-#SEBI introduces guidelines for fair, transparent fees by #MII.
-#Nifty, #Sensex flat.
Get all your stock-related queries answered by our technical and fundamental guests with Alex Mathew and Smriti Chaudhary on Ask Profit. #ndtvprofitlive
-#Nifty, #Sensex flat.
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
01:30Good morning and thanks so much for joining in. You're watching Ask Profit on NDTV Profit.
01:48My name is Alex Mathew and with me is Smriti Chaudhary and we'll take you through the next
01:53half an hour or so of trade. Like the name suggests, this show is geared towards getting
01:58you answers to all of your stock related questions and to that end, you can send them to us on
02:03that number that you see on the screen or in fact on any one of our social media platforms.
02:08Let's quickly take you through how the markets are faring today and it was a positive handover
02:13from the US markets but the Asian markets were a little under the weather and to be
02:19fair, the Indian equity markets were due for some consolidation and that seems to be what
02:25is playing out today at least on the benchmark index. In fact, on the broader markets as
02:29well, the Nifty 50 trading above comfortably the 24,000 mark, the Mid Cap Index trading
02:35completely flat and the Small Cap Index continuing to gain ground. It was the outperformer in
02:40trade yesterday as well. Let's quickly take you through the market
02:44breadth just to see if it's more or less even Stevens or how that's panning out and the
02:49advance decline ratio should actually give you that perspective. But beyond that, let's
02:55talk about in fact the sectoral perspective as well while we wait for that to come up
02:59on the screen and you have the Realty Index that is gaining ground 1.6%, Media is up as
03:06much as a percent and a half, IT is outperforming. It was one of the top performers in trade
03:11yesterday as well. On the losing end, you have the PSU Banking Pack that was also underperforming
03:16yesterday. It continues to do that today, but no big losers to that extent.
03:22Let's talk about the advance decline ratio that I was mentioning earlier and as you can
03:25see more or less, it's not too much of a gap. The advances are in fact ahead, but just by
03:32a little bit. It's not as stark as you've seen in the recent past. In terms of the contributors
03:38on the benchmark Nifty 50, you have HDFC Bank which is leading gains and is the top contributor
03:43in trade today and it's followed by Infi. But there is a pack of stocks that is not
03:48doing too well and that is the brokers and that's on account of a regulation change that
03:53could be on the cards that is suggested by the Security and Exchange Board of India.
03:58And we are trying to understand the significance of this, Smriti, but seemingly, it's going
04:03to be a hit on the revenues of these companies. Definitely. Good morning, Alex.
04:07Morning. You rightly mentioned, we came out with these
04:09new rules which says market infrastructure intermediaries, MIIs or even stockbrokers,
04:16they're going to get hit by this regulation. So, essentially, they have now asked these
04:21brokers to not charge their customers, you and me, based on the volumes. Now, there needs
04:27to be a flat fee. Well, that's good news for people like you and me, not so much for stockbrokers
04:33and you're seeing that impact on these stocks as well. You look at Angel One, down about
04:387.5%. While we were just discussing right before the show started, Alex, that they largely
04:44have a, you know… They've transitioned to the flat fee model.
04:48Yes. But look at how the market is reacting to that. 7.5% down, you have IFL Securities
04:54down about 4.5%, Motilal down over 3% in trade as well, Fivepesa down about a percent right
05:01now. So, all of this market is taking cues from this regulation. While it's important
05:07to understand, we do not know the magnitude of the hit, but it is definitely going to
05:12have an impact on the incomes of these brokers. And to get more perspective on that, let me
05:17introduce you to the guests for today. Wait a bit. So, we're still waiting for them
05:21to join. We do have Sameer.
05:22Oh, we do. We do have Sameer Dalal of Natwarlal & Sons
05:26joining us. Sameer, you've heard of these regulations and we're seeing that impact
05:31on the stocks today. How are you thinking about it? What's the… What kind of…
05:37For somebody who's holding these counters, what should that person do?
