INTRODUCTION

In its broadest sense, an investment is a sacrifice current money or other

resources for future benefits. Numerous avenues of investment are available
today. You can either deposit money in a bank account or purchase a long-term
government bond or invest in the equity shares of a company or contribute to a
provident fund account or buy a stock option or acquire a plot of land or invest in
some other form.
The two key aspects of any investment are time and risk. The sacrifice
takes place now and is certain. The benefit is expected in the future and tends to
be uncertain. In some investments (like government bonds) the time element is the
dominant attribute. In other investments (like stock options) the risk element is the
dominant attribute. In yet other investments (like equity shares) both time and risk
are important.
Almost everyone owns a portfolio of investments. The portfolio is likely to
comprise financial assets (bank deposits, bonds, stocks, and so on) and real assets
(motorcycle, house, and so on). The portfolio may be the result of a series of
haphazard decisions or may be the result of deliberate and careful planning.

FUNDAMENTAL ANALYSIS
COMPANY HISTORY
Dabur India Limited is a leading Indian consumer goods company with
interests in

health care, Personal care

and

foods.

Over more than a 100 years we have

been dedicated to providing nature-based solutions for a healthy and holistic

lifestyle.
1884: Birth of Dabur
1896: Setting up a manufacturing plant
Early 1900s: Ayurvedic medicines
1919: Establishment of research laboratories
1936: Dabur India (Dr. S.K. Burman) Pvt. Ltd.
2003: Dabur demerges Pharma Business
2005: Dabur aquires Balsara
2006: Dabur crosses $2 Bin market Cap, adopts US GAAP

FOUNDER & LEADERS

The story of Dabur began with a small, but visionary endeavour by Dr. S. K.
Burman, a physician tucked away in Bengal. His mission was to provide effective
and affordable cure for ordinary people in far-flung villages. With missionary zeal
and fervour, Dr. Burman undertook the task of preparing natural cures for the
killer diseases of those days, like cholera, malaria and plague.
COMPANY DETAILS

Group Companies:(Dabur

Food, Dabur Nepal, Dabur Oncology, Dabur Egypt,

Dabur Pharama).

Dabur Foods Limited

Dabur Foods a 100% subsidiary of US $ 3 billion Dabur Group realized the
potential of the processed & packaged food industry (4th largest in the world),
began operations as a separate division in the year 1999. with A range of leading
brands to choose from Real Fruit Juice, Coolers, Hommade, Lemoneez and
Capsico. Dabur Foods' multi-fruit processing facility at Siliguri, West Bengal
became fully operational during the year 2004-05.

Dabur Nepal Pvt Ltd.( Dedicated to Nature)

Dabur Nepal Private Limited was set up as an independent Group company in
1992, for manufacturing of premium products like Real fruit juices, Vatika Hair
Care products, Dabur Hajmola and Dabur Honey.

Business Opportunity
(Overseas dealership, Overseas distributorship, C&F Agency, Raw material
sourcing, Technical collaboration, Research collaboration, Sponsorships)

INDUSTRY ANALYSIS

B) Business profile
Dabur India is into business of manufacturing and selling of ayurvedic medicines,
baby care, ayurvedic, natural and herbal personal & health products and processed
foods either directly or indirectly through its subsidiaries. It has its presence in
Indian market for past 115 years. The Burmans hold 75% of the stake in Dabur
India. The company conducts its operations through six business units: Family
Products, Healthcare, Ayurvedic Specialities, Pharmaceuticals, Exports and
Miscellaneous products. Hair care products like Dabur Amla and oral care
products like various branded toothpowders are major contributors to the
company\'s revenue. Dabur Chyawanprash, health care product is the second
major contributor. The company's other products include anti allergic & anticancer drugs and guar gum. The company\'s exports division primarily sells
products to the Middle East, with the rights of sales being given over to Redrock
Limited. Dabur has plants situated in eight different locations in India, three of
which are in special economic zones. Dabur has six plants overseas in Egypt,
Nigeria, Dubai, Bangladesh and Nepal. It is also planning to commence local
manufacturing in Pakistan and Russia. It plans to expand its overseas business
with emphasis on the South Asian markets and Russia. It acquired Balsara home
products in April 2005.

C) Products:(Amla Hair Oil/ Amla Lite, Jasmine Hair Oil, Bramhi Amla Hair Oil, Maha
Bhringraj Hair Oil, New Spl Hair Oil, Dabur Himsagar, Anmo, ANMOL AMLA
SARSON TAIL, Anmol Amla Shampoo, Vatika Hair Oil HDPE, Vatika Lite,
Vatika Henna Cond.Shampoo, Vatika Anti Dandriff Shampoo, Vatika Fairness
Face Pack, Vatika Fairness Face Pack, Lal Dant Manjan, Denta Care Herbal
Tooth, DABUR LAL PASTE, Trikleen Tooth Brush, Top Tooth Brush, Binaca
Flexi, Binaca Fresh Tooth Powder, Dabur Honey, Sharbat E azam, SHARBAT E
AZAM, Keora Water, Level, Gulabari, Gulabari Face Pack, GLYCERIN, BORO
GLOW, Haj. Candy, Candy (O+P), Hajmola Reg Bottle, Hajmola Imli,
Hajmola

Combipack Bot,

Hajmola

Combipack,

Pudina

Hara,

Hingol,

Chywanprash, M. Sura, Restora, Shilajit capsule, Glucose D, Glucose C, Lal

Tail, Janam Ghunti, Gripe Water, Dabur Baby Olive Oil, Dabur Balm, Back Aid,
Boro Glow, ITCH CARE, SHANKH PUSHPI, NATURE CARE, DABUR SAT
ISABGOLE, SARBYNA STRONG, NEW RING RING).

D)Functions:BUSINESS OPERATIONS:-Dabur India Limited has marked its presence with

some very significant achievements and today commands a market leadership
status. Our story of success is based on dedication to nature, corporate and process
hygiene, dynamic leadership and commitment to our partners and stakeholders.
The results of our policies and initiatives speak for themselves.

Leading consumer goods company in India amongest turnover of

Rs.1899.57 Crore (FY02)

2 major strategic business units (SBU) - Consumer Care Division (CCD)

and Consumer Health Division (CHD)

3 Subsidiary Group companies - Dabur Foods, Dabur Nepal and Dabur

International and 3 step down subsidiaries of Dabur International - Asian
Consumer Care in Bangladesh, African Consumer Care in Nigeria and
Dabur Egypt.

CCD, dealing with FMCG Products relating to Personal Care and

Health Care

Leading brands 8

Dabur - The Health Care Brand , Vatika-Personal Care Brand ,AnmolValue for Money Brand , Hajmola- Tasty Digestive Brand and Dabur
Amla, Chyawanprash and Lal Dant Manjan with Rs.100 crore turnover
each , Vatika Hair Oil & Shampoo the high growth brand

Strategic positioning of Honey as food product, leading to market

leadership (over 40%) in branded honey market

Dabur Chyawanprash the largest selling Ayurvedic medicine with over

65% market share.

Leader in herbal digestives with 90% market share

Hajmola tablets in command with 75% market share of digestive tablets

category , Dabur Lal Tail tops baby massage oil market with 35% of total
share

CHD (Consumer Health Division), dealing with classical Ayurvedic medicines

Has more than 250 products sold through prescriptions as well as over the
counter

Major categories in traditional formulations include:

- Asav Arishtas, -Ras Rasayanas- Churnas- Medicated Oils

Proprietary Ayurvedic medicines developed by Dabur include:

- Nature Care Isabgol- Madhuvaani- Trifgol

E)Technology:-R&D, TECHNOLOGY ABSORPTION, ENERGY

CONSERVATION ETC.

Strategic Direction :
The mission

Soon the news of his medicines traveled, and he came to be known as the trusted
'Daktar' or Doctor who came up with effective cures. And that is how his venture
Dabur got its name - derived from the Devanagri rendition of Daktar Burman. Dr.
Burman set up Dabur in 1884 to produce and dispense Ayurvedic medicines.
Reaching out to a wide mass of people who had no access to proper treatment. Dr.
S. K. Burman's commitment and ceaseless efforts resulted in the company
growing from a fledgling medicine manufacturer in a small Calcutta house, to a
household name that at once evokes trust and reliability.
9

Goal and Objectives: Continuously focus on the varying needs of the Customer.
Concern for manufacturing in an environmentally friendly manner.
Focusing on employee-development.
Increasing focus on R&D and IT.
DABUR PHILOSOPHY ON CORPORATE GOVERNANCE
strive towards enhancement of shareholder value through
- sound business decisions
- prudent financial management, and
- high standards of ethics throughout the organization
achieve excellence in Corporate Governance by
- conforming to, and exceeding wherever possible, the prevalent mandatory
guidelines on Corporate Governance
DABUR defines not in terms of the success of individual product line but as a
decade-long battle to build deeper core competencies-they are following single
strictly planned strategy (Any idea that focuses attention does so at the expense of
peripheral vision).

External Analysis
Industry Analysis:A. Bargaining power of suppliers is high due to Less Fragmented supplier
Fewer number of suppliers for inputs(R/M)
B. Bargaining power of buyers is volatile due to Fragmented buyers
More Price sensitive
C. Rivalry intensity is intense due to
Price war
Use of :Quality, Product introduction, Customer service,
Advertising

10

D. Entry barrier is high due to

Economies of scale, switching cost
Capital Expensive
Disadvantage Independent of Scale
Proprietary product technology
Experience curve
E. Complementary Products are significant :Home appliances, Body care
utensils
F.Substitutes are also significant like:Traditional cure, other food
items(snakes)

Porters Five Force Model

Step Analysis

Suppliers

Buyers

(High)

(Low)

Industry Competitor
Rivalry among firms

Social Substitutes
(High)
(significant)
-Beliefs, values, opinions, and lifestyles of people

Complementary
(Significant)

-Recent social trends:-Accelerating interest

of consumers and employees in
Potential
Entrant
quality-of-life issues
(High)

Technological
-Focus on technological changes affecting industry
-Types of changes: New products, Improvements in existing products,
a) Manufacturing ,marketing and distribution techniques
-Role of technological forecasting
b) Foresees advancements and estimating their impact on organizations
operations
c) Alerts managers to impending challenges and promising opportunities
Economical
-Concern the nature and direction of economy in which a firm operates

11

-Types of factors: General availability of credit,Level of disposable income,

Propensity of people to spend, Prime interest rates,Inflation rates,Trends in
growth of gross national product .
Political
-Define legal and regulatory parameters within which firms must operate
-Types of factors: Fair-trade decisions, Antitrust/ competition laws, Tax programs,
Minimum wage legislation, Pollution and pricing policies, Administrative
jawboning
Other drivers: Product upgradation necessitated thru
Legislation requirements
Changing market demand
Pan India introduction of VAT to boost trade across state borders.
Strategic Group Analysis
There are no strategic alliance at present
Competitor Analysis
Comparative Study Among Competitors of Dabur (2005-2006)
Year
Company

Sales

Ending (Rs
Cr.)

