Micro Fundamental Factors of Equity Stock Prices in India

Asian Resonance(P: ISSN No. 0976-8602 RNI No.UPENG/2012/42622 VOL.-IV, ISSUE-II, April-2015 E: ISSN No. 2349-9443)

Abstract

 Suresh K. Mittal 

Assistant Professor, Haryana School of Business, Guru Jambheshwar University of Science & Technology, Hisar, Haryana


Neha Goyal

 Research Scholar, Haryana School of Business, Guru Jambheshwar University of Science & Technology, Hisar, Haryana

The study under consideration is an attempt to extract the micro fundamental factors and further to examine the relationship between fundamental factors with the equity share prices in India. The study is based on equity stocks of 124 companies, which is part of BSE-200 index. The time period of study undertaken is April, 2001 to March, 2012. Factor analysis has been used to extract the factors from the sixteen variables undertaken and then the multiple regression model has been used to analyze the effect of these extracted factors on the market prices of equity stocks in India. The result of factor analysis observed that liquidity, profitability, leverage, sales, operating efficiency and growth are the six factors that determines the equity share prices in India. The result of multiple regression indicate that 50.5% of variation in market price of equity shares are explained by six extracted fundamental factors. The study also found that profitability and growth are the two significant factors having positive impact on the market price of equity shares. The study concluded that the growth is one of the most important factors in determining equity share prices in India. 

for full paper please visit below link :

http://www.socialresearchfoundation.com/upoadreserchpapers/1/44/1509210902061st%20neha%20goyal.pdf

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