated GSM operator covering the

entire telephony landscape of the country. IDEA Cellular is an Aditya Birla Group

Company

3. Reliance Communications-Reliance Communications, formerly known as RelianceInfocomm, is part ofReliance Communications Ventures. Reliance Communications

Limited is the flagship company of the Reliance Anil Dhirubhai Ambani Group.

American Telecom Companies:

1. AT&T- AT&T Inc. is the largest communications company in the world in terms ofrevenue with customer base of over 210 million customers.

2. Verizon Communications Inc.-Verizon Communications Inc., headquartered inNew York, is a global leader in delivering broadband and other wireless

communications services to mass market, business, government and wholesale

customers. Verizon Wireless serves more than 92 million customers nationwide

3. Sprint Nextel Corporation- Sprint Nextel Corporation is a telecommunicationscompany based in Overland Park, Kansas. The company owns and operates the thirdlargest wireless telecommunications network in United States, with 48.2 million

customers, behind Verizon Wireless and AT&T Mobility.


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Analysis

Indian Companies BetaBharti Airtel 0.58

Idea Cellular 1.07Reliance Communication 1.46

Industry Average 1.04

At a quick glance the figures clearly indicate that Stocks of Indian Telecom companies are

more aggressive than the stocks of American Telecom Companies and a quick reason that can

be attributed to this fact is that The Indian telecommunications industry is one of the fastest

growing in the world and is very competitive because of presence of so many other players.

On the other hand American Telecom Sector has already matured and is now stagnant and is

not very competitive. It means these stocks has given higher returns in comparison with

market (Sensex) when it was on upper trend and lower return when market (Sensex) was in

recessionary conditions.

In the Indian Telecom Industry, stocks of Idea Cellular and Reliance Communication are very

aggressive as compared to Bharti Airtel. However the main reason for this difference is

because on 23rd

July, 2009 there was a stock split of shares of Bharti Airtel in the ratio 1:2

and as a result the decrease in price. Otherwise even its Beta would have been near the

industry standards.

For the American Telecom Industry, there is a vast difference between the beta values of all

the three companies. AT&T has a very low beta value, while Verizon Communications hasalso a low beta value but much higher than AT&T. It is said that Low-beta stocks tend to be

established companies with a steady income stream. They are selling a product or service

with a steady demand, and they have solid investment practices and established management

which is very true in case of both the companies. However Sprint Nextel Corporation entered

the wireless telecom sector much later and hence has an image of new entrant and is still in a

growing stage and therefore it has a higher beta value.

Lastly I would like to add that the Indian Telecom Sector is one of the fastest growing

telecom sectors of the world and is growing at 45%. Indian telecom industry has the highest

growth rate in the world and is third largest network in the world after China and USA. Witha large scope of 3G and 4G services still remaining and telecom penetration of just 30%, it

still has ample opportunities left and is showing no signs of slowdown in the near future and

will continue to show aggressive Beta values. On the other hand the now matured American

Telecom sector will continue showing defensive beta values. Hence from investment point of

view investment in Indian Telecom Stocks proves to be a much better option between the

two.

American Companies BetaAT&T 0.05

Verizon Communications 0.48Sprint Nextel Corporation 1.14

Industry Average 0.56


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Indices Value

Months Sensex Value

Market

Return(%) Nasdaq Value

Market

Return(%)

