- 1 year ago
Speaking on the possible impact on the market closing show on BT TV, Vinit Bolinjkar, Head of Research at Ventura Securities, said the domestic economy is set for a strong rebound.
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00:00Good afternoon and welcome to Market Closing on our brand new collaboration between Business Today
00:04and India Today Television. It's been a day packed with action on the Lyle Street.
00:09From global market queues and policy signals to earnings, sector trends and stock-specific moves,
00:14we are here to bring you the full picture of how the markets performed and what it means for your
00:19money. So stay tuned as we break down the Sensex, the nifty and the stories shaping tomorrow's trade
00:25as well. And don't miss the market opening show tomorrow morning at 9 a.m. with Abha Bakaya,
00:31giving you the first word on everything that will move the markets.
00:37Let's first take a look at what is the hot news as far as the corporate and the financial space is
00:43concerned. After a GST fuel rally, markets cool off from the day's high point. Nifty trades around
00:5124,800 bucks, where we're also looking at gains over 60 points. Sensex is up by 300 points. Nearly
00:5780,900-odd points can actually be seen on the Sensex as well, while the nifty bank holds near a 100-point
01:03rally.
01:10Prime Minister Modi's Diwali gift comes in the form of a GST overhaul. Finance Minister Nirmala Sitaraman's
01:17Reforms are expected to boost consumption and carry a revenue impact of 48,000 crore rupees.
01:27Life and health insurance premiums are exempt from GST from September 22nd, but CBIC confirms no input
01:34tax credit on inversion benefits for the industry. HDFC Life and SPI Life shares trade lower.
01:40Nifty Auto Index is in top gear with Mahindra and Mahindra, TVS Motors, iShow Motors also all
01:50hitting record high levels in today's trading session. Popular cars like Maruti Auto, K10,
01:56Swift, Desire, Tata Tiago are set to get cheaper. FMCG stocks including Imami, Colgate, Britannia
02:02also trade higher. The GST council has imposed a 40% levy on casinos and gaming. Gaming stocks like
02:12Delta Corp and Nazara Technologies fell by up to 7% in trade today, while tobacco stocks including
02:17ITC and Gotri Philips inch higher.
02:30Let's straight away start talking about the markets in the last 20 minutes of trade. If you look at
02:36the nifty, we have slipped to the low end of the day right now, 24,732. So we are just about flat
02:42with a positive bias at least for now. We've given up the morning cheer as far as the GST fueling
02:48sentiments was concerned. Look at the sectors that are still holding up. Those are all the sectors that
02:53are benefiting from the GST rate cuts. Auto space, that's the highest moving sector today, 0.8% of a
02:59rally on this one. Look at financial services sector, that's buoyed by a lot of names like Bajaj
03:04Finsav and Bajaj Finance, about 0.5% higher for that one. The fast moving consumer goods sector is also
03:10up by about 0.2%, consumer durables and banks. Those are the sectors that are holding up. But PSU
03:16banks, oil and gas, IT, these are the sectors that have now slipped into the trade. Let's talk about
03:21the top movers as far as the nifty stocks are concerned. Mahindra and Mahindra, the top mover
03:25today. Almost 6% of an uptick can actually be seen on this one. The NBFC, the non-banking finance
03:32companies, Bajaj Finance, Bajaj Finsav are also cheering that more and more people will be going for
03:38financing of consumer durables and autos in this festive season. Look at Apollo Hospitals also and
03:44Nestle from the FMCG stocks. These are the top moving stocks as far as the nifty is concerned. On
03:49the downside, however, you do see some stocks like Tata Consumer Products, HDFC Life, Wipro from the IT
03:55pack, Maruti Suzuki that's now slipping and Indescent Bank also among the top drags at least for now.
04:01Let me now quickly welcome our guest on board. Mr. Vineet Bulinchkar is with us. He's the head of
04:05Research at Ventura Securities. Welcome to you, Vineet. Thank you so much for taking the time
04:09out on India today. I just want to begin by understanding from you. The markets have slipped
04:14to the day's low point. Do you think a lot of this good news about GST rate cuts which was
04:18already getting penciled in in the run-up to the announcements has already now priced in? Or do
04:24you think there could be some more upside from here too? So, you know, we have always seen that when
04:30big-ticket reforms are carried out over a period of time and the expectation when they fruition,
04:36the markets tend to give up the gains where the traders book profits. However, we believe that,
04:42you know, over the medium term as, you know, when these tariffs kick in, I think it will be a very,
04:49very splendid time to buy these stocks. Right. So, Vineet, help us understand if you have to just break
04:57it down for all our viewers. The top two or three sectors that you believe are going to be
05:01definitely benefiting through the festive season coming forward over the next two to three months.
