>>> #VALUE!

DCF Valuation >>>

 #VALUE!
Cost of Capital
Last Historical Year(DD/MM/YY) Debt Weight in Total Capital
Valuation Date (DD/MM/YY) 31-Dec-24 Equity Weight in Total Capital
Market Price/ Share on Val Date
Input Unit (million /crores) Cost of Debt, Gross
Input Currency Tax Rate
Revenue of Last Year Cost of Debt, Net of Tax
High Growth +1 Period
Risk Free Rate
Growth in High Growth Period Beta
31-Dec-00 ERP
High
31-Dec-01 Growth Cost of Equity (Ke)
31-Dec-02 Rate
31-Dec-03 WACC
31-Dec-04
31-Dec-05 Terminal Value Assumptions
Growth
31-Dec-06 Moderation Long Term Growth Rate
31-Dec-07 Beta in Long Term
31-Dec-08 WACC in Long Term
31-Dec-09
Other Inputs
Operating Cash Flow Margins (%age of Revenue) Minority Interest
31-Dec-00 Total Debt Outstanding
31-Dec-01 Cash & Cash Eq
31-Dec-02 Value of Investements
31-Dec-03 No of Shares O/S
31-Dec-04 Interest Expenses for 12 Months
31-Dec-05
31-Dec-06
31-Dec-07
31-Dec-08
31-Dec-09

Capital Expenditures (%age of Revenue)

31-Dec-00
31-Dec-01
31-Dec-02
31-Dec-03
31-Dec-04
31-Dec-05
31-Dec-06
31-Dec-07
31-Dec-08
31-Dec-09
34.9%

6.8%

5.4%
6.8%
 #VALUE!
(In Except Per Share Data)

Dicount Period -124.08 -123.08 -122.08

31-Dec-00 31-Dec-01 31-Dec-02
Estimated Revenue - - -
Estimated Cash from Operations - - -
Estimated Capex - - -
Estimated Free Cash Flows - - -

Discount Rate
Discounting Factor - - -

Present Value of Free Cash Flows - - - -

Terminal Value
Present Value of TV

DCF Value of Firm (Operation)

DCF Value of Equity (Operation)
DCF Value of Equity (Operation + Investments)

DCF Value Per Share

Current Market Price - 31-Dec-24

Undervalued by
 -121.08 -120.08 -119.08 -118.08 -117.08 -116.08 -115.08
31-Dec-03 31-Dec-04 31-Dec-05 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -

- - - - - - -
>>> ### DCF Valuation >>>
DCF Valuation >>>
 Decade 1
(In INR Crores) 31-Mar-05 31-Mar-06 31-Mar-07 31-Mar-08 31-Mar-09
Revenue 9,748 13,264 18,685 22,620 27,813
YoY Growth (%) 36% 41% 21% 23%
Operating cash flows / total reven %age 21.46% 18.76% 18.58% 17.22% 19.45%
Capital expenditure / total revenue%age 3.72% 4.69% 6.64% 5.58% 3.95%

Operating Cash Flows 2,092 2,488 3,472 3,895 5,410

Capital Expenditures 363 622 1,241 1,262 1,099

FCFF 1,729 1,866 2,231 2,633 4,311

FCFF %age of Operating Cash Flows 83% 75% 64% 68% 80%

Actuals Estimates
Decade 1 Decade 2 Year 1 to 3 Year 4 to 7 Year 8 onwards
Revenue CAGR 27% 11% 10% Gradual decl 5%
Operating cash flows / total revenue 19% 20% 20% 20% 20%
Avg Capex %age of Sales 4.49% 1.75% 1.7% 1.5% 1.2%

Consensus Estimates CAGR

Revenue 258,074 279,790 305,716
YoY Growth 7% 8% 9% 8%
EBIT 59,311 63,980 71,354 78,958
8% 12% 11% 10%
Capex 4,423 4,623 5,021
Capital expenditure / total revenue 1.7% 1.7% 1.6%
FCFF 47,373 52,563 59,414
 Historical Numbers
Decade 1 Deca
31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18
30,029 37,325 48,894 62,989 81,809 94,648 108,646 117,966 123,104
8% 24% 31% 29% 30% 16% 15% 9% 4%
24.66% 17.72% 14.27% 18.44% 18.00% 20.50% 17.60% 21.40% 20.40%
3.43% 4.86% 4.06% 4.18% 3.80% 3.10% 1.80% 1.70% 1.50%

7,405 6,614 6,977 11,615 14,726 19,403 19,122 25,245 25,113

1,030 1,814 1,985 2,633 3,109 2,934 1,956 2,005 1,847

6,375 4,800 4,992 8,982 11,617 16,469 17,166 23,239 23,267

86% 73% 72% 77% 79% 85% 90% 92% 93%

Year 8 onwards
 Decade 2 High Growth Phase
31-Mar-19 31-Mar-20 31-Mar-21 31-Mar-22 31-Mar-23 31-Mar-24 31-Mar-25 31-Mar-26
146,463 156,949 164,177 191,754 225,458 240,893 264,982 291,481
19% 7% 5% 17% 18% 7% 10% 10%
19.50% 20.60% 23.60% 20.80% 18.60% 18.70% 20.0% 20.00%
1.50% 2.00% 1.90% 1.50% 1.40% 1.10% 1.7% 1.7%

28,560 32,331 38,746 39,885 41,935 45,047 52,996 58,296

2,197 3,139 3,119 2,876 3,156 2,650 4,541 4,995

26,363 29,193 35,626 37,009 38,779 42,397 48,455 53,301

92% 90% 92% 93% 92% 94% 91% 91%

10
 Estimates
h Growth Phase Growth Moderation Phase Constant Growth
31-Mar-27 31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32
320,629 349,485 377,444 403,865 428,097 449,502
10% 9.0% 8.0% 7.0% 6.0% 5.0% Linear Decl
20.00% 20% 20% 20% 20% 20%
1.7% 1.5% 1.5% 1.5% 1.5% 1.2%

