#Nifty gains over 140 points; #Sensex rise nearly 500 points. #NDTVProfitMarkets
Niraj Shah and Samina Nalwala dissect key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitLive
Niraj Shah and Samina Nalwala dissect key market trends and explore what's to come tomorrow, on 'India Market Close'. #NDTVProfitLive
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TVTranscript
00:01:30Well, thanks for tuning in to India Market Close and it's been an interesting session
00:01:54of trade in that the markets haven't really buckled under pressure but the gains are capped
00:02:03if you will.
00:02:04So we've been, if you pull up the intraday of the Nifty as well, come up on your screen,
00:02:07there's a chart where we show the gains and the intraday performance of the Nifty together
00:02:11and you will see what I'm talking about.
00:02:13Look at that.
00:02:14It's just been capped at this level.
00:02:16It's just hasn't been able to eclipse from those levels.
00:02:20So 24 to 50 is a good level, heady level.
00:02:22Let's see if we build on from there.
00:02:25Banks which were under a bit of a cloud yesterday despite HDFC Bank's performance, today about
00:02:311.7% higher and some of the losers of early morning trade also are actually performing
00:02:37a lot better than what they were maybe.
00:02:39And lastly, the mid-cap and the small-cap indices should come up on your screen for
00:02:43a moment before we get to the heat map.
00:02:45About a third of a percent for the mid-cap index in the session today and the small-cap
00:02:50is 0.7%.
00:02:51So the market breadth is looking okay.
00:02:53Get the heat map up on the screen.
00:02:55Not too many losers as you see.
00:02:58Enough gainers.
00:02:59The point is, in the morning, ICICI Bank was the top loser.
00:03:02Now a lot of those stocks have turned around, especially in the banking pocket, and which
00:03:06is why Bank Nifty is doing what it is doing.
00:03:08ICICI Bank is up 1%.
00:03:10The hero of the day is not HDFC Bank.
00:03:13It was up 3%, now it's up just up 2%.
00:03:16ICICI Bank was down a percent.
00:03:18It is now up 1%.
00:03:20So it's actually gained about a couple of percentage points in the session today.
00:03:23But aside of that, Axis Bank, Quotas Bank, SBI, some very smart recoveries in the banking
00:03:28names and it's making up for the kind of miss that we're seeing in IT as well as Reliance
00:03:35Industries.
00:03:36So that's the story of the day.
00:03:38Banks are the story of the day.
00:03:39They continue to do well even as IT has taken a bit of a step back and Reliance too is
00:03:44trading in the red.
00:03:46It is.
00:03:47In fact, we talked about this, right?
00:03:48The story of HDFC Bank was expected to spread and maybe cause a peer bank buying and that's
00:03:49exactly what's happened.
00:03:50So while the news flow was positive on HDFC Bank, it is stocks like ICICI Bank and Quotas
00:03:51that have turned around and are doing quite well in terms of trade.
00:03:52That's a lot of what the analyst and Neeraj as well had pointed out in Morning Trade.
00:03:53Well, the breadth of the market, like I said, it's a lot of money.
00:03:54It's a lot of money.
00:03:55It's a lot of money.
00:03:56It's a lot of money.
00:03:57It's a lot of money.
00:03:58It's a lot of money.
00:03:59It's a lot of money.
00:04:00It's a lot of money.
00:04:01It's a lot of money.
00:04:02It's a lot of money.
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00:04:16It's a lot of money.
00:04:17It's a lot of money.
00:04:18It's a lot of money.
00:04:19It's a lot of money.
00:04:20It's a lot of money.
00:04:21It's a lot of money.
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00:04:23It's a lot of money.
00:04:24It's a lot of money.
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00:04:26It's a lot of money.
00:04:27It's a lot of money.
00:04:28It's a lot of money.
00:04:29It's a lot of money.
00:04:30It's a lot of money.
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00:04:32It's a lot of money.
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00:04:34It's a lot of money.
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00:09:01It's a lot of money.
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00:09:05It's a lot of money.
00:09:06It's a lot of money.
00:09:07It's a lot of money.
00:09:08It's a lot of money.
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00:09:12It's a lot of money.
00:09:13It's a lot of money.
00:09:14It's a lot of money.
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00:09:23It's a lot of money.
00:09:24It's a lot of money.
00:09:25It's a lot of money.
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00:09:27It's a lot of money.
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00:09:30It's a lot of money.
00:09:31It's a lot of money.
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00:09:46It's a lot of money.
00:09:47It's a lot of money.
00:09:48It's a lot of money.
00:09:49It's a lot of money.
00:09:50It's a lot of money.
00:09:51It's a lot of money.
00:09:52to you about a few more stocks that are drawing my attention.
00:09:56Those are insurance names.
00:09:57ICICI Lombard, of course, has a buy call that's coming, but it's also ICICI Prudential that's
00:10:04doing quite well in trade.
00:10:06You know, intermittently, we hear about a few stocks that don't look too bad.
00:10:09Even the insurance as a sector is a boring sector, right?
00:10:13So I know traders don't really love this to that extent.
00:10:16But anything here?
00:10:17Anything that you're constructive on, Richard?
00:10:19So, Samina, yes, there have been relative underperformance, I think, compared to the
00:10:24markets.
00:10:25They have not given that high returns.
00:10:26You know, that's why, you know, the trader's attention is not there much.
00:10:29But in terms of stock specific, I think there are a couple of names which are looking quite
00:10:33positive technically.
00:10:34One, you already mentioned ICICI Lombard, where the stock has surpassed its previous
00:10:39highs and again, gradually rising volumes are there.
00:10:42So this is one stock which positionally could do well and we can expect levels around 2000
00:10:47on the lower side, 1750-1800 would now be seen as a very important support on any declines.
00:10:54And SBI Life would be second stock where in case if one is looking for some delivery based
00:10:58buying, then I think here too, the risk reward ratio is favourable as the prices have already
00:11:03seen a corrective phase since the month of March.
00:11:05March highs were around 1570 from where it corrected around to about 1300-1320 levels.
00:11:11And then the gradual up move has been seen over here.
00:11:13So here also, I think that the worst or the corrective phase is behind.
00:11:17There could be some time wise correction, but overall, I think if one is looking from
00:11:21a delivery based perspective, then downside seems to be very limited from here on.
00:11:26So if one can keep patience, then I think yes, insurance is the space where one can
00:11:30look for buying opportunities in stocks such as SBI Life and ICICI Lombard.
00:11:35Yep, ICICI Lombard is now trading at the highest point of the day.
00:11:41So that is quite something for this one in the session.
00:11:45And remember, this one is also one of the reasons why aside of the CLSA upgrade today,
00:11:52there was also this JSW, Jefferies upgrade tomorrow, yesterday on ICICI Lombard.
00:11:59So two upgrades in the last two days and the stock is really revving up in trade.
00:12:03The third set of stocks which got an upgrade are PFC and REC.
00:12:07They are really up and about in the session today after Bernstein initiated an outperform
00:12:12rating and says that there is potential in both the companies.
00:12:17Now, my colleague Mihika joins in with all the reasons in that note, which makes them
00:12:22a preferred play in that note and otherwise.
00:12:24Mihika.
00:12:25Yes.
00:12:26So, you know, I'll start with the price target set for PFC at Rs.620, which implies a 23.4%
00:12:31upside to the previous upside and for REC, it's Rs.653, which is a potential upside of
00:12:3721%.
00:12:38Now, what Bernstein has pointed out that even though the stocks have doubled and tripled
00:12:43in the last one year in terms of stock performance and their market cap has exceeded the Rs.1.4
00:12:48lakh range, PFC and REC's current valuations, your price earnings valuations are between
00:12:548 to 10 times the earnings and the stocks also have better return on equity ratios as
00:12:58well as growth when you compare to the power peers.
00:13:01One of the other points that Bernstein has pointed out is that investors are underestimating
00:13:05the duration and the intensity of the power CAPEX cycle.
00:13:09They expect 300 gigawatts to be added in the next six years and that the intensity of the
00:13:13current cycle to be at least two times the previous cycle.
00:13:17Also, it's the lower non-performing asset risk.
00:13:20Now, PFC and REC either lend to government entities or private renewables.
00:13:24Now, historically, risk has come from private lending, but when you talk about renewable
00:13:28loans, they have a lower chance of default.
00:13:31And this is back on multiple factors like no fuel risk.
00:13:34They also have backing of PPA agreements, also have short execution cycles.
00:13:39And the last point is the provision reversals.
00:13:41Now, they do expect provision reversals to continue in FY25 and this is poised to benefit
00:13:46both the counters.
00:13:479 out of the 34 distressed thermal plants as of the 2017 list has been resolved and
00:13:536 distressed plants are in the pipeline for NCLT resolutions.
00:13:58What this could lead to is a write-back of provisions.
00:14:01Provisions are made for potential losses on specific assets and a write-back is a reversal
00:14:06of their expense that could boost profits.
