- 3 months ago
PSU banks remain one of the most attractive options in the current market. With the Reserve Bank of India (RBI) scheduled to meet soon, market watchers are keeping a close eye on any rate-related decisions
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00:00Good morning and welcome to market opening on our brand new collab show between Business
00:22Today and India Today TV. Just after nine and we're here to get you ahead of the curve
00:27as markets kick off trading for the day. Let's start with what's hot in the corporate and
00:31financial space this morning. Asian markets volatile as Japan clocks lower than expected
00:36industrial activity in August. Markets await the interest rate decision in Australia.
00:42Overnight, Wall Street investors largely ignored the threat of a government shutdown in the
00:47U.S. Tech shares power major indices. Gold continues to rise to new highs.
00:52All eyes on film production stocks as U.S. President Donald Trump announces a 100% tariff
01:01on all foreign made films released in the U.S. Trump's plot twist to hit the Indian film
01:08industry hard. Both box office and streaming services to bear the brunt. Media reports put
01:14earnings from the U.S. in 2024 at nearly 1,500 crore rupees.
01:22India to remain the world's fastest growing economy at 6.5%. This fiscal ratings agency
01:27Moody's says high U.S. tariffs to have a limited negative impact on India in the short term but
01:33could hit investments in manufacturing. Wands GST cuts could stress government finances.
01:39Big relief for those with home loans. RBI allows faster transmission of interest rate cuts on
01:48floating rate home loans. Banks allow to reduce spread components before the current three-year
01:53lock-in period. Scope of lending against gold and silver collateral extended allows banks and small
01:59urban cooperative banks to extend working capital loans to any borrower using gold as a raw material,
02:05not just jewelers. We also bring you an exclusive conversation with DLF retails. Pushpa Bekta from
02:14Delhi's DLF Emporio Mall on the impact of the geopolitical uncertainties on luxury sales.
02:21Absolutely none. Festa season demand driving robust sales this season.
02:25All right, let's dive straight into the setup and look at the action overnight on Wall Street.
02:39Continuing to see action on the tech shares, of course. Trump, you know, uncertainties continue,
02:46but overnight markets remain well intact. A little bit in the green there on S&P, NASDAQ and Dow.
02:51Asia this morning a little bit more uncertain as Japan sees slightly tepid industrial growth and we're
02:57also watching out, of course, for further action by central banks, this time in Australia. And then,
03:02of course, we'll also touch base on what the RBI is expected to do this week. So, Asia a little bit
03:06mixed this morning. Gold and silver continue to be at all-time highs, gold in particular. Let's bring
03:11that up for you this morning. That's continuing to really drive a lot of action and interest,
03:17safe haven buying and also just sheer momentum. Look at the action there on gold. 3,873 is where
03:23it's trading now up another half a percent overnight. We're now joined by Shalendra Bhatnagar,
03:28our chief analyst and editor of markets. Shail, good morning. How's the setup looking to you on the
03:32Nifty today?
03:37Well, Abha, to your comment that there is absolutely no letdown in sales of luxury items. I know you
03:46shop at DLF Mall and I'm not surprised at all that sales there are fantastic. But seven days of losses on
03:54the Nifty and three very important... We've been together for a while, Abha. We've been working
04:02parallel to each other for the last 20, 25 years. But coming back to the Nifty, last seven sessions
04:10have been bad. And today, three very important events are happening. The last day of H1, which
04:16is half year, September 30th. The last day of the bank Nifty's monthly expiry and the weekly expiry of
04:23the Nifty. So all put together, short covering is likely to happen. We are already at September
04:283rd lows. And of course, we've seen seven continuous days of selling pressure. So there
04:35should be a turning point in the market today. And the fact that US 10-year yield is quiet, crude
04:40is quiet. So I see a bounce back in the markets on short covering. And of course, no letup in PSU
04:47banks, particularly Bank of Broda. Keep an eye out on that. As also, defense stocks should show a
04:52comeback. And of course, the entire PSU basket. That is where value buying is happening, Abha.
