Let's take a look at financials:
- profit growth of 20% for the next 5 years, 15% for years 5-10 and 4% thereafter
- discount rates of 11%, 13%, 15% using the Capital asset pricing model (CAPM)
It is a good business with a leading position in India, however I'm not a buyer at these levels. I will rather sit and wait till a more favorable opportunity appears.