GIC Hf is cheap compared to other HFCs but its growth has been tepid as compared to other HFCs which have been showing strong growth. And hence the disparity in valuations. Having said that downsides seem limited and thats what I had been feeling when stock price was hovering around 170 in recent corrections. Sometimes if u take care of downsides then upsides do take care of themselves. 
@bijoy, I dont track Godrej Inds.
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