Airtel Financial Management

PGDM-IB(2009-11)

[ β OF Bharti Airtel Limited ]

Submitted to :Dr. Sridevi Submitted By: Ranjan Shankar Shetty

Roll no - 40

Financial management

β OF Bharti Airtel Limited Page 2

Contents

Introduction................................................................................................................................................... 3

Recently in News ........................................................................................................................................... 3

Financial Introduction ................................................................................................................................... 4

Operations ..................................................................................................................................................... 4

Airtel Sri Lanka ....................................................................................................................................... 5

Airtel in Bangladesh ............................................................................................................................... 5

Touchtel ................................................................................................................................................. 5

Airtel 3G ................................................................................................................................................. 5

Shares in Issue ........................................................................................................................................... 5

Share Holding pattern ................................................................................................................................... 6

Board of Directors ......................................................................................................................................... 8

Exchange Listing ............................................................................................................................................ 8

Dividends Declared. ....................................................................................................................................... 8

Stock Split ...................................................................................................................................................... 9

Stock Beta and Volatility (β) .......................................................................................................................... 9

Thumb rule of Beta (β) .............................................................................................................................. 9

Calculation ............................................................................................................................................... 16

Conclusion ................................................................................................................................................... 16



Introduction

Bharti Airtel Limited, a group company of Bharti Enterprises, is among Asia’s leading

integrated telecom services providers with operations in India and Sri Lanka. In South Asia, the

company had an aggregate of over 125.3 million customers as of end December 2009, including

120.23 million mobile customers. Bharti Airtel has been ranked among the six best performing

technology companies in the world by Business Week.

Bharti Airtel is structured as four strategic business units - Mobile, Telemedia, Enterprise

and Digital TV. The mobile business offers services in India and Sri Lanka. The Telemedia

business provides broadband, IPTV and telephone services in 95 Indian cities. The Enterprise

business provides end-to-end telecom solutions to corporate customers and national and

international long distance services to carriers. The Digital TV business provides DTH services

across India. All these services are provided under the Airtel brand. Airtel’s national high-speed

optic fiber network currently spans over 118,337 Rkms across India. Airtel's international

network infrastructure includes ownership of the i2i submarine cable system and consortium

ownership in five global undersea cable systems, SEA-ME-WE 4, EIG, I-ME-WE, AAG and UNITY.

The Bharti Group has a diverse business portfolio and has created global brands in the

telecommunication sector. Bharti has recently forayed into retail business as Bharti Retail Pvt.

Ltd. under a MoU with Wal-Mart for the cash & carry business. It has successfully launched an

international venture with EL Rothschild Group to export fresh agric - products exclusively to

markets in Europe and USA and has launched Bharti AXA Life Insurance Company Ltd under a

joint venture with AXA, world leader in financial protection and wealth management.

The company also deploys, owns and manages passive infrastructure pertaining to

telecom operations under its subsidiary Bharti Infratel Limited. Bharti Infratel owns 42% of

Indus Towers Limited. Bharti Infratel and Indus Towers are the two top providers of passive

infrastructure services in India.

Recently in News

In January, Bharti Airtel bought 70 percent of Warid Telecom’s operations in Bangladesh

and said it would invest $300 million in that market, in addition to the approximately $700

million it paid for the stake.

Bharti Airtel Limited (“Bharti”) and Zain have agreed to enter into exclusive discussions

until 25 March 2010 for the acquisition of Zain’s African unit (Zain Africa BV) based on an

enterprise value of USD 10.7 billion. This potential transaction does not include Zain’s

operations in Morocco and Sudan and remains subject to due diligence, customary regulatory

approvals and signing of final transaction documentation.



Financial Introduction

Bharti Airtel (BHARTI AIRTEL LIMITED) is India's largest telecommunications company

by subscriber base, the total revenues, which were Rs. 373.5 billion in 2008/09. The company

reported a net profit of Rs. 78.5 billion in 2008/09, up 22.87% from Rs. 63.9 billion in 2008/09,

with a return on capital employed at 30.5%in 2008/09, EPS at 41.04 in 2008/09 when compared

to 34.23 in 2007/08 with an increase of 20.9%. Globally, Bharti Airtel is the 3rd largest in-

country mobile operator by subscriber base, behind China Mobile and China Unicom. In India,

the company has a 24.6% share of the wireless services market, followed by 17.7% for Reliance

Communications and 17.4% for Vodafone Essar.

