- #MarkZuckerberg sells nearly half a billion dollars worth of #Meta stock
- #BajajAuto to consider stock buyback at board meet on January 8
This and more with Alex Mathew on 'All You Need To Know'. #NDTVProfitLive
Guest List:
Fook Hien, Sr Investment Strategist, Standard Chartered Bank
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- #BajajAuto to consider stock buyback at board meet on January 8
This and more with Alex Mathew on 'All You Need To Know'. #NDTVProfitLive
Guest List:
Fook Hien, Sr Investment Strategist, Standard Chartered Bank
_______________________________________________________
For more videos subscribe to our channel: https://www.youtube.com/@NDTVProfitIndia
Visit NDTV Profit for more news: https://www.ndtvprofit.com/
Don't enter the stock market unaware. Read all Research Reports here: https://www.ndtvprofit.com/research-reports
Follow NDTV Profit here
Twitter: https://twitter.com/NDTVProfitIndia , https://twitter.com/NDTVProfit
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TVTranscript
00:00 [MUSIC PLAYING]
00:27 Good morning, and thanks so much for joining in.
00:29 NDTV Profit, my name is Alex Matthew,
00:31 and this is All You Need to Know.
00:33 Like the name suggests, over the next half an hour,
00:36 we'll tell you everything that you need to know
00:37 to start your day on the right note.
00:39 Let's start with the headlines.
00:42 The US Fed sees rates staying high for some time
00:45 with cuts expected or eyed later in the year.
00:49 The Fed minutes released yesterday
00:51 feed higher for longer expectations.
00:54 And the Federal Reserve Bank of Richmond, Thomas Barkin,
00:58 says that soft landing looks more likely,
01:01 but not inevitable.
01:03 US bond yields spike, rise to close to 4%
01:06 before losing ground.
01:08 US markets tumble as the benchmark indices all
01:11 lose ground for a second day in a row.
01:15 Oil prices rise as crisis deepens in the Middle East
01:19 after 100 people were killed in a blast near Soleimani's tomb
01:23 in Iran.
01:26 Houthis attack another ship in the Red Sea.
01:30 The Burman family calls for probe over e-shops
01:33 to Religare's Rashmi Seluja, alleges
01:35 that around 8% of the company's equity
01:38 was allotted to Seluja without approval
01:40 and requisite disclosure to parent Religare Enterprises
01:44 shareholders.
01:46 And Bajaj Auto will consider a buyback proposal next week.
01:50 The stock rises almost 5%.
01:55 Now, the talk of the street today
01:56 has to be the Fed minutes that was released yesterday.
01:59 They indicate that the rates will stay high for some time
02:03 with cuts eyed later in the year.
02:06 Separately, Federal Reserve Bank of Richmond's Thomas Barkin
02:10 said that a soft landing for the US economy
02:13 looks more likely, but hardly certain.
02:16 That pushes back on expectations of multiple rate cuts
02:20 by the Fed this year.
02:21 What's more, the Fed minutes also
02:24 indicated increased optimism among participants
02:27 about the path of inflation, noting clear progress.
02:30 The committee expressed a willingness
02:32 to cut the benchmark lending rates in 2024
02:36 should the trend continue.
02:38 Though they gave no indication that easing
02:40 could begin as soon as March.
02:42 And bond yields, of course, were volatile in trade yesterday.
02:45 They rose to a high of nearly 4% before dropping and settling
02:50 around that 3.93% mark.
02:52 US equity markets fell for a second straight day.
02:56 The S&P 500 and the Dow Jones Industrial Average
02:59 dropping about 0.8% and the Nasdaq Composite
03:03 dropping over a percent.
03:05 Now, in other news, Mark Zuckerberg
03:06 sold nearly half a billion dollars
03:09 of meta stock in the last couple of months of 2023.
03:13 He offloaded shares on every trading day
03:15 between the 1st of November and the end of the year,
03:18 selling nearly 1.28 million shares for about $428 million.
03:24 The meta chief has not sold any shares since November of 2021
03:28 before this round of selling.
03:30 And finally, oil has risen for a second day
03:32 following supply disruptions in Libya,
03:34 while another attack on a container ship by Houthis
03:37 in the Red Sea and blasts in Iran,
03:40 as we've already pointed out, increased tensions
03:43 in the Middle East.
03:44 Brent was at over $78.5 to the battle
03:47 last I checked.
