Britannia is richly valued currently. Couple of ways to play -
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Enter/add in times of sharp correction, primarily resulting from bad news in market. Ex. In May/Jun 2016, CSE found residues of Potassium Bromate and Iodate in some of the bread sold in Delhi. Was a generic finding, not Britannia specifc. However Britannia stock price got impacted. Typically can look for 52 week low level. Waiting for illusive < 25 P/E may not help in consumer centric stocks.
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Use it as what Hiteshbhai calls “Parking space”. Basically, in absence of a better idea can buy this or similar high quality stocks with limited downsides even though upsides might be limited.