Introduction:

Page Industries Ltd is a leading Indian apparel manufacturer and retailer, widely known for its exclusive license of the Jockey brand in India, Sri Lanka, Bangladesh, Nepal, and the UAE. The company operates in the premium innerwear and athleisure segment, maintaining a strong market presence through an extensive distribution network and a focus on quality and innovation. Headquartered in Bangalore, Page Industries has consistently demonstrated strong financial performance and brand leadership. This report analyses Page Industries Ltd’s stock performance and its sensitivity to the broader market index (Nifty 50).

Objective:

To calculate Beta and observe its significance.

Literature review:

1: Market Sensitivity and Consumer Goods Sector
(Bansal & Kaur, 2021) this study highlights that consumer goods companies often exhibit moderate sensitivity to market movements due to steady demand patterns.

2: Risk-Return Profile of FMCG and Apparel Stocks
(Patel & Shah, 2023) this research evaluates consumer and apparel firms and finds that companies like Page Industries tend to have beta values less than 1.

Data collection:

Data for Nifty 50 and Page Industries Ltd was downloaded from nseindia.com for the period 1/1/2025 to 31/12/2025. Friday closing price for Nifty 50 and Page Industries Ltd were calculated. Weekly returns of Nifty 50 were taken as x and Weekly return of Page Industries Ltd were taken as y. y was regressed on x.

Data Analysis:

y = -0.67 + 0.77x

N	48
R square	0.22
F	12.73
P- value	0.00086
t Stat	3.57
B	0.77

The above Equation shows the relationship between Nifty 50 and Page Industries Ltd. Positive means their Direct relation which means if Nifty 50 stock rises Page Industries Ltd stock rise and vice versa. If Nifty 50 stock increases by 1 unit, the Page Industries Ltd stock increases by 0.77 unit. Number of observations is 48. t-stat for beta 3.57. The P value is 0.00086 less than 0.05 meaning Beta is statistically significant at 5% level. No. of observations are 48. R square is 0.22 meaning 22% of Page Industries Returns is explained by Nifty 50 Returns is the error due to the variable not included in model. F is 12.73 and P value of which 0.00086 less than 0.05 meaning Beta is statistically significant at 5% level.

Conclusion:

B < 1, Hence invest for long term as it is less volatile than Nifty 50.

References:

Bansal, R., & Kaur, P. (2021). Volatility and risk-return relationship of FMCG sector stocks in India. International Journal of Finance and Economics, 26(4), 5890–5902. https://doi.org/10.1002/ijfe.2105

Patel, D., & Shah, M. (2023). A study on beta and market sensitivity of selected consumer goods companies listed on NSE. International Journal of Research and Analytical Reviews, 10(2), pp. 45–50. https://doi.org/10.1729/IJRAR.2023.100206