Operations

The businesses at Bharti Airtel have always been structured into three individual

strategic business units (SBU's) - Mobile Services, Airtel Telemedia Services & Enterprise

Services. The mobile business provides mobile & fixed wireless services using GSM technology

across 23 telecom circles while the Airtel Telemedia Services business offers broadband &

telephone services in 95 cities and has recently launched a Direct-to-Home (DTH) service, Airtel

Digital TV, The company provides end-to-end data and enterprise services to the corporate

customers through its nationwide fiber optic backbone, last mile connectivity in fixed-line and

mobile circles, VSATs, ISP and international bandwidth access through the gateways and

landing station.



Partners

Network Equipment Mobile Services Nokia Siemens, Ericsson, Huawei

Telemedia & Long Distance Services Nokia Siemens, Wipro, Cisco, Alcatel Lucent, ECI, Tellabs

Information Technology IBM Call Centre Operations IBM Daksh, Hinduja TMT, Teleperformance,

Mphasis, Firstsource & Aegis Equity Partner {Strategic}

Airtel Sri Lanka

In December 2008, Bharti Airtel rolled out third generation services in Sri Lanka in

association with Singapore Telecommunications. SingTel is a major player in the 3G space in

Asia. It operates third generation networks in several markets across Asia. Airtel's operation in

Sri Lanka, known as Airtel Lanka, commenced operations on the 12th of January 2009.

Airtel in Bangladesh

In January 2010, it was announced that the Bangladesh Telecommunications Regulatory

Commission (BTRC) of The People's Republic of Bangladesh had given Bharti Airtel the go ahead

to acquire a 70% stake in the Bangladesh business of Abu Dhabi based Warid Telcom. The latter

had till date investeda total of $600 million, with plans to bring their Bangladesh investments to

the $1 billion mark. Airtel's 70% stake in the company is said to be at a cost of an initial $300

million.

Touchtel

Until September 18, 2004, Bharti provided fixed-line telephony and broadband services

under the Touchtel brand. Bharti now provides all telecom services including fixed-line services

under a common brand "Airtel".

Airtel 3G

Airtel plans to launch the nationwide 3G services in India in the second quarter of 2010.

Shares in Issue

3,796,951,980 as at Dec 31, 2009



Share Holding pattern



Share holding in %

Particulars % Holding

Promoter's holding

Indian Promoters 45.44

Foreign Promoters 22.39

Sub total 67.84

Non promoter's holding

Institutional investors

Mutual Funds/ UTI 3.06

Banks Fin. Inst. and

Insurance

4.9

Foreign Institutional

Investors

17.49

Sub total 25.45

Other investors

Private Corporate Bodies 4.07

NRI's/OCB's/Foreign Others 0.4

Others 0.13

Sub total 4.6

General public 2.11

Grand total 100



Board of Directors

Sl

No

Name Designation

1 Sunil Bharti Mittal Chairman and Managing Director

2 Manoj Kohli Joint Managing Director

3 Akhil Gupta Non Executive Director

4 Chua Sock Koong Non Executive Director

5 Lim Chuan Poh Non Executive Director

6 Tan Yong Choo Non Executive Director

7 Rajan Bharti Mittal Non Executive Director

8 Rakesh Bharti Mittal Non Executive Director

9 Craig Ehrlich Independent Non Executive Director

10 Ajay Lal Independent Non Executive Director

11 Arun Bharat Ram Independent Non Executive Director

12 Bashir Abdulla Currimjee Independent Non Executive Director

13 Mauro Sentinelli Independent Non Executive Director

14 N.Kumar Independent Non Executive Director

15 Nikesh Arora Independent Non Executive Director

16 Pulak Chandan Prasad Independent Non Executive Director

Exchange Listing

Exchange Listings

The Stock Exchange, Mumbai (BSE) Code : 532454

The National Stock Exchange Of India Limited (NSE) Code : BHARTIARTLEQ

Dividends Declared.

In the history of Bharti airtel limited The Company declared a Maiden dividend of 20% of

face value for the year

Dividends Declared Date 29-04-2009

Effective Date 24-07-2009

Dividend Type Final

Dividend % 20%

Dividend In Rs 2.00

Face Value of the share at the

time of Proposed Dividend

10.00



Stock Split

The company has also splitted the then existing equity shares of Rs. 10/-each into two

equity shares of Rs. 5 each. The shareholders have received the credit of the splitted shares on

31stJuly.