64,126 69,897 75,489 80,773 85,619 89,900

5,495 5,242 5,662 6,058 6,421 5,394

58,631 64,655 69,827 74,715 79,198 84,506

91% 93% 93% 93% 93% 94%
1.00%
 #VALUE!
Cost of Capital
Last Historical Year(DD/MM/YY) 31-Mar-24 Debt Weight in Total Capital
Valuation Date (DD/MM/YY) 31-Dec-24 Equity Weight in Total Capital
Market Price/ Share on Val Date 4,095
Input Unit (million /crores) Crores Cost of Debt, Gross
Input Currency INR Tax Rate
Revenue of Last Year 240,893 Cost of Debt, Net of Tax
High Growth +1 Period 8 Years
Risk Free Rate
Growth in High Growth Period Beta
31-Mar-25 #REF! ERP
High
31-Mar-26 #REF! Growth Cost of Equity (Ke)
31-Mar-27 #REF! Rate
31-Mar-28 #REF! WACC
31-Mar-29 #REF!
31-Mar-30 #REF! Terminal Value Assumptions
Growth
31-Mar-31 #REF! Moderation Long Term Growth Rate
31-Mar-32 5.0% Beta in Long Term
31-Mar-33 WACC in Long Term
31-Mar-34
Other Inputs
Operating Cash Flow Margins (%age of Revenue) Minority Interest
31-Mar-25 20.0% Total Debt Outstanding
31-Mar-26 20.0% Cash & Cash Eq
31-Mar-27 20.0% Value of Investements
31-Mar-28 20.0% No of Shares O/S
31-Mar-29 20.0% Interest Expenses for 12 Months
31-Mar-30 20.0%
31-Mar-31 20.0%
31-Mar-32 20.0%
31-Mar-33
31-Mar-34

Capital Expenditures (%age of Revenue)

31-Mar-25 1.71%
31-Mar-26 1.71%
31-Mar-27 1.71%
31-Mar-28 1.50%
31-Mar-29 1.50%
31-Mar-30 1.50%
31-Mar-31 1.50%
31-Mar-32 1.20%
31-Mar-33
31-Mar-34
 0.6%
99.4%

7.4%
34.9%
4.82%

6.8%
0.91 1481534
5.4%
11.6%

11.6%

5.0%
0.91
11.6%

888
9,046
16,733
36,081
362
670
 #VALUE!
(In INR Crores Except Per Share Data)

Dicount Period 0.25 1.25 2.25 3.25

31-Mar-25 31-Mar-26 31-Mar-27 31-Mar-28
Estimated Revenue #REF! #REF! #REF! #REF!
Estimated Cash from Operations #REF! #REF! #REF! #REF!
Estimated Capex #REF! #REF! #REF! #REF!
Estimated Free Cash Flows #REF! #REF! #REF! #REF!

Discount Rate 11.59% 11.59% 11.59% 11.59%

Discounting Factor #REF! #REF! #REF! #REF!

Present Value of Free Cash Flows #REF! #REF! #REF! #REF! #REF!
Terminal Value #REF!
Present Value of TV #REF!

DCF Value of Firm (Operation) #REF!

DCF Value of Equity (Operation) #REF!
DCF Value of Equity (Operation + Investments) #REF!

DCF Value Per Share

Current Market Price 4,094.8 as on 31st Dec 2024

Undervalued by
 4.25 5.25 6.25 7.25 8.25 9.25
31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34
#REF! #REF! #REF! #REF! - -
#REF! #REF! #REF! #REF! - -
#REF! #REF! #REF! #REF! - -
#REF! #REF! #REF! #REF! - -

11.59% 11.59% 11.59% 11.59%

#REF! #REF! #REF! - - -

#REF! #REF! #REF! - - -

>>> #VALUE!
DCF Valuation >>>
 #VALUE!
Cost of Capital
Last Historical Year(DD/MM/YY) 31-Mar-24 Debt Weight in Total Capital
Valuation Date (DD/MM/YY) 31-Dec-24 Equity Weight in Total Capital
Market Price/ Share on Val Date 1,880
Input Unit (million /crores) Crores Cost of Debt, Gross
Input Currency INR Tax Rate
Revenue of Last Year 153,670 Cost of Debt, Net of Tax
High Growth +1 Period 8 Years
Risk Free Rate
Growth in High Growth Period Beta
31-Mar-25 10.0% ERP
High
31-Mar-26 10.0% Growth Cost of Equity (Ke)
31-Mar-27 10.0% Rate
31-Mar-28 9.0% WACC
31-Mar-29 8.0%
31-Mar-30 7.0% Terminal Value Assumptions
Growth
31-Mar-31 6.0% Moderation Long Term Growth Rate
31-Mar-32 5.0% Beta in Long Term
31-Mar-33 WACC in Long Term
31-Mar-34
Other Inputs
Operating Cash Flow Margins (%age of Revenue) Minority Interest
31-Mar-25 18.3% Total Debt Outstanding
31-Mar-26 18.3% Cash & Cash Eq
31-Mar-27 18.3% Value of Investements
31-Mar-28 18.3% No of Shares O/S
31-Mar-29 18.3% Interest Expenses for 12 Months
31-Mar-30 18.3%
31-Mar-31 18.3%
31-Mar-32 18.3%
31-Mar-33
31-Mar-34

Capital Expenditures (%age of Revenue)

31-Mar-25 1.20%
31-Mar-26 1.20%
31-Mar-27 1.20%
31-Mar-28 1.20%
31-Mar-29 1.20%
31-Mar-30 1.20%
31-Mar-31 1.20%
31-Mar-32 1.20%
31-Mar-33
31-Mar-34
 1.1%
98.9%

4.9%
34.9%
3.16%

6.75%
0.93
5.657%
12.0%

11.9%

5.0%
0.93
11.9%

367 From Balance Sheet

8,804 From B/S Liab
21,799
17,394
415
428
 #VALUE!
(In INR Crores Except Per Share Data)

