{"id":25096,"date":"2026-03-24T20:51:39","date_gmt":"2026-03-24T15:21:39","guid":{"rendered":"https:\/\/www.sachdevajk.in\/?p=25096"},"modified":"2026-03-24T20:51:39","modified_gmt":"2026-03-24T15:21:39","slug":"relationship-between-nifty-50-and-rbl-finserve-limited","status":"publish","type":"post","link":"http:\/\/www.sachdevajk.in\/?p=25096","title":{"rendered":"Relationship between Nifty 50 and RBL Finserve Limited"},"content":{"rendered":"<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 21.4667px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: #0f4761\" role=\"heading\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 24pt;line-height: 44.175px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\" data-ccp-parastyle=\"heading 1\">Relationship between Nifty 50 and RBL\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;background-position: 0px 100%;background-repeat: repeat-x;border-bottom: 1px solid transparent\" data-ccp-parastyle=\"heading 1\">Finserve<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\" data-ccp-parastyle=\"heading 1\">\u00a0Limited<\/span><\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 24pt;line-height: 44.175px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:322,&quot;335559739&quot;:322}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 16px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Author:\u00a0<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Rushikesh Dhumal<\/span><span class=\"LineBreakBlob BlobObject DragDrop SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: WordVisiCarriageReturn_MSFontService, Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\"><span class=\"SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;white-space: pre !important\">\u00a0<\/span><br class=\"SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;white-space: pre !important\" \/><\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Roll No:<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">\u00a00225060<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px 0px 10.6667px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;335551550&quot;:0,&quot;335551620&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 19.9333px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: #0f4761\" role=\"heading\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"none\">Introduction<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 16px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">RBL\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;background-position: 0px 100%;background-repeat: repeat-x;border-bottom: 1px solid transparent\">Finserve<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0Limited is a financial services company in India and a subsidiary of RBL Bank Limited. The company\u00a0<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">operates<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0primarily in the non-banking financial services (NBFC) sector and focuses on providing loans, financial solutions, and credit services to individuals and small businesses. Headquartered in India, RBL\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;background-position: 0px 100%;background-repeat: repeat-x;border-bottom: 1px solid transparent\">Finserve<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0plays\u00a0<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">an important role<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0in expanding financial inclusion by catering to underserved segments of the economy.<\/span><\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 16px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">The company contributes to economic growth by supporting credit access, boosting consumption, and strengthening the financial ecosystem. Its services align with India\u2019s broader financial development goals by enhancing liquidity and enabling business expansion.<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px 0px 10.6667px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;335551550&quot;:0,&quot;335551620&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 19.9333px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: #0f4761\" role=\"heading\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"none\">Objective<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 16px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">The primary\u00a0<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">objective<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0of this study is to calculate the\u00a0<\/span><\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Beta coefficient<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0for RBL\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;background-position: 0px 100%;background-repeat: repeat-x;border-bottom: 1px solid transparent\">Finserve<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0Limited and\u00a0<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">determine<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0its statistical significance\u00a0<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">relative<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0to the market (Nifty 50).<\/span><\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px 0px 10.6667px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;335551550&quot;:0,&quot;335551620&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 19.9333px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: #0f4761\" role=\"heading\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"none\">Literature Review<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">GDP Growth and Market Returns:<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">\u00a0Studies suggest that there is a weak relationship between India\u2019s GDP growth and stock market returns during the period 2008\u20132024 (Phalle et al., 2026).\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Market Drivers:<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0Stock markets are\u00a0<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">largely influenced<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0by global factors, policy changes, and political stability, with indices like the Nifty 50 reaching record highs due to investor expectations (Joshi, 2024).\u00a0<\/span><\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px 0px 10.6667px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;335551550&quot;:0,&quot;335551620&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 19.9333px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: #0f4761\" role=\"heading\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"none\">Data Collection<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 16px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">The data for Nifty 50 and RBL\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;background-position: 0px 100%;background-repeat: repeat-x;border-bottom: 1px solid transparent\">Finserve<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0Limited was sourced from NSE India for the period\u00a0<\/span><\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">January 1, 2025, to December 31, 2025<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">.