"Nifty is now 20x 1-year forward - higher than the past 10-year average, but relative to EM (ex-China) the premium at 67% is only somewhat higher than the historical average. Also, on a PEG basis, the Indian market appears reasonable," said Jefferies.
On a year-to-date (YTD) basis, the S&P BSE PSU index has rallied 25 percent, led by triple-digit returns from Mazagon Dock (up 186 percent), Rail Vikas Nigam, and IRCON International, during the same period.
The flip flops on Zomato by Jefferies fund managers may not inspire a full-fledged TV series, but it can definitely be made into a three-episode mini-series, possibly titled The House of Contradictions.