- Global news flow & cues
- Stocks to watch, trade setup
- F&O strategies
Samina Nalwala and Agam Vakil bring you all this and more as we head towards the 'India Market Open'. #NDTVProfitLive
- Stocks to watch, trade setup
- F&O strategies
Samina Nalwala and Agam Vakil bring you all this and more as we head towards the 'India Market Open'. #NDTVProfitLive
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TVTranscript
00:00:00 Hello and welcome to India Market Open. It's a much better looking morning. Global Qs are
00:00:22 looking good. GIFT Nifty is indicating to a positive start. Good morning, Agam. I don't
00:00:27 know whether this is a meaningful recovery or just a dead cat bounce. But to be fair
00:00:31 from a big fall in the early hours of trade yesterday towards close, we did recover at
00:00:36 least from a day's lows point. And I'm thinking that's what the straight will take heart from
00:00:39 and bulls may try to fight for control this morning. Yeah, well, there has to be some
00:00:43 amount of relief at some point in time, Samina. And secondly, remember that Friday's a day
00:00:47 when you usually close your position because you don't want to carry your risks forward,
00:00:50 which is why there could perhaps be a little bit more relief coming through. Indeed. So
00:00:55 it looks like a pleasantly decent start this morning. Now, of course, we try to understand
00:01:00 whether this is a meaningful recovery for now, at least. So this is just technicals
00:01:06 and supports and of course, resistance that are playing out for the markets. It's not
00:01:09 a huge gap up. You're looking at a 45 point gap up on the street this morning. Global
00:01:14 Qs this morning are also not doing too badly. So like Agam said, Friday is usually a day
00:01:18 when you see a wind up of positions and that's probably what's happening across Asia as well
00:01:23 in trade. Japan is looking very, very solid in trade. They had an inflation reading number
00:01:28 that came in at about 2.6% from 2.8% in November. Remember, Japan has historically been a deflationary
00:01:36 economy. It's only very recently that they are grappling with inflation. That number
00:01:41 now showing some signs of easing. They go into monetary policy meet on the 22nd of Jan.
00:01:46 Hence this data point becomes critical and that is what's keeping those markets excited
00:01:51 in early trade. The rest of Asia is well, not doing too badly as we see it. Along with
00:01:55 that the handover from Wall Street was also pretty good. Those markets bounce back after
00:02:00 declining for the last two trading days. Couple of data points that are worth the mention
00:02:06 is Macy's which posted numbers has reported gling of 5% of their staff, which is about
00:02:12 2,300 people. They are also looking to close down five of their stores across the U.S.
00:02:17 Well, the S&P made an attempt to make close at record highs. AI player NVIDIA's numbers
00:02:23 were better than what the street was expecting on back of which S&P had a pretty solid morning.
00:02:28 Oil prices look good on back of expectation of strong global demand going ahead and of
00:02:33 course stress in the Middle East. The dollar index settled at 103.4 in overnight trade
00:02:39 and gold prices have also steadied down. Now, this is worth the mention because gold usually
00:02:43 goes up when there is risk of trade and what we have seen last night is gold firming up
00:02:48 on back of a little bit of uncertainty and volatility picking up for global equity markets.
00:02:52 But that's largely the global picture. Like I said, the handover from the world markets
00:02:56 is not much to write home about. What is critical, Agam, is what we are expecting in today's
00:03:02 trade. A small gap up is what we are eyeing. But worth the mention is that like I said,
00:03:08 we made a low of 21,286 in trade yesterday. We closed about 185 points from those lows.
00:03:15 So there was a recovery that came in. There was some stability I believe the markets are
00:03:19 expected to find in today's day of trade and most importantly HDFC Bank, the ADR finally
00:03:24 got a bit of a break. The ADR was up 2%. I am assuming this is a similar sort of setup
00:03:30 we are expecting HDFC Bank may lead the recovery from the front.
00:03:34 So some factors did change yesterday and for the better, to be honest. So firstly, let's
00:03:40 talk about levels that we are keeping an eye on as far as the Nifty is concerned. Currently,
00:03:44 we are looking at a stiff resistance of sorts around 21,500, 21,600, 21,700 range and on
00:03:51 the lower end 21,000 should be something, a level that a lot of participants will look
00:03:57 to defend. That said, the WIX came off and came off by a huge margin and that perhaps
00:04:04 would be one big factor playing out for relief because that also means that a lot of traders
00:04:09 are not anticipating volatility anymore and thereby you see a contraction in option premiums.
00:04:15 The Nifty put call ratio, this is the other big one, has moved to around 0.94. Sure we
00:04:21 saw a fall but remember that we also saw weekly options expiry which is behind us and now
00:04:27 at the moment we are looking at fairly neutral stance as far as the Nifty is concerned which
00:04:32 means there is a possibility of consolidation at least over the course of the next couple
00:04:36 of days. Reliance Industries earnings notwithstanding because that perhaps could still move the
00:04:41 needle by quite a bit and finally coming down to FII's and their positioning in the index
00:04:47 futures that has also moved below the mark of 50%. It's not a completely oversold data
00:04:54 point but the fact that it's moved below the mark of 50 is something that would perhaps
00:05:02 once again indicate that there is some amount of consolidation in the cards and if you do
00:05:06 see consolidation there is perhaps a higher probability of some semblance of sanity returning
00:05:14 to the markets and that's when you start seeing traders build on to new positions. Whether
00:05:20 or not that is going to be to us longs or shorts that's something that we will eventually
00:05:24 know but it does seem like this Friday we are set up for a little bit of sideways movement
00:05:29 perhaps a quiet day where in the last one hour trade we could see further unwinding
00:05:35 of well older positions coming through Salina. You are right, it is going to be a sideways
00:05:39 day some amount of consolidation that's largely what we are expecting. Agam I think Bang Nifty
00:05:45 still remains a very critical talking point. It fell very sharply yesterday, we saw gap
00:05:50 down of about 350 points and this is three straight days of selling that Bang Nifty has
00:05:56 witnessed. Finally it went down about 350 odd points as well, 457. So where we started
00:06:02 is where we pretty much closed our trade in the session. The recovery of about 283 points
00:06:06 in the day's low was seen on Bang Nifty. How does the charts look Agam despite potential
00:06:13 short-term fluctuations, the texture of this market on Bang Nifty, does it remain a sell-on
00:06:19 rise or is it a buy-on dip and this is specifically for Bang Nifty because there has been struggle