05:08I think the auto space, you know, because it already had got wins from the fact that,
05:13you know, the interest rate cuts were already taken. However, you know what, I think the
05:19the event will be slightly prolonged because people will now defer their purchases until the
05:27shraat gets over and actually when Navarak hits and these GST reforms take place. So,
05:34I believe that the AC space, consumer durables, autos and insurance sectors are going to be the top
05:41picks. Bajaj Finance is one of the biggest beneficiaries of this consumer zoo.
05:45Why do you think Bajaj Finance is one of the biggest beneficiaries out of all the NBFCs and the
05:50banking space stocks? So, they are completely tilted towards consumer finance and they have a lion
05:59share in the consumer finance space. So, obviously, they will benefit from that and they have got
06:05multiple, you know, they finance multiple non-traditional avenues where people want to take loans.
06:13Okay. What about the cement pack? And do you also feel this reduction of GSE from 28% to 18% will also
06:22spur growth in a lot of construction areas, real estate? Does that also come into a favorable zone now?
06:29Absolutely. You know, cement is an integral part of real estate construction and it will lower the
06:34price of construction, number one. Number two is the fact that it makes real estate affordable and we
06:41will see that being passed on to the consumers by the builders because currently, you know, the sector is
06:48going through a slightly lean phase.
06:50Absolutely. You know, there is also this entire benefit that a lot of our viewers are really looking to
06:56understand is by way of complete exemption from GST on life and health insurance. Remember, viewers, on
07:02whether GST exemption will actually make health insurance premiums more affordable and whether
07:07industries will really need to hike premiums to cover the costs. We asked Dr. Tappan Singhal, the MD and the CEO of
07:13Rajaj Alliance General Insurance, in an exclusive chat with me earlier, that he said a straight up 18% drop in
07:20premiums will definitely benefit policyholders. Let's listen in to what he had to say.
07:24An immediate drop of 18%, you know, because that is where the GST drop would happen. It becomes zero. So, that would
07:31happen. Now, in the existing policy, also, the good part of general insurance is that it's mostly an annual contract,
07:36you know, which means it comes up again for renewal every year. Some policies are for three years, but most of the
07:42policies are for every year. When they come up for renewal, again, if there's a zero percent GST regime, so they get the
07:49benefit of that immediately. Now, for the past policy, the issue is that the GST has already been paid for, you know. So, that
07:57would not have any kind of refund. So, the issue is for 22nd, policies purchased would have an 18% benefit straight off because of the GST
08:05becoming zero. Second, all renewals coming up will have that benefit, you know, going forward. So, I can
08:11commit for my company, not at all. For the industry, also, the leaders have spoken to, they also have
08:16committed that, no, there will not be a premium hike happening. All right. So, two clear points that Dr.
08:22Tappan Singhal has clearly mentioned. One, a straight up 18% benefit will come down. So, therefore, your policy
08:28premiums will go down by 18% for both life and health because they were taxed earlier at 18%. Now,
08:35they will be taxed at zero. There's a complete exemption. So, definitely, the premiums will be
08:40more affordable from now. I did ask him also about whether the insurers will need to hike any
08:46premiums to cover some of the costs, which they end up losing because of the loss of input tax credit.
08:51And he said that, at least for now, there is no premium hike on the cards. And even on the industry
08:56level, he agreed to say the same as well. Now, when we look at some of the viewers' questions that are
09:01actually coming in because of these insurance, you know, GST rate cuts and exemptions completely,
09:07we'll take one question with Vineet there. Vineet, our viewer question is with respect to
09:12why are insurance stocks falling despite the GST relief? This is from Ratan Singh,
09:17from Jaipur, who actually says that, is it the right time to invest in insurance stocks
09:22after the recent dip has come in? How would you advise?