Dicount Period 0.25 1.25 2.25

31-Mar-25 31-Mar-26 31-Mar-27
Estimated Revenue 169,037 185,941 204,535
Estimated Cash from Operations 30,934 34,027 37,430
Estimated Capex 2,028 2,231 2,454
Estimated Free Cash Flows 7,127 31,796 34,975

Discount Rate 11.91% 11.91% 11.91%

Discounting Factor 0.97 0.87 0.78

Present Value of Free Cash Flows 161,247 6,932.29 27,634.11 27,162.16

Terminal Value 709,468
Present Value of TV 351,268

DCF Value of Firm (Operation) 512,514

DCF Value of Equity (Operation) 525,142
DCF Value of Equity (Operation + Investments) 542,536

DCF Value Per Share 1,307

Current Market Price 1,880.0 31-Dec-24

Overvalued by -30%

1,307 9% 9.5%
18%
18.5%
19.0%
Operating 19.5%
Cash
Margins 20.0%
20.5%
21.0%
21.5%
 3.25 4.25 5.25 6.25 7.25 8.25 9.25
31-Mar-28 31-Mar-29 31-Mar-30 31-Mar-31 31-Mar-32 31-Mar-33 31-Mar-34
222,943 240,778 257,633 273,091 286,745 - -
40,799 44,062 47,147 49,976 52,474 - -
2,675 2,889 3,092 3,277 3,441 - -
38,123 41,173 44,055 46,699 49,033 - -

11.91% 11.91% 11.91% 11.91% 11.91%

0.69 0.62 0.55 0.50 - - -

26,455.55 25,530.93 24,410.49 23,121.10 - - -

Growth 10%
Operating Cash Margin 18.30%

Growth Rate
10.0% 10.5% 11.0% 11.5% 12.0% 12.5% 13.0% 13.5% 14.0%
14.5% 15.0%
>>> #VALUE!
DCF Valuation >>>
 #VALUE!
Cost of Capital
Last Historical Year(DD/MM/YY) Debt Weight in Total Capital
Valuation Date (DD/MM/YY) 31-Dec-24 Equity Weight in Total Capital
Market Price/ Share on Val Date
Input Unit (million /crores) Cost of Debt, Gross
Input Currency Tax Rate
Revenue of Last Year Cost of Debt, Net of Tax
High Growth +1 Period
Risk Free Rate
Growth in High Growth Period Beta
31-Dec-00 ERP
High
31-Dec-01 Growth Cost of Equity (Ke)
31-Dec-02 Rate
31-Dec-03 WACC
31-Dec-04
31-Dec-05 Terminal Value Assumptions
Growth
31-Dec-06 Moderation Long Term Growth Rate
31-Dec-07 Beta in Long Term
31-Dec-08 WACC in Long Term
31-Dec-09
Other Inputs
Operating Cash Flow Margins (%age of Revenue) Minority Interest
31-Dec-00 Total Debt Outstanding
31-Dec-01 Cash & Cash Eq
31-Dec-02 Value of Investements
31-Dec-03 No of Shares O/S
31-Dec-04 Interest Expenses for 12 Months
31-Dec-05
31-Dec-06
31-Dec-07
31-Dec-08
31-Dec-09

Capital Expenditures (%age of Revenue)

31-Dec-00
31-Dec-01
31-Dec-02
31-Dec-03
31-Dec-04
31-Dec-05
31-Dec-06
31-Dec-07
31-Dec-08
31-Dec-09
34.9%

6.8%

5.4%
6.8%
 #VALUE!
(In Except Per Share Data)

Dicount Period -124.08 -123.08 -122.08

31-Dec-00 31-Dec-01 31-Dec-02
Estimated Revenue - - -
Estimated Cash from Operations - - -
Estimated Capex - - -
Estimated Free Cash Flows - - -

Discount Rate
Discounting Factor - - -

Present Value of Free Cash Flows - - - -

Terminal Value
Present Value of TV

DCF Value of Firm (Operation)

DCF Value of Equity (Operation)
DCF Value of Equity (Operation + Investments)

DCF Value Per Share

Current Market Price - 31-Dec-24

Undervalued by
 -121.08 -120.08 -119.08 -118.08 -117.08 -116.08 -115.08
31-Dec-03 31-Dec-04 31-Dec-05 31-Dec-06 31-Dec-07 31-Dec-08 31-Dec-09
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -

- - - - - - -

- - - - - - -
Beta Calculation
Weekly Share Price and Market Data for Last 3 Years

