- #NTPC, #PowerGridCorp and #HDFCLife lead #Nifty gains
- #MOIL jumps on strong February business update
Niraj Shah and Tamanna Inamdar dissect key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitLive
Guest List:
G Chokkalingam, Founder &MD ,Equinomics Research
Hemen Kapadia, Sr VP Institutional Equity, KR Choksey Stocks & Securities
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- #MOIL jumps on strong February business update
Niraj Shah and Tamanna Inamdar dissect key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitLive
Guest List:
G Chokkalingam, Founder &MD ,Equinomics Research
Hemen Kapadia, Sr VP Institutional Equity, KR Choksey Stocks & Securities
______________________________________________________
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
00:00:00 Thanks for tuning in to India Market Close and let's bring up the markets for you and
00:00:07 show you what's happened today.
00:00:09 Well, optically, it would seem that pretty much nothing has happened because we started
00:00:13 off at these levels and we are stuck at these levels.
00:00:15 Frankly, the intraday chart of the Nifty and we'll get the chart based depiction on the
00:00:20 screen on the left hand side as well.
00:00:21 But if you just look at what's happened here, like there, it's just been very, very flattish
00:00:25 for the index.
00:00:26 So no big changes really for the benchmark index.
00:00:29 The midcap and the small cap indices will also come up on your screen and just show
00:00:32 you what's happening out there.
00:00:35 So the midcap index point 26 or point 27 percent, the small cap index, well, it started off
00:00:40 flattish is down about half a percent.
00:00:43 But if you can pull up the market breadth before we get to the heat map, while the index
00:00:48 or the small cap index is down about point 47 percent alone, the difference between the
00:00:53 advance and the declines from the start of the trading day has been large and it's widened
00:00:57 as the day has gone by.
00:00:58 So in some sense, a bit of a tepid day at the broader end of the spectrum for sure.
00:01:05 Now get the heat map up because while the index has stayed flat, the difference between
00:01:10 the gainers and the losers has been pretty strong.
00:01:12 So look at the strong move in NTPC up 4 percent, Power Grid is up 3 percent and the PSU pack.
00:01:18 So energy and power on the PSU side have done extremely well in the session today.
00:01:24 Half of the gainers are essentially stocks which are dominated by what's happening to
00:01:28 PSUs and energy per se.
00:01:30 HDFC life in between, it's about 3.5 percent and sporadically HDFC bank, HDFC life has
00:01:36 done well.
00:01:37 And today Reliance Industries is giving support to the index up about 1.3 percent.
00:01:41 So that's actually a good move too.
00:01:42 What's not done well, iShare post the numbers, the metal names post the downgrade that has
00:01:47 come in from CLSC.
00:01:49 So that's the second one.
00:01:51 And some of the auto stocks just seeing a bit of a pullback in trade today.
00:01:54 Let's see if this lasts.
00:01:57 But the broader end of the spectrum is where the larger movement as always has happened.
00:02:01 Though I must say today, the index too, like I said, the difference between the gainers
00:02:04 and the losers is pretty pronounced.
00:02:06 But Tamanna, what are you spotting?
00:02:08 I mean, I don't know if I can see anything apart from BHEL today.
00:02:13 What a story and truly the story of the day.
00:02:16 So we started off the day talking about NTPC and you know, Neeraj showed you on the heat
00:02:20 map how well NTPC has done.
00:02:22 So BHEL is in a sense the other side of that story.
00:02:26 Look at that.
00:02:27 The other day's highs, almost that stock has gained 15 percent in a day, over a 250 percent
00:02:33 rise in the last one year.
00:02:35 So what exactly has happened with BHEL?
00:02:37 So NTPC has bagged a project in Singroli and that's why that stock has been up.
00:02:44 BHEL is the only eligible company to actually build that project.
00:02:51 So BHEL also benefits.
00:02:53 The order book is anyway looking very, very robust.
00:02:57 And that is the stock of the day, one way or the other.
00:03:02 Apart from that, I would say, you know, not too much action.
00:03:05 Yes, the broader end of the spectrum is doing mildly better, mildly better than your headliners.
00:03:13 But it's not a day of too many fancy moves, I would say.
00:03:17 Your energy, PSU space like Dhiraj said are the ones that are seeing the most action,
00:03:22 a little bit in real estate, not massively though.
00:03:26 And Oil India sale, Gale, you know, all of them are doing fairly well.
00:03:32 In terms of movers and shakers, I would say it's a bit of a muted day in that sense, where
00:03:38 not too many bets are being placed at this time.
00:03:41 In fact, let's go across to Hemen Kapadia and G Chokhalingam to get a sense of how they
00:03:46 are seeing the markets at this, you know, the last leg of the trading day, so to speak.
00:03:53 The fact is that the overall cues are positive.
00:03:55 There's no doubt about that.
00:03:57 But is there more steam left to really see the next leg?
00:04:01 Let me start with Hemen and his view on the charts for the Nifty and the Bank Nifty.
00:04:05 A very good afternoon to you, actually, Tamanna.
00:04:10 Thank you for having me on the show.
00:04:12 We spent 12 trading sessions over here, Tamanna, between 21834 and 22300.
00:04:18 Now this is the third day in a row that we look like closing about 22300.
00:04:26 So frankly speaking, we're standing in the leash, in the cusp of breaking out.
00:04:30 Technically we've broken out, but somehow the follow-up buying hasn't come.
00:04:34 That's why we've sort of stagnated a bit over here.
00:04:37 Nothing changes.
00:04:38 As long as we remain about 22300, 22500, OK, that's not very far away, but 22500 and 22800
00:04:46 are definitely on the horizon.
00:04:47 So once again, I go back to our favorite topic.
00:04:52 The volatility index is just below 15 now.
00:04:56 We haven't closed below 15 for some time.
00:04:59 We've floated to that level.
00:05:01 A close below 15 today would be a fillip to the bulls.
00:05:09 And in a couple of days, if we go down to 13 or so, I think the level that I spoke earlier
00:05:15 look like happening.
00:05:17 The Bank Nifty, Tamanna, is strong.
00:05:20 We're on the verge of breaking out about 27400, looking at a probable 1000 point upside.
00:05:28 So everything is hunky-dory.
00:05:30 No explanation as to why we've done nothing over the past, I'd say, how many hours?
00:05:38 One, two, three, four, five, six.
00:05:40 This is the eighth hour where we've done nothing.
00:05:43 So it's a matter of a few days here and there.
00:05:46 If we don't break 22300, we are going to see higher levels just like Tamanna.