Net

PBDIT/

EPS

Equity

Net

Return on

Profit

Worth capital
Sales% (Rs.) Share
(Rs.Cr.)
Capital (Rs. employe
(Rs.Cr) Cr)

d%

Hindustan Lever
Ltd.

31.12.05 11060.5 1408.1

15.8%

6.4

220.1

2305.6 60.4%

Nestle India Ltd. 31.12.05 2643.9

309.6

19.9%

32.1

96.4

354.1

84.1%

Dabur India Ltd. 31.03.06 1899.6

214.2

15.3%

3.7

57.3

464.2

39.0%

31.03.06 1219.3

140.0

19.2%

10.3

136.0

280.7

49.4%

31.03.06 1100.1

86.9

13.4%

15.0

58.0

261.2

18.3%

31.12.06 1089.0

107.2

19.1%

24.8

42.1

475.1

23.4%

31.03.06 734.3

121.3

20.4%

21.5

22.6

78.7

86.7%

ColgatePalmolive(India)
Ltd
Marico
Industries Ltd.
GlaxoSmithKline
Consumer
Healthcare Ltd.
Godrej
Consumer
Products Ltd.

12

The above analysis is based upon the published results of comparable FMCG
companies for the year 2005-06

Competitor Response Profile

What Drives the Competitor

What the Competitor is doing and

Futures Goals*To be a market leader in

Can do
Current Strategy*Broad

FMCG
Assumption*They believe there is enough

differentiation
Capabilities*Manufacturing, R&D

potential in the industry

Key Success Factor(KSF) for FMCG industry
Technology:(-improving production processes. )
Manufacturing:(-Customize, achieve scale economies, better Product attributes)
Distribution:(-Strong network of dealers.)
Marketing:(-Breadth of product line., Brand name and Brand loyalty-Techassistance, customer service, and clever advertising.)
Skills and Capability:(-Product innovation capability.-Distribution network and
Supply chain management.)

Competitive Advantages
Generic Strategy:- Broad Differentiation
Cost Drivers:Economies of scale-it has a greater sales volume which lowered the per unit cost
and invests more in R&D, Purchaning scale lowers the procurement cost for
R/M , Economies of experience & Timimg-upto dating product design timely
,Integration-less coordination cost and accelerates the yield, Capacity UtilisationIt runs countinuously, Co-location Facility-knowledge sharing and reduces
coordination cost.
Differentiation:Differentiation through delivery of services, Customer centric approach &
Globality and reliability,Wide network and robust backoffice & Restructuring the
business process ,Improving buyers performance and reducing the buyers cost
Differentiation Opportunity
13

Rivalry:-Cost high due to R&D expenditure, Buyers less price sencitive, Brand
loyalty is hard for new entrant & Continues investment for technology, Cost
differentiation-wider weges & Buyers willingness to pay.
Broad Differentiation advantage
Upscale products at a relative cost & Cust more value for money, Meet/exceed the
buyer expectation , Performance and features at a relative cost & Match close
rivals on key product attribute and beating them on price.
Sources of competitive Advantage:Value activities (High productivity),
Products aimed at lowering buyers cost, Catering to a broad market. ,reliability,
specialty, legacy, customization, frontier.
Brief Financials (in Rs. Mn.)
Period ending (months)
Net sales
Other Income
Total Income
Cost of goods sold
OPBDIT
PAT
Gross Block
Equity capital
EPS (Rs.)
DPS (Rs.)
BV (Rs.)
P/E range (x)
Debt / Equity (x)
Operating margin (% of OI)
Net margin (% of OI)

Detailed Quarterly

30-Jun-2006(3)
3358.10
49.80
3407.90
2865.50
542.40
396.60
573.70
0.69
38.41 62.97
15.9
11.6

14

31-Mar-2006 (12)
12310.53
35.57
12346.09
9928.11
2417.99
1892.94
3172.65
573.30
3.30
1.75
7.11
32.26 - 68.18
0.05
19.6
15.3

31-Mar-2005 (12)
11209.54
56.35
11265.90
9445.09
1820.80
1480.20
3065.04
286.42
5.17
2.50
11.30
11.70 - 24.36
0.15
16.2
13.1

Internal Analysis
Resource Based View (RBV) of the firm: Brand Loyalty and Technology
Know-How.
Value chain analysis
(Upstream differentiation)
Procurement of R/M & Quality & Purity of R/M
Primary and Support activities & Technology development(Product
design)
Outbound logistical system(for speed and consistent delivery)
Quick inspection(less defective product, reduces the shipping cost)
(Downstream differentiation):OVERSEAS INITIATIVES AND EXPORTS
Today Daburs products are available for people in more than 50 countries
( Middle East, South-East Asia, Africa, the European Union and America).

15

 Functional Analysis:Technology Up gradation

The Company is infusing Design for Six Sigma (DFSS) tools and concepts into its
Product Development process with assistance of an external consultant. This is
part of an Information Technology
Human Resources
HR focus is on capability development, performance management and employee
engagement and by implementing different missions , to improve the Companys
cost competitiveness through greater level of employee participation, commitment
and involvement.
Risk Management : Internal Control systems and their adequacy
Based on the nature of business and size of operations, the Companys internal
control system has been designed to provide for :
Accurate recording of transactions with internal checks and prompt reporting.
Review of capital investments and long term business plans.
Effective management of working capital.
Compliance with applicable statutes, policies, listing requirements and operating
guidelines of the Company.
Effective use of resources and safeguarding of assets.
IT systems with inbuilt controls to facilitate all the above.
Supply Capabilities(Capacity addition with minimum capital
Expenditure)
16

 Product Development : Range Expansion

-Significant expansion of R&D facilities : New design office

SWOT Analysis
Strength:

About 100 years of experience with large consumer base.

Location advantage through dispersed manufacturing facilities and wider

distribution network:

Products marketed in over 50 countries ,Wide and deep market penetration

with 47 C&F agents, more than 5000 distributors and over 1.5 million retail
outlets all over India. This helps them maintain heavy volumes, and hence, fill the
shelves of most outlets. It also brings "Household and Personal Care" and foods
distribution networks together, thereby aligning all the units towards the common
goal of achieving success. Dabur has been continuously able to grow at a rate
more than growth rate for FMCG Sector, thereby reaffirming its future stronghold
in Indian market.
13 ultra-modern manufacturing units spread around the globe, several Projects
it has adopted to reach to rural India is spread across 627,000 villages and
possesses a serious distribution challenge for FMCG Cos. Dabur has come up
with a unique and successful initiative wherein the women from the rural sector
market Dabur products, and hence, are able to reach the same wavelength as of
the common man in village. Apart from product reach, the initiative also creates
brand awareness amongst the lower strata of society. This has brought about
phenomenal results.

Its SCM strategy with ERP & SAP, e-sourcing, Value engineering.

Strong Brand Equity and a well planned Brand DNA

Adequate Financial heath & wealth with financial stability

17

Weakness:
Dabur 's market dominance, originating from its extensive reach and strong brand
presence, allowed it to raise the prices even as raw materials were getting cheaper.
Hence, though the volumes decreased, the margins grew, and company was able
to earn more profits. But higher margins attracted competition in areas of
operations. Daburs strategy remained focused on creating power brands and
earning higher margins. It was not left with any other option but to try cutting
down the costs in order to protect volumes, if not increase it.

As shown in above figure, the key differentiators for an FMCG player are ability
to call shots and pricing power, and Dabur has shown weakness over both these
factors. Dabur's weakness was its inability to transform its strategies at the right
time. They continued with the same old strategy which helped them gain profits
but was not genuine in this changed environment. Dabur's risk aversion and
market myopia led to stagnation of business, and ferocity of competition forced it
into a defensive mode. Lack of pricing power in core business and absence of
growth drivers have put Dabur on a deflationary mode.

Opportunity
India is one of the world's largest producer of FMCG goods but its exports are
miniscule as compared to production. Though Indian Cos. have been going global,
their focus is more towards Asian countries because of the similar preferences.
Dabur is one of the top companies exporting FMCG goods from India. An
expansion of horizons towards more and more countries would help Dabur grow
its consumer base and henceforth the revenues.
Opportunity in Food Sector - The advent of modern trade has opened up
greater opportunities for Dabur to diversify its brand and strength its food
18

division. It could look at introducing products from its parents stable like
margarines and could also look at expanding its Knorr range of products.

Well-placed to take advantage of future FMCG Growth Dabur reach out 80% of 207
million households in the country through various brands. It has a very well-defined
product portfolio spread

Across many product categories.

Though HLLs penetration levels for some
major categories like skin-cream (22%),
shampoo (38%), toothpaste (48%) in the
market still there are huge market capture
options available for Dabur in certain
categories like processed foods, which may continue to remain low offerings but
great growth opportunities products.

Threats:The competitors like ITC which has reduced its dependence on the cigarettes
business - Contribution of the core business in revenues has come down from
87% in FY99 to 70% in FY05. Over a period of five years, ITC has extended its
presence into areas like foods, retailing, hotels, greetings, agri, paper, etc. These
are businesses that can give it growth impetus in the long run. With ITC&HLLs
gaining momentum in each of these businesses, it is turning into a consumer
monolith, and hence, the greatest threat to Dabur's Business.
Recent Developments : MRTPC agreed with Colgate\'s contention that the
application filed with it against Colgate was mala fide and clearly appeared to be
at the behest of Dabur India
19

Future Plans : Dabur is in the process of acquisition of a vitamins/supplements

company in the US, an FMCG brand in Egypt and an FMCG company in
Malaysia. Dabur has earmarked up to Rs 500 crore for acquisitions in FMCG and
health/ayurvedic domain.

