- #KotakMahindraBank, #GarwareTechnical Fibres, #EleconEngineering
Agam Vakil brings you the bulk and block deal highlights of the day on 'Large Trades'. #NDTVProfitLive
Agam Vakil brings you the bulk and block deal highlights of the day on 'Large Trades'. #NDTVProfitLive
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TVTranscript
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01:19 - Benchmark indices in the red,
01:21 S&S falls over 400 points,
01:23 while Nifty trades below 21,600.
01:26 Most of the sectoral indices trade in the red,
01:31 PSU Banks and FMCG emerge as the top losers.
01:35 Meanwhile, Realty and Auto in the green.
01:37 The Indian mutual fund industry
01:42 reached a significant milestone at the end of 2023,
01:46 crossing the 50.78 lakh crore rupees mark
01:50 in assets under management for the first time,
01:54 according to the Association of Mutual Funds in India.
01:57 And Jupiter Wagons aims to improve return on equity by 20%,
02:04 says MD Vivek Lohia, while speaking to NDTV Profit
02:09 that management paints a bullish outlook,
02:13 stocks soar over 3% on the back of auto wins.
02:19 And the Supreme Court has announced
02:21 that it will hear all the appeals pertaining
02:24 to the 28% taxation on all online gaming companies.
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02:35 Hello and welcome, this is Large Trades,
02:44 I'm Agam Vakil, and in this show,
02:46 we talk all about bulk deals, block deals,
02:49 and a whole host of volume buzzers.
02:51 Well, in today's day of trade,
02:53 at least as far as the markets are concerned,
02:55 we've been seeing a little bit
02:57 of volatility return to the markets,
02:59 and while they may have remained range bound,
03:01 the movements are sharp, but at the moment,
03:04 we are seeing, well, some amount of weakness
03:07 as far as the benchmarks go,
03:08 about a half percent cut for the Nifty,
03:10 it's the same for the Sensex as well,
03:13 and when it comes to the Bank Nifty,
03:15 that's where we're seeing a little bit more gyration,
03:18 but that was also in fact trading near day's lows,
03:21 down by around 2.7%.
03:24 The question is, what do we do from here,
03:25 and where do we go?
03:26 Let's very quickly take a look
03:27 at all the constituents of the Nifty,
03:29 and where we are in fact seeing
03:31 that pull and push coming through.
03:33 So, as you can see on your screen there,
03:36 a whole host of names from the FMCG pack
03:39 are weighing down on the industries,
03:41 along with of course, two of the heaviest companies,
03:44 Reliance Industries and HTFC Bank,
03:46 TCS and HUL are also in focus.
03:49 Let's not forget something like an ITC and HUL
03:52 are in fact those which are under pressure at the moment,
03:56 and which are also dragging the industries
03:58 to a certain extent.
03:59 On the other end, we don't have too much gains coming through
04:03 but, well, we do have something like,
04:06 the Adani Group companies, and besides that,
04:08 NTPC up and about, but not as much to keep
04:11 and give significant support as far as the Nifty's concerned.
04:15 That's as far as the markets go.
04:17 Let's take a look at what we are addressing
04:19 in terms of stocks in focus today.
04:22 Now, Solar Vineyards is looking at a tremendous up move
04:26 as we speak at the moment.
04:28 We are seeing substantial gains coming through,
04:31 and this is on the back of gains seen
04:33 in the previous session already.
04:35 Kotak Maindra Bank, not too many big moves out there.
04:39 It's declining by around 1%,
04:40 but remember that there has been a small bulk deal here,
04:44 but that's not the reason why we're gonna talk
04:46 about Kotak Maindra Bank.
04:48 There is another reason.
04:49 It's perhaps it's relative underperformance.
04:51 We'll take that up as well,
04:53 moving in this edition of Last Trades.
04:56 Besides that, we have Garwari Technical,
04:58 which is the other one,
04:59 which has actually got a lot of investors fancy,
05:02 and of course, Silicon Engineering.
05:04 This is one of those stocks with the silent movies.
05:07 This is one of those counters which have, in fact,
05:11 quietly moved up over the course of the last one year.
05:16 That said, let's start the show with a new milestone
05:20 that Indian markets have covered.
05:22 That's some mutual fund industries assets under management
05:25 which crossed 50 lakh crore.
05:27 We spoke to the Amfi Chief Executive Venkat Chalsani.
05:31 Listen in to a slice of that conversation.