00:05:52 I love the way you count that, Hemin.
00:05:56 Pretty interesting.
00:05:57 But even if we haven't done for the eighth hour anything, I think the momentum was very
00:06:00 strong the whole of Friday session as well.
00:06:04 So in light of that, are your calls on the long side, Hemin?
00:06:08 And if so, what are these?
00:06:10 I think so, Neeraj.
00:06:11 They are all on the long side because, frankly speaking, things are quite okay.
00:06:18 Mid-cap, small-cap seem to be taking a breather.
00:06:20 But I have a buy call firstly on Bata.
00:06:23 Bata has fallen off a cliff, 1720 to 1380.
00:06:28 Firstly oversold, secondly positive divergence, three mechanical indicators on the daily chart
00:06:33 have given a crossover buy.
00:06:34 So we are playing for a bounce, a recovery.
00:06:36 One can buy Bata at 1425, stop loss of 1405, target 1465.
00:06:42 Second one is Balkrishna Industries, same logic applies.
00:06:45 2800, 2200, fallen off a cliff, oversold, positive divergence is crossover buy.
00:06:51 So one can buy Balkrishna Industries at 2240, stop loss 2200, target 2320.
00:06:57 Both are contra buy calls for a bounce, Neeraj.
00:07:02 Okay.
00:07:03 Well, contra buy calls as well.
00:07:06 And just before we get in, Anushi, for the stock of the day, get in Mr. G. Chokalingam
00:07:12 for just a brief commentary as well.
00:07:14 Mr. Chokalingam, thanks for joining in.
00:07:15 It seems that PSU, large-cap PSUs are back in vogue today at least.
00:07:21 I would love to understand from you.
00:07:23 Let's start with energy today.
00:07:25 Everything related to energy, ONGC, BPCL, upstream, downstream are all very active.
00:07:30 What are your thoughts on this?
00:07:31 Yeah.
00:07:32 I mean, I've been saying that Indian market is set to hit the $5 trillion market cap before
00:07:39 election itself.
00:07:40 Now we are short of only 5%.
00:07:41 The $5 trillion translate into $415 lakh crore.
00:07:42 As we are speaking now, it's around $394 lakh crore, just 5% of the market cap.
00:07:43 I'm pretty confident that because of anticipated political stability and the recent GDP number
00:07:59 and also will be outperforming the peers in the global market.
00:08:03 All this would have a well for the bull run continuing till at least we reach $5 trillion
00:08:11 market cap overall.
00:08:12 So therefore, I would suggest that one can continue to hold on to all these large-cap
00:08:17 stocks which are gaining the momentum at 5%.
00:08:22 Well, large caps are certainly buzzing.
00:08:25 BHEL is absolutely buzzing in trade today.
00:08:28 Let's bring in Anushi with more details of why this would be the case.
00:08:32 Anushi, good afternoon.
00:08:33 Afternoon, Neeraj.
00:08:34 As you rightly mentioned, BHEL is shining all throughout the day now, about 16% of an
00:08:40 intra-day high over year, as you mentioned with the volumes, four times the volumes with
00:08:44 30-day average.
00:08:45 Now, a lot of large trades have taken place over year, about 40.7 lakh shares, rather
00:08:51 0.1% of equity changed hands today at a price of about 258 to 259 now.
00:08:57 So one potential reason that stands out is that it being a primary beneficiary for the
00:09:02 NTPC project, thermal project which has just been declared, that is the 17,200 crore investment
00:09:09 that they are making in the Singrauli thermal project.
00:09:11 So definitely keep an eye out for more updates in that.
00:09:15 Apart from that, the company had also been in focus after its recent development with
00:09:21 Coal India wherein it has formed a JV to undertake about coal to chemical business over year.
00:09:27 So over year also they are going to be setting up a coal to 2000 tonnes per day of ammonia
00:09:32 nitrate plant and wherein Coal India is going to ensure about 75% of ammonium nitrate out
00:09:39 output, whereas BHAL would be responsible for providing the technology for such deal
00:09:47 to take place.
00:09:48 So for this project also the investment outlay was about 11,700 crore, that is what PTI suggests.
00:09:55 Now coming to the stock performance also, about one week just the stock has gained about
00:09:59 18%, most of it is attributed to today's also, while in the six and the one year period about
00:10:05 92% return year and one year about more than 3X of a return over year.
00:10:09 So definitely a watch out for BHEL.
00:10:11 Okay, well certainly watch out for this one in trade.
00:10:17 What a strong performance by this stock and on very high volumes relative to everything.
00:10:23 And by the way BHEL has given a clarification to the exchanges, I have it with me on the
00:10:29 BSE, they have said that, they have effectively said that BHEL has not published the referred
00:10:40 news article obviously so.
00:10:43 As of now, so they say, company says that the company had submitted a price bid on the
00:10:47 21st of December and is the only bidder for the mentioned NTPC tender, which is an activity
00:10:53 in the normal course of business.
00:10:55 Submission of the bid does not result into automatic bagging of an order.
00:10:59 As of now BHEL has not received any order from NTPC regarding the subject project.
00:11:03 But effectively, while they may not have received the official order, if they are the only bidder
00:11:10 and usually it preludes that this is what has happened in the past, that large NTPC
00:11:15 orders around Tamil power generation get awarded to BHEL and BHEL is the only applicant, no
00:11:21 doubt the daughter will be coming to them.
00:11:22 So technically they have clarified that, you know, we have, they are saying also submission
00:11:29 of a bid does not result into automatic bagging of an order.
00:11:33 You could argue that if you are the only person in the race, then you are coming first, first,
00:11:38 second, third and last, so no problem.
00:11:40 But it is not necessary is what BHEL is clarifying.
00:11:45 So that is an important, you know, point that BHEL has put out on the exchanges right now.
00:11:51 We are seeing slight, slight, but anyway it is already 14% up.
00:11:54 The fact is Chokha, that BHEL and NTPC, this whole lot of infra play, energy play is going
00:12:05 to be the space to watch out, would you agree, as more and more projects get announced.
00:12:11 I mean, even with an NTPC, this is only about the Singroli plant that they have bagged.
00:12:16 But there is, you know, announcements of projects for 30,000 crore rupees that NTPC is going
00:12:22 to lead.
00:12:23 As India pushes its energy transformation, and especially its renewables transformation,
00:12:29 they are going to bet on state-run companies.
00:12:31 No, I definitely agree.
00:12:34 The short term, it looks like this momentum in BSEs will continue.
00:12:38 But then medium to long term, there are a couple of facts.