05:40Honestly, not worry too much, if you ask me. So, I don't think there's going to be…
05:46I mean, you know, when news comes out that they have to charge a level play field, it's
05:52not like the MIs want to lose out on certain income. What they will probably do is up the
05:57costing a little bit and figure out some other way to compensate the brokers who are
06:02giving in the larger volumes to some other means or some other method. So, you know,
06:08at the moment, I would not worry. Yes, some impact would be there, but I think there are
06:12very few listed companies and I don't think that bulk of the profitability or revenue
06:17comes from that part of the revenue stream. So, it's not really going to change. And as
06:22long as volumes keep increasing on these exchanges, turnovers and new client additions
06:28keep happening, this is a very… It's like a platform-based company, right? So, you have
06:33your systems in place, the more turnover, the more revenue you generate, bulk of it
06:38transfers down into the PAP. So, as over time the markets keep growing in India, which is
06:42happening, these large protein houses will continue to grow. However, the big fear factor
06:47for I think a lot of these players is not this, but the fact that Reliance Jio, I mean
06:53not Reliance Jio, but Jio Financial Services wants to enter a brokering business as a low-cost
06:58business and they might be stealing market share for that, which could be a problem.
07:02That could be the bigger problem and not this that has happened.
07:05Okay, fair point. Just to follow up to that, Sameer, we were talking about specifically
07:09Angel One and it has made significant strides in terms of the number of clients that it
07:14is catering to. It has also gained quite significantly on the price front, I'm talking
07:19about the stock, but it's moved to a fee-based model right through its super app. So, why
07:25is it getting hit so badly in trade today?
07:28So, a rising tide raises all ships and when the tide goes down, all ships go down, right?
07:35So, right now, because of this negative news flow, I think people are just a little bit
07:39worried and also the stock had run up quite significantly. Now, there's also a second
07:44news that is doing the rounds in the market is that the SEBI and the finance ministry
07:49is very worried about the fact that there is a lot of high volumes that is there in
07:53the options market and they are coming, they want to come up with a way to reduce the turnover
07:58and the volumes from retail investors in the options market, especially on the expiry date.
08:04So, if something of that news comes about, if some regulation for that comes about, then
08:10like I told you, these are platform-based companies, cost has been placed. Now, if volumes
08:14were to fall, it would have an exact reverse opposite of when volumes increased. The cost
08:20is fixed. So, if I was 100 rupees of revenue and my cost was 50 and if I went to 150 rupees
08:25revenue, my PBIT would go from 50 to 100. Inversely, when it comes down from 100 to 75,
08:32my PBIT would come down from 50 to 25 because the cost structure does not change significantly.
08:38So, because of that, I think there is a bit of correction that is happening across the
08:42board in the market. It is not only to do with this news, there is something.
08:45All right. That's a fair point. We are also joined this morning by Swati Hotkar. Swati,
08:48thanks so much for taking the time. It's time to jump into the queries and there are quite a few
08:52that have already piled in. The first one I will take is on AU Small Finance Bank and Kanya is
08:58asking about whether or not it can be held at this point. The stock is currently trading with
09:04gains of about four-tenths of a percent. It's at 676. On the fundamentals though, Sameer,
09:08is this a buy or would you prefer another in the BFSI space? So, in the BFSI space, I have discussed
09:15this last week also when I spoke IDFC First Bank remains our topic. AU Small Finance Bank is also
09:20growing quite well. They follow a similar business model where they are able to garner higher
09:25deposits because they are giving monthly interest. They are giving a higher rate of interest also.
09:30So, getting fresh deposits and getting large deposits for them has also been easy. So,
09:35it would definitely be one stock that one can invest in. But for me, the topic remains IDFC
09:39First Bank. All right. Fair point. Next question is from Ashok who is writing in from Bangalore.
09:46Swati, now they want to buy Cipla Futures. Would you suggest doing that at this juncture
09:53and what are the key levels that you would watch out for?
09:57Good morning. First of all, the view on the Cipla is little bit cautious. The pharma sector is not
10:02really doing very well. This particular counter is facing a very strong resistance of 20 days
10:07moving average which comes straight around 1520. So, unless and until stock doesn't give the
10:11breakout of 1520, one should not go for a long position. Just hold for the time being. I believe
10:16we might see some correction towards 1440 level. So, the view is little bit cautious. I will suggest
10:23not to create any long positions in future as well. All right. Moyle Limited is what we are
10:30talking about next. It has had a stellar run in 2024 so far, 57-58% gains in the year-to-date
10:38period. The stock is currently trading at 494. But we have got Mavin who is writing in from
10:47Baroda and he has bought at slightly elevated levels. Swati, he has bought at levels of 565,
10:52he says. What are the short-term and the long-term targets and can he recover his buy price?
