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- #Paytm responds to #RBI action, to pause loan disbursement for a few weeks - Passenger vehicle sales jump significantly even as commercial vehicle sales fall   All this and more with Alex Mathew on 'All You Need To Know'. #NDTVProfitLive   Guest List: Jahangir Aziz, MD, Head-EM Economics Research, JP Morgan _______________________________________________________   For more videos subscribe to our channel: https://www.youtube.com/@NDTVProfitIndia Visit NDTV Profit for more news: https://www.ndtvprofit.com/ Don't enter the stock market unaware. Read all Research Reports here: https://www.ndtvprofit.com/research-reports Follow NDTV Profit here Twitter: https://twitter.com/NDTVProfitIndia , https://twitter.com/NDTVProfit LinkedIn: https://www.linkedin.com/company/ndtvprofit Instagram: https://www.instagram.com/ndtvprofit/ #ndtvprofit #stockmarket #news #ndtv #business #finance #mutualfunds #sharemarket Share Market News | NDTV Profit LIVE | NDTV Profit LIVE News | Business News LIVE | Finance News | Mutual Funds | Stocks To Buy | Stock Market LIVE News | Stock Market Latest Updates | Sensex Nifty LIVE | Nifty Sensex LIVE

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00:00 Good morning and happy Friday to you. This is NDTV Prophet. My name is Alex Mathew and

00:07 you are watching All You Need to Know. Over the course of the next half an hour or so,

00:11 we will tell you everything that you need to know to start your day on the right note

00:15 and also so that you have a little more time to plan your weekend. Let us start with the

00:19 headlines. The Dow resumes its record run as some of the top U.S. companies post strong

00:26 results. The Nasdaq 100 climbs 1.3 percent while the S&P 500 ends the day a percent higher.

00:33 No rating upgrade for India just yet, but the growth outlook is strong according to

00:39 Moody's. They say this in an exclusive interview. Adani Enterprises' profit more than doubles

00:45 on higher operating profit. Margins expand over 500 basis points to over 11 percent.

00:52 ATM response to RBI action says it will not disburse any loans. The stock ends the day

00:57 20 percent lower, wiping out over 9700 crore in market capitalization. And Baiju's major

01:04 investors call for the ouster of Baiju Ravindran and family from the board. U.S. equities gained

01:11 overnight on the back of strong earnings by a few of the largest listed companies in the

01:16 world. The Dow gained over 350 points to close at another record high while the S&P 500 and

01:22 the Nasdaq climbed over a percent each. Amazon and Meta both announced better than expected

01:28 growth outlook while Apple reported notable weakness in China and that affected shares

01:34 in extended trading. Oil meanwhile has fallen after a choppy session as traders take into

01:39 account conflicting reports on the progress of an agreement between Israel and Hamas to

01:46 pause the war. As of this morning Brent crude was trading at below 79 dollars to the barrel.

01:51 Remember just not too long back it was trading at over 83 dollars to the barrel. In the Asia

01:57 Pacific region you've had a mostly positive start at least the early risers two of them

02:01 starting in the green. The Nikkei 225 was lower last I checked but it has in fact again

02:07 ground it is trading with gains of 1 percent right now. Let's talk about let's talk about

02:15 a few factors from the interim budget yesterday and of course it took center stage and it

02:21 was described at the end of it as a bond market budget. And the reason for that is the prudence

02:28 that the finance minister and her team displayed in the setting up of the interim budget. Most

02:36 prominent of course was that fiscal deficit number 5.8 percent for FY 24 and 5.1 percent

02:44 projected for FY 25. And what's more the finance minister said repeatedly yesterday that she

02:51 is confident of the glide path to below 4.5 percent in FY 26. Now this was music to the

02:58 ears of a lot of bond market participants in India because this describes the government's

03:05 shift from a spending driven economy and government spending at that to a more pragmatic fiscal

03:14 approach to managing the finances of the government. Now why is that important particularly this

03:21 year because of the inclusion of India in the global bond index by J.P. Morgan. In fact

03:28 here is my colleague Samina Inamda, apologies, Samina Nalwala speaking with Jahangir Aziz,

03:36 the managing director and head of emerging market economics at J.P. Morgan.

