Relationship of Nifty 50 with Page Industries Ltd.
Author
Piyush Bhimalvar
MBA (Operations and Supply Chain Management)
ITM Skills University
INTRODUCTION
Page Industries Limited is one of India’s leading apparel companies and the exclusive licensee of Jockey International Inc. for manufacturing, distribution, and marketing in India and select international markets. Established in 1994, the company specializes in innerwear, athleisure, and leisurewear. Page Industries is known for its strong brand equity, high-quality products, and vertically integrated operations. Its robust supply chain and extensive retail network have supported consistent growth and market leadership.
OBJECTIVES OF THIS STUDY
To calculate the beta of Power Grid Corporation of India Limited and observe its significance.
LITERATURE REVIEW
Existing literature highlights that work–life balance is a critical issue for women employees, particularly in labor-intensive industries such as garments and manufacturing. Studies indicate that long working hours, workload pressure, and family responsibilities significantly affect women’s physical and mental well-being. Researchers emphasize the role of supportive workplace policies, flexible working arrangements, and effective time management in improving work–life balance. Previous studies also reveal that teamwork, compensation, and organizational support positively influence employee satisfaction. However, industry-specific studies focusing on garment units remain limited, creating scope for further research.
DATA COLLECTION
The historical data of Page Industries Limited and nifty 50 index data was downloaded from the website from the period 1/12/24 to 30/11/25. The data was manipulated to get Friday closing prices.
DATA ANALYSIS
The intercept = a = 0.403598708
Coefficient = -bx = 0.883173869
a + bx = 0.403598708-0.883173869bx
The above equation tells us the relationship between nifty 50 and equity of Power Grid Corporation of India Limited, negative sign means if equity of Power Grid Corporation of India Limited, demand will fall and vice versa. If the equity rises by 1 unit, the nifty 50 will fall by 0.000170047 units.
t-stat for beta is 4.09313536, p value of which is 0.00017 is more than 0.05, rather beta is not statistically significant at 1% level so you cannot say that Power Grid reliably goes up when Nifty goes up, based on this data. R square is 0.26697616= 0.2 which means 2% of the Power Grid are explained by nifty 50, 97% is due to other reason. – the equation is
Y=0.4036+0.8832X
– Even if Nifty changes by 1000 points, F is 16.75376 and the p value is 0.00017, the overall model is not statistically significant.
No of observations = 48
R square = 0.26697616
F – value = 16.75376
CONCLUSION
The regression analysis indicates a significant positive relationship between the independent variable (X) and returns (Y). The coefficient of 0.8832 suggests that for every one-unit increase in X, returns increase by approximately 0.88 units. The R² value of 0.267 indicates that about 26.7% of the variation in returns is explained by this model, showing a moderate fit. The ANOVA results (F = 16.75, p < 0.001) confirm that the model is statistically significant. Overall, the findings suggest that changes in X have a meaningful impact on returns, providing useful insights for investors and stakeholders.
REFERENCE
Liyanage, S. (2006). Do financial factors such as author page charges and industry funding impact on research dissemination? Health Information and Libraries Journal, 23(2), 109–117.
Ahmed, M. I. R., & Jyothi, H. P. (2023). A study on the work-life balance of women employees in the garment industry with special reference to Page Industries Ltd., Unit-12, Hassan. In Proceedings of the 11th International Conference on HR for Organizational Sustainability (pp. xx–xx). Mysuru, India. ISBN: 978-93-83302-65-9.
