INTRODUCTION

The Dividend Decision is a decision made by the directors of a company. It relates to the amount and timing of any cash payments made to the company's stockholders. The decision is an important one for the firm as it may influence its capital structure and stock price. In addition, the decision may determine the amount of taxation that stockholders pay.

Dividend decision is the very important financial decision the main issue involved in dividend decision making is whether the profit should be used by the owners or be retained and reinvested in the business itself. Such decision is some what more complex in the case of earnings rests with board of directors, who recommended a particular dividend rate to the shareholder for their formal approval in the annual general meeting of the company it is to be remembered that the decision regarding the distributions of the earning to the shareholders is a significant one. The decision regarding the may amount higher income, lower income or no income at all to the shareholder. Dividend payment may affect the mood behavior and responses of prospective investor stock exchanges, financial institution etc. as well as influencing the mood of present shareholder.

The second aspect of the financing decision is the determination of an appropriate capital structure, given the facts of a particular case. Thus, the financing decision covers two inter related aspects namely capital structure theory and capital structure decision. And in what proportion should funds be raised to maximize the return to the share holders? The third major decision of financial management is the decision relating to the dividend policy. The dividend should be analyzed in relation to the financing decision of a firm.

Two alternatives are available in dealing with the profits of a firm; they can be distributed to the share holders in the form of dividends or they can be retained in the business itself. The decision as to which course should be followed depends largely on a significant element in the dividend decision, the dividend pay out ratio, that is, what proportion of net profits should be paid out to the share holders. The final decision will depend upon the preference of the share holders and investment opportunities available within the firm. The second major aspect of the dividend decision is the factors determining dividend policy of a firm in practice. To conclude, the traditional approach had a very narrow perception.

Nature of Dividend Decision:-

The dividend decision of the firm is crucial for the finance manager because it determines: 1. the amount of profit to be distributed among the shareholders, and 2. the amount of profit to be retained in the firm. There is a reciprocal relationship between cash dividends and retained earnings.While taking the dividend decision the management take into account the effect of the decision on the maximization of shareholders' wealth.Maximizing the market value of shares is the objective. Dividend pays out or retention is guided by this objective.

FACTORS AFFECTING DIVIDEND POLICY:-

External factor Internal factor

External Factors Affecting Dividend Policy:-

General State of Economy: State of Capital Market

Legal Restrictions

Contractual Restrictions:

General State of Economy:-

In case of uncertain economic and business conditions, the management may like to retain whole or large part of earnings to build up reserves to absorb future shocks.

In the period of depression the management may also retain a large part of its earnings to preserve the firm's liquidity position.

In periods of prosperity the management may not be liberal in dividend payments because of availability of larger profitable investment opportunities.

In periods of inflation, the management may retain large portion of earnings to finance replacement of obsolete machines

State of Capital Market:-

Favorable Market: liberal dividend policy. Unfavorable market: Conservative dividend policy.

Internal Factors affecting dividend decisions:-

Desire of the Shareholders: Financial Needs of the Company Nature of earnings Desire to retain the control of management: Liquidity position:

Desire of the Shareholders:-Though the directors decide the rate of dividend, it is always at the interest of theshareholders.Shareholders expected two types of returns.[I] Capital Gains: i.e., an increase in the market value of shares. [ii] Dividends: regular return on their investment.Cautious investors look for dividends because,[I] It reduces uncertainty (capital gains are uncertain).[ii] Indication of financial strength of the company.[iii] Need for income: Some invest in shares so as to get regular income to meet their living expenses

Company profile:-

Hindustan Unilever Limited (HUL) (BSE: 500696) is India's largest consumer goods company based in Mumbai, Maharashtra. It is owned by the British-Dutch company Unilever which controls 52% majority stake in HUL. Its products include foods, beverages, cleaning agents and personal care products.

HUL was formed in 1933 as Lever Brothers India Limited and came into being in 1956 as Hindustan Lever Limited through a merger of Lever Brothers, Hindustan Vanaspati Mfg. Co. Ltd. and United Traders Ltd. It is headquartered in Mumbai, India and has employee strength of over 16,500 employees and contributes to indirect employment of over 65,000 people. The company was renamed in June 2007 as “Hindustan Unilever Limited”.

Lever Brothers started its actual operations in India in the summer of 1888, when crates full of Sunlight soap bars, embossed with the words "Made in England by Lever Brothers" were shipped to the Kolkata harbour and it began an era of marketing branded Fast Moving Consumer Goods (FMCG).

Hindustan Unilever's distribution covers over 2 million retail outlets across India directly and its products are available in over 6.4 million outlets in the country. As per Nielsen market research data, two out of three Indians use HUL products.

HUL BRANDS : -

FOOD BRANDS:-

Annapurna salt and atta Bru coffee Brooke Bond (3 Roses, Taj Mahal, Taaza, Red Label) tea Kissan squashes, ketchups, juices and jams Lipton tea

Homecare Brands:-

Active Wheel detergent CIF Cream Cleaner Comfort fabric softeners Domex disinfectant/toilet cleaner Rin detergents and bleach

Personal Care Brands:- Axe deodorant and after shaving lotion Close Up toothpaste Dove bar & skin cleansing, Denim shaving products Fair & Lovely – fairness products Hamam Lakmé beauty products and salons

Company profile of ITC(India Tobacco Company)

ITC is an Indian public conglomerate company headquartered in Kolkata, West Bengal, India. Its diversified business includes four segments: Fast Moving Consumer Goods (FMCG), Hotels, Paperboards, Paper & Packaging and Agri Business. ITC's annual turnover stood at $7 billion and market capitalization of over $33 billion. The company has its registered office in Kolkata. It started off as the Imperial Tobacco Company, and shares ancestry with Imperial Tobacco of the United Kingdom, but it is now fully independent, and was rechristened to India Tobacco Company in 1970 and then to I.T.C. Limited in 1974.

ITC was incorporated on August 24, 1910 under the name Imperial Tobacco Company of India Limited. As the Company's ownership progressively Indianised, the name of the Company was changed from Imperial Tobacco Company of India Limited to India Tobacco Company Limited in 1970 and then to I.T.C. Limited in 1974. In recognition of the Company's multi-business portfolio encompassing a wide range of businesses - Cigarettes & Tobacco, Hotels, Information Technology, Packaging, Paperboards & Specialty Papers, Agri-business, Foods, Lifestyle Retailing, Education & Stationery and Personal Care - the full stops in the Company's name were removed effective September 18, 2001. The Company now stands rechristened 'ITC Limited'.

ITC Product Brands:-

Cigarettes:-

Gold flack kings Classic Menthol Menthol Rush Regular Citric Twist Mild & Ultra Mild) 555 Benson & Hedges Silk Cut Scissors Capstan Berkeley Bristol

Foods:-

Minto Sunfeast Candyman Bingo Yippee Biscuits Noodles and Snack Foods

Personal care:-

Fiama di Wills Vivel Essenza di Wills Superia Vivel di Wills

Stationary:-

1.Classmate:-

Notebooks Pens

Pencils

Mechanical Pencils

Math Instruments

Conceptual overview of dividend decision policy:-

Dividend decision refers to the policy that the management formulates in regard to earnings for distribution as dividends among shareholders. Dividend decision determines the division of earnings between payments to shareholders and retained earnings.

