Nifty earnings may grow at 24% CAGR during FY21-23, says ICICI Direct

Nif ty earnings may grow at a Compound Annual Growth Rate (CAGR) of 24.2% over FY21-23, said an ICICI Direct report. "Going forward, we expect Nif ty earnings to grow at 24.2% CAGR over FY21E-23E. Using a bottom up approach and giving discount to target weighted average PE, we now value the Nif ty at 16,300 i.e. 22x P/E on FY23E EPS of Rs 740 with corresponding Sensex target at 54,600," it said.