- #Glenmark: India business to grow 10-20% in FY24
- #MorganStanley bullish on M&M
Niraj Shah and Hersh Sayta dissect key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitLive
- #MorganStanley bullish on M&M
Niraj Shah and Hersh Sayta dissect key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitLive
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TVTranscript
00:00:00 Puts written of the 22,000 and 22,100 strike, which would imply that put writers were confident
00:00:07 that the markets would indeed inch higher and therefore they were not caps really, but
00:00:12 the bases that were getting formed, if you will.
00:00:14 This is on hindsight that we can say this and the bank Nifty is participating, the mid
00:00:18 caps and the small caps are participating.
00:00:20 But you know, before we get to the heat map, I think it's important to just quickly mark
00:00:25 what's happened to the Nifty over this week.
00:00:29 So not just today, but if you just look at this week's performance for the Nifty, if
00:00:32 you can get a five day or the seven day chart for the Nifty, you will see what I'm talking
00:00:36 about on the one month chart for the Nifty.
00:00:38 You will see what I'm talking about.
00:00:39 There's a big surge in the last three days after a bit of a pullback.
00:00:43 So this is a one month chart.
00:00:45 But look at this.
00:00:46 Look at this performance.
00:00:47 And you're seeing an uptick.
00:00:48 And this week, too, I think from here, from the lows of here, I think we've done really
00:00:52 well three days on a trot now and we are inching well.
00:00:55 So good going for the indices.
00:00:57 A lot of mid caps in focus, but I'll quickly take you to the large caps before Harsh comes
00:01:01 in and talks about the broader end of the spectrum.
00:01:03 Get the heat map up on the screen.
00:01:06 Wipro amongst the top gainers.
00:01:09 It was a top call today, by the way, on NDTV profit.
00:01:13 But a lot of others, it's widespread.
00:01:15 SBI Life, M&M and Maruti and Bajaj Auto.
00:01:17 So autos are doing well.
00:01:18 There is Larsen and Adani Port.
00:01:20 So industrials are doing well.
00:01:21 But clearly, auto is taking the charge and getting good support from information technology.
00:01:27 So that's one aspect.
00:01:28 The other aspect is that we don't have too many losers.
00:01:30 One of the key losers is Power Grid, not a heavyweight.
00:01:33 Reliance slightly soft today, nothing too dramatic.
00:01:37 So that is the other aspect.
00:01:38 And I don't know if Harsh will mark it or not.
00:01:39 I just want to mark it before I hand it over to Harsh.
00:01:42 Paytm is up 5%.
00:01:44 So before I hand it over to Harsh, let's just bring up Paytm on the screen and just show
00:01:49 you what's happening there.
00:01:50 Harsh, maybe you are going to mark it, but Paytm will come up on your screen and it's
00:01:54 up 5% at 3.41.
00:01:58 So good going for this one today.
00:01:59 Well, yes.
00:02:00 Why you want to mark it?
00:02:01 Yes, absolutely.
00:02:02 It was part of my stock list.
00:02:04 You can confirm that.
00:02:05 But yes, so 5% higher on Paytm.
00:02:08 And it's on the top 4-5 gainers on the Nifty mid-cap.
00:02:14 So that's a big one.
00:02:15 Also, in pre-open, notably, it was down 4%.
00:02:19 So that one definitely on our radar as it starts to play out.
00:02:23 Quickly on to some stocks which were buzzing on the back of numbers as well as news.
00:02:30 Let me start off with E-PAC.
00:02:31 That one has flown away in trade.
00:02:33 We spoke with the management as well of E-PAC.
00:02:36 And that one, if we can have that one, there you go, 7% higher on E-PAC.
00:02:41 Among the losers, you had the likes of a Gujarat Gas currently trading lower.
00:02:47 Some bullish commentary coming in from Novama, not helping the stock at all, down 6%.
00:02:52 You also have a Torrent Power which is down, RVNL, ABFRL.
00:02:55 Those are some of the top mid-cap losers in trade today.
00:03:00 In terms of the winners, you have Natco Pharma, strong commentary.
00:03:04 And along with it, I want to try and mark out some other pharma names.
00:03:07 Borosil I'll come to, but look at Glenmark.
00:03:10 Look at the way that one is doing as well, strong commentary.
00:03:13 Ipca and Biocon, if I can pull up those.
00:03:17 And Glend as well.
00:03:19 So there you go.
00:03:20 Some of them really buzzing in trade.
00:03:22 Mid-cap pharma seems to be doing fairly well in trade today.
00:03:26 But outside of that, yes, Prestige, Borosil Renewables, as well as PTM.
00:03:31 We did mark that stock.
00:03:32 But those are some of the bigger buzzers within the mid-cap space, Neeraj.
00:03:37 Well, all marked.
00:03:38 Let's take it to our guests because I think it's important to get a sense of what to do
00:03:42 in a scenario like this.
00:03:43 Richard Jain of 5Paisa Johnson, as does Chakri Lokpriya of Red Strawberry LLP.
00:03:48 Gentlemen, both of you, thanks so much for joining in.
00:03:50 Richard, three days of gains.
00:03:52 Yesterday, when we were looking at the options data, seemed that put writers were actually
00:03:57 the overwhelming force at 22,000, 20,100 strike.
00:04:01 Now tell us, based on the moves that have happened over the last three days, do you
00:04:05 anticipate more upsides on the Nifty, a part one?
00:04:09 And could the bank Nifty participate or will the Nifty do better with the autos and the
00:04:14 ITs participating as they are today?
00:04:15 Very good afternoon, Neeraj.
00:04:16 When Neeraj, what we have seen in last, I would say 15, 20 days, the markets registered
00:04:23 around the 22,125 mark twice.
00:04:24 First was on the 16th of January and then in the first week of February itself.
00:04:30 After that, we witnessed some correcting phase, but this entire correction panned out to be
00:04:34 more of a time-wise correction, we would say.
00:04:36 Then we got a couple of declines, but in those declines, we had not seen any significant
00:04:41 short formations.
00:04:42 Neither the 40 days exponential moving average, which technically becomes a good support
00:04:47 in the trended phase, that has been broken.
00:04:49 So I think it was just a time-wise correction, which markets went through.
00:04:53 And once we give a breakout above this 22,127 high, which was formed recently, I think that
00:04:59 would be a confirmation that the time-wise corrective phase is behind us and we have
00:05:02 resumed the broader trend.
00:05:03 So I think, yes, as of now, the trend still remains positive.
00:05:07 The kind of participation that we have seen from the broader markets, I think that should
00:05:10 lead to further up moves.
00:05:12 But just need a confirmation in terms of the breakout above that high of 22,127.
