Date Hindustan Zinc Price % Change in Hindustan Zinc Hindustan Zinc Return Nifty Metal Price

05-Sep-16 184.44 4.04% 3.96% 2,450.90

12-Sep-16 177.28 -6.88% -7.13% 2,542.00
19-Sep-16 190.38 -2.53% -2.56% 2,522.05
26-Sep-16 195.32 -7.40% -7.69% 2,666.55
03-Oct-16 210.93 2.54% 2.51% 2,643.50
10-Oct-16 205.70 -1.58% -1.59% 2,688.05
17-Oct-16 209.00 -1.28% -1.29% 2,678.35
24-Oct-16 211.72 -1.06% -1.06% 2,674.75
31-Oct-16 213.98 1.63% 1.62% 2,810.65
07-Nov-16 210.54 -0.02% -0.02% 2,626.00
14-Nov-16 210.58 -8.58% -8.97% 2,757.45
21-Nov-16 230.35 0.26% 0.26% 2,717.60
28-Nov-16 229.76 -3.06% -3.11% 2,865.25
05-Dec-16 237.01 0.00% 0.00% 2,742.80
12-Dec-16 237.01 8.79% 8.42% 2,623.10
19-Dec-16 217.87 1.19% 1.19% 2,652.50
26-Dec-16 215.30 -3.44% -3.50% 2,797.85
02-Jan-17 222.97 -4.72% -4.84% 2,952.30
09-Jan-17 234.02 -3.63% -3.70% 2,933.10
16-Jan-17 242.83 -4.19% -4.28% 3,109.65
23-Jan-17 253.45 -6.59% -6.81% 3,128.70
30-Jan-17 271.32 2.60% 2.56% 3,075.45
06-Feb-17 264.45 4.64% 4.53% 3,053.60
13-Feb-17 252.73 -0.73% -0.73% 3,120.25
20-Feb-17 254.59 -3.71% -3.78% 3,187.10
27-Feb-17 264.41 10.38% 9.88% 3,034.65
06-Mar-17 239.54 -8.35% -8.72% 3,127.50
13-Mar-17 261.37 -4.08% -4.17% 3,123.00
20-Mar-17 272.50 11.93% 11.27% 3,096.55
27-Mar-17 243.46 1.71% 1.69% 3,111.10
03-Apr-17 239.37 0.87% 0.86% 2,985.55
10-Apr-17 237.31 3.19% 3.14% 2,905.25
17-Apr-17 229.97 1.81% 1.79% 2,974.40
24-Apr-17 225.88 7.03% 6.79% 2,856.70
01-May-17 211.05 -1.57% -1.58% 2,912.05
08-May-17 214.42 3.37% 3.32% 2,943.20
15-May-17 207.42 1.86% 1.84% 2,997.75
22-May-17 203.63 1.47% 1.46% 2,923.35
29-May-17 200.68 -1.47% -1.48% 2,997.70
05-Jun-17 203.67 0.12% 0.12% 2,931.05
12-Jun-17 203.42 -3.86% -3.94% 2,892.40
19-Jun-17 211.59 -4.80% -4.92% 2,991.35
26-Jun-17 222.26 -1.37% -1.38% 3,087.75
03-Jul-17 225.34 -2.44% -2.47% 3,140.05
 10-Jul-17 230.98 -2.39% -2.42% 3,203.15
17-Jul-17 236.63 1.02% 1.02% 3,207.15
24-Jul-17 234.23 -2.82% -2.86% 3,302.00
31-Jul-17 241.02 5.70% 5.54% 3,216.60
07-Aug-17 228.03 -8.15% -8.50% 3,384.65
14-Aug-17 248.27 3.72% 3.65% 3,414.05
21-Aug-17 239.37 -6.34% -6.54% 3,542.50
28-Aug-17 255.56 -0.39% -0.39% 3,652.95
04-Sep-17 256.57 0.04% 0.04% 3,663.30