00:14:08And this was also seen and actually boosted the performance of REC in FY24 where they
00:14:13saw 13,584 crores of provision write-backs and 710 crores came from Q4 itself as two
00:14:20NCLTs got resolved.
00:14:22And the company also plans to become a zero NPA company.
00:14:25No fresh NPAs have been added by the company in the last eight quarters and they expect
00:14:29the resolution of two Maharashtra projects and this could lead to a write-back of around
00:14:331500 to 2000 crores for REC.
00:14:37Okay.
00:14:38Okay.
00:14:39Thanks.
00:14:40Thanks.
00:14:41Thanks.
00:14:42And those stocks are doing really well for themselves in trade.
00:14:44What we do is take a quick break.
00:14:46On the other side of the break, we speak to Bajaj Auto.
00:14:50And as we hit that break, Ellara Capital's Rupesh Shankhe expects 45 lakh crore rupees
00:14:56of investments in the power sector in the next decade and hence maybe his optimism around
00:15:00some of these stocks.
00:15:01Listen in.
00:15:02In the next 10 years, we're expecting close to 45 lakh crore kind of investment in the
00:15:08entire power ecosystem like from generation, transmission and distribution and other smart
00:15:15metering, all the schemes which are there.
00:15:17So close to 45 lakh crore of investment opportunity for in the next 10 to 12 years is huge.
00:15:24If you look at the current, their portfolio, asset portfolio, I think they can easily achieve
00:15:3040% kind of a load disbursement towards the power sector.
00:15:36And which is very strong.
00:15:38And in terms of the NPA issues, we don't see any kind of NPA issues there also because
00:15:44most of these are low cost segment like renewable energy, new energy verticals are there.
00:15:52So that issue is also not there.
00:15:53So definitely in terms of load disbursement, they are very well placed and to grab this
00:16:00strong opportunity which are there.
00:16:02So we as a house are positive on PFC and REC from the current levels because of this kind
00:16:07of opportunity which are there in the next 10 to 12 years.
00:18:32Welcome back.
00:19:00We are watching India market close.
00:19:02It's a good.
00:19:03It's a pleasant day of trade.
00:19:04More or less in expected lines, we were expecting the markets to close in positive territory.
00:19:09Remember, global cues were fairly solid.
00:19:11We had a strong handover from Wall Street.
00:19:13Asia was doing well.
00:19:15There were no concerns in the street.
00:19:16HDFC Bank was supposed to take the lead.
00:19:18Along with that, it's taken its whole sector higher including a Kotak and an ICSE bank.
00:19:24Those are the top contributors remember to the Nifty's move in trade right now.
00:19:27India market is also looking good, but no trend emerging there.
00:19:30A couple of sectors that are seeing a little bit of pressure is IT, real estate and you've
00:19:35also got a little bit of weakness amongst auto and auto ancillary.
00:19:39Richit, if I've got to use today's flat trade or weakness in these sectors as an opportunity
00:19:45for trade over the next two to three days, would you buy, may say, tyre stocks, would
00:19:50you buy auto stocks?
00:19:52Tyre was a theme for the last couple of days, but it's been a little somber now.
00:19:56Maybe current flatness is an opportunity to go in, you think, for a few days?
00:20:04The stocks have already seen a good up move in the last one week.
00:20:07So we may see some more pullback move before resuming its uptrend.
00:20:11So I think one should look for such stocks where there is a good outperformance scene.
00:20:15But in tyre stocks, I would wait for some more decline.
00:20:17Maybe Apollo Tyres, if we get on dips around 520-515, that would be the support range for
00:20:22the stock.
00:20:23So I won't be in a hurry to buy at current levels, but in case if we get any dip towards
00:20:27the support, then one can use that as a buying opportunity.
00:20:30Right.
00:20:31Richit, thanks.
00:20:32In there, we've also got talking about auto, we've got Rakesh Sharma, EDO Bajaj Auto now
00:20:36joining in to talk to us about how business is looking and looking ahead, what can we
00:20:40expect?
00:20:41And of course, they've also launched or talked about their launch, the CNG bike, the first
00:20:45ever in the country.
00:20:46Afternoon, Mr. Sharma.
00:20:47Thanks a ton for joining in.
00:20:49So, Sharma, we've seen numbers for June, but let's look ahead now, going into the next
00:20:53few months, July and August.
00:20:56How is business panning out or what are you expecting?
00:21:00Exports also not looking too promising.
00:21:01And this is not just you, I believe industry-wide, there's a little bit of a downtick that industry
00:21:08majors are anticipating.
00:21:09Where do you see growth over the next few months?
00:21:13Good afternoon.
00:21:17Well, you see, this quarter, at least for two wheelers and three wheelers is a small
00:21:22quarter because July and December usually are the lowest months and which offer very
00:21:31little flexibility.
00:21:33And then you have the monsoons in most of the parts of the country in August.
00:21:38September is likely to start to build up in anticipation of the festive season, but this
00:21:44year entirely lies in October.
00:21:47So to begin with, you know, July and July to September quarter will be a low quarter.
00:21:53But having said that, if we do a like for like comparison with last year, I think we
00:21:59should be looking at six to eight percent growth for the industry in this quarter.
00:22:05That is what the trend from quarter one is suggesting.
00:22:09And I would also say that trend which really got started in February, March, those trends
00:22:17are suggesting that at least the motorcycle industry should grow at six to eight percent,
00:22:21which I think is a very good performance for an industry as large as this.
00:22:26And coming on the back of, you know, underperformance for a few years, six to eight percent is a
00:22:31good growth if it happens.
00:22:34We hope to outpace this growth because this growth is weighted in favour of the top half
00:22:39of the industry where we have got a lot of play and we have been over many quarters,
00:22:45previous quarters, been outpacing the industry and getting market share.
00:22:50So a small quarter, but we'll continue on a growth trajectory.
00:22:55And I think we should be able to outpace the industry largely due to our play in the top
00:23:00half.
00:23:01When it comes to export, I don't think it is a dismal view, as you seem to suggest.
00:23:08In fact, I think there is an improvement in exports month on month over the last few months,
00:23:15albeit a marginal improvement.
00:23:20But at least the direction wise, the graph is now pointing upwards, but it's going to
00:23:26be very slow and steady.
00:23:28Latin America is almost, at least for us, I mean, the industry is in double digit growth.
00:23:37ASEAN is doing well, particularly Philippines, that is in double digit growth.
00:23:43South Asia, still an issue, places like Bangladesh, et cetera.
00:23:48But Sri Lanka, Nepal are recovering well.
00:23:51Africa is an issue, and particularly Nigeria and a few other countries like Kenya, Congo,
00:23:58et cetera.
00:24:00This is where we are still in decline, though I would say that if you compare June to April,
00:24:09even a country like Nigeria has improved.
00:24:11So I would say that overall exports is showing growth sequentially, but at a very steady
00:24:20pace, a very small pace.
00:24:22Thank you for that, Mr. Sharma.
00:24:25So it's a good looking picture and a 6% to 8% growth is what the industry is going to
00:24:31– you are expecting from the industry and of course, like you said, an outpacing by
00:24:35yourself is likely.
00:24:37You own a significant chunk of the market share.
00:24:40I think 18% is what I remember in terms of the last financial year.
00:24:46Looking ahead, how is market share gains looking?
00:24:50Have you managed to expand your base and where do you see that at the end of this financial
00:24:54year?
00:24:55Well, our objective is to gain every quarter, and we have been for some time now focused
00:25:05on the top half of the industry, like I said, where we have progressively gained about a
00:25:11percent every quarter.
00:25:14And I would say we are just a percentage or two percentage points behind, we are away
00:25:20by about one or two percentage points from leadership of the top half, which is the 125
00:25:26CC plus segment.
00:25:28So we continue that march towards leadership in the coming quarters.
00:25:34In the bottom half of the industry, as you know, we are now going to make a significant
00:25:41play over there because, you know, almost 75% of the Indian industry is very mileage
00:25:47sensitive in two wheelers.
00:25:49And we are launching day after tomorrow, the CNG bike.
00:25:53And we are hoping that as the months and the quarters progress, this will offer us significant
00:26:00inroads into the market share in the bottom half of the industry as well.
00:26:07Mr. Sharma, a lot of launches, I mean, it was Pulsar 400 in May, new Chetak variant,
00:26:14now the CNG bike.
00:26:16How exciting are times for new launches?
00:26:18And where is it that you're the most hopeful, based on responses or assumptions?
00:26:23Well, we are quite excited about the whole spectrum, and in fact, I would say that the
00:26:32entire portfolio, which has been completely reinvigorated since last year, for the Pulsar
00:26:40portfolio, almost every single model is performed, which is starting from the new Pulsar 150s,
00:26:48the Pulsar 160s, and recently upgraded Pulsar 250s, and the NS400Z, which has just started
00:26:55to go into the market.