The Dividend Decision, in corporate finance, is a decision made by the directors of a company about the amount and timing of any cash payments made to the company's stockholders. The Dividend Decision is an important part of the present day corporate world.The Dividend decision is an important one for the firm as it may influence its capital structure and stock price. In addition, the Dividend decision may determine the amount of taxation that stockholders pay.

Forms of Dividend:-

Scrip Dividend:- An unusual type of dividend involving the distribution of promissory notes that calls for some type of payment at a future date.

Bond Dividend:-A type of liability dividend paid in the dividend payer's bonds.

Property Dividend:- A stockholder dividend paid in a form other than cash, scrip, or the firm's own stock.

Cash Dividend:- A dividend paid in cash to a company's shareholders , normally out of the its current earnings or accumulated profits

Optional Dividend- Dividend which the shareholder can choose to take as either cash or stock.

Factors influencing the dividend decision

Liquidity of funds Stability of earnings Financing policy of the firm Dividend policy of competitive firms Past dividend rates Debt obligation Ability to borrow Growth needs of the company Profit rates Legal requirements Policy of control Corporate taxation policy Tax position of shareholders Effect of trade policy Attitude of the investor group

Significance of dividend decision:-

The firm has to balance between the growth of the company and the distribution to the shareholders

It has a critical influence on the value of the firm It has to also to strike a balance between the long term

financing decision( company distributing dividend in the absence of any investment opportunity) and the wealth maximization

The market price gets affected if dividends paid are less. Retained earnings helps the firm to concentrate on the

growth, expansion and modernization of the firm

To sum up, it to a large extent affects the financial structure, flow of funds, corporate liquidity, stock prices, and growth of the company and investor's satisfaction.

Dimensions of Dividend Policy:-

The dimensions of dividend policy could be explained as important factors for formulating a dividend policy. These dimensions are more like questions the firms ask themselves when they make the important dividend decision

Questions of Dividend Policy:-

The questions that are normally asked by companies when they make their dividend decisions are regarding the stability of the dividends and the mean payout ratio.

Though both these questions are crucial in the context of making dividend policies they are basically different from each other.

Measures of Dividend Policy:-

* Dividend Payout: measures the percentage of earnings that the company pays in dividends

= Dividends / Earnings

* Dividend Yield: measures the return that an investor can make from dividends alone

= Dividends / Stock Price

DIVIDEND DECISION POLICY OF MODEL:-

Walter’s model Gordon’s model Modigliani and Miller Hypothesis Informational contents Market imperfection

WALTER’S MODEL:-

James E. Walter's model shows the relevance of dividend policy and its bearing on the value of the share

Assumptions Valuation Optimum Payout Ratio Criticism

ASSUMPTION:-

1. Retained earnings are the only source of financing investments in the firm, there is no external finance involved.

2. The cost of capital, k e and the rate of return on investment, r are constant i.e. even if new investments decisions are taken, the risks of the business remains same.

3. The firm's life is endless i.e. there is no closing down.

Basically, the firm's decision to give or not give out dividends depends on whether it has enough opportunities to invest the retain

earnings i.e. a strong relationship between investment and dividend decisions is considered.

Walter has given a mathematical model for the above made statements:

Where,

P = Market price of the share D = Dividend per share r = Rate of return on the firm's investments ke = Cost of equity E = Earnings per share

TYPE OF ASSUMPTION:-

Internal Financing Constant Return and Cost of Capital 100% Payout or Retention Constant EPS and DIV Infinite Time

VALUATION:-

Market price per share is the sum of the present value of the infinite stream of constant dividends and present value of the infinite stream of capital gains.

OPTIMUM PAUOUT RATIO:-

Growth Firms - retain all earnings Normal Firms - distribute all earnings Declining Firms - No effect

MEAN PAYOUT RATIO:-

The factor of mean payout ratio is an important dimensions of any dividend policy

The dividend payout ratios provided by various business entities are influenced by the following factors:

Taxability Necessity of Funds Difference in value of earnings that have been maintained

and expenses of external equity Ability to receive financing from sources that are external Questions of Control Choice of the shareholders

Gordon’s model:-

Myron J. Gordon has also supported dividend relevance and believes in regular dividends affecting the share price of the firm

Assumptions Valuation Optimum Payout Ratio criticism

ASSUMPTION:-

Gordon's assumptions are similar to the ones given by Walter. However, there are two additional assumptions proposed by him:

1. The product of retention ratio b and the rate of return r gives us the growth rate of the firm g.

2. The cost of capital ke, is not only constant but greater than the growth rate i.e. ke>g.

The market price of the share is calculated as follows:

Where,

P = Market price of the share E = Earnings per share b = Retention ratio (1 - payout ratio) r = Rate of return on the firm's investments ke = Cost of equity br = Growth rate of the firm (g)

Therefore the model shows a relationship between the payout ratio, rate of return, cost of capital and the market price of the share.

Types of assumption:-

All Equity Firm No External Financing Constant Return and Cost of Capital Perpetual Earnings No Taxes Constant Retention Cost of Capital greater than Growth Rate

VALUATION:-

Market value of a share is equal to the present value of an infinite stream of dividends to be received by shareholders

P = EPS (1-b)/(1-br)

OPTIMUM PAYOUT RATIO:-

Growth Firms -Retain all earnings Normal Firms -Distribute all earnings Declining Firms -No effect

MODIGLIANI AND MILLER HYPOTHESIS:-

According to M-M, under a perfect market Situation, the dividend policy of a firm is Irrelevant as it does not affect the value of the Firm. They argue that the value of the firm depends on firm earnings which results from its Investment policy. Thus when investment Decision of the firm is given, dividend decision is of no significance

ASSUMPTIONS:-

The MM approach has taken into consideration the following assumptions:

1. There is a rational behavior by the investors and there exists perfect capital markets.

2. Investors have free information available for them.3. No time lag and transaction costs exist.4. Securities can be split into any parts i.e. they are divisible5. No taxes and floatation costs.6. The investment decisions are taken firmly and the profits are

therefore known with certainty. The dividend policy does not affect these decisions.

.

Research Methodology:-

Panel data approach is used to measure the relationship between the dividend policy and Stock Prices.

The result of the study is based on the fixed-effect model as it provides statistically better results than

Pooled OLS and random-effect model when characteristics of sample differ. All the companies differ

in their size, assets, no. of shareholders, management, leverage etc. that’s why random effect model is

Used. The basic test is to regress dependent variable (market price of shares) against the two important

variables Dividend Yield and Retention Ratio after including the control variables Profit after Tax,

Earnings per Shares and Return on Equity are included to see their effect on Stock Prices. This

Provided a crude test for measuring the relationship between Stock Prices and dividends.