03:44 Thank you so much for joining us. I'm Samina Nalwala. I'm Jahangir Aziz. I'm the managing

03:51 director of emerging market economics at J.P. Morgan. And I'm also the managing director

03:58 of the emerging market economics at J.P. Morgan. And I'm also the managing director of the

04:05 emerging market economics at J.P. Morgan. And I'm also the managing director of the

04:12 emerging market economics at J.P. Morgan. And I'm also the managing director of the

04:19 emerging market economics at J.P. Morgan. And I'm also the managing director of the

04:26 emerging market economics at J.P. Morgan. And I'm also the managing director of the

04:33 emerging market economics at J.P. Morgan. And I'm also the managing director of the

04:40 emerging market economics at J.P. Morgan. And I'm also the managing director of the

04:47 emerging market economics at J.P. Morgan. And I'm also the managing director of the

04:54 emerging market economics at J.P. Morgan. And I'm also the managing director of the

05:01 emerging market economics at J.P. Morgan. And I'm also the managing director of the

05:08 emerging market economics at J.P. Morgan. And I'm also the managing director of the

05:15 emerging market economics at J.P. Morgan. And I'm also the managing director of the

05:22 emerging market economics at J.P. Morgan. And I'm also the managing director of the

05:29 emerging market economics at J.P. Morgan. And I'm also the managing director of the

05:36 emerging market economics at J.P. Morgan. And I'm also the managing director of the

05:42 emerging market economics at J.P. Morgan. And I'm also the managing director of the

05:49 emerging market economics at J.P. Morgan. And I'm also the managing director of the

05:55 emerging market economics at J.P. Morgan. And I'm also the managing director of the

06:02 emerging market economics at J.P. Morgan. And I'm also the managing director of the

06:08 emerging market economics at J.P. Morgan. And I'm also the managing director of the

06:15 emerging market economics at J.P. Morgan. And I'm also the managing director of the

06:21 emerging market economics at J.P. Morgan. And I'm also the managing director of the

06:28 emerging market economics at J.P. Morgan. And I'm also the managing director of the

06:34 emerging market economics at J.P. Morgan. And I'm also the managing director of the

06:41 emerging market economics at J.P. Morgan. And I'm also the managing director of the

06:47 emerging market economics at J.P. Morgan. And I'm also the managing director of the

06:54 emerging market economics at J.P. Morgan. And I'm also the managing director of the

07:00 emerging market economics at J.P. Morgan. And I'm also the managing director of the

07:07 emerging market economics at J.P. Morgan. And I'm also the managing director of the

07:13 emerging market economics at J.P. Morgan. And I'm also the managing director of the

07:20 emerging market economics at J.P. Morgan. And I'm also the managing director of the

07:26 emerging market economics at J.P. Morgan. And I'm also the managing director of the

07:33 emerging market economics at J.P. Morgan. And I'm also the managing director of the

07:39 emerging market economics at J.P. Morgan. And I'm also the managing director of the

07:46 emerging market economics at J.P. Morgan. And I'm also the managing director of the

07:52 emerging market economics at J.P. Morgan. And I'm also the managing director of the

07:59 emerging market economics at J.P. Morgan. And I'm also the managing director of the

08:05 emerging market economics at J.P. Morgan. And I'm also the managing director of the

08:12 emerging market economics at J.P. Morgan. And I'm also the managing director of the

08:18 emerging market economics at J.P. Morgan. And I'm also the managing director of the

08:25 emerging market economics at J.P. Morgan. And I'm also the managing director of the

08:31 emerging market economics at J.P. Morgan. And I'm also the managing director of the

08:38 emerging market economics at J.P. Morgan. And I'm also the managing director of the

08:45 emerging market economics at J.P. Morgan. And I'm also the managing director of the

08:52 emerging market economics at J.P. Morgan. And I'm also the managing director of the

08:59 emerging market economics at J.P. Morgan. And I'm also the managing director of the

09:06 emerging market economics at J.P. Morgan. And I'm also the managing director of the

09:12 emerging market economics at J.P. Morgan. And I'm also the managing director of the

09:19 emerging market economics at J.P. Morgan. And I'm also the managing director of the

09:25 emerging market economics at J.P. Morgan. And I'm also the managing director of the

