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Building on the Markowitz framework, Sharpe (1964), Lintner (1965) and Mossin (1966) independently developed what has come to be known as the capital asset pricing model (CAPM). The model equation can be written as: (R j ) = R f + β j [R m - R f ] (1) Where, R f = 10 year treasury bill rate R m = Return from the market of individual security β j = Systematic risk /Un- diversifiable risk of individual security Section 4 Analysis of Economic Value Added (EVA) of PSUs equity shares The PSU Oil & Gas Sector has shown a negative EVA throughout the study period other than in the years 2000-01, 2006-07, and 2008-09 at the rate of Rs.713 crores, Rs.67,175 crores and 13,913 crores respectively. On an average, the Oil & Gas sector has shown a negative EVA of Rs.-56000 crores. The period 1998-99 has shown a negative EVA of Rs.-1820 crores which increased to Rs.-2314 crores in 1999-00 and then declined to show a positive EVA for the first time at the rate of Rs.713 crores, followed by a negative EVA up to the year 2006-07 and then a negative EVA at Rs.-110871 crores for the year 2007-08. The year 2008-09 has reported a positive EVA of Rs. 13913 crores. 4.2. The PSU Minerals & Metals sectoral average for the period 1998-99 to 2008-09 shows a negative EVA of Rs.-19702 crores. For the period 1998-99 it was Rs.-7327 crores, which increased to Rs.- 9748 crores in 1999-00 and then to Rs.-8913 crores and Rs.-5889 crores in 2000-01 and 2001-02 respectively. It was at the rate of Rs.4041 crores and Rs.-6295 crores in 2003-04 and 2004-05 respectively. During the period 2008-09 it ended with a positive note with Rs.84818 crores. 4.3 The PSU Engineering sector has shown a better EVA for all the companies barring few years including private sector company Siemens during the later part of the study period. Only HMT Ltd.’s EVA was negative in the period 2004-05 to 2008-09. The Engineering sectoral average EVA has varied between Rs. –30445 crores and Rs. 4585 crores, during the study period which indicates that there is no consistency in creating value to the shareholders by the PSUs operating in Engineering sector. Table 2: Calculation of Economic Value Added (EVA) of PSUs Equity Shares for the period 1998-99 to 2008-09 1998- 1999- 00 2000- 01 2001- 02 2002- 03 99 OIL & GAS BPCL -1973 -2160 -1241 453 -334 289 -696 -5066 22035 -20246 366 BRPL -1787 -1500 -1514 -1840 -890 -632 -594 19726 52081 -35799 -50 CPCL -1059 -1174 -913 -1270 -570 -486 -248 1372 6218 -17819 8706 GAIL -6373 -992 28598 -5569 -3644 -1021 -1676 - 35048 - 17574 78476 103443 HPCL -2470 -3315 -2848 -2166 -2002 -147 -312 81 20451 -4113 600 I B P Co. 667 849 927 598 1413 1802 1784 -83 1471 - - Ltd. IOC 16713 -3983 21460 -1010 -4735 -5810 -1171 - 94960 -31235 2764 20163 KRL 956 1276 1717 1793 5284 6255 49 -2089 - - - MRPL -6784 -7682 -6937 -7360 -10498 -6422 -7049 - 10546 6 11249 4 -31754 26341 www.theinternationaljournal.org > RJEBS: Volume: 02, Number: 09, July-2013 Page 48 2003- 04 2004- 05 2005- 06 2006- 07 ONGC -7958 -8141 -7808 -8531 -6447 -5892 6320 89831 33947 5 2007- 08 - 151510 9 AVERAGE -1820 -2314 713 -2692 -2246 -1366 -477 -1020 67175 - 13913 2008- 09 64999
110871 Aban Loyd -33 -49 -81 5 19 -2 43 202 -706 -297 570 MIN & METALS GMDC -177 -183 -25 -69 78 317 -74 -1250 -63 3464 -1072 NALCO 154 -833 -912 -2292 -506 825 -4804 - 10861 44862 -97688 17190 6 NLCL -5944 -5932 -5848 -832 -2447 -3353 -3377 - 67592 SAIL -1149 -1182 -1663 -215 -1072 -405 -762 - 79341 2 HIND COPP 41215 3 - 95773 2 -15899 -15473 -13551 -16793 -9543 -7388 -5451 67076 - 10626 7 - 117470 6 - 113208 3 - 138059 NMDC 4943 -38230 -19544 -3355 -24235 -15995 -23543 -5402 2242 -12986 91582 1 AVERAGE -7327 -9748 -8913 -5889 -5914 -4041 -6295 - - - 84818 81847 11637 238749 TISCO -3191 -2827 -2480 -970 -434 177 -101 -6075 37600 -74863 25094 ENGINEERING BEML -298 -332 -274 -317 -156 -170 10 - 2159 711 1191 10203 BEL -745 -659 -435 -336 -208 -158 64 -7908 -1725 4186 717 BHEL -1770 -1109 -1773 -1455 -818 -471 -334 - 1790 7460 4636 42691 EIL -442 -190 -370 -393 -286 -247 -155 -7159 7901 -4085 498 H M T Ltd. -1088 -4488 -3797 -719 -1768 -2200 -2105 - - -7697 13536 18302 3 22775 AY -438 -455 -394 -425 -344 -391 -352 -3400 792 -7137 316 SIL -479 -296 -303 -267 -268 -390 -269 - 2768 -6441 391 15928 AVERAGE -763 -1025 -1014 -828 -639 -618 -394 - 4585 -8629 2510 30445 SIEMENS -111 -305 -142 -93 -13 -37 55 -3587 17510 7922 1182 LOGISTICS CCI -410 -394 -251 -172 -170 22 118 -610 -1098 995 -1108 SCI -5927 -1475 -1820 -386 -514 -1287 -1146 -5250 -2299 -18056 -9080 B L -126 -134 -124 -187 -86 -85 -52 -4701 1227 381 328 IMFC -17 -16 -17 -17 -17 -17 -17 - - - - AVERAGE -1608 -902 -934 -3246 -536 -458 -376 -9526 1525 -842 -932 G.E. SHIP -120 -188 -256 -247 58 -638 -107 - -5460 -27909 1887 19545 TELECOM I T I Ltd. -812 -790 -493 -477 -490 -190 -1085 - 16809 3 14123 3 www.theinternationaljournal.org > RJEBS: Volume: 02, Number: 09, July-2013 Page 49 4247 35802 53565 7714 5997 MTNL -4981 -5073 -4442 -4333 -3162 -2401 -2909 - 59000 104584 4170 88586 TTL -254 -209 -174 -186 -125 -120 -137 1080 244 -2628 -8258 AVERAGE -3067 -2868 -2265 -2399 -1681 -1264 -1597 - 70617 62291 8166 - 35124 VSNL -2539 -1507 -119 -468 45 -1511 -883 FERT & CHEM FACT -3167 -720 -845 -2594 -2231 -1670 -1457 - 23371 90470 -23821 -4564 HOCL -614 -880 -418 -568 -421 -333 -154 - 28416 1611 -9010 -25
Page 2 and 3: Table of Contents Articles THE GLOB
Page 4 and 5: The capital market of a country can
Page 6 and 7: Figure 1: Components of Indian Fina
Page 8 and 9: esults as regards the stability of
Page 10 and 11: 10. Hasan, M., K., Haque, M., & Law
Page 12 and 13: In the first stage of development,
Page 14 and 15: References: 1. Krishnamacharyulu CS
Page 16 and 17: and the additional procedures neede
Page 18 and 19: TO FIND THE RELATIONSHIP BETWEEN ST
Page 20 and 21: Table No.8: Association between Inv
Page 22 and 23: The foremost factor to be considere
Page 24 and 25: economic and social. Some people ma
Page 26 and 27: eliance, and transparency (Gain Raj
Page 28 and 29: loans/borrowings has been invested
Page 30 and 31: Pressure Nowadays, management is in
Page 32 and 33: includes the red flags that were ex
Page 34 and 35: sec110.01). However, it did establi
Page 36 and 37: The Impact of Macroeconomic Factors
Page 38 and 39: Bajaj 2.53 0.003 4.38 0.24 1.68 -0.
Page 40 and 41: Nestle 2012 ITC 2012 Q1 -0.28 -0.28
Page 42 and 43: Suzuki 2011 .22 1.82 1.91 1.87 1.99
Page 44 and 45: performance performance From the ab
Page 46 and 47: 7 FINDINGS Risk Return Analysis In
Page 48 and 49: 1. Review of Literature Table 1: Su
Page 52 and 53: NFL -4064 -8453 -2516 -3477 -1995 -
Page 54 and 55: Ochsner Robert C (1995), “Welcome
Page 56 and 57: quality measures the outcome of ser
Page 58 and 59: Out of 207 respondents, 108 respond
Page 60 and 61: check-in counters was provided. Ade
Page 62 and 63: esources to the best utilisation in
Page 64 and 65: ABSTRACT The State-Enterprise Exper
Page 66 and 67: Source: IE Singapore 2011/2012 Sing
Page 68 and 69: on a major property development pro
Page 70 and 71: given that the market at the time o
Page 72 and 73: Dunning, J. H., & Lundan, S. 2008.
Page 74 and 75: Table 1.Gross NPA of Nationalised B
Page 76 and 77: References 1.Internet Banking in In
Page 78 and 79: In addition, innovation implies inv
Page 80 and 81: esearch evidence by Mosey, Clare an
Page 82 and 83: 26. Nonaka, I., & Takeuchi, H. (199
Page 84 and 85: Similarly each organization is face
Page 86 and 87: working capital management impacts
Page 88 and 89: TABLE.2. SCHEDULE OF CHANGES IN WOR
Page 90 and 91: INTERPRETATION: The current ratio s
Page 92 and 93: INTERPRETATION: The working capital
Page 94 and 95: (Net worth =paid capital +reserve &
Page 96 and 97: Corporate Governance and Sustainabi
Page 98 and 99: quality. Derivation of this index w
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