Period of Market Data 1 Dec 2021 to 15 Dec 2024

Beta of TCS Beta of TCS 0.91 Beta of Infosys 0.93

X Y in
Change Y in
Change
Change Price of Price of
Date Nifty 50 in Index Price TCS Price Infosys
12/15/2024 ### 0% 4,415.20 -1% 1,922.15 -4%
12/8/2024 ### 0% 4,473.90 1% 1,999.70 4%
12/1/2024 ### 2% 4,445.50 4% 1,922.40 3%
11/24/2024 ### 1% 4,270.85 1% 1,857.85 -2%
11/17/2024 ### 2% 4,244.60 2% 1,902.25 2%
11/10/2024 ### -3% 4,145.90 0% 1,864.55 2%
11/3/2024 ### -1% 4,147.00 4% 1,829.95 4%
10/27/2024 ### 1% 3,984.20 -2% 1,760.85 -5%
10/20/2024 ### -3% 4,057.55 -2% 1,862.05 -1%
10/13/2024 ### 0% 4,123.05 -1% 1,879.60 -3%
10/6/2024 ### 0% 4,149.20 -2% 1,935.10 1%
9/29/2024 ### -4% 4,252.25 -1% 1,918.15 1%
9/22/2024 ### 2% 4,308.70 1% 1,906.75 0%
9/15/2024 ### 2% 4,284.90 -5% 1,905.75 -2%
9/8/2024 ### 2% 4,522.60 1% 1,944.10 2%
9/1/2024 ### -2% 4,456.75 -2% 1,901.85 -2%
8/25/2024 ### 2% 4,553.75 2% 1,943.70 4%
8/18/2024 ### 1% 4,463.90 1% 1,862.10 0%
8/11/2024 ### 1% 4,416.05 4% 1,858.95 5%
8/4/2024 ### -1% 4,228.75 -1% 1,770.75 -3%
7/28/2024 ### 0% 4,283.05 -2% 1,821.20 -3%
7/21/2024 ### 1% 4,387.85 2% 1,878.90 5%
7/14/2024 ### 0% 4,302.40 3% 1,792.95 5%
7/7/2024 ### 1% 4,183.95 4% 1,711.75 4%
6/30/2024 ### 1% 4,011.80 3% 1,647.45 5%
6/23/2024 ### 2% 3,904.15 2% 1,566.75 2%
6/16/2024 ### 0% 3,810.75 -1% 1,532.70 3%
6/9/2024 ### 1% 3,832.05 -2% 1,488.90 -3%
6/2/2024 ### 3% 3,893.95 6% 1,533.60 9%
5/26/2024 ### -2% 3,670.95 -5% 1,406.90 -3%
5/19/2024 ### 2% 3,849.50 0% 1,456.89 1%
5/12/2024 ### 2% 3,834.10 -2% 1,436.21 1%
5/5/2024 ### -2% 3,893.90 1% 1,416.92 1%
4/28/2024 ### 0% 3,843.40 1% 1,408.36 -1%
4/21/2024 ### 1% 3,821.35 0% 1,422.23 1%
4/14/2024 ### -2% 3,826.20 -4% 1,403.34 -5%
4/7/2024 ### 0% 4,001.40 1% 1,476.43 0%
 3/31/2024 ### 1% 3,979.25 3% 1,470.81 -1%
3/24/2024 ### 1% 3,876.30 -1% 1,489.66 -1%
3/17/2024 ### 0% 3,910.90 -7% 1,500.39 -8%
3/10/2024 ### -2% 4,219.25 3% 1,624.84 1%
3/3/2024 ### 1% 4,108.60 0% 1,607.39 -2%
2/25/2024 ### 1% 4,094.35 1% 1,645.43 -1%
2/18/2024 ### 1% 4,052.10 -2% 1,667.45 -1%
2/11/2024 ### 1% 4,128.30 0% 1,692.11 2%
2/4/2024 ### 0% 4,133.70 4% 1,659.99 -1%
1/28/2024 ### 2% 3,966.30 4% 1,683.86 1%
1/21/2024 ### -1% 3,810.30 -3% 1,659.75 1%
1/14/2024 ### -1% 3,943.05 2% 1,649.90 3%
1/7/2024 ### 1% 3,864.89 4% 1,603.71 5%
12/31/2023 ### 0% 3,720.66 -1% 1,523.96 -1%
12/24/2023 ### 2% 3,775.91 -1% 1,534.25 -1%
12/17/2023 ### 0% 3,806.36 -1% 1,554.14 -1%
12/10/2023 ### 2% 3,843.19 6% 1,569.56 6%
12/3/2023 ### 3% 3,609.97 3% 1,482.79 3%
11/26/2023 ### 2% 3,495.45 2% 1,444.16 1%
11/19/2023 ### 0% 3,441.16 -1% 1,429.34 0%
11/12/2023 ### 2% 3,486.30 5% 1,429.49 5%
11/5/2023 ### 1% 3,318.08 -1% 1,361.18 -1%
10/29/2023 ### 1% 3,335.45 0% 1,381.27 1%
10/22/2023 ### -3% 3,335.50 -4% 1,372.61 -3%
10/15/2023 ### -1% 3,478.43 -2% 1,419.25 0%
10/8/2023 ### 0% 3,554.38 -1% 1,423.13 -3%
10/1/2023 ### 0% 3,604.70 3% 1,470.41 3%
9/24/2023 ### 0% 3,512.33 -2% 1,427.41 -4%
9/17/2023 ### -3% 3,587.03 0% 1,487.77 -1%
9/10/2023 ### 2% 3,581.71 5% 1,503.13 3%
9/3/2023 ### 2% 3,426.03 2% 1,461.36 2%
8/27/2023 ### 1% 3,363.61 0% 1,435.76 2%
8/20/2023 ### 0% 3,365.71 0% 1,412.14 2%
8/13/2023 ### -1% 3,351.57 -2% 1,381.02 1%
8/6/2023 ### 0% 3,432.89 0% 1,364.16 0%
7/30/2023 ### -1% 3,427.67 3% 1,370.63 3%
7/23/2023 ### -1% 3,339.93 0% 1,332.99 1%
