Trade Talk | Monsoon Worries To Leave D-Street Parched?
Alex and Hiral takes us through key takeaways from RIL AGM as well as put the spotlight on stocks to keep on radar before going into trade #BQLive
Category
🗞
NewsTranscript
00:00 Good morning and thanks so much for tuning in.
00:02 You are watching Trade Talk on BQ Prime.
00:04 My name is Alex Mathew and with me is Heeral Dadia.
00:06 Good morning, Heeral.
00:07 Good morning, Alex.
00:08 Well, look outside the window because what you see is likely what is going to determine
00:13 the cost for the Indian economy at least for the near term and that is primarily because
00:18 there are expectations building that we are going to be seeing a significant deficit when
00:24 it comes to the monsoons in this year, July to September.
00:29 Absolutely, because it seems that the monsoon in terms of August is what is causing this
00:34 deficit though we have seen like good showers in the month of July.
00:38 So spatial distribution is what is more important to bear in mind and there are reports that
00:44 have come out in a couple of publications, Reuters published a report, Source Based.
00:48 There is also a conversation with the IMD in the Mint that talks about a deficit in
00:54 the July to September period.
00:55 8% is what is being spoken about and this is the driest monsoon for a period of as many
01:00 as 8 years.
01:02 So what is being spoken about is the implication of that and there are few piecemeal reports
01:07 that you can see in various places and also what the government is doing should be seen
01:11 as a sign because they will obviously be getting the latest updates.
01:15 You have already seen measures that have been taken to curtail exports in certain key agri-commodities
01:21 and there is an expectation that sugar also will come into play.
01:24 In fact, overall if you see an impact with regards to pulses, rice, sugar, vegetables
01:29 as you are mentioning, rice we have already seen a minimum export price that has come
01:34 in with regards to rice now.
01:37 We did have a chat with KRPL as well as LTPoots yesterday.
01:40 Sugar, this will be the first time exports could be banned in 7 years, right?
01:45 So the government has been proactive, taking into consideration the way rainfall is and
01:51 I think that is something which will actually have an impact on the macro as well from an
01:56 inflation perspective.
01:57 So that is something which we need to watch out for.
01:58 In fact, speaking about sugar, there is yesterday's price in the futures market globally, you
02:04 had a 2-month high.
02:06 So it hit a 2-month high because globally traders are anticipating that with the signs
02:11 that the government is showing for protecting the domestic prices, they have already had
02:17 measures on rice and a few other commodities, they could in fact announce measures on sugar
02:22 as well.
02:23 That hasn't come into play yet.
02:25 But speaking about inflation, you have had the Reserve Bank of India take into account
02:29 the fact that food inflation has in fact gone up in the recent past and it is likely to
02:34 be elevated in the near term as well.
02:36 If you remember in the last policy, they have adjusted their inflation projections.
02:41 In fact, two policies in a row they have adjusted their inflation projections for the current
02:44 financial year.
02:45 Absolutely.
02:46 So, if you look at the macro side of it on the back of the deficit in terms of rainfall,
02:50 this is going to be one of the key monitorables going ahead over the next 2-3 months to see
02:55 how the macros pan out on the back of the same.
02:58 So that's obviously going to have a bearing on the equity markets as well.
03:02 But at least for now, yesterday what we saw was that same relatively narrow band for the
03:08 nifty 50, 110 points or thereabouts and we have ended around that midpoint of the day
03:13 because towards the end of the session, particularly in the last half hour, Hiral, while that Reliance
03:19 AGM was going on, the price fell quite precipitously.
03:22 In fact, it ended off the day's low down about 1%.
03:26 Absolutely.
03:27 Reliance did have a major bearing in terms of markets yesterday.
03:29 I mean, as we know, 9% to 9.5% is the kind of weightage, right?
03:34 And the expectation also will get to that in terms of what analysts are expecting in
03:38 terms of the AGM.
03:39 So let's quickly look at the key numbers we should be watching out for in terms of the
03:43 markets.
03:44 Taking cues from yesterday, we have nifty, which ended above its support of 19 to 86,
03:49 right?
03:50 Now, that also happens to be the 50-day EMA level for nifty 50.
03:54 There is strong support coming in at 19 to 50 to 19 300 levels.
03:58 And if you see from an options perspective, the highest call OI has been seen at 19 500
04:04 and the put OI at 19 300.
04:05 So 300 to 500 is that broad range we should be watching out for as well.
