Tata Motors ltd

weighted Average cost of capital

All figures are in INR Unless stated otherwise

Peer comps Tax rate 30.00%

Debt/ Debt/ Levered Unlevered

1
Name of the Comp Country Total Debt Total Equity Tax Rate Equity capital Beta2 Beta3
Maruti Suzuki INDIA 1,247.30 290108.57 30.00% 0.43% 0.43% 0.73 0.73
Tata Motors INDIA 134,113.44 205558.59 30.00% 65.24% 39.48% 1.36 0.94
M&M INDIA 92,246.85 174572.79 30.00% 52.84% 34.57% 0.85 0.62
Bajaj Auto INDIA 124.23 131347.39 30.00% 0.09% 0.09% 0.73 0.73
Eicher Motors INDIA 288.41 96782.39 30.00% 0.30% 0.30% 1.21 1.21

Average 30.00% 23.78% 14.98% 0.98 0.84

Median 30.00% 0.43% 0.43% 0.85 0.73

Cost of Debt Cost of Equity

Risk Free Rate 7.39%
pre tax cost of Debt 7.62% Equity share Premium 9.41%
Tax Rate 30.00% Levered Beta4 0.94
Post Tax cost of Debt 5.34% Cost of Equity 16.26%

capital structure Levered Beta

current Target
Total Debt 134,113.44 39.48% 0.43% Comps Median unleavered Beta 0.73
Mar. capitalaization 205558.59 60.52% 99.57% Target Debt/ Equity 0.43%
Total capital 339672.03 100.00% 100.00% Tax Rate 30.00%
Levered Beta 0.94
Debt/ Equity 65.24% 0.43%

Weighted Average of cost of capital

Cost of Equity 16.26%

Equity Weight 99.57%
Notes
Tax Rate considered Marginal Rate of country Cost of Debt 5.34%
Levered data is based on 5 year monthly date Debt Weight 0.43%
unlevered Beta= levered beta/1+(1-tax rate)* Debt/ Equity)
Levered Beta = Unlevered Beta*(1+ (1- Tax rate)* Debt/ Equity WACC 16.21%
 Regretion Beta - 2 Year Weekly

