- IT majors kick off earnings this week
- Saudi Arabia cuts Asia oil prices
- Maldives suspends three ministers over offensive remarks
Alex Mathew brings 'All You Need To Know' to begin your day on the right note. #NDTVProfitLive
- Saudi Arabia cuts Asia oil prices
- Maldives suspends three ministers over offensive remarks
Alex Mathew brings 'All You Need To Know' to begin your day on the right note. #NDTVProfitLive
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TVTranscript
00:00 [MUSIC PLAYING]
00:02 Good morning, and thanks so much for tuning in.
00:29 Welcome.
00:30 Happy Monday to you.
00:31 This is NDTV Profit.
00:32 My name is Alex Mathew, and you're
00:33 watching All You Need to Know.
00:35 Over the course of the next half an hour,
00:37 we'll set you up with everything you need
00:38 to know at the start of your day.
00:40 Let's start with the headlines.
00:41 [MUSIC PLAYING]
00:44 It's a cautious start for risk assets in Asia.
00:47 That's after bond yields in the US rise past the 4% mark,
00:51 as US jobs data comes in much better than expected.
00:56 Back home, the focus shifts to results
00:58 as IT majors kick off the earning season late this week.
01:03 Shares of Bajaj Auto will be in focus this morning,
01:06 as the board meets today to consider buyback of shares.
01:12 Saudi Arabia cuts oil prices to Asia to the lowest level
01:16 in 27 months, as weakness in demand persists.
01:21 China announces fresh sanctions against five US companies
01:25 in response to the latest arms sales deals to Taiwan.
01:30 The Maldives government on Sunday
01:32 suspends three of its ministers after they
01:35 shared offensive remarks against Prime Minister Narendra
01:37 Modi on his Lakshadweep visit on social media.
01:41 All right, now Saudi Arabia will cut key crude prices
01:47 for buyers in all regions, including
01:49 in the main Asia market for February,
01:53 amid persistent weakness in demand.
01:56 As of this morning, Brent crude was trading at close to $78.5
02:00 to the barrel.
02:01 Remember, this is around when you
02:04 have a lot of refiners around the world
02:06 and in the Asia region that head into shutdowns in order
02:10 to conduct maintenance.
02:12 And it seems like Saudi Arabia is using that period in order
02:16 to reduce the prices.
02:18 Now, China has announced fresh sanctions
02:21 on five US defense industry companies in response
02:25 to the latest arms deals with Taiwan.
02:27 That's according to a statement by the Chinese Foreign
02:29 Ministry.
02:30 The measures consist of freezing the properties
02:33 of those companies in China and prohibiting organizations
02:37 and individuals in China from transactions and cooperation
02:40 with them.
02:42 In international markets, major cues
02:43 are being taken from the jobs data that came out
02:46 at the end of last week in the US.
02:48 And the job growth was unexpectedly higher in December,
02:53 according to government data.
02:56 And it wraps up a solid year for the labor market there.
02:59 The US economy added as much as 216,000 jobs
03:03 in the final month of 2023.
03:05 And that's despite expectations of a slowdown
03:08 from the prior month.
03:10 And that's according to labor department data.
03:13 The unemployment rate, meanwhile,
03:14 was unchanged at 3.7% and held at a historically
03:18 low level and defied forecasts of a small uptick.
03:22 Now, all of this is leading into expectations
03:25 of higher for longer.
03:27 And remember, this is a very sharp change
03:29 from what you saw just a few weeks back.
03:32 To put some of this in perspective,
03:34 I'm joined by Arvind Sangar, who is managing partner
03:37 at Geosphere Capital this morning.
03:39 Morning, Arvind.
03:40 Thanks so much for taking the time.
03:42 It seems like some of those bets of very aggressive rate cuts
03:46 have now been unwound, with bond yields going back up over 4%.
03:52 Is this now moving back to the expectation
03:55 of higher for longer?
03:57 I suspect so.
03:59 I mean, I think people got very, very optimistic
04:02 after the December FOMC meeting that the rate cuts were
04:07 going to come much quicker than what even the Fed was
04:10 forecasting.
04:10 And I think inflation seemed to be on a strong downward
04:14 trajectory, and the hope and the expectation
04:16 was that employment statistics would also turn more moderate,
04:22 and therefore, that would support this falling inflation.
04:25 But I think there's a couple of things that
04:27 have gone to upset the apple cart.
