Description
The dividend decision of the firm is crucial for the finance manager because it determines: 1. the amount of profit to be distributed among the shareholders, and 2. the amount of profit to be retained in the firm. There is a reciprocal relationship between cash dividends and retained earnings.
INTRODUCTION
The Dividend Decision is a decision made by the directors of a
company. It relates to the amount and timing of any cash payments
made to the company's stockholders. The decision is an important one
for the firm as it may influence its capital structure and stock price. In
addition, the decision may determine the amount of taxation that
stockholders pay.
Dividend decision is the very important financial decision the main
issue involved in dividend decision making is whether the profit
should be used by the owners or be retained and reinvested in the
business itself. Such decision is some what more complex in the
case of earnings rests with board of directors, who recommended a
particular dividend rate to the shareholder for their formal approval
in the annual general meeting of the company it is to be
remembered that the decision regarding the distributions of the
earning to the shareholders is a significant one. The decision
regarding the may amount higher income, lower income or no
income at all to the shareholder. Dividend payment may affect the
mood behavior and responses of prospective investor stock
exchanges, financial institution etc. as well as influencing the
mood of present shareholder.
The second aspect of the financing decision is the determination of
an appropriate capital structure, given the facts of a particular case.
Thus, the financing decision covers two inter related aspects
namely capital structure theory and capital structure decision. nd
in what proportion should funds be raised to maximi!e the return
to the share holders" The third ma#or decision of financial
management is the decision relating to the dividend policy. The
dividend should be analy!ed in relation to the financing decision of
a firm.
Two alternatives are available in dealing with the profits of a firm$
they can be distributed to the share holders in the form of
dividends or they can be retained in the business itself. The
decision as to which course should be followed depends largely on
a significant element in the dividend decision, the dividend pay out
ratio, that is, what proportion of net profits should be paid out to
the share holders. The final decision will depend upon the
preference of the share holders and investment opportunities
available within the firm. The second ma#or aspect of the dividend
decision is the factors determining dividend policy of a firm in
practice. To conclude, the traditional approach had a very narrow
perception.
Nature of Dividend Decision%&
The dividend decision of the firm is crucial for the finance
manager because it determines%
1. the amount of profit to be distributed among the shareholders,
and
2. the amount of profit to be retained in the firm.
There is a reciprocal relationship between cash dividends and
retained earnings.
'hile taking the dividend decision the management take into
account the effect of the decision on the maximi!ation of
shareholders' wealth.
(aximi!ing the market value of shares is the ob#ective.
Dividend pays out or retention is guided by this ob#ective.
FACTORS AFFECTING DIVIDEND O!IC"#$
• External factor
• Internal factor
External Factors Affecting Dividend Policy:-
• General State of Economy:
• State of Capital Market
• Legal Restrictions
• Contractual Restrictions:
General State of Economy:-
• In case of uncertain economic and business conditions, the
management may like to retain whole or large part of
earnings to build up reserves to absorb future shocks.
• In the period of depression the management may also retain a
large part of its earnings to preserve the firm's li)uidity
position.
• In periods of prosperity the management may not be liberal
in dividend payments because of availability of larger
profitable investment opportunities.
• In periods of inflation, the management may retain large
portion of earnings to finance replacement of obsolete
machines
State of Capital Market:-
• *avorable (arket% liberal dividend policy.
• +nfavorable market% ,onservative dividend policy.
Interna% Factors affectin& dividend decisions%&
• Desire of the Shareholers:
• !inancial "ees of the Company
• "ature of earnings
• Desire to retain the control of management:
• Li#uiity position:
Desire of te Sareolders:-
Though the directors decide the rate of dividend, it is always at the
interest of theshareholders.Shareholders expected two types of
returns.
-I. ,apital /ains% i.e., an increase in the market value of shares. -ii.
Dividends% regular return on their investment.
,autious investors look for dividends because,
-I. It reduces uncertainty 0capital gains are uncertain1.
-ii. Indication of financial strength of the company.
-iii. 2eed for income% Some invest in shares so as to get regular
income to meet their living expenses
Co'(an) (rofi%e#$
*industan Uni%ever !i'ited 0*U!1 03S4% 5667871 is India's
largest consumer goods company based in (umbai, (aharashtra.
It is owned by the 3ritish&Dutch company +nilever which controls
59: ma#ority stake in ;+<. Its products include foods, beverages,
cleaning agents and personal care products.
;+< was formed in =8>> as <ever 3rothers India <imited and
came into being in =857 as ;industan <ever <imited through a
merger of <ever 3rothers, ;industan ?anaspati (fg. ,o. <td. and
+nited Traders <td. It is head)uartered in (umbai, India and has
employee strength of over =7,566 employees and contributes to
indirect employment of over 75,666 people. The company was
renamed in @une 966A as B;industan +nilever <imitedC.
<ever 3rothers started its actual operations in India in the summer
of =DDD, when crates full of Sunlight soap bars, embossed with the
words E(ade in 4ngland by <ever 3rothersE were shipped to the
Folkata harbour and it began an era of marketing branded *ast
(oving ,onsumer /oods 0*(,/1.
;industan +nilever's distribution covers over 9 million retail
outlets across India directly and its products are available in over
7.G million outlets in the country. s per 2ielsen market research
data, two out of three Indians use ;+< products.
*U! +RANDS #$
*HHD 3I2DS%&
? nnapurna salt and atta
? 3ru coffee
? 3rooke 3ond 0> Ioses, Ta# (ahal, Taa!a, Ied <abel1 tea
? Fissan s)uashes, ketchups, #uices and #ams
? <ipton tea
*o'ecare +rands#$
• ctive 'heel detergent
• ,I* ,ream ,leaner
• ,omfort fabric softeners
• Domex disinfectantJtoilet cleaner
• Iin detergents and bleach
ersona% Care +rands#$
• xe deodorant and
• after shaving lotion
• ,lose +p toothpaste
• Dove bar K skin cleansing,
• Denim shaving products
• *air K <ovely L fairness products
• ;amam
• <akmM beauty products and salons
Co'(an) (rofi%e of ITC,India To-acco
Co'(an).
ITC is an Indian public conglomerate company head)uartered in
Folkata, 'est 3engal, India. Its diversified business includes four
segments% *ast (oving ,onsumer /oods 0*(,/1, ;otels,
Naperboards, Naper K Nackaging and gri 3usiness. IT,'s annual
turnover stood at OA billion and market capitali!ation of over O>>
billion. The company has its registered office in Folkata. It started
off as the Imperial Tobacco ,ompany, and shares ancestry with
Imperial Tobacco of the +nited Fingdom, but it is now fully
independent, and was rechristened to India To-acco Co'(an) in
=8A6 and then to I.T.,. <imited in =8AG.
IT, was incorporated on ugust 9G, =8=6 under the name Imperial
Tobacco ,ompany of India <imited. s the ,ompany's ownership
progressively Indianised, the name of the ,ompany was changed
fro' I'(eria% To-acco Co'(an) of India !i'ited to India
To-acco Co'(an) !i'ited in 1/01 and then to I.T.C. !i'ited
in 1/02. In recognition of the ,ompany's multi&business portfolio
encompassing a wide range of businesses & ,igarettes K Tobacco,
;otels, Information Technology, Nackaging, Naperboards K
Specialty Napers, gri&business, *oods, <ifestyle Ietailing,
4ducation K Stationery and Nersonal ,are & the full stops in the
,ompany's name were removed effective September =D, 966=. T3e
Co'(an) no4 stands rec3ristened 5ITC !i'ited5.
ITC roduct +rands#$
Ci&arettes#$
• /old flack kings
• ,lassic
• (enthol
• (enthol Iush
• Iegular
• ,itric Twist
• (ild K +ltra (ild1
• 555
• 3enson K ;edges
• Silk ,ut
• Scissors
• ,apstan
• 3erkeley
• 3ristol
Foods#$
• (into
• Sunfeast
• ,andyman
• 3ingo
• Pippee
• 3iscuits
• 2oodles and Snack *oods
ersona% care#$
• *iama di 'ills
• ?ivel
• 4ssen!a di 'ills
• Superia
• ?ivel di 'ills
Stationar)#$
1.C%ass'ate#$
• Note-oo6s
• ens
• enci%s
• 7ec3anica% enci%s
• 7at3 Instru'ents
Conce(tua% overvie4 of dividend decision (o%ic)%&
Dividend decision refers to the policy that the management
formulates in regard to earnings for distribution as dividends
among shareholders. Dividend decision determines the division of
earnings between payments to shareholders and retained earnings.
The Dividend Decision, in corporate finance, is a decision made by
the directors of a company about the amount and timing of any
cash payments made to the company's stockholders. The Dividend
Decision is an important part of the present day corporate world.
The Dividend decision is an important one for the firm as it may
influence its capital structure and stock price. In addition, the
Dividend decision may determine the amount of taxation that
stockholders pay.
For's of Dividend#$
• Scri( Dividend%& n unusual type of dividend involving the
distribution of promissory notes that calls for some type of
payment at a future date.
• +ond Dividend%& type of liability dividend paid in the
dividend payer's bonds.
• ro(ert) Dividend%& stockholder dividend paid in a form
other than cash, scrip, or the firm's own stock.
• Cas3 Dividend%& dividend paid in cash to a company's
shareholders , normally out of the its current earnings or
accumulated profits
• O(tiona% Dividend& Dividend which the shareholder can
choose to take as either cash or stock.
Factors inf%uencin& t3e dividend decision
? <i)uidity of funds
? Stability of earnings
? *inancing policy of the firm
? Dividend policy of competitive firms
? Nast dividend rates
? Debt obligation
? bility to borrow
? /rowth needs of the company
? Nrofit rates
? <egal re)uirements
? Nolicy of control
? ,orporate taxation policy
? Tax position of shareholders
? 4ffect of trade policy
? ttitude of the investor group
Si&nificance of dividend decision#$
• The firm has to balance between the growth of the company
and the distribution to the shareholders
• It has a critical influence on the value of the firm
• It has to also to strike a balance between the long term
financing decision0 company distributing dividend in the
absence of any investment opportunity1 and the wealth
maximi!ation
• The market price gets affected if dividends paid are less.
• Ietained earnings helps the firm to concentrate on the
growth, expansion and moderni!ation of the firm
• To sum up, it to a large extent affects the financial structure,
flow of funds, corporate li)uidity, stock prices, and growth of
the company and investor's satisfaction.
Di'ensions of Dividend o%ic)#$
The dimensions of dividend policy could be explained as important
factors for formulating a dividend policy. These dimensions
are more like )uestions the firms ask themselves when they
make the important dividend decision
8uestions of Dividend o%ic)#$
The )uestions that are normally asked by companies when they
make their dividend decisions are regarding the stability of the
dividends and the mean payout ratio.
Though both these )uestions are crucial in the context of making
dividend policies they are basically different from each other.
7easures of Dividend o%ic)%&
Q Dividend Nayout% measures the percentage of earnings that the
company pays in dividends
R Dividends J 4arnings
Q Dividend Pield% measures the return that an investor can make
from dividends alone
R Dividends J Stock Nrice
DI?ID42D D4,ISIH2 NH<I,P H* (HD4<%&
• 'alterSs model
• /ordonSs model
• (odigliani and (iller ;ypothesis
• Informational contents
• (arket imperfection
'<T4ISS (HD4<%&
@ames 4. 'alter's model shows the relevance of dividend policy
and its bearing on the value of the share
• ssumptions
• ?aluation
• Hptimum Nayout Iatio
• ,riticism
$SS%M&'I(":-
=. Ietained earnings are the only source of financing
investments in the firm, there is no external finance involved.
9. The cost of capital, k
e
and the rate of return on investment, r
are constant i.e. even if new investments decisions are taken,
the risks of the business remains same.
>. The firm's life is endless i.e. there is no closing down.
3asically, the firm's decision to give or not give out dividends
depends on whether it has enough opportunities to invest the retain
earnings i.e. a strong relationship between investment and dividend
decisions is considered.
'alter has given a mathematical model for the above made
statements%
'here,
• N R (arket price of the share
• D R Dividend per share
• r R Iate of return on the firm's investments
• k
e
R ,ost of e)uity
• 4 R 4arnings per share
T"E OF ASSU7TION%&
• Internal *inancing
• ,onstant Ieturn and ,ost of ,apital
• =66: Nayout or Ietention
• ,onstant 4NS and DI?
• Infinite Time
VA!UATION#$
Market price per share is the sum of the present )alue of the
infinite stream of constant i)iens an present )alue of the
infinite stream of capital gains*
!P"#M$M PA$!$" %A"#!:-
• Gro+th !irms - retain all earnings
• "ormal !irms - istri,ute all earnings
• Declining !irms - "o effect
7EAN A"OUT RATIO%&
The factor of mean payout ratio is an important dimensions of any
dividend policy
The dividend payout ratios provided by various business entities are
influenced by the following factors%
• Taxability
• 2ecessity of *unds
• Difference in value of earnings that have been maintained
and expenses of external e)uity
• bility to receive financing from sources that are external
• Tuestions of ,ontrol
• ,hoice of the shareholders
Gordon9s 'ode%%&
(yron @. /ordon has also supported dividend relevance and
believes in regular dividends affecting the share price of the firm
• ssumptions
• ?aluation
• Hptimum Nayout Iatio
• criticism
ASSU7TION#&
/ordon's assumptions are similar to the ones given by 'alter.
;owever, there are two additional assumptions proposed by him%
=. The product of retention ratio b and the rate of return r gives
us the growth rate of the firm g.
9. The cost of capital k
e
, is not only constant but greater than the
growth rate i.e. k
e
Ug.
The market price of the share is calculated as follows%
'here,
• N R (arket price of the share
• 4 R 4arnings per share
• b R Ietention ratio 0= & payout ratio1
• r R Iate of return on the firm's investments
• k
e
R ,ost of e)uity
• br R /rowth rate of the firm 0g1
Therefore the model shows a relationship between the payout ratio,
rate of return, cost of capital and the market price of the share.
T)(es of assu'(tion%&
• ll 4)uity *irm
• 2o 4xternal *inancing
• ,onstant Ieturn and ,ost of ,apital
• Nerpetual 4arnings
• 2o Taxes
• ,onstant Ietention
• ,ost of ,apital greater than /rowth Iate
VA!UATION%&
(arket value of a share is e)ual to the present value of an infinite
stream of dividends to be received by shareholders
N R 4NS 0=&b1J0=&br1
OTI7U7 A"OUT RATIO%&
• /rowth *irms &Ietain all earnings
• 2ormal *irms &Distribute all earnings
• Declining *irms &2o effect
7ODIG!IANI AND 7I!!ER *"OT*ESIS%&
ccording to (&(, under a perfect market Situation, the dividend
policy of a firm is Irrelevant as it does not affect the value of the
*irm. They argue that the value of the firm depends on firm
earnings which results from its Investment policy. Thus when
investment Decision of the firm is given, dividend decision is of no
significance
ASSU7TIONS#$
The (( approach has taken into consideration the following
assumptions%
=. There is a rational behavior by the investors and there exists
perfect capital markets.
9. Investors have free information available for them.
>. 2o time lag and transaction costs exist.
G. Securities can be split into any parts i.e. they are divisible
5. 2o taxes and floatation costs.
7. The investment decisions are taken firmly and the profits are
therefore known with certainty. The dividend policy does not
affect these decisions.
.
Researc3 7et3odo%o&)#$
• Nanel data approach is used to measure the relationship
between the dividend policy and Stock Nrices.