05:34 - One important thing that I would like to tell you
05:37 while I talk about the data
05:40 is the growth in which we have moved.
05:41 I mean, while we have seen as of 2013,
05:46 the numbers were around 10 lakh crores.
05:49 For it to grow to 10 lakh crores to 20 lakh crores,
05:53 it took three years.
05:55 And from 20 to 30 took again three years.
05:58 30 to 40, it has taken two years.
06:01 But 40 to 50 lakh crores,
06:03 when it touched, it took only one year for us to grow.
06:06 So we are very thankful for all the investors,
06:11 the AMCs, we're thankful to the distributors,
06:15 the regulators, whose guidance, support
06:20 was very much required for us to achieve these numbers.
06:23 The enthusiasm that we are seeing,
06:27 as one of the points that you asked was,
06:29 what is the growth that we are seeing?
06:31 If you look at my SRP numbers,
06:33 the SRPs, there is a growth of around 17,700 crores
06:37 during this particular month,
06:39 as again is 17,000 plus crores during last month.
06:43 The trend of the SIPs,
06:45 although the numbers are going to come,
06:48 but as we speak now,
06:49 the trend was almost around 66% were coming
06:53 from the urban centers and 34% were coming
06:55 from the rural center, non-top 30 centers.
06:59 But the trend is slightly reversed now.
07:02 It has from 66, it has come down to 62%
07:05 and the other number has gone up to 38.
07:07 But the final numbers will be coming,
07:09 but there is a momentum from top 30 to beyond 30 centers.
07:14 - Okay, from there on, we put the spotlight
07:18 on all the last trades that we're talking about today.
07:20 And right at the top, we have Garwadi Technical,
07:22 which has jumped over 10% in trade today.
07:24 And this is on high volumes too.
07:27 Let's get in Anushi to talk to us
07:30 about what may have happened here,
07:33 as well as what the credentials of the companies are.
07:37 Anushi, good afternoon.
07:38 - Right, good afternoon, Agam.
07:39 So as you mentioned, quite a volume buzzer today
07:42 with its volumes buzzing at about 11.8 times
07:45 its 30 day average, while the stock did hit
07:48 an intraday high of about 10.3% in today's trading session.
07:52 But just to get a perspective,
07:53 let's look at the key shareholders of the company involved,
07:56 as you mentioned about a lot of institutional interest
07:59 in the company.
08:00 So if you look at the promoter group,
08:02 that the holding stands about 53% odd,
08:05 but then we have the mutual funds team
08:07 like SBI Magnum Global Fund,
08:09 which has about 2% stake in the company
08:12 and Kotak Small Cap Fund,
08:13 which has about 5% stake in the company.
08:15 Other key investors also include
08:17 the likes of White Oak India.
08:19 So that should also remain in focus.
08:22 Now coming to the performance,
08:23 not such a great first half for the company over here
08:26 with its revenue being down by about 1%
08:29 at rupees 654 crores for H1 of FY24.
08:33 While they did see improvement in its margins
08:37 of about 384 bips at 19.39% compared to 15.55%
08:42 it had clocked in last year.
08:45 If you look at the overall stock performance,
08:46 the stock has seen about a 17.4% upside
08:50 in the past six months,
08:51 while about 20% upside in the past year.
08:55 So that's all on Garbare today.
08:57 - Okay, well, thank you so much Anushi
08:58 for getting us those updates on Garbare Technical.
09:00 Do remember there has been a lot of institutional interest
09:03 as well as a lot of fund interest in this one as well.
09:06 And which of course is continuing to move
09:08 from strength to strength.
09:09 But from there on we move on to,
09:11 well, a very large gap, that's Kotak Mahindra Bank.
09:15 The reason why we took this up was of course,
09:18 a very small bulk deal coming through.
09:21 But we couldn't help but notice
09:23 that over the span of the last three years,
09:25 while the Bank Nifty has advanced by well over 60%,
09:29 Kotak Mahindra Bank has given no returns whatsoever.
09:32 The question is that, why is that so?
09:35 Is this perhaps an issue with respect to valuations?
09:40 And if yes, then why is it that there's a big divergence
09:43 between the Bank Nifty and Kotak Mahindra Bank?
09:45 Let's get in my colleague, Harsh Setta,
09:48 who understands the space very well,
09:50 to perhaps give us an perspective here.
09:52 Harsh, what is your take on this?