04:30 One is, clearly, employment has not fallen off
04:33 as much as expected.
04:34 Second, which I don't think is being talked about yet enough,
04:38 is that this outage of shipping in the Red Sea and the Suez
04:43 Canal, because of the Houthi actions,
04:45 those are the kind of things that create friction that
04:48 could cause inflation to be stickier and not come down
04:53 as quickly towards the 2% that the Fed was kind of counting on
04:58 and that the market was counting on,
05:00 that the inflation is going to be so quickly on a bright path
05:03 towards 2% that the Fed can start cutting rates quickly
05:06 in March, even if it's not 2%, but it's so visibly headed
05:11 towards 2%.
05:11 And now, I think that thesis is being questioned.
05:15 OK.
05:15 So from that perspective, and we were also
05:18 talking about oil prices, and the latest update, of course,
05:21 is that Saudi Arabia is cutting prices in February
05:23 for a lot of its key markets.
05:26 Crude seems to be not rising as much as people had expected,
05:31 and it's benign.
05:33 And so from that perspective, according to you,
05:36 what are the major triggers that you're focusing in on?
05:38 The jobs data that came out on Friday was the previous trigger.
05:42 What are you looking forward to?
05:44 Well, I'm looking forward to seeing how this 35% increase
05:50 in shipping rates for container shipping, which
05:54 is consumer-related, how that plays through
05:57 in the domestic retailers, which will not
06:02 be visible in the next week or two.
06:04 But in the next month, we might start
06:06 to see some evidence of that.
06:08 And crude, keep in mind, has also rebounded a few dollars,
06:12 $5 or so off the bottom for $5.
06:15 So yes, crude is not a problem for sure at these levels.
06:21 But it bears watching to the extent
06:22 that Middle East tensions do arise further with Iran moving
06:27 a warship into the Red Sea.
06:30 I was at an energy conference last week
06:32 where people were talking about the fact
06:33 that Iraq could be an area of disruption potentially.
06:38 I mean, so these are some of the risks out there.
06:40 But I think in general, I'm not expecting a big shock
06:45 on inflation.
06:47 But I'm just concerned that the inflation subsiding
06:51 towards 2% very quickly is something
06:54 that may remain questionable for a few weeks.
06:58 And that could be why the markets are taking a breather.
07:01 All right, markets taking a breather.
07:03 Thank you so much, Arvind, for joining us and giving us
07:05 a perspective this morning.
07:06 Pleasure speaking with you.
07:08 Thank you.
07:08 All right, let's turn to the Indian equity markets
07:10 and get you the latest cues from the F&O space.
07:12 Agam is standing by to tell you just about that.
07:15 Morning, Agam.
07:16 What are you picking up?
07:17 Right, Alex, good morning.
07:19 We saw gains on Thursday and Friday,
07:21 which means that we've seen a little bit of reversal
07:23 after the kind of weakness that we saw earlier in the week.
07:26 As far as Friday is concerned, the Nifty
07:28 moved up by another quarter percent.
07:30 We saw about 2% added in open interest.
07:32 Potentially towards fresh longs.
07:35 As far as the Bank Nifty futures go,
07:37 that's where we also saw a lot of flattish movements,
07:39 but a lot of unwinding coming through.
07:41 And well, that also was perhaps a lot of the older positions
07:47 being built, which were unwound as far as Friday goes.
07:50 The question really is that where do we go from here
07:52 on the Bank Nifty.
07:53 I'll come to that in just a bit.
07:55 Let's talk about the options market
07:56 to give us an idea about the kind of range
07:58 that the option writers are expecting the Nifty to be
08:02 within.
08:02 So as far as the open interest distribution is concerned,
08:05 we're still looking at while there is max over around 21.800
08:09 at the moment.
08:10 And that will be a little bit of a resistance zone.
08:14 Perhaps positionally speaking, over the span
08:16 of the next couple of weeks, it will be 22,000
08:19 on the higher end, which will perhaps
08:20 pose as a stiff resistance.
08:23 On the lower end, it will be 21.500,
08:25 where we are expecting to see some support come through.
08:28 Let's take a look at what's happened on Friday.
08:30 And on Friday, we didn't really see too much happening.
08:32 A lot of activity was around 21.800.
08:35 And that's likely where we will continue
08:37 to see a little bit more activity when it comes
08:40 to the Nifty going forward.