00:26:56I mean, even before we have started to read, I mean, the details have started, but we have
00:27:03bookings of over two and a half thousand units, which is a very top of the top segment.
00:27:10And there has been the new Husqvarna launches.
00:27:13And of course, now, like you said, there is the Chetak.
00:27:16The early indications from the last 15 days after the launch of the Chetak 2901 are quite
00:27:25spectacular.
00:27:26We are finding that in July itself, you will see a quantum shift in our sales in Chetak,
00:27:34because we can see the daily booking rate has risen.
00:27:39And now, of course, there is the CNG, which will take time to ramp up.
00:27:44But it holds a lot of promise because it is attacking a very large pool of customers.
00:27:52The target customers is a very, very big pool for the CNG bike.
00:27:56So I would say this is, I mean, it's quite satisfying that almost entirely in their own
00:28:06segments and sub-segments, all the eight or nine launches of motorcycles have done
00:28:12reasonably well, and the early indications of some of the new ones is also quite positive.
00:28:17So we are optimistic about the new portfolio, which we have.
00:28:22And just tying it in with the belief about rural having picked up a little bit, and maybe
00:28:31they're being done something on the rural consumption end this time around as well.
00:28:38If that were to turn out to be true, Mr. Sharma, is there a shot in the arm for everything,
00:28:43everybody competing in that space?
00:28:45Maybe not your portfolio, not as large, but I'm still trying to understand.
00:28:48Do you reckon it'll be shot in the arm for you too?
00:28:51Well, you see, I have always held the view that the rural and urban divide is just a
00:28:59matter of distribution.
00:29:01You know, more than a quarter of our top selling NS pulsers, we sell in what you call rural
00:29:10areas.
00:29:11And similarly, that is the kind of number we sell in urban areas of our cheapest product.
00:29:19So to divide urban and rural based on pricing and based on other types of segments, those
00:29:25lines have gone blurred over the last few years.
00:29:29People are buying high performance bikes in rural areas and people are buying very functional
00:29:36commuter bikes in the urban areas.
00:29:38So it's a distribution issue rather than...
00:29:41And yes, the economies of urban and rural are driven by different factors.
00:29:47So I would say that we have a portfolio which is targeted to rural or targeted to urban.
00:29:54So if there is a rural economy which kicks in, I think it is going to have a very good
00:30:00impact across our portfolio.
00:30:05And that is rolled into our expectation of 6% to 8% growth for the industry.
00:30:12Very lastly, Mr. Sharma, while I think market participants have been waiting with bated
00:30:18breath to see their industry return back to its good old days of double digit growth.
00:30:24In your assessment, how long out are we and what are the challenges that are keeping away
00:30:29or keeping the industry away from growing into early double digits?
00:30:33Well, I would say that, first of all, a double digit growth for an industry like ours is
00:30:39a lofty growth.
00:30:40But I'm also conscious of the fact that the industry reached its peak in 18-19.
00:30:46And ever since then, it has not gone back to that level, though we expect by the end
00:30:51of this year, financial year or the beginning of financial year, we should be getting to
00:30:55the run rate, which had been achieved at the peak year of 18-19.
00:31:02The industry, I would say, the motorcycle penetration in India is still low when you
00:31:09compare it with similar type of economies like Indonesia, etc.
00:31:15I think the two wheels, power two wheels make a significant difference to a person's life
00:31:25in that segment.
00:31:26These are customers who are earning between 30,000 to 50,000 rupees a month.
00:31:32And their productivity, their ability to travel, their ability to get to jobs, which are slightly
00:31:37far away from where they live, etc. really gets enhanced when they get on top of a motorcycle.
00:31:46And our demographics and our population is on our side.
00:31:49So there is still a long runway of growth left for the industry.
00:31:52Now, what comes in the way, as you know, is the purchasing power.
00:31:58And motorcycles are taxed at 28%.
00:32:02Now the GST is 28%.
00:32:04Now the government has its own pulls and pressures and they have to do a balancing act.
00:32:11One understands that.
00:32:12But if I take a parochial view as a motorcycle manufacturer and as a motorcycle industry
00:32:18person, then I would say that this is one of the things which could uncock growth.
00:32:23If we brought down the acquisition cost for the ordinary customer, it will certainly see
00:32:30a drive.
00:32:31Because bikes, to begin with, are underpenetrated.
00:32:34The demographics are on our side and people want them.
00:32:37So I would say that that was definitely an issue.
00:32:43And other than that, I think the economic recovery has started to reach the segments
00:32:49of the country who are into the motorcycle purchase cycle.
00:32:57And that is very positive.
00:32:59They become optimistic.
00:33:00If that sort of thing continues, the inflation is held back.
00:33:04The optimism also drives people to buy new motorcycles or the first time buyers to get
00:33:13into the purchase cycle.
00:33:14Right.
00:33:15Mr. Sharma, it's always a pleasure to talk to you.
00:33:17Thank you very much for sharing perspective with us on Bajaj Auto, the quarter ahead and
00:33:21of course, the industry outlook.
00:33:24We'll take a quick break.
00:33:25We'll come back and close out the last 30 minutes of trade.
00:33:28It's been a good Wednesday for the stream.
00:35:43Right.
00:35:44Back with India market close right here on NETV Profit.
00:35:47Let's go across to Agam who's standing by to break down the F&O Qs for us today.
00:35:51Agam, penultimate day to the weekly expiry.
00:35:55And how is it looking?
00:35:56It's looking good, Neeraj.
00:35:58Of course, while we are looking at the penultimate day for the weekly Nifty expiry, it is also
00:36:03the Bank Nifty weekly options expiry today.
00:36:06And it just so happens that that big HDFC move has actually pulled, led to a lot of
00:36:10short covering for the banking index and which has actually led to the index moving
00:36:15even higher at this point in time.
00:36:18The Nifty Bank, in fact, standing at around 53,000 and a whopping 18.5% increase in open
00:36:23interest to us.
00:36:24What looks like fresh longs at this point in time.
00:36:28And you know, in terms of the options market, we'll quickly address what's happening at
00:36:31the Nifty.
00:36:32Sure, where we are seeing now more, even more traction around 24,000 puts.
00:36:37Now, we are more and more traction around 24,202.
00:36:41So it does seem like in the near term, a lot of traders are still bullish at this point
00:36:47in time.
00:36:48And remember, there's been a little bit of an unwinding when it comes to 24,500 calls
00:36:52as well.
00:36:53I reckon some amount of traction towards the lower end too.
00:36:58But let's talk about the Bank Nifty.
00:37:00You know, remember, until yesterday, we did have a considerable amount of open interest
00:37:05in the 52,500 and 600 calls.
00:37:10But a lot of that got completely wiped out very earlier on in the session.
00:37:15A lot of those traders were forced out of their positions and that led to about a short
00:37:19covering.
00:37:20And because of that, well, we've now seen the Nifty move above the mark of 53,000.
00:37:25And it does seem like we're going to close slightly above that.
00:37:29So since then, we now have more and more traction around the 53,000, 53,100 calls and puts
00:37:35as well moving into today's expiry.
00:37:38As far as stocks are concerned, well, largely a lot of them from the, you know, financial
00:37:43space, Axis Bank, HDFC Bank, Canfin Homes looking at fresh longs and say for Ashok Leyland,
00:37:49which is looking at shorts, short covering for MGL, Ipca Labs, Tata Consumer, even in
00:37:54terms of India Cement or PFC for that matter.
00:37:57Of course, PFC and REC are also on focus on account of that Bernstein note that came through.
00:38:02All in all, it's yet another good day of trade after a very subdued movements over
00:38:08the past couple of sessions.
00:38:10The strength, it seems, is continuing.
00:38:13It's a wait and watch whether or not how long it moves or goes on to and whether or not
00:38:18we actually do see some profit taking over the course of the next couple of days.
00:38:21But that's a wait and watch.
00:38:22Indeed, Agam, and that's always a tough one to call when that profit taking will emerge.
00:38:26But for now, it's stable and that's what's comforting for straight participants.
00:38:31While some may argue that the markets look stretched and may be expensive, let's not
00:38:35forget, we've not done much, much better than the rest of the world.
00:38:38So the global equity markets pretty much moving in tandem with each other.
00:38:42The Nifty as well over the last few days, well, it has made record highs.
00:38:46It's coming on enormous amount of stability and good volume.
00:38:49So that's what we'd be taking heart from right now.
00:38:52G Chokalingam now joins me with his view on the markets.
00:38:55Chokalingam, afternoon.
00:38:56Thanks for joining in.
00:38:58Let's start with how you feel.
00:39:00We were just talking about how some argue that a correction, profit taking is round
00:39:05the corner.
00:39:06But those for the people who are also talking on an impending correction since a year now.
00:39:11So if you've been on the sidelines in anticipation of a rate, in anticipation of a correction,
00:39:16you probably lost out already.
00:39:17Do you feel like it's now only a matter of weeks that the markets will top off?
00:39:26I firmly believe that there is no need to fear at all about Sensex and Nifty, that's
00:39:32a broader market.