The following regression line is used for this purpose: MPi = α0+α1RRi+α2DYi+α3 PATi+α4 EPSi+α5ROEi+ €i Fixed-effect model is used to see the effect of dividends on

the Stock Prices. It is expected that all the Dividend Yield, Profit after Tax Earnings per Shares

and Return on Equity will be positively associated to Stock Prices while Retention Ratio will be

positively or negatively related to Stock Prices. This will depend on investors’ perception. If investors

consider that companies have profitable Investment opportunities inside than Retention Ratio will be

positively related to Stock Prices. If investors get better and profitable investment opportunities

outside than the company has provided, in That case Retention Ratio will be negatively related to Stock

Prices.

DATA COLLECTION:-

Data Collection is obtaining useful information? The issue is not: How do we collect data It is: How do we obtain useful data?Statistics is a tool for converting data into information.

But where then does data come from? How is it gathered? How do we ensure its accurate? Is the data reliable? Is it representative of the population from which it was drawn? This chapter explores some of these issues.For the purpose of analyzing the data is necessary to collect the vital information.The financial statistics of the respondent companies have been collected from theSecondary sources. The companies range from medium-sized firms (19.8% of the sampleFirms have sales less than or equal to Rs. 2 bn; 18.5% have assets less than or equal toRs. 2 bn; 37.2% have market capitalization less than or equal to Rs. 2 bn) to very largesized firms (37% have sales greater than Rs. 10 bn; and 22.2% have assets greater thanRs. 25 bn; and 20.5% have market capitalization greater than Rs. 25 bn).The median Return on Capital Employed (ROCE) is 12.8%. 41% of the respondentfirms have ROCE greater than 15%. The median EVA of respondent firms is negative and34.6% have positive EVA. The median debt to total value ratio of respondent firms is21.26% and 29.6% have less than or equal to 5%. 88% of the respondent firms are in thePrivate sector as against 12% in the public sector.

SECONDRY DATA:- Secondary data means data that are already available i.e. they refer the data which have already been collected and analyzed by someone else. when the researcher utilizes secondary data, then he hase to look into various sources from where he can obtain them, in this case he is certainly not confronted with the problem that are usually associated with the collection of original data. Secondary data may either be published data or unpublished data are available in:

Various publication of foreign government or of international bodies and their subsidiary organizational;

Technical and trade journals; Books, magazines and newspaper; Report and publication of various association connected with

business san industry, stock exchanges etc.; Report prepared by research scholars, universities,

economists etc.; Public record and statistics, historical document and other

resources of published information.The source of unpublished data is many; they may be found in diaries, letters, unpublished biographies and autobiographies and also may be available with scholars and research workers,.