08:42 Coming down to your stocks, it wasn't a great day
08:47 when it comes to market breadth.
08:48 And we did have a lot of fresh shorts in something
08:51 like Nestle, Sri Cement, Kotak Mandir Bank, Alchem
08:53 Laboratories.
08:54 And Quarteco Financials, on the other hand,
08:56 saw some longs building in.
08:58 But in terms of other stocks, we saw unwinding.
09:00 That is a decline in open interest.
09:02 We saw long unwinding across in GNFC, Chambal Fertilizers,
09:07 overall Realty Gujarat Gas, along with India Cement.
09:10 The question really is that are we
09:12 expecting a bow to consolidation?
09:15 That is the most likely scenario,
09:17 considering the kind of moves that we have seen,
09:19 the Nifty and the Nifty moving up.
09:21 Alex, and of course, today we're also keeping an eye
09:23 on the mid-cap CP expiry.
09:26 Absolutely.
09:27 Thanks so much, Agam.
09:28 And ahead of the kicking off of the earnings season
09:31 later this week, of course, you have the major IT companies
09:34 that will be reporting their numbers,
09:36 starting, of course, Thursday.
09:39 Now, let's talk about the Indian economy.
09:40 The first advance estimates on India's GDP growth
09:44 for the current financial year by the Central Statistics
09:47 Office is out.
09:49 And the Indian economy is expected
09:51 to show strong growth in the current financial year,
09:53 in fact, ahead of estimates by both economists
09:57 as well as the RBI themselves.
09:59 We've got Pallavi joining in to give you some perspective
10:02 on the latest numbers.
10:03 Pallavi, what can you tell us?
10:06 The Indian economy is expected to show strong growth
10:10 in the ongoing financial year amidst
10:12 resilient economic activity.
10:14 GDP is estimated to grow 7.3% in FY24.
10:19 That's according to the first advance estimates released
10:23 by the Central Statistics Office ahead of the union budget's
10:26 preparation.
10:27 Now, this is compared to the provisional estimate of 7.2%
10:32 in FY23.
10:33 The figure is also much better than was forecasted.
10:37 A Bloomberg poll of economists estimates GDP growth
10:40 to come in at 6.7% in FY24.
10:44 Now, the central bank had also projected growth
10:47 for the full fiscal year at 7%.
10:50 Gross value added, which strips out indirect taxes
10:53 and subsidies, is expected to rise 6.9% compared
10:57 to growth of 7% in the previous fiscal.
11:01 Most importantly, nominal GDP, which
11:04 is the figure that will be used as the base
11:06 for the upcoming budget, is estimated
11:09 to rise by just 8.9%.
11:12 That's against a rise of 16.1% in FY23.
11:16 Let's have a look at what sectoral trends are projected
11:19 to be for the ongoing fiscal year.
11:22 Agriculture is expected to see muted growth at 1.8%,
11:27 but mining and manufacturing are set
11:29 to perform better at 8.1% and 6.5% respectively.
11:34 Construction is expected to show strong double-digit growth
11:38 at 10.7%.
11:40 Trade, hotel, transport is expected to grow by 6.3%,
11:45 whereas the financial services sector
11:47 is set to grow by 8.9%.
11:50 Now, moving to expenditure trends,
11:52 here again, private consumption shows a little bit
11:56 of a concerning trend, and that's expected to grow by 4.4%.
12:02 But investments are expected to record double-digit growth
12:05 at 10.3%.
12:07 Growth in government final consumption expenditure
12:10 is being pegged at 4.1%.
12:14 All right.
12:15 So in case you missed any of those numbers,
12:16 you can find all of those details
12:18 in the story on the website, netvprofit.com.
12:21 We have to slip into a very quick break.
12:23 We're back on the other side with stock-specific action,
12:25 so do stay tuned.
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14:11 Welcome back.
14:15 You're watching All You Need to Know.
14:16 It's time to look at the stocks that are likely to be
14:18 in focus in trade today.
14:19 And there are quite a few of them
14:21 that are going to be looked at very
14:23 closely on the back of order wins,
14:25 as well as deals that are being signed.
14:27 And Mika is joining in to tell you about a few of those stocks.
14:30 Morning, Mika.
14:30 What do you have for us?
14:31 Yeah.
14:32 So first, I'll focus on the order wins.
14:33 We have Jupiter Wagons, which has received a 100 crore
14:36 order from a leading automobile manufacturer.