09:54 - Well, yes, it's a very interesting piece
09:56 that you pulled up for us, Agam.
09:59 But let me try and break this down.
10:01 You know, zero returns for three years,
10:03 largely unheard of from the likes of a Kotak Mahindra Bank,
10:07 because it's always been a very strong growth player
10:11 in the Indian market.
10:12 Now, you know, where the current stock price performance
10:16 is concerned, it's largely an overhang
10:18 from a leadership perspective.
10:20 So you had the likes of an Uday Kotak walk away
10:23 from the MD position.
10:25 And of course, his tenure was getting over
10:28 in the month of December 23 as well,
10:30 but he walked away in September.
10:32 So that was probably one of the first big drags
10:36 with regard to where Kotak is concerned.
10:38 So it will have to continue to deliver on asset quality
10:42 as well as growth going forward.
10:45 Those are gonna be the two key metrics
10:46 which most investors are gonna track.
10:49 And of course, some amount of management commentary
10:53 under the new management as they transition
10:56 as to what will happen there.
10:58 Where valuations are concerned,
11:00 it's a very interesting inflection point
11:02 that Kotak is currently at.
11:03 It's trading at just about three times price to book
11:07 and two and a half times forward.
11:09 So if I'm looking at the FY24 forward number,
11:11 it's roughly two and a half times forward.
11:14 That's a decade low in terms of valuations
11:17 for Kotak Mahindra Bank.
11:18 This is a bank which is growing at roughly 20, 25%
11:23 in terms of its advances.
11:26 And it continues to have a very,
11:28 and enjoy a very healthy name.
11:30 It's one of the highest clocking margins
11:33 in the large gap banking space.
11:35 Five plus percent is very, very unheard of.
11:38 You don't have the likes of an ICICI access, HDFC clock,
11:41 anywhere close to those kinds of margins.
11:44 And therefore, the business is at an extremely robust point.
11:48 But my belief is it's just the leadership overhang
11:50 that's causing this kind of a stock price performance,
11:54 which has been largely flat for three years now.
11:56 - Right, fair enough, Harsh.
11:57 Some very, very interesting insights coming in.
12:00 While it does trade at a historical discount,
12:03 about 2.5 price to book,
12:06 that's a decade low as Harsh has pointed out.
12:09 Well, the question really is that
12:11 if its margins are a lot more robust
12:13 as compared to its peers,
12:14 why is it that we are seeing that underperformance,
12:17 that relative underperformance in Kotak Bandra Bank?
12:19 Perhaps these answers will be coming through for us
12:24 in this coming year.
12:25 But Harsh, thank you so much for getting us those insights
12:27 as far as Kotak Bandra Bank's concerned.
12:29 From there on, we move on to perhaps the biggest gainer
12:32 in today's year of trade, and that's Sula Vineyards.
12:35 High on spirits, we are looking at volumes buzzing there
12:39 as well.
12:40 Let's get in Mahima to revisit Sula Vineyards
12:44 as to what's really happening.
12:45 Mahima, good afternoon.
12:46 Good afternoon, Agams.
12:47 As you rightly mentioned, the stock is high on spirits.
12:50 Well, this is on the back of the news
12:52 that government of Maharashtra has reinstated
12:55 the subsidy for wine for the coming five years.
12:59 Now, this is important because Maharashtra accounts
13:01 for 45 to 50% of Sula's volumes.
13:04 And if you talk about the subsidy,
13:06 it's basically 80% of the subsidy on VAT paid
13:09 on the sales of the wine.
13:11 And the subsidy accounts for 13% of the retail price
13:15 of the Sula wine.
13:15 So this removes the key headwind for Sula.
13:19 So this is the update due to which the stock has been moving
13:22 in terms of volume and both in terms of price as well.
13:26 Also, on a broader outlook, if you see Sula's wine tourism
13:30 and Sula's premiumization strategies,
13:32 pretty well working for the company.
13:35 Mahima, so what are the brokerages making of Sula wine?
13:38 Right.
13:38 So we had a CLSE on Sula, and it has upgraded its rating
13:42 from outperforming to buy with a target price of 863,
13:46 which is an upside of 51%.
13:48 And they've mentioned that they expect wine consumption
13:50 to grow at a CAGR of 15%.
13:53 And they've also said that the reinstatement of subsidy
13:56 should remove all kind of investor concerns.
13:59 If we talk about the stock performance overall,
14:01 the stock has been up most since its IPO today.