<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Weekly (Friday closing) prices were collected\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Weekly returns were calculated\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Market returns (Nifty 50) = Independent variable (X)\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">Company returns (RBL\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;background-position: 0px 100%;background-repeat: repeat-x;border-bottom: 1px solid transparent\">Finserve<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">) = Dependent variable (Y)\u00a0<\/span><\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Total observations = 48\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 16px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Regression analysis was performed with Y regressed on X.<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px 0px 10.6667px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;335551550&quot;:0,&quot;335551620&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 19.9333px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: #0f4761\" role=\"heading\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"none\">Data Analysis<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 16px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Regression Equation:<\/span><span class=\"LineBreakBlob BlobObject DragDrop SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: WordVisiCarriageReturn_MSFontService, Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\"><span class=\"SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;white-space: pre !important\">\u00a0<\/span><br class=\"SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;white-space: pre !important\" \/><\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Y = -0.18 + 1.25X<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<div class=\"TableContainer Ltr SCXW112241877 BCX0\" style=\"margin: 2px 0px 2px -5px;padding: 0px;overflow: visible;position: relative;display: flex;justify-content: flex-start;direction: ltr\">\n<div id=\"{f4968df7-7278-4d9e-83bc-545215da2458}{34}\" class=\"WACAltTextDescribedBy SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: absolute;z-index: -100\" aria-hidden=\"true\">\u00a0<\/div>\n<table class=\"Table Ltr TableWordWrap SCXW112241877 BCX0\" dir=\"ltr\" style=\"margin: 0px;padding: 0px;width: 0px;border-collapse: collapse;position: relative;overflow: visible;background: transparent;border-spacing: 0px\" border=\"0\" data-tablestyle=\"MsoNormalTable\" data-tablelook=\"1696\">\n<tbody class=\"SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\n<tr class=\"TableRow SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;height: 20px\" role=\"row\">\n<td class=\"FirstRow FirstCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 70px\" role=\"rowheader\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext;text-align: center\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Particular<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td class=\"FirstRow LastCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 58px\" role=\"columnheader\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext;text-align: center\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Value<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:2,&quot;335551620&quot;:2,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr class=\"TableRow SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;height: 20px\" role=\"row\">\n<td class=\"FirstCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 70px\" role=\"rowheader\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">N<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td class=\"LastCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 58px\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">48<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr class=\"TableRow SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;height: 20px\" role=\"row\">\n<td class=\"FirstCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 70px\" role=\"rowheader\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">R Square<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td class=\"LastCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 58px\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">0.912<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr class=\"TableRow SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;height: 20px\" role=\"row\">\n<td class=\"FirstCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 70px\" role=\"rowheader\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">F<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td class=\"LastCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 58px\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">479.562<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr class=\"TableRow SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;height: 20px\" role=\"row\">\n<td class=\"FirstCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 70px\" role=\"rowheader\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">P-value<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td class=\"LastCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 58px\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">2.11E-25<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr class=\"TableRow SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;height: 20px\" role=\"row\">\n<td class=\"FirstCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 70px\" role=\"rowheader\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">t Stat<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td class=\"LastCol SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 58px\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">21.897<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<tr class=\"TableRow SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;height: 20px\" role=\"row\">\n<td class=\"FirstCol LastRow SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 70px\" role=\"rowheader\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Beta (B)<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<td class=\"LastCol LastRow SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;overflow: visible;vertical-align: middle;position: relative;background-color: transparent;border: 0px none;width: 58px\" data-celllook=\"0\">\n<div class=\"TableCellContent SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px 7px;overflow: visible\">\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">1.25<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px 0px 10.6667px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;335551550&quot;:0,&quot;335551620&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 19.9333px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: #0f4761\" role=\"heading\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"none\">Interpretation<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 16px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">The equation shows a\u00a0<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">positive relationship<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0between Nifty 50 and RBL\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;background-position: 0px 100%;background-repeat: repeat-x;border-bottom: 1px solid transparent\">Finserve<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0Limited.