00:06:24 on Bang Nifty at higher levels. We talked about how we would attempt 50,000, I mean
00:06:28 now getting close to 45,700 is looking like a challenge. Yeah, on technical parameters
00:06:34 all the analysts that we have spoken to have suggested that the Bang Nifty is a buy-on
00:06:39 dips at the moment. Well there has been a substantial selling coming through and in
00:06:44 fact if we do see a little bit of relief in HDFC Bank today that could perhaps change
00:06:49 things quite a bit as far as the Bang Nifty goes. But remember we are also expecting earnings
00:06:55 from several other large banking counters like ICICI Bank, Axis Bank as well as Kotak
00:07:00 Mandir Bank and a lot will depend on the kind of deposit trends and the advances trends
00:07:05 that they have seen. Because if HDFC has a problem then there is a high likelihood that
00:07:11 some of these banks will also be facing some sort of these problems as far, well going
00:07:16 into trade and of course in terms of earnings as well, Samina. You are right, the bank,
00:07:20 I think the street is very concerned about interest margins for a lot of the banks and
00:07:24 after we saw what happened with HDFC Bank, those fears of course were elevated. But must
00:07:31 mention Indus and Bank reported earnings and those earnings while were in line with street
00:07:35 expectations their names have actually looked good. So that could be giving Bang Nifty a
00:07:40 little bit of a leg up in today's day of trade. Quick check on the FI numbers, FIs remain
00:07:46 net sellers to the tune of 9,900 crores. DIs on the other hand actually came in and bought
00:07:51 yesterday to the tune of 5,977. Agam and we were talking about this outside, HDFC Bank,
00:07:58 this one saw heavy selling, we will of course focus on that on Editor's Cut. But if you
00:08:03 have got to break those numbers down out of 9,900 crores sold by FIs yesterday, how much
00:08:08 was it for HDFC Bank specifically? Approximately 8,300 crores yesterday and another 8,500 crores
00:08:14 day before. So this roughly comes to about 16,500-17,000 crores worth of selling. So
00:08:20 at least 95% of FIs sell figure from yesterday came in from HDFC Bank. So that was the big
00:08:26 guy who saw the selling. Of course the total sell that we have seen from FIs on HDFC Bank,
00:08:32 if you look at it as a percentage of the FI holding is about 2.7%. So it's not breaking
00:08:38 the bank but it's definitely worth the mention that about 2.7% of FI holding in HDFC Bank
00:08:45 was sold in the last two days. So Samina, both the days we saw a billion dollars worth
00:08:50 of selling in HDFC Bank. It has to move the needle to a certain extent, there is no doubt
00:08:55 about that. And just in, there have been days when the entire markets have moved by a percent
00:09:01 only on a billion dollars in the entire market. This is just in one bank. So well, that's
00:09:08 what's playing out but we have to also remember and this is something that I was also mentioning,
00:09:13 the markets themselves have become so big because the kind of growth that we see in
00:09:16 our own market capitalization has just moved from strength to strength. Which is why this
00:09:21 number, the sell number may look big in comparison to the entire market cap, maybe it's not so
00:09:27 much. Yeah, the base, it's a base effect that's playing out. So an absolute numbers looks
00:09:30 large was a percentage of market cap. It's not something that we need to be really, really
00:09:35 concerned about at this stage. And let's not forget the DI, so about 532 mutual funds own
00:09:41 HDFC Bank, they've not gone out and sold from what we believe. So that of course is where
00:09:46 the markets are finding their feet and support. But moving on from HDFC Bank, a few other
00:09:50 stocks that are worth the mention. You have counters such as Indus and Bank. Numbers came
00:09:56 in better than what the street was expecting. They've seen a sharp increase in their net
00:10:00 interest margins to the tune of about 18%. Markets for sure will be excited about this
00:10:05 number. They've also sounding very optimistic about the outlook. They've said that they're
00:10:09 looking at a credit growth of 18% to 22% for F524 and F525. They're seeing strong growth
00:10:15 in vehicle finance, merchant acquiring businesses, MIF, consumer loans, their credit card, personal
00:10:21 loans and loan against property. The stock has been an underperformer over the last couple
00:10:26 of months. This quarter is all about playing catch up and the stock should see a positive
00:10:30 reaction to that news flow, especially on the heels of what we saw with HDFC Bank. Along
00:10:35 with that, disappointing numbers from two retail majors, Metro Brands and Shopper's
00:10:38 Top. Revenue for Shopper's Top was at 8.8%, came in at Rs. 1,200 crores. Margins were
00:10:46 not looking too great. They've declined actually by over 120 basis points to come in at 17.5.
00:10:51 Profitability is also halved, 36.9 versus 62.7. Now, that number is going to stress
00:10:58 the street out. Shopper's Top will be seeing a gap down, opening on back of a huge disappointment
00:11:03 in terms of earnings. Metro Brands, a very similar setup, profits are down 13% to come
00:11:08 in at 98 crores. Margins have also contracted about 320 basis points on Metro. So again,
00:11:14 another retail major, weak numbers, margins under pressure, profitability obviously has
00:11:19 been impacted. But that's largely what we're covering in terms of reviews, but you've got
00:11:23 a bunch as well. Sure. Broader markets and that's where we're talking about Finalex Industries.
00:11:27 I'm going to start with that because we've had earnings there and while we have seen
00:11:31 a decline as far as revenue is concerned to the tune of nearly 9.5%, we're also looking
00:11:36 at a substantial improvement in their operating margins, coming in at around 11.8 versus 8.2%.
00:11:43 Consequently, profit has risen 20% year on year, but that also is a tad bit below street
00:11:50 expectations. We have Supreme Petrochem, once again, flattish as far as the revenues go,
00:11:55 but a 25% decline in revenue. So that stock perhaps could see some weakness in trade.
00:12:02 And then we have earnings from 361WAM, that's the asset management company from the IFL
00:12:09 group. That's where revenues have risen 90% on a year on year basis and profit has also
00:12:15 grown around 35%. Some very, very interesting numbers from this specific AMC, Samina.
00:12:22 Yeah, yeah. And I think 361 has been a game changer in the industry. It's one of those
00:12:25 funds that has actually three different strategies as opposed to one. It's the only one in the
00:12:31 FlexiCafe space that actually has three fund managers as well. So the only comparison to
00:12:36 361 is Buoyant, which is in the PMS and AIF space. Numbers reflecting the kind of euphoria,
00:12:43 there's a lot of equity inflow of participation in these funds. And I'm pretty sure because
00:12:48 I've been talking to a few advisors and this is one fund that's getting recommended very,
00:12:52 very aggressively simply on back of this strategy. So that's largely the other stocks we're tracking.