03:51 All right, now, we're joined this morning
03:53 by Phuc Hien, the Senior Investment Strategist
03:57 at Standard Chartered Bank.
03:58 Thank you so much for joining us this morning.
04:02 Overnight, we've seen bond yields spike
04:04 and we've seen the Fed minutes come out.
04:06 Can you tell us why there is so much volatility
04:09 in the bond yields and what would you take from that?
04:13 What does it mean for risk assets?
04:16 Yeah, thanks very much.
04:16 I'm very happy to be here.
04:18 So, I mean, bond yields have been a big driver
04:21 for the market.
04:22 We've seen that last year,
04:24 there's been a lot of worries about inflation
04:26 and whether they'll be controlled or not.
04:28 So we think the market will continue to be volatile,
04:32 but our view for this year really is that inflation
04:35 will be able to come down and it will be controlled
04:39 and this will actually pave the way for the Fed
04:42 in order to cut interest rates
04:44 at the second half of the year.
04:46 So for the first half of the year,
04:47 I think we're looking at the momentum continuing
04:50 for the economy and the yields have been coming down,
04:54 but we do expect that as inflation comes down
04:57 for the rest of the year,
04:59 that the Fed will be able to then cut interest rates
05:02 towards the back half of the year
05:03 and be able to support the economy
05:05 as more signs of weakness come through.
05:08 So I think the Fed is in a difficult position.
05:10 In December, the price was a bit more of a dovish time,
05:15 pointing at a three rate cut this year
05:17 compared to where the market was expecting.
05:19 So I think it was, now they have to drive a fine balance
05:24 in terms of keeping the view that the interest rate
05:29 will be finely balanced in order to support the economy.
05:32 And so our view is that the Fed will be cutting rates
05:36 towards the back half of the year
05:37 and they'll be supportive for the economy.
05:40 - I was reading a recent report that states,
05:44 and this is JP Morgan's latest treasury client survey,
05:47 which showed the biggest net drop in long positions
05:50 in bonds since May of 2020.
05:53 And that's led by both a reduction in longs
05:56 and new short bets.
05:58 I'm just trying to understand the direction
06:00 that bond yields will take right now.
06:02 And we're watching this very closely from India
06:05 because invariably this affects risk assets
06:09 in emerging markets as well.
06:10 How are you reading that?
06:12 - Yeah, you're right.
06:14 I think that the question of yields
06:15 is that it drives a lot of things.
06:17 It will drive effects as well,
06:19 which will then impact emerging markets especially.
06:22 So I think there's a lot of focus around it.
06:25 I think the yields and the expectations about it
06:28 move around quite a lot.
06:29 As you said, it moved last night over 4%
06:32 and then it's dropped down below.
06:34 I mean, our view is that over 12 months,
06:36 it can slowly migrate down towards 3.5%.
06:40 Now, a lot of this is predicated on inflation
06:43 coming under control.
06:44 Our science is that inflation will come down.
06:47 The core inflation, the services element,
06:50 a lot of it is supported by shelter
06:52 or your housing and rental equivalents.
06:56 We think there are signs there already in place
06:59 that shows that the inflation there will come down.
07:02 But bear in mind as well,
07:04 history suggests, especially in the 80s,
07:06 that when inflation tends to be high,
07:09 it is very difficult for it to come under control.
07:12 It can be very volatile when it is high.
07:14 And therefore, the Fed,
07:16 they're looking at history as well
07:17 and they are aware that you cannot be complacent at all.
07:20 You've got to be very, very careful about inflation.
07:23 Therefore, they're also sending the message
07:24 that rates will be high in order to control inflation.
07:28 So we think the messaging is consistent.
07:30 They are very, very careful.
07:31 But our view is that at the end of the day,
07:33 there are signs that inflation will come down.
07:36 And as that comes down,
07:37 historically it suggests that the rates
07:40 will be able to come down
07:42 and the yields will come down as well following that.
07:45 - Last question, Phukan.
07:46 You know, I was looking at some of your interviews
07:48 last year as well,
07:49 and you had initially thought that
07:51 there would be a recession in the first quarter.
07:55 And I think a lot of people thought that at the time,
07:57 but that seems to have gotten pushed forward.
07:59 In fact, some Fed officials
08:01 are also talking about the possibility now,
08:03 increasingly of a soft landing.
08:05 It's not inevitable, they say, but it's possible.
08:08 What are your expectations bearing in mind
08:10 everything that you know now?
08:12 - Yeah, thanks for that.
