• ABHISHEK JAIN
• Dr. Amarjeet Singh Khalsa

Capital structure decisions are of utmost importance for any company big or small and at the same time they are the biggest dilemma of the financial manager. Capital structure of every company is unique in itself and is an outcome of multiple determining factors like liquidity position, financial leverage, profitability, growth opportunities, cost of debt, taxes, size and nature of firm etc. Many theories have been suggested in the area of capital structure like the net income theory, net operating income theory, Modigliani miller theory wherein each of the theories under their own set of assumptions and limitations have tried to explain the existence or non-existence of relationship between the capital structure, value of the firm and its overall cost of capital. In real life business scenario, their exists many quantifiable as well as non-quantifiable factors determining the optimum capital structure of a company and along with them exists many subjective and operational issues because of which firms have a capital structure highly varied from their theoretically optimum capital structure. Thus, capital structure is a very intriguing area of research and a lot of empirical research work is left to be done in this area in the Indian context. In the current work the nifty 50 companies have been taken as the sample and data has been taken over the 10 years period 2004-05 to 2013-14 in an attempt to study the two components of the capital structure of a firm i.e. equity and debt. Making use of the total debt to equity ratio of the companies over the 10 years period an attempt has been made to find out the pattern of capital structure that has been followed by these blue-chip companies. Companies have also been categorized industry/sector wise so that a meaningful picture of the pattern of capital structure can be presented company wise, industry/sector wise and of all 50 companies as a whole. Such a study helps in understanding the pattern of capital structure in first place so that it paves the way for further research in the area in terms of understanding the important factors which have led to the pattern of capital structure these companies had during the aforesaid period and also to critically appraise the financial pattern of these companies so that we can have deeper insights in the area of capital structure in the Indian context.

Capital Structure, NIFTY, Total Debt Equity Ratio

"A STUDY ON THE PATTERN OF CAPITAL STRUCTURE OF SELECT INDIAN COMPANIES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 5, page no.289-305, May-2019, Available :http://www.jetir.org/papers/JETIR1905K40.pdf

"A STUDY ON THE PATTERN OF CAPITAL STRUCTURE OF SELECT INDIAN COMPANIES", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 5, page no. pp289-305, May-2019, Available at : http://www.jetir.org/papers/JETIR1905K40.pdf