00:12:58 You've got three big numbers, RIL, HUL and Ultratech. We will talk about that in a little
00:13:03 more detail later on in the day. But I'm going to quickly toss it over to Alex for Editors
00:13:09 Cut. Alex. Thanks so much, Samina, for that. HDFC Bank
00:13:13 continues to be in focus and that is essentially what we're talking about on the Editors Cut
00:13:18 as well because over the couple of days that we've seen sharp cuts for the markets, you've
00:13:23 seen HDFC Bank drop about 10% or thereabouts, a little more than that. What are the factors?
00:13:29 Of course, we've discussed that in detail. The question is not is whether or not we see
00:13:33 a little bit of respite from that selling. If the ADR is anything to go by, Sajith, and
00:13:39 I understand there's a very small amount that it represents, but if the ADR is anything
00:13:43 to go by, that respite seems to be coming in today. Can that conclusion be drawn?
00:13:49 Yes and no. The reason being ADRs just account for 13.5% of HDFC's equity. The liquidity
00:13:58 is slightly lower there and what we saw yesterday was that ADR closing at 1.5% higher there.
00:14:08 So yes, the gruesome selling which was coming in HDFC Bank ADR has come down.
00:14:18 But is it selling over? The answer is no because HDFC Bank continues to be in the model portfolios
00:14:25 of most of the FIS. As part of the MSCI holdings as well, HDFC Bank is there in most of the
00:14:34 portfolios of global companies because Indian financials, it was a proxy for Indian financials
00:14:39 in that way. So there was HDFC in that. So there is going to be selling. I would say
00:14:46 it's not selling, but it will be a churn where it may move from one hand to another hand
00:14:53 and that volume will be reflected for next couple of days till that stabilizes. Remember
00:14:58 the price of HDFC in the local market is almost at October level, October 26th level when
00:15:03 we saw the index falling because of the US yield hitting 95%.
00:15:07 And at that time as well you saw HDFC which led the decline, it contributed to most of
00:15:12 the decline for the benchmark. So where does the first selling come in? The
00:15:16 most liquid stocks can be sold. So HDFC has a good liquidity. If you look at the liquidity
00:15:23 parameter it's almost 100% because it doesn't have a promoter. So the liquidity comes from
00:15:29 the most and in this case the most liquid stock is under pressure. So you're going to
00:15:33 see that kind of selling. I think that's important to also point out
00:15:36 before you go to the next point because that will lead the context I think is the holding.
00:15:40 So Samina was speaking about in trade setup, but I think it's important to elucidate that
00:15:45 further or to repeat that half of the holding is FIS.
00:15:49 So you have to break up the FIS into multiple buckets. There are exchange traded funds who
00:15:55 are following a Nifty or a Sensex strategy. So they have to keep HDFC, they cannot sell.
00:16:02 So that's around 12% of the foreign funds which you are talking about. Then you have
00:16:08 domestic funds which have around 10, 9 to 10, 11%. Most of the funds have financial
00:16:13 surplus, 30% holdings. And within that you have HDFC where it would be around 8 to 10%.
00:16:18 They don't go around about 10%. They can't.
00:16:21 They can't. So the room for domestic FIS to absorb that liquidity from FIS is limited.
00:16:29 So that is one thing to watch out for. So where does the buying come from? It would
00:16:35 be from other FIS who would like to get an exposure to a bank like HDFC bank. Now everyone
00:16:40 knows that it's going to be three to four quarters of pain because there is a credit
00:16:45 growth versus deposit growth argument which is going on. And it's going to play out across
00:16:51 the frontline banks including ICICI bank, Axis bank, Kotak, everyone. So if you have
00:16:56 enough liquidity or cash equity in your books, it's good because then you are able to manage
00:17:01 that for the next three to four quarters. But coming back to an HDFC bank, there is
00:17:07 going to be that pressure. And you're getting it at 10% cheaper. So you may, if you were
00:17:13 underweight financials or HDFC, you may increase it a little bit. But that's not going to happen
00:17:21 because there is going to be a constant pressure because more than half of its equity is held
00:17:28 by foreign investors. So while even if you remove the exchange traded funds, there is
00:17:32 an active investor base which is going to churn and bring down the portfolio allocation
00:17:39 to HDFC bank and there will be some who will be adding. So if you look at the delivery
00:17:43 statuses yesterday, it's even more than what we saw on the first day when the first fall
00:17:48 happened. Yesterday we saw the cut of 2, 2.5%, 3% in HDFC. The day before it was 8, 8.5%.
00:17:56 Delivery yesterday was 69% on NSE. Total number amount of value of delivery was 8,300 crores.
00:18:05 Its stock is at October 26 low. And what we saw was that many of the FIs selling which
00:18:11 may which have come in, which I'll come to in subsequently, the FIs selling which we
00:18:16 are seeing was picked up by other FIs. So domestic ability to absorb HDFC bank is limited
00:18:26 today as we speak. Unless you are going to take a broad bet saying that this is the time
00:18:32 I am going to hold for next four years. Because HDFC had said in the past that they wanted
00:18:37 double their book every four years.
00:18:40 Sure. So what was the point that you were making? So you made the point on FIs, but
00:18:44 my point here is mitigation of selling and I think this is ultimately the crux of this
00:18:48 conversation. At least for the short term, could we see a little bit of dust settling?
00:18:53 The reason being that over the course of these two days, you would have seen even those that
00:18:57 have been overweight on HDFC bank, see that 10% or 9 to 10% number shrink a little bit
00:19:03 in terms of that overall portfolio, which allows them the ability if at all to nibble
00:19:08 in if they find that there is an attractive. They were convinced about HDFC bank two days
00:19:14 back or three days back. Would that have materially changed? And from that perspective, there
00:19:18 will be more buyers at this price, presumably, than there were two days back.
00:19:23 So the question is, is there an alternative to HDFC bank? There are multiple.
00:19:27 Sure. Okay. The question, the answer, the next question
00:19:31 is, you know, should I add HDFC bank? Maybe not. That's a fund manager would say that
00:19:38 you know, it's already dented my portfolio because I have 10% of HDFC bank. I don't want
00:19:44 to add it just because on percentage terms, it has come from 9, 10% to 8%. Simple as simple
00:19:49 as that. Look at the FPS, which is the kind of gross selling which we are seeing the last
00:19:56 two days is huge. 50,000, 52,000 crores of gross selling by FPS. Now I've seen, I've
00:20:02 been looking at last one and a half years of numbers of gross sales. Once or twice we
00:20:07 have seen that kind of sales, but that's because of the block deals which are happening. So
00:20:11 you have a buyer and a seller on both sides. And so you have that kind of 52,000 crores
00:20:17 of gross sales in a day is a huge amount. Over two days is a huge amount.
