- #Trent hits fresh record high after Q4 results
- Is it the right time to buy?
Get all your stock-related queries answered by our technical and fundamental guests with Alex Mathew and Smriti Chaudhary on Ask Profit. #NDTVProfitLive
- Is it the right time to buy?
Get all your stock-related queries answered by our technical and fundamental guests with Alex Mathew and Smriti Chaudhary on Ask Profit. #NDTVProfitLive
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TVTranscript
00:00 Okay, yeah, you see something like a Jubilant Food, a Petronet and Escorts.
00:05 All the, okay, there's Astral and Ashok Leyland also, also close to about 3% gains there as
00:11 well.
00:12 Let's also look at some of the sectors and you have the Nifty Auto doing very well in
00:16 trade today, up about 2%.
00:20 On the other hand, you have Nifty IT Metals and PSU Bank down in red today.
00:27 Let's also look at some of the specific counters.
00:30 You're seeing GMR Airports down after a block trade there.
00:34 There's Kaifentech that's up about 6% in trade.
00:37 There's also KPI Green that's down 5% and is at the lower circuit.
00:44 And a couple of other counters that are in green is Rides, Shaktipump.
00:48 Shaktipump still continues to gain on the back of fourth quarter earnings.
00:52 But the focus for today is Trent and that's the stock for the day as well.
00:57 It was up about 8%, over 8% rather a few hours ago in the morning trade, but it's since come
01:05 down and is up about 4.3%.
01:08 This comes on the back of fourth quarter numbers.
01:10 And to break down those numbers, I have my colleague Mahima joining me.
01:14 Right, Smriti.
01:15 So the Q4 numbers were decent in terms of the revenue was up around 50%.
01:21 Net profit was significantly up around 16 times, but this was because of a one-time
01:25 lease adjustment where there was a tax lease, overall lease adjustment where 543 crore was
01:33 a gain on lease adjustment and the tax adjustment was for approximately 138 crore.
01:38 So the hike in net profit was only because of this one-off adjustment that was there.
01:42 Now, there were various brokerages that came out on Trent with Nuama being extremely bullish
01:47 with a buy target price of 4926 upside potential of 14%.
01:52 But they've said that they still await clarity on what these lease adjustments are exactly.
01:57 Also there was Jefferies on Trent where they've rated it hold with a target price of 4150.
02:01 They've said that strong performance quite like Tata, but disclosures with respect to
02:06 these lease adjustments is awaited.
02:08 And they've also said that Trent will become mainstream going forward and gross margin
02:14 surprise was offset by a 90% increase in the employee cost.
02:17 And lastly, Amazon Rent, they've rated it equal weight with a target price of 3675.
02:21 So this is the lowest target price amongst the three brokerages.
02:24 And they said that the beat was led by better than expected margins in the fashion segment.
02:30 And they are saying that the uncharted execution on growth and profit in FY24 increased conviction
02:35 of growth sustainability going forward.
02:36 So this is the overall view of Trent and why it's buzzing in trade today.
02:39 Ruchi, thanks so much to Mahima for getting us those details.
02:43 The stock is up 4.5% in trade today and over the last one year, the stock has gained about
02:49 220%.
02:50 And no wonder then that a lot of the target prices that have been assigned to this particular
02:56 counter have already been breached.
02:58 We've got Aastha Jain of Hame Securities as well as Amar Deo Singh joining us today.
03:04 Thank you to the both of you for taking the time and good morning to you.
03:07 I will come to you first, Aastha.
03:09 What's your view on Trent?
03:10 Should you be holding on to this?
03:12 What did you make of the numbers?
03:13 There is that adjustment on the lease side that has taken place and I think everyone
03:17 is looking for clarity on that.
03:19 But there was also an expansion in the margins.
03:21 Yes, hi.
03:22 Good morning.
03:23 So, yes, we are giving our stance, first of all, hold as well as buying on dips.
03:29 So actually, we have recommended it prior also at the around 4200-4300 level for the
03:33 price target of 4780.
03:36 So now I'm upgrading my price target to 4960.
03:39 So recommending a buying on dips as well as hold on this counter with the ultimate price
03:43 target of 4960.
03:44 Now talking about Trent, it is clearly an outlier, I should say, in the apparel retail
03:49 space.
03:50 And what we have seen that it is a value fashion format, which is Zodio is really working strongly
03:55 for this company.
