Project Dissertation Report on

INITIAL LISTING PERFORMANCE OF IPO

LISTED ON NSE
FOR THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION
MAY 2018

Submitted By :

Rajdeep Singh
2K16/MBA/44

Under the Guidance of

Dr. Archana Singh

DELHI SCHOOL OF MANAGEMENT

Delhi Technological University
Bawana Road, Delhi -110042
India

 CERTIFICATE FROM THE INSTITUTE

This is to certify that the research report entitled, “Initial Listing Performance of IPO listed
on NSE” is a bonafide work carried out by Mr. Rajdeep Singh student of MBA Batch 2016-
18, Delhi School of Management, Delhi Technological University as a fulfilment of Masters
of Business Administration degree of Delhi Technological University.

He has worked under my guidance and satisfactorily completed his project and work.

Signature of mentor Signature of Head of Department

Dr. Archana Singh Dr. Rajan Yadav
Asst. Professor

Seal of HOD

Place:
Date:

Initial Listing Performance of IPO listed on NSE I

 DECLARATION

I hereby declare that the Project Work with the title “Initial Listing Performance of IPO
listed on NSE” is submitted by me for the partial fulfilment of degree of Masters of Business
Administration. I also declare that no chapter of this manuscript in whole or in part has been
incorporated in this report from any earlier work done by others or by me. However, extracts
of any literature which has been used for this report has been duly acknowledged providing
details of such literature in the references.

Signature

Place: New Delhi Rajdeep Singh

Roll No. 2K16/MBA/44
MBA 2016-18 Batch
Delhi School of Management
Delhi Technological University

Initial Listing Performance of IPO listed on NSE II

ACKNOWLEDGEMENT

This work is not a solo endeavour but rather the amalgative consequence of contributions from
various people and sources. Therefore, it would be insolent to present it without acknowledging
their valuable assistance.

I wish to express my gratitude and appreciation to all those concerned with the realization of
this distinctive work. It is deep sense of gratitude that I wish to place on record my sincerest
thanks to my supervisor Dr. Archana Singh (Assistant Professor, Delhi School of Management,
D.T.U, Delhi) who is more than a supervisor for me. Her expert guidance, untiring efforts,
moral courage, inspiration, motivation and patience have always been a source of great strength
for me. I shall always cherish the memories of my association with her. I am thankful to
Dr.Rajan Yadav (HOD, Delhi School of Management, D.T.U, Delhi) for providing me a
chance to carry out this project.

Initial Listing Performance of IPO listed on NSE III

 Contents

Index No. Title Page No.

Certificate from the Institute I

Declaration II

Acknowledgement III

Contents IV-V

Illustrations VI-VII

Objective of the study VIII

Chapter I

Introduction 1-2

Chapter II

Review of Literature 2-6

Chapter III

The Indian Capital Market 7-9

Chapter IV 10-18

A Brief Summary of the Public Issue Process

in India

4.1 Overview 10-11

4.2 Impact of Financial Crisis 2008-09 on IPO 11-12

4.3 Regulations 12-13

Initial Listing Performance of IPO listed on NSE IV

 4.4 Types of Issues in IPO investing 14-15

4.5 ASBA 16

4.6 Some terms with respect to IPO Trading 16-18

Chapter V

Data and Methodology 19-24

5.1 Scope of the Study 19

5.2 Data and its Sources 19-20

5.3 Methodology 20-24

Chapter VI

Analysis and Interpretation 25-39

6.1 Interpreting the Raw Return and the Market Return 25-26

6.2 Interpreting the IPO Returns 27-28

6.3 Finding out the relationship between the subscription level 29-37
and the market adjusted return with offer price as a variable

6.4 Finding out the correlation between subscription level with 38-39
the market adjusted excess return and raw return

Chapter VII

Conclusion 40

Chapter VII 41-42

References

Initial Listing Performance of IPO listed on NSE V


 ILLUSTRATIONS

Fig. No. FIGURES Pg. No.

3.1 Division of Capital Market 7

3.2 Division of the Indian Secondary Market

3.3 Different kind of issues of securities in the Indian Primary 9

4.1 Nifty and BSE Sensex Indices from the year 2006 to 2017 12

Table No. TABLES

4.1 The number of public issues and the amount raised in Indian 10
primary markets
6.1 Yearly Raw Returns, Market Adjusted Excess Returns and 25
Market Returns of IPOs

6.2 Yearly INI, OPR, INTRA of IPOs 27

6.3 Initial listing returns of IPOs by offer price for the years 2008 29
to 2018

6.3.(a) Market Adjusted Return and Subscription Level in relation to 30

the offer price for the years 2008 to 2018
6.3.(b) Summary output of the Regression Statistics 32

6.3.(c) ANOVA Output 34

6.3.(d) Estimated Regression Equation Output 35

6.3.(e) Residual Output 36

6.4 Initial listing returns of IPOs by subscription level for the years 38
2008 to 2018

6.4.(a) Correlation between subscription level and raw return for the 39
years 2008 to 2018

Initial Listing Performance of IPO listed on NSE VI

 Graph No. GRAPHS Pg. No.

6.1 Interpreting the Yearly Fluctuation of Raw Return, Market 26

Adjusted Excess Return and the Market Return
6.2 Interpreting the IPO Returns 28

6.3.(a) Estimated regression equation for the IPOs: y = 0.26x + 6.9008 31

6.3.(b) Standard error measure 33

6.3.(c) Residual Output Measure (Residual Plot) 37

Initial Listing Performance of IPO listed on NSE VII

 OBJECTIVE OF THE STUDY

The study would focus on how the Indian IPO market has become more mature and efficient
with the pricing level of the IPOs. The National Stock Exchange has undertaken a complete
revamp of the listing requirements of the IPOs will have greater efficiency, better corporate
governance and more transparency.

• The primary objective of the study is to analyze the initial returns provided by Initial
Public Offerings (IPO’s) over and above the benchmark index NIFTY after the issue
on the listing day as well as the performance of IPO’s in terms of the market adjusted
excess return after the listing of the issue using a research based descriptive
methodology
• To understand the return behavior of Initial Public Offerings for the time frame ranging
from the year 2008 to the year 2018.
• To understand and interpret the inter-relationships between different variables such as
initial returns of IPOs, market adjusted excess return, subscription level, offer price etc.
that ultimately influences the performance of the IPOs. The study basically focuses on
the relation of subscription level with the market adjusted return and the relation of
offer price with the subscription level.
• To have an in depth understanding of the underlying inter-relationship between the
subscription level and the market adjusted return with offer price as a variable and to
find the correlation between subscription level with the market adjusted excess return
and raw return

Initial Listing Performance of IPO listed on NSE VIII

 CHAPTER I
INTRODUCTION

One of the finest form of raising capital for any company is by selling its’ shares in the
capital market and it is generally done by going public and raising initial public offerings (IPOs).
The IPOs are generally sold to public at a price which is significantly lesser than the first day
trading price, thereby leading to underpricing which at times becomes a costly affair for the
companies. The pricing of the IPOs is of significant importance in majority or almost all equity
markets. This has ultimately led to researches on the short and long run performance of the IPOs.
The market anomaly so caused by the IPOs comes not only with high returns but also with the
high risk prevailing in them. The major types of market anomalies with respect to IPOs are
underpricing, hot issue markets and long run performance. It has been found that there is
significant amount of underpricing in the Indian primary market and consequently a substantial
initial return in the secondary market.

Despite the anomalies, the reasons of IPO underpricing and long-term underperformance
has always been unresolved. The various researches so far have their own set of limitations and
have their own set of conflicting evidences. The researches are formulated mainly on the basis of
data generated by developed markets. India being a developing there arises a need to investigate
into the degree of applicability of the pricing strategies formulated with respect to the emerging
market scenario. The present study aims to provide an insight primarily into the relationship
between initial return and long-term return to the IPOs, the components of initial return and the
determinants of IPO returns in the National Stock Exchange (NSE), India. Apart from this, the
institutional arrangements for unseasoned equity offerings with respect to IPOs in India and their
pricing performance is focused. The reason for studying the IPO performance in India is varied.
First and foremost, the pricing process of the IPOs had originally been controlled by the
government and subsequently it had been liberalized later on in the year 1992. This was an era of
free pricing and a prospect of growth for the investment bankers. This allowed some of the public
issues to be overpriced during the initial years. Secondly, the government permitted the foreign
financial institutions to operate in the Indian primary and secondary markets and thus the study of
Indian IPOs gained interest in the global financial market. Thirdly, market participants generally

Initial Listing Performance of IPO listed on NSE 1
invest in the primary markets only when there is a chance of their expected rate of return to exceed
with that of the secondary markets. Fourthly, the Indian primary markets witnessed a boom in
during the last few years after a transition from the Financial Crisis of 2008-09. It is seen that the
number of new issues coming to the market and the total amount which is deemed to be raised
have increased. It was seen that in the 1992-93, 528 companies made public issues in the Indian
capital markets and raised approximately Rs.60608.3 million. 231 of the issues were made by new
companies, which raised approximately Rs.32120 million from the IPOs. In 1993-94, there were
713 public issues of equity out of which 300 of them were in the form of IPOs. When compared
with the annual number of IPOs in the US, it was about 516 during the 80s and is about 322 in the
first half of 1990s. Thus it could be inferred that the annual number of Indian IPOs is second to
that of the US. Apart from all these reasons, there is always a very high degree of participation by
individual investors especially who are risk takers for the Indian IPOs in the primary market.
Estimates have shown that there were at least 15 million individual investors participating in the
IPO listings in India by the end of 1993. The preponderance of the individual investors in the
Indian IPO market has necessitated a range of research with respect to the expected returns and its
underlying pricing strategy.

The subsequent sections of the paper focuses on the literature review of the studies thereby
testing the applicability of the underlying hypotheses to different markets all over the world in
order to provide a framework with respect to the Indian markets, followed by the information on
the Indian IPO market for the years 2008 to 2017. The research data and methodology is succeeded
by the empirical findings of the study and finally the inference brought about by this study.

Initial Listing Performance of IPO listed on NSE 2
 CHAPTER II
REVIEW OF LITERATURE

The main rationale behind the initial listing performance of Indian IPOs depends to a large
extent on the pricing of the IPOs, however the main focus is to significantly reduce underpricing
of the upcoming IPOs. As said by Loughran, Ritter and Rydqvist (1994) - “Underpricing of IPOs
is a universal phenomenon!” They had provided data on the initial listing performance of IPOs in
25 countries and as per their data record the return from the initial listing ranges from 4.2% in
France to 80.3% in Malaysia. Thus it was arrived at a conclusion that underpricing is unanimous
and that the amount of underpricing varies from countries to countries.

There are a number of factors behind the pervasive and the persistent occurrence of
underpricing of IPOs with special reference to Indian IPO market. Winner’s curse hypothesis is
one of the models based specifically on the pricing of IPOs. Rock (1986) has categorized investors
into two: informed and uninformed investors. As per his observations if the issues are underpriced
then the IPOs are likely to be oversubscribed by the informed investors. This is because there
would be limited number of shares available to the uninformed investors. On the other hand, if the
issues are overpriced then the IPOs are likely to be sold off exclusively to the uninformed investors,
who would in turn earn negative initial returns. Thus, at an unfavourable price situation, the
uninformed investors will be winning the entire issue and thereby will be creating a situation called
the winner’s curse. In order to keep the uninformed investors, the issues are generally offered at a
price lower than the expected listing price i.e. in other words the issues are offered at a discounted
price than their expected listing price. It was in accordance to the winner’s curse theory that “the
IPO underpricing will decrease if the information asymmetry gap between informed and
uninformed investors is reduced”.

There are instances in the American IPO market, that investment bankers often consult the
institutional clients before fixing the final offer price of the IPOs in the prospectus. Investment
bankers may often deliberately underprice an IPO in order to encourage their regular institutional
clients to subscribe the issues. Prior to the selling period, investment bankers gather this type of
demand information that ultimately forms the basis for pricing of the issues. Investment bankers
underprice the IPOs for which the information is disclosed by a greater amount than issues for

Initial Listing Performance of IPO listed on NSE 3
which adverse information is disclosed, in order to instill and induce reliability and faithfulness.
“Investment bankers exploit much of their information regarding underpricing of new issues in the
market” as discussed by Baron and Holmstrom (1980). This as a result allows companies to focus
less on marketing the issue and focus more on gaining the goodwill of their potential clients. In
the Indian IPOs, there is however no explicit mechanism for estimating or measuring the extent of
demand of the upcoming issue price. Investment bankers fix the price solely in consultation with
finance managers of the companies and do not consult any potential investors for estimating the
demand of the return. This as a result might be a much reason behind the higher degree of
underpricing of the Indian IPOs as investment bankers may not want to forecast the risk of the
probable under subscription of the issues with regard to the price.

In one of the studies carried out by Saurabh Ghosh (2004) to identify the factors behind
underpricing of the IPOs of 1842 companies of Bombay Stock Exchange for a period 1993- 2001.
He came to a conclusion that “uncertainty plays a role for vicious underpricing in the Indian
primary market but IPOs with large issue size and with seasonal offerings had less underpricing”.
It is because of the underlying proxies for asymmetric information that results in the underpricing
of the IPOs of financial institutions. This was supported by various studies such as Signaling by
Allen & Faulhaber (1989), Asymmetric Information by Ibbotson (1975), Offer Size by Megginson
& Weiss (1991), Age of the firm by Muscarella & Vetsuypens (1989), Market Capitalization by
McDonald & Fisher (1972), Baker & Wurgler (2007) and Pricing Mechanism by Bansal & Khanna
(2012). A study conducted by Bansal &Khanna (2012) showed that there is a significant difference
between the magnitudes of level of underpricing of IPOs that are priced through the book building
compared to those priced through the fixed price option. Moreover, it was also found out by them
that the IPOs which are price through book building are more underpriced than those priced
through the fixed price option.