04:10 In terms of bank nifty, it's interesting to see how we've seen a good and a sharp pullback.
04:15 However, this is not expected to result in a trend reversal that markets were actually
04:20 watching out for.
04:21 We have supported 43 850 to almost 44,000.
04:25 Resistance is at around 44 900 to 45,000.
04:28 However, the range of consolidation for bank nifty is that 1000 points between 44,000 to
04:33 45,000, right?
04:34 Now, from there on, what analysts are saying is that focus on stock selection and maintain
04:42 a hedged approach as well from here on.
04:45 Now, the risk aversion is something which is expected to continue.
04:49 And that is going to be the preferred theme from here on.
04:52 So interesting numbers, interesting range.
04:55 It is narrow, as Alex has been mentioning, and there is constant consolidation.
04:59 But it seems there is a point, I mean, it's very divided, but some are saying that the
05:03 consolidation is towards the positive and some analysts are of the opinion that the
05:07 consolidation is towards the negative side.
05:11 So we need to see which side do the markets stride.
05:14 And one of the key to this is going to be reliance in today's session on the back of
05:18 the commentary we've got from the AGM.
05:20 Absolutely.
05:21 And I think a lot of people were expecting big ticket announcements in the AGM yesterday.
05:26 I don't think that came through.
05:29 We were talking about it last yesterday morning.
05:31 We were talking about the possibility of an announcement for an additional stake sale
05:35 in the retail division, the possibility of the listing of retail as well as geo separately.
05:41 None of those announcements came through.
05:43 Any commentary on JFS was being sought.
05:46 Even that didn't come through.
05:47 But one big takeaway was, of course, the elevation of the three children to the board of Reliance
05:53 Industries here.
05:54 Absolutely.
05:55 The succession plan, as we spoke about yesterday, that is something which they did speak about.
06:01 You know, any updates with regards to where the new energy business goes, that is something
06:06 which was given out as well.
06:08 The solar gigafactory plan was spoken about.
06:11 In terms of Reliance Retail, they've clearly indicated that from here on, they are expecting
06:16 more fund infusion to come in, investors to come in in terms of Reliance Retail.
06:20 So yes, whatever announcements did come out from Reliance AGM were pretty much on the
06:26 macro level, right?
06:28 The nitty gritties that everyone was watching out for was not given out.
06:32 There was no major strategy that was discussed at the AGM.
06:35 And that was the interesting point that analysts that I spoke to post the AGM also indicated,
06:40 where that now basis this.
06:43 In today's session, there is a possibility because it's not met expectations in terms
06:47 of the commentary.
06:48 You could see a downtick in terms of the stock price, at least in terms of today's session.
06:53 And that could have a bearing in terms of Nifty 50, right?
06:56 So Geo Financial Services, as well as Reliance, a gap down opening in today's session, maybe
07:01 not a major downtick.
07:03 But yes, a 1% to 2% or 3% kind of a fall is what we could see.
07:07 And that could impact Nifty 50 as well.
07:10 So that could help us to inch, I mean, that would help markets to actually inch lower
07:14 from here on.
07:15 So I have a question because, and this again was being debated in the newsroom yesterday.
07:21 Based on recent valuations, you're talking about the retail business that is valued at
07:24 about 8.2 lakh crore.
07:26 Which is almost 50% of Reliance's market cap.
07:29 So how does that, and I'm sure you spoke to the analysts yesterday about this, how does
07:33 the sum of parts valuation take place?
07:35 So the thing is what they're looking at is, it was an interesting conversation there where
07:40 if Reliance retail is 50% of Reliance's market cap, which is 50%, the remainder, out of the
07:47 remainder 50%, even if you have to look at Geo and match it to Airtel's market cap, which
07:52 is somewhere 5 lakh crores, right?
07:55 So that takes, I mean, Geo will take away another 5 lakh crores.
07:59 So the core business is with around 3.3 lakh crores in terms of market cap.
08:04 Now what analysts are saying is, which means is that the business is undervalued right
08:09 now.
08:10 And there is absolute great potential to see a valuation uptake to come in in terms of
08:14 the core business.
08:16 So that was the interesting takeaway for me as well from the entire conversation where
08:19 the core oil and gas business is undervalued.
08:22 However, there is great potential with the kind of plans that they already have.
08:26 So and it's interesting considering that a large part of the revenues and a large part
08:30 of the profitability also comes from the traditional OTC business.
08:34 And it's valued at the least at around 3000 or maybe even less than that, considering
08:37 that new energy is also coming to the picture.