July,2007 15550.99 2545.57

August,2007 15318.60 -1.49 2596.36 2.00

September,2007 17291.10 12.88 2701.5 4.05

October,2007 19837.99 14.73 2859.12 5.83

November,2007 19363.19 -2.39 2660.96 -6.93

December,2007 20286.99 4.77 2652.28 -0.33

January,2008 17648.71 -13.00 2389.86 -9.89

February,2008 17578.72 -0.40 2271.48 -4.95

March,2008 15644.44 -11.00 2279.1 0.34

April,2008 17287.31 10.50 2412.8 5.87

May,2008 16415.57 -5.04 2522.66 4.55

June,2008 13461.60 -17.99 2292.98 -9.10July,2008 14355.75 6.64 2325.55 1.42

August,2008 14564.53 1.45 2367.52 1.80

September,2008 12860.43 -11.70 2091.88 -11.64

October,2008 9788.06 -23.89 1720.95 -17.73

November,2008 9092.72 -7.10 1535.57 -10.77

December,2008 9647.31 6.10 1577.03 2.70

January,2009 9424.24 -2.31 1476.42 -6.38

February,2009 8891.61 -5.65 1377.84 -6.68

March,2009 9708.50 9.19 1528.59 10.94

April,2009 11403.25 17.46 1717.3 12.35May,2009 14625.25 28.26 1774.33 3.32

June,2009 14493.84 -0.90 1835.04 3.42

July,2009 15670.31 8.12 1978.5 7.82

August,2009 15666.64 -0.02 2009.06 1.54

September,2009 17126.84 9.32 2122.42 5.64

October,2009 15896.28 -7.18 2045.11 -3.64

November,2009 16926.22 6.48 2144.6 4.86

December,2009 17464.81 3.18 2269.15 5.81

January,2010 16357.96 -6.34 2147.35 -5.37

February,2010 16429.55 0.44 2238.26 4.23March,2010 17527.77 6.68 2397.96 7.14

April,2010 17558.71 0.18 2461.19 2.64

May,2010 16944.63 -3.50 2257.04 -8.29

June,2010 17,700.90 4.46 2109.24 -6.55


6/12

Bharti Airtel

Months

Closing

prices(C)Airtel

Return(%) (i)Market

Return(%) (m) (i-I) (m-M) (m-M) (i-I) (m-M)^2

July,2007 903.45

August,2007 879.9 -2.61 -1.49 -1.57 -2.38 3.72 5.65

September,2007 941.2 6.97 12.88 8.01 11.99 96.04 143.85

October,2007 1006.6 6.95 14.73 7.99 13.85 110.63 191.73

November,2007 939.45 -6.67 -2.39 -5.63 -3.28 18.44 10.73

December,2007 994.55 5.87 4.77 6.91 3.89 26.85 15.12

January,2008 864.45 -13.08 -13.00 -12.04 -13.89 167.21 192.87

February,2008 825.6 -4.49 -0.40 -3.45 -1.28 4.42 1.64

March,2008 826.1 0.06 -11.00 1.10 -11.89 -13.10 141.29

April,2008 898.8 8.80 10.50 9.84 9.62 94.66 92.51

May,2008 876.45 -2.49 -5.04 -1.45 -5.93 8.56 35.11

June,2008 721.65 -17.66 -17.99 -16.62 -18.88 313.77 356.37

July,2008 799.15 10.74 6.64 11.78 5.76 67.85 33.17August,2008 837.2 4.76 1.45 5.80 0.57 3.32 0.33

September,2008 785.05 -6.23 -11.70 -5.19 -12.58 65.28 158.34

October,2008 649 -17.33 -23.89 -16.29 -24.77 403.52 613.70

November,2008 671.05 3.40 -7.10 4.44 -7.99 -35.45 63.79

December,2008 715.1 6.56 6.10 7.61 5.22 39.67 27.21

January,2009 633.85 -11.36 -2.31 -10.32 -3.20 32.98 10.21

February,2009 636.65 0.44 -5.65 1.48 -6.53 -9.69 42.70

March,2009 625.8 -1.70 9.19 -0.66 8.30 -5.51 68.96

April,2009 749.3 19.73 17.46 20.78 16.57 344.33 274.68

May,2009 819.65 9.39 28.26 10.43 27.37 285.49 749.24

June,2009 802.1 -2.14 -0.90 -1.10 -1.78 1.96 3.17

July,2009 410.55 -48.82 8.12 -47.77 7.23 -345.60 52.33

August,2009 424.7 3.45 -0.02 4.49 -0.91 -4.07 0.82

September,2009 418.55 -1.45 9.32 -0.41 8.44 -3.43 71.19

October,2009 292.15 -30.20 -7.18 -29.16 -8.07 235.25 65.09

November,2009 299.7 2.58 6.48 3.63 5.60 20.29 31.32

December,2009 328.8 9.71 3.18 10.75 2.30 24.72 5.29

January,2010 306.5 -6.78 -6.34 -5.74 -7.22 41.45 52.14

February,2010 279.25 -8.89 0.44 -7.85 -0.45 3.50 0.20

March,2010 311.9 11.69 6.68 12.73 5.80 73.87 33.66

April,2010 298.4 -4.33 0.18 -3.29 -0.71 2.32 0.50May,2010 262.3 -12.10 -3.50 -11.06 -4.38 48.43 19.19

