Last Chang %Ch Mkt Cap Weigh

Industry
Price e g (Rs cr) t

Bajaj 1,392.2
Auto - 2 & 3 Wheelers 30.70 2.25 40,287.12 1.45
Auto 5

Bharti Telecommunications - 125,774.2

331.20 7.25 2.24 4.52
Airtel Service 0

2,044.8 100,097.0
BHEL Engineering - Heavy 26.75 1.33 3.59
0 5

Cipla Pharmaceuticals 307.30 2.00 0.66 24,673.77 0.89

Construction &
DLF Contracting 221.55 3.35 1.54 37,606.60 1.35
-Real Estate

HDFC Finance - Housing 674.40 8.95 1.34 98,823.66 3.55

HDFC 2,201.0 102,199.0

Banks - Private Sector 23.65 1.09 3.67
Bank 0 2

Hero 1,513.8
Auto - 2 & 3 Wheelers -16.05 -1.05 30,229.69 1.09
Honda 5

Hindalco Aluminium 209.75 0.10 0.05 40,153.37 1.44

HUL Personal Care 284.15 2.70 0.96 62,010.62 2.23

ICICI 1,009.1 116,195.7

Banks - Private Sector 1.45 0.14 4.17
Bank 5 7

3,075.3 176,564.9
Infosys Computers - Software 37.65 1.24 6.34
5 8

133,516.7
ITC Cigarettes 172.85 0.30 0.17 4.79
2

Jaiprakas Construction &

84.75 2.45 2.98 18,021.52 0.65
h Asso Contracting - Civil

Jindal
Steel - Sponge Iron 671.35 7.40 1.11 62,722.15 2.25
Steel

1,565.6
Larsen Engineering - Heavy -1.90 -0.12 95,160.99 3.42
5

Mah and
Auto - Cars & Jeeps 666.25 5.95 0.90 39,515.87 1.42
Mah
Maruti 1,250.5
Auto - Cars & Jeeps -14.20 -1.12 36,128.20 1.30
Suzuki 0

Power -
148,006.0
NTPC Generation/Distributio 179.50 -0.10 -0.06 5.31
9
n

Oil Drilling And 229,458.2

ONGC 268.20 4.30 1.63 8.24
Exploration 5

322,308.6
Reliance Refineries 984.75 8.60 0.88 11.57
8

Reliance Telecommunications -
91.15 1.10 1.22 18,813.61 0.68
Comm Service

Power -
Reliance
Generation/Distributio 611.00 15.75 2.65 16,339.38 0.59
Infra
n

2,639.2 167,591.8
SBI Banks - Public Sector 16.45 0.63 6.02
5 8

Sterlite
Metals - Non Ferrous 167.45 1.60 0.96 56,290.02 2.02
Ind

Tata 1,150.8
Auto - LCVs/HCVs 23.55 2.09 72,858.30 2.62
Motors 0

Power -
Tata 1,236.3
Generation/Distributio 6.00 0.49 29,339.48 1.05
Power 5
n

Tata Steel Steel - Large 611.70 8.85 1.47 55,188.44 1.98

1,120.0 219,218.5
TCS Computers - Software 11.30 1.02 7.87
5 4

109,916.8
Wipro Computers - Software 448.00 1.80 0.40 3.95
0

BSE SENSEX
From Wikipedia, the free encyclopedia
This article may require cleanup to meet
Wikipedia's quality standards. Please improve this article if
you can. The talk page may contain suggestions. (May 2009)
The Bombay Stock Exchange
The 'BSE SENSEX' is a value-weighted index composed of 30 stocks and was
started on January 1, 1986. The Sensex is regarded as the pulse of the domestic
stock markets in India. It consists of the 30 largest and most actively traded
stocks, representative of various sectors, on the Bombay Stock Exchange. These
companies account for around fifty per cent of the market capitalization of the
BSE. The base value of the sensex is 100 on April 1, 1979, and the base year of
BSE-SENSEX is 1978-79.