11-Sep-17 256.48 3.87% 3.80% 3,491.80
18-Sep-17 246.92 -1.01% -1.02% 3,550.30
25-Sep-17 249.45 -7.23% -7.50% 3,711.50
02-Oct-17 268.88 -0.40% -0.40% 3,784.55
09-Oct-17 269.97 -0.55% -0.55% 3,819.90
16-Oct-17 271.45 1.90% 1.88% 3,945.30
23-Oct-17 266.39 -1.95% -1.97% 3,938.40
30-Oct-17 271.70 2.43% 2.40% 3,865.70
06-Nov-17 265.25 0.55% 0.54% 3,767.85
13-Nov-17 263.81 0.66% 0.66% 3,765.90
20-Nov-17 262.07 4.15% 4.07% 3,617.90
27-Nov-17 251.63 1.52% 1.51% 3,643.50
04-Dec-17 247.86 -0.14% -0.14% 3,665.90
11-Dec-17 248.20 -4.92% -5.05% 3,839.30
18-Dec-17 261.05 -0.37% -0.37% 3,940.15
25-Dec-17 262.02 -1.58% -1.59% 4,130.40
01-Jan-18 266.22 -3.15% -3.20% 4,189.50
08-Jan-18 274.88 8.24% 7.92% 4,033.40
15-Jan-18 253.96 0.26% 0.26% 4,135.15
22-Jan-18 253.29 1.43% 1.42% 3,948.30
29-Jan-18 249.72 -3.03% -3.08% 3,986.40
05-Feb-18 257.53 -3.03% -3.08% 3,991.60
12-Feb-18 265.59 -4.56% -4.66% 4,028.80
19-Feb-18 278.27 3.93% 3.85% 3,960.90
26-Feb-18 267.75 0.73% 0.73% 3,688.15
05-Mar-18 265.80 -0.51% -0.51% 3,664.50
12-Mar-18 267.16 4.46% 4.36% 3,447.55
19-Mar-18 255.75 -1.62% -1.64% 3,512.55
26-Mar-18 259.97 -4.37% -4.47% 3,604.05
02-Apr-18 271.86 -0.03% -0.03% 3,725.45
09-Apr-18 271.95 -4.04% -4.13% 3,891.45
16-Apr-18 283.41 0.17% 0.17% 3,763.85
23-Apr-18 282.94 7.78% 7.49% 3,633.60
30-Apr-18 262.52 1.57% 1.56% 3,712.80
07-May-18 258.46 0.35% 0.35% 3,590.65
14-May-18 257.55 2.46% 2.43% 3,567.40
21-May-18 251.36 -0.23% -0.23% 3,568.40
28-May-18 251.93 -1.62% -1.63% 3,658.55
04-Jun-18 256.08 -2.71% -2.75% 3,541.95
11-Jun-18 263.21 5.28% 5.14% 3,431.55
18-Jun-18 250.02 5.30% 5.16% 3,440.15
25-Jun-18 237.44 0.92% 0.91% 3,322.05
02-Jul-18 235.28 -1.07% -1.08% 3,286.60
09-Jul-18 237.83 3.66% 3.59% 3,092.20
16-Jul-18 229.44 -3.14% -3.19% 3,297.70
23-Jul-18 236.88 -2.99% -3.04% 3,380.85
30-Jul-18 244.18 -1.62% -1.64% 3,434.75
06-Aug-18 248.21 3.46% 3.41% 3,394.10
13-Aug-18 239.90 -5.11% -5.25% 3,481.20
20-Aug-18 252.83 -2.42% -2.45% 3,643.45
27-Aug-18 259.11 0.52% 0.52% 3,699.75
03-Sep-18 257.76 -0.44% -0.44% 3,713.70
10-Sep-18 258.89 0.76% 0.76% 3,673.25
17-Sep-18 256.94 2.68% 2.64% 3,485.35
24-Sep-18 250.24 2.99% 2.95% 3,444.65