June,2010 263.25 0.36 4.46 1.40 3.58 5.02 12.82

I= -2.48 M= 0.88 =2126.71 =3576.90

Cov (im) 60.76

Variance (m) 105.2029638

Beta 0.58


7/12

Idea Cellular Limited

Months

Closing

prices(C)Idea

Return(%) (i)Market

Return(%) m (i-I) (m-M) (m-M)(i-I) (m-M)^2

July,2007 129.55

August,2007 122.7 -5.29 -1.49 -4.25 -2.38 10.09 5.65

September,2007 125.15 2.00 12.88 3.04 11.99 36.44 143.85

October,2007 135.2 8.03 14.73 9.07 13.85 125.61 191.73

November,2007 122.4 -9.47 -2.39 -8.43 -3.28 27.61 10.73

December,2007 138.7 13.32 4.77 14.36 3.89 55.82 15.12

January,2008 123.65 -10.85 -13.00 -9.81 -13.89 136.23 192.87

February,2008 110.15 -10.92 -0.40 -9.88 -1.28 12.64 1.64

March,2008 102.75 -6.72 -11.00 -5.68 -11.89 67.48 141.29

April,2008 105.5 2.68 10.50 3.72 9.62 35.76 92.51

May,2008 108.9 3.22 -5.04 4.26 -5.93 -25.27 35.11

June,2008 93.1 -14.51 -17.99 -13.47 -18.88 254.24 356.37

July,2008 88.3 -5.16 6.64 -4.11 5.76 -23.70 33.17August,2008 82.5 -6.57 1.45 -5.53 0.57 -3.16 0.33

September,2008 75.35 -8.67 -11.70 -7.63 -12.58 95.95 158.34

October,2008 42.75 -43.26 -23.89 -42.22 -24.77 1046.00 613.70

November,2008 47 9.94 -7.10 10.98 -7.99 -87.72 63.79

December,2008 52.65 12.02 6.10 13.06 5.22 68.14 27.21

January,2009 47 -10.73 -2.31 -9.69 -3.20 30.96 10.21

February,2009 46.9 -0.21 -5.65 0.83 -6.53 -5.41 42.70

March,2009 50.15 6.93 9.19 7.97 8.30 66.19 68.96

April,2009 58.05 15.75 17.46 16.79 16.57 278.33 274.68

May,2009 83.35 43.58 28.26 44.62 27.37 1221.47 749.24

June,2009 71.3 -14.46 -0.90 -13.42 -1.78 23.90 3.17

July,2009 78.9 10.66 8.12 11.70 7.23 84.64 52.33

August,2009 81.05 2.72 -0.02 3.77 -0.91 -3.41 0.82

September,2009 75.35 -7.03 9.32 -5.99 8.44 -50.55 71.19

October,2009 52.05 -30.92 -7.18 -29.88 -8.07 241.08 65.09

November,2009 50.95 -2.11 6.48 -1.07 5.60 -6.00 31.32

December,2009 58.2 14.23 3.18 15.27 2.30 35.11 5.29

January,2010 58.45 0.43 -6.34 1.47 -7.22 -10.62 52.14

February,2010 60.85 4.11 0.44 5.15 -0.45 -2.29 0.20

March,2010 65.45 7.56 6.68 8.60 5.80 49.90 33.66

April,2010 61.2 -6.49 0.18 -5.45 -0.71 3.85 0.50May,2010 50.5 -17.48 -3.50 -16.44 -4.38 72.02 19.19

June,2010 59.2 17.23 4.46 18.27 3.58 65.41 12.82

I= -1.04 M= 0.88 =3926.74 =3576.90

Cov (im) 112.19

Variance (m) 105.2029638

Beta 1.07


8/12

Reliance Communications

Months

Closing

prices(C)

Reliance

Communications

Return(%) i

Market


July,2007 558.8

August,2007 543 -2.83 -1.49 -1.79 -2.38 4.25 5.65September,2007 585.65 7.85 12.88 8.90 11.99 106.69 143.85