• The result of the study is based on the fixed&effect model as it
provides statistically better results than
• Nooled H<S and random&effect model when characteristics of
sample differ. ll the companies differ
• in their si!e, assets, no. of shareholders, management,
leverage etc. thatSs why random effect model is
• +sed. The basic test is to regress dependent variable 0market
price of shares1 against the two important
• variables Dividend Pield and Ietention Iatio after including
the control variables Nrofit after Tax,
• 4arnings per Shares and Ieturn on 4)uity are included to see
their effect on Stock Nrices. This
• Nrovided a crude test for measuring the relationship between
Stock Nrices and dividends.
• The following regression line is used for this purpose%
• (Ni R V6WV=IIiWV9DPiWV> NTiWVG 4NSiWV5IH4iW Xi
• *ixed&effect model is used to see the effect of dividends on
the Stock Nrices. It is expected that
• all the Dividend Pield, Nrofit after Tax 4arnings per Shares
and Ieturn on 4)uity will be positively
• associated to Stock Nrices while Ietention Iatio will be
positively or negatively related to Stock
• Nrices. This will depend on investorsS perception. If investors
consider that companies have profitable
• Investment opportunities inside than Ietention Iatio will be
positively related to Stock Nrices. If
• investors get better and profitable investment opportunities
outside than the company has provided, in
• That case Ietention Iatio will be negatively related to Stock
Nrices.
DT ,H<<4,TIH2%&
Data ,ollection is obtaining useful information" The issue is not%
;ow do we collect data It is% ;ow do we obtain useful data"
Statistics is a tool for converting data into information.
3ut where then does data come from" ;ow is it gathered" ;ow do
we ensure its accurate" Is the data reliable" Is it representative of
the population from which it was drawn" This chapter explores
some of these issues.
*or the purpose of analy!ing the data is necessary to collect the
vital information.
The financial statistics of the respondent companies have been
collected from the
Secondary sources. The companies range from medium&si!ed firms
0=8.D: of the sample
*irms have sales less than or e)ual to Is. 9 bn$ =D.5: have assets
less than or e)ual to
Is. 9 bn$ >A.9: have market capitali!ation less than or e)ual to
Is. 9 bn1 to very large
si!ed firms 0>A: have sales greater than Is. =6 bn$ and 99.9:
have assets greater than
Is. 95 bn$ and 96.5: have market capitali!ation greater than Is.
95 bn1.
The median Ieturn on ,apital 4mployed 0IH,41 is =9.D:. G=:
of the respondent
firms have IH,4 greater than =5:. The median 4? of
respondent firms is negative and
>G.7: have positive 4?. The median debt to total value ratio of
respondent firms is
9=.97: and 98.7: have less than or e)ual to 5:. DD: of the
respondent firms are in the
Nrivate sector as against =9: in the public sector.
SECONDR" DATA%&
Secondary data means data that are already available i.e. they refer
the data which have already been collected and analy!ed by
someone else. when the researcher utili!es secondary data, then he
hase to look into various sources from where he can obtain them,
in this case he is certainly not confronted with the problem that are
usually associated with the collection of original data. Secondary
data may either be published data or unpublished data are available
in%
• ?arious publication of foreign government or of
international bodies and their subsidiary organi!ational$
• Technical and trade #ournals$
• 3ooks, maga!ines and newspaper$
• Ieport and publication of various association connected with
business san industry, stock exchanges etc.$
• Ieport prepared by research scholars, universities,
economists etc.$
• Nublic record and statistics, historical document and other
resources of published information.
The source of unpublished data is many$ they may be found in
diaries, letters, unpublished biographies and autobiographies
and also may be available with scholars and research workers,.
Data co%%ection of 3u% of : )ears%&
Date Close &rice Date Close price Date Close price Date close price
-.-Mar-/0 1/.*.2 3-!e,-/0 -33*22 0.-Dec-// -45*6 02-(ct-// -1/*.2
04-Mar-/0 1.3*-2 6-!e,-/0 -30*/2 /4-Dec-// -45*0 01-(ct-// --5*4
03-Mar-/0 1/0*2 5-!e,-/0 -36*.2 /5-Dec-// -40*3 0/-(ct-// -05*/
06-Mar-/0 1/5*.2 --!e,-/0 1./*1 /2-Dec-// -42*0 0.-(ct-// --.*12
05-Mar-/0 1.-*-2 0-!e,-/0 -4.*6 /1-Dec-// -31*12 /4-(ct-// --/*12
0--Mar-/0 1.-*/ /-!e,-/0 -31*62 /--Dec-// -35*.2 /3-(ct-// -04*12
00-Mar-/0 -42*32 -/-7an-/0 -63*42 /0-Dec-// -3-*- /6-(ct-// ---*4
0/-Mar-/0 1.-*0 -.-7an-/0 -30*-2 4-Dec-// -32*6 /1-(ct-// --/*12
0.-Mar-/0 -42*1 06-7an-/0 -34*42 3-Dec-// -40*42 /--(ct-// -05*62
/4-Mar-/0 -4-*32 02-7an-/0 -4-*22 6-Dec-// -45*62 /0-(ct-// -04*-2
/5-Mar-/0 -4.*0 01-7an-/0 -4-*/ 2-Dec-// -42 //-(ct-// -02*3
/2-Mar-/0 -33*/ 0--7an-/0 -42*52 0-Dec-// -41*4 /.-(ct-// --/*/2
/1-Mar-/0 -3/*22 0.-7an-/0 -4/*/2 /-Dec-// -4.*5 6-(ct-// -04*-2
/--Mar-/0 -3/*3 /4-7an-/0 -4/*1 -.-"o)-// -46*/2 2-(ct-// -0/*4
/0-Mar-/0 -3.*22 /3-7an-/0 -40*02 04-"o)-// -33*0 1-(ct-// -05*02
4-Mar-/0 -30*02 /6-7an-/0 -46*5 03-"o)-// -3/*4 --(ct-// --1*/2
6-Mar-/0 -32 /5-7an-/0 -35*-2 02-"o)-// -62*3 -.-Sep-// -1.*5
5-Mar-/0 -3.*0 /--7an-/0 -4/*52 01-"o)-// -32 04-Sep-// -1-*3
2-Mar-/0 -30*22 /0-7an-/0 -41*.2 0--"o)-// -3-*52 03-Sep-// --1*62
--Mar-/0 -3/*-2 //-7an-/0 -40*2 00-"o)-// -31*4 06-Sep-// --3*3
0-Mar-/0 -30*32 /.-7an-/0 -42*12 0/-"o)-// -4.*0 05-Sep-// -03*4
/-Mar-/0 -3.*-2 4-7an-/0 -4-*12 /3-"o)-// -34*32 0--Sep-// --/*/2
04-!e,-/0 -3.*0 6-7an-/0 -42*52 /6-"o)-// -4.*6 00-Sep-// --/*4
03-!e,-/0 -3/*02 5-7an-/0 -45*3 /5-"o)-// -4/*4 0/-Sep-// --3*62
06-!e,-/0 -3.*.2 2-7an-/0 -4-*-2 /2-"o)-// -4/*-2 0.-Sep-// -1-
01-!e,-/0 -32*4 1-7an-/0 -42*12 /1-"o)-// -44*22 /4-Sep-// --6*32
0--!e,-/0 -33*0 --7an-/0 1.6*42 //-"o)-// -42*52 /5-Sep-// --4*-2
00-!e,-/0 -63*2 0-7an-/0 1.0*1 4-"o)-// -40*4 /2-Sep-// -14*02
0/-!e,-/0 -3/*42 -.-Dec-// 1.6*1 3-"o)-// -3.*6 /1-Sep-// -20*5
/6-!e,-/0 -32*/ 04-Dec-// 1/1*- 1-"o)-// -64*52 /--Sep-// -1/*-2
/5-!e,-/0 -31*.2 03-Dec-// 1//*52 --"o)-// -30*02 /0-Sep-// -15
/2-!e,-/0 -33*2 06-Dec-// 1/5*62 0-"o)-// -4.*.2 4-Sep-// ---*/2
/1-!e,-/0 -4/*32 05-Dec-// 1/4*0 /-"o)-// -33*/ 3-Sep-// -01*62
/--!e,-/0 -4/*62 0--Dec-// 1//*6 -/-(ct-// -62*3 6-Sep-// -0.*2
/.-!e,-/0 -36*1 00-Dec-// 1.3*1 03-(ct-// -2/*.2 5-Sep-// -0.
4-!e,-/0 -4-*-2 0/-Dec-// 1./*2 05-(ct-// -1- 2-Sep-// -/4*32
Date Close price Date Close price Date Close price Date Close &rice
2-7an-// -02*6 --"o)-/. 045 0-Sep-/. 054*4 2-7ul-/. 055*/2
1-7an-// -0.*4 0-"o)-/. 041*5 /-Sep-/. 055*22 0-7ul-/. 053*1
--7an-// -/-*/2 /-"o)-/. 041*22 -/-$ug-/. 051*2 /-7ul-/. 060*2
-/-Dec-/. -/0*4 04-(ct-/. 041*6 -.-$ug-/. 05-*52 -.-7un-/. 056*22
-.-Dec-/. -.4*- 03-(ct-/. 04/*- 06-$ug-/. 05-*42 04-7un-/. 050*52
04-Dec-/. -.1*6 06-(ct-/. 04- 05-$ug-/. 052*52 03-7un-/. 055*62
03-Dec-/. 041*1 05-(ct-/. 043*02 02-$ug-/. 053 02-7un-/. 055*02
06-Dec-/. 045*02 02-(ct-/. -.5*- 01-$ug-/. 054*52 01-7un-/. 06.*4
01-Dec-/. 042 00-(ct-/. -./*02 0--$ug-/. 053*32 0--7un-/. 055*0
0--Dec-/. 04/*/ 0/-(ct-/. -.5*12 0.-$ug-/. 053*4 00-7un-/. 05/*62
00-Dec-/. 04-*2 0.-(ct-/. 04-*1 /4-$ug-/. 061*.2 0/-7un-/. 023*62
0/-Dec-/. 04-*62 /4-(ct-/. 046 /3-$ug-/. 054*02 /3-7un-/. 026*62
0.-Dec-/. 042*/2 /3-(ct-/. 045*42 /6-$ug-/. 052*52 /6-7un-/. 02-
/5-Dec-/. 041 /2-(ct-/. 043*5 /5-$ug-/. 054*4 /5-7un-/. 022*4
/2-Dec-/. 043*62 /1-(ct-/. 044*/2 /--$ug-/. 052*3 /2-7un-/. 05.*/2
/1-Dec-/. 043*02 /--(ct-/. -.-*-2 /0-$ug-/. 055 /1-7un-/. 022*12
/--Dec-/. -./ /0-(ct-/. 04/*3 //-$ug-/. 05/*02 //-7un-/. 020*62
/.-Dec-/. 045 //-(ct-/. 041*32 /.-$ug-/. 05.*0 /.-7un-/. 020
4-Dec-/. 034*/ 3-(ct-/. 042*3 4-$ug-/. 025*.2 4-7un-/. 014*22
3-Dec-/. 045*1 6-(ct-/. 045*-2 5-$ug-/. 022*.2 3-7un-/. 02/*1
6-Dec-/. 042*62 5-(ct-/. -./*/2 2-$ug-/. 022*- 6-7un-/. 02/*.2
5-Dec-/. -..*- 2-(ct-/. -.1 1-$ug-/. 025*52 1-7un-/. 02/*6
--Dec-/. 044*02 1-(ct-/. -.3*22 --$ug-/. 02-*-2 --7un-/. 016*.2
0-Dec-/. 045*42 /-(ct-/. -.4*6 0-$ug-/. 02-*12 0-7un-/. 0-6*62
/-Dec-/. 046*5 -.-Sep-/. -.4*.2 -.-7ul-/. 02/*12 /-7un-/. 0--*3
-.-"o)-/. 043*02 04-Sep-/. -.5 04-7ul-/. 025*2 -/-May-/. 0-6*0
04-"o)-/. 046*3 03-Sep-/. -.5*0 03-7ul-/. 020*-2 03-May-/. 0-5*-2
05-"o)-/. 04-*/ 06-Sep-/. -.3*32 06-7ul-/. 05.*1 06-May-/. 0--
02-"o)-/. 046*0 01-Sep-/. -/1*42 05-7ul-/. 05/*42 05-May-/. 0-/*22
01-"o)-/. 044*3 0--Sep-/. -.-*- 0--7ul-/. 05/*42 02-May-/. 0-.*22
0--"o)-/. -..*- 00-Sep-/. 043 00-7ul-/. 050*- 01-May-/. 0-/*6
00-"o)-/. 044*52 0/-Sep-/. 041*42 0/-7ul-/. 05/*62 0/-May-/. 0-.*6