00:12:42 You know, the valuations are ahead of the fundamental developments happening now.
00:12:47 And the market is cyclical.
00:12:48 And also even the PSU stocks and sector cycles, they keep playing.
00:12:52 I mean, if you look back for the last 30, 40 years.
00:12:55 However, I'm pretty confident that the current momentum in the short term should continue
00:13:01 and the market should see at least a 5% jump from here.
00:13:05 And if market has to jump 5%, I'm sure these kind of large PSUs also would participate
00:13:10 in that rally in the short term.
00:13:12 So quite bullish in the short term, but a little suspicious about continuous rally in
00:13:18 the medium to long term in the PSU space.
00:13:20 That's fair.
00:13:21 The rally has been quite a bit, just 30% on NTPC, which we're showing you in the last
00:13:27 three months.
00:13:29 These stocks have really seen that kind of a run up.
00:13:32 I just want to pull up PHEL again, because you're seeing that stock price pairing a bit
00:13:35 as that news is being digested.
00:13:38 And perhaps some kind of an understanding of what it really means.
00:13:42 Himin, how are you liking it on the charts?
00:13:45 I'm talking about PHEL at this point.
00:13:47 360, 400 time frame, 18 to 24 months, Tamanna.
00:13:51 There will be one break or a correction because we've had a phenomenal move from 40 to current
00:13:57 levels.
00:13:58 So there will be one correction of a greater degree, not yet.
00:14:01 But whenever that comes, I believe it will be a six to eight month correction.
00:14:04 That's what I'm saying.
00:14:05 Two years and more.
00:14:06 360.
00:14:07 400.
00:14:08 I think that seems like a very distinct possibility.
00:14:12 Okay.
00:14:13 Well, that's the verdict on PHEL.
00:14:18 And that space, actually, you know, the other thing is NTPC, right?
00:14:21 The BHL may be or potentially will be the beneficiary, but the CAPEX is being done by
00:14:26 NTPC.
00:14:27 And for the power major to commit such large capital to work is an interesting one too.
00:14:32 And that stock too is about three and a half percent up in trade.
00:14:35 These brokerages have given their views as well on what this would mean for NTPC.
00:14:40 But you know, we're seeing announcements of thermal power capacity addition now starting
00:14:46 to happen very thick and fast.
00:14:48 Before we take that break, Mr. Chokalingam, NTPC has always been a steady state performer.
00:14:54 Nobody expects multi-bagger returns here.
00:14:56 But is it a safe stock to invest into or are there better names available?
00:15:01 I think the better names are available.
00:15:02 Those who are holding on to stocks like NTPC, BHL, they can continue to hold.
00:15:06 That's my view.
00:15:07 So, the BHEL stock, they're trying to stabilize after that news has come in.
00:15:16 In case you missed it, just, you know, about an exchange filing by BHEL saying that they
00:15:22 have not bagged any order from NTPC per se.
00:15:26 What the market has done today is a two plus two equals to four, essentially because NTPC
00:15:31 has a large project in Singroli.
00:15:35 BHEL was the only bidder.
00:15:37 So, the market has assumed that BHEL is the one that will bag the order.
00:15:41 The company, in due diligence, as is fair, has said that bidding for something doesn't
00:15:45 mean that we will necessarily bag the order, though they are the only one in queue.
00:15:50 I want to talk about some of, more of these companies.
00:15:53 MOIL is the other one that we should actually focus on.
00:15:58 But after a very short break, we'll be right back to talk about MOIL and a lot more.
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00:20:22 Welcome back.
00:20:28 You're watching India Market Close and it's looking like a steady kind of a close.
00:20:33 It's not the most exciting day for the markets, but you know, you need some of these days.
00:20:37 To be honest, we've been a little spoiled with the kind of rock and roll, you know,
00:20:42 phases we've seen in the Indian markets.
00:20:44 Not that there are not enough opportunities to spot.
00:20:46 We're steady over 22,400 on the nifty, at least today in trade.
00:20:52 But tons of volume buzzers that have been making news and Anushi is joining us with the list.
00:20:58 Right, Tamanna.
00:20:59 So I'll start off with MOIL first, which is now, which saw an intraday high of about 11%
00:21:05 and its volumes buzzing at about six times now.
00:21:08 Well, multiple large trades over here, two large trades, about 3.3 lakh shares exchanged hands
00:21:14 with about an average traded price of over 302.4.
00:21:17 Now, this is also the back of the strong business update that the company came out with,
00:21:21 wherein it saw its production going up about 15% for the month of February,
00:21:26 while its production for up to the month leading to February was about 37% up.
00:21:32 Coming to sales, sales was about 18% up for the month of Feb,
00:21:36 while its sales for the overall period leading up to Feb 24 was about 32% up.
00:21:41 Next on the list, we have TD Power Systems and Triveni Engineering and Industries.
00:21:46 Again, the same reason over here, multiple large trades in these counters as well.
00:21:50 Similar volumes over here, six times its 30-day average with both the stocks seeing an intraday high of about 8% now.
00:21:58 Next on the list is ISGC Heavy Engineering.
00:22:03 Well, there are no fundamental drivers pushing the stock ahead with about a 9% gain now.
00:22:09 The volumes were buzzing heavily on this one also, about five times its 30-day average.
00:22:14 Last on the list is BHEL, which is probably the stock of the day as well,
00:22:19 about 60% of an intraday return over here, while its volumes were about five times its 30-day average.
00:22:25 Now, this was at the back of a news update that the company is the sole potential beneficiary of the NTPC bid of Rs 17,200 Singroli Thermal Project.
00:22:36 But the company recently came out with a clarification note on the same,
00:22:40 stating that it has not received any order from NTPC regarding this subject matter.
00:22:45 So again, that remains on the watch out.
00:22:48 So these are the five stocks that are buzzing in volumes today.
00:22:51 I'm going to talk about the first one, which is MOIL.
00:22:55 And look at the kind of trade we have seen.
00:22:58 Back of news as well, that manganese prices and output has jumped.
00:23:03 Production has risen 15% year on year.
00:23:06 And that's, of course, a fundamental reason.
00:23:08 But having said that, I just want to get a view first, Ranjit Chokhalingam, of the kind of bump up that we're seeing.
00:23:15 Because you have production up 15%, you know, at 15.1 lakh tonnes.
00:23:22 In Feb also, you had sales going up 18% year on year, in fact, and 32% up to Feb 2024.
00:23:31 So what really is making this stock tick and do you see this sustaining?
