Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6, 7063-7138 2024 Publisher: Learning Gate DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate © 2024 by the authors; licensee Learning Gate * Correspondence: reachfirst@gmail.com Risk and return analysis of selected stocks in the Indian automobile industry on the national stock exchange Sudhakar Madhavedi1*, Wong Chee Hoo2, Ng Chee Pung3, Anugu Anil Reddy4 1,2INTI International University, Malaysia; reachfirst@gmail.com (S.M.) cheehoo.wong@newinti.edu.my (W.C.H.) 3Faculty of Business and Communications, INTI International University, Nilai, Malaysia; cheepung.ng@newinti.edu.my (N.C.P.) 4Principal, Vasishtha Degree College, Affiliated to Telangana University, Nizamabad; anuguanill@gmail.com (A.A.R.) Abstract: The Indian automobile industry has experienced substantial growth, driven by rising domestic demand, urbanization, and technological advancements, positioning India as a significant global manufacturing hub. The industry has also embraced the shift towards electric vehicles (EVs), particularly in the two-wheeler and three-wheeler segments, spurred by government initiatives like the Faster Adoption of Manufacturing of Electric Vehicles in India (FAME) and the Production Linked Incentive (PLI) schemes. This study explores the risk-return dynamics of selected publicly listed Indian automobile companies, analyzing their equity performance between 2017 and 2023. By evaluating market, financial, operational, and regulatory risks, the research aims to offer insights into the investment potential of these companies. The study investigates how systematic and unsystematic risks influence investment decisions, with a focus on prominent companies such as Maruti Suzuki, Mahindra & Mahindra, Tata Motors, Hindustan Motors, and Ashok Leyland. Using statistical tools like mean, standard deviation, variance, and beta, the analysis provides a comprehensive understanding of the volatility, return potential, and overall risk profile of the companies. Results suggest a direct correlation between higher risk and higher returns, with Ashok Leyland emerging as a top performer, while Maruti Suzuki demonstrated more stable returns. The study also provides recommendations for investors, emphasizing the importance of diversification and long-term analysis. Despite its limitations, the research contributes valuable insights for investors looking to navigate the evolving Indian automobile sector. Keywords: Financial markets, Stock price, Risk return analysis, Automobile industry, Capital asset pricing Model, systematic risk, Stock performance, Financial. JEL Classification: G1; G10; G110; G12; G32. 1. Introduction The Indian automobile industry is experiencing rapid growth, driven by increasing domestic demand, rising incomes, and urbanization. India has become a global manufacturing hub, attracting international automakers due to its cost-competitive labour and production capabilities. The sector is also embracing technological advancements, including automation and AI, enhancing vehicle safety and efficiency. A significant push towards electric vehicles (EVs) has spurred innovation and investment, especially in the electric two-wheeler and three-wheeler segments. Strong government support through initiatives like the FAME and PLI schemes has further boosted the industry's growth (Prakash & Jadav, 2022). Additionally, India's strong export market and the automobile sector's role as a major job creator underline its importance to the national economy. Together, these factors position the Indian automobile industry for a bright future as a key player in the global automotive landscape (Erumban, 2019). The India Automobile Industry, ranked as the third-largest auto market in 2023 with a strong presence of both domestic and international original equipment manufacturers (OEMs). The industry https://orcid.org/0000-0002-0961-7977 https://orcid.org/0000-0003-3706-5302 https://orcid.org/0009-0008-7532-6220 7064 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate demonstrates robust performance in exports and domestic demand, with two-wheelers and passenger cars being particularly popular. Notably, two-wheelers accounted for 74% of domestic demand in FY23. Despite intense competition in every segment, a few market leaders dominate (SIMA, 2023). The Table 1 presents Domestic Automobile Sales Trends from 2017-18 to 2022-23 show significant fluctuations across vehicle categories on the account of COVID-19 pandemic. Passenger vehicles experienced a steady decline from 2018-19 to 2020-21 due to economic slowdown and pandemic disruptions but rebounded strongly to 38,90,114 units in 2022-23. Commercial vehicles followed a similar trend, dropping sharply in 2020-21 but recovering to 9,62,468 units by 2022-23. Three-wheeler sales saw a drastic dip during the pandemic but nearly doubled from 2021-22 to 2022-23, though still below pre- pandemic levels. Two-wheelers, the largest category, peaked in 2018-19, experienced a significant decline during the pandemic, and have shown signs of recovery, reaching 1,58,62,087 units in 2022-23, though still below pre-pandemic highs. The total sales figures across all categories peaked at 2,62,66,179 units in 2018-19, dipped sharply in 2020-21 to 1,86,20,233 units, and have since recovered to 2,12,04,162 units in 2022-23, highlighting a post-pandemic rebound in the automobile market. Table 1. Domestic automobile sales trends. Category 2017-18 2018-19 2019-20 2020-21 2021-22 2022-23 Passenger vehicles 32,88,581 33,77,389 27,73,519 27,11,457 30,69,523 38,90,114 Commercial vehicles 8,56,916 10,07,311 7,17,593 5,68,559 7,16,566 9,62,468 Three wheelers 6,35,698 7,01,005 6,37,065 2,19,446 2,61,385 4,88,768 Two wheelers 2,02,00,117 2,11,79,847 1,74,16,432 1,51,20,783 1,35,70,008 1,58,62,087 Quadricycles 0 627 942 -12 124 725 Grand total 2,49,81,312 2,62,66,179 2,15,45,551 1,86,20,233 1,76,17,606 2,12,04,162 Source: SIMA, 2023. From an investor's perspective, auto stocks in India present strong growth potential, driven by rising demand for passenger vehicles and the shift towards electric vehicles (EVs). The sector is further boosted by the government's favourable initiatives, like the PLI scheme. However, due to the cyclical nature of the industry, investors must take into account economic factors that could influence demand. Nevertheless, investing in the Indian automobile industry offers a blend of risks and returns. While the sector has shown substantial growth potential, particularly with the shift towards electric vehicles, it also faces significant risks, such as regulatory changes, technological disruptions, and economic cycles. Investors can make well-informed choices that match their financial objectives by analyzing these factors and conducting a detailed risk-return assessment (Dai et.al, 2021). Investing in securities inherently carries a degree of uncertainty, which can vary from high to low. The level of this risk is influenced by several elements, such as the type of equity shares and the industry in which the company operates. Therefore, prior to making any investment decision, it is crucial for investors to thoroughly analyze the equity in terms of its associated risks and potential returns (Sullivan & Mackenzie, 2017). 1.1. Significance of the Study This study concentrates on examining the equity of specific automobile companies listed on the Indian securities market. By exploring the risk and investment features of these companies, it seeks to deliver a detailed insight into their investment potential. The study aims to offer valuable insights by examining the risk-return relationship, helping investors evaluate the potential profits and losses tied to investing in these equities. This research intends to explore the investment opportunities and risk factors within the Indian automobile sector from financial 2017-18 to 2022-2023, focusing on five key companies selected based on market share and revenue. The study will assess different types of risks— market, financial, operational, and regulatory—and their influence on the financial performance of companies and their investment decisions. The study will also explore investment strategies, including 7065 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate capital allocation and portfolio diversification, to understand the factors influencing investment decisions. Using a comparative approach, it will assess the differences in risk management and investment outcomes among the companies. By conducting this study in a focused manner on the specific subset of automobile companies listed in the Indian securities market, the research aims to contribute to the existing body of knowledge in the field of investment analysis. This research will provide a valuable reference for investors, researchers, and market participants keen on grasping the risk and investment dynamics in the Indian automobile sector. 1.2. Objectives of the Study The primary objective of the study is to explore and analyze the various factors that contribute to the risk and investment profiles of the selected companies, including market conditions, industry dynamics, and company-specific factors. The secondary objectives are as follows: 1. To understand the trends in automobile sector and to gain a complete understanding of the risks, investment, returns pattern associated with the selected companies in the automobile sector. 2. To determine the systematic risk of the selected companies in the automobile sector, aiding in the assessment of their vulnerability to market fluctuations. 3. To identify the most profitable company among the selected companies for investment purposes, taking into account risk and investment parameters. 2. Review of Literature 2.1. Literature on Risks in Equity Investment Equity investments while often the most rewarding in terms of returns, involve various risks that investors must be aware of before entering the market (Gitaman et al, 2015). These risks include market or economy risk, which is influenced by broader economic factors such as government policies, inflation, and consumer confidence, affecting all asset classes. Industry risk arises from challenges within a specific industry, potentially impacting all companies in that sector. Management risk stems from poor decision-making by a company’s leadership, which can adversely affect stock performance (Chairani & Siregar, 2021). Business risk relates to uncertainties surrounding a company’s operations and its ability to generate profits, while financial risk is linked to a company’s financial structure, especially its reliance on debt (Peterdy, 2023). Exchange rate risk affects companies operating in foreign markets, as currency fluctuations can impact profitability, and inflation risk, or purchasing power risk, occurs when inflation reduces the real value of returns (Alenezi, 2015). Interest rate risk refers to fluctuations in interest rates that primarily impact fixed-income securities (Jha, 2011). Systematic risk relates to macroeconomic factors that affect the overall economy, including inflation, interest rates, and market volatility, which cannot be eliminated through diversification (Muiruri, 2014). In contrast, unsystematic risk is unique to a particular company or industry and can be reduced by diversifying across various asset classes (Ahmmed & Siddique (2022). The risk and return trade-off is a fundamental concept in financial analysis, where higher potential returns are associated with greater risk (Frazier & Liu 2016). Investors must balance their desire for return with their tolerance for risk, recognizing that decisions involving higher risk should offer greater expected returns (Ainia & Lutfi, 2019). Additionally, government action risk, such as unexpected policy changes or interest rate adjustments on government securities, can affect returns regardless of an investor’s strategy, further emphasizing the importance of understanding these risks when making investment decisions (Grundl & Gal, 2017). Systematic risk is typically evaluated using Beta, which measures a stock's volatility relative to the overall market. A Beta of 1 indicates that the stock moves in tandem with the market, whereas a Beta greater than 1 signifies higher volatility, and a Beta less than 1 indicates lower volatility (Kenton, 2024). For example, a stock with a beta of 0.70 is expected to move 70% of the market's fluctuations, while a beta of 1.30 suggests it may move 30% more than the market (Kenton, 2024). Although beta helps investors gauge risk based on their tolerance, it can sometimes be confusing due to varying values from 7066 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate different sources. It’s essential to recognize that Beta relies on historical data, making it more applicable for short-term evaluations than for long-term forecasts. (Kenton, 2024). Beta is a crucial element of the Capital Asset Pricing Model (CAPM), which is employed to determine the cost of equity. A higher Beta results in an increased cost of capital, thereby decreasing the present value of future cash flows (Rossi, 2016). This concept is central to understanding the risk/return trade-off in finance, where investors balance potential returns against risk. The CAPM helps quantify this trade-off by linking a stock's required return to its beta. Additionally, it highlights the role of business and financial risk in equity analysis, as well as how portfolio diversification can mitigate risk (Andriotto & Teti (2014). A return, or financial return, denotes the profit or loss generated from an investment over a defined period, typically expressed as a percentage of the initial investment (Barry & Robison, 2014). Volatility, indicating the variation in returns, is commonly used to assess risk, with higher volatility implying greater risk. Volatility is typically measured through standard deviation or variance (Adrian & Rosenberg, 2008). Risk in investments refers to the chance that actual returns may differ from expectations, potentially leading to loss. It is divided into systematic and unsystematic risk (Muiruri, 2014). Typically, low-risk investments provide modest returns, whereas higher-risk investments present the opportunity for larger returns. 2.2. Relevant literature The analysis of risk and return in the Indian automobile industry has been the subject of numerous empirical studies that seek to investigate the complexities associated with stock market investments in this sector. The automobile industry is recognized as one of the key contributors to India's economy, significantly impacting GDP and tax revenues. These studies analyze the relationship between risk and return for major automobile companies listed on the National Stock Exchange. A study conducted by Subbalakshmi (2023) highlights key statistics, such as the valuation of the automobile industry at over $100 billion, its contribution to 2.3% of India's GDP, and its pivotal role in contributing to 8% of the nation's exports. These figures provide the reader with an in-depth understanding of the sector's impact on the Indian economy. This backdrop sets the stage for the study's core objective—evaluating the equity shares of selected automobile companies listed on the National Stock Exchange (NSE). Pavithra and Hamsalakshmi (2022) investigate the risk-return characteristics of selected automobile companies from 2009 to 2019. The companies analyzed include Bajaj Auto, TVS Motors, Mahindra & Mahindra, Maruti Suzuki, Tata Motors, Eicher Motors, and Ashok Leyland. The study reveals that Eicher Motors and TVS Motors offer the highest returns with the least risk, making them the most attractive for investment among the listed companies. Narayanan et.al (2012), explores the risk-investment profile of Ashok Leyland, Bajaj Auto, and Eicher Motors using statistical tools such as mean, variance, standard deviation, and beta. The research highlights a notable connection between risk and investment, stressing the importance for investors to thoroughly evaluate the risk-return trade-off prior to making investment decisions. A recent studies by Vyas (2022) and Vijayvergiya (2023) notes that COVID-19 has influenced investment behavior, emphasizing risk management while pursuing returns. Analysis of the auto, pharma, and IT sectors shows the Automobile sector leads the returns. Sowbarnika, and Jayanthi (2019) examines the stock performance of various Indian automobile companies over five years, analyzing trends in stock prices and providing insights into the current situation of equity investments in the sector. The research highlights the performance of companies like Honda, Mahindra & Mahindra, and Bajaj Auto, offering valuable information to investors. Vanaja and Nishok (2020) examine the risk-return relationship of five selected stocks in the Indian automobile industry over a five-year period (2015-2019). By employing tools such as beta, standard deviations, and correlation coefficients, the study illustrates the balance that investors need to achieve between risk and return when evaluating investments in this sector. Florin Aliu (2017) examines risk and risk-return tradeoffs in the Czech automotive industry from 2005 to 2014. It finds that auto suppliers have the lowest risk and highest diversification benefits, while manufacturers face greater risk. Combining both portfolios reduces overall risk, offering valuable 7067 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate insights for optimizing portfolio performance through strategic diversification. Balaji et.al (2018) analyzes the risk and returns of five Indian automobile companies—Tata Motors, Ashok Leyland, Eicher Motors, Force Motor, and SML Isuzu—using data from January 1, 2012, to March 31, 2017. Through risk assessments and graphical analysis, it provides insights into the performance of these firms, contributing to investment understanding in the automobile sector. The risk and return analysis of the Indian automobile industry focuses on evaluating the investment potential of major companies listed on the National Stock Exchange. Several studies have examined the risk-return relationship for companies like Bajaj Auto, TVS Motors, Mahindra & Mahindra, Maruti Suzuki, Tata Motors, Eicher Motors, and Ashok Leyland. 3. Research Methodology The research methodology utilized in this study adopts a scientific approach to systematically tackle the research problem. It involves a theoretical analysis of the methods applied within the field of study to ensure accurate and reliable findings. 3.1. Data Collection The study will employ both primary and secondary data collection methods to facilitate a thorough analysis. Primary data will be gathered through personal discussions with authorized clerks and members of Bonanza Portfolio. This direct interaction will provide firsthand insights from key individuals involved with the organization. Secondary data will be sourced from various platforms, including internet searches, books, government departments, websites, and libraries. These secondary sources will offer additional context and support to the primary data, enriching the study’s findings. By combining both data collection methods, the study aims to present a well-rounded and thorough investigation into the research topic. 3.2. Sample Design The study focuses on analyzing share price changes among five selected Indian prominent automobile companies listed on NSE indexes such as Maruti Suzuk, Mahindra & Mahindra, Hindustan Motors, Tata Motors, and Ashok Leyland (NSE India, 2023). These companies are significant players in the Indian automobile industry, and the analysis examines their investment potential by taking into account factors such as market dynamics, industry trends, financial performance, and regulatory influences. This sample size has been chosen to ensure a balanced, manageable scope for in-depth analysis while capturing a representative cross-section of the industry. Out of 15 automobile NSE Automobile indexed companies, 8 are Automobile manufacturers and 7 are automobile components manufacturers, out of these, 5 automobile manufacturing companies are drawn for the sample. By concentrating on these companies, the study aims to gain insights into their risk and investment characteristics, considering the overall market dynamics and performance of the Indian automobile sector. This approach will enable targeted comparisons and evaluations, providing meaningful insights into trends and variations within the industry. 3.3. Statistical Analysis Used The study employs various statistical tools to analyze the risk and investment dynamics within the selected Indian automobile companies. The mean will be used to determine the average performance of share prices over the specified period. The standard deviation will help measure the dispersion of share prices, indicating the degree of volatility. Variance will be calculated to assess the variability of share price changes, providing further insight into the risk associated with the investments. The coefficient of variation will be utilized to compare the relative risk of the companies, as it expresses the standard deviation as a percentage of the mean. Lastly, the analysis of systematic risk will focus on assessing the market risk inherent to the selected companies, helping to understand how their share prices correlate with market movements. Together, these statistical tools will facilitate a comprehensive examination of the risk-return profile in the Indian automobile industry. 7068 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate Table 2. Formulas used in study. Sl.No Calculation Formula 1 Return = Current week price – Previous week price Previous week Price 2 Average Return Sum of all close price/no. of values 3 Differences (D Returns – Average return 5 Variance = ∑ D² (n−1) 6 Standard Deviation=Risk = √Variance 7 Coefficient of variation Risk/Return 8 Systematic Risk (β) =∑d1*d2/d22 4. Data Analysis and Interpretation 4.1. Risk and Return Analysis for Selected Automobile Stocks: 4.1.1. Maruti Suzuki (Refer to Annexure 1) Variance = 5302.726 (262−1) = 20.3169 Standard Deviation = √20.3169 Risk = 4.5074 Coefficient of variation=4.5074/0.14252 =31.6264 Figure 1. Returns of Maruthi Suzuki during 2018-2023. Maruthi Suzuki provided a return of 0.14252, indicating modest gains or losses per unit of investment. With a risk value of 4.5074 and a coefficient of variance of 31.6264, there is a moderate level of risk associated with investing in Maruti Suzuki compared to the average returns. Investors should consider this volatility and risk when making investment decisions in Maruti Suzuki. The Figure 1 illustrates the returns of Maruti Suzuki security over a five-year period from 2018 to 2023, highlighting notable volatility. The variance of 20.3169 indicates a moderate level of dispersion or variability in the returns. Starting at Rs. 9206.20 on April 1, 2018, the price of the security experienced fluctuations throughout the period. It reached its highest value of Rs. 9,492.55 in October 2022 before declining to a low of Rs. 8,292.15 on March 26, 2023. 