/4-"o)-/. 044 0.-Sep-/. 04-*0 0.-7ul-/. 050*52 0.-May-/. 0-5*42
/3-"o)-/. 044*22 /6-Sep-/. 03/*3 /4-7ul-/. 051*5 /4-May-/. 0--*-2
/5-"o)-/. 043*12 /5-Sep-/. 063*/ /5-7ul-/. 055*/2 /3-May-/. 01.*.2
/2-"o)-/. -.-*6 /2-Sep-/. 063*.2 /2-7ul-/. 05-*-2 /6-May-/. 01.*.2
/0-"o)-/. -./*3 /1-Sep-/. 063*/2 /1-7ul-/. 026*5 /1-May-/. 0--*4
//-"o)-/. -.4*0 /--Sep-/. 064*/2 /--7ul-/. 024*3 /--May-/. 0-3*0
/.-"o)-/. -/1*62 4-Sep-/. 064*.2 /0-7ul-/. 050*/2 /0-May-/. 0-3*2
4-"o)-/. -/4 3-Sep-/. 061*02 4-7ul-/. 050*1 //-May-/. 0-5*32
3-"o)-/. -.5*52 6-Sep-/. 06.*52 3-7ul-/. 055*12 /.-May-/. 0-5*42
2-"o)-/. -.0*32 5-Sep-/. 06/*52 6-7ul-/. 056*5 6-May-/. 0-1*5
1-"o)-/. 044*0 --Sep-/. 060*4 5-7ul-/. 056*-2 5-May-/. 0-0*/2
ate Close price Date Close price Date Close price Date Close price
2-May-/. 003*62 00-!e,-/. 015*/2 /.-Dec-.4 06-*.2 -.-Sep-.4 050*5
1-May-/. 0-0*-2 /4-!e,-/. 01/ 4-Dec-.4 065*6 04-Sep-.4 05-*02
--May-/. 0--*62 /3-!e,-/. 010*2 3-Dec-.4 066 02-Sep-.4 024*2
-.-$pr-/. 0-4*3 /6-!e,-/. 01.*22 6-Dec-.4 06/*62 01-Sep-.4 024*42
04-$pr-/. 0-2*5 /5-!e,-/. 0-6*/2 1-Dec-.4 06/*42 0--Sep-.4 023*12
03-$pr-/. 01/*42 /2-!e,-/. 004*62 --Dec-.4 06.*52 00-Sep-.4 051*52
06-$pr-/. 010*52 //-!e,-/. 0--*1 0-Dec-.4 061*3 /3-Sep-.4 05/*52
05-$pr-/. 01/*2 /.-!e,-/. 0-.*/ /-Dec-.4 063*52 /6-Sep-.4 05/*0
0--$pr-/. 0-4*/ 4-!e,-/. 0-0*5 -.-"o)-.4 032*0 /5-Sep-.4 026
00-$pr-/. 0-6*-2 3-!e,-/. 0-5*2 06-"o)-.4 031*- /2-Sep-.4 024*5
0/-$pr-/. 0-0*32 5-!e,-/. 0-/ 05-"o)-.4 035*6 /1-Sep-.4 024*4
0.-$pr-/. 006*3 2-!e,-/. 004*.2 02-"o)-.4 031*02 //-Sep-.4 025*/
/4-$pr-/. 001*62 1-!e,-/. 0-/*.2 01-"o)-.4 064*4 /.-Sep-.4 050*/
/5-$pr-/. 006 --!e,-/. 0-5*12 0--"o)-.4 03.*32 4-Sep-.4 052*12
/2-$pr-/. 002*12 0-!e,-/. 0-5*2 0.-"o)-.4 065*5 3-Sep-.4 055*02
/--$pr-/. 00-*22 /-!e,-/. 0-6*02 /4-"o)-.4 062*2 6-Sep-.4 061
/0-$pr-/. 001*2 04-7an-/. 010*- /3-"o)-.4 065*62 1-Sep-.4 06-*.2
4-$pr-/. 00/*-2 03-7an-/. 022*- /6-"o)-.4 065*5 --Sep-.4 056*52
3-$pr-/. 000*6 06-7an-/. 024*-2 /5-"o)-.4 061*- 0-Sep-.4 056*/2
6-$pr-/. 002 02-7an-/. 05-*42 /--"o)-.4 054*3 /-Sep-.4 050*12
5-$pr-/. 004*4 00-7an-/. 026*42 /0-"o)-.4 051*1 -/-$ug-.4 024*42
2-$pr-/. 004*/ 0/-7an-/. 025*62 //-"o)-.4 052*62 03-$ug-.4 05.*-2
/-$pr-/. 0-.*1 0.-7an-/. 026*3 /.-"o)-.4 05-*32 06-$ug-.4 025*1
-/-Mar-/. 0-4*22 /4-7an-/. 022*12 4-"o)-.4 06/*1 05-$ug-.4 05-*/
-.-Mar-/. 01/*32 /3-7an-/. 026*- 5-"o)-.4 060*5 02-$ug-.4 054*2
04-Mar-/. 0-4*6 /2-7an-/. 025*1 2-"o)-.4 064*6 01-$ug-.4 053*42
05-Mar-/. 0-3*2 /1-7an-/. 025*.2 1-"o)-.4 066*42 0/-$ug-.4 05.*62
02-Mar-/. 0-0 /--7an-/. 050*2 --"o)-.4 06-*/ 0.-$ug-.4 025*5
0--Mar-/. 003*2 /0-7an-/. 050*/2 -.-(ct-.4 03-*2 /4-$ug-.4 025*4
00-Mar-/. 003*02 //-7an-/. 055*/ 04-(ct-.4 03-*/ /3-$ug-.4 023*5
/4-Mar-/. 003*42 3-7an-/. 052*42 03-(ct-.4 064*3 /6-$ug-.4 013*1
/3-Mar-/. 001*32 6-7an-/. 051*3 06-(ct-.4 03.*1 /1-$ug-.4 025*4
/6-Mar-/. 00-*4 5-7an-/. 052*-2 05-(ct-.4 066*32 /--$ug-.4 05-*1
/5-Mar-/. 005*6 2-7an-/. 05-*32 0--(ct-.4 03.*52 /0-$ug-.4 025*62
/2-Mar-/. 002*22 1-7an-/. 051*6 00-(ct-.4 063*- //-$ug-.4 05-*/2
/0-Mar-/. 0/4*1 -/-Dec-.4 051*3 0/-(ct-.4 06-*52 /.-$ug-.4 05.*52
//-Mar-/. 003*3 -.-Dec-.4 055*/ 0.-(ct-.4 03.*02 6-$ug-.4 054*5
/.-Mar-/. 0-4*62 04-Dec-.4 052 /6-(ct-.4 032*02 5-$ug-.4 063*52
4-Mar-/. 0-5*.2 01-Dec-.4 052*52 /5-(ct-.4 035*22 2-$ug-.4 04.*1
3-Mar-/. 0-3*62 0--Dec-.4 051*- /2-(ct-.4 034*0 1-$ug-.4 041
2-Mar-/. 01- 00-Dec-.4 05/*- /1-(ct-.4 04-*32 --$ug-.4 032*/
1-Mar-/. 01-*12 0/-Dec-.4 050*/ /0-(ct-.4 04.*5 -/-7ul-.4 04/*2
--Mar-/. 0-4*/ /3-Dec-.4 05-*-2 4-(ct-.4 035*4 -.-7ul-.4 03/*1
0-Mar-/. 0-1*12 /6-Dec-.4 053*3 3-(ct-.4 036*12 04-7ul-.4 053*-2
05-!e,-/. 0-5*0 /5-Dec-.4 05-*3 6-(ct-.4 03.*0 03-7ul-.4 065*52
02-!e,-/. 0-2*0 /2-Dec-.4 055*-2 5-(ct-.4 03/*62 06-7ul-.4 044*52
01-!e,-/. 010*/2 /1-Dec-.4 056*22 2-(ct-.4 056*.2 01-7ul-.4 030*52
0--!e,-/. 011*4 //-Dec-.4 060*42 /-(ct-.4 052*1 0--7ul-.4 065*62
Date Close price Date close price
00-7ul-.4 054*- 04-May-.4 0-.*3
0/-7ul-.4 054*6 03-May-.4 0-/
0.-7ul-.4 056 06-May-.4 0-.*/2
/6-7ul-.4 055*62 05-May-.4 0-/
/5-7ul-.4 055*0 02-May-.4 0--*.2
/2-7ul-.4 06.*22 00-May-.4 0-0
/1-7ul-.4 054*12 0/-May-.4 0-.*1
/--7ul-.4 05-*32 0.-May-.4 0--*12
/.-7ul-.4 056*-2 /4-May-.4 004*2
4-7ul-.4 052*62 /3-May-.4 0-4*5
3-7ul-.4 06.*- /2-May-.4 001*-
6-7ul-.4 06-*12 /1-May-.4 001*32
5-7ul-.4 061*4 /--May-.4 00/*42
--7ul-.4 06-*/2 /0-May-.4 002*/
0-7ul-.4 06.*/ //-May-.4 006*/2
/-7ul-.4 060*32 3-May-.4 0--*.2
-.-7un-.4 056*2 6-May-.4 0-.*52
04-7un-.4 055*5 5-May-.4 0-1*5
05-7un-.4 055*.2 2-May-.4 0-3*-2
02-7un-.4 023*42 1-May-.4 0-4*4
01-7un-.4 050*42 04-$pr-.4 0-1*62
0--7un-.4 05.*.2 03-$pr-.4 002*-
00-7un-.4 024*02 06-$pr-.4 0-.*3
/4-7un-.4 05.*62 01-$pr-.4 0-3*-
/3-7un-.4 024*62 0--$pr-.4 01.*02
/6-7un-.4 05/*5 00-$pr-.4 01.*5
/5-7un-.4 05-*12 0/-$pr-.4 010*4
/2-7un-.4 024*/2 0.-$pr-.4 0-3
/0-7un-.4 022*62 /6-$pr-.4 0-4*/
//-7un-.4 024*42 /5-$pr-.4 0-4*/2
/.-7un-.4 051*-2 /2-$pr-.4 0-2*12
4-7un-.4 025*62 /--$pr-.4 0-.
3-7un-.4 020*02 4-$pr-.4 0--
2-7un-.4 020 3-$pr-.4 01/*-
1-7un-.4 014*2 5-$pr-.4 006*1
--7un-.4 0-4*6 0-$pr-.4 0-/
0-7un-.4 0--*62 /-$pr-.4 0-5*12
/-7un-.4 0-0*52
DT ,H<<4,TIH2 H* IT, ,H(N2P H*
>P4IS%&
Date Close &rice ate close price ate close price
-.-Mar-/0 005*4 4-!e,-/0 0.-*4 00-Dec-// 0.-*62
04-Mar-/0 001*22 3-!e,-/0 0.1*12 0/-Dec-// 0.0*02
03-Mar-/0 005*3 6-!e,-/0 0.2*22 0.-Dec-// /44*1
06-Mar-/0 005*.2 5-!e,-/0 0.0*1 /4-Dec-// /46*2
05-Mar-/0 000*6 --!e,-/0 0..*52 /5-Dec-// /42*3
0--Mar-/0 000*12 0-!e,-/0 /44*.2 /2-Dec-// /44*5
00-Mar-/0 0/4*6 /-!e,-/0 0./*5 /1-Dec-// /44*32
0/-Mar-/0 00-*32 -/-7an-/0 0.-*42 /--Dec-// /46*-2
0.-Mar-/0 00-*5 -.-7an-/0 0..*32 /0-Dec-// /45
/4-Mar-/0 00.*2 06-7an-/0 0./*3 4-Dec-// /46*/2
/5-Mar-/0 0/5*/2 02-7an-/0 0.5*.2 3-Dec-// /44
/2-Mar-/0 0.3*4 01-7an-/0 0.2*42 6-Dec-// 0.1*42
/1-Mar-/0 0/0*2 0--7an-/0 0.1*5 2-Dec-// 0.1*/2
/--Mar-/0 0.4*.2 0.-7an-/0 0./*- 0-Dec-// 0.5*2
/0-Mar-/0 0.5*3 /4-7an-/0 0.4*0 /-Dec-// 0.-*52
4-Mar-/0 0.3*02 /3-7an-/0 0.4*3 -.-"o)-// 0..*6
6-Mar-/0 0.4*42 /6-7an-/0 0.3*1 04-"o)-// /46*4
5-Mar-/0 0/.*1 /5-7an-/0 0.4*/ 03-"o)-// /45*12
2-Mar-/0 0.6 /--7an-/0 0.6*.2 02-"o)-// /40*02
--Mar-/0 0.2 /0-7an-/0 0.1*42 01-"o)-// /40*-
0-Mar-/0 0.2*02 //-7an-/0 0.-*- 0--"o)-// /4-*-
/-Mar-/0 0.5*32 /.-7an-/0 0.2*/2 00-"o)-// /45*0
04-!e,-/0 0.6*52 4-7an-/0 0.0 0/-"o)-// /44*12
03-!e,-/0 0/.*6 6-7an-/0 0./*52 /3-"o)-// 0./*3
06-!e,-/0 0/0*- 5-7an-/0 0.0*/ /6-"o)-// 0.6*62
01-!e,-/0 0.4*1 2-7an-/0 /44*3 /5-"o)-// 0/0*5
0--!e,-/0 0.3*5 1-7an-/0 /44*22 /2-"o)-// 0/.*52
00-!e,-/0 0.3*22 --7an-/0 0..*-2 /1-"o)-// 0//*2
0/-!e,-/0 0.6*1 0-7an-/0 /43*52 //-"o)-// 0/0*52
/6-!e,-/0 0.2*12 -.-Dec-// 0./*- 4-"o)-// 0/0
/5-!e,-/0 0.-*42 04-Dec-// 0..*6 3-"o)-// 0/.*3
/2-!e,-/0 0.-*/2 03-Dec-// 0.0*.2 1-"o)-// 0/.*-2
/1-!e,-/0 0.0*22 06-Dec-// 0.2*.2 --"o)-// 0/.*0
/--!e,-/0 0.0*3 05-Dec-// 0.1*42 0-"o)-// 0.4*-2
/.-!e,-/0 0.-*3 0--Dec-// 0.1 /-"o)-// 0.3*-
Date close price ate close price ate close price
0-"o)-// 0.4*-2 /5-$ug-// 0..*2 0-7un-// /42*-
/-"o)-// 0.3*- /0-$ug-// /43 /-7un-// /4-*32
-/-(ct-// 0/-*/2 //-$ug-// /43*62 -/-May-// /4-*-2
03-(ct-// 0/2*2 /.-$ug-// /46*/ -.-May-// /36*5
05-(ct-// 0/0*0 4-$ug-// /44*62 06-May-// /33*42
02-(ct-// 0//*.2 3-$ug-// /42 05-May-// /36
01-(ct-// 0.5*42 2-$ug-// /45*1 02-May-// /34*/
0/-(ct-// 0.1 1-$ug-// /44*42 01-May-// /35*42
0.-(ct-// 0.2*.2 --$ug-// 0.5*32 0--May-// /4.*0
/4-(ct-// 0.6*/ 0-$ug-// 0.1*62 0.-May-// /35*22
/3-(ct-// 0.1*02 /-$ug-// 0.3*4 /4-May-// /34*.2
/6-(ct-// 0.2*62 04-7ul-// 0.3*-2 /3-May-// /33*42
/1-(ct-// 0.2*0 03-7ul-// 0.5*02 /6-May-// /36*32
/--(ct-// 0./*4 06-7ul-// 0..*4 /5-May-// /35*/
/0-(ct-// 0.1 05-7ul-// 0..*4 /--May-// /34
//-(ct-// /44*22 02-7ul-// 0.2*1 /0-May-// /3-*3
/.-(ct-// 0..*/ 00-7ul-// 0.6*1 //-May-// /35*-2
6-(ct-// /44*/2 0/-7ul-// 0.6*/ /.-May-// /32*5
2-(ct-// /41*/ 0.-7ul-// 0.2*62 4-May-// /31*12
1-(ct-// /4/*52 /4-7ul-// 0.1*/ 5-May-// /3-*5
--(ct-// /41*-2 /3-7ul-// 0./*52 2-May-// /30*2
-.-Sep-// /43 /2-7ul-// 0./*62 1-May-// /35*3
04-Sep-// 0.0*02 /1-7ul-// 0.- --May-// /35*32
03-Sep-// /46*/ /--7ul-// 0.1 0-May-// /4/*/2
06-Sep-// /4-*12 /0-7ul-// 0./*52 04-$pr-// /40*-2
05-Sep-// /33*2 //-7ul-// 0.0*5 03-$pr-// /4/*32
0--Sep-// /4/*52 3-7ul-// 0..*22 06-$pr-// /4-*52
00-Sep-// /4.*42 6-7ul-// 0.-*1 05-$pr-// /4/*52
0/-Sep-// /46*5 5-7ul-// /45*6 02-$pr-// /4.*02
0.-Sep-// /43*2 2-7ul-// /42*52 0/-$pr-// /4.*/2
/4-Sep-// /42*-2 1-7ul-// /43*62 0.-$pr-// /4.*5
/5-Sep-// /46*42 /-7ul-// 0./*22 /4-$pr-// /36*2
/2-Sep-// /44*1 -.-7un-// 0.0*42 /3-$pr-// /4.*0
/1-Sep-// /44*12 04-7un-// /44*22 /2-$pr-// /4/*2
/--Sep-// /46*.2 03-7un-// /4-*32 /--$pr-// /4.*/