08:40 But we'll see how markets read this and how Reliance Industries reacts in trade today.
08:46 That's one stock, of course, that could have a bearing on the market.
08:49 We also have a large pharmaceutical company that we're focusing on at the start and that's
08:53 Sun Pharmaceuticals on the back of its key updates from its annual general meeting.
08:58 And we've got Varsha joining in to give us the key takeaways there.
09:01 Morning Varsha, what are you picking up?
09:03 So Sun Pharma had an AGM yesterday.
09:05 So here are the quick highlights that one needs to look out.
09:09 Now the company aims to spend 7% to 8% of its sales in current fiscal on research and
09:13 development activities as it looks to further strengthen its product portfolio across therapeutic
09:19 segments.
09:20 While it spent about 2,400 crore on R&D in 2022-2023, which accounted for almost 5.5%
09:27 of the sales.
09:28 While the company is expecting high single-digit consolidated top-line growth for FY24 as all
09:34 businesses are well positioned.
09:36 The company continues to focus on improving manufacturing efficiencies and optimizing
09:41 cost.
09:42 Also, AGM addressed about the global pharmaceutical spending, which is projected to grow by a
09:47 cagor of 3-6% between 2023 and 2027 to reach a total market size of almost 1.9 trillion
09:55 US dollars.
09:56 Now, the growth is expected to be primarily driven by the introduction of novel medicines.
10:03 This will be offset by the loss of exclusivity and the lower cost of generics and biosimilars.
10:10 Also, the domestic pharmaceutical market is expected to reach at 35-39 billion US dollars
10:17 by 2027, recording 7.5-10.5% cagor, led by demographics and lifestyle changes, rising
10:24 per capita income, growing incidence of chronic ailments, and increasing access to modern
10:29 medicines.
10:30 Also, if you see there are many products of the company which are under phase 2 and phase
10:35 3 trials.
10:36 Also, we had this early market news where Sun Pharma gets US FDA approval of Tofacin
10:43 tip tablets, i.e. 5mg and 10mg, which is for arthritis.
10:47 Now, market reports indicate that the global Tofacin nib market is expected to grow at
10:53 13.4% cagor growth.
10:54 That's an interesting number to watch out for.
10:58 And as we know, the Pharma pack has been in focus as well, right?
11:01 Yeah, we did see some bit of profit booking that did come in on the back of the surge
11:05 that we saw, but it's going to be interesting to see how the markets actually react to the
11:09 FY24 guidance that has been given by the company.
11:12 Thank you, Varsha, for getting us the details with regards to Sun Pharma.
11:15 But moving on, another stock that was absolutely seeing a lot of action in yesterday's session
11:20 was Pyramil Enterprises.
11:21 5% higher.
11:22 Absolutely.
11:23 The upward was pretty strong.
11:24 The volumes were also pretty strong in terms of Pyramil Enterprises.
11:28 In fact, they did have their investor day yesterday.
11:31 On the back of it, a couple of brokerages that have come up with reports with the key
11:34 takeaways of the investor day conference.
11:36 Rishi is standing by to get us more.
11:38 Rishi, good morning.
11:39 What are you picking up in terms of the key things that we should focus on for Pyramil
11:43 Enterprises basis the investor day yesterday?
11:46 So as you said, the stock was really active yesterday.
11:49 It was up by 4.5% and the volume was at 1.8 times its 30 day average.
11:53 And this also came because of the upcoming investor day as well as the buyback announcement
11:57 that came in the dates for the buyback were fixed at August 31st.
12:02 And it is expected to close on September 6th.
12:04 But moving on to the investor day specifically, the management reiterated its target of a
12:12 70 to 30 OM mix by FY28.
12:16 And it was also targeting an OM cagger of 15% up till FY28.
12:21 Now the focus on the retail side would be on multi-product offerings without competing
12:26 with large banks as it tries to increase its focus and expand more in tier 2 and tier 3
12:31 cities.
12:32 And on the wholesale side, it's going to be focusing more and more on real estate as well
12:35 as corporate mid-market lending.
12:38 Now first we come to MK.
12:40 MK maintained its buy rating and with an unchanged target price of 1230.
12:45 It was positive after the investor day.
12:47 It said that Pyramil Enterprises was on the right track to deliver profitable growth.
12:52 And also the optimum utilization of capital came as a great comfort for MK.
12:58 Apart from this, it also emphasized that the alternate assets OM to grow to $3.5 billion
13:04 by FY28 compared to the $1 billion that was there in the previous fiscal.