03:57 Because what we have seen that in Zodio, the company has seen a strong growth there.
04:03 Sales per square foot is increasing clearly.
04:07 So I think Trent is well poised to show strong returns because now they are opening new stores
04:13 also.
04:14 Presently, they are having 450 stores as far as I remember.
04:17 And now their plan is to open around to a total of around 1400 stores till FY28.
04:22 So I think now what happened with the stores, more and more stores getting matured, the
04:28 sales per square foot is continuously increasing and even the new stores are also contributing
04:33 towards increasing these sales.
04:34 So we are expecting Trent to grow at a CAGR of 35%, more than 35% in their top line as
04:41 well as operating profit from FY23 to FY27.
04:46 So in that way, we are positive on this counter, recommending a buying on dips as well as hold
04:50 on this counter with the ultimate price target of 4950 to 4960.
04:54 All right.
04:56 Thanks Aastha for that 35% CAGR growth on top line for Trent.
05:01 That's a big number.
05:04 Let's start off with the queries now.
05:05 The first one is on Blue Star.
05:08 Now this one's from Satya and they say they've already bought the shares at Rs. 1455.
05:13 They want to know a target price on this one.
05:17 Amar, I'm going to come to you on this.
05:19 What's the short-term target on Blue Star?
05:21 Yeah, very good morning and thank you for having me on the show.
05:26 Again, if you look at Blue Star, what we are witnessing is that the stock again continues
05:31 to be very strong on the charts, on the monthly charts, it's gained almost 16%.
05:37 And even on the intermediate term trend, we are seeing that the trend strength is there.
05:41 But on the daily chart, some of the technical indicators have moved into oversold, overbought
05:47 territory.
05:48 And also I would say if we go back in time and see on 8th of April, there was a significant
05:54 volume and distribution which had happened at that level.
05:58 So that was around 1485 was the high of that day and it's currently trading around those
06:04 levels.
06:05 So what it effectively means is that 1480-1500 is going to be a zone of resistance.
06:08 So I think those who are long, they can look at moving part profit, fresh entry at the
06:13 current levels wouldn't be advised.
06:15 But overall, the trend and the structure, if you look at, remains to be positive and
06:20 in favor of the bulls.
06:21 But the daily chart, the short-term trend indicates that there is some pause in momentum
06:25 in the particular stock till the time it doesn't reach the 1500 mark consistently.
06:29 Understood.
06:30 Thanks, Amar, for that view.
06:31 I'm coming back to you on this next one.
06:33 Anush Patel on YouTube is asking about Tata Power and whether this is a good time to buy.
06:39 If not, what is the entry price that you would suggest?
06:42 Yeah, so looking at Tata Power, again, I would say the stock has been an uptrend.
06:48 It's delivered more than 100% return over the last 8 to 10 trading months.
06:54 And currently it's around 452.
06:55 At the current levels, I would say I wouldn't recommend a fresh buying, though it is taking
07:03 out some very crucial support zones.
07:05 Because earlier, if you look at the first week of March, it had made a high of 433 and
07:09 then it went in for consolidation.
07:11 Now that high has been taken out.
07:13 And the stock continues to be strong and firm.
07:16 The intermediate term trend, long-term trend, see, these are stocks where if you ask me,
07:21 the long-term trend is very strong.
07:23 Intermediate trend is also positive.
07:24 So effectively, it's more in favor of the boost, no doubt about it.
07:28 But some of the technical indicators, they moved on the intermediate term trend, have
07:31 moved into the overheated trade freeze.
07:33 So what it effectively tells me is that the stock could have an upside, but again, we
07:37 could witness some profit booking as well.
07:39 So on any correction, this is a stock to be added.
07:42 If you ask me what are the levels on the downside, I would say 415, 420.
07:45 That's a good level where one can look at fresh entry.
07:50 And for any major rally, the stock needs to sustain over the 435, 440 in the short term.
07:55 All right, fair point.
07:56 Next counter we are talking about is Azad Engineering.
07:59 This one is from Shri Kishore Sharma from Bihar.
08:02 They say they bought the shares three years ago and at the IPO levels, 524, it's currently
08:08 over Rs. 1,300.
08:09 Asad, do you have coverage on this counter and if there is a long-term target for this?
08:16 Yes, we did cover it when the IPO came.
08:20 And we have recommended subscribe on this IPO.
