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Bull run in PSU shares faces earnings risk
Ruchit Jain advises caution in betting on a broad rally in India's state-owned firms. Recent earnings of SJVN Ltd and Rail Vikas Nigam Ltd offer little support. Jefferies sees potential for re-rating due to governance improvements, infrastructure spending, and maximizing value of state assets. For now, the PSU index’s relative strength index — a gauge of price momentum — is at the highest level in more than two decades.
Ruchit Jain advises caution in betting on a broad rally in India's state-owned firms. Recent earnings of SJVN Ltd and Rail Vikas Nigam Ltd offer little support. Jefferies sees potential for re-rating due to governance improvements, infrastructure spending, and maximizing value of state assets. For now, the PSU index’s relative strength index — a gauge of price momentum — is at the highest level in more than two decades. 
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