Considering FY22 earnings, the company demands a price-earnings (P/E) multiple of 105. It has no listed peers. Given the size of its operations, valuation appears to be steep though skewed by a sharp fall in the profit due to the pandemic. Considering the pre-pandemic profit level, the P/E works out to be around 55.
A sustainable move above 19770 levels could bring bulls back into action. A slide below 19500 is expected to resume sharp selling momentum, said Nagaraj