00:23:37 Basically, the momentum is helping.
00:23:39 As I said, I see another 5% upside for the whole market and we could lead that back.
00:23:46 And therefore, those who are holding MOIL can continue to hold.
00:23:50 But otherwise, I would not suggest price buy at this level because, A, this company has already exhausted free cash.
00:23:56 The free cash used to be in a few thousands of crores.
00:23:59 Now it is just around 870 crores.
00:24:01 It's already used the cash for buyback and good dividend.
00:24:05 And also now, for Feb 2024, the stock is trading at 24 PE.
00:24:09 Basically, manual stocks trade at 89 PE.
00:24:12 I've been driving it ever since I've gone for public.
00:24:15 Normally, it's in the digital PE, but it is much ahead of all the fundamentals.
00:24:19 But still, I would not panic the people who are holding it.
00:24:22 I would suggest use this rally for the next two, three months until we hit the $5 trillion market.
00:24:29 And then definitely slowly book profit because if you see last five years, the turnover has been more or less stagnant.
00:24:38 Some of the management is not able to join the rally of other metals and ores.
00:24:43 So therefore, hold on further 5% jump, you can book profits.
00:24:48 Okay, so you're seeing another 5% jump.
00:24:50 Hemin, do you like MOIL? It's up 8% today.
00:24:54 If I take a slightly longer term, then yes.
00:24:59 Extreme near term, we've gone up from 260 to 315 in a matter of four trading sessions.
00:25:07 So if I were to buy fresh and wait for a cool off, why?
00:25:10 Is there a gap up? I believe this gap would get covered up in this week itself.
00:25:14 But if I have a slightly longer term point of view, I think so.
00:25:18 Because we're going to go back to test all time highs of 370, probably not in a jiffy, but a few months down the line.
00:25:27 Set up positive. Near term, I believe a small cool off is on the angle.
00:25:32 I think the point that Mr. Chokalingam is making, so I'm just looking at the numbers.
00:25:37 March FY18, MOIL ended with revenues of 1314 crores.
00:25:44 FY23 was 1339 crores.
00:25:49 So virtually not grown their top line for the longest time.
00:25:53 Yes, trailing 12 months, I think they've done reasonably well.
00:25:56 And therefore, if this momentum continues, could it help them?
00:26:01 Let's wait and watch. But I think otherwise the point, it's an interesting point that Mr. Chokalingam seems to be making.
00:26:09 Let's wait and watch what happens to MOIL in the times to come.
00:26:13 The other set of stocks, of course, and post the break, we'll of course talk about the wind energy companies
00:26:19 because those have really been hit badly in trade today.
00:26:22 Everything from an INOX to a Suzlon to a Sangvi movers has all corrected in session.
00:26:28 So that's to be kept in mind. But the other set of stocks and Heman coming on oil upstream,
00:26:34 we didn't get a chance to talk, but Oil India, ONGC, both of these stocks have had a really good move today.
00:26:40 And they were up sometime last week as well. What do the charts look like here?
00:26:46 I think if you start with Oil India, all time highs, clear blue skies, no known resistance levels, everything is hunky dory.
00:26:54 So I would be, I like Oil slightly more than ONGC. But yeah, the setup seems, yes, I think Oil looks relatively better.
00:27:05 We're at what, 627? Slightly similar logic with the MOIL stock I spoke with Tamanna and Neeraj.
00:27:14 Stock is going to four figures. This is probably a two and a half year call.
00:27:20 One eight to 10 month correction, which is not there on the anvil at all, is going to get built into it.
00:27:27 That's why I'm saying two and a half to three years. But setup is positive, looks good and going to remain good for the next few years also, Neeraj.
00:27:34 Okay. Well, Tamanna, stay on. More to talk about. We need to get into a quick break.
00:27:42 On the other side, top BTSC ideas, derivative space and a deep dive into the wind power ruling that has pulled the wind out of the sails of stocks like Inox Wind and Suzlon.
00:27:57 Stay tuned.
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00:32:04 All right. Range bound day of trade, not too much activity here. What's not working today? Well, media stocks are down, micro caps, really, you know, the broader markets not necessarily doing very, very well.
00:32:17 You've seen some pressure, you know, in that sense on IT stocks as well. But what is the action on the F&O end of things? Let me go across to Agam for more. Agam.
00:32:28 Right. Well, it's turned out to be a quiet day of trade. There's not much happening. But the positive, of course, is that we continue to hold on to, well, those, those, the newly made highs.
00:32:40 So, Nifty at the moment is still sustaining about 20 to 400. We haven't seen too much change in open interest. That's because I reckon at least a few traders are perhaps a little bit more hesitant to take in new positions as we move into what can be possibly a volatile, you know, session and a volatile period.
00:33:01 The Bank Nifty, it's not very different, the picture, there's very little change in open interest, even as we see the index continue to move higher by around 0.4%. And as far as your option markets go, considering the fact that we have seen the Nifty consolidate around 20 to 400, 20 to 500 today is also the reason why we continue to see a lot more writing in both calls and puts around those levels too.
00:33:27 Where does that bring us when it comes to your overall open interest distribution picture? Still looking at a relatively wide range, but on the higher end, max open interest has now shifted from 20 to 800 to 23,000.
00:33:41 That's the range and it's a thousand point range that we are playing as far as the Nifty is concerned, based on how things can pan out through the course of the week. But the fact that your higher end of the range has shifted from 20 to 800 to 23,000, that of course also means that, well, perhaps traders are a little bit more, well, positive towards the markets, at least in the near term through today through Thursday.
00:34:09 Finally, coming down to stocks, we have seen VHEL, we've been talking about it quite a bit today, and a big surge coming in there, longs coming in there as well, SAIL also catching up with its relatively larger peers.
00:34:21 And of course, we also have Longs and Sun TV on the other hand. InfoEdge is once again dipped and will become a little bit, taken a red color. And of course, Dr. Lal Pathlabs among the others, which are also declining by around 2.5%.
00:34:34 But on the other hand, among stocks which are seeing unwinding, short covering for NMDC, Coromandel, Voltas and Hindalco and Siemens, on the other hand, is looking at just a tad bit of, well, longs and winding.
00:34:46 Overall, it's a mixed market, but more, well, advances as compared to declines, at least in the futures and options space. And well, the Nifty continues to consolidate, but the big and the good news is that it's consolidating at a life high.
00:35:00 Lal Path Lab down after a change in management, which has seen that stock face a bit of heat, about 2.5% down, to be honest. But, you know, a few other stocks that are seeing some, at least movement today.
