- #Sensex, #Nifty slip into red
- #IREDA, #CanfinHomes in focus
Hiral Dadia and Hersh Sayta bring you small and midcap stocks to keep up with on 'The SMID Show'. #NDTVProfitLive
- #IREDA, #CanfinHomes in focus
Hiral Dadia and Hersh Sayta bring you small and midcap stocks to keep up with on 'The SMID Show'. #NDTVProfitLive
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TVTranscript
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02:52 - Hello and welcome.
02:58 You're tuned into the Small and Mid-Cap Show.
02:59 I'm Heeral Dadi and with me is Harsh Saita.
03:02 Harsh, a very good morning.
03:04 Clearly, if you see from a market's perspective as well,
03:06 it's very interesting to see the kind of volatility
03:09 that we've already seen
03:10 in the last couple of trading sessions.
03:12 Yes, there is that little lack of confidence right now
03:15 that the investors are having.
03:17 We are below the 21,600 mark,
03:20 pretty much on the borderline in today's day of trade,
03:23 but it's trading in the negative.
03:25 We've hit a low of around 21,519 in today's session
03:29 and a high of 21,750.
03:31 So, gyrations have been pretty huge.
03:34 In terms of stock-specific action,
03:36 the ones which are putting pressure today,
03:37 HDFC Bank is the top loser
03:39 with cuts of around 2.5% coming in there.
03:41 Coal India is down in trade.
03:43 Britannia, ONGC, as well as the BPCL
03:45 are trading under pressure.
03:47 Moving on to the gainers,
03:48 CIP Plus, 7% to 8% is the kind of up move
03:51 and this is post the earnings.
03:53 Impact coming in on Asan Pharma as well.
03:56 Bharti Airtel, and this is on one of the subsidiaries
03:58 which has filed the IPO papers,
04:01 that stock is up in trade as well.
04:02 Power Grid and ICICI Bank, which is reacting to numbers,
04:06 2.5%, 3% up move coming in there.
04:09 If you see in terms of Bank Nifty,
04:11 over 300 points is the kind of cuts
04:13 that we are seeing as we speak right now
04:14 and we're trading below the 45,750 mark
04:17 in terms of Bank Nifty.
04:19 And overall, if you see the advance decline ratio
04:22 absolutely skewed towards the declines.
04:24 You just have ICICI Bank and the Kotak Mahindra Bank
04:27 which are trading in the positive.
04:28 But IDFC First Bank which is down over 5% in trade,
04:32 again reacting to numbers as we speak.
04:34 So that's the picture with regards to where benchmarks go.
04:37 Harsh, very quickly in terms of if you see broader markets,
04:40 what's the painting looking like?
04:43 - Well, clearly underperforming the benchmarks
04:45 here in trade today.
04:46 It's a tough day of trade,
04:48 especially within the broader market basket.
04:51 And what we are seeing within the Nifty mid-cap,
04:53 especially is if we can pull up the likes
04:56 of a policy bazaar, Max Health, Petronet, LNG,
05:00 all of which are gaining nearly 6%.
05:02 I'll focus on the positives first off.
05:04 And within the basket of negatives,
05:07 we're looking at the likes of a Z,
05:08 no surprise there, down 15% now as we speak.
05:12 We also have the likes of an Oberoi Realty
05:14 after its numbers down 7.5%,
05:16 4% RVNL also seeing a bit of a correction,
05:19 they're 7.5% lower in trade today.
05:22 Some of those railway stocks also in focus,
05:24 but outside of that basket,
05:26 I also wanna highlight IDFC first,
05:28 which is down 5+% as we speak.
05:30 In terms of the smaller cap indices,
05:33 again, I'll stick with the banks first off.
05:35 You're looking at the likes of Karur Vaishya,
05:36 which is up nearly 7% in trade.
05:39 You have Aegis Chemicals, Medanta,
05:41 which are both gaining anything between 3 to 5% odd.
05:44 Among the losers, you have the likes of a Rites,
05:47 a HUDCO, again, an IDFC limited
05:50 within that small cap basket,
05:51 taking around a 6% hit, a bit on the chin there
05:55 in terms of IDFC on the back of those numbers.
06:00 But let's quickly shift focus to Canfin Homes.
06:03 That's one of the stocks which is in focus
06:06 on the small and mid cap show here with us today.
06:08 The stock is trading with cuts today.
06:11 Housing finance company's provisions
06:13 were at around 30 odd crore rupees.
