Beta of stock is used in measuring the volatility of stock. Beta of index is 1. Beta higher than 1 means stock will give higher returns than index during bull run, but also will loose more value during downturn vis-a-vis index. Beta less than 1 indicates exactly opposite.
Beta is calculated using the historical data. It does not incorporate the risk of new news. So, fundamental analysts would find it of no use. Other thing, beta does not capture the long time change in the value of stock and fundamental analysts & value investors are generally interested in long term.
But traders who get into and out of the market quickly find it useful. Because, they need the change in their investment to be high in short time to earn good returns.
Typically, FMCG & pharma stocks have lesser beta as these businesses do not get affected by market movements much. But real estate, IT, telecommunication stocks have higher beta. I have just experienced this after watching how the market price of Bhartiartl tumbled after the announcement of merger with MTN and how it had shot up too sharply on the Golden Monday.
Realty stocks also nosedived during subprime crisis & are now up again after the announcement of FM of boosting infrastructure.
http://www.bseindia.com/about/abindices/betavalues.asp shows the betas of sensex stocks.
Other source is "yahoo india finance". After finding particulars of stock there, one should look in 'Key Statistics' and then under 'stock price history' for beta.
I found on net that "business standard" gives beta values of stocks in their Saturday edition. I will keep an eye on it, though I am going to Dapoli that day and hence might be busy.
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