7069 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 4.1.2. Mahindra & Mahindra (Refer to Annexure 2) Variance = 6540.85 (262−1) = 25.06073 Standard Deviation = √25.06073 Risk = 5.006069 Coefficient of variation =5.006069/-0.0315 =-158.92 Figure 2. Returns of Mahindra & Mahindra during 2018-2023. In Figure 2, the security returns of Mahindra & Mahindra Motors are depicted over a five-year period from 2018 to 2023, revealing significant volatility with a variance of 25.06073. The initial price of the security on April 1, 2018, was Rs. 771.95. Over the course of the five years, the price experienced fluctuations, reaching its highest value of Rs. 1388 in January 2023, before declining to a low of Rs. 1158.70 on March 26, 2023. The average returns of -0.0315 indicate that, on average, the security had negative returns during this period. With a risk value of 5.006069 and a coefficient of variance of - 158.92, there is a significant degree of risk linked to investing in Mahindra & Mahindra Motors, which could result in considerable losses. Investors should thoroughly assess the volatility and risk factors prior to making investment decisions regarding this security. 4.1.3. Hindustan Motors (Refer to Annexure 3) Variance = 18940.85 (262−1) = 72.56711 Standard Deviation = √72.56711 Risk = 8.518633 Coefficient of variation =8.518633/0.21014 =40.5379 7070 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate Figure 3. Returns of Hindustan motors during 2018-2023. The security returns of Hindustan Motors over the five-year period from 2018 to 2023 exhibited significant volatility, as depicted in Figure 3. The variance of 72.56711 signifies a substantial level of dispersion or variability in the returns. The security's price began at Rs. 8 on April 1, 2018, and experienced fluctuations over time. It reached its highest value of Rs. 23.15 in June 2022 before declining to a low of Rs. 12.9 on March 26, 2023. On average, the security provided a return of 0.21014, suggesting modest gains or losses per unit of investment. However, the high variance and risk value of 8.518633 indicate a considerable level of uncertainty and volatility in the security's returns. The coefficient of variance, at 40.5379, underscores the relatively high level of risk compared to the average returns. Investors should be aware of these characteristics and carefully assess the potential risks before making investment decisions in Hindustan Motors. 4.1.4. Tata Motors (Refer to Annexure 4) Variance = 12393.30 (262−1) = 47.48379 Standard Deviation = √47.4837 Risk = 6.890848 Coefficient of variation=6.890848/0.18747 =36.7571 Figure 4. Returns of Tata Motors during 2018-2023. 7071 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate Figure 4 illustrates the security returns of Tata Motors over a five-year period from 2018 to 2023, demonstrating significant volatility with a variance of 47.48379. At the beginning of the period, on April 1, 2018, the security was valued at Rs. 364.1. Subsequently, the price experienced fluctuations, peaking at Rs. 509.9 in January 2022 before declining to its lowest point of Rs. 420.8 on March 26, 2023. The average returns of 0.18747 indicate that, on average, the security had positive returns during this period. However, with a risk value of 6.890848 and a coefficient of variance of 36.7571, there is a notable level of risk associated with investing in Tata Motors. This suggests that investors should exercise caution and carefully assess the volatility and risk factors before making investment decisions involving this security. 4.1.5. Ashok Leyland (Refer to Annexure 5) Variance = 10974.5 (262−1) = 42.04804 Standard Deviation = √42.04803703 Risk = 6.484446 Coefficient of variation=6.484446/0.21772 =29.7834 Figure 5. Returns of Ashok Layland during 2018-2023. The average returns of 0.21772 indicate that, on average, the security yielded positive returns during this time frame. However, it is remarkable that the security has a risk value of 6.484446 and a coefficient of variation of 29.7834., suggesting a moderate level of risk associated with investing in Ashok Leyland. Investors should carefully consider the volatility and risk factors before making investment decisions related to this security. The graph labelled 5 represents the security returns of Ashok Leyland over a span of five years from 2018 to 2023, revealing significant volatility with a variance of 42.04804. On April 1, 2018, the security was priced at Rs. 146.45. Throughout the period, it experienced fluctuations, reaching its peak value of Rs. 166.55 in September 2022 before declining to its lowest point of Rs. 139.2 on March 26, 2023. 4.1.6. Nifty Auto Index (Refer to Annexure 6) Variance = 3374.2 (262−1) = 12.87869 Standard Deviation = √12.87869 Risk = 3.588689 7072 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate The data for the Nifty Auto Index reveals important insights into its return characteristics. The calculated variance of 12.87869 indicates a moderate degree of dispersion in the index's returns, suggesting that they do not fluctuate excessively around the mean. This is further clarified by the standard deviation, which is approximately 3.59. This figure represents the average deviation of returns from the mean, helping investors gauge the potential risk associated with investing in the Nifty Auto Index. The risk value, also 3.588689, aligns with the standard deviation and quantifies the uncertainty in expected returns. On the whole this data indicates this data shows that the Nifty Auto Index has moderate variability and risk, which investors should consider in their investment decisions. 4.2. Comparative Risk & Return Analysis of Selected Automobile Stocks The following Table 3 presents a comparison of various automobile sector stocks based on their return, risk, variance, and coefficient of variation. Starting with Maruti Suzuki, it has shown a positive return of 0.14252, indicating a profit during the specified period. The risk associated with this stock is 4.5074, suggesting a moderate level of volatility. The variance, which measures the dispersion of returns, is 20.3169. The coefficient of variation, which accounts for risk relative to the average return, is 31.6264. Overall, Maruti Suzuki demonstrates a relatively stable performance with a reasonable level of risk. Table 3. Comparative Analysis of Risk and Return of selected automobile stocks. S.no Company name Return Risk Variance Co-efficient of variation 1 Maruti Suzuki 0.14252 4.5074 20.3169 31.6264 2 Mahindra & Mahindra -0.0315 5.00607 25.0607 -158.920 3 Hindustan Motors 0.21014 8.51863 72.5671 40.5379 4 Tata Motors 0.18747 6.89085 47.4838 36.7571 5 Ashok Leyland 0.21772 6.48445 42.0480 29.7834 Mahindra & Mahindra, on the other hand, has experienced a negative return of -0.0315, implying a loss during the given timeframe. This stock exhibits a higher level of risk with a value of 5.00607. The variance is 25.0607, indicating a wider range of returns. The coefficient of variation is negative (- 158.920), suggesting a high degree of risk compared to the average return. Investors should be cautious with this stock due to its negative returns and higher risk profile. Hindustan Motors has achieved a positive return of 0.21014, indicating a profit. However, it is associated with a higher risk level of 8.51863, making it a more volatile option. The variance is significantly higher at 72.5671, indicating a wider range of returns and increased uncertainty. The coefficient of variation is 40.5379, suggesting a relatively high risk compared to the average return. Investors considering Hindustan Motors should be prepared for higher volatility and potential fluctuations in returns. Tata Motors has delivered a positive return of 0.18747, signalling profitability. It exhibits a moderate level of risk with a value of 6.89085. The variance is 47.4838, suggesting a wider dispersion of returns compared to some other stocks. The coefficient of variation is 36.7571, indicating a moderate level of risk relative to the average return. Investors should carefully assess the risk-return trade-off when considering Tata Motors. Ashok Leyland has shown a positive return of 0.21772, indicating profitability. It demonstrates a moderate level of risk with a value of 6.48445. The variance is 42.048, suggesting a moderate dispersion of returns. The coefficient of variation is 29.7834, indicating a moderate level of risk relative to the average return. Ashok Leyland appears to offer a reasonable risk- return balance compared to other stocks in the automobile sector. 4.3. Systamatic Risk Analyses for Selected Automobile Stocks Systematic risk, or Beta (β), measures a stock's sensitivity to overall market movements, especially in relation to a benchmark index like NIFTY. Systematic risk measures the sensitivity of an individual stock's returns to overall market movements. A beta value greater than 1 indicates that the stock is 7073 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate expected to be more volatile compared to the broader market. A beta value below 1 suggests that the stock is expected to be less volatile compared to the broader market. 4.3.1. Systematic risk of Maruti Suzuki with NIFTY (Refer to Annexure 7) Systematic Risk (β) =∑d1*d2/d22 =1.079236 For Maruti Suzuki, the systematic risk is calculated to be 1.079236. This value suggests that Maruti Suzuki's stock is slightly more volatile than the overall market. A Beta of 1 indicates that the stock's price generally moves in sync with the market. Since Maruti Suzuki's β is >1, indicates that the stock is expected to have relatively larger price fluctuations compared to the benchmark index. Investors should be aware of this higher level of systematic risk associated with Maruti Suzuki and consider it when making investment decisions. 4.3.2. Systematic risk of Mahindra & Mahindra with NIFTY (Refer to Annexure 8) Systematic Risk (β) =∑d1*d2/d22 =1.079236 The calculation of systematic risk (β) for Mahindra & Mahindra in relation to NIFTY resulted in a value of 1.079236In this case, Mahindra & Mahindra has a Beta of 1.079236, indicating that its returns are expected to move in line with the market, but with slightly greater volatility. Investors should consider this when evaluating the risk and potential returns of investing in Mahindra & Mahindra, as its performance will be more significantly affected by market conditions. 4.3.3. Systematic risk of Hindustan Motors with NIFTY (Refer to Annexure 9) Systematic Risk (β) =∑d1*d2/d22 =0.707391 The calculation of systematic risk, represented by beta (β), for Hindustan Motor in relation to NIFTY yielded a value of 0.707391, indicating that its returns are likely to exhibit less volatility in relation to the NIFTY index. This implies that Hindustan Motor's performance may be relatively more stable and less influenced by overall market movements. Investors should consider this lower level of systematic risk when evaluating the potential risk and returns associated with investing in Hindustan. 4.3.4. Systematic risk of Tata Motors with NIFTY (Refer to Annexure 10) Systematic Risk(β) =∑d1*d2/d22 = 1.391991 The calculation of systematic risk (β) for Tata Motors in relation to NIFTY was 1.391991. The Beta value indicating that its returns are likely to exhibit higher volatility in relation to the NIFTY index. This suggests that Tata Motors' performance may be influenced to a greater extent by overall market movements, and investors should consider this higher level of systematic risk when evaluating the potential risk and returns associated with investing in Tata Motors. 4.3.5. Systematic risk of Ashok Leyland with NIFTY (Refer to Annexure 11) Systematic Risk (β) =∑d1*d2/d22 =1.289308 The calculation of systematic risk, Ashok Layland in relation to NIFTY resulted in a value of 1.289308. Systematic risk, also known as market risk, measures the extent to which a stock's returns are influenced by overall market movements. Ashok Layland has a beta of 1.289308, suggesting that its returns are likely to exhibit higher volatility compared to the NIFTY index. Investors should consider this higher level of systematic risk when evaluating the potential risk and reward associated with investing in Ashok Layland. It implies that changes in the NIFTY index are likely to have a significant impact on Ashok Layland's stock price, and investors should be aware of this when making investment decisions. 7074 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 4.4. Comparative Analysis of Systematic Risk of Selected Companies The systematic risk values provide insights into how the selected companies' stock returns are influenced by overall market movements. Companies with lower systematic risk are generally considered more stable, while those with higher systematic risk are more susceptible to market volatility. The Table 4 presents a comparison of the systematic risk (β) of selected companies. Systematic risk measures the sensitivity of a company's stock returns to overall market movements. Maruti Suzuki has a systematic risk of 1.079, suggesting that its stock returns are relatively less sensitive to market fluctuations than the average market. This implies that Maruti Suzuki's stock is relatively stable and less susceptible to systematic market risks. On the other hand, Mahindra & Mahindra has a systematic risk of 1.122, indicating that its stock returns are more responsive to market movements compared to Maruti Suzuki. Investors should be aware that changes in broader market conditions may have a more significant impact on Mahindra & Mahindra's stock performance. Table 4. Comparative analysis of systematic risk of selected automobile stocks. S.no Company name Systematic risk(β) 1 Maruti Suzuki 1.079236018 2 Mahindra & Mahindra 1.122096840 3 Hindustan Motors 0.707391173 4 Tata Motors 1.391990648 5 Ashok Leyland 1.289308496 Hindustan Motors exhibits a lower systematic risk of 0.707, suggesting that its stock returns are less affected by market fluctuations and are relatively more stable compared to the overall market. This makes Hindustan Motors' stock less influenced by systematic risks. In contrast, Tata Motors has a higher systematic risk of 1.392, indicating that its stock returns are highly sensitive to market movements. This means that changes in the broader market can significantly impact Tata Motors' performance, making it more exposed to market volatility. Ashok Leyland, with a systematic risk of 1.289, falls in between, showing moderate sensitivity to market fluctuations, and indicating a balanced level of exposure to systematic risks. Hence, the investors can use this information to assess the potential risk associated with investing in these companies and make informed decisions based on their risk tolerance and investment objectives. 5. Findings & Recommendations 5.1. Findings During the study, several facts have been identified regarding the comparison of the five automobile stocks over a 5-year period (2017-18 to 2022-23) in relation to the NIFTY Auto index and among themselves: 1. All five automobile stocks have higher returns and risks compared to the NIFTY Auto index. This suggests that these companies are generating higher returns by taking on more risk than the overall market. 2. Analyzing the 5-year price data, it is observed that Ashok Leyland has earned the highest returns (21.772), followed by Hindustan Motors (21.014) and Tata Motors (18.747). On the other hand, Maruti Suzuki has the lowest returns among all the stocks. 3. Among the 5 automobile stocks, Hindustan Motors exhibits the highest level of risk, while Maruti Suzuki has the lowest risk. 4. Surprisingly, despite having higher risk, Maruti Suzuki manages to generate more returns compared to Tata Motors, which is riskier than Maruti Suzuki. This suggests that Maruti Suzuki has been able to deliver better returns while maintaining a comparatively lower level of risk. 7075 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 5. Mahindra & Mahindra has experienced negative returns and is riskier than the other stocks in the analysis. This indicates that investors would need to accept higher levels of risk in order to potentially earn returns from this particular stock. 6. The systematic risk, represented by β (beta), is a measure of how sensitive a stock's returns are to overall market movements. Maruti Suzuki has a systematic risk of 1.079236018, Mahindra & Mahindra has a risk of 1.12209684, Hindustan Motors has a risk of 0.707391173, Tata Motors has a risk of 1.391990648, and Ashok Leyland has a risk of 1.289308496. These findings offer essential insights into the risk and investment characteristics of the five automobile stocks. Investors can leverage this information to evaluate the performance and risk profiles of these stocks, enabling them to make well-informed decisions aligned with their investment goals and risk tolerance. It's crucial to recognize that while attractive returns are appealing, they typically come with higher risks. Therefore, each investor should thoughtfully assess the risk-reward balance before proceeding with their investment choices. 5.2. Recommendations Based on the risk and investment analysis, the following suggestions can be made to investors regarding investing in specific stocks: 1. Considering the overall performance of the automobile sector, investors may consider allocating a majority of their holdings to the automobile sector. This suggests that the sector as a whole is performing well, indicating potential opportunities for investors. 2. Mahindra and Mahindra has been identified as riskier than the market. Therefore, risk-averse investors are advised to exercise caution when investing in this stock, as it carries higher risk compared to the overall market. Investors with a lower risk tolerance may consider diversifying their investments across other stocks with relatively lower risk. 3. It is important not to solely judge the performance of a stock based on the observed 5-year price data. Instead, investors should consider the stock's performance since its inception to gain a more comprehensive understanding. This long-term perspective will provide a more accurate assessment of the stock's performance and potential for future growth. 4. Hindustan Motors has a systematic risk (β) below 1, indicating lower volatility compared to the other stocks. This suggests that the price fluctuations of Hindustan Motors are relatively less compared to the overall market. Investors seeking a more stable investment option may consider including Hindustan Motors in their portfolio. 5. Stocks with systematic risk (β) falling between 1 and 2 have higher fluctuations. Investors need to thoroughly assess the risk-return trade-off before investing in these companies. While these stocks may present opportunities for greater returns, they also entail a higher level of risk. Therefore, it's essential for investors to conduct in-depth research and evaluate their risk tolerance before making investment decisions related to these stocks. Thus, it is crucial for investors to conduct their own research, analyze the risk and investment profiles of individual stocks, and align their investment decisions with their financial goals, risk tolerance, and investment horizon. Diversification and seeking professional advice from financial advisors can also help in managing risks effectively and optimizing investment portfolios. Therefore, investors should consider the return, risk, variance, and coefficient of variation when evaluating these automobile stocks. Each stock has its own unique performance and risk profile, and investors should carefully analyze these factors to make informed investment decisions based on their risk appetite and investment objectives. 5.3. Limitations of the Study The study has several limitations that need to be considered. Firstly, it focuses exclusively on the Indian market, meaning the findings may not be applicable to other global markets. The unique regulatory frameworks, economic conditions, and cultural factors in India could influence the results differently compared to other regions. Secondly, the research is primarily designed to analyze automobile stocks from an investor's perspective. This narrow focus may not capture other important 7076 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate dimensions, such as investor behaviour, broader industry trends, or the operational aspects of automobile companies. Lastly, the study is confined to a sample of five automobile companies over a five-year period i.e., 2017-18 to 2022-23 which may not fully represent the entire Indian automobile industry. The limited scope in terms of both the sample size and time frame may not provide a comprehensive view of the sector's dynamics or long-term trends. These limitations offer valuable context for interpreting the study's findings and suggest potential avenues for future research. During the period under study, the National Stock Exchange (NSE) witnessed several significant declines, causing market turbulence and investor apprehension. These declines were driven by various factors, including the introduction of long-term capital gains tax, global economic recession concerns, and the outbreak of the COVID-19 pandemic. The NSE experienced notable drops in February and March 2018, following the Finance Minister's proposal for the capital gains tax. The impact of the COVID-19 pandemic became apparent in early 2020, with sharp declines in February and March, resulting from global tensions and the declaration of a pandemic by the World Health Organization. The Nifty index reached its lowest levels since 2016, and the market suffered significant weekly losses reminiscent of the 2008 financial crisis. These events highlight the vulnerability of the NSE to global economic conditions and the influence of major events on market performance. 6. Conclusion The Automobile Industry in India holds a prominent position on the global stage, being one of the largest and fastest-growing sectors. With substantial capital requirements, most industries in India raise funds through share issuances. Investors seek reasonable returns while minimizing risk in comparison to the market's overall risk and investment profile. The study's findings highlight the diverse risk and return profiles of five key automobile stocks in comparison to the NIFTY Auto Index over a five-year period (2017-18 to 2022-23). All analyzed stocks exhibit higher returns and risks than the NIFTY Auto Index, indicating that these companies achieve greater returns by assuming more risk. Ashok Leyland and Hindustan Motors lead in returns, while Mahindra & Mahindra stands out with negative returns and higher risk, signalling caution for risk-averse investors. Maruti Suzuki, despite its moderate risk, delivers solid returns, outperforming Tata Motors, which carries higher risk. These finding reinforces the notion of a direct relationship between risk and return, where higher risk investments tend to yield higher returns. Thus, investors should consider these risk-return dynamics when making investment decisions in the automobile industry. 6.1. Disclaimer The literature review, data analysis, table and graphs, findings, and recommendations contained in this study are provided strictly for academic and theoretical purposes. They are not intended to serve as financial or investment advice. This material is designed to enhance academic literature, particularly in the areas of risk and return analysis and to illustrate CAPM concepts for educational use by research students. Any use of this data for investment purposes is strictly at the user's own risk. The authors, their affiliated institutions, and the publishers assume no responsibility or liability for any financial decisions made based on this information. Funding: The INTI International University, Malaysia, is sponsoring the Open Access charges as the paper aligns with the United Nations' Sustainable Development Goals. Copyright: © 2024 by the authors. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). References [1] Adrian, T., & Rosenberg, J. (2008). Stock returns and volatility: Pricing the short‐run and long‐run components of market risk. The journal of Finance, 63(6), 2997-3030. https://creativecommons.org/licenses/by/4.0/ 7077 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate [2] Ahmmed, S., & Siddique, S. (2022). Efficient Diversification Strategies: Mitigating Unsystematic Risk with DS-30 Stocks. Journal of Fareast International University, 5(1), 1-10. [3] Ainia, N. S. N., & Lutfi, L. (2019). The influence of risk perception, risk tolerance, overconfidence, and loss aversion towards investment decision making. Journal of Economics, Business, & Accountancy Ventura, 21(3), 401-413. [4] Alenezi, M. (2015). The impact of exchange rate, interest rate and oil price fluctuations on stock returns of GCC listed companies. [5] Aliu, F., Pavelkova, D., & Dehning, B. (2017). Portfolio risk-return analysis: The case of the automotive industry in the Czech Republic. Journal of International Studies. [6] Andriotto, M., & Teti, E. (2014). Beyond CAPM: an innovative factor model to optimize the risk and return trade- off. Journal of Business Economics and Management, 15(4), 615-630. [7] Balaji, C., Kusuma, G. D., & Kumar, B. R. (2018). Risk and return analysis of equity shares of selected companies in automobile industry. Asian Journal of Multi-Disciplinary Research, 4(2), 37-42. [8] Barry, P. J., & Robison, L. J. (2014). Economic rates of return and investment analysis. The engineering economist, 59(3), 231-236. [9] Chairani, C., & Siregar, S. V. (2021). The effect of enterprise risk management on financial performance and firm value: the role of environmental, social and governance performance. Meditari Accountancy Research, 29(3), 647-670. [10] Dai, Z., Kang, J., & Wen, F. (2021). Predicting stock returns: a risk measurement perspective. International Review of Financial Analysis, 74, 101676. [11] Erumban, A. A., Das, D. K., Aggarwal, S., & Das, P. C. (2019). Structural change and economic growth in India. Structural Change and Economic Dynamics, 51, 186-202. [12] Frazier, D. T., & Liu, X. (2016). A new approach to risk-return trade-off dynamics via decomposition. Journal of Economic Dynamics and Control, 62, 43-55. [13] Gitman, L. J., Joehnk, M. D., Smart, S., & Juchau, R. H. (2015). Fundamentals of investing. Pearson higher education AU. [14] Grundl, H., & Gal, J. (2017). The evolution of insurer portfolio investment strategies for long-term investing. OECD Journal: Financial Market Trends, 2016(2), 1-55. [15] Here is the citation in APA 7th edition format: [16] Jha, S. (2011). Interest rate markets: A practical approach to fixed income (Vol. 501). John Wiley & Sons. [17] Kenton, W. (2024, July 11). What beta means for investors. Investopedia. https://www.investopedia.com/terms/b/beta.asp#:~:text=A%20Beta%20of%201.0%20for,moved%201 .5%25%2C%20on%20average. [18] Madhavedi, S., & Bojja, S. (2022). The Effect of Dividend Payouts and Non-Payouts on the Share Price and Market Capitalization: An Empirical Study of Selected Indian Companies. Indian Journal of Research in Capital Markets• October-December, 9. [19] Mathur, S. (2024, September 12). Top highly volatile stocks in India for intraday trading. Smallcase. https://www.smallcase.com/collections/high-volatile-stocks/ [20] Muiruri, P. M. (2014). Effects of estimating systematic risk in equity stocks in the Nairobi Securities Exchange (NSE)(An Empirical review of systematic risks estimation). [21] Muiruri, P. M. (2014). Effects of estimating systematic risk in equity stocks in the Nairobi Securities Exchange (NSE)(An Empirical review of systematic risks estimation). [22] Narayanan, B., Xavier, J. C., & Arivazhagan, M. (2012). Risk and return analysis of automobile and oil &gas sectors–a study. Asian Journal of Research in Business Economics and Management, 2(8), 30-48. [23] NSE India (2023), https://www.niftyindices.com/indices/equity/sectoral-indices/nifty-auto [24] Pavitra, H., & Hamsalakshmi. (2022). An empirical study on risk and return of automobile industry in Indian stock market. International Journal of Creative Research Thoughts (IJCRT), 10(5). https://doi.org/ISSN:2320-2882 [25] Peterdy, K. (2023, October 4). Business risk. Corporate Finance Institute. https://corporatefinanceinstitute.com/resources/career-map/sell-side/risk-management/business- risk/#:~:text=Business%20risk%20is%20the%20threat,debt%20in%20its%20capital%20structure. [26] Prakash, M. J., & Jadhav, S. S. (2022). A study of Automobile industry in India. Innovative Research Thoughts, 8(1), 95- 99. [27] Rao, D. T., Mandia, J., & Anand, A. (2012). Risk-return analysis of sectorial portfolios of stocks. Economics, Management and Financial Markets, 7(3), 108. [28] Rossi, M. (2016). The capital asset pricing model: a critical literature review. Global Business and Economics Review, 18(5), 604-617. [29] SIMA (2023). Society of Indian Automobile Manufactures. (n.d.). https://www.siam.in/statistics.aspx?mpgid=8&pgidtrail=13 [30] Sowbarnika, S., & Jayanthi, M. (2019). A Study on Financial Performance of State Bank of India. Paripex-Indian Journal of Research, 8(1), 56-59. [31] Subbalakshmi, M. (2023). Equity Analysis of Selected Indian Automobile Companies. IUP Journal of Management Research, 22(4), 22-37. [32] Sullivan, R., & Mackenzie, C. (Eds.). (2017). Responsible investment. Routledge. [33] Thappa, S., & Padung, O. (2023). An Analysis on Risk Return Relationship of Automobile Company's Stock in Indian Equity Market. SOUTH INDIA JOURNAL OF SOCIAL SCIENCES, 21(2 Dec), 1-16. https://www.investopedia.com/terms/b/beta.asp#:~:text=A%20Beta%20of%201.0%20for,moved%201.5%25%2C%20on%20average https://www.investopedia.com/terms/b/beta.asp#:~:text=A%20Beta%20of%201.0%20for,moved%201.5%25%2C%20on%20average https://www.smallcase.com/collections/high-volatile-stocks/ https://www.niftyindices.com/indices/equity/sectoral-indices/nifty-auto https://doi.org/ISSN:2320-2882 https://corporatefinanceinstitute.com/resources/career-map/sell-side/risk-management/business-risk/#:~:text=Business%20risk%20is%20the%20threat,debt%20in%20its%20capital%20structure https://corporatefinanceinstitute.com/resources/career-map/sell-side/risk-management/business-risk/#:~:text=Business%20risk%20is%20the%20threat,debt%20in%20its%20capital%20structure https://www.siam.in/statistics.aspx?mpgid=8&pgidtrail=13 7078 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate [34] Vanaja, D. V., & Nishok, P. J. (2020). Risk and return analysis of selected stocks in Indian automobile sector. International Journal of Advance Research and Innovative Ideas in Education, 6(4), 23-36. [35] Vyas, R. (2022). Risk-Return Tradeoff of Selected Automobile, Pharmaceutical, and Information Technology Sector’s Mutual Funds. In S. Jain, A. Thomas, A. K. Gupta, R. Vyas, & A. Jain (Eds.), Challenges, Opportunities, and Innovation for Sustainable Future. [36] Vijayvergiya, A., Choudhary, A., & Vyas, R. (2023). Risk and Return Analysis of Selected Auto, Pharma and IT Sector Companies during The Years 2019-2022. Prestige International Journal of Management and Research, 16(2), 46-54. 7079 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate Annexure 1. Stock price & returns of Maruti Suzuki. Date Close Price Returns Avg Returns Difference (D) D*D 26-Mar-23 8,292.15 19-Mar-23 8,242.90 -0.5939 0.14252 -0.7365 0.54237 12-Mar-23 8,316.85 0.89714 0.14252 0.75461 0.56944 5-Mar-23 8,601.55 3.42317 0.14252 3.28065 10.7627 26-Feb-23 8,601.25 -0.0035 0.14252 -0.146 0.02132 19-Feb-23 8,660.50 0.68885 0.14252 0.54633 0.29848 12-Feb-23 8,807.75 1.70025 0.14252 1.55773 2.42651 5-Feb-23 8,811.35 0.04087 0.14252 -0.1016 0.01033 29-Jan-23 8,942.30 1.48615 0.14252 1.34363 1.80534 22-Jan-23 8,737.50 -2.2902 0.14252 -2.4328 5.91833 15-Jan-23 8,439.80 -3.4072 0.14252 -3.5497 12.6002 8-Jan-23 8,453.40 0.16114 0.14252 0.01862 0.00035 1-Jan-23 8,383.05 -0.8322 0.14252 -0.9747 0.9501 25-Dec-22 8,394.60 0.13778 0.14252 -0.0047 2.3E-05 18-Dec-22 8,141.60 -3.0138 0.14252 -3.1564 9.96264 11-Dec-22 8,485.80 4.22767 0.14252 4.08515 16.6884 4-Dec-22 8,613.35 1.5031 0.14252 1.36058 1.85117 27-Nov-22 8,815.85 2.351 0.14252 2.20848 4.87738 20-Nov-22 9,019.50 2.31004 0.14252 2.16752 4.69815 13-Nov-22 8,848.05 -1.9009 0.14252 -2.0434 4.1755 6-Nov-22 9,087.55 2.70681 0.14252 2.56429 6.57557 30-Oct-22 9,229.50 1.56203 0.14252 1.4195 2.01499 23-Oct-22 9,492.55 2.8501 0.14252 2.70758 7.33098 16-Oct-22 8,703.30 -8.3144 0.14252 -8.4569 71.5198 9-Oct-22 8,617.30 -0.9881 0.14252 -1.1307 1.27838 2-Oct-22 8,779.10 1.87762 0.14252 1.7351 3.01056 25-Sep-22 8,828.15 0.55871 0.14252 0.41619 0.17321 18-Sep-22 9,343.45 5.83701 0.14252 5.69449 32.4272 11-Sep-22 9,189.65 -1.6461 0.14252 -1.7886 3.19907 4-Sep-22 8,946.00 -2.6514 0.14252 -2.7939 7.80574 28-Aug-22 8,919.60 -0.2951 0.14252 -0.4376 0.19152 21-Aug-22 8,720.60 -2.231 0.14252 -2.3736 5.63381 14-Aug-22 8,778.95 0.66911 0.14252 0.52658 0.27729 7-Aug-22 8,699.20 -0.9084 0.14252 -1.0509 1.10449 31-Jul-22 8,841.20 1.63233 0.14252 1.48981 2.21954 24-Jul-22 8,773.55 -0.7652 0.14252 -0.9077 0.8239 17-Jul-22 8,830.95 0.65424 0.14252 0.51172 0.26185 10-Jul-22 8,778.05 -0.599 0.14252 -0.7416 0.5499 3-Jul-22 8,475.95 -3.4415 0.14252 -3.5841 12.8455 26-Jun-22 8,402.60 -0.8654 0.14252 -1.0079 1.01589 19-Jun-22 8,363.20 -0.4689 0.14252 -0.6114 0.37384 12-Jun-22 7,688.15 -8.0717 0.14252 -8.2142 67.473 5-Jun-22 7,935.10 3.21209 0.14252 3.06956 9.42222 29-May-22 7,705.05 -2.8991 0.14252 -3.0417 9.25174 22-May-22 7,942.95 3.08759 0.14252 2.94506 8.67339 15-May-22 7,586.60 -4.4864 0.14252 -4.6289 21.4266 8-May-22 7,101.95 -6.3882 0.14252 -6.5308 42.6508 7080 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 1-May-22 7,279.25 2.4965 0.14252 2.35397 5.5412 24-Apr-22 7,717.80 6.02466 0.14252 5.88214 34.5995 17-Apr-22 7,904.50 2.41908 0.14252 2.27656 5.18273 10-Apr-22 7,469.50 -5.5032 0.14252 -5.6457 31.8741 3-Apr-22 7,557.95 1.18415 0.14252 1.04163 1.08498 27-Mar-22 7,700.05 1.88014 0.14252 1.73762 3.01931 20-Mar-22 7,415.45 -3.6961 0.14252 -3.8386 14.7349 13-Mar-22 7,693.00 3.74286 0.14252 3.60034 12.9624 6-Mar-22 7,102.55 -7.6752 0.14252 -7.8177 61.1162 27-Feb-22 7,247.30 2.038 0.14252 1.89548 3.59284 20-Feb-22 8,356.10 15.2995 0.14252 15.157 229.734 13-Feb-22 8,569.10 2.54904 0.14252 2.40651 5.79131 6-Feb-22 8,737.15 1.96112 0.14252 1.81859 3.30728 30-Jan-22 8,550.55 -2.1357 0.14252 -2.2782 5.19034 23-Jan-22 8,550.95 0.00468 0.14252 -0.1378 0.019 16-Jan-22 8,189.60 -4.2258 0.14252 -4.3684 19.0826 9-Jan-22 8,084.20 -1.287 0.14252 -1.4295 2.04353 2-Jan-22 7,906.00 -2.2043 0.14252 -2.3468 5.50758 26-Dec-21 7,426.45 -6.0656 0.14252 -6.2082 38.5414 19-Dec-21 7,317.10 -1.4724 0.14252 -1.615 2.6081 12-Dec-21 7,296.60 -0.2802 0.14252 -0.4227 0.17867 5-Dec-21 7,425.65 1.76863 0.14252 1.62611 2.64423 28-Nov-21 7,208.70 -2.9216 0.14252 -3.0642 9.38903 21-Nov-21 7,170.50 -0.5299 0.14252 -0.6724 0.45217 14-Nov-21 8,117.15 13.202 0.14252 13.0595 170.55 7-Nov-21 7,479.85 -7.8513 0.14252 -7.9938 63.9008 31-Oct-21 7,747.40 3.57694 0.14252 3.43442 11.7952 24-Oct-21 7,482.40 -3.4205 0.14252 -3.563 12.6951 17-Oct-21 7,408.90 -0.9823 0.14252 -1.1248 1.26524 10-Oct-21 7,496.90 1.18776 0.14252 1.04524 1.09252 3-Oct-21 7,430.00 -0.8924 0.14252 -1.0349 1.071 26-Sep-21 7,162.30 -3.603 0.14252 -3.7455 14.0286 19-Sep-21 6,952.25 -2.9327 0.14252 -3.0752 9.4571 12-Sep-21 7,014.45 0.89467 0.14252 0.75215 0.56573 5-Sep-21 6,802.25 -3.0252 0.14252 -3.1677 10.0344 29-Aug-21 6,863.10 0.89456 0.14252 0.75203 0.56556 22-Aug-21 6,624.85 -3.4715 0.14252 -3.614 13.0609 15-Aug-21 6,850.90 3.41215 0.14252 3.26963 10.6905 8-Aug-21 7,002.20 2.20847 0.14252 2.06595 4.26813 1-Aug-21 7,100.80 1.40813 0.14252 1.26561 1.60176 25-Jul-21 6,977.70 -1.7336 0.14252 -1.8761 3.51986 18-Jul-21 7,293.85 4.53086 0.14252 4.38834 19.2575 11-Jul-21 7,303.55 0.13299 0.14252 -0.0095 9.1E-05 4-Jul-21 7,425.70 1.67247 0.14252 1.52995 2.34075 27-Jun-21 7,573.85 1.9951 0.14252 1.85258 3.43204 20-Jun-21 7,649.00 0.99223 0.14252 0.84971 0.722 13-Jun-21 6,959.35 -9.0162 0.14252 -9.1587 83.8824 6-Jun-21 7,223.80 3.79992 0.14252 3.6574 13.3766 30-May-21 7,214.70 -0.126 0.14252 -0.2685 0.07209 23-May-21 6,970.00 -3.3917 0.14252 -3.5342 12.4906 7081 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 16-May-21 6,814.65 -2.2288 0.14252 -2.3714 5.62335 9-May-21 6,736.40 -1.1483 0.14252 -1.2908 1.66612 2-May-21 6,703.05 -0.4951 0.14252 -0.6376 0.40653 25-Apr-21 6,455.65 -3.6909 0.14252 -3.8334 14.6948 18-Apr-21 6,676.10 3.41484 0.14252 3.27232 10.708 11-Apr-21 6,648.10 -0.4194 0.14252 -0.5619 0.31576 4-Apr-21 6,827.10 2.6925 0.14252 2.54998 6.50238 28-Mar-21 6,923.90 1.41788 0.14252 1.27536 1.62653 21-Mar-21 6,784.45 -2.014 0.14252 -2.1566 4.65076 14-Mar-21 7,113.55 4.8508 0.14252 4.70828 22.1679 7-Mar-21 7,096.20 -0.2439 0.14252 -0.3864 0.14932 28-Feb-21 7,249.00 2.15327 0.14252 2.01074 4.04308 21-Feb-21 6,866.15 -5.2814 0.14252 -5.4239 29.4191 14-Feb-21 7,323.00 6.65366 0.14252 6.51113 42.3949 7-Feb-21 7,568.50 3.35245 0.14252 3.20993 10.3036 31-Jan-21 7,494.15 -0.9824 0.14252 -1.1249 1.26536 24-Jan-21 7,206.65 -3.8363 0.14252 -3.9788 15.8312 17-Jan-21 8,048.85 11.6864 0.14252 11.5439 133.262 10-Jan-21 8,024.75 -0.2994 0.14252 -0.4419 0.19531 3-Jan-21 8,014.90 -0.1227 0.14252 -0.2653 0.07037 27-Dec-20 7,691.30 -4.0375 0.14252 -4.18 17.4724 20-Dec-20 7,446.05 -3.1887 0.14252 -3.3312 11.0968 13-Dec-20 7,559.75 1.52698 0.14252 1.38446 1.91673 6-Dec-20 7,733.55 2.29902 0.14252 2.15649 4.65047 29-Nov-20 7,803.15 0.89997 0.14252 0.75745 0.57373 22-Nov-20 7,035.80 -9.8338 0.14252 -9.9764 99.528 15-Nov-20 6,965.85 -0.9942 0.14252 -1.1367 1.29214 8-Nov-20 6,809.25 -2.2481 0.14252 -2.3906 5.71513 1-Nov-20 6,907.60 1.44436 0.14252 1.30184 1.69478 25-Oct-20 6,965.15 0.83314 0.14252 0.69062 0.47695 18-Oct-20 7,103.25 1.98273 0.14252 1.84021 3.38636 11-Oct-20 6,894.90 -2.9332 0.14252 -3.0757 9.45985 4-Oct-20 7,062.40 2.42933 0.14252 2.28681 5.2295 27-Sep-20 6,796.30 -3.7678 0.14252 -3.9104 15.2909 20-Sep-20 6,497.70 -4.3936 0.14252 -4.5361 20.5761 13-Sep-20 6,964.75 7.18793 0.14252 7.04541 49.6377 6-Sep-20 7,193.60 3.28583 0.14252 3.14331 9.88039 30-Aug-20 7,190.10 -0.0487 0.14252 -0.1912 0.03655 23-Aug-20 7,104.10 -1.1961 0.14252 -1.3386 1.79188 16-Aug-20 6,973.00 -1.8454 0.14252 -1.9879 3.95189 9-Aug-20 6,588.20 -5.5184 0.14252 -5.661 32.0464 2-Aug-20 6,679.00 1.37822 0.14252 1.2357 1.52695 26-Jul-20 6,262.75 -6.2322 0.14252 -6.3747 40.6374 19-Jul-20 6,000.70 -4.1843 0.14252 -4.3268 18.7211 12-Jul-20 5,919.50 -1.3532 0.14252 -1.4957 2.23711 5-Jul-20 5,955.65 0.61069 0.14252 0.46817 0.21918 28-Jun-20 5,932.10 -0.3954 0.14252 -0.5379 0.28939 21-Jun-20 5,754.90 -2.9871 0.14252 -3.1297 9.79478 14-Jun-20 5,897.35 2.47528 0.14252 2.33276 5.44177 7-Jun-20 5,561.75 -5.6907 0.14252 -5.8332 34.0264 7082 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 31-May-20 5,746.20 3.3164 0.14252 3.17388 10.0735 24-May-20 5,610.80 -2.3563 0.14252 -2.4989 6.24431 17-May-20 5,134.30 -8.4926 0.14252 -8.6351 74.5645 10-May-20 5,100.40 -0.6603 0.14252 -0.8028 0.64447 3-May-20 4,654.15 -8.7493 0.14252 -8.8918 79.0648 26-Apr-20 5,358.80 15.1403 0.14252 14.9977 224.932 19-Apr-20 5,045.65 -5.8437 0.14252 -5.9862 35.8344 12-Apr-20 5,505.00 9.10388 0.14252 8.96136 80.306 5-Apr-20 5,326.65 -3.2398 0.14252 -3.3823 11.44 29-Mar-20 4,011.50 -24.69 0.14252 -24.833 616.654 22-Mar-20 4,646.10 15.8195 0.14252 15.677 245.768 15-Mar-20 5,079.20 9.3218 0.14252 9.17927 84.2591 8-Mar-20 5,838.60 14.9512 0.14252 14.8087 219.296 1-Mar-20 6,445.95 10.4023 0.14252 10.2598 105.263 23-Feb-20 6,283.10 -2.5264 0.14252 -2.6689 7.12311 16-Feb-20 6,757.60 7.552 0.14252 7.40948 54.9004 9-Feb-20 6,913.80 2.31147 0.14252 2.16895 4.70434 2-Feb-20 6,971.75 0.83818 0.14252 0.69566 0.48394 26-Jan-20 6,913.50 -0.8355 0.14252 -0.978 0.95656 19-Jan-20 7,128.45 3.10913 0.14252 2.96661 8.80078 12-Jan-20 7,520.15 5.49488 0.14252 5.35236 28.6478 5-Jan-20 7,330.50 -2.5219 0.14252 -2.6644 7.0991 29-Dec-19 7,254.25 -1.0402 0.14252 -1.1827 1.39877 22-Dec-19 7,344.90 1.24961 0.14252 1.10709 1.22565 15-Dec-19 7,261.50 -1.1355 0.14252 -1.278 1.6333 8-Dec-19 7,214.95 -0.6411 0.14252 -0.7836 0.61399 1-Dec-19 6,886.70 -4.5496 0.14252 -4.6921 22.0158 24-Nov-19 7,245.85 5.21512 0.14252 5.0726 25.7313 17-Nov-19 7,060.45 -2.5587 0.14252 -2.7012 7.29664 10-Nov-19 7,147.20 1.22868 0.14252 1.08615 1.17973 3-Nov-19 7,200.55 0.74645 0.14252 0.60392 0.36472 27-Oct-19 7,618.65 5.8065 0.14252 5.66398 32.0806 20-Oct-19 7,471.15 -1.936 0.14252 -2.0786 4.32042 13-Oct-19 7,302.30 -2.26 0.14252 -2.4025 5.77225 6-Oct-19 6,698.90 -8.2631 0.14252 -8.4057 70.6553 29-Sep-19 6,649.60 -0.7359 0.14252 -0.8785 0.7717 22-Sep-19 6,773.70 1.86628 0.14252 1.72375 2.97133 15-Sep-19 6,591.95 -2.6832 0.14252 -2.8257 7.98455 8-Sep-19 6,450.30 -2.1488 0.14252 -2.2914 5.25031 1-Sep-19 6,186.95 -4.0828 0.14252 -4.2253 17.853 25-Aug-19 6,123.75 -1.0215 0.14252 -1.164 1.35496 18-Aug-19 6,254.35 2.13268 0.14252 1.99016 3.96073 11-Aug-19 5,975.05 -4.4657 0.14252 -4.6082 21.2356 4-Aug-19 6,099.90 2.08952 0.14252 1.947 3.79081 28-Jul-19 5,689.35 -6.7304 0.14252 -6.873 47.2376 21-Jul-19 5,805.65 2.04417 0.14252 1.90165 3.61626 14-Jul-19 5,769.10 -0.6296 0.14252 -0.7721 0.59611 7-Jul-19 5,971.45 3.50748 0.14252 3.36496 11.3229 30-Jun-19 6,360.00 6.50679 0.14252 6.36427 40.504 23-Jun-19 6,534.65 2.74607 0.14252 2.60355 6.77845 7083 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 16-Jun-19 6,417.25 -1.7966 0.14252 -1.9391 3.76011 9-Jun-19 6,747.40 5.14473 0.14252 5.0022 25.022 2-Jun-19 6,948.25 2.9767 0.14252 2.83418 8.03257 26-May-19 6,869.85 -1.1283 0.14252 -1.2709 1.6151 19-May-19 7,093.15 3.25043 0.14252 3.10791 9.65912 12-May-19 6,706.85 -5.4461 0.14252 -5.5886 31.2327 5-May-19 6,631.60 -1.122 0.14252 -1.2645 1.59899 28-Apr-19 6,710.00 1.18222 0.14252 1.0397 1.08097 21-Apr-19 6,842.85 1.97988 0.14252 1.83736 3.37588 14-Apr-19 7,447.45 8.8355 0.14252 8.69298 75.5678 7-Apr-19 7,342.85 -1.4045 0.14252 -1.547 2.3933 31-Mar-19 7,107.70 -3.2024 0.14252 -3.345 11.1887 24-Mar-19 6,672.55 -6.1222 0.14252 -6.2648 39.2472 17-Mar-19 6,552.70 -1.7962 0.14252 -1.9387 3.75851 10-Mar-19 7,084.00 8.10811 0.14252 7.96559 63.4505 3-Mar-19 6,967.70 -1.6417 0.14252 -1.7843 3.18355 24-Feb-19 6,935.15 -0.4672 0.14252 -0.6097 0.37171 17-Feb-19 6,912.40 -0.328 0.14252 -0.4706 0.22143 10-Feb-19 6,930.05 0.25534 0.14252 0.11282 0.01273 3-Feb-19 7,134.25 2.94659 0.14252 2.80406 7.86278 27-Jan-19 6,962.30 -2.4102 0.14252 -2.5527 6.51642 20-Jan-19 6,513.40 -6.4476 0.14252 -6.5901 43.4295 13-Jan-19 7,357.95 12.9663 0.14252 12.8238 164.45 6-Jan-19 7,320.50 -0.509 0.14252 -0.6515 0.42445 30-Dec-18 7,234.50 -1.1748 0.14252 -1.3173 1.7353 23-Dec-18 7,505.55 3.74663 0.14252 3.60411 12.9896 16-Dec-18 7,536.30 0.4097 0.14252 0.26717 0.07138 9-Dec-18 7,662.15 1.66992 0.14252 1.52739 2.33293 2-Dec-18 7,313.95 -4.5444 0.14252 -4.6869 21.9674 25-Nov-18 7,661.60 4.75325 0.14252 4.61072 21.2588 18-Nov-18 7,411.10 -3.2696 0.14252 -3.4121 11.6423 11-Nov-18 7,341.20 -0.9432 0.14252 -1.0857 1.17875 4-Nov-18 7,283.50 -0.786 0.14252 -0.9285 0.86211 28-Oct-18 7,135.45 -2.0327 0.14252 -2.1752 4.73149 21-Oct-18 6,717.30 -5.8602 0.14252 -6.0027 36.0324 14-Oct-18 6,756.45 0.58282 0.14252 0.4403 0.19386 7-Oct-18 7,287.20 7.85546 0.14252 7.71293 59.4893 30-Sep-18 6,904.35 -5.2537 0.14252 -5.3963 29.1196 23-Sep-18 7,347.95 6.42494 0.14252 6.28241 39.4687 16-Sep-18 8,040.15 9.42031 0.14252 9.27779 86.0774 9-Sep-18 8,626.70 7.29526 0.14252 7.15274 51.1617 2-Sep-18 8,719.20 1.07225 0.14252 0.92973 0.8644 26-Aug-18 9,096.40 4.32608 0.14252 4.18356 17.5022 19-Aug-18 9,163.80 0.74095 0.14252 0.59843 0.35812 12-Aug-18 9,152.10 -0.1277 0.14252 -0.2702 0.07301 5-Aug-18 9,148.25 -0.0421 0.14252 -0.1846 0.03407 29-Jul-18 9,187.00 0.42358 0.14252 0.28106 0.07899 22-Jul-18 9,310.40 1.3432 0.14252 1.20068 1.44163 15-Jul-18 9,398.95 0.95109 0.14252 0.80856 0.65378 8-Jul-18 9,431.05 0.34153 0.14252 0.199 0.0396 7084 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 1-Jul-18 9,317.50 -1.204 0.14252 -1.3465 1.81313 24-Jun-18 8,825.60 -5.2793 0.14252 -5.4218 29.3963 17-Jun-18 8,874.90 0.5586 0.14252 0.41608 0.17312 10-Jun-18 8,951.60 0.86424 0.14252 0.72171 0.52087 3-Jun-18 8,932.45 -0.2139 0.14252 -0.3565 0.12706 27-May-18 8,808.85 -1.3837 0.14252 -1.5262 2.32941 20-May-18 8,548.15 -2.9595 0.14252 -3.102 9.62269 13-May-18 8,510.95 -0.4352 0.14252 -0.5777 0.33374 6-May-18 8,750.30 2.81226 0.14252 2.66974 7.12749 29-Apr-18 8,678.20 -0.824 0.14252 -0.9665 0.93411 22-Apr-18 8,783.35 1.21166 0.14252 1.06913 1.14305 15-Apr-18 9,025.00 2.75123 0.14252 2.60871 6.80534 8-Apr-18 9,123.95 1.0964 0.14252 0.95388 0.90988 1-Apr-18 9,206.20 0.90147 0.14252 0.75895 0.57601 Total Returns 0.14252 ∑D²=5 302.72 Annexure 2. Stock Price & Returns of Mahindra & Mahindra. Date Close price Returns Avg returns Difference (D) D*D 26-Mar-23 1,158.70 19-Mar-23 1,150.80 -0.6818 -0.0315 -0.6503 0.42287 12-Mar-23 1,171.50 1.79875 -0.0315 1.83026 3.34987 5-Mar-23 1,226.70 4.71191 -0.0315 4.74342 22.5001 26-Feb-23 1,268.60 3.41567 -0.0315 3.44718 11.8831 19-Feb-23 1,280.20 0.91439 -0.0315 0.94591 0.89475 12-Feb-23 1,341.50 4.78831 -0.0315 4.81983 23.2308 5-Feb-23 1,365.45 1.78531 -0.0315 1.81683 3.30087 29-Jan-23 1,388.00 1.65147 -0.0315 1.68299 2.83244 22-Jan-23 1,320.20 -4.8847 -0.0315 -4.8532 23.5537 15-Jan-23 1,314.75 -0.4128 -0.0315 -0.3813 0.14539 8-Jan-23 1,328.15 1.01921 -0.0315 1.05072 1.10401 1-Jan-23 1,264.90 -4.7623 -0.0315 -4.7307 22.38 25-Dec-22 1,249.20 -1.2412 -0.0315 -1.2097 1.46335 18-Dec-22 1,224.60 -1.9693 -0.0315 -1.9377 3.75485 11-Dec-22 1,251.60 2.2048 -0.0315 2.23632 5.00112 4-Dec-22 1,265.40 1.10259 -0.0315 1.1341 1.28619 27-Nov-22 1,264.60 -0.0632 -0.0315 -0.0317 0.00101 20-Nov-22 1,260.80 -0.3005 -0.0315 -0.269 0.07235 13-Nov-22 1,227.15 -2.6689 -0.0315 -2.6374 6.95601 6-Nov-22 1,287.10 4.8853 -0.0315 4.91682 24.1751 30-Oct-22 1,338.30 3.97793 -0.0315 4.00945 16.0757 23-Oct-22 1,311.65 -1.9913 -0.0315 -1.9598 3.84088 16-Oct-22 1,256.75 -4.1856 -0.0315 -4.1541 17.2561 9-Oct-22 1,230.30 -2.1046 -0.0315 -2.0731 4.29782 7085 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 2-Oct-22 1,238.85 0.69495 -0.0315 0.72647 0.52776 25-Sep-22 1,268.20 2.36913 -0.0315 2.40065 5.76311 18-Sep-22 1,272.30 0.32329 -0.0315 0.35481 0.12589 11-Sep-22 1,250.10 -1.7449 -0.0315 -1.7134 2.93559 4-Sep-22 1,301.25 4.09167 -0.0315 4.12319 17.0007 28-Aug-22 1,315.95 1.12968 -0.0315 1.1612 1.34838 21-Aug-22 1,274.65 -3.1384 -0.0315 -3.1069 9.65284 14-Aug-22 1,239.40 -2.7655 -0.0315 -2.7339 7.47448 7-Aug-22 1,259.45 1.61772 -0.0315 1.64923 2.71997 31-Jul-22 1,235.90 -1.8699 -0.0315 -1.8383 3.37952 24-Jul-22 1,164.45 -5.7812 -0.0315 -5.7497 33.059 17-Jul-22 1,181.10 1.42986 -0.0315 1.46138 2.13562 10-Jul-22 1,172.50 -0.7281 -0.0315 -0.6966 0.48528 3-Jul-22 1,133.60 -3.3177 -0.0315 -3.2862 10.799 26-Jun-22 1,107.35 -2.3156 -0.0315 -2.2841 5.21718 19-Jun-22 1,072.05 -3.1878 -0.0315 -3.1563 9.96207 12-Jun-22 997.65 -6.94 -0.0315 -6.9085 47.7268 5-Jun-22 1,036.50 3.89415 -0.0315 3.92567 15.4109 29-May-22 1,028.65 -0.7574 -0.0315 -0.7258 0.52684 22-May-22 952.85 -7.3689 -0.0315 -7.3374 53.8369 15-May-22 903.8 -5.1477 -0.0315 -5.1162 26.1755 8-May-22 889.5 -1.5822 -0.0315 -1.5507 2.40465 1-May-22 893.85 0.48904 -0.0315 0.52055 0.27098 24-Apr-22 922.1 3.16049 -0.0315 3.192 10.1889 17-Apr-22 920.65 -0.1572 -0.0315 -0.1257 0.01581 10-Apr-22 866.1 -5.9252 -0.0315 -5.8936 34.7351 3-Apr-22 857.4 -1.0045 -0.0315 -0.973 0.9467 27-Mar-22 826.55 -3.5981 -0.0315 -3.5666 12.7204 20-Mar-22 764.75 -7.4769 -0.0315 -7.4453 55.4332 13-Mar-22 794.4 3.87708 -0.0315 3.9086 15.2772 6-Mar-22 734.8 -7.5025 -0.0315 -7.471 55.8159 27-Feb-22 732.3 -0.3402 -0.0315 -0.3087 0.0953 20-Feb-22 807.6 10.2827 -0.0315 10.3142 106.382 13-Feb-22 852 5.49777 -0.0315 5.52929 30.573 6-Feb-22 853.65 0.19366 -0.0315 0.22518 0.05071 30-Jan-22 841.7 -1.3999 -0.0315 -1.3684 1.8724 23-Jan-22 869.65 3.32066 -0.0315 3.35218 11.2371 16-Jan-22 875.2 0.63819 -0.0315 0.6697 0.4485 9-Jan-22 881.2 0.68556 -0.0315 0.71707 0.51419 2-Jan-22 829 -5.9237 -0.0315 -5.8922 34.7183 26-Dec-21 837.15 0.98311 -0.0315 1.01463 1.02947 19-Dec-21 812.65 -2.9266 -0.0315 -2.8951 8.38149 12-Dec-21 834.6 2.70104 -0.0315 2.73256 7.46686 5-Dec-21 859.7 3.00743 -0.0315 3.03894 9.23518 28-Nov-21 836.95 -2.6463 -0.0315 -2.6148 6.83695 21-Nov-21 853.75 2.00729 -0.0315 2.0388 4.15672 14-Nov-21 923.7 8.19327 -0.0315 8.22478 67.647 7-Nov-21 937.8 1.52647 -0.0315 1.55799 2.42732 31-Oct-21 872.85 -6.9258 -0.0315 -6.8943 47.5309 24-Oct-21 884.25 1.30607 -0.0315 1.33758 1.78913 7086 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 17-Oct-21 887.85 0.40712 -0.0315 0.43864 0.19241 10-Oct-21 931.4 4.90511 -0.0315 4.93662 24.3703 3-Oct-21 877.8 -5.7548 -0.0315 -5.7233 32.7557 26-Sep-21 827.85 -5.6904 -0.0315 -5.6588 32.0225 19-Sep-21 779.45 -5.8465 -0.0315 -5.815 33.8137 12-Sep-21 754.15 -3.2459 -0.0315 -3.2144 10.3321 5-Sep-21 750.75 -0.4508 -0.0315 -0.4193 0.17583 29-Aug-21 749.9 -0.1132 -0.0315 -0.0817 0.00668 22-Aug-21 775.15 3.36712 -0.0315 3.39863 11.5507 15-Aug-21 785.65 1.35458 -0.0315 1.38609 1.92125 8-Aug-21 778.65 -0.891 -0.0315 -0.8595 0.73868 1-Aug-21 758.25 -2.6199 -0.0315 -2.5884 6.69983 25-Jul-21 743.1 -1.998 -0.0315 -1.9665 3.86715 18-Jul-21 764.2 2.83946 -0.0315 2.87097 8.24248 11-Jul-21 779.8 2.04135 -0.0315 2.07287 4.29677 4-Jul-21 771.55 -1.058 -0.0315 -1.0264 1.05359 27-Jun-21 782.6 1.43218 -0.0315 1.4637 2.14241 20-Jun-21 794.25 1.48863 -0.0315 1.52014 2.31084 13-Jun-21 781.55 -1.599 -0.0315 -1.5675 2.45698 6-Jun-21 809 3.51225 -0.0315 3.54377 12.5583 30-May-21 804.6 -0.5439 -0.0315 -0.5124 0.26252 23-May-21 845.85 5.12677 -0.0315 5.15829 26.6079 16-May-21 818.95 -3.1802 -0.0315 -3.1487 9.91442 9-May-21 741.5 -9.4572 -0.0315 -9.4257 88.8441 2-May-21 767.4 3.49292 -0.0315 3.52444 12.4216 25-Apr-21 752.55 -1.9351 -0.0315 -1.9036 3.62365 18-Apr-21 777.9 3.36855 -0.0315 3.40006 11.5604 11-Apr-21 821.65 5.62412 -0.0315 5.65563 31.9862 4-Apr-21 791.15 -3.712 -0.0315 -3.6805 13.5463 28-Mar-21 807.6 2.07925 -0.0315 2.11077 4.45534 21-Mar-21 799.35 -1.0215 -0.0315 -0.99 0.98016 14-Mar-21 850.3 6.37393 -0.0315 6.40544 41.0297 7-Mar-21 855.8 0.64683 -0.0315 0.67835 0.46015 28-Feb-21 840.4 -1.7995 -0.0315 -1.768 3.12572 21-Feb-21 806.4 -4.0457 -0.0315 -4.0142 16.1136 14-Feb-21 879.25 9.03398 -0.0315 9.06549 82.1832 7-Feb-21 908.55 3.33239 -0.0315 3.3639 11.3158 31-Jan-21 865.5 -4.7383 -0.0315 -4.7068 22.154 24-Jan-21 749.6 -13.391 -0.0315 -13.36 178.479 17-Jan-21 798.4 6.51014 -0.0315 6.54165 42.7932 10-Jan-21 819.65 2.66157 -0.0315 2.69309 7.25273 3-Jan-21 770.5 -5.9965 -0.0315 -5.9649 35.5806 27-Dec-20 732.45 -4.9384 -0.0315 -4.9068 24.077 20-Dec-20 710.9 -2.9422 -0.0315 -2.9107 8.47197 13-Dec-20 733.6 3.19314 -0.0315 3.22465 10.3984 6-Dec-20 727.55 -0.8247 -0.0315 -0.7932 0.62914 29-Nov-20 750.55 3.16129 -0.0315 3.19281 10.194 22-Nov-20 722 -3.8039 -0.0315 -3.7724 14.2307 15-Nov-20 715.6 -0.8864 -0.0315 -0.8549 0.73087 8-Nov-20 629.85 -11.983 -0.0315 -11.951 142.837 7087 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 1-Nov-20 613.6 -2.58 -0.0315 -2.5485 6.49467 25-Oct-20 594 -3.1943 -0.0315 -3.1627 10.003 18-Oct-20 625.15 5.24411 -0.0315 5.27562 27.8322 11-Oct-20 606.65 -2.9593 -0.0315 -2.9278 8.57186 4-Oct-20 633.2 4.37649 -0.0315 4.40801 19.4305 27-Sep-20 610.15 -3.6402 -0.0315 -3.6087 13.0229 20-Sep-20 592.3 -2.9255 -0.0315 -2.894 8.3752 13-Sep-20 654.15 10.4423 -0.0315 10.4739 109.702 6-Sep-20 614.25 -6.0995 -0.0315 -6.068 36.8207 30-Aug-20 632 2.8897 -0.0315 2.92122 8.53352 23-Aug-20 631.4 -0.0949 -0.0315 -0.0634 0.00402 16-Aug-20 609.8 -3.421 -0.0315 -3.3895 11.4884 9-Aug-20 614.45 0.76255 -0.0315 0.79406 0.63053 2-Aug-20 600.45 -2.2785 -0.0315 -2.2469 5.04876 26-Jul-20 606.45 0.99925 -0.0315 1.03077 1.06248 19-Jul-20 598.7 -1.2779 -0.0315 -1.2464 1.55355 12-Jul-20 588.8 -1.6536 -0.0315 -1.6221 2.6311 5-Jul-20 554.85 -5.766 -0.0315 -5.7344 32.8839 28-Jun-20 530.5 -4.3886 -0.0315 -4.3571 18.984 21-Jun-20 501.4 -5.4854 -0.0315 -5.4539 29.7448 14-Jun-20 500.05 -0.2692 -0.0315 -0.2377 0.05652 7-Jun-20 508.45 1.67983 -0.0315 1.71135 2.92871 31-May-20 484.2 -4.7694 -0.0315 -4.7379 22.4475 24-May-20 436.35 -9.8823 -0.0315 -9.8508 97.0376 17-May-20 426.35 -2.2917 -0.0315 -2.2602 5.10861 10-May-20 381.3 -10.566 -0.0315 -10.535 110.985 3-May-20 386.7 1.41621 -0.0315 1.44772 2.0959 26-Apr-20 366.65 -5.1849 -0.0315 -5.1534 26.5573 19-Apr-20 334.3 -8.8231 -0.0315 -8.7916 77.2924 12-Apr-20 363.2 8.64493 -0.0315 8.67645 75.2807 5-Apr-20 381.4 5.01101 -0.0315 5.04253 25.4271 29-Mar-20 280.7 -26.403 -0.0315 -26.371 695.441 22-Mar-20 294.5 4.91628 -0.0315 4.9478 24.4807 15-Mar-20 322.6 9.5416 -0.0315 9.57311 91.6445 8-Mar-20 428.85 32.9355 -0.0315 32.967 1086.83 1-Mar-20 471 9.82861 -0.0315 9.86013 97.2221 23-Feb-20 457.05 -2.9618 -0.0315 -2.9303 8.58647 16-Feb-20 524.85 14.8343 -0.0315 14.8658 220.991 9-Feb-20 523 -0.3525 -0.0315 -0.321 0.10302 2-Feb-20 569.1 8.81453 -0.0315 8.84605 78.2526 26-Jan-20 567.15 -0.3426 -0.0315 -0.3111 0.0968 19-Jan-20 567.75 0.10579 -0.0315 0.13731 0.01885 12-Jan-20 569.3 0.27301 -0.0315 0.30452 0.09273 5-Jan-20 546.6 -3.9874 -0.0315 -3.9558 15.6486 29-Dec-19 532.75 -2.5338 -0.0315 -2.5023 6.26165 22-Dec-19 530.15 -0.488 -0.0315 -0.4565 0.20841 15-Dec-19 530.6 0.08488 -0.0315 0.1164 0.01355 8-Dec-19 516.2 -2.7139 -0.0315 -2.6824 7.19523 1-Dec-19 510.2 -1.1623 -0.0315 -1.1308 1.27876 24-Nov-19 530.55 3.98863 -0.0315 4.02015 16.1616 7088 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 17-Nov-19 546 2.91207 -0.0315 2.94359 8.66471 10-Nov-19 583.05 6.78571 -0.0315 6.81723 46.4746 3-Nov-19 580 -0.5231 -0.0315 -0.4916 0.24167 27-Oct-19 589.75 1.68103 -0.0315 1.71255 2.93283 20-Oct-19 577.7 -2.0432 -0.0315 -2.0117 4.04703 13-Oct-19 593.3 2.70036 -0.0315 2.73188 7.46316 6-Oct-19 560.1 -5.5958 -0.0315 -5.5643 30.9615 29-Sep-19 564.25 0.74094 -0.0315 0.77245 0.59669 22-Sep-19 555.1 -1.6216 -0.0315 -1.5901 2.52844 15-Sep-19 568.9 2.48604 -0.0315 2.51755 6.33808 8-Sep-19 551.25 -3.1025 -0.0315 -3.071 9.43081 1-Sep-19 529.5 -3.9456 -0.0315 -3.9141 15.3199 25-Aug-19 528.8 -0.1322 -0.0315 -0.1007 0.01014 18-Aug-19 533.25 0.84153 -0.0315 0.87304 0.76221 11-Aug-19 527.85 -1.0127 -0.0315 -0.9811 0.96264 4-Aug-19 545.55 3.35323 -0.0315 3.38474 11.4565 28-Jul-19 556.45 1.99798 -0.0315 2.0295 4.11887 21-Jul-19 564.45 1.43769 -0.0315 1.4692 2.15855 14-Jul-19 571.3 1.21357 -0.0315 1.24509 1.55024 7-Jul-19 631.9 10.6074 -0.0315 10.6389 113.186 30-Jun-19 642.05 1.60627 -0.0315 1.63778 2.68233 23-Jun-19 655.35 2.07149 -0.0315 2.10301 4.42263 16-Jun-19 627.45 -4.2573 -0.0315 -4.2258 17.857 9-Jun-19 637.25 1.56188 -0.0315 1.59339 2.5389 2-Jun-19 644.05 1.06709 -0.0315 1.0986 1.20692 26-May-19 647.05 0.4658 -0.0315 0.49732 0.24733 19-May-19 665.45 2.84368 -0.0315 2.87519 8.26672 12-May-19 619.65 -6.8826 -0.0315 -6.851 46.9368 5-May-19 628.75 1.46857 -0.0315 1.50009 2.25026 28-Apr-19 645.8 2.71173 -0.0315 2.74325 7.5254 21-Apr-19 659.45 2.11366 -0.0315 2.14517 4.60177 14-Apr-19 684.65 3.82137 -0.0315 3.85288 14.8447 7-Apr-19 678.2 -0.9421 -0.0315 -0.9106 0.82914 31-Mar-19 658.2 -2.949 -0.0315 -2.9175 8.51161 24-Mar-19 673.9 2.38529 -0.0315 2.41681 5.84097 17-Mar-19 678.8 0.72711 -0.0315 0.75863 0.57551 10-Mar-19 694.6 2.32764 -0.0315 2.35915 5.5656 3-Mar-19 670.15 -3.52 -0.0315 -3.4885 12.1696 24-Feb-19 649.7 -3.0516 -0.0315 -3.02 9.12064 17-Feb-19 646.6 -0.4771 -0.0315 -0.4456 0.19858 10-Feb-19 627.55 -2.9462 -0.0315 -2.9147 8.49527 3-Feb-19 682.1 8.69253 -0.0315 8.72405 76.1091 27-Jan-19 688.4 0.92362 -0.0315 0.95513 0.91228 20-Jan-19 683.5 -0.7118 -0.0315 -0.6803 0.46278 13-Jan-19 734.95 7.52743 -0.0315 7.55895 57.1377 6-Jan-19 727.9 -0.9592 -0.0315 -0.9277 0.86069 30-Dec-18 725.6 -0.316 -0.0315 -0.2845 0.08092 23-Dec-18 803.55 10.7428 -0.0315 10.7743 116.087 16-Dec-18 781.15 -2.7876 -0.0315 -2.7561 7.59616 9-Dec-18 757.25 -3.0596 -0.0315 -3.0281 9.16924 7089 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 2-Dec-18 721.1 -4.7739 -0.0315 -4.7423 22.4898 25-Nov-18 790.9 9.67966 -0.0315 9.71117 94.3069 18-Nov-18 746.1 -5.6644 -0.0315 -5.6329 31.7298 11-Nov-18 767.6 2.88165 -0.0315 2.91317 8.48654 4-Nov-18 795.25 3.60214 -0.0315 3.63365 13.2034 28-Oct-18 783.55 -1.4712 -0.0315 -1.4397 2.07279 21-Oct-18 728.2 -7.064 -0.0315 -7.0325 49.4559 14-Oct-18 741.2 1.78522 -0.0315 1.81674 3.30054 7-Oct-18 768.5 3.68322 -0.0315 3.71473 13.7992 30-Sep-18 769.55 0.13663 -0.0315 0.16815 0.02827 23-Sep-18 860.95 11.8771 -0.0315 11.9086 141.814 16-Sep-18 959.9 11.4931 -0.0315 11.5246 132.817 9-Sep-18 951.9 -0.8334 -0.0315 -0.8019 0.64305 2-Sep-18 973.7 2.29016 -0.0315 2.32167 5.39016 26-Aug-18 965.3 -0.8627 -0.0315 -0.8312 0.69085 19-Aug-18 968.3 0.31078 -0.0315 0.3423 0.11717 12-Aug-18 961.5 -0.7023 -0.0315 -0.6707 0.4499 5-Aug-18 945.95 -1.6173 -0.0315 -1.5857 2.5146 29-Jul-18 920.65 -2.6746 -0.0315 -2.643 6.98568 22-Jul-18 909.85 -1.1731 -0.0315 -1.1416 1.30318 15-Jul-18 909.75 -0.011 -0.0315 0.02053 0.00042 8-Jul-18 906.7 -0.3353 -0.0315 -0.3037 0.09226 1-Jul-18 924.95 2.01279 -0.0315 2.04431 4.1792 24-Jun-18 897.7 -2.9461 -0.0315 -2.9146 8.49483 17-Jun-18 908.2 1.16966 -0.0315 1.20117 1.44281 10-Jun-18 909.45 0.13763 -0.0315 0.16915 0.02861 3-Jun-18 911.65 0.2419 -0.0315 0.27342 0.07476 27-May-18 901.6 -1.1024 -0.0315 -1.0709 1.14679 20-May-18 857.7 -4.8691 -0.0315 -4.8376 23.4024 13-May-18 836 -2.53 -0.0315 -2.4985 6.24253 6-May-18 869.1 3.95933 -0.0315 3.99085 15.9269 29-Apr-18 854.3 -1.7029 -0.0315 -1.6714 2.79356 22-Apr-18 862.7 0.98326 -0.0315 1.01478 1.02977 15-Apr-18 799.5 -7.3258 -0.0315 -7.2943 53.2071 8-Apr-18 789.6 -1.2383 -0.0315 -1.2068 1.45626 1-Apr-18 771.95 -2.2353 -0.0315 -2.2038 4.8567 Total returns -0.0315 ∑D²=6540.85 Annexure 3. Stock price & returns of Hindustan motors. Date Close Price returns Avg Returns Difference D*D 26-Mar-23 12.9 19-Mar-23 13.65 5.81395 0.21014 5.60382 31.4028 12-Mar-23 13.8 1.0989 0.21014 0.88877 0.78991 7090 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 5-Mar-23 14.95 8.33333 0.21014 8.1232 65.9864 26-Feb-23 13.7 -8.3612 0.21014 -8.5713 73.4679 19-Feb-23 13.8 0.72993 0.21014 0.51979 0.27018 12-Feb-23 15 8.69565 0.21014 8.48552 72.004 5-Feb-23 15.6 4 0.21014 3.78986 14.3631 29-Jan-23 15.7 0.64103 0.21014 0.43089 0.18567 22-Jan-23 16.25 3.50318 0.21014 3.29305 10.8442 15-Jan-23 16.8 3.38462 0.21014 3.17448 10.0773 8-Jan-23 16.85 0.29762 0.21014 0.08748 0.00765 1-Jan-23 17.1 1.48368 0.21014 1.27354 1.62192 25-Dec-22 17.35 1.46199 0.21014 1.25185 1.56714 18-Dec-22 15.95 -8.0692 0.21014 -8.2793 68.5468 11-Dec-22 18.25 14.4201 0.21014 14.2099 201.922 4-Dec-22 18.95 3.83562 0.21014 3.62548 13.1441 27-Nov-22 20.3 7.12401 0.21014 6.91388 47.8017 20-Nov-22 20.3 0 0.21014 -0.2101 0.04416 13-Nov-22 17.15 -15.517 0.21014 -15.727 247.35 6-Nov-22 17.35 1.16618 0.21014 0.95605 0.91402 30-Oct-22 16.3 -6.0519 0.21014 -6.262 39.2127 23-Oct-22 16.15 -0.9202 0.21014 -1.1304 1.27776 16-Oct-22 15.9 -1.548 0.21014 -1.7581 3.091 9-Oct-22 16 0.62893 0.21014 0.4188 0.17539 2-Oct-22 17.5 9.375 0.21014 9.16486 83.9948 25-Sep-22 16.35 -6.5714 0.21014 -6.7816 45.9896 18-Sep-22 15.9 -2.7523 0.21014 -2.9624 8.77598 11-Sep-22 16.5 3.77358 0.21014 3.56345 12.6982 4-Sep-22 16.75 1.51515 0.21014 1.30502 1.70307 28-Aug-22 16.45 -1.791 0.21014 -2.0012 4.00472 21-Aug-22 16.85 2.43161 0.21014 2.22148 4.93496 14-Aug-22 16.95 0.59347 0.21014 0.38334 0.14695 7-Aug-22 15.35 -9.4395 0.21014 -9.6497 93.116 31-Jul-22 16.3 6.18893 0.21014 5.97879 35.7459 24-Jul-22 16.7 2.45399 0.21014 2.24385 5.03488 17-Jul-22 18.35 9.88024 0.21014 9.6701 93.5109 10-Jul-22 18.3 -0.2725 0.21014 -0.4826 0.23292 3-Jul-22 19.95 9.01639 0.21014 8.80626 77.5502 26-Jun-22 18.65 -6.5163 0.21014 -6.7264 45.2448 19-Jun-22 18.9 1.34048 0.21014 1.13035 1.27769 12-Jun-22 21.9 15.873 0.21014 15.6629 245.326 5-Jun-22 23.15 5.70776 0.21014 5.49763 30.2239 29-May-22 18.15 -21.598 0.21014 -21.808 475.607 22-May-22 14.3 -21.212 0.21014 -21.422 458.913 15-May-22 10.6 -25.874 0.21014 -26.084 680.389 8-May-22 10.4 -1.8868 0.21014 -2.0969 4.3971 1-May-22 10.9 4.80769 0.21014 4.59756 21.1375 24-Apr-22 11.75 7.79817 0.21014 7.58803 57.5782 17-Apr-22 11.9 1.2766 0.21014 1.06646 1.13734 10-Apr-22 12.55 5.46218 0.21014 5.25205 27.584 3-Apr-22 13.45 7.17131 0.21014 6.96118 48.458 27-Mar-22 12.25 -8.9219 0.21014 -9.1321 83.3947 7091 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 20-Mar-22 12.1 -1.2245 0.21014 -1.4346 2.05815 13-Mar-22 11.6 -4.1322 0.21014 -4.3424 18.8561 6-Mar-22 11.3 -2.5862 0.21014 -2.7963 7.81953 27-Feb-22 10.5 -7.0796 0.21014 -7.2898 53.1409 20-Feb-22 10.15 -3.3333 0.21014 -3.5435 12.5562 13-Feb-22 11.35 11.8227 0.21014 11.6125 134.851 6-Feb-22 11.95 5.28634 0.21014 5.07621 25.7679 30-Jan-22 12.65 5.85774 0.21014 5.64761 31.8954 23-Jan-22 13.05 3.16206 0.21014 2.95192 8.71383 16-Jan-22 13 -0.3831 0.21014 -0.5933 0.35198 9-Jan-22 13.2 1.53846 0.21014 1.32833 1.76445 2-Jan-22 13.9 5.30303 0.21014 5.0929 25.9376 26-Dec-21 11.75 -15.468 0.21014 -15.678 245.792 19-Dec-21 11.4 -2.9787 0.21014 -3.1889 10.1688 12-Dec-21 11.4 0 0.21014 -0.2101 0.04416 5-Dec-21 11.7 2.63158 0.21014 2.42144 5.86339 28-Nov-21 11.9 1.7094 0.21014 1.49927 2.2478 21-Nov-21 11.8 -0.8403 0.21014 -1.0505 1.10349 14-Nov-21 12.45 5.50847 0.21014 5.29834 28.0724 7-Nov-21 11.9 -4.4177 0.21014 -4.6278 21.4166 31-Oct-21 13.4 12.605 0.21014 12.3949 153.634 24-Oct-21 11.1 -17.164 0.21014 -17.374 301.867 17-Oct-21 14.2 27.9279 0.21014 27.7178 768.276 10-Oct-21 15.75 10.9155 0.21014 10.7054 114.605 3-Oct-21 9.25 -41.27 0.21014 -41.48 1720.59 26-Sep-21 7.4 -20 0.21014 -20.21 408.45 19-Sep-21 7.35 -0.6757 0.21014 -0.8858 0.78466 12-Sep-21 7.7 4.7619 0.21014 4.55177 20.7186 5-Sep-21 7.7 0 0.21014 -0.2101 0.04416 29-Aug-21 7.8 1.2987 0.21014 1.08857 1.18498 22-Aug-21 7.7 -1.2821 0.21014 -1.4922 2.22662 15-Aug-21 7.85 1.94805 0.21014 1.73792 3.02036 8-Aug-21 8.45 7.64331 0.21014 7.43318 55.2521 1-Aug-21 8.45 0 0.21014 -0.2101 0.04416 25-Jul-21 8.5 0.59172 0.21014 0.38158 0.1456 18-Jul-21 7.95 -6.4706 0.21014 -6.6807 44.6321 11-Jul-21 8.3 4.40252 0.21014 4.19238 17.5761 4-Jul-21 8.75 5.42169 0.21014 5.21155 27.1603 27-Jun-21 9 2.85714 0.21014 2.64701 7.00665 20-Jun-21 8.75 -2.7778 0.21014 -2.9879 8.92762 13-Jun-21 8.35 -4.5714 0.21014 -4.7816 22.8634 6-Jun-21 9.05 8.38323 0.21014 8.1731 66.7995 30-May-21 7.95 -12.155 0.21014 -12.365 152.889 23-May-21 8.2 3.14465 0.21014 2.93452 8.6114 16-May-21 7.8 -4.878 0.21014 -5.0882 25.8896 9-May-21 7.4 -5.1282 0.21014 -5.3383 28.4979 2-May-21 6.8 -8.1081 0.21014 -8.3182 69.1932 25-Apr-21 6.75 -0.7353 0.21014 -0.9454 0.89384 18-Apr-21 6.85 1.48148 0.21014 1.27135 1.61632 11-Apr-21 6.55 -4.3796 0.21014 -4.5897 21.0653 7092 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 4-Apr-21 6.75 3.05344 0.21014 2.8433 8.08436 28-Mar-21 6.8 0.74074 0.21014 0.53061 0.28154 21-Mar-21 6.5 -4.4118 0.21014 -4.6219 21.362 14-Mar-21 6.9 6.15385 0.21014 5.94371 35.3277 7-Mar-21 7.1 2.89855 0.21014 2.68842 7.22758 28-Feb-21 7.3 2.8169 0.21014 2.60677 6.79523 21-Feb-21 7.6 4.10959 0.21014 3.89945 15.2057 14-Feb-21 7.9 3.94737 0.21014 3.73723 13.9669 7-Feb-21 6.7 -15.19 0.21014 -15.4 237.16 31-Jan-21 5.95 -11.194 0.21014 -11.404 130.055 24-Jan-21 6.3 5.88235 0.21014 5.67222 32.1741 17-Jan-21 6.05 -3.9683 0.21014 -4.1784 17.4589 10-Jan-21 7.65 26.4463 0.21014 26.2361 688.335 3-Jan-21 9.6 25.4902 0.21014 25.2801 639.081 27-Dec-20 7.6 -20.833 0.21014 -21.043 442.828 20-Dec-20 7.8 2.63158 0.21014 2.42144 5.86339 13-Dec-20 7.2 -7.6923 0.21014 -7.9024 62.4486 6-Dec-20 6.6 -8.3333 0.21014 -8.5435 72.9909 29-Nov-20 6.3 -4.5455 0.21014 -4.7556 22.6156 22-Nov-20 5.5 -12.698 0.21014 -12.909 166.631 15-Nov-20 5.05 -8.1818 0.21014 -8.392 70.4249 8-Nov-20 4.95 -1.9802 0.21014 -2.1903 4.79756 1-Nov-20 4.95 0 0.21014 -0.2101 0.04416 25-Oct-20 5 1.0101 0.21014 0.79997 0.63995 18-Oct-20 5 0 0.21014 -0.2101 0.04416 11-Oct-20 5 0 0.21014 -0.2101 0.04416 4-Oct-20 5 0 0.21014 -0.2101 0.04416 27-Sep-20 5.3 6 0.21014 5.78986 33.5225 20-Sep-20 5.1 -3.7736 0.21014 -3.9837 15.87 13-Sep-20 5.75 12.7451 0.21014 12.535 157.125 6-Sep-20 6.05 5.21739 0.21014 5.00726 25.0726 30-Aug-20 5.95 -1.6529 0.21014 -1.863 3.47087 23-Aug-20 6.15 3.36134 0.21014 3.15121 9.93012 16-Aug-20 6.25 1.62602 0.21014 1.41588 2.00472 9-Aug-20 6.1 -2.4 0.21014 -2.6101 6.8128 2-Aug-20 6.65 9.01639 0.21014 8.80626 77.5502 26-Jul-20 5.5 -17.293 0.21014 -17.503 306.368 19-Jul-20 5.6 1.81818 0.21014 1.60805 2.58581 12-Jul-20 5.8 3.57143 0.21014 3.36129 11.2983 5-Jul-20 5.95 2.58621 0.21014 2.37607 5.64572 28-Jun-20 6.6 10.9244 0.21014 10.7142 114.795 21-Jun-20 7.05 6.81818 0.21014 6.60805 43.6663 14-Jun-20 5.65 -19.858 0.21014 -20.068 402.736 7-Jun-20 6.5 15.0442 0.21014 14.8341 220.051 31-May-20 7.5 15.3846 0.21014 15.1745 230.265 24-May-20 4.55 -39.333 0.21014 -39.543 1563.69 17-May-20 3.7 -18.681 0.21014 -18.891 356.887 10-May-20 3.9 5.40541 0.21014 5.19527 26.9908 3-May-20 3.9 0 0.21014 -0.2101 0.04416 26-Apr-20 3.95 1.28205 0.21014 1.07192 1.149 7093 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 19-Apr-20 3.95 0 0.21014 -0.2101 0.04416 12-Apr-20 4.05 2.53165 0.21014 2.32151 5.38941 5-Apr-20 4.05 0 0.21014 -0.2101 0.04416 29-Mar-20 4.1 1.23457 0.21014 1.02443 1.04946 22-Mar-20 3.05 -25.61 0.21014 -25.82 666.667 15-Mar-20 3.15 3.27869 0.21014 3.06855 9.41602 8-Mar-20 4 26.9841 0.21014 26.774 716.847 1-Mar-20 4.65 16.25 0.21014 16.0399 257.277 23-Feb-20 4.75 2.15054 0.21014 1.9404 3.76516 16-Feb-20 5 5.26316 0.21014 5.05302 25.533 9-Feb-20 5 0 0.21014 -0.2101 0.04416 2-Feb-20 5.7 14 0.21014 13.7899 190.16 26-Jan-20 5.65 -0.8772 0.21014 -1.0873 1.18228 19-Jan-20 5.7 0.88496 0.21014 0.67482 0.45538 12-Jan-20 5.65 -0.8772 0.21014 -1.0873 1.18228 5-Jan-20 5.65 0 0.21014 -0.2101 0.04416 29-Dec-19 5.85 3.53982 0.21014 3.32969 11.0868 22-Dec-19 5.75 -1.7094 0.21014 -1.9195 3.68462 15-Dec-19 5.5 -4.3478 0.21014 -4.558 20.775 8-Dec-19 5.6 1.81818 0.21014 1.60805 2.58581 1-Dec-19 5.8 3.57143 0.21014 3.36129 11.2983 24-Nov-19 6.05 4.31034 0.21014 4.10021 16.8117 17-Nov-19 5.65 -6.6116 0.21014 -6.8217 46.5357 10-Nov-19 5.7 0.88496 0.21014 0.67482 0.45538 3-Nov-19 5.6 -1.7544 0.21014 -1.9645 3.85934 27-Oct-19 6.3 12.5 0.21014 12.2899 151.041 20-Oct-19 5.9 -6.3492 0.21014 -6.5593 43.025 13-Oct-19 5.55 -5.9322 0.21014 -6.1423 37.7283 6-Oct-19 5.35 -3.6036 0.21014 -3.8137 14.5446 29-Sep-19 5.7 6.54206 0.21014 6.33192 40.0932 22-Sep-19 6.05 6.14035 0.21014 5.93022 35.1675 15-Sep-19 6.95 14.876 0.21014 14.6659 215.089 8-Sep-19 7 0.71942 0.21014 0.50929 0.25938 1-Sep-19 5.55 -20.714 0.21014 -20.924 437.831 25-Aug-19 5.2 -6.3063 0.21014 -6.5164 42.464 18-Aug-19 5.45 4.80769 0.21014 4.59756 21.1375 11-Aug-19 5.75 5.50459 0.21014 5.29445 28.0312 4-Aug-19 5.55 -3.4783 0.21014 -3.6884 13.6043 28-Jul-19 5.2 -6.3063 0.21014 -6.5164 42.464 21-Jul-19 6 15.3846 0.21014 15.1745 230.265 14-Jul-19 6.05 0.83333 0.21014 0.6232 0.38838 7-Jul-19 6.9 14.0496 0.21014 13.8395 191.53 30-Jun-19 6.7 -2.8986 0.21014 -3.1087 9.66393 23-Jun-19 6.85 2.23881 0.21014 2.02867 4.11551 16-Jun-19 6.4 -6.5693 0.21014 -6.7795 45.9613 9-Jun-19 6.75 5.46875 0.21014 5.25861 27.653 2-Jun-19 7.1 5.18519 0.21014 4.97505 24.7511 26-May-19 7 -1.4085 0.21014 -1.6186 2.61982 19-May-19 7.15 2.14286 0.21014 1.93272 3.73541 12-May-19 6.95 -2.7972 0.21014 -3.0073 9.04408 7094 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 5-May-19 7.25 4.31655 0.21014 4.10641 16.8626 28-Apr-19 7.2 -0.6897 0.21014 -0.8998 0.80962 21-Apr-19 7.4 2.77778 0.21014 2.56764 6.59279 14-Apr-19 7.5 1.35135 0.21014 1.14122 1.30237 7-Apr-19 7.4 -1.3333 0.21014 -1.5435 2.38229 31-Mar-19 7.65 3.37838 0.21014 3.16824 10.0378 24-Mar-19 7.3 -4.5752 0.21014 -4.7853 22.8991 17-Mar-19 7.05 -3.4247 0.21014 -3.6348 13.2117 10-Mar-19 7.25 2.83688 0.21014 2.62674 6.89979 3-Mar-19 6.8 -6.2069 0.21014 -6.417 41.1783 24-Feb-19 6.7 -1.4706 0.21014 -1.6807 2.82483 17-Feb-19 6.85 2.23881 0.21014 2.02867 4.11551 10-Feb-19 6.75 -1.4599 0.21014 -1.67 2.78886 3-Feb-19 6.85 1.48148 0.21014 1.27135 1.61632 27-Jan-19 7.5 9.48905 0.21014 9.27892 86.0983 20-Jan-19 7.6 1.33333 0.21014 1.1232 1.26157 13-Jan-19 8.1 6.57895 0.21014 6.36881 40.5618 6-Jan-19 8.25 1.85185 0.21014 1.64172 2.69523 30-Dec-18 8.15 -1.2121 0.21014 -1.4223 2.02281 23-Dec-18 7.75 -4.908 0.21014 -5.1181 26.1951 16-Dec-18 7.85 1.29032 0.21014 1.08019 1.16681 9-Dec-18 7.9 0.63694 0.21014 0.42681 0.18216 2-Dec-18 7.75 -1.8987 0.21014 -2.1089 4.44733 25-Nov-18 7.8 0.64516 0.21014 0.43503 0.18925 18-Nov-18 7.85 0.64103 0.21014 0.43089 0.18567 11-Nov-18 8 1.91083 0.21014 1.70069 2.89236 4-Nov-18 7.95 -0.625 0.21014 -0.8351 0.69745 28-Oct-18 8 0.62893 0.21014 0.4188 0.17539 21-Oct-18 7.75 -3.125 0.21014 -3.3351 11.1231 14-Oct-18 7.95 2.58065 0.21014 2.37051 5.61932 7-Oct-18 7.75 -2.5157 0.21014 -2.7259 7.4303 30-Sep-18 7.95 2.58065 0.21014 2.37051 5.61932 23-Sep-18 8.05 1.25786 0.21014 1.04773 1.09773 16-Sep-18 9 11.8012 0.21014 11.5911 134.354 9-Sep-18 9.1 1.11111 0.21014 0.90098 0.81176 2-Sep-18 8.25 -9.3407 0.21014 -9.5508 91.2177 26-Aug-18 8 -3.0303 0.21014 -3.2404 10.5004 19-Aug-18 7.85 -1.875 0.21014 -2.0851 4.34779 12-Aug-18 7.85 0 0.21014 -0.2101 0.04416 5-Aug-18 7.9 0.63694 0.21014 0.42681 0.18216 29-Jul-18 7.5 -5.0633 0.21014 -5.2734 27.809 22-Jul-18 7 -6.6667 0.21014 -6.8768 47.2904 15-Jul-18 6.9 -1.4286 0.21014 -1.6387 2.68536 8-Jul-18 6.9 0 0.21014 -0.2101 0.04416 1-Jul-18 6.9 0 0.21014 -0.2101 0.04416 24-Jun-18 7 1.44928 0.21014 1.23914 1.53547 17-Jun-18 7.1 1.42857 0.21014 1.21844 1.48459 10-Jun-18 7.2 1.40845 0.21014 1.19832 1.43596 3-Jun-18 7.15 -0.6944 0.21014 -0.9046 0.81826 27-May-18 6.95 -2.7972 0.21014 -3.0073 9.04408 7095 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 20-May-18 6.95 0 0.21014 -0.2101 0.04416 13-May-18 6.95 0 0.21014 -0.2101 0.04416 6-May-18 7.05 1.43885 0.21014 1.22871 1.50974 29-Apr-18 7.1 0.70922 0.21014 0.49908 0.24909 22-Apr-18 7.3 2.8169 0.21014 2.60677 6.79523 15-Apr-18 7.65 4.79452 0.21014 4.58439 21.0166 8-Apr-18 7.8 1.96078 0.21014 1.75065 3.06477 1-Apr-18 8 2.5641 0.21014 2.35397 5.54116 Total Returns 0.21014 ∑D²=18940 Annexure 4. Stock price & returns of tata motors. Date Close price Returns Avg returns Difference D*D 26-Mar-23 420.8 19-Mar-23 416.5 -1.0219 0.18747 -1.2093 1.4625 12-Mar-23 419 0.60024 0.18747 0.41277 0.17038 5-Mar-23 435.85 4.02148 0.18747 3.834 14.6996 26-Feb-23 428 -1.8011 0.18747 -1.9886 3.95434 19-Feb-23 427.75 -0.0584 0.18747 -0.2459 0.06046 12-Feb-23 439.9 2.84044 0.18747 2.65297 7.03825 5-Feb-23 445.85 1.35258 0.18747 1.16511 1.35747 29-Jan-23 445.45 -0.0897 0.18747 -0.2772 0.07683 22-Jan-23 445.6 0.03367 0.18747 -0.1538 0.02365 15-Jan-23 403.15 -9.5265 