Tata motors Weekly Returns Nifty Weekly Returns Beta Drifiting

Date closing Returns Weekly Returns closing ReturnsWeekly Returns Levered Raw Beta 1.36 Beta 1.36
14-Jun-21 337.40 15,683.35 Raw Beta Weight 75.00%
21-Jun-21 339.65 0.67% 15,860.35 1.13%
28-Jun-21 344.90 1.55% 15,722.20 -0.87% Market Beta 1.00
5-Jul-21 306.30 -11.19% 15,689.80 -0.21% Market Beta Weight 25.00%
12-Jul-21 311.25 1.62% 15,923.40 1.49%
19-Jul-21 295.55 -5.04% 15,856.05 -0.42%
26-Jul-21 293.95 -0.54% 15,763.05 -0.59% Adjusted Beta 1.27
2-Aug-21 300.05 2.08% 16,238.20 3.01%
9-Aug-21 307.25 2.40% 16,529.10 1.79%
16-Aug-21 283.10 -7.86% 16,450.50 -0.48% SUMMARY OUTPUT
23-Aug-21 285.75 0.94% 16,705.20 1.55%
30-Aug-21 295.55 3.43% 17,323.60 3.70% Regression Statistics
6-Sep-21 298.95 1.15% 17,369.25 0.26% Multiple R 0.53533403
13-Sep-21 308.60 3.23% 17,585.15 1.24% R Square 0.286582523
20-Sep-21 317.95 3.03% 17,853.20 1.52% Adjusted R Square 0.279588234
27-Sep-21 333.30 4.83% 17,532.05 -1.80% Standard Error 0.042901737
4-Oct-21 382.95 14.90% 17,895.20 2.07% Observations 104
11-Oct-21 497.60 29.94% 18,338.55 2.48%
18-Oct-21 490.90 -1.35% 18,114.90 -1.22% ANOVA
25-Oct-21 483.70 -1.47% 17,671.65 -2.45% df SS MS F Significance F
1-Nov-21 489.70 1.24% 17,916.80 1.39% Regression 1 0.075415 0.075415 40.97379 4.77E-09
8-Nov-21 507.05 3.54% 18,102.75 1.04% Residual 102 0.187737 0.001841
15-Nov-21 509.70 0.52% 17,764.80 -1.87% Total 103 0.263152
22-Nov-21 460.20 -9.71% 17,026.45 -4.16%
29-Nov-21 480.10 4.32% 17,196.70 1.00% CoefficientsStandard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%
Upper 95.0%
6-Dec-21 494.45 2.99% 17,511.30 1.83% Intercept 0.003668303 0.004225 0.868183 0.387332 -0.00471 0.012049 -0.00471 0.012049
13-Dec-21 470.20 -4.90% 16,985.20 -3.00% 0.011285854 1.367270328 0.2136 6.401077 4.77E-09 0.943596 1.790945 0.943596 1.790945
20-Dec-21 467.60 -0.55% 17,003.75 0.11%
27-Dec-21 482.40 3.17% 17,354.05 2.06%
3-Jan-22 490.60 1.70% 17,812.70 2.64%
10-Jan-22 509.90 3.93% 18,255.75 2.49%
17-Jan-22 501.85 -1.58% 17,617.15 -3.50%
24-Jan-22 497.30 -0.91% 17,101.95 -2.92%
31-Jan-22 500.60 0.66% 17,516.30 2.42%
7-Feb-22 498.85 -0.35% 17,374.75 -0.81%
14-Feb-22 493.15 -1.14% 17,276.30 -0.57%
21-Feb-22 459.75 -6.77% 16,658.40 -3.58%
28-Feb-22 417.25 -9.24% 16,245.35 -2.48%
7-Mar-22 418.15 0.22% 16,630.45 2.37%
14-Mar-22 433.80 3.74% 17,287.05 3.95%
21-Mar-22 432.10 -0.39% 17,153.00 -0.78%
28-Mar-22 441.15 2.09% 17,670.45 3.02%
4-Apr-22 452.05 2.47% 17,784.35 0.64%
11-Apr-22 431.05 -4.65% 17,475.65 -1.74%
18-Apr-22 438.85 1.81% 17,171.95 -1.74%
25-Apr-22 437.60 -0.28% 17,102.55 -0.40%
2-May-22 408.55 -6.64% 16,411.25 -4.04%
9-May-22 404.30 -1.04% 15,782.15 -3.83%
16-May-22 418.00 3.39% 16,266.15 3.07%
23-May-22 429.60 2.78% 16,352.45 0.53%
30-May-22 431.90 0.54% 16,584.30 1.42%
6-Jun-22 428.05 -0.89% 16,201.80 -2.31%
13-Jun-22 388.95 -9.13% 15,293.50 -5.61%
20-Jun-22 409.30 5.23% 15,699.25 2.65%
27-Jun-22 412.70 0.83% 15,752.05 0.34%
4-Jul-22 441.55 6.99% 16,220.60 2.97%
11-Jul-22 440.20 -0.31% 16,049.20 -1.06%
18-Jul-22 454.90 3.34% 16,719.45 4.18%
25-Jul-22 449.60 -1.17% 17,158.25 2.62%
1-Aug-22 465.25 3.48% 17,397.50 1.39%
8-Aug-22 477.55 2.64% 17,698.15 1.73%
15-Aug-22 471.00 -1.37% 17,758.45 0.34%
22-Aug-22 465.05 -1.26% 17,558.90 -1.12%
29-Aug-22 461.75 -0.71% 17,539.45 -0.11%
5-Sep-22 445.90 -3.43% 17,833.35 1.68%
12-Sep-22 432.50 -3.01% 17,530.85 -1.70%
19-Sep-22 423.10 -2.17% 17,327.35 -1.16%
26-Sep-22 404.60 -4.37% 17,094.35 -1.34%
3-Oct-22 412.15 1.87% 17,314.65 1.29%
10-Oct-22 396.25 -3.86% 17,185.70 -0.74%
17-Oct-22 398.05 0.45% 17,576.30 2.27%
24-Oct-22 409.90 2.98% 17,786.80 1.20%
31-Oct-22 425.35 3.77% 18,117.15 1.86%
7-Nov-22 423.50 -0.43% 18,349.70 1.28%
14-Nov-22 423.80 0.07% 18,307.65 -0.23%
21-Nov-22 433.20 2.22% 18,512.75 1.12%
28-Nov-22 435.40 0.51% 18,696.10 0.99%
5-Dec-22 413.30 -5.08% 18,496.60 -1.07%
12-Dec-22 421.60 2.01% 18,269.00 -1.23%
19-Dec-22 378.35 -10.26% 17,806.80 -2.53%
26-Dec-22 387.95 2.54% 18,105.30 1.68%
2-Jan-23 382.00 -1.53% 17,859.45 -1.36%
9-Jan-23 411.50 7.72% 17,956.60 0.54%
16-Jan-23 403.15 -2.03% 18,027.65 0.40%
23-Jan-23 445.60 10.53% 17,604.35 -2.35%
30-Jan-23 445.45 -0.03% 17,854.05 1.42%
6-Feb-23 445.85 0.09% 17,856.50 0.01%
13-Feb-23 439.90 -1.33% 17,944.20 0.49%
20-Feb-23 427.75 -2.76% 17,465.80 -2.67%
27-Feb-23 428.00 0.06% 17,594.35 0.74%
6-Mar-23 435.85 1.83% 17,412.90 -1.03%
13-Mar-23 419.00 -3.87% 17,100.05 -1.80%
20-Mar-23 416.50 -0.60% 16,945.05 -0.91%
27-Mar-23 420.80 1.03% 17,359.75 2.45%
3-Apr-23 437.65 4.00% 17,599.15 1.38%
10-Apr-23 469.50 7.28% 17,828.00 1.30%
17-Apr-23 471.20 0.36% 17,624.05 -1.14%
24-Apr-23 484.95 2.92% 18,065.00 2.50%
1-May-23 477.10 -1.62% 18,069.00 0.02%
8-May-23 515.95 8.14% 18,314.80 1.36%
15-May-23 524.95 1.74% 18,203.40 -0.61%
22-May-23 518.45 -1.24% 18,499.35 1.63%
29-May-23 535.90 3.37% 18,534.10 0.19%
5-Jun-23 562.30 4.93% 18,563.40 0.16%
12-Jun-23 569.80 1.33% 18,826.00 1.41%
16-Jun-23 569.80 0.00% 18,826.00 0.00%
 Regretion Beta - 2 Year Weekly