09:26I think insurance is the biggest, you know, the GST cut which has been brought down to zero
09:34is the biggest influence. I think that, you know, for the same amount of premium including GST,
09:41you get a higher cover. And, you know, people are comfortable with that, those who are finding the
09:47GST very, you know, pinching the pocket, for them, it'll be a slew of relief. And obviously,
09:54the penetration of insurance is very less, more and more people will now seek to have insurance
09:59cover both in real, you know, life as well as in general insurance. And you have to understand when
10:07you pay premiums, then you're paying premiums every year. So, what happens now is that the growth
10:13that will come in in the insurance sector, that will make a higher pace. And there will be a one-off
10:19jump in the premia that the insurance companies collect. And that will also boost immediate
10:25valuation. So, although they are falling, it is a good time to bind to that. Okay, wonderful.
10:31You also mentioned about the auto space and, you know, for all our viewers to also understand,
10:36Vinit, after the big GST reforms that have been announced, the auto sector is definitely hailing
10:40the decision. It's the top-performing sector today. In fact, Business Today also spoke exclusively with
10:45Mr. R.C. Bhargava, the chairman of Maruti Suzuki, and also Santosh Ayer, who's the MD and the CEO of
10:50Mercedes-Benz India, to really take their views as to what these changes really mean for the industry
10:56at large. Let's listen in to those insights too. I see the GST reform impacting the total economy.
11:05I see economic growth going up. I see all the sectors of the economy growing up. And the car sector is
11:14dependent on its growth, on the growth of the rest of the economy. When the economy does well, the car
11:21sector does well, and vice versa. On the festive season, we already had a pent-up demand in August.
11:26So, if you see, August was 10% lower than normal August that we see. So, clearly, all of these
11:31customers were there. They are waiting for the new GST rate announcement, which has now happened.
11:35So, surely, all of these customers will jump in now and buy. So, that gets added to the normal festive demand.
11:42All right. So, those are the industry statements that are coming in after GST rationalization has
11:48come in as well. We also have one more question that we picked up from our viewers as far as the
11:52auto space is concerned. Riya Swamy from Jalandhar asks, and Vineet, I'd toss this question to you.
11:58How can I benefit from GST rate cuts if I've already booked a car on September 1? Well, that's a tricky one.
12:04Well, Vineet, you know, a lot of viewers had also been deferring their purchases because they didn't
12:11know that, you know, some sort of a decision on GST could come in. Only yesterday, we've come to know.
12:16Last night, that September 22nd is when the new GST rates or next-gen reforms will come into effect.
12:23So, all of those people who've already booked their cars on the previous trades, is it possible for you to
12:28advise? Is it possible to probably switch or maybe, you know, do a booking at a later date,
12:34adjust the prices? How should they go forward? Yeah, I think you should go ahead and talk to
12:39your dealer and tell him that, you know, can you roll over my purchase? I think they will be more
12:44than happy to help you with that. And just in case it's not working out, if your amount paid is abysmal,
12:52then, you know, you might as well cancel a booking and do a new one after the short period is over
12:57and that GST's reforms kick in. Absolutely. I think even for small cars and for two-wheelers,
13:04the benefits could be much more. There are several of brokerage houses that have also
13:07penciled in an 8 to 10 percent price drop, at least for the small cars and also for the two-wheelers at
13:13large there. Vineet, would you be able to help us understand top choices from the auto sector that
13:18you may have because of these GST rate cuts? Which are the stocks that are going to be benefiting the
13:23most and the companies that are going to be benefiting the most as well? Say for an M&M,
13:26it's held onto the top spot throughout the session today. Is that also because they have a lot of
13:32large, you know, fleet of tractors, they have a fleet of luxury cars, they also have small cars. So,
13:38how are you looking at the benefit, you know, in terms of order of preference?
13:44Yeah. So, M&M is known for large SUVs, right? And there was a contention in the market that,
13:50you know, the cars over four meters will be charged at a higher rate of taxation. And that
13:55has actually not come through. And so, that is very, very promising for Mahindra. And currently,
14:00Mahindra has a slew of new models that they are launching. You know, the EV is very well fancied.
14:06And we believe that Mahindra is going to be one of the top beneficiaries in the, you know,
14:11four-wheeler space. Apart from Mahindra, we also like Maruti. We think Hero Honda is a great stock
14:18because it has got, you know, it's got its strategy right in place. And it is making new models in the
14:24higher CC segment rather than the entry level. And, you know, Ola and Ather are also going to be
14:29beneficiaries because we're going to see the, you know, penetration of EV vehicles really taken now.
