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- Will tight liquidity impact discretionary consumption? - What does #Budget2024 mean for portfolio managers?   Niraj Shah speaks to Rahul Chadha on 'The Portfolio Manager'. #NDTVProfitLive   Guest List: Rahul Chadha, Founder & CIO, Shikhara Investment Management _______________________________________________________   For more videos subscribe to our channel: https://www.youtube.com/@NDTVProfitIndia Visit NDTV Profit for more news: https://www.ndtvprofit.com/ Don't enter the stock market unaware. Read all Research Reports here: https://www.ndtvprofit.com/research-reports Follow NDTV Profit here Twitter: https://twitter.com/NDTVProfitIndia , https://twitter.com/NDTVProfit LinkedIn: https://www.linkedin.com/company/ndtvprofit Instagram: https://www.instagram.com/ndtvprofit/ #ndtvprofit #stockmarket #news #ndtv #business #finance #mutualfunds #sharemarket Share Market News | NDTV Profit LIVE | NDTV Profit LIVE News | Business News LIVE | Finance News | Mutual Funds | Stocks To Buy | Stock Market LIVE News | Stock Market Latest Updates | Sensex Nifty LIVE | Nifty Sensex LIVE

Transcript

00:00 Thanks for tuning in to The Portfolio Manager.

00:16 I am your host, Neeraj Shah and our guest today is Rahul Chadha, founder and CEO of

00:21 Shikra Investments.

00:22 He is very well known in the Indian circles and the global circles and it is a pleasure

00:26 to have him in our studios.

00:27 Rahul, great having you.

00:28 Thanks for taking the time out.

00:30 Thanks Neeraj for having me here today.

00:32 And you know, the perspective that you bring from a global level for assessing risks and

00:40 thereby people trying to figure out what kind of portfolios can one have, by a derivative

00:46 of this conversation, will be very useful.

00:48 This may not be as much about a portfolio that you are creating because I believe portfolios

00:52 will get created under Shikra over a while.

00:55 But would love to start off by asking you about how do you see from your vantage point

01:01 the optimism around India at a point of time when the EM optimism is not so high and the

01:08 growth in various economies.

01:10 Again India kind of stands out because the world may not necessarily have the strongest

01:13 year of growth in 2024.

01:16 So Neeraj, if you look at that framework, see there is a reason why optimism about India

01:20 is high because if you see over the last four or five years, the policy makers seem to do

01:26 no wrong.

01:27 So life is all about making choices and what we've seen is consistently good, right choices

01:33 made on a macroeconomic front.

01:35 And I think that kind of explains why we've seen a lot of optimism.

01:40 This is the fiscal prudence which the finance minister kind of reiterated yesterday.

01:46 You look at what happened around COVID and we got very badly impacted as a country.

01:53 But still karma kind of on heads prevailed and the SOPs we gave, the benefits we gave

01:59 were limited to the people who really needed it rather than have a huge amount of debt

02:03 on balance sheet of a country and give handouts for everybody.

02:06 So I think that was the first mature thought and the way we handled COVID was good.

02:10 And coming out of COVID, I mean the GST collections and there is a reason why GST collections

02:15 are so good over the years because look, the government machinery has implemented GST well.

02:22 They've gone through multiple iterations.

02:24 As they say, they've learned fast, they've failed fast and quickly improve whatever the

02:28 gaps were there and that's why we've got the benefits.

02:30 And those benefits of high GST collections have not been frittered away in short term

02:35 gains to win votes, which used to happen in the past, but have been put in gainful infrastructure

02:42 projects which have multi-year economic benefits.

02:47 And I think that's playing out and that is what globally investors are noticing.

02:52 And this is happening at a time where we're seeing policymaking deteriorate in most parts

02:57 of the world.

02:58 It's like I live in New York and I see what is happening in New York.

03:01 You look at the US bond yields.

03:02 Today when US economy is kind of in red hot, US is still running a fiscal deficit of 6%.

03:10 There's a fair bit of anger in the society on a large amount of population being left

03:14 out.

03:15 Look, I consider myself relatively well off, but when I do a $3,000 monthly outgo for health

03:22 insurance and still I pray that I don't fall sick in US and come to India for treatment.

03:26 There is something wrong.

03:28 And I think that is something which is being done right by the policy makers in India.

