Less euphoria in valuations by 'asset approach', while EVA from existing assets set to rise; GDP revival led by asset creation and exports manufacturing. Amongst the two major valuation approaches (asset approach' using P/B ratio and the income approach' using P/E ratio), NIFTY50 index is currently trading at relatively reasonable valuations on P/B basis at 3.6x, which is 0.77s.d. above LTA, largely driven by cheaper valuations of capital intensive sectors. Augmenting the picture further, existing assets are expected to improve their productivity or EVA (Economic value...