October,2007 771.95 31.81 14.73 32.85 13.85 454.89 191.73

November,2007 674.85 -12.58 -2.39 -11.54 -3.28 37.80 10.73

December,2007 746.5 10.62 4.77 11.66 3.89 45.33 15.12

January,2008 601.95 -19.36 -13.00 -18.32 -13.89 254.46 192.87

February,2008 574.75 -4.52 -0.40 -3.48 -1.28 4.45 1.64

March,2008 508.3 -11.56 -11.00 -10.52 -11.89 125.05 141.29

April,2008 579.75 14.06 10.50 15.10 9.62 145.22 92.51

May,2008 577.15 -0.45 -5.04 0.59 -5.93 -3.51 35.11

June,2008 442.4 -23.35 -17.99 -22.31 -18.88 421.09 356.37

July,2008 500.05 13.03 6.64 14.07 5.76 81.05 33.17

August,2008 395.7 -20.87 1.45 -19.83 0.57 -11.33 0.33

September,2008 333.9 -15.62 -11.70 -14.58 -12.58 183.42 158.34

October,2008 220.7 -33.90 -23.89 -32.86 -24.77 814.07 613.70

November,2008 195.5 -11.42 -7.10 -10.38 -7.99 82.88 63.79

December,2008 227.25 16.24 6.10 17.28 5.22 90.15 27.21

January,2009 170.2 -25.10 -2.31 -24.06 -3.20 76.89 10.21

February,2009 155.45 -8.67 -5.65 -7.62 -6.53 49.83 42.70

March,2009 174.6 12.32 9.19 13.36 8.30 110.95 68.96

April,2009 214.95 23.11 17.46 24.15 16.57 400.27 274.68

May,2009 305.8 42.27 28.26 43.31 27.37 1185.40 749.24June,2009 289.9 -5.20 -0.90 -4.16 -1.78 7.41 3.17

July,2009 275.65 -4.92 8.12 -3.87 7.23 -28.03 52.33

August,2009 260.5 -5.50 -0.02 -4.45 -0.91 4.04 0.82

September,2009 308 18.23 9.32 19.28 8.44 162.64 71.19

October,2009 175.95 -42.87 -7.18 -41.83 -8.07 337.50 65.09

November,2009 171.95 -2.27 6.48 -1.23 5.60 -6.90 31.32

December,2009 172.9 0.55 3.18 1.59 2.30 3.66 5.29

January,2010 169.85 -1.76 -6.34 -0.72 -7.22 5.22 52.14

February,2010 157.35 -7.36 0.44 -6.32 -0.45 2.81 0.20

March,2010 170.7 8.48 6.68 9.53 5.80 55.26 33.66

April,2010 163.65 -4.13 0.18 -3.09 -0.71 2.18 0.50

May,2010 144.85 -11.49 -3.50 -10.45 -4.38 45.76 19.19

June,2010 198.3 36.90 4.46 37.94 3.58 135.84 12.82

I= -1.15 M= 0.88 =5386.67 =3576.90

Cov (im) 153.90

Variance (m) 105.2029638

Beta 1.46


9/12

AT&T

Months

Closing

prices()AT&T

Return (%) i

Market

Return(%)m (i-I) (m-M) (m-M)(i-I) (m-M)^2

July,2007 23.25

August,2007 24.07 3.53 2.00 4.57 1.11 5.08 1.24

September,2007 23.82 -1.04 4.05 0.00 3.17 0.01 10.03

October,2007 24.09 1.13 5.83 2.17 4.95 10.77 24.52

November,2007 24.44 1.45 -6.93 2.49 -7.81 -19.49 61.05

December,2007 24.12 -1.31 -0.33 -0.27 -1.21 0.32 1.46

January,2008 24.94 3.40 -9.89 4.44 -10.78 -47.86 116.15

February,2008 24.88 -0.24 -4.95 0.80 -5.84 -4.67 34.06

March,2008 24.98 0.40 0.34 1.44 -0.55 -0.79 0.30

April,2008 24.99 0.04 5.87 1.08 4.98 5.39 24.83

May,2008 25 0.04 4.55 1.08 3.67 3.97 13.47

June,2008 25.01 0.04 -9.10 1.08 -9.99 -10.80 99.75July,2008 24.95 -0.24 1.42 0.80 0.54 0.43 0.29