03:36 They're creating the right framework so that the businessmen, whether it's the local or

03:41 the global companies, come and invest in the country.

03:44 And I think that is what they ought to do.

03:46 Markets can go up and down.

03:47 Let's not be too much worried about markets from a near-term perspective.

03:52 What matters is are we on the path to become the third largest economy?

03:57 Are we strengthening our institutions?

04:00 Are we moving towards becoming a developed nation?

04:03 Yeah, most certainly.

04:05 So tell me, let's kind of divvy up this into two, if you will.

04:10 And I would love to know more about Shikra as well.

04:12 It's an interesting name.

04:13 Congratulations on that.

04:14 I really like it.

04:15 But let's try and think about this from a two perspective.

04:17 So I'm presuming your firm is not an India-focused thing.

04:21 It is focusing on various economies in the world because you have a global role in the

04:25 past as well in your previous assignment.

04:27 So tell us, if you were a portfolio manager sitting globally, as you will be or as you

04:32 are, and thinking of where to allocate, which economies, which countries to allocate, how

04:39 much of this portfolio would be bent towards, say, a market like India, which is growing

04:43 well, but which is, for lack of a better word, expensive relative to everything else around,

04:51 comparable?

04:52 Yeah.

04:53 So let me first kind of talk about Shikra at the genesis.

04:55 And look, I left my previous firm in September, and there was this time to think about what

04:59 one wanted to do.

05:01 And when I came with this name, Shikra, being in New York, most people said, look, it's

05:04 going to be hard for Americans to pronounce.

05:06 Why don't you have a mountain, a tree, or some forest?

05:10 And my point was, look, I'm very, very proud of my Indian heritage, and I want something

05:13 which reflects that.

05:15 So Shikra is a Sanskrit word which stands for peak.

05:18 And as we know, markets are going to be tough.

05:21 And those mountain peaks or those top of the spires of the temples, et cetera, were always

05:27 a vantage point to see the approaching enemy.

05:30 So that's what Shikra stands for, the peak, which is a vantage point for markets.

05:36 And that's where it is.

05:37 The way we look at the whole structure is, I, along with some senior colleagues, I'm

05:42 going to be in New York.

05:43 But look, every three months, I'm some part of Asia.

05:46 It's India, Hong Kong, Korea, et cetera.

05:49 So I'm constantly traveling.

05:51 We will have a team in Hong Kong, seasoned professionals, which will give us on-ground

05:57 sense, insights of what's happening in China, Korea, Taiwan, et cetera.

06:03 We'll have a team in Mumbai.

06:04 So it's going to be a truly kind of a global asset manager.

06:10 And the hope is, which is what we were discussing before, that when we grew up, when we came

06:14 in the industry, the top names in the asset management business globally were of the Western

06:20 lineage, the European names, the American names.

06:25 The idea is to build something which every Indian, every Asian is proud of.

06:29 Hopefully, this is just the beginning of the dream.

06:31 But look, the intentions are good.

06:32 The values are high.

06:35 As they say, luck favors the brave.

06:37 Yeah, most certainly.

06:38 So well, and I'm sure it will turn out well with your experience and with the team that

06:42 you're talking about.

06:44 And therefore, I'm trying to peek of it further into it.

06:46 How would you, therefore, because you have the option of investing or because you will

06:50 have the option of investing across the world, if you will, what would an ideal global portfolio

06:55 look like if you were doing this right now?

06:59 So we would start with the emerging markets or I would say more specifically Asia fund.

07:03 So India is a market we'd like.

07:05 There are times the market goes through these periods of overvaluation.

07:09 As we said today, probably that portfolio or exposure to India will be 20%, 25%.

07:14 This is a market we like from a medium, longer term perspective.

07:17 Look, there is a bit of a slowdown in the economy.

07:21 We've seen soft numbers.

07:22 I think the numbers for next quarter will be also soft.

07:25 Liquidity is tight.

07:26 Government capex into the elections is going to slow down.

07:31 Some of the clampdown on unsecured lending may hurt the economy from a discretionary

07:36 consumption in the short term, but it kind of prevents a bigger bubble from a medium

07:40 term.

07:41 So I must congratulate and I'm fairly appreciative of RBI being such a proactive kind of an institution

07:49 doing these measures.

07:51 So India is a market, like the way I said, from a medium term we like.

07:55 Outside that, I think in the second half, there is an opportunity in China.