06:15 You saw asset quality took a bit of a hit in Q3,
06:18 whereas the outstanding loan book
06:20 has gained roughly 30 odd percent.
06:22 It's now reached that 34,000 crore mark.
06:24 We have with us Suresh Iyer,
06:26 who's the MD and CEO at Canfin Homes.
06:29 Good morning, sir.
06:30 Welcome to NDTV Profit.
06:31 - Morning.
06:32 Yeah, good morning.
06:33 - All right.
06:34 So I just want to try and first off understand
06:37 this 13% kind of growth,
06:40 what can we expect on full year FY24
06:42 and what's the outlook for FY25 looking?
06:46 We're very close now to the end of the year.
06:49 - That's correct.
06:50 For the current year,
06:51 we would stick to this 13 to 14%
06:53 because in the fourth quarter,
06:54 it can't move the needle too much,
06:55 but we would be looking at a 13 to 14% only.
06:59 But going forward next year,
07:01 we can definitely look at upwards of 15%
07:04 in terms of growth, AUM growth.
07:06 That's the projection we have.
07:08 - Right.
07:09 Suresh, this is Hiral on this side.
07:10 Now, one thing that I want to pick up with you
07:12 is on the loan growth.
07:14 In the second quarter,
07:15 we did see a 16% growth coming in there.
07:18 This time around, we are at 13%.
07:20 Disbursements have fallen around 7% on a sequential basis.
07:24 Taking this into consideration,
07:26 how are you looking at the overall year?
07:29 Because clearly the last time when we spoke around as well,
07:32 you were absolutely confident of maintaining
07:35 or probably the growth momentum to be picking up
07:38 and that would cover the shortfall of the second quarter.
07:41 But this time around, it's lower.
07:43 So where is the miss?
07:45 - No, actually we had in the second quarter a mishap
07:50 because of which we had to incorporate a lot of
07:53 procedural changes and tightening of the processes.
07:57 And we were expecting that all that will not take
08:00 too much of an impact on the business.
08:02 But clearly that was not the case.
08:04 And October where we implemented the central disbursements
08:07 and central reconciliation and the processes,
08:09 there we've had a bit of an impact.
08:11 And even going into half of November, we had that impact.
08:14 So basically, that has what has resulted
08:17 in the Q3 performance not being up to the mark.
08:20 But now we are kind of back to the 700 crore
08:23 average disbursement per month kind of a run rate.
08:25 So in Q4, we can look at a 2,500 kind of disbursement in Q4.
08:30 - Overall, you were eyeing disbursements
08:34 worth 10,000 crores in FY24,
08:37 out of which almost 6,000 would come in in the second half.
08:41 Do you think we'll see a miss on that number?
08:44 - Yeah, definitely we will not be able to touch 10,000 crore
08:47 but we are looking at somewhere in the range
08:48 of about 8,700 to 9,000 crores in terms of the disbursement.
08:52 Presently, we are around 5,800.
08:54 So that's the number we are looking at
08:56 for the end of the year.
08:57 - Sure, understood.
08:59 And let me try and come on margins actually.
09:03 Your margins have actually gone up
09:04 by roughly 12 bips or thereabouts.
09:07 How does the margin trajectory go from here?
09:09 Because what we will see from the NBFC basket
09:13 is a little bit of margin contraction, which was expected.
09:16 Yours has actually expanded by 12 bips sequentially.
09:19 So going forward, how should one look at it?
09:21 We are gonna be in a more benign rate environment,
09:25 hopefully in 2024.
09:27 So how should margins evolve in that case?
09:30 - See, first of all, let me explain why the margins
09:33 have actually improved in this current quarter.
09:35 In the beginning of the quarter, we had about 6,700 crores
09:39 where one rate cut was yet to be passed on
09:41 because on the asset side, we have an annual reset clause.
09:45 Whereas on the liability side, when the rates were going up,
09:48 we had the full impact of the rate increase.
09:50 But on the asset side, this was a little delayed
09:52 and there was a lag effect.
09:53 So, but now, in fact, in the end of the quarter,
09:57 we have now the entire 6,700 crore,
09:59 which has experienced at 35 bips increase,
10:02 which is the reason why our NIMs have improved.
10:05 But now with the entire portfolio
10:07 having already experienced,
10:08 this is the kind of real estate level of spread
10:11 and NIM that we are looking at.
10:13 And having said that, we are also looking at
10:15 slightly increasing our ticket size,
10:16 which will require us to offer a slightly,
10:19 you know, attractive rate in the market.