13:08 Now coming to Jefferies on the other hand, it maintained its underperformed rating with
13:12 a target price of 920.
13:14 And it felt that the risk reward rating was unattractive at the current valuations.
13:19 It also felt that the low interest with regards to the existence of low interest earning assets,
13:25 the higher operating expenditure, will likely cap the return on assets to under 1.5% compared
13:32 to the target that the company has given with regards to a ROI of 3% by FY28.
13:37 So diverging views there, interesting.
13:39 One of the stalks of the day yesterday, we'll have to see how the reaction is today.
13:43 There was some buzz also about integration with Geo Financial Services or partnership
13:49 on certain activities, but I don't think any announcements, no announcements came to that
13:54 effect.
13:55 But like you said, buyback is also something that could have had a bearing.
13:58 Let's also talk about steel because long products are pricing, there are a few trends that are
14:04 emerging.
14:05 It seems like the companies have raised prices at the factory level, but they have not managed
14:12 to push it through into the market.
14:13 Exactly.
14:14 So the listed price for long products was increased by about 15% at the start of August.
14:19 But what happened is the market hasn't really absorbed it.
14:21 The increases in the market has been come to only about 2% which with the company selling
14:27 at a discount because of a lack of demand.
14:29 Now long products to understand, for some examples would be the rebars or the TMT bars
14:36 that you would see that is being used in construction.
14:39 And some major players within this long products would be Tata Steel, JSW Steel and Jindal
14:44 Steel.
14:45 Now, but the important thing here to focus is that the fact that they aren't able to
14:48 push those high prices is because the market is primarily dominated by a lot of unorganized
14:53 and local players who would try to make this steel at a much cheaper cost.
14:58 So the margins also get affected for these companies.
15:00 And as we see, the prices have been really absorbed as much as the companies would like
15:04 to.
15:05 And according to some industry sources that we got, the prices may be again hiked in September.
15:12 The attempt may be done again, but we'll have to look at whether or not the demand recovers
15:16 and whether or not the prices actually...
15:18 So Rishi, help us understand this price increase that was taken in August and the one which
15:23 is anticipated in September as well, which the markets have not absorbed fully, right?
15:28 Will that have a bearing in terms of the margin profile of the companies?
15:33 It may have an impact, but the other part to look at as well, what managements are also
15:37 commenting is that the costs are expected to also decline.
15:41 The coking coal costs, if you look at, they are declining quite a bit.
15:44 So although I think, again, the prices may be difficult for them to recover, but in quarter
15:49 two, their margins may decline further is what the managements are saying.
15:54 But the second half of the fiscal is expected to be much better with the prices may also
15:58 recovering.
15:59 So that is the expectation right now.
16:01 Has there always been a challenge for companies that manufacture long products to push prices
16:07 through on the higher end because of the nature of the market?
16:11 Yeah, because as I said, it is dominated by local players who make the steel based on
16:16 scrap steel, which is a much cheaper product compared to the ISI certified products that
16:21 these companies make.
16:22 So it has been difficult as we compared it to flat steel, which is mostly used in automated
16:27 product is based on contracts and those products have a much higher margin.
16:31 So it's much easier to push.
16:32 Organized players will be the sufferers and the unorganized market is the one who will
16:36 probably see some good return.
16:38 The regional players will be the...
16:40 In the long steel market.
16:41 Absolutely.
16:42 Thank you Rishi for getting us the details of what are for the metal space specifically,
16:45 the steel oriented companies pretty closely in trade, specifically from a second quarter
16:50 perspective, I think for the next line of conversation we should be doing on this one
16:54 Alex is as to from a valuation perspective that if this is on the cards and the second
16:59 half of the year is expected to be good for them, where do valuation stand and are these
17:04 good times to invest?
17:05 But there's also the cyclicality of the sector, which is something that has been displayed
17:10 over the last couple of decades as well.
17:12 And if we're talking about a slowing China, the latest update is, of course, the lowering
17:16 of the growth expectations to 5.1% from 5.2%.
17:19 I know that's not a very significant number, but for the second largest economy in the
17:22 world, that is also saying something.
17:25 But again, the domestic demand is little stronger than the other regions, right?
17:30 So I mean, a lot of factors to consider for this one.
17:32 But let's move on from here to the kind of bulk and block deals that we have been seeing
17:37 in the market over the last couple of trading sessions.