07:59 That market's been almost written off by the market participants.

08:03 And what we're seeing is authorities clearly wake up to the fact that deflation is getting

08:08 entrenched in the economy and they've reached that stage where they'll do whatever it takes

08:13 to revive the economy.

08:15 And I don't think the market participants have priced that market for that or are baking

08:22 in that situation.

08:23 So I think there is an opportunity which may come in Chinese stocks and these stocks can

08:30 rally 30, 40 percent.

08:32 Though I think one adjustment which is pending in China is the RMB adjustment.

08:38 So highly likely that with PVOC focused on increasing domestic liquidity over currency,

08:45 what we may see over the next six months is some slippage in the currency.

08:48 I won't be surprised if RMB goes to 8, etc.

08:52 But I think that is the time to go all in China and that's there.

08:55 So that is going to be the true bottom for the emerging markets.

08:59 So if you look at, we are looking at Hong Kong, China to be anywhere between 25, 30

09:04 percent of our fund.

09:05 If you look at India, 25 percent, that's 55.

09:09 There are opportunities in Korea, Taiwan with what is happening in the AI space and AI going

09:12 mainstream with each and every organization kind of wanting it as a priority item.

09:20 What they're doing, there's a great amount of opportunity which comes in Taiwan to play

09:25 the AI story.

09:26 Korea also, the likes of Samsung, etc.

09:28 are attractive.

09:29 Some of the Korean automakers, they trade below book, three, four time P. These guys

09:34 are the top three in EVs, great model lineup.

09:37 We see how well Hyundai and Kia are doing.

09:39 I think those are opportunities.

09:40 And then finally, 20, 25 percent comes in ASEAN.

09:44 That region has not done well.

09:46 But as the global recovery comes towards the end of this year, next year, markets like

09:50 Vietnam, Indonesia and Thailand should do well.

09:55 So some people are making, just before we take that break, because on the other side

09:59 of the break, we'll try and talk about India in a bit more detail.

10:02 But there have been a few thoughts expressed over the last few days that for EM funds to

10:07 get in money, and some EM funds have shut down, some EM funds are kind of trying to

10:12 be a bit careful.

10:14 But for money to flow into EM funds and thereby to India, it is imperative for Chinese markets

10:20 to find that bit of interest as well.

10:22 Else flows into other EMs too, and EM as a pack might struggle.

10:27 Would you believe that to be the case?

10:29 So I think that is important.

10:30 See, China is close to 35 percent of EM benchmark.

10:34 And if the market, which is one third, does well, obviously the funds get allocation.

10:39 And let's also understand, in US, you had the top five names do so well last year that

10:45 that kind of took away a lot of capital away.

10:48 But I think a lot of the good news is in the price for those names.

10:52 With rate cuts happening in the second half, dollar is going to peak.

10:56 That is always good for EM.

10:57 With all the likelihood of Trump winning elections, something which US has and doesn't really

11:02 appreciate for last five years, the policy predicted, the policy predictability, I think

11:08 there are going to be questions raised on that.

11:09 So businesses are going to be reluctant to put large sums of capital if they don't have

11:14 clear visibility for the next five, 10 years.

11:16 And I think that's where markets like EM benefit, that from a relative basis, the US exceptionalism,

11:23 which was there, may not look that exceptional post the elections.

11:28 So that's what our hope is.

11:31 I would say that's what we kind of think would happen.

11:35 Relatively, EMs might look better over the next 12 to 18 months.

11:42 And there are fundamental factors for that as well, as you said.

11:44 OK, stay on, Rahul.

11:45 We'll take a very quick break.

11:48 Come back, continue our conversation on the Portfolio Manager.

11:52 Since it's a Portfolio Manager show, we'll try and focus a bit more on portfolios.

11:56 And how would Rahul Chadda think of having a portfolio in India if he was purely running

12:01 an Indian theme?

12:02 We'll come back and try and do some bit of conversation around that.

12:04 Stay tuned.

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15:50 We're back with the portfolio manager right here

15:58 on NDTV Profit.

15:59 And it's a slightly different version of Portfolio Manager,

16:01 because in the first half, we've tried and asked our guest,

16:04 Rahul Chadha, founder and CEO of Shikra Investments,

16:06 about how does he think about India

16:08 within a global portfolio.

16:10 We've gotten that idea.