Data collection of hul of 3 years:-

Date Close Price Date Close price Date Close price Date close price

30-Mar-12 410.05 8-Feb-12 388.55 20-Dec-11 396.7 25-Oct-11 341.05

29-Mar-12 408.35 7-Feb-12 382.15 19-Dec-11 396.2 24-Oct-11 336.9

28-Mar-12 412.5 6-Feb-12 387.05 16-Dec-11 392.8 21-Oct-11 326.1

27-Mar-12 416.05 3-Feb-12 401.4 15-Dec-11 395.2 20-Oct-11 330.45

26-Mar-12 403.35 2-Feb-12 390.7 14-Dec-11 384.45 19-Oct-11 331.45

23-Mar-12 403.1 1-Feb-12 384.75 13-Dec-11 386.05 18-Oct-11 329.45

22-Mar-12 395.85 31-Jan-12 378.95 12-Dec-11 383.3 17-Oct-11 333.9

21-Mar-12 403.2 30-Jan-12 382.35 9-Dec-11 385.7 14-Oct-11 331.45

20-Mar-12 395.4 27-Jan-12 389.95 8-Dec-11 392.95 13-Oct-11 326.75

19-Mar-12 393.85 25-Jan-12 393.55 7-Dec-11 396.75 12-Oct-11 329.35

16-Mar-12 390.2 24-Jan-12 393.1 5-Dec-11 395 11-Oct-11 325.8

15-Mar-12 388.1 23-Jan-12 395.65 2-Dec-11 394.9 10-Oct-11 331.15

14-Mar-12 381.55 20-Jan-12 391.15 1-Dec-11 390.6 7-Oct-11 329.35

13-Mar-12 381.8 19-Jan-12 391.4 30-Nov-11 397.15 5-Oct-11 321.9

12-Mar-12 380.55 18-Jan-12 392.25 29-Nov-11 388.2 4-Oct-11 326.25

9-Mar-12 382.25 17-Jan-12 397.6 28-Nov-11 381.9 3-Oct-11 334.15

7-Mar-12 385 16-Jan-12 386.35 25-Nov-11 375.8 30-Sep-11 340.6

6-Mar-12 380.2 13-Jan-12 391.65 24-Nov-11 385 29-Sep-11 343.8

5-Mar-12 382.55 12-Jan-12 394.05 23-Nov-11 383.65 28-Sep-11 334.75

3-Mar-12 381.35 11-Jan-12 392.5 22-Nov-11 384.9 27-Sep-11 338.8

2-Mar-12 382.85 10-Jan-12 395.45 21-Nov-11 390.2 26-Sep-11 328.9

1-Mar-12 380.35 9-Jan-12 393.45 18-Nov-11 389.85 23-Sep-11 331.15

29-Feb-12 380.2 7-Jan-12 395.65 17-Nov-11 390.7 22-Sep-11 331.9

28-Feb-12 381.25 6-Jan-12 396.8 16-Nov-11 391.9 21-Sep-11 338.75

27-Feb-12 380.05 5-Jan-12 393.35 15-Nov-11 391.35 20-Sep-11 343

24-Feb-12 385.9 4-Jan-12 395.45 14-Nov-11 399.55 19-Sep-11 337.85

23-Feb-12 388.2 3-Jan-12 407.95 11-Nov-11 395.65 16-Sep-11 339.35

22-Feb-12 378.5 2-Jan-12 402.4 9-Nov-11 392.9 15-Sep-11 349.25

21-Feb-12 381.95 30-Dec-11 407.4 8-Nov-11 380.7 14-Sep-11 352.6

17-Feb-12 385.1 29-Dec-11 414.3 4-Nov-11 379.65 13-Sep-11 341.35

16-Feb-12 384.05 28-Dec-11 411.65 3-Nov-11 382.25 12-Sep-11 346

15-Feb-12 388.5 27-Dec-11 416.75 2-Nov-11 390.05 9-Sep-11 333.15

14-Feb-12 391.85 26-Dec-11 419.2 1-Nov-11 388.1 8-Sep-11 324.75

13-Feb-12 391.75 23-Dec-11 411.7 31-Oct-11 375.8 7-Sep-11 320.5

10-Feb-12 387.4 22-Dec-11 408.4 28-Oct-11 351.05 6-Sep-11 320

9-Feb-12 393.35 21-Dec-11 401.5 26-Oct-11 343 5-Sep-11 319.85

Date Close price Date Close price Date Close price Date Close Price

5-Jan-11 325.7 3-Nov-10 296 2-Sep-10 269.9 5-Jul-10 266.15

4-Jan-11 320.9 2-Nov-10 294.6 1-Sep-10 266.55 2-Jul-10 268.4

3-Jan-11 313.15 1-Nov-10 294.55 31-Aug-10 264.5 1-Jul-10 272.5

31-Dec-10 312.9 29-Oct-10 294.7 30-Aug-10 263.65 30-Jun-10 267.55

30-Dec-10 309.3 28-Oct-10 291.3 27-Aug-10 263.95 29-Jun-10 262.65

29-Dec-10 304.7 27-Oct-10 293 26-Aug-10 265.65 28-Jun-10 266.75

28-Dec-10 294.4 26-Oct-10 298.25 25-Aug-10 268 25-Jun-10 266.25

27-Dec-10 296.25 25-Oct-10 306.3 24-Aug-10 269.65 24-Jun-10 270.9

24-Dec-10 295 22-Oct-10 301.25 23-Aug-10 268.85 23-Jun-10 266.2

23-Dec-10 291.1 21-Oct-10 306.45 20-Aug-10 268.9 22-Jun-10 261.75

22-Dec-10 293.5 20-Oct-10 293.4 19-Aug-10 274.05 21-Jun-10 258.75

21-Dec-10 293.75 19-Oct-10 297 18-Aug-10 269.25 18-Jun-10 257.75

20-Dec-10 295.15 18-Oct-10 296.95 17-Aug-10 265.65 17-Jun-10 253

16-Dec-10 294 15-Oct-10 298.6 16-Aug-10 269.9 16-Jun-10 255.9

15-Dec-10 298.75 14-Oct-10 299.15 13-Aug-10 265.8 15-Jun-10 260.15

14-Dec-10 298.25 13-Oct-10 303.35 12-Aug-10 266 14-Jun-10 255.45

13-Dec-10 301 12-Oct-10 291.8 11-Aug-10 261.25 11-Jun-10 252.75

10-Dec-10 296 11-Oct-10 294.85 10-Aug-10 260.2 10-Jun-10 252

9-Dec-10 289.1 8-Oct-10 295.8 9-Aug-10 256.05 9-Jun-10 249.55

8-Dec-10 296.4 7-Oct-10 296.35 6-Aug-10 255.05 8-Jun-10 251.4

7-Dec-10 295.75 6-Oct-10 301.15 5-Aug-10 255.3 7-Jun-10 251.05

6-Dec-10 300.3 5-Oct-10 304 4-Aug-10 256.65 4-Jun-10 251.7

3-Dec-10 299.25 4-Oct-10 308.55 3-Aug-10 253.35 3-Jun-10 247.05

2-Dec-10 296.95 1-Oct-10 309.7 2-Aug-10 253.45 2-Jun-10 237.75

1-Dec-10 297.6 30-Sep-10 309.05 30-Jul-10 251.45 1-Jun-10 233.8

30-Nov-10 298.25 29-Sep-10 306 29-Jul-10 256.5 31-May-10 237.2

29-Nov-10 297.8 28-Sep-10 306.2 28-Jul-10 252.35 28-May-10 236.35

26-Nov-10 293.1 27-Sep-10 308.85 27-Jul-10 260.4 27-May-10 233

25-Nov-10 297.2 24-Sep-10 314.95 26-Jul-10 261.95 26-May-10 231.55

24-Nov-10 299.8 23-Sep-10 303.3 23-Jul-10 261.95 25-May-10 230.55

23-Nov-10 300.3 22-Sep-10 298 22-Jul-10 262.3 24-May-10 231.7

22-Nov-10 299.65 21-Sep-10 294.95 21-Jul-10 261.75 21-May-10 230.7

19-Nov-10 299 20-Sep-10 293.2 20-Jul-10 262.65 20-May-10 236.95

18-Nov-10 299.55 17-Sep-10 281.8 19-Jul-10 264.6 19-May-10 233.35

16-Nov-10 298.45 16-Sep-10 278.1 16-Jul-10 266.15 18-May-10 240.05

15-Nov-10 303.7 15-Sep-10 278.05 15-Jul-10 263.35 17-May-10 240.05

12-Nov-10 301.8 14-Sep-10 278.15 14-Jul-10 257.6 14-May-10 233.9

11-Nov-10 309.2 13-Sep-10 279.15 13-Jul-10 259.8 13-May-10 238.2

10-Nov-10 314.75 9-Sep-10 279.05 12-Jul-10 262.15 12-May-10 238.5

9-Nov-10 319 8-Sep-10 274.25 9-Jul-10 262.4 11-May-10 236.85