08:14 I mean, yeah, it's true that we did have a view
08:17 that a recession would be coming,
08:19 but then like much of the street,
08:21 I think we've been proven wrong.
08:23 So our view at the moment is that
08:25 we think the base case, our view,
08:27 is that we have a soft landing.
08:29 What does a soft landing mean?
08:31 We think that for the majority of the year,
08:33 growth will be below trend, but positive in the US.
08:37 So that's our view of a soft landing.
08:39 And in terms of a recession coming in,
08:41 we think we're okay for the first half of this year,
08:44 but a lot of indicators,
08:45 your traditional indicators of recession,
08:48 like your inverted yield curve, that remains in place.
08:51 So we're very cautious as well
08:53 about whether a recession could come
08:55 in the second half of the year,
08:57 but for the first half of the year,
08:59 we're positive about risk asset.
09:01 Now, in terms of a recession coming on
09:03 in the later part of the year,
09:05 we think we'd be cautious
09:07 to be watching the signs about that.
09:09 And our view really is about a 30% probability
09:12 that you could have a recession or a hard landing
09:15 coming in the second half of the year.
09:17 - Thanks so much for joining in
09:19 and for sharing your views this morning.
09:21 Let's turn to the Indian equity markets then
09:24 and get you the latest cues in the F&O space.
09:26 And remember, this is of course, weekly expiry.
09:29 So a base for a little bit of volatility
09:32 seems to be inching up.
09:33 Agam is going to tell you more about that.
09:34 Agam, morning.
09:35 Well, we saw what was expected yesterday
09:39 in terms of a bit of a drop.
09:41 And you've said all of this week,
09:42 consolidation seems to be at play.
09:44 What can you take from the F&O cues?
09:46 - Right, Alex, on the face of it,
09:48 it does look like the indices closed
09:49 largely flattish yesterday,
09:51 say for something like the Bank Nifty.
09:53 But the truth is that it was a rather volatile day
09:57 of trade yesterday.
09:58 So while we began the day with a lot of weakness,
10:01 we had the Adani-Hinberg outcome.
10:03 And because of that, we saw the markets race forward.
10:06 And once again, we saw a little bit of moderation in prices.
10:09 The question really is that are we expecting
10:12 some relatively sharp moves coming through
10:16 in a range today as well?
10:19 That's something that we will know eventually down the line.
10:21 But for now, of course, the Nifty eventually closed
10:24 with cuts of around 0.7%.
10:26 And there was no change in open interest
10:27 because a lot of traders, well, perhaps would want to sit
10:31 on the sidelines because of the uncertainty
10:33 that came through on account of several factors yesterday.
10:36 In terms of the Bank Nifty too,
10:38 well, we did have a lot more unwinding coming through.
10:41 And this is a follow-up unwinding that we've seen
10:44 for the second straight day.
10:45 This time, the open interest declined by another 12.5%,
10:49 even as the underlying remained largely flattish,
10:52 marginally in the red.
10:54 Today is the weekly options expiry for the Nifty.
10:57 And we are going to keep an eye on several,
11:00 the levels around 21,400 on the lower end.
11:03 Of course, this is a further change is concerned
11:05 considering we saw weakness on the Nifty.
11:07 We started seeing a little more writing around 21,800,
11:10 21,700, considering we closed much below those levels.
11:15 And those levels perhaps will also offer
11:19 a little bit of resistance in today's day of trade.
11:21 So let's pull up your open interest distribution
11:23 for the Nifty.
11:24 And as you can see, it's largely calls
11:26 that we are seeing a substantial amount
11:28 of open interest distribution around,
11:32 starting from 21,600, 21,700.
11:35 Those are the levels around which we will see
11:37 a little bit more resistance,
11:39 at least in today's day of trade,
11:40 considering today's options expiry.
11:42 On the lower end, we don't see too much traction
11:45 with respect to puts.
11:46 And mind you, we closed at around 21,500 yesterday.
11:50 Should we see the Nifty open considerably lower?
11:53 Well, there is a chance that it could lead
11:56 to a little more weakness
11:58 because we start seeing unwinding around 21,500, 21,400,
12:02 longs unwinding specifically,
12:04 and that could perhaps create a little more volatility,
12:07 a little more weakness,
12:08 at least in the first half of the session.
12:10 But that's something that we will be watching out for.
12:12 Let's talk about stocks then.
12:13 And well, it was a mixed market yesterday,
12:17 but we did see a lot of longs building up.