The BSE SENSEX consistes of the following companies:

Bajaj Auto Limited, Bharti Airtel Ltd., Bharat Heavy Electricals Ltd., Cipla Ltd.,
DLF Ltd., HDFC, HDFC Bank Ltd., Hero Honda Motors Ltd., Hindalco Industries
Ltd., Hindustan Unilever Ltd., ICICI Bank Ltd., Infosys Technologies Ltd., ITC
Ltd., Jaiprakash Associates Ltd., Jindal Steel & Power Ltd., Larsen & Toubro
Ltd., Mahindra & Mahindra Ltd., Maruti Suzuki India Ltd., NTPC Ltd., ONGC Ltd.,
Reliance Industries Ltd., Reliance Communications Ltd., Reliance Infrastructure
Ltd., State Bank of India, Sterlite Industries (India) Ltd., Tata Motors Ltd., Tata
Power Company Ltd., Tata Steel Ltd., Tata Consultancy Services Ltd., Wipro
Ltd., [1]

At regular intervals, the Bombay Stock Exchange (BSE) authorities review and
modify its composition to be sure it reflects current market conditions. The index
is calculated based on a free float capitalization method; a variation of the market
cap method. Instead of using a company's outstanding shares it uses its float, or
shares that are readily available for trading. The free-float method, therefore,
does not include restricted stocks, such as those held by promoters, government
and strategic investors.[2]

Initially, the index was calculated based on the ‘full market capitalization’ method.
However this was shifted to the free float method with effect from September 1,
2003. Globally, the free float market capitalization is regarded as the industry
best practice.

As per free float capitalization methodology, the level of index at any point of time
reflects the free float market value of 30 component stocks relative to a base
period. The Market Capitalization of a company is determined by multiplying the
price of its stock by the number of shares issued by the company. This Market
capitalization is multiplied by a free float factor to determine the free float market
capitalization. Free float factor is also referred as adjustment factor. Free float
factor represent the percentage of shares that are readily available for trading.

The Calculation of Sensex involves dividing the free float market capitalization of
30 companies in the index by a number called Index divisor.The Divisor is the
only link to original base period value of the Sensex. It keeps the index
comparable over time and is the adjustment point for all Index adjustments
arising out of corporate actions, replacement of scrips, etc.

The index has increased by over ten times from June 1990 to the present. Using
information from April 1979 onwards, the long-run rate of return on the BSE
Sensex works out to be 18.6% per annum, which translates to roughly 9% per
annum after compensating for inflation.[3]

Market Risk = Beta

Market risk is measured by beta, which is another measure of

investment risk that is based on the volatility of returns. In contrast to
standard deviation, beta measures volatility relative to a relevant
baseline rather than to the mean of the asset that is being evaluated.
Beta is the appropriate measure of an asset's contribution to your
portfolio's risk, as it measures only systematic risk, i.e., market risk.
Beta (finance)
From Wikipedia, the free encyclopedia
In finance, the Beta (β) of a stock or portfolio is a number describing the relation
of its returns with that of the financial market as a whole.[1]

An asset has a Beta of zero if its returns change independently of changes in the
market's returns. A positive beta means that the asset's returns generally follow
the market's returns, in the sense that they both tend to be above their respective
averages together, or both tend to be below their respective averages together. A
negative beta means that the asset's returns generally move opposite the
market's returns: one will tend to be above its average when the other is below its
average.[2]

The beta coefficient is a key parameter in the capital asset pricing

model (CAPM). It measures the part of the asset's statistical variance that cannot
be removed by the diversification provided by the portfolio of many risky assets,
because of the correlation of its returns with the returns of the other assets that
are in the portfolio. Beta can be estimated for individual companies
using regression analysis against a stock market index.

[edit]Definition

The formula for the beta of an asset within a portfolio is

 ,
where ra measures the rate of return of the asset, rp measures the rate of
return of the portfolio, and cov(ra,rp) is the covariance between the rates of
return. The portfolio of interest in the CAPM formulation is the market
portfolio that contains all risky assets, and so the rp terms in the formula are
replaced by rm, the rate of return of the market.

Beta is also referred to as financial elasticity or correlated relative volatility,

and can be referred to as a measure of the sensitivity of the asset's returns
to market returns, its non-diversifiable risk, its systematic risk, or market risk.
On an individual asset level, measuring beta can give clues
to volatility and liquidity in the marketplace. In fund management, measuring
beta is thought to separate a manager's skill from his or her willingness to
take risk.

The beta coefficient was born out of linear regression analysis. It is linked to

a regression analysis of the returns of a portfolio (such as a stock index) (x-
axis) in a specific period versus the returns of an individual asset (y-axis) in
a specific year. The regression line is then called the Security characteristic
Line (SCL).