7/16/2023 ### 1% 3,352.76 -4% 1,324.14 -7%
7/9/2023 ### 1% 3,498.44 6% 1,417.96 7%
7/2/2023 ### 1% 3,313.90 1% 1,322.75 0%
6/25/2023 ### 3% 3,287.02 3% 1,328.02 6%
6/18/2023 ### -1% 3,201.52 1% 1,257.91 -2%
6/11/2023 ### 1% 3,160.26 -1% 1,284.41 2%
6/4/2023 ### 0% 3,194.50 -3% 1,258.86 -3%
5/28/2023 ### 0% 3,290.35 -1% 1,291.72 -1%
5/21/2023 ### 2% 3,313.55 3% 1,310.07 4%
5/14/2023 ### -1% 3,207.99 -2% 1,261.79 2%
5/7/2023 ### 1% 3,259.20 1% 1,238.22 -1%
 4/30/2023 ### 0% 3,215.80 0% 1,252.04 1%
4/23/2023 ### 3% 3,204.40 2% 1,245.73 2%
4/16/2023 ### -1% 3,146.27 -1% 1,220.47 -12%
4/9/2023 ### 1% 3,174.14 -1% 1,381.42 -2%
4/2/2023 ### 1% 3,205.85 0% 1,413.93 0%
3/26/2023 ### 2% 3,191.11 3% 1,419.95 3%
3/19/2023 ### -1% 3,106.11 -2% 1,372.91 -3%
3/12/2023 ### -2% 3,164.64 -5% 1,412.74 -3%
3/5/2023 ### -1% 3,315.64 0% 1,463.30 -1%
2/26/2023 ### 1% 3,326.74 -2% 1,471.01 -5%
2/19/2023 ### -3% 3,384.77 -3% 1,541.96 -2%
2/12/2023 ### 0% 3,485.00 -1% 1,574.92 -2%
2/5/2023 ### 0% 3,521.24 2% 1,599.54 1%
1/29/2023 ### 1% 3,466.24 2% 1,590.44 5%
1/22/2023 ### -2% 3,395.32 1% 1,510.64 0%
1/15/2023 ### 0% 3,347.59 2% 1,517.00 1%
1/8/2023 ### 1% 3,292.30 5% 1,495.22 4%
1/1/2023 ### -1% 3,133.27 -1% 1,440.38 -4%
12/25/2022 ### 2% 3,177.32 1% 1,499.75 1%
12/18/2022 ### -3% 3,149.66 0% 1,488.71 -2%
12/11/2022 ### -1% 3,161.27 -2% 1,513.67 -3%
12/4/2022 ### -1% 3,212.49 -4% 1,560.51 -4%
11/27/2022 ### 1% 3,355.32 1% 1,628.72 0%
11/20/2022 ### 1% 3,307.03 1% 1,626.48 3%
11/13/2022 ### 0% 3,261.96 1% 1,584.47 1%
11/6/2022 ### 1% 3,235.13 3% 1,561.30 4%
10/30/2022 ### 2% 3,138.98 2% 1,505.52 0%
10/23/2022 ### 1% 3,086.15 1% 1,504.77 1%
10/16/2022 ### 2% 3,060.93 1% 1,492.09 2%
10/9/2022 ### -1% 3,023.61 1% 1,465.99 2%
10/2/2022 ### 1% 2,990.20 2% 1,443.07 3%
9/25/2022 ### -1% 2,931.32 1% 1,405.53 4%
9/18/2022 ### -1% 2,909.36 -1% 1,357.80 -1%
9/11/2022 ### -2% 2,935.36 -6% 1,369.33 -9%
9/4/2022 ### 2% 3,139.22 3% 1,503.18 4%
8/28/2022 ### 0% 3,054.10 -3% 1,444.86 -5%
8/21/2022 ### -1% 3,143.66 -5% 1,513.02 -5%
8/14/2022 ### 0% 3,303.22 0% 1,588.15 0%
8/7/2022 ### 2% 3,318.64 1% 1,585.17 -1%
7/31/2022 ### 1% 3,283.03 2% 1,607.59 4%
7/24/2022 ### 3% 3,221.42 4% 1,541.02 3%
7/17/2022 ### 4% 3,093.71 6% 1,497.86 5%
7/10/2022 ### -1% 2,921.61 -8% 1,422.33 -6%
7/3/2022 ### 3% 3,185.86 -1% 1,505.96 2%
6/26/2022 ### 0% 3,234.30 1% 1,471.11 3%
6/19/2022 ### 3% 3,212.83 7% 1,433.02 4%
6/12/2022 ### -6% 3,013.61 -8% 1,379.53 -6%
6/5/2022 ### -2% 3,278.00 -2% 1,468.52 -3%
 5/29/2022 ### 1% 3,356.30 5% 1,513.17 4%
5/22/2022 ### 1% 3,181.81 -1% 1,453.16 0%
5/15/2022 ### 3% 3,212.74 -4% 1,446.99 -3%
5/8/2022 ### -4% 3,331.66 -1% 1,495.97 -2%
5/1/2022 ### -4% 3,348.93 -3% 1,534.20 -2%
4/24/2022 ### 0% 3,460.25 -2% 1,558.77 -1%
4/17/2022 ### -2% 3,524.50 -1% 1,576.56 -9%
4/10/2022 ### -2% 3,572.69 -1% 1,738.75 -4%
4/3/2022 ### 1% 3,595.81 -2% 1,804.43 -5%
3/27/2022 ### 3% 3,667.13 1% 1,892.88 1%
3/20/2022 ### -1% 3,617.08 1% 1,866.03 1%
3/13/2022 ### 4% 3,583.23 2% 1,844.21 2%
3/6/2022 ### 2% 3,511.42 2% 1,811.79 6%
2/27/2022 ### -2% 3,438.45 0% 1,713.64 2%
2/20/2022 ### -4% 3,434.93 -7% 1,685.10 -1%
2/13/2022 ### -1% 3,701.43 3% 1,697.38 -1%
2/6/2022 ### -1% 3,604.89 -3% 1,711.70 -1%
1/30/2022 ### 2% 3,721.91 3% 1,731.34 3%
1/23/2022 ### -3% 3,600.11 -4% 1,676.75 -6%
1/16/2022 ### -3% 3,740.06 -3% 1,775.69 -7%