09:32 emerging market economics at J.P. Morgan. And I'm also the managing director of the

09:38 emerging market economics at J.P. Morgan. And I'm also the managing director of the

09:45 emerging market economics at J.P. Morgan. And I'm also the managing director of the

09:51 emerging market economics at J.P. Morgan. And I'm also the managing director of the

09:58 emerging market economics at J.P. Morgan. And I'm also the managing director of the

10:04 emerging market economics at J.P. Morgan. And I'm also the managing director of the

10:11 emerging market economics at J.P. Morgan. And I'm also the managing director of the

10:17 emerging market economics at J.P. Morgan. And I'm also the managing director of the

10:24 emerging market economics at J.P. Morgan.

10:29 - Do you also think this could be more directional of course. So with India's

10:34 inclusion in the JPM, there's also conversations that we might be in the Bloomberg

10:38 bond index. Now with this very strong commentary coming in where you've got to

10:43 wake up and notice India now, right? And the Prime Minister's done that. He's not

10:48 just put us on the map, he's also created a very credible growth dominated country.

10:53 And he's got a 4.5% number, 4.5% target number in F526. We could see some more

10:59 inclusions come our way and that could again spur up the bond market.

11:03 - Yeah, I mean it's typically the case that, you know.

11:06 - So that conversation will continue in fact on our social media platforms. And if

11:11 you continue watching this and would like to watch it later, you can catch it later

11:15 in the day of course. Let's turn to earnings now. And Adani Enterprises reported

11:20 a doubling of its net profit in the quarter gone by to over Rs.1880 crore.

11:25 In fact, very close to the Rs.1900 crore mark. And here's in fact what Jyotish

11:32 Inder Singh, the CFO of Adani Group had to say about the company's growth plans earlier.

11:38 - In our Adani new industries, green hydrogen ecosystem, our target of 10 gigawatt

11:45 green hydrogen integrated manufacturing ecosystem is progressing well.

11:50 In addition to our existing 4 gigawatt solar module manufacturing capacity, we are now

11:54 ready to commission India's first ingot wafer line of 2 gigawatt. A critical input

12:00 for our solar manufacturing. We are also ramping up our recently commissioned

12:05 wind manufacturing. We have already produced 15 sets of 5.2 megawatt wind turbines each.

12:11 This is India's largest and have an order book of 142 sets. We have received a letter

12:17 of award from Solar Energy Corporation of India for setting up annual electrolyzer

12:21 manufacturing capacity of 198.5 megawatt. Civil Foundation and flooring works are

12:27 completed for testing and laboratory setup.

12:29 - Now a standard disclaimer here. NDTV profit is part of the NDTV Group which is

12:35 owned by AMG Media Networks which is also owned by Adani Group. Let's talk about

12:42 Tata Motors then. It is going to report its third quarter earnings today and in fact

12:47 it gained significance in a week when it has gone past Maruti Suzuki, albeit briefly,

12:54 on market capitalization. It is likely to report a net profit jump of as much as 50%

13:01 to talk about why that is, Vinay is joining. And Vinay, I would think that this is on

13:06 account of a significant rebound in performance by Jaguar Land Rover.

13:10 - Yes, exactly. As you know that JLR contributes around 60% of the company's

13:17 revenues whenever we see any quarterly earnings from the company. So JLR is the

13:22 reason that the company is turning around. So JLR sales if you see in the quarter

13:26 excluding the China joint venture rose 27% to 1.01 lakh units in the quarter.

13:32 If you see the sales in the Tata Motors that is the Indian company, the passenger

13:36 vehicle sales rose 5% while the commercial vehicle sales rose 1%. So you're clearly

13:42 seeing that there is this divergence of growth in sales at JLR and at Tata Motors.

13:47 So JLR is driving this profit jump of 54% in the quarter and in December.

13:53 Management has already guided that the performance in the second half of the

13:56 fiscal is going to be better than the first half. And that is because the healthy

14:01 order book at JLR, new product launches at the passenger vehicle segment and

14:05 commercial vehicle demand will drive performance. That is what management has

14:09 said. And if you see that this is also a quarter where we can say that we are now

14:14 comparing profit with profit because before that for many quarters we were

14:18 comparing profits with losses because this is going to be the fifth consecutive

14:24 quarter where the company is going to report profit that was Bloomberg's

14:28 consensus estimates say. So this is a story of turnaround which has been

14:32 completed and now we need to see how the growth in profit takes on.