Stock Beta and Volatility (β)

Measurement of Bharti Airtel Limited stock risk relative to the overall NSE (national

Stock Exchange) risk.

Thumb rule of Beta (β)

If the stock's price experiences movements that are greater - more volatile - than the

stock market, then the beta value will be greater than 1. If a stock's price movements, or

swings, are less than those of the market then the beta value will be less than 1. Since increased

volatility of stock price means more risk to the investor, we'd also expect greater returns from

stocks with betas over 1. The reverse is true of a stock's beta is less than 1 - we'd expect less

volatility, lower risk, and therefore lower overall returns.

The Calculation of Beta is as below

NSE Bhartiartl

Sl

no Date Close returns (X)

Close

Price Returns (Y) X2 XY

1 1-Apr-09 3060.35 614.85

2 2-Apr-09 3211.05 4.924273367 638.7 3.878994877 24.2484682 19.10123116

3 6-Apr-09 3256.6 1.418539107 659.75 3.295757006 2.012253199 4.675160201

4 8-Apr-09 3342.95 2.651538414 662.3 0.386510042 7.030655962 1.024846223

5 9-Apr-09 3342.05 -0.026922329 666.05 0.566208667 0.000724812

-

0.015243656

6 13-Apr-09 3382.6 1.21332715 663.3 -0.412881916 1.472162772

-

0.500960838

7 15-Apr-09 3484.15 3.00212854 685.05 3.279059249 9.012775772 9.844157357

8 16-Apr-09 3369.5 -3.290616076 667.8 -2.518064375 10.82815416 8.285983111

9 17-Apr-09 3384.4 0.442202107 680.55 1.909254268 0.195542704 0.84427626

10 20-Apr-09 3377.1 -0.215695544 688.2 1.124090809 0.046524568

-

0.242461379

11 21-Apr-09 3365.3 -0.349412218 719.5 4.548096484 0.122088898

-

1.589160478

12 22-Apr-09 3330.3 -1.040026149 712.6 -0.958999305 1.081654391 0.997384354

13 23-Apr-09 3423.7 2.804552142 707.9 -0.659556553 7.86551272

-

1.849760745

14 24-Apr-09 3480.75 1.666325905 749.75 5.911851956 2.776642021 9.85107206



15 27-Apr-09 3470 -0.308841485 743.65 -0.813604535 0.095383063 0.251274833

16 28-Apr-09 3362.35 -3.102305476 724.35 -2.595306932 9.624299263 8.051434906

17 29-Apr-09 3473.95 3.319107172 752.75 3.92075654 11.01647242 13.01341115

18 4-May-09 3654 5.182861008 759.25 0.863500498 26.86204823 4.475403063

19 5-May-09 3661.9 0.216201423 750.75 -1.119525848 0.046743055

-

0.242043082

20 6-May-09 3625.05 -1.006308201 757.5 0.899100899 1.012656195

-

0.904772608

21 7-May-09 3683.9 1.623425884 782.55 3.306930693 2.6355116 5.368556883

22 8-May-09 3620.7 -1.71557317 768.35 -1.814580538 2.943191301 3.113045685

23 11-May-09 3554.6 -1.825613832 748.65 -2.563935706 3.332865862 4.680756489

24 12-May-09 3681.1 3.558768919 793.8 6.03085554 12.66483622 21.46242125

25 13-May-09 3635.25 -1.245551601 795.75 0.245653817 1.551398792

-

0.305974505

26 14-May-09 3593.45 -1.149852142 764.65 -3.908262645 1.322159949 4.493924175

27 15-May-09 3671.65 2.176181664 799.85 4.603413326 4.735766634 10.01786367

28 18-May-09 4323.15 17.74406602 1003.2 25.42351691 314.8518789 451.1165625

29 19-May-09 4318.45 -0.108717023 915.1 -8.781897927 0.011819391 0.954741803

30 20-May-09 4270.3 -1.114983385 859.65 -6.059447055 1.243187949 6.75618279

