2. A December 2021 news article in Economic Times stated that Serum Institute of India (SII) has topped the Burgundy Private Hurun India list for the biggest value creator. It has experienced a rapid upswing in its revenues due to producing more than a billion COVID-19 vaccines for distribution in India and abroad. Given its early foray into manufacturing critical COVID-19 vaccines, SII has seen its value soar 127 per cent in 2021 to 1.8 lakh crore. Valuation is an essential financial exercise that caters to a wide variety of financial objectives. Explain the discounted cash flow approach and the multiples approach of valuation.