<\/span><\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">If the Nifty 50 increases by 1 unit, RBL\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;background-position: 0px 100%;background-repeat: repeat-x;border-bottom: 1px solid transparent\">Finserve<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0increases by\u00a0<\/span><\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">1.25 units<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">This\u00a0<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">indicates<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0a\u00a0<\/span><\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">highly responsive (aggressive) stock<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 16px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Statistical Insights:<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Beta = 1.25<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">\u00a0\u2192 Stock is more volatile than the market\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">t-stat = 21.897<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">\u00a0\u2192 Strong significance\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">P-value = 2.11E-25 (&lt; 0.05)<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">\u00a0\u2192 Beta is statistically significant\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">R\u00b2 = 0.912<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">\u00a0\u2192 91.2% of returns explained by market movements\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">Remaining<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0<\/span><\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">8.8%<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">\u00a0is due to other factors\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">F = 479.562<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">\u00a0and its p-value &lt; 0.05 \u2192 Model is statistically significant\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px 0px 10.6667px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;335551550&quot;:0,&quot;335551620&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 19.9333px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: #0f4761\" role=\"heading\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"none\">Conclusion<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 16px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">Since the Beta for RBL\u00a0<\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;background-position: 0px 100%;background-repeat: repeat-x;border-bottom: 1px solid transparent\">Finserve<\/span><span class=\"NormalTextRun SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px\">\u00a0Limited is\u00a0<\/span><\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">1.25<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">, the stock is\u00a0<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">more volatile than the market<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">.<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">It performs\u00a0<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">better than the market during bullish conditions<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"5\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">It may fall more during bearish trends\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 16px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Therefore, this stock is suitable for investors who are willing to take\u00a0<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"auto\">higher risk for higher returns<\/span><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">, especially when expecting the Nifty 50 to rise.<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px 0px 10.6667px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;335551550&quot;:0,&quot;335551620&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 19.9333px 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: #0f4761\" role=\"heading\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif;font-weight: bold\" xml:lang=\"EN-GB\" data-contrast=\"none\">References<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 18pt;line-height: 31.3875px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:299,&quot;335559739&quot;:299}\">\u00a0<\/span><\/p>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Joshi, A. (2024). India\u2019s stock market trends and investor expectations. Bloomberg.com\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"ListContainerWrapper SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;position: relative;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<ul class=\"BulletListStyle1 SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;cursor: text;font-family: verdana;overflow: visible\" role=\"list\">\n<li class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px 0px 0px 24px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;display: block;font-size: 12pt;font-family: Aptos, Aptos_MSFontService, sans-serif;vertical-align: baseline\" role=\"listitem\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"6\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559683&quot;:0,&quot;335559684&quot;:-2,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext\" xml:lang=\"EN-GB\"><span class=\"TextRun SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" xml:lang=\"EN-GB\" data-contrast=\"auto\">Phalle, M., et al. (2026). Dynamics of GDP growth and stock market performance in India. Advances in Consumer Research\u00a0<\/span><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<div class=\"OutlineElement Ltr SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;clear: both;cursor: text;overflow: visible;position: relative;direction: ltr;color: #000000;font-family: 'Segoe UI', 'Segoe UI Web', Arial, Verdana, sans-serif;font-size: 12px\">\n<p class=\"Paragraph SCXW112241877 BCX0\" lang=\"EN-GB\" style=\"margin: 0px 0px 10.6667px;padding: 0px;vertical-align: baseline;background-color: transparent;color: windowtext;text-align: center\" xml:lang=\"EN-GB\"><span class=\"EOP SCXW112241877 BCX0\" style=\"margin: 0px;padding: 0px;font-size: 12pt;line-height: 20.925px;font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, sans-serif\" data-ccp-props=\"{&quot;335551550&quot;:0,&quot;335551620&quot;:0}\">\u00a0<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Relationship between Nifty 50 and RBL\u00a0Finserve\u00a0Limited\u00a0 Author:\u00a0Rushikesh Dhumal\u00a0Roll No:\u00a00225060\u00a0 \u00a0 Introduction\u00a0 RBL\u00a0Finserve\u00a0Limited is a financial services company in India and a subsidiary of RBL Bank Limited. The company\u00a0operates\u00a0primarily in the non-banking financial services (NBFC) sector and focuses on providing loans, financial solutions, and credit services to individuals and small businesses. Headquartered in India, RBL\u00a0Finserve\u00a0plays\u00a0an important&hellip; <a class=\"more-link\" href=\"http:\/\/www.sachdevajk.in\/?p=25096\">Continue reading <span class=\"screen-reader-text\">Relationship between Nifty 50 and RBL Finserve Limited<\/span><\/a><\/p>\n","protected":false},"author":140211,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-25096","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"_links":{"self":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/25096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/users\/140211"}],"replies":[{"embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=25096"}],"version-history":[{"count":1,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/25096\/revisions"}],"predecessor-version":[{"id":25097,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/25096\/revisions\/25097"}],"wp:attachment":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=25096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=25096"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=25096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}