00:05:17 Now as far as participation is concerned, I think banking looks increasingly priced
00:05:22 because although the PSU banks have shown a good outperformer, especially with the heavy
00:05:27 weights such as SBI, we have not seen any kind of participation coming on from private
00:05:31 sector banks, especially within the private sector banks.
00:05:34 If you look at HDFC Bank, then it is now having record high short positions.
00:05:39 And if you look at the results, about 125% open interest has been seen post results in
00:05:44 HDFC Bank futures.
00:05:45 And if you compare this open interest with last five years, then this is the highest
00:05:50 open interest outstanding.
00:05:51 That's what we saw day before yesterday.
00:05:53 So I think kind of short positions have been built that are at record high.
00:05:57 So in case if you see any kind of positivity in HDFC Bank, then this short could come to
00:06:02 cover.
00:06:03 I think that will be the trigger to lead the bank to be higher.
00:06:05 So it must depend upon HDFC Bank being a heavyweight which can drive the bank with the as well.
00:06:11 And as far as bank with the levels are concerned, I think 46,700 remains a very crucial point.
00:06:17 Today we exactly marked high around that level, because this is a triangle which is going
00:06:21 on the higher end, which is around 46,700.
00:06:24 If you manage to close above that, whether today or Monday, I think that will be a confirmation
00:06:28 for participating from participation from the banking space as well.
00:06:32 Got it, Ruchit.
00:06:33 So what are your picks in this market?
00:06:35 If you can just put that out of the way.
00:06:37 So a couple of buy recommendations.
00:06:40 So primarily what we are doing is looking for stocks which are showing a good outperformance
00:06:44 in this market.
00:06:45 Last one or two weeks when the markets have seen consolidation, there are few pockets
00:06:49 which have not seen any kind of correction.
00:06:50 I think that's where strength could be seen.
00:06:53 So Bipro is one of the stock, clear outperformance is there.
00:06:59 Price volume is quite strong.
00:07:00 Up move has supported by good volumes.
00:07:03 Look at the derivative segment, fresh long buildups clearly visible over there.
00:07:05 The call writers have covered their positions today.
00:07:08 So I think this should lead to a further up moves from current levels as well.
00:07:11 So Bipro can be bought even at current levels, keeping a stock price below 528 and expect
00:07:15 target somewhere around 575 in the short term.
00:07:18 And SBI Life is another stock which has given a breakout in today's trading sessions about
00:07:23 its previous swing high.
00:07:24 Entire consolidation breakout is there.
00:07:25 So SBI Life, I think that should be a good follow up move over here as well.
00:07:30 So keep a stock below 1470 and go long in SBI Life as well for potential targets around
00:07:35 1580 to 1600.
00:07:36 Got those, Ruchit.
00:07:37 Chakri, let me move over to you.
00:07:41 How are you viewing markets?
00:07:42 What's your recommendation at this point of time?
00:07:46 Please give your views to our viewers.
00:07:49 You know, I think both large caps and mid caps will do well.
00:07:52 You know, this theory that because large caps has underperformed mid caps, large caps will
00:07:58 catch up doesn't really hold in terms because some of the mid caps will benefit significantly
00:08:04 from the new government policies of cap expending, industrial spending, infrastructure, railway
00:08:10 defense, shipping, all these things which never existed in the past, at least for the
00:08:13 last 10, 15 years, last 10 years, has now gained a lot of significance.
00:08:18 So one needs to look at these companies in a new light and therefore the valuations.
00:08:24 Now many of the large cap stocks within banking have underperformed.
00:08:29 HDFC Bank is trading at its close to its trough multiple.
00:08:33 So you know, there is possibly some kind of positional uptick, but still HDFC Bank has
00:08:38 its own cost challenges that still it has to fix itself.
00:08:43 So Chakri, would you say you're a positive HDFC Bank or on the fence or where are you
00:08:50 positioned?
00:08:51 I think HDFC Bank, the way I'd look at it is for a positional investment.
00:08:55 I wouldn't really go in all hog and take in a long term position on the stock because
00:09:00 that would be the way I would approach HDFC Bank.
00:09:05 Okay.
00:09:06 You know, the other aspect is what's happening to autos today.
00:09:10 Really strong moves happening in the pack and not just today, by the way.
00:09:15 I mean, M&M is a case of what's happened yesterday and today.
00:09:18 Or if you look at the top 10 gainers on the index, autos are right up there.
00:09:23 This morning we were speaking on Editor's Cut about why autos have had a strong quarter
00:09:29 and the outlook has been strong.
00:09:31 But look at the gains that have come in.
00:09:32 It's a broad based move happening there.
00:09:35 Chakri, anything in the auto results that has impressed you enough to consider investing
00:09:44 in despite the run up that we've seen thus far?
00:09:47 You know, it's a great question, Neeraj.
00:09:49 In fact, it's more than what's reported in the earnings because if you look at the volume
00:09:55 growth that has been guided going forward is about 8-10%, which is actually kind of
00:10:00 lower coming off the highs.
00:10:02 But that's a good number, mind you.
00:10:05 I don't think that's the reason autos are running.
00:10:07 The autos are running on anticipation of future growth because of future types of vehicles
00:10:12 of let's say EVs in the case of autos and in the case of auto ancillaries is all the
00:10:18 supply to the EV bit of it.
00:10:21 Now whether you look at M&M entering into an agreement today to get some of the EV component
00:10:26 supply chain or whether it is Maruti trying to get into the space in the EV space in the
00:10:34 drone area.
00:10:35 So there are various and of course, Tata Motors already has a very wide range of plans in
00:10:40 the EV space.
00:10:41 Now that will gather significant momentum going forward because currently the market
00:10:45 share of EV is less than 2-3% in the case and that number has to grow.
00:10:51 Got it.
00:10:54 Let me quickly move over.
00:10:56 There is a couple of stocks that we want to focus on.
00:10:59 Glenmark is one of them zooming in trade today.
00:11:03 Company projects double digit growth in its India business in FY24 and on their management
00:11:08 call they have suggested a positive outlook for coming quarters.
00:11:13 We also have Natco Pharma, very interesting commentary coming in from there as well.
00:11:18 They have beaten Guidance.
00:11:20 Varsha joining in to give us an overview on what is happening on both of those.
00:11:24 Natco Pharma up 16.5% in trade today Varsha.
00:11:28 Yes, so let's start with Natco Pharma.
00:11:31 So as you rightly said, so Natco Pharma has hit 52 week high two days after company reported
00:11:37 a three-fold surge in its net profit supported by strong growth.
00:11:41 If you see what is working in favor of the company, they are launching 2-3 unique products
00:11:47 over the next 12-18 months.
00:11:49 Also they plan to deliver at least 5-6 critical complex products like peptides.