00:35:19 And I just want to pull up Zaggle. Zaggle's now been an interesting story because a slew of arrangements they've made, orders they've signed or, you know, new clients they've gotten on.
00:35:30 Axis is the latest one. That's why you're seeing that stock about 5.5% up. Interesting business, not a very massive scale of a business, but growing quickly. Hemant, I'm wondering if you track this on the charts at all.
00:35:43 I don't track it very closely, but while you were mentioning, I had a look. Once again, a small caveat, positive data, relatively new listing, six months old, but yes, high tops, high bottoms, above important moving averages, very safely and constant and intermediate uptrend.
00:36:00 Probably a longer term uptrend, but once again, I don't have enough data to justify that. So, seems copacetic, everything seems hunky dory. If there were to be a reversal, we'd need a close below 320, that's far away. Seems fine.
00:36:16 So, that's Zaggle prepaid and clearly a lot of deals signed last week as well by the company, four or five on last count. But if Zaggle is doing well, Wenerji stocks are not. Now, the ministry has apparently decided to bring back reverse bidding as win tariffs rose in auctions.
00:36:33 Varsha Johnson to tell us why is this piece of news impacting these stocks and what's the way ahead more importantly. Varsha, good afternoon. We've been tracking this story all through the day, so we've spoken about the basics. What's next now?
00:36:49 Good afternoon, Neeraj. So, Wenerji stocks are under pressure since morning. Now, this is on the back of news of ministry bringing back reverse bidding as win tariffs rise in auctions.
00:37:00 Now, ministry had given up this reverse auction method at the beginning of the financial year, which did bring down tariffs, but affected capacity installation.
00:37:10 And hence, closed bidding system was adopted, post which tariff also rose. Now, this is JM Financial note wherein they believe that current changes will have limited impact on the sector.
00:37:23 And there's high probability of policy reversal in due course, given market size is significantly more than the manufacturing and execution capability of the industry.
00:37:34 Now, most of the bids in recent months, if you see, are decided through reverse auction, that is 67.6 gigawatt of projects are under the bidding phase where tenders have been issued, but auctions are not yet completed.
00:37:47 Now, win only tenders is just 264 megawatt, that is 2% of overall total bids, which have finalized during November 23 to Jan 24.
00:37:59 And lastly, JM Financial believes that the recent bids are under subscribed, leaving opportunity for all qualified industry players.
00:38:08 Okay, thanks a lot for that, Varsha. So, that's the sum and substance. And there's been a correction that has been fairly severe in these stocks.
00:38:21 Though the stocks have rallied quite a bit too. The question, Mr. Chokalingam, is whether this is very disruptive with the business model, or the tall targets that the country has with regards to renewables would mean that the growth opportunity remains large.
00:38:34 No, opportunity in the sector, like renewable energy or wind energy, may not necessarily translate into a big opportunity for companies like these three companies.
00:38:44 You know, if you look at the balance sheet of Suzanne and Ionax, I mean, the way they are rallied is really surprising.
00:38:51 Now look at Ionax Wind. Annualized turnover this year is around 1700 crore. Market cap is 18,000 crore. And the debt is close to 2500 crore.
00:39:01 So, the turnover is around 1700 crore, whereas the market cap plus debt is about 20,000 crore.
00:39:09 And it's a good turnaround for the business. Even in the latest quarter, it has made marginal losses. For the entire nine months, it has made losses.
00:39:18 Now, if I take the top line of 1700 crore, even if I assume a super optimistic assumption if I may, and assume that it makes a 20% net margin, the profit will be 340 crore, which if I compare with the enterprise value, I think even then it is extraordinarily overvalued.
00:39:39 So, I think, you know, even if somebody misses the opportunity today, in the next one week, if anybody gets the opportunity to offload them, one should offload them and cancel the cash.
00:39:51 The reason why, Mr. Chokhalingam, some people might have been bullish on these stocks is the execution of the next few years, wherein Ionax is on record guiding to doing maybe 600 megawatts in FY25 or more, and even more in FY27 odd.
00:40:12 And that is a substantial jump from the 250 megawatts that they've done in the first nine months. So, could that be reason why these businesses might look interesting on an EV EBITDA basis?
00:40:24 I'm sorry, I'm not convinced, because if you take these numbers also, you know, doubling up, tripling up the bottom line, even then the valuation would be extremely stretched, even then the PE could be in the range of 40-50.
00:40:41 So, I think, you know, it's a thematic bull run, you know, in this country has created enormous wealth, it also led to a destruction of wealth. So, one has to be very cautious.
00:40:51 I'm nearly wrong, I'm being a little conservative. I give a lot of importance to the balance sheet strength and weakness of the company. So, that is not giving me confidence in this particular case.
00:41:02 That's exactly the way to do it. Please, you know, don't apologize for it at all. But that's exactly how you must do it, looking at the balance sheet and what the basics are.
00:41:13 But having said that, I wanted to get your take, Chokha, on what we're seeing in private banks. Now, again, everything is contextual and relative.
00:41:21 So, on a day like this, an Axis Bank up 1%, an ICICI Bank up nearly 1%, not a bad call at all, not a bad scene at all. Do you think that we might see a turnaround in this space that the market hasn't factored in yet in terms of valuations?
00:41:42 Possibly, yes. There have been underperforming in the recent months. I agree with you because, you know, there are very few sectors, if you look at Nifty Basket or Sensex Basket, there are very few sectors which are giving confidence in terms of double digit growth, whether it is a revenue or bottom line.
00:42:00 And the banking sector is one of them. Even now, the credit is growing in double digit anywhere from 14 to 16%. And there is a structural story of Nifty NPA being the lowest in the last 10 years.
00:42:12 So, the credit growth is close to a 10-year record high and quality of assets is also close to a 10-year record high. And also, I am very bullish on the large-cap sector, large-cap segment, and I am very nervous on the small-cap.
00:42:25 So, considering all these three set of factors, I firmly believe that this is the time to invest in these large private banks and increase the exposure to the banking sector within the Nifty Basket.
00:42:39 Okay. Well, speaking of private banks, I had a chance to speak with Gautam Trivedi of Napient Capital earlier in the day, who spoke at length about the conundrum in the large private banking space, particularly the likes of HDFC Bank. Listen in.
00:42:54 No, I think it's a very valid question with respect to the fact that for the longest time, you thought private sector banks were the gold standard and PSUs were really not well run, no skin in the game for the CMDs who were running it.
