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“It would be more of a legal demerger process and maybe internally, they have outlined December 25 as a timeline. But what the announcement misses to mention is, is it only a demerger or is it a demerger and listing? If it is only a demerger, then Siemens Energy will remain unlisted as a subsidiary of Siemens India Limited and will operate independently.”

Last quarter, we had almost a 22% kind of upgrade in the estimates for ABB India. So, I would say yes, valuations have inched up because they are pricing in optimism and growth, up cycle growth, which typically happens 25% kind of CAGR in revenues, 30% CAGR in earnings.