Welch (1992), in one of his model of informational cascades, holds that potential investors
in addition to their own information regarding an issue also notice the buying behavior of other
investors and see to it whether they are also buying shares in the same issue. It was a behavior
found out that if an investor finds that no one else wants to buy the issues, then he/she decides not
to buy such an issue even if it might have been beneficial. As a result, an issuer underprices the
issue in order to persuade the first few potential investors to purchase it and thereby cascade the

Initial Listing Performance of IPO listed on NSE 4
enthusiasm of other investors who are willing to subscribe the issue. In India, the same
phenomenon occurs in almost all the subscriptions, since it is a common nature for the firms to
advertise the fact that institutional investors have agreed to subscribe to the issue and thus the IPO
is rendered to be more marketable. Also, firms tend to advertise and make the IPOs more
marketable by indicating that the issue has been fully/oversubscribed before the closing date of the
issue.

It is often noticed that IPOs have been underpriced due to certain restrictive guidelines of
the government. Underpricing often results when firms with potential growth opportunities go
public without any positive indication in their book values. In India, even now, new firms are not
allowed to freely price the IPO. This regulatory factor results in a great deal of underpricing of the
IPOs of good, financially strong companies.

There are many empirical evidences which shows that the IPO valuation focus mainly on
the listing day return. As suggested by Omran (2005); Reber and Fong (2006); Khurshed, Pande
and Singh (2008) “IPOs are underpriced on the listing day”. In order to encourage a wider
subscription, generally the issuer company genuinely underprice the IPOs as put forward by Datar
and Mao (2006). As per the behavioural argument it is observed that “the over-enthusiastic
investors bid the price of IPOs beyond its true fundamental value on the listing day”. In of the
study done by Shah (1995) over a time frame approximately 5 years from 1991 to 1995 of 2056
IPOs it was seen that there was 105.6% excess return over the issue offer price of the IPOs. In one
more study conducted by Madhusoodanan and Thiripalraju (1997) who studied IPOs offered on
BSE exchange for a period 1992- 1995 and concluded that “underpricing in India was higher than
the international IPO experiences in the short run and they yield higher returns in long term also
compared to the negative returns recorded from the other country markets”. Kakati (1999) had
studied the performance of IPOs during January 1993 to March 1996 and inferred that the short
run underpricing is of about 36.6% and in the long-run overpricing is about 40.8% for the said
issues. It is being seen that the IPOs from January 2001 to August 2011, have generated listing
profits but for the long term most of the companies have underperformed when compared to the
market returns. The reasons for the pricing of the IPOs are not mutually exclusive. Rather in any
market, there can be more than one reason for the underpricing/overpricing of the issues. Also, the

Initial Listing Performance of IPO listed on NSE 5
pricing in itself does not indicate the underlying efficiencies in the new issues market instead it
could be a valid response to the underlying economic scenario existing in a particular market.

Initial Listing Performance of IPO listed on NSE 6
 CHAPTER III
THE INDIAN CAPITAL MARKET

Indian capital market marked its journey from the eighteenth when the East India Company
securities were traded in the country. Until the end of the nineteenth century, trading centers were
formed at Bombay (now Mumbai) and Calcutta (now Kolkata). Of the two, Bombay was the chief
trading center wherein bank shares formed majority of the trading stock. Today with the advent of
technology the market has transformed to a well-organized, integrated and modernized market.

Primary Market

Capital Market

Secondary Market

Figure 3.1: Division of Capital Market

The market is divided into two sections - the primary market and the secondary market.
The primary issue market is a component of the capital markets which deals with the issuance of
new securities. So when a company gets listed for the first time at the stock exchange and raises
fund by issuing shares, the process is to take place at the primary market. Generally, companies,
government or public sector institutions obtain funding through the sale of a new stock, and such
a sale occurs through an initial public offering (IPO). In other words, the process of the Initial
Public Offerings or IPOs and the debentures are all controlled at the primary market. On the other
hand, the secondary market is another component of the capital markets which deals with the
existing securities which are bought and sold by the investors (primarily retail investors) through
the stock brokers. It is the secondary market which controls the price of the stocks and the actual
trading or investing takes place here.

The Indian secondary markets can be further divided on the basis of the mode of operation
and the diversification in services. The two largest stock exchanges in India are on the basis of
mode of operation. The Bombay stock exchange or BSE is a conventional stock exchange with a
trading floor and operates mostly through offline trades. The National Stock Exchange or NSE is

Initial Listing Performance of IPO listed on NSE 7
an online stock exchange and the first of its kind in the country. The trading is carried out through
the electronic limit order book or the LOB.

Indian Secondary Market

National Stock Exchange (NSE) Bombay Stock Exchange (BSE)

Figure 3.2.: Division of the Indian Secondary Market

National Stock Exchange (NSE):

The National Stock Exchange (NSE) is the leading stock exchange in India and it is the
fourth largest in the world in terms of equity trading volume as in the year 2015, according to
World Federation of Exchanges (WFE). As per the annual reports of SEBI, it is ranked as the
largest stock exchange in India in terms of total and average daily turnover for equity shares every
year since the year 1995. It has a fully-integrated business model which comprises the exchange
listings, clearing and settlement services, indices, market data feeds, trading services, technology
solutions and financial education offerings. It is a pioneer in technology and also ensures the
reliability and performance of its systems by integrating a culture of innovation and investment in
technology.

Bombay Stock Exchange (BSE):

BSE formerly known as Bombay Stock Exchange Ltd. Was established in the year 1875
and is Asia's first & the fastest Stock Exchange in world having a speed of 6 micro seconds and
thus is one of the leading exchange groups in India. It provides an efficient and a fair market for
trading in equity, currencies, derivatives, debt instruments and mutual funds. It also provides a
platform for trading in equities of small-and-medium enterprises (SME). The systems and
processes of BSE are designed to safeguard market integrity, stimulate innovation and competition
across all market segments and drive the growth of the Indian capital market.

Initial Listing Performance of IPO listed on NSE 8
 Issues in the Primary market

Public Issues Rights Issue Private Placement Bonus Issues

Initial Public Follow on Prefential

Offer Public Order Issues

Fresh Issue Offer for Fresh Issue Offer for Qualified

of Securities Sale of Securities Sale Institutional
Placement

Figure 3.3.: Different kind of issues of securities in the Indian Primary

Public issues:

When an issuer company makes a fresh issue to new investors and/or makes an offer of
securities and/or invites investors to become part of the shareholders, then such an issue is called
a public issue. A public issue can be of two types:

1. Initial Public Offer (IPO): When the stock issued by a company is offered to the public for
the first time, then such an offer is called an initial public offer. They are basically issued
by smaller, younger companies for raising capital required for expansion. They can also be
issued by large privately owned companies who want their shares to be publicly traded.
For issuing an IPO, the issuer looks for the assistance from an underwriting firm, which in
turn determines the type of security to be issued, the best price to be offered and the amount
of shares to be issued.
2. Follow-on-public Offer (FPO): When the stock issued by a company that is currently listed
on a stock exchange is offered to the investors publicly, then such an offer is called a
follow-on-public offer. They are basically stock issued out of additional shares made by a
company that is already publicly listed and has already undergone through the IPO process.
They are used to raise additional equity capital in the market.

Initial Listing Performance of IPO listed on NSE 9
 CHAPTER IV
A BRIEF SUMMARY OF THE PUBLIC ISSUE PROCESS IN INDIA

4.1. Overview

The Indian IPO Market has been developing since the liberalization of the Indian economy and
has become one of the primary methods of raising funds for different developmental projects of
various companies. The market is on the boom as the number of companies issuing equity shares
in the capital market are on the rise. It experienced the maximum boom in the year 1994 and
experienced a growth rate of approximately 32%. The market growth rate declined due to the
financial crisis in the year 2008-09. However, with the advent of the open market economy and
advanced technology, the Indian IPO Market underwent various policy changes, reforms and
restructuring of the shares issued to the public and it picked up its pace as seen in the recent years.
It underwent disassembling of the Controller of Capital Issues (CCI) and followed by the
subsequent introduction of the free pricing mechanism. This ultimately helped in developing the
IPO Market in India, as the companies were permitted to price the issues as per their own
presumptions. The Free pricing mechanism permitted the companies to raise funds from the
primary market at a price that would render themselves competitive in the market.

Amount raised
Year Number of issues
(in Rs. Millions)
2008 39 3,39,462.20
2009 22 1,83,399.20
2010 66 1,93,065.80
2011 40 3,63,621.80
2012 13 60,435.70
2013 05 67,701.70
2014 07 12,839.50
2015 21 12,009.40
2016 27 1,13,623.00
2017 38 2,63,724.80
2018 * 14 7,54,753.70

Table 4.1.: The number of public issues and the amount raised in Indian primary markets

Initial Listing Performance of IPO listed on NSE 10
 This table provides the information about the IPO's that has come to the Indian stock market
since the year 2007. It analyses the total amount raised through public offerings in primary stock
market along with the number of successful and failed attempts by the issuer companies. The table
commutatively shows that the amount of capital raised and number of IPO’s issued has started to
rise after FY 2014-15

4.2. Impact of Financial Crisis 2008-09 on IPO

As per the research conducted by SMC Nexgen Capital, the Indian IPO market dropped
down by 14.32% with a loss of approximately $3.60 billion from the year 2004 to 2008 due to the
downfall and unstable market conditions post the financial crisis. Public issues which were
launched in the years 2005, 2006, 2007 and 2008 were yielding negative returns on the current
MTM (mark to market). However, the public issues which were launched in the year 2004 had
positive returns of about 58% on the current MTM basis. The impact on the secondary market was
directly reflected by the primary market. It showed that if 41 public issues were launched in the
year 2008, then only 4 issues made money and the rest 37 issues underwent huge losses.

The IPO investors, who invested in companies such as Niraj Cement, Porwal Auto,
Chemcel Biotech and First Winner Industries underwent havoc irrecoverable losses. Only 4 of the
IPOs namely Vishal Info (a tech firm), Anus Labs (a pharmaceutical company), Alkali Metal and
Gokul Refoils managed to give positive returns in the year 2008.

On performing a sectorial analysis of public issues, only the companies under the
pharmaceutical segment managed to give positive returns to the investors. Anu's Laboratories
appreciated to over 28% upon the date of listing in the year 2008. The IPOs which were under the
Banking, Financial services and Insurance (BFSI) and manufacturing sectors performed the worst
since listing (approximately 79% downfall).

The year 2008 witnessed a capital mobilization of only Rs. 16,927 crores which represented
a downfall of 63% over Rs. 45,137 crores that was raised in the year 200, through public issues
including both IPOs and FPOs.

Initial Listing Performance of IPO listed on NSE 11


Figure 4.1.: Nifty and BSE Sensex Indices from the year 2006 to 2017

4.3. Regulations

The Securities Exchange Board of India (SEBI) was established in the year 1992 by the
Central Government after the demolition of the Controller of Capital Issues (CCI) in order to
regulate the capital market. In order to monitor and regulate the activities of the bankers for
publicizing an issue, the activities of the portfolio managers, the underlying stockbrokers and other
intermediaries who related to the stock markets, SEBI was authorized by the Government.
Establishment of such a regulatory body led to certain changes as is evident from the trend of the
resources of the primary capital market that primarily includes rights issues, public issues, private
placements and overseas issues.

As per the latest reports, in order to help the investors and companies in raising funds
through IPOs, SEBI halved the listing time to 6 days from the date of the public offer. The
companies are currently required to list their shares on the stock exchanges within 12 days of the
last issue date of the IPO process, which in turn keeps the funds locked in for a longer period of
time. The shorter the time period, the more will it help to reduce the costs associated with the
public offering.

Initial Listing Performance of IPO listed on NSE 12
4.3.1. Eligibility Norms for making an IPO:

Corporates may raise capital in the primary market by way of IPO which is supposed to be
the largest source of funds with long or indefinite maturity for any company. SEBI has stipulated
certain eligibility norms for companies who planning to raise capital by way of IPO. These norms
are as follows:

Entry Norm I (Profitability Route)

1. Net tangible assets of at least Rs. 3 crores should be there in each of the preceding 3 full
years; of which not more than 50% is to be held in monetary assets. However, if the public
offer is made entirely through offer for sale, then the limit of 50% on monetary assets shall
not be applicable.
2. Minimum of Rs.15 crores should be there as average pre-tax operating profit in at least 3
full years of the immediately preceding 5 years.
3. Net worth of at least Rs.1 crore should be there in each of the preceding 3 full years.
4. If there has been a change in the company’s name, then at least 50% of the revenue for the
preceding 1 year should be from the new activity denoted by the new name of the aforesaid
company
5. The issue size should not exceed 5 times the pre-issue net worth

Note: Alternative routes - In order to provide sufficient flexibility and also in order to ensure that
genuine companies are not limited from raising fund on account of strict parameters, SEBI has
provided the alternative route, an alternative norm to the companies who does not satisfy any of
the above Profitability route conditions, for accessing the primary market. It has been named as
the QIB route.

Entry Norm II (QIB Route)

The issues should be having at least 75% of net offer to the public through book building
route, and it needs to be mandatorily allotted to the Qualified Institutional Buyers (QIBs). The
company will be refunding the subscription money if the minimum subscription of QIBs is not
attained.

Initial Listing Performance of IPO listed on NSE 13
4.4 Types of Issues in IPO investing: Fixed Price & Book-building

There are two types focused on while investing on an IPO, which can be briefed out as follows:

Fixed Price Issues Book built issue

The issuer decides the issue price and mentions The price of an issue is discovered on the basis
it in the offer document of demand raised from the prospective
investors at various price levels

4.4.1. Pricing through Book building Process

As per the SEBI guidelines - Book Building is "a process undertaken by which a demand
for the securities proposed to be issued by a body corporate is elicited and built-up and the price
for such securities is assessed for the determination of the quantum of such securities to be issued
by means of a notice, circular, advertisement, document or information memoranda or offer
document". It is a mechanized process wherein, bids are collected from investors at various prices,
which are above or equal to the base/floor price till the issuing period of the IPO is open. The offer
price is determined after the issue or bid closing date. A company who is planning to go public,
follows the underlying process (Book Building Pricing Process) in order to determine the price of
the offer:

Appointment of a merchant banker or a book runner followed by

fixing of a particular time frame called as the bidding period.