10:22 And this being the final quarter,
10:24 we'll also be offering some discounts,
10:25 which normally is the trend in the market.
10:27 Because of that, our incremental spread
10:29 will probably impact a little bit.
10:31 So we can expect somewhere in the range of about 2.6% spread
10:35 and 3.7, 3.8% NIM for this quarter.
10:39 That is the fourth quarter end of it.
10:42 And one thing which also will impact us
10:44 is that, you know, in the end of this third quarter,
10:47 we had a ratings upgrade from ICRA.
10:51 And from a AA+, we have now become a AAA rated,
10:56 this thing for our borrowing program.
10:58 This will also help us in, you know,
11:00 managing our spreads a little better in the Q4.
11:02 - Okay.
11:04 So, Suresh, overall, you know,
11:07 I'm just looking at the other aspect
11:09 when I'm looking at the margins as well.
11:11 Now, we have seen healthy,
11:14 I mean, the medium term demand you had said was healthy.
11:17 The yields that were aided by the loan repricing,
11:21 and that's what improved your margins
11:22 in the second quarter pretty sharply.
11:25 Now that we're not seeing 6,000 crores,
11:28 how much of the portfolio is yet to be repriced?
11:32 Because that was the number we were watching out for
11:34 in the second quarter.
11:35 And that was providing support to the lending yields as well.
11:39 So how does that dynamics change?
11:41 - So as I said, in this third quarter,
11:44 the entire 6,700 crore has experienced the rate hike.
11:47 And so now our entire book is on a even state
11:50 where on the liability side,
11:51 the entire impact has been already impacted.
11:55 And on the asset side also,
11:56 now the entire book we have repriced.
11:58 So there is no further improvement likely from here
12:00 because of a repricing.
12:02 And now that this, as I said,
12:05 is a steady state kind of a situation.
12:07 So going forward, we can expect that in the near term,
12:11 we will probably continue to have a 2.6% spread
12:14 and a 3.7, 3.8% NIM.
12:17 - Right, and where would credit cost trend
12:20 now that Q2 is firmly behind you?
12:24 You've got your processes back in check.
12:26 Where should your credit cost be at
12:28 on a normalized, on a steady state basis?
12:31 - See, going forward, in the beginning of the year or so,
12:35 we had indicated that we have this entire restructured book
12:38 of 670 crores, which is likely to come out by November.
12:43 And that has already happened.
12:44 And as indicated or expected,
12:46 about 15% of the book was,
12:49 we were expecting might flow into NPA.
12:51 And compared to the 100 crore figure,
12:54 we have reached about 96 crores.
12:55 So that is very much in line.
12:57 But having said that, going forward,
12:59 there is no further portfolio
13:01 which is likely to come out of restructuring.
13:03 So we don't expect any further impact
13:05 because of the restructured book.
13:07 And in Q4, we probably might see
13:09 about 20, 30 crore reduction in our gross NPA.
13:12 So end of the year, we might probably end up
13:14 somewhere between 75 to 80,
13:16 because that is 0.75 to 0.80% in terms of our NPA ratio,
13:21 gross NPA.
13:21 - Okay, so that's what the regards
13:25 to where the asset quality goes.
13:27 Now, in terms of the operational, that's the OPEX,
13:30 that was expected to remain high.
13:32 This is on the back of the IT transformation,
13:35 plus the plans that you had
13:36 with adding almost 15 to 20 branches every year as well.
13:39 And that's the plan over the next two years.
13:42 So if you have to talk about the CI ratio,
13:45 at what levels are you expecting that to be now?
13:48 And in the next couple of years,
13:50 how do you see it improving?
13:52 - See, in the next year, at least we don't see it improving
13:56 because the entire impact or cost impact
13:58 of this IT transformation will come through in the next year.
14:02 So next year, the cost to income ratio
14:04 might slightly increase to around 18, 18.5%,
14:07 which we have been indicating.
14:08 This year also, we were expecting it to start,
14:11 but because of a slight delay in the implementation program,
14:15 this year we have not experiencing that cost.
14:17 So this year, what we had indicated as 18% may not be 18%.
14:21 We may have a probably lower cost to income ratio
14:24 than somewhere in the range of about 16%
14:25 in the end of the year.
14:26 - Okay.
14:27 And with regards to the impact and the ROA and the ROE,
14:31 how much will that be and where do you expect that
14:34 if you have to look at FY '24, '25?