Maruti Suzuki Weekly Returns Nifty Weekly Returns Beta Drifiting

Date closing Returns

Weekly Returns closing Returns
Weekly Returns Levered Raw Beta 0.73 Beta 0.73
14-Jun-21 6,870.03 15,683.35 Raw Beta Weight 75.00%
21-Jun-21 7,550.83 9.91% 15,860.35 1.13%
28-Jun-21 7,476.64 -0.98% 15,722.20 -0.87% Market Beta 1
5-Jul-21 7,330.39 -1.96% 15,689.80 -0.21% Market Beta Weight 25.00%
12-Jul-21 7,209.81 -1.64% 15,923.40 1.49%
19-Jul-21 7,200.23 -0.13% 15,856.05 -0.42%
26-Jul-21 6,888.14 -4.33% 15,763.05 -0.59% Adjusted Beta 0.80
2-Aug-21 7,009.66 1.76% 16,238.20 3.01%
9-Aug-21 6,956.40 -0.76% 16,529.10 1.79%
16-Aug-21 6,806.09 -2.16% 16,450.50 -0.48% SUMMARY OUTPUT
23-Aug-21 6,581.52 -3.30% 16,705.20 1.55%
30-Aug-21 6,818.21 3.60% 17,323.60 3.70% Regression Statistics
6-Sep-21 6,757.76 -0.89% 17,369.25 0.26% Multiple R 0.400384
13-Sep-21 6,968.57 3.12% 17,585.15 1.24% R Square 0.160308
20-Sep-21 6,906.78 -0.89% 17,853.20 1.52% Adjusted R Square
0.151994
27-Sep-21 7,115.45 3.02% 17,532.05 -1.80% Standard Error 0.032346
4-Oct-21 7,381.40 3.74% 17,895.20 2.07% Observations 103
11-Oct-21 7,447.86 0.90% 18,338.55 2.48%
18-Oct-21 7,360.44 -1.17% 18,114.90 -1.22% ANOVA
25-Oct-21 7,433.46 0.99% 17,671.65 -2.45% df SS MS F Significance F
1-Nov-21 7,696.73 3.54% 17,916.80 1.39% Regression 1 0.020175 0.020175 19.28214 2.78E-05
8-Nov-21 7,430.93 -3.45% 18,102.75 1.04% Residual 101 0.105675 0.001046
15-Nov-21 8,064.06 8.52% 17,764.80 -1.87% Total 102 0.12585
22-Nov-21 7,123.60 -11.66% 17,026.45 -4.16%
29-Nov-21 7,161.55 0.53% 17,196.70 1.00% Coefficients
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%
Upper 95.0%
6-Dec-21 7,377.08 3.01% 17,511.30 1.83% Intercept 0.001637 0.003201 0.511362 0.610214 -0.00471 0.007987 -0.00471 0.007987
13-Dec-21 7,248.87 -1.74% 16,985.20 -3.00% 0.01128585 0.707209 0.161054 4.391143 2.78E-05 0.387722 1.026696 0.387722 1.026696
20-Dec-21 7,269.24 0.28% 17,003.75 0.11%
27-Dec-21 7,377.87 1.49% 17,354.05 2.06%
3-Jan-22 7,854.29 6.46% 17,812.70 2.64%
10-Jan-22 8,031.32 2.25% 18,255.75 2.49%
17-Jan-22 8,136.03 1.30% 17,617.15 -3.50%
24-Jan-22 8,495.02 4.41% 17,101.95 -2.92%
31-Jan-22 8,494.62 0.00% 17,516.30 2.42%
7-Feb-22 8,680.00 2.18% 17,374.75 -0.81%
14-Feb-22 8,513.05 -1.92% 17,276.30 -0.57%
21-Feb-22 8,301.44 -2.49% 16,658.40 -3.58%
28-Feb-22 7,199.90 -13.27% 16,245.35 -2.48%
7-Mar-22 7,056.09 -2.00% 16,630.45 2.37%
14-Mar-22 7,642.68 8.31% 17,287.05 3.95%
21-Mar-22 7,366.95 -3.61% 17,153.00 -0.78%
28-Mar-22 7,649.68 3.84% 17,670.45 3.02%
4-Apr-22 7,508.51 -1.85% 17,784.35 0.64%
11-Apr-22 7,420.64 -1.17% 17,475.65 -1.74%