12:19 As far as your futures and options space is concerned,
12:22 Alchem Labs, Bajaj Auto, Crompton Graves, and Codcore.
12:25 Bajaj Auto on focus, of course,
12:26 after the board has said that they are going to consider
12:29 a buyback on the 8th of Jan.
12:31 And in terms of stocks, we saw unwinding as well.
12:33 We saw a lot of stocks being covered in terms of shorts,
12:37 Cormandel, PVR, Inox, ITC, along with ONGC.
12:40 Sail was the only one which saw longs unwinding.
12:43 So it was a mixed day of trade.
12:44 The question today is where do we see the Nifty expiry
12:48 considering the weekly options?
12:49 - Thanks so much, Agam, for that.
12:51 Let's focus in on corporate news then.
12:53 The Burman family owners of Darbar, India
12:55 have called for a probe into the allotment of shares
12:58 of Religair Finvest to Rashmi Saluja
13:01 through employee stock ownership plans.
13:03 And it's a quite considerable amount of shares
13:07 that we're talking about here.
13:08 Sajid Mangat is joining in with more on that story.
13:10 Sajid, what's the context here
13:12 and what's this latest development?
13:14 - Well, the context for this entire corporate control battle
13:18 which is happening between the Burman family
13:20 and the board of Religair Enterprises
13:23 led by the chairperson Rashmi Saluja
13:26 is basically, you know, Burmans want to control
13:30 because they have already offered,
13:31 put out an open offer for Religair Enterprises.
13:34 And at this point in time,
13:35 it seems that resistance is coming
13:37 from the board of directors,
13:38 including the independent directors
13:39 and the chairperson coming there.
13:41 In the fresh allegations which were leveled
13:44 by the Burman family,
13:45 they have alleged that ESOPs of nearly 2.15 crore ESOPs
13:51 were granted to Rashmi Saluja
13:56 and it was done without the nod or information
14:01 to the shareholders of Religair Enterprises,
14:06 which is the parent of Religair Finvest,
14:09 which is the NBFC arm of Religair Enterprises there.
14:13 Now, they claim that these ESOPs account
14:18 for nearly 8% equity in the NBFC arm
14:22 and gives Rashmi Saluja a big equity stake in that arm.
14:27 And that's what the Burman family is objecting to.
14:30 In the response, the board of directors of Religair
14:33 have basically said that AGM notice was sent
14:37 to the BSE on September 1st, 2023.
14:40 And the AGM happened on September of 26th,
14:43 where the grant of options were permitted
14:47 or the shareholders approved the grant.
14:49 The shareholder in this case is mainly the parent here
14:54 in the case of Religair Finvest,
14:57 and that they have granted the permission
15:01 to grant 2.15 crore ESOPs to Rashmi Saluja.
15:06 Now, they've also made it clear that these grants
15:09 do have been confirmed by the shareholders.
15:12 They have not been brought in front of the NRC,
15:14 which is a nomination and enumeration committee
15:16 of Religair Enterprises.
15:17 And hence, no fresh shares have been issued to Rashmi Saluja
15:21 and so there is no violation of takeover code regulations
15:24 as alleged by the Burman family.
15:28 To be clear here, while the board has said
15:31 that our information was sent to BSE on September 1st,
15:35 on the BSE website, it's not available.
15:37 And so I think that's where the allegation is coming from.
15:41 - Thanks so much, Sajid, for laying that out for us.
15:44 Let's shift focus to the telecom space
15:46 where the Telecom Regulatory Authority of India
15:48 has set out the latest data.
15:51 And Bharti Et al as well as Jio
15:53 continue to consolidate their position at the top.
15:57 We've got Smriti joining in to give you some perspective
16:00 on the latest numbers.
16:01 Smriti, what can you tell us?
16:02 Morning.
16:03 - Good morning, Alex.
16:04 You rightly mentioned that Bharti and Jio continue to gain.
16:09 However, this month, as in like the October month,
16:12 that the data came out yesterday,
16:14 Bharti saw a substantial fall in net additions,
16:18 to be precise, a 73% fall.
16:21 So that means that it only added 3.5 lakh subscribers
16:24 in October as compared to 13 lakh in the previous month,
16:28 which was September.
16:29 On the other hand, Jio continued to gain,
16:31 but slightly at a slower pace.
16:34 It gained 31 lakh subscribers in October
16:37 compared to 34.75 in September.
16:41 Now, while we look at individual subscribers,
16:44 it's also important to look at the consolidated figure.