8-Nov-10 306.65 7-Sep-10 270.65 8-Jul-10 266.45 10-May-10 236.95

5-Nov-10 302.85 6-Sep-10 271.65 7-Jul-10 267.6 7-May-10 234.6

4-Nov-10 299.2 3-Sep-10 272.9 6-Jul-10 267.35 6-May-10 232.15

date Close price Date Close price Date Close price Date Close price

5-May-10 228.75 22-Feb-10 246.15 10-Dec-09 273.05 30-Sep-09 262.6

4-May-10 232.35 19-Feb-10 241 9-Dec-09 276.7 29-Sep-09 263.25

3-May-10 233.75 18-Feb-10 242.5 8-Dec-09 277 25-Sep-09 259.5

30-Apr-10 239.8 17-Feb-10 240.55 7-Dec-09 271.75 24-Sep-09 259.95

29-Apr-10 235.6 16-Feb-10 237.15 4-Dec-09 271.95 23-Sep-09 258.45

28-Apr-10 241.95 15-Feb-10 229.75 3-Dec-09 270.65 22-Sep-09 264.65

27-Apr-10 242.65 11-Feb-10 233.4 2-Dec-09 274.8 18-Sep-09 261.65

26-Apr-10 241.5 10-Feb-10 230.1 1-Dec-09 278.65 17-Sep-09 261.2

23-Apr-10 239.1 9-Feb-10 232.6 30-Nov-09 285.2 16-Sep-09 257

22-Apr-10 237.35 8-Feb-10 236.5 27-Nov-09 284.3 15-Sep-09 259.6

21-Apr-10 232.85 6-Feb-10 231 26-Nov-09 286.7 14-Sep-09 259.9

20-Apr-10 227.8 5-Feb-10 229.05 25-Nov-09 284.25 11-Sep-09 256.1

19-Apr-10 224.75 4-Feb-10 231.05 24-Nov-09 279.9 10-Sep-09 262.1

16-Apr-10 227 3-Feb-10 236.45 23-Nov-09 280.85 9-Sep-09 265.45

15-Apr-10 225.45 2-Feb-10 236.5 20-Nov-09 276.6 8-Sep-09 266.25

13-Apr-10 223.55 1-Feb-10 237.25 19-Nov-09 275.5 7-Sep-09 274

12-Apr-10 224.5 29-Jan-10 242.3 18-Nov-09 276.75 4-Sep-09 273.05

9-Apr-10 221.35 28-Jan-10 255.3 17-Nov-09 276.6 3-Sep-09 267.65

8-Apr-10 222.7 27-Jan-10 259.35 16-Nov-09 274.3 2-Sep-09 267.15

7-Apr-10 225 25-Jan-10 263.95 13-Nov-09 269.8 1-Sep-09 262.45

6-Apr-10 229.9 22-Jan-10 257.95 12-Nov-09 264.4 31-Aug-09 259.95

5-Apr-10 229.1 21-Jan-10 256.75 11-Nov-09 265.75 28-Aug-09 260.35

1-Apr-10 230.4 20-Jan-10 257.8 10-Nov-09 263.85 27-Aug-09 256.4

31-Mar-10 239.55 19-Jan-10 255.45 9-Nov-09 271.4 26-Aug-09 263.1

30-Mar-10 241.85 18-Jan-10 257.3 6-Nov-09 272.6 25-Aug-09 269.5

29-Mar-10 239.7 15-Jan-10 256.4 5-Nov-09 279.7 24-Aug-09 268.95

26-Mar-10 238.5 14-Jan-10 256.05 4-Nov-09 277.95 21-Aug-09 260.75

25-Mar-10 232 13-Jan-10 262.5 3-Nov-09 273.1 20-Aug-09 256.6

23-Mar-10 228.5 12-Jan-10 262.15 30-Oct-09 283.5 19-Aug-09 256.9

22-Mar-10 228.25 11-Jan-10 266.1 29-Oct-09 283.1 18-Aug-09 258.6

19-Mar-10 228.95 8-Jan-10 265.95 28-Oct-09 279.8 17-Aug-09 248.4

18-Mar-10 224.85 7-Jan-10 264.8 27-Oct-09 280.4 14-Aug-09 256.9

17-Mar-10 223.9 6-Jan-10 265.35 26-Oct-09 277.85 13-Aug-09 263.4

16-Mar-10 226.7 5-Jan-10 263.85 23-Oct-09 280.65 12-Aug-09 256.75

15-Mar-10 225.55 4-Jan-10 264.7 22-Oct-09 278.3 11-Aug-09 263.15

12-Mar-10 219.4 31-Dec-09 264.8 21-Oct-09 273.65 10-Aug-09 260.65

11-Mar-10 228.8 30-Dec-09 266.1 20-Oct-09 280.25 7-Aug-09 269.6

10-Mar-10 239.75 29-Dec-09 265 17-Oct-09 285.25 6-Aug-09 278.65

9-Mar-10 236.05 24-Dec-09 265.65 16-Oct-09 286.55 5-Aug-09 290.4

8-Mar-10 238.75 23-Dec-09 264.3 15-Oct-09 289.2 4-Aug-09 294

5-Mar-10 243 22-Dec-09 261.3 14-Oct-09 293.85 3-Aug-09 285.1

4-Mar-10 243.45 21-Dec-09 262.1 12-Oct-09 290.6 31-Jul-09 291.5

3-Mar-10 239.1 18-Dec-09 263.35 9-Oct-09 286.9 30-Jul-09 281.4

2-Mar-10 234.45 17-Dec-09 268.8 8-Oct-09 287.45 29-Jul-09 268.35

26-Feb-10 236.2 16-Dec-09 263.8 7-Oct-09 280.2 28-Jul-09 276.65

25-Feb-10 235.2 15-Dec-09 266.35 6-Oct-09 281.75 27-Jul-09 299.65

24-Feb-10 242.15 14-Dec-09 267.55 5-Oct-09 267.05 24-Jul-09 282.65

23-Feb-10 244.9 11-Dec-09 272.95 1-Oct-09 265.4 23-Jul-09 276.75

Date Close price Date close price22-Jul-09 269.3 29-May-09 230.8

21-Jul-09 269.7 28-May-09 231

20-Jul-09 267 27-May-09 230.15

17-Jul-09 266.75 26-May-09 231

16-Jul-09 266.2 25-May-09 233.05

15-Jul-09 270.55 22-May-09 232

14-Jul-09 269.45 21-May-09 230.4

13-Jul-09 263.85 20-May-09 233.45

10-Jul-09 267.35 19-May-09 229.5

9-Jul-09 265.75 18-May-09 239.6

8-Jul-09 270.3 15-May-09 224.3

7-Jul-09 273.45 14-May-09 224.85

6-Jul-09 274.9 13-May-09 221.95

3-Jul-09 273.15 12-May-09 225.1

2-Jul-09 270.1 11-May-09 227.15

1-Jul-09 272.85 8-May-09 233.05

30-Jun-09 267.5 7-May-09 230.65

29-Jun-09 266.6 6-May-09 234.6

26-Jun-09 266.05 5-May-09 238.35

25-Jun-09 258.95 4-May-09 239.9

24-Jun-09 262.95 29-Apr-09 234.75

23-Jun-09 260.05 28-Apr-09 225.3

22-Jun-09 259.25 27-Apr-09 230.8

19-Jun-09 260.75 24-Apr-09 238.3

18-Jun-09 259.75 23-Apr-09 240.25

17-Jun-09 261.6 22-Apr-09 240.6

16-Jun-09 263.45 21-Apr-09 242.9

15-Jun-09 259.15 20-Apr-09 238

12-Jun-09 255.75 17-Apr-09 239.1

11-Jun-09 259.95 16-Apr-09 239.15

10-Jun-09 264.35 15-Apr-09 235.45

9-Jun-09 256.75 13-Apr-09 230

8-Jun-09 252.25 9-Apr-09 233

5-Jun-09 252 8-Apr-09 241.3

4-Jun-09 249.5 6-Apr-09 227.4

3-Jun-09 239.7 2-Apr-09 231

2-Jun-09 233.75 1-Apr-09 236.45

1-Jun-09 232.65

DATA COLLECTION OF ITC COMPANY OF 3YEARS:-

Date Close Price date close price date close price30-Mar-12 226.9 9-Feb-12 203.9 22-Dec-11 203.7529-Mar-12 224.55 8-Feb-12 204.45 21-Dec-11 202.2528-Mar-12 226.8 7-Feb-12 205.55 20-Dec-11 199.427-Mar-12 226.05 6-Feb-12 202.4 19-Dec-11 197.526-Mar-12 222.7 3-Feb-12 200.65 16-Dec-11 195.823-Mar-12 222.45 2-Feb-12 199.05 15-Dec-11 199.622-Mar-12 219.7 1-Feb-12 201.6 14-Dec-11 199.85