Building of an order book that collates bids from various investors.

Revision of the bids by potential investors at any time during the

bidding period.

Closure of the order book and consequently the quantum of shares

are ordered and the respective prices are offered.

Determination of final price based on demand at various prices.

Initial Listing Performance of IPO listed on NSE 14
4.4.1(a) Pricing through the Book Building Process at the National Stock Exchange

The NSE has set up nation-wide trading network spanning various cities and towns across
India, whereby members can trade remotely from any of their offices all over the country. NSE
conducts trading of online IPOs through the Book Building process. It operates a fully automated
screen based bidding system called NEAT IPO which enables the trading members to enter into
bids directly from their offices through a sophisticated telecommunication network.

The Book Building process opted by the NSE offers several advantages:
1. It offers a nation-wide bidding facility in securities
2. It provides a fair, efficient and transparent method for collecting the bids using the latest
electronic trading systems
3. Costs involved in the book built issue are far less than those in a normal IPO

The IPO market timings are generally from 10.00 a.m. to 5.00 p.m. On the last day of the IPO
issue, the session timings can be further extended only on specific request by the Book Running
Lead Manager.

As per the SEBI guidelines, the issuer company who is willing to raise funds through IPOs can
issue securities to the public in the following manner:
1. 100% of the net offer to the public can be done through book building process
2. 75% of the net offer to the public can be done through book building process and 25% of
the net offer is to be determined in accordance to the price through book building.

During the determination of the issue price, the Fixed Price portion is conducted. It is
conducted like a normal public issue after the Book Built portion. The concept of Book Building
is relatively new in India although it has been a common practice in most of the developed
countries.

Initial Listing Performance of IPO listed on NSE 15
4.5 Application Supported by Blocked Amount (ASBA) Procedure

ASBA provides an alternative mode of payment for issues, wherein the application money
remains with the investor in the investor's account till the finalization of the basis of allotment in
the issue.
The process facilitates investors in bidding with multiple options and to apply through Self
Certified Syndicate Banks (SCSBs), where the investors have bank accounts. SCSBs are those
banks which satisfy the conditions laid by SEBI. These banks would accept the applications, verify
the applications, block the fund to the extent of bid payment amount, upload the details in the web
based bidding system of NSE, unblock the fund once the basis of allotment gets finalized and
transfer the amount for the allotted shares to the issuer.

1. As per SEBI circular no CIR/CFD/POLICY CELL/11/2015 dated November 10, 2015, all
investors need to mandatorily use Application Supported by Blocked Amount (ASBA) for
all issues opening from 01 January, 2016 onwards.
2. In order to register with the Exchange, the SCSB has to submit a one-time undertaking as
per the prescribed format available on the NSE website.
3. In order to register with the Exchange, the Registrars to an Issue and Share Transfer Agents
(RTAs) and Depository Participants (DPs) have to submit the application as per the
prescribed format available on the NSE website.

4.6 Some Terms with respect to IPO Trading

§ Initial offering date: The date on which an issue is first offered to the public in order to
raise funds by purchasing the issue is called an initial offering date.

§ Final offering date: The date on which an issue is closed from public purchasing is called
a final offering date.

§ Listing Date: The date on which the public issues of the respective companies are officially
listed or quoted for trading on the National Stock Exchange (NSE) or Bombay Stock
Exchange (BSE) is called the listing date.

Initial Listing Performance of IPO listed on NSE 16
 § Floor Price: The minimum price at which bids for the issues are made is called the floor
price.

§ Cut-off Price: During the book building process, the issuer is required to mention either
the price range/band or a floor price in the prospectus. The actual issue price which can be
any price within the price range or any price which is above the floor price is called as the
cut off price. This price is decided by the issuers and the lead managers after having a clear
overview of the stock. According to the SEBI ICDR Regulations 2009 only retail
individual investors have the option of applying for the issues at the cut off price.

§ Price Band/Price Range: A value-setting method by which the seller sets an upper and
lower cost limit for the public issues, between which the buyers are able to ask for the bids,
is called price band or in simple words the price range. It along with the market
capitalization provide an effective guidance to the buyers. The price band may undergo
changes subject to certain SEBI regulations. As per the SEBI requirements, any revision in
the price range has to be disseminated by compulsorily informing to the respective stock
exchanges where the IPOs are supposed to be listed. The change needs to informed through
proper press release and also mentioning the change in the relevant websites and also to
the syndicate members. When there is a revision in the price band, the bidding period gets
extended for an interval of approximately 3 days, subject to the condition that the total
bidding period does not exceed to more than 13 days.

§ Final Issue Price: It is the price of the IPO determined by the issuer in such a manner that
the demand is in sync with the price levels within the price range and is made available on
the websites of the respective designated stock exchanges during the entire issue tenure.

§ Subscription level: The number of newly issued securities bought by the investors prior
to the issue date refers to the subscription level. Once the offering of issues gets over, the
investors are expected to get the designated number of shares that they own.
The minimum number of issues that the company needs to get from the public out of the
total issue within the closing date is called the minimum subscription level. Presently all
companies need to have a minimum of 90% of the subscription level or else the companies
have to refund the whole amount received till date. Similarly, oversubscription is a typical

Initial Listing Performance of IPO listed on NSE 17
 phenomenon which occurs during IPO listing. When the demand for the shares exceed the
number of shares issued then such an issue is said to be oversubscribed.

§ Minimum Number of Days for which the IPO Subscription List has to remain Open:
As per the SEBI ICDR Regulations 2009, the IPOs are to kept open for at least three
working days. However, it should not be more than ten working days that also includes the
days for which the issue is kept open in case of price range revision.

Initial Listing Performance of IPO listed on NSE 18
 CHAPTER V
DATA AND METHODOLOGY

5.1 Scope of the Study

The scope of the study is limited to understanding the procedural issues pertaining to making
an IPO and Listing it with National Stock Exchange. Only two important aspects have been studied
here:
§ The relation of subscription level with the market adjusted return
§ The relation of offer price with the subscription level
Further the scope is expanded to the extent of the hurdles that the procedures and regulatory
environment may create while the company gears up for making an Initial Public Offer.

5.2 Data and its Sources

The IPO data which includes the date of listing, the issue/offer price, subscription level, the
opening and closing prices of the IPO, the returns of the IPO etc. are all secondary data sources
taken from the National Stock Exchange website. A sample of 265 IPOs have been collected from
the year 2008 till 2018 and each of them have been recorded based on the following criteria:

§ The issue must have been made in the period following the liberalization of pricing of
IPOs;
§ The subscription data must be available;
§ The listing date and price must be available; and
§ The dates on which the issue opened/closed must also be available.

Based on the above screening procedure a sample of 265 IPOs have been identified whose date of
listing ranged from 1st February, 2008 to 9th April, 2018. Only those IPOs which have been listed
in the National Stock Exchange have been taken for the study.

Initial Listing Performance of IPO listed on NSE 19
5.2.1 Why NSE has been chosen for the study

The securities are traded in the secondary market after being initially offered to the public
in the primary market and/or then listed on the stock exchange. The stock exchanges along with
other intermediaries provide the trading platform in the secondary market and also necessitates
clearing and settlement of the issues. As per the regulatory framework of SEBI and the Stock
Exchanges the securities are traded, cleared and settled. However, with the increased application
by the companies for raising funds by going into public, the trading platform of the stock exchange
needs to be accessible from anywhere within the country through its trading terminals and hence
National Stock Exchange is a better platform with the application of information technology.

NSE is the largest stock exchange in India in terms of trading volumes. It reported a
turnover of Rs. 35,77,412 crores in the equities segment during the year 2010-2011. It provides a
trading platform that extends throughout the country and investors from 191 centers can avail the
online trading facilities on the NSE Trading Network. It uses the latest communication technology
so as to give instant access from every location within the country. Moreover, the speed at which
the orders are processed results in sufficient amount of liquidity in the capital market. The
Exchange also encourages short settlement cycles with approximately no delays.
Looking into the benefits of trading at NSE, IPOs which have been listed in this stock exchange
has been selected for the study.

5.3 Methodology

For each of the 265 IPOs, we have calculated the raw return as follows:

§ Raw Returns/ Initial Returns(INI): The percentage change in the stock price from that
of its offering price to the closing price on the first trading day is called the initial return of
the IPO.

( P1 - P0 ) x 100
INI =
P0
Where P1 = The closing price on the day of listing and P0 = The offer price

Initial Listing Performance of IPO listed on NSE 20
In India, it typically takes about three months from the offer date for an IPO to get listed on a stock
exchange. Therefore, it is essential to adjust the initial listing returns of IPOs for market
movements. The market-adjusted returns are calculated as follows:

Market-Adjusted Return = Raw Return - Market Return

§ Market Return: The return which is based on the overall market portfolio wherein the
portfolio is weighted for value is called the market return.
( M1 – M0 ) x 100
Market Return =
M0

Where M1 = The closing value of the market index on the date of listing and M0 = The
closing value of the market index on the offering date.

Some other return variables that are calculated to test the relationship between different IPO returns:

§ Opening Price Return (OPR): The percentage change in the stock price from that of its
offering price to the opening price on the first trading day is called the opening price return
of the IPO.

OPR = Opening Price on the First Trading Day x 100

Offering Price

§ Intraday return (INTRA): The percentage change in the stock price from the opening
price on the first trading day to the closing price on the first trading day is called the
intraday return. In other words, it is the return which is gained from the IPO on its first
trading day.

Closing Price on the First Trading Day x 100

INTRA =
Opening Price on the First Trading Day

Initial Listing Performance of IPO listed on NSE 21
 In order to understand the relationship between the variables, regression analysis has been
used so as to develop an equation showing how the variables are actually related. In regression,
the variable which is being predicted is the dependent variable and the variables which are used to
predict the value of dependent variable are called the independent variables. In statistical notation,
y denotes the dependent variable and x denotes the independent variable. In this study, y is the
market adjusted return and x is the subscription level.

Simple Linear Regression Model: y = β0 + β1 (x) + € where, β0 and β1 are referred to as the
parameters of the model and € is a random variable referred to as the error term.

Simple Linear Regression Equation: E(y) = β0 + β1 (x) The graph of the simple linear regression
equation is a straight line; β0 is the y-intercept of the regression line, β1 is the slope, and E(y) is
the mean or expected value of y for a given value of x.

In practice, however, the parameters are unknown and is to be estimated using sample data. Sample
statistics (denoted by b0 and b1) are computed as estimates of the parameters β0 and β1.

Estimated Simple Linear Regression Equation: ŷ = b0 + b1(x) where, b0 represents the y-

intercept and b1 represents the slope.

A completely randomized design has been chosen for the study which has been further
analyzed through a statistical procedure called Analysis of Variance (ANOVA). It has been used
to analyze the data obtained through random observations of study. Since ANOVA plays a key
role in analyzing the results of regression studies involving observational data, hence to understand
the validity of the results thus obtained, the ANOVA test has been undertaken for the study. The
ANOVA table comprises of the following:
§ Source of Variation: Treatment and Error (Regression and Residual in this case)
§ Sum of Squares: Sum of Squares due to Treatment (SSTR), Sum of Squares due to Error
(SSE) and Total Sum of Squares (SST); where SST = SSTR + SSE
§ Degrees of Freedom: Associated with treatment and error
§ Mean Square: Mean Square due to Treatment (MSTR), Mean Square due to Error (MSE)

Initial Listing Performance of IPO listed on NSE 22
 § F-test: Test statistic for the equality of the observation means
§ P-value: Test statistic for testing the hypothesis of the means
Sample ANOVA Table for a Completely Randomized Design:
Source of Sum of Degrees of
Mean Square F p-value
Variation Squares Freedom
Treatments SSTR k–1 MSTR = SSTR/(k-1) MSTR/MSE
Error SSE nT - k MSE = SSE/( nT – k)
Total SST nT - 1

Testing for Significance (the use of t-test): In a simple linear regression model, the mean or
expected value of y is a linear function of x where, E(y) = β0 + β1 (x). If the value of β1 = 0, then y
does not depend on x and hence x and y are not linearly related. Alternatively, if the value of β1 ≠
0, then y depends on x and hence x and y are linearly related. The purpose of the t- test is to see
whether β1 = 0.
t- test for significance in simple linear regression:
H0: β1 = 0 Ha: β1 ≠ 0
Test Statistic: t = b1/sb1 where, b1 is the slope and sb1 is the estimated standard deviation of b1
Rejection rule:
p-value approach: Reject H0 if p-value ≤ α
Critical value approach: Reject H0 if t ≤ -tα/2 or if t ≥ -tα/2 where, tα/2 is based on a t distribution
with n-2 degrees of freedom

Confidence Level for β1:

The form of a confidence interval for β1 is as follows: b1 ± tα/2 (sb1)
The point estimator is b1 and the margin of error is tα/2 (sb1). The confidence coefficient associated
with this interval is 1-α, and tα/2 is the t value providing an area of α/2 in the upper tail of a t
distribution with n-2 degrees of freedom. In general, a confidence interval can be used to test any
two-sided hypothesis about β1. If the hypothesized value of β1 is contained in the confidence
interval, H0 would not be rejected. Otherwise H0 would be rejected.

Initial Listing Performance of IPO listed on NSE 23
Testing for Significance (the use of F-test): A F-test based on the F probability distribution is
also used to test for significance in regression. With only one independent variable, the F-test will
provide the same conclusion as the t-test. But with more than one independent variable, only the
F-test can be used to test for an overall significant relationship.
F - test for significance in simple linear regression:
H0: β1 = 0 Ha: β1 ≠ 0
Test Statistic: F = MSR/MSE where, MSR is the mean square due to regression and MSE is the
mean square due to error Rejection rule:
p-value approach: Reject H0 if p-value ≤ α
Critical value approach: Reject H0 if F ≥ Fα where, Fα is based on a F distribution with 1 degree
of freedom in the numerator and n-2 degrees of freedom in the denominator.

