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DAILY VOICE | India not expensive relative to other emerging markets: Jyotivardhan Jaipuria of Valentis

India has traditionally traded at around a 40% PE premium to the MSCI Emerging Market index given the diverse nature of its companies and superior corporate governance., says Jaipuria.

May 21, 2021 / 07:36 AM IST

Jyotivardhan Jaipuria, Founder and CEO at Valentis Advisors Pvt Ltd, said that even though valuations look bloated, India market it not expensive relative to other emerging markets.

Jaipuria who is also popularly known as “Jyoti” is a market veteran of 35 years. Prior to founding Valentis, Jaipuria served as the Head of Research and strategist for India at Bank of America Merrill Lynch.

In an interview with Moneycontrol's Kshitij Anand, Jaipuria said he sees big money moving to economy-related sectors like cement, corporate banks, and capital goods which are at a cusp of an earnings revival in the next few years. Edited excerpts:
Q) The second wave is not yet over for India, and the third wave is expected to hit in October. Do you think the market has factored in third-wave impact? What is the kind of impact you see on markets and earnings?

A) Markets are currently still grappling with the impact of the second wave. The market reaction has been more sanguine this time due to 3 factors.