Cost Of Caital - Gabriel India

COST OF EQUITY - CAPITAL ASSET PRICING MODEL Cost Of Equity = Rf + ( Rm - Rf )* β

Date 20-Apr-05 21-Apr-05 22-Apr-05 25-Apr-05 26-Apr-05 27-Apr-05 28-Apr-05 29-Apr-05 2-May-05 3-May-05 4-May-05 5-May-05 6-May-05 9-May-05 10-May-05 11-May-05 12-May-05 13-May-05 16-May-05 17-May-05 18-May-05 19-May-05 20-May-05 23-May-05 24-May-05 25-May-05 26-May-05 27-May-05 30-May-05 31-May-05 1-Jun-05 2-Jun-05 3-Jun-05 4-Jun-05 6-Jun-05 7-Jun-05 8-Jun-05 9-Jun-05 10-Jun-05 13-Jun-05 14-Jun-05 15-Jun-05

INDEX 1929.7 1948.55 1967.35 1970.95 1957.1 1935.4 1941.3 1902.5 1916.75 1920.7 1942.6 1963.3 1977.5 2000.75 1994.3 1985.95 1993.15 1988.3 2012.6 1990.8 1982.75 1990.85 1992.4 2013.9 2028.6 2043.85 2074.7 2076.4 2072.4 2087.55 2087.55 2064.65 2094.25 2092.35 2092.8 2098.15 2112.4 2103.2 2090.6 2102.75 2112.35 2128.65

PERCENTAGE RETURN (daily) 0.98 0.96 0.18 -0.70 -1.11 0.30 -2.00 0.75 0.21 1.14 1.07 0.72 1.18 -0.32 -0.42 0.36 -0.24 1.22 -1.08 -0.40 0.41 0.08 1.08 0.73 0.75 1.51 0.08 -0.19 0.73 0.00 -1.10 1.43 -0.09 0.02 0.26 0.68 -0.44 -0.60 0.58 0.46 0.77 -0.23

SHARE PERCENTAGE PRICE RETURN (daily) 180.95 -1.24 178.7 1.62 181.6 1.29 183.95 -0.46 183.1 -1.45 180.45 1.30 182.8 -3.17 177 0.00 177 4.52 185 9.30 202.2 -4.30 193.5 0.05 193.6 2.69 198.8 0.10 199 4.62 208.2 5.31 219.25 -3.60 211.35 3.03 217.75 2.20 222.55 2.76 228.7 -1.90 224.35 2.65 230.3 1.00 232.6 -2.64 226.45 0.09 226.65 1.99 231.15 -0.43 230.15 -3.35 222.45 7.75 239.7 -0.35 238.85 -2.49 232.9 2.21 238.05 2.00 242.8 -2.37 237.05 -0.44 236 -2.54 230 -0.91 227.9 2.70 234.05 2.03 238.8 4.31 249.1 2.59 255.55 -3.07

16-Jun-05 17-Jun-05 20-Jun-05 21-Jun-05 22-Jun-05 23-Jun-05 24-Jun-05 27-Jun-05 28-Jun-05 29-Jun-05 30-Jun-05 1-Jul-05 4-Jul-05 5-Jul-05 6-Jul-05 7-Jul-05 8-Jul-05 11-Jul-05 12-Jul-05 13-Jul-05 14-Jul-05 15-Jul-05 18-Jul-05 19-Jul-05 20-Jul-05 21-Jul-05 22-Jul-05 25-Jul-05 26-Jul-05 27-Jul-05 29-Jul-05 1-Aug-05 2-Aug-05 3-Aug-05 4-Aug-05 5-Aug-05 8-Aug-05 9-Aug-05 10-Aug-05 11-Aug-05 12-Aug-05 16-Aug-05 17-Aug-05 18-Aug-05 19-Aug-05 22-Aug-05 23-Aug-05 24-Aug-05 25-Aug-05 26-Aug-05 29-Aug-05 30-Aug-05