5.4 Limitations of the Study

The research has been conducted on the basis of secondary data sources only. Thus, no
preliminary primary findings have been found out. The secondary sources have been relied upon
totally. The findings might not show outcomes in specific and absolute terms. There are procedural
complexities as well as certain external factors that often act as hurdles in making an IPO and its
listing thereafter. The study has been undertaken based on provisions of Companies Act 2013; and
not the Companies Act 1956; though the study is conducted from the year 2008 when the
regulations used to be different from that of the Companies Act, 2013 and also the SEBI (Issue of
Capital and Disclosure Requirements) 2009 as amended.

Initial Listing Performance of IPO listed on NSE 24
 CHAPTER VI
ANALYSIS AND INTERPRETATION

6.1. Interpreting the Raw Return and the Market Return

Raw return is the percentage change in the stock price from that of its offering price to the
closing price on the first trading day is called the initial return of the IPO. On, the other hand
Market Adjusted Excess Return is the difference between the raw return and the market return.
Thus, Market Adjusted Excess Return = Raw Return – Market Return.

If Raw Return < 0, Market Adjusted Excess Return < 0

If Raw Return = 0, Market Adjusted Excess Return < 0
If Raw Return > 0, Market Adjusted Excess Return < 0

Market Adjusted Excess

Year Raw Return Market Return
Returns
2008 6.32% 14.27% 20.59%
2009 10.45% 8.60% 19.05%
2010 19.23% 18.20% 37.43%
2011 6.08% 5.83% 11.91%
2012 1.17% 0.75% 1.92%
2013 2.21% 4.17% 6.38%
2014 26.08% 27.13% 53.21%
2015 10.72% 11.33% 22.05%
2016 13.90% 13.29% 27.19%
2017 20.86% 19.97% 40.83%
2018 10.15% 10.89% 21.03%
Average 11.56% 12.22% 23.78%

Table 6.1.: Yearly Raw Returns, Market Adjusted Excess Returns and Market Returns of IPOs

As shown in the above table, it is seen that the average raw return is 11.56% and the market
adjusted excess return is 12.22%, which implies that the average market returns for the years 2008
till 2018 was 23.78%. This meant that the market provided a much greater return compared to the
initial returns provided by the IPOs. Thus it can be inferred that the IPOs are underpriced on an

Initial Listing Performance of IPO listed on NSE 25
average for the years under study. The secondary market trading price of a stock is much higher
on an average than its IPO price.

Year-wise Returns
60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Raw Return(INI) Market Adjusted Excess Returns Market Return

Graph 6.1.: Interpreting the Yearly Fluctuation of Raw Return, Market Adjusted Excess Return
and the Market Return

As seen in the above graph, all the years are experiencing lower initial returns compared
to the market return. This means that the IPOs were underpriced at an average. The IPOs are
underpriced maximum in the year 2014 where the market return was 53% which was almost double
of that of the IPO return. Thus the investors who invested in IPOs in this year suffered a maximum
loss with almost no return on their investment. The global financial crisis impacted pricing of the
IPOs for the years 2008 – 2010 as well.

Inference
Looking into the trend it could be inferred that the IPOs listed on NSE for the years 2008-
2018 have been facing underpricing issues and that it has led to a ubiquitous phenomenon in the
Indian Capital Market.

Initial Listing Performance of IPO listed on NSE 26
6.2. Interpreting the IPO Returns

Initial Returns/ Raw Returns (INI) is the change in the stock price from that of its offering
price to the closing price on the first trading day. Opening Price Return (OPR) is the change in the
stock price from that of its offering price to the opening price on the first trading day. Intraday
return (INTRA) is the change in the stock price from the opening price on the first trading day to
the closing price on the first trading day.
INI based on Offering Price - Closing Price on the First Trading Day
OPR based on Offering Price - Opening Price on the First Trading Day
INTRA based on Opening Price on the First Trading Day - Closing Price on the First Trading Day

Year INI OPR INTRA
2008 6.32% 3.70% 6.73%
2009 10.45% 1.84% 9.29%
2010 19.23% 18.44% 1.69%
2011 6.08% 5.05% 1.35%
2012 1.17% 1.71% -0.53%
2013 2.21% 3.37% -1.29%
2014 26.08% 30.17% -3.29%
2015 10.72% 7.02% 2.67%
2016 13.90% 12.20% 1.04%
2017 20.86% 20.43% 0.68%
2018 10.15% 8.28% 2.05%
Average 11.56% 10.20% 1.85%

Table 6.2.: Yearly INI, OPR, INTRA of IPOs

As shown in the above table, the average initial return is 11.56%, the opening price return
is 10.20% and the intraday return is 1.85%. The IPOs on their first trading day provided 11.56%
return at an average whereas their opening price return was 10.20%. Thus it provides evidence that
the investors who purchase the IPOs at their offering price are the ones who actually want to realize
the initial returns from the IPO in the short-term. Thus, the opening price return and initial return
variables are significantly different from 0 at the 1.85% level while the intraday mean return is
much lesser than the opening price return and it does not appear to be significantly different from
zero. The following graph shows the yearly changes in INI, OPR and INTRA.

Initial Listing Performance of IPO listed on NSE 27
 IPO Returns
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
-5.00%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

INI OPR INTRA

Graph 6.2.: Interpreting the IPO Returns

Initial Listing Performance of IPO listed on NSE 28
6.3. Finding out the relationship between the subscription level and the market adjusted
return with offer price as a variable

The empirical evidence on the initial listing performance of Indian IPOs has been presented
in the following table. For the entire sample of 265 companies, the mean raw return of the IPOs
comes out to be 12.97% and the market-adjusted return using Nifty 50 as proxy for the market
comes out to be 13.50% based on the offer price ranging from below Rs. 50 to above Rs. 1100.

Offer Price Number of Raw Returns Market Adjusted Subscription

(Rs.) observations (%) Excess Returns (%) Level
0<P<=50 23 9.00 13.08 18.90
50<P<=150 91 15.00 15.33 12.76
150<P<=300 76 11.00 10.68 19.40
300<P<=500 36 18.00 17.96 34.14
500<P<=700 14 5.00 5.55 14.96
700<P<=900 14 15.00 16.21 45.59
900<P<=1100 6 11.00 9.79 21.86
P>1100 5 20.00 19.39 35.46
ALL 265 12.97 13.50 25.38

Table 6.3.: Initial listing returns of IPOs by offer price for the years 2008 to 2018

Only new companies which are without the track record and the companies which are not
currently making profits are allowed to issue only at the face/par value. Thus, it has been assumed
that the IPOs used in this study are regulated. As a result of this systematic underpricing may arise
as a consequence of this restriction on regulation. Moreover, as per Chalk and Peavy (1987) it had
been inferred that the issues with the lowest offer price are underpriced more than the issues with
higher offer price. Similarly, the results drawn out of the regulated IPOs in this study with offer
price of less than Rs. 50 are more underpriced than the ones with offer price ranging more than
Rs. 50. The raw return and market adjusted returns (Nifty 50) for the par-value issues i.e. with
offer price of less than Rs. 50 are 9% and 13%. For the premium issues, initial listing returns vary

Initial Listing Performance of IPO listed on NSE 29
inversely with the offer price and the raw returns range from 15% to 20% and market-adjusted
returns vary from 15% to 19%.

It is seen that the observed results are not so much sensitive to the market index used. It is
thus noticeable that the underpricing comes down with the increasing offer prices. Thus the offer
price is a proxy for the subscription level for that IPO. This is understood from the subscription
level of the IPOs for the ranged offer prices as shown in the last column of Table 1. The companies
with lower subscription level are riskier and therefore there exists a greater degree of information
asymmetry between the insiders of the company and the outside investors. This eventually forces
the investment bankers to underprice the issue more. One of the major reasons for the publicity
campaign of some like-minded companies especially the bigger companies, is to reduce this
information asymmetry. On the other hand, smaller companies would find it extremely prohibitive
to publicize their image in the market because of certain restrictive resources. A potential
consequence of this is that smaller issues with lower level of subscription may have to be more
underpriced.

Now, looking into the market adjusted excess return and the subscription level, a regression
analysis can be built up to show how the dependent variable i.e. the market adjusted excess return
(y) is related to the independent variable i.e. subscription level (x). It would indicate how or to
what extent the market adjusted excess return is associated with the subscription level.

Market Adjusted Excess Returns Subscription level

13.08 18.90
15.33 12.76
10.68 19.40
17.96 34.14
5.55 14.96
16.21 45.59
9.79 21.86
19.39 35.46
13.50 25.38

Table 6.3. (a) : Market Adjusted Return and Subscription Level in relation to the offer price for
the years 2008 to 2018

Initial Listing Performance of IPO listed on NSE 30
 The simple linear regression equation thus obtained using Table 2 as the data feed is as
follows: y = 0.26x + 6.9008 where 0.26 represents the slope of the estimated regression line and
6.9008 represents the y-intercept of the estimated regression line.
It is seen that the slope of the estimated regression equation i.e. b1 = 0.26 is positive, implying that
as the subscription level increases, the market adjusted excess return increases. In fact, it can be
concluded that an increase in subscription level by 6.14% is associated with an increase of 2.25%
of market adjusted excess return; that is the return is expected to increase by 36.64% for each level
of subscription.

y = 0.26x + 6.9008
Subscription level Line Fit Plot R² = 0.42435

25.00
Market Adjusted Excess Returns

20.00

15.00

10.00

5.00

0.00
0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 50.00
Subscription level

Market Adjusted Excess Returns Linear (Market Adjusted Excess Returns)

Graph 6.3(a) : Estimated regression equation for the IPOs: y = 0.26x + 6.9008

Detailed Analysis of the estimated regression equation: The detailed analysis has been done by
ANOVA which plays a key role in analyzing the relation between the market adjusted excess
return with the subscription level and to understand the validity of the results thus obtained.
The hypothesis drawn out is :
H0: β1 = 0 Ha: β1 ≠ 0
where; the null hypothesis, H0 signifies that there no significant relationship between the market
adjusted excess return and the subscription level and the alternative hypothesis, Ha signifies that

Initial Listing Performance of IPO listed on NSE 31
there exists a significant relationship between the market adjusted excess return and the
subscription level.
In order to test the hypothesis, Excel’s regression tool has been used to perform the detailed
regression analysis in order to test the validity of such a relationship.

The first section of the output, which has been named as the Regression Statistics, contains
summary statistics such as the coefficient of determination (R square). The second section of the
output, which has been titled as ANOVA contains the analysis of the variance table. The last
section of the output contains the estimated regression coefficients and any other related
information.

The following tables denote the output obtained out of regression:

Regression Statistics
Multiple R 0.6514
R Square 0.4243
Adjusted R Square 0.3284
Standard Error 3.7990
Observations 8

Table 6.3. (b) : Summary output of the Regression Statistics

Interpretation of the Regression Statistics Output (Table 6.3. (b)):

The coefficient of determination, 0.4243 is represented by R square. The square root of the
coefficient of determination provided the sample correlation coefficient of 0.6514. Excel uses the
label Multiple R in order to identify this value. The label Standard Error is used to estimate the
standard error of the estimate which is 3.7990. It represents sb1 which is the standard deviation of
the sampling distribution of b1.

Initial Listing Performance of IPO listed on NSE 32
Inference

The above table is a measure of “Goodness of Fit”. It signifies how well the calculated linear
regression equation fits with the data of market adjusted excess return and the subscription level.

§ Multiple R: This is the correlation coefficient. It tells how strong the linear relationship
between the market adjusted excess return and the subscription level is. In this case a value
of 0.6514 implies a positive relationship. If it would have been zero, it would have meant
that there is no relationship at all.
§ R squared. This is r2 also called the Coefficient of Determination. It tells how many points
fall on the regression line y = 0.26x + 6.9008. It shows the value as 0.4243 which means
that 42.43% of the variation of y-values i.e. the market adjusted excess return is explained
by the x-values i.e. the subscription level. In other words, 42.43% of the values fit the
model.
§ Adjusted R square: This adjusts for the number of terms in the regression model. In this
case since there is only one determinant so, adjusted R square is not used much and it also
shows a lower value compared to R square.
§ Standard Error of the regression: It measures the precision of the regression coefficient.
In other words, it measures the variability of the observations about the estimated
regression line. The lower the standard error, the closer will be the predicted y values to
the regression line. The large the standard error estimate, the more scattered will be the
predicted y values across the regression line.

Subscription level Line Fit Plot y = 0.26x + 6.9008

R² = 0.42435
30.00
Market Adjusted Excess

20.00
10.00
Returns

0.00
0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 50.00
Subscription level

Market Adjusted Excess Returns Linear (Market Adjusted Excess Returns)

Graph 6.3 (b): Standard error measure

Initial Listing Performance of IPO listed on NSE 33
In this case the standard error comes out to be 3.7990. As seen in the graph, the predicted y-values
are not so widely scattered across the linear regression line, indicating that the error constraint is
less. Since the standard error is small relative to the statistics, so, the results thus obtained can be
concluded to be statistically significant.

§ Observations: As per Table 1, the number of observations recorded are 8 ranging from
offer price value 0<P<=50 to P>1100.

ANOVA
df SS MS F Significance F
Regression 1 63.8321 63.8321 4.4229 0.08014
Residual 6 86.5929 14.4322
Total 7 150.4250

Table 6.3. (c): ANOVA Output

Interpretation of the ANOVA Output (Table 6.3. (c) ):

The above table denotes the summary of the analysis of variance computation. Three
sources of variation are labeled as Regression, Residual and Total. The label df represents the
degrees of freedom, the label SS stands for the sum of squares and the label MS stands for mean
square.
The Mean Square Error which is obtained by dividing the error or residual sum of squares by its
degrees of freedom provides an estimate of σ2, i.e. the variance of the estimated regression
equation. 14.4322 is the mean square error (MSE) for the regression output. The F-test has been
used to test for significance in the regression.