August,2008 25.41 1.84 1.80 2.88 0.92 2.66 0.85

September,2008 23.2 -8.70 -11.64 -7.66 -12.53 95.90 156.89

October,2008 23.89 2.97 -17.73 4.02 -18.61 -74.75 346.51

November,2008 23.26 -2.64 -10.77 -1.60 -11.65 18.60 135.84

December,2008 24.94 7.22 2.70 8.26 1.82 15.02 3.30

January,2009 25.06 0.48 -6.38 1.52 -7.26 -11.06 52.75

February,2009 25.16 0.40 -6.68 1.44 -7.56 -10.89 57.15

March,2009 25.04 -0.48 10.94 0.56 10.06 5.68 101.17

April,2009 25.54 2.00 12.35 3.04 11.46 34.82 131.39

May,2009 25.48 -0.23 3.32 0.81 2.44 1.97 5.94

June,2009 25.49 0.04 3.42 1.08 2.54 2.74 6.44

July,2009 26.12 2.47 7.82 3.51 6.93 24.36 48.09

August,2009 25.94 -0.69 1.54 0.35 0.66 0.23 0.44

September,2009 26.75 3.12 5.64 4.16 4.76 19.82 22.65

October,2009 25.97 -2.92 -3.64 -1.87 -4.53 8.48 20.48

November,2009 26.24 1.04 4.86 2.08 3.98 8.29 15.86

December,2009 26.69 1.71 5.81 2.76 4.92 13.57 24.25

January,2010 26.24 -1.69 -5.37 -0.64 -6.25 4.03 39.07

February,2010 26.37 0.50 4.23 1.54 3.35 5.15 11.23

March,2010 26.38 0.04 7.14 1.08 6.25 6.75 39.09

April,2010 26.37 -0.04 2.64 1.00 1.75 1.76 3.08

May,2010 26.2 -0.64 -8.29 0.40 -9.18 -3.64 84.23

June,2010 26.5 1.15 -6.55 2.19 -7.43 -16.25 55.22

I= 0.40 M= -0.29 =95.60 =1749.07

Cov (im) 2.73

Variance (m) 50.03763

Beta 0.05


10/12

Verizon Communications

Months

Closing

prices($)

Verizon

Communications

Return(%) i

Market


July,2007 39.64604

August,2007 38.95768 -1.74 2.00 -0.69 1.11 -0.77 1.24September,2007 41.19021 5.73 4.05 6.77 3.17 21.44 10.03

October,2007 42.85531 4.04 5.83 5.08 4.95 25.17 24.52

November,2007 40.19487 -6.21 -6.93 -5.17 -7.81 40.37 61.05

December,2007 40.64138 1.11 -0.33 2.15 -1.21 -2.60 1.46

January,2008 36.1205 -11.12 -9.89 -10.08 -10.78 108.66 116.15

February,2008 33.78565 -6.46 -4.95 -5.42 -5.84 31.65 34.06

March,2008 33.90657 0.36 0.34 1.40 -0.55 -0.77 0.30

April,2008 35.95533 6.04 5.87 7.08 4.98 35.30 24.83

May,2008 35.94598 -0.03 4.55 1.02 3.67 3.73 13.47

June,2008 33.07741 -7.98 -9.10 -6.94 -9.99 69.30 99.75

July,2008 31.80664 -3.84 1.42 -2.80 0.54 -1.51 0.29

August,2008 32.81578 3.17 1.80 4.21 0.92 3.88 0.85

September,2008 29.98458 -8.63 -11.64 -7.59 -12.53 95.02 156.89

October,2008 27.72335 -7.54 -17.73 -6.50 -18.61 121.00 346.51

November,2008 30.50783 10.04 -10.77 11.09 -11.65 -129.20 135.84

December,2008 31.67582 3.83 2.70 4.87 1.82 8.85 3.30

January,2009 27.91023 -11.89 -6.38 -10.85 -7.26 78.78 52.75

February,2009 26.65815 -4.49 -6.68 -3.44 -7.56 26.04 57.15

March,2009 28.21858 5.85 10.94 6.89 10.06 69.35 101.17

April,2009 28.34939 0.46 12.35 1.50 11.46 17.25 131.39

May,2009 27.34025 -3.56 3.32 -2.52 2.44 -6.14 5.94June,2009 28.71381 5.02 3.42 6.07 2.54 15.40 6.44