00:11:53 And new product launch and stable pricing in US are the key growth drivers for the company.
00:11:58 If you see, they have raised their part guidance for FY24 from 1000 to 1200 crores to 1200
00:12:04 crores plus.
00:12:05 So FY24 revenue guidance stands at 4000 crores.
00:12:10 And Nuama has maintained buy rating.
00:12:12 They have increased their target price but that target price is already being surpassed.
00:12:17 And then we have Glenmark.
00:12:20 So today they had a call, so very positive call.
00:12:24 So let's see what are the highlights.
00:12:25 So by the way, Glenmark is up 8%.
00:12:28 Now they have stated that they have commercialized injectable products.
00:12:34 The launches of those products will impact positively for the US business in Q4 FY24.
00:12:39 And also they expect India business to normalize in Q4 with sales run rate of around 1000 crores
00:12:46 per quarter.
00:12:47 And they expect better working capital in Q4 on the back of changed distribution model.
00:12:53 And India business is expected to grow 10-12% in FY24.
00:12:57 Also EBITDA margins are going to improve on lower R&D costs.
00:13:01 So if you see FY25 will be better than FY24 with respect to EBITDA margins on back of
00:13:07 reduced R&D cost.
00:13:09 And also their Ryle trees, which is a nasal spray, will be big driver to margin profile.
00:13:14 And they see 30-35 million US dollar addition to bottom line on lower R&D cost.
00:13:20 And they'll turn cash positive by FY25.
00:13:25 Got it.
00:13:26 Thank you so much for that Varsha.
00:13:28 Let me first take it across to Ruchit.
00:13:30 Both of these on charts, which one do you like?
00:13:35 And even within the larger pharma basket, what I'm noticing is it's a secular green.
00:13:40 We've seen across the board all 20 constituents in the green.
00:13:44 Anything that you like better than some of these?
00:13:47 I think both these stocks, Netco Pharma as well as Glenmark, technically are looking
00:13:53 quite positive.
00:13:54 Netco has seen a huge consolidation phase.
00:13:55 Technically, it has given a breakout from what we call a pop and handle pattern, which
00:14:01 was around 400 rupees, which gives a target projections of about 1300 post today's breakout.
00:14:08 So I think this momentum is just a breakout today, although it's up by 16%.
00:14:11 But I think it's not done yet.
00:14:12 Positionally, one can expect levels around 1300 on Netco Pharma.
00:14:16 And Glenmark Pharma, some volatility has been seen in the past.
00:14:19 But if we compare the price action along with the volumes, we witnessed some correction
00:14:23 in this month of February where the stock price is corrected from higher levels and
00:14:27 has recouped more than 50% of those losses in just a couple of trading sessions.
00:14:31 And if you look at the volumes along with this price action, then when the stock was
00:14:36 correcting, we have not seen any kind of high volumes at all.
00:14:39 But when the prices are going up, that has been backed by very good volumes compared
00:14:43 to what we usually see on a daily basis.
00:14:45 So I think the structure remains quite positive.
00:14:48 Corrections are with low volumes, price up moves are supported by good volumes.
00:14:52 And I think both these stocks, overall pharma space, as you said, it's in a good momentum.
00:14:57 But both these, I think Netco Pharma as well as Glenmark should continue to outperform.
00:15:02 In the morning, it seemed like a pharma day.
00:15:05 It's evolved to being a pharma plus auto plus IT plus plus plus kind of a day to day.
00:15:11 And speaking of IT, before we take that break, those flashes on your screen around the NASSCOM
00:15:15 view, well, 3.8% growth for FY24 for the course.
00:15:21 Wipro is up on something completely different, I must say.
00:15:24 I don't think it's just a normal move per se.
00:15:27 And while talking about generative AI and a bunch of other things.
00:15:31 So a lot of deep conversation there.
00:15:32 We don't have anything else per se in terms of the growth numbers for FY25 as yet.
00:15:36 We'll get to that in a moment.
00:15:39 Time for a quick breather.
00:15:40 Stick around as we delve deeper into today's market movement on the other side of this
00:15:43 very quick break.
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00:17:51 Right, we spoke about the Pharma Index doing fairly well.
00:17:55 We'll switch over to the fast lane on to autos.
00:17:58 Morgan Stanley bullish on M&M.
00:18:00 They've raised their target price to 1952.
00:18:03 Tushar Deep Singh, my colleague, joins in with more on this.
00:18:07 Tushar, give us some overview.
00:18:09 M&M on a tear now.
00:18:10 Yesterday as well as today, consecutive day of solid gains.
00:18:14 What's the sense with regard to both the note itself as well as anything else you can add
00:18:19 in terms of what's happening in auto?
00:18:21 Yeah, thank you so much, Harsh.
00:18:23 Good afternoon to you and Neeraj.
00:18:25 So, a couple of triggers for Mahindra and Mahindra's stock surge today to another intraday record high.
00:18:30 The Morgan and Stanley, first the Morgan Stanley said that Mahindra and Mahindra could very well be
00:18:35 the fastest growing Indian car maker in FY25.
00:18:39 That after Mahindra and Mahindra's corn call after the Q3 earnings said that it will clock
00:18:44 high teen's growth in FY25 as against the industry average of 10 to 12 percent.
00:18:51 Otherwise, also, what is driving Morgan Stanley's bullishness is that it expects Mahindra's
00:18:58 SUV sales to grow at 13 percent to 43,000 units per month.
00:19:03 Order book, demand, the reducing waiting periods, increasing production,
00:19:07 all are working in favor of Mahindra and Mahindra.
00:19:11 The tractor sales, however, it will be a minor blip, but we expect it to be flattish.
00:19:16 The second trigger was the commencement, so to say, of Mahindra's deal with Volkswagen,
00:19:22 where Mahindra will now pick up electrical components or EV components from a Volkswagen platform
00:19:29 called the MEB for its Born electric SUVs.
00:19:32 It was after this news broke that Mahindra jumped to a record high again today.
00:19:37 Sharp going there for M&M, really strong show and autos by and large are having a good day.
00:19:45 We will get in our view of Chakri on this one first.
00:19:50 Chakri, what did you make of the results and the commentary from the management?
00:19:54 We are talking about M&M, right?
00:19:59 And here the results were, I think, largely along the lines that were expected.
00:20:03 They're expanding their range of portfolios and some amount of the raw material cost reductions
00:20:09 is going to be helping the margins.
00:20:12 So all this is actually kind of par for the course in terms of what was expected was delivered.
00:20:18 I think what is exciting is not just the announcement today by Volkswagen,
00:20:23 but what has happened with the EV industry, suddenly the barriers between local,
00:20:29 domestic and export markets has kind of become a more fuzzier place.
