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Indian equity markets have become reasonable due to a moderation in the last 18 months and valuation risks appear to have been addressed, according to the founder of 3P Investment Managers, Prashant Jain. Jain believes there is not much room for multiples to increase and the vulnerability of the market from foreign outflows is lower. The profits to GDP ratio is almost back to 4.5-5%, and a 12-14% profit growth is sustainable unless Indian growth rates increase. Jain suggested there are very few places in the market where margins or profits can grow faster than topline growth.

9 group stocks will be required to gallop between 5 and 400% to reach pre-Hindenburg attack level

I am sure looking at all angles from this thing, from the investor point of view, from the industry point of view, from the intermediary point of view and more than anything else keeping in view the growth of the industry, I think the final whatever will come will be for the benefit of everybody.

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From the Sensex pack, Bajaj Finserv, Tata Motors, Asian Paints, ITC, IndusInd Bank, SBI and Tata Steel were the top gainers, while Reliance, TCS, HDFC, HUL closed lower.

The Nifty Realty index closed 0.08 per cent down at 461.6.

The brokerage values the company at 8.5x FY25E EV/EBITDA (v/s Sep’24E earlier) to arrive at its TP of INR870.

Automotive component company, Varroc Engineering, swung to profit in Q4, reporting consolidated net profit of INR396.2m ($4.8m). The rise came as its automotive segment experienced growth due to the easing of supply chain issues and minimal impact on production volumes. The board has also approved a request to issue non-convertible debentures worth up to INR5bn. The company has experienced revenue growth between 15% and 36% in the last three quarters, despite a net loss for two of those quarters, due to price pressures and higher costs for automotive companies.

Promoters held 45.25 per cent stake in the company as of 31-Mar-2023, while FII and DII ownership stood at 16.17 per cent and 19.89 per cent, respectively.

“Within five years, we would like to be one of the largest investors in Adani Group depending on the valuation, after the family,” Jain, GQG’s chief investment officer, said in an interview. “We would certainly want to be partners in any of Adani Group’s new offerings.”