1/9/2022 ### 2% 3,871.43 3% 1,918.54 6%
1/2/2022 ### 3% 3,759.57 3% 1,804.13 -4%
12/26/2021 ### 2% 3,647.23 2% 1,877.17 1%
12/19/2021 ### 0% 3,581.42 2% 1,853.06 2%
12/12/2021 ### -3% 3,496.98 -1% 1,810.65 4%
12/5/2021 ### 3,548.16 1,749.39
Beta of Wipro 1.04 Beta of Persistent System 1.08 Beta of TechM
Change Change
Y
in Price Y
in Price
of of
Price Infosys Price Infosys Price
305.2 -2% 6,368.70 -2% 1,686.05
309.95 4% 6,477.65 5% 1,796.40
297.35 3% 6,174.25 5% 1,782.80
288.92 1% 5,905.65 2% 1,712.30
285.83 1% 5,796.25 1% 1,747.45
283.35 0% 5,713.80 1% 1,687.50
284.5 3% 5,668.70 5% 1,681.35
275.68 1% 5,389.00 -5% 1,603.65
271.73 -1% 5,670.90 3% 1,716.45
274.32 4% 5,506.15 1% 1,687.90
264.15 -1% 5,469.55 6% 1,647.05
266.77 -2% 5,141.30 -5% 1,616.45
270.9 1% 5,437.00 2% 1,609.25
269.55 -2% 5,355.05 0% 1,622.05
275.3 6% 5,359.90 3% 1,656.05
260.3 -3% 5,189.95 0% 1,623.25
269.2 5% 5,170.85 6% 1,636.50
256.2 -1% 4,882.50 1% 1,598.40
258.12 5% 4,857.15 3% 1,585.30
245.65 -2% 4,699.05 1% 1,506.70
251.07 -4% 4,636.35 -3% 1,507.70
262.4 -6% 4,772.95 4% 1,541.15
278.6 -1% 4,583.45 -5% 1,491.40
280.07 5% 4,808.50 1% 1,505.05
267.55 4% 4,771.25 12% 1,461.35
257.43 5% 4,241.45 8% 1,430.35
245.28 3% 3,944.45 5% 1,399.80
238.75 -1% 3,772.80 -2% 1,371.45
242.28 11% 3,850.25 13% 1,377.60
219.1 -5% 3,410.50 -4% 1,228.45
231.82 1% 3,555.20 0% 1,321.75
230.5 2% 3,540.15 5% 1,305.40
225.93 -1% 3,367.50 0% 1,264.40
228.68 -2% 3,366.85 -1% 1,250.45
232.3 3% 3,397.45 -13% 1,278.75
226.38 -4% 3,884.70 -2% 1,193.65
235.38 -3% 3,977.95 0% 1,242.10
242.53 1% 3,996.75 0% 1,263.40
240.05 -1% 3,984.55 0% 1,248.10
243.55 -6% 3,985.70 -5% 1,262.65
258.5 0% 4,216.23 1% 1,282.20
257.75 -1% 4,186.05 -3% 1,288.15
259.55 -3% 4,299.50 -1% 1,271.80
268.07 -1% 4,326.15 -2% 1,322.25
271.5 11% 4,434.77 3% 1,302.55
245.22 2% 4,319.38 2% 1,311.05
241.57 3% 4,251.30 1% 1,338.10
235 -3% 4,189.38 7% 1,322.05
242.53 4% 3,932.88 3% 1,389.90
232.72 2% 3,827.52 4% 1,308.05
228.3 -3% 3,675.38 -1% 1,248.30
235.65 2% 3,694.70 -1% 1,272.65
231.32 4% 3,715.68 3% 1,275.15
223.28 6% 3,612.43 12% 1,306.10
211.3 4% 3,232.25 0% 1,225.30
203.82 3% 3,216.65 1% 1,220.55
198 0% 3,195.18 0% 1,197.85
197.7 4% 3,193.43 2% 1,202.75
189.65 -1% 3,123.07 -1% 1,138.15
191.78 0% 3,143.07 3% 1,133.10
191.18 -2% 3,041.88 3% 1,120.55
195.93 -5% 2,953.65 2% 1,170.70
205.53 1% 2,882.73 0% 1,194.10
203.93 0% 2,874.02 -1% 1,216.90
203.03 -3% 2,898.35 -1% 1,222.80
209.25 -5% 2,924.68 -2% 1,305.35
220.53 3% 2,982.82 0% 1,300.05
215 3% 2,985.52 8% 1,262.95
208.18 2% 2,771.65 8% 1,228.05
204.85 0% 2,568.95 6% 1,189.50
205.85 0% 2,425.85 -1% 1,210.80
206.53 1% 2,446.27 2% 1,220.45
204.43 3% 2,392.88 2% 1,175.20
199.38 -1% 2,348.40 -1% 1,091.05
202.35 0% 2,374.80 -4% 1,195.10
202.53 2% 2,462.00 2% 1,228.65
197.93 2% 2,409.69 -4% 1,156.00
194.57 2% 2,500.25 4% 1,130.85
189.97 0% 2,397.37 -3% 1,115.50
190.65 -4% 2,474.15 1% 1,077.20
198.65 -2% 2,438.23 -7% 1,063.05
202.47 1% 2,607.75 3% 1,123.10
200.85 4% 2,539.12 4% 1,114.75
193.1 1% 2,438.95 5% 1,072.15
191.62 1% 2,321.05 0% 1,046.35
 189.7 -1% 2,314.99 -2% 1,036.40
192.5 5% 2,363.64 10% 1,023.70
184.03 0% 2,146.15 -2% 998.75
184.15 0% 2,191.25 -3% 1,086.85
183.32 0% 2,268.86 -1% 1,092.75
182.62 1% 2,299.90 7% 1,101.85
180.88 -4% 2,157.85 -7% 1,101.95
188.25 -3% 2,321.08 -2% 1,127.15