Inference
The p-value of 0.0801 is associated with the F-test for significance. Since, p-value =
0.0801<α=0.05, so H0 has to be rejected and thus a conclusion can be drawn out that there exists
a significant relationship between the market adjusted excess return and the subscription level.

Initial Listing Performance of IPO listed on NSE 34
 Standard Lower Upper
Coefficients t Stat P-value
Error 95% 95%
Intercept 6.9008 3.4131 2.0219 0.0897 -1.4507 15.2522
Subscription level 0.2600 0.1236 2.1031 0.0801 -0.0425 0.5624

Table 6.3. (d): Estimated Regression Equation Output

Interpretation of the Estimated Regression Equation Output (Table 6.3. (d)):

The y intercept of the estimated regression line, b0 = 6.9008 and the slope of the estimated
regression line, b1 = 0.26 has been shown in the output of the equation table as Coefficients. The
label Intercept and the label Subscription Level have been used to identify these two values. The
estimated standard deviation of b1 is 0.1236 as represented by the output table. The label Standard
Error is the Excel’s way of indicating that the value 0.1236 is the standard error or standard
deviation (σ) of b1. It is also known that the t-test for a significant relationship requires the
computation of the t-statistic, t = b1/sb1. For the given study, the value of t that has been computed
is: t = 0.26/0.1236 = 2.1031. The label, t-Stat contains the value of the t-statistics.
The Lower 95% and Upper 95% signifies the confidence interval estimates of the y intercept and
the slope of the estimated regression equation. The Lower 95% represents the lower limit for the
95% confidence interval estimate of β1 and the Upper 95% represents the upper limit for the 95%
confidence interval estimate of β1. Thus, after rounding off, the confidence interval estimate of β1
is -0.0425 to 0.5624.

Inference
The p-value of 0.0801 is associated with the t-test for significance. Since p-value =
0.0801<α=0.05, so H0 has to be rejected and thus a conclusion can be drawn out that there exists
a significant relationship between the market adjusted excess return and the subscription level.

Initial Listing Performance of IPO listed on NSE 35
 Observations Predicted Market Adjusted Excess Returns Residuals
1 11.8143 1.2695
2 10.2185 5.1110
3 11.9433 -1.2623
4 15.7771 2.1849
5 10.7909 -5.2442
6 18.7516 -2.5460
7 12.5823 -2.7887
8 16.1180 3.2757

Table 6.4. (e): Residual Output

Interpretation of the Residual Output (Table 6.4. (e)):

A linear regression model is not always appropriate for the data, so it becomes a necessity
to assess the appropriateness of the model by defining residuals and subsequently examining its
residual plots. The difference between the observed value of the dependent variable (y) i.e. the
market adjusted excess return and the predicted value of the market adjusted excess return (ŷ) is
called the residual (e). Each data point has one residual.

Residual = Observed value - Predicted value i.e. e = y - ŷ

Both the sum and the mean of the residuals are equal to zero; i.e. Σ e = 0 and e = 0.

Initial Listing Performance of IPO listed on NSE 36
 Residual Output
20.00

15.00

10.00

5.00

0.00
0 1 2 3 4 5 6 7 8 9
-5.00

-10.00

Predicted Market Adjusted Excess Returns Residuals

Graph 6.3. (c) : Residual Output Measure (Residual Plot)

The above graph is called a residual plot wherein the residuals are measured by means of the
vertical axis (shown in orange points) and the independent variable are measured by means of the
horizontal axis (shown in blue points). The points in the above residual plot are randomly dispersed
around the horizontal axis which shows that the linear regression model is appropriate for the given
set of data.

Inference

A random pattern indicates a decent fit for the linear model. As the graph shows a random
pattern so it can be inferred that the predicted market adjusted excess return is a good fit for the
linear regression model y = 0.26x + 6.9008.

Initial Listing Performance of IPO listed on NSE 37
6.4. Finding out the correlation between subscription level with the market adjusted excess
return and raw return

The empirical evidence on the initial listing performance of Indian IPOs has been presented
in the following table. For the entire sample of 265 companies, the mean raw return of the IPOs
comes out to be 22.44% and the market-adjusted return using Nifty 50 as proxy for the market
comes out to be 21.90% based on the level of subscription ranging from below 1 to above 120.

Subscription Number of Offer Market Adjusted

Raw Returns (%)
Level observations Price (Rs.) Excess Returns (%)
X<=1 6 435.17 -6.53% -6.15%
1<X<=5 140 203.25 6.65% 6.18%
5<X<=10 32 265.81 13.64% 12.98%
10<X<=30 32 318.63 11.74% 8.83%
30<X<=70 34 428.26 26.11% 26.78%
70<X<=120 12 471.33 36.08% 35.43%
X>120 9 359.11 65.67% 73.02%
ALL 265 354.51 21.90% 22.44%

Table 6.4: Initial listing returns of IPOs by subscription level for the years 2008 to 2018

In Table 6.4, the initial listing returns of IPOs based on subscription levels have been
shown. It clearly shows that both raw returns and market-adjusted returns are strongly correlated
with the subscription levels. The par/face value in the first group with subscription level less than
one has seems to dominate the issues. Such lower market adjusted return and raw return indicates
that a part of underpricing is due to the inability of the merchant bankers to estimate the extent of
demand for the issues at the said offer price. The demand can be visualized with the level of
subscription of the issues. When there is a scenario of excess demand, the initial listing returns are
higher as seen in the subscription levels greater than 120. It is seen that subscription level less than
has negative returns i.e. -6.53% market adjusted return and -6.15% raw return. On the other hand,
with the growth in demand, the level of subscription rises and the results are eventually reflected
in the market adjusted return (65.65% in this case) and raw return (73.02% in this case). Thus, the
absence of a formal mechanism for appraising the potential demand prior to the pricing of the IPOs
aggravates the underpricing problem as is clearly identified in this empirical evidence.

Initial Listing Performance of IPO listed on NSE 38
 Subscription levels Raw Returns
Subscription levels 1
Raw Returns 0.8844 1

Table 6.4. (a): Correlation between subscription level and raw return for the years 2008 to 2018

In this table, correlation between subscription levels and raw returns indicates the extent to
which these two variables fluctuate together. It shows a positive correlation indicating the extent
to which these variables increase or decrease in parallel. 88.44% of the variability in raw returns
is explained by the regression line or by the regression of raw return on subscription level.

One of the major reason behind the underpricing of Indian IPOs may be due pricing errors
committed by the merchant bankers as they cannot estimate the probable demand of the issues.
Another reason behind the volume of such pricing errors may also be due to the difference in the
time frame starting from the setting of the offer price and the offer opening date. In India, this lag
period is approximately about 3 to 4 months. Adverse market changes during the lag period may
result in overpricing and vice versa. The recent SEBI notifications allows issuers to state a price
range rather than the exact price on the prospectus while seeking the SEBI approval would go a
long way in reducing the amount of underpricing. It is required for the companies to make the
public issues within a period of 6 months after taking SEBI approval. Further delay might also
lead to underpricing issues.

Initial Listing Performance of IPO listed on NSE 39
 CHAPTER VII
CONCLUSION

From the above study, it can be inferred that from the phenomenon of underpricing of
initial public offerings is prevalent in India in spite of developmental changes. In particular, it can
be seen that the risky (par-value) issues are more underpriced than the other issues. Furthermore,
issues that are having smaller offer prices are also underpriced most probably because of the fact
that these issues are from smaller firms. Perhaps, underpricing serves to compensate investors for
bearing additional risk. It has also been found out that the underpricing is also related to the level
of subscription. This indicates that it would be useful to incorporate a mechanism for gauging the
potential demand before pricing the issue. Other reasons behind the large observed initial returns
include the large time delay between offer approval date and the actual opening date of public
issue.

Some of the measures that can be undertaken to reduce the underpricing problem of the
IPOs in India are as follows:

§ Combining the primary listing requirements with the secondary listing requirements
for fairness and clarity,
§ Strengthening the provisions for disclosure, financial reporting and corporate
governance for the companies who are going public
§ Rationalizing the provisions of the Listing Requirements with existing laws of SEBI

Initial Listing Performance of IPO listed on NSE 40
 CHAPTER VII
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Initial Listing Performance of IPO listed on NSE 42
 ANNEXURE

Initial Listing Performance of IPO listed on NSE 43
 MARKET
MARKET
S.NO NAME OF THE IPO DATE OF LISTING ISSUE PRICE SUSCRIPTION LEVEL Open Price Low Price High Price Close Price INI OPR INTRA M1 M0 ADJUSTED
RETURN
RETURN
RAW RETURN

1 Lemon Tree Hotels Limited 09-Apr-18 56 1.19 61.6 57.3 73.9 71.6 28% 10% 16% 10113.7 10379.35 -3% 30%
2 ICICI Securities Limited 04-Apr-18 520 0.78 431.1 431.1 462.7 445.05 -14% -17% 3% 10130.65 10128.4 0% -14%
3 Mishra Dhatu Nigam Limited 04-Apr-18 90 1.21 87 86.35 90.9 90 0% -3% 3% 9998.05 10128.4 -1% 1%
4 Sandhar Technologies Limited 02-Apr-18 332 6.14 345 318.55 351.45 322.55 -3% 4% -7% 10155.25 10211.8 -1% -2%
5 Karda Constructions Limited 02-Apr-18 180 2.53 136 136 142.8 142.8 -21% -24% 5% 10155.25 10211.8 -1% -20%
6 Hindustan Aeronautics Limited 28-Mar-18 1215 0.99 1169 1117.6 1184 1128.35 -7% -4% -3% 10124.35 10113.7 0% -7%
7 Bandhan Bank Limited 27-Mar-18 375 14.56 485 455 498.4 477.2 27% 29% -2% 10094.25 10184.15 -1% 28%
8 H.G.Infra Engineering Limited 9-Mar-18 270 4.98 270 252.6 276 270.05 0% 0% 0% 10539.75 10545.5 0% 0%
9 Aster DM Healthcare Limited 26-Feb-18 190 1.31 182.1 176.45 187.8 179.85 -5% -4% -1% 10130.65 10545.5 -4% -1%
10 Galaxy Surfactants Limited 08-Feb-18 1480 19.96 1520 1520 1732 1698.1 15% 3% 12% 10576.85 11027.7 -4% 19%
11 Amber Enterprises India Limited 30-Jan-18 859 165.38 1180 1114.1 1263 1237.25 44% 37% 5% 10894.7 11049.65 -1% 45%
12 Newgen Software Technologies Limited 29-Jan-18 245 8.25 253 245.95 266.5 253 3% 3% 0% 11130.4 10817 3% 0%
13 Apollo Micro Systems Limited 22-Jan-18 275 248.51 478 454.1 479.95 454.1 65% 74% -5% 10966.2 10681.25 3% 62%