00:20:35 So if you have a good EV component or an EV product that can be sold in respect of any market
00:20:42 rather than in the previous generation where the vehicle was made only for one particular country.
00:20:48 So I think that shift is, of course, still very in the nascent stages,
00:20:52 but that is something which is going to impact possibly all auto companies who can seize that opportunity.
00:21:00 And some of that will drop off in terms of excess stock prices in the initial run up to that event.
00:21:07 We spoke to M&M CEO Anish Shah on the Make in India view,
00:21:11 particularly that Tushar was talking about the Volkswagen deal as well,
00:21:15 and especially when multiple global players like Tesla plan to foray into the Indian markets.
00:21:18 Hear out what he had to say.
00:21:21 We have a very clear message on this, that if you believe in India, then make in India, invest in India.
00:21:28 It is actually very unfair for consumers if you import from outside without a commitment to the market
00:21:34 because the consumer doesn't know are you going to exit tomorrow.
00:21:37 And when a consumer buys a vehicle, they want that vehicle for the long term.
00:21:40 They want the manufacturer to be there for the long term to support them in the choice of that vehicle.
00:21:45 India is in a very strong position right now and will continue to get even stronger.
00:21:51 And therefore, the Make in India initiative that the government has launched is something that we support wholeheartedly.
00:21:56 And we feel that companies that can make in India, do research in India, develop products for the world,
00:22:02 will make India only stronger, and which is what we would completely encourage.
00:22:06 At Mahindra, we have benefited from competition.
00:22:09 The products we make today are far better than the products we made 10 or 15 or 20 years ago.
00:22:15 And that's because we have evolved with competition here. So, we welcome competition.
00:22:19 And we are happy to compete with them. As I said, we are creating world class products here.
00:22:24 So, therefore, our message is, if you believe in India, then make in India.
00:22:29 Right. You know, Chakri, I am going to come back to you on this before I go to Rachit.
00:22:34 You know, the Nifty Auto has been on a tear. It's silently done 30 plus percent in terms of returns over the last six months,
00:22:43 50 plus percent over the last 12. At this point, how are you looking at the valuation as a whole?
00:22:50 And where are you seeing pockets of value? Of course, M&M's commentary was very strong.
00:22:55 But outside of that, where are you seeing valuations which are possibly worth looking at?
00:23:01 You know, very good questions. You know, the whole auto pack, whether it is two wheelers, four wheelers, commercial vehicles,
00:23:08 you know, are going through a new growth phase in terms of so long it was just about, OK,
00:23:14 what is going to be the two wheeler, four wheeler volume growth rates and the costs associated with that.
00:23:19 But now it is a brand new segment, EV, which we are talking about.
00:23:23 Now, that itself is an evolutionary phase, which means if a company can bring out a new product,
00:23:29 which is more innovative as EV product, which is more innovative or an EV part more innovative,
00:23:34 then it will generate significantly higher margin, which attracts a far higher multiple.
00:23:39 Now, that is where the whole game is going to. So in that in the two wheeler space,
00:23:43 TVS Motors has done a lot of excellent work in the EV space and they're the market leader.
00:23:49 So that's one company which will continue to do well, even at current levels.
00:23:54 Second, the starter motors, you know, it benefits obviously from its overseas exposure to JLR plus domestic, etc.
00:24:01 And now they have the widest range of EV vehicles and therefore they will also benefit from global R&D in the space.
00:24:08 Third is, you know, companies like M&M, which are incrementally hitting, going out and trying to get that.
00:24:15 Amaruti, even its, you know, links back with Suzuki, etc. That will benefit.
00:24:22 So I think the whole auto space is looking good. But if you specifically talk about,
00:24:26 I think it is starter motors, TVS Motors are looking very good and even Maruti to an extent.
00:24:33 Right. Thanks for that, Chakri. Now, if I can move over to Ruchit.
00:24:38 Ruchit, M&M, your views on charts and anything else you're finding interesting within Nifty Auto?
00:24:47 There's no doubt about the trend for MindRay. We have seen a good amount of time-wise correction of consolidation over a period of last one, one and a half months.
00:24:57 And the stock has now given a breakout from the consolidation phase, which technically indicates the resumption of the broader trend,
00:25:02 which has been going through since last seven, eight months. And since this stock is trading at an all-time high,
00:25:07 if you look at the retracement level, then it gives a potential target of 200 in the short term, 2000 in the short term.
00:25:13 So I think this rally should continue going forward. The stock should approach that 2000 mark quite soon.
00:25:19 And within the other auto names also, we have seen earlier, the two-wheeler names such as Bajaj Auto, TVS Motor,
00:25:25 Hero Motor have taken the leadership and were outperforming. But now, other stocks such as MindRay and Mahindra Maruti,
00:25:31 they have now started witnessing good price volume action. So I think this entire sector should be buzzing and that should continue for a while.
00:25:37 And I think MSN, just like M&M, we have also seen a good breakout in Mahindra Maruti as well in the last one week.
00:25:43 I think this could be another counter which should deliver good returns for current levels.
00:25:48 Right. Those are the views with regard to technicals on the Nifty Auto. Time to slip into a very, very short break.
00:25:56 More on the other side, we'll take top buy-sell recommendations along with some other views. Stay tuned to NDTV Profit.
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00:29:10 Some flashes on your screen. Ajay Singh has, in partnership with somebody, has submitted a bid for Go First, I believe.
00:29:27 This is breaking news, of course, on your screen. And Busybee Airways, joint bid for Go First.
00:29:33 So this is an interesting twist in the tail, if you will. SpiceJet will serve as the operating partner for the new airline,
00:29:40 providing staff as well as services. Well, Indian aviation can certainly do with more competition and more airlines,
00:29:47 and this is welcome. Let's see how successful this is. But clearly it's gotten the stock of SpiceJet excited.
00:29:53 Chakri, I wonder, would you contemplate buying an Indigo or a SpiceJet, SpiceJet in particular, on this piece of development?
00:30:00 You know, Ajay Singh is a great name. He's done excellent work in the past. And, you know, given his track record of building a successful business
00:30:09 in a very tough airline industry, so clearly it's worth, you know, a trade, provided we know a little bit more about the background behind the story.
00:30:22 Yeah, point well taken. But it's difficult to kind of quite give it. But just the fact that if the airline gets revived and if SpiceJet is the operating partner,
00:30:29 in some sense, some more revenues at least for SpiceJet for sure, maybe, which is why the stock is a bit excited.
00:30:37 Would you trade it very quickly, Richard, SpiceJet? It's up 8 percent.
00:30:42 Frankly, if any existing long positions are there, then I would recommend to continue to hold on for potential targets around 74 or 75.