14:38Absolutely. And even the electric vehicle segment that has stayed put at 5% of GST,
14:44there was earlier some fear that, you know, some of these EVs, which are higher priced brackets,
14:49that could move to a higher tax as well. So, that hasn't come true. So,
14:53EV space could also be a beneficiary at that. Let's talk about consumer durables now,
14:58one of the biggest beneficiaries of the GST rate cut is going to be the consumer durable sector.
15:03All of those white goods that you use, your air conditioners, your refrigerators for that matter,
15:08all your appliances that are usually seen in white color, those are called as consumer durables,
15:14especially television sets, ACs. So, we spoke to Sunil Vachani, he's the founder and chairman of
15:19Dixon Technologies, on finding out what the reforms really mean for the industry and what's the kind
15:24of demand that they're looking at. Let's listen in to what he had to say.
15:28Yeah, I think these reforms are path breaking, to say the least. And they're going to have a huge
15:37positive impact on the industry. With the GST coming down from 28% to 18%, these products will become
15:44more affordable. And I think there'll be a huge trigger in terms of increasing consumption and sales
15:50of these products. Once that happens, you would see that India emerges as a base for manufacturing,
15:55not only for the domestic market, but for global markets.
16:00Right, we also have a question again from one of our viewers. Vineet, I'm tossing this question again
16:05to you. This is Jayat Yagi from Agra, writes in, is the sharp fall in SIN goods, beverages and gaming stocks also an investment opportunity for me?
16:15So that's another interesting question that's actually come in. Remember, apart from the 5% and
16:2018% GST slab rate, an additional 40% slab has also been introduced for the SIN goods, your tobaccos,
16:28pan masala, gaming, lottery, all of that. And of course, for the Uber luxury, maybe a private yacht or private aircrafts,
16:38all of those will also attract 40% GST. And the question is coming in on that. In fact,
16:43even some aerated beverages that could be under the same ambit. In fact, from the gaming stocks today,
16:49we have actually seen a sharp dip on both Delta Corp and Nazara Tech in today's trading session as well.
16:55So let's try and understand Jayat's question. From Vineet, how are you looking at these beverage stocks,
17:00gaming stocks for that matter? Some of them are attracting highest rate of 40%.
17:03Yeah, so obviously, they're going to take a little bit of a hit. And so right now may not be the time
17:11to get into them. Even if we talk about the other SIN stocks like ITC and the other cigarette stocks,
17:17you know, there would be a little bit of a pause before you get in. But, you know, the best way to
17:24deal with this is to see how the volumes are impacted in the, you know, December numbers. So the December
17:31numbers, which are released in Jan, they are good enough. And, you know, they have kept pace and not
17:39lost too much or the price sites have been taken because typically when GST goes up, you know,
17:45companies cannot impact, take price sites because it damages their volumes. So, you know, it's very
17:53good to let some time go by. And of course, December results is when you should look to buy in the day.
17:59Okay. We also have seen government officials coming out and cheering for the decisions that have been
18:07made by the GST Council. We had Commerce Minister Mr. Piyush Goyal who has hailed the GST reforms as a
18:14historic move. Speaking on the government's landmark tax overhaul, he called it the biggest reform that
18:19India has seen since independence, fulfilling the Diwali Bonanza promise announced by Prime Minister
18:24Narendra Modi on 15th of August. Let's listen into what he had to say. He had announced that there is
18:32a big Diwali Bonanza in GST. And we have yesterday seen that what we thought could be big has turned out to
18:45be the biggest ever reform that India has seen since independence.
18:54All right. You know, Vinita, I want to come back to you and try to understand, you know, one of the key aspects that all of us have been
19:01talking, you've come on Business Today television so often and talked about how these GST rate cuts could somehow
19:07provide cushion to all the external uncertainties that we've been facing. You know, tariff that continues to
19:13stay put at 50 percent at least for now. There have been some indications and some hopes that are coming
19:19to us from the government side that give us a hope that at least in November we could see some sort of a
19:23deal to take place. But so far, both the sides, nobody's blinking and everybody's looking to protect their
19:30own, you know, guards at this point in time. I want to know from you how much of an impact can, you know,
19:37GST, the rationalization really help us to brave at least at this point in time or cushion the impact for us?