00:39:33I think they are entering another phase of the bull market.
00:39:37Why I'm saying, for three reasons.
00:39:39One, this is the first time in the history, you know, the 50-year small and mid-cap indices
00:39:45are outperforming the Sensex and Nifty, and Sensex and Nifty have underperformed very,
00:39:50very badly.
00:39:51This is the time to correct this relative underperformance.
00:39:56And second, if you look at Sensex, the trading fee is around 24, and industry estimate of
00:40:01earnings growth, if you see, it's about average 12.5% for the next two years, FY25 and FY26.
00:40:09So if I extrapolate that into corporate earning, which can grow two times the GDP, then definitely
00:40:15by end of current calendar year, we should see Sensex of 90,000, by end of 2025 calendar
00:40:20year, we should see Sensex of 1 lakh.
00:40:24And also, you know, there is a structural change in terms of entry of the new investors.
00:40:2910 crore new investors are coming to the market.
00:40:32So there is an enormous scope for, you know, pushing up the market.
00:40:36The fear is on small and mid-cap, but certainly there is no fear at all for Sensex and Nifty
00:40:41or large caps.
00:40:42But theoretically, there are only two risk factors, possible risk factors.
00:40:46One, the monsoon.
00:40:48Last year, we had a 6% deficit rainfall.
00:40:51And this year, as of yesterday, around 10% deficit, and 50% of the subdivisions have
00:40:56failed to receive adequate rainfall.
00:40:58So by any chance, you know, the monsoon becomes a massive failure, or by any chance, there
00:41:04is a political instability in India.
00:41:07And that is not my wish, that is not my forecast also.
00:41:10But since I am giving an extremely bullish view, I want to give theoretical possibilities
00:41:15also.
00:41:16So if such case happens, then even the Sensex and Nifty can crack in a big way.
00:41:20But otherwise, I believe this is the second phase of bull run, which just started last
00:41:25couple of weeks, where the Sensex and Nifty are doing far better.
00:41:30And they will continue to do extremely well in the next one and a half years.
00:41:34So what are you buying, Mr. Chokalingam, in such a scenario?
00:41:37Last few times, you've been very careful.
00:41:39You mostly said all of these stocks, you were not comfortable buying at these valuations.
00:41:43But if you're so bullish in the market, what are your top two ideas?
00:41:47I'm sorry, I just want to correct.
00:41:49I've never been negative on the market.
00:41:51Only small and mid cap.
00:41:52On specific stocks, I mean.
00:41:54So definitely, in the large cap, we have been recommending stocks like Infosys, HDFC Bank.
00:42:01And in the small and mid cap, we have added stocks like Innova, CapTap, Albert David,
00:42:07Indoco Remedies, and recently TDK Healthcare and Sterling Tools.
00:42:13These are some of the great value picks, I believe.
00:42:16Even if there is a crash in the small and mid cap,
00:42:18these stocks, because of the inherent sound fundamentals underlying,
00:42:23they would provide a lot of cushion.
00:42:25Otherwise, we have been suggesting clients to invest minimum 50% into the large cap stocks.
00:42:32Innova, CapTap.
00:42:33It's a less than 3,000 crore market cap company, Mr. Chokalingam.
00:42:37Why do you like this?
00:42:39What's the story here?
00:42:41This is a recent IPO.
00:42:44It was around 458.
00:42:46And it was well-subscribed to 55 times.
00:42:48And it went very high and then corrected a lot.
00:42:51Now, they are basically into CDMA business and also into EAPI and generics in India.
00:42:57And they have got a network of 1.25 lakh retail shops selling their generics.
00:43:05And if you look at the whole valuation, it's around 2.8 times enterprise value to sales.
00:43:10That is the technical detail I just saw before coming on the channel.
00:43:14There are a couple of CDMA companies which were acquired at even 4 times enterprise value to sales.
00:43:20Whereas, this is available at 2.8 times.
00:43:23The valuation is also comfortable at around 32 PE,
00:43:26which is very reasonable compared to similar businesses.
00:43:28And lastly, most importantly, they are investing 750 crore in Jammu Kashmir State
00:43:33where they have got a fantastic fiscal concession from the government
00:43:38to the extent of 250 crore of GST concession.
00:43:41So, all this would augur well for the company.
00:43:43So, I remain extremely optimistic on Innova CapTap.
00:43:48So, if you are looking for small mid-cap value ideas, Innova CapTap is topping that list.
00:43:53Chokalingam, I'd like to talk to you about recent listings and Allied Blenders comes up.
00:43:59Actually, why don't you tell us, what do you think of yesterday's listing Allied Blenders?
00:44:03Premiumization, alcohol seems to be a theme that the markets are finding value in.
00:44:10Do you think, did you subscribe to that?
00:44:13Do you like it?
00:44:14What are your views on Allied Blenders?
00:44:18I looked at it.
00:44:19You know, the past performance, particularly last two financial year,
00:44:24you know, the bottom line performance doesn't give much comfort.
00:44:28And the other way to look at a branded liquor company is to look at the sales, EV2 sales.
00:44:33There also, it is trading at around, you know, 7 to 8 times.
00:44:37I think that current price, it is fairly priced.
00:44:41So, Richit, I want to talk to you about, in fact, Rs.17 added to that count.
00:44:46It's another 5.5% up move, adding to that 13% gain yesterday.
00:44:50Richit, KEC, how does that one look on the charts?
00:44:54It was a big order win today for RVNL and KEC both.
00:44:58And KEC is looking pretty good from the way it seems.
00:45:00Do you have a view on the stock?
00:45:03The technical structure is quite positive.
00:45:05If we look at recently, the stock initially had seen a support base getting formed around Rs.700-720
00:45:11during the early part of June when most of the stocks corrected.
00:45:15And since then, we have seen a gradual up move where the 20 DMAs acted as a good support in consolidation as well.
00:45:20And that support has now shifted to Rs.850 level.
00:45:23So, till it is above that Rs.850 mark, I think the broader uptrend continues.
00:45:27Although we have not seen any kind of follow-up move after gap-up opening today,
00:45:30but still the supports are intact.
00:45:32So, if any existing long positions are there, then one can keep a stop-loss below Rs.850 and ride this trend.
00:45:39That's the view coming in on KEC.
00:45:41Well, the stock was up about 6-7% earlier this morning.
00:45:46It's off the day's high point but still looking good with a 2% gain.
00:45:50We caught up with Vimal Kejriwal on this big order
00:45:53to get a sense of what lies ahead for the company.
00:45:58Our order book is virtually at the same level because we had our quarterly execution also coming in, in a way.
00:46:04But I'll say my L1s are now around Rs.8000.
00:46:08So, if you look at that way, we are at Rs.30,000 plus 8, around Rs.38,000 would be broadly the order book plus L1.
00:46:16And as far as execution is concerned, what we have said is that we did around Rs.20,000 last year.
00:46:22And we should have a growth of around 15%.
00:46:25So, we should be executing around Rs.23,000 of this order book.
00:46:31Pull up RBL Bank. It's done quite well actually, 4-5% gains on the stock.
00:46:36Richard, do you want to come in on some of these banks?
00:46:38Federal Bank, RBL Bank, they all seem to be enjoying quite a sharp rally in trade right now.
00:46:45So, barring maybe a few names, most banking stocks are doing well.
00:46:49But very specifically, mid-cap PSU banks.
00:46:51What is your topic here?
00:46:54I think, yes, we could see some good momentum in the overall banking space.
00:46:57We already spoke about the large-cap stocks which have taken the leadership.
00:47:01Now, some mid-size banks such as Federal Bank has been forming the high-top, high-bottom structure.
00:47:05So, I think this is one of the stocks which we can see a good relative outperformance continue.
00:47:10Now, the stock has good support around Rs.173.
00:47:13So, one can keep a stop-loss below Rs.173 and go long on Federal Bank.
00:47:17RBL Bank is on the verge of a breakout.
00:47:19So, I think the follow-up move maybe in tomorrow's trading session would be very important to see.
00:47:23Previously, whenever the stock has seen any kind of pullback moves,
00:47:26there has been resistance seen around Rs.270-272.
00:47:29So, if we see a breakout about Rs.272 in tomorrow's trading session,
00:47:33then I think there could be a good follow-up momentum in RBL Bank as well.
00:47:38Well, talking about ideas and where opportunity sits in the market,
00:47:41we caught up with Dr. Narayan earlier this morning
00:47:44to get an understanding of what he thinks about the next few months in terms of trade
00:47:48and whether there are some of the sectors that have bottomed out,
00:47:51case in point being chemical space.
00:47:53Here are his views.
00:47:55I think Infra as a theme definitely has a lot more legs to run.
00:47:59I really wouldn't be too gung-ho about chemical stocks.
00:48:03I think chemical stocks today are where IT stocks were some time ago,
00:48:06where people were finding value.
00:48:08And then they kept finding value, but the value did not emerge at all.
