"The ‘look-through earnings’ of the Nifty50 will drop as Shree Cement’s free float earnings for FY22 stands at Rs 800 crore or 4 times that of Adani Enterprises’ free float earnings for FY22. The FY22 PE of the Nifty50 index will increase 0.9 per cent to 24.3 times while the FY22 RoE of the index will dip marginally by 3 bps to 14.69 per cent," ICICI Securities said.