31 21-May-09 4210.9 -1.391002974 852.45 -0.837550166 1.934889274 1.165034771

32 22-May-09 4238.5 0.65544183 859.6 0.838758871 0.429603992 0.549757649

33 25-May-09 4237.55 -0.02241359 810.35 -5.729409027 0.000502369 0.128416623

34 26-May-09 4116.7 -2.851883754 771.2 -4.831245758 8.133240944 13.77815129

35 27-May-09 4276.05 3.87081886 768.8 -0.31120332 14.98323865

-

1.204611678

36 28-May-09 4337.1 1.427719507 795.9 3.524973985 2.038382992 5.032674122

37 29-May-09 4448.95 2.578912176 820.9 3.141098128 6.650788013 8.100616209

38 1-Jun-09 4529.9 1.819530451 804.8 -1.961262029 3.310691062

-

3.568575985

39 2-Jun-09 4525.25 -0.102651273 800.4 -0.546719682 0.010537284 0.056121471

40 3-Jun-09 4530.7 0.120435335 798.45 -0.243628186 0.01450467

-

0.029341442

41 4-Jun-09 4572.65 0.925905489 816.4 2.248105705 0.857300975 2.081533412

42 5-Jun-09 4586.9 0.311635485 826.75 1.267760902 0.097116675 0.395079283

43 8-Jun-09 4429.9 -3.422790992 813.85 -1.56032658 11.71549817 5.340671762

44 9-Jun-09 4550.95 2.732567327 812.45 -0.172021871 7.466924194

-

0.470061345

45 10-Jun-09 4655.25 2.291829179 834.6 2.72632162 5.252480984 6.248263438

46 11-Jun-09 4637.7 -0.376993717 854.4 2.372393961 0.142124262

-

0.894377617

47 12-Jun-09 4583.4 -1.170838993 828.15 -3.072331461 1.370863949 3.597205475

48 15-Jun-09 4484 -2.168695728 819.45 -1.050534323 4.703241161 2.2782893

49 16-Jun-09 4517.8 0.753791258 809.5 -1.214229056 0.56820126

-

0.915275247

50 17-Jun-09 4356.15 -3.578068972 802.95 -0.809141445 12.80257757 2.895163899



51 18-Jun-09 4251.4 -2.404646305 804.85 0.236627436 5.78232385 -0.56900529

52 19-Jun-09 4313.6 1.463047467 807.2 0.291979872 2.14050789 0.427180412

53 22-Jun-09 4235.25 -1.816348294 790.7 -2.044103072 3.299121124 3.712803128

54 23-Jun-09 4247 0.277433445 786.4 -0.54382193 0.076969317

-

0.150874392

55 24-Jun-09 4292.95 1.081940193 798.3 1.513224822 1.170594581 1.637218756

56 25-Jun-09 4241.85 -1.19032367 800 0.212952524 1.41687044 -0.25348243

57 26-Jun-09 4375.5 3.150747905 810.1 1.2625 9.92721236 3.97781923

58 29-Jun-09 4390.95 0.353102503 807.25 -0.351808419 0.124681377

-

0.124224433

59 30-Jun-09 4291.1 -2.273995377 802.15 -0.631774543 5.171054974 1.43665239

60 1-Jul-09 4340.9 1.160541586 824.25 2.75509568 1.346856773 3.197403111

61 2-Jul-09 4348.85 0.183141745 803.1 -2.565969063 0.033540899

-

0.469936051

62 3-Jul-09 4424.25 1.733791692 819.05 1.986054041 3.006033631 3.443403996

63 6-Jul-09 4165.7 -5.843928349 782.95 -4.407545327 34.15149855 25.75737909

64 7-Jul-09 4202.15 0.875003001 812.35 3.755029057 0.765630251 3.285661692

65 8-Jul-09 4078.9 -2.933022381 792.55 -2.437373053 8.60262029 7.148869718

66 9-Jul-09 4080.95 0.050258648 795.7 0.397451265 0.002525932 0.019975363

67 10-Jul-09 4003.9 -1.888040775 777.65 -2.26844288 3.564697967 4.282912654

68 13-Jul-09 3974.05 -0.745523115 766.35 -1.453095866 0.555804715 1.083316556

69 14-Jul-09 4111.4 3.456171915 773.3 0.906896327 11.94512431 3.134389615

70 15-Jul-09 4233.5 2.969791312 780.3 0.905211432 8.819660437 2.688289045

71 16-Jul-09 4231.4 -0.049604346 784.85 0.583109061 0.002460591

-

0.028924744