14:04 And it has touched an intraday high of 17.6%,
14:09 and volumes are trading at 12.5 times its 30-day average.
14:12 So overall, also, if you see one year,
14:14 the stock has given over 97% of returns.
14:16 And all analysts are pretty much bullish on Sula Vineyards.
14:21 Out of five analysts, all five are bullish on Sula.
14:24 So it's a very good day for Sula as a whole.
14:28 OK, thank you so much, Mahima, for getting us
14:30 that take on Sula Vineyards.
14:32 And on to another very interesting company,
14:35 and that's Elekorn Engineering.
14:37 Now, this is another stock which is in focus today.
14:40 And we've seen a sharp surge in not only just volumes,
14:45 but also in the price.
14:47 More interesting bit is that this
14:48 has been another quiet mover, hasn't it?
14:51 Over the-- through the course of the year,
14:53 it has moved and currently at life highs, or near life highs.
14:57 But it's not one that we usually talk about.
15:00 Currently, it's sitting pretty just shy of the 1,000 rupee
15:04 mark.
15:05 But it certainly has a market capital of around 11,000
15:08 crores.
15:08 But I'm going to say no more and get in, Mehika,
15:10 to tell us more about today's action.
15:14 Yes, Agam.
15:15 So like you said, a silent mover.
15:18 Went to an intraday high of almost 10%
15:20 and hit its life high today.
15:22 And over the past year, the stock
15:24 is up 2.66 times from where it was a year ago.
15:28 Now, volumes were over 8.5 times its 30-day average.
15:32 And the total volume stood at 22.09 lakh shares.
15:35 A little bit about the company.
15:37 Now, the company is a manufacturer of power
15:38 transmission industrial gearboxes and material
15:41 handling equipment.
15:42 It caters to various sectors like sugar, plastic, steel,
15:46 cement, oil, tires, among few.
15:48 Now, 86% of its FY23 revenues were from the gearbox segment.
15:53 And for the gearbox itself, it has a manufacturing capacity
15:57 of 12,000 gearboxes per annum.
15:59 And these are just the catalog product gearboxes.
16:02 The company also operates in customized engineered products.
16:06 And it has 60,000 gear components per annum capacity
16:09 for the component space.
16:10 And the capacity utilization is at 70% to 75%,
16:13 which is the highest in the past decade.
16:15 The company also recently entered
16:17 in the manufacturing space of high speed gearboxes.
16:20 And that makes it--
16:21 it competes with Triveni Engineering in the power
16:23 segment.
16:24 And when you compare the stock prices,
16:26 Triveni Engineering is up only 20% this year,
16:28 while Elecon has surged almost more than two times.
16:33 Right.
16:34 Megha, can you also give us a little more
16:37 in terms of what's happening with respect to the company
16:41 and how the performance has been to give us
16:44 a little more context here?
16:45 Yeah.
16:46 So I'll start with the quarter two results.
16:47 The revenues were up 24% year on year.
16:49 And EBITDA margins also improved to 24.5% versus 23.8%
16:54 a year ago.
16:55 And if you see the year on year trajectory of the EBITDA
16:59 margins, they do improve every year for the company.
17:02 And the company also saw a net profit growth of 37.3%.
17:05 Now, the company is also creating a niche.
17:07 It's entering the gearbox export segment.
17:09 Back in 2010, it acquired UK-based subsidiaries
17:14 where they assemble gearboxes out over there
17:18 from Indian components and give it to EU firms.
17:21 And the export share of the company is currently at 29%.
17:24 And the management targets 40% in the next three years
17:28 and 50% by calendar year 2030.
17:32 And lastly, in terms of new forays in the future outlook,
17:34 the company is looking to tap to sectors
17:36 like solar, wind, and railway.
17:38 And it's also one of the major focus points
17:41 is it's going to focus more on the supply of products
17:44 and aftermarket product business while it's
17:48 continuing to move away from the EPC project
17:51 business of the company.
17:53 Right.
17:53 Always great to get an insight out
17:57 on a company which has been a silent mover.
17:59 Mihika, thank you so much for getting us those details
18:02 as far as Elecon Engineering is concerned.
18:04 And it'll certainly be on our radar for much of the time
18:08 to come.
18:08 But with that, it's time for a short break.
18:11 Don't go anywhere.
18:12 We'll be right back.
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20:20 Welcome back to Last Trace.