14:37 - See, this year, we are likely to at least see
14:42 a 2.1 kind of ROA and 18% ROE is what we can look at,
14:47 which is very much in line with what we've already seen
14:50 in the end of the Q3.
14:52 And next year also, we would definitely,
14:55 I mean, we are confident we should be able to maintain
14:57 a 2.5 plus spread and a 3.5 plus NIM,
15:01 which will therefore help us maintain a 2.1 ROA
15:04 and a 17 plus ROE.
15:07 - Right.
15:09 And under your leadership now,
15:12 we have more stability with regard to leadership,
15:14 hopefully going forward.
15:16 Where do you see taking Canfin home,
15:18 say three or five years from now?
15:20 Would you be looking to double in three years?
15:22 How would the trajectory look like?
15:24 And where would the ratios really stack up?
15:26 Would you continue to maintain 2% plus ROA
15:29 through your term, as well as keep cost to income in check
15:32 around that 15% odd mark?
15:34 - See, traditionally also, Canfin has always had the best
15:40 in terms of the market, the kind of credit cost ratios,
15:45 the NPA ratios have always been among the lowest
15:47 in the industry.
15:48 And we have therefore also enjoyed the best borrowing costs.
15:52 So keeping that in mind, maintaining a 2.5% spread
15:55 in the business, we should be able to maintain
15:58 a 2 plus ROA going forward also.
16:02 And as regards the outlook for the next three to five years,
16:05 definitely the intent is to double the book
16:08 in the next three to four years.
16:10 That's definitely there.
16:11 So around 20% kind of a kegger in the AUM growth
16:15 is what we would like to target.
16:18 - Right, so that's with regards to the trajectory
16:20 that you're looking at from a longer term perspective.
16:22 Thank you, Suresh, so much for speaking to us
16:25 at NDTV Profits.
16:26 So that's the management of Canfin Homes,
16:29 clearly indicating the miss that we will see
16:32 in terms of FY24, but the kind of trajectory
16:36 that they have over the next three to five years,
16:38 the stock has been trading under pressure,
16:39 2.5% cuts coming in there.
16:42 But let's quickly slip into a short break.
16:43 Up next, we will be speaking to IRDA's
16:46 Chief Managing Director, Pradeep Kumar Das,
16:49 on the back of its Q3 numbers.
16:51 Please stay tuned.
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18:08 Welcome back.
18:13 You're watching the Small and Mid-Cap Show.
18:15 IRDA, that's IRDA's third quarter net profit
18:18 zooms 67%, whereas if you see in terms of the loan book,
18:23 that has seen a good growth as well.
18:25 Pradeep Kumar Das, CMD at IRDA joins in.
18:28 Pradeep, good morning and welcome to the show.
18:32 A very good morning, Ilkal.
18:33 Pradeep, clearly if you see, you know,
18:36 from the way the stock has performed,
18:39 good investor interest and numbers have been
18:42 pretty strong as well, what has worked
18:44 and what has not worked for you this time around?
18:47 If you see, I think everything has worked for us.
18:52 No, absolutely, everything has worked for you.
18:54 So going ahead, do you think this is the trajectory
18:57 that you will be able to maintain
18:58 for the coming years as well?
19:00 And if so, what is that key milestone you're looking at
19:03 at the end of the third year from now?
19:05 See, if you look back 300 years back,
19:09 we wanted a hockey stick growth approach,
19:13 and which we have achieved in the last three years.
19:15 Three years back with a loan book size of 23,000,
19:18 24,000 crore, to now we have crossed 50,000 crore.
19:22 And with a net worth of around 2,300,
19:25 to now we have crossed 8,000.
19:27 And with the NPA, gross NPA from double digit,
19:30 now it has come down even less than two.
19:33 Net NPA has come down to 1.5 million.
19:38 So, and apart from that, if you look at,
19:43 perhaps we are among the few entity
19:45 who is giving quarter to quarter full audited regent.
19:48 That means not only the growth in business,
19:52 in all parameters, we are giving
19:55 the best quality corporate governance also.
19:57 So that is most important.
19:59 And in an investor is investing in renewable space,
20:04 they're not only investing in economic value addition,
20:07 they're investing in sustainable environment addition.
20:11 So therefore there are two kind of work by it.
20:14 And the sustainable environment,
20:15 when I'm talking of value addition
20:17 with respect to purification of the environment,
20:19 through development of renewable energy,
20:21 that is not getting quantified.
20:24 So that is giving the investor
20:26 a different kind of satisfaction.