19:46So, you know, if you see our overall sales are about, you know, in merchandise sales to US are about
19:5180 billion dollars and about 45 billion dollars of that is impacting. So, you know, if you multiply by a
19:56roundabout 90 number, okay, you'll understand that it is around 3.5 lakh pros. So, that's quite a hit.
20:06Now, while we are dealing with that, the immediate way to kickstart the economy is to lower the GST rates,
20:14right? You know, our depreciation has also gone down. So, it makes our goods competitive in other markets.
20:20And by lowering the GST rate, what happens is we are expecting that there would be a spin on our
20:28economy by about at least one or two percent. And that should help, you know, more than make up for
20:35the loss from the American economy. But at the same time, the government is also working on opening up
20:41other markets and we are talking over 100 markets. So, that will take, you know, about five to six months
20:47to really trickle down and put everything in place. Meanwhile, if the government is able to provide
20:54a face saving to the US government, then, you know, the deal can happen a lot faster. And, you know,
21:00I think November 15, November 20 is the time when it actually kind of kicks in because the US needs
21:06India the most. And, you know, this is a blessing in disguise because suddenly our exports not only get
21:13reinstated to the US economy, but we have diversified to 100 crores, 100 other markets. And, you know,
21:19the game changer is going to be the eVitara which Maruti is launching. And that will be the flagship product
21:26which will display the brand of Made in India globally.
21:30Fantastic. Any other sectors beyond the ones that we have just discussed, Vinit, that you are getting
21:36more bullish on maybe fertilizers for that matter, textiles for that matter, agro-related spaces.
21:42What would you really look at? I would look at, you know, the renewable space because the costs have
21:47also come down there. And renewables is one place where, you know, the prominence of the government
21:53to, you know, kick in green energy is there. So, I think that will also benefit very well. Currently,
22:00those stocks have been lying a little bit low. So, I expect them to also pick up a bit of space.
22:06The other space which are ignored are pains, you know. With Diwali coming in, pains getting cheaper.
22:12It's going to mean that, you know, people go and color their houses, buy furniture. And also,
22:19also building material and building products is also another space which not everyone is all talking
22:23about. So, you should be focusing there also. Okay. Help me understand an overall view on the kind
22:29of revenue loss that everybody is highlighting, at least the impact that the economy might face
22:34because of these GST rate cuts as well. Do you think it is manageable at this stage for both the
22:40exchequer, the government at this point in time, and the economy? Do you think the kind of volume
22:46surge that we will get, the kind of sales uptick that we will get is more than likely to make up for
22:52the revenue loss there? See, I don't think that the revenue loss would be made up completely,
22:58because we are going to, in our estimates, about 1.8 lakh crores of fiscal hit that they will be
23:04taking. Apart from that, you know, we've seen Sindhu 1 operations happen. We've also seen
23:12the government take, you know, voluntary reductions in other places also. So, what is going to happen is
23:19that we are going to have a little bit of the fiscal deficit inch up. But, you know, we've seen the
23:25fiscal glide path which has been adhered to so far. So, you know, this is only going to be a blip for
23:31a while before we continue the fiscal deficit discipline that has been the hallmark of this government.
23:37All right. Okay. Let me just quickly look at how the markets are now taking place. Remember,
23:43one minute to go before the markets shut shop for the day. It is the day when the markets have reacted
23:49to the big GST rationalization that has come about, the announcements especially since last night. A 20-point
23:57of an uptick is what we have. So, we have cooled off pretty much quite a bit from the day's high
24:02point. Remember, at one point in time, we were hovering above 24,900 odd mark. We've come down to
24:0824,737. So, a lot of good news seems to have already got digested in the markets at least for now.