20:22 Oil marketing companies have increased the price
20:24 of ethanol source from maize to over 5.5 per liter.
20:28 We spoke to the management of BCL Industries
20:31 on how this impacts the company and what
20:33 it means for the industry.
20:35 Here's a slice of that conversation.
20:38 This is a very positive update for the industry as a whole
20:42 and specifically for our company.
20:44 If you have been tracking our company for the past few years,
20:47 we've been always saying that maize-based ethanol
20:50 is the future.
20:51 And we will no longer be reliant on rice in the coming times.
20:56 And there are many reasons for it.
20:57 One being crop diversification is a major goal
21:02 for the government.
21:03 And areas where water level is low,
21:05 maize will be a great alternate to paddy.
21:08 And currently, what we're seeing is
21:10 that the maize is being procured by the industry above MSP
21:14 level.
21:14 So that is great news for the farmers,
21:17 the government, and the industry.
21:19 So if we talk about our company, we
21:21 have been operating 100% on maize ethanol
21:24 the past few months now.
21:26 And we will continue to do the same.
21:30 And this is a very positive step by the OMC and the government
21:35 to increase the price because we had
21:36 seen that the raw material prices were increasing.
21:39 And to help us sustain our margins
21:41 and make our units sustainable and viable in the long run,
21:45 this step was very much needed.
21:47 And this has also made it clear that maize-based ethanol
21:52 is the long-term goal of the government.
21:54 And keeping that in mind, the company
21:57 has chalked out about a 700-caro expansion plan
22:02 for the next three years, which includes another 150-KLPD
22:09 brownfield capacity expansion at Bathinda,
22:12 for which we've already moved our file with the MOEF.
22:17 We also wish to do another greenfield grain-based
22:20 distillery project, manufacturing ethanol.
22:24 The details are being finalized.
22:26 And as you might be aware, the company
22:29 is currently producing about 11 megawatts of power
22:32 from paddy straw, which has benefited
22:34 the company and the environment.
22:36 And we expect and we are planning
22:39 on adding another 11 megawatt of power in Bathinda
22:42 that will be sourcing its power from paddy straw.
22:44 So that will be another about 1 lakh metric ton of paddy straw
22:49 a year that we'll consume.
22:50 And besides that, the company looks
22:54 to expand further in the biofuel and bioenergy division.
23:01 And using maize as a raw material,
23:04 we'd be also looking to expand into the biodiesel industry
23:08 as well.
23:09 Right.
23:10 Kaushal, firstly, if you could take us
23:12 through the different segments that the company is working
23:15 with, if you could give an idea of the kind of growth
23:17 that we can expect.
23:18 Because the space that you guys are working with
23:22 in terms of business, it seems like there
23:24 could be substantial growth coming in.
23:27 If you could just elaborate a little more
23:28 in terms of the several segments that you are in,
23:31 and where will the bulk of these investments
23:34 go into the future, based on which you can, in fact,
23:36 expect even higher growth to come through.
23:39 Right.
23:40 So our original business and our most traditional business
23:44 has always been edible oils.
23:46 So we have seen that with the increase in import
23:50 in the edible oil industry, companies like ours,
23:54 which rely on indigenous edible oils, have suffered a little.
23:59 And over the past two years, it seemed
24:01 like Atmanirbhar Bharat applied to edible oils as well.
24:05 But now with the duty being cut to zero,
24:08 the company is looking to slowly disinvest from this sector
24:14 and see what parts of it to retain, whether any at all.
24:19 But now instead, focus on biodiesel,
24:22 which is made from various oils that have been used
24:27 and are low in quality.
24:28 And the company sees a great future in that sector,
24:31 as the mandate is of 5% lending, whereas the country is currently
24:36 at 0.1%.
24:37 So that is a sector the company will shift its focus on
24:42 from the edible oil sector.
24:43 The other sector for the company is the distillery sector,
24:47 where we manufacture both ENA and ethanol.
24:51 So both our units have the flexibility
24:53 of manufacturing either ENA or ethanol,
24:55 depending on the demand.
24:57 And this is a sector where our company
24:59 has grown from a 200-KLPD company about two years ago
25:04 to now a 600-KLPD company.
25:06 And hopefully in the next couple of months,
25:08 we'll be a 700-KLPD company.
25:10 So for the next financial year, we
25:14 expect a turnover of around 1,750 to 800 crores
25:18 to come from the distillery sector.
25:22 The edible oil sector will see a decrease in the turnover
25:27 from the past.