00:20:25 There were a few block deals, but were there any significant?
00:20:27 Not much, not much to talk about. Right. So, so the buy side, which is coming in because
00:20:32 of the block deals, which are there, but sell is 52,000. And the fact that in the last two
00:20:37 days we've seen FPS net selling 20,000 outcomes. So a large chunk of that is HDFC bank and
00:20:45 some of the financials, because we've seen high delivery happening in ICICI bank, in
00:20:51 Axis bank and the market expects that it was the same is going to be the issue with these
00:20:56 two large banks as well going forward. So there is going to be selling. Okay. Will the
00:21:03 stock correct further? Marginally, maybe, but it's not going to, the churn will continue
00:21:10 for some more days. You'll see these numbers coming in and by the end of this month, we'll
00:21:16 know that, you know, we get that breakout of sector wise how FPS are doing. I'm sure
00:21:22 the second half of January will have a big negative number coming in for that.
00:21:28 Interesting. All right. So, so may not be something that you'll have to wait too long
00:21:33 to find out the outcome of, you'll find out as soon as market starts. And I'm sure that
00:21:38 we'll be talking about this for some time to, to come as well. I believe we have to
00:21:43 head back to the studio. Okay. We're slipping into a very quick break, but there's more
00:21:47 action on the other side. So do stay tuned.
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00:25:33 Welcome back. You're watching India Market Open. The markets are looking like they're
00:25:39 going to be off to a positive start. It could be a morning of consolidation sideways trade.
00:25:44 No massive rallies expected really in the early hours of trade. 21,500 is what we should
00:25:50 be. 21,550 in fact could be a tentative level of opening for the street. But it could be
00:25:56 a flat open and then of course we might build through that as we go along through the day.
00:26:01 Well, worth a mention is a couple of other counters that caught our attention beyond
00:26:06 HDFC Bank in trade yesterday. Oracle Financial Services, this one had a spectacular set of
00:26:12 earnings. Management sounded very convinced and promising about the outlook. The stock
00:26:17 went home with gains of 29%. Agam, I don't remember the last time we saw a stock reacting
00:26:23 to earnings with a 30% rally. We don't see this for years together on a stock.
00:26:27 Yeah, yeah. So the thing with the Oracle Financial Services is that it's a stock which has been
00:26:32 under pressure over the last one year largely on account of earnings. And now when you see
00:26:36 a turnaround, you start seeing a very, very swift up move on a whole host of counters.
00:26:44 Some interesting stats, Amina, from what I understand, and this is an F&O counter, of
00:26:51 course the futures will have seen a huge, huge up move there. In fact, it also hit a
00:26:55 20% circuit, F&O circuit in intraday. But there are certain strike prices on Oracle
00:27:02 Financial Services in which if you had probably placed a thousand rupee bet, you would have
00:27:08 probably made about anywhere between 11 to 12 lakh rupees on that particular thousand
00:27:13 rupee bet. And that's the kind of up move that we saw.
00:27:16 I mean, those numbers are shocking. So, you know, these are the benefits of leveraged
00:27:20 instruments like options. Also, Agam, the volumes, I was just looking
00:27:24 at how many volumes changed hands and the volumes also are pretty good. 5.28 million
00:27:29 stocks changed hands. I think that's about the average that we see. But yeah, it'd be
00:27:33 interesting to see what happens on this counter to this morning. I'm guessing somehow a profit
00:27:37 taking cannot be ruled out. After a 30% up move, I don't know who's not taking profit
00:27:40 off the table. You know, when the trend has taken place,
00:27:45 I really wouldn't want to play against the trend, let it settle and then maybe once it
00:27:50 settles down, then maybe, you know, traders can perhaps think about going short on that
00:27:55 one. But with a 30% up move with significant delivery volumes, well, you never know, at
00:28:01 least an opening trick, I wouldn't sell it. You wouldn't sell it. And that's Oracle Financial.
00:28:06 There's been a structural change in terms of the charts. The stock went home with gains
00:28:11 that are compelling. 30% and especially in a day when the markets at whole were not having
00:28:16 a good day. Another one that is on the sell side though and probably saw a lot of shorting
00:28:20 taking place has to be LTI Mindtree. Numbers were disappointing or maybe largely in line
00:28:25 with the street. So they've not said anything or done anything that has disturbed the street
00:28:29 to the extent of the sell-off. The counter saw a gap down and remained gap down for most
00:28:33 part of the day, went home with a cut of 11%. Interesting, Agam, what have you seen on the
00:28:39 F&O side? Again, the volumes on this one were okay. They weren't anything to be concerned
00:28:44 about as such, but the stock has not got a good response in yesterday's trade at least.
00:28:48 Yeah. So LTI Mindtree is a typical example of a stock which was priced to perfection
00:28:55 and when you see just a little bit of a crack in terms of earnings and expectations, you
00:29:00 see a sharp, sharp knock-off. LTI Mindtree was anyways a lot more expensive than its
00:29:06 relatively larger peers like TCS and Infosys, but that was on account of expectations that
00:29:11 growth would be 50% better than something like a TCS and Infosys, which is why it commanded
00:29:18 those kind of valuations. But once LTI Mindtree came out with earnings which were largely
00:29:24 in line with TCS and Infosys and in fact in terms of its margin, well, they were slightly
00:29:31 off. That's when a lot of traders decided that they may not want to hold on to this
00:29:36 and of course a lot of market participants too, which is why we saw that sharp knock-off.
00:29:41 So it is essentially a result of the stock being priced to perfection and then correcting
00:29:47 on account of earnings not coming through. That said, the management is still very, very
00:29:53 positive and they have also seen a significantly high order book. In fact, the highest order
00:29:58 bookings for a particular quarter coming in at around $1.5 billion. But yes, it's a wait
00:30:03 and watch on this one, Sameena. I think that's the non-committal commentary
00:30:06 from the management and uncertainty around the macros that is bothering investors of
00:30:12 LTI Mindtree. Like Agam said, the company managed to record its highest ever quarterly
00:30:18 deal pipeline to the tune of $1.5 billion in the third quarter despite facing higher
00:30:24 levels of seasonality and higher than expected furloughs.
00:30:27 Two other stocks that I want to quickly mention that were the big gainers in trade yesterday
00:30:31 and interestingly both these stocks have gained on big volumes. One is Webhuf Global and the
00:30:37 other is Aptis Value Housing. Now, I will wait if there is any sort of commentary that
00:30:43 comes in or reporting on the stock exchanges, but why I mention these two stocks. Both these
00:30:47 stocks have been underperformers. A, B, both these counters are held by Malabar Investments.