2123.7 2123.4 2144.35 2170 2187.35 2183.85 2194.35 2199.8 2169.85 2191.65 2220.6 2211.9 2230.65 2210.75 2228.2 2179.4 2196.2 2218.85 2220.8 2204.05 2185.1 2212.55 2234 2237.3 2241.9 2230.5 2265.6 2291.75 2303.15 2319.1 2312.3 2318.05 2353.65 2357 2367.8 2361.2 2324.4 2318.7 2360.15 2380.9 2361.55 2369.8 2403.15 2388.45 2383.45 2367.85 2326.1 2322.5 2354.55 2357.05 2337.65 2367.75

-0.01 0.99 1.20 0.80 -0.16 0.48 0.25 -1.36 1.00 1.32 -0.39 0.85 -0.89 0.79 -2.19 0.77 1.03 0.09 -0.75 -0.86 1.26 0.97 0.15 0.21 -0.51 1.57 1.15 0.50 0.69 -0.29 0.25 1.54 0.14 0.46 -0.28 -1.56 -0.25 1.79 0.88 -0.81 0.35 1.41 -0.61 -0.21 -0.65 -1.76 -0.15 1.38 0.11 -0.82 1.29 0.71

247.7 245.1 240.1 243.05 242.3 239.8 240.8 241.4 235.65 243.7 241.65 238.65 240.5 235.75 240.3 235.55 236.6 244.65 247.85 242.9 243.95 242.85 242.75 244.05 227.45 223.6 221.8 217.75 209.95 216.35 211.6 211.8 215.85 207.65 208.7 209.15 211.3 211.45 213.15 218.1 218.7 219.35 216.9 217.9 219.8 225.05 220.35 216.25 219.15 230.7 238.7 238.4

-1.05 -2.04 1.23 -0.31 -1.03 0.42 0.25 -2.38 3.42 -0.84 -1.24 0.78 -1.98 1.93 -1.98 0.45 3.40 1.31 -2.00 0.43 -0.45 -0.04 0.54 -6.80 -1.69 -0.81 -1.83 -3.58 3.05 -2.20 0.09 1.91 -3.80 0.51 0.22 1.03 0.07 0.80 2.32 0.28 0.30 -1.12 0.46 0.87 2.39 -2.09 -1.86 1.34 5.27 3.47 -0.13 -1.30

31-Aug-05 1-Sep-05 2-Sep-05 5-Sep-05 6-Sep-05 8-Sep-05 9-Sep-05 12-Sep-05 13-Sep-05 14-Sep-05 15-Sep-05 16-Sep-05 19-Sep-05 20-Sep-05 21-Sep-05 22-Sep-05 23-Sep-05 26-Sep-05 27-Sep-05 28-Sep-05 29-Sep-05 30-Sep-05 3-Oct-05 4-Oct-05 5-Oct-05 6-Oct-05 7-Oct-05 10-Oct-05 11-Oct-05 13-Oct-05 14-Oct-05 17-Oct-05 18-Oct-05 19-Oct-05 20-Oct-05 21-Oct-05 24-Oct-05 25-Oct-05 26-Oct-05 27-Oct-05 28-Oct-05 31-Oct-05 1-Nov-05 2-Nov-05 7-Nov-05 8-Nov-05 9-Nov-05 10-Nov-05 11-Nov-05 14-Nov-05 16-Nov-05 17-Nov-05

2384.65 2405.75 2415.8 2422.95 2428.65 2454.45 2455.45 2484.15 2500.35 2492.45 2523.95 2552.35 2567.1 2578 2567.3 2476.5 2477.75 2557.35 2574.85 2598.05 2611.2 2601.4 2630.05 2663.35 2644.4 2579.15 2574.05 2566.85 2589.55 2537.3 2484.4 2485.15 2468.2 2412.45 2395.45 2443.75 2394.85 2418.2 2408.5 2352.9 2316.05 2370.95 2386.75 2419.05 2461.6 2492.65 2489.1 2500.7 2548.65 2558.7 2582.75 2603.95