ROE five factor model for fundament analysis.

Mar '02

Mar '03

Mar '04

Mar '05

Mar '06

PAT

65.03

84.92

101.20

148.01

189.08

PBT

75.51

95.54

113.44

165.01

214.86

PBDIT

123.14

135.98

136.77

186.77

239.64

Net Sales

1,102.58

1,158.93

1,082.58

1,226.23

1,342.79

Total Assets

613.54

521.11

308.46

386.70

468.44

Networth

400.37

411.10

268.65

338.07

447.87

PAT/PBT(1)

0.86

0.89

0.89

0.90

0.88

PBT/PBDIT(2)

0.61

0.70

0.83

0.88

0.90

PBDIT/SALES(3)

0.11

0.12

0.13

0.15

0.18

SALES/TA(4)

1.80

2.22

3.51

3.17

2.87

TA/NW(5)

1.53

1.27

1.15

1.14

1.05

ROE%(5)=12345

0.16

0.21

0.39

0.43

0.43

Followings can be inferred from the above:

1. Profit retention after tax had picked up subsequently.
2. PBT to operating profit has increased over the entire period indicating that
financial cost as a proportion has fallen.
3. Gross profit margin has increased throughout the period, indicates a better
management of operation.

20

4. Asset turnover had slowly reduced during this period due to lesser use of
current liabilities.
5.The leverage TA/NW remained gradually reduced throughout this period due
minimal use of current liabilities(primarily provisions).
6. ROE was increased up to year 2005 but remained same in 2006 as it was in
2005 .

RATIO ANALYSIS
PROFITABILITY RATIO
OPERATING PRFIT
MARGIN(%)
NET PROFIT MARGIN(%)
RETURN ON NETWORTH(%)
RETURN ON
INVESTMENT(%)
TURNOVER RATIO
FIXED ASSETS TURNOVER
RATIO
TOTAL ASSETS TURNOVER
RATIO
LIQUIDITY RATIO
CURRENT RATIO
LEVERAGE RATIO
DEBTE-QUITY RATIO
INTEREST COVERAGE

Mar '02

Mar '03

Mar '04

Mar '05

10.59

11.03

11.91

14.72

17.50

5.59
17.06

6.89
20.93

8.82
29.78

11.67
48.79

13.80
48.12

17.60

20.19

29.50

49.70

54.04

3.15

3.66

4.06

4.33

4.24

2.00

2.18

2.80

3.72

3.36

1.73

1.59

1.27

0.79

0.79

0.54
3.83

0.40
6.19

0.22
15.97

0.15
36.41

0.09
38.50

21

Mar '06

INTERPRATATION OF RATIOS
The company has a consistenly increasing gross profit margin and net
profit margin. This is a very healthy sign. The companys return on net worth has
been increased though out but it was decreased from 48.79(2004) to 48.12(2006)
and return on long-term fund are also showing an increasing trend. Although sales
have increased through out, though there was a fall in 2004(Rs.1148 Cr.) as well
as a reduction of cost of sales from Rs.365.33 Cr. to Rs.368.11cr . Operating
profit has just increased by almost 24.31% in the last year.
Fixed assets turn over ratio has increased during the last five years this
implieses that fixed assets are efficiently utilized. Increasing total asset turnover
ratio from 2.00(2002) to 3.36(2006), with increasing sales implises that the
company is maintaining low level of total assets. If company is having low level
of inventory it may affect its sales in the long run when there is an increase in
demand.
Companys liquidity position is not comfortable as shown by a declining
current ratio i.e., from (17.3 to 0.79). The current is bellow one. This shows that
company is not well protected with its liquidity position to meet its current
liabilities.
Company is having a low debt-equity ratio. The debt equity ratio has
decreased by 40% in the last year because a huge amount of both secured and
unsecured loan have been reduced by the company. Presently , interest over is
high. This increase in the coverage(rised by 200% almost every year) ratio and
decline in the long term debt-equity ratio shows healthy probability of the
company which is in a position to meet its interest obligations.
Hence , the company appears to have a favourable financial position in all
fronts except some liquidity problems and worth of investing from an investers
point of view.

22

Dabur India

Balance Sheet
Sources Of Funds
Total Share Capital
Equity Share Capital
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Total CA, Loans & Advances
Deffered Credit
Fixed Deposites
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

BSE: 500096

Mar '02

NSE:

ISIN: INE016A01026

DABUR
------------------- in Rs. Cr. ------------------Mar '03 Mar '04
Mar '05

Mar '06

28.56
28.56
0.00
371.81
0.00
400.37
49.75
163.42
213.17
613.54

28.58
28.58
0.00
382.52
0.00
411.10
29.00
81.01
110.01
521.11

28.62
28.62
0.00
240.03
0.00
268.65
19.09
20.72
39.81
308.46

28.64
28.64
0.00
309.43
0.00
338.07
15.70
32.93
48.63
386.70

57.33
57.33
0.00
390.54
0.00
447.87
19.23
1.34
2.57
468.44

376.50
148.13
228.37
16.05
123.32
158.53
119.97
21.77
300.27
107.40
407.67
0.00
42.15
147.92
17.43
165.35
242.32
3.48
613.54
106.88
14.02

297.18
117.33
179.85
24.81
123.74
178.65
116.66
37.58
332.89
73.56
406.45
0.00
0.00
163.76
52.38
216.14
190.31
2.40
521.11
118.75
14.38

268.16
119.56
148.60
6.34
171.23
109.52
42.07
11.89
163.48
56.41
219.89
0.00
0.00
172.49
71.70
244.19
-24.30
6.59
308.46
199.53
9.39

317.46
135.11
182.35
9.26
270.94
128.03
49.28
10.65
187.96
65.39
253.35
0.00
0.00
251.16
83.85
335.01
-81.66
5.81
386.70
197.61
11.80

328.23
142.46
185.77
13.07
275.08
115.61
26.94
38.04
180.59
105.09
285.68
0.00
0.00
210.14
113.89
324.03
-38.35
32.87
468.44
193.73
7.81

23

Profit & Loss

------------------- in Rs. Cr. ------------------Mar '03

Mar '04
Mar '05
Mar '06

Mar '02

Account
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

Key Financial Ratios

Profitability Ratios
Adjusted Net Profit Margin(%)
Cash Profit Margin(%)
Gross Profit Margin(%)
Operating Profit Margin(%)
Profit Before Interest And Tax

1,163.19
60.61
1,102.58
16.74
16.85
1,136.17

1,232.30
73.37
1,158.93
9.61
-3.58
1,164.96

1,147.98
65.40
1,082.58
11.73
-25.78
1,068.53

1,268.72
42.49
1,226.23
11.97
7.96
1,246.16

1,369.68
26.89
1,342.79
22.34
-4.24
1,360.89

466.87
18.31
77.46
74.23
350.03
26.13
0.00
1,013.03
106.40
123.14
26.64
96.5
20.99
75.51
0.00
75.51
10.48
65.03
546.16
0.00
14.27
1.46

452.70
19.84
89.47
74.73
360.09
32.15
0.00
1,028.98
126.37
135.98
18.40
117.58
22.04
95.54
0.00
95.54
10.62
84.92
576.28
0.00
40.01
3.28

405.32
17.12
70.30
80.46
329.47
29.09
0.00
931.76
125.04
136.77
7.58
129.19
15.75
113.44
-0.06
113.5
12.24
101.20
526.44
0.00
57.25
7.33

447.19
21.69
74.99
111.91
368.11
35.50
0.00
1,059.39
174.80
186.77
4.66
182.11
17.10
165.01
-0.05
165.06
17.00
148.01
612.20
0.00
71.59
9.77

428.70
26.28
91.23
153.34
365.33
56.37
0.00
1,121.25
217.30
239.64
5.73
233.91
19.05
214.86
0.21
214.65
25.78
189.08
692.55
0.00
100.32
14.07

2,856.00
2.23
50.00
14.02

2,858.00
2.86
140.00
14.38

2,862.00
3.28
200.00
9.39

2,864.00
4.83
250.00
11.80

5,733.00
3.05
250.00
7.81

------------------- in Rs. Cr. ------------Mar '02 Mar '03 Mar '04 Mar
'05
5.59

6.89

7.40
8.30
10.59

Margin(%)
Return On Capital Employed(%)
24

Mar
'06

8.82
11.67 13.80
8.68
10.19 13.01
15.20
9.54
11.25 14.35
17.08
11.03
11.91 14.72
17.50

8.78

9.25

10.54

13.37

16.11

17.60

20.19

29.50

49.70

54.04

Return On Net Worth(%)

Spread Ratios
Interest Expended / Total Funds(%)
Interest Income / Total Funds(%)
Net Interest Income / Total Funds(%)
Net Profit / Total Funds(%)
Non Interest Income / Total Funds(%)
Operating Expense / Total Funds(%)
Profit Before Provisions / Total
Funds(%)
Management Efficiency Ratios
Debtors Turnover Ratio
Fixed Assets Turnover Ratio
Inventory Turnover Ratio
Loans Turnover Ratio
Total Assets Turnover Ratio
Total Income / Capital Employed(%)
Profit And Loss Account Ratios
Interest Expended / Interest Earned(%)
Operating Expense / Total Income(%)
Other Income / Total Income(%)
Liquidity And Solvency Ratios
Current Ratio
Debt Equity Ratio
Long Term Debt Equity Ratio
Balance Sheet Ratios
Advances / Loan Funds(%)
Debt Coverage Ratios
Interest Cover
Deposit And Credit Growth Ratios
Cash Deposit Ratio(%)
Credit Deposit Ratio(%)
Investment Deposit ratio(%)
Leverage Ratios
Interest Expended / Capital Employed(%)
Total Assets Turnover Ratio
Total Income / Capital Employed(%)