00:43:13 And, you know, lackluster investor appeal, that's of course gone 180 degrees as balance sheets got cleaned up and the fact that, you know, these banks, the PSU banks became more prudent or seem to have become more prudent in their lending practices.
00:43:30 So, I think as a result of that, you've seen a gigantic investor sentiment surge towards PSUs and away from privates, HDFC included. So, I think that correction in terms of time correction is still happening with the private sector players, including HDFC Bank.
00:43:47 I think specific to HDFC Bank, as you asked, there is, I think, a bit of a waiting watch as the merger of the two entities plays out and the impact of that on the balance sheet, as we've seen over the last few quarters, starts to play out.
00:44:03 I think people want to see evidence that the issues of the past are behind them and from here on, HDFC Bank is back on the growth trajectory. Otherwise, you would not get this back at half the valuation that is historically traded over the last 20 years.
00:44:18 You mentioned this very important point about private banks versus PSU banks as well. PSU banks have had a rally, but we were doing some numbers despite the upticks that we've seen. Some of them still trade at par on book and their internals have significantly improved as well.
00:44:34 So, while there might be better value in private sector banks optically, are PSU banks an avoid or selectively some of the PSU banks also offer value?
00:44:42 It's a broad statement and I think at one breath, you've got a State Bank of India, which is, as always, traded at a different valuation than the rest of the PSU banks and has a different level of respect, should I say, from the PSU banks.
00:45:00 But at the same time, if you look at the number of stocks that are now in the top 100, you've seen a lot of other names come in there, you know, Canara Bank, Punjab National Bank.
00:45:14 So, you know, in the top, if I look at the top 100 stocks in India, that's the large cap definition by SEBI, you have a total of 21 PSUs and not PSU banks, but 21 PSUs, you know, which is remarkable.
00:45:29 You always had the OAMCs in there, you had OAMGC in there, but now you're looking at so many more PSUs coming.
00:45:36 So I think the overall sentiment clearly has improved for PSUs from an investor's perspective.
00:45:42 And yes, you may still have some PSU banks that may be trading at, you know, sub 0.8 times or definitely sub one times book.
00:45:51 But again, it's very stock specific versus having a broad generalization.
00:45:57 All right. So good views there on banks, PSU as well as private banks, but the focus for now on private banks, because like Chokha said, they've been underperformance relatively.
00:46:09 Hemin, just your take on an axis today, an ICSEI, an HDFC. Are you seeing, you know, potential of a breakout?
00:46:16 Interesting Bernstein report out today as well as far as an HDFC bank is concerned. Are you liking anything on the charts?
00:46:23 HDFC, there's not much to lose, Tamanna. I know it's been a drag. It hasn't done much.
00:46:30 It sort of defies logic, but it's not going to go down. It's not going to go down further at least in near term.
00:46:39 1380 is rock solid support. I don't see that breaking. If that breaks, all hell will break loose.
00:46:44 But 99 percent, that's not happening. That's not happening sooner or later. The bounce is coming.
00:46:49 I know it's looked promising for almost one and a half weeks now. It hasn't delivered.
00:46:54 But back to square one, I still feel hardly anything to lose and a lot to gain.
00:46:59 So HDFC bank looks safe from that point of view. If I were to look for something slightly more different, I believe IndusInd bank has up for four days.
00:47:11 So it's going to cool off. But Axis bank is shaping up well. But at 1532, if I get access to IndusInd bank at sub 1520, I'd buy that.
00:47:20 Tamanna, from a trading point of view. All right. So Axis is something that Hemain likes.
00:47:28 Last bit of, you know, few hours of trade. And I want to come back to you, Chokha, on the big theme of PSUs.
00:47:34 We're already seeing that begin. Do you see a build up over there? And which segment would you look at next?
00:47:40 PSU banks have already seen a run up. You've seen the energy stocks, the power pack today within the PSU basket show some signs of life.
00:47:47 Would you relook perhaps at a railways, a defense kind of space?
00:47:54 Certainly, I would not relook at PSU for fresh buying. As I said, I'm pretty confident that the market would jump another 5 percent and PSU pack would lead that rally.
00:48:10 And therefore, it's a hold rather than buy recommendation from me on the entire PSU pack.
00:48:16 OK. Well, let's see. PSUs per se expensive. PSU banks maybe not. Let's see how this shapes up.
00:48:31 I was looking at stocks which have had a good price volume action in the session today.
00:48:37 TD Power Systems certainly has had a very strong price and volume activity in trade. Five million shares traded on that one, 325 counting.
00:48:48 And good volumes as well, as I said, but good price action at 10 percent higher is certainly packing a punch.
00:48:55 It's not that the whole space is buzzing out here, Hemant. Have you had a chance to look at the charts of TD Power?
00:49:03 Neeraj, unfortunately, I don't track TD Power very closely. No, sorry. I had a look.
00:49:10 So, yeah, it's given a breakout out of a three-month consolidation phase, Neeraj.
00:49:17 The range was between 260 on the downside, 310 on the upside. In listed history, we never closed above 310.
00:49:24 Simply put, it's continuing its uptrend. Upward breakout from a symmetrical triangle on the daily chart ticks all boxes.
00:49:33 A fresh buy, I'm not sure, but a strong hold further upside seems a cinch.
00:49:40 OK. The other set of stocks which have had good price volume action today, Premier Explosives up about 6 percent on volumes,
00:49:47 which are about five or six times the one-month average, Premier Explosives. That's the one.
00:49:54 Good price volume action today for that one. And Triveni Engineering as well as KEI have both had a good move today.
00:50:01 Triveni Engineering, 7 percent higher, 4 million shares traded. It's very unusual for Triveni to have this move,
00:50:07 but it has had this move, as has KEI. Hemant, your closing strategy, because it's 320, but also post that,
00:50:16 give me a call on Triveni Engineering. How do the charts look here?
00:50:22 OK, I'll go out on a limb and say I have a sell call on TCS. We're at 4,077. So I'd wait for a small 3 rupee bounce.
00:50:36 Sell at 4,080. Stop loss of 4,105. Target of 4,030. Risk reward ratio 1 is to 2. 25 rupee stop loss, 50 rupee target.
00:50:48 So sell call on TCS. The texture of the market has eroded in the time we've spoken since the last one hour, Neeraj.
00:50:59 So a buy call on BTSU and Apollo tires at 534. Stop loss of 530. Target of 542. Risk reward ratio 1 is to 2.
00:51:08 I believe that if we don't break out, chances of that are reducing. We could be seeing a small dip tomorrow.