14:39 And this is an order for four rakes of double-decker
14:42 automobile carrier wagons.
14:44 And this kind of wagon is the first time
14:46 it's been introduced to the Indian railways.
14:48 And according to the company, it has a significant contribution
14:51 to Atmanirbhar Bharat.
14:52 And it's also-- this is on the back.
14:55 The company has been receiving multiple orders in the past
14:58 month or so.
14:58 It received a 473 crore order just on Jan 4
15:02 from the Ministry of Defense.
15:03 And it also received a letter of acceptance
15:06 from the Ministry of Railways for a contract worth 1,617.
15:11 Then we had SJVN, which has signed a power usage
15:14 agreement with Uttarakhand Power Corp.
15:16 And this is for the power supply of 200 megawatts
15:19 from an under-construction Bikaner solar power
15:23 project, which is of 1,000 megawatt.
15:25 And the development project cost of this project
15:27 is 5,491 crores.
15:30 And it's expected to be commissioned in April 2024.
15:33 And then we have an Eji Infra Engineering,
15:35 which has received a letter from the North Central Railways.
15:39 And it has been appointed for the redevelopment project
15:42 on an EPC mode for the Kanpur Central Railway Station.
15:46 And the project cost is at 655.09 crores.
15:50 And the project completion period is set for 36 months.
15:53 All right.
15:53 Thanks so much for those details.
15:55 But there's also SIPLA to watch out for, right?
15:57 Pika, because its UK subsidiary has
15:59 gotten into a joint venture.
16:01 I believe this has to do with novel cell therapy.
16:03 What can you tell us about that?
16:04 Yes, we actually have two updates.
16:06 So first one, it's UK subsidiary.
16:08 Like you mentioned, SIPLA EU has entered a JV agreement
16:11 with Chemwell Biopharma UK and MNI Ventures Mauritius.
16:15 Now, they are going to incorporate a joint venture
16:18 company in the USA.
16:19 And this will mainly be focused to commercialize
16:22 novel cell therapy in the USA, Japan, and EU region.
16:27 Now, the company will subscribe to 352 shares of $1 each
16:31 initially and have an initial investment of $0.41 million.
16:35 And post the completion of the investment period,
16:40 SIPLA EU will hold 35.2% stake in the joint venture.
16:44 And the investment completion is expected in 60 days
16:47 with the agreement signing.
16:48 And then there have been amendments
16:51 made to SIPLA Technologies and Palmatrix definitive agreement.
16:56 Now, the agreement initially was for the development
16:59 and commercialization of a drug called
17:02 Palmazol, which is mainly to treat allergic AB, PA,
17:06 and asthma patients.
17:07 Now, there were two amendments made.
17:09 First one is they're going to terminate the phase 2B
17:11 clinical trial of the development of the drug
17:14 by 30th July 2024.
17:17 And lastly, SIPLA will have exclusive rights
17:19 for the development and the commercialization of the drug
17:22 in all countries except USA.
17:24 Understood.
17:24 Thanks so much, Mika, for getting us those details.
17:27 Now, we're focusing on the insurance back
17:29 and particularly on general insurance companies
17:32 because the data for the month of December
17:35 is out and the gross direct premium
17:37 income of general insurers, excluding specialized companies,
17:41 has risen by as much as 16%.
17:43 To give you the fine print and which companies stand out,
17:46 we're joined by Harsh Saita.
17:48 Harsh, morning.
17:49 What are the key details to focus on here?
17:51 Well, yes, Alex.
17:52 So I'll break this up.
17:53 One is the set of companies which are
17:57 into only health insurance.
18:00 That particular basket has grown by a solid 26%
18:04 year over year for the month of December.
18:06 And the other general insurers have grown by roughly 15%,
18:11 just below 15%, taking the overall outside
18:14 of specialized companies to 16.2%.
18:18 So it's largely led by the health insurance pack.
18:21 Now, let's focus on some specific names.
18:23 One, Bajaj Alliance.
18:25 That one has shown robust growth within the non-health
18:29 insurance pack.
18:30 It's grown at 18%.
18:31 So it's gained market share in the month of December, 2023.
18:35 Year to date, GDPI for this one has grown by 34%.
18:39 So a significant growth prospect with regard
18:44 to its market share gains that it has seen year to date
18:47 as well.
18:49 Quickly shifting focus to ICICI Lombard.