25

17.06

20.93

-------

-------

--

29.78

48.79

48.12

-------

-------

-------

--

--

--

--

9.03
3.15
7.81
-2.00
--

10.42
3.66
7.31
-2.18
--

14.46
4.06
7.97
-2.80
--

27.78
4.33
10.68
-3.72
--

35.94
4.24
11.24
-3.36
--

----

----

----

----

----

1.73
0.54
0.35

1.59
0.40
0.24

1.27
0.22
0.17

0.79
0.15
0.11

0.79
0.09
0.06

--

--

--

--

--

3.83

6.19

15.97

36.41

38.50

----

----

----

----

----

-2.00
--

-2.18
--

-2.80
--

-3.72
--

-3.36
--

TECHNICAL ANALYSIS
Calculation for Five day
stochastic

STOCHASTIC
Close(C
Date
2-Jan-06
3-Jan-06
4-Jan-06
5-Jan-06
6-Jan-06
9-Jan-06
10-Jan-06
12-Jan-06
13-Jan-06
16-Jan-06
17-Jan-06
18-Jan-06
19-Jan-06
20-Jan-06
23-Jan-06
24-Jan-06
25-Jan-06
27-Jan-06
30-Jan-06
31-Jan-06
1-Feb-06
2-Feb-06
3-Feb-06
6-Feb-06
7-Feb-06
8-Feb-06
10-Feb-06
13-Feb-06
14-Feb-06
15-Feb-06
16-Feb-06
17-Feb-06
20-Feb-06
21-Feb-06
22-Feb-06
23-Feb-06
24-Feb-06
27-Feb-06
28-Feb-06
1-Mar-06
2-Mar-06
3-Mar-06
6-Mar-06
7-Mar-06
8-Mar-06
9-Mar-06
10-Mar-06

High(H) Low(L) )
217.20
217.00
216.00
213.50
215.00
222.50
225.00
224.30
226.00
222.95
224.25
239.80
111.70
111.25
109.90
110.00
110.00
112.45
117.70
119.45
120.10
117.30
115.00
119.60
120.00
119.00
118.90
116.25
115.50
115.00
114.75
113.70
110.00
112.50
110.95
114.40
115.35
113.40
111.80
114.00
116.90
118.50
118.65
117.95
114.90
113.25
114.20

210.55
213.35
209.05
204.65
205.00
214.50
219.50
219.25
220.10
219.95
220.00
218.25
106.30
108.10
106.10
107.80
105.65
107.10
109.50
115.40
114.10
114.10
111.00
112.50
115.35
114.70
114.45
113.95
112.40
112.90
112.35
108.15
107.05
108.30
109.40
101.65
111.75
109.50
108.50
109.85
111.75
116.00
116.50
113.90
110.40
110.00
112.10

C-5(L)
213.75
214.30
210.10
206.00
214.20
221.60
223.25
222.85
221.65
221.20
220.70
220.95
108.05
109.20
108.15
108.50
107.05
110.50
116.10
118.25
115.00
114.70
113.60
118.05
116.25
117.70
115.60
114.60
112.90
113.95
112.75
109.85
108.95
109.25
110.50
111.85
112.45
110.35
110.40
111.75
116.35
116.60
117.90
114.25
111.75
112.85
113.30

26

5(H)-5(L)

%K

%D

DABUR
9.55
16.95
18.60
18.20
16.65
6.70
1.45
2.70
1.75
2.90
2.05
2.40
1.40
4.85
10.45
12.60
9.35
7.60
4.10
7.05
5.25
6.70
4.60
2.10
0.50
1.55
0.40
1.70
1.90
2.20
3.45
10.20
10.80
8.70
8.75
10.10
7.85
8.10
9.40
4.40
1.35
2.85
3.30

12.55
17.85
20.35
20.35
21.00
11.50
6.75
21.55
133.50
133.50
133.70
133.70
6.05
6.80
12.05
13.80
14.45
13.00
10.60
9.10
9.10
9.00
9.00
6.05
7.60
6.60
6.55
8.10
7.70
7.70
7.70
12.75
13.75
13.70
13.70
13.70
8.40
9.65
10.15
8.80
8.25
8.65
8.65

76.10
94.96
91.40
89.43
79.29
58.26
21.48
12.53
1.31
2.17
1.53
1.80
23.14
71.32
86.72
91.30
64.71
58.46
38.68
77.47
57.69
74.44
51.11
34.71
6.58
23.48
6.11
20.99
24.68
28.57
44.81
80.00
78.55
63.50
63.87
73.72
93.45
83.94
92.61
50.00
16.36
32.95
38.15

87.48
91.93
86.71
75.66
53.01
30.76
11.77
5.34
1.67
1.83
8.82
32.09
60.40
83.12
80.91
71.49
53.95
58.20
57.95
69.87
61.08
53.42
30.80
21.59
12.06
16.86
17.26
24.74
32.68
51.13
67.78
74.02
68.64
67.03
77.01
83.70
90.00
75.52
52.99
33.10
29.15
45.13
59.84

13-Mar-06
14-Mar-06
16-Mar-06
17-Mar-06
20-Mar-06
21-Mar-06
22-Mar-06
23-Mar-06
24-Mar-06
27-Mar-06
28-Mar-06
29-Mar-06
30-Mar-06
31-Mar-06
3-Apr-06
4-Apr-06
5-Apr-06
7-Apr-06
10-Apr-06
12-Apr-06
13-Apr-06
17-Apr-06
18-Apr-06
19-Apr-06
20-Apr-06
21-Apr-06
24-Apr-06
25-Apr-06
26-Apr-06
27-Apr-06
28-Apr-06
29-Apr-06
2-May-06
3-May-06
4-May-06
5-May-06
8-May-06
9-May-06
10-May-06
11-May-06
12-May-06
15-May-06
16-May-06
17-May-06
18-May-06
19-May-06
22-May-06
23-May-06
24-May-06
25-May-06
26-May-06
29-May-06
30-May-06
31-May-06

121.90
122.00
124.00
124.00
123.15
122.40
119.55
118.50
121.00
122.50
121.80
122.00
123.50
125.90
126.45
132.45
133.00
135.00
132.20
132.80
129.95
131.80
133.90
135.00
134.45
134.50
137.50
138.50
134.50
144.50
160.40
166.50
162.90
161.10
160.95
159.00
159.30
158.00
163.00
167.45
173.80
173.35
165.90
165.85
161.90
154.95
150.00
136.45
142.20
140.60
152.00
155.00
152.00
143.00

113.50
118.30
119.55
119.55
121.00
117.80
113.30
115.00
117.15
119.00
118.70
119.10
121.50
121.55
123.85
123.00
130.15
128.00
126.35
123.00
117.00
127.05
128.00
130.20
131.60
131.00
131.20
130.00
131.10
133.70
126.00
156.00
157.00
157.75
154.60
147.25
152.15
152.50
154.70
162.10
160.00
149.15
148.00
156.55
142.20
132.15
107.10
120.00
131.90
122.00
139.00
148.00
141.25
131.20

117.65
119.25
123.40
120.70
121.50
118.55
114.30
117.70
120.75
119.60
119.60
121.40
122.80
124.00
125.45
131.75
132.00
128.75
131.45
128.90
127.85
127.60
133.10
132.55
133.65
133.10
136.40
131.20
132.55
139.25
155.85
159.05
157.75
159.00
156.50
156.15
156.00
154.25
161.75
163.45
170.60
152.85
161.20
160.10
144.70
134.55
130.60
133.60
136.10
138.50
150.05
149.95
143.15
134.90

27

7.65
9.25
13.40
8.60
8.00
0.75
1.00
4.40
7.45
6.30
6.30
6.40
5.65
5.30
6.75
12.65
10.50
7.20
8.45
5.90
10.85
10.60
16.10
15.55
16.65
6.05
8.40
1.20
2.55
9.25
29.85
33.05
31.75
33.00
30.50
8.90
8.75
7.00
14.50
16.20
18.45
3.70
13.20
12.10
2.50
2.40
23.50
26.50
29.00
31.40
42.95
29.95
21.15
12.90

11.90
12.00
14.00
11.90
10.50
6.20
10.70
10.70
9.85
9.20
9.20
7.50
6.35
7.20
7.75
13.35
11.50
13.45
12.00
12.00
18.00
18.00
16.90
18.00
18.00
7.95
9.25
8.50
8.50
14.50
34.40
40.50
40.50
40.50
40.50
19.25
15.65
13.85
15.75
20.20
21.65
24.65
25.35
25.35
31.15
41.20
58.80
58.75
54.80
47.85
44.90
35.00
33.00
33.00

64.29
77.08
95.71
72.27
76.19
12.10
9.35
41.12
75.63
68.48
68.48
85.33
88.98
73.61
87.10
94.76
91.30
53.53
70.42
49.17
60.28
58.89
95.27
86.39
92.50
76.10
90.81
14.12
30.00
63.79
86.77
81.60
78.40
81.48
75.31
46.23
55.91
50.54
92.06
80.20
85.22
15.01
47.73
9.86
7.70
57.04
45.07
49.36
57.30
89.76
66.70
60.43
39.09
11.06

79.03
81.69
81.39
53.52
32.54
20.85
42.03
61.74
70.86
74.10
80.93
82.64
83.23
85.15
91.05
79.86
71.75
57.70
59.95
56.11
71.48
80.18
91.39
85.00
86.47
60.34
44.98
35.97
60.19
77.39
82.26
80.49
78.40
67.67
59.15
50.90
66.17
74.27
85.83
60.14
49.32
24.20
21.77
24.87
36.60
50.49
50.58
65.47
71.25
72.30
55.41
36.86
24.25
17.22

1-Jun-06
2-Jun-06
5-Jun-06
6-Jun-06
7-Jun-06
8-Jun-06
9-Jun-06
12-Jun-06
13-Jun-06
14-Jun-06
15-Jun-06
16-Jun-06
19-Jun-06
20-Jun-06
21-Jun-06
22-Jun-06
23-Jun-06
25-Jun-06
26-Jun-06
27-Jun-06
28-Jun-06
29-Jun-06
30-Jun-06
3-Jul-06
4-Jul-06
5-Jul-06
6-Jul-06
7-Jul-06
10-Jul-06
11-Jul-06
12-Jul-06
13-Jul-06
14-Jul-06
17-Jul-06
18-Jul-06
19-Jul-06
20-Jul-06
21-Jul-06
24-Jul-06
25-Jul-06
26-Jul-06
27-Jul-06
28-Jul-06
31-Jul-06
1-Aug-06
2-Aug-06
3-Aug-06
4-Aug-06
7-Aug-06
8-Aug-06
9-Aug-06
10-Aug-06
11-Aug-06
14-Aug-06