25:28 But now with the biodiesel business
25:32 being expanded into biodiesel business,
25:34 we hope for that to come into production
25:36 in the financial year '24, '25.
25:39 And besides that, the company is looking
25:41 to add another 1,000 crore capacity in the ethanol
25:50 business via Greenfield project, which
25:51 will take another two, three years
25:53 to come into commissioning.
25:54 Right.
25:55 Kaushal, you did speak about the Brownfield expansion as well
25:58 as Greenfield expansion.
26:00 If I'm not mistaken, if I've got the number correctly,
26:02 you're looking at about 700 crores, which
26:04 will be deployed over the course of the next three years.
26:07 What does that mean for debt going forward?
26:10 See, luckily, the cash flows remain good for the company.
26:17 So we are hoping to reduce some debt.
26:20 But to fund a further expansion, it
26:24 will be done by internal approval
26:26 and raising some debt.
26:27 And the company will also look at if at the right price
26:33 and the right opportunity, if there are any fundraising
26:36 options that come up, the company
26:38 will look into that in the coming times.
26:40 Right.
26:40 And a final question then, Kaushal.
26:44 I'm looking at your numbers, and we are looking at year
26:46 on year growth, a lot of that for the reasons
26:49 you already mentioned to us right now in this conversation.
26:51 And I reckon you won't be able to talk
26:53 about the final quarter of this financial year.
26:56 That said, when it comes to FY '25,
26:59 what kind of growth rates can we expect
27:01 in terms of the top line as well as the bottom line?
27:05 See, in the distillery sector for the next financial year,
27:08 as I mentioned, company expects to do about 1,700 to 1,800
27:12 crores of revenue from the distillery sector.
27:15 And we are hoping and expecting that the margins will
27:18 sustain in this business.
27:22 So historically, we've experienced 15% EBITDA margin
27:26 in this business.
27:27 So we expect that to continue.
27:29 For the edible oil sector, we expect
27:32 that in the next financial year, our revenues
27:35 will decrease from where they are currently.
27:38 But that will only be a short-term thing
27:41 as we are looking to expand into the biodiesel business, which
27:44 is a higher profitability business as opposed
27:47 to the edible oil business.
27:48 All right, well, that's what you have
27:53 in terms of BCL Industries and the kind of updates
27:56 that we have going forward.
27:57 And on that note, it's a wrap on last rates.
27:59 But there's lots more lined up on the other side.
28:01 Stay tuned to NETB Profit.
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32:01 Hello and welcome to India Market Close.
32:05 And it's not a very fun Monday afternoon for the street.
32:08 It's a day of profit-taking. We are tracking global cues.
32:11 Remember, Europe has opened up and they are looking weak.
32:14 Asian markets also saw a bar of profit-taking emerging today.
32:17 Well, that's the Nifty. It was indicating in early hours of trade as well.
32:21 It would be a weak morning. And that's pretty much how it's played out.
32:24 The Nifty is at 21,544. Remember, 21,550 is going to be an important level
32:29 that the market participants will be tracking.
32:32 We are trading just around those levels at this stage.
32:35 Bank Nifty is leading the way down. It's been volatile all through Thursday and Friday as well.
32:39 Today is no different. 1.5% cut coming in on Bank Nifty.
32:42 47,527 is what we have.
32:45 47,500 is pretty much going to be an important point that bulls will be watching out for on the street.
32:51 This morning, this afternoon rather, broader markets also doing badly.
32:54 They are performing in line with the benchmarks.
32:56 So no relief coming in in any area of the market.
32:59 The mid-cap is based on almost a percent.
33:01 Small-cap index though not doing as badly, down about 0.5% in trade.
33:04 So that's the market dynamics that we are seeing.
33:07 It's an afternoon of profit-taking. Like I said, Europe is looking weak.
33:10 Asia was weak. We've had a good run in the last couple of days.
33:13 But there's been a struggle for the markets to be trading.
33:16 The breadth of the markets deteriorated substantially from the get-go this morning.
33:21 Most of the counters are declining. You've got a handful of gainers in trade.
33:24 And they are really not specific to a trend or a sector.
33:27 Adani port is up and about. HCL tech is not doing too badly.
33:31 BPCL on back of an upgrade is trading firm.
33:34 Ayesha Hiromoto from the AutoPak doing OK.
33:38 And so is Bajaj Auto. So Auto is seeing just a little bit of buying.