10:58Yes, definitely, Moyle is one of the good counters. We have seen a very good rally in this
11:03year. But no wonder after such kind of rally, profit booking cannot be denied at the higher
11:08level. And coincidentally or say unfortunately, he has bought at the higher levels. But definitely,
11:13I believe that this counter might find the support nearby 460 to 450 levels and thereafter
11:19again we can see some uptick rally towards 540 to 550. So, definitely his buying position will
11:25come but he need to hold on for a few more period or few more trading session. It is a hold for Moyle
11:31as long as the stock takes the supports of 470 levels. So, you can hold on this particular
11:36counter. All right. The next counter is Indus Stars. Now, Swati, this question is coming in
11:42from Jayakrishnan from Korikore. And the question is, should you enter this counter? Now, we have
11:48seen a rally in this counter in the last six months, one year it has doubled. Would you suggest
11:55buying at these levels or should you wait for a little bit of correction to happen?
12:00This particular counter is really strong on the fundamental as well as on the derivative parts.
12:04We have seen a very good rally once the stock managed to give a breakout of 350. It was showing
12:09inverse head and pattern formations and gave the breakout and almost it had achieved the target of
12:14that particular pattern. So, I believe one should not go for a long position at the current market
12:19price because risk reward ratio is not favorable. If you are getting any dips towards to 360,
12:24370 levels, definitely one can go for a long position. For a shorter term duration, I believe
12:29the stock has a potential to reach up to 440 to 450 levels. So, definitely it will be a buy call
12:34but buy on dips towards to 370 to 360 levels. All right. Siemens and Gokhaldas Exports are the
12:42two counters that we are looking at next. And Swati, this one is for you. We have got Satish
12:46asking whether or not to buy these two counters. He has got a relatively long term time frame,
12:51as much as 3 to 5 years. Would you suggest both of these stocks or one of the two or none of the above?
12:58See, Siemens is personally one of my favorite counters. Definitely one can
13:02go for a Siemens at any point of time if you are looking for a portfolio management services,
13:08such kind of a, definitely one can go for SIPs into the Siemens. But not at the current momentum,
13:14we already have seen a very good rally in this particular stock. I will suggest to hold on,
13:19if the stock corrects up to 75 to 7300 levels, definitely one can go for a long positions.
13:26But just hold on, this counter is purely for the portfolio purpose thing. I believe very soon we
13:32can see up to at least five digit numbers in this particular stocks. So, it is a definitely
13:36buy on any dips. But Gokhaldas Export, I will suggest to wait. You can go for a Siemens,
13:41but not for the Gokhaldas Export as such. All right. The next question is from Sanjeev,
13:48who is writing in. Okay, we do not know where he is writing in from, but the counter that
13:52they are talking about is Josh Engineering. They bought at a price of 2360 rupees,
13:57slightly elevated levels. Seems to be in a downtrend for the past week.
14:03Sameer, do you have coverage on this counter? No, I am sorry, I do not have coverage on this one.
14:10All right. Swati, what are the key levels you should watch out for and what should somebody do
14:14who has been holding from such elevated levels of 2360?
14:19Yes, the technical setup is little bit cautious because on
14:23the chart we are witnessing a negative divergence in this particular stock. So,
14:27that is why we are witnessing some sort of a selling or say the profit booking.
14:30We might see a downwards towards at least 1800 levels. So, I will suggest,
14:35if you are getting any pullback rally up to or any rise up to 2300 or 2200, one should exit the
14:42long positions. The longer term horizon is little bit cautious. Selling pressure might likely to be
14:47intensified once the stock skips the breakdown of 2000 levels, which might take a counter to
14:521800 and so. So, if you are getting any rise towards 2200, 2250, one should exit the long
14:57position. Relatively recent listing is what we are talking about next. Execom Telesystem is the
15:04counter that we are asking about and Sumedha is asking about this. It has had a pretty stellar
15:10run since its IPO and since its listing earlier in 2024, it is a doubler. Do you have a view on
15:17this one? Sameer, do you have a view on this one? So, I have studied the company. I know what they
15:25do. We do not have active coverage, but I can tell you that what they are doing about setting
15:30up the infrastructure for the electric charging, I think that is a growth industry and that is
15:37going to continue to grow. So, there is great opportunity over the longer term. The problem
15:42again is listed at premium valuations and the valuations have got stressed. Like you said,
15:47it is rightfully doubled after the listing. So, the valuation has moved up even further and that
15:52is where I have a bit of a hiccup. I do not deny the fact that this is an industry that could
15:56probably have 20 years of growth going forward. So, valuations can remain at a premium. But we
16:01would like to see how competition emerges in this space. We would also like to see how
16:06the opportunity to generate returns is for these charging stations. It is still not totally clear.
