Month Price Returns 1+Returns

Mar-21 33,303.90 -4.31% 95.69%

Feb-21 34,803.60 13.87% 113.87% Monthly Returns
Jan-21 30,565.50 -2.23% 97.77% Yearly Returns
Dec-20 31,264.05 5.59% 105.59%
Nov-20 29,609.05 23.88% 123.88%
Oct-20 23,900.90 11.42% 111.42%
Sep-20 21,451.80 -9.69% 90.31%
Aug-20 23,754.35 9.77% 109.77%
Jul-20 21,640.05 1.26% 101.26%
Jun-20 21,370.15 10.74% 110.74%
May-20 19,297.25 -10.39% 89.61%
Apr-20 21,534.50 12.49% 112.49%
Mar-20 19,144.00 -34.32% 65.68%
Feb-20 29,147.15 -5.47% 94.53%
Jan-20 30,833.60 -4.13% 95.87%
Dec-19 32,161.65 0.67% 100.67%
Nov-19 31,946.10 6.25% 106.25%
Oct-19 30,066.25 3.31% 103.31%
Sep-19 29,103.15 6.11% 106.11%
Aug-19 27,427.85 -5.02% 94.98%
Jul-19 28,876.00 -7.17% 92.83%
Jun-19 31,105.20 -0.86% 99.14%
May-19 31,375.40 5.41% 105.41%
Apr-19 29,764.80 -2.18% 97.82%
Mar-19 30,426.80 13.58% 113.58%
Feb-19 26,789.90 -1.85% 98.15%
Jan-19 27,295.45 0.50% 100.50%
Dec-18 27,160.20 1.11% 101.11%
Nov-18 26,862.95 6.80% 106.80%
Oct-18 25,153.25 0.13% 100.13%
Sep-18 25,119.85 -10.48% 89.52%
Aug-18 28,061.75 1.07% 101.07%
Jul-18 27,764.15 5.31% 105.31%
Jun-18 26,364.20 -2.20% 97.80%
May-18 26,956.20 5.58% 105.58%
Apr-18 25,531.60 5.23% 105.23%
Mar-18 24,263.35 -3.36% 96.64%
Feb-18 25,107.40 -8.30% 91.70%
Jan-18 27,379.45 7.20% 107.20%
Dec-17 25,539.45 0.82% 100.82%
Nov-17 25,332.40 1.25% 101.25%
Oct-17 25,019.35 4.02% 104.02%
Sep-17 24,053.00 -1.09% 98.91%
Aug-17 24,318.40 -3.13% 96.87%
Jul-17 25,103.65 8.15% 108.15%
Jun-17 23,211.20 -0.91% 99.09%
May-17 23,424.80 4.77% 104.77%
Apr-17 22,358.25 4.26% 104.26%
Mar-17 21,444.15 4.06% 104.06%
Feb-17 20,607.25 5.60% 105.60%
Jan-17 19,515.15 7.36% 107.36%
Dec-16 18,177.20 -2.42% 97.58%
Nov-16 18,627.80 -4.59% 95.41%
Oct-16 19,523.55 1.23% 101.23%
Sep-16 19,285.70 -2.54% 97.46%
Aug-16 19,787.60 4.40% 104.40%
Jul-16 18,953.15 5.67% 105.67%
Jun-16 17,935.40 1.78% 101.78%
May-16 17,620.90 4.92% 104.92%
Apr-16 16,795.00 4.05% 104.05%
Mar-16 16,141.65 15.74% 115.74%
Feb-16 13,946.40 -10.15% 89.85%
Jan-16 15,522.40 -8.27% 91.73%
Dec-15 16,922.20 -2.92% 97.08%
Nov-15 17,430.40 0.44% 100.44%
Oct-15 17,354.50 0.80% 100.80%
Sep-15 17,216.30 0.41% 100.41%
Aug-15 17,146.55 -8.45% 91.55%
Jul-15 18,729.85 2.37% 102.37%
Jun-15 18,296.10 -2.27% 97.73%
May-15 18,721.35 2.09% 102.09%
Apr-15 18,338.10 0.72% 100.72%
Mar-15 18,206.65 -7.54% 92.46%
Feb-15 19,691.20 -0.77% 99.23%
Jan-15 19,843.75 5.91% 105.91%
Dec-14 18,736.65 1.21% 101.21%
Nov-14 18,513.15 8.61% 108.61%
Oct-14 17,045.05 10.74% 110.74%
Sep-14 15,392.25 -2.21% 97.79%
Aug-14 15,740.40 3.10% 103.10%
Jul-14 15,267.60 0.17% 100.17%