00:30:49 But just from a trading perspective, the stock price is for such kind of a move up quite fast.
00:30:53 So the risk reward ratio is not that favorable for a fresh trade. But if any positions are there, then one can expect around 74 in the near term.
00:31:01 OK, keep this at the back of your mind, SpiceJet viewers. What we'll try and during the course of the next 20 minutes or 25 minutes,
00:31:07 try and get more details about this because Chakri is right. More details need to be known.
00:31:12 But prima facie from the flashes, if SpiceJet is going to be the operating partner, it would mean and if indeed it's getting revived,
00:31:20 then over the course of the next 12 months, essentially, would potentially open up a source of revenue for SpiceJet.
00:31:26 But just the fact that Ajay Singh is doing this as well means maybe the financial health might be a bit better than what is otherwise being perceived.
00:31:35 Nevertheless, be that as it may. So this is on SpiceJet. Let's go across to my colleague Agamu standing by to talk about the derivative cues on a date.
00:31:41 Which is largely trended higher. Agamu, what are you observing?
00:31:46 Well, it has indeed trended higher. It's a gradual one, but a trend all the same and towards the upside.
00:31:53 So as far as the Nifty is concerned, we are firmly about the mark of 22000. That is always a positive.
00:31:59 Should we sustain above this? Well, it will be the fifth session today that we'll be testing it.
00:32:05 And then of course, the third session that we will sustain about 22000. The question then is that can we expect a pullback or will there be consolidation or perhaps a further up move?
00:32:16 That's a wait and watch. But for now, we're certainly looking at longs building in as far as the Nifty futures go.
00:32:21 Back Nifty, the picture isn't very different. An up move around half percent there and about 1% added to open interest.
00:32:28 Now, at least as far as your open interest distribution is concerned, sure, 22000 call does indicate a little bit of open interest.
00:32:35 But now we are going to see more and more OI build up around higher levels, even as the Nifty crosses above that.
00:32:41 Of course, low in the lower end, we continue to keep an eye on 21700 put, which has max OI for now.
00:32:47 And in terms of stocks, it's been more about stocks today than indices, of course.
00:32:51 Gujarat Gas under pressure, shorts there, but Metropolis, Nalco, Polycab and TVS Motor Company looking at fresh longs.
00:32:58 TVS Motor Company, of course, moving from strength to strength.
00:33:02 And in terms of stocks, which are unwinding, we continue to keep an eye on ICICI, Lombard and Canada Bank, which saw longs unwinding and short covering for Chambal Fertilizers, along with something like an Aarti industry.
00:33:13 So keeping an eye on a whole host of these counters and of course, the benchmark.
00:33:17 I reckon the next week will be a little more important and about the Nifty sustaining about 22000 will also be in focus.
00:33:27 Well, very interesting. Thank you so much for that, Agam, breaking that down for us, all the FNFQs coming through.
00:33:34 But I'm going to switch sectors. I'm going to move across to the Nifty IT.
00:33:39 And on the back of the NASSCOM event that's happening, you know, the report that's come out seems to be suggesting that India's IT industry revenue growth is expected at just below 4 percent for FY24.
00:33:51 That's the fastest growth in the domestic market for tech in FY24.
00:33:56 And, you know, overall, you're seeing the Nifty IT gain traction, except for a day where the Nifty IT had a bit of a blip.
00:34:06 It's been smooth sailing over the last, you know, at least a couple of months that we've seen from the Nifty IT.
00:34:14 So let me take it across to Ruchit. Ruchit, on technicals, on charts, how is the Nifty IT looking?
00:34:22 Please give us your views. And within the IT pack, any specific names that stand out for you?
00:34:27 Except Wipro. Except Wipro.
00:34:32 Yeah, so if I start with Nifty IT index first, then no, certainly I think that higher top, higher bottom sector is getting continued.
00:34:38 We've witnessed some small corrections in between, but the importance of course were not broken.
00:34:42 So which clearly indicates that the dips are getting bought into.
00:34:46 So I think the IT index, if I look at a bit historically later than the previous all time high in the month of January 2022, was around 39,450, 39,500.
00:34:56 So right about thousand points up from current levels. So I think that will be the first initial targets for the IT index to match for.
00:35:04 And in case if that gets surpassed, then I think it's all up to which index will approach.
00:35:10 So I think as of now remains positive, at least from a short term perspective, one can expect another thousand point value in the IT index.
00:35:17 And apart from Wipro, which I have already recommended, I think Emphasis would be another stock which I would look at.
00:35:23 TCS would be one more stock which looks quite promising.
00:35:27 And these could be names which could show a decent outperformance or participation in this account.
00:35:31 So primarily, it's all based on the price volume action and the relative outperformance within the sector.
00:35:36 Emphasis has given a good breakout in yesterday's trading session with good volumes.
00:35:40 Today even a follow up move is there. TCS has recently tested its all time high again, that also of course supported by good volumes.
00:35:47 So based on the price volume structure, I think these three names, Wipro, TCS, Emphasis, I think these three should stand out.
00:35:54 TCS, Emphasis and Wipro. Those are the three names coming in from Ruchit.
00:35:59 Chakri, your views with regard to IT. We've seen a solid rally again from this particular index.
00:36:08 How do valuations stack up for you now? TCS trading at, you know, highish kind of valuations when I'm looking at 10 year averages.
00:36:20 What's your view with regard to valuations and where do you see pockets of value?
00:36:25 You know, TCS actually looks OK because it has the highest ROV and it has the highest margin compared to, let's say,
00:36:33 Emphasis or HCL Technologies or any of the peer companies and therefore trades at a higher valuation versus its peers.
00:36:41 And now the question is about the growth rates. Now with the US, you know,
00:36:46 somewhere at the peak to the interest rates and then the subsequent cut is somewhere closer to than it was before.
00:36:54 TCS would be the initial beneficiary for the reason that it has the largest exposure to financial services companies, IT work.
00:37:02 And they are usually those guys who first start off on various IT projects.
00:37:07 And from that perspective, you know, the order book coming back from dormant to alive, TCS will see that benefit first.
00:37:14 So from that perspective, TCS still looks good at current levels, at its current valuation.
00:37:21 And also emphasis also looks good at current levels.
00:37:26 OK, so, well, that's on IT. We've got the tech view. We've got the fundamental view as well.
00:37:32 It is an auto day and that is, of course, evident in the way some of the stocks have done.
00:37:37 And it is also a pharma day. I must say the kind of gains that some of these stocks have had is pretty stellar,
00:37:44 particularly Natco, of course, which is up about 17 percent. But there is life beyond Natco as well.
00:37:51 There is, you know, some strength today after a long time in some of the QSR names.