01-Oct-18 242.97 1.20% 1.20% 3,438.10
08-Oct-18 240.08 -3.10% -3.15% 3,365.00
15-Oct-18 247.77 3.19% 3.14% 3,283.90
22-Oct-18 240.12 5.13% 5.00% 3,439.25
29-Oct-18 228.40 -13.57% -14.58% 3,431.90
05-Nov-18 264.25 -0.92% -0.92% 3,354.60
12-Nov-18 266.70 1.37% 1.36% 3,214.75
19-Nov-18 263.10 -1.35% -1.36% 3,163.75
26-Nov-18 266.70 -2.24% -2.26% 3,071.20
03-Dec-18 272.80 1.32% 1.31% 3,112.35
10-Dec-18 269.25 -1.84% -1.86% 3,162.30
17-Dec-18 274.30 -0.40% -0.40% 3,112.20
24-Dec-18 275.40 1.36% 1.35% 3,001.70
31-Dec-18 271.70 -0.66% -0.66% 2,971.25
07-Jan-19 273.50 0.40% 0.40% 2,957.10
14-Jan-19 272.40 8.79% 8.42% 2,857.55
21-Jan-19 250.40 -1.69% -1.70% 2,815.65
28-Jan-19 254.70 2.19% 2.16% 2,740.50
04-Feb-19 249.25 0.56% 0.56% 2,677.10
11-Feb-19 247.85 -4.67% -4.79% 2,842.20
18-Feb-19 260.00 -4.01% -4.09% 2,922.70
25-Feb-19 270.85 1.35% 1.34% 2,947.95
04-Mar-19 267.25 -2.85% -2.90% 3,008.25
11-Mar-19 275.10 0.22% 0.22% 2,983.20
18-Mar-19 274.50 -0.85% -0.85% 3,044.15
25-Mar-19 276.85 -4.15% -4.24% 3,132.35
01-Apr-19 288.85 2.98% 2.93% 3,071.60
08-Apr-19 280.50 -1.35% -1.36% 3,109.85
15-Apr-19 284.35 5.14% 5.01% 3,046.65
22-Apr-19 270.45 -1.51% -1.52% 3,081.25
29-Apr-19 274.60 5.45% 5.31% 2,872.50
06-May-19 260.40 2.74% 2.71% 2,807.25
13-May-19 253.45 0.26% 0.26% 2,904.30
20-May-19 252.80 2.85% 2.81% 2,900.40
27-May-19 245.80 2.85% 2.81% 2,906.95
03-Jun-19 239.00 0.95% 0.95% 2,944.90
10-Jun-19 236.75 2.60% 2.57% 2,930.20
17-Jun-19 230.75 -5.47% -5.62% 2,980.20
24-Jun-19 244.10 4.03% 3.95% 2,851.25
01-Jul-19 234.65 2.98% 2.94% 2,826.30
08-Jul-19 227.85 3.54% 3.48% 2,741.85
15-Jul-19 220.05 -2.42% -2.45% 2,692.45
22-Jul-19 225.50 6.57% 6.36% 2,459.10
29-Jul-19 211.60 -0.26% -0.26% 2,398.00
05-Aug-19 212.15 2.56% 2.53% 2,402.05
12-Aug-19 206.85 2.17% 2.15% 2,278.65
19-Aug-19 202.45 -6.55% -6.78% 2,289.95
26-Aug-19 216.65 -0.18% -0.18% 2,357.70
02-Sep-19 217.05 2,328.59
% Change in Nifty Metal Nifty Metal Return
-3.58% -3.65%
0.79% 0.79%
-5.42% -5.57% COVAR
0.87% 0.87% VAR
-1.66% -1.67% Levered Beta
0.36% 0.36% Avg. Debt to Equity
0.13% 0.13% Unlevered Beta
-4.84% -4.96%
7.03% 6.80%
-4.77% -4.88%
1.47% 1.46%
-5.15% -5.29%