αa is called the asset's alpha and βa is called the asset's beta

coefficient. Both coefficients have an important role in Modern portfolio
theory.

For an example, in a year where the broad market or benchmark index

returns 25% above the risk free rate, suppose two managers gain 50%
above the risk free rate. Because this higher return is theoretically
possible merely by taking a leveraged position in the broad market to
double the beta so it is exactly 2.0, we would expect a skilled portfolio
manager to have built the outperforming portfolio with a beta somewhat
less than 2, such that the excess return not explained by the beta is
positive. If one of the managers' portfolios has an average beta of 3.0,
and the other's has a beta of only 1.5, then the CAPM simply states that
the extra return of the first manager is not sufficient to compensate us
for that manager's risk, whereas the second manager has done more
than expected given the risk. Whether investors can expect the second
manager to duplicate that performance in future periods is of course a
different question.

[edit]Security market line

Main article: Security market line
The SML graphs the results from the
capital asset pricing model (CAPM)
formula. The x-axis represents the risk
(beta), and the y-axis represents the

The Security Market Line

expected return. The market risk premium is determined from the slope
of the SML.

The relationship between β and required return is plotted on the security

market line (SML) which shows expected return as a function of β. The
intercept is the nominal risk-free rate available for the market, while the
slope is E(Rm)− Rf. The security market line can be regarded as
representing a single-factor model of the asset price, where Beta is
exposure to changes in value of the Market. The equation of the SML is
thus:

It is a useful tool in determining if an asset being considered for a

portfolio offers a reasonable expected return for risk. Individual
securities are plotted on the SML graph. If the security's risk versus
expected return is plotted above the SML, it is undervalued
because the investor can expect a greater return for the inherent
risk. A security plotted below the SML is overvalued because the
investor would be accepting a lower return for the amount of risk
assumed.

[edit]Beta, volatility and correlation

A misconception about beta is that it measures the volatility of a

security relative to the volatility of the market. If this were true, then
a security with a beta of 1 would have the same volatility of returns
as the volatility of market returns. In fact, this is not the case,
because beta also incorporates the correlation of returns between
the security and the market. The formula relating beta, relative
volatility (sigma) and correlation of returns is:

For example, if one stock has low volatility and high

correlation, and the other stock has low correlation and high
volatility, beta cannot decide which is more "risky".

This also leads to an inequality (because |r| is not greater than

one):
In other words, beta sets a floor on volatility. For example,
if market volatility is 10%, any stock (or fund) with a beta
of 1 must have volatility of at least 10%.

Another way of distinguishing between beta and

correlation is to think about direction and magnitude. If the
market is always up 10% and a stock is always up 20%,
the correlation is one (correlation measures direction, not
magnitude). However, beta takes into account both
direction and magnitude, so in the same example the beta
would be 2 (the stock is up twice as much as the market).

[edit]Choice of benchmark

Published betas typically use a stock market index such

as S&P 500 as a benchmark. The benchmark should be
chosen to be similar to the other assets chosen by the
investor. Other choices may be an international index such
as the MSCI EAFE. The choice of the index need not
reflect the portfolio under question; e.g., beta for gold bars
compared to the S&P 500 may be low or negative carrying
the information that gold does not track stocks and may
provide a mechanism for reducing risk. The restriction to
stocks as a benchmark is somewhat arbitrary. Sometimes
the market is defined as "all investable assets" (seeRoll's
critique); unfortunately, this includes lots of things for
which returns may be hard to measure.

[edit]Investing

By definition, the market itself has a beta of 1.0, and

individual stocks are ranked according to how much they
deviate from the macro market (for simplicity purposes,
the S&P 500 is usually used as a proxy for the market as a
whole). A stock whose returns vary more than the market's
returns over time can have a beta whose absolute value is
greater than 1.0 (whether it is, in fact, greater than 1.0 will
depend on the correlation of the stock's returns and the
market's returns). A stock whose returns vary less than the
market's returns has a beta with an absolute value less
than 1.0.

A stock with a beta of 2 has returns that change, on

average, by twice the magnitude of the overall market's
returns; when the market's return falls or rises by 3%, the
stock's return will fall or rise (respectively) by 6% on
average. (However, because beta also depends on the
correlation of returns, there can be considerable variance
about that average; the higher the correlation, the less
variance; the lower the correlation, the higher the
variance.) Beta can also be negative, meaning the stock's
returns tend to move in the opposite direction of the
market's returns. A stock with a beta of -3 would see its
return decline 9% (on average) when the market's return
goes up 3%, and would see its return climb 9% (on
average) if the market's return falls by 3%.