00:38:01 Devyani is a case in point, but a couple of others have come back to and remember they were a very forgetful quarter,
00:38:07 largely forgettable quarter and a quarter with a bit of pain on the same store sales growth, both fundamentally and technically.
00:38:16 Look at that. I mean, Devyani International for the six months has done nothing. In fact, has corrected about 20 percent.
00:38:21 Chakri, does this give the chance to buy into these names or are QSRs not quite the space you would invest in?
00:38:30 You know, QSRs have had a lot of competition in the last one year and therefore margin erosion.
00:38:35 And therefore and also slowing down same stores, sales growth rates, not really new much product innovation, etc.
00:38:43 All those things which all added up to the stock fall.
00:38:46 And now, but at some point, I think there is a price to buy.
00:38:51 I think, you know, we could start looking into some of the QSR names, Devyani included,
00:38:58 but it's not one of the stocks which will become a huge return kind of thing is probably about give you a 15 percent upside over the next 12 months.
00:39:09 OK, good time. Restaurant brands, they share about 7 percent as well.
00:39:14 There was a note today which said that that's probably the only one that is worth buying into.
00:39:18 Chakri believes is a good time to add into them.
00:39:21 Ruchit, are the charts bottoming out or is it some time away into any of these names?
00:39:27 I think restaurants brand Asia has a bit of interest in chart setups.
00:39:30 The recent correction, if we see, then we have not seen any kind of high volume setup in this.
00:39:35 And also whenever the stock approached at 105 to 108 mark, we have seen a good support base getting formed there.
00:39:41 So in this time too, the stock formed a low of around 104 yesterday.
00:39:45 So we can see that around 105, always the buying interest has been there in restaurants brand Asia.
00:39:50 So I think this could be one stock which could head high towards 135, 140.
00:39:56 OK, so that's the view on some of the QSRs and watch out for RBA in particular.
00:40:02 OK, you know, the other aspect is whether Indian valuation is expensive enough to deter some global voices or is India still a favorite?
00:40:10 Well, in their Asia equity strategy report released last week, Morgan Stanley had said that India continues to be its top pick.
00:40:16 But are Indian equities priced to perfection? Are the valuations justified?
00:40:21 On that question, here's what Jonathan Garner, chief Asia EM equity strategist of Morgan Stanley has to say.
00:40:28 So valuations are high on a historic basis, so historic price book of about four times and historic P of probably mid 20s,
00:40:39 depending which index you use. But it's all about that ability to compound earnings per share growth.
00:40:43 And the work done by our team in India, led by Ritam Desai, suggests that we're looking at least to 15 to 20 percent compound EPS growth in repeat terms over the next three years or so.
00:40:55 So that brings the forward P/E multiple down quite considerably.
00:40:59 And so, yes, it's true that expensive is to some extent expensive versus other emerging markets.
00:41:04 But it's never had such strong fundamentals relative to emerging markets as it has now.
00:41:12 All right. That's Jonathan Garner with regard to India valuations.
00:41:16 But, you know, I'm again going to try and switch focus. Can we pull up the chart for Indus Towers, if at all,
00:41:24 try and see what that one is doing in trade today, as well as what it's done over the last three to six months?
00:41:29 And, Ruchit, I'm going to come to you on this one, because we've seen a bit of a rally or a large rally when it comes to where Bharti Airtel is concerned.
00:41:41 Vodafone idea in a bit of a pickle. How do you look at charts, especially with regard to Indus Towers?
00:41:51 What's your sense and what should one do?
00:41:55 So I think one should look at this from a mid-term perspective rather than any short-term trading.
00:42:00 If I just look at the historical data, long underperformance has been seen in Indus Towers.
00:42:05 But whenever we used to see a pullback move in 200, 210 used to be a resistance level from where the stock again
00:42:12 used to skip towards that 170, 160 zone. But this time we have seen that the stock has surpassed that 200, 210, which was the hurdle.
00:42:19 Now, if any kind of decline comes, then these earlier resistances would convert into support.
00:42:25 The downside from here seems to be very limited. I would say that in case of any declines,
00:42:29 around 200 the stock would manage to form a good support base and over a medium term, one can expect levels around 270 to 280.
00:42:38 So the risk to reward ratio is quite favorable to go long even at current levels and keep some room to add in case if we see any dip towards that 200 mark.
00:42:46 But as I said, it's not a very short-term trade, but more if you want to keep a view of at least two to three quarters,
00:42:52 then I think one can expect levels around 270 to 280 in Indus Towers.
00:42:57 Okay. Watch out for this one. 221 currently. And remember, even though it remains in the band or when it was in a band,
00:43:07 it didn't see the liquidation of the longs. It just stayed put. The stock has hardly had a corrective move.
00:43:13 That is the key thing, which is what is very interesting about this one.
00:43:17 But what is the news of the day is SpiceJet now up 13 percent and Go Air finds two bidders in the latest round of bidding under IBC.
00:43:27 Vishy has some more details on this one. Vishy, as we learn that this is not a bid from SpiceJet's end, but Ajay Singh under his personal capacity.
00:43:39 So Go Air has found two bidders, one of which is the more interesting one, which is SpiceJet promoter Ajay Singh in his personal capacity.
00:43:47 Now he's submitted a joint bid along with Busy B Airways, which is another company associated with him.
00:43:54 These two companies have submitted their bids as well as Sharjah based Sky One Airways, which has also submitted its bid for Go Air.
00:44:05 Remember that this entire process has been going on for a very long time, the insolvency proceedings against Go Air.
00:44:12 And this is the second round of bidding that has happened in the company.
00:44:16 And finally, you have two fresh bidders coming in. In the last round of bidding, you had the Jindal Group company participating in the bidding process.
00:44:26 They were even shortlisted as the preferred bidder.
00:44:28 However, at the end of the whole process, they walked out of the thing without actually submitting any crucial bids for Go Air.
00:44:37 After that, there was a talk of liquidating the airline.
00:44:40 But now that these two bidders have come in, the lenders will take a review of what has actually come to the table.
00:44:46 Now, just remember that at this stage, these bids are closed.
00:44:49 Then the details of the bids are not available to the lenders.
00:44:53 That will be opened at some point next week, which is when the lenders will take a decision whether these bids are worth entertaining and whether Go Air can actually be saved.
00:45:02 Having said that, one point to be added here, there's really nothing to save here.
00:45:06 Go Air is at this point in time, practically just a brand.
00:45:09 There seems to be no airlines. Plus, there seems to be no aircraft within the airlines.
00:45:14 Already, the Indian courts have allowed airline lessors to come and collect any of these aircrafts that they would have leased to Go Air, which was previously prohibited under IBC.