14 Astron Paper & Board Mills Limited 29-Dec-17 50 241.8 114 113.1 119.7 119.7 139% 128% 5% 10530.7 10444.2 1% 139%
15 Future Supply Chain Solutions Ltd 18-Dec-17 664 7.6 674 660.05 698.7 685.8 3% 2% 2% 10388.75 10265.65 1% 2%
16 Shalby Limited 15-Dec-17 248 2.8 237 236.15 254.65 239.25 -4% -4% 1% 10333.25 10166.7 2% -5%
HDFC Standard Life Insurance Company
17 17-Nov-17 290 4.9 311 307.65 369 344.25 19% 7% 11% 10283.6 10308.95 0% 19%
Limited
18 Khadim India Limited 14-Nov-17 750 1.9 727 677.3 740 688.5 -8% -3% -5% 10186.6 10451.8 -3% -6%
19 The New India Assurance Company Limited 13-Nov-17 800 1.2 748.9 717.75 749 725.05 -9% -6% -3% 10224.95 10452.5 -2% -7%
20 Mahindra Logistics Limited 10-Nov-17 429 7.9 432 416.55 433.95 429.15 0% 1% -1% 10321.75 10423.8 -1% 1%
Reliance Nippon Life Asset Management
21 06-Nov-17 252 81.5 294 278 298.7 284 13% 17% -3% 10451.8 10323.05 1% 11%
Limited
22 General Insurance Corporation Of India 25-Oct-17 912 1.4 850 780.25 895 870.4 -5% -7% 2% 10295.35 10167.45 1% -6%
23 Indian Energy Exchange Limited 23-Oct-17 1650 2.3 1500 1500 1658 1626.45 -1% -9% 8% 10184.85 9984.8 2% -3%
24 MAS Financial Services Limited 18-Oct-17 459 128.4 660 625 680.95 654.75 43% 44% -1% 10210.85 10016.95 2% 41%
25 Godrej Agrovet Limited 16-Oct-17 460 95.2 621 563.8 629.85 595.55 29% 35% -4% 10230.85 9979.7 3% 27%
26 Prataap Snacks Limited 05-Oct-17 938 47.4 1250 1137 1317.05 1178.3 26% 33% -6% 9888.7 9871.5 0% 25%
27 SBI Life Insurance Company Limited 03-Oct-17 700 3.6 733.3 702.25 738 708 1% 5% -3% 9859.5 9964.4 -1% 2%
ICICI Lombard General Insurance Company
28 27-Sep-17 661 3.0 650 638.15 694 681.55 3% -2% 5% 9735.75 10147.55 -4% 7%
Limited
29 Capacit'e Infraprojects Limited 25-Sep-17 250 183.0 399 335.65 399 342.4 60% -14% 9872.6 10085.4 -2% 2%
30 Matrimony.com Limited 21-Sep-17 985 4.4 985 893.2 1025 901.2 -9% 0% -9% 10121.9 10079.3 0% -9%
31 Dixon Technologies (India) Limited 18-Sep-17 1766 117.8 2725 2725 3020.25 2892.8 64% 54% 6% 10153.1 9934.8 2% 62%
32 Bharat Road Network Limited 18-Sep-17 205 1.8 204.9 196.5 218.65 208.15 2% 0% 2% 10153.1 9934.8 2% -1%
33 Apex Frozen Foods Limited 04-Sep-17 175 6.1 199.9 195 209.85 209.85 20% 14% 5% 9912.85 9857.05 1% 19%
34 Cochin Shipyard Limited 11-Aug-17 432 76.2 435 435 522 522 21% 1% 20% 9710.8 10013.65 -3% 24%
Security and Intelligence Services (India)
35 10-Aug-17 815 7.1 875 749 878 756.7 -7% 7% -14% 9820.25 10081.5 -3% -5%
Limited
36 Salasar Techno Engineering Limited 25-Jul-17 108 273.1 259.15 250 272.1 259.15 140% 140% 0% 9964.55 9915.95 0% 139%
37 AU Small Finance Bank Limited 10-Jul-17 358 53.6 525 506.8 545 541.2 51% 47% 3% 9771.05 9520.9 3% 49%
38 GTPL Hathway Limited 04-Jul-17 170 1.5 170 162.25 174.5 171.65 1% 0% 1% 9613.3 9574.95 0% 1%
39 Central Depository Services (India) Limited 30-Jun-17 149 170.2 250 250 269.95 261.6 76% 68% 5% 9520.9 9633.6 -1% 77%
40 Eris Lifesciences Limited 29-Jun-17 603 3.3 612 592.3 627.7 601.05 0% 1% -2% 9504.1 9653.5 -2% 1%
41 Tejas Networks Limited 27-Jun-17 257 1.9 100 94 100 98.45 -62% -61% -2% 9511.4 9588.05 -1% -61%
42 PSP Projects Limited 29-May-17 210 8.6 199 189.05 208.95 208.95 -1% -5% 5% 9604.9 9427.9 2% -2%
Housing and Urban Development
43 19-May-17 60 79.5 73.45 70.55 77.8 72.5 21% 22% -1% 9427.9 9422.4 0% 21%
Corporation Limited
44 S Chand and Company Limited 09-May-17 670 59.5 707 658 707 675.85 1% 6% -4% 9316.85 9304.05 0% 1%
45 Shankara Building Products Limited 05-Apr-17 460 41.9 545 545 638 632.8 38% 18% 16% 9265.15 9108 2% 36%
46 CL Educate Limited 31-Mar-17 502 1.9 398 398 417.9 417.9 -17% -21% 5% 9173.75 9030.45 2% -18%
47 Avenue Supermarts Limited 21-Mar-17 299 104.5 604.4 558.75 650 640.75 114% 102% 6% 9121.5 8934.55 2% 112%
48 Music Broadcast Limited 17-Mar-17 333 39.7 420 368 420 373.15 12% 26% -11% 9160.05 8924.3 3% 9%
49 BSE Limited 03-Feb-17 806 51.2 938.9 943.95 936.2 939.25 17% 16% 0% 8740.95 8602.75 2% 15%
 50 Laurus Labs Limited 19-Dec-16 428 4.53 490 475 498 480.5 12% 14% -2% 8104.35 8246.85 -2% 14%
51 Sheela Foam Limited 09-Dec-16 730 5.09 860 860 1032 1032 41% 18% 20% 8261.75 8192.9 1% 41%
52 Varun Beverages Limited 08-Nov-16 445 1.86 430 417.1 471 461.9 4% -3% 7% 8543.55 8638 -1% 5%
53 PNB Housing Finance Limited 07-Nov-16 775 29.53 863 860.05 902.95 890.6 15% 11% 3% 8497.05 8615.25 -1% 16%
54 Endurance Technologies Limited 19-Oct-16 472 43.84 570 570 655 647.7 37% 21% 14% 8659.1 8697.6 0% 38%
55 HPL Electric and Power Limited 04-Oct-16 202 8.06 190.05 184.3 198 189.05 -6% -6% -1% 8769.15 8723.05 1% -7%
ICICI Prudential Life Insurance Company
56 29-Sep-16 334 10.48 329 295.5 333.9 297.65 -11% -1% -10% 8591.25 8777.15 -2% -9%
Limited
57 GNA Axles Limited 26-Sep-16 207 54.88 248.5 242.2 260 245.15 18% 20% -1% 8723.05 8779.85 -1% 19%
58 L&T Technology Services Limited 23-Sep-16 860 2.52 900 860 931 865.1 1% 5% -4% 8831.55 8742.55 1% 0%
59 RBL Bank Limited 31-Aug-16 225 69.62 273.7 273.7 305 299.3 33% 22% 9% 8786.2 8632.6 2% 31%
60 S.P. Apparels Limited 12-Aug-16 268 2.66 305 289.75 305 295 10% 14% -3% 8672.15 8551.1 1% 9%
61 Dilip Buildcon Limited 11-Aug-16 219 20.95 240 239.25 255 251.95 15% 10% 5% 8592.15 8544.85 1% 14%
62 Advanced Enzyme Technologies Limited 01-Aug-16 896 116.02 1210 1168.55 1242.75 1178.3 32% 35% -3% 8636.55 8541.2 1% 30%
63 Larsen & Toubro Infotech Limited 21-Jul-16 710 11.69 666.6 666.6 710 697.65 -6% 5% 8510.1 8519.5 0% 0%
64 Quess Corp Limited 12-Jul-16 317 143.99 499 480.05 508.6 503 59% 57% 1% 8521.05 8328.35 2% 56%
65 Mahanagar Gas Limited 01-Jul-16 421 64.54 540 517.8 549.15 519.9 23% 28% -4% 8328.35 8270.45 1% 23%
66 Parag Milk Foods Limited 19-May-16 215 1.83 215.7 215.7 250 247.8 15% 0% 15% 7783.4 7848.85 -1% 16%
67 Ujjivan Financial Services Limited 10-May-16 210 40.68 227 217.05 244 231.6 10% 8% 2% 7887.8 7805.9 1% 9%
68 Thyrocare Technologies Limited 09-May-16 446 73.55 662 606 665.4 618.1 39% 48% -7% 7866.05 7849.8 0% 38%
69 Equitas Holdings Limited 21-Apr-16 110 17.21 144 134.15 147 135.25 23% 31% -6% 7912.05 7546.45 5% 18%
70 Infibeam Incorporation Limited 04-Apr-16 432 1.11 458 439.9 466.9 445.7 3% 6% -3% 7758.8 7716.5 1% 3%
71 Bharat Wire Ropes Limited 01-Apr-16 45 1.21 47.35 45 47.5 45.4 1% 5% -4% 7713.05 7714.9 0% 1%
72 HealthCare Global Enterprises Limited 30-Mar-16 218 1.56 209.8 169 211 170.95 -22% -4% -19% 7735.2 7604.35 2% -23%
73 Quick Heal Technologies Limited 18-Feb-16 321 10.8 304.95 246 329.95 254.45 -21% -5% -17% 7191.75 7215.7 0% -20%
74 TeamLease Services Limited 12-Feb-16 850 66.02 860 805.9 1032 1021.95 20% 1% 19% 6980.95 7404 -6% 26%
75 Precision Camshafts Limited 08-Feb-16 186 1.91 163.1 155 184.7 177.25 -5% -12% 9% 7387.25 7563.55 -2% -2%

76 Narayana Hrudayalaya Limited 6-Jan-16 250 8.7 291 291 344.2 336.7 35% 16% 16% 7741 7834.45 -1% 36%
77 Alkem Laboratories Limited 23-Dec-15 1050 33.41 1380 1355.4 1410 1381.45 32% 31% 0% 7865.95 8143.6 -3% 35%
78 Dr. Lal PathLabs Limited 23-Dec-15 550 44.29 717 715.5 842.4 824.15 50% 30% 15% 7865.95 7683.3 2% 47%
79 S H Kelkar and Company Limited 16-Nov-15 180 27 222 199.6 222.7 207.3 15% 23% -7% 7806.6 8065.8 -3% 18%
80 InterGlobe Aviation Limited 10-Nov-15 765 6.15 856 848.1 898 878.45 15% 12% 3% 7783.35 8111.75 -4% 19%
81 Coffee Day Enterprises Limited 2-Nov-15 328 1.82 313 266 318 270.15 -18% -5% -14% 8050.8 8238.15 -2% -15%
82 Prabhat Dairy Limited 21-Sep-15 115 0.77 115 112.4 120 116.35 1% 0% 1% 7977.1 7655.05 4% -3%
83 Sadbhav Infrastructure Project Limited 16-Sep-15 103 2.24 110.75 106 112.25 106.15 3% 8% -4% 7899.15 7717 2% 1%
Shree Pushkar Chemicals and Fertilisers
10-Sep-15 65 60 60 63 63
84 Limited 1.15 -3% -8% 5% 7788.1 7948.95 -2% -1%
85 Pennar Engineered Building Systems Limited 10-Sep-15 178 1.34 150 150 157.5 157.5 -12% -16% 5% 7788.1 7948.95 -2% -9%
86 Navkar Corporation Limited 9-Sep-15 155 2.85 152 152 168.4 166.4 7% -2% 9% 7818.6 7791.85 0% 7%
87 Power Mech Projects Limited 26-Aug-15 640 38.12 600 580 663.1 585.75 -8% -6% -2% 7791.85 8462.35 -8% -1%
88 Syngene International Limited 11-Aug-15 250 32.05 295 295 318.2 310.4 24% 18% 5% 8462.35 8375.05 1% 23%
89 Manpasand Beverages Limited 9-Jul-15 320 1.4 291 286 341.9 326.85 2% -9% 12% 8328.55 8381.1 -1% 3%
90 PNC Infratech Limited 26-May-15 378 1.56 381 346.3 387.8 360.2 -5% 1% -5% 8339.35 8126.95 3% -7%
91 UFO Moviez India Limited 14-May-15 625 2.04 600 586 623 598.8 -4% 0% 8224.2 8181.5 1% -1%
92 MEP Infrastructure Developers Limited 6-May-15 63 1.11 63 55.45 63.5 60.95 -3% 0% -3% 8097 8398.3 -4% 0%
93 VRL Logistics Limited 30-Apr-15 205 74.26 288 281 309.1 293.3 43% 40% 2% 8181.5 8606 -5% 48%
94 Inox Wind Limited 9-Apr-15 325 18.6 400 399.15 447.8 438 35% 23% 10% 8778.3 8570.9 2% 32%
95 Adlabs Entertainment Limited 6-Apr-15 180 0.44 167.95 156.4 199 191.25 6% -7% 14% 8659.9 8723.3 -1% 7%
96 Ortel Communications Limited 19-Mar-15 181 0.76 181 171.95 181 171.95 -5% 0% -5% 8634.65 8937.75 -3% -2%

97 Monte Carlo Fashions Limited 19-Dec-14 645 7.83 585 528.15 632.45 566.4 -12% -9% -3% 8225.2 8538.3 -4% -9%
98 Shemaroo Entertainment Limited 01-Oct-14 170 7.39 180 171 181 171 1% 6% -5% 7945.55 8114.75 -2% 3%
99 Sharda Cropchem Limited 23-Sep-14 156 59.97 254.1 225 273.85 231.45 48% 63% -9% 8017.55 8152.95 -2% 50%
100 Snowman Logistics Limited 12-Sep-14 47 59.75 75 75 78.75 78.75 68% 60% 5% 8105.5 7954.35 2% 66%
101 Wonderla Holidays Limited 09-May-14 125 38.06 164.75 156.5 170 157.6 26% 32% -4% 6858.8 6840.8 0% 26%

102 Just Dial Limited 05-Jun-13 530 11.63 590 589 631.9 611.45 15% 11% 4% 5923.85 6094.5 -3% 18%
103 Repco Home Finance Limited 01-Apr-13 172 1.65 165 158.05 176 160.85 -6% -4% -3% 5704.4 5872.6 -3% -4%
104 V-Mart Retail Limited 20-Feb-13 210 1.2 216 205.25 216 205.25 -2% 3% -5% 5943.05 5956.9 0% -2%

105 Bharti Infratel Limited 28-Dec-12 220 1.3 200 188.7 200 191.2 -13% -9% -4% 5908.35 5879.6 0% -14%
106 PC Jeweller Limited 27-Dec-12 135 6.85 135.5 135.5 154.75 149 10% 0% 10% 5870.1 5888 0% 11%
107 Credit Analysis and Research Limited 26-Dec-12 750 40.98 949 896.2 986.2 923.95 23% 27% -3% 5905.6 5898.8 0% 23%
108 Tara Jewels Limited 06-Dec-12 230 1.98 242 229.95 244.9 229.95 0% 5% -5% 5930.9 5626.6 5% -5%
109 VKS Projects Limited 18-Jul-12 55 1.03 55.8 53.05 56 55.6 1% 1% 0% 5216.3 5302.55 -2% 3%
110 Speciality Restaurants Limited 30-May-12 150 2.54 153 152.9 160.65 160.65 7% 2% 5% 4950.75 4891.45 1% 6%
111 Tribhovandas Bhimji Zaveri Limited 09-May-12 120 1.15 115 110 119.8 111.2 -7% -4% -3% 4974.8 5189 -4% -3%
112 MT EDUCARE LIMITED 12-Apr-12 80 4.93 79 79.8 77.1 78.1 -2% -1% -1% 5276.85 5178.85 2% -4%
NATIONAL BUILDINGS CONSTRUCTION
12-Apr-12 106 100 95.05 101 97.05
113 CORPORATION LIMITED 4.8 -8% -6% -3% 5276.85 5243.15 1% -9%