0.88 0.42 0.30 0.24 1.06 0.04 1.17 0.65 -0.32 1.26 1.13 0.58 0.42 -0.42 -3.54 0.05 3.21 0.68 0.90 0.51 -0.38 1.10 1.27 -0.71 -2.47 -0.20 -0.28 0.88 -2.02 -2.08 0.03 -0.68 -2.26 -0.70 2.02 -2.00 0.98 -0.40 -2.31 -1.57 2.37 0.67 1.35 1.76 1.26 -0.14 0.47 1.92 0.39 0.94 0.82 0.62

235.3 234.6 230.7 237.4 231.8 235.2 242.05 240.6 238.3 233.75 236.85 236.9 240.1 240.15 241.9 240.15 241.7 242.7 241.9 241.6 240.2 237.05 236.65 237.6 235.1 233.85 232.95 226.75 219.7 224.25 219.2 220.35 224.8 227.35 229.15 229.95 230.55 226.45 225 223.1 215.85 216.75 219.6 217.8 220.4 223 220 217.35 218.65 221.4 218.35 220.7

-0.30 -1.66 2.90 -2.36 1.47 2.91 -0.60 -0.96 -1.91 1.33 0.02 1.35 0.02 0.73 -0.72 0.65 0.41 -0.33 -0.12 -0.58 -1.31 -0.17 0.40 -1.05 -0.53 -0.38 -2.66 -3.11 2.07 -2.25 0.52 2.02 1.13 0.79 0.35 0.26 -1.78 -0.64 -0.84 -3.25 0.42 1.31 -0.82 1.19 1.18 -1.35 -1.20 0.60 1.26 -1.38 1.08 -1.29

18-Nov-05 21-Nov-05 22-Nov-05 23-Nov-05 24-Nov-05 25-Nov-05 26-Nov-05 28-Nov-05 29-Nov-05 30-Nov-05 1-Dec-05 2-Dec-05 5-Dec-05 6-Dec-05 7-Dec-05 8-Dec-05 9-Dec-05 12-Dec-05 13-Dec-05 14-Dec-05 15-Dec-05 16-Dec-05 19-Dec-05 20-Dec-05 21-Dec-05 22-Dec-05 23-Dec-05 26-Dec-05 27-Dec-05 28-Dec-05 29-Dec-05 12/30/2005* 2-Jan-06 3-Jan-06 4-Jan-06 5-Jan-06 6-Jan-06 9-Jan-06 10-Jan-06 12-Jan-06 13-Jan-06 16-Jan-06 17-Jan-06 18-Jan-06 19-Jan-06 20-Jan-06 23-Jan-06 24-Jan-06 25-Jan-06 27-Jan-06 30-Jan-06 31-Jan-06

2620.05 2602.5 2572.85 2608.6 2635 2664.3 2683.45 2712 2698.3 2652.25 2698.95 2697.95 2660.5 2662.3 2693 2706.7 2756.45 2776.2 2812.3 2804.55 2778.55 2810.15 2842.6 2826.2 2822.9 2835.25 2804.85 2749.6 2805.9 2794.05 2821.95 2836.55 2835.95 2883.35 2904.4 2899.85 2914 2910.1 2870.8 2850.7 2850.55 2833.1 2829.1 2809.2 2870.85 2900.95 2884.05 2908 2940.35 2982.75 2974.5 3001.1

-0.67 -1.14 1.39 1.01 1.11 0.72 1.06 -0.51 -1.71 1.76 -0.04 -1.39 0.07 1.15 0.51 1.84 0.72 1.30 -0.28 -0.93 1.14 1.15 -0.58 -0.12 0.44 -1.07 -1.97 2.05 -0.42 1.00 0.52 -0.02 1.67 0.73 -0.16 0.49 -0.13 -1.35 -0.70 -0.01 -0.61 -0.14 -0.70 2.19 1.05 -0.58 0.83 1.11 1.44 -0.28 0.89 -0.98

217.85 219.8 219.2 218.25 222.35 227.75 235.15 234.85 237.25 232.35 240.8 238.45 242.05 241 240.85 245.5 248.8 253.85 254.7 254.15 251.4 259.65 273.1 282.55 288.25 289.65 281.1 275.65 277.85 278.85 300.1 307 307.5 303 301 297.5 293.5 285 280 267 271 268.5 260 253 304 289 302.5 310 292.5 279.5 267 262.5