08:23 So talking about this company, they are working into some mission critical capabilities and
08:28 they are having global clientele and global OEM as their clientele.
08:34 So strong clientele and with a niche business because mission critical capabilities, which
08:38 we are talking right now.
08:40 So they are into such type of manufacturing.
08:43 So I find this company attractive at that point of time also.
08:46 And even after it isn't so much, we are continuously bullish on it.
08:50 Although we want right now to see the results first and then we'll give our rating.
08:56 But presently, if someone has this stock in their portfolio, then they can continue holding.
09:01 Our price target for the same is 1500.
09:04 Although if results come, then we'll like to review and maybe we'll give a buying rating
09:08 also.
09:09 But we'll wait for the result till then hold with a price target of 1500.
09:12 All right.
09:13 So, Rastik on YouTube has got the next question and he's asking about GE Power, which is currently
09:20 trading at 346 up about 2% in trade today.
09:23 He has bought at levels of 130.
09:26 And he's asking whether to hold or sell at this juncture, what is a good level or a good
09:31 time to sell?
09:32 Amar, what are the indications telling you on the charts?
09:35 Yeah.
09:36 So, if you look at GE Power from a long-term perspective, this is one stock, honestly,
09:43 it really hasn't delivered at all.
09:45 The stock has corrected significantly.
09:46 If we go back on the long-term charts, the stock has corrected from almost 1040 levels
09:53 in the March quarter of 2018.
09:56 And then the stock corrected all the way towards 100.
09:58 Now it's around 350, 345, 446.
10:01 Overall, what we are seeing is that these are very crucial levels for the stock.
10:05 So, I would say anywhere between 370, 380, that's a very strong, I would say 370, 400
10:12 is going to act as a very strong resistance zone.
10:14 So, those who are long, they can definitely look at booking profits at the current levels
10:18 because till that time, we don't see the stock sustaining all of the 370, 380, 400 zone.
10:24 I would say we could witness a lot of profit booking.
10:26 Also, we need to understand the stock has witnessed a significant rally since, I would
10:32 say, April of last year when the stock was trading as low as 100.
10:35 So, currently it's around 345.
10:38 So, one should definitely look at booking some profits.
10:40 And also, on the daily charts, we are seeing some sort of bearish divergence and double
10:44 top formation on the charts.
10:45 So, profit booking definitely could be looked at.
10:49 All right.
10:50 The next counter is Patel Engineering.
10:52 Now, this is a multi-bagger of a stock, but seems to be in a bit of a downturn in the
10:56 last one month.
10:57 Amar, we have a query from Rakesh.
11:00 They say they bought the shares at pretty much the current levels.
11:04 Would you suggest selling the shares now that it seems like, I think it's down today as
11:10 well, down about over 8%?
11:14 So, if you look at this particular stock, Patel Engineering, again, this is one stock
11:20 which really hasn't been doing much.
11:23 It did bounce back from the lows, but it's not able to sustain at higher levels.
11:26 And also, if we go back and look at the weekly charts or the monthly charts, that really
11:31 tells me that there's a lot of supply that's coming at higher levels.
11:33 So, high levels, what I mean, that's roughly between 70 and 80 zone.
11:38 And if you ask me from an intermediate term perspective, the stock isn't really going
11:41 to witness a rally in the short term.
11:44 So, it could be more of consolidation.
11:46 Those who are, I would say, long in the stock, if their price is similar to the current levels,
11:52 maybe they can use today's low.
11:53 If that's not breached, they can hold on to their positions.
11:56 But they need to understand that this is one stock which is really not very positive on
12:01 the charts.
12:02 Still, the time we see the stock sustaining all the 80 mark, which was a high, 79, was
12:06 high in February.
12:07 So, 79, 80, that's going to be an upside level.
12:10 On the downside, somewhere around 50.
12:12 So, more or less, the technical indicators, they point towards a consolidation in the
12:16 stock with a slight negative bias.
12:20 Okay, let's pull up REC and see what's happening with this particular counter.
12:23 I believe the results are today, they're anticipated today.
12:27 And this is a question from Varun Agarwal on YouTube.
12:30 The question is about whether or not you would buy this today, Aastha, and based on the fundamentals,
12:35 based on the earnings that you're anticipating, the stock is up and about as much as 5% higher
12:40 today.
12:41 Would you say that it's a little bit stretched at this point or is it still a buy?