Jun-14 15,241.90 3.03% 103.03%
May-14 14,793.40 15.07% 115.07%
Apr-14 12,855.85 0.89% 100.89%
Mar-14 12,742.05 18.37% 118.37%
Feb-14 10,764.70 5.15% 105.15%
Jan-14 10,237.75 -10.08% 89.92%
Dec-13 11,385.25 2.07% 102.07%
Nov-13 11,153.95 -2.78% 97.22%
Oct-13 11,473.15 19.29% 119.29%
Sep-13 9,617.80 6.28% 106.28%
Aug-13 9,049.20 -9.65% 90.35%
Jul-13 10,015.75 -13.79% 86.21%
Jun-13 11,617.25 -6.88% 93.12%
May-13 12,475.65 -0.68% 99.32%
Apr-13 12,561.55 10.56% 110.56%
Mar-13 11,361.85 -1.09% 98.91%
Feb-13 11,487.35 -9.61% 90.39%
Jan-13 12,708.60 1.88% 101.88%
Dec-12 12,474.25 2.59% 102.59%
Nov-12 12,158.90 7.90% 107.90%
Oct-12 11,268.80 -1.64% 98.36%
Sep-12 11,456.80 14.68% 114.68%
Aug-12 9,990.50 -3.79% 96.21%
Jul-12 10,384.10 0.42% 100.42%
Jun-12 10,340.65 9.53% 109.53%
May-12 9,441.00 -8.13% 91.87%
Apr-12 10,276.80 0.63% 100.63%
Mar-12 10,212.75 -1.93% 98.07%
Feb-12 10,414.20 4.99% 104.99%
Jan-12 9,919.45 24.48% 124.48%
Dec-11 7,968.65 -6.95% 93.05%
Nov-11 8,564.10 -14.27% 85.73%
Oct-11 9,989.65 5.51% 105.51%
Sep-11 9,468.30 -0.68% 99.32%
Aug-11 9,533.40 -12.49% 87.51%
Jul-11 10,893.65 -3.12% 96.88%
Jun-11 11,244.65 2.03% 102.03%
May-11 11,020.85 -4.03% 95.97%
Apr-11 11,483.75 -1.89% 98.11%
Mar-11 11,705.45 12.17% 112.17%
Feb-11 10,435.35 -1.94% 98.06%
Jan-11 10,641.85 -9.75% 90.25%
Dec-10 11,791.45 -1.35% 98.65%
Nov-10 11,952.60 -3.07% 96.93%
Oct-10 12,330.75 -0.29% 99.71%
Sep-10 12,366.35 15.07% 115.07%
Aug-10 10,746.35 5.76% 105.76%
Jul-10 10,161.00 7.36% 107.36%
Jun-10 9,464.60 1.08% 101.08%
May-10 9,363.70
 0.981%
12.426%
Month ICICI Bank Ltd. Price ICICI Bank Ltd. Returns Nifty Bank Returns
Mar-21 597.55 -2.87% -4.31%
Feb-21 615.20 14.67% 13.87%
Jan-21 536.50 6.16% -2.23%
Dec-20 505.35 11.56% 5.59%
Nov-20 453.00 15.16% 23.88%
Oct-20 393.38 7.27% 11.42%
Sep-20 366.70 -3.82% -9.69%
Aug-20 381.25 3.59% 9.77%
Jul-20 368.02 4.54% 1.26%
Jun-20 352.05 5.77% 10.74%
May-20 332.85 -1.30% -10.39%
Apr-20 337.23 -14.50% 12.49%
Mar-20 394.42 -24.36% -34.32%
Feb-20 521.45 -1.84% -5.47%
Jan-20 531.20 0.53% -4.13%
Dec-19 528.43 7.79% 0.67%
Nov-19 490.25 9.74% 6.25%
Oct-19 446.75 5.99% 3.31%
Sep-19 421.50 3.60% 6.11%
Aug-19 406.85 -3.56% -5.02%
Jul-19 421.85 -0.95% -7.17%
Jun-19 425.90 4.59% -0.86%
May-19 407.23 2.32% 5.41%
Apr-19 398.00 5.70% -2.18%
Mar-19 376.52 7.42% 13.58%
Feb-19 350.52 -2.66% -1.85%
Jan-19 360.10 2.12% 0.50%
Dec-18 352.63 -2.45% 1.11%
Nov-18 361.47 10.99% 6.80%
Oct-18 325.67 1.13% 0.13%
Sep-18 322.02 0.49% -10.48%
Aug-18 320.45 13.43% 1.07%
Jul-18 282.50 -1.28% 5.31%
Jun-18 286.15 -3.50% -2.20%
May-18 296.52 7.11% 5.58%
Apr-18 276.85 -5.76% 5.23%