/0-Sep-// /45*0 06-7un-// /4-*5 //-$pr-// /32
4-Sep-// /46*52 01-7un-// /42*/ 3-$pr-// /3-*62
3-Sep-// /44*/2 0--7un-// /4/*12 6-$pr-// /30*22
6-Sep-// 0..*.2 00-7un-// /32*0 5-$pr-// /30*42
5-Sep-// 0.0*3 0/-7un-// /31*32 2-$pr-// /31*0
2-Sep-// 0.0*62 0.-7un-// /35*12 1-$pr-// /31*32
0-Sep-// 0.-*02 /6-7un-// /4/*62 /-$pr-// /30*2
-.-$ug-// 0.. /5-7un-// /41 -/-Mar-// /30*/
04-$ug-// 0./*42 /2-7un-// /41*/2 -.-Mar-// /66*5
05-$ug-// /45*32 /1-7un-// /4-*32 04-Mar-// /64*02
02-$ug-// 0.0*-2 /--7un-// /4.*4 03-Mar-// /63*6
01-$ug-// 0./*42 /.-7un-// /4/*52 02-Mar-// /66*12
0--$ug-// 0.-*0 4-7un-// /42 01-Mar-// /6-
00-$ug-// 0.0 3-7un-// /41*42 0--Mar-// /6/*42
/4-$ug-// /44*0 6-7un-// /4-*22 00-Mar-// /6.*.2
/3-$ug-// 0.-*32 5-7un-// /40*3 0/-Mar-// /56*4
/6-$ug-// 0.1*02 --7un-// /4-*12 /3-Mar-// /56*42
/6-Mar-// /53*.2 02-7an-// /53 5-Dec-/. /54*.2
/5-Mar-// /6/*0 01-7an-// /54*/ --Dec-/. /6/*-
/2-Mar-// /6.*/ 0/-7an-// /53*4 0-Dec-/. /6.*4
/1-Mar-// /6-*12 0.-7an-// /6/*52 /-Dec-/. /6/*1
//-Mar-// /6/*-2 /4-7an-// /62*12 -.-"o)-/. /6/*4
/.-Mar-// /6/*- /3-7an-// /65*/2 04-"o)-/. /53*5
4-Mar-// /6/*62 /6-7an-// /6/*42 05-"o)-/. /56*52
3-Mar-// /6/*42 /1-7an-// /6.*22 02-"o)-/. /54*6
6-Mar-// /60*52 /--7an-// /6-*/2 01-"o)-/. /6-*6
1-Mar-// /60*1 /0-7an-// /6-*62 0--"o)-/. /60*2
--Mar-// /6-*22 //-7an-// /6.*/ 00-"o)-/. /62*4
/-Mar-// /6-*5 /.-7an-// /6.*5 /4-"o)-/. /6.*42
03-!e,-// /54 6-7an-// /60*2 /3-"o)-/. /6/*42
02-!e,-// /25*- 5-7an-// /63*4 /5-"o)-/. /54*42
01-!e,-// /2.*52 2-7an-// /64*3 /2-"o)-/. /62*/2
0--!e,-// /22*5 1-7an-// /66*2 /0-"o)-/. /6-*32
00-!e,-// /25*6 --7an-// /61*3 //-"o)-/. /62*-2
0/-!e,-// /23*0 -/-Dec-/. /61*52 /.-"o)-/. /66
/3-!e,-// /22*62 -.-Dec-/. /61*22 4-"o)-/. /66*3
/6-!e,-// /23*12 04-Dec-/. /61*0 3-"o)-/. /62*52
/5-!e,-// /25*4 03-Dec-/. /6/*0 2-"o)-/. /66*/2
/2-!e,-// /26*/ 06-Dec-/. /54*62 1-"o)-/. /66
/1-!e,-// /26*2 01-Dec-/. /54*4 --"o)-/. /62*22
//-!e,-// /22*/ 0--Dec-/. /55*4 0-"o)-/. /6-*1
/.-!e,-// /25*/2 00-Dec-/. /56*1 /-"o)-/. /6/*32
4-!e,-// /2-*4 0/-Dec-/. /56*/2 04-(ct-/. /6/*0
3-!e,-// /25*/ 0.-Dec-/. /55*42 03-(ct-/. /56*.2
6-!e,-// /26*/ /5-Dec-/. /53*.2 06-(ct-/. /56*32
1-!e,-// /2- /2-Dec-/. /56 05-(ct-/. /6/*62
--!e,-// /24*12 /1-Dec-/. /53*1 02-(ct-/. /54*/2
0-!e,-// /24 /--Dec-/. /56*/2 00-(ct-/. /6/*0
/-!e,-// /24*5 /.-Dec-/. /6.*- 0/-(ct-/. /61*-2
-/-7an-// /50*5 4-Dec-/. /56*- 0.-(ct-/. /53
03-7an-// /53*/2 3-Dec-/. /55*62 /4-(ct-/. /6.*2
06-7an-// /56*3 6-Dec-/. /53*0 /3-(ct-/. /6/*22
/4-(ct-/. /6.*2 5-(ct-/. /60*4 0--Sep-/. /65*2
/3-(ct-/. /6/*22 2-(ct-/. /6-*3 00-Sep-/. /61*6
/2-(ct-/. /6/*42 1-(ct-/. /62*02 0/-Sep-/. /60*52
/1-(ct-/. /62*.2 /-(ct-/. /63*52 0.-Sep-/. /65*52
/--(ct-/. /62*/ -.-Sep-/. /63*- /6-Sep-/. /53*-2
/0-(ct-/. /6.*42 04-Sep-/. /6-*5 /5-Sep-/. /56*1
//-(ct-/. /60*42 03-Sep-/. /63*1 /2-Sep-/. /56*52
3-(ct-/. /60*12 06-Sep-/. /63*1 /1-Sep-/. /52*0
6-(ct-/. /6/*4 01-Sep-/. /64*02 /--Sep-/. /5-*0
4-Sep-/. /50*-2 /2-7ul-/. -..*/ 0.-May-/. 050*1
3-Sep-/. /51*- /1-7ul-/. 043*2 /4-May-/. 024*0
6-Sep-/. /55*0 /--7ul-/. 044*/ /3-May-/. 053*52
5-Sep-/. /52*3 /0-7ul-/. 044*42 /6-May-/. 055*/2
--Sep-/. /51 4-7ul-/. -..*-2 /1-May-/. 053*/2
0-Sep-/. /52*12 3-7ul-/. -.-*/2 /--May-/. 055*2
/-Sep-/. /5-*/2 6-7ul-/. -.0 /0-May-/. 052*.2
-/-$ug-/. /5-*/2 5-7ul-/. -.0*4 //-May-/. 024*22
-.-$ug-/. /24*- 2-7ul-/. -.0*/2 /.-May-/. 05/*3
06-$ug-/. /5/*0 0-7ul-/. -.0*22 6-May-/. 024*/2
05-$ug-/. /5-*4 /-7ul-/. -.- 5-May-/. 024*.2
02-$ug-/. /5.*2 -.-7un-/. -.2*12 2-May-/. 050*/2
01-$ug-/. /24*32 04-7un-/. 045*-2 1-May-/. 050*-
0--$ug-/. /24*2 03-7un-/. 046*52 --May-/. 051*42
0.-$ug-/. /50*6 02-7un-/. -./*12 -.-$pr-/. 052*32
/4-$ug-/. /52*- 01-7un-/. -.2*62 04-$pr-/. 056*/2
/3-$ug-/. /50*2 0--7un-/. -.0*32 03-$pr-/. 054*42
/6-$ug-/. /24*22 00-7un-/. -./*3 06-$pr-/. 054*22
/5-$ug-/. /23*02 0/-7un-/. 044*/ 05-$pr-/. 056*1
/--$ug-/. /25*02 /3-7un-/. 041*4 0--$pr-/. 055*42
/0-$ug-/. /20*42 /6-7un-/. 04-*4 00-$pr-/. 051*02
//-$ug-/. /21*42 /5-7un-/. 04.*4 0/-$pr-/. 050*12
/.-$ug-/. /26*02 /2-7un-/. 04/*6 0.-$pr-/. 05-*0
4-$ug-/. /23*42 /1-7un-/. 035*/ /4-$pr-/. 051*32
5-$ug-/. /23*62 //-7un-/. 03/*22 /5-$pr-/. 054*/
2-$ug-/. /22*3 /.-7un-/. 03.*.2 /2-$pr-/. 050*62
1-$ug-/. /22*- 4-7un-/. 066*5 /--$pr-/. 053*5
--$ug-/. /21*1 3-7un-/. 034*6 /0-$pr-/. 06/*1
0-$ug-/. -/0*3 6-7un-/. 036*6 4-$pr-/. 054*02
-.-7ul-/. -.3*62 1-7un-/. 04.*32 3-$pr-/. 056*62
04-7ul-/. -/.*/ --7un-/. 032*2 6-$pr-/. 054*12
03-7ul-/. -.6*-2 0-7un-/. 03/*- 5-$pr-/. 055*02
06-7ul-/. -.1*02 /-7un-/. 03- 2-$pr-/. 051*3
05-7ul-/. -.0*6 -/-May-/. 03-*0 /-$pr-/. 051
0--7ul-/. -./*52 03-May-/. 03-*0 -/-Mar-/. 05-*.2
00-7ul-/. 046*6 06-May-/. 062*4 -.-Mar-/. 053*32
0/-7ul-/. 040*-2 05-May-/. 054*/ 04-Mar-/. 054*0
0.-7ul-/. 04/*12 02-May-/. 05.*2 05-Mar-/. 051*1
/4-7ul-/. 04/*-2 01-May-/. 053*.2 02-Mar-/. 051*62
/5-7ul-/. 043*-2 0/-May-/. 06/*- 0--Mar-/. 05.*42
ate close price ate close price ate close price
00-Mar-/. 05/*5 3-7an-/. 025*2 06-(ct-.4 05.*5
/4-Mar-/. 05/*- 6-7an-/. 022*42 05-(ct-.4 051*6
/3-Mar-/. 05/*02 5-7an-/. 025*62 0--(ct-.4 05.*0
/6-Mar-/. 050*32 2-7an-/. 025*/2 00-(ct-.4 016*32
/5-Mar-/. 024*3 1-7an-/. 02-*52 0/-(ct-.4 01-*6
/2-Mar-/. 024*-2 -/-Dec-.4 02.*3 0.-(ct-.4 02.*12
/0-Mar-/. 023*12 -.-Dec-.4 02.*6 /6-(ct-.4 02.*2
//-Mar-/. 022*52 04-Dec-.4 025*0 /5-(ct-.4 020*1
/.-Mar-/. 021*02 01-Dec-.4 022*32 /2-(ct-.4 025*1
4-Mar-/. 02/*.2 0--Dec-.4 02-*5 /1-(ct-.4 023*6
3-Mar-/. 02/*02 00-Dec-.4 015*02 /0-(ct-.4 023*-2
2-Mar-/. 011*62 0/-Dec-.4 011*3 4-(ct-.4 014*52
1-Mar-/. 015*.2 /3-Dec-.4 016 3-(ct-.4 02.*62
--Mar-/. 01-*6 /6-Dec-.4 014*02 6-(ct-.4 011*42
0-Mar-/. 01/*42 /5-Dec-.4 014*1 5-(ct-.4 016*22
05-!e,-/. 0-0*02 /2-Dec-.4 02/*12 2-(ct-.4 0-3*22
02-!e,-/. 016*5 /1-Dec-.4 02.*6 /-(ct-.4 0-0*22
01-!e,-/. 016*52 //-Dec-.4 020*62 -.-Sep-.4 0--*.2
0--!e,-/. 014*02 /.-Dec-.4 021*0 04-Sep-.4 0-1*02
00-!e,-/. 016*5 4-Dec-.4 025*22 02-Sep-.4 0-2
/4-!e,-/. 013*2 3-Dec-.4 023*5 01-Sep-.4 0-0*22
/3-!e,-/. 013*02 6-Dec-.4 021*3 0--Sep-.4 0-.*2
/6-!e,-/. 02/*62 1-Dec-.4 025*6 00-Sep-.4 0--*-2
/5-!e,-/. 02.*/2 --Dec-.4 022*12 /3-Sep-.4 005*4
/2-!e,-/. 014*-2 0-Dec-.4 026 /6-Sep-.4 003*3
//-!e,-/. 016*/2 /-Dec-.4 023*.2 /5-Sep-.4 0-/*.2
/.-!e,-/. 01-*4 -.-"o)-.4 026*/ /2-Sep-.4 004*.2
4-!e,-/. 01-*4 06-"o)-.4 025*- /1-Sep-.4 00-*4
3-!e,-/. 012*-2 05-"o)-.4 05/*- //-Sep-.4 006*/
5-!e,-/. 013*.2 02-"o)-.4 053*4 /.-Sep-.4 004*.2
2-!e,-/. 013*-2 01-"o)-.4 05-*3 4-Sep-.4 006
1-!e,-/. 02-*-2 0--"o)-.4 053*3 3-Sep-.4 003*52
--!e,-/. 020*5 0.-"o)-.4 024*4 6-Sep-.4 0-/*.2
0-!e,-/. 011*1 /4-"o)-.4 025*52 1-Sep-.4 0--*02
/-!e,-/. 015*2 /3-"o)-.4 023*62 --Sep-.4 005*3
04-7an-/. 02.*/2 /6-"o)-.4 021*52 0-Sep-.4 003*.2
03-7an-/. 021*02 /5-"o)-.4 022*5 /-Sep-.4 0-.*/2
06-7an-/. 022*4 /--"o)-.4 021*2
02-7an-/. 022*/ /0-"o)-.4 020*42
00-7an-/. 014*/ //-"o)-.4 025*32
0/-7an-/. 011*2 /.-"o)-.4 026*12
0.-7an-/. 016*/ 4-"o)-.4 024*.2
/4-7an-/. 014*4 5-"o)-.4 013*32
/3-7an-/. 02.*22 2-"o)-.4 020*/2
/2-7an-/. 020*62 1-"o)-.4 021*5
/1-7an-/. 013*/2 --"o)-.4 013*22
/--7an-/. 013*42 -.-(ct-.4 021*3
/0-7an-/. 02.*.2 04-(ct-.4 024*-
//-7an-/. 025*5 03-(ct-.4 024*/
DATA ANA!"SIS *U! OF DIVIDEND DECISION
O!IC"%&
Dividend Payment Dates:-
&EA% D#'#DE(D "&PE
D#'#DE(D %A"E
PE% S)A%E
DA"E !F
PA&ME("
*+,,-,* 25 I I"'ERIM -*2 00-"o)-//
*+,+-,,
22 ! !I"$L -*2 /-$ug-//
22 I I"'ERIM - /2-"o)-/.
*++--,+
21 ! !I"$L -*2 -.-7ul-/.
21 I I"'ERIM - 0--"o)-.4
*++.-+-
2- ! !I"$L 1 5-7ul-.4
2- I I"'ERIM -*2 /3-$ug-.3
ANA!"SIS OF DATA 22 NOV TO22DEC 2111%&
ANA!"SIS OF DATA 1AUG TO 1SE 2111%&
ANA!"SIS OF DATA 1;NOV TO 1;DEC 2111#$
ANA!"SIS OF DATA :1 <U!TO :1AUG 2111#$
ANA!"SIS OF DATA 2: NOV TO 2: DEC 211/#$
DATA ANA!"SIS OF ITC DIVIDEND
DECISION O!IC"#$
Dividend (a)'ent dates#$
&EA%
"!"A/ D#'#DE(D
0%S1#( /AC23 "&PE
D#'#DE(D
%A"E PE%
S)A%E
DA"E !F
PA&ME("
*+,,-,* 186080. I"'ERIM -1 //-"o)-//
*+,+-,,
186/8/3 !I"$L -1 /-Sep-//
18-28/5 I"'ERIM -3 4-7ul-/.
*++--,+
18-08// !I"$L -3 -.-7ul-/.
-81281/ I"'ERIM -5 0--(ct-.4
*++.-+-
-8108-4 !I"$L -5 3-"o)-.4
08-1843 I"'ERIM -2 /3-$ug-.3
ANA!"SIS OF DATA 11 NOV$11DEC$2111#$
ANA!"SIS OF DATA 1SE$1OCT$2111#$
ANA!"SIS OF DATA /$<U!$/AUG 2111#$
ANA!"SIS OF DATA :1$<U!$:1AUG 2111#$
ANA!"SIS OF DATA 2:$OCT$2:NOV 211/#$
ANA!"SIS OF DATA =NOV$=DEC 211/#$
DIVIDEND DECISION OF DATA FINDING#$
doc_104472593.doc
The dividend decision of the firm is crucial for the finance manager because it determines: 1. the amount of profit to be distributed among the shareholders, and 2. the amount of profit to be retained in the firm. There is a reciprocal relationship between cash dividends and retained earnings.