0.90 -0.27 -0.43 1.88 2.43 3.25 -0.13 1.02 -2.07 3.64 -0.98 1.51 -0.43 -0.06 1.93 1.34 2.03 0.33 -0.22 -1.08 3.28 5.18 3.46 2.02 0.49 -2.95 -1.94 0.80 0.36 7.62 2.30 0.16 -1.46 -0.66 -1.16 -1.34 -2.90 -1.75 -4.64 1.50 -0.92 -3.17 -2.69 20.16 -4.93 4.67 2.48 -5.65 -4.44 -4.47 -1.69 -7.24

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

2971.55 2967.45 2940.6 3000.45 3020.1 3008.95 3027.55 3041.15 3017.55 3022.2 3021.6 2981.5 3005.85 3035.5 3050.8 3062.1 3050.05 3067.45 3074.7 3123.1 3150.7 3147.35 3190.4 3182.8 3116.7 3129.1 3183.9 3202.65 3195.35 3226.6 3234.05 3265.65 3262.3 3240.15 3247.15 3279.8 3321.65 3325 3354.2 3418.95 3402.55 3473.3 3483.15 3510.9 3454.8 3478.45 3380 3345.5 3425.15 3518.1 3535.85 3573.5

-0.14 -0.90 2.04 0.65 -0.37 0.62 0.45 -0.78 0.15 -0.02 -1.33 0.82 0.99 0.50 0.37 -0.39 0.57 0.24 1.57 0.88 -0.11 1.37 -0.24 -2.08 0.40 1.75 0.59 -0.23 0.98 0.23 0.98 -0.10 -0.68 0.22 1.01 1.28 0.10 0.88 1.93 -0.48 2.08 0.28 0.80 -1.60 0.68 -2.83 -1.02 2.38 2.71 0.50 1.06 -0.01

243.5 247 254 249.5 265.5 263 262.5 261 258.5 256 258 251 250.5 248 249.5 255.5 264.5 275.5 289 283 286 291 300.5 295 287.5 283.5 284.5 283 280 276.5 280 301 298.5 283 283 280 281 278.5 280 336 341.5 340.5 332.5 328 314.5 307 293.5 290 293.5 352.5 394.5 378.5

1.44 2.83 -1.77 6.41 -0.94 -0.19 -0.57 -0.96 -0.97 0.78 -2.71 -0.20 -1.00 0.60 2.40 3.52 4.16 4.90 -2.08 1.06 1.75 3.26 -1.83 -2.54 -1.39 0.35 -0.53 -1.06 -1.25 1.27 7.50 -0.83 -5.19 0.00 -1.06 0.36 -0.89 0.54 20.00 1.64 -0.29 -2.35 -1.35 -4.12 -2.38 -4.40 -1.19 1.21 20.10 11.91 -4.06 -2.51

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

3573.05 3548.9 3462.65 3555.75 3508.1 3508.35 3557.6 3605.45 3634.25 3648.4 3663.95 3693.15 3720.55 3754.25 3701.05 3650.05 3502.95 3523.3 3635.1 3388.9 3246.9 3081.35 3199.35 3115.55 3177.7 3209.6 3214.9 3185.3 3071.05 2962.25 3091.35 3016.65 2937.3 2860.45 2724.35 2866.3 2776.85 2663.3 2632.8 2798.8 2890.35 2916.9 2861.3 2923.45 2994.75 3042.7 3050.3 2943.2 2982.45 2981.1 2997.9 3128.2

-0.68 -2.43 2.69 -1.34 0.01 1.40 1.35 0.80 0.39 0.43 0.80 0.74 0.91 -1.42 -1.38 -4.03 0.58 3.17 -6.77 -4.19 -5.10 3.83 -2.62 1.99 1.00 0.17 -0.92 -3.59 -3.54 4.36 -2.42 -2.63 -2.62 -4.76 5.21 -3.12 -4.09 -1.15 6.31 3.27 0.92 -1.91 2.17 2.44 1.60 0.25 -3.51 1.33 -0.05 0.56 4.35 0.73