0.18747 -9.714 94.3609 8-Jan-23 411.5 2.07119 0.18747 1.88371 3.54838 1-Jan-23 382 -7.1689 0.18747 -7.3564 54.1162 25-Dec-22 387.95 1.55759 0.18747 1.37012 1.87722 18-Dec-22 378.35 -2.4745 0.18747 -2.662 7.08635 11-Dec-22 421.6 11.4312 0.18747 11.2437 126.422 4-Dec-22 413.3 -1.9687 0.18747 -2.1562 4.64905 27-Nov-22 435.4 5.34721 0.18747 5.15973 26.6228 20-Nov-22 433.2 -0.5053 0.18747 -0.6928 0.47991 13-Nov-22 423.8 -2.1699 0.18747 -2.3574 5.55721 6-Nov-22 423.5 -0.0708 0.18747 -0.2583 0.0667 30-Oct-22 425.35 0.43684 0.18747 0.24936 0.06218 23-Oct-22 409.9 -3.6323 0.18747 -3.8198 14.5907 16-Oct-22 398.05 -2.8909 0.18747 -3.0784 9.47669 9-Oct-22 396.25 -0.4522 0.18747 -0.6397 0.40919 2-Oct-22 412.15 4.01262 0.18747 3.82514 14.6317 25-Sep-22 404.6 -1.8319 0.18747 -2.0193 4.0777 18-Sep-22 423.1 4.57242 0.18747 4.38494 19.2277 11-Sep-22 432.5 2.2217 0.18747 2.03422 4.13806 4-Sep-22 445.9 3.09827 0.18747 2.91079 8.47271 28-Aug-22 461.75 3.55461 0.18747 3.36713 11.3376 7096 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 21-Aug-22 465.05 0.71467 0.18747 0.5272 0.27794 14-Aug-22 471 1.27943 0.18747 1.09196 1.19237 7-Aug-22 477.55 1.39066 0.18747 1.20318 1.44765 31-Jul-22 465.25 -2.5756 0.18747 -2.7631 7.63484 24-Jul-22 449.6 -3.3638 0.18747 -3.5513 12.6114 17-Jul-22 454.9 1.17883 0.18747 0.99135 0.98278 10-Jul-22 440.2 -3.2315 0.18747 -3.419 11.6892 3-Jul-22 441.55 0.30668 0.18747 0.1192 0.01421 26-Jun-22 412.7 -6.5338 0.18747 -6.7213 45.1756 19-Jun-22 409.3 -0.8238 0.18747 -1.0113 1.02276 12-Jun-22 388.95 -4.9719 0.18747 -5.1594 26.6192 5-Jun-22 428.05 10.0527 0.18747 9.86523 97.3228 29-May-22 431.9 0.89943 0.18747 0.71195 0.50688 22-May-22 429.6 -0.5325 0.18747 -0.72 0.51841 15-May-22 418 -2.7002 0.18747 -2.8877 8.33859 8-May-22 404.3 -3.2775 0.18747 -3.465 12.0061 1-May-22 408.55 1.0512 0.18747 0.86372 0.74602 24-Apr-22 437.6 7.11051 0.18747 6.92304 47.9285 17-Apr-22 438.85 0.28565 0.18747 0.09817 0.00964 10-Apr-22 431.05 -1.7774 0.18747 -1.9648 3.86063 3-Apr-22 452.05 4.87182 0.18747 4.68435 21.9431 27-Mar-22 441.15 -2.4112 0.18747 -2.5987 6.75331 20-Mar-22 432.1 -2.0515 0.18747 -2.2389 5.01281 13-Mar-22 433.8 0.39343 0.18747 0.20595 0.04242 6-Mar-22 418.15 -3.6077 0.18747 -3.7951 14.403 27-Feb-22 417.25 -0.2152 0.18747 -0.4027 0.16217 20-Feb-22 459.75 10.1857 0.18747 9.99827 99.9653 13-Feb-22 493.15 7.26482 0.18747 7.07734 50.0888 6-Feb-22 498.85 1.15583 0.18747 0.96836 0.93772 30-Jan-22 500.6 0.35081 0.18747 0.16333 0.02668 23-Jan-22 497.3 -0.6592 0.18747 -0.8467 0.71687 16-Jan-22 501.85 0.91494 0.18747 0.72747 0.52921 9-Jan-22 509.9 1.60406 0.18747 1.41659 2.00673 2-Jan-22 490.6 -3.7851 0.18747 -3.9725 15.781 26-Dec-21 482.4 -1.6714 0.18747 -1.8589 3.4555 19-Dec-21 467.6 -3.068 0.18747 -3.2555 10.5981 12-Dec-21 470.2 0.55603 0.18747 0.36856 0.13583 5-Dec-21 494.45 5.15738 0.18747 4.96991 24.7 28-Nov-21 480.1 -2.9022 0.18747 -3.0897 9.54618 21-Nov-21 460.2 -4.145 0.18747 -4.3324 18.7701 14-Nov-21 509.7 10.7562 0.18747 10.5687 111.698 7-Nov-21 507.05 -0.5199 0.18747 -0.7074 0.5004 31-Nov 21 489.7 -3.4218 0.18747 -3.6092 13.0265 24-Oct-21 483.7 -1.2252 0.18747 -1.4127 1.99576 17-Oct-21 490.9 1.48853 0.18747 1.30105 1.69273 10-Oct-21 497.6 1.36484 0.18747 1.17737 1.38619 3-Oct-21 382.95 -23.041 0.18747 -23.228 539.543 26-Sep-21 333.3 -12.965 0.18747 -13.153 172.991 19-Sep-21 317.95 -4.6055 0.18747 -4.7929 22.9722 12-Sep-21 308.6 -2.9407 0.18747 -3.1282 9.78556 7097 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 5-Sep-21 298.95 -3.127 0.18747 -3.3145 10.9859 29-Aug-21 295.55 -1.1373 0.18747 -1.3248 1.75507 22-Aug-21 285.75 -3.3159 0.18747 -3.5033 12.2733 15-Aug-21 283.1 -0.9274 0.18747 -1.1149 1.24291 8-Aug-21 307.25 8.53055 0.18747 8.34308 69.607 1-Aug-21 300.05 -2.3434 0.18747 -2.5308 6.40517 Jul 25, 21 293.95 -2.033 0.18747 -2.2205 4.93048 18-Jul-21 295.55 0.54431 0.18747 0.35684 0.12733 11-Jul-21 311.25 5.31213 0.18747 5.12466 26.2621 4-Jul-21 306.3 -1.5904 0.18747 -1.7778 3.1607 27-Jun-21 344.9 12.602 0.18747 12.4145 154.121 20-Jun-21 339.65 -1.5222 0.18747 -1.7097 2.92292 13-Jun-21 337.4 -0.6624 0.18747 -0.8499 0.72237 6-Jun-21 350.75 3.95673 0.18747 3.76925 14.2073 30-May-21 334.95 -4.5046 0.18747 -4.6921 22.0159 23-May-21 318.75 -4.8365 0.18747 -5.024 25.2408 16-May-21 313.1 -1.7725 0.18747 -1.96 3.84169 9-May-21 312.25 -0.2715 0.18747 -0.459 0.21064 2-May-21 302.75 -3.0424 0.18747 -3.2299 10.4323 25-Apr-21 293.85 -2.9397 0.18747 -3.1272 9.77934 18-Apr-21 294 0.05105 0.18747 -0.1364 0.01861 11-Apr-21 310 5.44218 0.18747 5.2547 27.6119 4-Apr-21 318.2 2.64516 0.18747 2.45769 6.04022 28-Mar-21 307.75 -3.2841 0.18747 -3.4716 12.0518 21-Mar-21 296.4 -3.6881 0.18747 -3.8755 15.0198 14-Mar-21 308.95 4.23414 0.18747 4.04667 16.3755 7-Mar-21 317.55 2.78362 0.18747 2.59615 6.73998 28-Feb-21 325.15 2.39332 0.18747 2.20585 4.86577 21-Feb-21 322.95 -0.6766 0.18747 -0.8641 0.74664 14-Feb-21 311.85 -3.4371 0.18747 -3.6245 13.1373 7-Feb-21 325.4 4.34504 0.18747 4.15756 17.2853 31-Jan-21 315.9 -2.9195 0.18747 -3.107 9.65319 24-Jan-21 262.7 -16.841 0.18747 -17.028 289.961 17-Jan-21 289.35 10.1447 0.18747 9.95718 99.1454 10-Jan-21 260.3 -10.04 0.18747 -10.227 104.596 3-Jan-21 198.15 -23.876 0.18747 -24.064 579.065 27-Dec-20 186.5 -5.8794 0.18747 -6.0669 36.8068 20-Dec-20 175.95 -5.6568 0.18747 -5.8443 34.156 13-Dec-20 180.55 2.61438 0.18747 2.4269 5.88986 6-Dec-20 178.85 -0.9416 0.18747 -1.129 1.27474 29-Nov-20 184.15 2.96338 0.18747 2.7759 7.70563 22-Nov-20 180.35 -2.0635 0.18747 -2.251 5.06705 15-Nov-20 169.1 -6.2379 0.18747 -6.4253 41.2851 8-Nov-20 146.35 -13.454 0.18747 -13.641 186.078 1-Nov-20 139 -5.0222 0.18747 -5.2097 27.1408 25-Oct-20 132.65 -4.5683 0.18747 -4.7558 22.6178 18-Oct-20 137 3.27931 0.18747 3.09183 9.55942 11-Oct-20 127.75 -6.7518 0.18747 -6.9393 48.1539 4-Oct-20 138.45 8.37573 0.18747 8.18826 67.0476 27-Sep-20 133.5 -3.5753 0.18747 -3.7628 14.1585 7098 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 20-Sep-20 127.25 -4.6816 0.18747 -4.8691 23.7084 13-Sep-20 147.9 16.2279 0.18747 16.0404 257.295 6-Sep-20 144.3 -2.4341 0.18747 -2.6216 6.87253 30-Aug-20 147.8 2.4255 0.18747 2.23803 5.00877 23-Aug-20 142.8 -3.3829 0.18747 -3.5704 12.7479 16-Aug-20 120.9 -15.336 0.18747 -15.524 240.982 9-Aug-20 124.6 3.06038 0.18747 2.87291 8.25359 2-Aug-20 119.1 -4.4141 0.18747 -4.6016 21.1747 26-Jul-20 104.65 -12.133 0.18747 -12.32 151.786 19-Jul-20 103.75 -0.86 0.18747 -1.0475 1.09722 12-Jul-20 106.4 2.55422 0.18747 2.36674 5.60147 5-Jul-20 107.6 1.12782 0.18747 0.94034 0.88425 28-Jun-20 103.45 -3.8569 0.18747 -4.0444 16.3568 21-Jun-20 101.4 -1.9816 0.18747 -2.1691 4.70503 Jun 14, 20 102.5 1.08481 0.18747 0.89734 0.80522 7-Jun-20 105.3 2.73171 0.18747 2.54423 6.47312 31-May-20 110.75 5.17569 0.18747 4.98821 24.8823 24-May-20 87 -21.445 0.18747 -21.632 467.951 17-May-20 82.8 -4.8276 0.18747 -5.0151 25.1508 10-May-20 84.35 1.87198 0.18747 1.68451 2.83756 3-May-20 81.05 -3.9123 0.18747 -4.0997 16.8079 26-Apr-20 93.25 15.0524 0.18747 14.865 220.967 19-Apr-20 74.2 -20.429 0.18747 -20.616 425.037 12-Apr-20 76.85 3.57143 0.18747 3.38395 11.4511 5-Apr-20 74.6 -2.9278 0.18747 -3.1153 9.70482 29-Mar-20 65.3 -12.466 0.18747 -12.654 160.123 22-Mar-20 70.7 8.26953 0.18747 8.08205 65.3195 15-Mar-20 77.3 9.33522 0.18747 9.14774 83.6812 8-Mar-20 89.75 16.1061 0.18747 15.9186 253.402 1-Mar-20 114.2 27.2423 0.18747 27.0549 731.966 23-Feb-20 128.95 12.9159 0.18747 12.7285 162.014 16-Feb-20 158.5 22.9159 0.18747 22.7284 516.579 9-Feb-20 169.1 6.6877 0.18747 6.50022 42.2529 2-Feb-20 173.6 2.66115 0.18747 2.47367 6.11906 26-Jan-20 176.6 1.72811 0.18747 1.54064 2.37356 19-Jan-20 186.5 5.60589 0.18747 5.41841 29.3592 12-Jan-20 197.3 5.79088 0.18747 5.60341 31.3982 5-Jan-20 196.35 -0.4815 0.18747 -0.669 0.44753 29-Dec-19 191.1 -2.6738 0.18747 -2.8613 8.18687 22-Dec-19 176.15 -7.8231 0.18747 -8.0106 64.1698 15-Dec-19 175.95 -0.1135 0.18747 -0.301 0.09061 8-Dec-19 176.7 0.42626 0.18747 0.23878 0.05702 1-Dec-19 161.5 -8.6022 0.18747 -8.7896 77.2575 24-Nov-19 161.5 0 0.18747 -0.1875 0.03515 17-Nov-19 162.35 0.52632 0.18747 0.33884 0.11481 10-Nov-19 168.55 3.81891 0.18747 3.63144 13.1873 3-Nov-19 169.05 0.29665 0.18747 0.10917 0.01192 27-Oct-19 175.05 3.54925 0.18747 3.36177 11.3015 20-Oct-19 126.85 -27.535 0.18747 -27.722 768.535 13-Oct-19 136.85 7.88333 0.18747 7.69585 59.2261 7099 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 6-Oct-19 121.3 -11.363 0.18747 -11.55 133.409 29-Sep-19 119.65 -1.3603 0.18747 -1.5477 2.39549 22-Sep-19 119.9 0.20894 0.18747 0.02147 0.00046 15-Sep-19 133.25 11.1343 0.18747 10.9468 119.833 8-Sep-19 129.55 -2.7767 0.18747 -2.9642 8.78654 1-Sep-19 121.25 -6.4068 0.18747 -6.5943 43.4844 25-Aug-19 116.7 -3.7526 0.18747 -3.9401 15.524 18-Aug-19 111.05 -4.8415 0.18747 -5.0289 25.2903 11-Aug-19 121.35 9.2751 0.18747 9.08763 82.585 4-Aug-19 122.05 0.57684 0.18747 0.38937 0.15161 28-Jul-19 130.7 7.08726 0.18747 6.89978 47.607 21-Jul-19 147.15 12.5861 0.18747 12.3986 153.725 14-Jul-19 154.85 5.23276 0.18747 5.04528 25.4549 7-Jul-19 159.3 2.87375 0.18747 2.68627 7.21607 30-Jun-19 160.2 0.56497 0.18747 0.3775 0.1425 23-Jun-19 162.55 1.46692 0.18747 1.27944 1.63697 16-Jun-19 158.9 -2.2455 0.18747 -2.4329 5.91919 9-Jun-19 164.2 3.33543 0.18747 3.14796 9.90963 2-Jun-19 169.5 3.22777 0.18747 3.0403 9.2434 26-May-19 172.6 1.82891 0.18747 1.64143 2.6943 19-May-19 182.3 5.61993 0.18747 5.43246 29.5116 12-May-19 176.85 -2.9896 0.18747 -3.1771 10.0937 5-May-19 185.9 5.11733 0.18747 4.92986 24.3035 28-Apr-19 209.45 12.6681 0.18747 12.4806 155.766 21-Apr-19 215.6 2.93626 0.18747 2.74879 7.55583 14-Apr-19 236.25 9.57792 0.18747 9.39045 88.1805 7-Apr-19 215.95 -8.5926 0.18747 -8.7801 77.0896 31-Mar-19 205.15 -5.0012 0.18747 -5.1886 26.9219 24-Mar-19 174.25 -15.062 0.18747 -15.25 232.551 17-Mar-19 175.4 0.65997 0.18747 0.4725 0.22325 10-Mar-19 180 2.62258 0.18747 2.4351 5.92972 3-Mar-19 181.2 0.66667 0.18747 0.47919 0.22962 24-Feb-19 180.3 -0.4967 0.18747 -0.6842 0.46808 17-Feb-19 174.3 -3.3278 0.18747 -3.5153 12.3571 10-Feb-19 161.65 -7.2576 0.18747 -7.4451 55.4292 3-Feb-19 150.7 -6.7739 0.18747 -6.9614 48.4607 27-Jan-19 181.65 20.5375 0.18747 20.35 414.123 20-Jan-19 173.25 -4.6243 0.18747 -4.8118 23.153 13-Jan-19 183.3 5.80087 0.18747 5.61339 31.5102 6-Jan-19 180.3 -1.6367 0.18747 -1.8241 3.32747 30-Dec-18 170.95 -5.1858 0.18747 -5.3733 28.8721 23-Dec-18 170.85 -0.0585 0.18747 -0.246 0.0605 16-Dec-18 176.25 3.16067 0.18747 2.97319 8.83987 9-Dec-18 166.95 -5.2766 0.18747 -5.4641 29.8561 2-Dec-18 162.4 -2.7254 0.18747 -2.9128 8.48465 25-Nov-18 171.95 5.88054 0.18747 5.69307 32.411 18-Nov-18 182.55 6.16458 0.18747 5.97711 35.7258 11-Nov-18 179.9 -1.4517 0.18747 -1.6391 2.68675 4-Nov-18 195.25 8.53252 0.18747 8.34504 69.6397 28-Oct-18 190.3 -2.5352 0.18747 -2.7227 7.41302 7100 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 21-Oct-18 168.5 -11.456 0.18747 -11.643 135.561 14-Oct-18 174.7 3.67953 0.18747 3.49205 12.1944 7-Oct-18 183.75 5.18031 0.18747 4.99283 24.9284 30-Sep-18 216.25 17.6871 0.18747 17.4996 306.236 23-Sep-18 223.7 3.44509 0.18747 3.25761 10.612 16-Sep-18 250.35 11.9133 0.18747 11.7258 137.494 9-Sep-18 266.6 6.49091 0.18747 6.30344 39.7333 2-Sep-18 277.4 4.05101 0.18747 3.86354 14.9269 26-Aug-18 267.5 -3.5689 0.18747 -3.7563 14.11 19-Aug-18 255.5 -4.486 0.18747 -4.6735 21.8412 12-Aug-18 258.25 1.07632 0.18747 0.88885 0.79005 5-Aug-18 250.1 -3.1559 0.18747 -3.3433 11.1779 29-Jul-18 258.45 3.33866 0.18747 3.15119 9.93 22-Jul-18 268.15 3.75314 0.18747 3.56567 12.714 15-Jul-18 253.4 -5.5007 0.18747 -5.6881 32.3548 8-Jul-18 263.6 4.02526 0.18747 3.83778 14.7286 1-Jul-18 270.85 2.75038 0.18747 2.5629 6.56848 24-Jun-18 269.3 -0.5723 0.18747 -0.7597 0.57722 17-Jun-18 308 14.3706 0.18747 14.1831 201.161 10-Jun-18 302.95 -1.6396 0.18747 -1.8271 3.33824 3-Jun-18 309.95 2.31061 0.18747 2.12314 4.50771 27-May-18 287.2 -7.3399 0.18747 -7.5274 56.6613 20-May-18 294.15 2.41992 0.18747 2.23244 4.9838 13-May-18 304.6 3.55261 0.18747 3.36513 11.3241 6-May-18 330.8 8.60144 0.18747 8.41397 70.7949 29-Apr-18 334.4 1.08827 0.18747 0.9008 0.81143 22-Apr-18 336.9 0.74761 0.18747 0.56013 0.31375 15-Apr-18 336 -0.2671 0.18747 -0.4546 0.20668 8-Apr-18 357.05 6.26488 0.18747 6.07741 36.9349 1-Apr-18 364.1 1.97451 0.18747 1.78704 3.19351 Total returns 0.18747 ∑D²=12393.3 Annexure 5. Stock Price & Returns of Ashok Leyland. Date Close price Returns Avg returns Difference D*D 26-Mar-23 139.2 19-Mar-23 137.65 -1.1135 0.21772 -1.3312 1.77215 12-Mar-23 139.5 1.34399 0.21772 1.12627 1.26849 5-Mar-23 145.4 4.22939 0.21772 4.01167 16.0935 26-Feb-23 145.05 -0.2407 0.21772 -0.4584 0.21016 19-Feb-23 141.3 -2.5853 0.21772 -2.803 7.85699 12-Feb-23 148.9 5.37863 0.21772 5.16091 26.635 5-Feb-23 147.35 -1.041 0.21772 -1.2587 1.58429 29-Jan-23 153.9 4.4452 0.21772 4.22748 17.8716 22-Jan-23 149.35 -2.9565 0.21772 -3.1742 10.0754 7101 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 15-Jan-23 144.05 -3.5487 0.21772 -3.7664 14.186 8-Jan-23 147.05 2.08261 0.21772 1.86489 3.47783 1-Jan-23 147.75 0.47603 0.21772 0.25831 0.06672 25-Dec-22 143.4 -2.9442 0.21772 -3.1619 9.99748 18-Dec-22 137.85 -3.8703 0.21772 -4.088 16.7118 11-Dec-22 141 2.28509 0.21772 2.06738 4.27404 4-Dec-22 143.65 1.87943 0.21772 1.66172 2.7613 27-Nov-22 146.05 1.67073 0.21772 1.45301 2.11124 20-Nov-22 148.75 1.84868 0.21772 1.63097 2.66005 13-Nov-22 144.8 -2.6555 0.21772 -2.8732 8.25516 6-Nov-22 147.75 2.03729 0.21772 1.81958 3.31086 30-Oct-22 146.7 -0.7107 0.21772 -0.9284 0.86188 23-Oct-22 149.15 1.67007 0.21772 1.45236 2.10934 16-Oct-22 143 -4.1234 0.21772 -4.3411 18.845 9-Oct-22 148 3.4965 0.21772 3.27879 10.7504 2-Oct-22 159.65 7.87162 0.21772 7.6539 58.5823 25-Sep-22 152.65 -4.3846 0.21772 -4.6023 21.1812 18-Sep-22 159.3 4.35637 0.21772 4.13865 17.1285 11-Sep-22 160.45 0.72191 0.21772 0.50419 0.25421 4-Sep-22 166.55 3.80181 0.21772 3.58409 12.8457 28-Aug-22 163.65 -1.7412 0.21772 -1.9589 3.83743 21-Aug-22 149.5 -8.6465 0.21772 -8.8642 78.5744 14-Aug-22 148 -1.0033 0.21772 -1.2211 1.49099 7-Aug-22 147.15 -0.5743 0.21772 -0.792 0.62733 31-Jul-22 144.95 -1.4951 0.21772 -1.7128 2.93365 24-Jul-22 149 2.79407 0.21772 2.57635 6.63758 17-Jul-22 147.2 -1.2081 0.21772 -1.4258 2.03282 10-Jul-22 144.95 -1.5285 0.21772 -1.7462 3.04939 3-Jul-22 144.1 -0.5864 0.21772 -0.8041 0.64662 26-Jun-22 146.3 1.52672 0.21772 1.309 1.71348 19-Jun-22 140 -4.3062 0.21772 -4.5239 20.466 12-Jun-22 131.5 -6.0714 0.21772 -6.2891 39.5534 5-Jun-22 137.85 4.8289 0.21772 4.61118 21.263 29-May-22 139.5 1.19695 0.21772 0.97924 0.9589 22-May-22 140.3 0.57348 0.21772 0.35576 0.12657 15-May-22 130.35 -7.0919 0.21772 -7.3097 53.4312 8-May-22 122.6 -5.9455 0.21772 -6.1632 37.9856 1-May-22 119.55 -2.4878 0.21772 -2.7055 7.31963 24-Apr-22 127.1 6.31535 0.21772 6.09763 37.1811 17-Apr-22 129.1 1.57356 0.21772 1.35585 1.83832 10-Apr-22 127.65 -1.1232 0.21772 -1.3409 1.79795 3-Apr-22 129.15 1.17509 0.21772 0.95737 0.91656 27-Mar-22 119.15 -7.7429 0.21772 -7.9607 63.372 20-Mar-22 113.55 -4.7 0.21772 -4.9177 24.1835 13-Mar-22 114.45 0.7926 0.21772 0.57489 0.33049 6-Mar-22 105.9 -7.4705 0.21772 -7.6882 59.1089 27-Feb-22 105.85 -0.0472 0.21772 -0.2649 0.07019 20-Feb-22 118 11.4785 0.21772 11.2608 126.805 13-Feb-22 126.5 7.20339 0.21772 6.98567 48.7996 6-Feb-22 133 5.13834 0.21772 4.92062 24.2125 7102 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 30-Jan-22 136.2 2.40602 0.21772 2.1883 4.78865 23-Jan-22 130.75 -4.0015 0.21772 -4.2192 17.8015 16-Jan-22 138.3 5.77438 0.21772 5.55666 30.8765 9-Jan-22 137.75 -0.3977 0.21772 -0.6154 0.37872 2-Jan-22 132.4 -3.8838 0.21772 -4.1016 16.8228 26-Dec-21 122.45 -7.5151 0.21772 -7.7328 59.7965 19-Dec-21 122.85 0.32666 0.21772 0.10895 0.01187 12-Dec-21 123.2 0.2849 0.21772 0.06718 0.00451 5-Dec-21 127.9 3.81494 0.21772 3.59722 12.94 28-Nov-21 120.65 -5.6685 0.21772 -5.8862 34.6474 21-Nov-21 125.65 4.14422 0.21772 3.9265 15.4174 14-Nov-21 139.4 10.9431 0.21772 10.7254 115.034 7-Nov-21 145.7 4.51937 0.21772 4.30165 18.5042 31-Oct-21 144.95 -0.5148 0.21772 -0.7325 0.53652 24-Oct-21 142.4 -1.7592 0.21772 -1.9769 3.90831 17-Oct-21 139.2 -2.2472 0.21772 -2.4649 6.07577 10-Oct-21 144.75 3.98707 0.21772 3.76935 14.208 3-Oct-21 134.9 -6.8048 0.21772 -7.0226 49.3162 26-Sep-21 130.75 -3.0764 0.21772 -3.2941 10.8509 19-Sep-21 127.4 -2.5621 0.21772 -2.7799 7.72761 12-Sep-21 125.15 -1.7661 0.21772 -1.9838 3.93549 5-Sep-21 125.3 0.11986 0.21772 -0.0979 0.00958 29-Aug-21 120.6 -3.751 0.21772 -3.9687 15.7507 22-Aug-21 120.25 -0.2902 0.21772 -0.5079 0.258 15-Aug-21 119 -1.0395 0.21772 -1.2572 1.5806 8-Aug-21 130.3 9.4958 0.21772 9.27808 86.0828 1-Aug-21 134.15 2.95472 0.21772 2.737 7.49119 25-Jul-21 132.8 -1.0063 0.21772 -1.2241 1.49831 18-Jul-21 124.3 -6.4006 0.21772 -6.6183 43.8022 11-Jul-21 127.85 2.85599 0.21772 2.63828 6.9605 4-Jul-21 124.9 -2.3074 0.21772 -2.5251 6.37617 27-Jun-21 122.45 -1.9616 0.21772 -2.1793 4.74929 20-Jun-21 123.4 0.77583 0.21772 0.55811 0.31149 13-Jun-21 116.45 -5.6321 0.21772 -5.8498 34.2202 6-Jun-21 131.85 13.2246 0.21772 13.0068 169.178 30-May-21 128.4 -2.6166 0.21772 -2.8343 8.03341 23-May-21 124.6 -2.9595 0.21772 -3.1772 10.0947 16-May-21 125.45 0.68218 0.21772 0.46447 0.21573 9-May-21 112.1 -10.642 0.21772 -10.859 117.927 2-May-21 114.25 1.91793 0.21772 1.70021 2.89073 25-Apr-21 112.7 -1.3567 0.21772 -1.5744 2.47871 18-Apr-21 111.3 -1.2422 0.21772 -1.46 2.13146 11-Apr-21 113.65 2.11141 0.21772 1.89369 3.58608 4-Apr-21 121.2 6.6432 0.21772 6.42549 41.2869 28-Mar-21 118.15 -2.5165 0.21772 -2.7342 7.47595 21-Mar-21 114.05 -3.4702 0.21772 -3.6879 13.6005 14-Mar-21 116.3 1.97282 0.21772 1.7551 3.08038 7-Mar-21 122.05 4.94411 0.21772 4.72639 22.3388 28-Feb-21 126.2 3.40025 0.21772 3.18253 10.1285 21-Feb-21 128.85 2.09984 0.21772 1.88212 3.54239 7103 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 14-Feb-21 123.4 -4.2297 0.21772 -4.4474 19.7797 7-Feb-21 128.25 3.93031 0.21772 3.71259 13.7833 31-Jan-21 131.65 2.65107 0.21772 2.43336 5.92122 24-Jan-21 110.8 -15.837 0.21772 -16.055 257.768 17-Jan-21 122.25 10.3339 0.21772 10.1162 102.338 10-Jan-21 119.6 -2.1677 0.21772 -2.3854 5.69016 3-Jan-21 112.8 -5.6856 0.21772 -5.9033 34.8494 27-Dec-20 99.1 -12.145 0.21772 -12.363 152.846 20-Dec-20 95.25 -3.885 0.21772 -4.1027 16.832 13-Dec-20 98.25 3.14961 0.21772 2.93189 8.59598 6-Dec-20 94.1 -4.2239 0.21772 -4.4416 19.7281 29-Nov-20 94.8 0.74389 0.21772 0.52617 0.27686 22-Nov-20 92.15 -2.7954 0.21772 -3.0131 9.07862 15-Nov-20 90.8 -1.465 0.21772 -1.6827 2.83155 8-Nov-20 90.55 -0.2753 0.21772 -0.493 0.2431 1-Nov-20 85 -6.1292 0.21772 -6.3469 40.2835 25-Oct-20 78.95 -7.1176 0.21772 -7.3354 53.8076 18-Oct-20 81.8 3.60988 0.21772 3.39216 11.5068 11-Oct-20 75 -8.313 0.21772 -8.5307 72.7724 4-Oct-20 75.85 1.13333 0.21772 0.91562 0.83835 27-Sep-20 76.25 0.52736 0.21772 0.30964 0.09588 20-Sep-20 76.3 0.06557 0.21772 -0.1521 0.02315 13-Sep-20 79.7 4.45609 0.21772 4.23838 17.9638 6-Sep-20 68.15 -14.492 0.21772 -14.71 216.371 30-Aug-20 69.8 2.42113 0.21772 2.20341 4.85503 23-Aug-20 70.5 1.00287 0.21772 0.78515 0.61646 16-Aug-20 69.35 -1.6312 0.21772 -1.8489 3.41851 9-Aug-20 61.6 -11.175 0.21772 -11.393 129.799 2-Aug-20 49.95 -18.912 0.21772 -19.13 365.959 26-Jul-20 48.65 -2.6026 0.21772 -2.8203 7.9542 19-Jul-20 50.4 3.59712 0.21772 3.37941 11.4204 12-Jul-20 51.75 2.67857 0.21772 2.46085 6.0558 5-Jul-20 51.15 -1.1594 0.21772 -1.3771 1.89651 28-Jun-20 49.1 -4.0078 0.21772 -4.2255 17.8552 21-Jun-20 52.45 6.82281 0.21772 6.60509 43.6273 14-Jun-20 54.35 3.6225 0.21772 3.40478 11.5925 7-Jun-20 52.35 -3.6799 0.21772 -3.8976 15.191 31-May-20 48.35 -7.6409 0.21772 -7.8586 61.7575 24-May-20 42.45 -12.203 0.21772 -12.42 154.266 17-May-20 43.6 2.70907 0.21772 2.49135 6.20684 10-May-20 47.15 8.1422 0.21772 7.92448 62.7975 3-May-20 47.05 -0.2121 0.21772 -0.4298 0.18473 26-Apr-20 52.35 11.2646 0.21772 11.0469 122.034 19-Apr-20 44.95 -14.136 0.21772 -14.353 206.018 12-Apr-20 48.9 8.78754 0.21772 8.56982 73.4419 5-Apr-20 45.65 -6.6462 0.21772 -6.8639 47.1136 29-Mar-20 38.15 -16.429 0.21772 -16.647 277.125 22-Mar-20 43.3 13.4993 0.21772 13.2816 176.402 15-Mar-20 43.95 1.50115 0.21772 1.28344 1.64721 8-Mar-20 66.7 51.7634 0.21772 51.5457 2656.95 7104 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 1-Mar-20 71.2 6.74663 0.21772 6.52891 42.6267 23-Feb-20 69.9 -1.8258 0.21772 -2.0436 4.17614 16-Feb-20 84.3 20.6009 0.21772 20.3831 415.472 9-Feb-20 80.25 -4.8043 0.21772 -5.022 25.2204 2-Feb-20 83.75 4.36137 0.21772 4.14365 17.1699 26-Jan-20 81.95 -2.1493 0.21772 -2.367 5.60255 19-Jan-20 86.5 5.55217 0.21772 5.33445 28.4563 12-Jan-20 84 -2.8902 0.21772 -3.1079 9.65898 5-Jan-20 81.35 -3.1548 0.21772 -3.3725 11.3736 29-Dec-19 83.7 2.88875 0.21772 2.67104 7.13443 22-Dec-19 79.7 -4.779 0.21772 -4.9967 24.9669 15-Dec-19 80.4 0.87829 0.21772 0.66058 0.43636 8-Dec-19 80.95 0.68408 0.21772 0.46636 0.21749 1-Dec-19 76.5 -5.4972 0.21772 -5.7149 32.6605 24-Nov-19 79.15 3.46405 0.21772 3.24634 10.5387 17-Nov-19 81.35 2.77953 0.21772 2.56182 6.5629 10-Nov-19 79.5 -2.2741 0.21772 -2.4918 6.20927 3-Nov-19 76.55 -3.7107 0.21772 -3.9284 15.4324 27-Oct-19 75.95 -0.7838 0.21772 -1.0015 1.00304 20-Oct-19 74.7 -1.6458 0.21772 -1.8635 3.47277 13-Oct-19 77.5 3.74833 0.21772 3.53061 12.4652 6-Oct-19 68.65 -11.419 0.21772 -11.637 135.421 29-Sep-19 68.05 -0.874 0.21772 -1.0917 1.19184 22-Sep-19 71.9 5.6576 0.21772 5.43989 29.5924 15-Sep-19 69.2 -3.7552 0.21772 -3.9729 15.7842 8-Sep-19 63.45 -8.3092 0.21772 -8.527 72.7091 1-Sep-19 63.9 0.70922 0.21772 0.4915 0.24158 25-Aug-19 64.45 0.86072 0.21772 0.643 0.41345 18-Aug-19 60.25 -6.5167 0.21772 -6.7344 45.3521 11-Aug-19 63.65 5.64315 0.21772 5.42544 29.4354 4-Aug-19 64.3 1.02121 0.21772 0.80349 0.6456 28-Jul-19 64.4 0.15552 0.21772 -0.0622 0.00387 21-Jul-19 74.2 15.2174 0.21772 14.9997 224.99 14-Jul-19 79.35 6.9407 0.21772 6.72298 45.1985 7-Jul-19 84.9 6.99433 0.21772 6.77661 45.9225 30-Jun-19 87.05 2.53239 0.21772 2.31467 5.35772 23-Jun-19 87.25 0.22975 0.21772 0.01204 0.00014 16-Jun-19 86.5 -0.8596 0.21772 -1.0773 1.16061 9-Jun-19 87.65 1.32948 0.21772 1.11176 1.23602 2-Jun-19 90 2.68112 0.21772 2.4634 6.06835 26-May-19 88.85 -1.2778 0.21772 -1.4955 2.2365 19-May-19 93.8 5.57119 0.21772 5.35347 28.6596 12-May-19 84.5 -9.9147 0.21772 -10.132 102.666 5-May-19 85.9 1.6568 0.21772 1.43909 2.07097 28-Apr-19 89.6 4.30733 0.21772 4.08962 16.725 21-Apr-19 88.5 -1.2277 0.21772 -1.4454 2.08917 14-Apr-19 95.75 8.19209 0.21772 7.97437 63.5906 7-Apr-19 95.65 -0.1044 0.21772 -0.3222 0.10378 31-Mar-19 87.75 -8.2593 0.21772 -8.477 71.8595 24-Mar-19 91.3 4.04558 0.21772 3.82787 14.6526 7105 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 17-Mar-19 89.6 -1.862 0.21772 -2.0797 4.3252 10-Mar-19 94.1 5.02232 0.21772 4.8046 23.0842 3-Mar-19 89.65 -4.729 0.21772 -4.9467 24.4701 24-Feb-19 86.6 -3.4021 0.21772 -3.6198 13.1032 17-Feb-19 81.85 -5.485 0.21772 -5.7027 32.5208 10-Feb-19 79.95 -2.3213 0.21772 -2.539 6.44671 3-Feb-19 87.05 8.88055 0.21772 8.66283 75.0447 27-Jan-19 83.55 -4.0207 0.21772 -4.2384 17.964 20-Jan-19 82.6 -1.137 0.21772 -1.3548 1.83538 13-Jan-19 92.3 11.7433 0.21772 11.5256 132.84 6-Jan-19 94.3 2.16685 0.21772 1.94913 3.79911 30-Dec-18 96.8 2.65111 0.21772 2.4334 5.92142 23-Dec-18 102.75 6.14669 0.21772 5.92898 35.1528 16-Dec-18 105.35 2.53041 0.21772 2.3127 5.34857 9-Dec-18 104.05 -1.234 0.21772 -1.4517 2.10743 2-Dec-18 102.9 -1.1052 0.21772 -1.323 1.75021 25-Nov-18 112.35 9.18367 0.21772 8.96596 80.3884 18-Nov-18 109.3 -2.7147 0.21772 -2.9324 8.59925 11-Nov-18 105.55 -3.4309 0.21772 -3.6486 13.3126 4-Nov-18 118.25 12.0322 0.21772 11.8145 139.582 28-Oct-18 117.7 -0.4651 0.21772 -0.6828 