INTRODUCTION
The Dividend Decision is a decision made by the directors of a
company. It relates to the amount and timing of any cash payments
made to the company's stockholders. The decision is an important one
for the firm as it may influence its capital structure and stock price. In
addition, the decision may determine the amount of taxation that
stockholders pay.
Dividend decision is the very important financial decision the main
issue involved in dividend decision making is whether the profit
should be used by the owners or be retained and reinvested in the
business itself. Such decision is some what more complex in the
case of earnings rests with board of directors, who recommended a
particular dividend rate to the shareholder for their formal approval
in the annual general meeting of the company it is to be
remembered that the decision regarding the distributions of the
earning to the shareholders is a significant one. The decision
regarding the may amount higher income, lower income or no
income at all to the shareholder. Dividend payment may affect the
mood behavior and responses of prospective investor stock
exchanges, financial institution etc. as well as influencing the
mood of present shareholder.
The second aspect of the financing decision is the determination of
an appropriate capital structure, given the facts of a particular case.
Thus, the financing decision covers two inter related aspects
namely capital structure theory and capital structure decision. nd
in what proportion should funds be raised to maximi!e the return
to the share holders" The third ma#or decision of financial
management is the decision relating to the dividend policy. The
dividend should be analy!ed in relation to the financing decision of
a firm.
Two alternatives are available in dealing with the profits of a firm$
they can be distributed to the share holders in the form of
dividends or they can be retained in the business itself. The
decision as to which course should be followed depends largely on
a significant element in the dividend decision, the dividend pay out
ratio, that is, what proportion of net profits should be paid out to
the share holders. The final decision will depend upon the
preference of the share holders and investment opportunities
available within the firm. The second ma#or aspect of the dividend
decision is the factors determining dividend policy of a firm in
practice. To conclude, the traditional approach had a very narrow
perception.
Nature of Dividend Decision%&
The dividend decision of the firm is crucial for the finance
manager because it determines%
1. the amount of profit to be distributed among the shareholders,
and
2. the amount of profit to be retained in the firm.
There is a reciprocal relationship between cash dividends and
retained earnings.
'hile taking the dividend decision the management take into
account the effect of the decision on the maximi!ation of
shareholders' wealth.
(aximi!ing the market value of shares is the ob#ective.
Dividend pays out or retention is guided by this ob#ective.
FACTORS AFFECTING DIVIDEND O!IC"#$
• External factor
• Internal factor
External Factors Affecting Dividend Policy:-
• General State of Economy:
• State of Capital Market
• Legal Restrictions
• Contractual Restrictions:
General State of Economy:-
• In case of uncertain economic and business conditions, the
management may like to retain whole or large part of
earnings to build up reserves to absorb future shocks.
• In the period of depression the management may also retain a
large part of its earnings to preserve the firm's li)uidity
position.
• In periods of prosperity the management may not be liberal
in dividend payments because of availability of larger
profitable investment opportunities.
• In periods of inflation, the management may retain large
portion of earnings to finance replacement of obsolete
machines
State of Capital Market:-
• *avorable (arket% liberal dividend policy.
• +nfavorable market% ,onservative dividend policy.
Interna% Factors affectin& dividend decisions%&
• Desire of the Shareholers:
• !inancial "ees of the Company
• "ature of earnings
• Desire to retain the control of management:
• Li#uiity position:
Desire of te Sareolders:-
Though the directors decide the rate of dividend, it is always at the
interest of theshareholders.Shareholders expected two types of
returns.
-I. ,apital /ains% i.e., an increase in the market value of shares. -ii.
Dividends% regular return on their investment.
,autious investors look for dividends because,
-I. It reduces uncertainty 0capital gains are uncertain1.
-ii. Indication of financial strength of the company.
-iii. 2eed for income% Some invest in shares so as to get regular
income to meet their living expenses
Co'(an) (rofi%e#$
*industan Uni%ever !i'ited 0*U!1 03S4% 5667871 is India's
largest consumer goods company based in (umbai, (aharashtra.
It is owned by the 3ritish&Dutch company +nilever which controls
59: ma#ority stake in ;+<. Its products include foods, beverages,
cleaning agents and personal care products.
;+< was formed in =8>> as <ever 3rothers India <imited and
came into being in =857 as ;industan <ever <imited through a
merger of <ever 3rothers, ;industan ?anaspati (fg. ,o. <td. and
+nited Traders <td. It is head)uartered in (umbai, India and has
employee strength of over =7,566 employees and contributes to
indirect employment of over 75,666 people. The company was
renamed in @une 966A as B;industan +nilever <imitedC.
<ever 3rothers started its actual operations in India in the summer
of =DDD, when crates full of Sunlight soap bars, embossed with the
words E(ade in 4ngland by <ever 3rothersE were shipped to the
Folkata harbour and it began an era of marketing branded *ast
(oving ,onsumer /oods 0*(,/1.
;industan +nilever's distribution covers over 9 million retail
outlets across India directly and its products are available in over
7.G million outlets in the country. s per 2ielsen market research
data, two out of three Indians use ;+< products.
*U! +RANDS #$
*HHD 3I2DS%&
? nnapurna salt and atta
? 3ru coffee
? 3rooke 3ond 0> Ioses, Ta# (ahal, Taa!a, Ied <abel1 tea
? Fissan s)uashes, ketchups, #uices and #ams
? <ipton tea
*o'ecare +rands#$
• ctive 'heel detergent
• ,I* ,ream ,leaner
• ,omfort fabric softeners
• Domex disinfectantJtoilet cleaner
• Iin detergents and bleach
ersona% Care +rands#$
• xe deodorant and
• after shaving lotion
• ,lose +p toothpaste
• Dove bar K skin cleansing,
• Denim shaving products
• *air K <ovely L fairness products
• ;amam
• <akmM beauty products and salons
Co'(an) (rofi%e of ITC,India To-acco
Co'(an).
ITC is an Indian public conglomerate company head)uartered in
Folkata, 'est 3engal, India. Its diversified business includes four
segments% *ast (oving ,onsumer /oods 0*(,/1, ;otels,
Naperboards, Naper K Nackaging and gri 3usiness. IT,'s annual
turnover stood at OA billion and market capitali!ation of over O>>
billion. The company has its registered office in Folkata. It started
off as the Imperial Tobacco ,ompany, and shares ancestry with
Imperial Tobacco of the +nited Fingdom, but it is now fully
independent, and was rechristened to India To-acco Co'(an) in
=8A6 and then to I.T.,. <imited in =8AG.
IT, was incorporated on ugust 9G, =8=6 under the name Imperial
Tobacco ,ompany of India <imited. s the ,ompany's ownership
progressively Indianised, the name of the ,ompany was changed
fro' I'(eria% To-acco Co'(an) of India !i'ited to India
To-acco Co'(an) !i'ited in 1/01 and then to I.T.C. !i'ited
in 1/02. In recognition of the ,ompany's multi&business portfolio
encompassing a wide range of businesses & ,igarettes K Tobacco,
;otels, Information Technology, Nackaging, Naperboards K
Specialty Napers, gri&business, *oods, <ifestyle Ietailing,
4ducation K Stationery and Nersonal ,are & the full stops in the
,ompany's name were removed effective September =D, 966=. T3e
Co'(an) no4 stands rec3ristened 5ITC !i'ited5.
ITC roduct +rands#$
Ci&arettes#$
• /old flack kings
• ,lassic
• (enthol
• (enthol Iush
• Iegular
• ,itric Twist
• (ild K +ltra (ild1
• 555
• 3enson K ;edges
• Silk ,ut
• Scissors
• ,apstan
• 3erkeley
• 3ristol
Foods#$
• (into
• Sunfeast
• ,andyman
• 3ingo
• Pippee
• 3iscuits
• 2oodles and Snack *oods
ersona% care#$
• *iama di 'ills
• ?ivel
• 4ssen!a di 'ills
• Superia
• ?ivel di 'ills
Stationar)#$
1.C%ass'ate#$
• Note-oo6s
• ens
• enci%s
• 7ec3anica% enci%s
• 7at3 Instru'ents
Conce(tua% overvie4 of dividend decision (o%ic)%&
Dividend decision refers to the policy that the management
formulates in regard to earnings for distribution as dividends
among shareholders. Dividend decision determines the division of
earnings between payments to shareholders and retained earnings.
The Dividend Decision, in corporate finance, is a decision made by
the directors of a company about the amount and timing of any
cash payments made to the company's stockholders. The Dividend
Decision is an important part of the present day corporate world.
The Dividend decision is an important one for the firm as it may
influence its capital structure and stock price. In addition, the
Dividend decision may determine the amount of taxation that
stockholders pay.
For's of Dividend#$
• Scri( Dividend%& n unusual type of dividend involving the
distribution of promissory notes that calls for some type of
payment at a future date.
• +ond Dividend%& type of liability dividend paid in the
dividend payer's bonds.
• ro(ert) Dividend%& stockholder dividend paid in a form
other than cash, scrip, or the firm's own stock.
• Cas3 Dividend%& dividend paid in cash to a company's
shareholders , normally out of the its current earnings or
accumulated profits
• O(tiona% Dividend& Dividend which the shareholder can
choose to take as either cash or stock.
Factors inf%uencin& t3e dividend decision
? <i)uidity of funds
? Stability of earnings
? *inancing policy of the firm
? Dividend policy of competitive firms
? Nast dividend rates
? Debt obligation
? bility to borrow
? /rowth needs of the company
? Nrofit rates
? <egal re)uirements
? Nolicy of control
? ,orporate taxation policy
? Tax position of shareholders
? 4ffect of trade policy
? ttitude of the investor group
Si&nificance of dividend decision#$
• The firm has to balance between the growth of the company
and the distribution to the shareholders
• It has a critical influence on the value of the firm
• It has to also to strike a balance between the long term
financing decision0 company distributing dividend in the
absence of any investment opportunity1 and the wealth
maximi!ation
• The market price gets affected if dividends paid are less.
• Ietained earnings helps the firm to concentrate on the
growth, expansion and moderni!ation of the firm
• To sum up, it to a large extent affects the financial structure,
flow of funds, corporate li)uidity, stock prices, and growth of
the company and investor's satisfaction.
Di'ensions of Dividend o%ic)#$
The dimensions of dividend policy could be explained as important
factors for formulating a dividend policy. These dimensions
are more like )uestions the firms ask themselves when they
make the important dividend decision
8uestions of Dividend o%ic)#$
The )uestions that are normally asked by companies when they
make their dividend decisions are regarding the stability of the
dividends and the mean payout ratio.
Though both these )uestions are crucial in the context of making
dividend policies they are basically different from each other.
7easures of Dividend o%ic)%&
Q Dividend Nayout% measures the percentage of earnings that the
company pays in dividends
R Dividends J 4arnings
Q Dividend Pield% measures the return that an investor can make
from dividends alone
R Dividends J Stock Nrice
DI?ID42D D4,ISIH2 NH<I,P H* (HD4<%&
• 'alterSs model
• /ordonSs model
• (odigliani and (iller ;ypothesis
• Informational contents
• (arket imperfection
'<T4ISS (HD4<%&
@ames 4. 'alter's model shows the relevance of dividend policy
and its bearing on the value of the share
• ssumptions
• ?aluation
• Hptimum Nayout Iatio
• ,riticism
$SS%M&'I(":-
=. Ietained earnings are the only source of financing
investments in the firm, there is no external finance involved.
9. The cost of capital, k
e
and the rate of return on investment, r
are constant i.e. even if new investments decisions are taken,
the risks of the business remains same.
>. The firm's life is endless i.e. there is no closing down.
3asically, the firm's decision to give or not give out dividends
depends on whether it has enough opportunities to invest the retain
earnings i.e. a strong relationship between investment and dividend
decisions is considered.
'alter has given a mathematical model for the above made
statements%
'here,
• N R (arket price of the share
• D R Dividend per share
• r R Iate of return on the firm's investments
• k
e
R ,ost of e)uity
• 4 R 4arnings per share
T"E OF ASSU7TION%&
• Internal *inancing
• ,onstant Ieturn and ,ost of ,apital
• =66: Nayout or Ietention
• ,onstant 4NS and DI?
• Infinite Time
VA!UATION#$
Market price per share is the sum of the present )alue of the
infinite stream of constant i)iens an present )alue of the
infinite stream of capital gains*
!P"#M$M PA$!$" %A"#!:-
• Gro+th !irms - retain all earnings
• "ormal !irms - istri,ute all earnings
• Declining !irms - "o effect
7EAN A"OUT RATIO%&
The factor of mean payout ratio is an important dimensions of any
dividend policy
The dividend payout ratios provided by various business entities are
influenced by the following factors%
• Taxability
• 2ecessity of *unds
• Difference in value of earnings that have been maintained
and expenses of external e)uity
• bility to receive financing from sources that are external
• Tuestions of ,ontrol
• ,hoice of the shareholders
Gordon9s 'ode%%&
(yron @. /ordon has also supported dividend relevance and
believes in regular dividends affecting the share price of the firm
• ssumptions
• ?aluation
• Hptimum Nayout Iatio
• criticism
ASSU7TION#&
/ordon's assumptions are similar to the ones given by 'alter.
;owever, there are two additional assumptions proposed by him%
=. The product of retention ratio b and the rate of return r gives
us the growth rate of the firm g.
9. The cost of capital k
e
, is not only constant but greater than the
growth rate i.e. k
e
Ug.
The market price of the share is calculated as follows%
'here,
• N R (arket price of the share
• 4 R 4arnings per share
• b R Ietention ratio 0= & payout ratio1
• r R Iate of return on the firm's investments
• k
e
R ,ost of e)uity
• br R /rowth rate of the firm 0g1
Therefore the model shows a relationship between the payout ratio,
rate of return, cost of capital and the market price of the share.
T)(es of assu'(tion%&
• ll 4)uity *irm
• 2o 4xternal *inancing
• ,onstant Ieturn and ,ost of ,apital
• Nerpetual 4arnings
• 2o Taxes
• ,onstant Ietention
• ,ost of ,apital greater than /rowth Iate
VA!UATION%&
(arket value of a share is e)ual to the present value of an infinite
stream of dividends to be received by shareholders
N R 4NS 0=&b1J0=&br1
OTI7U7 A"OUT RATIO%&
• /rowth *irms &Ietain all earnings
• 2ormal *irms &Distribute all earnings
• Declining *irms &2o effect
7ODIG!IANI AND 7I!!ER *"OT*ESIS%&
ccording to (&(, under a perfect market Situation, the dividend
policy of a firm is Irrelevant as it does not affect the value of the
*irm. They argue that the value of the firm depends on firm
earnings which results from its Investment policy. Thus when
investment Decision of the firm is given, dividend decision is of no
significance
ASSU7TIONS#$
The (( approach has taken into consideration the following
assumptions%
=. There is a rational behavior by the investors and there exists
perfect capital markets.
9. Investors have free information available for them.
>. 2o time lag and transaction costs exist.
G. Securities can be split into any parts i.e. they are divisible
5. 2o taxes and floatation costs.
7. The investment decisions are taken firmly and the profits are
therefore known with certainty. The dividend policy does not
affect these decisions.
.
Researc3 7et3odo%o&)#$
• Nanel data approach is used to measure the relationship
between the dividend policy and Stock Nrices.