00:48:12And then they have these periodic runs with the market.
00:48:16So, I think chemicals belong there.
00:48:18The chemical sector is also so varied that it's very difficult
00:48:21for an individual investor to know which chemical price is going up
00:48:26or where capacities are failing or getting added or all that gamut of things.
00:48:31So, I don't think I'll put my money into chemicals as a theme.
00:48:35But certainly, Infra as a theme is something I would definitely want to play
00:48:39and within that, cement would be part and parcel of it.
00:48:42There is an offbeat theme which is emerging.
00:48:44There aren't too many well-known stocks there.
00:48:47But this data center thing is something that I'm paying a very close attention to.
00:48:52I think lots of allied sectors and segments which are tied to this data center theme.
00:49:00So, that I think would be a very big emerging theme into the future
00:49:04because technology, real estate and cable and so many things are tied to the data center thing.
00:49:10So, I think that would be a very interesting area going forward.
00:49:14Well, that's cement and he liked cement, he liked IEX and one more.
00:49:20Mr. Chokalingam, fundamentally, come in.
00:49:24So, Dr. Sikanarayan spoke about ACC Ambuja, he spoke about IEX amongst others.
00:49:32Do you like either of these two buckets?
00:49:35Definitely, one can continue to hold cement stocks because of 7% growth projected
00:49:43and also there will be more consolidation happening in the industry.
00:49:47So, apart from this, one can consider SOG and cement.
00:49:51Personally, we do not hold but this is another stock we have recommended recently.
00:49:55It is trading at just $50 per ton EV2 capacity.
00:50:00And recent deals are happening at around $80.
00:50:03And also the size is much bigger, its capacity is more than 10 billion tons.
00:50:07And it has got some land bank in Vizag, it has got a very good limestone mine
00:50:12and also the renewable energy, captive energy sources are very substantial.
00:50:17So, definitely one can consider buying Sagar cement and also
00:50:21if there is any marginal one, one can buy stocks like ACC.
00:50:25Richard, Vodafone idea.
00:50:27Few days in the waiting, the stocks are finally up in today's trade.
00:50:31Where is the path for Vodafone and Indus?
00:50:36And I will add Bharti Airtel to it as well because it is always a preferred account
00:50:40at least fundamentally in the telecom space.
00:50:43Within the telecom space, I think Indus tower, if we look at them,
00:50:48year to the 10th seems to be the strongest.
00:50:50Because we have seen a good amount of consolidation in the month of May
00:50:54and first half of June.
00:50:55But that entire consolidation, the stock managed to form a good support
00:50:58around its Sunday time AMA.
00:51:00And the stock has again resumed its uptrend.
00:51:02So, I think here the uptrend, upmove could continue.
00:51:04If we look at some of the positional charts and the potential targets
00:51:07for the stock over short term, short to medium term,
00:51:10we see it around 440 to 450.
00:51:14So, I think still about recent upmove could be seen in Indus towers.
00:51:18Even Bharti Airtel, the overall structure remains quite positive
00:51:21but just from a short term perspective,
00:51:23I think the stock has entered some corrective phase
00:51:25but this just seems to be a correction within an uptrend.
00:51:27In case if we get any kind of the dip around 1350 to 1330 range,
00:51:32I think that's where the support would come in for the stock.
00:51:35So, here I would suggest to keep a buy on it.
00:51:38Chokha, what do you think about telecom stocks?
00:51:42Is it looking good?
00:51:44I mean, the tariff hike didn't boost the stock performance in a few days
00:51:49but today is the first day Vodafone is up after that tariff hike.
00:51:54No, certainly the sector has an excellent prospect.
00:51:57As all of us know, the hike in the tariff has been anywhere from 3% to as much as 25%.
00:52:03And in future also further hike would be possible
00:52:05because the government also would be a beneficiary of rise in the income of telecom sector.
00:52:10But when I looked at EV to EBITDA,
00:52:13Bharti Airtel looks far cheaper than Vodafone.
00:52:18So, therefore, I would prefer Bharti Airtel to Vodafone
00:52:22if at all one has to invest in the telecom space.
00:52:26Richit, you know it is so difficult to trade this defence sector.
00:52:32I mean, you look at Mass Ground Dogs, Cochin Shipyard, Garden Reach, BEL.
00:52:38They've been moving so swiftly and I think most traders would get afraid
00:52:44because you'd imagine that the stock now eventually will top out.
00:52:47But every week, one of the defence stocks will give you 20% returns.
00:52:51How do you feel about this space?
00:52:53And if I had to ask you for one defence stock to trade between now and next Friday,
00:52:58what would it be?
00:53:00A clear outperformance has been seen from the defence space
00:53:03and there are no signs of reversal as of now.
00:53:05Yes, I think the only fear is that the stock has rallied.
00:53:08The stocks have rallied too much in a very short period of time.
00:53:12But I think that's the sign of a strength
00:53:14and that outperformance could continue until we see any signs of reversal.
00:53:18So, I think BEL Bharat Electronics would be one of the names
00:53:21within the defence space where the stock is looking good technically.
00:53:25We have recently seen a price up move followed by a consolidation
00:53:28in the last couple of weeks.
00:53:29The 20 EMS support is still intact in this consolidation phase.
00:53:32300 is now seen as a very strong support.
00:53:34So, till this short-term support is intact,
00:53:36I think BEL could see some decent up move.
00:53:38But yes, some high beta names such as Mazgaon Dog, GRAC, Cochin Shipyard,
00:53:42they are also positive.
00:53:43But you need to have guts to enter even at higher levels
00:53:46and keep some appropriate stop losses and ride the trend.
00:53:50Until we see any kinds of reversal patterns getting formed,
00:53:54it's better to trade in the direction of the trend in these names.
00:54:00That's the word on defence stocks
00:54:03that seem to be catching most traders and analysts off guard.
00:54:08But that's Cochin Shipyard for you, 9%.
00:54:10And Mazgaon Dog is also eking out similar gains.
00:54:13It was Garden Reach last few days.
00:54:16There you go, Mazgaon Dog is up 9%.
00:54:18Garden Reach is still up another 3%.
00:54:20Just pull up Garden Reach.
00:54:21Let's just see what it's done in the last five days of trade.
00:54:23I am assuming the gains would be upward of 20 to 25%.
00:54:27If we can pull that one up, it should be useful.
00:54:30It did an order win of 1100 crores two days ago
00:54:33and there you go, 26% on Garden Reach in the last five days.
00:54:37But the few other names is ICICI Lombard.
00:54:42This one has been gaining on back of an upgrade.
00:54:45Remember, CLSE has upgraded the stock to outperform.
00:54:49The counter is seeing some activity
00:54:51and this is also leading to the rest of the insurance pack doing quite well today.
00:54:55Mahima is joining us with more details on this upgrade.
00:54:58Mahima, it's over to you.
00:54:59Why have they upgraded ICICI Lombard?
00:55:01Right, Samina.
00:55:02So as you rightly mentioned,
00:55:03they've upgraded ICICI Lombard to outperform with a price target of 2000
00:55:07and they've also raised the price target from 1760 earlier
00:55:11which gives a potential upside of 11% compared to its yesterday's closing.
00:55:16Now, the reasons that they've mentioned is
00:55:18first one that motor insurance premiums were up 31% in the last two months
00:55:23for the company as compared to 15% of the industry average.
00:55:28The peers motor third-party loss ratio is worsening
00:55:31and this is the key reason why ICICI Lombard is gaining.
00:55:35They've also said that premiumization of cars
00:55:37benefits from the Motor Vehicle Act
00:55:39could also be aiding the motor book for the company.
00:55:42Lastly, they're also saying that
00:55:43they've raised overall premium growth estimate by only 2 PPT in FY25
00:55:49and believes momentum in the motor book could persist.
00:55:53So these are the reasons why CLSE is bullish on ICICI Lombard.
00:55:58Thanks, thanks Mahima for that.
00:56:00Mr. Chokalingam, do you buy the argument?
00:56:03Yesterday Jefferies, today CLSE, they are constructive there.
00:56:06They are slow moving stocks.
00:56:07Do you like them? Do you like ICICI Lombard?
00:56:10Yes, certainly I looked at it.
00:56:12You know, the recent performance is very good in terms of business parameters.
00:56:17I think at least around 2000 could be a fair price for ICICI Lombard.
00:56:22Okay.
00:56:23Ruchit, I don't know if we spoke about your top closing strategy
00:56:28but even if we have, could you speak about one top name today?
00:56:34So I think, you know, if we look at the performance,
00:56:37among the performance today,
00:56:38then I think Tata Consumer is one stock which is looking quite positive.
00:56:41I spoke about it at the start of the show also.
00:56:44And the closing is also very nice,
00:56:45supported by high volume action and closing around the A's high.
00:56:51So I think this is one stock
00:56:52where if one is looking to take some overnight positions
00:56:55then one can create fresh stocks even at current levels.