16:11 He would probably allocate about 20%, 25% of his money

16:14 or his wealth into India.

16:16 And he's hoping for an EM--

16:19 not revival, but interest revival, if you will,

16:22 which is kind of low right now because of what

16:24 China is doing now.

16:25 Rahul, I hope I got that right.

16:27 Yeah, absolutely.

16:28 Absolutely.

16:28 Now let me try and ask you that if you were in this segment,

16:32 if you were running an India scheme alone,

16:35 how would you think about that?

16:36 Because there are a lot of sectors firing.

16:39 India is promising growth.

16:41 But it's also a world which is kind of cagey on growth.

16:45 And therefore, it will have an impact

16:47 on what happens to any market, including India.

16:50 So if you rewind, early last year

16:53 was a very attractive time.

16:55 In fact, what we were doing was when everybody was excited

16:58 last Jan, Feb about China reopening,

17:00 we were taking some money out of China.

17:03 And there was this Adani episode where

17:05 you got good entry level in India.

17:06 We were adding to it.

17:08 What we saw was as this narrative of inflation

17:12 peaking gained ground, we had a huge run-up,

17:15 which happened in markets from April onwards to now.

17:19 And I think most markets took a breather September, October.

17:23 India had its own peculiar rally in this.

17:25 Some of the names we were discussing,

17:27 small mid-cap names, et cetera.

17:29 And recently, there was a rally in all these AI names.

17:31 So I think that part of the market looks frothy.

17:34 Some of the mid-cap names which we've liked in the past,

17:36 the hospitals, real estate, look a bit stretched.

17:39 Ideally, one would like 15%, 20% pullback in that.

17:42 So if you're asking me to deploy capital,

17:44 I'll probably deploy only half of my intended capital

17:47 in these mid-cap names.

17:49 But these are the themes which over the next 5, 10 years

17:52 will be multi-bankers.

17:53 So if you ask me how would I create a portfolio,

17:56 banks still would be about 25%, 30% of the portfolio.

18:00 Look, we were always historically inclined

18:02 towards private banks.

18:04 But why one was not looking at public sector banks

18:08 was because of the frequent government intervention in that.

18:11 So you want to give credit to the current government

18:13 that look, they've not interfered, intervened

18:18 in the working of the public sector enterprises.

18:22 They've become fairly competitive.

18:24 The leadership there is fairly meritocratic.

18:28 So there is a case.

18:29 There is a case to look at some of these

18:31 well-managed public sector banks.

18:33 And I think that's an opportunity.

18:34 Though these names have done well,

18:36 but on pullbacks, one can evaluate.

18:38 So private sector banks obviously remain

18:40 a core part of the portfolio, but probably add 15%, 20%

18:45 in that banking allocation to some of the public sector banks.

18:49 So I think that's kind of-- we've always had SBI.

18:52 But yeah, one would kind of go out and add

18:55 some more names over there.

18:56 So that's, I would say, a slight change in the view

19:00 for that perspective.

19:02 Outside that, industrials is something we have liked.

19:05 So continue to add to those names.

19:07 I think real estate, historically, it's

19:10 at least a five to seven-year cycle.

19:12 We are in year three of that five to seven-year cycle.

19:15 You look at the market caps, despite these names doing well

19:18 from the COVID lows, they still have a long way to go.

19:21 The market caps are not that huge,

19:22 so there is an opportunity.

19:24 In all this time, we were playing the whole basket,

19:27 Daylife, Sova, Prestige, continue

19:28 to kind of like these names.

19:30 Hospitals is something we've liked.

19:32 We've not seen the revival of medical tourism

19:35 to the fullest extent.

19:36 I think that picks up in the next couple of years.

19:38 And a lot of these hospitals have also learned their lessons.

19:42 They are doing smart brownfield expansions.

19:44 There are no huge greenfield expansions, et cetera.

19:48 So that's attractive.

19:49 One sector which kind of emerges because

19:53 of what the government's focused over recent months

19:56 is tourism, mostly domestic tourism.

19:59 So I think that's a big, big story.

20:00 And that takes care of this whole youth unemployment

20:05 which we have in the country.

20:06 This need to create 10 million jobs, as they say,

20:09 which in today's AI world--

20:12 It's difficult.

20:12 --the manufact-- it's genuinely difficult.