18-Apr-22 7,852.80 5.82% 17,171.95 -1.74%
25-Apr-22 7,667.32 -2.36% 17,102.55 -0.40%
2-May-22 7,231.64 -5.68% 16,411.25 -4.04%
9-May-22 7,055.50 -2.44% 15,782.15 -3.83%
16-May-22 7,536.98 6.82% 16,266.15 3.07%
23-May-22 7,891.00 4.70% 16,352.45 0.53%
30-May-22 7,654.65 -3.00% 16,584.30 1.42%
6-Jun-22 7,883.20 2.99% 16,201.80 -2.31%
13-Jun-22 7,637.86 -3.11% 15,293.50 -5.61%
20-Jun-22 8,308.50 8.78% 15,699.25 2.65%
27-Jun-22 8,347.64 0.47% 15,752.05 0.34%
4-Jul-22 8,420.51 0.87% 16,220.60 2.97%
11-Jul-22 8,720.63 3.56% 16,049.20 -1.06%
18-Jul-22 8,773.19 0.60% 16,719.45 4.18%
25-Jul-22 8,716.16 -0.65% 17,158.25 2.62%
1-Aug-22 8,783.37 0.77% 17,397.50 1.39%
8-Aug-22 8,699.20 -0.96% 17,698.15 1.73%
15-Aug-22 8,778.95 0.92% 17,758.45 0.34%
22-Aug-22 8,720.60 -0.66% 17,558.90 -1.12%
29-Aug-22 8,919.60 2.28% 17,539.45 -0.11%
5-Sep-22 8,946.00 0.30% 17,833.35 1.68%
12-Sep-22 9,189.65 2.72% 17,530.85 -1.70%
19-Sep-22 9,343.45 1.67% 17,327.35 -1.16%
26-Sep-22 8,828.15 -5.52% 17,094.35 -1.34%
3-Oct-22 8,779.10 -0.56% 17,314.65 1.29%
10-Oct-22 8,617.30 -1.84% 17,185.70 -0.74%
17-Oct-22 8,703.30 1.00% 17,576.30 2.27%
24-Oct-22 9,492.55 9.07% 17,786.80 1.20%
31-Oct-22 9,229.50 -2.77% 18,117.15 1.86%
7-Nov-22 9,087.55 -1.54% 18,349.70 1.28%
14-Nov-22 8,848.05 -2.64% 18,307.65 -0.23%
21-Nov-22 9,019.50 1.94% 18,512.75 1.12%
28-Nov-22 8,815.85 -2.26% 18,696.10 0.99%
5-Dec-22 8,613.35 -2.30% 18,496.60 -1.07%
12-Dec-22 8,485.80 -1.48% 18,269.00 -1.23%
19-Dec-22 8,141.60 -4.06% 17,806.80 -2.53%
26-Dec-22 8,394.60 3.11% 18,105.30 1.68%
2-Jan-23 8,383.05 -0.14% 17,859.45 -1.36%
9-Jan-23 8,453.40 0.84% 17,956.60 0.54%
16-Jan-23 8,439.80 -0.16% 18,027.65 0.40%
23-Jan-23 8,737.50 3.53% 17,604.35 -2.35%
30-Jan-23 8,942.30 2.34% 17,854.05 1.42%
6-Feb-23 8,811.35 -1.46% 17,856.50 0.01%
13-Feb-23 8,807.75 -0.04% 17,944.20 0.49%
20-Feb-23 8,660.50 -1.67% 17,465.80 -2.67%
27-Feb-23 8,601.25 -0.68% 17,594.35 0.74%
6-Mar-23 8,601.55 0.00% 17,412.90 -1.03%
13-Mar-23 8,316.85 -3.31% 17,100.05 -1.80%
20-Mar-23 8,242.90 -0.89% 16,945.05 -0.91%
27-Mar-23 8,292.15 0.60% 17,359.75 2.45%
3-Apr-23 8,516.65 2.71% 17,599.15 1.38%
10-Apr-23 8,670.80 1.81% 17,828.00 1.30%
17-Apr-23 8,558.45 -1.30% 17,624.05 -1.14%
24-Apr-23 8,589.55 0.36% 18,065.00 2.50%
1-May-23 8,948.65 4.18% 18,069.00 0.02%
8-May-23 9,295.40 3.87% 18,314.80 1.36%
15-May-23 9,105.95 -2.04% 18,203.40 -0.61%
22-May-23 9,399.95 3.23% 18,499.35 1.63%
29-May-23 9,485.35 0.91% 18,534.10 0.19%
5-Jun-23 9,627.80 1.50% 18,563.40 0.16%
12-Jun-23 9,603.70 -0.25% 18,826.00 1.41%
16-Jun-23 9,603.70 18,826.00
 Regretion Beta - 2 Year Weekly