Mar-18 293.77 -11.91% -3.36%
Feb-18 333.50 -0.92% -8.30%
Jan-18 336.60 11.05% 7.20%
Dec-17 303.10 -4.50% 0.82%
Nov-17 317.38 11.43% 1.25%
Oct-17 284.82 0.09% 4.02%
Sep-17 284.57 0.42% -1.09%
Aug-17 283.38 -6.00% -3.13%
Jul-17 301.48 3.83% 8.15%
Jun-17 290.36 6.71% -0.91%
May-17 272.11 7.52% 4.77%
Apr-17 253.09 0.74% 4.26%
Mar-17 251.23 -0.50% 4.06%
Feb-17 252.50 6.07% 5.60%
Jan-17 238.05 1.39% 7.36%
Dec-16 234.77 -4.95% -2.42%
Nov-16 247.00 2.39% -4.59%
Oct-16 241.23 0.69% 1.23%
Sep-16 239.57 5.84% -2.54%
Aug-16 226.34 -3.04% 4.40%
Jul-16 233.43 6.48% 5.67%
Jun-16 219.23 4.35% 1.78%
May-16 210.09 -3.08% 4.92%
Apr-16 216.77 9.23% 4.05%
Mar-16 198.45 6.98% 15.74%
Feb-16 185.50 -15.23% -10.15%
Jan-16 218.82 -7.39% -8.27%
Dec-15 236.27 -3.51% -2.92%
Nov-15 244.86 -3.59% 0.44%
Oct-15 253.98 4.82% 0.80%
Sep-15 242.30 -9.18% 0.41%
Aug-15 266.80 -2.77% -8.45%
Jul-15 274.41 0.49% 2.37%
Jun-15 273.07 -5.93% -2.27%
May-15 290.27 1.12% 2.09%
Apr-15 287.05 -4.98% 0.72%
Mar-15 302.09 -1.85% -7.54%
Feb-15 307.77 -6.79% -0.77%
Jan-15 330.18 6.01% 5.91%
Dec-14 311.48 1.03% 1.21%
Nov-14 308.30 11.26% 8.61%
Oct-14 277.11 0.06% 10.74%
Sep-14 276.94 2.37% -2.21%
Aug-14 270.53 4.57% 3.10%
Jul-14 258.70 -1.47% 0.17%
Jun-14 262.56 2.01% 3.03%
May-14 257.38 12.31% 15.07%
Apr-14 229.17 9.73% 0.89%
Mar-14 208.85 15.31% 18.37%
Feb-14 181.13 -4.28% 5.15%
Jan-14 189.23 -8.10% -10.08%
Dec-13 205.90 6.05% 2.07%
Nov-13 194.15 6.04% -2.78%
Oct-13 183.09 9.40% 19.29%
Sep-13 167.35 9.32% 6.28%
Aug-13 153.08 -14.79% -9.65%
Jul-13 179.65 -9.66% -13.79%
Jun-13 198.86 -6.82% -6.88%
May-13 213.42 8.16% -0.68%
Apr-13 197.32 1.05% 10.56%
Mar-13 195.27 -3.82% -1.09%
Feb-13 203.03 -5.97% -9.61%
Jan-13 215.92 5.47% 1.88%
Dec-12 204.71 6.22% 2.59%
Nov-12 192.72 7.64% 7.90%
Oct-12 179.05 0.31% -1.64%
Sep-12 178.50 4.23% 14.68%
Aug-12 171.27 1.43% -3.79%
Jul-12 168.85 11.06% 0.42%
Jun-12 152.03 0.54% 9.53%
May-12 151.21 -4.74% -8.13%
Apr-12 158.73 -3.05% 0.63%
Mar-12 163.73 -4.04% -1.93%
Feb-12 170.62 17.89% 4.99%
Jan-12 144.72 11.09% 24.48%
Dec-11 130.27 -12.00% -6.95%
Nov-11 148.04 -5.05% -14.27%
Oct-11 155.91 -2.61% 5.51%
Sep-11 160.09 -6.01% -0.68%
Aug-11 170.33 -11.43% -12.49%
Jul-11 192.31 0.59% -3.12%
Jun-11 191.17 -0.87% 2.03%
May-11 192.85 -4.06% -4.03%
Apr-11 201.00 4.97% -1.89%
Mar-11 191.48 4.65% 12.17%
Feb-11 182.98 -6.38% -1.94%
Jan-11 195.45 -4.15% -9.75%
Dec-10 203.92 -5.36% -1.35%
Nov-10 215.48 5.30% -3.07%
Oct-10 204.64 5.76% -0.29%
Sep-10 193.49 9.99% 15.07%
Aug-10 175.91 9.62% 5.76%
Jul-10 160.47 8.83% 7.36%
Jun-10 147.45 -7.86% 1.08%
May-10 160.03
SUMMARY OUTPUT