14:37 Vinay, while you're with us why don't we also talk about the latest data on the

14:42 volume front for India's auto manufacturers. We're going to see a few

14:47 numbers trickle in today as well but what can you tell us?

14:50 So if you have seen the data print we can see that there is a clear

14:55 divergence between what the data has come for passenger vehicles and two

14:59 wheelers and commercial vehicles and tractors. So passenger vehicles and two

15:03 wheelers have shown growth. If you see just in the passenger vehicle segment

15:07 the growth has come because of the inventory build up because it got

15:11 depleted in December after car makers offered heavy discounts. It cleared

15:18 the inventory at the retail level so now they are sending dispatches to

15:22 dealerships to build this inventory up again. So this has led to growth in

15:26 the passenger vehicle segment. In the two wheeler segment the story of

15:29 gradual recovery is playing out and you can see that double digit growth is

15:33 there in the wholesale numbers of all the two wheeler makers except Royal

15:39 Enfield where there is a problem with the affordable segment of the company.

15:44 So there you can see the growth is a little bit lower but if you see the

15:48 major pack the double digit growth is there in three companies. In the

15:52 commercial vehicle segment the sales have been lower just because the heavy

15:57 vehicle sales are not contributing as much as we have seen in the last few

16:01 months. In the tractor sales as well the sales are going to be softer for

16:05 the coming months as well and this is because of the delayed sowing and that

16:09 has affected the agriculture activity in the rural areas. Got it. All right.

16:13 Thanks so much Vinay for joining in and giving us that perspective. We have

16:16 to step into a very quick break. We've got stock specific news to tell you

16:20 about on the other side so do stay tuned.

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18:16 All right. Welcome back. You're watching All You Need To Know. Let's talk about

18:30 the stocks that you need to watch out for in trade today. In fact we've got

18:34 Mahanagar Gas among them to talk about and Varsha is joining in to tell you

18:39 more about that. Varsha what can you tell us? Good morning Alex. So as you rightly

18:43 said starting with Mahanagar Gas it has acquired 100% equity in Unison Enviro

18:47 at 562 crore. Now this is the this is company's first acquisition. Also Ashoka

18:52 previously Ashoka Bilcon an investment fund by Morgan Stanley had had equity

18:59 in this company. Now acquisition will expand core business of city gas

19:03 distribution. Also if you see companies working with BMC to set up biogas plant

19:07 based on municipal solid waste and hydrogen EV renewables are adjacent areas

19:12 to expand its energy portfolio. Next we have NMDC where we have business

19:17 updates where sales is up almost 19% year on year and production is up 8%.

19:22 This is monthly update and if you see the cumulative update production is up 16%

19:27 while sales is up 23%. And lastly we have Prime Focus where they have approved

19:32 a 4000 crore funds through right issue. Issue prices are at 90 per share and record

19:37 date to be notified later. Absolutely. Thanks so much Varsha for bringing us

19:42 those details. Let's talk about Interglobe Aviation then. It's expected to post

19:47 a strong profit growth in the third quarter and that is likely to be driven

19:51 by improving passenger yields and also an increase in fare prices. Anushi

19:55 Vakaria is joining in to give you some more details there. Anushi what can you

19:59 tell us about the performance of the company in the quarter gone by?

20:02 Absolutely. So if you have to look at Indigo's numbers the street is expecting

20:07 there to be some strong set of numbers with the revenue peg that to grow about

20:11 22% while EBITDA is seeing about a 27% increase. So this is on the back of the

20:16 one of events also which took place like the World Cup event and some special

20:20 festivities which does fuel the Q3 in general. While we talk about the EBITDA

20:25 is expected to rise about 27% to about 4700 crores while the margins are seen

20:31 improving at about 26% compared to about 25%. This is on the back of the fuel

20:37 prices now that they are incorporating which is the increase with the

20:41 introduction of fuel charge in their airfare prices. So this is again going to

20:46 give a boost to their profitability. So that is another thing that we should be

20:49 watching out for how that fares for the next quarter as well. For the key things

20:54 that we should continue to watch out for is one is the industry consolidation

20:58 that is happening with the grounding of several aircrafts over the last few

21:02 months. So we have to see if there is some considerable market share gains

21:06 going into the quarter 4. Along with that we have to also watch out for the

21:10 expected impact on the capacity guidance that they have given which is expected

21:16 to grow about north of mid-teens. So that is one thing we need to consider going

21:21 forward. So that is the preview on Indigo.