00:30:53 In fact, that Markey investor Isumith who owns Aptis and Webhuf has been betting on
00:30:59 both the counters for the last couple of years now. Both the stocks which have largely been
00:31:04 laggards in the market saw massive gains playing out yesterday when the markets were down and
00:31:09 out and on big volumes. So, there could have been a bit of a block deal that took place,
00:31:13 but we will get more information as the day progresses. That's largely how the stocks
00:31:18 traded in yesterday's session, but it's going to be interesting to see what levels are going
00:31:23 to be important. Again, we closed at the 100-day moving average on the Nifty. Yesterday rebounded
00:31:29 to 186 points on the day's low. This morning as well a flat to sideways start as expected.
00:31:35 Is that what the charts are also indicating? Well, there is a likelihood, Samina, and there
00:31:41 is a hope that there will be a little bit of shot covering and that's always a possibility.
00:31:47 A probability in that case is also relatively higher. And let's take a look at what's really
00:31:52 happened yesterday. And as I've been suggesting, yesterday was a little bit of a pause after
00:31:57 the sharp, sharp knock-off that we saw on in markets in the session day before. Yesterday,
00:32:03 we did see, sure, we did see weakness as far as the Nifty is concerned. It did come up
00:32:07 by around another 0.5%. Not too much change as far as open interest is concerned. The
00:32:12 Bank Nifty, however, was in focus because in the session before we saw a huge amount
00:32:17 of shorts building in. Yesterday, we saw unwinding coming through as far as your index futures,
00:32:22 open interest is concerned. And again, we did see a further decline of around 0.8%,
00:32:28 but a lot of the positions were booked out. And that actually begs the question of whether
00:32:34 or not we can in fact expect some amount of respite. At least that's the indication as
00:32:38 far as the GIFT Nifty futures is concerned. But in terms of your open interest and yesterday,
00:32:44 again, on expected lines, we did see a lot more writing around the higher level calls.
00:32:47 But the call writing activity has also shifted lower now, once again, back around the mark
00:32:52 of 21700, 21800. But as far as your range is concerned, based on maximum open interest,
00:33:00 that's 22000 on the higher end, that's a 22000 call, all the way down to 21000 put, that's
00:33:08 on the other side of the spectrum. So it's a 1000 point range within which we're expecting
00:33:14 the Nifty to move within. Of course, as we move through the course, the next few days,
00:33:18 this range will eventually narrow down. But these are the numbers that we're working with
00:33:23 for now. Let's talk about stocks then. And Oracle Financial Services, of course, is something
00:33:27 that we spoke about. Longs there, along with Longs building up in Apollo Tires. LTI Maintree,
00:33:33 again, along with ICICI Prudential looking at a sharp knockoff. And of course, India
00:33:36 Mart Intermesh also looking at world declines. But India Mart Intermesh is coming in with
00:33:41 strong earnings. I wonder if there is a bar of short covering in Frey for that particular
00:33:46 one. Short covering for Indus Taver and Zaris Life, on the other hand, for those stocks
00:33:50 we saw unwinding in positions. And Max Financial, along with L&T Tech and Indus Ind Bank looking
00:33:56 at Longs unwinding. So keeping an eye on a whole host of these counters, let's get in
00:34:03 an expert for today to see what he's making of the markets. We have Jay Patel of Investmenter
00:34:10 Securities who's joining us on the show. Jay, good morning and thanks for joining in. How
00:34:13 are you viewing trade on the Nifty and the Bank Nifty?
00:34:18 Good morning, Aghav and good morning, Suvinder. So definitely, since last two days, we saw
00:34:22 Nifty beating down a strong beating down 700 points. We saw the Nifty ended around 21,462
00:34:30 levels. But yesterday's session, we saw Nifty touching 21,350 zones. That was a good support
00:34:38 level, particularly if we look at Nifty's daily chart. In the daily chart, we can see
00:34:43 350 and 300 levels. That is a 34 day exponential moving average. We can see a strong support
00:34:49 forming there. And yesterday's candle was kind of a dodgy candle. That's why we believe
00:34:55 market can rebound, particularly in this week's because the Saturday is one day extra and
00:35:01 particularly the positive move around the Ram Mandir on a Monday session. Definitely,
00:35:06 the positivity can be seen in market too because today HDFC Bank ADR was up around 1%. So the
00:35:14 fall has been stopped and we can see some respite coming in from HDFC Bank. The Nifty,
00:35:20 if you look at Nifty's chart, so today IT sector can be very positive, can be a good
00:35:25 contributor to Nifty's positive movement and particularly Bank Nifty can also contribute
00:35:30 towards the upper movement. Parma Index, S&TG were contributing in a green zone. So Nifty,
00:35:36 I would believe 21,500 would be broken out on a gap up opening. And particularly today,
00:35:42 we can see market moving upwards to 21,650 zones in today's trade. So I'm particularly
00:35:48 positive about Nifty in today's trade. 21,650 can be seen in today's intraday position and
00:35:54 even 700 cannot be ruled out. The chart which you saw about open interest, the two pillars,
00:36:00 21,000 and 22,000 open interest data particularly shows us the range, particularly for the option
00:36:06 writers position, 21,000 is a good support. However, I don't believe 21,000 would be seen
00:36:12 in near term, but market is very volatile. So we can see if market breaks 21,300 zones.