16:13So, I would rather wait for the time being as an investor. Like I said, we do not have active
16:17coverage, but I am not buying at this point. It is time to advise to buy. All right, that is the
16:21view on Execom Telly. We have to slip into a quick break, but we have got news to talk about and this
16:27is the SEBI show cause notice to Hindenburg and we have got a lot of details to tell you about.
16:34We will tell you after this very quick break. So, do stay tuned.
17:04Thank you.
17:34Thank you.
18:04Thank you.
18:34Thank you.
19:05Thank you.
19:20Thank you.
19:30Welcome back. You are watching NDTV Profit. Now, there is a lot of water that has gone under the
19:35bridge with regard to the Adani Hindenburg case, but seemingly the SEBI is not done
19:40prying into some of those details. In fact, there is a show cause notice that has been sent
19:45to Hindenburg and other entities related to that Adani Hindenburg case and there are several
19:52details that have emerged. Sajid is standing by to break down some of those details. Sajid,
19:57what are you picking up? That is right. Market Regulator,
19:59Securities and Exchange Board of India has issued a show cause notice to Hindenburg Research,
20:06which is a US-based short seller and some of the foreign portfolio investors like
20:13Mark Kingdom and its entities which are based out of Mauritius.
20:19The basic thing of which investigation comes in from the fact that the short selling activity
20:26observed in Adani shares started prior to the publishing of the report which was
20:33June, January 24, 2023. What the investigation says very clearly is that though the Adani stock
20:41started falling after the report was published on Jan 24, the short sale began as early as Jan 10
20:48and it was done by a FBI by the name of K India Opportunities Fund, Class F,
20:56which is owned and controlled by Mark Kingdom who is a sole beneficiary of this and ultimate
21:05beneficial owner of this fund and other entities which are based out of Mauritius.
21:12The sole purpose of this fund was to trade in Adani Enterprises futures in NSE. Remember Adani
21:19Group's only one stock was in F&O Adani Enterprises and that was the only proxy to
21:24trade against the Hindenburg report which was released in early Jan at the time when Adani
21:31Enterprises was in the middle of FPO and it was almost on the verge of completing the FPO when
21:37the report was launched there. This fund made a total profit of nearly 183.24 crores. The fund
21:44also had profit sharing agreement with Hindenburg. The profit sharing as per the research agreement
21:51that it signed was around 30% but it was reduced to 25% subsequently because of the kind of time
21:58the fund took to set up in India and the regulations that it had to meet.
22:03But the entire structure of this was done by Kotak Mahindra Investment Limited which is an
22:09arm of Kotak Mahindra Bank and the entire FBI account was created, the trading account was
22:14created and the approvals for trading in single stock derivatives was both on the long and the
22:22short side was undertaken and approvals were brought in by Kotak's arm. M. Kingdon Offshore
22:32Master Fund was registered in Cayman Islands and it was the ultimate beneficiary of that
22:37and Mark Kingdon colluded with Hindenburg to make gains that was not part of the public information.
22:45The SEBI investigation very clearly states that as early as November of 2022 a draft report was
22:55shared with Mark Kingdon based on which an agreement was signed and subsequently Mark
23:00Kingdon set up a trading account in India in January of 2023 just days before the report
23:08was to be made public. The entire process of the trading account was done in a very hurry and
23:15where there was an urgency to do it so that short positions could be created. Roughly 8.5 lakh
23:21shares of Adani Enterprises were short in January between Jan 10 to Jan 20 and then on Jan 28 a few
23:30days before the report was to be made public it was rolled over to the February positions.
23:36Remember the Hindenburg report was released on Jan 24 that was almost the close to expiry day
23:44of January and so the impact would have rolled over to the February month and that is when the
23:50entire gains were made when the Adani Enterprises shares went down by as much as 59%.
23:59Mark Kingdon and his funds basically squared off the positions between February 1 and February 26.