16:47 In October, the consolidated addition
16:49 slowed down substantially, to be precise, 48%.
16:53 So it came down to only 8.3 lakh additions
16:57 in the wireless space
16:58 as compared to nearly 17 lakh in September.
17:01 So that's probably why we're seeing this anomaly
17:04 in Bharti Et al's numbers.
17:06 However, let's take a look at Vodafone ID and PSNL as well.
17:10 They continue to lose subscribers, no surprises there.
17:13 Vodafone ID lost about 20 lakh subscribers in October
17:17 as compared to 23 lakh in September, same PSNL.
17:21 With PSNL though, it only lost 6.3 lakh subscribers
17:24 in October as compared to 23 lakh in September.
17:28 So that's pretty much the picture there
17:30 of wireless additions and Vodafone ID and PSNL
17:35 losing subscribers.
17:37 - Right, thanks so much, Priti, for laying that out.
17:40 And in fact, clearly stocks to watch out for in trade today.
17:43 We have to slip into a very quick break on this program.
17:46 Do stay tuned, there's more on the other side.
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19:13 - Welcome back, you're watching All You Need to Know.
19:23 It's time to look at the stocks
19:24 that you should focus on in trade today.
19:27 And Anushi is joining in with the initial list.
19:29 Morning, Anushi, what's on your list today?
19:31 - Morning, Alex.
19:32 So I bring to you three stocks.
19:34 I'll start off with Power Finance first.
19:36 Power Finance Corporation has signed a MOU
19:39 worth rupees 25,000 crore with the Gujarat government.
19:42 So this is in context with the PFC,
19:45 will provide financial backing for the generation,
19:47 transmission and distribution projects in the state.
19:50 Along with this, the collaboration will also facilitate
19:52 a long-term debt and other critical funding necessities.
19:56 So with this alliance,
19:58 it is creating about 10,000 employment opportunities
20:01 in Gujarat itself.
20:02 Now, while if you just look at the stock performance
20:05 of the company, it was one of the biggest multi-baggers
20:09 in the mid-cap space with about 200,
20:11 more than about 200% gain in just one year
20:14 and about 2% stock is up in the last five trading sessions.
20:19 Now, the second stock is Adani Ports,
20:21 where the company has approved a fund raise
20:24 of up to rupees 5,000 crore via bonds.
20:27 So this is just on this.
20:29 Another company that is also looking for fundraising
20:32 is Satin Credit Care,
20:33 which will consider a fundraise on Jan 8.
20:35 But coming back to Adani Ports,
20:38 the fundraising was one of the topics.
20:40 Another is the management update
20:42 that the company has come out with,
20:44 wherein Mr. Gautam Adani has been redesignated
20:48 as the executive chairman up to July 30, 2027,
20:52 while Karan Adani has taken over as the managing director
20:54 now up to May 23 of 2027.
20:58 Other important management updates
21:01 is appointment of Ashwini Gupta.
21:04 Now, coming to, now the third stock is Chambal Fertilizers
21:07 and Chemicals, which is considering a buyback on Jan 8.
21:12 So if you just look at the balance sheet,
21:13 the cash position is about 525 crore,
21:17 while the 10% of net worth is about 763 crore,
21:20 while the 25% net worth is about 1,900 crores.
21:24 So those are the three stocks
21:25 you should be watching out for today.
21:26 - All right, thanks so much Anushi.
21:28 In fact, there are more stocks to talk about
21:30 and Harsh is joining you with the next list
21:32 that you should watch out for.
21:33 Harsh Mani, what do you have on your list?
21:35 - Well, yes, Alex, a couple of banks.
21:37 We have the likes of Jeevan Small
21:39 coming out with their quarterly business update.
21:41 We have advances growing at 27%, deposits at 29%.
21:46 Again, one of the few banks
21:48 where deposits have outstripped advances
21:50 and loan to deposit ratio seems to have improved there.
21:52 But CASA ratio has come off along expected lines
21:56 and we've seen disbursements go up by 17% year over year.
21:59 Quickly moving on to Indusin,
22:00 deposit growth at 13%, advances growth at 20%,
22:04 a wee bit lower than what most market analysts
22:08 were pencilling in,
22:09 but nonetheless in line with their guidance
22:11 and loan to deposit ratio has gone up to 88.5% now.
22:15 So an eye out on those LDR ratios as well.
22:19 Quickly moving on to IEX and Vedanta,
22:21 both having good updates.