00:36:19 On the upward journey, we can see 22,000 is a big resistance coming in. So 22,000 can
00:36:24 be look out as a resistance. We can use sell on rise opportunity and the level reaches
00:36:29 there. For Bank Nifty, I believe we can see a good amount of covering today because Bank
00:36:36 Nifty has already crossed below 100-day exponential moving average yesterday's trade. And we can
00:36:40 see the private banks are performing well except HDFC Bank and public sector bank, particularly
00:36:45 led by SBI, was performing well in yesterday's session. But I don't think Bank Nifty can
00:36:50 fall much below this level. 2,500 points fall, we already seen. And we can see 46,000 levels
00:36:57 to be broken out in about today's trade. So I would be watchful of 46,200 zones. If we
00:37:05 are crossing above that level, we can see a good amount of daily, particularly in tomorrow's
00:37:09 session or Monday session. Yeah, of course, we must remember that there is in fact a session
00:37:14 tomorrow, even though it is a Saturday and two sessions tomorrow. And even though there
00:37:19 will be circuit filters of around 5% as far as the benchmarks are concerned. But the key
00:37:23 takeaway here from Jay is that at least as far as the Nifty is concerned, 21,000 for
00:37:28 now very unlikely and a good likelihood of the Nifty climbing to the mark of 21,600,
00:37:35 21,700 at least in the near term. But Jay, I believe you firstly you have a call on Canfin
00:37:41 Homes. Can you take us through that one? If we talk about Canfin Homes, I'm particularly
00:37:46 bullish about housing finance companies because if we look at around us, we can see huge amount
00:37:53 of houses has been built for poor people and particularly this budget can be a good focus
00:37:57 for poor people and housing companies. They are distributing homes like they are distributing
00:38:02 charities. So definitely I'm very bullish about this kind of company. So Canfin Homes
00:38:07 is something I am very bullish because the chart shows a good accumulation zone, particularly
00:38:12 since many times if we talk about the date, 7th of July, sorry, July 2023. Since then,
00:38:20 the level has been performing at the same range. So definitely 777 would be something
00:38:25 I'm watchful of. So I'm initiating a bull call spread on Canfin Homes. The 770 strike
00:38:32 price call, we can buy 770 strike price call option for Canfin Homes at around 27 zones
00:38:38 and we can subsequently sell 800 strike price call option at around 15.4 rupees. So the
00:38:45 total premium paid would be around 11,500. The maximum profit we are eyeing is 45% upwards
00:38:52 from this point, that is 17,745 zones and that stop loss we can keep at around, the
00:38:58 loss, maximum loss which we can face is around 11,500 zones. So Canfin Homes, I believe we
00:39:03 can see a strong rally, particularly since last two days the stock has performed well
00:39:07 and RSA also shows us the travel journey from its oversold zone to moderate zone. So I believe
00:39:14 Canfin Homes can be a good trade for tomorrow or the coming expansion. So a bull call spread
00:39:19 on Canfin Homes where you're looking at a maximum loss of around 11 rupees and for that
00:39:26 maximum loss of around 11 rupees you can potentially make a maximum profit of around 17 rupees.
00:39:33 That's the rough and tumble as far as Canfin Homes is concerned. But Jai, I believe you
00:39:38 also have another strategy on one of the pharma companies.
00:39:42 Yeah, definitely. So yesterday we saw Laura Slib's chart. So definitely the stock has
00:39:47 been falling since last few days and tomorrow, yesterday's session, we can see the stock
00:39:52 climbing upwards towards 415 levels. So in the last few hours, the stock has shown a
00:39:58 good momentum and I believe pharma sector will be a good bet in coming days. So Laura
00:40:03 Slib would be something I would initiate a naked call, particularly at 410 call or strike
00:40:08 price call option. So the strike price is trading at around 70.45. The strike it you
00:40:14 can keep at 20 rupees and the stop loss is very minor, that is 9 rupees. The premium
00:40:19 paid will be around 22,800 zones and the maximum profit and maximum loss which we can calculate
00:40:24 is 48% and 30% for the maximum loss. So I believe Laura Slib would be something which
00:40:29 we can see climbing in one or two days because the chart is very amazing and we can see the
00:40:35 stock has climbed above 21 days, which is a moving average in yesterday's session. So
00:40:39 I'm very bullish about this chart.
00:40:43 Climbing a call and that's a vanilla call option as far as Laura Slib's concern and
00:40:49 taking advantage of a potentially swift move upwards, that's Jai's view as far as that
00:40:55 particular pharma company goes. But on that note, Jai, going to take a moment to thank
00:40:59 you for joining us and taking us through your views and also helping us with a handful of
00:41:03 trading ideas and with that, Samina, it's over to you.
00:41:07 Thank you, Agam. That's of course all the F&A action in stocks that we are expecting
00:41:11 to be active in today's day of trade. Well, a quick check on GIFT Nifty before I move
00:41:16 on to earnings reaction that we are expecting in today's day of trade, 60 point gap up.
00:41:20 So the bulls will attempt 21,600 in trade today. Remember, 21,750 is going to be an
00:41:26 important level on the upside. Yesterday's low will act as an important level of support,
00:41:30 which is 21,286. And it's a Friday, like Agam has said, it's going to be sideways, lots
00:41:36 of positions are unwind usually before we go into the weekend. But talking about stock
00:41:41 specific action, like I said, earnings reaction is what we are expecting. Finolex, Shopper
00:41:46 Stop and Home First Finance reported their numbers after markets closed yesterday. Harsh
00:41:51 is joining us with a quick update on that. Harsh, some of those numbers were quite disappointing
00:41:56 and I saw Shopper Stop, a huge disappointment on margins, profits have almost halved. What's
00:42:02 going on? Well, yes, absolutely, Samina, you've hit
00:42:05 the nail on the head. Let me first start off though with Finolex Industries. You're seeing
00:42:09 a volume decline in Finolex Industries, which is what is causing a bit of a dent with regard
00:42:14 to where the revenue number has come. But when I'm looking at both the revenue for a
00:42:20 couple of positives here, when I'm looking at revenue on a sequential basis, it's gone
00:42:25 up. So that's one positive. And also, we're looking at margins which have gotten better
00:42:31 despite a revenue decline. So that's the other piece here. EBITDA has actually gone up 31
00:42:36 percent year over year despite a 9 percent decline in revenue and an equal decline in
00:42:41 volumes, roughly 10 percent decline in volumes on a year on year basis. Margins, therefore,
00:42:46 have gone up, which is the big positive. 8.2 percent was the margin number in Q3 FY23.