Regression Statistics
Multiple R 0.6534969546
R Square 0.4270582696
Adjusted R Square 0.4225821623
Standard Error 0.0546123405
Observations 130

ANOVA
df SS MS F Significance F
Regression 1 0.2845563153 0.2845563153 95.408408241 3.5232123E-17
Residual 128 0.3817609897 0.0029825077
Total 129 0.6663173049

Coefficients Standard Error t Stat P-value Lower 95% Upper 95%

Intercept 0.0051277728 0.0048534549 1.0565201309 0.2927206138 -0.0044756169 0.0147311626
X Variable 1 0.5864668367 0.0600413065 9.7677227766 3.523212E-17 0.4676648538 0.7052688196
 Lower 95.0% Upper 95.0%
-0.0044756169 0.0147311626
0.4676648538 0.7052688196
Company Name Market Capitalization (in Cr.) Equity Long term Debt Short term Debt Total Debt
State Bank of India 436,101 251060 332900 0 332900
ICICI Bank Ltd. 524,088 122960 210614 0 210614
HDFC Bank Ltd. 846,022 176358 186834 0 186834
Kotak Mahindra Bank Ltd. 380,575 67136 65576 0 65576
Punjab National Bank 43,494 63896 62512 0 62512
Axis Bank 212,871 251060 332900 0 332900
IDFC First Bank Ltd. 30,759 20409 52603 0 52603
Cash and Cash Equivalents Debt to Equity Ratio Cash Holding
279248 1.33 0.48
50788 1.71 0.15
87569 1.06 0.24
10739 0.98 0.08
48250 0.98 0.38
94290 1.33 0.16
3865 2.58 0.05
Company Regression Beta Industry Data
State Bank of India 1 Average Beta (levered) for comparable firms
ICICI Bank Ltd. 0.586466836715 Tax Rate
HDFC Bank Ltd. 1 Mean D/E for the industry
Kotak Mahindra Bank Ltd. 1 Unlevered Beta for industry
Punjab National Bank 1 Mean Cash holdings for the industry
Axis Bank 1 Cash adjusted Beta for industry
IDFC First Bank Ltd. 1

ICICI Bank Ltd.