139.90
131.50
135.75
132.70
130.70
127.60
128.75
129.40
122.85
136.00
128.00
133.70
133.75
133.00
130.90
135.25
135.25
135.90
136.50
135.00
135.30
144.40
146.40
145.25
145.90
143.10
141.45
143.25
143.00
148.00
148.00
151.50
148.35
147.70
149.00
149.80
142.90
141.00
133.20
136.45
137.90
139.75
136.60
136.50
134.50
134.50
135.40
136.10
137.40
138.00
138.90
139.25
138.45
137.40

122.05
122.20
127.00
118.15
123.25
110.10
110.10
120.00
115.00
113.10
118.00
125.00
124.00
126.50
126.10
132.20
126.20
132.50
130.00
127.50
126.35
136.00
141.50
141.20
138.55
137.50
135.00
136.10
136.60
140.00
141.30
145.00
144.05
139.60
139.10
131.75
135.50
129.00
126.50
131.65
131.20
135.00
133.00
131.00
130.90
132.00
132.05
132.90
134.00
135.10
135.90
135.70
135.25
135.30

125.70
129.50
127.95
128.95
128.30
112.35
124.40
123.95
117.30
115.95
126.35
128.60
132.55
128.85
129.95
133.55
134.85
134.60
131.55
130.05
134.15
141.85
142.30
143.20
139.05
141.85
140.45
137.15
142.75
147.25
147.45
148.35
147.10
144.40
145.60
134.05
140.00
130.90
132.10
133.20
137.00
135.70
133.95
131.85
132.35
133.90
132.70
135.50
136.00
137.00
137.95
136.00
136.00
136.00

28

3.65
7.45
5.90
10.80
10.15
2.25
14.30
13.85
7.20
5.85
16.25
15.50
19.45
15.75
11.95
7.45
10.85
8.50
5.45
4.35
7.95
15.50
15.95
16.85
12.70
5.85
5.45
2.15
7.75
12.25
12.45
12.25
10.50
4.80
6.50
2.30
8.25
1.90
5.60
6.70
10.50
9.20
7.45
0.85
1.45
3.00
0.70
4.60
5.10
5.00
5.90
3.10
2.00
0.90

32.95
32.80
29.95
24.85
21.75
25.65
25.65
22.60
20.60
25.90
25.90
22.90
22.90
22.90
15.70
11.25
11.25
9.80
10.40
10.30
10.30
18.05
20.05
20.05
20.05
8.90
11.40
10.90
10.90
13.00
13.00
15.00
14.90
11.90
12.40
19.75
18.05
20.80
23.30
23.30
16.40
14.50
13.25
5.60
8.85
8.85
5.70
5.20
6.50
6.00
6.85
6.35
5.25
4.15

22.61
17.99
36.06
40.85
10.34
55.75
54.00
31.86
28.40
62.74
59.85
84.93
84.93
68.78
76.11
66.22
96.44
86.73
52.40
42.23
77.18
85.87
79.55
84.04
63.34
65.73
47.81
19.72
71.10
94.23
95.77
81.67
70.47
40.34
52.42
11.65
45.71
9.13
24.03
28.76
64.02
63.45
56.23
15.18
16.38
33.90
12.28
88.46
78.46
83.33
86.13
48.82
38.10
21.69

25.55
31.63
29.08
35.65
40.03
47.20
38.08
41.00
50.33
69.17
76.57
79.55
76.61
70.37
79.59
83.13
78.53
60.46
57.27
68.43
80.87
83.15
75.64
71.04
58.96
44.42
46.21
61.69
87.03
90.56
82.64
64.16
54.41
34.80
36.59
22.16
26.29
20.64
38.94
52.08
61.23
44.95
29.26
21.82
20.85
44.88
59.73
83.42
82.64
72.76
57.68
36.20
41.66
57.89

16-Aug-06
17-Aug-06
18-Aug-06
21-Aug-06
22-Aug-06
23-Aug-06
24-Aug-06
25-Aug-06
28-Aug-06
29-Aug-06
30-Aug-06
31-Aug-06

142.00
142.45
144.00
142.95
141.00
139.00
138.05
139.00
139.70
139.90
139.45
139.00

137.20
138.10
140.50
137.50
137.50
135.75
134.25
137.00
137.85
137.50
137.05
135.70

139.65
141.50
141.40
138.80
138.80
136.20
137.60
137.75
138.70
138.20
138.30
136.45

4.40
6.25
6.15
1.60
1.60
0.45
3.35
3.50
4.45
3.95
3.95
4.05

6.75
7.20
8.75
8.70
6.80
8.25
9.75
8.70
6.75
5.65
5.65
4.20

65.19
86.81
70.29
18.39
23.53
5.45
34.36
40.23
65.93
69.91
69.91
96.43

74.09
58.49
37.40
15.79
21.11
26.68
46.84
58.69
68.58
78.75

STOCASTIC(Dabur)
Buy
120

%K & %D

100

80

60

40

20

0
1

15 22 29 36 43 50 57 64 71 78 85 92 99 106 113 120 127 134 141 148 155 162

Sale

No of Days
%K

%D

Relative Strength Index

29

RSI

Sale

100.0000

Over sold Zone

80.0000

BUY

60.0000

RSI

40.0000
20.0000
0.0000

Over Bought Zone

1 10 19 28 37 46 55 64 73 82 91 100 109 118 127 136 145 154 163 172 181 190 199 208 217 226 235 244 253 262 271
Moving Average Method

250

BUY

200
150
100
50
0

Sale

1 16 31 46 61 76 91 106 121 136 151 166 181 196 211 226 241 256 271 286 301 316 331 346 361 376 391 406
Series1 Series2 Series3
Yellow: long term moving avg, pink: short term moving avg. blue: price line

30

PORTFOLIO ANALYSIS
Description: Calculation of BETA for DABUR INDIA LIMITED.
Duration: A duration of one year (i.e., from 27 th June 2005 (Monday) to 26th June
2006(Monday).
Observations: Analysis for equity share performance of DABUR in NSE has
done for the above mentioned period in comparison with the market return. It was
found that Its return is almost same as that of market return, or it is neutral to the
market. It indicates a low risk for investors. The details of the calculation are
given in the following table.
Date
27-Jun-05
4-Jul-05
11-Jul-05
18-Jul-05
25-Jul-05
1-Aug-05
8-Aug-05
16-Aug-05
22-Aug-05
29-Aug-05
5-Sep-05
12-Sep-05
19-Sep-05
26-Sep-05
3-Oct-05
10-Oct-05
17-Oct-05
24-Oct-05
31-Oct-05
7-Nov-05
14-Nov-05
21-Nov-05
28-Nov-05
5-Dec-05
12-Dec-05
19-Dec-05
26-Dec-05
2-Jan-06
9-Jan-06
16-Jan-06
23-Jan-06
30-Jan-06
6-Feb-06

Stock
Price
134.05
134.40
135.95
142.70
151.45
149.45
148.85
156.10
149.10
149.80
156.90
158.05
164.85
163.80
166.55
165.85
178.85
170.45
167.15
168.35
165.30
173.95
180.30
174.25
189.75
194.05
195.25
213.75
221.60
221.20
108.15
116.10
118.05

S&P 500
Price
1903.30
1933.35
1945.00
1976.75
2027.95
2039.60
2055.40
2103.65
2104.30
2083.00
2157.75
2205.70
2275.00
2245.40
2299.45
2253.60
2172.60
2092.05
2067.80
2141.95
2227.15
2255.25
2346.85
2319.70
2402.50
2452.65
2377.25
2464.25
2540.40
2486.15
2517.75
2570.15
2588.65

Stock
Return(Y)

Market
Return(X)

0.26
1.15
4.97
6.13
-1.32
-0.40
4.87
-4.48
0.47
4.74
0.73
4.30
-0.64
1.68
-0.42
7.84
-4.70
-1.94
0.72
-1.81
5.23
3.65
-3.36
8.90
2.27
0.62
9.48
3.67
-0.18
-51.11
7.35
1.68
-2.92

1.58
0.60
1.63
2.59
0.57
0.77
2.35
0.03
-1.01
3.59
2.22
3.14
-1.30
2.41
-1.99
-3.59
-3.71
-1.16
3.59
3.98
1.26
4.06
-1.16
3.57
2.09
-3.07
3.66
3.09
-2.14
1.27
2.08
0.72
1.78

31

(X)*(Y)
0.41
0.69
8.10
15.88
-0.76
-0.31
11.43
-0.14
-0.48
17.01
1.63
13.52
0.83
4.04
0.84
-28.17
17.41
2.24
2.57
-7.21
6.60
14.83
3.88
31.75
4.73
-1.90
34.68
11.35
0.39
-64.96
15.30
1.21
-5.19

X2
2.49
0.36
2.66
6.71
0.33
0.60
5.51
0.00
1.02
12.88
4.94
9.87
1.69
5.79
3.98
12.92
13.75
1.34
12.86
15.82
1.59
16.50
1.34
12.74
4.36
9.45
13.39
9.55
4.56
1.62
4.33
0.52
3.15

Y2
0.07
1.33
24.65
37.60
1.74
0.16
23.72
20.11
0.22
22.46
0.54
18.51
0.41
2.82
0.18
61.44
22.06
3.75
0.52
3.28
27.38
13.33
11.26
79.13
5.14
0.38
89.78
13.49
0.03
2611.99
54.04
2.82
8.54

13-Feb-06
20-Feb-06
27-Feb-06
6-Mar-06
13-Mar-06
20-Mar-06
27-Mar-06
3-Apr-06
10-Apr-06
17-Apr-06
24-Apr-06
2-May-06
8-May-06
15-May-06
22-May-06
29-May-06
5-Jun-06
12-Jun-06
19-Jun-06
26-Jun-06