72 17-Jul-09 4374.95 3.39249421 826.25 5.274893292 11.50901696 17.89504495

73 20-Jul-09 4502.25 2.90974754 849.05 2.759455371 8.466630746 8.029318476

74 21-Jul-09 4469.1 -0.736298517 837.9 -1.313232436 0.542135507 0.966931096

75 22-Jul-09 4398.9 -1.570786064 823 -1.778255162 2.46736886 2.793258427

76 23-Jul-09 4523.75 2.838209552 814.1 -1.081409478 8.055433463

-

3.069266709

77 24-Jul-09 4568.55 0.99032882 415.95 -48.90676821 0.980751172

-

48.43378206

78 27-Jul-09 4572.3 0.082082937 423.5 1.81512201 0.006737608 0.148990545

79 28-Jul-09 4564.1 -0.179340813 429.55 1.428571429 0.032163127

-

0.256201162

80 29-Jul-09 4513.5 -1.108652308 424.7 -1.129088581 1.229109941 1.251766662

81 30-Jul-09 4571.45 1.283926 424 -0.164822227 1.648465973

-

0.211619543

82 31-Jul-09 4636.45 1.421868335 410.1 -3.278301887 2.021709562

-

4.661313645

83 3-Aug-09 4711.4 1.616538515 410.45 0.085345038 2.613196772 0.137963541

84 4-Aug-09 4680.5 -0.655856009 400.8 -2.351078085 0.430147104 1.541968689

85 5-Aug-09 4694.15 0.291635509 401.45 0.162175649 0.08505127 0.047296178

86 6-Aug-09 4585.5 -2.314583045 399.3 -0.5355586 5.357294672 1.239594855



87 7-Aug-09 4481.4 -2.270199542 383.9 -3.856749311 5.153805961 8.75559052

88 10-Aug-09 4437.65 -0.97625742 373 -2.839281063 0.953078549 2.771869204

89 11-Aug-09 4471.35 0.759410949 382.45 2.533512064 0.57670499 1.923976802

90 12-Aug-09 4457.5 -0.309749852 405.5 6.026931625 0.095944971

-

1.866841178

91 13-Aug-09 4605 3.309029725 413.1 1.874229346 10.94967772 6.201880619

92 14-Aug-09 4580.05 -0.541802389 408.75 -1.053013798 0.293549828 0.570525391

93 17-Aug-09 4387.9 -4.195369046 398.75 -2.44648318 17.60112143 10.26389981

94 18-Aug-09 4458.9 1.6180861 411.05 3.084639498 2.618202628 4.991212297

95 19-Aug-09 4394.1 -1.453273229 405.45 -1.362364676 2.112003078 1.979888111

96 20-Aug-09 4453.45 1.350674768 400.05 -1.331853496 1.82432233

-

1.798900912

97 21-Aug-09 4528.8 1.691946693 411.7 2.912135983 2.862683612 4.927178846

98 24-Aug-09 4642.8 2.517223105 414.3 0.631527812 6.336412163 1.589696399

99 25-Aug-09 4659.35 0.356465926 408.05 -1.50856867 0.127067956

-

0.537753328

100 26-Aug-09 4680.85 0.461437754 405.4 -0.649430217 0.212924801

-

0.299671621

101 27-Aug-09 4688.2 0.157022763 416.5 2.738036507 0.024656148 0.429934057

102 28-Aug-09 4732.35 0.941726036 435.2 4.489795918 0.886847926 4.228157711

103 31-Aug-09 4662.1 -1.484463322 424.6 -2.435661765 2.203631353 3.615650554

104 1-Sep-09 4625.35 -0.78827138 422.25 -0.553462082 0.621371768 0.436278319

105 2-Sep-09 4608.35 -0.367539754 412.6 -2.285375962 0.135085471 0.839966518

106 3-Sep-09 4593.55 -0.321156162 404.95 -1.854095977 0.103141281 0.595454348

107 4-Sep-09 4680.4 1.890694561 405 0.012347203 3.574725922 0.02334479

108 7-Sep-09 4782.9 2.189983762 420.6 3.851851852 4.796028878 8.435493009

109 8-Sep-09 4805.25 0.46728972 424 0.808368997 0.218359682 0.377742522

110 9-Sep-09 4814.25 0.187295146 409.35 -3.455188679 0.035079472

-

0.647140068

111 10-Sep-09 4819.4 0.106974087 416.5 1.746671552 0.011443455 0.186848595