00:45:29 So now, they're allowed to take over those planes.
00:45:32 So, not entirely sure what these bidders are bidding for, but that's where the bidding process is.
00:45:37 And hopefully, next week, we'll get to understand what these bidders are actually offering to the lenders.
00:45:42 It's a very interesting perspective coming in from Vishy Neeraj with regard to Go Air. What's your sense?
00:45:51 Just from a SpiceJet stock perspective, Harsh, the fact that this is a personal capacity under which there's no outgo from SpiceJet, but SpiceJet gets to be the operating partner if they win.
00:46:02 I think that is what has gotten this excited.
00:46:05 Now, whether they necessarily win it or not, who knows?
00:46:07 But the point that there's this confidence and presuming if the promoter has money to put in a bid for Go First, the promoter might also have money to try and put in money into SpiceJet if need be.
00:46:18 So, it may not necessarily remain as cash-strapped.
00:46:21 I don't know what the market is thinking, but clearly, one of the easiest things to think of is this, that SpiceJet is not putting in money out of its own balance sheet, but if it gets to be the operator, then it gets additional stream of revenue, which is something that could be pleasing the street.
00:46:34 Yeah, very interesting. Again, that viewpoint is interesting, differentiated.
00:46:40 Let me, though, mark out one more stock switch focus, if we may, on to Federal Bank.
00:46:48 You know, this was up 5% yesterday. We had NDTV Profit exclusively break news, suggesting that KVS Manian of Kotak Bank may be considered for managing director for Federal Bank.
00:47:07 Of course, talks are on, it seems. But 5% yesterday, 5% today. I want to take it to Chakri because it seems that something from a fundamental standpoint may have changed here.
00:47:21 Sorry, Harsh. Sorry, Chakri, just hold on to that thought. We'll have to get to Federal Bank in a moment because I think we've got Ajay Avtane, who is founder and editor of Life From a Lounge, joining in on the SpiceJet news.
00:47:34 So just need to take that out of the way. Ajay, what's your sense about this development, whether it's a personal bid from Ajay Singh, and if the, with a joint bid, of course, and if they go on to win it, then SpiceJet gets to be the operator, partner operator for GoFirst.
00:47:51 So, thank you for having me on again. I think, you know, this is a very interesting move. And we need to find out, we obviously need more details on this.
00:48:09 But what is interesting is that, like you were mentioning, that Ajay Singh seems to have the money to provide a bid for another competing carrier, but he is not, seems to want to put the same money in his own airline.
00:48:27 But the perspective here is that the aviation industry is divided up into large operator groups now, right? There is Indigo on one side, there is Air India Group Entities, which is Air India, Express and Vistara, which will all eventually be two companies.
00:48:45 So, you know, that leaves out all the smaller operators out of the fray for any big business, really. There's Akasa, there's SpiceJet, and SpiceJet's troubles are well known.
00:48:57 So, if SpiceJet/Ajay Singh manage to get this bid going, what they're seeing is a whole lot of slots that might come their way. And the reason I say might is because, you know, even with the case of Jet Airways, there was a lot of hope riding on the fact that the slots would be handed over to Jet Airways and the airline would come back.
00:49:24 But when the airline, you know, when they got this bidder and who's trying to revise the airline, they were told to go back in the queue to get the slots again.
00:49:34 So, it's going to be interesting to see if these slots are actually the property of GoFirst or if these slots are the property of, you know, the government of India and they will be given away to anyone else in the process.
00:49:46 But yeah, there are not too many natural shooters left for GoFirst and I think SpiceJet and Akasa are the two prominent ones and Spice and Ajay Singh have made their move now.
00:49:59 Ajay, very quickly though, very quickly, you think it's as much a bid for the slots as well as the airline and some market share?
00:50:09 Indeed.
00:50:12 Okay, okay, perfect, lovely. Thanks so much. Very close to market close. We'll have to thank you on that note. Just eight minutes left. So, we need to dwell back to the markets.
00:50:21 Before we take in closing strategies from Ruchit, Chakri, you want to comment on the Federal Bank question that Harsh was trying to ask you?
00:50:27 Yeah, indeed. You know, the Federal Bank, you know, as a franchise, clearly the recent results were good enough.
00:50:33 The valuation is 1.2 times book is not expensive. Munion is a good name, if indeed it is true.
00:50:42 And because it also solves the succession issue at Federal Bank, of course, there's still some sufficient amount of time.
00:50:49 So, a well-run bank with a new name, a known name coming to take over is good news.
00:50:57 But outside of that, I think it's a fairly valued stock in Federal Bank at about 1.2 times book.
00:51:05 Okay, 5.2% up on 51 million shares traded. So, good going there.
00:51:11 But it's about time that we get in the closing strategies for the show from Ruchit.
00:51:16 Ruchit, you've given us some ideas at the start of the show, Wipro and one more.
00:51:20 As we wrap up and as we hit the weekend, 7 minutes left, what is the closing strategy? Your top BTST or STBT?
00:51:27 Yeah, so Wipro and SDA Life was the other one that I recommended at the start of the show.
00:51:32 In closing, I would recommend going long on Tata Communications.
00:51:35 So, ideally a good consolidation breakout has been seen. So, today supported by good volumes.
00:51:40 If you look at last 15-20 days, the stock was resisting around that 1760-1770 mark.
00:51:45 That has been broken today. So, I think we should expect a good follow-up in Tata Communications from here.
00:51:50 So, one can go long in Tata Communications. The stock was below 1750 mark, just below that resistance which had been broken today.
00:51:57 And I expect target somewhere around 1900.
00:52:00 Okay, so that's well Tata.com and I think two people, if I'm not wrong, have spoken about Tata Communications as being a key idea.
00:52:09 So, do watch out for that one.
00:52:11 Just a word on some of the stocks which have buzzed today on very strong volumes and wonder, Ruchit, if you have looked at any of these.
00:52:18 We spoke about Natco, of course, but that's not the only one.
00:52:21 So, we'll pull up this table. There is Nectar Life which is up some 16%.
00:52:25 Volumes relative to two-week average about 11 times.
00:52:28 There is Confidence Petro, there is Novartis, there is Mastec.
00:52:31 So, there is a clear pharma presence there aside of Natco too.
00:52:36 There is also Confidence Petro, Mastec and some others.
00:52:38 Ruchit, any thoughts on any of these stocks? Nectar, Natco, Confidence, Novartis or Mastec?
00:52:44 I think you have rightly picked all the stocks with very high volumes.
00:52:50 So, the structure of all the stocks are positive.
00:52:52 But from a trade setup, if I look, Mastec is looking quite interesting.
00:52:56 Because earlier whenever the stock used to come around at 29,000-3000 mark, we again used to see some sell-off and that level has been broken today.