21-Mar-12 223.85 31-Jan-12 203.95 13-Dec-11 197.3520-Mar-12 223.6 30-Jan-12 200.85 12-Dec-11 19619-Mar-12 220.5 27-Jan-12 201.8 9-Dec-11 197.1516-Mar-12 216.15 25-Jan-12 206.05 8-Dec-11 19915-Mar-12 208.9 24-Jan-12 205.95 7-Dec-11 204.9514-Mar-12 212.5 23-Jan-12 204.6 5-Dec-11 204.1513-Mar-12 209.05 20-Jan-12 201.3 2-Dec-11 206.512-Mar-12 206.8 19-Jan-12 209.2 1-Dec-11 203.659-Mar-12 208.25 18-Jan-12 209.8 30-Nov-11 200.77-Mar-12 209.95 17-Jan-12 208.4 29-Nov-11 197.96-Mar-12 210.4 16-Jan-12 209.1 28-Nov-11 196.455-Mar-12 207 13-Jan-12 207.05 25-Nov-11 192.253-Mar-12 205 12-Jan-12 204.95 24-Nov-11 192.32-Mar-12 205.25 11-Jan-12 203.3 23-Nov-11 193.31-Mar-12 206.85 10-Jan-12 205.15 22-Nov-11 196.229-Feb-12 207.65 9-Jan-12 202 21-Nov-11 199.4528-Feb-12 210.7 7-Jan-12 201.65 18-Nov-11 201.827-Feb-12 212.3 6-Jan-12 202.1 17-Nov-11 207.7524-Feb-12 209.4 5-Jan-12 199.8 16-Nov-11 212.623-Feb-12 208.6 4-Jan-12 199.55 15-Nov-11 210.6522-Feb-12 208.55 3-Jan-12 200.35 14-Nov-11 211.521-Feb-12 207.4 2-Jan-12 198.65 11-Nov-11 212.6517-Feb-12 205.45 30-Dec-11 201.3 9-Nov-11 21216-Feb-12 203.95 29-Dec-11 200.7 8-Nov-11 210.815-Feb-12 203.15 28-Dec-11 202.05 4-Nov-11 210.3514-Feb-12 202.55 27-Dec-11 205.05 3-Nov-11 210.213-Feb-12 202.8 26-Dec-11 204.95 2-Nov-11 209.3510-Feb-12 203.8 23-Dec-11 204 1-Nov-11 208.3

Date close price date close price date close price2-Nov-11 209.35 16-Aug-11 200.5 2-Jun-11 195.31-Nov-11 208.3 12-Aug-11 198 1-Jun-11 193.8531-Oct-11 213.15 11-Aug-11 198.75 31-May-11 193.3528-Oct-11 215.5 10-Aug-11 197.1 30-May-11 187.626-Oct-11 212.2 9-Aug-11 199.75 27-May-11 188.9525-Oct-11 211.05 8-Aug-11 195 26-May-11 18724-Oct-11 206.95 5-Aug-11 196.4 25-May-11 189.121-Oct-11 204 4-Aug-11 199.95 24-May-11 186.9520-Oct-11 205.05 3-Aug-11 206.85 23-May-11 190.219-Oct-11 207.1 2-Aug-11 204.75 20-May-11 186.5518-Oct-11 204.25 1-Aug-11 208.9 19-May-11 189.0517-Oct-11 205.75 29-Jul-11 208.35 18-May-11 188.95

14-Oct-11 205.2 28-Jul-11 206.25 17-May-11 187.8513-Oct-11 201.9 27-Jul-11 200.9 16-May-11 186.112-Oct-11 204 26-Jul-11 200.9 13-May-11 18911-Oct-11 199.55 25-Jul-11 205.4 12-May-11 183.810-Oct-11 200.1 22-Jul-11 207.4 11-May-11 186.357-Oct-11 199.15 21-Jul-11 207.1 10-May-11 185.65-Oct-11 194.1 20-Jul-11 205.75 9-May-11 184.454-Oct-11 191.65 19-Jul-11 204.1 6-May-11 183.63-Oct-11 194.35 18-Jul-11 201.65 5-May-11 182.530-Sep-11 198 15-Jul-11 201.75 4-May-11 186.829-Sep-11 202.25 14-Jul-11 203 3-May-11 186.8528-Sep-11 197.1 13-Jul-11 204 2-May-11 191.1527-Sep-11 193.45 12-Jul-11 201.65 29-Apr-11 192.3526-Sep-11 188.5 11-Jul-11 202.6 28-Apr-11 191.8523-Sep-11 191.65 8-Jul-11 200.55 27-Apr-11 193.6522-Sep-11 190.95 7-Jul-11 203.4 26-Apr-11 191.6521-Sep-11 197.6 6-Jul-11 196.7 25-Apr-11 190.2520-Sep-11 198.5 5-Jul-11 195.65 21-Apr-11 190.1519-Sep-11 195.35 4-Jul-11 198.75 20-Apr-11 190.616-Sep-11 197.95 1-Jul-11 201.55 19-Apr-11 187.515-Sep-11 199.4 30-Jun-11 202.95 18-Apr-11 190.214-Sep-11 199.45 29-Jun-11 199.55 15-Apr-11 191.513-Sep-11 197.05 28-Jun-11 193.85 13-Apr-11 190.112-Sep-11 196.2 27-Jun-11 193.6 11-Apr-11 1859-Sep-11 197.65 24-Jun-11 195.1 8-Apr-11 183.758-Sep-11 199.15 23-Jun-11 191.45 7-Apr-11 182.557-Sep-11 200.05 22-Jun-11 185.2 6-Apr-11 182.956-Sep-11 202.8 21-Jun-11 184.85 5-Apr-11 184.25-Sep-11 202.75 20-Jun-11 186.45 4-Apr-11 184.852-Sep-11 203.25 17-Jun-11 191.75 1-Apr-11 182.530-Aug-11 200 16-Jun-11 194 31-Mar-11 182.129-Aug-11 201.95 15-Jun-11 194.15 30-Mar-11 177.626-Aug-11 196.85 14-Jun-11 193.85 29-Mar-11 179.2525-Aug-11 202.35 13-Jun-11 190.9 28-Mar-11 178.724-Aug-11 201.95 10-Jun-11 191.65 25-Mar-11 177.4523-Aug-11 203.2 9-Jun-11 195 24-Mar-11 17322-Aug-11 202 8-Jun-11 194.95 23-Mar-11 171.9519-Aug-11 199.2 7-Jun-11 193.55 22-Mar-11 170.0518-Aug-11 203.85 6-Jun-11 192.8 21-Mar-11 167.917-Aug-11 204.25 3-Jun-11 193.45 18-Mar-11 167.9517-Mar-11 168.05 25-Jan-11 168 6-Dec-10 169.0516-Mar-11 171.2 24-Jan-11 169.1 3-Dec-10 171.315-Mar-11 170.1 21-Jan-11 168.9 2-Dec-10 170.914-Mar-11 173.45 20-Jan-11 171.65 1-Dec-10 171.411-Mar-11 171.35 19-Jan-11 175.45 30-Nov-10 171.910-Mar-11 171.3 18-Jan-11 176.15 29-Nov-10 168.69-Mar-11 171.75 17-Jan-11 171.95 26-Nov-10 167.658-Mar-11 171.95 14-Jan-11 170.55 25-Nov-10 169.77-Mar-11 172.65 13-Jan-11 173.15 24-Nov-10 173.74-Mar-11 172.4 12-Jan-11 173.75 23-Nov-10 172.5

