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Prashant Jain, believes defence stocks are highly sustainable businesses with growth tailwinds and government support, but their PE multiples have already rerated. Jain is optimistic about large, technology-driven financial institutions like SBI and ICICI, which are well-placed to leverage the current digital environment. While defence manufacturing and railways are long cycle businesses, Jain anticipates they will still grow between 10-15% per year over the next 5 to 10 years, even if there is no further increase in PE multiples.

Adani Enterprises has seen a 38% rally in the three days after the initial findings of the Supreme Court-led panel were released in the Adani-Hindenburg case. Adani Green Energy has also turned into a multibagger with a rise of 114% from its January lows, while shares of Adani Ports and Special Economic Zone have reached levels seen prior to the Hindenburg report, rising 8%. The Supreme Court panel did not find any regulatory lapse with respect to stock price manipulation as alleged by Hindenburg Research. Adani Total Gas and ACC are yet to see a visible recovery, rebounding only 14% from their 52-week lows.

A total of 4,228 shares changed hands on the counter till 01:33PM (IST)

The stock traded at a P/E multiple of 67.97, while the price-to-book value ratio stood at 44.25.

Price rebounding after taking support at 50% retracement of current up move and 20 day EMA, signaling further upsides.

The Nifty Bank index was trading 0.26 per cent up at 44000.2.

The stock traded at a P/E multiple of 12.62, while the price-to-book value ratio stood at 1.07.

The dealer sentiment has been what I may call a bit on a roller coaster ride. As you said, the season was building up well, in February most of our channel partners talked up in anticipation of a strong, consistent summer.

The Relative Strength Index of the stock stood at 43.19 on Tuesday.

The risks have been addressed and valuations are reasonable in the Indian market, says Prashant Jain, Founder of 3P Investment Managers. The markets have been range-bound for the last 18 months, which has led to moderation in multiples, and profitability is holding up well. Jain suggests returns should match earnings growth or nominal GDP growth, with valuations in terms of PE multiples trading at 16-17 times based on FY25.