17:40 Yesterday, again, a whole host of them from a Jio Financial Services to a Zomato.
17:45 Himansh is standing by to tell us more in terms of who have been the key buyers, because
17:50 once you sell, I mean, it depends on I mean, you become irrelevant somewhere in the market,
17:54 right?
17:55 Hi, Himansh, let us know what you've got.
17:57 Right.
17:58 So markets remain very active yesterday and a lot of the buzz was created by Zomato.
18:02 So starting off, the company saw a whole host of these trades with Tiger Global selling
18:07 its residual 1.44% stake in the company and Appalachia also selling almost 4 crore shares.
18:14 These trades were executed for an average price of about 91.
18:17 Among the buyers of Zomato shares were Morgan Stanley, Goldman Sachs, Societ Generali and
18:23 BNP Paribas, Kotak Mahindra Mutual Fund.
18:26 Now, this follows after the 12-month lock-in elapsed after Zomato had issued fresh equity
18:31 shares for its consideration of acquiring Blinkit.
18:35 The shares of Zomato were up 1.5% yesterday.
18:40 Coming on to Stride Pharma Science, Shashun Enterprises sold 2.3 lakh shares, which were
18:44 on the other side acquired by Morgan Stanley Asia for 438 apiece.
18:49 The stock closed about three quarters of a percent lower yesterday, but the stock has
18:54 been 45% higher in the past six months.
18:58 Then coming on to Star Health and Allied Insurance, three entities, ROC Capital, Madison Capital
19:03 and University of Notre Dame on Monday sold shares of this company for an aggregate total
19:10 of 1,312 crores to open market transactions.
19:13 Fiam Emerging Markets Opportunities Co-Mingled Pool bought 32.45 lakh shares, which is about
19:21 0.6% stake in the company and ICICI Prudential Life Insurance also purchased 39 lakh shares
19:26 of this company at an average price of about 610 apiece.
19:31 Now we talk about the bulk deals in the market, wherein we saw two ones where we had Ratan
19:37 India Power, where ABARC AST 002 Trust sold 4.4 crore shares at a price of 5.6 apiece,
19:46 aggregating up to about 25 crores.
19:48 And the stock also closed 2.8% up yesterday.
19:51 And lastly, we have 63 Moon Tech, where Gazania Advisory sold 3 lakh shares of the company
19:58 for about 359 apiece.
20:00 So these are some trades to watch out for.
20:02 And let's see how the market's price in the action.
20:04 All right.
20:05 Thanks so much, Hemansh, for that.
20:06 In fact, quite a lot of the action was done yesterday as well, where you saw the reaction
20:12 to some of these trades take place.
20:14 Zomato, of course, was expected.
20:16 We haven't yet seen SoftBank make a move.
20:18 So we'll have to see if that pans out in the coming days.
20:22 But let's focus on some of the news that has come in overnight after market close.
20:27 And we've got Saloni joining in to tell us some of the details here.
20:30 Saloni, what's on your list today?
20:32 Morning.
20:33 Morning.
20:34 So first, we've got two IT companies are in focus today.
20:35 So the first one is LTI Mindtree, which announced its strategic collaboration with Cast AI,
20:41 which is a software as a service company that specializes in automated cost optimization
20:46 for customers.
20:47 This partnership will help companies save on average over 60% on cloud costs as they
20:53 modernize legacy applications for cloud migration.
20:57 This collaboration brings together LTI Mindtree's Infinity platform with Cast AI's Cloud Cost
21:02 Optimization platform to provide enterprises with a complete view of their cloud portfolio.
21:08 Then the next one is TCS, which was named as a leader in Everest Group's peak matrix
21:14 for identifying and access management services.
21:17 The report evaluated 21 leading IAM service providers who offer highly tailored security
21:23 services.
21:24 The report states that TCS's active investments in identity, data aggregation and analytics
21:32 and experience of delivering customer identity and access management engagements could benefit
21:37 enterprises in securing their digital identity ecosystem.
21:42 Then the other companies that are in focus today are Gokultaz Exports and NBCC India.
21:46 So coming to Gokultaz Exports first, it entered into an agreement to acquire Atrico Group
21:53 through its wholly owned subsidiary.
21:55 The equity value of this transaction is $55 million and the same will be funded by a mix
22:00 of debt and internal accruals.
22:02 This transaction is expected to close by the third quarter of FY24, which is between October
22:06 to December.
22:07 And the other stock, as I mentioned, is NBCC India.
