Sanket Kawatkar: The valuations of insurance companies cannot necessarily be justified or supported purely based on technical analysis. It's not really the technical aspects which drive these valuations. Many times, it's the demand/supply gap, it's the characteristics of who the potential investor is, it is a long-term view and business call taken by the parties involved in a transaction. So if you purely construct a model and try to justify the valuation based on what comes out of that model, you perhaps may not be able to do that in the Indian life insurance environment. You need to look beyond the model and start looking at it from a business point of view rather than a purely technical point of view.
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