00:53:05 And as you pointed out, the volumes are quite good compared to daily average.
00:53:08 So, we have already spoken about the IT space as a whole too, which is looking quite interesting even from current levels.
00:53:14 I think Mastec could be one stock which one can expect a good follow-up move next week as well.
00:53:20 And potential targets could be around 3300 in the near term.
00:53:23 Sure, Ruchit. Thanks for that.
00:53:26 Chakri, if I can move over to you.
00:53:28 Plenty happening in oil and gas. We haven't been able to cover that.
00:53:32 Your views, especially when it comes to something like BPCL, which has run up significantly, positive note coming through and continues to run up.
00:53:43 BPCL valuation-wise, I think is firmly okay to buy at current levels.
00:53:49 Always the issue has been who bears some of the marketing losses.
00:53:53 So, I think that's not an issue, at least in the immediate future over the next couple of months.
00:54:01 So, I think the next quarter that way will be good.
00:54:03 From that perspective, BPCL given valuations on its side, I think it's worth a buy at current levels.
00:54:10 Understood. Chakri, I'll stick with you.
00:54:13 The key question which everyone wants to know about, I don't think we've asked you on this channel at least.
00:54:20 Paytm, your view, what should one do up 5% today?
00:54:26 You know, it's very tough to answer that question. I just corrected, I mean, phenomenally a lot.
00:54:33 Now, the question is, you know, various entities such as NHAI is now putting a bar on Paytm as a mode of payment.
00:54:41 So, if that trend continues, the so-called top line of the Paytm continues to shrink.
00:54:48 So, it's not a question of valuation because as the top line, as new orders keep getting cancelled,
00:54:54 then it becomes very difficult to understand what is the size of business that it is after, that it's allowed to compete.
00:55:01 So, I think that is the bigger issue for Paytm and not the valuation.
00:55:05 Okay, gentlemen, we'll leave it at that. Thanks so much and have a great weekend, Chakri as well as Ruchit.
00:55:11 We very much appreciate your time. Just about to start wrapping up the markets and get a quick sense of what's happened.
00:55:19 Remember, it's been a great day and a good end to the week because three days on a trot now,
00:55:25 we've had a really good close, which is actually the pertinent part.
00:55:29 But the market breadth today has also been pretty strong.
00:55:32 So, if you just look at what the advance-decline ratio has been, yes, it's petered down as the days come by.
00:55:38 But it is still about 3s to 2s in favour of the advances.
00:55:42 And yes, it started off with a yawning gap, but still not too bad.
00:55:47 Just one word on the volatility and just see what IndiaVix is doing very quickly.
00:55:51 And just yesterday, there was a bit of a pullback there. Today, too, just about steady.
00:55:55 So, no big changes on Vix at least. So, that's the other good part.
00:55:59 Now, before I hand it over to Harsh for the mid-cap end of the market,
00:56:02 the large caps will come up on your screen first and get the heat map up on the screen and show you what's moved.
00:56:07 So, M&M is clearly the star of the week by virtue of the 4% gain today and the previous day's gains.
00:56:15 I think M&M has done really well. But today's gains, Wipro right up there.
00:56:19 And suddenly in the last few minutes of trade, Adani Port has snuck up to being one of the top gainers on the index, 3.5% higher.
00:56:27 So, very strong move on Adani Port. So, that's the other one to keep in mind.
00:56:32 And then, of course, it's auto. So, remember, it was auto all through and through.
00:56:36 But now Adani Port is actually scurried up to being amongst the top five gainers.
00:56:40 L&T is not doing too badly either in the session today. There is some strength for Titan after a while.
00:56:45 There is strength in HDFC life and SBI life. We spoke about this. And HUL is up about a percent too.
00:56:50 So, yesterday, FMCG was sulking really bad. Today, I think there is a bit of a pullback that some of the FMCG names have done.
00:56:57 What has not done well is Power Grid, down about 3% in trade. ONGC.
00:57:01 So, these are the two that have stayed low for a better part of the day. But there is no big deviation that has happened into these names.
00:57:08 It's largely been the same on the losing side. Just that the gaining side, it's been a case of swapping of the hats.
00:57:14 But the broader end of the spectrum, Harsh, and some interesting movers there too.
00:57:18 Well, yes, absolutely, Neeraj. As always, the mid-cap actually has moved pretty much in tandem with the benchmark now at close.
00:57:27 And so has the small cap. So, we're pretty much aligned where all those three indices are concerned.
00:57:33 Let me quickly pull up some mid-cap names which have buzzed in trade.
00:57:36 You have the likes of IPCA Labs, which is up almost 8% in trade. You have Tube Investments also pretty much there.
00:57:45 Divyani International, we spoke about that. That one and some of the other QSR names also in focus, up nearly 6% on that one.
00:57:54 Then within the pharma pack, Glan Pharma, Glenmark, you also have within the banking space, Federal Bank doing fairly well.
00:58:02 So, those are some of the gainers. As you can notice, Neeraj, and as you will too, it's pretty much across sectors.
00:58:09 It's not one sector dominating the mid-cap end of the index.
00:58:13 And quickly on to losers, you look at the likes of Gujarat Gas there. We've closed for the day and for the week.
00:58:20 Gujarat Gas is probably the top laggard on the nifty mid-cap at the moment.
00:58:25 You're looking at Poonawalla as well. ABFRL also closing in lower, around 4% lower for that one as well.
00:58:32 On the small cap end of things, Natco Pharma was the top gainer, up almost 18% for most of the show, but closed in around 15% higher.
00:58:44 Data Patterns was one which was up 9%. Maybe interesting to see what's happening there as well.
00:58:50 Looking at Glenmark as well, Medplus, all of those gaining in trade. JK Lakshmi as well.
00:58:55 In terms of the losers, a few power names, SJVN, KEC are two names which closed lower on the small cap side of things.
00:59:05 You also have Deepak Fertilizer, Hudco and Rites. Those were some of the top losers for the day on the small cap index.
00:59:12 Just one last thing, because Pharma has been such a strong sell-out performer today.
00:59:18 If we can just pull up the nifty Pharma, NSE Pharma gainers on the chart, on this table today, you'll see the kind of gains.
00:59:27 So Natco, IPCA, Glenmark, Granules, Gland Pharma on a brokerage note, Biocon up about 3%.
00:59:33 Just some very, very strong moves in this pack today. So keep an eye out for this one too.
00:59:38 But on that note, from Harsh and me and the team that has put India market close together, thank you so much for watching.
00:59:44 Up next is Profit Insights, where my colleague Tushar Deep Singh will be in conversation with Ola Electric.
00:59:50 Have a good weekend, everybody.
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