The valuation for most ‘quality’ stocks has surpassed their pre-Covid levels following a sharp run-up in stock prices. According to Kotak Institutional Equities’ analysis, one-year forward (FY22) price-to-earnings (P/E) multiple for 30 of 32 top companies across sectors is currently higher than the pre-Covid levels.
The sectors under consideration include automobiles, consumer durables, consumer staples, IT services, pharmaceuticals, telecom, and retail — those which have shown superior resilience to the lockdown and slowdown in the economy. The P/E (on FY22 ...
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