Mahindra &Mahindra Weekly Returns Nifty Weekly Returns Beta Drifiting

Date closing Returns

Weekly Returns closing Returns Weekly Returns Levered Raw Beta 0.85 Beta 0.85
14-Jun-21 765.02 15,683.35 Raw Beta Weight 75.00%
21-Jun-21 777.45 1.62% 15,860.35 1.13%
28-Jun-21 766.05 -1.47% 15,722.20 -0.87% Market Beta 1
5-Jul-21 755.23 -1.41% 15,689.80 -0.21% Market Beta Weight 25.00%
12-Jul-21 763.31 1.07% 15,923.40 1.49%
19-Jul-21 756.46 -0.90% 15,856.05 -0.42%
26-Jul-21 735.57 -2.76% 15,763.05 -0.59% Adjusted Beta 0.89
2-Aug-21 750.57 2.04% 16,238.20 3.01%
9-Aug-21 770.76 2.69% 16,529.10 1.79%
16-Aug-21 777.69 0.90% 16,450.50 -0.48% SUMMARY OUTPUT
23-Aug-21 767.30 -1.34% 16,705.20 1.55%
30-Aug-21 742.30 -3.26% 17,323.60 3.70% Regression Statistics
6-Sep-21 743.15 0.11% 17,369.25 0.26% Multiple R 0.486995
13-Sep-21 746.51 0.45% 17,585.15 1.24% R Square 0.237164
20-Sep-21 771.56 3.35% 17,853.20 1.52% Adjusted R Square
0.229611
27-Sep-21 819.47 6.21% 17,532.05 -1.80% Standard Error
0.030545
4-Oct-21 868.91 6.03% 17,895.20 2.07% Observations 103
11-Oct-21 921.97 6.11% 18,338.55 2.48%
18-Oct-21 878.86 -4.68% 18,114.90 -1.22% ANOVA
25-Oct-21 875.29 -0.41% 17,671.65 -2.45% df SS MS F Significance F
1-Nov-21 864.01 -1.29% 17,916.80 1.39% Regression 1 0.029296 0.029296 31.40062 1.83E-07
8-Nov-21 928.30 7.44% 18,102.75 1.04% Residual 101 0.094232 0.000933
15-Nov-21 914.34 -1.50% 17,764.80 -1.87% Total 102 0.123528
22-Nov-21 845.10 -7.57% 17,026.45 -4.16%
29-Nov-21 828.47 -1.97% 17,196.70 1.00% Coefficients
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%
Upper 95.0%
6-Dec-21 850.99 2.72% 17,511.30 1.83% Intercept 0.004762 0.003023 1.575411 0.118289 -0.00123 0.010759 -0.00123 0.010759
13-Dec-21 826.15 -2.92% 16,985.20 -3.00% 0.011286 0.85222 0.152084 5.603626 1.83E-07 0.550527 1.153913 0.550527 1.153913
20-Dec-21 804.42 -2.63% 17,003.75 0.11%
27-Dec-21 828.67 3.01% 17,354.05 2.06%
3-Jan-22 820.60 -0.97% 17,812.70 2.64%
10-Jan-22 872.27 6.30% 18,255.75 2.49%
17-Jan-22 866.34 -0.68% 17,617.15 -3.50%
24-Jan-22 860.84 -0.63% 17,101.95 -2.92%
31-Jan-22 833.17 -3.21% 17,516.30 2.42%
7-Feb-22 845.00 1.42% 17,374.75 -0.81%
14-Feb-22 843.37 -0.19% 17,276.30 -0.57%
21-Feb-22 799.42 -5.21% 16,658.40 -3.58%
28-Feb-22 724.88 -9.32% 16,245.35 -2.48%
7-Mar-22 727.36 0.34% 16,630.45 2.37%
14-Mar-22 786.35 8.11% 17,287.05 3.95%
21-Mar-22 757.00 -3.73% 17,153.00 -0.78%
28-Mar-22 818.18 8.08% 17,670.45 3.02%
4-Apr-22 848.72 3.73% 17,784.35 0.64%
11-Apr-22 857.33 1.01% 17,475.65 -1.74%
18-Apr-22 911.33 6.30% 17,171.95 -1.74%
25-Apr-22 912.76 0.16% 17,102.55 -0.40%
2-May-22 884.80 -3.06% 16,411.25 -4.04%
9-May-22 880.49 -0.49% 15,782.15 -3.83%
16-May-22 894.65 1.61% 16,266.15 3.07%
23-May-22 943.20 5.43% 16,352.45 0.53%
30-May-22 1,018.23 7.96% 16,584.30 1.42%
6-Jun-22 1,026.00 0.76% 16,201.80 -2.31%
13-Jun-22 987.55 -3.75% 15,293.50 -5.61%
20-Jun-22 1,061.19 7.46% 15,699.25 2.65%
27-Jun-22 1,096.13 3.29% 15,752.05 0.34%
4-Jul-22 1,122.12 2.37% 16,220.60 2.97%
11-Jul-22 1,160.62 3.43% 16,049.20 -1.06%
18-Jul-22 1,181.10 1.76% 16,719.45 4.18%
25-Jul-22 1,164.45 -1.41% 17,158.25 2.62%
1-Aug-22 1,235.90 6.14% 17,397.50 1.39%
8-Aug-22 1,259.45 1.91% 17,698.15 1.73%
15-Aug-22 1,239.40 -1.59% 17,758.45 0.34%
22-Aug-22 1,274.65 2.84% 17,558.90 -1.12%
29-Aug-22 1,315.95 3.24% 17,539.45 -0.11%
5-Sep-22 1,301.25 -1.12% 17,833.35 1.68%
12-Sep-22 1,250.10 -3.93% 17,530.85 -1.70%
19-Sep-22 1,272.30 1.78% 17,327.35 -1.16%
26-Sep-22 1,268.20 -0.32% 17,094.35 -1.34%
3-Oct-22 1,238.85 -2.31% 17,314.65 1.29%
10-Oct-22 1,230.30 -0.69% 17,185.70 -0.74%
17-Oct-22 1,256.75 2.15% 17,576.30 2.27%
24-Oct-22 1,311.65 4.37% 17,786.80 1.20%
31-Oct-22 1,338.30 2.03% 18,117.15 1.86%
7-Nov-22 1,287.10 -3.83% 18,349.70 1.28%
14-Nov-22 1,227.15 -4.66% 18,307.65 -0.23%
21-Nov-22 1,260.80 2.74% 18,512.75 1.12%
28-Nov-22 1,264.60 0.30% 18,696.10 0.99%
5-Dec-22 1,265.40 0.06% 18,496.60 -1.07%
12-Dec-22 1,251.60 -1.09% 18,269.00 -1.23%
19-Dec-22 1,224.60 -2.16% 17,806.80 -2.53%
26-Dec-22 1,249.20 2.01% 18,105.30 1.68%
2-Jan-23 1,264.90 1.26% 17,859.45 -1.36%
9-Jan-23 1,328.15 5.00% 17,956.60 0.54%
16-Jan-23 1,314.75 -1.01% 18,027.65 0.40%
23-Jan-23 1,320.20 0.41% 17,604.35 -2.35%
30-Jan-23 1,388.00 5.14% 17,854.05 1.42%
6-Feb-23 1,365.45 -1.62% 17,856.50 0.01%
13-Feb-23 1,341.50 -1.75% 17,944.20 0.49%
20-Feb-23 1,280.20 -4.57% 17,465.80 -2.67%
27-Feb-23 1,268.60 -0.91% 17,594.35 0.74%
6-Mar-23 1,226.70 -3.30% 17,412.90 -1.03%
13-Mar-23 1,171.50 -4.50% 17,100.05 -1.80%
20-Mar-23 1,150.80 -1.77% 16,945.05 -0.91%
27-Mar-23 1,158.70 0.69% 17,359.75 2.45%
3-Apr-23 1,171.25 1.08% 17,599.15 1.38%
10-Apr-23 1,204.55 2.84% 17,828.00 1.30%
17-Apr-23 1,212.75 0.68% 17,624.05 -1.14%
24-Apr-23 1,226.90 1.17% 18,065.00 2.50%
1-May-23 1,211.20 -1.28% 18,069.00 0.02%
8-May-23 1,275.95 5.35% 18,314.80 1.36%
15-May-23 1,260.40 -1.22% 18,203.40 -0.61%
22-May-23 1,281.85 1.70% 18,499.35 1.63%
29-May-23 1,341.40 4.65% 18,534.10 0.19%
5-Jun-23 1,370.65 2.18% 18,563.40 0.16%
12-Jun-23 1,403.85 2.42% 18,826.00 1.41%
16-Jun-23 1,406.00 18,826.00
 Regretion Beta - 2 Year Weekly