• The result of the study is based on the fixed&effect model as it
provides statistically better results than
• Nooled H<S and random&effect model when characteristics of
sample differ. ll the companies differ
• in their si!e, assets, no. of shareholders, management,
leverage etc. thatSs why random effect model is
• +sed. The basic test is to regress dependent variable 0market
price of shares1 against the two important
• variables Dividend Pield and Ietention Iatio after including
the control variables Nrofit after Tax,
• 4arnings per Shares and Ieturn on 4)uity are included to see
their effect on Stock Nrices. This
• Nrovided a crude test for measuring the relationship between
Stock Nrices and dividends.
• The following regression line is used for this purpose%
• (Ni R V6WV=IIiWV9DPiWV> NTiWVG 4NSiWV5IH4iW Xi
• *ixed&effect model is used to see the effect of dividends on
the Stock Nrices. It is expected that
• all the Dividend Pield, Nrofit after Tax 4arnings per Shares
and Ieturn on 4)uity will be positively
• associated to Stock Nrices while Ietention Iatio will be
positively or negatively related to Stock
• Nrices. This will depend on investorsS perception. If investors
consider that companies have profitable
• Investment opportunities inside than Ietention Iatio will be
positively related to Stock Nrices. If
• investors get better and profitable investment opportunities
outside than the company has provided, in
• That case Ietention Iatio will be negatively related to Stock
Nrices.
DT ,H<<4,TIH2%&
Data ,ollection is obtaining useful information" The issue is not%
;ow do we collect data It is% ;ow do we obtain useful data"
Statistics is a tool for converting data into information.
3ut where then does data come from" ;ow is it gathered" ;ow do
we ensure its accurate" Is the data reliable" Is it representative of
the population from which it was drawn" This chapter explores
some of these issues.
*or the purpose of analy!ing the data is necessary to collect the
vital information.
The financial statistics of the respondent companies have been
collected from the
Secondary sources. The companies range from medium&si!ed firms
0=8.D: of the sample
*irms have sales less than or e)ual to Is. 9 bn$ =D.5: have assets
less than or e)ual to
Is. 9 bn$ >A.9: have market capitali!ation less than or e)ual to
Is. 9 bn1 to very large
si!ed firms 0>A: have sales greater than Is. =6 bn$ and 99.9:
have assets greater than
Is. 95 bn$ and 96.5: have market capitali!ation greater than Is.
95 bn1.
The median Ieturn on ,apital 4mployed 0IH,41 is =9.D:. G=:
of the respondent
firms have IH,4 greater than =5:. The median 4? of
respondent firms is negative and
>G.7: have positive 4?. The median debt to total value ratio of
respondent firms is
9=.97: and 98.7: have less than or e)ual to 5:. DD: of the
respondent firms are in the
Nrivate sector as against =9: in the public sector.
SECONDR" DATA%&
Secondary data means data that are already available i.e. they refer
the data which have already been collected and analy!ed by
someone else. when the researcher utili!es secondary data, then he
hase to look into various sources from where he can obtain them,
in this case he is certainly not confronted with the problem that are
usually associated with the collection of original data. Secondary
data may either be published data or unpublished data are available
in%
• ?arious publication of foreign government or of
international bodies and their subsidiary organi!ational$
• Technical and trade #ournals$
• 3ooks, maga!ines and newspaper$
• Ieport and publication of various association connected with
business san industry, stock exchanges etc.$
• Ieport prepared by research scholars, universities,
economists etc.$
• Nublic record and statistics, historical document and other
resources of published information.
The source of unpublished data is many$ they may be found in
diaries, letters, unpublished biographies and autobiographies
and also may be available with scholars and research workers,.
Data co%%ection of 3u% of : )ears%&
Date Close &rice Date Close price Date Close price Date close price
-.-Mar-/0 1/.*.2 3-!e,-/0 -33*22 0.-Dec-// -45*6 02-(ct-// -1/*.2
04-Mar-/0 1.3*-2 6-!e,-/0 -30*/2 /4-Dec-// -45*0 01-(ct-// --5*4
03-Mar-/0 1/0*2 5-!e,-/0 -36*.2 /5-Dec-// -40*3 0/-(ct-// -05*/
06-Mar-/0 1/5*.2 --!e,-/0 1./*1 /2-Dec-// -42*0 0.-(ct-// --.*12
05-Mar-/0 1.-*-2 0-!e,-/0 -4.*6 /1-Dec-// -31*12 /4-(ct-// --/*12
0--Mar-/0 1.-*/ /-!e,-/0 -31*62 /--Dec-// -35*.2 /3-(ct-// -04*12
00-Mar-/0 -42*32 -/-7an-/0 -63*42 /0-Dec-// -3-*- /6-(ct-// ---*4
0/-Mar-/0 1.-*0 -.-7an-/0 -30*-2 4-Dec-// -32*6 /1-(ct-// --/*12
0.-Mar-/0 -42*1 06-7an-/0 -34*42 3-Dec-// -40*42 /--(ct-// -05*62
/4-Mar-/0 -4-*32 02-7an-/0 -4-*22 6-Dec-// -45*62 /0-(ct-// -04*-2
/5-Mar-/0 -4.*0 01-7an-/0 -4-*/ 2-Dec-// -42 //-(ct-// -02*3
/2-Mar-/0 -33*/ 0--7an-/0 -42*52 0-Dec-// -41*4 /.-(ct-// --/*/2
/1-Mar-/0 -3/*22 0.-7an-/0 -4/*/2 /-Dec-// -4.*5 6-(ct-// -04*-2
/--Mar-/0 -3/*3 /4-7an-/0 -4/*1 -.-"o)-// -46*/2 2-(ct-// -0/*4
/0-Mar-/0 -3.*22 /3-7an-/0 -40*02 04-"o)-// -33*0 1-(ct-// -05*02
4-Mar-/0 -30*02 /6-7an-/0 -46*5 03-"o)-// -3/*4 --(ct-// --1*/2
6-Mar-/0 -32 /5-7an-/0 -35*-2 02-"o)-// -62*3 -.-Sep-// -1.*5
5-Mar-/0 -3.*0 /--7an-/0 -4/*52 01-"o)-// -32 04-Sep-// -1-*3
2-Mar-/0 -30*22 /0-7an-/0 -41*.2 0--"o)-// -3-*52 03-Sep-// --1*62
--Mar-/0 -3/*-2 //-7an-/0 -40*2 00-"o)-// -31*4 06-Sep-// --3*3
0-Mar-/0 -30*32 /.-7an-/0 -42*12 0/-"o)-// -4.*0 05-Sep-// -03*4
/-Mar-/0 -3.*-2 4-7an-/0 -4-*12 /3-"o)-// -34*32 0--Sep-// --/*/2
04-!e,-/0 -3.*0 6-7an-/0 -42*52 /6-"o)-// -4.*6 00-Sep-// --/*4
03-!e,-/0 -3/*02 5-7an-/0 -45*3 /5-"o)-// -4/*4 0/-Sep-// --3*62
06-!e,-/0 -3.*.2 2-7an-/0 -4-*-2 /2-"o)-// -4/*-2 0.-Sep-// -1-
01-!e,-/0 -32*4 1-7an-/0 -42*12 /1-"o)-// -44*22 /4-Sep-// --6*32
0--!e,-/0 -33*0 --7an-/0 1.6*42 //-"o)-// -42*52 /5-Sep-// --4*-2
00-!e,-/0 -63*2 0-7an-/0 1.0*1 4-"o)-// -40*4 /2-Sep-// -14*02
0/-!e,-/0 -3/*42 -.-Dec-// 1.6*1 3-"o)-// -3.*6 /1-Sep-// -20*5
/6-!e,-/0 -32*/ 04-Dec-// 1/1*- 1-"o)-// -64*52 /--Sep-// -1/*-2
/5-!e,-/0 -31*.2 03-Dec-// 1//*52 --"o)-// -30*02 /0-Sep-// -15
/2-!e,-/0 -33*2 06-Dec-// 1/5*62 0-"o)-// -4.*.2 4-Sep-// ---*/2
/1-!e,-/0 -4/*32 05-Dec-// 1/4*0 /-"o)-// -33*/ 3-Sep-// -01*62
/--!e,-/0 -4/*62 0--Dec-// 1//*6 -/-(ct-// -62*3 6-Sep-// -0.*2
/.-!e,-/0 -36*1 00-Dec-// 1.3*1 03-(ct-// -2/*.2 5-Sep-// -0.
4-!e,-/0 -4-*-2 0/-Dec-// 1./*2 05-(ct-// -1- 2-Sep-// -/4*32
Date Close price Date Close price Date Close price Date Close &rice
2-7an-// -02*6 --"o)-/. 045 0-Sep-/. 054*4 2-7ul-/. 055*/2
1-7an-// -0.*4 0-"o)-/. 041*5 /-Sep-/. 055*22 0-7ul-/. 053*1
--7an-// -/-*/2 /-"o)-/. 041*22 -/-$ug-/. 051*2 /-7ul-/. 060*2
-/-Dec-/. -/0*4 04-(ct-/. 041*6 -.-$ug-/. 05-*52 -.-7un-/. 056*22
-.-Dec-/. -.4*- 03-(ct-/. 04/*- 06-$ug-/. 05-*42 04-7un-/. 050*52
04-Dec-/. -.1*6 06-(ct-/. 04- 05-$ug-/. 052*52 03-7un-/. 055*62
03-Dec-/. 041*1 05-(ct-/. 043*02 02-$ug-/. 053 02-7un-/. 055*02
06-Dec-/. 045*02 02-(ct-/. -.5*- 01-$ug-/. 054*52 01-7un-/. 06.*4
01-Dec-/. 042 00-(ct-/. -./*02 0--$ug-/. 053*32 0--7un-/. 055*0
0--Dec-/. 04/*/ 0/-(ct-/. -.5*12 0.-$ug-/. 053*4 00-7un-/. 05/*62
00-Dec-/. 04-*2 0.-(ct-/. 04-*1 /4-$ug-/. 061*.2 0/-7un-/. 023*62
0/-Dec-/. 04-*62 /4-(ct-/. 046 /3-$ug-/. 054*02 /3-7un-/. 026*62
0.-Dec-/. 042*/2 /3-(ct-/. 045*42 /6-$ug-/. 052*52 /6-7un-/. 02-
/5-Dec-/. 041 /2-(ct-/. 043*5 /5-$ug-/. 054*4 /5-7un-/. 022*4
/2-Dec-/. 043*62 /1-(ct-/. 044*/2 /--$ug-/. 052*3 /2-7un-/. 05.*/2
/1-Dec-/. 043*02 /--(ct-/. -.-*-2 /0-$ug-/. 055 /1-7un-/. 022*12
/--Dec-/. -./ /0-(ct-/. 04/*3 //-$ug-/. 05/*02 //-7un-/. 020*62
/.-Dec-/. 045 //-(ct-/. 041*32 /.-$ug-/. 05.*0 /.-7un-/. 020
4-Dec-/. 034*/ 3-(ct-/. 042*3 4-$ug-/. 025*.2 4-7un-/. 014*22
3-Dec-/. 045*1 6-(ct-/. 045*-2 5-$ug-/. 022*.2 3-7un-/. 02/*1
6-Dec-/. 042*62 5-(ct-/. -./*/2 2-$ug-/. 022*- 6-7un-/. 02/*.2
5-Dec-/. -..*- 2-(ct-/. -.1 1-$ug-/. 025*52 1-7un-/. 02/*6
--Dec-/. 044*02 1-(ct-/. -.3*22 --$ug-/. 02-*-2 --7un-/. 016*.2
0-Dec-/. 045*42 /-(ct-/. -.4*6 0-$ug-/. 02-*12 0-7un-/. 0-6*62
/-Dec-/. 046*5 -.-Sep-/. -.4*.2 -.-7ul-/. 02/*12 /-7un-/. 0--*3
-.-"o)-/. 043*02 04-Sep-/. -.5 04-7ul-/. 025*2 -/-May-/. 0-6*0
04-"o)-/. 046*3 03-Sep-/. -.5*0 03-7ul-/. 020*-2 03-May-/. 0-5*-2
05-"o)-/. 04-*/ 06-Sep-/. -.3*32 06-7ul-/. 05.*1 06-May-/. 0--
02-"o)-/. 046*0 01-Sep-/. -/1*42 05-7ul-/. 05/*42 05-May-/. 0-/*22
01-"o)-/. 044*3 0--Sep-/. -.-*- 0--7ul-/. 05/*42 02-May-/. 0-.*22
0--"o)-/. -..*- 00-Sep-/. 043 00-7ul-/. 050*- 01-May-/. 0-/*6
