A company having growth stock can be considered for consistency of growth in order to invest projects that provide benefits in generating the growth. From this perspective, a growth stock may be identified as the stock with the underlying scope to earn higher level of return with the involvement of similar risk related profile . In order to consider the factor regarding feasibility, an organization may be forced to be a company of growth stock, but there will be more value of the stock if the trade is beyond the peers with the involvement of similar risk. Genuine efforts have been put in by several researchers such as Zhang (2011) and Zhao (2008) in order to explain the concept of value premium. When considering the proponents regarding conventional theory towards the pricing of asset, there can be an identification of the puzzle behind value premium . This can be stated as growth stocks within which values have more dependency on the stages of business and it may involve risk within which there is low dependency of values considering the scenarios of economy. Therefore, it can be stated that growth stocks are known to be dealing with the involvement of higher betas as well as higher returns. However, none of the arguments have been placed by empirical evidences to consider the accuracy of this statement. On the other hand, value stock can be considered to have high returns when comparing it with growth stock but there is an involvement of low betas .