369 401.5 392 396.5 385.5 383 397 389 393 377.5 374.5 377.5 372.5 377.5 370.5 372 348.5 342.5 354 295 306.5 279 306.5 304.5 296.5 297 356.5 358 332 332.5 320 315.5 296 272 235.5 260 259.5 239 231.5 249 251 250 252.5 267 296.5 308.5 308 285 280.5 284.5 279.5 288

8.81 -2.37 1.15 -2.77 -0.65 3.66 -2.02 1.03 -3.94 -0.79 0.80 -1.32 1.34 -1.85 0.40 -6.32 -1.72 3.36 -16.67 3.90 -8.97 9.86 -0.65 -2.63 0.17 20.03 0.42 -7.26 0.15 -3.76 -1.41 -6.18 -8.11 -13.42 10.40 -0.19 -7.90 -3.14 7.56 0.80 -0.40 1.00 5.74 11.05 4.05 -0.16 -7.47 -1.58 1.43 -1.76 3.04 3.30

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

3150.95 3138.65 3197.1 3156.4 3075.85 3142 3116.15 3195.9 3169.3 3123.35 3007.55 2993.65 2932.75 3023.05 2945 2985.85 3040.5 3110.15 3156.15 3130.8 3143.2 3147.8 3182.1 3190 3176.75 3151.1 3212.4 3254.6 3260.1 3274.35 3313.1 3356.05 3353.9 3356.75 3366 3364.6 3335.8 3370.4 3385.95 3401.1 3425.7 3430.35 3413.9 3435.45 3476.85 3473.75 3477.25 3454.55 3471.45 3366.15 3389.9 3454.55

-0.39 1.86 -1.27 -2.55 2.15 -0.82 2.56 -0.83 -1.45 -3.71 -0.46 -2.03 3.08 -2.58 1.39 1.83 2.29 1.48 -0.80 0.40 0.15 1.09 0.25 -0.42 -0.81 1.95 1.31 0.17 0.44 1.18 1.30 -0.06 0.08 0.28 -0.04 -0.86 1.04 0.46 0.45 0.72 0.14 -0.48 0.63 1.21 -0.09 0.10 -0.65 0.49 -3.03 0.71 1.91 0.49

297.5 294 292.5 287.5 282 277.5 273.5 276.5 276.5 285 268.5 262.5 253 254 248.5 247 247.5 257.5 255 256.5 261 259 263 281.5 271.5 277.5 277 279 274.5 279.5 294 302 296.5 293 295 294 291 290 294.5 294.5 296 301.5 304.5 300 295.5 297.5 295.5 299 323.5 310.5 314.5 318

-1.18 -0.51 -1.71 -1.91 -1.60 -1.44 1.10 0.00 3.07 -5.79 -2.23 -3.62 0.40 -2.17 -0.60 0.20 4.04 -0.97 0.59 1.75 -0.77 1.54 7.03 -3.55 2.21 -0.18 0.72 -1.61 1.82 5.19 2.72 -1.82 -1.18 0.68 -0.34 -1.02 -0.34 1.55 0.00 0.51 1.86 1.00 -1.48 -1.50 0.68 -0.67 1.18 8.19 -4.02 1.29 1.11 -0.94

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

3471.6 3478.6 3492.75 3457.35 3502.8 3553.05 3544.05 3523.45 3571.75 3579.3 3571.75 3588.4 3569.6 3515.35 3564.9 3569.7 3567.15 3571.05 3558.55 3621.05 3676.05 3723.95 3715 3710.65 3677.8 3676.85 3683.5 3657.3 3677.55 3739.35 3769.1 3744.1 3767.05 3791.2 3805.35 3809.25 3798.75 3777.3 3796.4 3834.75 3858.75 3865.9 3876.3 3876.85 3852.8 3856.15 3918.25 3954.75 3945.45 3950.85 3968.9 3921.75