3-Mar-11 173.55 11-Jan-11 170.1 22-Nov-10 175.91-Mar-11 173.6 10-Jan-11 170.6 19-Nov-10 170.9528-Feb-11 169 7-Jan-11 172.5 18-Nov-10 171.9525-Feb-11 156.3 6-Jan-11 178.9 16-Nov-10 169.9524-Feb-11 150.65 5-Jan-11 179.8 15-Nov-10 175.1523-Feb-11 155.6 4-Jan-11 177.5 12-Nov-10 173.8522-Feb-11 156.7 3-Jan-11 174.8 11-Nov-10 175.3521-Feb-11 158.2 31-Dec-10 174.65 10-Nov-10 17718-Feb-11 155.75 30-Dec-10 174.55 9-Nov-10 177.817-Feb-11 158.45 29-Dec-10 174.2 8-Nov-10 175.6516-Feb-11 156.9 28-Dec-10 171.2 5-Nov-10 177.1515-Feb-11 157.1 27-Dec-10 169.75 4-Nov-10 17714-Feb-11 157.5 24-Dec-10 169.9 3-Nov-10 175.5511-Feb-11 155.1 23-Dec-10 166.9 2-Nov-10 173.410-Feb-11 156.15 22-Dec-10 167.4 1-Nov-10 171.859-Feb-11 153.9 21-Dec-10 167.15 29-Oct-10 171.28-Feb-11 156.1 20-Dec-10 166.95 28-Oct-10 167.057-Feb-11 157.1 16-Dec-10 168.05 27-Oct-10 167.854-Feb-11 153 15-Dec-10 167 26-Oct-10 171.753-Feb-11 159.45 14-Dec-10 168.4 25-Oct-10 169.152-Feb-11 159 13-Dec-10 167.15 22-Oct-10 171.21-Feb-11 159.6 10-Dec-10 170.3 21-Oct-10 174.3531-Jan-11 162.6 9-Dec-10 167.3 20-Oct-10 16828-Jan-11 168.15 8-Dec-10 166.75 19-Oct-10 170.527-Jan-11 167.8 7-Dec-10 168.2 18-Oct-10 171.5519-Oct-10 170.5 6-Oct-10 172.9 23-Sep-10 176.518-Oct-10 171.55 5-Oct-10 173.8 22-Sep-10 174.715-Oct-10 171.95 4-Oct-10 175.25 21-Sep-10 172.6514-Oct-10 175.05 1-Oct-10 178.65 20-Sep-10 176.6513-Oct-10 175.1 30-Sep-10 178.3 17-Sep-10 168.3512-Oct-10 170.95 29-Sep-10 173.6 16-Sep-10 167.411-Oct-10 172.95 28-Sep-10 178.4 15-Sep-10 167.658-Oct-10 172.45 27-Sep-10 178.4 14-Sep-10 165.27-Oct-10 171.9 24-Sep-10 179.25 13-Sep-10 163.2

9-Sep-10 162.35 15-Jul-10 300.1 20-May-10 262.48-Sep-10 164.3 14-Jul-10 298.5 19-May-10 259.27-Sep-10 166.2 13-Jul-10 299.1 18-May-10 268.656-Sep-10 165.8 12-Jul-10 299.95 17-May-10 266.153-Sep-10 164 9-Jul-10 300.35 14-May-10 268.152-Sep-10 165.45 8-Jul-10 303.15 13-May-10 266.51-Sep-10 163.15 7-Jul-10 302 12-May-10 265.0531-Aug-10 163.15 6-Jul-10 302.9 11-May-10 259.5530-Aug-10 159.3 5-Jul-10 302.15 10-May-10 261.827-Aug-10 161.2 2-Jul-10 302.55 7-May-10 259.1526-Aug-10 163.9 1-Jul-10 303 6-May-10 259.0525-Aug-10 160.5 30-Jun-10 305.45 5-May-10 262.1524-Aug-10 159.85 29-Jun-10 296.35 4-May-10 262.3

23-Aug-10 159.5 28-Jun-10 297.65 3-May-10 264.9520-Aug-10 162.7 25-Jun-10 301.45 30-Apr-10 265.8519-Aug-10 165.3 24-Jun-10 305.75 29-Apr-10 267.1518-Aug-10 162.5 23-Jun-10 302.85 28-Apr-10 269.9517-Aug-10 159.55 22-Jun-10 301.8 27-Apr-10 269.5516-Aug-10 158.25 21-Jun-10 299.1 26-Apr-10 267.413-Aug-10 156.25 18-Jun-10 294.9 23-Apr-10 266.9512-Aug-10 152.95 17-Jun-10 293.9 22-Apr-10 264.2511-Aug-10 154.95 16-Jun-10 290.9 21-Apr-10 262.4510-Aug-10 157.25 15-Jun-10 291.7 20-Apr-10 263.29-Aug-10 158.95 14-Jun-10 286.1 19-Apr-10 264.856-Aug-10 158.75 11-Jun-10 281.55 16-Apr-10 269.15-Aug-10 155.8 10-Jun-10 280.05 15-Apr-10 262.754-Aug-10 155.3 9-Jun-10 277.6 13-Apr-10 268.63-Aug-10 154.4 8-Jun-10 289.7 12-Apr-10 271.42-Aug-10 312.8 7-Jun-10 287.7 9-Apr-10 269.2530-Jul-10 308.75 4-Jun-10 290.85 8-Apr-10 267.7529-Jul-10 310.1 3-Jun-10 285.5 7-Apr-10 269.4528-Jul-10 307.35 2-Jun-10 281.3 6-Apr-10 266.2527-Jul-10 304.25 1-Jun-10 283 5-Apr-10 264.826-Jul-10 302.7 31-May-10 283.2 1-Apr-10 26423-Jul-10 301.65 28-May-10 283.2 31-Mar-10 263.0522-Jul-10 297.7 27-May-10 275.9 30-Mar-10 268.8521-Jul-10 292.35 26-May-10 269.1 29-Mar-10 269.220-Jul-10 291.45 25-May-10 260.5 26-Mar-10 264.419-Jul-10 291.35 24-May-10 268.05 25-Mar-10 264.7516-Jul-10 298.35 21-May-10 271.3 23-Mar-10 260.95

date close price date close price date close price22-Mar-10 261.6 8-Jan-10 256.5 27-Oct-09 260.619-Mar-10 261.3 7-Jan-10 255.95 26-Oct-09 264.718-Mar-10 261.25 6-Jan-10 256.75 23-Oct-09 260.217-Mar-10 262.85 5-Jan-10 256.15 22-Oct-09 247.8516-Mar-10 259.8 4-Jan-10 253.65 21-Oct-09 243.715-Mar-10 259.35 31-Dec-09 250.8 20-Oct-09 250.4512-Mar-10 258.45 30-Dec-09 250.7 17-Oct-09 250.511-Mar-10 255.65 29-Dec-09 256.2 16-Oct-09 252.410-Mar-10 254.25 24-Dec-09 255.85 15-Oct-09 256.49-Mar-10 251.05 23-Dec-09 253.6 14-Oct-09 258.78-Mar-10 251.25 22-Dec-09 246.25 12-Oct-09 258.355-Mar-10 244.75 21-Dec-09 244.8 9-Oct-09 249.654-Mar-10 246.05 18-Dec-09 247 8-Oct-09 250.75