12:48 I think valuation-wise, it's okay.
12:50 It's not that highly valued at this present moment of the time.
12:54 And if I talk about the previous results also, that is of quarter 3 of FY24, the results
12:58 were decent, more than 10% growth.
13:00 I think they have posted in their bottom line.
13:03 So, we are expecting a strong performance again from this counter in Q4 of FY24.
13:09 So but, you know, rather than taking risk of buying at this present moment of the time,
13:13 let's wait for the result and then take a call.
13:15 The buying price can be higher, but I think the risk will be lesser.
13:20 So my stance is wait for the results to come and then take a call.
13:24 And if anyone has the stock in this portfolio, then they continue holding.
13:29 My price target for this counter is more than 500, which is 520 to be very precise.
13:33 All right, fair point.
13:35 We'll take a short break now, but on the other side, we'll take more queries.
13:39 Stay tuned.
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16:33 Welcome back.
16:33 You're watching Ask Profit and we're in the midst of taking all of your queries.
16:37 The next one that we're taking is from Raghuram Pathro and he's writing in from Bhubaneswar.
16:42 Raghuram has already got a question on Patel Engineering answered incidentally because somebody else asked.
16:48 But he's asking about Devyani International as well, which he's bought at levels of 165.
16:52 And he's looking for a short term view on the stock.
16:55 Amar, a quick view on this particular counter.
16:58 What would you do with this?
16:59 So looking at this particular stock, I would say that it's more or less witnessing some sort of consolidation in the charts because the stock needs to sustain above the 170,
17:12 175 mark for any significant rally towards the 200 levels.
17:15 Otherwise, on the downside, the stock has got good support coming around the 150, 155 zone.
17:21 So ideally, one can wait out with the stock keeping in view 170, 175, 180.
17:28 That's going to act as a crucial zone of resistance for the stock.
17:31 All right.
17:32 Next counter we're talking about is Protein EGov Technologies.
17:36 This one's from Pratik Khurana.
17:38 They want a long term view on this.
17:40 And I'm not sure if they've already bought the shares.
17:42 Aastha, is this part of your coverage and do you have a target on this counter?
17:48 Yes, again, it was like a recent IPO actually, Protein EGov Technologies.
17:53 And we did cover that IPO also.
17:56 And we have recommended a price for long term.
17:58 So yes, delivered a strong return in the long term.
18:01 Our price target for this is around 1500 at the present moment of the time.
18:05 There are two, three points which we are liking most about this company.
18:08 First of all, they are into the IT enabled services and they have a large infrastructure with Pan India Network.
18:14 So we really like that also.
18:16 And apart from this, their business model, which is more diversified and granular business model.
18:22 I mean, that is offering the great value.
18:25 So looking after all these, we were positive on this counter at the time of IPO also.
18:30 And right now also we are keeping our stance of hold on this counter.
18:34 Price target can be set at around 1400 to 1450 at the current levels.
18:39 All right.
18:40 Avjeet has got a question on Kotak Mahindra Bank.
18:42 And, you know, the question is whether or not it should be bought at the current price or should you wait?
18:47 Aastha, I think a lot of people are wondering about this.
18:50 It's a stock that is down about eight tenths of a percent right now.
18:53 And it's been hammered quite a bit after that regulatory action.
18:56 But if I zoom out and if I look at the last, what, four, five years post-COVID,
19:01 it's given about 9% return, cumulative.
19:04 I'm not even talking about compounded.
19:06 It's disappointed to say the very least.
19:09 Is this something that you would buy or would you avoid at this point?
19:13 We will avoid at this point because the kind of actions which were taken by RBI,
19:18 we think that it will definitely impact the business of the bank.
19:21 And that's why. And I think it will take at least three to six months to, you know,
19:27 back to the normal era for this bank or maybe more than that.
19:32 So here the time horizon is uncertain.
19:35 And that's why we really want to wait and see how the bank perform on the other
19:40 counter and how they will manage that sort of issues.
19:43 So right now, not a buying from our side.
19:46 It's better to wait and watch rather than entering into the stock.
19:50 So we are not recommending buy at this present moment of time.
19:53 All right. Next counter we're talking about is Balram Purchini.
19:56 Now, this one's from Gautam Chaudhary from Guwahati.
19:59 They've already bought the shares at a price of Rs.444.
