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Nifty earnings may grow at 24% CAGR during FY21-23
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SME Times News Bureau | 22 Feb, 2021
Nifty earnings are likely to grow at a Compound Annual Growth Rate
(CAGR) of 24.2 per cent over FY21-23, said an ICICI Direct report.
"Going
forward, we expect Nifty earnings to grow at 24.2 per cent CAGR over
FY21E-23E. Using a bottom up approach and giving discount to target
weighted average PE, we now value the Nifty at 16,300 i.e. 22x P/E on
FY23E EPS of Rs 740 with corresponding Sensex target at 54,600," it
said.
It noted that corporate earnings gained momentum during the
third quarter of FY21 as economic activity rebounded in the post-Covid
unlocking era with optimism fuelled by the festive season.
The
Q3FY21 earnings staged an impressive show and were broadly ahead of
estimates as corporates continue to benefit from lower raw material
costs and realised leaner cost structures, it said.
At the index
level, excluding the BFSI (banking and financial industries and
insurance) space, in Q3FY21, net sales declined 2.5 per cent YoY,
primarily driven by double digit topline decline in the oil and gas
domain amid muted crude prices.
Excluding oil and gas and banking space, Nifty topline posted growth of 10 per cent YoY.
Auto
sector results were robust nearly all across the board particularly in
relation to margins, amid 10.5 per cent YoY growth in total sales volume
at 72.8 lakh units, said the ICICI Direct report.
In the capital
goods domain, execution picked up pace sequentially with key highlight
for the quarter being robust order inflows. In the FMCG space, strong
growth momentum continued in Q3FY21 led by robust growth in rural
regions supported by significant increase in government spends post
pandemic, it added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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