18:51 That's the other big one.
18:53 GDPI has risen 20% for the month of December.
18:56 And year to date, it's grown by 16% for the year
19:00 to date, year over year period.
19:02 Now, New India Assurance is, of course,
19:04 the PSU stock has surged over the last couple of months.
19:07 We've seen GDPI growth there of around 14.5% for December '23.
19:12 Of course, it's able to sustain its market share.
19:15 That's a positive.
19:16 But for the year to date period, it's
19:19 grown by just 9% when the industry has grown at 15%.
19:23 Star Health, 14.5% growth for December 2023.
19:27 Year to date, it's grown by around 17.5%.
19:30 It's shrunk its market share for the month of December.
19:34 All of these will be in focus on the back of those numbers.
19:36 Understood.
19:37 Thanks so much, Harsh, for bringing us those details.
19:39 Now, we also have companies like Titan, Marico, Tata Steel,
19:42 Adani, Wilmar, and Goldridge Consumer
19:44 in focus on account of their third quarter business updates.
19:47 And Mahima is joining in to give you some perspective
19:50 on all of those.
19:50 Mahima, over to you.
19:52 Right, Alex.
19:53 So as you rightly mentioned, I'll first talk about Titan.
19:56 Well, Titan Company has reported a 22% year
19:58 on year growth in their revenue.
20:00 And they've added 90 stores in total in Q3.
20:03 And if all their segments, that is their jewelry, watch
20:06 wearables, emerging business, and carat lane
20:08 have shown double digit growth in terms of volume,
20:10 only their eye care segment has declined by 3%.
20:14 Then we had Marico, where the company's Q3 consolidated
20:17 revenue declined to a single digit on year on year basis.
20:22 And however, their gross margins have shown a robust expansion.
20:26 This is because their raw material prices have gone down.
20:29 Their domestic volumes also grew on a low single digit levels.
20:33 However, their international business
20:35 has grown on mid single digit levels.
20:38 Then coming to Goldridge Consumer Products,
20:40 the company has reported a double digit volume growth
20:42 in India and Indonesia.
20:44 The Goldridge Africa, US, and Middle East
20:46 has seen a high single digit sales decline.
20:50 However, their Latin America business
20:51 has shown a positive volume growth.
20:53 So overall, for Goldridge Consumers,
20:55 the Q3 sales has--
20:57 the growth has remained flat.
20:59 Then we have Adani Velmar, where the sales
21:01 has declined 15% year on year.
21:04 However, in terms of volumes, it is one of the best quarters
21:07 that they've recorded.
21:08 Their EBITDA oil sales margins have declined by 21% year
21:12 on year, and their volumes have remained muted
21:14 for edible oil business.
21:15 And their food and FMCG business has performed pretty well,
21:18 where their sales grew by 28% and volumes grew by 18%.
21:21 And lastly, we have Tata Steel, where the company has reported
21:24 a steel output of 5.32 million tons, which is up 6% year
21:28 on year.
21:29 And their deliveries stand at 4.88 million tons,
21:32 which is up 10% year on year.
21:33 So this is all on the back of the Q3 company update
21:36 that we have received on Friday so far.
21:39 Thanks so much, Mahima.
21:40 Sticking with company updates, and we've got news
21:43 from the banking space.
21:44 Pragati is joining in to tell you about a couple of those.
21:47 And in fact, there's also a succession update
21:50 from federal banks' stables.
21:52 Pragati, what can you tell us this morning?
21:53 Morning.
21:54 Good morning, Alex.
21:55 You're absolutely right.
21:56 On Friday, after the markets closed,
21:58 we had two business updates coming in
22:01 from the Union Bank of India and Bank of Baroda.
22:05 As far as Bank of Baroda's Q3 business updates are concerned,
22:08 we have some provisional figures on the global business updates.
22:12 The global business was up 10.7% year on year,
22:14 as far as the global advances and deposits are concerned.
22:17 Both were up 13.6% and 8.3% year on year.
22:22 Like many other banks, even for Bank of Baroda,
22:26 we saw that the advances, or the growth in advances,
22:30 was more than the growth in deposits, which is also
22:32 a trend that we are seeing across several banks this time.
22:35 As far as Union Bank of India's third quarter provisional
22:38 figures are concerned, we know that the advances are, again,
22:42 up 11.4% year on year, and the deposits are up just about 10.1%
22:46 year on year.