00:56:57Ruchit, I'll come back to you on IEX
00:57:02but before that, Mr. Tokalingam,
00:57:04solar industries was up and about in trade yesterday,
00:57:08another 8% today.
00:57:09Now this is 1,07,000 crores of market capitalization.
00:57:15Some serious price movement here.
00:57:18We spoke about, to Ruchit with the defense names,
00:57:20what about you?
00:57:21Do you like solar, for example?
00:57:23Honestly, I have not looked at the performance in Q4
00:57:27so I am not able to comment on it.
00:57:30Seller in Mazagon Dock
00:57:31or would you hold into Mazagon Dock?
00:57:34I would sell.
00:57:35You would sell into the strength currently.
00:57:38Okay, but a lot of other names.
00:57:39Remember, I think ZEN Technologies is up in trade.
00:57:43GRSC or Cochin Shipyard also I think have done well.
00:57:46Cochin Shipyard is up about 8.5%.
00:57:48So some of these defense names have done
00:57:50really, really well for themselves in trade today.
00:57:53Garden Reach is up too
00:57:54but Cochin Shipyard is up about 8% if I am not wrong.
00:57:58ZEN Technologies is locked on an upper circuit.
00:58:01Some of these stocks have done really well for themselves.
00:58:06Ruchit, IEX, power was a very active pocket today.
00:58:10This one came out with good numbers, hasn't reacted.
00:58:12In fact, in the red now,
00:58:15a lot of people are constructive here
00:58:16but it somehow flatters to deceive usually.
00:58:20Would you sell it?
00:58:24Not really.
00:58:25We have already seen a good corrective phase in this stock.
00:58:28December 2021 was when the stock went X bonus 2 is to 1.
00:58:32The stock made a high of around 300 levels.
00:58:35From that 300, from December 2021,
00:58:37there has been a long period of underperformance
00:58:40or pain we can say where the stock corrected
00:58:42from 300 to about 120-130 kind of range.
00:58:46And now after that price wise correction,
00:58:48we have also seen a decent time wise correction
00:58:50getting passed by.
00:58:52So high top, high bottom structure
00:58:53has recently resumed in the stock.
00:58:55If you look at the volumes,
00:58:56the volumes have started increasing gradually.
00:58:59It might be a game of patience.
00:59:00If you are a day trader
00:59:01or looking from a very short term perspective
00:59:03then it may not give that high returns
00:59:05in very near term.
00:59:07But yes, this is one stock
00:59:08where the worst seems to be behind.
00:59:10So if you can keep some patience
00:59:12and holding existing long positions
00:59:14even at higher levels,
00:59:15then I think this is one stock
00:59:16which one can continue to hold on.
00:59:18If any fresh buying has to be done
00:59:19for averaging,
00:59:20then I think still you are at current levels
00:59:22or any kind of declines towards 170.
00:59:25I think this is a good buy
00:59:26if one is looking from a positional perspective.
00:59:28Richit, quick 20 second answer.
00:59:30A stock which is trading
00:59:31at new highs is KPIT Tech.
00:59:33I mean, it's all the tech stocks
00:59:34coming off today.
00:59:35This one is up another 3.5.
00:59:36Quick 20 second answer, Richit.
00:59:41So it's looking quite positive.
00:59:431800 I think is one can expect
00:59:44in next one or two trading sessions.
00:59:46So I think this is a good BTSD
00:59:48as well if one has to go long.
00:59:50Keep a stop-loss below 1670
00:59:51and go long for 1800 kind of targets.
00:59:54These are expensive valuations
00:59:57for some of these businesses
00:59:58but these days,
01:00:00well, stocks are getting bid up
01:00:03left, right, center.
01:00:05Indus Tower today, a case in point.
01:00:07It's rallied so strongly
01:00:08and it's up another 3.5% today.
01:00:11So very strong moves
01:00:12for some of those stocks.
01:00:13Okay.
01:00:14Richit as well as Mr. Chokalingam,
01:00:16thanks so much for joining in today
01:00:18and giving us your thoughts.
01:00:19Really appreciate your time.
01:00:20Let's start wrapping up
01:00:21the market viewers
01:00:22and bring up the heat map.
01:00:24Maybe the nifty ones
01:00:26but otherwise the heat map
01:00:27trade is also okay.
01:00:28Let's just show specific stocks.
01:00:30Reliance and TC are sulking
01:00:32but we're ending
01:00:33with some serious trend.
01:00:35Well above 24200 by the way
01:00:37where the maximum call concentration was.
01:00:39So it'll be really interesting
01:00:40to see what the option activity
01:00:42is today.
01:00:43And broad-based move.
01:00:45Yes, banks are leading
01:00:46but it's not just banks.
01:00:47Tata Consumer up,
01:00:48Adani Ports up 2.5%.
01:00:50There is strength in power grid as well.
01:00:52Apollo Hospitals,
01:00:53Aishwarya Motors
01:00:54from the two-wheeler space.
01:00:55Bajaj Finance,
01:00:56JSW Steel.
01:00:57It's across the board
01:00:58that we're seeing these moves.
01:01:00And the moves are not just
01:01:01restricted to the large cap space
01:01:02by the way.
01:01:03The small cap end was up 0.7%.
01:01:05If you bring up the BSE 500
01:01:06winners and losers
01:01:07on the screen next,
01:01:08interesting to see
01:01:09the set of stocks there.
01:01:11Look at those gains.
01:01:13Let me start with the losers
01:01:14because there are
01:01:15not too many out there.
01:01:17But some weakness for a JK paper
01:01:18after the gains yesterday.
01:01:20Prestige Estates
01:01:21weakens after Real Estate
01:01:22did very well yesterday.
01:01:23Some of the holding companies
01:01:24may be weak
01:01:25because Chola Honling
01:01:26is topping the list.
01:01:27But the gainers.
01:01:31Castrol is a separate
01:01:32kettle of fish.
01:01:33Up 12%.
01:01:34We don't see too many reasons there.
01:01:35But there is
01:01:36strength in defence.
01:01:38Mazgon,
01:01:39Solar,
01:01:40they are doing well.
01:01:41MMTC
01:01:42does well.
01:01:43Rallis
01:01:44does well.
01:01:45Hardcore does well.
01:01:46Some very strong moves there.
01:01:47Vokhard
01:01:48yet again
01:01:49is up under 5 or 6%
01:01:50as we close.
01:01:51And frankly
01:01:52if you look at the last
01:01:547 day chart
01:01:56for a Vokhard
01:01:57will come up on your screen next.
01:01:58Let's get Vokhard
01:01:59up on the screen.
01:02:00Just the kind of moves
01:02:01that the stock has made
01:02:02is so stunning
01:02:03and just shows
01:02:04that how
01:02:05the market is happy
01:02:06to go out
01:02:07and bid up a stock.
01:02:08One week
01:02:09quite strong
01:02:10really.
01:02:11Up another 5%
01:02:12in the session today.
01:02:13885
01:02:14and counting.
01:02:15So some of the stocks
01:02:16have moved up
01:02:17really really strongly.
01:02:18Probably holds true
01:02:19for a Mazgon Dock
01:02:20or Zentech
01:02:21and some of the
01:02:22defence names as well.
01:02:23So very strong showing.
01:02:24Let's see
01:02:25if some of these
01:02:26things last
01:02:27over the next 2 days
01:02:28of the current week.
01:02:30But that's it
01:02:31on this leg of
01:02:32India Market Close.
01:02:33From all of us
01:02:34who put the show together
01:02:35thanks so much for watching.
01:02:39Today
01:02:40on behalf of the
01:02:41President
01:02:42I would like to
01:02:43thank you
01:02:44for your
01:02:45reply
01:02:46to the
01:02:47discussion.
01:02:48I
01:02:49the
01:02:50Lok Sabha
01:02:51Speaker
01:02:52and our
01:02:53respected
01:02:54Vice President
01:02:55of India
01:02:56our
01:02:57former
01:02:58President
01:02:59who is
01:03:00the
01:03:01Chairman
01:03:02of the
01:03:03Rajya Sabha
01:03:04along with
01:03:05the
01:03:06entire
01:03:07Secretariat
01:03:08of the
01:03:09Rajya Sabha
01:03:10Secretary General
01:03:11and the
01:03:12entire staff
01:03:13I would like to
01:03:14thank you.
01:03:15Very well
01:03:16this first
01:03:17session
01:03:18of the
01:03:1918th Lok Sabha
01:03:20and the
01:03:21264th
01:03:22session
01:03:23of the
01:03:24Rajya Sabha
01:03:25was run
01:03:26by our
01:03:27Minister of
01:03:28Public Affairs
01:03:29Arjun Meghwal
01:03:30who looks after
01:03:31the Lok Sabha
01:03:32L. Murugan
01:03:33who looks after
01:03:34the Rajya Sabha
01:03:35our
01:03:36Secretary
01:03:37General
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01:07:29But how will you counter that because this is a strategy that seems okay with the opposition and I think we are going to continue with that.