0.46626 21-Oct-18 113.15 -3.8658 0.21772 -4.0835 16.6748 14-Oct-18 112.5 -0.5745 0.21772 -0.7922 0.62754 7-Oct-18 115.8 2.93333 0.21772 2.71562 7.37457 30-Sep-18 107.75 -6.9516 0.21772 -7.1694 51.3997 23-Sep-18 119.1 10.5336 0.21772 10.3159 106.418 16-Sep-18 122.3 2.68682 0.21772 2.4691 6.09646 9-Sep-18 131.25 7.31807 0.21772 7.10035 50.415 2-Sep-18 132 0.57143 0.21772 0.35371 0.12511 26-Aug-18 129.05 -2.2348 0.21772 -2.4526 6.01508 19-Aug-18 129.2 0.11623 0.21772 -0.1015 0.0103 12-Aug-18 128.35 -0.6579 0.21772 -0.8756 0.7667 5-Aug-18 127.55 -0.6233 0.21772 -0.841 0.7073 29-Jul-18 118.2 -7.3305 0.21772 -7.5482 56.975 22-Jul-18 112.85 -4.5262 0.21772 -4.7439 22.505 15-Jul-18 107.45 -4.7851 0.21772 -5.0028 25.0283 8-Jul-18 132.5 23.3132 0.21772 23.0955 533.4 1-Jul-18 132.3 -0.1509 0.21772 -0.3687 0.13591 24-Jun-18 125.8 -4.9131 0.21772 -5.1308 26.325 17-Jun-18 136.4 8.42607 0.21772 8.20836 67.3771 10-Jun-18 142.25 4.28886 0.21772 4.07114 16.5742 3-Jun-18 145 1.93322 0.21772 1.7155 2.94294 27-May-18 150.85 4.03448 0.21772 3.81677 14.5677 20-May-18 145.1 -3.8117 0.21772 -4.0295 16.2365 13-May-18 148.4 2.27429 0.21772 2.05658 4.22951 6-May-18 161.85 9.06334 0.21772 8.84563 78.2451 29-Apr-18 163.95 1.2975 0.21772 1.07978 1.16593 22-Apr-18 162 -1.1894 0.21772 -1.4071 1.97994 15-Apr-18 155.55 -3.9815 0.21772 -4.1992 17.6333 8-Apr-18 149.4 -3.9537 0.21772 -4.1714 17.4008 7106 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 1-Apr-18 146.45 -1.9746 0.21772 -2.1923 4.8061 Total Returns 0.21772 ∑D²=10974.5 Annexure 6. Stock price & returns of nifty auto index. Date Close price Returns Avg returns Difference D*D 3/26/2023 12,243.80 3/19/2023 12,113.40 -1.065 0.0389 -1.104 1.2186 3/12/2023 12,245.95 1.0942 0.0389 1.0554 1.1138 3/5/2023 12,741.60 4.0475 0.0389 4.0086 16.069 2/26/2023 12,787.05 0.3567 0.0389 0.3178 0.101 2/19/2023 12,869.10 0.6417 0.0389 0.6028 0.3634 2/12/2023 13,140.00 2.105 0.0389 2.0662 4.2691 2/5/2023 13,235.05 0.7234 0.0389 0.6845 0.4685 1/29/2023 13,377.95 1.0797 0.0389 1.0408 1.0833 1/22/2023 13,089.70 -2.155 0.0389 -2.194 4.8116 1/15/2023 12,691.70 -3.041 0.0389 -3.079 9.4829 1/8/2023 12,832.40 1.1086 0.0389 1.0697 1.1443 1/1/2023 12,627.80 -1.594 0.0389 -1.633 2.6676 12/25/2022 12,611.70 -0.127 0.0389 -0.166 0.0277 12/18/2022 12,236.00 -2.979 0.0389 -3.018 9.1074 12/11/2022 12,775.25 4.4071 0.0389 4.3682 19.081 12/4/2022 12,869.40 0.737 0.0389 0.6981 0.4873 11/27/2022 13,046.35 1.375 0.0389 1.3361 1.7851 11/20/2022 12,958.00 -0.677 0.0389 -0.716 0.5128 11/13/2022 12,774.90 -1.413 0.0389 -1.452 2.108 11/6/2022 13,040.90 2.0822 0.0389 2.0433 4.1752 10/30/2022 13,271.70 1.7698 0.0389 1.7309 2.9962 10/23/2022 13,190.90 -0.609 0.0389 -0.648 0.4195 10/16/2022 12,695.65 -3.754 0.0389 -3.793 14.39 10/9/2022 12,478.25 -1.712 0.0389 -1.751 3.0669 10/2/2022 12,761.95 2.2736 0.0389 2.2347 4.9938 9/25/2022 12,699.30 -0.491 0.0389 -0.53 0.2807 9/18/2022 13,093.50 3.1041 0.0389 3.0652 9.3957 9/11/2022 12,954.45 -1.062 0.0389 -1.101 1.2119 9/4/2022 13,219.60 2.0468 0.0389 2.0079 4.0317 8/28/2022 13,220.65 0.0079 0.0389 -0.031 0.001 8/21/2022 12,929.15 -2.205 0.0389 -2.244 5.0344 8/14/2022 12,946.45 0.1338 0.0389 0.0949 0.009 8/7/2022 12,923.75 -0.175 0.0389 -0.214 0.0459 7/31/2022 12,804.35 -0.924 0.0389 -0.963 0.9269 7/24/2022 12,543.20 -2.04 0.0389 -2.078 4.3198 7107 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 7/17/2022 12,634.20 0.7255 0.0389 0.6866 0.4714 7/10/2022 12,361.65 -2.157 0.0389 -2.196 4.8229 7/3/2022 12,124.60 -1.918 0.0389 -1.956 3.8279 6/26/2022 11,711.95 -3.403 0.0389 -3.442 11.849 6/19/2022 11,583.25 -1.099 0.0389 -1.138 1.2945 6/12/2022 10,830.90 -6.495 0.0389 -6.534 42.694 6/5/2022 11,394.00 5.199 0.0389 5.1601 26.627 5/29/2022 11,282.15 -0.982 0.0389 -1.021 1.0415 5/22/2022 11,270.25 -0.105 0.0389 -0.144 0.0208 5/15/2022 10,914.60 -3.156 0.0389 -3.195 10.205 5/8/2022 10,412.35 -4.602 0.0389 -4.641 21.534 5/1/2022 10,518.45 1.019 0.0389 0.9801 0.9606 4/24/2022 11,078.10 5.3207 0.0389 5.2818 27.897 4/17/2022 11,028.15 -0.451 0.0389 -0.49 0.2399 4/10/2022 10,698.30 -2.991 0.0389 -3.03 9.18 4/3/2022 10,894.30 1.8321 0.0389 1.7932 3.2155 3/27/2022 10,676.85 -1.996 0.0389 -2.035 4.1407 3/20/2022 10,354.15 -3.022 0.0389 -3.061 9.3716 3/13/2022 10,576.00 2.1426 0.0389 2.1037 4.4258 3/6/2022 9,979.70 -5.638 0.0389 -5.677 32.23 2/27/2022 9,896.65 -0.832 0.0389 -0.871 0.7587 2/20/2022 10,895.30 10.091 0.0389 10.052 101.04 2/13/2022 11,420.45 4.82 0.0389 4.7811 22.859 2/6/2022 11,552.90 1.1598 0.0389 1.1209 1.2564 1/30/2022 11,560.60 0.0666 0.0389 0.0278 0.0008 1/23/2022 11,493.40 -0.581 0.0389 -0.62 0.3846 1/16/2022 11,561.75 0.5947 0.0389 0.5558 0.3089 1/9/2022 11,643.05 0.7032 0.0389 0.6643 0.4413 1/2/2022 11,290.90 -3.025 0.0389 -3.063 9.3846 12/26/2021 10,936.90 -3.135 0.0389 -3.174 10.075 12/19/2021 10,620.75 -2.891 0.0389 -2.93 8.5822 12/12/2021 10,678.65 0.5452 0.0389 0.5063 0.2563 12/5/2021 11,080.05 3.7589 0.0389 3.72 13.839 11/28/2021 10,788.75 -2.629 0.0389 -2.668 7.1178 11/21/2021 10,759.60 -0.27 0.0389 -0.309 0.0955 11/14/2021 11,747.45 9.1811 0.0389 9.1422 83.58 11/7/2021 11,706.50 -0.349 0.0389 -0.387 0.1501 10/31/2021 11,569.80 -1.168 0.0389 -1.207 1.4559 10/24/2021 11,297.45 -2.354 0.0389 -2.393 5.7257 10/17/2021 11,433.95 1.2082 0.0389 1.1694 1.3674 10/10/2021 11,800.30 3.2041 0.0389 3.1652 10.018 10/3/2021 11,079.35 -6.11 0.0389 -6.148 37.804 9/26/2021 10,596.95 -4.354 0.0389 -4.393 19.298 9/19/2021 10,429.05 -1.584 0.0389 -1.623 2.6351 9/12/2021 10,351.45 -0.744 0.0389 -0.783 0.613 9/5/2021 10,112.60 -2.307 0.0389 -2.346 5.505 8/29/2021 10,124.75 0.1201 0.0389 0.0813 0.0066 8/22/2021 9,793.85 -3.268 0.0389 -3.307 10.937 8/15/2021 9,904.70 1.1318 0.0389 1.093 1.1946 8/8/2021 10,178.30 2.7623 0.0389 2.7235 7.4172 7108 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 8/1/2021 10,249.50 0.6995 0.0389 0.6607 0.4365 7/25/2021 10,048.50 -1.961 0.0389 -2 3.9998 7/18/2021 10,201.35 1.5211 0.0389 1.4823 2.1971 7/11/2021 10,428.45 2.2262 0.0389 2.1873 4.7843 7/4/2021 10,420.30 -0.078 0.0389 -0.117 0.0137 6/27/2021 10,685.50 2.545 0.0389 2.5062 6.2808 6/20/2021 10,706.80 0.1993 0.0389 0.1605 0.0257 6/13/2021 10,443.75 -2.457 0.0389 -2.496 6.2286 6/6/2021 10,765.50 3.0808 0.0389 3.0419 9.2533 5/30/2021 10,735.75 -0.276 0.0389 -0.315 0.0994 5/23/2021 10,510.25 -2.1 0.0389 -2.139 4.5767 5/16/2021 10,312.40 -1.882 0.0389 -1.921 3.6915 5/9/2021 9,810.45 -4.867 0.0389 -4.906 24.072 5/2/2021 9,819.45 0.0917 0.0389 0.0529 0.0028 4/25/2021 9,640.85 -1.819 0.0389 -1.858 3.4511 4/18/2021 9,596.95 -0.455 0.0389 -0.494 0.2443 4/11/2021 9,808.95 2.209 0.0389 2.1702 4.7096 4/4/2021 9,922.95 1.1622 0.0389 1.1233 1.2619 3/28/2021 10,022.60 1.0042 0.0389 0.9654 0.9319 3/21/2021 9,771.50 -2.505 0.0389 -2.544 6.473 3/14/2021 10,186.50 4.247 0.0389 4.2082 17.709 3/7/2021 10,383.90 1.9379 0.0389 1.899 3.6061 2/28/2021 10,524.40 1.3531 0.0389 1.3142 1.7271 2/21/2021 10,169.90 -3.368 0.0389 -3.407 11.609 2/14/2021 10,540.35 3.6426 0.0389 3.6037 12.987 2/7/2021 10,912.25 3.5283 0.0389 3.4895 12.176 1/31/2021 10,723.95 -1.726 0.0389 -1.764 3.1133 1/24/2021 9,813.15 -8.493 0.0389 -8.532 72.795 1/17/2021 10,515.85 7.1608 0.0389 7.1219 50.722 1/10/2021 10,178.30 -3.21 0.0389 -3.249 10.555 1/3/2021 9,741.25 -4.294 0.0389 -4.333 18.773 12/27/2020 9,272.50 -4.812 0.0389 -4.851 23.531 12/20/2020 8,978.05 -3.176 0.0389 -3.214 10.332 12/13/2020 9,168.65 2.123 0.0389 2.0841 4.3434 12/6/2020 9,188.95 0.2214 0.0389 0.1825 0.0333 11/29/2020 9,302.20 1.2325 0.0389 1.1936 1.4246 11/22/2020 8,891.60 -4.414 0.0389 -4.453 19.828 11/15/2020 8,684.75 -2.326 0.0389 -2.365 5.5943 11/8/2020 8,308.90 -4.328 0.0389 -4.367 19.067 11/1/2020 8,006.10 -3.644 0.0389 -3.683 13.566 10/25/2020 7,758.40 -3.094 0.0389 -3.133 9.8142 10/18/2020 8,094.60 4.3334 0.0389 4.2945 18.443 10/11/2020 7,959.45 -1.67 0.0389 -1.709 2.919 10/4/2020 8,163.50 2.5636 0.0389 2.5247 6.3743 9/27/2020 7,966.10 -2.418 0.0389 -2.457 6.0366 9/20/2020 7,669.50 -3.723 0.0389 -3.762 14.154 9/13/2020 8,161.70 6.4176 0.0389 6.3788 40.689 9/6/2020 7,956.80 -2.511 0.0389 -2.549 6.4993 8/30/2020 7,996.55 0.4996 0.0389 0.4607 0.2122 8/23/2020 8,111.85 1.4419 0.0389 1.403 1.9684 7109 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 8/16/2020 7,934.70 -2.184 0.0389 -2.223 4.9405 8/9/2020 7,677.65 -3.24 0.0389 -3.278 10.748 8/2/2020 7,554.45 -1.605 0.0389 -1.644 2.7012 7/26/2020 7,279.75 -3.636 0.0389 -3.675 13.507 7/19/2020 7,218.65 -0.839 0.0389 -0.878 0.7712 7/12/2020 7,137.30 -1.127 0.0389 -1.166 1.3591 7/5/2020 7,041.10 -1.348 0.0389 -1.387 1.923 6/28/2020 6,971.05 -0.995 0.0389 -1.034 1.0686 6/21/2020 6,731.45 -3.437 0.0389 -3.476 12.082 6/14/2020 6,634.50 -1.44 0.0389 -1.479 2.1878 6/7/2020 6,559.40 -1.132 0.0389 -1.171 1.3709 5/31/2020 6,628.75 1.0573 0.0389 1.0184 1.0371 5/24/2020 6,218.80 -6.184 0.0389 -6.223 38.729 5/17/2020 5,767.00 -7.265 0.0389 -7.304 53.348 5/10/2020 5,745.70 -0.369 0.0389 -0.408 0.1666 5/3/2020 5,447.75 -5.186 0.0389 -5.224 27.295 4/26/2020 5,901.40 8.3273 0.0389 8.2884 68.698 4/19/2020 5,377.25 -8.882 0.0389 -8.921 79.578 4/12/2020 5,668.90 5.4238 0.0389 5.3849 28.997 4/5/2020 5,568.45 -1.772 0.0389 -1.811 3.2791 3/29/2020 4,517.75 -18.87 0.0389 -18.91 357.5 3/22/2020 4,938.70 9.3177 0.0389 9.2788 86.096 3/15/2020 5,370.15 8.7361 0.0389 8.6972 75.642 3/8/2020 6,182.00 15.118 0.0389 15.079 227.37 3/1/2020 6,895.00 11.533 0.0389 11.495 132.13 2/23/2020 6,903.95 0.1298 0.0389 0.0909 0.0083 2/16/2020 7,697.90 11.5 0.0389 11.461 131.36 2/9/2020 7,822.20 1.6147 0.0389 1.5759 2.4833 2/2/2020 8,064.60 3.0989 0.0389 3.06 9.3636 1/26/2020 8,086.55 0.2722 0.0389 0.2333 0.0544 1/19/2020 8,274.85 2.3286 0.0389 2.2897 5.2427 1/12/2020 8,427.60 1.846 0.0389 1.8071 3.2655 1/5/2020 8,225.50 -2.398 0.0389 -2.437 5.9387 12/29/2019 8,168.15 -0.697 0.0389 -0.736 0.5418 12/22/2019 8,205.90 0.4622 0.0389 0.4233 0.1792 12/15/2019 8,133.55 -0.882 0.0389 -0.921 0.8474 12/8/2019 8,069.70 -0.785 0.0389 -0.824 0.6788 12/1/2019 7,806.60 -3.26 0.0389 -3.299 10.885 11/24/2019 8,086.00 3.579 0.0389 3.5402 12.533 11/17/2019 8,034.95 -0.631 0.0389 -0.67 0.4492 11/10/2019 8,153.90 1.4804 0.0389 1.4415 2.078 11/3/2019 8,169.65 0.1932 0.0389 0.1543 0.0238 10/27/2019 8,392.90 2.7327 0.0389 2.6938 7.2566 10/20/2019 7,986.35 -4.844 0.0389 -4.883 23.842 10/13/2019 7,964.75 -0.27 0.0389 -0.309 0.0957 10/6/2019 7,397.05 -7.128 0.0389 -7.167 51.359 9/29/2019 7,404.90 0.1061 0.0389 0.0673 0.0045 9/22/2019 7,554.25 2.0169 0.0389 1.978 3.9126 9/15/2019 7,605.85 0.6831 0.0389 0.6442 0.415 9/8/2019 7,360.60 -3.224 0.0389 -3.263 10.65 7110 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 9/1/2019 7,102.45 -3.507 0.0389 -3.546 12.575 8/25/2019 7,009.30 -1.312 0.0389 -1.35 1.8236 8/18/2019 6,988.35 -0.299 0.0389 -0.338 0.1141 8/11/2019 6,998.45 0.1445 0.0389 0.1057 0.0112 8/4/2019 7,137.40 1.9854 0.0389 1.9466 3.7891 7/28/2019 6,933.75 -2.853 0.0389 -2.892 8.3645 7/21/2019 7,161.50 3.2847 0.0389 3.2458 10.535 7/14/2019 7,192.75 0.4364 0.0389 0.3975 0.158 7/7/2019 7,653.65 6.4078 0.0389 6.369 40.564 6/30/2019 7,849.10 2.5537 0.0389 2.5148 6.3243 6/23/2019 7,928.05 1.0058 0.0389 0.967 0.935 6/16/2019 7,868.25 -0.754 0.0389 -0.793 0.6291 6/9/2019 8,031.60 2.0761 0.0389 2.0372 4.1502 6/2/2019 8,192.00 1.9971 0.0389 1.9582 3.8347 5/26/2019 8,175.50 -0.201 0.0389 -0.24 0.0577 5/19/2019 8,460.25 3.483 0.0389 3.4441 11.862 5/12/2019 8,085.75 -4.427 0.0389 -4.465 19.94 5/5/2019 8,093.20 0.0921 0.0389 0.0533 0.0028 4/28/2019 8,381.45 3.5616 0.0389 3.5228 12.41 4/21/2019 8,493.80 1.3405 0.0389 1.3016 1.6941 4/14/2019 8,972.65 5.6376 0.0389 5.5988 31.346 4/7/2019 8,777.45 -2.175 0.0389 -2.214 4.9034 3/31/2019 8,564.60 -2.425 0.0389 -2.464 6.0705 3/24/2019 8,335.35 -2.677 0.0389 -2.716 7.3744 3/17/2019 8,336.60 0.015 0.0389 -0.024 0.0006 3/10/2019 8,748.05 4.9355 0.0389 4.8966 23.977 3/3/2019 8,582.60 -1.891 0.0389 -1.93 3.7255 2/24/2019 8,413.65 -1.969 0.0389 -2.007 4.0296 2/17/2019 8,278.95 -1.601 0.0389 -1.64 2.6891 2/10/2019 8,132.55 -1.768 0.0389 -1.807 3.266 2/3/2019 8,420.35 3.5389 0.0389 3.5 12.25 1/27/2019 8,441.25 0.2482 0.0389 0.2093 0.0438 1/20/2019 8,259.80 -2.15 0.0389 -2.188 4.7893 1/13/2019 8,844.80 7.0825 0.0389 7.0436 49.613 1/6/2019 8,862.35 0.1984 0.0389 0.1595 0.0255 12/30/2018 8,809.35 -0.598 0.0389 -0.637 0.4057 12/23/2018 9,223.80 4.7047 0.0389 4.6658 21.77 12/16/2018 9,337.25 1.23 0.0389 1.1911 1.4187 12/9/2018 9,271.50 -0.704 0.0389 -0.743 0.5521 12/2/2018 8,869.80 -4.333 0.0389 -4.372 19.11 11/25/2018 9,270.20 4.5142 0.0389 4.4753 20.029 11/18/2018 9,062.65 -2.239 0.0389 -2.278 5.1882 11/11/2018 9,112.35 0.5484 0.0389 0.5095 0.2596 11/4/2018 9,277.75 1.8151 0.0389 1.7762 3.1551 10/28/2018 9,180.20 -1.051 0.0389 -1.09 1.1888 10/21/2018 8,578.05 -6.559 0.0389 -6.598 43.535 10/14/2018 8,690.25 1.308 0.0389 1.2691 1.6107 10/7/2018 9,084.45 4.5361 0.0389 4.4972 20.225 9/30/2018 8,915.10 -1.864 0.0389 -1.903 3.6216 9/23/2018 9,590.25 7.5731 0.0389 7.5342 56.765 7111 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 9/16/2018 10,407.40 8.5206 0.0389 8.4818 71.94 9/9/2018 10,826.70 4.0289 0.0389 3.99 15.92 9/2/2018 11,036.65 1.9392 0.0389 1.9003 3.6112 8/26/2018 11,009.25 -0.248 0.0389 -0.287 0.0824 8/19/2018 10,903.00 -0.965 0.0389 -1.004 1.008 8/12/2018 10,878.70 -0.223 0.0389 -0.262 0.0685 8/5/2018 10,839.45 -0.361 0.0389 -0.4 0.1597 7/29/2018 10,775.30 -0.592 0.0389 -0.631 0.3978 7/22/2018 10,874.80 0.9234 0.0389 0.8845 0.7824 7/15/2018 10,752.70 -1.123 0.0389 -1.162 1.3494 7/8/2018 11,003.05 2.3283 0.0389 2.2894 5.2413 7/1/2018 11,067.85 0.5889 0.0389 0.5501 0.3026 6/24/2018 10,709.05 -3.242 0.0389 -3.281 10.763 6/17/2018 11,088.50 3.5433 0.0389 3.5044 12.281 6/10/2018 11,173.05 0.7625 0.0389 0.7236 0.5236 6/3/2018 11,226.10 0.4748 0.0389 0.4359 0.19 5/27/2018 11,076.55 -1.332 0.0389 -1.371 1.8797 5/20/2018 10,883.00 -1.747 0.0389 -1.786 3.1907 5/13/2018 10,962.75 0.7328 0.0389 0.6939 0.4815 5/6/2018 11,373.20 3.744 0.0389 3.7052 13.728 4/29/2018 11,323.70 -0.435 0.0389 -0.474 0.2248 4/22/2018 11,581.80 2.2793 0.0389 2.2404 5.0195 4/15/2018 11,440.10 -1.223 0.0389 -1.262 1.5935 4/8/2018 11,465.30 0.2203 0.0389 0.1814 0.0329 4/1/2018 11,444.15 -0.184 0.0389 -0.223 0.0499 Total Returns 0.0389 ∑D²=3374.2 Annexure 7. Systematic risk of Maruti Suzuki with NIFTY. Date Maruti Suzuki difference(d1) NIFTY difference (d2) NIFTY d1*d2 D2*D2 3/26/2023 3/19/2023 -0.7365 -1.1039 1.2186 0.81298 3/12/2023 0.75461 1.05537 1.11381 0.7964 3/5/2023 3.28065 4.00859 16.0688 13.1508 2/26/2023 -0.146 0.31783 0.10102 -0.0464 2/19/2023 0.54633 0.60279 0.36336 0.32932 2/12/2023 1.55773 2.06617 4.26906 3.21853 2/5/2023 -0.1016 0.68449 0.46853 -0.0696 1/29/2023 1.34363 1.04084 1.08334 1.3985 1/22/2023 -2.4328 -2.1935 4.81161 5.33635 1/15/2023 -3.5497 -3.0794 9.4829 10.931 1/8/2023 0.01862 1.06973 1.14431 0.01992 1/1/2023 -0.9747 -1.6333 2.66758 1.59201 12/25/2022 -0.0047 -0.1664 0.02768 0.00079 7112 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 12/18/2022 -3.1564 -3.0179 9.10743 9.52544 12/11/2022 4.08515 4.36821 19.0812 17.8448 12/4/2022 1.36058 0.6981 0.48734 0.94982 11/27/2022 2.20848 1.33609 1.78515 2.95074 11/20/2022 2.16752 -0.7161 0.51276 -1.5521 11/13/2022 -2.0434 -1.4519 2.10801 2.96682 11/6/2022 2.56429 2.04334 4.17522 5.2397 10/30/2022 1.4195 1.73094 2.99617 2.45708 10/23/2022 2.70758 -0.6477 0.4195 -1.7537 10/16/2022 -8.4569 -3.7934 14.3895 32.0802 10/9/2022 -1.1307 -1.7513 3.06695 1.98008 10/2/2022 1.7351 2.23468 4.99381 3.87739 9/25/2022 0.41619 -0.5298 0.28067 -0.2205 9/18/2022 5.69449 3.06524 9.39567 17.4549 9/11/2022 -1.7886 -1.1008 1.21187 1.96898 9/4/2022 -2.7939 2.00791 4.03172 -5.6099 8/28/2022 -0.4376 -0.0309 0.00096 0.01354 8/21/2022 -2.3736 -2.2438 5.03444 5.3257 8/14/2022 0.52658 0.09493 0.00901 0.04999 8/7/2022 -1.0509 -0.2142 0.04589 0.22512 7/31/2022 1.48981 -0.9628 0.92689 -1.4343 7/24/2022 -0.9077 -2.0784 4.3198 1.88656 7/17/2022 0.51172 0.68662 0.47145 0.35135 7/10/2022 -0.7416 -2.1961 4.82291 1.62853 7/3/2022 -3.5841 -1.9565 3.82788 7.0122 6/26/2022 -1.0079 -3.4423 11.8493 3.46952 6/19/2022 -0.6114 -1.1378 1.29448 0.69565 6/12/2022 -8.2142 -6.534 42.6935 53.6718 6/5/2022 3.06956 5.16014 26.6271 15.8394 5/29/2022 -3.0417 -1.0205 1.04148 3.10411 5/22/2022 2.94506 -0.1443 0.02084 -0.4251 5/15/2022 -4.6289 -3.1945 10.205 14.7871 5/8/2022 -6.5308 -4.6405 21.5343 30.306 5/1/2022 2.35397 0.98011 0.96062 2.30715 4/24/2022 5.88214 5.28178 27.8972 31.0681 4/17/2022 2.27656 -0.4898 0.23987 -1.115 4/10/2022 -5.6457 -3.0299 9.18002 17.1057 4/3/2022 1.04163 1.79319 3.21555 1.86784 3/27/2022 1.73762 -2.0349 4.1407 -3.5358 3/20/2022 -3.8386 -3.0613 9.37155 11.7511 3/13/2022 3.60034 2.10375 4.42575 7.5742 3/6/2022 -7.8177 -5.6771 32.2296 44.3818 2/27/2022 1.89548 -0.8711 0.75875 -1.6511 2/20/2022 15.157 10.0519 101.041 152.357 2/13/2022 2.40651 4.7811 22.8589 11.5058 2/6/2022 1.81859 1.12089 1.25639 2.03844 1/30/2022 -2.2782 0.02778 0.00077 -0.0633 1/23/2022 -0.1378 -0.6202 0.38459 0.08549 1/16/2022 -4.3684 0.55582 0.30893 -2.428 1/9/2022 -1.4295 0.66431 0.44131 -0.9496 7113 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 1/2/2022 -2.3468 -3.0634 9.38456 7.18931 12/26/2021 -6.2082 -3.1741 10.0752 19.7056 12/19/2021 -1.615 -2.9295 8.58224 4.73111 12/12/2021 -0.4227 0.50629 0.25633 -0.214 12/5/2021 1.62611 3.72003 13.8386 6.04917 11/28/2021 -3.0642 -2.6679 7.11781 8.17492 11/21/2021 -0.6724 -0.3091 0.09552 0.20782 11/14/2021 13.0595 9.14223 83.5804 119.393 11/7/2021 -7.9938 -0.3875 0.15012 3.09727 10/31/2021 3.43442 -1.2066 1.45588 -4.144 10/24/2021 -3.563 -2.3928 5.72571 8.52577 10/17/2021 -1.1248 1.16936 1.36741 -1.3153 10/10/2021 1.04524 3.16518 10.0184 3.30837 10/3/2021 -1.0349 -6.1485 37.8036 6.36299 9/26/2021 -3.7455 -4.3929 19.2977 16.4536 9/19/2021 -3.0752 -1.6233 2.63507 4.99201 9/12/2021 0.75215 -0.7829 0.61301 -0.5889 9/5/2021 -3.1677 -2.3463 5.50502 7.43232 8/29/2021 0.75203 0.08127 0.00661 0.06112 8/22/2021 -3.614 -3.3071 10.9369 11.9518 8/15/2021 3.26963 1.09296 1.19456 3.57358 8/8/2021 2.06595 2.72345 7.41719 5.62651 8/1/2021 1.26561 0.66065 0.43646 0.83613 7/25/2021 -1.8761 -1.9999 3.99977 3.75216 7/18/2021 4.38834 1.48225 2.19707 6.50462 7/11/2021 -0.0095 2.1873 4.7843 -0.0209 7/4/2021 1.52995 -0.117 0.01369 -0.179 6/27/2021 1.85258 2.50616 6.28084 4.64285 6/20/2021 0.84971 0.16046 0.02575 0.13635 6/13/2021 -9.1587 -2.4957 6.22863 22.8577 6/6/2021 3.6574 3.04192 9.25326 11.1255 5/30/2021 -0.2685 -0.3152 0.09936 0.08463 5/23/2021 -3.5342 -2.1393 4.57674 7.56084 5/16/2021 -2.3714 -1.9213 3.69147 4.55614 5/9/2021 -1.2908 -4.9063 24.0719 6.33299 5/2/2021 -0.6376 0.05287 0.00279 -0.0337 4/25/2021 -3.8334 -1.8577 3.45109 7.12131 4/18/2021 3.27232 -0.4942 0.24426 -1.6173 4/11/2021 -0.5619 2.17016 4.70961 -1.2195 4/4/2021 2.54998 1.12333 1.26187 2.86447 3/28/2021 1.27536 0.96537 0.93193 1.23118 3/21/2021 -2.1566 -2.5442 6.47301 5.48675 3/14/2021 4.70828 4.20817 17.7087 19.8132 3/7/2021 -0.3864 1.89899 3.60615 -0.7338 2/28/2021 2.01074 1.31418 1.72708 2.64248 2/21/2021 -5.4239 -3.4072 11.6093 18.4806 2/14/2021 6.51113 3.60374 12.9869 23.4644 2/7/2021 3.20993 3.48947 12.1764 11.201 1/31/2021 -1.1249 -1.7645 3.11331 1.98481 1/24/2021 -3.9788 -8.532 72.7952 33.9476 7114 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 1/17/2021 11.5439 7.12193 50.7218 82.2149 1/10/2021 -0.4419 -3.2488 10.5546 1.43578 1/3/2021 -0.2653 -4.3328 18.7733 1.14936 12/27/2020 -4.18 -4.8509 23.5311 20.2767 12/20/2020 -3.3312 -3.2144 10.3323 10.7078 12/13/2020 1.38446 2.08408 4.3434 2.88533 12/6/2020 2.15649 0.18253 0.03332 0.39363 11/29/2020 0.75745 1.19359 1.42465 0.90408 11/22/2020 -9.9764 -4.4529 19.8282 44.4236 11/15/2020 -1.1367 -2.3652 5.59429 2.68861 11/8/2020 -2.3906 -4.3666 19.067 10.4389 11/1/2020 1.30184 -3.6832 13.5656 -4.7949 10/25/2020 0.69062 -3.1328 9.81421 -2.1635 10/18/2020 1.84021 4.2945 18.4427 7.90275 10/11/2020 -3.0757 -1.7085 2.91899 5.25482 10/4/2020 2.28681 2.52475 6.37435 5.77361 9/27/2020 -3.9104 -2.457 6.03662 9.60758 9/20/2020 -4.5361 -3.7621 14.1538 17.0655 9/13/2020 7.04541 6.37876 40.6885 44.9409 9/6/2020 3.14331 -2.5494 6.49933 -8.0135 8/30/2020 -0.1912 0.4607 0.21224 -0.0881 8/23/2020 -1.3386 1.403 1.96841 -1.8781 8/16/2020 -1.9879 -2.2227 4.94046 4.41861 8/9/2020 -5.661 -3.2784 10.7482 18.5591 8/2/2020 1.2357 -1.6435 2.70119 -2.0309 7/26/2020 -6.3747 -3.6751 13.5067 23.4281 7/19/2020 -4.3268 -0.8782 0.77121 3.79973 7/12/2020 -1.4957 -1.1658 1.35912 1.74371 7/5/2020 0.46817 -1.3867 1.923 -0.6492 6/28/2020 -0.5379 -1.0337 1.06863 0.5561 6/21/2020 -3.1297 -3.4759 12.0822 10.8785 6/14/2020 2.33276 -1.4791 2.18782 -3.4504 6/7/2020 -5.8332 -1.1708 1.37085 6.82973 5/31/2020 3.17388 1.01839 1.03712 3.23224 5/24/2020 -2.4989 -6.2233 38.7294 15.5512 5/17/2020 -8.6351 -7.3039 53.3475 63.0701 5/10/2020 -0.8028 -0.4082 0.16664 0.32771 5/3/2020 -8.8918 -5.2245 27.2953 46.4553 4/26/2020 14.9977 8.28842 68.6979 124.307 4/19/2020 -5.9862 -8.9207 79.5782 53.4007 4/12/2020 8.96136 5.3849 28.9972 48.2561 4/5/2020 -3.3823 -1.8108 3.27907 6.12475 3/29/2020 -24.833 -18.908 357.5 469.525 3/22/2020 15.677 9.27882 86.0965 145.464 3/15/2020 9.17927 8.69723 75.6418 79.8343 3/8/2020 14.8087 15.079 227.375 223.299 3/1/2020 10.2598 11.4946 132.126 117.932 2/23/2020 -2.6689 0.09093 0.00827 -0.2427 2/16/2020 7.40948 11.4611 131.356 84.9206 2/9/2020 2.16895 1.57585 2.48331 3.41795 7115 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 2/2/2020 0.69566 3.06 9.3636 2.12871 1/26/2020 -0.978 0.2333 0.05443 -0.2282 1/19/2020 2.96661 2.28969 5.24266 6.79261 1/12/2020 5.35236 1.80708 3.26555 9.67216 1/5/2020 -2.6644 -2.4369 5.9387 6.49303 12/29/2019 -1.1827 -0.7361 0.54184 0.87058 12/22/2019 1.10709 0.42329 0.17917 0.46862 12/15/2019 -1.278 -0.9206 0.84742 1.17647 12/8/2019 -0.7836 -0.8239 0.6788 0.64558 12/1/2019 -4.6921 -3.2992 10.8848 15.4803 11/24/2019 5.0726 3.54015 12.5327 17.9578 11/17/2019 -2.7012 -0.6702 0.44918 1.81039 11/10/2019 1.08615 1.44153 2.07802 1.56573 11/3/2019 0.60392 0.15429 0.0238 0.09318 10/27/2019 5.66398 2.6938 7.25657 15.2576 10/20/2019 -2.0786 -4.8828 23.8422 10.1493 10/13/2019 -2.4025 -0.3093 0.09569 0.74319 10/6/2019 -8.4057 -7.1665 51.3591 60.2395 9/29/2019 -0.8785 0.06725 0.00452 -0.0591 9/22/2019 1.72375 1.97804 3.91262 3.40965 9/15/2019 -2.8257 0.64419 0.41498 -1.8203 9/8/2019 -2.2914 -3.2634 10.6495 7.47753 9/1/2019 -4.2253 -3.5461 12.5745 14.9831 8/25/2019 -1.164 -1.3504 1.82356 1.57189 8/18/2019 1.99016 -0.3378 0.11408 -0.6722 8/11/2019 -4.6082 0.10565 0.01116 -0.4869 8/4/2019 1.947 1.94657 3.78912 3.78997 7/28/2019 -6.873 -2.8922 8.36455 19.8777 7/21/2019 1.90165 3.24579 10.5351 6.17234 7/14/2019 -0.7721 0.39749 0.158 -0.3069 7/7/2019 3.36496 6.36897 40.5638 21.4313 6/30/2019 6.36427 2.51481 6.32427 16.0049 6/23/2019 2.60355 0.96698 0.93504 2.51757 6/16/2019 -1.9391 -0.7932 0.6291 1.53801 6/9/2019 5.0022 2.03719 4.15015 10.1905 6/2/2019 2.83418 1.95824 3.8347 5.55 5/26/2019 -1.2709 -0.2403 0.05774 0.30537 5/19/2019 3.10791 3.44409 11.8618 10.7039 5/12/2019 -5.5886 -4.4655 19.9403 24.9557 5/5/2019 -1.2645 0.05326 0.00284 -0.0674 4/28/2019 1.0397 3.52276 12.4098 3.6626 4/21/2019 1.83736 1.30159 1.69413 2.39148 4/14/2019 8.69298 5.59877 31.3462 48.67 4/7/2019 -1.547 -2.2144 4.90345 3.4257 3/31/2019 -3.345 -2.4638 6.07049 8.24143 3/24/2019 -6.2648 -2.7156 7.37442 17.0125 3/17/2019 -1.9387 -0.0239 0.00057 0.04629 3/10/2019 7.96559 4.89659 23.9766 39.0042 3/3/2019 -1.7843 -1.9302 3.72548 3.44387 2/24/2019 -0.6097 -2.0074 4.02962 1.22386 7116 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 2/17/2019 -0.4706 -1.6398 2.68908 0.77165 2/10/2019 