ISSN No - RBS

stocks but they were not sufficient toconclude for all the sample companies.This indicates that the individualcompany matters in performance ascompared to the whole sector.CONCLUSIONIndian share market offers lot ofinvestment opportunities to itsinvestors. The most popular amongthese options are shares. Equityshares provide the investor withreturns and ownership in therespective company. The returns fromequity shares are in the form ofdividends and capital appreciation.The latter refers to the increase in thevalue of a share while the formerrefers to the time to time distributionof profits by the company to itsinvestors. These dividends are themost awaited item for theshareholders of any company and thuscan have an impact on the returns of aparticular stock. In line with thislogic the present study has beenperformed. The empirical studies hadwitnessed that the DPS has a positivesignificant impact on thedeterminants of share prices.It may be interpreted from the resultsthat we cannot generalize that thereis impact of dividend announcementson the stock returns on the sector ofcompanies as a whole as few of thesample companies of a sector whichgot changes in stock returns duringdividend announcement phase may beout of chance factor. The core reasonfor the same could be that allcompanies in general declare almost aTable 4: Retail SectorName ofthe Co.Mean CARBeforeTRENTTitanIndustriesRaymond Koutons ProvogPantalonZodiacClothingCo. Ltd.-6.19 -8.20 2.35 2.26 47.27^ -15.82 1.54S.D. Before 4.52 4.72 3.79 2.56 29.98^ 9.06 5.68Mean CARAfter-2.09 -3.02 -2.24 -4.38 3.62 -6.79 6.98^S.D. After 3.62 6.93 2.42 4.49 13.07^ 7.45 3.06t-valueBeforet-valueAfter-7.50 -9.51 3.39* 4.82* 8.64* -9.55 1.49-3.18 -2.39 -5.08 -5.34 1.52 -4.99 12.50z-value -7.22 -6.94 0.41 -1.67 6.28* -9.40 6.43*Note: 1. *, **, *** significant at 1%, 2% and 5% level of significance.2. ^ indicates maximum value.[ 112 ] Rai Management Journal