00:51:15 And it's a high risk, but I think even a nifty can be a SPBT. Coming back to Triveni Engineering, Neeraj,
00:51:23 it's formed a nice base. Nice base in the sense we've taken 1, 2, 3, 4, 5, 6, 7, almost 12 weeks of a consolidation phase.
00:51:32 Mechanical indicators are turning positive. It looks promising in a market which hasn't done much today.
00:51:40 Triveni stands out and I'd say buy the buy call at 5 rupees lower. 20 rupee stop loss, 50 rupee target.
00:51:48 Looks good. And we remain in a longer term of positive. I believe we are on the verge of exhausting.
00:51:56 It's 1, 2, 3, a six month, five and a half month intermediate correction. Looks good. It's a positional buy.
00:52:03 Interesting that there is a sell call on TCS that Hemain has. Sell tomorrow, buy today, sell tomorrow kind of a call.
00:52:13 Just on the IT space, because again another day of being an underperformer, emphasis, LTI, Mindtree, Persistent, Infi,
00:52:21 all of them showing weakness. I wouldn't say they're cracking per se, they're showing weakness.
00:52:26 Chokha, do you expect this sort of trend to continue? They've not really pulled their weight per se, the IT pack.
00:52:36 Anything over here that you would pick up at this point?
00:52:39 I certainly agree with you that it's going to continue for large and mid-sized IT companies,
00:52:45 because Naskaram has projected almost stagnating IT services exports.
00:52:49 We have a coverage, it's basically for very small retail investors, we have recommended Mindtech.
00:52:56 Other than that, I don't have many stops in the IT space because overall I have a very negative view on the sector.
00:53:07 Negative view on the sector when it comes to the IT space.
00:53:11 Apart from the very clear TCS call, Hemain, anything else in that space that you're tracking and that you like?
00:53:18 Frankly speaking, Sun Pharma is going to give a small bounce, but there's a small distribution pattern happening in Sun Pharma,
00:53:29 I believe there is pressure coming in over there, and I believe that Nifty is going to come down under its own weight.
00:53:36 So tomorrow, I'd be pleasantly surprised if we end positive on the Nifty tomorrow.
00:53:40 We have a few stocks and the entire IT pack is slipping.
00:53:45 Distribution, negative divergence, rounding tops.
00:53:48 I mean, it's not the end of the world, but it's some near-term weakness.
00:53:51 So I believe that some of these are SPVTs and IT should be bad for the whole week, I believe.
00:53:57 Okay, IT should be bad for the whole week.
00:54:00 Another stock that's in focus and has been in focus is Vodafone.
00:54:05 Last week was the fundraise news, which has been awaited for a while.
00:54:10 But also, are there going to be more investors coming in?
00:54:13 So I had the opportunity to speak exclusively with Union Minister Ashwini Vaishnav,
00:54:18 and I asked him what he makes of the news that there are investments coming into Vodafone.
00:54:25 Listen in to what he said.
00:54:27 One of the players, Vodafone, has recently finally gone in for a fundraise.
00:54:33 I just wanted to get your outlook on the sector.
00:54:35 Do you see now stability coming in?
00:54:38 There is, of course, hope for an investor.
00:54:40 Anything that you can comment at this point?
00:54:42 So I prefer never to comment on any company which is listed as a matter of policy
00:54:52 because of the responsibility, the position of responsibility that I hold at this point of time.
00:54:59 But what I can tell you is, after the reforms that were done in telecom sector by our Prime Minister
00:55:06 and getting all, most of the legacy issues behind us now and getting a new telecom act in place,
00:55:13 at least eight large investment funds have met me so far and they want to explore investments in telecom sector in India
00:55:22 because the market size is very large, the technological acceptance is very high,
00:55:28 our digital India, our India stack basically is so widespread and that is the gateway to,
00:55:36 I mean, telecom is the gateway to digital India. So combined all these factors, the investor interest in India is huge.
00:55:47 So we will see lot of investments, we will see lot of innovations, we will see new business models coming up,
00:55:54 we will see new technical advances coming up in the coming years.
00:55:58 Alright, so you know I followed up by asking whether any of those eight funds are interested in Vodafone.
00:56:04 He couldn't quite answer specifically and didn't but did say that we will do all that we have to
00:56:10 to make the sector attractive to foreign investors. The question and I am coming to G. Chokhalingam right now
00:56:17 is that when you are betting on the telecom space, is Vodafone really a player to look at the space long term
00:56:25 or is this like people have been thinking for the last several sessions, I would say for the last several months,
00:56:31 just you know a short term play?
00:56:34 Neither short term play nor long term play but having said that if money comes it is good for the business,
00:56:40 it is good for the economy because jobs can be protected. So I wish they get the money and turn around
00:56:46 but the point is that equity basis is already little more than its levy base.
00:56:53 So if new money comes either in the form of debt or equity, it's not going to reward the shareholder
00:57:00 because if it comes in the form of debt, it's going to add interest cost. If it comes in the form of equity,
00:57:05 then the EPS would stay at one and two paisa for several years.
00:57:11 So therefore, I would believe that it is not a good thing for shareholder but it's good for the business.
00:57:17 And also if you look at the EBITDA ratio, even now with the current equity base and current model,
00:57:23 it is extremely costlier than the more profitable or one of the most profitable telecom company namely Duarte Airtel.
00:57:32 So I don't see any fundamental reason either for short term or for long term to buy Vodafone stock.
00:57:38 The stock has sort of had a bad week but over a year has doubled. Today is down two and a half percent.
00:57:46 Hemin, is this something that you'd consider at all on the charts?
00:57:52 Frankly speaking, the past history isn't very confident giving frankly speaking, Davanna.
00:57:58 It's gone nowhere and don't think it's going to go anywhere. But I'd like to put a button place.
00:58:07 We are at 14 far away but if we somehow take out 18 and a half, slightly unlikely rally to 25 is on the horizon.
00:58:15 But only and only 18 and a half. So till then, let's hope 13.5 holds. So not very exciting honestly.
00:58:24 Mr. Chokalingam as well as Hemin, thank you so much for joining in and giving us your thoughts.
00:58:29 Really appreciate your time. But let's start wrapping up the markets for you.
00:58:34 We closed pretty much the way we started, which is very, very flat for the benchmark indices at least.
00:58:40 The banks, which were okay, about a third of a percent for the banks yet again.
00:58:46 So not a bad play for banks and Reliance and Upstream Oil by the way.
00:58:53 They've thwarted the weakness in autos and metals in the session admirably today.