20:14 So I think that takes care of a lot of the issues,

20:17 if we do that and that--

20:18 Can you explain that?

20:19 Look, again, in any country we've seen,

20:22 tourism creates a huge amount of job.

20:24 It's a service industry.

20:25 It's a service industry, and how much would you automate

20:28 over there, the restaurants and everything?

20:31 So that creates job.

20:32 And look, at the end of the day, people would have spare time.

20:35 And rather than go out and spend that money outside the country,

20:40 it creates a huge multiplier effect

20:42 if that money is spent in the country.

20:44 And we've seen, after nearly 15 years,

20:48 we see the Capex pick up in the hotel industry.

20:52 So I think that is where it is.

20:54 So the airports have been built.

20:56 So I think that is a space one would look at

20:58 for the next 5, 10 years.

20:59 And I think that kind of story lasts much longer.

21:03 So tourism, again, hospitals, real estate,

21:07 industrials, financials--

21:09 these would be interesting stories.

21:11 Nice.

21:12 Can I ask you about what within-- let's say,

21:14 I'll start with the last first, then go into banks as well,

21:17 because PSU Banks is an interesting piece.

21:19 And because you bring that view that a typical FII might have.

21:23 Yeah.

21:23 Right?

21:24 So how would a large FII like yourself, for example,

21:27 look at playing, let's say, tourism?

21:30 Because it's a sector with a lot of offshoots,

21:33 but none of the offshoots have significant large cap presence.

21:37 Right?

21:37 So how does a money bag like you play that theme?

21:40 Yeah.

21:41 So we were kind of exposed to some of the hodl names,

21:45 like something like a lemon tree.

21:47 We were anchor investors.

21:48 So you went through that period where COVID hit them bad.

21:52 And we were playing along with the promoters that

21:54 look somewhere it comes out of it.

21:56 But they've done a great job.

21:57 They've done a great job.

21:58 So I think those prayers worked.

22:01 So hats off to them.

22:02 So I think that's there.

22:03 You've got options like MakeMyTrip, the OTS, et cetera.

22:06 So all those things are there.

22:08 Look, what would happen is in due course,

22:10 as you have the structural growth stories,

22:14 revive in the sector, more companies would come for IPO.

22:17 So you will get the stocks.

22:19 It's really a function of the growth and the opportunity set.

22:22 And you'll get the names.

22:24 There are some resorts listed here and there,

22:27 but they are small market caps.

22:29 But hotels, some of the OTAs, airlines

22:31 are a good way to play.

22:34 Airports, I think that is where it would come.

22:36 We've seen a huge run up in some of the listed airports.

22:39 So one would like to get them cheap.

22:41 But I think such is in the situation

22:44 with most good names in India.

22:46 Yeah, you can argue, yes.

22:48 OK.

22:49 Well, there's probably one pure player listed name.

22:52 And the other one, which will, as per a note recently,

22:54 will get listed in a few.

22:56 But otherwise, we don't have too many players there.

22:58 But the point is well taken.

22:59 OK.

22:59 The other aspect is PSU banks.

23:01 The bulls make an argument that even

23:04 if you think hard about which large default could happen

23:07 in India over the next 12 to 18 to 24 months,

23:09 you have to think really hard.

23:10 And still, it might be difficult to come up with a name.

23:13 So asset quality, which used to plague PSUs in the past,

23:15 have not.

23:16 You also made this point about interference, et cetera,

23:18 which is also coming.

23:19 So my question to you is, do you reckon

23:20 that there is a case that PSU financials can trade

23:25 at a much higher average valuation

23:28 over the course of this decade than what they

23:30 have in the previous decade?

23:31 So I'm a strong believer in market cycles.

23:34 And we've seen-- and being in market for 25 years,

23:36 we've seen those cycles.

23:37 And typically, these are 8 to 10 year cycles.

23:40 So I jokingly tell my team that we sell hubris

23:43 and we buy humility.

23:44 And that is where you make money.

23:46 I still remember when we bought real estate in September

23:49 of 2020, even the management was surprised.

23:52 And I like, boss, you're putting on the best behavior.

23:54 You are deleveraging.

23:56 You got the best system in place.

23:58 You don't want to buy a land bank.

23:59 This is the time we'll make money.

24:01 And then after seven, eight years of cycle,

24:02 when you go back to land banking,

24:04 it's the same old story.