22:22 You're seeing IEX volume growth 17%,
22:25 overall volume up 15% year over year
22:28 for the month of December
22:29 and total electricity volume also up roughly 9%.
22:32 So IEX will be in focus on the back of that.
22:34 Vedanta, we saw aluminum output go up by 6%,
22:38 but we saw zinc output come down by 4%,
22:41 that's a negative,
22:41 and oil and gas also come down by 15% year over year.
22:44 The main piece here is that Vedanta has announced
22:48 consent solicitation across various bonds
22:51 maturing in 2024, '25, and '26.
22:54 This is big because of course,
22:56 some of those bond restructuring,
22:57 debt restructuring which Vedanta has been working on
23:00 seems to be, you know,
23:02 they seem to be closing in on that restructuring.
23:05 So Vedanta will also hold the key.
23:07 Of course, need to wait and watch as to how the stock reacts.
23:09 Also, a 3,400 crore NCD raise
23:13 approved by Vedanta as well.
23:14 So Vedanta largely in focus because funding seems to be,
23:19 which has been an overhang, seems to be going away.
23:21 - All right, thanks so much, Harsh,
23:22 for bringing us those details.
23:23 Now, the Supreme Court has given its judgment
23:28 in the Adani-Hindenburg case
23:30 and dismissed all allegations against the Adani group.
23:33 The apex court ruled that petitioners
23:35 could not provide enough material to transfer
23:38 or to justify a transfer of the case
23:41 to a special investigation team, or in fact, the CBI.
23:45 The team at NDTV spoke to Harish Salve, Vinayak Chatterjee,
23:49 and Ryan Karanjawala,
23:53 and here's their view on the latest developments.
23:58 - Today's judgment is more than just a vindication of Adani
24:03 or a vindication of India Inc. as such.
24:08 It restores the supremacy of two important principles,
24:11 the rule of law and the separation of powers.
24:17 Under the rule of law,
24:18 unsubstantiated allegations, bazaar gossip,
24:25 media speculation are all inputs
24:28 for regulators and investigating agencies.
24:34 They are not evidence on which courts can act.
24:39 Statutory authorities, statutory regulators,
24:43 investigating agencies must be left free to act,
24:46 free from intervention by the highest court.
24:51 - They were, as far as SEBI was concerned,
24:53 four investigations against the Adani group,
24:57 out of which today 22 are completed,
24:59 and the Adani group has succeeded in those investigations.
25:03 SEBI itself, at the end of those investigations,
25:06 came to the following conclusions,
25:08 and this has really nothing to do
25:09 with what is reported in newspapers and otherwise,
25:12 so the conclusion is de-horse that.
25:15 The conclusion was and is very clear.
25:17 One, that the Adani group, as far as SEBI is concerned,
25:21 one, that the Adani group did not violate,
25:24 and no law was violated,
25:25 in the rise of the share prices of the Adani group.
25:29 Two, as far as the Adani group was concerned,
25:32 no investment laws were violated.
25:35 Three, as far as the Adani group is concerned,
25:38 the requisite information that they gave
25:41 was adequate and accurate.
25:43 And four, again, as far as the Adani group was concerned,
25:46 they did not violate the minimum public shareholding
25:50 which was required.
25:51 - The court very clearly says that it does not want
25:54 to step into a legitimate jurisdiction
25:58 of a technical regulator, which in this case is SEBI.
26:03 And this has come again and again,
26:05 where if you remember, in the imported coal case
26:08 with Ultramega Powerplants,
26:09 the Supreme Court had sent the matter back
26:12 to the power sector regulator,
26:13 saying these are technical issues,
26:15 and the Supreme Court should not step into the jurisdiction
26:19 of an independent regulator,
26:21 in this case it happens to be SEBI,
26:23 unless, and it's an important point the Supreme Court makes,
26:26 unless the petitioners are able to prove
26:31 that it violates fundamental rights
26:32 or any provisions of the constitution.
26:34 So therefore, in this case,
26:37 the Supreme Court is not satisfied
26:39 that there are any issues of violation
26:42 of fundamental rights or constitutional invalidities.
26:48 - All right, and you can catch more details of that
26:50 on the website, NDTVProfit.com.
26:51 That brings us to the end of this particular edition
26:54 of All You Need to Know.
26:55 There's lots more lined up on the program
26:57 on this channel though.
26:58 Do stay tuned, this is NDTV Profit.
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