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India is the most preferred equity story in the emerging market universe on a ten-year view – a belief that has been strengthened by evidence that the Modi government is showing a renewed focus to address the asset quality problem in the banking sector, says Christopher Wood, managing director and equity strategist at CLSA in his weekly note, GREED & fear.
The positive stance is despite the rich valuations of the Indian markets that trade at around 18x FY18 earnings and have rallied nearly 19% since December 2016 lows.
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