00:58:57 The mid cap and the small cap indices and remember the small cap index was in the red when we started the show about half a percent.
00:59:06 It's actually worse than 15.068. And frankly, if you just look at what's happened to the market breadth today,
00:59:12 that will come up on your screen next. You will see what I'm talking about.
00:59:15 It's been this very dismal breadth, which is only widened as the day has gone by.
00:59:21 The number of a loss losers, it's close to one is to three or one is to three and a half in favor of the declines.
00:59:29 Not looked a very pretty picture today. The market breadth for sure.
00:59:32 Let's get the heat map up and start with the losers first.
00:59:35 So Aishwarya Motors is amongst the stocks that is down in the session about three percent.
00:59:40 There is weakness in JSW Steel about two and a half, weakness in Mahindra and Mahindra.
00:59:45 Between Aishwarya, Mahindra and Mahindra and some others, the auto pack has certainly pulled back in trade.
00:59:52 What's done well? One is, of course, Reliance Industries up just about a percent.
00:59:58 Nothing, no great shakes, but it's up about a percent.
01:00:01 And then the winners include the PSU pack BP, ONGC, Power Grid, NTPC.
01:00:05 Now we've discovered this and we know this. Let's pull up the NSE 500 winners and losers and just see the top draw.
01:00:11 BHEL would be right up there, twelve and a half percent higher. There is strength in Solar Industries.
01:00:16 I believe it won some order, unless I'm very wrong. Data Patterns has been the signature of all eyes this month.
01:00:23 The one month return for Data Patterns is 57 percent. It's an extremely strong show.
01:00:29 Oil India, in addition to ONGC, has done well. Tata Investment continues to rise and shine.
01:00:34 So that one has had a good run. So these are a few names that have done well.
01:00:38 What hasn't done well yet again, TV18, Network18, five percent lower.
01:00:43 There is weakness today in Gujarat, Floro about four and a half, five percent lower.
01:00:47 Fortis is another four percent lower. Hospital stocks are being taken out quite convincingly.
01:00:53 Rainbow Children and Fortis kind of exemplify that.
01:00:56 Maybe one of these days we'll try and do a piece on what damage could something like this or a ruling like this cause
01:01:03 the fortunes of the health care and the hospital companies.
01:01:06 Clearly, if you look at the seven day chart or a 14 day chart of a Rainbow or a Fortis, you will see what I'm talking about.
01:01:13 If you can pull up this one month chart for a Fortis health care or a Rainbow hospitals, one month.
01:01:18 Look at this crash that has come in from the peak for a Rainbow all the way down here.
01:01:23 Even for a Fortis, I think it's similar that it's currently trading here.
01:01:27 It's used to trade at about maybe 425, 430. So clearly they are being taken to the cleaners and maybe for the right reasons.
01:01:35 The markets, of course, have have shut and and and we'll watch out for some of the volume buzzers and how they react in tomorrow's session.
01:01:45 But all in all, not a very bad day. But for a few days, maybe some improvement in the small caps would have been nice.
01:01:52 Thanks so much for tuning in to the India Market Close.
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01:03:54 One of the big issues and challenges facing the participation of women in the workforce is the gender gap in the labor force.
01:04:04 Now, this is an issue all over the world became worse during the pandemic because when jobs were lost, women suffered more than their male counterparts.
01:04:14 But there seems to be some good news now, according to a report from Moody's, which says titled Narrowing the Gender Participation Gap, released recently.
01:04:24 This space, this difference between the number of men and women in the workforce is reducing. And definitely, India has contributed positively.
01:04:35 Now, that's an interesting angle because the gap between the number of men and women in India and the participation of women in the Indian labor force has been an endemic issue.
01:04:46 Are we seeing this improving? And is the pace good enough? To speak more on this, I'm joined now by Dawn Holland. She's Director of Economic Research at Moody's.
01:04:55 Dawn, thank you so much for speaking with us here at NDTV Profit. Absolute pleasure to chat with you.
01:05:01 Let's begin by just breaking down this report and what, in your view, is the big takeaway.
01:05:08 And this is the way I saw it, at least, that the gap is narrowing. That's good news from an Indian perspective.
01:05:14 Still a long way to go, but there has been some improvement. Would that be the right way to see it?
01:05:19 I think I think you sort of covered it in a nutshell.
01:05:23 So the key finding of our report was that since the pandemic, gender gaps in labor force participation have been narrowing across the world.
01:05:33 And what was particularly surprising to discover is how really global in nature this phenomenon is.
01:05:43 It's we're seeing it in India, but also in the US, in Japan, in Turkey, Argentina, Indonesia, Europe.
01:05:52 It's truly a global phenomenon with more and more women joining or rejoining the workforce and doing so at a faster pace than men,
01:06:02 which is helping to narrow gender gaps in labor force participation.
01:06:07 So our sort of key outcome from our modeling work on this was to estimate that the narrowing of gender gaps in labor force participation around the world since 2019
01:06:21 has added about one point five trillion dollars to the world economy.
01:06:25 And we see a big chunk of that actually coming out of India.
01:06:30 All right. So so that's the interesting thing. When you say a big chunk coming out of India, can we quantify it?
01:06:36 And what has changed now? Your report also alludes to this.
01:06:41 And we have seen this anecdotally work from home, especially in sectors where it could be done,
01:06:48 has changed the scene for women who want to come in and participate in the workforce, isn't it?
01:06:54 Has that been big difference? I think you hit it, hit the nail on the head.
01:06:59 Absolutely. That's one of one of the very key factors that we see as driving this, this change, this resurgence in female labor force participation rates.
01:07:13 There's been a step change in attitudes towards working from home across the world.
01:07:21 You see that it's happening in India and also happening all over the world.
01:07:27 And that has opened doors and created opportunities for many women in particular who may have been juggling family,
01:07:37 child care, elderly care responsibilities and finding it difficult to engage with the labor market when they if they were required to do a full day of work
01:07:50 in an office setting outside of the home. So this has been a really key force that has helped to bring loads of women into the workforce.
01:08:00 And we've also seen it's not just allowing people to engage more,
01:08:06 but it's it's also allowed more women to move from sort of part time positions to full time positions,
01:08:14 particularly in some of the higher wage sectors, which means we're creating not just more jobs, but better quality jobs for women as well.
01:08:24 So just coming back to the female labor force participation rate in India, government data from October 2023 pegs it at 37 percent,
01:08:36 which is higher, significantly higher than earlier, 4 percent higher.
01:08:41 The aim, of course, is to reach to 50 percent. Do you see these trends being underlined?