04:58So a green tick in the markets today is what my expectation is.
05:02All right. Well, green is always good, even if we're doing it incrementally. But a few
05:08stocks and news are talking about, you know, some of those spots in the market to watch
05:12out for. Bharat Electronics, and it's been constantly in action. But I just want to pull
05:16up BEL because the company has secured fresh orders worth over 1,000 crores across defense
05:21and communication. So while execution will be key, BEL continues to be in the news this
05:26morning. And we'll run through some of those other newsmakers in a moment. But let's focus
05:31on film production and distribution stocks as well. After the Trump shocker that's come
05:36in with the US president announcing 100% tariffs on films made outside the US. No clarity on the
05:42date that these will kick in or any other details. But the move is certainly creating some amount
05:48of panic in the industry as it does get a significant part of revenue from overseas.
05:53Let's go across to Krishna, who's joining us this morning, Krishna Gopalan, in terms of
05:59the kind of impact this would have on the industry and why this is significant. Krishna?
06:05Yes, hi. I think there are really two angles to this. One, if you look at a film, Industry
06:09Lake Telugu, about 60% of the overseas collections come in from the US. So this is going to hit
06:14them really hard. The other fact is a lot of countries like in Eastern Europe and the
06:19Middle East have actually offered substantial subsidies to film producers. So it makes it
06:24very lucrative for people to move their shooting to those locations. So from a cost parameter
06:28also, the US obviously takes a bit of a beating. My own assessment is for the Hindi film industry
06:33in particular. 30 to 35% might come in from the US. The tricky part right now, the way
06:38I see it ABHA is how the cost is therefore going to be more. Is it going to become more
06:42expensive for the consumers? And that's obviously going to be bad news. At the same time, you
06:45have the Indian diaspora, which obviously supports big ticket industries like Telugu, Tamil and
06:50Hindi. So the issue is still there. But I think the largest story is really the fact
06:53that President Trump obviously wants to push production back to the US. And we're also
06:58speaking of all this at a time when movies like James Bond and those are Spider-Man
07:02Film series have all largely been short in Europe. So it's obviously going to be a bit
07:07of a tricky situation for a long time to come.
07:10Absolutely. Well, this could see a dent on distribution deals, compel studios to rethink
07:15release strategies and also outsource, you know, how they outsource their work. Krishna,
07:20thanks so much for joining us on this this morning. We'll keep an eye on some of those
07:25stocks as we open. And remember, according to a CIA report, the industry is poised to grow
07:30about 2.2 billion by 2026. That's from 1.3 billion in 2023. And some of the biggest earners
07:37in recent years in the US have been, for instance, a Bahubali 2 at 200 crores, a Kalki at 160
07:43crores. So it gives you a sense of the kind of impact that we'll see on the industry.
07:48All right. Dharmesh Kant also joining us this morning. Dharmesh, it's expiry day. Must get
07:52your stake on how the index is set up and what you're anticipating in trade today.
07:58Good morning. I think the market is, thank you so much. I think the market is poised for a bounce back
08:09and it's been trading in a range. So now it's on the lower end of the range. If you look at from
08:12the fundamental perspective, the equity risk premium has fallen to 1.41, one year forward,
08:18which is almost 10-15% discount to a 10-year mean average of 1.52. That means equity earnings yield
08:25has gone up to 5.1, where it's bounded at 6.4. So it's given enough cushion room for, you know,
08:30the market for value buyers to dig into it. Expiry will have its own set of volatility. We don't know
08:35what kind of trades are being placed. But as far as working suggests, there's a lot of shorts are
08:40there in the market. So some of them is likely to be squeezed out on this day. So we are expecting
08:46a green on the market today. Any declines are to be bought into. Going forward from here till Diwali,
08:51I think cherry picking, if you are doing, you should be better off. And markets are likely to
08:56climb up from current levels, maybe 25,200, 300 on the upside. All right. Talking about cherry picking,
09:03I'm going to come back to you on some of those talks in a moment, Dharmesh. Let me take our viewers
09:07through some other news makers just as we come down to opening bell and then I'll come back to you.