00-"o)-/. 044*52 0/-Sep-/. 041*42 0/-7ul-/. 05/*62 0/-May-/. 0-.*6
/4-"o)-/. 044 0.-Sep-/. 04-*0 0.-7ul-/. 050*52 0.-May-/. 0-5*42
/3-"o)-/. 044*22 /6-Sep-/. 03/*3 /4-7ul-/. 051*5 /4-May-/. 0--*-2
/5-"o)-/. 043*12 /5-Sep-/. 063*/ /5-7ul-/. 055*/2 /3-May-/. 01.*.2
/2-"o)-/. -.-*6 /2-Sep-/. 063*.2 /2-7ul-/. 05-*-2 /6-May-/. 01.*.2
/0-"o)-/. -./*3 /1-Sep-/. 063*/2 /1-7ul-/. 026*5 /1-May-/. 0--*4
//-"o)-/. -.4*0 /--Sep-/. 064*/2 /--7ul-/. 024*3 /--May-/. 0-3*0
/.-"o)-/. -/1*62 4-Sep-/. 064*.2 /0-7ul-/. 050*/2 /0-May-/. 0-3*2
4-"o)-/. -/4 3-Sep-/. 061*02 4-7ul-/. 050*1 //-May-/. 0-5*32
3-"o)-/. -.5*52 6-Sep-/. 06.*52 3-7ul-/. 055*12 /.-May-/. 0-5*42
2-"o)-/. -.0*32 5-Sep-/. 06/*52 6-7ul-/. 056*5 6-May-/. 0-1*5
1-"o)-/. 044*0 --Sep-/. 060*4 5-7ul-/. 056*-2 5-May-/. 0-0*/2
ate Close price Date Close price Date Close price Date Close price
2-May-/. 003*62 00-!e,-/. 015*/2 /.-Dec-.4 06-*.2 -.-Sep-.4 050*5
1-May-/. 0-0*-2 /4-!e,-/. 01/ 4-Dec-.4 065*6 04-Sep-.4 05-*02
--May-/. 0--*62 /3-!e,-/. 010*2 3-Dec-.4 066 02-Sep-.4 024*2
-.-$pr-/. 0-4*3 /6-!e,-/. 01.*22 6-Dec-.4 06/*62 01-Sep-.4 024*42
04-$pr-/. 0-2*5 /5-!e,-/. 0-6*/2 1-Dec-.4 06/*42 0--Sep-.4 023*12
03-$pr-/. 01/*42 /2-!e,-/. 004*62 --Dec-.4 06.*52 00-Sep-.4 051*52
06-$pr-/. 010*52 //-!e,-/. 0--*1 0-Dec-.4 061*3 /3-Sep-.4 05/*52
05-$pr-/. 01/*2 /.-!e,-/. 0-.*/ /-Dec-.4 063*52 /6-Sep-.4 05/*0
0--$pr-/. 0-4*/ 4-!e,-/. 0-0*5 -.-"o)-.4 032*0 /5-Sep-.4 026
00-$pr-/. 0-6*-2 3-!e,-/. 0-5*2 06-"o)-.4 031*- /2-Sep-.4 024*5
0/-$pr-/. 0-0*32 5-!e,-/. 0-/ 05-"o)-.4 035*6 /1-Sep-.4 024*4
0.-$pr-/. 006*3 2-!e,-/. 004*.2 02-"o)-.4 031*02 //-Sep-.4 025*/
/4-$pr-/. 001*62 1-!e,-/. 0-/*.2 01-"o)-.4 064*4 /.-Sep-.4 050*/
/5-$pr-/. 006 --!e,-/. 0-5*12 0--"o)-.4 03.*32 4-Sep-.4 052*12
/2-$pr-/. 002*12 0-!e,-/. 0-5*2 0.-"o)-.4 065*5 3-Sep-.4 055*02
/--$pr-/. 00-*22 /-!e,-/. 0-6*02 /4-"o)-.4 062*2 6-Sep-.4 061
/0-$pr-/. 001*2 04-7an-/. 010*- /3-"o)-.4 065*62 1-Sep-.4 06-*.2
4-$pr-/. 00/*-2 03-7an-/. 022*- /6-"o)-.4 065*5 --Sep-.4 056*52
3-$pr-/. 000*6 06-7an-/. 024*-2 /5-"o)-.4 061*- 0-Sep-.4 056*/2
6-$pr-/. 002 02-7an-/. 05-*42 /--"o)-.4 054*3 /-Sep-.4 050*12
5-$pr-/. 004*4 00-7an-/. 026*42 /0-"o)-.4 051*1 -/-$ug-.4 024*42
2-$pr-/. 004*/ 0/-7an-/. 025*62 //-"o)-.4 052*62 03-$ug-.4 05.*-2
/-$pr-/. 0-.*1 0.-7an-/. 026*3 /.-"o)-.4 05-*32 06-$ug-.4 025*1
-/-Mar-/. 0-4*22 /4-7an-/. 022*12 4-"o)-.4 06/*1 05-$ug-.4 05-*/
-.-Mar-/. 01/*32 /3-7an-/. 026*- 5-"o)-.4 060*5 02-$ug-.4 054*2
04-Mar-/. 0-4*6 /2-7an-/. 025*1 2-"o)-.4 064*6 01-$ug-.4 053*42
05-Mar-/. 0-3*2 /1-7an-/. 025*.2 1-"o)-.4 066*42 0/-$ug-.4 05.*62
02-Mar-/. 0-0 /--7an-/. 050*2 --"o)-.4 06-*/ 0.-$ug-.4 025*5
0--Mar-/. 003*2 /0-7an-/. 050*/2 -.-(ct-.4 03-*2 /4-$ug-.4 025*4
00-Mar-/. 003*02 //-7an-/. 055*/ 04-(ct-.4 03-*/ /3-$ug-.4 023*5
/4-Mar-/. 003*42 3-7an-/. 052*42 03-(ct-.4 064*3 /6-$ug-.4 013*1
/3-Mar-/. 001*32 6-7an-/. 051*3 06-(ct-.4 03.*1 /1-$ug-.4 025*4
/6-Mar-/. 00-*4 5-7an-/. 052*-2 05-(ct-.4 066*32 /--$ug-.4 05-*1
/5-Mar-/. 005*6 2-7an-/. 05-*32 0--(ct-.4 03.*52 /0-$ug-.4 025*62
/2-Mar-/. 002*22 1-7an-/. 051*6 00-(ct-.4 063*- //-$ug-.4 05-*/2
/0-Mar-/. 0/4*1 -/-Dec-.4 051*3 0/-(ct-.4 06-*52 /.-$ug-.4 05.*52
//-Mar-/. 003*3 -.-Dec-.4 055*/ 0.-(ct-.4 03.*02 6-$ug-.4 054*5
/.-Mar-/. 0-4*62 04-Dec-.4 052 /6-(ct-.4 032*02 5-$ug-.4 063*52
4-Mar-/. 0-5*.2 01-Dec-.4 052*52 /5-(ct-.4 035*22 2-$ug-.4 04.*1
3-Mar-/. 0-3*62 0--Dec-.4 051*- /2-(ct-.4 034*0 1-$ug-.4 041
2-Mar-/. 01- 00-Dec-.4 05/*- /1-(ct-.4 04-*32 --$ug-.4 032*/
1-Mar-/. 01-*12 0/-Dec-.4 050*/ /0-(ct-.4 04.*5 -/-7ul-.4 04/*2
--Mar-/. 0-4*/ /3-Dec-.4 05-*-2 4-(ct-.4 035*4 -.-7ul-.4 03/*1
0-Mar-/. 0-1*12 /6-Dec-.4 053*3 3-(ct-.4 036*12 04-7ul-.4 053*-2
05-!e,-/. 0-5*0 /5-Dec-.4 05-*3 6-(ct-.4 03.*0 03-7ul-.4 065*52
02-!e,-/. 0-2*0 /2-Dec-.4 055*-2 5-(ct-.4 03/*62 06-7ul-.4 044*52
01-!e,-/. 010*/2 /1-Dec-.4 056*22 2-(ct-.4 056*.2 01-7ul-.4 030*52
0--!e,-/. 011*4 //-Dec-.4 060*42 /-(ct-.4 052*1 0--7ul-.4 065*62
Date Close price Date close price
00-7ul-.4 054*- 04-May-.4 0-.*3
0/-7ul-.4 054*6 03-May-.4 0-/
0.-7ul-.4 056 06-May-.4 0-.*/2
/6-7ul-.4 055*62 05-May-.4 0-/
/5-7ul-.4 055*0 02-May-.4 0--*.2
/2-7ul-.4 06.*22 00-May-.4 0-0
/1-7ul-.4 054*12 0/-May-.4 0-.*1
/--7ul-.4 05-*32 0.-May-.4 0--*12
/.-7ul-.4 056*-2 /4-May-.4 004*2
4-7ul-.4 052*62 /3-May-.4 0-4*5
3-7ul-.4 06.*- /2-May-.4 001*-
6-7ul-.4 06-*12 /1-May-.4 001*32
5-7ul-.4 061*4 /--May-.4 00/*42
--7ul-.4 06-*/2 /0-May-.4 002*/
0-7ul-.4 06.*/ //-May-.4 006*/2
/-7ul-.4 060*32 3-May-.4 0--*.2
-.-7un-.4 056*2 6-May-.4 0-.*52
04-7un-.4 055*5 5-May-.4 0-1*5
05-7un-.4 055*.2 2-May-.4 0-3*-2
02-7un-.4 023*42 1-May-.4 0-4*4
01-7un-.4 050*42 04-$pr-.4 0-1*62
0--7un-.4 05.*.2 03-$pr-.4 002*-
00-7un-.4 024*02 06-$pr-.4 0-.*3
/4-7un-.4 05.*62 01-$pr-.4 0-3*-
/3-7un-.4 024*62 0--$pr-.4 01.*02
/6-7un-.4 05/*5 00-$pr-.4 01.*5
/5-7un-.4 05-*12 0/-$pr-.4 010*4
/2-7un-.4 024*/2 0.-$pr-.4 0-3
/0-7un-.4 022*62 /6-$pr-.4 0-4*/
//-7un-.4 024*42 /5-$pr-.4 0-4*/2
/.-7un-.4 051*-2 /2-$pr-.4 0-2*12
4-7un-.4 025*62 /--$pr-.4 0-.
3-7un-.4 020*02 4-$pr-.4 0--
2-7un-.4 020 3-$pr-.4 01/*-
1-7un-.4 014*2 5-$pr-.4 006*1
--7un-.4 0-4*6 0-$pr-.4 0-/
0-7un-.4 0--*62 /-$pr-.4 0-5*12
/-7un-.4 0-0*52
DT ,H<<4,TIH2 H* IT, ,H(N2P H*
>P4IS%&
Date Close &rice ate close price ate close price
-.-Mar-/0 005*4 4-!e,-/0 0.-*4 00-Dec-// 0.-*62
04-Mar-/0 001*22 3-!e,-/0 0.1*12 0/-Dec-// 0.0*02
03-Mar-/0 005*3 6-!e,-/0 0.2*22 0.-Dec-// /44*1
06-Mar-/0 005*.2 5-!e,-/0 0.0*1 /4-Dec-// /46*2
05-Mar-/0 000*6 --!e,-/0 0..*52 /5-Dec-// /42*3
0--Mar-/0 000*12 0-!e,-/0 /44*.2 /2-Dec-// /44*5
00-Mar-/0 0/4*6 /-!e,-/0 0./*5 /1-Dec-// /44*32
0/-Mar-/0 00-*32 -/-7an-/0 0.-*42 /--Dec-// /46*-2
0.-Mar-/0 00-*5 -.-7an-/0 0..*32 /0-Dec-// /45
/4-Mar-/0 00.*2 06-7an-/0 0./*3 4-Dec-// /46*/2
/5-Mar-/0 0/5*/2 02-7an-/0 0.5*.2 3-Dec-// /44
/2-Mar-/0 0.3*4 01-7an-/0 0.2*42 6-Dec-// 0.1*42
/1-Mar-/0 0/0*2 0--7an-/0 0.1*5 2-Dec-// 0.1*/2
/--Mar-/0 0.4*.2 0.-7an-/0 0./*- 0-Dec-// 0.5*2
/0-Mar-/0 0.5*3 /4-7an-/0 0.4*0 /-Dec-// 0.-*52
4-Mar-/0 0.3*02 /3-7an-/0 0.4*3 -.-"o)-// 0..*6
6-Mar-/0 0.4*42 /6-7an-/0 0.3*1 04-"o)-// /46*4
5-Mar-/0 0/.*1 /5-7an-/0 0.4*/ 03-"o)-// /45*12
2-Mar-/0 0.6 /--7an-/0 0.6*.2 02-"o)-// /40*02
--Mar-/0 0.2 /0-7an-/0 0.1*42 01-"o)-// /40*-
0-Mar-/0 0.2*02 //-7an-/0 0.-*- 0--"o)-// /4-*-
/-Mar-/0 0.5*32 /.-7an-/0 0.2*/2 00-"o)-// /45*0
04-!e,-/0 0.6*52 4-7an-/0 0.0 0/-"o)-// /44*12
03-!e,-/0 0/.*6 6-7an-/0 0./*52 /3-"o)-// 0./*3
06-!e,-/0 0/0*- 5-7an-/0 0.0*/ /6-"o)-// 0.6*62
01-!e,-/0 0.4*1 2-7an-/0 /44*3 /5-"o)-// 0/0*5
0--!e,-/0 0.3*5 1-7an-/0 /44*22 /2-"o)-// 0/.*52
00-!e,-/0 0.3*22 --7an-/0 0..*-2 /1-"o)-// 0//*2
0/-!e,-/0 0.6*1 0-7an-/0 /43*52 //-"o)-// 0/0*52
/6-!e,-/0 0.2*12 -.-Dec-// 0./*- 4-"o)-// 0/0
/5-!e,-/0 0.-*42 04-Dec-// 0..*6 3-"o)-// 0/.*3
/2-!e,-/0 0.-*/2 03-Dec-// 0.0*.2 1-"o)-// 0/.*-2
/1-!e,-/0 0.0*22 06-Dec-// 0.2*.2 --"o)-// 0/.*0
/--!e,-/0 0.0*3 05-Dec-// 0.1*42 0-"o)-// 0.4*-2
/.-!e,-/0 0.-*3 0--Dec-// 0.1 /-"o)-// 0.3*-
Date close price ate close price ate close price
0-"o)-// 0.4*-2 /5-$ug-// 0..*2 0-7un-// /42*-
/-"o)-// 0.3*- /0-$ug-// /43 /-7un-// /4-*32
-/-(ct-// 0/-*/2 //-$ug-// /43*62 -/-May-// /4-*-2
03-(ct-// 0/2*2 /.-$ug-// /46*/ -.-May-// /36*5
05-(ct-// 0/0*0 4-$ug-// /44*62 06-May-// /33*42
02-(ct-// 0//*.2 3-$ug-// /42 05-May-// /36
01-(ct-// 0.5*42 2-$ug-// /45*1 02-May-// /34*/
0/-(ct-// 0.1 1-$ug-// /44*42 01-May-// /35*42
0.-(ct-// 0.2*.2 --$ug-// 0.5*32 0--May-// /4.*0
/4-(ct-// 0.6*/ 0-$ug-// 0.1*62 0.-May-// /35*22
/3-(ct-// 0.1*02 /-$ug-// 0.3*4 /4-May-// /34*.2
/6-(ct-// 0.2*62 04-7ul-// 0.3*-2 /3-May-// /33*42
/1-(ct-// 0.2*0 03-7ul-// 0.5*02 /6-May-// /36*32
/--(ct-// 0./*4 06-7ul-// 0..*4 /5-May-// /35*/
/0-(ct-// 0.1 05-7ul-// 0..*4 /--May-// /34
//-(ct-// /44*22 02-7ul-// 0.2*1 /0-May-// /3-*3
/.-(ct-// 0..*/ 00-7ul-// 0.6*1 //-May-// /35*-2
6-(ct-// /44*/2 0/-7ul-// 0.6*/ /.-May-// /32*5
2-(ct-// /41*/ 0.-7ul-// 0.2*62 4-May-// /31*12
1-(ct-// /4/*52 /4-7ul-// 0.1*/ 5-May-// /3-*5
--(ct-// /41*-2 /3-7ul-// 0./*52 2-May-// /30*2
-.-Sep-// /43 /2-7ul-// 0./*62 1-May-// /35*3
04-Sep-// 0.0*02 /1-7ul-// 0.- --May-// /35*32
03-Sep-// /46*/ /--7ul-// 0.1 0-May-// /4/*/2
06-Sep-// /4-*12 /0-7ul-// 0./*52 04-$pr-// /40*-2
05-Sep-// /33*2 //-7ul-// 0.0*5 03-$pr-// /4/*32
0--Sep-// /4/*52 3-7ul-// 0..*22 06-$pr-// /4-*52
00-Sep-// /4.*42 6-7ul-// 0.-*1 05-$pr-// /4/*52
0/-Sep-// /46*5 5-7ul-// /45*6 02-$pr-// /4.*02
0.-Sep-// /43*2 2-7ul-// /42*52 0/-$pr-// /4.*/2
/4-Sep-// /42*-2 1-7ul-// /43*62 0.-$pr-// /4.*5