112 11-Sep-09 4829.55 0.21060713 421.2 1.128451381 0.044355363 0.237659906

113 14-Sep-09 4808.6 -0.433787827 419.3 -0.451092118 0.188171879 0.19567827

114 15-Sep-09 4892.1 1.736472154 415.6 -0.882423086 3.015335542

-

1.532303117

115 16-Sep-09 4958.4 1.355246213 419.9 1.034648701 1.836692299 1.402203734

116 17-Sep-09 4965.55 0.144199742 432.8 3.072160038 0.020793566 0.443004684

117 18-Sep-09 4976.05 0.211456938 442.95 2.345194085 0.044714037 0.495907561

118 22-Sep-09 5020.2 0.887249927 428.55 -3.250931256 0.787212433 -2.88438852

119 23-Sep-09 4969.95 -1.000956137 413.5 -3.511842259 1.001913189 3.515200062

120 24-Sep-09 4986.55 0.334007384 419.3 1.402660218 0.111560933 0.46849887

121 25-Sep-09 4958.95 -0.553488885 414.55 -1.132840448 0.306349946 0.627014597

122 29-Sep-09 5006.85 0.965930288 419.1 1.097575684 0.933021321 1.060181597

123 30-Sep-09 5083.95 1.53989035 418.75 -0.083512288 2.371262291

-

0.128599767



124 1-Oct-09 5083.4 -0.01081836 435.1 3.904477612 0.000117037

-

0.042240043

125 5-Oct-09 5003.2 -1.577684227 400.25 -8.009652953 2.48908752 12.63670313

126 6-Oct-09 5027.4 0.483690438 359.35 -10.21861337 0.23395644

-

4.942645576

127 7-Oct-09 4985.75 -0.828460039 358.75 -0.166968137 0.686346036 0.138326429

128 8-Oct-09 5002.25 0.330943188 333.95 -6.912891986 0.109523394

-

2.287774513

129 9-Oct-09 4945.2 -1.140486781 343.3 2.799820332 1.300710098

-

3.193158078

130 12-Oct-09 5054.25 2.205168648 351.25 2.315758812 4.862768768 5.106638728

131 14-Oct-09 5118.2 1.265271801 340.15 -3.160142349 1.60091273

-

3.998439001

132 15-Oct-09 5108.85 -0.182681411 325.1 -4.424518595 0.033372498 0.808277302

133 16-Oct-09 5142.15 0.651810094 326.2 0.338357428 0.424856399 0.220544787

134 17-Oct-09 5141.8 -0.006806491 332.85 2.038626609 4.63283E-05

-

0.013875895

135 20-Oct-09 5114.45 -0.531914894 328.65 -1.261829653 0.282933454 0.671185986

136 21-Oct-09 5063.6 -0.994241805 332.7 1.232314012 0.988516767

-

1.225218108

137 22-Oct-09 4988.6 -1.481159649 337.05 1.30748422 2.193833907

-

1.936592869

138 23-Oct-09 4997.05 0.169386201 331.05 -1.780151313 0.028691685

-

0.301533067

139 26-Oct-09 4970.9 -0.523308752 330.65 -0.12082767 0.27385205 0.063230177

140 27-Oct-09 4846.7 -2.498541512 306.95 -7.167699985 6.242709685 17.90879595

141 28-Oct-09 4826.15 -0.423999835 317.1 3.30672748 0.17977586

-

1.402051906

142 29-Oct-09 4750.55 -1.566466024 311.8 -1.671397036 2.453815803 2.618186668

143 30-Oct-09 4711.7 -0.817800044 292.85 -6.077613855 0.668796912 4.970272879

144 3-Nov-09 4563.9 -3.136872042 300.4 2.578111661 9.839966207

-

8.087206391

145 4-Nov-09 4710.8 3.21873836 305.6 1.7310253 10.36027663 5.571717533

146 5-Nov-09 4765.55 1.162222977 319.3 4.482984293 1.350762248 5.210227351

147 6-Nov-09 4796.15 0.642108466 320.05 0.234888819 0.412303282 0.150824099

148 9-Nov-09 4898.4 2.131918309 307.55 -3.905639744 4.545075678 -8.32650488

149

10-Nov-

09 4881.7 -0.34092765 293.4 -4.600877906 0.116231662 1.568566492

150

11-Nov-

09 5003.95 2.504250568 299.95 2.232447171 6.27127091 5.590607097

151

12-Nov-

09 4952.65 -1.0251901 298.95 -0.333388898 1.051014741 0.341786998