21:24 All right. Thanks so much Anushi. Let's talk about Jupiter Wagons as well as

21:28 Texmaco Rail and more. They have all posted their third quarter results and

21:32 Mahima is joining in to give you some perspective on that. Of course, the

21:36 railway stocks were little bit disappointed in trade yesterday because

21:39 of the lack of clarity on the spend by the government in FY25. But what about

21:43 the earnings for the third quarter Mahima?

21:45 Well, yes, the earnings for the third quarter have been very good for both

21:50 Jupiter Wagons and Texmaco. If we talk about Jupiter Wagons, the margins

21:54 improved to 13.6% in the 9 months FY24 versus that of 11.9% in 9 months FY23.

22:02 This is on the back of strong order book and robust manufacturing facilities

22:07 they have. And they have also acquired a lot of orders from the defense

22:10 ministry which is why the revenues have increased significantly. Then for

22:15 Texmaco, if we see the revenues have grown by 43% and profits have nearly

22:20 tripled. And again, this is on the back of strong order book. So both these

22:24 railway stocks have given extremely positive Q3 results. So these will be

22:28 in focus today. Then we have IHCL where IHCL recorded its all time high

22:33 consolidated Q3 EBITDA with a margin of 38.5%. It signed 28 hotels and 16

22:41 hotels opened in this fiscal year. And the robust performance for IHCL was

22:46 enabled by same store hotels clocking revenue per average room premium of

22:52 across markets and segment. Also, they successfully launched the new Ginger

22:57 Mumbai Airport Hotel and they clocked an occupancy of 80%. And lastly, we

23:01 have Bata where Bata has missed the analyst estimates and their net profit

23:07 has gone down by 30%. Sequentially also their EBITDA margins have shrinked

23:12 significantly. So this will be a stock to watch out for in trade today.

23:16 Alright, thanks so much Mahima for bringing us those details. Titan was a

23:19 stock that we were watching in trade yesterday. Towards the end of the

23:22 session you saw the earnings for the third quarter come through and in fact

23:27 it lost ground towards the end of the session and it would cut about 1.9%.

23:31 There are few brokerage reports that have come through for the company and

23:35 we have got MK that has in fact upgraded the stock. To tell you more about

23:39 what they are saying, we have got Mihika joining in. Mihika, what can you tell us?

23:42 Yes, MK has upgraded the rating on the stock from a neutral previously to a

23:47 buy at a target price of 4200. Now Q3 results were in line with MK's estimates

23:53 and it said that the better margins in the carat lane segment of the company

23:58 offset slightly weaker margins in the watch and the eyewear segment and they

24:03 also expect the EBIT margins of Titan on a consolidated basis to remain in the

24:07 12-13% targeted band of the company and they do expect a 29% net profit cargo

24:14 over FY24 and FY26. We also have a systematics report where the results were

24:19 a marginal miss on their concessions estimates due to the slow jewellery

24:23 retail business. Now this jewellery retail business was majorly impacted

24:27 because in a partial shutout period the timing was changed in December and

24:33 the gold prices did spike higher but the brokerage does think that the company

24:38 will be able to gain 7% market share given that there is a wallet shift to

24:43 travel and hospitality given the post-COVID impact and it does expect a

24:48 17-20% revenue and EPS cargo for the company over FY24-26.

24:53 Alright, thanks so much Meeka for bringing us those details. That brings us to the

24:57 end of this particular edition of All You Need To Know. Do stay tuned, lots more

25:00 coming up before the start of trade and you'll find all of that in India Market Open.

25:04 This is NDTV Profit.

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U.S. Markets Resume Rally | All You Need To Know | NDTV Profit

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