194.55 0% 2,369.70 -2% 1,061.25
195.22 -1% 2,427.95 -1% 1,085.15
196.65 -3% 2,442.35 0% 1,119.00
203.15 0% 2,450.00 0% 1,129.20
202.9 -1% 2,440.20 1% 1,017.35
203.95 2% 2,420.39 6% 1,011.30
199.03 -1% 2,283.66 6% 1,030.10
201.57 2% 2,157.20 8% 1,046.50
196.95 3% 1,998.73 4% 1,003.15
191 -3% 1,921.89 0% 986.15
196.38 4% 1,931.37 1% 1,016.40
188.82 -3% 1,913.14 -3% 995.75
194.88 -1% 1,980.00 0% 1,020.80
197.03 -4% 1,973.63 -9% 1,035.30
206.2 2% 2,168.05 9% 1,114.75
201.4 2% 1,981.22 6% 1,080.15
196.93 -1% 1,863.34 0% 1,060.85
199.85 2% 1,870.00 1% 1,058.70
195.28 2% 1,845.08 2% 1,035.65
191.62 0% 1,806.94 -1% 1,031.03
191.28 1% 1,828.99 1% 1,023.36
188.65 -8% 1,819.86 5% 1,002.42
204.05 4% 1,740.95 8% 1,006.36
197.12 0% 1,617.19 3% 991.37
197.18 -2% 1,570.69 0% 1,017.41
200.82 -4% 1,577.22 -7% 1,015.55
208.57 2% 1,693.05 -1% 1,107.40
203.85 -2% 1,703.63 -3% 1,038.35
208.62 -4% 1,759.06 -6% 1,067.00
216.22 -1% 1,877.89 1% 1,085.28
218.05 -1% 1,857.78 -2% 1,047.69
220 4% 1,892.23 4% 1,040.12
211.85 3% 1,812.60 0% 1,030.73
205.43 4% 1,812.55 16% 1,011.12
196.93 -6% 1,567.62 -8% 943.44
209.55 -1% 1,695.32 3% 994.5
211 1% 1,653.51 2% 979.19
209.38 3% 1,627.09 2% 950.61
202.6 -12% 1,590.29 -9% 934.96
230.47 -3% 1,743.72 -8% 1,075.25
237.75 2% 1,896.47 7% 1,112.11
233.47 2% 1,769.37 -4% 1,088.23
229.8 -2% 1,845.53 3% 1,095.64
234.32 -3% 1,793.34 -11% 1,165.35
242.55 -5% 2,026.22 -6% 1,250.51
254.4 -5% 2,155.78 7% 1,219.75
268.85 -4% 2,009.46 -7% 1,265.77
279.6 -4% 2,160.42 -8% 1,366.48
291.82 -3% 2,350.49 0% 1,403.58
300.9 0% 2,356.40 1% 1,440.74
301.68 0% 2,333.05 4% 1,482.83
300.6 3% 2,237.75 3% 1,446.94
293.1 2% 2,174.74 7% 1,440.45
287.65 4% 2,031.81 5% 1,408.28
277.62 -1% 1,932.75 0% 1,346.37
281.23 0% 1,925.14 -8% 1,393.12
280.73 -2% 2,093.71 -2% 1,380.48
285.88 4% 2,143.60 0% 1,403.05
276.07 -9% 2,138.99 0% 1,366.67
302.52 -5% 2,146.27 -3% 1,543.87
319.9 -10% 2,218.09 -2% 1,683.57
355.75 -1% 2,267.76 -7% 1,650.73
357.68 2% 2,447.01 6% 1,734.73
349.23 4% 2,304.16 0% 1,670.06
335.4 5% 2,315.19 7% 1,591.63
319.12 2,164.23 1,552.68
 0.95 Beta of LTIM 1.16 Beta of HCL 0.90
Change Change Change
Y
in Price Y
in Price Y
in Price
of of of
Infosys Price Infosys Price Infosys
-6% 5,824.30 -13% 1,911.35 -3%
1% 6,714.45 5% 1,968.80 2%
4% 6,378.90 3% 1,922.70 4%
-2% 6,172.40 1% 1,848.05 -3%
4% 6,133.70 2% 1,898.40 2%
0% 5,994.65 1% 1,858.95 1%
5% 5,926.95 3% 1,837.50 5%
-7% 5,731.60 -3% 1,757.40 -5%
2% 5,903.20 -1% 1,852.35 0%
2% 5,991.70 -7% 1,857.70 1%
2% 6,410.95 5% 1,839.65 4%
0% 6,114.10 0% 1,776.60 -2%
-1% 6,136.10 -4% 1,808.40 3%
-2% 6,373.10 -1% 1,760.05 -3%
2% 6,416.20 4% 1,812.80 3%
-1% 6,165.40 0% 1,756.10 0%
2% 6,156.05 9% 1,753.25 6%
1% 5,641.60 1% 1,661.45 0%
5% 5,563.75 4% 1,668.25 5%
0% 5,373.55 -2% 1,589.95 -1%
-2% 5,509.90 -5% 1,609.30 -2%
3% 5,788.45 0% 1,635.35 3%
-1% 5,762.75 3% 1,594.55 2%
3% 5,572.65 3% 1,560.20 3%
2% 5,421.70 1% 1,519.40 4%
2% 5,385.05 5% 1,459.60 1%
2% 5,125.45 2% 1,447.85 1%
0% 5,032.55 1% 1,431.05 0%
12% 4,977.20 6% 1,431.50 8%
-7% 4,701.90 -3% 1,324.10 -2%
1% 4,839.75 2% 1,345.20 1%
3% 4,764.30 3% 1,333.20 1%
1% 4,607.65 -1% 1,316.20 -2%
-2% 4,651.95 -3% 1,348.05 -9%
7% 4,788.05 3% 1,473.85 2%
-4% 4,660.55 -5% 1,447.50 -5%
-2% 4,888.90 -1% 1,521.50 -2%
 1% 4,927.50 0% 1,545.25 0%
-1% 4,938.40 -1% 1,543.55 -1%
-2% 5,005.00 -4% 1,557.85 -5%