Higher-beta stocks tend to be more volatile and therefore

riskier, but provide the potential for higher returns. Lower-
beta stocks pose less risk but generally offer lower
returns. Some have challenged this idea, claiming that the
data show little relation between beta and potential
reward, or even that lower-beta stocks are both less risky
and more profitable (contradicting CAPM). In the same
way a stock's beta shows its relation to market shifts, it is
also an indicator for required returns on investment (ROI).
Given a risk-free rate of 2%, for example, if the market
(with a beta of 1) has an expected return of 8%, a stock
with a beta of 1.5 should return 11% (= 2% + 1.5(8% -
2%)).

[edit]Academic theory

Academic theory claims that higher-risk investments

should have higher returns over the long-term. Wall Street
 has a saying that "higher return requires higher risk", not
that a risky investment will automatically do better. Some
things may just be poor investments (e.g.,
playing roulette or lighting money on fire). Further, highly
rational investors should consider correlated volatility
(beta) instead of simple volatility (sigma).

This expected return on equity, or equivalently, a

firm's cost of equity, can be estimated using the Capital
Asset Pricing Model (CAPM). According to the model, the
expected return on equity is a function of a firm's equity
beta (βE) which, in turn, is a function of both leverage and
asset risk (βA):

where:

 KE = firm's cost of equity

 RF = risk-free rate (the rate of return on a "risk free
investment"; e.g., U.S. Treasury Bonds)
 RM = return on the market portfolio

because:

and

Firm Value (V) = Debt Value (D) + Equity Value (E)

An indication of the systematic riskiness
attaching to the returns on ordinary shares. It
equates to the asset Beta for an ungeared
firm, or is adjusted upwards to reflect the
extra riskiness of shares in a geared firm.,
i.e. the Geared Beta.[3]

[edit]Multiple beta model

The arbitrage pricing theory (APT) has
multiple betas in its model. In contrast to the
CAPM that has only one risk factor, namely
the overall market, APT has multiple risk
factors. Each risk factor has a corresponding
beta indicating the responsiveness of the
asset being priced to that risk factor.

Mutiple-factor models contradict CAPM by

claiming that some other factors can return,
therefore one may find two stocks (or funds)
with equal beta, but one may be a better
investment.

[edit]Estimation of beta

To estimate beta, one needs a list of returns

for the asset and returns for the index; these
returns can be daily, weekly or any period.
Then one uses standard formulas from linear
regression. The slope of the fitted line from
the linear least-squares calculation is the
estimated Beta. The y-intercept is the alpha.

Myron Scholes and Joseph Williams (1977)

provided a model for estimating betas from
nonsynchronous data.[4]

Beta is commonly misexplained as asset

volatility relative to market volatility. If that
were the case it should simply be the ratio of
these volatilities. In fact, the standard
estimation uses the slope of the least
squares regression line—this gives a slope
which is less than the volatility ratio.
Specifically it gives the volatility ratio
multiplied by the correlation of the plotted
data. To take an extreme example,
something may have a beta of zero even
though it is highly volatile, provided it is
uncorrelated with the market. Tofallis (2008)
provides a discussion of this,[5] together with
a real example involving AT&T. The graph
showing monthly returns from AT&T is visibly
more volatile than the index and yet the
standard estimate of beta for this is less than
one.

The relative volatility ratio described above is

actually known as Total Beta (at least by
appraisers who practice business valuation).
Total Beta is equal to the identity: Beta/R or
the standard deviation of the stock/standard
deviation of the market (note: the relative
volatility). Total Beta captures the security's
risk as a stand-alone asset (because the
correlation coefficient, R, has been removed
from Beta), rather than part of a well-
diversified portfolio. Because appraisers
frequently value closely-held companies as
stand-alone assets, Total Beta is gaining
acceptance in the business valuation
industry. Appraisers can now use Total Beta
in the following equation: Total Cost of
Equity (TCOE) = risk-free rate + Total
Beta*Equity Risk Premium. Once appraisers
have a number of TCOE benchmarks, they
can compare/contrast the risk factors
present in these publicly-traded benchmarks
and the risks in their closely-held company to
better defend/support their valuations.