20:03 It's currently trading below that price. Amar, there's some stress in the sugar,
20:08 pretty much all the sugar counters in the last couple of weeks.
20:12 But on this specific counter, do you have a target for one year?
20:18 Yeah, see, if we look at Balram Purchini,
20:21 what we are seeing is that the stock currently trades around the 400 mark and the stock
20:27 earlier traded as high as 500, 520 levels.
20:31 But again, the stock is in for consolidation.
20:34 So between the 320, 520 zone, if you ask me, overall,
20:38 it would all depend upon because being specifically commodities oriented and to a
20:42 certain extent, I would say the demand supply would play a very important role
20:48 also going forward the monsoon. But the long term trend remains strong for the stock.
20:53 So any pullback in the stock is a buying opportunity currently around 400 levels.
20:57 The levels to watch out for is 300, 320, 30 on the downside,
21:01 500, 520, 30 on the upside. So that's the range for the stock.
21:05 Long term trend for the stock remains positive, but more or less consolidation,
21:09 which can be seen in this particular stock.
21:12 All right. The next one that I will take is from Raj and he's asking about a frontline FMCG company,
21:19 HUL, and he's bought at an average price of Rs.2,250. He's holding 75 shares.
21:25 He's been holding from 2020 and it hasn't done too much is what he's saying.
21:30 What should the strategy be? Aastha, he's looking at a three to five year time frame.
21:36 What would your expectation be for this particular counter?
21:39 So right now, the results which the company has posted were not that strong and we are
21:44 expecting the recovery to be very gradual and slow.
21:47 So it will take another few months to show strong performance.
21:51 And that's why I'm recommending only a hold, not a buy.
21:55 So here, if the time horizon is more than three to five months, then only one can think about making profits.
22:02 So right now, we are recommending hold on this counter for the time period of more than three months.
22:08 And our price target for this counter is somewhere at around 2,400 at the current level.
22:14 All right. Next counter we're talking about is Mazagon Dock.
22:18 This one's from Subodh. They say they bought the shares at 900 levels.
22:23 It's currently trading over Rs.2,300 and a bit of a bit of a stress today, down about half a percent.
22:32 But a multi-bagger, Aastha, do you see more upside left in the stock or would you suggest maybe taking some profits off the table?
22:41 So I think one book profit or a partial profit, not entirely, but we are recommending here to book partial profit on this counter.
22:51 So recommending a partial booking of the profit and keep the remaining holding for the price target of 2,400 to 2,430 at the current level of time.
23:00 Talking about this counter again, past performance was very strong, but the kind of valuation this stock is now enjoying,
23:07 we really need to see and hence we are waiting for some more decline to enter into the stock right now.
23:12 Recommending just a hold rather than buy with the price target of around 2,400 to 2,430.
23:17 All right. The next one's on Hindalco and this is coming from Jeet. Jeet is writing from Kolkata.
23:24 He's bought at levels of 613 and he's looking at a one-year time frame.
23:28 Amar, if you have a view on the underlying as well, because I think that is what governs the price of Hindalco or one of the factors that governs the price.
23:36 So the underlying metal picture, how do you see that panning out in Hindalco as well?
23:41 I would say that, see what has happened in, I would say, across the ferrous and the non-ferrous spaces that we've seen a significant bump up in prices of all these metals.
23:55 And primarily, majorly two factors, if you look at the US data in terms of some recent data would be of concern, but overall, if you look at the trend,
24:04 that's been a stronger data flows from the US. That's the reason the US Fed is also not going for a cut anytime soon.
24:11 Secondly, China, which was in for, I would say, a serious economic trouble.
24:18 So that also to a certain extent has been mitigated.
24:21 And also the stimulus package and the pullback in the metal space and the metal prices, I would say most of the metals are trading at record highs.
24:28 So that's really helped all these stocks. If you look at the steel stocks like Tata Steel, say, if you look at the metal stocks like Benalta, Hindalco, which we speak of.
24:37 So clearly they are beneficial just like in terms of crude oil prices, we see their impact on the OMC stocks as well as the oil exploration stocks.
24:46 So clearly the same is being witnessed here as well. If you look at Hindalco, Hindalco has had a stellar rally.
24:52 The stock is currently around 640 odd levels. So the stock has a potential to rally at higher levels, but entry at the current levels, you've got to also consider the risk reward ratio.
25:03 So from that perspective, because if you look at the major support zone for the stock, that comes below 500 levels.