24:15When we talk about the nifty gainers, you have M&M that's up by 6%. You have some banking gainers that are
24:21also coming in higher. HDFC, ICICI Bank, Bajaj Fincer, IDFC First Bank. These are the names that
24:28are definitely higher. Even Apollo Hospitals, for that matter, is higher in trade. The advances are
24:3319.28 on the BSC to declines of 24.17, at least for now. Remember, it's also the Sensex expiry that
24:40we actually see. So, the Sensex is expiring at 80,728, about two tenths percent higher in trade,
24:46at least for now. Broader markets, mid and small caps are seeing some cuts at least
24:51at this point in time. We are seeing, however, autos, consumer durables, FMCG, financial services,
24:57and the banks definitely holding the fort towards the end of the session. But IT is the one that has
25:03actually cooled off quite a bit, over a percent losses that can be seen on the IT sector. PSU
25:07banks have also come down, over a percent losses for this one. Oil and gas, real estate, and even the
25:14broader markets, both the mid and the small cap sectors are also weak. Top movers on the nifty
25:19at the closing hour. I've already marked out M&M, Bajaj Finance, Apollo Hospitals,
25:23and Bajaj Fincer. But on the downside also, if you look, the insurance majors have slipped.
25:30HTFC Life, we're also looking at Tata Consumer Products, look at even names like Maruti Suzuki.
25:36They are all the stocks that are actually declining in trade. Look at even Wipro and HCL Tech from the IT
25:41pack that have actually slipped in trade today. But let me quickly look at the broadest names,
25:46names that actually shot up pretty much sharply in trade today from the nifty 500 basket. You'll be
25:52able to see names like Atul Auto, for instance, that's also higher in trade. Look at Moss Chip
25:57Technologies. Those are the names that you should be looking at, which have actually shot up 15,
26:0217 percent. These are the top buzzers in terms of stocks. Look at Electronic Smart. You would
26:07remember that you go out to Electronic Smart to look for and compare between consumer durables and go
26:12for your shopping there because those are the most accessible offline stores that people go to,
26:18you know, for their consumer durables needs. Electronic Smart is one stock that is shot up by 11 to 12
26:23odd percent. Look at Gandhi Special Tubes. Look at even names like MIC Electronics. All those
26:28electronics focused companies, they are higher. Stationary names, dorms industries. You would be
26:33knowing when you purchase, you know, a lot of stationary items, sketch pens, pens, pencils,
26:38all of that. Notebooks, you know, a lot of globe maps. All of those have also been exempted from GST
26:44rates. Those are the kind of stocks that have actually pulled up in trade seven and a half percent
26:48higher for a dorms industries kind of a name as well today. Look at even names like Cement. Sagar
26:54Cement, for instance, is up by about seven percent. Remember, 28 percent to 18 percent for the cement
26:59stocks. Those are the ones that have also picked up a lot of pace as well. So that's as far as the cement
27:05stocks are also concerned. Let me also just highlight for all our viewers when it comes to
27:10the key stocks within the mid and the small cap names. Where exactly have you found a lot of move and a
27:16lot of action in today's session? Let me just look at Colgate, Vishal Megamart. Look at again,
27:22Jubilant Foodworks, PB FinTech, Adhadi Aburla Fashion, all of these names that picked up higher in trade.
27:27Coming to you back, Vineet, I want to understand just last one or two questions from you quickly,
27:32if you could help us understand. Beyond this, after the GST push has already come in, remember,
27:37a lot of macro data is supporting the sentiments. We've had the GDP data, which was strong. We now
27:43have the GST rate cuts that have come in. We already had the RBI rate cuts coming in, and we had the
27:50finance minister announce in the budget also the tax cuts that have come in. So, so many of
27:56steps have been taken already. What will this do to the markets till the year end?
28:00I believe that the domestic economy is going to boom big time. We've also had one very good
28:09rainfalls that he did not mention. So, I think it's going to be a very strong rural economy driven
28:15growth. Urban economy is also going to pick up with that. And I think the sluggishness that we've
28:20seen in the numbers and the fallout of the export tariffs that are there are more than going to be
28:28compensated. So, I think we will come back to the 10% normal GDP growth, which has slipped to 8.8.
28:35And that, I think, is going to be a very, very strong growth going back in.
28:40Fantastic. Okay, Vinny, thank you so much for taking the time out and then being with us to explain to
28:46all our viewers the impact of these big bang reforms on the markets and what to expect going forward from
28:51here. Viewers, you can also send us your mutual fund queries, your asset allocation market and
28:56commodities queries to us on the number that's flashing on your screens. And don't miss the market
29:00opening show tomorrow morning at 9 a.m. with Abha Bakaya, as it gives you the first word on
29:05everything that will move the markets. And with that, we wrap up the special edition of Business
29:10Today's show. But before we go, here's a first look at what you should be expecting going forward
29:16from here in the General News.
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