114.60
108.95
110.35
117.90
117.65
121.50
119.60
125.45
131.45
127.60
136.40
157.75
152.15
152.85
130.60
149.95
127.95
123.95
132.55
131.55

2634.60
2598.95
2660.70
2761.05
2780.00
2812.50
2851.75
2974.10
2994.30
2943.90
3024.90
3100.70
3163.25
3007.80
2611.30
2737.55
2559.55
2310.80
2418.70
2441.20

No. of Observations(n)=52

-4.93
1.28
6.84
-0.21
3.27
-1.56
4.89
4.78
-2.93
6.90
15.65
-3.55
0.46
-14.56
14.82
-14.67
-3.13
6.94
-0.75

-1.35
2.38
3.77
0.69
1.17
1.40
4.29
0.68
-1.68
2.75
2.51
2.02
-4.91
-13.18
4.83
-6.50
-9.72
4.67
0.93

Y=26.97

X=28.22

6.67
3.05
25.80
-0.15
3.83
-2.18
20.99
3.25
4.93
18.98
39.22
-7.16
-2.26
191.89
71.63
95.40
30.38
32.40
-0.70

XY=648.1
9

1.83
5.65
14.22
0.47
1.37
1.95
18.41
0.46
2.83
7.57
6.28
4.07
24.15
173.78
23.37
42.28
94.45
21.80
0.87

24.31
1.65
46.81
0.04
10.71
2.45
23.92
22.88
8.58
47.56
245.00
12.60
0.21
211.90
219.52
215.25
9.77
48.14
0.57

X2=644.43

XY) - (X)(Y)
BETA
=-------------------------------n(X2) - (X)2
(33705.88-761.0934)
---------------------------(33510.36-796.3684)
BETA
=
(32944.7866/32713.9916)=1.007
The BETA of 1.007 is equal to the market, hence it indicates that the BETA of DABUR is neutral to
market.

Title: Analysis for the coefficient of correlation of DABUR INDIA LIMITED.

Description: The coefficient of correlation describes how well one variable is
explained by the another . The sign of r indicates the direction of the
relationship between the two variables X (MARKET RETURN) and Y (STOCK
RETURN ). It is determined by taking the square root of from the coefficient of
determination(r2 ).

Time slot: A duration of one year (i.e., from 1st Jul 2003 to 30th June 2004) as the
past data and present data for the stock is taken from 1st Jul 2005 to 30th Jun 2006.

Calculations:
32

Dabur
Date
1-Jul-03
2-Jul-03
3-Jul-03
4-Jul-03
7-Jul-03
8-Jul-03
9-Jul-03
10-Jul-03
11-Jul-03
14-Jul-03
15-Jul-03
16-Jul-03
17-Jul-03
18-Jul-03
21-Jul-03
22-Jul-03
23-Jul-03
24-Jul-03
25-Jul-03
28-Jul-03
29-Jul-03
30-Jul-03
31-Jul-03
1-Aug-03
4-Aug-03
5-Aug-03
6-Aug-03
7-Aug-03
8-Aug-03
11-Aug-03
12-Aug-03
13-Aug-03
14-Aug-03
18-Aug-03
19-Aug-03
20-Aug-03
21-Aug-03
22-Aug-03
25-Aug-03
26-Aug-03
27-Aug-03
28-Aug-03
29-Aug-03
1-Sep-03
2-Sep-03
3-Sep-03
4-Sep-03
5-Sep-03
8-Sep-03
9-Sep-03

Past
Stock
Price
(Y)
52.85
56.9
54.4
54.1
54.15
52.1
51.3
51.85
53.35
53.05
54.15
54.65
52.75
51.35
50.8
50.3
51.55
53.3
54.25
56.2
56.25
56.55
56.95
56.85
60.2
58.2
58.1
60.05
63.25
62
61.25
63.65
66.65
67.95
64.75
65.05
64.75
65
61.6
64.45
64.65
66.3
64.8
65.2
63.95
62.6
62.2
62.85
61.6
62.55

Dabur
Date
1-Jul-05
4-Jul-05
5-Jul-05
6-Jul-05
7-Jul-05
8-Jul-05
11-Jul-05
12-Jul-05
13-Jul-05
14-Jul-05
15-Jul-05
18-Jul-05
19-Jul-05
20-Jul-05
21-Jul-05
22-Jul-05
25-Jul-05
26-Jul-05
27-Jul-05
29-Jul-05
1-Aug-05
2-Aug-05
3-Aug-05
4-Aug-05
5-Aug-05
8-Aug-05
9-Aug-05
10-Aug-05
11-Aug-05
12-Aug-05
16-Aug-05
17-Aug-05
18-Aug-05
19-Aug-05
22-Aug-05
23-Aug-05
24-Aug-05
25-Aug-05
26-Aug-05
29-Aug-05
30-Aug-05
31-Aug-05
1-Sep-05
2-Sep-05
5-Sep-05
6-Sep-05
8-Sep-05
9-Sep-05
12-Sep-05
13-Sep-05

Present
Stock
price
(X)
132.05
134.4
133.95
134.6
133.05
135.75
135.95
134.45
146.3
139.5
140.95
142.7
141.15
145.25
151.2
150.3
151.45
151.95
152.2
145.4
149.45
152.1
151.45
154.05
151.15
148.85
146.1
151.25
152.75
157.6
156.1
155.75
153.45
150.35
149.1
144.55
145.25
151.6
150
149.8
151.75
153.5
152.95
155.4
156.9
155.05
157.15
158.25
158.05
163.15

33

(X)*(Y)
6978.8425
7647.36
7286.88
7281.86
7204.6575
7072.575
6974.235
6971.2325
7805.105
7400.475
7632.4425
7798.555
7445.6625
7458.5875
7680.96
7560.09
7807.2475
8098.935
8256.85
8171.48
8406.5625
8601.255
8625.0775
8757.7425
9099.23
8663.07
8488.41
9082.5625
9661.4375
9771.2
9561.125
9913.4875
10227.4425
10216.2825
9654.225
9402.9775
9404.9375
9854
9240
9654.61
9810.6375
10177.05
9911.16
10132.08
10033.755
9706.13
9774.73
9946.0125
9735.88
10205.0325

X2
17437.2025
18063.36
17942.6025
18117.16
17702.3025
18428.0625
18482.4025
18076.8025
21403.69
19460.25
19866.9025
20363.29
19923.3225
21097.5625
22861.44
22590.09
22937.1025
23088.8025
23164.84
21141.16
22335.3025
23134.41
22937.1025
23731.4025
22846.3225
22156.3225
21345.21
22876.5625
23332.5625
24837.76
24367.21
24258.0625
23546.9025
22605.1225
22230.81
20894.7025
21097.5625
22982.56
22500
22440.04
23028.0625
23562.25
23393.7025
24149.16
24617.61
24040.5025
24696.1225
25043.0625
24979.8025
26617.9225

Y2
2793.1225
3237.61
2959.36
2926.81
2932.2225
2714.41
2631.69
2688.4225
2846.2225
2814.3025
2932.2225
2986.6225
2782.5625
2636.8225
2580.64
2530.09
2657.4025
2840.89
2943.0625
3158.44
3164.0625
3197.9025
3243.3025
3231.9225
3624.04
3387.24
3375.61
3606.0025
4000.5625
3844
3751.5625
4051.3225
4442.2225
4617.2025
4192.5625
4231.5025
4192.5625
4225
3794.56
4153.8025
4179.6225
4395.69
4199.04
4251.04
4089.6025
3918.76
3868.84
3950.1225
3794.56
3912.5025

10-Sep-03
11-Sep-03
12-Sep-03
15-Sep-03
16-Sep-03
17-Sep-03
18-Sep-03
19-Sep-03
22-Sep-03
23-Sep-03
24-Sep-03
25-Sep-03
26-Sep-03
29-Sep-03
30-Sep-03
1-Oct-03
3-Oct-03
6-Oct-03
7-Oct-03
8-Oct-03
9-Oct-03
10-Oct-03
13-Oct-03
14-Oct-03
15-Oct-03
16-Oct-03
17-Oct-03
20-Oct-03
21-Oct-03
22-Oct-03
23-Oct-03
24-Oct-03
25-Oct-03
27-Oct-03
28-Oct-03
29-Oct-03
30-Oct-03
31-Oct-03
3-Nov-03
4-Nov-03
5-Nov-03
6-Nov-03
7-Nov-03
10-Nov-03
11-Nov-03
12-Nov-03
13-Nov-03
14-Nov-03
15-Nov-03
17-Nov-03
18-Nov-03
19-Nov-03
20-Nov-03
21-Nov-03

61.8
60.8
60.2
53.25
57.35
57.5
57.75
58.8
57.75
59.45
59.55
59.6
60.3
59.6
61.25
61.1
61.3
60.95
60.2
59.4
59.45
59.15
59.75
61.6
62.2
61.85
61.65
61.6
60.2
63.15
61.3
61.95
63.1
64.7
64.45
64.85
64.7
64.7
65.25
66.25
69.8
70.95
72.6
73.05
73.55
72.4
72.35
69.1
70.65
71.4
71.8
70.3
68.3
68.5

14-Sep-05
15-Sep-05
16-Sep-05
19-Sep-05
20-Sep-05
21-Sep-05
22-Sep-05
23-Sep-05
26-Sep-05
27-Sep-05
28-Sep-05
29-Sep-05
30-Sep-05
3-Oct-05
4-Oct-05
5-Oct-05
6-Oct-05
7-Oct-05
10-Oct-05
11-Oct-05
13-Oct-05
14-Oct-05
17-Oct-05
18-Oct-05
19-Oct-05
20-Oct-05
21-Oct-05
24-Oct-05
25-Oct-05
26-Oct-05
27-Oct-05
28-Oct-05
31-Oct-05
1-Nov-05
2-Nov-05
7-Nov-05
8-Nov-05
9-Nov-05
10-Nov-05
11-Nov-05
14-Nov-05
16-Nov-05
17-Nov-05
18-Nov-05
21-Nov-05
22-Nov-05
23-Nov-05
24-Nov-05
25-Nov-05
26-Nov-05
28-Nov-05
29-Nov-05
30-Nov-05
1-Dec-05