0% 5,194.35 1% 1,647.30 1%
1% 5,122.70 -3% 1,637.65 0%
-4% 5,273.55 -5% 1,644.10 -1%
2% 5,542.65 -1% 1,665.75 0%
-1% 5,580.40 2% 1,667.45 2%
-2% 5,453.30 -1% 1,630.60 3%
1% 5,485.85 0% 1,583.75 2%
-5% 5,494.65 -3% 1,550.25 -1%
6% 5,652.15 -9% 1,567.95 2%
5% 6,237.05 5% 1,540.80 8%
-2% 5,947.65 -6% 1,432.80 -2%
0% 6,294.95 1% 1,466.10 0%
-2% 6,229.10 2% 1,462.70 -2%
7% 6,129.30 7% 1,491.30 9%
0% 5,708.70 2% 1,364.10 2%
2% 5,577.05 2% 1,336.70 2%
0% 5,472.60 -1% 1,309.15 0%
6% 5,518.50 5% 1,309.15 4%
0% 5,262.15 2% 1,255.45 -1%
1% 5,134.95 -1% 1,266.25 0%
-4% 5,171.00 -5% 1,268.70 1%
-2% 5,416.20 6% 1,258.60 0%
-2% 5,095.15 -3% 1,255.90 1%
0% 5,239.20 1% 1,237.70 0%
-6% 5,209.85 -4% 1,234.80 -3%
0% 5,427.50 -2% 1,273.70 -2%
3% 5,532.80 1% 1,304.60 3%
3% 5,478.50 3% 1,262.05 6%
3% 5,303.35 3% 1,185.80 3%
-2% 5,127.40 1% 1,153.95 -2%
-1% 5,085.15 0% 1,173.70 0%
4% 5,107.35 3% 1,171.45 2%
8% 4,940.90 2% 1,144.35 4%
-9% 4,844.05 -2% 1,103.55 -1%
-3% 4,922.75 -3% 1,115.45 -3%
6% 5,093.10 0% 1,150.95 -1%
2% 5,114.55 -2% 1,157.60 -3%
1% 5,197.20 5% 1,187.95 2%
4% 4,956.65 -1% 1,165.15 1%
1% 5,010.60 4% 1,148.20 3%
-5% 4,823.05 -3% 1,109.75 -2%
1% 4,994.15 0% 1,137.05 0%
4% 5,001.10 4% 1,139.20 4%
2% 4,803.00 2% 1,095.35 0%
1% 4,687.20 4% 1,095.50 4%
 1% 4,487.85 2% 1,055.55 -1%
2% 4,419.45 6% 1,064.10 1%
-8% 4,170.85 -10% 1,048.95 -2%
-1% 4,646.40 -3% 1,071.85 -2%
-1% 4,773.25 0% 1,091.85 1%
0% 4,759.65 3% 1,085.25 3%
-2% 4,601.45 -2% 1,051.75 -5%
6% 4,673.95 1% 1,108.45 -1%
-2% 4,640.10 -1% 1,116.30 0%
-3% 4,710.35 -3% 1,119.00 2%
-1% 4,853.55 0% 1,094.85 -1%
11% 4,858.30 4% 1,109.55 -1%
1% 4,691.60 4% 1,115.65 -3%
-2% 4,502.20 2% 1,146.15 3%
-2% 4,399.05 3% 1,115.60 1%
4% 4,268.05 0% 1,107.80 3%
2% 4,287.45 2% 1,077.80 4%
-3% 4,197.60 -4% 1,032.80 -1%
2% 4,365.40 2% 1,039.30 1%
-2% 4,266.55 -2% 1,030.60 0%
-1% 4,336.35 -1% 1,029.65 0%
-7% 4,401.75 -13% 1,027.50 -10%
3% 5,065.75 3% 1,135.55 1%
2% 4,938.30 1% 1,128.20 2%
0% 4,895.90 -3% 1,103.15 1%
2% 5,058.00 5% 1,090.65 4%
0% 4,806.90 5% 1,045.35 1%
1% 4,584.15 -4% 1,030.00 0%
2% 4,765.25 2% 1,027.20 2%
0% 4,668.55 1% 1,002.55 5%
2% 4,645.25 4% 957.7 3%
-3% 4,457.85 1% 932.35 4%
0% 4,417.90 1% 895.85 0%
-8% 4,379.50 -6% 896.9 -5%
7% 4,673.60 3% 948.5 3%
-3% 4,522.00 -3% 924.45 -2%
-2% 4,658.95 -5% 945.65 -3%
4% 4,892.70 0% 970.05 1%
1% 4,911.40 0% 956.4 0%
1% 4,925.35 4% 957.75 1%
2% 4,730.75 5% 948.4 3%
7% 4,504.80 13% 920.25 4%
-5% 3,974.55 -2% 883.15 -10%
2% 4,067.85 2% 983.55 1%
3% 4,000.80 -1% 975.35 1%
2% 4,033.75 1% 966.7 1%
-13% 4,003.30 -8% 958.75 -6%
-3% 4,331.45 0% 1,015.35 -3%
 2% 4,335.05 8% 1,043.00 4%
-1% 3,998.00 -1% 1,003.90 -2%
-6% 4,043.50 -2% 1,028.85 -2%
-7% 4,110.70 -11% 1,052.15 0%
3% 4,593.00 -5% 1,050.20 -3%
-4% 4,839.05 -5% 1,079.25 -2%
-7% 5,093.85 -16% 1,102.05 -2%
-3% 6,038.80 -2% 1,125.10 -3%
-3% 6,153.20 0% 1,165.35 0%
-3% 6,173.50 0% 1,169.65 -1%
2% 6,183.25 1% 1,179.35 -1%
0% 6,113.85 -2% 1,196.90 0%
2% 6,224.20 2% 1,193.45 5%
5% 6,108.65 7% 1,138.45 1%
-3% 5,715.30 -2% 1,129.70 -3%
1% 5,860.65 -2% 1,165.00 0%
-2% 5,999.85 -4% 1,163.70 0%
3% 6,282.00 6% 1,163.80 8%
-11% 5,911.55 -8% 1,080.45 -7%
-8% 6,393.80 -10% 1,167.95 -13%
2% 7,078.35 -2% 1,337.20 4%
-5% 7,205.45 -2% 1,290.55 -2%
4% 7,332.00 2% 1,319.10 4%
5% 7,166.55 3% 1,265.20 8%
3% 6,978.30 6% 1,171.40 1%
6,613.20 1,162.20