24:05 So to that point, if you look at where has the excesses

24:09 happened in India, it is unsecured retail credit.

24:13 What does every NBFC want to do?

24:15 Unsecured retail credit.

24:17 So that is where you've got to stay out.

24:20 That is where valuations will contract.

24:22 That is where you will get negative surprises.

24:24 The PSU banks call them that-- I won't call them

24:28 [INAUDIBLE] but they were slow to come to this.

24:30 And that is where they get saved.

24:33 And on the corporate lending, I think

24:35 things are in fine fettle.

24:37 So it doesn't look like that you're

24:38 going to have large accounts which go delinquent.

24:43 And they've got a decent liability franchise also.

24:45 So that kind of helps.

24:47 So I think they can go anywhere, let's say,

24:50 between 0.7 to near book, et cetera.

24:53 And that's where the upside is.

24:55 So obviously, you don't go too much down the curve.

24:57 Look at the top two, three PSU banks.

24:59 And I think that's where--

25:00 But they are above one book, so to say.

25:03 You expect that could happen to--

25:05 therefore, they need to trade at above average valuations,

25:08 except one, maybe.

25:09 You've got to trade at above average valuations

25:11 for the past decade, right?

25:12 Yeah, see, what happens is when you have a strong tailwind,

25:15 stocks would trade.

25:17 It is really a question of do they

25:19 trade at, let's say, one standard deviation above,

25:22 or do they trade about two standard deviation above.

25:24 And there's a reason that they may trade above average

25:27 valuations, because last seven, eight years, what

25:29 we've seen from the government is

25:31 very positive for these banks.

25:32 The macroeconomic stability is very positive for these banks.

25:35 And so I think that kind of helps them.

25:37 Point well taken.

25:38 Before we wrap up, because we're out of time completely,

25:40 but just would love 60 seconds if you can.

25:42 Could there be a similar case made for public sector

25:45 enterprises at large?

25:46 I know it's wrong to paint that with the same brush,

25:48 because there are various sectors.

25:50 And people play sectors and not necessarily the owner.

25:52 But I'm just trying to understand,

25:54 because this government is making a difference

25:56 in the markets.

25:57 Do you like other PSU bets?

25:58 Because they've been the rank out performers

26:00 in the last three to six months.

26:02 So I think somewhere that's playing out.

26:04 Somewhere that's playing out, let's say, in utilities,

26:06 and maybe somewhere OMCs.

26:09 Look, there is a bit of a froth also.

26:10 There is a bit of a froth in some names which

26:13 are trading at five, six times bulk,

26:16 and valuations you see beyond 20, 25 times.

26:18 So it's not that everything is attractive.

26:20 But again, there is operational efficiency.

26:24 There is, again, somewhere we can say the swing in the walk,

26:27 all these right things being done by these PSUs, et cetera.

26:30 So one can look at these PSUs in particularly what we like

26:33 is the power generation, the power transmission space,

26:36 et cetera.

26:36 Yeah, so my final point, Rahul, just trying to understand,

26:39 again, because you are an FII, right?

26:41 PSUs probably were untouchable in the last decade,

26:44 if you will.

26:45 Very few people would go for it.

26:46 You believe that is no longer the case?

26:48 Yeah, I think with the governance improve,

26:50 it has happened.

26:51 And a large part of PSU governance

26:53 is determined by what priorities the government has.

26:56 And with the governance improvement which has happened,

26:59 I think FIs would look at it.

27:01 OK.

27:02 Because this is an important view,

27:04 because Rahul Chadha wears his Indian lineage on his sleeve.

27:08 Very proud of that.

27:11 But he's a large FII voice.

27:15 And therefore, it's great to get a perspective from him

27:17 on the portfolio manager about how he thinks about portfolio

27:20 construction.

27:20 Because that is how typically a foreign institutional investor

27:23 would think about it.

27:25 And I think in some of these conversations,

27:27 some of these answers, you've told us a lot more

27:30 than I was hoping for.

27:31 So Rahul, thanks a lot for taking the time out

27:33 and coming to our studios, more importantly.

27:35 Thanks, Nitesh, for having me.

27:36 The pleasure was ours.

27:37 And viewers, thank you for tuning

27:38 into this episode of The Portfolio Manager.

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What Factors Are Weighing On The Current Market? | The Portfolio Manager | NDTV Profit

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