20:28 And post our IPO, what we believe and feel that,
20:32 the retail investors,
20:34 they are also getting quite keen interest in it.
20:37 So, en masse general awareness is improving.
20:40 And yesterday with honorable Prime Minister's announcement,
20:44 post Pranapratistha Utsav of Ram Temple in Ayodhya,
20:49 for solarizing one lakh crores of rooftops.
20:54 So that is again going to further sensitize
20:58 and improvise the awareness level
21:01 and the responsibility of every citizen
21:04 to further improve the solarization
21:06 and renewalization in the country.
21:08 - Pradeep, I'll interrupt over here.
21:09 You know, interesting point that you've picked up
21:11 with regards to honorable Prime Minister Narendra Modi's
21:15 comment with regards to one crore solar roof panels.
21:19 If you could help us understand very quickly in 30 seconds,
21:22 how does it benefit a company like yours?
21:24 And what's the kind of revenue
21:27 or overall generation of revenue
21:29 that you could see out of it?
21:30 Because all the companies, you know,
21:32 with regards to solar energy are up in trade today.
21:35 - So let me first touch upon the macro aspect.
21:38 So this one crore rooftop solarization
21:42 will enable a outlay of 1.25 lakhs to one and a half lakhs.
21:47 And if you take out the support of government of India
21:51 through subsidy part of it,
21:53 around one lakh crores of debt component
21:55 is going to come there.
21:57 And if you see by and large,
21:58 our entity being the largest and most experienced entity,
22:03 and today having around 20% of the installed capacity
22:08 in the country support.
22:09 So we are envisaging around 25 to 30% space
22:13 we'll continue to retain.
22:15 And we have already opened a dedicated division
22:18 for addressing the business support for the retail space.
22:23 Not only this rooftop solar,
22:25 even Kusum scheme we have already started doing,
22:29 already two schemes were,
22:31 two sanctions we have done in Kusum.
22:33 In the time to come through this retail division,
22:35 rooftop solar and Kusum,
22:37 as well as other MSME and SME category
22:41 of renewable energy requirements financing,
22:44 we are going to do that.
22:47 - Sure, Harsh also joining in.
22:49 So just wanted to try and understand
22:52 out of your disbursement in Q3,
22:55 is there a larger trend towards private versus public?
22:58 Is there something of that sort playing out?
23:01 And would the mix change substantially
23:03 as you really scale on growth?
23:06 - See, if you see we are gradually
23:09 our private sector space grows.
23:11 And if you see initially five years back,
23:13 we had more than 95% books in private space.
23:16 During COVID period, we had enough space
23:19 and comfort to support the government sector.
23:23 And by and large the development happens
23:26 by the private sector developers.
23:29 Our government is facilitating or enabling,
23:32 except for the central CPSCs and few state PSCs.
23:36 They are taking up the renewable.
23:38 Otherwise the investment is happening from private sector.
23:40 And if you see from 77 to 79%, we have gone up now.
23:45 And in the time to come, more and more investment
23:47 is going to come from private sector.
23:49 Our loan book is going to go up.
23:51 When I said five years back,
23:53 we had more than 90%, 95% of private space.
23:57 And largely since inception of the company to till date,
24:01 the development in renewable happened
24:03 in private sector only.
24:04 And despite supporting and having
24:06 a larger private sector loan book space,
24:09 our cumulative write up till December is 203 crore.
24:12 And against the total cumulative disbursement
24:14 is 1,11,000 crore.
24:16 So that speaks about the ability or competence
24:21 and capability of the company's due diligence process,
24:25 review monitoring and ensuring qualitative assets in place.
24:29 - Right.
24:31 Overall, if you see from a cost of funds perspective,
24:35 where are you expecting that?
24:37 Because clearly the co-financing deals that you have,
24:40 as well as the financial flexibility
24:42 that you're working with,
24:44 the anticipation is that the mobility of funds
24:46 would be at competitive rates, right?
24:48 So where would that stand at?
24:50 And taking that into consideration,
24:53 how are you seeing the net interest margins improve?
24:55 - You have seen in this quarter already,
24:58 our name has slightly improved,
25:00 as well as cost of borrowing.
25:03 And in the time to come,
25:05 we further work on improving those.
25:09 That means reducing the cost of borrowing
25:11 and improving the net interest margin.
25:14 See, as far as our interest to the developers
25:19 or to the borrower is concerned,
25:21 we are very sensitive and sensibly
25:25 we're taking decision in that.