0.11282 -1.8072 3.26602 -0.2039 2/3/2019 2.80406 3.49999 12.25 9.81421 1/27/2019 -2.5527 0.20934 0.04382 -0.5344 1/20/2019 -6.5901 -2.1884 4.78925 14.422 1/13/2019 12.8238 7.04362 49.6126 90.3262 1/6/2019 -0.6515 0.15955 0.02546 -0.1039 12/30/2018 -1.3173 -0.6369 0.40565 0.839 12/23/2018 3.60411 4.66579 21.7696 16.816 12/16/2018 0.26717 1.1911 1.41871 0.31823 12/9/2018 1.52739 -0.743 0.55211 -1.1349 12/2/2018 -4.6869 -4.3715 19.1101 20.489 11/25/2018 4.61072 4.47532 20.0285 20.6345 11/18/2018 -3.4121 -2.2778 5.18822 7.77191 11/11/2018 -1.0857 0.50953 0.25962 -0.5532 11/4/2018 -0.9285 1.77625 3.15505 -1.6492 10/28/2018 -2.1752 -1.0903 1.18878 2.37165 10/21/2018 -6.0027 -6.5981 43.5349 39.6064 10/14/2018 0.4403 1.26912 1.61066 0.55879 10/7/2018 7.71293 4.49725 20.2252 34.687 9/30/2018 -5.3963 -1.903 3.62159 10.2693 9/23/2018 6.28241 7.53423 56.7647 47.3332 9/16/2018 9.27779 8.48176 71.9403 78.692 9/9/2018 7.15274 3.98999 15.92 28.5394 9/2/2018 0.92973 1.90031 3.6112 1.76678 8/26/2018 4.18356 -0.2871 0.08245 -1.2013 8/19/2018 0.59843 -1.004 1.00796 -0.6008 8/12/2018 -0.2702 -0.2617 0.06851 0.07072 8/5/2018 -0.1846 -0.3997 0.15974 0.07377 7/29/2018 0.28106 -0.6307 0.39777 -0.1773 7/22/2018 1.20068 0.88454 0.7824 1.06204 7/15/2018 0.80856 -1.1617 1.34943 -0.9393 7/8/2018 0.199 2.28938 5.24126 0.4556 7/1/2018 -1.3465 0.55006 0.30256 -0.7407 6/24/2018 -5.4218 -3.2807 10.763 17.7874 6/17/2018 0.41608 3.50439 12.2808 1.45811 6/10/2018 0.72171 0.72363 0.52364 0.52225 6/3/2018 -0.3565 0.43593 0.19004 -0.1554 5/27/2018 -1.5262 -1.371 1.87974 2.09253 5/20/2018 -3.102 -1.7863 3.19072 5.54105 5/13/2018 -0.5777 0.69392 0.48153 -0.4009 5/6/2018 2.66974 3.70517 13.7283 9.89183 4/29/2018 -0.9665 -0.4741 0.22478 0.45822 4/22/2018 1.06913 2.24042 5.01947 2.39531 4/15/2018 2.60871 -1.2623 1.59351 -3.2931 4/8/2018 0.95388 0.18141 0.03291 0.17304 4/1/2018 0.75895 -0.2233 0.04988 -0.1695 3374.22 3641.58 7117 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate Annexure 8. Systematic risk of Mahindra & Mahindra with NIFTY. Date Mahindra difference (d1) NIFTY difference (d2) D2*D2 d1*d2 3/26/2023 3/19/2023 -0.6503 -1.1039 1.2186 0.71785 3/12/2023 1.83026 1.05537 1.11381 1.93161 3/5/2023 4.74342 4.00859 16.0688 19.0144 2/26/2023 3.44718 0.31783 0.10102 1.09563 2/19/2023 0.94591 0.60279 0.36336 0.57019 2/12/2023 4.81983 2.06617 4.26906 9.95859 2/5/2023 1.81683 0.68449 0.46853 1.2436 1/29/2023 1.68299 1.04084 1.08334 1.75171 1/22/2023 -4.8532 -2.1935 4.81161 10.6457 1/15/2023 -0.3813 -3.0794 9.4829 1.17419 1/8/2023 1.05072 1.06973 1.14431 1.12398 1/1/2023 -4.7307 -1.6333 2.66758 7.72661 12/25/2022 -1.2097 -0.1664 0.02768 0.20125 12/18/2022 -1.9377 -3.0179 9.10743 5.84783 12/11/2022 2.23632 4.36821 19.0812 9.76869 12/4/2022 1.1341 0.6981 0.48734 0.79172 11/27/2022 -0.0317 1.33609 1.78515 -0.0424 11/20/2022 -0.269 -0.7161 0.51276 0.19261 11/13/2022 -2.6374 -1.4519 2.10801 3.82927 11/6/2022 4.91682 2.04334 4.17522 10.0467 10/30/2022 4.00945 1.73094 2.99617 6.94013 10/23/2022 -1.9598 -0.6477 0.4195 1.26935 10/16/2022 -4.1541 -3.7934 14.3895 15.7578 10/9/2022 -2.0731 -1.7513 3.06695 3.63059 10/2/2022 0.72647 2.23468 4.99381 1.62343 9/25/2022 2.40065 -0.5298 0.28067 -1.2718 9/18/2022 0.35481 3.06524 9.39567 1.08757 9/11/2022 -1.7134 -1.1008 1.21187 1.88615 9/4/2022 4.12319 2.00791 4.03172 8.27901 8/28/2022 1.1612 -0.0309 0.00096 -0.0359 8/21/2022 -3.1069 -2.2438 5.03444 6.97113 8/14/2022 -2.7339 0.09493 0.00901 -0.2595 8/7/2022 1.64923 -0.2142 0.04589 -0.3533 7/31/2022 -1.8383 -0.9628 0.92689 1.76987 7/24/2022 -5.7497 -2.0784 4.3198 11.9502 7/17/2022 1.46138 0.68662 0.47145 1.00341 7/10/2022 -0.6966 -2.1961 4.82291 1.52985 7/3/2022 -3.2862 -1.9565 3.82788 6.4294 6/26/2022 -2.2841 -3.4423 11.8493 7.86257 6/19/2022 -3.1563 -1.1378 1.29448 3.59105 6/12/2022 -6.9085 -6.534 42.6935 45.1401 6/5/2022 3.92567 5.16014 26.6271 20.257 7118 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 5/29/2022 -0.7258 -1.0205 1.04148 0.74074 5/22/2022 -7.3374 -0.1443 0.02084 1.05914 5/15/2022 -5.1162 -3.1945 10.205 16.3438 5/8/2022 -1.5507 -4.6405 21.5343 7.196 5/1/2022 0.52055 0.98011 0.96062 0.5102 4/24/2022 3.192 5.28178 27.8972 16.8594 4/17/2022 -0.1257 -0.4898 0.23987 0.06158 4/10/2022 -5.8936 -3.0299 9.18002 17.8569 4/3/2022 -0.973 1.79319 3.21555 -1.7448 3/27/2022 -3.5666 -2.0349 4.1407 7.25751 3/20/2022 -7.4453 -3.0613 9.37155 22.7924 3/13/2022 3.9086 2.10375 4.42575 8.2227 3/6/2022 -7.471 -5.6771 32.2296 42.4137 2/27/2022 -0.3087 -0.8711 0.75875 0.26891 2/20/2022 10.3142 10.0519 101.041 103.677 2/13/2022 5.52929 4.7811 22.8589 26.4361 2/6/2022 0.22518 1.12089 1.25639 0.2524 1/30/2022 -1.3684 0.02778 0.00077 -0.038 1/23/2022 3.35218 -0.6202 0.38459 -2.0789 1/16/2022 0.6697 0.55582 0.30893 0.37223 1/9/2022 0.71707 0.66431 0.44131 0.47636 1/2/2022 -5.8922 -3.0634 9.38456 18.0504 12/26/2021 1.01463 -3.1741 10.0752 -3.2206 12/19/2021 -2.8951 -2.9295 8.58224 8.48127 12/12/2021 2.73256 0.50629 0.25633 1.38346 12/5/2021 3.03894 3.72003 13.8386 11.305 11/28/2021 -2.6148 -2.6679 7.11781 6.97597 11/21/2021 2.0388 -0.3091 0.09552 -0.6301 11/14/2021 8.22478 9.14223 83.5804 75.1928 11/7/2021 1.55799 -0.3875 0.15012 -0.6037 10/31/2021 -6.8943 -1.2066 1.45588 8.31862 10/24/2021 1.33758 -2.3928 5.72571 -3.2006 10/17/2021 0.43864 1.16936 1.36741 0.51293 10/10/2021 4.93662 3.16518 10.0184 15.6253 10/3/2021 -5.7233 -6.1485 37.8036 35.1893 9/26/2021 -5.6588 -4.3929 19.2977 24.8589 9/19/2021 -5.815 -1.6233 2.63507 9.43936 9/12/2021 -3.2144 -0.7829 0.61301 2.51668 9/5/2021 -0.4193 -2.3463 5.50502 0.98385 8/29/2021 -0.0817 0.08127 0.00661 -0.0066 8/22/2021 3.39863 -3.3071 10.9369 -11.24 8/15/2021 1.38609 1.09296 1.19456 1.51494 8/8/2021 -0.8595 2.72345 7.41719 -2.3407 8/1/2021 -2.5884 0.66065 0.43646 -1.71 7/25/2021 -1.9665 -1.9999 3.99977 3.9329 7/18/2021 2.87097 1.48225 2.19707 4.2555 7/11/2021 2.07287 2.1873 4.7843 4.53399 7/4/2021 -1.0264 -0.117 0.01369 0.12012 6/27/2021 1.4637 2.50616 6.28084 3.66826 6/20/2021 1.52014 0.16046 0.02575 0.24393 7119 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 6/13/2021 -1.5675 -2.4957 6.22863 3.91199 6/6/2021 3.54377 3.04192 9.25326 10.7798 5/30/2021 -0.5124 -0.3152 0.09936 0.16151 5/23/2021 5.15829 -2.1393 4.57674 -11.035 5/16/2021 -3.1487 -1.9213 3.69147 6.04969 5/9/2021 -9.4257 -4.9063 24.0719 46.2455 5/2/2021 3.52444 0.05287 0.00279 0.18632 4/25/2021 -1.9036 -1.8577 3.45109 3.53632 4/18/2021 3.40006 -0.4942 0.24426 -1.6804 4/11/2021 5.65563 2.17016 4.70961 12.2736 4/4/2021 -3.6805 1.12333 1.26187 -4.1345 3/28/2021 2.11077 0.96537 0.93193 2.03766 3/21/2021 -0.99 -2.5442 6.47301 2.51884 3/14/2021 6.40544 4.20817 17.7087 26.9552 3/7/2021 0.67835 1.89899 3.60615 1.28817 2/28/2021 -1.768 1.31418 1.72708 -2.3234 2/21/2021 -4.0142 -3.4072 11.6093 13.6772 2/14/2021 9.06549 3.60374 12.9869 32.6697 2/7/2021 3.3639 3.48947 12.1764 11.7382 1/31/2021 -4.7068 -1.7645 3.11331 8.30495 1/24/2021 -13.36 -8.532 72.7952 113.984 1/17/2021 6.54165 7.12193 50.7218 46.5892 1/10/2021 2.69309 -3.2488 10.5546 -8.7493 1/3/2021 -5.9649 -4.3328 18.7733 25.845 12/27/2020 -4.9068 -4.8509 23.5311 23.8025 12/20/2020 -2.9107 -3.2144 10.3323 9.35602 12/13/2020 3.22465 2.08408 4.3434 6.72044 12/6/2020 -0.7932 0.18253 0.03332 -0.1448 11/29/2020 3.19281 1.19359 1.42465 3.81089 11/22/2020 -3.7724 -4.4529 19.8282 16.7979 11/15/2020 -0.8549 -2.3652 5.59429 2.02206 11/8/2020 -11.951 -4.3666 19.067 52.1868 11/1/2020 -2.5485 -3.6832 13.5656 9.38639 10/25/2020 -3.1627 -3.1328 9.81421 9.90814 10/18/2020 5.27562 4.2945 18.4427 22.6561 10/11/2020 -2.9278 -1.7085 2.91899 5.00211 10/4/2020 4.40801 2.52475 6.37435 11.1291 9/27/2020 -3.6087 -2.457 6.03662 8.86647 9/20/2020 -2.894 -3.7621 14.1538 10.8876 9/13/2020 10.4739 6.37876 40.6885 66.8102 9/6/2020 -6.068 -2.5494 6.49933 15.4696 8/30/2020 2.92122 0.4607 0.21224 1.34581 8/23/2020 -0.0634 1.403 1.96841 -0.089 8/16/2020 -3.3895 -2.2227 4.94046 7.53379 8/9/2020 0.79406 -3.2784 10.7482 -2.6033 8/2/2020 -2.2469 -1.6435 2.70119 3.69292 7/26/2020 1.03077 -3.6751 13.5067 -3.7882 7/19/2020 -1.2464 -0.8782 0.77121 1.09458 7/12/2020 -1.6221 -1.1658 1.35912 1.89103 7/5/2020 -5.7344 -1.3867 1.923 7.95208 7120 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 6/28/2020 -4.3571 -1.0337 1.06863 4.50409 6/21/2020 -5.4539 -3.4759 12.0822 18.9574 6/14/2020 -0.2377 -1.4791 2.18782 0.35163 6/7/2020 1.71135 -1.1708 1.37085 -2.0037 5/31/2020 -4.7379 1.01839 1.03712 -4.825 5/24/2020 -9.8508 -6.2233 38.7294 61.3042 5/17/2020 -2.2602 -7.3039 53.3475 16.5085 5/10/2020 -10.535 -0.4082 0.16664 4.30052 5/3/2020 1.44772 -5.2245 27.2953 -7.5636 4/26/2020 -5.1534 8.28842 68.6979 -42.713 4/19/2020 -8.7916 -8.9207 79.5782 78.427 4/12/2020 8.67645 5.3849 28.9972 46.7218 4/5/2020 5.04253 -1.8108 3.27907 -9.1311 3/29/2020 -26.371 -18.908 357.5 498.618 3/22/2020 4.9478 9.27882 86.0965 45.9097 3/15/2020 9.57311 8.69723 75.6418 83.2596 3/8/2020 32.967 15.079 227.375 497.109 3/1/2020 9.86013 11.4946 132.126 113.338 2/23/2020 -2.9303 0.09093 0.00827 -0.2665 2/16/2020 14.8658 11.4611 131.356 170.378 2/9/2020 -0.321 1.57585 2.48331 -0.5058 2/2/2020 8.84605 3.06 9.3636 27.0689 1/26/2020 -0.3111 0.2333 0.05443 -0.0726 1/19/2020 0.13731 2.28969 5.24266 0.31439 1/12/2020 0.30452 1.80708 3.26555 0.5503 1/5/2020 -3.9558 -2.4369 5.9387 9.64016 12/29/2019 -2.5023 -0.7361 0.54184 1.84195 12/22/2019 -0.4565 0.42329 0.17917 -0.1932 12/15/2019 0.1164 -0.9206 0.84742 -0.1072 12/8/2019 -2.6824 -0.8239 0.6788 2.21 12/1/2019 -1.1308 -3.2992 10.8848 3.73083 11/24/2019 4.02015 3.54015 12.5327 14.2319 11/17/2019 2.94359 -0.6702 0.44918 -1.9728 11/10/2019 6.81723 1.44153 2.07802 9.82728 11/3/2019 -0.4916 0.15429 0.0238 -0.0758 10/27/2019 1.71255 2.6938 7.25657 4.61327 10/20/2019 -2.0117 -4.8828 23.8422 9.82294 10/13/2019 2.73188 -0.3093 0.09569 -0.8451 10/6/2019 -5.5643 -7.1665 51.3591 39.8767 9/29/2019 0.77245 0.06725 0.00452 0.05195 9/22/2019 -1.5901 1.97804 3.91262 -3.1453 9/15/2019 2.51755 0.64419 0.41498 1.62178 9/8/2019 -3.071 -3.2634 10.6495 10.0217 9/1/2019 -3.9141 -3.5461 12.5745 13.8795 8/25/2019 -0.1007 -1.3504 1.82356 0.13596 8/18/2019 0.87304 -0.3378 0.11408 -0.2949 8/11/2019 -0.9811 0.10565 0.01116 -0.1037 8/4/2019 3.38474 1.94657 3.78912 6.58863 7/28/2019 2.0295 -2.8922 8.36455 -5.8696 7/21/2019 1.4692 3.24579 10.5351 4.76871 7121 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 7/14/2019 1.24509 0.39749 0.158 0.49491 7/7/2019 10.6389 6.36897 40.5638 67.7588 6/30/2019 1.63778 2.51481 6.32427 4.11871 6/23/2019 2.10301 0.96698 0.93504 2.03355 6/16/2019 -4.2258 -0.7932 0.6291 3.35168 6/9/2019 1.59339 2.03719 4.15015 3.24605 6/2/2019 1.0986 1.95824 3.8347 2.15132 5/26/2019 0.49732 -0.2403 0.05774 -0.1195 5/19/2019 2.87519 3.44409 11.8618 9.90243 5/12/2019 -6.851 -4.4655 19.9403 30.593 5/5/2019 1.50009 0.05326 0.00284 0.0799 4/28/2019 2.74325 3.52276 12.4098 9.66379 4/21/2019 2.14517 1.30159 1.69413 2.79213 4/14/2019 3.85288 5.59877 31.3462 21.5714 4/7/2019 -0.9106 -2.2144 4.90345 2.01634 3/31/2019 -2.9175 -2.4638 6.07049 7.18816 3/24/2019 2.41681 -2.7156 7.37442 -6.5631 3/17/2019 0.75863 -0.0239 0.00057 -0.0181 3/10/2019 2.35915 4.89659 23.9766 11.5518 3/3/2019 -3.4885 -1.9302 3.72548 6.73332 2/24/2019 -3.02 -2.0074 4.02962 6.0624 2/17/2019 -0.4456 -1.6398 2.68908 0.73076 2/10/2019 -2.9147 -1.8072 3.26602 5.26742 2/3/2019 8.72405 3.49999 12.25 30.5341 1/27/2019 0.95513 0.20934 0.04382 0.19994 1/20/2019 -0.6803 -2.1884 4.78925 1.48875 1/13/2019 7.55895 7.04362 49.6126 53.2424 1/6/2019 -0.9277 0.15955 0.02546 -0.148 12/30/2018 -0.2845 -0.6369 0.40565 0.18118 12/23/2018 10.7743 4.66579 21.7696 50.2708 12/16/2018 -2.7561 1.1911 1.41871 -3.2828 12/9/2018 -3.0281 -0.743 0.55211 2.24999 12/2/2018 -4.7423 -4.3715 19.1101 20.7311 11/25/2018 9.71117 4.47532 20.0285 43.4606 11/18/2018 -5.6329 -2.2778 5.18822 12.8305 11/11/2018 2.91317 0.50953 0.25962 1.48435 11/4/2018 3.63365 1.77625 3.15505 6.45426 10/28/2018 -1.4397 -1.0903 1.18878 1.56974 10/21/2018 -7.0325 -6.5981 43.5349 46.401 10/14/2018 1.81674 1.26912 1.61066 2.30566 10/7/2018 3.71473 4.49725 20.2252 16.7061 9/30/2018 0.16815 -1.903 3.62159 -0.32 9/23/2018 11.9086 7.53423 56.7647 89.7221 9/16/2018 11.5246 8.48176 71.9403 97.7492 9/9/2018 -0.8019 3.98999 15.92 -3.1996 9/2/2018 2.32167 1.90031 3.6112 4.41191 8/26/2018 -0.8312 -0.2871 0.08245 0.23866 8/19/2018 0.3423 -1.004 1.00796 -0.3437 8/12/2018 -0.6707 -0.2617 0.06851 0.17557 8/5/2018 -1.5857 -0.3997 0.15974 0.63378 7122 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 7/29/2018 -2.643 -0.6307 0.39777 1.66695 7/22/2018 -1.1416 0.88454 0.7824 -1.0098 7/15/2018 0.02053 -1.1617 1.34943 -0.0238 7/8/2018 -0.3037 2.28938 5.24126 -0.6954 7/1/2018 2.04431 0.55006 0.30256 1.12448 6/24/2018 -2.9146 -3.2807 10.763 9.56188 6/17/2018 1.20117 3.50439 12.2808 4.20938 6/10/2018 0.16915 0.72363 0.52364 0.1224 6/3/2018 0.27342 0.43593 0.19004 0.11919 5/27/2018 -1.0709 -1.371 1.87974 1.46822 5/20/2018 -4.8376 -1.7863 3.19072 8.64121 5/13/2018 -2.4985 0.69392 0.48153 -1.7338 5/6/2018 3.99085 3.70517 13.7283 14.7868 4/29/2018 -1.6714 -0.4741 0.22478 0.79242 4/22/2018 1.01478 2.24042 5.01947 2.27352 4/15/2018 -7.2943 -1.2623 1.59351 9.20794 4/8/2018 -1.2068 0.18141 0.03291 -0.2189 4/1/2018 -2.2038 -0.2233 0.04988 0.4922 3374.22 3786.2 Annexure 9. Systematic risk of Hindustan Motors with NIFTY. Date Hindustan difference(d1) NIFTY difference (d2) D2*D2 d1*d2 3/26/2023 3/19/2023 5.60382 -1.1039 1.2186 -6.1861 3/12/2023 0.88877 1.05537 1.11381 0.93798 3/5/2023 8.1232 4.00859 16.0688 32.5626 2/26/2023 -8.5713 0.31783 0.10102 -2.7243 2/19/2023 0.51979 0.60279 0.36336 0.31333 2/12/2023 8.48552 2.06617 4.26906 17.5325 2/5/2023 3.78986 0.68449 0.46853 2.59413 1/29/2023 0.43089 1.04084 1.08334 0.44849 1/22/2023 3.29305 -2.1935 4.81161 -7.2234 1/15/2023 3.17448 -3.0794 9.4829 -9.7756 1/8/2023 0.08748 1.06973 1.14431 0.09358 1/1/2023 1.27354 -1.6333 2.66758 -2.08 12/25/2022 1.25185 -0.1664 0.02768 -0.2083 12/18/2022 -8.2793 -3.0179 9.10743 24.9857 12/11/2022 14.2099 4.36821 19.0812 62.0719 12/4/2022 3.62548 0.6981 0.48734 2.53095 11/27/2022 6.91388 1.33609 1.78515 9.23759 11/20/2022 -0.2101 -0.7161 0.51276 0.15047 11/13/2022 -15.727 -1.4519 2.10801 22.8346 11/6/2022 0.95605 2.04334 4.17522 1.95352 10/30/2022 -6.262 1.73094 2.99617 -10.839 7123 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 10/23/2022 -1.1304 -0.6477 0.4195 0.73213 10/16/2022 -1.7581 -3.7934 14.3895 6.66918 10/9/2022 0.4188 -1.7513 3.06695 -0.7334 10/2/2022 9.16486 2.23468 4.99381 20.4806 9/25/2022 -6.7816 -0.5298 0.28067 3.59277 9/18/2022 -2.9624 3.06524 9.39567 -9.0805 9/11/2022 3.56345 -1.1008 1.21187 -3.9228 9/4/2022 1.30502 2.00791 4.03172 2.62036 8/28/2022 -2.0012 -0.0309 0.00096 0.0619 8/21/2022 2.22148 -2.2438 5.03444 -4.9845 8/14/2022 0.38334 0.09493 0.00901 0.03639 8/7/2022 -9.6497 -0.2142 0.04589 2.06706 7/31/2022 5.97879 -0.9628 0.92689 -5.7561 7/24/2022 2.24385 -2.0784 4.3198 -4.6637 7/17/2022 9.6701 0.68662 0.47145 6.63969 7/10/2022 -0.4826 -2.1961 4.82291 1.05988 7/3/2022 8.80626 -1.9565 3.82788 -17.229 6/26/2022 -6.7264 -3.4423 11.8493 23.1543 6/19/2022 1.13035 -1.1378 1.29448 -1.2861 6/12/2022 15.6629 -6.534 42.6935 -102.34 6/5/2022 5.49763 5.16014 26.6271 28.3685 5/29/2022 -21.808 -1.0205 1.04148 22.2561 5/22/2022 -21.422 -0.1443 0.02084 3.09228 5/15/2022 -26.084 -3.1945 10.205 83.3268 5/8/2022 -2.0969 -4.6405 21.5343 9.73081 5/1/2022 4.59756 0.98011 0.96062 4.50611 4/24/2022 7.58803 5.28178 27.8972 40.0783 4/17/2022 1.06646 -0.4898 0.23987 -0.5223 4/10/2022 5.25205 -3.0299 9.18002 -15.913 4/3/2022 6.96118 1.79319 3.21555 12.4827 3/27/2022 -9.1321 -2.0349 4.1407 18.5826 3/20/2022 -1.4346 -3.0613 9.37155 4.39182 3/13/2022 -4.3424 2.10375 4.42575 -9.1352 3/6/2022 -2.7963 -5.6771 32.2296 15.8751 2/27/2022 -7.2898 -0.8711 0.75875 6.34985 2/20/2022 -3.5435 10.0519 101.041 -35.619 2/13/2022 11.6125 4.7811 22.8589 55.5206 2/6/2022 5.07621 1.12089 1.25639 5.68987 1/30/2022 5.64761 0.02778 0.00077 0.15688 1/23/2022 2.95192 -0.6202 0.38459 -1.8307 1/16/2022 -0.5933 0.55582 0.30893 -0.3298 1/9/2022 1.32833 0.66431 0.44131 0.88242 1/2/2022 5.0929 -3.0634 9.38456 -15.602 12/26/2021 -15.678 -3.1741 10.0752 49.7634 12/19/2021 -3.1889 -2.9295 8.58224 9.34191 12/12/2021 -0.2101 0.50629 0.25633 -0.1064 12/5/2021 2.42144 3.72003 13.8386 9.00784 11/28/2021 1.49927 -2.6679 7.11781 -3.9999 11/21/2021 -1.0505 -0.3091 0.09552 0.32466 11/14/2021 5.29834 9.14223 83.5804 48.4386 7124 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 11/7/2021 -4.6278 -0.3875 0.15012 1.79308 10/31/2021 12.3949 -1.2066 1.45588 -14.956 10/24/2021 -17.374 -2.3928 5.72571 41.5741 10/17/2021 27.7178 1.16936 1.36741 32.4122 10/10/2021 10.7054 3.16518 10.0184 33.8844 10/3/2021 -41.48 -6.1485 37.8036 255.038 9/26/2021 -20.21 -4.3929 19.2977 88.7815 9/19/2021 -0.8858 -1.6233 2.63507 1.43793 9/12/2021 4.55177 -0.7829 0.61301 -3.5638 9/5/2021 -0.2101 -2.3463 5.50502 0.49304 8/29/2021 1.08857 0.08127 0.00661 0.08847 8/22/2021 -1.4922 -3.3071 10.9369 4.93481 8/15/2021 1.73792 1.09296 1.19456 1.89947 8/8/2021 7.43318 2.72345 7.41719 20.2439 8/1/2021 -0.2101 0.66065 0.43646 -0.1388 7/25/2021 0.38158 -1.9999 3.99977 -0.7631 7/18/2021 -6.6807 1.48225 2.19707 -9.9025 7/11/2021 4.19238 2.1873 4.7843 9.17001 7/4/2021 5.21155 -0.117 0.01369 -0.6099 6/27/2021 2.64701 2.50616 6.28084 6.63382 6/20/2021 -2.9879 0.16046 0.02575 -0.4794 6/13/2021 -4.7816 -2.4957 6.22863 11.9335 6/6/2021 8.1731 3.04192 9.25326 24.8619 5/30/2021 -12.365 -0.3152 0.09936 3.89762 5/23/2021 2.93452 -2.1393 4.57674 -6.2779 5/16/2021 -5.0882 -1.9213 3.69147 9.77603 5/9/2021 -5.3383 -4.9063 24.0719 26.1916 5/2/2021 -8.3182 0.05287 0.00279 -0.4398 4/25/2021 -0.9454 -1.8577 3.45109 1.75633 4/18/2021 1.27135 -0.4942 0.24426 -0.6283 4/11/2021 -4.5897 2.17016 4.70961 -9.9604 4/4/2021 2.8433 1.12333 1.26187 3.19397 3/28/2021 0.53061 0.96537 0.93193 0.51223 3/21/2021 -4.6219 -2.5442 6.47301 11.7591 3/14/2021 5.94371 4.20817 17.7087 25.0122 3/7/2021 2.68842 1.89899 3.60615 5.10527 2/28/2021 2.60677 1.31418 1.72708 3.42577 2/21/2021 3.89945 -3.4072 11.6093 -13.286 2/14/2021 3.73723 3.60374 12.9869 13.468 2/7/2021 -15.4 3.48947 12.1764 -53.738 1/31/2021 -11.404 -1.7645 3.11331 20.1221 1/24/2021 5.67222 -8.532 72.7952 -48.395 1/17/2021 -4.1784 7.12193 50.7218 -29.758 1/10/2021 26.2361 -3.2488 10.5546 -85.236 1/3/2021 25.2801 -4.3328 18.7733 -109.53 12/27/2020 -21.043 -4.8509 23.5311 102.079 12/20/2020 2.42144 -3.2144 10.3323 -7.7835 12/13/2020 -7.9024 2.08408 4.3434 -16.469 12/6/2020 -8.5435 0.18253 0.03332 -1.5595 11/29/2020 -4.7556 1.19359 1.42465 -5.6762 7125 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 11/22/2020 -12.909 -4.4529 19.8282 57.4802 11/15/2020 -8.392 -2.3652 5.59429 19.8489 11/8/2020 -2.1903 -4.3666 19.067 9.56425 11/1/2020 -0.2101 -3.6832 13.5656 0.77396 10/25/2020 0.79997 -3.1328 9.81421 -2.5061 10/18/2020 -0.2101 4.2945 18.4427 -0.9024 10/11/2020 -0.2101 -1.7085 2.91899 0.35902 10/4/2020 -0.2101 2.52475 6.37435 -0.5305 9/27/2020 5.78986 -2.457 6.03662 -14.225 9/20/2020 -3.9837 -3.7621 14.1538 14.9874 9/13/2020 12.535 6.37876 40.6885 79.9575 9/6/2020 5.00726 -2.5494 6.49933 -12.765 8/30/2020 -1.863 0.4607 0.21224 -0.8583 8/23/2020 3.15121 1.403 1.96841 4.42114 8/16/2020 1.41588 -2.2227 4.94046 -3.1471 8/9/2020 -2.6101 -3.2784 10.7482 8.55717 8/2/2020 8.80626 -1.6435 2.70119 -14.473 7/26/2020 -17.503 -3.6751 13.5067 64.3273 7/19/2020 1.60805 -0.8782 0.77121 -1.4122 7/12/2020 3.36129 -1.1658 1.35912 -3.9186 7/5/2020 2.37607 -1.3867 1.923 -3.2949 6/28/2020 10.7142 -1.0337 1.06863 -11.076 6/21/2020 6.60805 -3.4759 12.0822 -22.969 6/14/2020 -20.068 -1.4791 2.18782 29.6835 6/7/2020 14.8341 -1.1708 1.37085 -17.368 5/31/2020 15.1745 1.01839 1.03712 15.4535 5/24/2020 -39.543 -6.2233 38.7294 246.091 5/17/2020 -18.891 -7.3039 53.3475 137.982 5/10/2020 5.19527 -0.4082 0.16664 -2.1208 5/3/2020 -0.2101 -5.2245 27.2953 1.09785 4/26/2020 1.07192 8.28842 68.6979 8.88449 4/19/2020 -0.2101 -8.9207 79.5782 1.87454 4/12/2020 2.32151 5.3849 28.9972 12.5011 4/5/2020 -0.2101 -1.8108 3.27907 0.38052 3/29/2020 1.02443 -18.908 357.5 -19.37 3/22/2020 -25.82 9.27882 86.0965 -239.58 3/15/2020 3.06855 8.69723 75.6418 26.6879 3/8/2020 26.774 15.079 227.375 403.724 3/1/2020 16.0399 11.4946 132.126 184.372 2/23/2020 1.9404 0.09093 0.00827 0.17644 2/16/2020 5.05302 11.4611 131.356 57.913 2/9/2020 -0.2101 1.57585 2.48331 -0.3311 2/2/2020 13.7899 3.06 9.3636 42.197 1/26/2020 -1.0873 0.2333 0.05443 -0.2537 1/19/2020 0.67482 2.28969 5.24266 1.54513 1/12/2020 -1.0873 1.80708 3.26555 -1.9649 1/5/2020 -0.2101 -2.4369 5.9387 0.51209 12/29/2019 3.32969 -0.7361 0.54184 -2.451 12/22/2019 -1.9195 0.42329 0.17917 -0.8125 12/15/2019 -4.558 -0.9206 0.84742 4.19585 7126 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 12/8/2019 1.60805 -0.8239 0.6788 -1.3249 12/1/2019 3.36129 -3.2992 10.8848 -11.09 11/24/2019 4.10021 3.54015 12.5327 14.5154 11/17/2019 -6.8217 -0.6702 0.44918 4.57198 11/10/2019 0.67482 1.44153 2.07802 0.97278 11/3/2019 -1.9645 0.15429 0.0238 -0.3031 10/27/2019 12.2899 2.6938 7.25657 33.1065 10/20/2019 -6.5593 -4.8828 23.8422 32.0283 10/13/2019 -6.1423 -0.3093 0.09569 1.90003 10/6/2019 -3.8137 -7.1665 51.3591 27.3313 9/29/2019 6.33192 0.06725 0.00452 0.42583 9/22/2019 5.93022 1.97804 3.91262 11.7302 9/15/2019 14.6659 0.64419 0.41498 9.44758 9/8/2019 0.50929 -3.2634 10.6495 -1.662 9/1/2019 -20.924 -3.5461 12.5745 74.1992 8/25/2019 -6.5164 -1.3504 1.82356 8.79975 8/18/2019 4.59756 -0.3378 0.11408 -1.5529 8/11/2019 5.29445 0.10565 0.01116 0.55938 8/4/2019 -3.6884 1.94657 3.78912 -7.1797 7/28/2019 -6.5164 -2.8922 8.36455 18.8465 7/21/2019 15.1745 3.24579 10.5351 49.2531 7/14/2019 0.6232 0.39749 0.158 0.24771 7/7/2019 13.8395 6.36897 40.5638 88.143 6/30/2019 -3.1087 2.51481 6.32427 -7.8178 6/23/2019 2.02867 0.96698 0.93504 1.96167 6/16/2019 -6.7795 -0.7932 0.6291 5.37719 6/9/2019 5.25861 2.03719 4.15015 10.7128 6/2/2019 4.97505 1.95824 3.8347 9.74234 5/26/2019 -1.6186 -0.2403 0.05774 0.38893 5/19/2019 1.93272 3.44409 11.8618 6.65648 5/12/2019 -3.0073 -4.4655 19.9403 13.4291 5/5/2019 4.10641 0.05326 0.00284 0.21873 4/28/2019 -0.8998 3.52276 12.4098 -3.1697 4/21/2019 2.56764 1.30159 1.69413 3.34201 4/14/2019 1.14122 5.59877 31.3462 6.38941 4/7/2019 -1.5435 -2.2144 4.90345 3.41781 3/31/2019 3.16824 -2.4638 6.07049 -7.806 3/24/2019 -4.7853 -2.7156 7.37442 12.9949 3/17/2019 -3.6348 -0.0239 0.00057 0.08678 3/10/2019 2.62674 4.89659 23.9766 12.8621 3/3/2019 -6.417 -1.9302 3.72548 12.3858 2/24/2019 -1.6807 -2.0074 4.02962 3.37387 2/17/2019 2.02867 -1.6398 2.68908 -3.3267 2/10/2019 -1.67 -1.8072 3.26602 3.01803 2/3/2019 1.27135 3.49999 12.25 4.4497 1/27/2019 9.27892 0.20934 0.04382 1.94241 1/20/2019 1.1232 -2.1884 4.78925 -2.458 1/13/2019 6.36881 7.04362 49.6126 44.8595 1/6/2019 1.64172 0.15955 0.02546 0.26193 12/30/2018 -1.4223 -0.6369 0.40565 0.90585 7127 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 12/23/2018 -5.1181 4.66579 21.7696 -23.88 12/16/2018 1.08019 1.1911 1.41871 1.28661 12/9/2018 0.42681 -0.743 0.55211 -0.3171 12/2/2018 -2.1089 -4.3715 19.1101 9.21893 11/25/2018 0.43503 4.47532 20.0285 1.94688 11/18/2018 0.43089 -2.2778 5.18822 -0.9815 11/11/2018 1.70069 0.50953 0.25962 0.86656 11/4/2018 -0.8351 1.77625 3.15505 -1.4834 10/28/2018 0.4188 -1.0903 1.18878 -0.4566 10/21/2018 -3.3351 -6.5981 43.5349 22.0055 10/14/2018 2.37051 1.26912 1.61066 3.00845 10/7/2018 -2.7259 4.49725 20.2252 -12.259 9/30/2018 2.37051 -1.903 3.62159 -4.5112 9/23/2018 1.04773 7.53423 56.7647 7.89382 9/16/2018 11.5911 8.48176 71.9403 98.313 9/9/2018 0.90098 3.98999 15.92 3.59489 9/2/2018 -9.5508 1.90031 3.6112 -18.15 8/26/2018 -3.2404 -0.2871 0.08245 0.93045 8/19/2018 -2.0851 -1.004 1.00796 2.09341 8/12/2018 -0.2101 -0.2617 0.06851 0.055 8/5/2018 0.42681 -0.3997 0.15974 -0.1706 7/29/2018 -5.2734 -0.6307 0.39777 3.32591 7/22/2018 -6.8768 0.88454 0.7824 -6.0828 7/15/2018 -1.6387 -1.1617 1.34943 1.90361 7/8/2018 -0.2101 2.28938 5.24126 -0.4811 7/1/2018 -0.2101 0.55006 0.30256 -0.1156 6/24/2018 1.23914 -3.2807 10.763 -4.0652 6/17/2018 1.21844 3.50439 12.2808 4.26988 6/10/2018 1.19832 0.72363 0.52364 0.86714 6/3/2018 -0.9046 0.43593 0.19004 -0.3943 5/27/2018 -3.0073 -1.371 1.87974 4.12317 5/20/2018 -0.2101 -1.7863 3.19072 0.37536 5/13/2018 -0.2101 0.69392 0.48153 -0.1458 5/6/2018 1.22871 3.70517 13.7283 4.55259 4/29/2018 0.49908 -0.4741 0.22478 -0.2366 4/22/2018 2.60677 2.24042 5.01947 5.84025 4/15/2018 4.58439 -1.2623 1.59351 -5.7871 4/8/2018 1.75065 0.18141 0.03291 0.31758 4/1/2018 2.35397 -0.2233 0.04988 -0.5257 3374.22 2386.89 Annexure 10. Systematic risk of Tata motors with NIFTY. Date Tata motors difference(d1) NIFTY Difference (d2) D2*D2 d1*d2 3/26/2023 7128 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 3/19/2023 -1.2093 -1.1039 1.2186 1.33499 3/12/2023 0.41277 1.05537 1.11381 0.43562 3/5/2023 3.834 4.00859 16.0688 15.3689 2/26/2023 -1.9886 0.31783 0.10102 -0.632 2/19/2023 -0.2459 0.60279 0.36336 -0.1482 2/12/2023 2.65297 2.06617 4.26906 5.48149 2/5/2023 1.16511 0.68449 0.46853 0.7975 1/29/2023 -0.2772 1.04084 1.08334 -0.2885 1/22/2023 -0.1538 -2.1935 4.81161 0.33737 1/15/2023 -9.714 -3.0794 9.4829 29.9135 1/8/2023 1.88371 1.06973 1.14431 2.01506 1/1/2023 -7.3564 -1.6333 2.66758 12.015 12/25/2022 1.37012 -0.1664 0.02768 -0.2279 12/18/2022 -2.662 -3.0179 9.10743 8.03358 12/11/2022 11.2437 4.36821 19.0812 49.115 12/4/2022 -2.1562 0.6981 0.48734 -1.5052 11/27/2022 5.15973 1.33609 1.78515 6.89389 11/20/2022 -0.6928 -0.7161 0.51276 0.49607 11/13/2022 -2.3574 -1.4519 2.10801 3.42267 11/6/2022 -0.2583 2.04334 4.17522 -0.5277 10/30/2022 0.24936 1.73094 2.99617 0.43163 10/23/2022 -3.8198 -0.6477 0.4195 2.47402 10/16/2022 -3.0784 -3.7934 14.3895 11.6776 10/9/2022 -0.6397 -1.7513 3.06695 1.12025 10/2/2022 3.82514 2.23468 4.99381 8.54799 9/25/2022 -2.0193 -0.5298 0.28067 1.06981 9/18/2022 4.38494 3.06524 9.39567 13.4409 9/11/2022 2.03422 -1.1008 1.21187 -2.2394 9/4/2022 2.91079 2.00791 4.03172 5.84462 8/28/2022 3.36713 -0.0309 0.00096 -0.1041 8/21/2022 0.5272 -2.2438 5.03444 -1.1829 8/14/2022 1.09196 0.09493 0.00901 0.10366 8/7/2022 1.20318 -0.2142 0.04589 -0.2577 7/31/2022 -2.7631 -0.9628 0.92689 2.6602 7/24/2022 -3.5513 -2.0784 4.3198 7.38098 7/17/2022 0.99135 0.68662 0.47145 0.68068 7/10/2022 -3.419 -2.1961 4.82291 7.50841 7/3/2022 0.1192 -1.9565 3.82788 -0.2332 6/26/2022 -6.7213 -3.4423 11.8493 23.1365 6/19/2022 -1.0113 -1.1378 1.29448 1.15063 6/12/2022 -5.1594 -6.534 42.6935 33.7115 6/5/2022 9.86523 5.16014 26.6271 50.906 5/29/2022 0.71195 -1.0205 1.04148 -0.7266 5/22/2022 -0.72 -0.1443 0.02084 0.10393 5/15/2022 -2.8877 -3.1945 10.205 9.22471 5/8/2022 -3.465 -4.6405 21.5343 16.0793 5/1/2022 0.86372 0.98011 0.96062 0.84655 4/24/2022 6.92304 5.28178 27.8972 36.566 4/17/2022 0.09817 -0.4898 0.23987 -0.0481 4/10/2022 -1.9648 -3.0299 9.18002 5.9532 7129 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 4/3/2022 4.68435 1.79319 3.21555 8.39995 3/27/2022 -2.5987 -2.0349 4.1407 5.28804 3/20/2022 -2.2389 -3.0613 9.37155 6.85404 3/13/2022 0.20595 2.10375 4.42575 0.43327 3/6/2022 -3.7951 -5.6771 32.2296 21.5454 2/27/2022 -0.4027 -0.8711 0.75875 0.35078 2/20/2022 9.99827 10.0519 101.041 100.502 2/13/2022 7.07734 4.7811 22.8589 33.8375 2/6/2022 0.96836 1.12089 1.25639 1.08542 1/30/2022 0.16333 0.02778 0.00077 0.00454 1/23/2022 -0.8467 -0.6202 0.38459 0.52508 1/16/2022 0.72747 0.55582 0.30893 0.40434 1/9/2022 1.41659 0.66431 0.44131 0.94105 1/2/2022 -3.9725 -3.0634 9.38456 12.1695 12/26/2021 -1.8589 -3.1741 10.0752 5.9004 12/19/2021 -3.2555 -2.9295 8.58224 9.53704 12/12/2021 0.36856 0.50629 0.25633 0.1866 12/5/2021 4.96991 3.72003 13.8386 18.4882 11/28/2021 -3.0897 -2.6679 7.11781 8.24305 11/21/2021 -4.3324 -0.3091 0.09552 1.33899 11/14/2021 10.5687 9.14223 83.5804 96.6217 11/7/2021 -0.7074 -0.3875 0.15012 0.27408 10/31/2021 -3.6092 -1.2066 1.45588 4.35489 10/24/2021 -1.4127 -2.3928 5.72571 3.38041 10/17/2021 1.30105 1.16936 1.36741 1.5214 10/10/2021 1.17737 3.16518 10.0184 3.72658 10/3/2021 -23.228 -6.1485 37.8036 142.817 9/26/2021 -13.153 -4.3929 19.2977 57.7784 9/19/2021 -4.7929 -1.6233 2.63507 7.78033 9/12/2021 -3.1282 -0.7829 0.61301 2.44921 9/5/2021 -3.3145 -2.3463 5.50502 7.77674 8/29/2021 -1.3248 0.08127 0.00661 -0.1077 8/22/2021 -3.5033 -3.3071 10.9369 11.5859 8/15/2021 -1.1149 1.09296 1.19456 -1.2185 8/8/2021 8.34308 2.72345 7.41719 22.722 8/1/2021 -2.5308 0.66065 0.43646 -1.672 7/25/2021 -2.2205 -1.9999 3.99977 4.44081 7/18/2021 0.35684 1.48225 2.19707 0.52892 7/11/2021 5.12466 2.1873 4.7843 11.2092 7/4/2021 -1.7778 -0.117 0.01369 0.20805 6/27/2021 12.4145 2.50616 6.28084 31.1128 6/20/2021 -1.7097 0.16046 0.02575 -0.2743 6/13/2021 -0.8499 -2.4957 6.22863 2.12117 6/6/2021 3.76925 3.04192 9.25326 11.4658 5/30/2021 -4.6921 -0.3152 0.09936 1.47904 5/23/2021 -5.024 -2.1393 4.57674 10.748 5/16/2021 -1.96 -1.9213 3.69147 3.76583 5/9/2021 -0.459 -4.9063 24.0719 2.25177 5/2/2021 -3.2299 0.05287 0.00279 -0.1708 4/25/2021 -3.1272 -1.8577 3.45109 5.80942 7130 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 4/18/2021 -0.1364 -0.4942 0.24426 0.06743 4/11/2021 5.2547 2.17016 4.70961 11.4036 4/4/2021 2.45769 1.12333 1.26187 2.7608 3/28/2021 -3.4716 0.96537 0.93193 -3.3513 3/21/2021 -3.8755 -2.5442 6.47301 9.86017 3/14/2021 4.04667 4.20817 17.7087 17.0291 3/7/2021 2.59615 1.89899 3.60615 4.93005 2/28/2021 2.20585 1.31418 1.72708 2.89889 2/21/2021 -0.8641 -3.4072 11.6093 2.94414 2/14/2021 -3.6245 3.60374 12.9869 -13.062 2/7/2021 4.15756 3.48947 12.1764 14.5077 1/31/2021 -3.107 -1.7645 3.11331 5.48209 1/24/2021 -17.028 -8.532 72.7952 145.285 1/17/2021 9.95718 7.12193 50.7218 70.9143 1/10/2021 -10.227 -3.2488 10.5546 33.2261 1/3/2021 -24.064 -4.3328 18.7733 104.264 12/27/2020 -6.0669 -4.8509 23.5311 29.4296 12/20/2020 -5.8443 -3.2144 10.3323 18.7859 12/13/2020 2.4269 2.08408 4.3434 5.05787 12/6/2020 -1.129 0.18253 0.03332 -0.2061 11/29/2020 2.7759 1.19359 1.42465 3.31328 11/22/2020 -2.251 -4.4529 19.8282 10.0235 11/15/2020 -6.4253 -2.3652 5.59429 15.1974 11/8/2020 -13.641 -4.3666 19.067 59.5647 11/1/2020 -5.2097 -3.6832 13.5656 19.1881 10/25/2020 -4.7558 -3.1328 9.81421 14.8989 10/18/2020 3.09183 4.2945 18.4427 13.2779 10/11/2020 -6.9393 -1.7085 2.91899 11.8558 10/4/2020 8.18826 2.52475 6.37435 20.6733 9/27/2020 -3.7628 -2.457 6.03662 9.24496 9/20/2020 -4.8691 -3.7621 14.1538 18.3184 9/13/2020 16.0404 6.37876 40.6885 102.318 9/6/2020 -2.6216 -2.5494 6.49933 6.68333 8/30/2020 2.23803 0.4607 0.21224 1.03106 8/23/2020 -3.5704 1.403 1.96841 -5.0093 8/16/2020 -15.524 -2.2227 4.94046 34.5046 8/9/2020 2.87291 -3.2784 10.7482 -9.4187 8/2/2020 -4.6016 -1.6435 2.70119 7.56287 7/26/2020 -12.32 -3.6751 13.5067 45.2782 7/19/2020 -1.0475 -0.8782 0.77121 0.91989 7/12/2020 2.36674 -1.1658 1.35912 -2.7592 7/5/2020 0.94034 -1.3867 1.923 -1.304 6/28/2020 -4.0444 -1.0337 1.06863 4.18083 6/21/2020 -2.1691 -3.4759 12.0822 7.5397 6/14/2020 0.89734 -1.4791 2.18782 -1.3273 6/7/2020 2.54423 -1.1708 1.37085 -2.9789 5/31/2020 4.98821 1.01839 1.03712 5.07994 5/24/2020 -21.632 -6.2233 38.7294 134.623 5/17/2020 -5.0151 -7.3039 53.3475 36.6297 5/10/2020 1.68451 -0.4082 0.16664 -0.6876 7131 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 5/3/2020 -4.0997 -5.2245 27.2953 21.4191 4/26/2020 14.865 8.28842 68.6979 123.207 4/19/2020 -20.616 -8.9207 79.5782 183.912 4/12/2020 3.38395 5.3849 28.9972 18.2223 4/5/2020 -3.1153 -1.8108 3.27907 5.64117 3/29/2020 -12.654 -18.908 357.5 239.257 3/22/2020 8.08205 9.27882 86.0965 74.9919 3/15/2020 9.14774 8.69723 75.6418 79.5601 3/8/2020 15.9186 15.079 227.375 240.036 3/1/2020 27.0549 11.4946 132.126 310.985 2/23/2020 12.7285 0.09093 0.00827 1.15742 2/16/2020 22.7284 11.4611 131.356 260.492 2/9/2020 6.50022 1.57585 2.48331 10.2434 2/2/2020 2.47367 3.06 9.3636 7.56944 1/26/2020 1.54064 0.2333 0.05443 0.35944 1/19/2020 5.41841 2.28969 5.24266 12.4065 1/12/2020 5.60341 1.80708 3.26555 10.1258 1/5/2020 -0.669 -2.4369 5.9387 1.63026 12/29/2019 -2.8613 -0.7361 0.54184 2.10617 12/22/2019 -8.0106 0.42329 0.17917 -3.3908 12/15/2019 -0.301 -0.9206 0.84742 0.2771 12/8/2019 0.23878 -0.8239 0.6788 -0.1967 12/1/2019 -8.7896 -3.2992 10.8848 28.9989 11/24/2019 -0.1875 3.54015 12.5327 -0.6637 11/17/2019 0.33884 -0.6702 0.44918 -0.2271 11/10/2019 3.63144 1.44153 2.07802 5.23484 11/3/2019 0.10917 0.15429 0.0238 0.01684 10/27/2019 3.36177 2.6938 7.25657 9.05595 10/20/2019 -27.722 -4.8828 23.8422 135.365 10/13/2019 7.69585 -0.3093 0.09569 -2.3806 10/6/2019 -11.55 -7.1665 51.3591 82.7754 9/29/2019 -1.5477 0.06725 0.00452 -0.1041 9/22/2019 0.02147 1.97804 3.91262 0.04246 9/15/2019 10.9468 0.64419 0.41498 7.05179 9/8/2019 -2.9642 -3.2634 10.6495 9.6733 9/1/2019 -6.5943 -3.5461 12.5745 23.3837 8/25/2019 -3.9401 -1.3504 1.82356 5.32061 8/18/2019 -5.0289 -0.3378 0.11408 1.69858 8/11/2019 9.08763 0.10565 0.01116 0.96014 8/4/2019 0.38937 1.94657 3.78912 0.75793 7/28/2019 6.89978 -2.8922 8.36455 -19.955 7/21/2019 12.3986 3.24579 10.5351 40.2432 7/14/2019 5.04528 0.39749 0.158 2.00544 7/7/2019 2.68627 6.36897 40.5638 17.1088 6/30/2019 0.3775 2.51481 6.32427 0.94933 6/23/2019 1.27944 0.96698 0.93504 1.23719 6/16/2019 -2.4329 -0.7932 0.6291 1.9297 6/9/2019 3.14796 2.03719 4.15015 6.41299 6/2/2019 3.0403 1.95824 3.8347 5.95363 5/26/2019 1.64143 -0.2403 0.05774 -0.3944 7132 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 5/19/2019 5.43246 3.44409 11.8618 18.7099 5/12/2019 -3.1771 -4.4655 19.9403 14.187 5/5/2019 4.92986 0.05326 0.00284 0.26259 4/28/2019 12.4806 3.52276 12.4098 43.9662 4/21/2019 2.74879 1.30159 1.69413 3.57779 4/14/2019 9.39045 5.59877 31.3462 52.5749 4/7/2019 -8.7801 -2.2144 4.90345 19.4423 3/31/2019 -5.1886 -2.4638 6.07049 12.7839 3/24/2019 -15.25 -2.7156 7.37442 41.4117 3/17/2019 0.4725 -0.0239 0.00057 -0.0113 3/10/2019 2.4351 4.89659 23.9766 11.9237 3/3/2019 0.47919 -1.9302 3.72548 -0.9249 2/24/2019 -0.6842 -2.0074 4.02962 1.37338 2/17/2019 -3.5153 -1.6398 2.68908 5.76448 2/10/2019 -7.4451 -1.8072 3.26602 13.4548 2/3/2019 -6.9614 3.49999 12.25 -24.365 1/27/2019 20.35 0.20934 0.04382 4.25999 1/20/2019 -4.8118 -2.1884 4.78925 10.5302 1/13/2019 5.61339 7.04362 49.6126 39.5386 1/6/2019 -1.8241 0.15955 0.02546 -0.291 12/30/2018 -5.3733 -0.6369 0.40565 3.42228 12/23/2018 -0.246 4.66579 21.7696 -1.1477 12/16/2018 2.97319 1.1911 1.41871 3.54136 12/9/2018 -5.4641 -0.743 0.55211 4.06003 12/2/2018 -2.9128 -4.3715 19.1101 12.7335 11/25/2018 5.69307 4.47532 20.0285 25.4783 11/18/2018 5.97711 -2.2778 5.18822 -13.614 11/11/2018 -1.6391 0.50953 0.25962 -0.8352 11/4/2018 8.34504 1.77625 3.15505 14.8229 10/28/2018 -2.7227 -1.0903 1.18878 2.96858 10/21/2018 -11.643 -6.5981 43.5349 76.8221 10/14/2018 3.49205 1.26912 1.61066 4.43182 10/7/2018 4.99283 4.49725 20.2252 22.454 9/30/2018 17.4996 -1.903 3.62159 -33.303 9/23/2018 3.25761 7.53423 56.7647 24.5436 9/16/2018 11.7258 8.48176 71.9403 99.4554 9/9/2018 6.30344 3.98999 15.92 25.1507 9/2/2018 3.86354 1.90031 3.6112 7.34194 8/26/2018 -3.7563 -0.2871 0.08245 1.07858 8/19/2018 -4.6735 -1.004 1.00796 4.69201 8/12/2018 0.88885 -0.2617 0.06851 -0.2327 8/5/2018 -3.3433 -0.3997 0.15974 1.33623 7/29/2018 3.15119 -0.6307 0.39777 -1.9874 7/22/2018 3.56567 0.88454 0.7824 3.15396 7/15/2018 -5.6881 -1.1617 1.34943 6.60762 7/8/2018 3.83778 2.28938 5.24126 8.78614 7/1/2018 2.5629 0.55006 0.30256 1.40974 6/24/2018 -0.7597 -3.2807 10.763 2.4925 6/17/2018 14.1831 3.50439 12.2808 49.7032 6/10/2018 -1.8271 0.72363 0.52364 -1.3221 7133 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 6/3/2018 2.12314 0.43593 0.19004 0.92554 5/27/2018 -7.5274 -1.371 1.87974 10.3203 5/20/2018 2.23244 -1.7863 3.19072 -3.9877 5/13/2018 3.36513 0.69392 0.48153 2.33514 5/6/2018 8.41397 3.70517 13.7283 31.1752 4/29/2018 0.9008 -0.4741 0.22478 -0.4271 4/22/2018 0.56013 2.24042 5.01947 1.25493 4/15/2018 -0.4546 -1.2623 1.59351 0.57388 4/8/2018 6.07741 0.18141 0.03291 1.10247 4/1/2018 1.78704 -0.2233 0.04988 -0.3991 3374.22 4696.88 Annexure 11. Systematic risk of Ashok Leyland with NIFTY. Date Ashok leyland difference NIFTY difference (d2) D2*D2 d1*d2 3/26/2023 3/19/2023 -1.3312 -1.1039 1.2186 1.46954 3/12/2023 1.12627 1.05537 1.11381 1.18863 3/5/2023 4.01167 4.00859 16.0688 16.0811 2/26/2023 -0.4584 0.31783 0.10102 -0.1457 2/19/2023 -2.803 0.60279 0.36336 -1.6896 2/12/2023 5.16091 2.06617 4.26906 10.6633 2/5/2023 -1.2587 0.68449 0.46853 -0.8616 1/29/2023 4.22748 1.04084 1.08334 4.40012 1/22/2023 -3.1742 -2.1935 4.81161 6.96269 1/15/2023 -3.7664 -3.0794 9.4829 11.5985 1/8/2023 1.86489 1.06973 1.14431 1.99492 1/1/2023 0.25831 -1.6333 2.66758 -0.4219 12/25/2022 -3.1619 -0.1664 0.02768 0.52604 12/18/2022 -4.088 -3.0179 9.10743 12.337 12/11/2022 2.06738 4.36821 19.0812 9.03072 12/4/2022 1.66172 0.6981 0.48734 1.16004 11/27/2022 1.45301 1.33609 1.78515 1.94136 11/20/2022 1.63097 -0.7161 0.51276 -1.1679 11/13/2022 -2.8732 -1.4519 2.10801 4.17157 11/6/2022 1.81958 2.04334 4.17522 3.718 10/30/2022 -0.9284 1.73094 2.99617 -1.607 10/23/2022 1.45236 -0.6477 0.4195 -0.9407 10/16/2022 -4.3411 -3.7934 14.3895 16.4673 10/9/2022 3.27879 -1.7513 3.06695 -5.742 10/2/2022 7.6539 2.23468 4.99381 17.1041 9/25/2022 -4.6023 -0.5298 0.28067 2.43823 9/18/2022 4.13865 3.06524 9.39567 12.6859 9/11/2022 0.50419 -1.1008 1.21187 -0.555 9/4/2022 3.58409 2.00791 4.03172 7.19655 7134 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 8/28/2022 -1.9589 -0.0309 0.00096 0.06059 8/21/2022 -8.8642 -2.2438 5.03444 19.8891 8/14/2022 -1.2211 0.09493 0.00901 -0.1159 8/7/2022 -0.792 -0.2142 0.04589 0.16966 7/31/2022 -1.7128 -0.9628 0.92689 1.64899 7/24/2022 2.57635 -2.0784 4.3198 -5.3547 7/17/2022 -1.4258 0.68662 0.47145 -0.979 7/10/2022 -1.7462 -2.1961 4.82291 3.83496 7/3/2022 -0.8041 -1.9565 3.82788 1.57327 6/26/2022 1.309 -3.4423 11.8493 -4.506 6/19/2022 -4.5239 -1.1378 1.29448 5.14711 6/12/2022 -6.2891 -6.534 42.6935 41.0934 6/5/2022 4.61118 5.16014 26.6271 23.7943 5/29/2022 0.97924 -1.0205 1.04148 -0.9993 5/22/2022 0.35576 -0.1443 0.02084 -0.0514 5/15/2022 -7.3097 -3.1945 10.205 23.3509 5/8/2022 -6.1632 -4.6405 21.5343 28.6006 5/1/2022 -2.7055 0.98011 0.96062 -2.6517 4/24/2022 6.09763 5.28178 27.8972 32.2063 4/17/2022 1.35585 -0.4898 0.23987 -0.664 4/10/2022 -1.3409 -3.0299 9.18002 4.06266 4/3/2022 0.95737 1.79319 3.21555 1.71675 3/27/2022 -7.9607 -2.0349 4.1407 16.1989 3/20/2022 -4.9177 -3.0613 9.37155 15.0545 3/13/2022 0.57489 2.10375 4.42575 1.20941 3/6/2022 -7.6882 -5.6771 32.2296 43.6469 2/27/2022 -0.2649 -0.8711 0.75875 0.23077 2/20/2022 11.2608 10.0519 101.041 113.193 2/13/2022 6.98567 4.7811 22.8589 33.3992 2/6/2022 4.92062 1.12089 1.25639 5.51547 1/30/2022 2.1883 0.02778 0.00077 0.06079 1/23/2022 -4.2192 -0.6202 0.38459 2.61656 1/16/2022 5.55666 0.55582 0.30893 3.08849 1/9/2022 -0.6154 0.66431 0.44131 -0.4088 1/2/2022 -4.1016 -3.0634 9.38456 12.5648 12/26/2021 -7.7328 -3.1741 10.0752 24.5451 12/19/2021 0.10895 -2.9295 8.58224 -0.3192 12/12/2021 0.06718 0.50629 0.25633 0.03401 12/5/2021 3.59722 3.72003 13.8386 13.3818 11/28/2021 -5.8862 -2.6679 7.11781 15.7039 11/21/2021 3.9265 -0.3091 0.09552 -1.2135 11/14/2021 10.7254 9.14223 83.5804 98.0539 11/7/2021 4.30165 -0.3875 0.15012 -1.6667 10/31/2021 -0.7325 -1.2066 1.45588 0.8838 10/24/2021 -1.9769 -2.3928 5.72571 4.73052 10/17/2021 -2.4649 1.16936 1.36741 -2.8824 10/10/2021 3.76935 3.16518 10.0184 11.9307 10/3/2021 -7.0226 -6.1485 37.8036 43.1779 9/26/2021 -3.2941 -4.3929 19.2977 14.4706 9/19/2021 -2.7799 -1.6233 2.63507 4.51252 7135 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 9/12/2021 -1.9838 -0.7829 0.61301 1.55322 9/5/2021 -0.0979 -2.3463 5.50502 0.22961 8/29/2021 -3.9687 0.08127 0.00661 -0.3226 8/22/2021 -0.5079 -3.3071 10.9369 1.67978 8/15/2021 -1.2572 1.09296 1.19456 -1.3741 8/8/2021 9.27808 2.72345 7.41719 25.2684 8/1/2021 2.737 0.66065 0.43646 1.80821 7/25/2021 -1.2241 -1.9999 3.99977 2.44804 7/18/2021 -6.6183 1.48225 2.19707 -9.81 7/11/2021 2.63828 2.1873 4.7843 5.77071 7/4/2021 -2.5251 -0.117 0.01369 0.2955 6/27/2021 -2.1793 2.50616 6.28084 -5.4616 6/20/2021 0.55811 0.16046 0.02575 0.08956 6/13/2021 -5.8498 -2.4957 6.22863 14.5995 6/6/2021 13.0068 3.04192 9.25326 39.5657 5/30/2021 -2.8343 -0.3152 0.09936 0.89343 5/23/2021 -3.1772 -2.1393 4.57674 6.79712 5/16/2021 0.46447 -1.9213 3.69147 -0.8924 5/9/2021 -10.859 -4.9063 24.0719 53.2797 5/2/2021 1.70021 0.05287 0.00279 0.08988 4/25/2021 -1.5744 -1.8577 3.45109 2.92476 4/18/2021 -1.46 -0.4942 0.24426 0.72155 4/11/2021 1.89369 2.17016 4.70961 4.10962 4/4/2021 6.42549 1.12333 1.26187 7.21795 3/28/2021 -2.7342 0.96537 0.93193 -2.6395 3/21/2021 -3.6879 -2.5442 6.47301 9.38275 3/14/2021 1.7551 4.20817 17.7087 7.38577 3/7/2021 4.72639 1.89899 3.60615 8.97536 2/28/2021 3.18253 1.31418 1.72708 4.18243 2/21/2021 1.88212 -3.4072 11.6093 -6.4128 2/14/2021 -4.4474 3.60374 12.9869 -16.027 2/7/2021 3.71259 3.48947 12.1764 12.955 1/31/2021 2.43336 -1.7645 3.11331 -4.2935 1/24/2021 -16.055 -8.532 72.7952 136.983 1/17/2021 10.1162 7.12193 50.7218 72.047 1/10/2021 -2.3854 -3.2488 10.5546 7.74968 1/3/2021 -5.9033 -4.3328 18.7733 25.578 12/27/2020 -12.363 -4.8509 23.5311 59.972 12/20/2020 -4.1027 -3.2144 10.3323 13.1876 12/13/2020 2.93189 2.08408 4.3434 6.1103 12/6/2020 -4.4416 0.18253 0.03332 -0.8108 11/29/2020 0.52617 1.19359 1.42465 0.62803 11/22/2020 -3.0131 -4.4529 19.8282 13.4169 11/15/2020 -1.6827 -2.3652 5.59429 3.98001 11/8/2020 -0.493 -4.3666 19.067 2.15293 11/1/2020 -6.3469 -3.6832 13.5656 23.3767 10/25/2020 -7.3354 -3.1328 9.81421 22.98 10/18/2020 3.39216 4.2945 18.4427 14.5676 10/11/2020 -8.5307 -1.7085 2.91899 14.5747 10/4/2020 0.91562 2.52475 6.37435 2.3117 7136 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 9/27/2020 0.30964 -2.457 6.03662 -0.7608 9/20/2020 -0.1521 -3.7621 14.1538 0.57239 9/13/2020 4.23838 6.37876 40.6885 27.0356 9/6/2020 -14.71 -2.5494 6.49933 37.5002 8/30/2020 2.20341 0.4607 0.21224 1.01511 8/23/2020 0.78515 1.403 1.96841 1.10156 8/16/2020 -1.8489 -2.2227 4.94046 4.10963 8/9/2020 -11.393 -3.2784 10.7482 37.351 8/2/2020 -19.13 -1.6435 2.70119 31.4408 7/26/2020 -2.8203 -3.6751 13.5067 10.3651 7/19/2020 3.37941 -0.8782 0.77121 -2.9677 7/12/2020 2.46085 -1.1658 1.35912 -2.8689 7/5/2020 -1.3771 -1.3867 1.923 1.90971 6/28/2020 -4.2255 -1.0337 1.06863 4.36813 6/21/2020 6.60509 -3.4759 12.0822 -22.959 6/14/2020 3.40478 -1.4791 2.18782 -5.0361 6/7/2020 -3.8976 -1.1708 1.37085 4.56341 5/31/2020 -7.8586 1.01839 1.03712 -8.0031 5/24/2020 -12.42 -6.2233 38.7294 77.2959 5/17/2020 2.49135 -7.3039 53.3475 -18.197 5/10/2020 7.92448 -0.4082 0.16664 -3.2349 5/3/2020 -0.4298 -5.2245 27.2953 2.24552 4/26/2020 11.0469 8.28842 68.6979 91.5613 4/19/2020 -14.353 -8.9207 79.5782 128.041 4/12/2020 8.56982 5.3849 28.9972 46.1477 4/5/2020 -6.8639 -1.8108 3.27907 12.4294 3/29/2020 -16.647 -18.908 357.5 314.757 3/22/2020 13.2816 9.27882 86.0965 123.238 3/15/2020 1.28344 8.69723 75.6418 11.1624 3/8/2020 51.5457 15.079 227.375 777.255 3/1/2020 6.52891 11.4946 132.126 75.0473 2/23/2020 -2.0436 0.09093 0.00827 -0.1858 2/16/2020 20.3831 11.4611 131.356 233.613 2/9/2020 -5.022 1.57585 2.48331 -7.9139 2/2/2020 4.14365 3.06 9.3636 12.6796 1/26/2020 -2.367 0.2333 0.05443 -0.5522 1/19/2020 5.33445 2.28969 5.24266 12.2142 1/12/2020 -3.1079 1.80708 3.26555 -5.6162 1/5/2020 -3.3725 -2.4369 5.9387 8.21855 12/29/2019 2.67104 -0.7361 0.54184 -1.9661 12/22/2019 -4.9967 0.42329 0.17917 -2.115 12/15/2019 0.66058 -0.9206 0.84742 -0.6081 12/8/2019 0.46636 -0.8239 0.6788 -0.3842 12/1/2019 -5.7149 -3.2992 10.8848 18.8548 11/24/2019 3.24634 3.54015 12.5327 11.4925 11/17/2019 2.56182 -0.6702 0.44918 -1.717 11/10/2019 -2.4918 1.44153 2.07802 -3.5921 11/3/2019 -3.9284 0.15429 0.0238 -0.6061 10/27/2019 -1.0015 2.6938 7.25657 -2.6979 10/20/2019 -1.8635 -4.8828 23.8422 9.09937 7137 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 10/13/2019 3.53061 -0.3093 0.09569 -1.0921 10/6/2019 -11.637 -7.1665 51.3591 83.3974 9/29/2019 -1.0917 0.06725 0.00452 -0.0734 9/22/2019 5.43989 1.97804 3.91262 10.7603 9/15/2019 -3.9729 0.64419 0.41498 -2.5593 9/8/2019 -8.527 -3.2634 10.6495 27.8266 9/1/2019 0.4915 -3.5461 12.5745 -1.7429 8/25/2019 0.643 -1.3504 1.82356 -0.8683 8/18/2019 -6.7344 -0.3378 0.11408 2.27462 8/11/2019 5.42544 0.10565 0.01116 0.57322 8/4/2019 0.80349 1.94657 3.78912 1.56405 7/28/2019 -0.0622 -2.8922 8.36455 0.17988 7/21/2019 14.9997 3.24579 10.5351 48.6857 7/14/2019 6.72298 0.39749 0.158 2.67231 7/7/2019 6.77661 6.36897 40.5638 43.16 6/30/2019 2.31467 2.51481 6.32427 5.82097 6/23/2019 0.01204 0.96698 0.93504 0.01164 6/16/2019 -1.0773 -0.7932 0.6291 0.85448 6/9/2019 1.11176 2.03719 4.15015 2.26488 6/2/2019 2.4634 1.95824 3.8347 4.82393 5/26/2019 -1.4955 -0.2403 0.05774 0.35935 5/19/2019 5.35347 3.44409 11.8618 18.4379 5/12/2019 -10.132 -4.4655 19.9403 45.2459 5/5/2019 1.43909 0.05326 0.00284 0.07665 4/28/2019 4.08962 3.52276 12.4098 14.4067 4/21/2019 -1.4454 1.30159 1.69413 -1.8813 4/14/2019 7.97437 5.59877 31.3462 44.6467 4/7/2019 -0.3222 -2.2144 4.90345 0.71337 3/31/2019 -8.477 -2.4638 6.07049 20.8859 3/24/2019 3.82787 -2.7156 7.37442 -10.395 3/17/2019 -2.0797 -0.0239 0.00057 0.04966 3/10/2019 4.8046 4.89659 23.9766 23.5262 3/3/2019 -4.9467 -1.9302 3.72548 9.54793 2/24/2019 -3.6198 -2.0074 4.02962 7.26642 2/17/2019 -5.7027 -1.6398 2.68908 9.35154 2/10/2019 -2.539 -1.8072 3.26602 4.58858 2/3/2019 8.66283 3.49999 12.25 30.3199 1/27/2019 -4.2384 0.20934 0.04382 -0.8872 1/20/2019 -1.3548 -2.1884 4.78925 2.96481 1/13/2019 11.5256 7.04362 49.6126 81.1822 1/6/2019 1.94913 0.15955 0.02546 0.31098 12/30/2018 2.4334 -0.6369 0.40565 -1.5498 12/23/2018 5.92898 4.66579 21.7696 27.6634 12/16/2018 2.3127 1.1911 1.41871 2.75465 12/9/2018 -1.4517 -0.743 0.55211 1.07867 12/2/2018 -1.323 -4.3715 19.1101 5.7833 11/25/2018 8.96596 4.47532 20.0285 40.1255 11/18/2018 -2.9324 -2.2778 5.18822 6.67943 11/11/2018 -3.6486 0.50953 0.25962 -1.8591 11/4/2018 11.8145 1.77625 3.15505 20.9855 7138 Edelweiss Applied Science and Technology ISSN: 2576-8484 Vol. 8, No. 6: 7063-7138, 2024 DOI: 10.55214/25768484.v8i6.3528 © 2024 by the authors; licensee Learning Gate 10/28/2018 -0.6828 -1.0903 1.18878 0.7445 10/21/2018 -4.0835 -6.5981 43.5349 26.9432 10/14/2018 -0.7922 1.26912 1.61066 -1.0054 10/7/2018 2.71562 4.49725 20.2252 12.2128 9/30/2018 -7.1694 -1.903 3.62159 13.6436 9/23/2018 10.3159 7.53423 56.7647 77.7226 9/16/2018 2.4691 8.48176 71.9403 20.9423 9/9/2018 7.10035 3.98999 15.92 28.3304 9/2/2018 0.35371 1.90031 3.6112 0.67216 8/26/2018 -2.4526 -0.2871 0.08245 0.70422 8/19/2018 -0.1015 -1.004 1.00796 0.10189 8/12/2018 -0.8756 -0.2617 0.06851 0.22919 8/5/2018 -0.841 -0.3997 0.15974 0.33613 7/29/2018 -7.5482 -0.6307 0.39777 4.76058 7/22/2018 -4.7439 0.88454 0.7824 -4.1962 7/15/2018 -5.0028 -1.1617 1.34943 5.81155 7/8/2018 23.0955 2.28938 5.24126 52.8743 7/1/2018 -0.3687 0.55006 0.30256 -0.2028 6/24/2018 -5.1308 -3.2807 10.763 16.8326 6/17/2018 8.20836 3.50439 12.2808 28.7653 6/10/2018 4.07114 0.72363 0.52364 2.946 6/3/2018 1.7155 0.43593 0.19004 0.74784 5/27/2018 3.81677 -1.371 1.87974 -5.2329 5/20/2018 -4.0295 -1.7863 3.19072 7.19764 5/13/2018 2.05658 0.69392 0.48153 1.4271 5/6/2018 8.84563 3.70517 13.7283 32.7745 4/29/2018 1.07978 -0.4741 0.22478 -0.5119 4/22/2018 -1.4071 2.24042 5.01947 -3.1525 4/15/2018 -4.1992 -1.2623 1.59351 5.30083 4/8/2018 -4.1714 0.18141 0.03291 -0.7567 4/1/2018 -2.1923 -0.2233 0.04988 0.48963 3374.22 4350.41