0.20 0.41 -1.01 1.31 1.43 -0.25 -0.58 1.37 0.21 -0.21 0.47 -0.52 -1.52 1.41 0.13 -0.07 0.11 -0.35 1.76 1.52 1.30 -0.24 -0.12 -0.89 -0.03 0.18 -0.71 0.55 1.68 0.80 -0.66 0.61 0.64 0.37 0.10 -0.28 -0.56 0.51 1.01 0.63 0.19 0.27 0.01 -0.62 0.09 1.61 0.93 -0.24 0.14 0.46 -1.19 0.16

315 310 316.5 329 373.5 349 355 350 336.5 350.5 346 350.5 347.5 341 347 362 376 374.5 361.5 360.5 356 355 360 357.5 349.5 356 356.5 355 350 342.5 339.5 333 323 333 332 325.5 325.5 319 318.5 318 315.5 314.5 306 303.5 296 305.5 310 307 301 318 310.5 304.5

-1.59 2.10 3.95 13.53 -6.56 1.72 -1.41 -3.86 4.16 -1.28 1.30 -0.86 -1.87 1.76 4.32 3.87 -0.40 -3.47 -0.28 -1.25 -0.28 1.41 -0.69 -2.24 1.86 0.14 -0.42 -1.41 -2.14 -0.88 -1.91 -3.00 3.10 -0.30 -1.96 0.00 -2.00 -0.16 -0.16 -0.79 -0.32 -2.70 -0.82 -2.47 3.21 1.47 -0.97 -1.95 5.65 -2.36 -1.93 1.81

29-Nov-06 30-Nov-06 1-Dec-06 4-Dec-06 5-Dec-06 6-Dec-06 7-Dec-06 8-Dec-06 11-Dec-06 12-Dec-06 13-Dec-06 14-Dec-06 15-Dec-06 18-Dec-06 19-Dec-06 20-Dec-06 21-Dec-06 22-Dec-06 26-Dec-06 27-Dec-06 28-Dec-06 29-Dec-06 2-Jan-07 3-Jan-07 4-Jan-07 5-Jan-07 8-Jan-07 9-Jan-07 10-Jan-07 11-Jan-07 12-Jan-07 15-Jan-07 16-Jan-07 17-Jan-07 18-Jan-07 19-Jan-07 22-Jan-07 23-Jan-07 24-Jan-07 25-Jan-07 29-Jan-07 31-Jan-07 1-Feb-07 2-Feb-07 5-Feb-07 6-Feb-07 7-Feb-07 8-Feb-07 9-Feb-07 12-Feb-07 Average(daily) Average(yearly)

3928.2 3954.5 3997.6 4001 4015.75 4015.95 4015.35 3962 3849.5 3716.9 3765.2 3843.05 3888.65 3928.75 3832 3815.55 3833.5 3871.15 3940.5 3974.25 3970.55 3966.4 4007.4 4024.05 3988.8 3983.4 3933.4 3911.4 3850.3 3942.25 4052.45 4078.4 4080.5 4076.45 4109.05 4090.15 4102.45 4066.1 4089.9 4147.7 4124.45 4082.7 4137.2 4183.5 4215.35 4195.9 4224.25 4223.4 4187.4 4058.3

0.67 1.09 0.09 0.37 0.00 -0.01 -1.33 -2.84 -3.44 1.30 2.07 1.19 1.03 -2.46 -0.43 0.47 0.98 1.79 0.86 -0.09 -0.10 1.03 0.42 -0.88 -0.14 -1.26 -0.56 -1.56 2.39 2.80 0.64 0.05 -0.10 0.80 -0.46 0.30 -0.89 0.59 1.41 -0.56 -1.01 1.33 1.12 0.76 -0.46 0.68 -0.02 -0.85 -3.08 0.17 62.48

310 309 331 332.5 326.5 315.5 311 312.5 305 285.5 295.5 308 310.5 307.5 303 307 309 303.5 305.5 304.5 303 303.5 308 307 305.5 323 328 330 318.5 317.5 308.5 310.5 318 325 310 314 318 318.5 334.5 339 331 324.5 323.5 323.5 327 338.5 369 365 362.5 338.5