[edit]Extreme and interesting cases

 Beta has no upper or lower bound, and
betas as large as 3 or 4 will occur with
highly volatile stocks.
 Beta can be zero. Some zero-beta assets
are risk-free, such as treasury
bonds and cash. However, simply
because a beta is zero does not mean
that it is risk-free. A beta can be zero
simply because the correlation between
that item's returns and the market's
returns is zero. An example would be
betting on horse racing. The correlation
with the market will be zero, but it is
certainly not a risk-free endeavor.
 A negative beta simply means that the
stock is inversely correlated with the
market.
 A negative beta might occur even when
both the benchmark index and the stock
under consideration have positive
returns. It is possible that lower positive
returns of the index coincide with higher
positive returns of the stock, or vice
versa. The slope of the regression line in
such a case will be negative.
 If it were possible to invest in an asset
with positive returns and beta −1 as well
as in the market portfolio (which by
definition has beta 1), it would be
possible to achieve a risk-free profit. With
the use of leverage, this profit would be
unlimited. Of course, in practice it is
impossible to find an asset with beta −1
that does not introduce additional costs
or risks.
 Using beta as a measure of relative risk
has its own limitations. Most analyses
consider only the magnitude of beta. Beta
is a statistical variable and should be
considered with its statistical significance
(R square value of the regression line).
Higher R square value implies
higher correlation and a stronger
relationship between returns of the asset
and benchmark index.
 If beta is a result of regression of one
stock against the market where it is
quoted, betas from different countries are
not comparable.
 Staple stocks are thought to be less
affected by cycles and usually have lower
beta. Procter & Gamble, which makes
soap, is a classic example. Other similar
ones are Philip Morris (tobacco)
and Johnson & Johnson (Health &
Consumer Goods). Utility stocks are
thought to be less cyclical and have lower
beta as well, for similar reasons.
 'Tech' stocks typically have higher beta.
An example is the dot-com bubble.
Although tech did very well in the late
1990s, it also fell sharply in the early
2000s, much worse than the decline of
the overall market.
 Foreign stocks may provide some
diversification. World benchmarks such
as S&P Global 100 have slightly lower
betas than comparable US-only
benchmarks such as S&P 100. However,
this effect is not as good as it used to be;
the various markets are now fairly
 correlated, especially the US and
Western Europe.[citation needed]

[edit]Criticism

Beta is not without its own criticisms. Seth

Klarman of the Baupost group wrote in his
timely classic Margin of Safety: "I find it
preposterous that a single number reflecting
past price fluctuations could be thought to
completely describe the risk in a security.
Beta views risk solely from the perspective of
market prices, failing to take into
consideration specific business
fundamentals or economic developments.
The price level is also ignored, as if IBM
selling at 50 dollars per share would not be a
lower-risk investment than the same IBM at
100 dollars per share. Beta fails to allow for
the influence that investors themselves can
exert on the riskiness of their holdings
through such efforts as proxy contests,
shareholder resolutions, communications
with management, or the ultimate purchase
of sufficient stock to gain corporate control
and with it direct access to underlying value.
Beta also assumes that the upside potential
and downside risk of any investment are
essentially equal, being simply a function of
that investment's volatility compared with
that of the market as a whole. This too is
inconsistent with the world as we know it.
The reality is that past security price volatility
does not reliably predict future investment
performance (or even future volatility) and
therefore is a poor measure of risk."[6]
Do you know your stocks’ beta?

If you do, what does it mean and should you be concerned?

Beta is one of the most used and misused of the financial ratios. First off, let’s review
what a beta is, then look at how you can use it in a meaningful way.

The beta is a measure of a stock’s price volatility in relation to the rest of the market. In
other words, how does the stock’s price move relative to the overall market.

Beta Calculated

The number is calculated for you (thank goodness) using regression analysis. The whole
market, which for this purpose is considered the S&P 500, is assigned a beta of 1. There
is no single index used to calculate beta, although the S&P 500 is probably the most
common proxy for the market as a whole.

Stocks that have a beta greater than 1 have greater price volatility than the overall market
and are more risky.

Stocks with a beta of 1 fluctuate in price at the same rate as the market.

Stocks with a beta of less than 1 have less price volatility than the market and are less
risky.

Beta and Risk

Of course, there is more to it than that. Risk also implies return. Stocks with a high beta
should have a higher return than the market. If you are accepting more risk, you should
expect more reward.