Bajaj Auto Weekly Returns Nifty Weekly Returns Beta Drifiting

Date closing Returns

Weekly Returns closing ReturnsWeekly Returns Levered Raw Beta 0.73 Beta 0.73
6/14/2021 3,882.01 15,683.35 Raw Beta Weight 75.00%
6/21/2021 3,909.07 0.70% 15,860.35 1.13%
6/28/2021 3,889.69 -0.50% 15,722.20 -0.87% Market Beta 1
7/5/2021 3,722.52 -4.30% 15,689.80 -0.21% Market Beta Weight 25.00%
7/12/2021 3,789.62 1.80% 15,923.40 1.49%
7/19/2021 3,702.83 -2.29% 15,856.05 -0.42%
7/26/2021 3,690.97 -0.32% 15,763.05 -0.59% Adjusted Beta 0.79
8/2/2021 3,708.56 0.48% 16,238.20 3.01%
8/9/2021 3,687.26 -0.57% 16,529.10 1.79%
8/16/2021 3,615.70 -1.94% 16,450.50 -0.48% SUMMARY OUTPUT
8/23/2021 3,565.53 -1.39% 16,705.20 1.55%
8/30/2021 3,621.48 1.57% 17,323.60 3.70% Regression Statistics
9/6/2021 3,566.64 -1.51% 17,369.25 0.26% Multiple R 0.452386
9/13/2021 3,683.84 3.29% 17,585.15 1.24% R Square 0.204653
9/20/2021 3,671.89 -0.32% 17,853.20 1.52% Adjusted R Square
0.196778
9/27/2021 3,713.14 1.12% 17,532.05 -1.80% Standard Error
0.028624
10/4/2021 3,677.43 -0.96% 17,895.20 2.07% Observations 103
10/11/2021 3,822.34 3.94% 18,338.55 2.48%
10/18/2021 3,726.54 -2.51% 18,114.90 -1.22% ANOVA
10/25/2021 3,573.05 -4.12% 17,671.65 -2.45% df SS MS F Significance F
11/1/2021 3,623.27 1.41% 17,916.80 1.39% Regression 1 0.021293 0.021293 25.98861 1.61E-06
11/8/2021 3,503.47 -3.31% 18,102.75 1.04% Residual 101 0.082752 0.000819
11/15/2021 3,419.13 -2.41% 17,764.80 -1.87% Total 102 0.104045
11/22/2021 3,213.89 -6.00% 17,026.45 -4.16%
11/29/2021 3,168.83 -1.40% 17,196.70 1.00% Coefficients
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%
Upper 95.0%
12/6/2021 3,223.67 1.73% 17,511.30 1.83% Intercept 0.000819 0.002833 0.289076 0.773116 -0.0048 0.006439 -0.0048 0.006439
12/13/2021 3,064.07 -4.95% 16,985.20 -3.00% 0.011286 0.72655 0.142519 5.097902 1.61E-06 0.44383 1.00927 0.44383 1.00927
12/20/2021 3,037.95 -0.85% 17,003.75 0.11%
12/27/2021 3,131.63 3.08% 17,354.05 2.06%
1/3/2022 3,269.70 4.41% 17,812.70 2.64%
1/10/2022 3,308.54 1.19% 18,255.75 2.49%
1/17/2022 3,296.01 -0.38% 17,617.15 -3.50%
1/24/2022 3,370.61 2.26% 17,101.95 -2.92%
1/31/2022 3,436.29 1.95% 17,516.30 2.42%
2/7/2022 3,437.54 0.04% 17,374.75 -0.81%
2/14/2022 3,500.67 1.84% 17,276.30 -0.57%
2/21/2022 3,381.40 -3.41% 16,658.40 -3.58%
2/28/2022 3,124.74 -7.59% 16,245.35 -2.48%
3/7/2022 3,299.09 5.58% 16,630.45 2.37%
3/14/2022 3,518.31 6.64% 17,287.05 3.95%
3/21/2022 3,522.07 0.11% 17,153.00 -0.78%
3/28/2022 3,604.52 2.34% 17,670.45 3.02%
4/4/2022 3,672.42 1.88% 17,784.35 0.64%
4/11/2022 3,563.46 -2.97% 17,475.65 -1.74%
4/18/2022 3,510.65 -1.48% 17,171.95 -1.74%
4/25/2022 3,594.55 2.39% 17,102.55 -0.40%
5/2/2022 3,373.06 -6.16% 16,411.25 -4.04%
5/9/2022 3,510.26 4.07% 15,782.15 -3.83%
5/16/2022 3,650.69 4.00% 16,266.15 3.07%
5/23/2022 3,694.30 1.19% 16,352.45 0.53%
5/30/2022 3,539.75 -4.18% 16,584.30 1.42%
6/6/2022 3,740.51 5.67% 16,201.80 -2.31%
6/13/2022 3,497.59 -6.49% 15,293.50 -5.61%
6/20/2022 3,675.31 5.08% 15,699.25 2.65%
6/27/2022 3,493.39 -4.95% 15,752.05 0.34%
7/4/2022 3,825.00 9.49% 16,220.60 2.97%
7/11/2022 3,913.35 2.31% 16,049.20 -1.06%
7/18/2022 4,054.50 3.61% 16,719.45 4.18%
7/25/2022 3,914.45 -3.45% 17,158.25 2.62%
8/1/2022 4,013.10 2.52% 17,397.50 1.39%
8/8/2022 4,038.00 0.62% 17,698.15 1.73%
8/15/2022 4,074.55 0.91% 17,758.45 0.34%
8/22/2022 4,054.40 -0.49% 17,558.90 -1.12%
8/29/2022 4,030.90 -0.58% 17,539.45 -0.11%
9/5/2022 3,848.60 -4.52% 17,833.35 1.68%
9/12/2022 3,689.55 -4.13% 17,530.85 -1.70%
9/19/2022 3,698.90 0.25% 17,327.35 -1.16%
9/26/2022 3,527.75 -4.63% 17,094.35 -1.34%
10/3/2022 3,603.55 2.15% 17,314.65 1.29%
10/10/2022 3,570.50 -0.92% 17,185.70 -0.74%
10/17/2022 3,668.60 2.75% 17,576.30 2.27%
10/24/2022 3,670.70 0.06% 17,786.80 1.20%
10/31/2022 3,771.10 2.74% 18,117.15 1.86%
11/7/2022 3,727.65 -1.15% 18,349.70 1.28%
11/14/2022 3,632.95 -2.54% 18,307.65 -0.23%
11/21/2022 3,640.25 0.20% 18,512.75 1.12%
11/28/2022 3,659.35 0.52% 18,696.10 0.99%
12/5/2022 3,616.95 -1.16% 18,496.60 -1.07%
12/12/2022 3,549.60 -1.86% 18,269.00 -1.23%
12/19/2022 3,541.80 -0.22% 17,806.80 -2.53%
12/26/2022 3,616.05 2.10% 18,105.30 1.68%
1/2/2023 3,642.25 0.72% 17,859.45 -1.36%
1/9/2023 3,605.30 -1.01% 17,956.60 0.54%
1/16/2023 3,572.75 -0.90% 18,027.65 0.40%
1/23/2023 3,936.75 10.19% 17,604.35 -2.35%
1/30/2023 3,852.55 -2.14% 17,854.05 1.42%
2/6/2023 3,831.65 -0.54% 17,856.50 0.01%
2/13/2023 3,894.30 1.64% 17,944.20 0.49%
2/20/2023 3,849.95 -1.14% 17,465.80 -2.67%
2/27/2023 3,732.00 -3.06% 17,594.35 0.74%
3/6/2023 3,821.90 2.41% 17,412.90 -1.03%
3/13/2023 3,814.40 -0.20% 17,100.05 -1.80%
3/20/2023 3,827.90 0.35% 16,945.05 -0.91%
3/27/2023 3,884.75 1.49% 17,359.75 2.45%
4/3/2023 4,033.60 3.83% 17,599.15 1.38%
4/10/2023 4,288.35 6.32% 17,828.00 1.30%
4/17/2023 4,308.30 0.47% 17,624.05 -1.14%
4/24/2023 4,431.95 2.87% 18,065.00 2.50%
5/1/2023 4,463.10 0.70% 18,069.00 0.02%
5/8/2023 4,538.90 1.70% 18,314.80 1.36%
5/15/2023 4,483.20 -1.23% 18,203.40 -0.61%
5/22/2023 4,615.95 2.96% 18,499.35 1.63%
5/29/2023 4,669.10 1.15% 18,534.10 0.19%
6/5/2023 4,743.40 1.59% 18,563.40 0.16%
6/12/2023 4,641.95 -2.14% 18,826.00 1.41%
6/16/2023 4,638.00 18,826.00
 Regretion Beta - 2 Year Weekly