-0.32 7.12 0.45 -1.80 -3.37 -1.43 0.48 -2.40 -6.39 3.50 4.23 0.81 -0.97 -1.46 1.32 0.65 -1.78 0.66 -0.33 -0.49 0.17 1.48 -0.32 -0.49 5.73 1.55 0.61 -3.48 -0.31 -2.83 0.65 2.42 2.20 -4.62 1.29 1.27 0.16 5.02 1.35 -2.36 -1.96 -0.31 0.00 1.08 3.52 9.01 -1.08 -0.68 -6.62 0.20 72.41

Source: www.nseindia.com * Share prices are adjusted after 30/12/2005 for split.

Return for period 20 April 2005 - 12 Feb 2007 (Rm) Risk Free Rate(Rf)

62.48 10

Beta(β)

1.10

Cost Of Equity = Rf + ( Rm - Rf )* β

67.73

Computation Of Weighted Average Cost Source Equity Reserves Debt Total

Amount(crore) 8.42 92.29 107.66 208.37

Proportion 4.04 44.29 51.67 100.00

After Tax Cost(%) 67.28 67.28 5.19 WACC

Weighted Cost(%) 2.72 29.80 2.68 35.20

30.7 30.75 30.3 30.1 29.75 29.35 28.5 28 26.7 27.1 26.85 26 25.3 30.4 28.9 30.25 31 29.25 27.95 26.7 26.25

24.35 24.7 25.4 24.95 26.55 26.3 26.25 26.1 25.85 25.6 25.8 25.1 25.05 24.8 24.95 25.55 26.45 27.55 28.9 28.3 28.6 29.1 30.05 29.5 28.75 28.35 28.45 28.3 28 27.65 28 30.1 29.85 28.3 28.3 28 28.1 27.85 28 33.6 34.15 34.05 33.25 32.8 31.45 30.7 29.35 29 29.35 35.25 39.45 37.85

36.9 40.15 39.2 39.65 38.55 38.3 39.7 38.9 39.3 37.75 37.45 37.75 37.25 37.75 37.05 37.2 34.85 34.25 35.4 29.5 30.65 27.9 30.65 30.45 29.65 29.7 35.65 35.8 33.2 33.25 32 31.55 29.6 27.2 23.55 26 25.95 23.9 23.15 24.9 25.1 25 25.25 26.7 29.65 30.85 30.8 28.5 28.05 28.45 27.95 28.8

29.75 29.4 29.25 28.75 28.2 27.75 27.35 27.65 27.65 28.5 26.85 26.25 25.3 25.4 24.85 24.7 24.75 25.75 25.5 25.65 26.1 25.9 26.3 28.15 27.15 27.75 27.7 27.9 27.45 27.95 29.4 30.2 29.65 29.3 29.5 29.4 29.1 29 29.45 29.45 29.6 30.15 30.45 30 29.55 29.75 29.55 29.9 32.35 31.05 31.45 31.8

31.5 31 31.65 32.9 37.35 34.9 35.5 35 33.65 35.05 34.6 35.05 34.75 34.1 34.7 36.2 37.6 37.45 36.15 36.05 35.6 35.5 36 35.75 34.95 35.6 35.65 35.5 35 34.25 33.95 33.3 32.3 33.3 33.2 32.55 32.55 31.9 31.85 31.8 31.55 31.45 30.6 30.35 29.6 30.55 31 30.7 30.1 31.8 31.05 30.45

31 30.9 33.1 33.25 32.65 31.55 31.1 31.25 30.5 28.55 29.55 30.8 31.05 30.75 30.3 30.7 30.9 30.35 30.55 30.45 30.3 30.35 30.8 30.7 30.55 32.3 32.8 33 31.85 31.75 30.85 31.05 31.8 32.5 31 31.4 31.8 31.85 33.45 33.9 33.1 32.45 32.35 32.35 32.7 33.85 36.9 36.5 36.25 33.85