24:06In the process making nearly 183 crores in profits of which 25% was shared as profit
24:14with Hindenburg which is there. If you look at the modus operandi of this thing the draft report
24:19was shared between Hindenburg and Mark Kingdon. He was the sole beneficiary of that report and
24:27this report was not shared with anyone else until the time it was made public to all the people on
24:34Jan 24. So he went ahead and did an advance short sale before the report could be made
24:42public. The second thing was that he waited for the entire trading account to be created
24:49in India. It took some time because there are processes to create an FBI trading account and
24:55Kotak was managing that and it took few days for Kotak to do that but the communication between
25:00Kotak and Kingdon shows that there was an urgency to start the trading account at the earliest
25:05which was there. The research agreement between Hindenburg and Mark Kingdon mentions about a
25:12profit share of 30% which was eventually reduced to 25% and agreed by Hindenburg because of the
25:18time it took them to create the account there and Hindenburg which claimed that there was
25:25no association with the Indian securities market indirectly had a relationship because
25:34Kingdon was sharing profits from the short sale which he was doing in the Indian market
25:39with Hindenburg there. The Inder fund was created solely for the purpose of trading in Adani
25:45enterprise shares that is what the SEBI investigation reveals and there is nothing,
25:49no other trading that took place in that account or the trading account which was created there.
25:55Now what kind of profits was made in the entire process? Hindenburg traded in the bonds of
26:02Adani group which between November 2022 and March 2023. In the bonds trading it got a net loss of
26:12nearly 5000 odd dollars but what it did was it got nearly 5 odd million dollars as an agreement
26:19between Kingdon group and what it did also was that it traded in the ETFs and MSCI India index
26:28as a result of which it got a profit of nearly 9.2 million dollars which was there.
26:32So net position or net profit that Hindenburg earned from the entire transaction was roughly
26:40around 14, 14.5 million dollars which includes profit share from Kingdon group and 9.2 million
26:47which it traded itself in markets outside India as a result of the ETFs and the MSCI India index
26:56exposure that it took. Okay, so quite significant. Alright, Sajid, thanks so much for giving us all
27:02of the details there. By the way, you were seeing on the screen a reaction in the stock price of
27:07Kotak Mahindra Bank which has very clearly been named as the facilitator of these transactions
27:13and the creator of the account that facilitated the Kingdon transactions in the Adani stock. The
27:19stock is in fact at the low point of the day down as much as 2.7 percent. We will get you more
27:25details on this story over the course of the day and in case you would like to take a look at the
27:31story on the website ndtvprofit.com. This elucidates everything that Sajid has just laid out before you
27:39and provides a little more context in case you would be interested in reading it.
27:44In the meanwhile, let's very quickly take you through what's happening with the markets.
27:47We are looking at pretty much a flat trade for the Nifty 50. We are trading at yesterday's close
27:53more or less, but holding above the 24,000 mark. As I was pointing out at the start of this half
27:58an hour, the consolidation seems to be on the cards and in fact, it is playing out.
28:02The mid-cap index is now trading in the red to the extent of two-tenths of a percent,
28:07but the small-cap index continues to trade in the green. If anything, I would think that the
28:11advance-decline ratio would have tilted a little further. I wouldn't be surprised if it has. At
28:16the start of the show, of course, the advances were ahead of the declines and it is in fact
28:23narrowing. There you go. So, very close to even Stevens on the advance and decline ratio and it
28:28is likely that you will continue to see consolidation through the day. Having said that,
28:32there are a few sectors that are doing particularly well in trade today and one of those
28:37is the ITPAC that is the top gainer in trade today. It was one of the top gainers in trade
28:42yesterday as well, up as much as 1.7%. Now, that brings us to the end of this particular edition
28:48of the All You Need to Know, but Ask Profit. I mixed up my shows, but we are at the end of
28:56Ask Profit from Shruti and myself and the team that put the show together.
29:00Thank you so much for watching.
29:26Thank you.
29:56Thank you.
30:26Thank you.
30:56Thank you.
31:26Thank you.
31:56Thank you.
32:26Thank you.
32:40Hello and welcome. This is Hot Money. I'm Agam Lakhil and in this show, we take you through
32:44all the stocks which are buzzing in trade or have been the flavor of the season. But before that,
32:49a quick look at the markets and at the moment, we are looking at a quite day of trade. It does
32:53seem like we're looking at some gains as far as the indices are concerned, but largely
32:59it's flat.
33:00The Nifty currently at around 24-150, the Bank Nifty as well is actually in fact looking
33:06at a little bit of weakness, a little bit of dip coming through and it's the same for
33:09the CNX Fin Nifty as well.
33:12So those are a handful of indices that we need to keep an eye on and of course the Bank
33:17Nifty is also lost out on the, or rather it is trying to defend 50-200 mark at the moment.