114 INDO THAI SECURITIES LIMITED 02-Nov-11 74.00 1.18 75 18.1 99.1 23 -69% 1% -69% 5258.45 4751.3 11% -80%
115 FLEXITUFF INTERNATIONAL LIMITED 19-Oct-11 155.00 1.17 155 142 185.4 166.4 7% 0% 7% 5139.15 4751.3 8% -1%
116 ONELIFE CAPITAL ADVISORS LIMITED 17-Oct-11 110.00 1.53 115 114 173 145.9 33% 5% 27% 5118.25 4772.15 7% 25%
117 TAKSHEEL SOLUTIONS LIMITED 19-Oct-11 150.00 2.99 157.4 38.5 185 55.85 -63% 5% -65% 5139.15 4772.15 8% -70%
118 M AND B SWITCHGEARS LIMITED 20-Oct-11 186.00 1.57 180 118.65 356 317.55 71% -3% 76% 5091.9 4751.3 7% 64%
119 RDB Rasayans Limited 7-Oct-11 79.00 1.5 85 19.8 93.15 26.5 -66% 8% -69% 4888.05 4867.75 0% -67%
120 Prakash Constrowell Ltd 04-Oct-11 138.00 2.21 145 112.5 245 229.5 66% 5% 58% 4772.15 5133.25 -7% 73%
121 PG ELECTROPLAST LIMITED 26-Sep-11 210.00 1.34 200 175.05 490 411.65 96% -5% 106% 4835.4 4946.8 -2% 98%
122 TD POWER SYSTEMS LIMITED 08-Sep-11 256.00 2.92 251.6 242 308.75 274.8 7% -2% 9% 5153.25 4747.8 9% -1%
123 SRS Limited 16-Sep-11 58.00 1.25 55 31.8 61.4 33.65 -42% -5% -39% 5084.25 4747.8 7% -49%
124 BROOKS LABORATORIES LIMITED 05-Sep-11 100.00 1.6 110 57.75 131.1 60.2 -40% 10% -45% 5017.2 4944.15 1% -41%
TREE HOUSE EDUCATION & ACCESSORIES
26-Aug-11 135.00 132.8 104.15 161.5 116.55
125 LIMITED 1.85 -14% -2% -12% 4747.8 5072.95 -6% -7%
126 L&T FINANCE HOLDINGS LIMITED 12-Aug-11 52.00 5.34 51 49.5 52.5 49.95 -4% -2% -2% 5072.95 5482 -7% 4%
127 INVENTURE GROWTH AND SECURITIES LTD 04-Aug-11 117.00 4.58 119 91.55 225 207.95 78% 2% 75% 5331.8 5633.95 -5% 83%
128 BHARATIYA GLOBAL INFOMEDIA LIMITED 28-Jul-11 82.00 2.06 84 27.15 84 30.95 -62% 2% -63% 5487.75 5599.8 -2% -60%
129 READYMADE STEEL INDIA LTD 13-Jul-11 108.00 1.68 115 62.3 117.75 66.45 -38% 6% -42% 5585.45 5600.45 0% -38%
130 BIRLA PACIFIC MEDSPA LIMITED 7-Jul-11 10.00 1.18 10.1 10.1 30.7 25.35 154% 1% 151% 5728.95 5320 8% 146%
131 RUSHIL DECOR LIMITED 07-Jul-11 72.00 2.62 81.25 75 124.05 119.65 66% 13% 47% 5728.95 5320 8% 58%
132 TIMBOR HOME LIMITED 22-Jun-11 63.00 5.78 72 72 94.5 91.2 45% 14% 27% 5278.3 5550.35 -5% 50%
133 VMS INDUSTRIES LIMITED 14-Jun-11 40.00 1.36 43.95 24 49.25 28.5 -29% 10% -35% 5500.5 5550.35 -1% -28%
134 AANJANEYA LIFECARE LIMITED 27-May-11 234.00 1.11 229.45 224 324 311.25 33% -2% 36% 5476.1 5486.15 0% 33%
135 SANGHVI FORGING AND ENGINEERING LTD 23-May-11 85.00 1.3 85 85 116.5 111.75 31% 0% 31% 5386.55 5551.1 -3% 34%
136 VASWANI INDUSTRIES LIMITED 20-Sep-11 49.00 4.16 33.45 13 35.4 17.75 -64% -32% -47% 5140.2 5565.25 -8% -56%
137 SERVALAKSHMI PAPER LIMITED 12-May-11 29.00 1.47 30 17.3 48.75 19 -34% 3% -37% 5486.15 5749.5 -5% -30%
138 INNOVENTIVE INDUSTRIES LIMITED 13-May-11 117.00 1.24 110 86.3 114.85 93.6 -20% -6% -15% 5544.75 5749.5 -4% -16%
139 FUTURE VENTURES INDIA LIMITED 10-May-11 6.00 1.52 9.5 7.95 9.5 8.3 38% 58% -13% 5541.25 5785.45 -4% 43%
140 PARAMOUNT PRINTPACKAGING LIMITED 09-May-11 35.00 3.92 35 24.6 37.5 26.65 -24% 0% -24% 5551.1 5874.5 -6% -18%
141 MUTHOOT FINANCE LIMITED 06-May-11 175.00 24.55 180 161.5 198 176.25 1% 3% -2% 5551.45 5884.7 -6% 6%
142 SHILPI CABLE TECHNOLOGIES LIMITED 08-Apr-11 69.00 3.48 78.35 45.45 84.65 47.6 -31% 14% -39% 5842 5654.25 3% -34%
143 PTC INDIA FINANCIAL SERVICES LIMITED 30-Mar-11 28.00 1.7 28 23.5 28 24.9 -11% 0% -11% 5787.65 5373.7 8% -19%
144 LOVABLE LINGERIE LIMITED 24-Mar-11 205.00 35.21 261.5 241.4 278.95 249.2 22% 28% -5% 5522.4 5445.45 1% 20%
145 FINEOTEX CHEMICAL LIMITED 11-Mar-11 70.00 1.57 80 74.1 157.9 140.9 101% 14% 76% 5445.45 5303.55 3% 99%
146 ACROPETAL TECHNOLOGIES LIMITED 10-Mar-11 90.00 1.55 130 89 150 98.45 9% 44% -24% 5494.4 5262.7 4% 5%
147 SUDAR GARMENTS LIMITED 11-Mar-11 77.00 1.28 74 74 117.7 113.1 47% -4% 53% 5445.45 5262.7 3% 43%
148 OMKAR SPECIALITY CHEMICALS LIMITED 10-Feb-11 98.00 4.67 95 42.5 101 46.2 -53% -3% -51% 5225.8 5604.3 -7% -46%
149 MIDVALLEY ENTERTAINMENT LIMITED 27-Jan-11 70.00 4.03 73 55 76.5 58.05 -17% 4% -20% 5604.3 5863.25 -4% -13%
150 C. MAHENDRA EXPORTS LIMITED 20-Jan-11 110.00 2.78 111 110 120.9 110.85 1% 1% 0% 5711.6 6048.25 -6% 6%

151 PUNJAB & SIND BANK 30-Dec-10 120 50.75 146.1 126.2 149.7 127.05 6% 22% -13% 6101.85 5948.75 3% 3%
152 RAVI KUMAR DISTILLERIES LIMITED 27-Dec-10 64 2.22 64 64 90.3 80.05 25% 0% 25% 5998.1 5857.35 2% 23%
A2Z MAINTENANCE & ENGINEERING
23-Dec-10 400 390 318.65 398.9 328.9
153 SERVICES LTD 0.96 -18% -3% -16% 5980 5857.35 2% -20%
154 CLARIS LIFESCIENCES LIMITED 20-Dec-10 228 1.5 224.4 198.1 227.9 205.85 -10% -2% -8% 5947.05 6011.7 -1% -9%
155 MOIL LIMITED 15-Dec-10 375 56.43 551 458.5 591.05 466.5 24% 47% -15% 5892.3 5960.9 -1% 26%
156 R.P.P. INFRA PROJECTS LIMITED 06-Dec-10 75 2.97 551 458.5 591.05 466.5 522% 635% -15% 5992.25 6010 0% 522%
157 GRAVITA INDIA LIMITED 16-Nov-10 125 42.88 75 67.35 80.4 68.95 -45% -40% -8% 5988.7 6160.5 -3% -42%
158 COAL INDIA LIMITED 04-Nov-10 245 15.28 218.75 205 255 210.4 -14% -11% -4% 6281.8 6101.5 3% -17%
159 GYSCOAL ALLOYS LIMITED 27-Oct-10 71 1.1 76.6 76.6 112.7 81.55 15% 8% 6% 6012.65 6062.65 -1% 16%
160 PRESTIGE ESTATES PROJECTS LIMITED 27-Oct-10 183 2.26 190 190 209 192.55 5% 4% 1% 6012.65 6177.35 -3% 8%
161 BS TRANSCOMM LIMITED 27-Oct-10 248 8.59 251 247.8 399 378.5 53% 1% 51% 6012.65 6233.9 -4% 56%
162 OBEROI REALTY LIMITED 20-Oct-10 260 12.13 280 269.8 299 282.95 9% 8% 1% 5982.1 6103.45 -2% 11%
COMMERCIAL ENGINEERS & BODY BUILDERS
18-Oct-10 127 122.8 106.3 144.8 112.25
163 CO LIMITED 2.07 -12% -3% -9% 6075.95 6145.8 -1% -10%
164 BEDMUTHA INDUSTRIES LTD 14-Oct-10 102 7.69 114.4 98 205 180.8 77% 12% 58% 6177.35 6143.4 1% 77%
165 SEA TV NETWORK LIMITED 14-Oct-10 100 9.58 120 105.05 126.15 106 20% -12% 6177.35 5991.3 3% -3%
166 ASHOKA BUILDCON LIMITED 14-Oct-10 324 15.94 333.55 312.65 362.3 333.35 3% 3% 0% 6177.35 6029.5 2% 0%
167 TECPRO SYSTEMS LIMITED 12-Oct-10 355 24.47 399.4 398 454.25 407.85 15% 13% 2% 6090.9 6029.5 1% 14%
168 VA TECH WABAGH LIMITED 13-Oct-10 1310 36.22 1655 1651.1 1806.6 1709.4 30% 26% 3% 6233.9 6035.65 3% 27%
169 CANTABIL RETAIL INDIA LIMITED 12-Oct-10 135 2.35 133.8 102.1 133.8 104.75 -22% -1% -22% 6090.9 6035.65 1% -23%
170 ELECTROSTEEL STEELS LIMITED 08-Oct-10 11 8.23 12.35 9.35 12.35 11.25 2% 12% -9% 6103.45 6018.3 1% 1%
171 ORIENT GREEN POWER COMPANY LIMITED 08-Oct-10 47 1.07 45.7 38.3 46.6 44.9 -4% -3% -2% 6103.45 6018.3 1% -6%
172 RAMKY INFRASTRUCTURE LIMITED 08-Oct-10 450 2.89 450 345.05 460 387.35 -14% 0% -14% 6103.45 5959.55 2% -16%
173 MICROSEC FINANCIAL SERVICES LIMITED 05-Oct-10 118 12.2 135.1 108.3 141 110.9 -6% 14% -18% 6145.8 6009.05 2% -8%
174 CAREER POINT INFOSYSTEMS LIMITED 06-Oct-10 310 47.39 461 450 674 632.35 104% 49% 37% 6186.45 6009.05 3% 101%
175 EROS INTERNATIONAL MEDIA LIMITED 06-Oct-10 175 26.51 213.35 178.6 217.7 190.05 9% 22% -11% 6186.45 6009.05 3% 6%
176 INDOSOLAR LIMITED 29-Sep-10 29 1.55 29.75 22.8 29.9 23.7 -18% 3% -20% 5991.3 5860.95 2% -20%
177 GUJARAT PIPAVAV PORT LIMITED 09-Sep-10 46 19.94 56.25 51.9 58.4 54.05 18% 22% -4% 5640.05 5477.9 3% 15%
178 PRAKASH STEELAGE LIMITED 25-Aug-10 110 4.53 118.55 117 201.9 187.95 71% 8% 59% 5462.35 5460.7 0% 71%
179 BAJAJ CORP LIMITED 18-Aug-10 660 19.29 730 730 812 758.25 15% 11% 4% 5479.15 5447.1 1% 14%
180 SKS MICROFINANCE LIMITED 16-Aug-10 985 13.69 1036 1036 1159.9 1088.58 11% 5% 5% 5418.3 5431.65 0% 11%
181 MIDFIELD INDUSTRIES LIMITED 04-Aug-10 133 12.92 159.4 150 174.9 163.05 23% 20% 2% 5467.85 5399.35 1% 21%
182 HINDUSTAN MEDIA VENTURES LIMITED 21-Jul-10 166 5.43 170 170 191.9 189.2 14% 2% 11% 5399.35 5241.1 3% 11%
183 TECHNOFAB ENGINEERING LIMITED 16-Jul-10 240 12.78 265 265 307 295.65 23% 10% 12% 5393.9 5237.1 3% 20%
184 ASTER SILICATES LIMITED 28-Jul-10 118 4.47 127.7 123.5 225 199.1 69% 8% 56% 5397.55 5333.5 1% 68%
185 PARABOLIC DRUGS LIMITED 01-Jul-10 75 1.04 76 63 79 64.8 -14% 1% -15% 5251.4 5274.85 0% -13%
186 JAYPEE INFRATECH LIMITED 21-May-10 102 1.24 93 90 98.5 91.3 -10% -9% -2% 4931.15 5148.5 -4% -6%
187 SJVN LIMITED 20-May-10 26 6.64 28 24.15 28 25.05 -4% 8% -11% 5066.55 5222.75 -3% -1%
188 MANDHANA INDUSTRIES LIMITED 19-May-10 130 6.32 132.7 130 139.15 133.65 3% 2% 1% 4919.65 5254.15 -6% 9%
189 TARAPUR TRANSFORMERS LIMITED 18-May-10 75 1.74 75 54.1 97.5 56.9 -24% 0% -24% 5066.2 5215.45 -3% -21%
190 NITESH ESTATES LIMITED 13-May-10 54 1.16 50 48.05 55 50.95 -6% -7% 2% 5178.9 5308.35 -2% -3%
TALWALKARS BETTER VALUE FITNESS
10-May-10 128 138 132 167.7 162.6
191 LIMITED 28.39 27% 8% 18% 5193.6 5304.1 -2% 29%
192 GOENKA DIAMOND & JEWELS LIMITED 16-Apr-10 135 1.07 130 92.35 141.35 127.85 -5% -4% -2% 5262.6 5282 0% -5%
193 INTRASOFT TECHNOLOGIES LIMITED 12-Apr-10 145 18.95 140 123.3 167.15 159.35 10% -3% 14% 5339.7 5282 1% 9%
194 SHREE GANESH JEWELLERY HOUSE LIMITED 09-Apr-10 260 1.96 258.85 160.65 258.85 163.25 -37% 0% -37% 5361.75 5225.3 3% -40%
195 PERSISTENT SYSTEMS LIMITED 06-Apr-10 310 93.6 400 386 448 408 32% 29% 2% 5366 5262.8 2% 30%
IL&FS TRANSPORTATION NETWORKS
30-Mar-10 258 287 270.1 295 273.75
196 LIMITED 33.42 6% 11% -5% 5262.45 5128.9 3% 4%
197 PRADIP OVERSEAS LIMITED 05-Apr-10 110 14.08 120 102.3 123 107.15 -3% 9% -11% 5368.4 5128.9 5% -7%
198 DQ ENTERTAINMENT (INTERNATIONAL) LTD 29-Mar-10 80 86.33 135 106.55 140 108.55 36% 69% -20% 5302.85 5116.25 4% 32%
199 UNITED BANK OF INDIA 18-Mar-10 66 33.38 77 68.1 77 68.8 4% 17% -11% 5245.9 4859.75 8% -4%
200 MAN INFRACONSTRUCTION LIMITED 11-Mar-10 252 62.53 335 335 374.9 348.25 38% 33% 4% 5133.4 4856.4 6% 32%
201 TEXMO PIPES & PRODUCTS LTD 10-Mar-10 90 7.48 101.5 101.5 140.7 137.25 53% 13% 35% 5116.25 4844.9 6% 47%
202 HATHWAY CABLE & DATACOM LIMITED 25-Feb-10 240 1.36 246 206.2 246 207.8 -13% 2% -16% 4859.75 4826.85 1% -14%
203 ARSS INFRASTRUCTURE PROJECTS LIMITED 03-Mar-10 450 47.62 640 640 754.7 736.3 64% 42% 15% 5088.1 4826.85 5% 58%
204 EMMBI POLYARNS LIMITED 24-Feb-10 45 1.2 45.5 26.5 48.35 28.65 -36% 1% -37% 4858.6 4931.85 -1% -35%
205 D B REALTY LIMITED 24-Feb-10 468 2.95 430 412.5 466.2 455.4 -3% -8% 6% 4858.6 4830.1 1% -3%
206 AQUA LOGISTICS LTD 23-Feb-10 220 1.94 219.4 219.4 245.8 244.3 11% 0% 11% 4870.05 4830.1 1% 10%
207 SYNCOM HEALTHCARE LIMITED 15-Feb-10 75 1.12 88 85.8 107.25 87.85 17% 17% 0% 4801.95 4882.05 -2% 19%
208 VASCON ENGINEERS LIMITED 15-Feb-10 165 5.17 170 144 173.45 147.2 -11% 3% -13% 4801.95 4882.05 -2% -9%
209 THANGAMAYIL JEWELLERY LIMITED 19-Feb-10 75 1.22 70 70 79 71.1 -5% -7% 2% 4844.9 4882.05 -1% -4%
210 JUBILANT FOODWORKS LIMITED 08-Feb-10 145 31.11 161.6 161.6 241.95 229 58% 11% 42% 4760.4 5221.7 -9% 67%
INFINITE COMPUTER SOLUTIONS (INDIA)
03-Feb-10 165 178.35 178.35 205.8 191.6
211 LIMITED 43.22 16% 8% 7% 4931.85 5233.95 -6% 22%
212 D.B. CORP LIMITED 06-Jan-10 212 39.54 250 235.5 274.6 265.9 25% 18% 6% 5281.8 5033.05 5% 20%
213 GODREJ PROPERTIES LIMITED 05-Jan-10 490 4 510 500 586.7 534.55 9% 4% 5% 5277.9 5117.3 3% 6%
214 JSW ENERGY LIMITED 04-Jan-10 100 1.68 102 99.9 106.4 100.75 1% 2% -1% 5232.2 5112 2% -2%
215 MBL INFRASTRUCTURES LIMITED 11-Jan-10 180 1.97 190 190 218 205.75 14% 6% 8% 5249.4 5122 2% 12%