Eicher Motors Weekly Returns Nifty Weekly Returns Beta Drifiting

Date closing Returns Weekly Returns closing Returns Weekly Returns Levered Raw Beta 1.21 Beta 1.21
14-Jun-21 2,673.01 15,683.35 Raw Beta Weight 75.00%
21-Jun-21 2,686.09 0.49% 15,860.35 1.13%
28-Jun-21 2,627.05 -2.20% 15,722.20 -0.87% Market Beta 1
05-Jul-21 2,677.55 1.92% 15,689.80 -0.21% Market Beta Weight 25.00%
12-Jul-21 2,583.86 -3.50% 15,923.40 1.49%
19-Jul-21 2,517.12 -2.58% 15,856.05 -0.42%
26-Jul-21 2,497.97 -0.76% 15,763.05 -0.59% Adjusted Beta 1.16
02-Aug-21 2,712.30 8.58% 16,238.20 3.01%
09-Aug-21 2,514.31 -7.30% 16,529.10 1.79%
16-Aug-21 2,584.45 2.79% 16,450.50 -0.48% SUMMARY OUTPUT
23-Aug-21 2,559.07 -0.98% 16,705.20 1.55%
30-Aug-21 2,784.07 8.79% 17,323.60 3.70% Regression Statistics
06-Sep-21 2,799.57 0.56% 17,369.25 0.26% Multiple R 0.563257
13-Sep-21 2,879.39 2.85% 17,585.15 1.24% R Square 0.317258
20-Sep-21 2,911.62 1.12% 17,853.20 1.52% Adjusted R Square
0.310498
27-Sep-21 2,754.12 -5.41% 17,532.05 -1.80% Standard Error
0.035681
04-Oct-21 2,799.32 1.64% 17,895.20 2.07% Observations 103
11-Oct-21 2,834.34 1.25% 18,338.55 2.48%
18-Oct-21 2,595.28 -8.43% 18,114.90 -1.22% ANOVA
25-Oct-21 2,468.37 -4.89% 17,671.65 -2.45% df SS MS F Significance F
01-Nov-21 2,644.00 7.12% 17,916.80 1.39% Regression 1 0.059751 0.059751 46.93288 5.88E-10
08-Nov-21 2,705.00 2.31% 18,102.75 1.04% Residual 101 0.128586 0.001273
15-Nov-21 2,586.09 -4.40% 17,764.80 -1.87% Total 102 0.188337
22-Nov-21 2,417.81 -6.51% 17,026.45 -4.16%
29-Nov-21 2,439.32 0.89% 17,196.70 1.00% Coefficients
Standard Error t Stat P-value Lower 95%Upper 95%Lower 95.0%
Upper 95.0%
06-Dec-21 2,510.94 2.94% 17,511.30 1.83% Intercept 0.001323 0.003531 0.374677 0.708686 -0.00568 0.008328 -0.00568 0.008328
13-Dec-21 2,442.74 -2.72% 16,985.20 -3.00% 0.011286 1.21708 0.177656 6.850757 5.88E-10 0.864658 1.569502 0.864658 1.569502
20-Dec-21 2,421.78 -0.86% 17,003.75 0.11%
27-Dec-21 2,574.76 6.32% 17,354.05 2.06%
03-Jan-22 2,805.73 8.97% 17,812.70 2.64%
10-Jan-22 2,801.06 -0.17% 18,255.75 2.49%
17-Jan-22 2,693.18 -3.85% 17,617.15 -3.50%
24-Jan-22 2,593.69 -3.69% 17,101.95 -2.92%
31-Jan-22 2,614.00 0.78% 17,516.30 2.42%
07-Feb-22 2,580.97 -1.26% 17,374.75 -0.81%
14-Feb-22 2,681.40 3.89% 17,276.30 -0.57%
21-Feb-22 2,611.02 -2.62% 16,658.40 -3.58%
28-Feb-22 2,323.78 -11.00% 16,245.35 -2.48%
07-Mar-22 2,275.61 -2.07% 16,630.45 2.37%
14-Mar-22 2,420.84 6.38% 17,287.05 3.95%
21-Mar-22 2,321.40 -4.11% 17,153.00 -0.78%
28-Mar-22 2,464.80 6.18% 17,670.45 3.02%
04-Apr-22 2,538.31 2.98% 17,784.35 0.64%
11-Apr-22 2,474.98 -2.49% 17,475.65 -1.74%
18-Apr-22 2,614.10 5.62% 17,171.95 -1.74%
25-Apr-22 2,612.96 -0.04% 17,102.55 -0.40%
02-May-22 2,346.83 -10.18% 16,411.25 -4.04%
09-May-22 2,416.57 2.97% 15,782.15 -3.83%
16-May-22 2,689.90 11.31% 16,266.15 3.07%
23-May-22 2,723.97 1.27% 16,352.45 0.53%
30-May-22 2,667.50 -2.07% 16,584.30 1.42%