33:23But in general overall, we're seeing a little bit of weakness seeping through and perhaps
33:28also unexpected lines because you've just seen the benchmarks move from strength to
33:32strength.
33:33Now, let's move on and talk about the constituents of the Nifty and see how things are panning
33:38out there, where there is a pull and push coming through.
33:41We do have HDFC Bank along with Infosys and L&T providing a bulk of the gains on the advance
33:46and on the other hand, ICICI Bank, Kotak Madhra Bank and Bajaj Finance weighing down on the
33:52indices.
33:53In fact, that's also the reason why you have the Fin Nifty which is under pressure right
33:57now because it's not just the private sector banks, it's also Bajaj Finance which is weighing
34:02on the banks and the Fin Nifty does seem like it's lost out on the level of 23,500 at the
34:08moment.
34:09The question is how are the broader markets doing right now?
34:13The broader markets are actually also mixed.
34:18So we have a 0.2% cut for the mid cap index, the small cap index also, well, just about
34:23marginally in the green right now.
34:25And even in terms of the advance decline ratio, it's a fairly mixed picture because depending
34:30on the index that you're taking, we'll have just about a little bit of an edge when it
34:36comes to advances as against the declines, largely fairly evenly poised between those
34:42which are moving up and those which are in fact taking a knock in today's day of trade.
34:48So on the whole, it's a mixture of trade for the broader markets and in general for the
34:53indices are quiet day.
34:55With that, let's take a look at all the stocks and themes in fact that we're going to talk
34:59about in today's session, starting off with broking stocks which are under pressure.
35:04We are also going to consider tyre and auto companies.
35:08Of course, metals will also be in focus, Patanjali Foods and the FMCG sector as a whole and the
35:13telecom sector as well.
35:15And to take us through his views on the several stocks and themes that we are going to take
35:20up today, we have Avinash Gorakshakar, the Director of Research at Profit Master Securities
35:25is joining us on the show.
35:26Avinash, good morning and thank you so much for joining in.
35:29Avinash, before I come to you, let me take up all the auto sales that came through post-market
35:35hours.
35:36We have Puneet who's joining us to give us an update on that one.
35:39Puneet, over to you.
35:42So, a lot of interesting trends that have come up out of this month, which was expected
35:47to be largely subdued and quiet.
35:49So, one of the major things is Hero Motor Corp, which came out after the market closed.
35:54It reported a 15% sales growth versus expectation of a fall in this particular month.
35:57So, that's been a very positive surprise.
36:00The other one is, of course, it came slightly at the end was Tata Motors, another one, which
36:05was very disappointing numbers.
36:07The passenger vehicle sales were down 8%, while for commercial vehicles, the sales have
36:10been down roughly 7% or 8%.
36:12A similar trend has been seen in Ashok Leyland as well, which came in during market hours.
36:17Another key surprise was also VECV, which is the commercial vehicle arm of Aishwarya
36:21Motors.
36:22It reported a positive 10% sales growth.
36:24The only one in the commercial vehicle space to actually show some growth in this particular
36:28month.
36:29Also, TVS, which has been coming at roughly 5% growth in sales.
36:34Now, this is slightly lower than the 9% to 10% expected.
36:38And potentially, you know, they have lost some share in the premium motorcycle segment.
36:44And that's possibly because of Honda, where the supply chain issues has been resolved.
36:48We saw similar impact of, you know, Honda supply chain issues getting resolved on Bajaj
36:52Auto as well, specifically in the 125cc segment, that they could have seen some particular
36:57pressure.
36:58When you look at the top three winners of this particular month, it has to be Mahindra.
37:01And Mahindra definitely outperforming with 22% growth, the highest among across segments.
37:06The second one is, of course, Hero, we spoke about, and Maruti as well, showing roughly
37:1012% sales growth in this particular month.
37:13What's interesting is this rural theme play of Hero and Maruti has shown some, you know,
37:18interesting trend in this month.
37:19We will definitely deep dive.
37:20This is the last month before the quarter 1 earnings.
37:23So a lot more detail into what led to this particular, it could be the elections, could
37:27be the freebies.
37:28We never know.
37:29But the exact reason why we will deep dive into it will be interesting.
37:32The three biggest losers in this particular month has to be Tata Motors, a passenger vehicle
37:36as well as commercial vehicle, down 8 and 6%.
37:39And Aishwarya Motors was down 5% in this particular month.
37:42So overall, rural theme playing, Mahindra continuing its outperformance and a few select
37:47outperformers.