00:42:52 It's coming at 11.8 percent in Q3 FY24. Profit, therefore, is up 20 percent. It's coming at
00:43:01 95 crore versus the 80 crore number same time last year. That's the positive. Quickly moving
00:43:06 on to Shopperstop, muted top line again. 9 percent growth on the revenue number. It's
00:43:12 coming at 1238 crore. But what you're seeing is an EBITDA which is up just about 2 percent
00:43:18 to 117 odd crore. And therefore, margins have contracted by 100 plus basis points to around
00:43:25 17.5 percent, which is what is leading the PAT lower. You're seeing a lower PAT, largely
00:43:31 a 40 percent decline where PAT is concerned. Last of Home First Finance, again, couple
00:43:37 of positives, couple of negatives. The negative being margins have contracted. The reported
00:43:41 margin has come down by 30 bps. You're seeing higher cost of funds and you're seeing lower
00:43:47 yields. Surprising, of course, we'll have a conversation with the management later today,
00:43:52 but that's one stock to focus on. Other income, though, offsetting that top line, which came
00:43:57 in slightly lower, but other income has offset it. And therefore, you're not seeing an impact
00:44:02 on ROAs, which is the positive. Your profit after tax has grown well. It's up roughly
00:44:07 34 percent. Your AUM continues to churn very, very well. 33.5 percent growth on that AUM
00:44:13 number now within reach of that 10,000 crore AUM number, Home First Finance. But of course,
00:44:19 that's another one which will be in focus. Right. Thanks for that, Harsh. A bunch of
00:44:24 counters that will be seeing a reaction in today's day of trade. Agam and me highlighted
00:44:28 a few that we were tracking. This, of course, adding to that list, the likes of a Metro,
00:44:32 Shopper's Stock, 361 are some of the names. Indus and Bank being the big reactions that
00:44:38 we could be expecting in today's day of trade. Well, just quickly going to cross over to
00:44:43 Anushi now. She's got a whole bunch of other names that we will be watching out for in
00:44:47 today's day of trade. Anushi, over to you. Right. So, I've got three stocks that you
00:44:50 could watch out for today, starting off with PFC Limited, wherein the company has incorporated
00:44:55 two SPVs, special purpose vehicles in Rajasthan and Gujarat. This is in line to conduct their
00:45:03 transmission projects in those regions. And these SPVs would be incorporated as the wholly
00:45:08 owned subsidiaries of the company's PFC Consulting Limited subsidiary. So, next, moving on to
00:45:14 Shalby Limited. Shalby Limited has acquired about 87% stake in PK Healthcare Private Limited,
00:45:20 which operates the Sanar International Hospitals in Gurugram. This is in the concentration
00:45:25 of Rs. 102 crore and the equity stake would be acquired within a one-month time frame.
00:45:31 Again, this is in line with the company's aim to increase its international markets
00:45:35 presence and consolidate its presence in the NCR region. So, the current capacity is about
00:45:40 120 beds, which the company expects to increase to 180 beds with some additional capex over
00:45:47 year. Do note that Sanar International Hospital derives 70% of its revenues from its international
00:45:54 markets. Now, the last one on the radar is REC Limited, wherein Government of India has
00:45:59 designated REC as the overall implementation strategy for rooftop solar program of the
00:46:06 Renewable Energy Ministry. With this, the company's aim would be to achieve a cumulative
00:46:11 capacity of about 40,000 megawatts by 2026. So, these are the three stocks you should
00:46:17 be watching out for today. Okay. Well, on that note, let's get in an
00:46:22 expert for today. We have Vivek Karwa. He is the Chief Executive Officer at Vidhi Investment
00:46:27 who is joining us on the show. Vivek, good morning and thanks for joining in. And overall
00:46:32 view on the markets at the moment, especially considering the kind of blip that we have
00:46:38 seen over the past couple of days. Where do we go from here on? And I want to talk about
00:46:42 just the large cap space right now. What's your assessment and what would you do with
00:46:48 the markets? Good morning, Adam. Good morning, Sameera
00:46:52 and everyone. See, first of all, if you look at the market fall which happened day before
00:46:57 yesterday, if you really seriously introspect, it is more of HDFC fall and not market fall.
00:47:05 So I would put that way because the HDFC results were big dampener and the market was not expecting
00:47:12 that and we saw a route across the board and hence index falls and everything falls. Yesterday
00:47:19 was a bit of, say, small recovery. There was some stability in the market and what I feel
00:47:25 is going forward, market would be volatile this way only and within a range. See, Adam,
00:47:33 at these levels, approximately 21,500 levels, we are still trading at approximate PE of
00:47:39 around 24. And that even if you look at the new norm, see historical, the PE used to trade
00:47:45 at between 18 and 19. And that new norm is today is day 20 and 21. Now we are at 24 even
00:47:52 now. So market by no means is cheap. It is, I can say, a little overbought situation and
00:47:59 hence we might trade in a range. Now what I expect is based on the earnings and I expect
00:48:05 large cap earnings to be, of course, XIT, large cap earnings to be good this time. And
00:48:12 if overall earnings comes between 15 and 18 percentage on nifty stocks, the PE would automatically
00:48:19 fall to 21, 22. So what I feel is we are not going to fall much. And if you compare with
00:48:25 large, mid and small, large cap still looks good. So 15 to 18 percent growth earnings
00:48:32 this quarter, overall earnings season has just started. If that is delivered, I feel
00:48:38 the PE would again fall to 21 and market would start looking fair valuation. So if even if
00:48:43 we had to correct, so 21,500, what I feel is the downside would be max, max 21,000 until
00:48:50 and otherwise this how the attacks and brexit issues, middle east issues, all those things
00:48:55 really say go out of hand. Only then market would correct more. So 21,000 would be a good
00:49:03 levels and there is a lot of money waiting. In fact, morning I posted on Twitter that
00:49:08 Sundaram Mutual Partners collected 1,300 crores in their new NFO. So money is waiting. Money
00:49:13 is ready to be deployed if market falls. So I'm not bearish at all. I feel that every
00:49:19 dip is going to give you a buying opportunity and large caps looks really cheap going forward
00:49:25 based on the events. Again, we had this festive seasons. Now, Jan, Feb, March is going to
00:49:31 be big politically because April, May we have election and hence a lot of money is going
00:49:36 to be spent. Elections are kind of say economic push, which automatically happens because
00:49:43 there is a lot of money is being spent. And hence I feel that market should stabilize
00:49:49 from here and every dip is going to be a buying opportunity.
00:49:52 Vivek, did you buy HDFC yesterday?
00:49:56 Yes, my target was by below 1500 and we did enter in small quantities and I feel like
00:50:05 if there is further dip, I would really prefer buying it. See the results, if you look at
00:50:12 the way it was punished, it was not that bad. If you look at the results seriously, it was
00:50:17 not that bad. And the market was expecting that this quarter HDFC would start delivering
00:50:23 after the merger and the synergies would come into play. First of all, nobody talks about
00:50:28 it. Why was HDFC limited merged into HDFC bank? Due to NPS. That was biggest issue and
00:50:34 hence that synergy is going to take some more time, maybe three or four quarters. But you
00:50:40 getting it below 1500, if there is even better results next quarter, you won't get it below
00:50:47 1500. So mark my words. And hence below 1500 is a good level. I think you should buy. Bank
00:50:54 was punished more than it should have been.
00:50:57 Along with HDFC bank, Vivek, what other banks did you buy yesterday? Because it wasn't just
00:51:01 HDFC, you saw a little bit of carnage across the other private sector banks as well. Did
00:51:06 you add any of those to your portfolio? And if you haven't, would you be adding them today?
