From about Rs200 in March last year, the stock of Tata Consumer Products Ltd (TCPL) has run up to around Rs500 now. The price-to-earnings ratio (P/E) is 58. While the P/E of a stock says nothing about future performance of the business or the stock, it says everything about what investors are expecting from the business and, perhaps, the stock. A high P/E shows high confidence that the...
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