01:07:36This is obviously a new challenge that you are facing. – First of all, the congress strategy to create disruptions and
01:07:44create obstacle in running the house, I will be very open and categorical that even if they want to stall the parliament,
01:07:56we will continue to run the parliament as per rules and regulation. If they lie on the floor of the house,
01:08:05if they mislead the people or the honourable members, then we have mechanism in forms of rules and regulations.
01:08:14When the leader of opposition Inder Lok Sabha kept on lying with regards to many things including figures, facts and issues,
01:08:24the notice has been put to the honourable speaker and we have requested honourable speaker to take appropriate action.
01:08:34We are waiting for the action. This applies to everybody. No member is above the chair, above the rule.
01:08:41So, nobody can expect to escape. There is no, you know, special privilege for anybody just because somebody comes from a privileged family.
01:08:54Everybody is equal and honourable member of the house. So, if anybody wants to misuse his position by misleading the house,
01:09:05they will not easily get away. Rule will catch them.
01:09:09Question from the audience
01:09:29There is no personal problem. I met the leaders of the opposition in the beginning and I still meet them.
01:09:41They all greeted me very well and exchanged pleasantries with me.
01:09:47There is no personal animosity or enmity towards each other.
01:09:58But the system that is in place, the work of spoiling it, even though we have appealed,
01:10:07even though we have appealed, even though we have appealed, even though we have appealed,
01:10:12even though we have appealed, even though we have appealed, even though we have appealed,
01:10:15even though we have appealed, even though we have appealed, even though we have appealed,
01:10:18even though we have appealed, even though we have appealed, even though we have appealed,
01:10:21even though we have appealed, even though we have appealed, even though we have appealed,
01:10:24even though we have appealed, even though we have appealed, even though we have appealed,
01:10:27even though we have appealed, even though we have appealed, even though we have appealed,
01:10:30even though we have appealed, even though we have appealed, even though we have appealed,
01:10:33even though we have appealed, even though we have appealed, even though we have appealed,
01:10:36even though we have appealed, even though we have appealed, even though we have appealed,
01:10:39even though we have appealed, even though we have appealed, even though we have appealed,
01:10:42even though we have appealed, even though we have appealed, even though we have appealed,
01:10:45even though we have appealed, even though we have appealed, even though we have appealed,
01:10:48even though we have appealed, even though we have appealed, even though we have appealed,
01:10:51even though we have appealed, even though we have appealed, even though we have appealed,
01:10:54even though we have appealed, even though we have appealed, even though we have appealed,
01:10:57even though we have appealed, even though we have appealed, even though we have appealed,
01:11:00even though we have appealed, even though we have appealed, even though we have appealed,
01:11:03Pradhan Mantri ji bol rahe the, to Congress ke log well mein the aur log bhi the.
01:11:07Lekin kya SAPPA ke log well mein the? Kya TMC ke log well mein the?
01:11:14Aise scene aage bhi aapko dekhne ko mila.
01:11:17Sir, since Prime Minister has given a comprehensive statement on the issue of Malipur,
01:11:22do you think that now this issue should die down or politics should now end on this?
01:11:27First of all, I would request everybody to go through what Honorable Prime Minister has said in the Rajya Sabha.
01:11:36In 2023 Independence Day address made by the Honorable Prime Minister, if you all remember,
01:11:47the opening of Honorable Prime Minister's address to the nation on the morning of the Independence Day,
01:11:56Honorable Prime Minister started with the appeal to the people of Manipur that the whole nation is with the people of Manipur.
01:12:05Honorable Prime Minister also spoke in detail in the previous 17 Lok Sabha also.
01:12:13So, please go through what Honorable Prime Minister has in detail said about Manipur.
01:12:21Sir, I have a question. Sir, I am from Hindustan Times.
01:12:26Sir, in the last few days, whatever has happened in the Lok Sabha session, there is a condemnation proposal which has been passed in the House.
01:12:35Remarks have been expunged by the Lok Sabha Speaker. Sir, you say that more action, you have requested for more action.
01:12:45I want to ask you, sir, under the rules and procedures of the Parliament, what action should be and can be taken against the LNP?
01:12:54Action will follow as per the rule under which the notice or appeal has been made.
01:13:05So, if you see the provisions of the rules 115, then the Honorable Speaker will give direction to the member to furnish the detail
01:13:18as to why and under what circumstances he has misled the House and he must either substantiate it or apology or whatever is necessary.
01:13:32Or there are other means, if he fails to do anything, then Honorable Speaker may refer the matter to the Privilege Committee.
01:13:43So, these are options. I can't speak on behalf of Honorable Speaker. I can only make an appeal on behalf of the government or on behalf of the members from our party.
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01:37:53The Ministry of information and technology is hosting the global
01:37:56India AI summit 2024 starting today.
01:38:00The two day event inaugurated by the Minister aims to discuss
01:38:05key issues related to artificial intelligence and will be attended
01:38:09by the international delegates, AI experts and policy makers.
01:38:13Rishabh is at the venue.
01:38:15He joins us now with more details.
01:38:17Hi, Rishabh.
01:38:19event essentially is all about, and how is this going to take India forward?
01:38:28Right, we're at the global India AI event where the formal launch of the India AI mission has
01:38:35taken place. Now this mission is a multi-year mission that is worth about 1.2 billion dollars
01:38:41initially and is aimed to build India's AI prowess across seven pillars, the seven of which are
01:38:48compute capacity, foundational models, data sets, application development, future skills, startup
01:38:54financing, and an AI framework that a lot of the global south countries are looking at as compared
01:39:01to the US or EU where acts and executive orders have already been passed. There is no such
01:39:06governing framework for AI in India yet, so this mission is very very crucial in that sense. What
01:39:13was also interestingly spoken about by Union Minister Ashwini Vaishna was India's approach to
01:39:18AI, and he said that the approach will be very very similar to what India has already done
01:39:23with digital public infrastructure, which is to basically set up a public data
01:39:30center and have companies and other institutes benefit off of that. Everything will be open source,
01:39:36that repository will be open for access, and companies can innovate on top of that, which is
01:39:41what we've seen with UPI, we've seen that with Aadhaar, we've seen that with CoWIN, so a similar
01:39:45approach being used by the government here. We also had Ashwini Vaishnav speak to us, take a listen.
01:39:53Whether in India, whether in Europe, whether in Japan, whether in US,
01:39:57everywhere we are facing the same challenges and the global south is today looking for
01:40:05a universal support, a universal thought process, at least some common basic principles on which
01:40:13the world has to respond to the potentials on the one hand and the challenges on the other hand.
01:40:21We in India have basically understood that yes, for many of the problems that we face,
01:40:32many of the challenges, economic as well as social challenges that we face,
01:40:37AI can be a very big tool to solve many of the problems. Simultaneously, we need to contain
01:40:44the risks which AI brings. We also believe that the solution has to come
01:40:51through a global thought process. It cannot be done in isolation by any country.
01:40:56Well, at the same event, Srinivas Narayan, the Vice President of OpenAI,
01:41:00spoke about OpenAI's take on India's AI app development initiative.
01:41:09India is committed to supporting the India AI mission's application development initiative
01:41:16to ensure that Indian developers can build on our models and deliver social benefit at scale.
01:41:22And we really look forward to continuing the conversation with the ministry
01:41:26and gauging where we might be able to add the most value.
01:41:31Now some news from the IT space now. The semiconductor industry is outsourcing surge
01:41:35to boost growth for Indian IT companies. With chip demand on the rise, the industry
01:41:41globally is actively investing in manufacturing and R&D. My colleague Haripriya joins us with
01:41:48more details on this. Haripriya, very interesting trend over there. Tell us more please.
01:41:54As the semiconductor industry thrives globally, the companies within the sector are increasingly
01:41:59outsourcing their engineering work more so than they did before. Now this presents a great
01:42:04opportunity for the Indian IT companies who have been building their domain capabilities to service
01:42:08the sector. Traditionally, the semiconductor industry has had one of the lowest outsourcing
01:42:13rates and that is why it has always remained a niche area of servicing for Indian IT companies.
01:42:17But now as the demand for the chips has shot up and companies are increasingly investing in
01:42:22manufacturing and R&D, they are looking for partnerships to increase their time to market
01:42:27and innovate solutions. According to analyst estimates, the R&D pipe currently stands at
01:42:34about 70 to 80 billion dollars of which 2 billion dollars is engineering outsourcing. Now ideally,
01:42:40the outsourcing is 5% of the total R&D spend which means that outsourcing will eventually
01:42:45grow to 3.5 to 5 billion dollars in the next 4 years as the investments in research and
01:42:52development also increases. Now the semiconductor companies might not outsource the VLSI part of
01:43:01their business which is a core function to them. They will definitely outsource the software part
01:43:05wherein they will require partners for active integration and implementation. The opportunity
01:43:10also lies within the design services domain where the Indian IT companies can play.