July,2009 29.96589 4.36 7.82 5.40 6.93 37.46 48.09

August,2009 29.00347 -3.21 1.54 -2.17 0.66 -1.44 0.44

September,2009 28.28399 -2.48 5.64 -1.44 4.76 -6.85 22.65

October,2009 27.6486 -2.25 -3.64 -1.21 -4.53 5.45 20.48

November,2009 29.39591 6.32 4.86 7.36 3.98 29.31 15.86

December,2009 30.95634 5.31 5.81 6.35 4.92 31.27 24.25

January,2010 27.48975 -11.20 -5.37 -10.16 -6.25 63.49 39.07

February,2010 27.0319 -1.67 4.23 -0.62 3.35 -2.09 11.23

March,2010 28.98478 7.22 7.14 8.27 6.25 51.68 39.09

April,2010 27.00387 -6.83 2.64 -5.79 1.75 -10.16 3.08

May,2010 25.71441 -4.78 -8.29 -3.73 -9.18 34.27 84.23

June,2010 26.18161 1.82 -6.55 2.86 -7.43 -21.24 55.22

I= -1.01 M= -0.29 =841.36 =1749.07

Cov (im) 24.04


Beta 0.48


11/12

Sprint Nextel Corporation

Months

Closing

prices($)

Sprint Nextel

Corporation

Return(%) i

Market


July,2007 20.53

August,2007 18.92 -7.84 2.00 -6.80 1.11 -7.56 1.24September,2007 19 0.42 4.05 1.46 3.17 4.64 10.03

October,2007 17.1 -10.00 5.83 -8.96 4.95 -44.36 24.52

November,2007 15.52 -9.24 -6.93 -8.20 -7.81 64.06 61.05

December,2007 13.13 -15.40 -0.33 -14.36 -1.21 17.36 1.46

January,2008 10.53 -19.80 -9.89 -18.76 -10.78 202.19 116.15

February,2008 7.11 -32.48 -4.95 -31.44 -5.84 183.48 34.06

March,2008 6.69 -5.91 0.34 -4.87 -0.55 2.66 0.30

April,2008 7.99 19.43 5.87 20.47 4.98 102.03 24.83

May,2008 9.36 17.15 4.55 18.19 3.67 66.75 13.47

June,2008 9.5 1.50 -9.10 2.54 -9.99 -25.34 99.75

July,2008 8.14 -14.32 1.42 -13.27 0.54 -7.13 0.29

August,2008 8.72 7.13 1.80 8.17 0.92 7.53 0.85

September,2008 6.1 -30.05 -11.64 -29.00 -12.53 363.30 156.89

October,2008 3.13 -48.69 -17.73 -47.65 -18.61 886.95 346.51

November,2008 2.79 -10.86 -10.77 -9.82 -11.65 114.47 135.84

December,2008 1.83 -34.41 2.70 -33.37 1.82 -60.63 3.30

January,2009 2.43 32.79 -6.38 33.83 -7.26 -245.68 52.75

February,2009 3.29 35.39 -6.68 36.43 -7.56 -275.42 57.15

March,2009 3.57 8.51 10.94 9.55 10.06 96.07 101.17

April,2009 4.36 22.13 12.35 23.17 11.46 265.59 131.39

May,2009 5.15 18.12 3.32 19.16 2.44 46.71 5.94June,2009 4.81 -6.60 3.42 -5.56 2.54 -14.12 6.44

July,2009 4 -16.84 7.82 -15.80 6.93 -109.56 48.09

August,2009 3.66 -8.50 1.54 -7.46 0.66 -4.94 0.44

September,2009 3.95 7.92 5.64 8.96 4.76 42.67 22.65

October,2009 2.96 -25.06 -3.64 -24.02 -4.53 108.71 20.48

November,2009 3.71 25.34 4.86 26.38 3.98 105.04 15.86

December,2009 3.66 -1.35 5.81 -0.31 4.92 -1.51 24.25

January,2010 3.28 -10.38 -5.37 -9.34 -6.25 58.39 39.07

February,2010 3.33 1.52 4.23 2.57 3.35 8.60 11.23

March,2010 3.8 14.11 7.14 15.16 6.25 94.75 39.09

April,2010 4.2475 11.78 2.64 12.82 1.75 22.48 3.08

May,2010 5.13 20.78 -8.29 21.82 -9.18 -200.24 84.23

June,2010 4.24 -17.35 -6.55 -16.31 -7.43 121.19 55.22

I= -2.32 M= -0.29 = 1989.10 =1749.07

Cov (im) 56.83


Beta 1.14


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An Analysis of Indian Telecom Sector Vis a Vis American Telecom Industry

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Transcript of An Analysis of Indian Telecom Sector Vis a Vis American Telecom Industry