For example, if the market with a beta of 1 is expected to return 8%, a stock with a beta
of 1.5 should return 12%. If you don’t see that level of return, then the stock is not a good
investment possibility.

Stocks with a beta below 1 may be a safer investment (at least by this one measure) and
you should expect a lower return.

Beta seems to be a great way to measure the risk of any stock. If you look a young,
technology stocks, they will always carry high betas. Many utilities on the other hand,
carry betas below 1.
Finding Betas

You can also compare a stock’s beta to its sector to get a picture of whether the stock is
out of line with its peers.
You can find a stock’s beta through a number of online services such as offered
by Reuters.

You have to register (it’s free) to get to the level of detail where you can find a stock’s
beta among the listed ratios.

Problems with Beta

While the may seem to be a good measure of risk, there are some problems with relying
on beta scores alone for determining the risk of an investment.
 Beta looks backward and history is not always an accurate predictor of the future.
 Beta also doesn’t account for changes that are in the works, such as new lines of
business or industry shifts.
 Beta suggests a stock’s price volatility relative to the whole market, but that
volatility can be upward as well as downward movement. In a sustained advancing
market, a stock that is outperforming the whole market would have a beta greater than
1.

How to Use Beta

Investors can find the best use of the beta ratio in short-term decision-making, where
price volatility is important. If you are planning to buy and sell within a short period, beta
is a good measure of risk.

However, as a single predictor of risk for a long-term investor, the beta has too many
flaws. Careful consideration of a company’s fundamentals will give you a much better
picture of the potential long-term risk. 

Advantages and Disadvantages of Beta

In the next two sections, we're going to discuss the advantages and
disadvantages of beta values.  The outcome of this discussion should be an
overall understanding of how to use this measure in practice.  For example,
you may want to look at a stock's beta before making a purchase decision. 
That's a good step to take as part of your stock research, as long as you
understand what the value is telling you.

Advantages of Beta
The calculation of beta is based on extremely sound finance theory.  The CAPM
pricing theory is about as good as it gets when it comes to pricing stocks, and is
far easier to put into practice when compared to the Arbitrage Pricing Theory,
or APT.  If you're thinking about investing in a company's stock, then the beta
allows you to understand if the price of that security has been more or less
volatile than the market itself.  That's certainly a good factor to understand
about a stock you're planning to add to your portfolio.

If we understand the theory behind beta, then it's easy to understand how
emerging technology stocks typically have beta values greater than 1, while
100 year-old utility stocks typically have beta values less than 1.  In fact, in
March 2007 Priceline.com had a beta of 3.4 while Public Service Enterprise
Group had a beta of 0.57.  It's nice when theory seems to work in the real
world.

Disadvantages of Beta

We're an advocate of value investing, which includes conducting stock research

that focuses on a company's fundamentals and an understanding of financial
ratios before investing in a stock.  Unfortunately, if you're calculating stock
beta values using price movements over the past three years, then you need to
bear in mind that the "past performance is no guarantee of future returns" rule
applies to beta values.

Beta is calculated based on historical price movements, which may have little
to do with how a company's stock is poised to move in the future.  Because the
measure relies on historical prices, it's not even possible to accurately
calculate the beta of newly issued stocks.

Beta also doesn't tell us if the stock's movements were more volatile during
bear markets or bull markets.  It doesn't distinguish between large upswing or
downswing movements.  So while beta can tell us something about the past risk
of a security, it tells us very little about the attractiveness or the value of the
investment today or in the future.
45
Future oil consumption in India is expected to grow rapidly, to 2.8 million bbl/d
by 2010,from 2.2 million bbl/d in 2003. India is attempting to limit its
dependence on oil importssomewhat by expanding domestic exploration and
production.
Non-OPEC oil producers, who had increased production last year to 49 million
barrels aday as prices flared up, are expected to increase production by another
1.5 million barrelsa day. Given this forecast, non-OPEC oil producers could
increase their share of globaloil production to around 63 per cent.
Among the non-OPEC oil producers, Russia is expected to lead the output charge.
Itsproduction is seen rising seven per cent this year to 9.1 million barrels a day.
Africa, theUS, Canada and Brazil are the others expected to increase their
production.
46
From the above graph it is clear that imports of USA/India/China will be growing
at afaster pace. These three countries itself will account for around 74% of oil’s
import whiledeveloping countries like India and China will be the main drivers of
growth in global oilconsumption.

47
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