09:12But we've got Blue Dot Express announcing a price hike of about 9 to 12%. So we'll be monitoring the
09:18impact there on margins, on demand. IRFC, they've signed large loan agreements worth about 16,000
09:26crores for power and infra projects. So we'll be tracking their loan book and the impact there as
09:31well. So keep an eye on that one. Thomas Cook is in focus. There are some ongoing developments in the
09:36tourism and foreign exchange business. So some action there on Thomas Cook also expected,
09:41or just at least keep an eye. It was up 3% as well, right in pre-opening. L&T obtained a $700
09:47million SLTF from Standard Chartered. So again, from some of the heavyweights, keep an eye on L&T this
09:54morning as well. Moody's has revised Tata Motors' outlook to negative from positive after a cyber attack
10:00on its UK subsidiary, which resulted in a production shutdown. So keep an eye on Tata Motors
10:06this morning as well. Okay, let's take a look at the opening bell and how we've kicked off trade for
10:11the day. A marginal uptick, as was indicated in the pre-open. So you have just about a three-tenths of a
10:16percent uptick on the Nifty. Nifty Bank also steady this morning right now. At least ticks of green coming
10:22in across. IT also steady, up close to about half a percent. Let's pull up auto because that one has
10:28continuously seen action as we count down, of course, to Diwali and continue to trend higher.
10:33They're watching out for the first as well and the kind of sales numbers that come in.
10:38Financial services index is also trending higher and will continue to pull up some of those gainers
10:42and losers for you. But it looks like there's plenty of green on the screen this morning.
10:47On the downside, Realty just about flat at this point of time. And there you have it. Titan,
10:54again, festive action playing out. Titan, Hero, BEL, of course, on the news with orders worth over
11:00a thousand crores. Fresh orders now coming in. The counter has continuously been on the news. JSW,
11:05Asian Payne, some of the other movers this morning for you on the screen, while FMCG continues to be
11:11slow and steady. And Tana Motors today down about half a percent on the back of that negative rating from
11:17Moody's with their UK subsidiary JLR facing a bit of a shutdown there. So that one has been a little
11:25fluctuating. Lots of different news pieces coming in on Tana Motors. But that's the news this morning
11:30for you on that particular counter. I'm trying to get a sense of the advanced decline. Shell,
11:35what's standing out to you in today's trade? We are seeing a little bit of pressure or profit booking
11:40perhaps on the like of it internal or, you know, some of the other nifty majors. But overall, we are
11:45seeing somewhat steady breath in the market.
11:51Absolutely, Abha. I think it's a very strong 3 to 1 advanced decline ratio, which means 1500 shares
11:58are in the green and 500 are in the red. So it's a positive start on the Lal Street on the last day of
12:05September, the last day of the H1. And from tomorrow onwards, you will see a lot of auto numbers
12:12coming in. So they led to the enthusiasm. Metal and IT stocks are the top gainers as far as
12:18the indices are concerned. And out of 19, 17 are in the green. In terms of all-time highs,
12:26absolutely no surprise. Gold financing company, Mutut Finance, a percent higher,
12:313,090 and the best PSU bank so far. Indian Bank doing pretty well, one percent higher at a fresh
12:39record high of 730. Overall, a positive, positive start on the last day of Bank Nifty's expiry.
12:48And of course, the Tuesday expiry weekly for the Nifty. Abha.
12:53All right. Dharmesh, talking about banks and financials, what are you focusing on within
12:58that segment? Because we've got PSU banks that have been trending. We've got, of course,
13:02the financiers. But what are you looking at overall when it comes to some of those
13:06banking names? We've also got, of course, the RBI Meet tomorrow. And we're expecting
13:11comments with regards to the outlook going forward. So banks will continue to be in focus.