3-Mar-10 243.7 17-Dec-09 249.25 7-Oct-09 244.952-Mar-10 241.95 16-Dec-09 249.4 6-Oct-09 247.5526-Feb-10 232.25 15-Dec-09 251.45 5-Oct-09 238.5525-Feb-10 247.6 14-Dec-09 250.7 1-Oct-09 232.5524-Feb-10 247.65 11-Dec-09 252.75 30-Sep-09 233.0523-Feb-10 249.25 10-Dec-09 254.2 29-Sep-09 234.2522-Feb-10 247.6 9-Dec-09 256.55 25-Sep-09 23519-Feb-10 248.5 8-Dec-09 258.6 24-Sep-09 232.5518-Feb-10 248.25 7-Dec-09 254.8 23-Sep-09 230.517-Feb-10 251.75 4-Dec-09 256.7 22-Sep-09 233.3516-Feb-10 250.15 3-Dec-09 255.45 18-Sep-09 226.915-Feb-10 249.35 2-Dec-09 257 17-Sep-09 228.811-Feb-10 247.15 1-Dec-09 258.05 16-Sep-09 231.0510-Feb-10 243.9 30-Nov-09 257.1 15-Sep-09 229.059-Feb-10 243.9 27-Nov-09 256.3 14-Sep-09 223.98-Feb-10 245.35 26-Nov-09 261.3 11-Sep-09 227.16-Feb-10 248.05 25-Nov-09 268.9 10-Sep-09 229.055-Feb-10 248.35 24-Nov-09 263.8 9-Sep-09 2274-Feb-10 253.35 23-Nov-09 268.8 8-Sep-09 228.653-Feb-10 252.6 20-Nov-09 259.9 7-Sep-09 231.052-Feb-10 244.4 19-Nov-09 256.65 4-Sep-09 233.251-Feb-10 246.5 18-Nov-09 258.75 3-Sep-09 226.829-Jan-10 250.15 17-Nov-09 254.65 2-Sep-09 228.0528-Jan-10 254.25 16-Nov-09 255.6 1-Sep-09 230.1527-Jan-10 255.9 13-Nov-09 254.525-Jan-10 255.1 12-Nov-09 252.9522-Jan-10 249.1 11-Nov-09 256.8521-Jan-10 244.5 10-Nov-09 257.4520-Jan-10 247.1 9-Nov-09 259.0519-Jan-10 249.9 6-Nov-09 248.8518-Jan-10 250.55 5-Nov-09 252.1515-Jan-10 252.75 4-Nov-09 254.614-Jan-10 248.15 3-Nov-09 248.5513-Jan-10 248.95 30-Oct-09 254.812-Jan-10 250.05 29-Oct-09 259.311-Jan-10 256.6 28-Oct-09 259.1

DATA ANALYSIS HUL OF DIVIDEND DECISION POLICY:-

Dividend Payment Dates:-

YEAR DIVIDEND TYPEDIVIDEND RATE PER SHARE

DATE OF PAYMENT

2011-12 56 I  INTERIM 3.5 22-Nov-11

2010-11

55 F  FINAL 3.5 1-Aug-11

55 I  INTERIM 3 15-Nov-10

2009-10

54 F  FINAL 3.5 30-Jul-10

54 I  INTERIM 3 23-Nov-09

2008-09

53 F  FINAL 4 6-Jul-09

53 I  INTERIM 3.5 18-Aug-08

ANALYSIS OF DATA 22 NOV TO22DEC 2011:-

ANALYSIS OF HUL SHAREPICE

360365370375380385390395400405

date

clos

e pr

ice

Series1

ANALYSIS OF DATA 1AUG TO 1SEP 2011:-

ANALYSIS OF HUL SHAREPICE

300305310315320325330335

date

clo

se p

rice

Series1

ANALYSIS OF DATA 15NOV TO 15DEC 2010:-

ANALYSIS OF HUL SHAREPICE

280

285

290

295

300

305

310

11/15

/201

0

11/22

/201

0

11/29

/201

0

12/6/

2010

12/13

/201

0

date

clo

sep

rice

Series1

ANALYSIS OF DATA 30 JULTO 30AUG 2010:-

ANALYSIS OF HUL SHAREPICE

235240245250255260265270275280

date

clo

se p

rice

Series1

ANALYSIS OF HUL SHAREPICE

245250255260265270275280285290

date

clo

se p

rice

Series1

ANALYSIS OF DATA 23 NOV TO 23 DEC 2009:-

DATA ANALYSIS OF ITC DIVIDEND DECISION POLICY:-

Dividend payment dates:-

YEARTOTAL DIVIDEND (RS.IN LACK) TYPE

DIVIDEND RATE PER SHARE

DATE OF PAYMENT

2011-12 4,72,20  INTERIM 34 11-Nov-11

2010-11

4,71,18  FINAL 34 1-Sep-11

4,35,16  INTERIM 38 9-Jul-10

2009-10

4,32,11  FINAL 38 30-Jul-10

3,45,41  INTERIM 36 23-Oct-09

2008-09

3,42,39  FINAL 36 8-Nov-09

2,34,98  INTERIM 35 18-Aug-08

ANALYSIS OF DATA 11 NOV-11DEC-2011:-

ANALYSIS OF ITC SHARE PRICE

180185190195200205210215

date

clos

e pr

ice

Series1

ANALYSIS OF DATA 1SEP-1OCT-2011:-

ANALYSIS OF ITC SHARE PRICE

180

185

190

195

200

205

date

clos

e pr

ice

Series1

ANALYSIS OF DATA 9-JUL-9AUG 2010:-

ANALYSIS OF ITC SHARE PRICE

050

100150200250300350

date

clos

e pr

ice

Series1

ANALYSIS OF DATA 30-JUL-30AUG 2010:-

ANALYSIS OF ITC SHARE PRICE

050

100150200250300350

date

clos

e pr

ice

Series1

ANALYSIS OF DATA 23-OCT-23NOV 2009:-

ANALYSIS OF ITC SHARE PRICE

235240245250255260265270275

date

clo

se p

rice

Series1

ANALYSIS OF DATA 8NOV-8DEC 2009:-

ANALYSIS OF ITC SHARE PRICE

240245250255260265270275

date

clo

se p

rice

Series1

DIVIDEND DECISION OF DATA FINDING:-