162.9
167.9
166.25
164.85
162.45
160.65
155
150.8
163.8
161.55
164.8
162.75
163.2
166.55
170.05
165.15
164.4
167.75
165.85
166.5
167.15
164.35
178.85
172.5
174.5
166.25
174.25
170.45
174.6
169.9
166.5
158.9
167.15
171.7
166.5
168.35
167.65
163.9
163.65
165.15
165.3
165.6
174.55
173.25
173.95
170.5
167.85
170.55
174.75
174.9
180.3
175.05
173.7
173.8

34

10067.22
10208.32
10008.25
8778.2625
9316.5075
9237.375
8951.25
8867.04
9459.45
9604.1475
9813.84
9699.9
9840.96
9926.38
10415.5625
10090.665
10077.72
10224.3625
9984.17
9890.1
9937.0675
9721.3025
10686.2875
10626
10853.9
10282.5625
10742.5125
10499.72
10510.92
10729.185
10206.45
9843.855
10547.165
11108.99
10730.925
10917.4975
10846.955
10604.33
10678.1625
10941.1875
11537.94
11749.32
12672.33
12655.9125
12794.0225
12344.2
12143.9475
11785.005
12346.0875
12487.86
12945.54
12306.015
11863.71
11905.3

26536.41
28190.41
27639.0625
27175.5225
26390.0025
25808.4225
24025
22740.64
26830.44
26098.4025
27159.04
26487.5625
26634.24
27738.9025
28917.0025
27274.5225
27027.36
28140.0625
27506.2225
27722.25
27939.1225
27010.9225
31987.3225
29756.25
30450.25
27639.0625
30363.0625
29053.2025
30485.16
28866.01
27722.25
25249.21
27939.1225
29480.89
27722.25
28341.7225
28106.5225
26863.21
26781.3225
27274.5225
27324.09
27423.36
30467.7025
30015.5625
30258.6025
29070.25
28173.6225
29087.3025
30537.5625
30590.01
32508.09
30642.5025
30171.69
30206.44

3819.24
3696.64
3624.04
2835.5625
3289.0225
3306.25
3335.0625
3457.44
3335.0625
3534.3025
3546.2025
3552.16
3636.09
3552.16
3751.5625
3733.21
3757.69
3714.9025
3624.04
3528.36
3534.3025
3498.7225
3570.0625
3794.56
3868.84
3825.4225
3800.7225
3794.56
3624.04
3987.9225
3757.69
3837.8025
3981.61
4186.09
4153.8025
4205.5225
4186.09
4186.09
4257.5625
4389.0625
4872.04
5033.9025
5270.76
5336.3025
5409.6025
5241.76
5234.5225
4774.81
4991.4225
5097.96
5155.24
4942.09
4664.89
4692.25

24-Nov-03
25-Nov-03
27-Nov-03
28-Nov-03
1-Dec-03
2-Dec-03
3-Dec-03
4-Dec-03
5-Dec-03
8-Dec-03
9-Dec-03
10-Dec-03
11-Dec-03
12-Dec-03
15-Dec-03
16-Dec-03
17-Dec-03
18-Dec-03
19-Dec-03
22-Dec-03
23-Dec-03
24-Dec-03
26-Dec-03
29-Dec-03
30-Dec-03
31-Dec-03
1-Jan-04
2-Jan-04
5-Jan-04
6-Jan-04
7-Jan-04
8-Jan-04
9-Jan-04
12-Jan-04
13-Jan-04
14-Jan-04
15-Jan-04
16-Jan-04
19-Jan-04
20-Jan-04
21-Jan-04
22-Jan-04
23-Jan-04
27-Jan-04
28-Jan-04
29-Jan-04
30-Jan-04
3-Feb-04
4-Feb-04
5-Feb-04
6-Feb-04
9-Feb-04
10-Feb-04
11-Feb-04

67.5
68.55
68.9
67.9
69.95
71.9
72.95
72.6
72.9
77.05
77.8
76.35
76.45
76.35
83.55
84.7
86.2
86.3
90.75
91.7
88.05
89.95
92.65
93
88.7
88.15
88.7
94.75
94.55
93.65
90.1
92.65
90.9
91.9
91.8
91.9
94.65
95.25
95.15
93.95
83.4
84.45
88.8
91
88.95
87.3
84.4
83.15
86.75
83.95
83.3
84.4
83.95
84.8

2-Dec-05
5-Dec-05
6-Dec-05
7-Dec-05
8-Dec-05
9-Dec-05
12-Dec-05
13-Dec-05
14-Dec-05
15-Dec-05
16-Dec-05
19-Dec-05
20-Dec-05
21-Dec-05
22-Dec-05
23-Dec-05
26-Dec-05
27-Dec-05
28-Dec-05
29-Dec-05
30-Dec-05
2-Jan-06
3-Jan-06
4-Jan-06
5-Jan-06
6-Jan-06
9-Jan-06
10-Jan-06
12-Jan-06
13-Jan-06
16-Jan-06
17-Jan-06
18-Jan-06
19-Jan-06
20-Jan-06
23-Jan-06
24-Jan-06
25-Jan-06
27-Jan-06
30-Jan-06
31-Jan-06
1-Feb-06
2-Feb-06
3-Feb-06
6-Feb-06
7-Feb-06
8-Feb-06
10-Feb-06
13-Feb-06
14-Feb-06
15-Feb-06
16-Feb-06
17-Feb-06
20-Feb-06

177.2
174.25
173.9
181.6
191.05
189.5
189.75
194.75
192.6
184.2
189.25
194.05
192.3
194.85
198
200.7
195.25
196.45
197.85
205.65
210.9
213.75
214.3
210.1
206
214.2
221.6
223.25
222.85
221.65
221.2
220.7
220.95
108.05
109.2
108.15
108.5
107.05
110.5
116.1
118.25
115
114.7
113.6
118.05
116.25
117.7
115.6
114.6
112.9
113.95
112.75
109.85
108.95

35

11961
11944.8375
11981.71
12330.64
13363.9475
13625.05
13842.2625
14138.85
14040.54
14192.61
14723.65
14815.7175
14701.335
14876.7975
16542.9
16999.29
16830.55
16953.635
17954.8875
18858.105
18569.745
19226.8125
19854.895
19539.3
18272.2
18881.73
19655.92
21152.9375
21070.4675
20757.5225
19930.12
20447.855
20084.355
9929.795
10024.56
9938.985
10269.525
10196.5125
10514.075
10907.595
9862.05
9711.75
10185.36
10337.6
10500.5475
10148.625
9933.88
9612.14
9941.55
9477.955
9492.035
9516.1
9221.9075
9238.96

31399.84
30363.0625
30241.21
32978.56
36500.1025
35910.25
36005.0625
37927.5625
37094.76
33929.64
35815.5625
37655.4025
36979.29
37966.5225
39204
40280.49
38122.5625
38592.6025
39144.6225
42291.9225
44478.81
45689.0625
45924.49
44142.01
42436
45881.64
49106.56
49840.5625
49662.1225
49128.7225
48929.44
48708.49
48818.9025
11674.8025
11924.64
11696.4225
11772.25
11459.7025
12210.25
13479.21
13983.0625
13225
13156.09
12904.96
13935.8025
13514.0625
13853.29
13363.36
13133.16
12746.41
12984.6025
12712.5625
12067.0225
11870.1025

4556.25
4699.1025
4747.21
4610.41
4893.0025
5169.61
5321.7025
5270.76
5314.41
5936.7025
6052.84
5829.3225
5844.6025
5829.3225
6980.6025
7174.09
7430.44
7447.69
8235.5625
8408.89
7752.8025
8091.0025
8584.0225
8649
7867.69
7770.4225
7867.69
8977.5625
8939.7025
8770.3225
8118.01
8584.0225
8262.81
8445.61
8427.24
8445.61
8958.6225
9072.5625
9053.5225
8826.6025
6955.56
7131.8025
7885.44
8281
7912.1025
7621.29
7123.36
6913.9225
7525.5625
7047.6025
6938.89
7123.36
7047.6025
7191.04

12-Feb-04
13-Feb-04
16-Feb-04
17-Feb-04
18-Feb-04
19-Feb-04
20-Feb-04
23-Feb-04
24-Feb-04
25-Feb-04
26-Feb-04
27-Feb-04
1-Mar-04
3-Mar-04
4-Mar-04
5-Mar-04
8-Mar-04
9-Mar-04
10-Mar-04
11-Mar-04
12-Mar-04
15-Mar-04
16-Mar-04
17-Mar-04
18-Mar-04
19-Mar-04
22-Mar-04
23-Mar-04
24-Mar-04
25-Mar-04
26-Mar-04
29-Mar-04
30-Mar-04
31-Mar-04
1-Apr-04
2-Apr-04
5-Apr-04
6-Apr-04
7-Apr-04
8-Apr-04
12-Apr-04
13-Apr-04
15-Apr-04
16-Apr-04
17-Apr-04
19-Apr-04
20-Apr-04
21-Apr-04
22-Apr-04
23-Apr-04
27-Apr-04
28-Apr-04
29-Apr-04
30-Apr-04

85.55
85.2
85.35
84.85
84.7
85.3
82.7
80.75
81.8
79.3
80.3
80.9
79.85
81.2
78.95
80.45
79.3
79.1
79.15
77.15
75.9
71.3
71.55
70.65
69.2
69.9
70.15
70.75
72.8
73.75
75.3
77.1
78.3
80.05
78.15
77.05
76.8
75.6
74.95
73.7
73.6
79.1
77.95
77.7
84.45
81.4
78.7
78.8
79.85
78.75
76.5
75.35
80.2
80.9

21-Feb-06
22-Feb-06
23-Feb-06
24-Feb-06
27-Feb-06
28-Feb-06
1-Mar-06
2-Mar-06
3-Mar-06
6-Mar-06
7-Mar-06
8-Mar-06
9-Mar-06
10-Mar-06
13-Mar-06
14-Mar-06
16-Mar-06
17-Mar-06
20-Mar-06
21-Mar-06
22-Mar-06
23-Mar-06
24-Mar-06
27-Mar-06
28-Mar-06
29-Mar-06
30-Mar-06
31-Mar-06
3-Apr-06
4-Apr-06
5-Apr-06
7-Apr-06
10-Apr-06
12-Apr-06
13-Apr-06
17-Apr-06
18-Apr-06
19-Apr-06
20-Apr-06
21-Apr-06
24-Apr-06
25-Apr-06
26-Apr-06
27-Apr-06
28-Apr-06
29-Apr-06
2-May-06
3-May-06
4-May-06
5-May-06
8-May-06
9-May-06
10-May-06
11-May-06

