Of the three sectors which saw a strong re-rating in 2023-24, power is probably the only one where the mix of PSU and private players is about equal. This is important to know because sectors like railways and defence, which are largely PSU-driven, are seeing a downward valuation readjustment.
Because the power sector has some big PSU companies, it, too, is facing a rub-off effect across the board. What, however, is getting missed is that of all
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