4.46% 4.37%
4.56% 4.46%
-1.11% -1.11%
-5.20% -5.33%
-5.23% -5.37%
0.65% 0.65%
-5.68% -5.85%
-0.61% -0.61%
1.73% 1.72%
0.72% 0.71%
-2.14% -2.16%
-2.10% -2.12%
5.02% 4.90%
-2.97% -3.01%
0.14% 0.14%
0.85% 0.85%
-0.47% -0.47%
4.21% 4.12%
2.76% 2.73%
-2.32% -2.35%
4.12% 4.04%
-1.90% -1.92%
-1.06% -1.06%
-1.82% -1.84%
2.55% 2.51%
-2.48% -2.51%
2.27% 2.25%
1.34% 1.33%
-3.31% -3.36%
-3.12% -3.17%
-1.67% -1.68%
-1.97% -1.99%
-0.12% -0.12%
-2.87% -2.91%
2.65% 2.62%
-4.97% -5.09%
-0.86% -0.86%
-3.63% -3.69%
-3.02% -3.07%
-0.28% -0.28%
4.91% 4.79%
-1.65% -1.66%
-4.34% -4.44%
-1.93% -1.95%
-0.93% -0.93%
-3.18% -3.23%
0.18% 0.18%
1.88% 1.86%
2.60% 2.56%
0.05% 0.05%
4.09% 4.01%
-0.70% -0.71%
-0.61% -0.61%
-4.52% -4.62%
-2.56% -2.59%
-4.61% -4.72%
-1.41% -1.42%
3.87% 3.80%
-2.46% -2.49%
4.73% 4.62%
-0.96% -0.96%
-0.13% -0.13%
-0.92% -0.93%
1.71% 1.70%
7.40% 7.13%
0.65% 0.64%
6.29% 6.10%
-1.85% -1.87%
-2.54% -2.57%
-3.26% -3.31%
-4.27% -4.36%
3.39% 3.33%
3.58% 3.52%
-2.13% -2.16%
3.40% 3.35%
0.65% 0.65%
-0.03% -0.03%
-2.46% -2.49%
3.29% 3.24%
3.22% 3.17%
-0.25% -0.25%
3.56% 3.49%
1.08% 1.07%
6.29% 6.10%
-6.23% -6.43%
-2.46% -2.49%
-1.57% -1.58%
1.20% 1.19%
-2.50% -2.53%
-4.45% -4.56%
-1.52% -1.53%
-0.38% -0.38%
1.10% 1.10%
5.39% 5.25%
1.18% 1.17%
0.19% 0.19%
2.17% 2.15%
2.47% 2.44%
-4.52% -4.62%
0.21% 0.21%
2.30% 2.28%
4.35% 4.26%
1.61% 1.60%
3.01% 2.97%
-1.32% -1.33%
-1.58% -1.59%
1.61% 1.60%
3.68% 3.62%
1.02% 1.02%
0.48% 0.48%
3.48% 3.42%
1.49% 1.48%
2.74% 2.71%
2.37% 2.34%
-5.81% -5.98%
-2.75% -2.79%
-0.86% -0.86%
-2.00% -2.02%
0.84% 0.84%
-2.00% -2.02%
-2.82% -2.86%
1.98% 1.96%
-1.23% -1.24%
2.07% 2.05%
-1.12% -1.13%
7.27% 7.02%
2.32% 2.30%
-3.34% -3.40%
0.13% 0.13%
-0.23% -0.23%
-1.29% -1.30%
0.50% 0.50%
-1.68% -1.69%
4.52% 4.42%
0.88% 0.88%
3.08% 3.03%
1.83% 1.82%
9.49% 9.07%
2.55% 2.52%
-0.17% -0.17%
5.42% 5.27%
-0.49% -0.49%
-2.87% -2.92%
1.25% 1.24%
-7.0677793E-05
0.0009491273
-0.07
2.62%
-0.07
Debt to CapitalDebt to Equity Beta Effect of Leverage Risk Free Rate ERP Cost of Equity
0.00% 0.00% (0.074) 4.13% 8.60% 3.49%
10.00% 11.11% (0.080) (0.01) 4.13% 8.60% 3.44%
20.00% 25.00% (0.087) (0.01) 4.13% 8.60% 3.38%