25:26 Because our utmost focus is supporting the development,
25:30 rather fastest development.
25:32 That is what we have done so far.
25:34 And we're focusing on quantum growth
25:37 wherever the assets are de-risked largely,
25:41 particularly in the vanilla solar wind hydro,
25:44 the risk premium is not there.
25:46 So therefore we allow there a fair amount of lower interest,
25:51 which the name is less,
25:54 but vis-a-vis in those projects,
25:57 our provisioning requirement is pretty low.
26:00 So at the end of the day, our bottom line gets improved.
26:02 So in the time to come,
26:03 we have a couple of plan in place,
26:07 already had indicated during IQ.
26:08 Now again, I can tell with respect to opening an office
26:11 in Gibbs City, so that we can borrow in Forex
26:16 and lend in Forex to our RE developers
26:19 who is having export potential,
26:20 as well as who are likely to planning
26:23 to set up overseas projects.
26:25 And we have quite a few demands from them
26:27 and we're working in it.
26:29 And DIPOM and Nitya has already given approval,
26:32 their consent, and we're just waiting
26:34 for the RBI's approval, NOC.
26:36 And we have done our initial preparedness.
26:39 The moment we get very, at the quickest possible time,
26:42 we'll open the office there.
26:43 And that will enable to save the hedging cost
26:47 what we are incurring now.
26:48 And substantial portion of the saving
26:50 will be passed on to the sector,
26:51 our ultimate object to develop the sector fastest.
26:54 And definitely since we are now listed,
26:56 our investors' concern also we have to see.
26:59 So for some amount of margin,
27:00 also we'll be returning with us there, that is one.
27:02 Second, we have already requested
27:03 to Government of India for 54 EC allocation,
27:06 as well as some tax rebounds,
27:08 and to have a defined green taxonomy
27:11 in place in the country.
27:13 And these measures is going to enable us
27:15 to further reduce our borrowing cost.
27:17 - Fair point, point taken.
27:18 And so lastly, I just wanted to understand
27:21 the granularity of your book.
27:22 When you lend, how much of the book mix
27:27 is corporate versus outside of corporate granular?
27:31 And when you do lend, is there,
27:34 what's the kind of mix that there is
27:38 in terms of your top 10 borrowers
27:42 to your total loan book size,
27:44 which is at currently 50,000 crores?
27:45 So what do your top 10 borrowers
27:47 contribute to that loan book?
27:48 If you can give us that perspective.
27:51 - It's approximately in the range of 17 to 20%.
27:56 And if you see corporate borrowing,
28:00 all our lending is to corporate only,
28:02 either corporate or LLP.
28:04 We do not have any other deal.
28:07 So when I'm talking about this retail lending,
28:10 what we are doing there,
28:11 we have brought in small NBFC
28:13 or microfinance companies,
28:14 those who are having already a fair amount of business
28:18 and significance presence in that segment
28:20 in that particular locality.
28:22 So we have already done a couple of tie-up
28:25 and we are quite successful in that.
28:27 In the time to come,
28:28 we'll, when I'm talking of retail,
28:29 we're not going to non-corporate.
28:31 We'll be having the corporate kind of loan portfolio only.
28:36 So retail segment, wherever,
28:38 I think if I understand you correctly,
28:40 you are trying to know when the retail,
28:41 it will be non-corporate.
28:43 So certainly those will be through those small NBFC
28:45 or microfinance companies.
28:48 - Got it, got it.
28:49 I think this gives us a little bit of clarification on that.
28:52 Thank you so much, Pradeep,
28:53 for joining us on the show and sharing the views.
28:55 And this is a-
28:56 - See, one thing I can, before I wind up,
28:57 one thing I can assure you,
28:59 we will now focusing again and again
29:01 on best quality corporate governance
29:03 and interest of our investors,
29:04 along with the developers' interest.
29:06 - Absolutely, and that's what the street
29:07 is looking out for as well.
29:09 So that's the management of it,
29:11 are clearly giving out their views
29:13 and commentary in terms of going ahead.
29:15 But very quickly,
29:16 let's just pull up a Zee Entertainment on the screens.
29:19 20% cut is what we're already seeing
29:21 in terms of where the counter is concerned so far,
29:25 locked in lower circuit and lots brewing on that one.
29:28 But completely out of time with that,
29:30 it's a wrap on this edition of the Small and Mid-Cap Show.
29:32 A thank you from Harsh and myself.
29:34 Lots more lined up on NDTV Profit.
29:36 Please stay tuned.
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