The global investment bank believes that the current valuations are at 7.2x FY24E P/B, 46.4x P/E. The valuations do not fully price in headwinds such as pressure on new business, said the note.
Higher capital gains tax: Who benefits the most?
Excluding tax havens such as Hong Kong, Singapore and the UAE, India’s capital gains tax remains one of the lowest globally, especially as the amount