COST OF DEBT Table - Total Debt

Gabriel India Ltd. Bank borrowings Short term bank borrowings Long term bank borrowings

Mar 2001

Mar 2002

12 mths

Mar 2003

12 mths

Mar 2004

12 mths

Mar 2005

12 mths

Mar 2006

12 mths

12 mths

20.2

31.26

44.01

68.46

62.56

92.31

20.2

31.26

19.67

20.59

27.45

69.85

0

0

24.34

47.87

35.11

22.46

Financial institutional borrowings

30.68

24

0

0

0

0

Govt. / sales tax deferral borrowings

11.49

0

0

0

0

0

Debentures / bonds

43.86

31.46

17.26

0

0

0

Fixed deposits

22.64

22.98

19.47

13.24

3.81

0.16

Foreign borrowings

0

0

0

0

12.14

0

Borrowings from corporate bodies

0

0

0

1

0

0

0

0

0

0

0

0

Borrowings from promoters / directors

0

0

0

0

0

0

Commercial paper

0

0

0

0

0

0

8.24

18.5

24.21

17.63

14.7

15.19

137.11

128.2

104.95

100.33

93.21

107.66

19.73

17.86

13.71

8.80

7.33

8.60

Group / associate cos.

Other borrowings

Total Debt Interest

Since cost of short term debt and long term debt is not given, the after tax weighted average cost of capital is calculated as follows:

Weighted average cost of capital = Interest / ( Long term debt + Short term debt) = 8.60 / (107.66) = .0798 = 7.98%

After Tax Weighted average cost of capital = Interest Rate ( 1 - T ) = 0.0798 ( 1 - 0.35 ) = .0519 = 5.19%

debt)

COST OF EQUITY BY DIVIDEND GROWTH MODEL ke = (DIV1/P0) + g Estimation of growth rate (1) Internal Growth g = Retention Ratio * ROE Year 2001 2002 2003 2004 2005 2006

DPS 2.73 2.98 5.6 6.77 7.96 7.99

EPS 6.36 5.51 16.32 23.22 24.91 12.31

BV 125.88 105.73 102.32 118.96 135.91 140.22

MV 27.50 34.35 68.55 136.95 185.08 338.50

PAT 4.57 3.96 11.72 16.68 17.89 8.84

NW 90.41 75.94 73.49 85.44 97.61 100.71

ROE (%) 5.05 5.21 15.95 19.52 18.33 8.78

Average

5.67

14.77

121.50

131.82

10.61

87.27

12.14

DY (%) Retention(%) 9.93 57.08 8.68 45.92 8.17 65.69 4.94 70.84 4.30 68.04 2.36 35.09 6.40

57.11

Since in year 2006, there is decline in the PAT and hence EPS. Therefore to calculate growth the average values of last 6 years are consifered.

Therefore, g = 0.1214 * 0.5711 = 0.0693 or 6.93% (2) Past Average Growth Year 2001 2002 2003 2004 2005 2006

DPS 2.73 2.98 5.6 6.77 7.96 7.99

gDPS

1 + gDPS

0.09 0.88 0.21 0.18 0.0038

1.09 1.88 1.21 1.18 1.00

Arithmetic Average = (∑ gDPS) / n = 0.2718 or 27.18% Geometric Mean = ∑( 1 + g n) - 1 = (DPSn/DPS0)1/n - 1 = 0.2395 or 23.95%

ESTIMATE OF GROWTH RATE and COST OF EQUITY Method Internal growth

Growth Rate (%) 6.93

Cost of equity (%) = ( DIV (1 + g ) / P0 ) + g 13.77

Arithmetic Average

27.18

30.18

Geometric mean

23.95

26.87

Computation Of Weighted Average Cost 0f Capital Source Equity Reserves Debt Total

Amount (crore) 8.42 92.29 107.66 208.37

Proportion 4.04 44.29 51.67 100.00

After Tax Cost(%) 26.87 26.87 5.19 WACC

Weighted Cost(%) 1.09 11.90 2.68 15.67

etention(%)