22:47 The total business has also not shown significant growth.
22:50 It is just up about 10.7% year on year.
22:53 But we must remember that these are the provisional figures.
22:55 The actual numbers are yet to be out
22:58 once the earning season for the banking sector
23:00 kicks off next week.
23:03 As you rightly mentioned, we have a major succession planning
23:05 update coming in from the Federal Bank.
23:09 NDTV Profit also exclusively reported on this
23:11 before, that Federal Bank has started succession planning.
23:15 And this reporting was done by us back in November.
23:17 But now we have an update through an exchange filing
23:20 that the RBI has asked the Federal Bank
23:22 to submit the names of two candidates, or at least two
23:25 candidates, for the position of the MD and CEO of the bank.
23:30 Now, this has come after the bank
23:32 sought a one-year extension for the current MD and CEO, Mr.
23:35 Shyam Srinivasan.
23:37 We must remember that Shyam Srinivasan's term
23:40 is ending in September 2024.
23:43 That is this year.
23:44 And hence, the RBI has resorted to action
23:46 and asked for the succession plans from the bank as of now.
23:51 There is a very interesting thing here
23:54 that we must remember, that the RBI norms of the April 2021
23:58 guidelines clearly mention that the post of an MD and CEO
24:01 cannot be held by the same incumbent for more than 15
24:05 years.
24:05 Understood.
24:06 Understood.
24:06 Thank you so much, Pragati, for bringing us those details.
24:09 Let's quickly focus in on Life Insurance Corporation of India.
24:11 We were speaking about this last week on the editor's cut.
24:14 And well, so happens that brokerage firm MK
24:17 has upgraded its rating on LIC to buy with an increased
24:21 target set at Rs. 975.
24:23 And Harsh is joining in to give us some perspective on that.
24:26 Harsh, it's still one of, I think,
24:28 six brokerages out of the list that
24:30 has a price that is higher than the current market price,
24:33 right?
24:34 Well, yes, one of six now, Alex.
24:37 Earlier it was five last week that we did
24:39 speak about on editor's cut.
24:41 But very quickly speaking, 35% in terms of returns
24:45 since the month of November.
24:46 And what MK seems to suggest is several factors really
24:50 aiding this flip that the stock has seen.
24:53 One is attractive valuations.
24:56 They've now, at 975 target price,
24:59 they've given it a valuation of 0.8 times embedded value,
25:04 but December 25 expected embedded value.
25:07 Now, the stock is currently trading at 0.8 times
25:10 its current embedded value.
25:12 So that's where MK really places it.
25:15 Of course, it's a December 24 target price of 975
25:19 based on December 25 embedded value, 0.8 times.
25:24 Now, the other piece is the EV growth.
25:26 The EV growth, which is the embedded value growth,
25:29 which LIC has seen has been quite steady and strong.
25:32 20% growth in the first half of FY24.
25:39 My apologies.
25:40 First half of FY24, 20% growth when
25:43 I'm looking at it on a year-on-year basis
25:44 is quite steady coming in from LIC.
25:47 Also, they believe that growth revival
25:50 has happened on a lower base.
25:52 This is, of course, from a revenue top line perspective.
25:54 And they're expecting that growth
25:56 to kick in in FY25 as well.
25:59 Along with what will really aid growth is product offerings.
26:02 Larger set of product offerings will aid growth going forward.
26:06 And another piece which MK is really keen on
26:10 is to see how the dividend policy is evolving.
26:14 Huge amount of free cash flow, which
26:15 LIC generates through dividends, as well as stock returns.
26:19 And some of those stock returns not entirely built in
26:23 when LIC gives out its guidances.
26:25 So as they start building that and as they
26:29 start seeing a cushion with regard to stock valuations
26:31 as the market has run up, MK does
26:34 believe that there is a case for a higher dividend
26:37 policy coming in from LIC.
26:39 So all of that in focus.
26:41 Of course, multiple tailwinds, hoping
26:44 that share price sustains is MK on LIC.
26:47 All right.
26:47 And the stock has, in fact, gone up quite substantially.
26:50 Thanks so much for getting us those details, Harsh.
26:52 That brings us to the end of this particular edition
26:54 of All You Need to Know.
26:55 But there's lots more that you need
26:56 to know about before the start of trade.
26:58 You'll find all of that on India Market Open.
27:00 Do stay tuned.
27:01 This is NDTV Profit.
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