152

13-Nov-

09 4998.95 0.934853058 302.1 1.053687908 0.873950241 0.985043363

153

16-Nov-

09 5058.05 1.182248272 302.75 0.215160543 1.397710977 0.25437318

154

17-Nov-

09 5062.25 0.083035953 296.9 -1.932287366 0.006894969

-

0.160449322



155

18-Nov-

09 5054.7 -0.149143168 296 -0.303132368 0.022243684 0.045210122

156

19-Nov-

09 4989 -1.299780402 293.4 -0.878378378 1.689429094 1.141699002

157

20-Nov-

09 5052.45 1.271797956 288.75 -1.584867076 1.61747004

-

2.015630707

158

23-Nov-

09 5103.55 1.011390514 275.25 -4.675324675 1.022910771

-

4.728579024

159

24-Nov-

09 5090.55 -0.254724652 282.5 2.633969119 0.064884649

-

0.670936868

160

25-Nov-

09 5108.15 0.345738673 281.75 -0.265486726 0.11953523

-

0.091789028

161

26-Nov-

09 5005.55 -2.008554956 280.45 -0.461401952 4.034293012 0.926751178

162

27-Nov-

09 4941.75 -1.27458521 283.65 1.141023355 1.624567459

-

1.454331493

163

30-Nov-

09 5032.7 1.840441139 299.55 5.605499736 3.387223587 10.31659232

164 1-Dec-09 5122 1.774395454 304.55 1.669170422 3.148479226 2.961768409

165 2-Dec-09 5123.25 0.024404529 304.75 0.065670662 0.000595581 0.001602662

166 3-Dec-09 5131.7 0.164934368 306.8 0.672682527 0.027203346 0.110948467

167 4-Dec-09 5108.9 -0.444297211 310.1 1.075619296 0.197400012

-

0.477894654

168 7-Dec-09 5066.7 -0.826009513 316.4 2.031602709 0.682291715

-

1.678123164

169 8-Dec-09 5147.95 1.603607871 328.55 3.840075853 2.571558204 6.157975864

170 9-Dec-09 5112 -0.698336231 331.2 0.806574342 0.487673491

-

0.563260086

171 10-Dec-09 5134.65 0.443075117 342.4 3.381642512 0.19631556 1.498321653

172 11-Dec-09 5117.3 -0.337900344 331.55 -3.168808411 0.114176642 1.070741451

173 14-Dec-09 5105.7 -0.226682039 319.55 -3.619363595 0.051384747 0.820444721

174 15-Dec-09 5033.05 -1.422919482 316.85 -0.844938194 2.024699853 1.202279018

175 16-Dec-09 5042.05 0.178818013 325.5 2.729998422 0.031975882 0.488172893

176 17-Dec-09 5041.75 -0.005949961 324.3 -0.368663594 3.5402E-05 0.002193534

177 18-Dec-09 4987.7 -1.072048396 317.85 -1.988899167 1.149287763 2.132196162

178 21-Dec-09 4952.6 -0.703731179 310.1 -2.438257039 0.495237572 1.7158775

179 22-Dec-09 4985.85 0.671364536 321.95 3.821347952 0.45073034 2.565517494

180 23-Dec-09 5144.6 3.18401075 326.25 1.33561112 10.13792446 4.252600164

181 24-Dec-09 5178.4 0.656999572 321.15 -1.563218391 0.431648438

-

1.027033814

182 29-Dec-09 5187.95 0.184419898 325.95 1.494628678 0.034010699 0.275639268

183 30-Dec-09 5169.45 -0.356595572 325.7 -0.07669888 0.127160402 0.027350481

184 31-Dec-09 5201.05 0.611283599 329.75 1.243475591 0.373667638 0.760116234

185 4-Jan-10 5232.2 0.598917526 325.2 -1.379833207 0.358702203

-

0.826406291

186 5-Jan-10 5277.9 0.87343756 330.35 1.583640836 0.762893171 1.383211388

187 6-Jan-10 5281.8 0.073893026 326.85 -1.059482367 0.005460179 -



0.078288358

188 7-Jan-10 5263.1 -0.354045969 329.4 0.780174392 0.125348548

-

0.276217599

189 8-Jan-10 5244.75 -0.348653835 325.05 -1.320582878 0.121559497 0.460426285

190 11-Jan-10 5249.4 0.088660089 328.95 1.199815413 0.007860611 0.106375741