216 COX AND KINGS (INDIA) LIMITED 11-Dec-09 330 6.31 304.1 304.1 433.45 426.05 29% -8% 40% 5117.3 5052.45 1% 28%
217 ASTEC LIFESCIENCES LIMITED 25-Nov-09 82 1.56 85.55 80 90.7 83.9 2% 4% -2% 5005.55 4710.8 6% -4%
218 DEN NETWORKS LIMITED 24-Nov-09 195 1.04 195 149.5 197 163.1 -16% 0% -16% 5090.55 4711.7 8% -24%
219 INDIABULLS POWER LIMITED 30-Oct-09 45 21.84 44.95 35 45.5 39.25 -13% 0% -13% 4711.7 5108.85 -8% -5%
220 THINKSOFT GLOBAL SERVICES LIMITED 26-Oct-09 125 2.57 100 100 170 164.3 31% -20% 64% 4970.9 5083.4 -2% 34%
221 EURO MULTIVISION LTD 15-Oct-09 75 1.81 70 51.6 80.9 53.2 -29% -7% -24% 5108.85 4986.55 2% -32%
222 PIPAVAV SHIPYARD LIMITED 09-Oct-09 58 8.25 60.05 53.85 64.7 56.8 -2% 4% -5% 4945.2 4976.05 -1% -1%
223 OIL INDIA LIMITED 30-Sep-09 1050 30.82 1019 1019 1156 1140.55 9% -3% 12% 5083.95 4782.9 6% 2%
224 GLOBUS SPIRITS LIMITED 23-Sep-09 100 1.5 110 89.3 111.3 90.75 -9% 10% -18% 4969.95 4608.35 8% -17%
225 JINDAL COTEX LIMITED 22-Sep-09 75 2.2 75 75 93.45 87.25 16% 0% 16% 5020.2 4625.35 9% 8%
226 NHPC LIMITED 01-Sep-09 36 23.74 39 36.6 39.75 36.7 2% 8% -6% 4625.35 4457.5 4% -2%
227 ADANI POWER LIMITED 20-Aug-09 100 21.64 105 98.5 107.9 100.05 0% 5% -5% 4453.45 4636.45 -4% 4%
228 RAJ OIL MILLS LIMITED 12-Aug-09 120 1.24 125.05 115.6 133.7 119.3 -1% 4% -5% 4457.5 4523.75 -1% 1%
229 EXCEL INFOWAYS LIMITED 03-Aug-09 85 1.97 93.05 91.8 102.4 95.65 13% 9% 3% 4711.4 4374.95 8% 5%
MAHINDRA HOLIDAYS & RESORTS INDIA
16-Jul-09 300 315 311.1 339.7 317.1
230 LIMITED 9.8 6% 5% 1% 4231.4 4375.5 -3% 9%
231 RISHABHDEV TECHNOCABLE LIMITED 29-Jun-09 33 7.76 42 25.85 47 27.2 27% -35% 4390.95 4550.95 -4% 4%
232 EDSERV SOFTSYSTEMS LIMITED 02-Mar-09 60 1.3 55 55 147 137.55 129% -8% 150% 2674.6 2919.9 -8% 138%

233 ALKALI METALS LIMITED 06-Nov-08 103 1.04 90 90.5 179.3 173.15 68% -13% 92% 2892.65 3338.4 -13% 81%
234 20 MICRONS LIMITED 06-Oct-08 55 4.29 50 31.5 96.25 33.3 -39% -9% -33% 3602.35 4290.3 -16% -23%
RESURGERE MINES & MINERALS INDIA
01-Sep-08 270 272.05 272.05 562.8 524.35
235 LIMITED 1.16 94% 1% 93% 4348.65 4529.05 -4% 98%
236 AUSTRAL COKE & PROJECTS LIMITED 04-Sep-08 196 1.65 206 206 308.8 225.2 15% 5% 9% 4447.75 4529.05 -2% 17%
237 NU TEK INDIA LIMITED 27-Aug-08 192 1.63 201.1 194 225 199.3 4% 5% -1% 4292.1 4413.55 -3% 7%
VISHAL INFORMATION TECHNOLOGIES
11-Aug-08 150 150 145 197.2 194.15
238 LIMITED 1.19 29% 0% 29% 4620.4 4433.55 4% 25%
239 BIRLA COTSYN INDIA LIMITED 30-Jul-08 14 1.11 14.7 8.55 17.5 9.2 -34% 5% -37% 4313.55 4157.1 4% -38%
240 KSK ENERGY VENTURES LIMITED 14-Jul-08 240 1.5 220 176 234.8 190.5 -21% -8% -13% 4039.7 4252.65 -5% -16%
241 LOTUS EYE CARE HOSPITAL LIMITED 11-Jul-08 38 1.18 35 32.05 38.95 35.5 -7% -8% 1% 4049 4347.55 -7% 0%
242 FIRST WINNER INDUSTRIES LIMITED 08-Jul-08 125 1.26 125 80.5 125 89.5 -28% 0% -28% 3988.55 4653 -14% -14%
243 ARCHIDPLY INDUSTRIES LIMITED 04-Jul-08 74 1.52 74.55 48.8 74.55 50.45 -32% 1% -32% 4016 4653 -14% -18%
244 SEJAL ARCHITECTURAL GLASS LIMITED 01-Jul-08 115 9.9 110 77.55 139.8 81.5 -29% -4% -26% 3896.75 4539.35 -14% -15%
245 NIRAJ CEMENT STRUCTURALS LIMITED 19-Jun-09 190 1.74 185 169.7 197.9 190.15 0% -3% 3% 4504.25 4870.1 -8% 8%
246 ANU’S LABORATORIES LIMITED 04-Jun-09 210 8.43 260 256.6 288.4 268.05 28% 24% 3% 4585.6 5115.25 -10% 38%
247 GOKUL REFOILS AND SOLVENT LIMITED 04-Jun-08 195 4.27 203.45 176.3 222.3 181.05 -7% 4% -11% 4585.6 4957.8 -8% 0%
248 AISHWARYA TELECOM LIMITED * 35 20 50.1 50.1 93 90.85 43% 81% 4958.4 -100% 100%
249 KIRI DYES AND CHEMICALS LIMITED 22-Apr-08 150 1.43 151 151 204 158.55 6% 1% 5% 5049.3 4754.2 6% -1%
250 TITAGARH WAGONS LIMITED 21-Apr-08 540 6.75 550 550 734.4 707.2 31% 2% 29% 5037 4830.25 4% 27%
251 Sita Shree Food Products Limited 07-Apr-08 30 2.44 30 30 46.65 43.9 46% 0% 46% 4761.2 4745.8 0% 46%
GAMMON INFRASTRUCTURE PROJECTS
03-Apr-08 167 180 147.6 180 157.9
252 LIMITED 3.48 -5% 8% -12% 4771.6 4623.6 3% -9%
RURAL ELECTRIFICATION CORPORATION
12-Mar-08 105 125 118.85 128.4 121.2
253 LIMITED 2.7 15% 19% -3% 4872 5110.75 -5% 20%
254 V-GUARD INDUSTRIES LIMITED 13-Mar-08 82 27.76 82.15 70.7 98.9 73.45 -10% 0% -11% 4623.6 5191.8 -11% 1%
255 GSS AMERICA INFOTECH LIMITED 07-Mar-08 400 1.08 400 400 508.35 500.65 25% 0% 25% 4771.6 5302.9 -10% 35%
256 Tulsi Extrusions Limited 25-Feb-08 85 2 93.45 93.45 143.45 139.5 64% 10% 49% 5200.7 5483.9 -5% 69%
257 IRB Infrastructure Developers Limited 25-Feb-08 185 4.3 170.05 167.3 209 189.05 2% -8% 11% 5200.7 5483.9 -5% 7%
258 SHRIRAM EPC LIMITED 20-Feb-08 300 3.91 290 281.05 374.7 293.6 -2% -3% 1% 5154.45 5317.25 -3% 1%
259 Bang Overseas Limited 20-Feb-08 207 1.24 207 166.5 260 171.8 -17% 0% -17% 5154.45 5137.45 0% -17%
260 ONMOBILE GLOBAL LIMITED 19-Feb-08 440 10.95 440 421 579.9 521.9 19% 0% 19% 5280.8 5280.8 0% 19%
261 KNR Construction Limited 18-Feb-08 170 1.25 180 151.15 199 154.35 -9% 6% -14% 5276.9 5280.8 0% -9%
262 CORDS CABLE INDUSTRIES LIMITED 13-Feb-08 135 4.99 130 113 151 138.3 2% -4% 6% 4929.45 5033.45 -2% 5%
263 J. Kumar Infraprojects Limited 12-Feb-08 110 2.17 100 84.2 116.95 102.7 -7% -9% 3% 4838.25 5203.4 -7% 0%
264 RELIANCE POWER LIMITED 11-Feb-08 450 73.04 547.8 355.05 599.9 372.5 -17% 22% -32% 4857 5705.3 -15% -2%
265 FUTURE CAPITAL HOLDINGS LIMITED 01-Feb-08 765 133.44 1044 826.1 1100 908.2 19% 36% -13% 5317.25 5935.75 -10% 29%