25:09 So ideally those who are long, they can look at looking at least part profits, if not whole.
25:13 And if they want to hold on to the position, then they can use a stop loss below 550 from a short term perspective.
25:20 All right. Unfortunately, now we have completely run out of time.
25:24 And if you are not able to take your questions, we'll definitely try and take them on Thursday.
25:29 Thanks, Aastha and Amar for joining us today and for answering so many questions for us.
25:34 And viewers, don't go anywhere. We have lots more lined up for you on MTV Profit.
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28:40 Hello and welcome. This is Hot Money. I am Harsh Saita. Let's talk quickly.
28:44 Look at where markets are at holding up fairly well in trade today to 57 percent higher than 50/50.
28:51 You know, positive reaction, especially in auto counters, is what seems to be dominating the 50/50 constituents.
28:59 Looking at a couple of them, let's look at something like an M&M up 5 percent.
29:04 Let's also look at Hiro Moto up two and a half odd percent.
29:08 Outside of that, Bajaj Auto also doing fairly well, 2 percent higher in trade.
29:13 Among other sectors, Power Grid seems to be taking the lead within the 50/50, around 2.2 percent higher.
29:19 As we speak, you also have something like a Shiram Finance up around 1.7 odd percent.
29:24 So some of those names are doing fairly well. Among the Lagards on the Nifty 50, Tech Mahindra doing fairly poorly, 1.5 percent lower odd.
29:36 And you also have something like a Tata Steel not having the best day either, 1 percent down.
29:41 Dr. Reddy is also around a percent or so lower in trade.
29:45 On the contributor side of things, let's pull that chart up. You have Reliance as well as HDFC Bank among the top five contributors.
29:54 And generally, when those two do well, the markets tend to do quite well.
29:58 So you've got a 100 point plus positive on the Nifty 50 on the back of those two, both contributing roughly 30 odd points of that 100,
30:09 pretty much negating all the negative contributors that you can see.
30:14 The breadth of the market, if we can quickly switch focus and try and pull up the advance decline ratio steadily in the decline.
30:22 And that's because the small and mid caps are not doing as well.
30:28 Of course, positive reaction, the mid cap index even hit its 52 week high, all time high, in fact, and has come just off those highs.
30:38 Let's pull up the Nifty mid cap index for you and the around half a percent or so higher as we speak.
30:46 So it's doing fairly well in trade. But nonetheless, when I'm looking at the breadth, not the best.
30:52 The breadth of the market just about on the mid cap side of things, decent, but on the small cap side of things, just about one is to one.
31:00 So that's where the breadth is getting more and more difficult.
31:03 I'll quickly switch to sectors before we start talking stock specific.
31:08 The Nifty Bank around a quarter of a percent higher. But outside of that, Nifty Auto doing really well.
31:13 We spoke about that 2.4 percent higher, a percent higher on Nifty Financial Services, a third of a percent higher on FMCG, flat on the Pharma.
31:22 Absolutely flat. The Nifty IT around a third of a percent down metal also around half a percent down.
31:28 The Nifty Realty, though, continues its teller on one point six percent higher on your screen.
31:34 That's how we're placed with regard to both sectors as well as where broader markets are at.
31:41 But I'll switch focus stocks and focus today.
31:43 We've got a truncated list because we have a management for the other half of the show.
31:49 Let's pull up something like a trend doing very, very well in trade.
31:52 Tata Chemicals on the back of numbers also in focus. And then you have a Vesuvius up 7.4 percent on the back of a very, very strong set of numbers.
32:02 But look at trend four percent away in trade on the back of a decent set.
32:09 We'll talk about that. Dharmesh Kant, head of equities at Chola Securities is with us.
32:16 Welcome to the show, Dharmesh. Right.
32:23 Right. Dharmesh, the markets itself, you know, before I go stock specific, looking quite good.
32:32 We are very close to the all time highs. What's your sense at the moment?
32:37 Some of the front liners in the in the Nifty 50 benchmark haven't really moved much.
32:43 But nonetheless, what's your sense with regard to the overall market on the benchmark index?
32:51 I think it's more to do with pre-positioning before the election results are announced and people are getting into getting invested into where they want to.
33:01 And that is what is helping the market up. Nonetheless, the liquidity remains very strong.
33:06 I mean, liquidity flow from the domestic side, HNI, Super HNI category, it's just gushing in.