00:51:10 IndusInd bank as well reported numbers.
00:51:12 Sameena, the biggest issue today is there are a lot of opportunities, but the money
00:51:17 availability is limited. So HDFC looked best and hence I bought HDFC. But if you look at
00:51:24 smaller banks, see after whatever mess happened, just like RBL, there were issues in Bandhan.
00:51:32 Now those issues are settling down. So Bandhan bank could be a good bet going forward. Of
00:51:38 course I have not bought it because frankly, I don't have money right now. I'm fully deployed.
00:51:43 And hence, but if somebody really wants to buy, I think Bandhan could be a good say target
00:51:49 in this mid and small cap bank category. And even if you look at ICICI bank and IndusInd,
00:51:56 I would not prefer IndusInd, but ICICI could be a better bet if you have it.
00:52:01 Vivek, let's talk about the IT space now. And we saw a very sharp knockoff on LTI Minetree.
00:52:07 A lot of hopes had been pinned on that and to a certain extent, there was an understanding
00:52:10 that it's been priced to perfection. Was that the case? And were the very ordinary numbers
00:52:16 that we saw the reason behind the sharp cut that we saw on LTI Minetree yesterday?
00:52:22 See, Anam, I feel ordinary numbers were not the culprit behind the stock falling down.
00:52:32 In large cap IT, it was expected that it is going to be a dull quarter. And what market
00:52:38 was expecting is that after Fed statement last time, interest rates would start coming
00:52:43 down. But that looks like it might take at least two or three quarters for the interest
00:52:49 rates to come down and the spending to increase in the US particularly because most of these
00:52:53 companies are US focused. So the results were not the culprit. The culprit was the management
00:53:02 say tone and the way they spoke on the conference call. So they were quite timid. They were
00:53:13 not sounding confident that the numbers would pick up in the future. And that's the biggest
00:53:20 cost. So investors, what is gone is gone. Market doesn't react on what has already happened.
00:53:26 But the tone of the management was quite timid. And that's the biggest reason the stock has
00:53:31 fallen down. But I feel if it connects another six, seven percentage, it could be a good
00:53:36 contrarian bet longer term because management would be say cautious here. But if overall
00:53:42 IT has to recover and which might happen actually next two or three quarters, that time even
00:53:47 this stock will recover. So I will be a contrarian if there is another 7 to 10 percent fall.
00:53:53 Vivek, when we talk about Reliance Industries now, it's not just talking about one company,
00:53:58 right? You're talking about four to five companies as a whole. And even when the earnings come
00:54:04 through, that's how it's going to be assessed. Your expectations from this one and of course,
00:54:10 I reckon that you would keep this as a part of any portfolio. But what's the view ahead?
00:54:16 Reliance would be the best bet today and the best protection against downside if market
00:54:24 falls. In fact, the stock has recovered. If you add up Jio, it is almost at 3000 levels.
00:54:31 At this level, the company is looking at listing retail. Now, that could be the biggest trigger
00:54:40 going forward. Crude is stable. There is some cut in with fall gains on the crude oil, which
00:54:48 government has done two, three days back. So that would benefit. So overall, I am bullish
00:54:53 on Reliance and I feel it should be the best bet in this market because when I talk about
00:55:00 24 PE, if there is any correction in the market, I think Reliance would be the first stock
00:55:06 again to recover. So I would be really happy to buy it. And as I said, retail is going
00:55:13 to be a big trigger going forward. So like Jio, and there are talks already that companies
00:55:18 are already looking at it. So timing is the issue now. I don't know how much time it is
00:55:22 going to take, but yes, it's a good bet.
00:55:25 The Toyota Telecom conglomerate member is scheduled to report its earnings after market
00:55:30 closes today. It will be a counter that will be active in today's day of trade ahead of
00:55:34 its numbers. Well, Vivek, of course, very optimistic on it. But let's quickly go across
00:55:40 and find out what the expectations are from Reliance Industries. Vikas Shrivastava joins
00:55:46 us with more on that. Vikas, what are we expecting from Reliance today?
00:55:51 Reliance Industries' third quarter operational performance is likely to be impacted by a
00:55:56 weak performance from the O2C segment. The O2C segment constitutes mostly the refining
00:56:02 business and the petrochemical business. In the third quarter, the gross refining margin
00:56:08 is lower by almost $1.02 per barrel. So in the previous quarter, it was around $9.9 per
00:56:14 barrel, which has come down to almost $7.9 per barrel, according to analysts' estimates
00:56:19 tagged by Bloomberg. Now, this is likely to be offset by a strong performance in margins
00:56:26 by petrochemical business. The petrochemical margins are seen at almost Rs.193 per ton
00:56:37 compared to Rs.191 per ton in the previous quarter. As far as the net profit and the
00:56:42 revenue figures are concerned, the net profit and revenue are likely to do well in the third
00:56:48 quarter on the back of very strong performance from the retail and the RGO business. The
00:56:55 RGO business has done extremely well on the back of strong footfall, on the back of strong
00:57:00 ARPU, that is average revenue per user, and also very good subscriber additions in the
00:57:06 third quarter. As far as the retail business is concerned, the retail business has done
00:57:10 well on the back of strong footfalls because the third quarter is also the seasons like
00:57:16 festival seasons quarter. So that has helped boost the revenue. Revenue is likely, the
00:57:24 revenue from operations for the consolidated business is likely to be higher to almost
00:57:30 Rs.2.54 lakh crores in this quarter compared to Rs.2.34 lakh crore in the previous quarter.
00:57:37 The net profit is also seen to be higher by almost 4% to Rs.18,080 crores in the third
00:57:43 quarter. Well, those are the numbers that we are expecting
00:57:46 from Reliance Industries. Growth in both Topline and Bottomline is expected to be in single
00:57:50 digits because of a weak show by the Oil to Chemicals business. Meanwhile, numbers across
00:57:56 parameters are expected to also show a sequential drop mainly because of the O2C segment. In
00:58:03 the meantime, we are gearing up for pre-open trade. Remember, it's going to be a gap up
00:58:07 in terms of today's session. Markets will take a breather after a three-day fall. Three
00:58:11 big earnings expected, HUL, Reliance Industries and Ultratech. Global Q is still a little
00:58:16 bit mixed while equities are doing okay. Bond yields remain above 4% and the Dollar Index
00:58:22 trades above 103. We will take a break. We will come back and we will take you through
00:58:26 pre-open trades. So, stay tuned.
00:58:27 [END]
00:58:50 HUL Trading - Ultratech, ULTRATECH.com - U.S. Department of Trade and Investment Services,
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