01:43:15Now the sector has recognized this opportunity and has been making active acquisitions.
01:43:20In the last 4 years, many acquisitions were to be seen. Infosys acquired Insemi,
01:43:24Tech Mahindra acquired Serium Systems and Wipro acquired Eximus Design. Now analysts say that
01:43:31with these acquisitions, the companies are building vertical capabilities and are also
01:43:35getting a geographical footprint. Now the Indian IT companies should soon be expecting
01:43:40a lot more business rolling in from the semiconductor industry.
01:43:44All right, thanks for that. Now vegetable prices have gone up significantly from last year thanks
01:43:49to deficient rainfall and heat waves. But the Met Department's rain forecast promises that prices
01:43:54will cool down in the next few weeks. Let's in fact go across to NDTV Profits Pallavi Nahata.
01:44:02The question that is on everybody's mind is when can we expect some relief in vegetable prices
01:44:10because you know at times there is a drop but it does go back to the same levels again.
01:44:15Absolutely. So the southwest monsoons are now playing catch up at least that's what's happening
01:44:21according to the IMD which forecasts the rainfall to be above normal for the month of July.
01:44:28But what's already happened is that because of heat waves in several parts of the country in
01:44:33June as well as deficient rainfalls, we've already seen vegetable prices continuing to rise
01:44:39over the last few weeks. Production of perishables especially key vegetables including potatoes,
01:44:46onions and tomatoes has already taken a hit. In fact if we look at retail prices of onions
01:44:52and potatoes in Mumbai, these are almost at two times the levels we had seen an year ago
01:44:59whereas prices of tomatoes are up by almost about 60% on an annual basis. Onions are currently
01:45:05retailing at about 50 rupees a kg while tomatoes are selling at about 80 rupees a kg. This is data
01:45:12for Mumbai which seems to be seeing higher inflation than metropolitan cities like Chennai
01:45:17or Delhi. But like you said the critical question remains when we're likely to see
01:45:22some comfort on this front. Well it's unlikely that we will see any immediate respite and
01:45:29assuming that rainfall is normal in the next few months starting July, the next crop is expected
01:45:37to come in only a couple of months or so later which means that it might be September until when
01:45:45we'll actually be putting up with higher prices. All right so what you are saying is we're going to
01:45:51have to shell out the same amount of money at least for now. Pallavi thank you very much for
01:45:56joining us. Now moving on to our series on cutting down budget jargon for our viewers.
01:46:02Well understanding fiscal policy is the key to grasping how our government manages the economy.
01:46:07For today's budget jargon let's understand how fiscal policy helps in shaping India's
01:46:12financial landscape. If you're running a household you have a budget right. Let's say you decide to
01:46:19spend more money on home repairs this month. This extra spending can improve your family's living
01:46:24conditions. Similarly if you need more money you might ask family members to contribute more.
01:46:30In the same way the government uses fiscal policy to manage the country's budget.
01:46:35It refers to the government's use of spending and taxation to influence the country's economy.
01:46:41The ministry of finance plays an important role in shaping and implementing fiscal policy.
01:46:46Now fiscal policy operates through two main channels government spending and taxation.
01:46:52Government spending involves allocating funds for infrastructure, education, healthcare and other
01:46:58public services. For example imagine the government decides to build a new school in your neighborhood.
01:47:04That's government spending in action. On the other hand taxes are the primary source of government
01:47:09revenue. By adjusting tax rates the government can increase or decrease its income. For example
01:47:16when you buy a smartphone a part of that money goes to the government as tax. But when you buy
01:47:21vegetables you don't pay tax since they are essential commodities. Bureau report NDTV profit.
01:47:29Well we slip into a very short break here on The Reporter but stay with us as on the other side we
01:47:34bring you a detailed report about the Hathras Stampede.
01:48:04you
01:48:34you
01:49:04you
01:49:35you
01:49:52Welcome back. You are watching The Reporter on NDTV Profit. Now to Hathras in Uttar Pradesh
01:49:57where the Chief Minister Yogi Adityanath has ordered a judicial probe into the stampede
01:50:01which killed 121 people. NDTV's Tanushka Dutta has the latest and now joins us.
01:50:08Tanushka take us through what you are picking up in terms of the investigation and thereafter.
01:50:15I'm currently standing outside the police lines in Hathras. This is in Hathras where in Phulrai
01:50:22village the stampede accident happened yesterday which cost the lives of 121 people and 28 injured.
01:50:30This is the death toll right now which is which the locals feel is likely to rise.
01:50:35The stampede happened after a religious congregation of this so-called self-proclaimed
01:50:41godman who goes by the name of Bhole Baba. This Bhole Baba organized and his team organized a
01:50:48satsang at this area in Phulrai village in Hathras. This is exactly in Sikandrao in Hathras and this
01:50:55is where the event happened which led to a massive stampede after the event. So an FIR has been
01:51:01lodged and this is where Chief Minister Yogi Adityanath as well held a press conference
01:51:06just a short while back and he after the press in the press conference he informed that you know
01:51:12whoever is behind this entire mishap whoever is to blame and whoever is responsible will be held
01:51:21to account and strict actions will be taken against them. What the Chief Minister also made
01:51:27sure is that the police as well as other teams have been deployed. A special investigation team
01:51:34has been deployed to look into the matter. A judicial bench will also be set to look into
01:51:40the matter. We know that a public interest litigation has been you know put up at the
01:51:44Supreme Court so the matter has also reached the Supreme Court.
01:51:52All right now the Uttar Pradesh Chief Minister Yogi Adityanath held a meeting with officials
01:51:56in the circuit house and met the injured in district hospitals. He also directed the
01:52:00district officials to ensure that the injured are hospitalized promptly and to expedite relief
01:52:06efforts. He has criticized the opposition for trying to politicize this incident.
01:52:15Is this an incident or a conspiracy?
01:52:21Well, Prime Minister Modi responded to the debate on the motion of thanks on the President's
01:52:45address in the Rajya Sabha. The opposition staged a walkout in protest. He hit out at
01:52:50the Congress saying that people have rejected their politics. The Prime Minister also spoke
01:52:55about issues of the neat paper leak, Manipur and recent flogging of a woman in Bengal. The
01:53:01house then adopted a resolution of the motion of thanks to the President's address following which
01:53:05the Chairman adjourned the house. Speaking on the Manipur issue in the Rajya Sabha,
01:53:10the Prime Minister said that the government is continuously making efforts to normalize the
01:53:14situation there. He also emphasized that incidents of violence are continuously reducing in Manipur.
01:53:20The Prime Minister said that the government is continuously making efforts to normalize
01:53:26the situation in Manipur.
01:53:50Well,
01:54:18after being stranded in Barbados since their T20 World Cup victory on the 29th of June,
01:54:23the Indian cricket team has finally departed this afternoon on a special aircraft chartered flight.
01:54:28The BCCI Vice President Rajiv Shukla announced on X that the BCCI has made all necessary
01:54:33arrangements for the safe return of the players. The team is expected to arrive in New Delhi on 4th
01:54:38of July. The Roads and Transport Minister Nitin Gadkari in conversation with NDTV's Editor-in-Chief
01:54:47Sanjeev Pughalia talks about how low-interest innovative finance is the key to infrastructure
01:56:17NDTV's Editor-in-Chief also asked him about when users will pay toll for the distance travelled and
01:56:23not the entire route. Here's what he told us.
01:56:47Well, India is the only country in the world where petrol prices have come down.
01:57:16That's the word coming in from the Petroleum Minister Hardeep Singh Puri. While speaking
01:57:21at the NDTV Infra Shakti Awards 2024, he shared how infrastructure is not just limited to buildings.
01:57:33This is the only country in the world where petrol prices have come down. And if you compare it to
01:57:37what's happening in South Asia, North America, infrastructure, when you talk about energy,
01:57:42you're not just talking about the kind of infrastructure, physical buildings, etc.
01:57:47You're also talking about, you know, you have put in 11,000 distributors for Ujjwala in rural areas.
01:57:55Today, your development, your thrust into biofuels, into the rural space,
01:58:01all that, if you look at the, much of this is you're rendering services. That is also an
01:58:07infrastructure dimension, which sometimes is not captured when you talk about.
01:58:15Well, the UK is heading for its general elections tomorrow. The country will be
01:58:19conducting the general elections after five years to elect its next prime minister.
01:58:23At the moment, the Conservative Party holds the majority with 344 members of parliament
01:58:28out of the 650 seats in the House of Commons. Let's look at some of the key contenders for
01:58:34the election. The current Prime Minister Rishi Sunak, the leader of the Conservative Party,
01:58:38while Keir Strammer is leader for the Labour Party. Apart from them, Nigel Farage, also known
01:58:44as a minister of Brexit, heads the hard right reform UK party. Two other parties that may not
01:58:51win but will have a say in who does are Ed Davies, Liberal Democrats and John Swinney, Scottish
01:58:58National Party.