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Value versus growth stocks: sector specific approach in Indian scenario

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  • Amit Hedau
  • Sasikanta Tripathy

Abstract

The investment in the stock market needs a strategy to generate the superior returns. Since, all the stocks cannot qualify to find a place in the portfolio, stock selection is the main task of the investor. The present paper attempt to validate the theory of value investing in the IT, FMCG and banking sector of the Indian capital market. Based on the eight years data, stocks are classified as value and growth stock in all the three sectors. Subsequently, the monthly returns are observed to analyse the performance of value and growth stock portfolio. The risk based adjusted returns are calculated for each sector using CAPM model and statistical significance is tested using Mann-Whitney U test. The results suggest that the value premium exists in the observed data, however the quantum of premium is decreasing in comparison to the earlier empirical evidences. The findings of the paper are an insightful information to the investors of capital market in India.

Suggested Citation

  • Amit Hedau & Sasikanta Tripathy, 2026. "Value versus growth stocks: sector specific approach in Indian scenario," International Journal of Business Innovation and Research, Inderscience Enterprises Ltd, vol. 39(4), pages 443-457.
    • Handle: RePEc:ids:ijbire:v:39:y:2026:i:4:p:443-457
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