22:10 So the company received a work order worth Rs. 66 odd crore from the Indian Medical Association
22:15 for planning, designing and executing of IMA House at Indaprastha, New Delhi.
22:22 So the contract is for project management consultancy on a deposit work basis and the
22:27 time period for the execution is around 30 months.
22:30 Thanks for getting us the details.
22:31 I think a whole host of companies we should be watching out for as well.
22:35 But apart from this list, a lot of other companies that will be in focus as well.
22:40 And the list looks like say a KRBL, Shoffler, HAL, these are few names that one should be
22:46 watching out for in today's session.
22:48 We will have Mika who will get us more on this.
22:50 Mika, good morning.
22:51 What do you have for us?
22:52 Good morning.
22:53 So first we have KRBL whose board has approved a Rs. 325 crore buyback where the company
22:59 will buy back up to Rs. 65 lakh fully paid up equity shares, which represents 2.76% of
23:07 the company's total equity share.
23:09 The buyback price is fixed at Rs. 500 and will be carried out on a proportional basis
23:13 via the tender offer route.
23:15 The record date was set as August 25 and the buyback will open on August 31 and will close
23:22 on September 6.
23:23 And the last date of settlement of the bids on the exchanges is September 13.
23:28 Next we have Shoffler India whose board has approved a 100% shareholding acquisition of
23:33 KRSV Innovative Auto Solutions, also known as KUVerts.
23:37 The target company belongs to the automotive after-sale B2B e-commerce industries and supplies
23:43 over 7000+ workshops and has a portfolio of 1.8 million parts from various manufacturers.
23:49 Shoffler India has entered into a share purchase agreement with KUVerts for a 100% cash consideration
23:56 and the cost of the acquisition is set for Rs. 142.4 crores.
24:00 The acquisition will tentatively get over in the third quarter of this calendar year
24:05 and is in line with the company's India strategy for growth.
24:09 Next we have Hindustan Aeronautics.
24:11 The company has received a notice from both BSE and NSE.
24:14 The notices impose a fine of Rs. 36,900 penalty each for the quarter ended on 30th June for
24:22 the non-compliance of Regulation 17-1, which is in respect of composition of the board
24:27 of directors due to insufficient number of independent directors.
24:31 In this regard, the company has stated that since the firm is a government company under
24:35 the Ministry of Defence, the appointment of the independent directors have to be done
24:39 by the Administrative Department of India.
24:43 So Hindustan Aeronautics has stated that it had sent out multiple requests to the Ministry
24:47 of Defence to fill out the vacant spots but nothing had been done and since the matter
24:51 is beyond their control, they have applied for a waiver of the fines.
24:55 And in a scenario where the waivers are not granted, there would not be a material impact
25:00 on the company with regards to the penalty.
25:02 Then we have Davis Laboratory, whose director and whole-time director Madhusudana Ravadevi
25:08 has submitted his intent to retire from both positions on account of his age and health
25:13 situation and the resignation was with immediate effect from yesterday, August 28.
25:18 And lastly we have Hindustan Construction Company, who has informed that it is in exclusive
25:23 discussions with Damathieu Barde, which is a France headquarter construction and real
25:28 estate player and the discussions are in relation to the possible sale of XTC's material
25:34 subsidiary company, which is Steiner Construction, which is involved in the area of real estate
25:39 development, construction, digital transformation and financial initiatives.
25:43 While Steiner does have an India subsidiary, the company mainly has a large presence in
25:48 the Swiss real estate area because it was acquired in 2010.
25:53 Interesting.
25:54 Thank you so much, Mehika, for getting us those details.
25:56 We have discussed a whole host of stocks and in fact we started the conversation today
26:00 on macros.
26:02 We are reaching out to the Indian Meteorological Department to get some sense of the latest
26:07 updates from there and so you should stay tuned and watch this space in case you want
26:12 more details.
26:13 And with this macro, another whole host of AGMs that are happening, I think.
26:17 A quick list on your screens as well from Amaruti Suzuki to ONGC, SPI Life, Karnataka
26:23 Bank, Jubilian Foodworks, Equita Small Finance Bank.
26:27 These are a few of the names that one should be watching out for as well on the back of
26:30 the AGMs.
26:31 Absolutely and some very big names.
26:33 Alright, so that brings us to the end of this edition of Trade Talk.
26:36 There's lots lined up over the course of the day.
26:38 You'll find all of that right here on BQ Prime.
26:40 Thanks for joining us.
26:50 Thanks everybody.