191 12-Jan-10 5210.4 -0.742942051 322.25 -2.036783706 0.55196289 1.513212263

192 13-Jan-10 5233.95 0.451980654 318.4 -1.194724593 0.204286512

-

0.539992403

193 14-Jan-10 5259.9 0.49580145 318.05 -0.109924623 0.245819078

-

0.054500788

194 15-Jan-10 5252.2 -0.146390616 317.4 -0.204370382 0.021430212 0.029917906

195 18-Jan-10 5274.85 0.431247858 320.7 1.039697543 0.185974715 0.448367338

196 19-Jan-10 5225.65 -0.932727945 320.55 -0.046772685 0.869981419 0.04362619

197 20-Jan-10 5221.7 -0.075588683 331.5 3.416003744 0.005713649

-

0.258211223

198 21-Jan-10 5094.15 -2.442691078 322.4 -2.745098039 5.966739701 6.705426488

199 22-Jan-10 5036 -1.141505452 322.15 -0.077543424 1.303034698 0.088516242

200 25-Jan-10 5007.9 -0.557982526 330.9 2.716126028 0.311344499

-

1.515550862

201 27-Jan-10 4853.1 -3.091116037 322.9 -2.417648837 9.554998352 7.47323309

202 28-Jan-10 4867.25 0.291566215 313.65 -2.864663983 0.085010858

-

0.835239236

203 29-Jan-10 4882.05 0.304073142 306.4 -2.311493703 0.092460476

-

0.702863153

204 1-Feb-10 4899.7 0.361528456 311.2 1.566579634 0.130702825 0.566363117

205 2-Feb-10 4830.1 -1.420495132 307.65 -1.140745501 2.017806421 1.620423432

206 3-Feb-10 4931.85 2.106581644 309 0.438810336 4.437686224 0.9243898

207 4-Feb-10 4845.35 -1.753905735 304.1 -1.585760518 3.076185328 2.781274467

208 5-Feb-10 4718.65 -2.614878182 300.05 -1.33179875 6.837587908 3.482491495

209 6-Feb-10 4757.25 0.818030581 300.4 0.116647225 0.669174031 0.095420998

210 8-Feb-10 4760.4 0.066214725 308.35 2.646471372 0.00438439 0.175235374

211 9-Feb-10 4792.65 0.677464079 313.15 1.556672612 0.458957578 1.054589777

212 10-Feb-10 4757.2 -0.739674293 315.3 0.68657193 0.54711806

-

0.507839607

213 11-Feb-10 4826.85 1.464096527 314.5 -0.25372661 2.143578641

-

0.371480248

214 15-Feb-10 4801.95 -0.515864384 285.6 -9.189189189 0.266116062 4.740375417

215 16-Feb-10 4855.75 1.12037818 271.6 -4.901960784 1.255247266 -5.4920499

216 17-Feb-10 4914 1.199608711 279.15 2.77982327 1.43906106 3.33470021

217 18-Feb-10 4887.75 -0.534188034 281.9 0.985133441 0.285356856

-

0.526246496

218 19-Feb-10 4844.9 -0.8766815 278.8 -1.099680738 0.768570452 0.964069758

219 22-Feb-10 4856.4 0.237363 276.9 -0.681492109 0.056341194

-

0.161761012

220 23-Feb-10 4870.05 0.281072399 280.1 1.15565186 0.079001694 0.324821841

221 24-Feb-10 4858.6 -0.235110522 275.95 -1.481613709 0.055276958 0.348342973



222 25-Feb-10 4859.75 0.02366937 276.25 0.108715347 0.000560239 0.002573224

223 26-Feb-10 4922.3 1.287103246 279.35 1.122171946 1.656634766 1.444351154

51.90314369 -49.49454604 910.0283693 812.874292

Calculation

Formula

β = n∑xy - (∑x) (∑y)

n[X2

- (∑X2)]

Where

∑X = 51.90314369

∑Y

= -49.49454604

∑XY

= 812.874292

∑X2

= 910.0283693

n

= 222

Solve

β

= 0.918200205

Conclusion

The Beta (β) value of Bharti Airtel Limited is 0.9182, this means the share price of Bharti

Airtel Limited is less volatile with comparison to market, If there is 1% change in market index

causes approximately 0.9182% change in the stock price.

Documents

Airtel Financial Management