/5-Sep-// /46*42 /-7ul-// 0./*22 /4-$pr-// /36*2
/2-Sep-// /44*1 -.-7un-// 0.0*42 /3-$pr-// /4.*0
/1-Sep-// /44*12 04-7un-// /44*22 /2-$pr-// /4/*2
/--Sep-// /46*.2 03-7un-// /4-*32 /--$pr-// /4.*/
/0-Sep-// /45*0 06-7un-// /4-*5 //-$pr-// /32
4-Sep-// /46*52 01-7un-// /42*/ 3-$pr-// /3-*62
3-Sep-// /44*/2 0--7un-// /4/*12 6-$pr-// /30*22
6-Sep-// 0..*.2 00-7un-// /32*0 5-$pr-// /30*42
5-Sep-// 0.0*3 0/-7un-// /31*32 2-$pr-// /31*0
2-Sep-// 0.0*62 0.-7un-// /35*12 1-$pr-// /31*32
0-Sep-// 0.-*02 /6-7un-// /4/*62 /-$pr-// /30*2
-.-$ug-// 0.. /5-7un-// /41 -/-Mar-// /30*/
04-$ug-// 0./*42 /2-7un-// /41*/2 -.-Mar-// /66*5
05-$ug-// /45*32 /1-7un-// /4-*32 04-Mar-// /64*02
02-$ug-// 0.0*-2 /--7un-// /4.*4 03-Mar-// /63*6
01-$ug-// 0./*42 /.-7un-// /4/*52 02-Mar-// /66*12
0--$ug-// 0.-*0 4-7un-// /42 01-Mar-// /6-
00-$ug-// 0.0 3-7un-// /41*42 0--Mar-// /6/*42
/4-$ug-// /44*0 6-7un-// /4-*22 00-Mar-// /6.*.2
/3-$ug-// 0.-*32 5-7un-// /40*3 0/-Mar-// /56*4
/6-$ug-// 0.1*02 --7un-// /4-*12 /3-Mar-// /56*42
/6-Mar-// /53*.2 02-7an-// /53 5-Dec-/. /54*.2
/5-Mar-// /6/*0 01-7an-// /54*/ --Dec-/. /6/*-
/2-Mar-// /6.*/ 0/-7an-// /53*4 0-Dec-/. /6.*4
/1-Mar-// /6-*12 0.-7an-// /6/*52 /-Dec-/. /6/*1
//-Mar-// /6/*-2 /4-7an-// /62*12 -.-"o)-/. /6/*4
/.-Mar-// /6/*- /3-7an-// /65*/2 04-"o)-/. /53*5
4-Mar-// /6/*62 /6-7an-// /6/*42 05-"o)-/. /56*52
3-Mar-// /6/*42 /1-7an-// /6.*22 02-"o)-/. /54*6
6-Mar-// /60*52 /--7an-// /6-*/2 01-"o)-/. /6-*6
1-Mar-// /60*1 /0-7an-// /6-*62 0--"o)-/. /60*2
--Mar-// /6-*22 //-7an-// /6.*/ 00-"o)-/. /62*4
/-Mar-// /6-*5 /.-7an-// /6.*5 /4-"o)-/. /6.*42
03-!e,-// /54 6-7an-// /60*2 /3-"o)-/. /6/*42
02-!e,-// /25*- 5-7an-// /63*4 /5-"o)-/. /54*42
01-!e,-// /2.*52 2-7an-// /64*3 /2-"o)-/. /62*/2
0--!e,-// /22*5 1-7an-// /66*2 /0-"o)-/. /6-*32
00-!e,-// /25*6 --7an-// /61*3 //-"o)-/. /62*-2
0/-!e,-// /23*0 -/-Dec-/. /61*52 /.-"o)-/. /66
/3-!e,-// /22*62 -.-Dec-/. /61*22 4-"o)-/. /66*3
/6-!e,-// /23*12 04-Dec-/. /61*0 3-"o)-/. /62*52
/5-!e,-// /25*4 03-Dec-/. /6/*0 2-"o)-/. /66*/2
/2-!e,-// /26*/ 06-Dec-/. /54*62 1-"o)-/. /66
/1-!e,-// /26*2 01-Dec-/. /54*4 --"o)-/. /62*22
//-!e,-// /22*/ 0--Dec-/. /55*4 0-"o)-/. /6-*1
/.-!e,-// /25*/2 00-Dec-/. /56*1 /-"o)-/. /6/*32
4-!e,-// /2-*4 0/-Dec-/. /56*/2 04-(ct-/. /6/*0
3-!e,-// /25*/ 0.-Dec-/. /55*42 03-(ct-/. /56*.2
6-!e,-// /26*/ /5-Dec-/. /53*.2 06-(ct-/. /56*32
1-!e,-// /2- /2-Dec-/. /56 05-(ct-/. /6/*62
--!e,-// /24*12 /1-Dec-/. /53*1 02-(ct-/. /54*/2
0-!e,-// /24 /--Dec-/. /56*/2 00-(ct-/. /6/*0
/-!e,-// /24*5 /.-Dec-/. /6.*- 0/-(ct-/. /61*-2
-/-7an-// /50*5 4-Dec-/. /56*- 0.-(ct-/. /53
03-7an-// /53*/2 3-Dec-/. /55*62 /4-(ct-/. /6.*2
06-7an-// /56*3 6-Dec-/. /53*0 /3-(ct-/. /6/*22
/4-(ct-/. /6.*2 5-(ct-/. /60*4 0--Sep-/. /65*2
/3-(ct-/. /6/*22 2-(ct-/. /6-*3 00-Sep-/. /61*6
/2-(ct-/. /6/*42 1-(ct-/. /62*02 0/-Sep-/. /60*52
/1-(ct-/. /62*.2 /-(ct-/. /63*52 0.-Sep-/. /65*52
/--(ct-/. /62*/ -.-Sep-/. /63*- /6-Sep-/. /53*-2
/0-(ct-/. /6.*42 04-Sep-/. /6-*5 /5-Sep-/. /56*1
//-(ct-/. /60*42 03-Sep-/. /63*1 /2-Sep-/. /56*52
3-(ct-/. /60*12 06-Sep-/. /63*1 /1-Sep-/. /52*0
6-(ct-/. /6/*4 01-Sep-/. /64*02 /--Sep-/. /5-*0
4-Sep-/. /50*-2 /2-7ul-/. -..*/ 0.-May-/. 050*1
3-Sep-/. /51*- /1-7ul-/. 043*2 /4-May-/. 024*0
6-Sep-/. /55*0 /--7ul-/. 044*/ /3-May-/. 053*52
5-Sep-/. /52*3 /0-7ul-/. 044*42 /6-May-/. 055*/2
--Sep-/. /51 4-7ul-/. -..*-2 /1-May-/. 053*/2
0-Sep-/. /52*12 3-7ul-/. -.-*/2 /--May-/. 055*2
/-Sep-/. /5-*/2 6-7ul-/. -.0 /0-May-/. 052*.2
-/-$ug-/. /5-*/2 5-7ul-/. -.0*4 //-May-/. 024*22
-.-$ug-/. /24*- 2-7ul-/. -.0*/2 /.-May-/. 05/*3
06-$ug-/. /5/*0 0-7ul-/. -.0*22 6-May-/. 024*/2
05-$ug-/. /5-*4 /-7ul-/. -.- 5-May-/. 024*.2
02-$ug-/. /5.*2 -.-7un-/. -.2*12 2-May-/. 050*/2
01-$ug-/. /24*32 04-7un-/. 045*-2 1-May-/. 050*-
0--$ug-/. /24*2 03-7un-/. 046*52 --May-/. 051*42
0.-$ug-/. /50*6 02-7un-/. -./*12 -.-$pr-/. 052*32
/4-$ug-/. /52*- 01-7un-/. -.2*62 04-$pr-/. 056*/2
/3-$ug-/. /50*2 0--7un-/. -.0*32 03-$pr-/. 054*42
/6-$ug-/. /24*22 00-7un-/. -./*3 06-$pr-/. 054*22
/5-$ug-/. /23*02 0/-7un-/. 044*/ 05-$pr-/. 056*1
/--$ug-/. /25*02 /3-7un-/. 041*4 0--$pr-/. 055*42
/0-$ug-/. /20*42 /6-7un-/. 04-*4 00-$pr-/. 051*02
//-$ug-/. /21*42 /5-7un-/. 04.*4 0/-$pr-/. 050*12
/.-$ug-/. /26*02 /2-7un-/. 04/*6 0.-$pr-/. 05-*0
4-$ug-/. /23*42 /1-7un-/. 035*/ /4-$pr-/. 051*32
5-$ug-/. /23*62 //-7un-/. 03/*22 /5-$pr-/. 054*/
2-$ug-/. /22*3 /.-7un-/. 03.*.2 /2-$pr-/. 050*62
1-$ug-/. /22*- 4-7un-/. 066*5 /--$pr-/. 053*5
--$ug-/. /21*1 3-7un-/. 034*6 /0-$pr-/. 06/*1
0-$ug-/. -/0*3 6-7un-/. 036*6 4-$pr-/. 054*02
-.-7ul-/. -.3*62 1-7un-/. 04.*32 3-$pr-/. 056*62
04-7ul-/. -/.*/ --7un-/. 032*2 6-$pr-/. 054*12
03-7ul-/. -.6*-2 0-7un-/. 03/*- 5-$pr-/. 055*02
06-7ul-/. -.1*02 /-7un-/. 03- 2-$pr-/. 051*3
05-7ul-/. -.0*6 -/-May-/. 03-*0 /-$pr-/. 051
0--7ul-/. -./*52 03-May-/. 03-*0 -/-Mar-/. 05-*.2
00-7ul-/. 046*6 06-May-/. 062*4 -.-Mar-/. 053*32
0/-7ul-/. 040*-2 05-May-/. 054*/ 04-Mar-/. 054*0
0.-7ul-/. 04/*12 02-May-/. 05.*2 05-Mar-/. 051*1
/4-7ul-/. 04/*-2 01-May-/. 053*.2 02-Mar-/. 051*62
/5-7ul-/. 043*-2 0/-May-/. 06/*- 0--Mar-/. 05.*42
ate close price ate close price ate close price
00-Mar-/. 05/*5 3-7an-/. 025*2 06-(ct-.4 05.*5
/4-Mar-/. 05/*- 6-7an-/. 022*42 05-(ct-.4 051*6
/3-Mar-/. 05/*02 5-7an-/. 025*62 0--(ct-.4 05.*0
/6-Mar-/. 050*32 2-7an-/. 025*/2 00-(ct-.4 016*32
/5-Mar-/. 024*3 1-7an-/. 02-*52 0/-(ct-.4 01-*6
/2-Mar-/. 024*-2 -/-Dec-.4 02.*3 0.-(ct-.4 02.*12
/0-Mar-/. 023*12 -.-Dec-.4 02.*6 /6-(ct-.4 02.*2
//-Mar-/. 022*52 04-Dec-.4 025*0 /5-(ct-.4 020*1
/.-Mar-/. 021*02 01-Dec-.4 022*32 /2-(ct-.4 025*1
4-Mar-/. 02/*.2 0--Dec-.4 02-*5 /1-(ct-.4 023*6
3-Mar-/. 02/*02 00-Dec-.4 015*02 /0-(ct-.4 023*-2
2-Mar-/. 011*62 0/-Dec-.4 011*3 4-(ct-.4 014*52
1-Mar-/. 015*.2 /3-Dec-.4 016 3-(ct-.4 02.*62
--Mar-/. 01-*6 /6-Dec-.4 014*02 6-(ct-.4 011*42
0-Mar-/. 01/*42 /5-Dec-.4 014*1 5-(ct-.4 016*22
05-!e,-/. 0-0*02 /2-Dec-.4 02/*12 2-(ct-.4 0-3*22
02-!e,-/. 016*5 /1-Dec-.4 02.*6 /-(ct-.4 0-0*22
01-!e,-/. 016*52 //-Dec-.4 020*62 -.-Sep-.4 0--*.2
0--!e,-/. 014*02 /.-Dec-.4 021*0 04-Sep-.4 0-1*02
00-!e,-/. 016*5 4-Dec-.4 025*22 02-Sep-.4 0-2
/4-!e,-/. 013*2 3-Dec-.4 023*5 01-Sep-.4 0-0*22
/3-!e,-/. 013*02 6-Dec-.4 021*3 0--Sep-.4 0-.*2
/6-!e,-/. 02/*62 1-Dec-.4 025*6 00-Sep-.4 0--*-2
/5-!e,-/. 02.*/2 --Dec-.4 022*12 /3-Sep-.4 005*4
/2-!e,-/. 014*-2 0-Dec-.4 026 /6-Sep-.4 003*3
//-!e,-/. 016*/2 /-Dec-.4 023*.2 /5-Sep-.4 0-/*.2
/.-!e,-/. 01-*4 -.-"o)-.4 026*/ /2-Sep-.4 004*.2
4-!e,-/. 01-*4 06-"o)-.4 025*- /1-Sep-.4 00-*4
3-!e,-/. 012*-2 05-"o)-.4 05/*- //-Sep-.4 006*/
5-!e,-/. 013*.2 02-"o)-.4 053*4 /.-Sep-.4 004*.2
2-!e,-/. 013*-2 01-"o)-.4 05-*3 4-Sep-.4 006
1-!e,-/. 02-*-2 0--"o)-.4 053*3 3-Sep-.4 003*52
--!e,-/. 020*5 0.-"o)-.4 024*4 6-Sep-.4 0-/*.2
0-!e,-/. 011*1 /4-"o)-.4 025*52 1-Sep-.4 0--*02
/-!e,-/. 015*2 /3-"o)-.4 023*62 --Sep-.4 005*3
04-7an-/. 02.*/2 /6-"o)-.4 021*52 0-Sep-.4 003*.2
03-7an-/. 021*02 /5-"o)-.4 022*5 /-Sep-.4 0-.*/2
06-7an-/. 022*4 /--"o)-.4 021*2
02-7an-/. 022*/ /0-"o)-.4 020*42
00-7an-/. 014*/ //-"o)-.4 025*32
0/-7an-/. 011*2 /.-"o)-.4 026*12
0.-7an-/. 016*/ 4-"o)-.4 024*.2
/4-7an-/. 014*4 5-"o)-.4 013*32
/3-7an-/. 02.*22 2-"o)-.4 020*/2
/2-7an-/. 020*62 1-"o)-.4 021*5
/1-7an-/. 013*/2 --"o)-.4 013*22
/--7an-/. 013*42 -.-(ct-.4 021*3
/0-7an-/. 02.*.2 04-(ct-.4 024*-
//-7an-/. 025*5 03-(ct-.4 024*/
DATA ANA!"SIS *U! OF DIVIDEND DECISION
O!IC"%&
Dividend Payment Dates:-
&EA% D#'#DE(D "&PE
D#'#DE(D %A"E
PE% S)A%E
DA"E !F
PA&ME("
*+,,-,* 25 I I"'ERIM -*2 00-"o)-//
*+,+-,,
22 ! !I"$L -*2 /-$ug-//
22 I I"'ERIM - /2-"o)-/.
*++--,+
21 ! !I"$L -*2 -.-7ul-/.
21 I I"'ERIM - 0--"o)-.4
*++.-+-
2- ! !I"$L 1 5-7ul-.4
2- I I"'ERIM -*2 /3-$ug-.3
ANA!"SIS OF DATA 22 NOV TO22DEC 2111%&
ANA!"SIS OF DATA 1AUG TO 1SE 2111%&
ANA!"SIS OF DATA 1;NOV TO 1;DEC 2111#$
ANA!"SIS OF DATA :1 <U!TO :1AUG 2111#$
ANA!"SIS OF DATA 2: NOV TO 2: DEC 211/#$
DATA ANA!"SIS OF ITC DIVIDEND
DECISION O!IC"#$
Dividend (a)'ent dates#$
&EA%
"!"A/ D#'#DE(D
0%S1#( /AC23 "&PE
D#'#DE(D
%A"E PE%
S)A%E
DA"E !F
PA&ME("
*+,,-,* 186080. I"'ERIM -1 //-"o)-//
*+,+-,,
186/8/3 !I"$L -1 /-Sep-//
18-28/5 I"'ERIM -3 4-7ul-/.
*++--,+
18-08// !I"$L -3 -.-7ul-/.
-81281/ I"'ERIM -5 0--(ct-.4
*++.-+-
-8108-4 !I"$L -5 3-"o)-.4
08-1843 I"'ERIM -2 /3-$ug-.3
ANA!"SIS OF DATA 11 NOV$11DEC$2111#$
ANA!"SIS OF DATA 1SE$1OCT$2111#$
ANA!"SIS OF DATA /$<U!$/AUG 2111#$
ANA!"SIS OF DATA :1$<U!$:1AUG 2111#$
ANA!"SIS OF DATA 2:$OCT$2:NOV 211/#$
ANA!"SIS OF DATA =NOV$=DEC 211/#$
DIVIDEND DECISION OF DATA FINDING#$
doc_104472593.doc