D/E for the company
Cash Holdings
Unlevered Beta (Cash adjusted)
Levered Beta for the company
a
0.940924
25.17%
1.42
0.45579
0.22
0.585267

.
1.71
0.15
0.496157
1.132101
Month Yield Monthly Returns 1+ Monthly Returns
Mar-21 6.177 0.50% 100.50%
Feb-21 6.229 0.50% 100.50% Rf Historical (monthly)
Jan-21 5.949 0.48% 100.48% Rf Historical (yearly)
Dec-20 5.894 0.48% 100.48%
Nov-20 5.911 0.48% 100.48%
Oct-20 5.881 0.48% 100.48%
Sep-20 6.015 0.49% 100.49%
Aug-20 6.078 0.49% 100.49%
Jul-20 5.837 0.47% 100.47%
Jun-20 5.888 0.48% 100.48%
May-20 6.013 0.49% 100.49%
Apr-20 6.110 0.50% 100.50%
Mar-20 6.138 0.50% 100.50%
Feb-20 6.371 0.52% 100.52%
Jan-20 6.599 0.53% 100.53%
Dec-19 6.554 0.53% 100.53%
Nov-19 6.460 0.52% 100.52%
Oct-19 6.643 0.54% 100.54%
Sep-19 6.695 0.54% 100.54%
Aug-19 6.556 0.53% 100.53%
Jul-19 6.369 0.52% 100.52%
Jun-19 6.879 0.56% 100.56%
May-19 7.032 0.57% 100.57%
Apr-19 7.414 0.60% 100.60%
Mar-19 7.346 0.59% 100.59%
Feb-19 7.591 0.61% 100.61%
Jan-19 7.483 0.60% 100.60%
Dec-18 7.370 0.59% 100.59%
Nov-18 7.607 0.61% 100.61%
Oct-18 7.853 0.63% 100.63%
Sep-18 8.024 0.65% 100.65%
Aug-18 7.951 0.64% 100.64%
Jul-18 7.772 0.63% 100.63%
Jun-18 7.903 0.64% 100.64%
May-18 7.826 0.63% 100.63%
Apr-18 7.767 0.63% 100.63%
Mar-18 7.398 0.60% 100.60%
Feb-18 7.726 0.62% 100.62%
Jan-18 7.430 0.60% 100.60%
Dec-17 7.326 0.59% 100.59%
Nov-17 7.058 0.57% 100.57%
Oct-17 6.862 0.55% 100.55%
Sep-17 6.663 0.54% 100.54%
Aug-17 6.525 0.53% 100.53%
Jul-17 6.465 0.52% 100.52%
Jun-17 6.511 0.53% 100.53%
May-17 6.661 0.54% 100.54%
Apr-17 6.961 0.56% 100.56%
Mar-17 6.658 0.54% 100.54%
Feb-17 6.870 0.56% 100.56%
Jan-17 6.407 0.52% 100.52%
Dec-16 6.512 0.53% 100.53%
Nov-16 6.243 0.51% 100.51%
Oct-16 6.885 0.56% 100.56%
Sep-16 6.958 0.56% 100.56%
Aug-16 7.110 0.57% 100.57%
Jul-16 7.163 0.58% 100.58%
Jun-16 7.448 0.60% 100.60%
May-16 7.471 0.60% 100.60%
Apr-16 7.435 0.60% 100.60%
Mar-16 7.459 0.60% 100.60%
Feb-16 7.623 0.61% 100.61%
Jan-16 7.779 0.63% 100.63%
Dec-15 7.758 0.62% 100.62%
Nov-15 7.786 0.63% 100.63%
Oct-15 7.640 0.62% 100.62%
Sep-15 7.539 0.61% 100.61%
Aug-15 7.784 0.63% 100.63%
Jul-15 7.806 0.63% 100.63%