06-Jun-22 2,694.92 1.03% 16,201.80 -2.31%
13-Jun-22 2,587.58 -3.98% 15,293.50 -5.61%
20-Jun-22 2,858.87 10.48% 15,699.25 2.65%
27-Jun-22 2,764.40 -3.30% 15,752.05 0.34%
04-Jul-22 2,912.22 5.35% 16,220.60 2.97%
11-Jul-22 3,013.94 3.49% 16,049.20 -1.06%
18-Jul-22 3,126.79 3.74% 16,719.45 4.18%
25-Jul-22 3,073.00 -1.72% 17,158.25 2.62%
01-Aug-22 3,069.17 -0.12% 17,397.50 1.39%
08-Aug-22 3,188.93 3.90% 17,698.15 1.73%
15-Aug-22 3,424.10 7.37% 17,758.45 0.34%
22-Aug-22 3,355.10 -2.02% 17,558.90 -1.12%
29-Aug-22 3,422.10 2.00% 17,539.45 -0.11%
05-Sep-22 3,473.15 1.49% 17,833.35 1.68%
12-Sep-22 3,549.00 2.18% 17,530.85 -1.70%
19-Sep-22 3,688.45 3.93% 17,327.35 -1.16%
26-Sep-22 3,671.60 -0.46% 17,094.35 -1.34%
03-Oct-22 3,498.55 -4.71% 17,314.65 1.29%
10-Oct-22 3,477.20 -0.61% 17,185.70 -0.74%
17-Oct-22 3,629.50 4.38% 17,576.30 2.27%
24-Oct-22 3,745.75 3.20% 17,786.80 1.20%
31-Oct-22 3,666.90 -2.11% 18,117.15 1.86%
07-Nov-22 3,519.65 -4.02% 18,349.70 1.28%
14-Nov-22 3,390.25 -3.68% 18,307.65 -0.23%
21-Nov-22 3,414.10 0.70% 18,512.75 1.12%
28-Nov-22 3,331.85 -2.41% 18,696.10 0.99%
05-Dec-22 3,358.20 0.79% 18,496.60 -1.07%
12-Dec-22 3,291.45 -1.99% 18,269.00 -1.23%
19-Dec-22 3,113.65 -5.40% 17,806.80 -2.53%
26-Dec-22 3,227.75 3.66% 18,105.30 1.68%
02-Jan-23 3,250.60 0.71% 17,859.45 -1.36%
09-Jan-23 3,162.05 -2.72% 17,956.60 0.54%
16-Jan-23 3,150.50 -0.37% 18,027.65 0.40%
23-Jan-23 3,169.75 0.61% 17,604.35 -2.35%
30-Jan-23 3,316.70 4.64% 17,854.05 1.42%
06-Feb-23 3,212.35 -3.15% 17,856.50 0.01%
13-Feb-23 3,285.00 2.26% 17,944.20 0.49%
20-Feb-23 3,205.60 -2.42% 17,465.80 -2.67%
27-Feb-23 3,127.30 -2.44% 17,594.35 0.74%
06-Mar-23 3,116.10 -0.36% 17,412.90 -1.03%
13-Mar-23 2,974.60 -4.54% 17,100.05 -1.80%
20-Mar-23 2,909.60 -2.19% 16,945.05 -0.91%
27-Mar-23 2,948.85 1.35% 17,359.75 2.45%
03-Apr-23 2,961.70 0.44% 17,599.15 1.38%
10-Apr-23 3,213.05 8.49% 17,828.00 1.30%
17-Apr-23 3,200.70 -0.38% 17,624.05 -1.14%
24-Apr-23 3,301.10 3.14% 18,065.00 2.50%
01-May-23 3,355.10 1.64% 18,069.00 0.02%
08-May-23 3,626.35 8.08% 18,314.80 1.36%
15-May-23 3,570.90 -1.53% 18,203.40 -0.61%
22-May-23 3,690.35 3.35% 18,499.35 1.63%
29-May-23 3,699.40 0.25% 18,534.10 0.19%
05-Jun-23 3,581.30 -3.19% 18,563.40 0.16%
12-Jun-23 3,538.90 -1.18% 18,826.00 1.41%
16-Jun-23 3,543.50 18,826.00
S.No. Name CMP Rs. Mar Cap Rs.Cr. Debt Rs.Cr. Debt / Eq
1 Maruti Suzuki 9603.7 290108.57 1247.3 0.02
2 Tata Motors 569.8 205558.59 134113.44 2.96
3 M&M 1403.85 174572.79 92246.85 1.64
4 Bajaj Auto 4641.95 131347.39 124.23 0.001
5 Eicher Motors 3538.9 96782.39 288.41 0.02
 Return on Market

Year Annual
2000 -14.65%
2001 -16.18% Average Return 15.41%
2002 3.25% Dividend Yield 1.39%
2003 71.90%
2004 10.68% Total Market Return 16.80%
2005 36.34%
2006 39.83%
2007 54.77%
2008 -51.79%
2009 75.76%
2010 17.95%
2011 -24.62%
2012 27.70%
2013 6.76%
2014 31.39%
2015 -4.06%
2016 3.01%
2017 28.65%
2018 3.15%
2019 12.02%
2020 14.17%
2021 24.12%
2022 4.32%