109.25
110.5
111.85
112.45
110.35
110.4
111.75
116.35
116.6
117.9
114.25
111.75
112.85
113.3
117.65
119.25
123.4
120.7
121.5
118.55
114.3
117.7
120.75
119.6
119.6
121.4
122.8
124
125.45
131.75
132
128.75
131.45
128.9
127.85
127.6
133.1
132.55
133.65
133.1
136.4
131.2
132.55
139.25
155.85
159.05
157.75
159
156.5
156.15
156
154.25
161.75
163.45

36

9346.3375
9414.6
9546.3975
9541.3825
9346.645
9417.12
9241.725
9395.2625
9537.88
9349.47
9174.275
9040.575
9011.0725
9199.96
9288.4675
9593.6625
9785.62
9547.37
9616.725
9146.1325
8675.37
8392.01
8639.6625
8449.74
8276.32
8485.86
8614.42
8773
9132.76
9716.5625
9939.6
9926.625
10292.535
10318.445
9991.4775
9831.58
10222.08
10020.78
10017.0675
9809.47
10039.04
10377.92
10332.2725
10819.725
13161.5325
12946.67
12414.925
12529.2
12496.525
12296.8125
11934
11622.7375
12972.35
13223.105

11935.5625
12210.25
12510.4225
12645.0025
12177.1225
12188.16
12488.0625
13537.3225
13595.56
13900.41
13053.0625
12488.0625
12735.1225
12836.89
13841.5225
14220.5625
15227.56
14568.49
14762.25
14054.1025
13064.49
13853.29
14580.5625
14304.16
14304.16
14737.96
15079.84
15376
15737.7025
17358.0625
17424
16576.5625
17279.1025
16615.21
16345.6225
16281.76
17715.61
17569.5025
17862.3225
17715.61
18604.96
17213.44
17569.5025
19390.5625
24289.2225
25296.9025
24885.0625
25281
24492.25
24382.8225
24336
23793.0625
26163.0625
26715.9025

7318.8025
7259.04
7284.6225
7199.5225
7174.09
7276.09
6839.29
6520.5625
6691.24
6288.49
6448.09
6544.81
6376.0225
6593.44
6233.1025
6472.2025
6288.49
6256.81
6264.7225
5952.1225
5760.81
5083.69
5119.4025
4991.4225
4788.64
4886.01
4921.0225
5005.5625
5299.84
5439.0625
5670.09
5944.41
6130.89
6408.0025
6107.4225
5936.7025
5898.24
5715.36
5617.5025
5431.69
5416.96
6256.81
6076.2025
6037.29
7131.8025
6625.96
6193.69
6209.44
6376.0225
6201.5625
5852.25
5677.6225
6432.04
6544.81

3-May-04
4-May-04
5-May-04
6-May-04
7-May-04
10-May-04
11-May-04
12-May-04
13-May-04
14-May-04
17-May-04
18-May-04
19-May-04
20-May-04
21-May-04
24-May-04
25-May-04
26-May-04
27-May-04
28-May-04
31-May-04
1-Jun-04
2-Jun-04
3-Jun-04
4-Jun-04
7-Jun-04
8-Jun-04
9-Jun-04
10-Jun-04
11-Jun-04
14-Jun-04
15-Jun-04
16-Jun-04
17-Jun-04
18-Jun-04
21-Jun-04
22-Jun-04
23-Jun-04
24-Jun-04
25-Jun-04
28-Jun-04
29-Jun-04
30-Jun-04
Y
n=
MeanY=

Y =

79.85
84.45
83.35
84
82.55
82.35
79.55
76.65
77.1
76.15
68.15
73.5
76.3
75.35
75.55
76.95
76.7
75.15
74.3
73.6
72.4
74.1
74.55
72.3
71.7
75.35
78.75
79.85
81.45
83.2
79.4
66.85
67.05
69.25
68.25
65.9
63.3
62.3
61.45
60.95
63.4
64.55
62.55
18335.85
255
71.91

12-May-06
15-May-06
16-May-06
17-May-06
18-May-06
19-May-06
22-May-06
23-May-06
24-May-06
25-May-06
26-May-06
29-May-06
30-May-06
31-May-06
1-Jun-06
2-Jun-06
5-Jun-06
6-Jun-06
7-Jun-06
8-Jun-06
9-Jun-06
12-Jun-06
13-Jun-06
14-Jun-06
15-Jun-06
16-Jun-06
19-Jun-06
20-Jun-06
21-Jun-06
22-Jun-06
23-Jun-06
25-Jun-06
26-Jun-06
27-Jun-06
28-Jun-06
29-Jun-06
30-Jun-06
3-Jul-06
4-Jul-06
5-Jul-06
6-Jul-06
7-Jul-06
10-Jul-06
X

170.6
152.85
161.2
160.1
144.7
134.55
130.6
133.6
136.1
138.5
150.05
149.95
143.15
134.9
125.7
129.5
127.95
128.95
128.3
112.35
124.4
123.95
117.3
115.95
126.35
128.6
132.55
128.85
129.95
133.55
134.85
134.6
131.55
130.05
134.15
141.85
142.3
214.6
210.4
216.75
215.7
210.9
214.3

13622.41
12908.1825
13436.02
13448.4
11944.985
11080.1925
10389.23
10240.44
10493.31
10546.775
10225.9075
11021.325
10922.345
10164.715
9496.635
9965.025
9813.765
9690.5925
9532.69
8268.96
9006.56
9184.695
8744.715
8383.185
9059.295
9690.01
10438.3125
10288.6725
10584.4275
11111.36
10707.09
8998.01
8820.4275
9005.9625
9155.7375
9347.915
9007.59
13369.58
12929.08
13210.9125
13675.38
13613.595
13404.465

38712.25

2775531.21

29104.36
23363.1225
25985.44
25632.01
20938.09
18103.7025
17056.36
17848.96
18523.21
19182.25
22515.0025
22485.0025
20491.9225
18198.01
15800.49
16770.25
16371.2025
16628.1025
16460.89
12622.5225
15475.36
15363.6025
13759.29
13444.4025
15964.3225
16537.96
17569.5025
16602.3225
16887.0025
17835.6025
18184.5225
18117.16
17305.4025
16913.0025
17996.2225
20121.4225
20249.29
46053.16
44268.16
46980.5625
46526.49
44478.81
45924.49
6096908.48

6376.0225
7131.8025
6947.2225
7056
6814.5025
6781.5225
6328.2025
5875.2225
5944.41
5798.8225
4644.4225
5402.25
5821.69
5677.6225
5707.8025
5921.3025
5882.89
5647.5225
5520.49
5416.96
5241.76
5490.81
5557.7025
5227.29
5140.89
5677.6225
6201.5625
6376.0225
6634.1025
6922.24
6304.36
4468.9225
4495.7025
4795.5625
4658.0625
4342.81
4006.89
3881.29
3776.1025
3714.9025
4019.56
4166.7025
3912.5025
1351362.4
2

X2

Y2

X
MeanX=

Y 18335.85
=
= 71.91
n
255

151.81

X =

( )( )
( )

(X)*(Y)

X 38712.25
=
= 151.81
n
255

XY n X Y = 2775531.21 255 x151.81x71.91 = 0.04

b =
2
6096908.48 255 x(151.81) 2

X n X

37

( )

a =Y b X = 71.91 ( 0.04)151.81 = 77.49

coefficient of determination : r2

( )

a Y +b

XY n Y
r 2 =
2

2
(Y ) n Y

( )

77.49 x(18335.85) + ( 0.04) x 2775531.21 255 x( 71.91) 2

=

1351362.42 255 x (71.91) 2

Coefficient of correlation (r)= r2 = 0.01 = 0.1

Conclusion: From the above value of r = 0.10 which indicates that past Stock
is almost independent with the present stock for DABUR.

38

= 0.01

CONCLUSION
This summer training project has met the objective set by the scholar to
study by the awareness level for Dabur India Ltd. and its competitor. The scholar
is confident about the tabulation and interpretation, which is reflected in the
findings and suggestion to cover all the objectives. Dabur India Ltd. is having
perfect brand name but only requirement is to reach the target mass in selected
consumer markets. Though the project is design for summer training but the
scholar has opened a few new dimensions towards business development for the
company.

39

BIBLIOGRAPHY
Barua, S.K., V. Raghunathan, and J.R. Varma, Portfolio Management, Tata
McGraw-Hill, 1992.
Bernstein, Leopold A. and f.J.Wild, Financial Statement Analysis, Sixth
Edition, Irwin McGraw-Hill, 1998.
Blake, David, Financial Market Analysis, McGraw-Hill Book Company,
1992.
Dubofsky, David A. Options and Financial Futures, McGraw-Hill, 1992.
Edwards, R.P. and J. Magee, Technical Analysis of Stock Trends, John Magic
Inc., 1964.
Fabozzi, Frank J. and F. Modigliani, Capital Markets, Prentice-Hall, 1992.
Fabozzi, Frank J. and T.D. Fabozzi (Ed.), Current Topics in Investment
Management, Harper and Row, 1990.
Francis, J.C., Investments: Analysis and Management, McGraw-Hill, 1986.
Graham, Benjamin, and David L. Dodd, Security Analysis, McGraw-Hill,
1957.
Prasanna Chandra, Investment Analysis and Portfolio Management, Tata
Mcgraw Hill Publishing Company Ltd., New Delhi, 2002.

Websites
www.daburindia.com
www.sebi.gov.in
www.moneycontrol.com
www.valuenotes.com
www.capitalideasonline.com
www.siainvestor.com
www.capitalmarket.com
www.icicidirect.com
www.karvy.com
www.bondmarkets.com
www.bonds-online.com
www.debtonnet.com
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