Jun-15 7.861 0.63% 100.63%
May-15 7.815 0.63% 100.63%
Apr-15 7.860 0.63% 100.63%
Mar-15 7.738 0.62% 100.62%
Feb-15 7.724 0.62% 100.62%
Jan-15 7.691 0.62% 100.62%
Dec-14 7.855 0.63% 100.63%
Nov-14 8.087 0.65% 100.65%
Oct-14 8.278 0.66% 100.66%
Sep-14 8.511 0.68% 100.68%
Aug-14 8.559 0.69% 100.69%
Jul-14 8.718 0.70% 100.70%
Jun-14 8.744 0.70% 100.70%
May-14 8.645 0.69% 100.69%
Apr-14 8.828 0.71% 100.71%
Mar-14 8.804 0.71% 100.71%
Feb-14 8.862 0.71% 100.71%
Jan-14 8.770 0.70% 100.70%
Dec-13 8.820 0.71% 100.71%
Nov-13 9.044 0.72% 100.72%
Oct-13 8.625 0.69% 100.69%
Sep-13 8.766 0.70% 100.70%
Aug-13 8.596 0.69% 100.69%
Jul-13 8.172 0.66% 100.66%
Jun-13 7.439 0.60% 100.60%
May-13 7.443 0.60% 100.60%
Apr-13 7.731 0.62% 100.62%
Mar-13 7.951 0.64% 100.64%
Feb-13 7.872 0.63% 100.63%
Jan-13 7.912 0.64% 100.64%
Dec-12 8.049 0.65% 100.65%
Nov-12 8.175 0.66% 100.66%
Oct-12 8.215 0.66% 100.66%
Sep-12 8.149 0.65% 100.65%
Aug-12 8.241 0.66% 100.66%
Jul-12 8.245 0.66% 100.66%
Jun-12 8.380 0.67% 100.67%
May-12 8.377 0.67% 100.67%
Apr-12 8.671 0.70% 100.70%
Mar-12 8.572 0.69% 100.69%
Feb-12 8.199 0.66% 100.66%
Jan-12 8.267 0.66% 100.66%
Dec-11 8.560 0.69% 100.69%
Nov-11 8.738 0.70% 100.70%
Oct-11 8.879 0.71% 100.71%
Sep-11 8.442 0.68% 100.68%
Aug-11 8.319 0.67% 100.67%
Jul-11 8.454 0.68% 100.68%
Jun-11 8.326 0.67% 100.67%
May-11 8.411 0.68% 100.68%
Apr-11 8.135 0.65% 100.65%
Mar-11 7.985 0.64% 100.64%
Feb-11 7.992 0.64% 100.64%
Jan-11 8.148 0.65% 100.65%
Dec-10 7.913 0.64% 100.64%
Nov-10 8.066 0.65% 100.65%
Oct-10 8.121 0.65% 100.65%
Sep-10 7.852 0.63% 100.63%
Aug-10 7.936 0.64% 100.64%
Jul-10 7.803 0.63% 100.63%
Jun-10 7.561 0.61% 100.61%
May-10 7.564 0.61% 100.61%
Apr-10 8.061 0.65% 100.65%
0.609%
7.56%
 ICICI Bank Ltd.

Cost of Debt
Spread 1.45%
Rf 7.56%
Cost of Debt 9.01%

Cost of Equity (CAPM)

Market Return 12.43%
Risk Free Rate 7.56%
Levered Beta 1.132
Cost of Equity (CAPM) 13.07%

Cost of Capital (WACC)

Market Value of Debt 210,614
Market Value of Equity 122,960
Value of the firm 333,574
Weight of Debt 0.631
Weight of Equity 0.369
Tax Rate 25.17%
Weighted Average Cost of Capital 9.07%