30.00% 42.86% (0.096) (0.02) 4.13% 8.60% 3.30%
40.00% 66.67% (0.108) (0.03) 4.13% 8.60% 3.20%
50.00% 100.00% (0.125) (0.05) 4.13% 8.60% 3.06%
60.00% 150.00% (0.150) (0.08) 4.13% 8.60% 2.84%
70.00% 233.33% (0.192) (0.12) 4.13% 8.60% 2.48%
80.00% 400.00% (0.276) (0.20) 4.13% 8.60% 1.76%
90.00% 900.00% (0.527) (0.45) 4.13% 8.60% -0.40%
 In Rs. Crores
Description 2019 2018 2017 2016
Long Term Borrowings 964 861 649 664
Other Long Term Liabilities 145 134 111 19
Short Term Borrowings 2,538.00 0 7,908.00 0
Total Debt 3,647.00 995 8,668.00 683
Price per share 207.9 276.15 290.6 208.26
Shares Outstanding 4225000000 4225000000 4225000000 4225319000
Market Cap 87837.75 116673.38 122778.5 87996.49
Debt/ Equity 4.15% 0.85% 7.06% 0.78%
Average 2.62%
Median 0.85%
 2015
132.08
0
0
132.08
117.57
4225319000
49677.08
0.27%
Inputs for synthetic rating estimation
Enter the type of firm = 1 (Enter 1 if large/stable firm, 2 if smaller risky firm)
Earnings before interest and taxes (EBIT) = 10,562.0 
Current interest expenses = 113.00 
Current long term government bond rate = 4.13%
Output
Interest  coverage ratio = 93.47
Estimated Bond Rating = Aaa/AAA
Estimated Default Spread = 2.90%
Estimated Cost of Debt = 7.03%

For large/ stable firms
If interest coverage ratio is
> ≤ to Rating is Spread is
­100000 0.199999 D2/D 19.38%
0.2 0.649999 C2/C 14.54%
0.65 0.799999 Ca2/CC 11.08%
0.8 1.249999 Caa/CCC 9.00%
1.25 1.499999 B3/B- 6.60%
1.5 1.749999 B2/B 5.40%
1.75 1.999999 B1/B+ 4.50%
2 2.2499999 Ba2/BB 3.60%
2.25 2.49999 Ba1/BB+ 3.00%
2.5 2.999999 Baa2/BBB 2.00%
3 4.249999 A3/A- 1.56%
4.25 5.499999 A2/A 1.38%
5.5 6.499999 A1/A+ 1.25%
6.5 8.499999 Aa2/AA 1.00%
8.50 100000 Aaa/AAA 0.75%

For smaller and riskier firms
If interest coverage ratio is
greater than ≤ to Rating is Spread is
­100000 0.499999 D2/D 19.38%
0.5 0.799999 C2/C 14.54%
0.8 1.249999 Ca2/CC 11.08%
1.25 1.499999 Caa/CCC 9.00%
1.5 1.999999 B3/B- 6.60%
2 2.499999 B2/B 5.40%
2.5 2.999999 B1/B+ 4.50%
3 3.499999 Ba2/BB 3.60%
3.5 3.9999999 Ba1/BB+ 3.00%
 4 4.499999 Baa2/BBB 2.00%
4.5 5.999999 A3/A- 1.56%
6 7.499999 A2/A 1.38%
7.5 9.499999 A1/A+ 1.25%
9.5 12.499999 Aa2/AA 1.00%
12.5 100000 Aaa/AAA 0.75%