13:17Yeah. I mean, RBI Meet is likely to be more of a dovish commentary coming tomorrow. But I think
13:23if it surprises the market with one more rate cut going into the way, you know, global things are
13:28panning out, it would be a big, big booster for the market. So we are expecting a surprise tomorrow.
13:33I mean, 25 basis point maybe in the offing because interest rates are very benign. And this suits
13:39well for the entire, you know, economic enthusiasm, which we are trying to push into the environment.
13:44As far as the entire space is concerned, everything is looking attractive. But
13:48particularly, we have focused more on, you know, public sector banking space. The stocks have been
13:52doing quite well for the last few days. Yesterday, we also released an initiating coverage on Bank of
13:57India, which valuation-wise looks pretty attractive. And for last four, five quarters,
14:01they have been consistent in delivering a growth of 12-13% on the advances while the asset quality
14:06being intact. So PSU Bank is one basket. Bank of India, Bank of Burdao, one can look at
14:11equilibrating at all declines and riding the high for next couple of quarters, along with
14:15NBFC space, where housing finance companies looks very attractive to us. So maybe PNB housing finance,
14:22NIC housing finance, Aadhaar housing finance, as a basket one can look into. Because with lower
14:26interest rate and, you know, disposable income going up, affordable housing is one sector, one space
14:31where, you know, traction is likely to pan out. And it's better to play with housing finance companies
14:36rather than picking a stock, a realty stock and playing it out. So these are the spaces which are
14:41definitely in for a good going in next quarter. All right. What's happening on metals, Dharmesh?
14:47Because we have been seeing a steady uptick across most of those counters. Is there a trend
14:51brewing there? What's driving some of the action coming in on some of those metal stocks? And where
14:55would you look in that pocket? Yeah, if you look at metal stocks, I mean,
14:59the metal prices have, has to be distinguished between international prices and domestic prices. So
15:05globally, metal prices have not moved up except copper. So copper is the only metal which has
15:10gained around 15-16% year till date. Apart from that, aluminium, zinc, tin, steel, all have seen
15:17a price correction. So that's not happening out there. India has been trying to stop any dumping into
15:23the domestic side. And that's the reason why steel prices have seen some part of attraction.
15:27So if domestic focused metal companies like, I mean, Hidalgo is not
15:31particularly domestic focused, but the domestic business is quite significant. So Hidalgo,
15:37JCW Steel, these are the companies which still one can look into. You have to be a brave one,
15:42because it's a very volatile kind of a sector. But we do think metal has an upside for the next six
15:48months in the offing, because in fire, activities are going to pick up. And then there's always a
15:52tendency for a run up before the budget, which will come in January 26.
15:57All right. So continuing to trend positive on some of those metal counters.
16:02Shail, anything else standing out to you? Just after opening this morning, we've got shipbuilders
16:07continuing to be in focus. Mass Count Dock, in fact, let's pull that up because a dividend coming in
16:12there, 2.7 per share. I mentioned Thomas Cook. They've also, you know, they've also been, of course,
16:18working with the Ministry of Tourism and lots of other developments on their foreign exchange business.
16:24We've got a whole host of other stocks in news. But from the large broader markets,
16:28Shail, anything else that's standing out to you?
16:34Absolutely, Abha. Gold and silver. I have 17 gold and silver ETFs at fresh record highs.
16:42Gold has crossed 1,16,000 rupees per tola. And ladies and gentlemen, silver per kilo is 1,43,776.
16:53Yes. I have this feeling, Abha, unless these two metals correct, you won't see the money coming
16:59back into equities. So all trading instinct, all risk on trade is moving towards gold and silver.
17:07And a fantastic rally. Year-to-date gains on silver is 58%. That on gold is about 50%. No stopping that.
17:14And of course, as Dharmesh ji mentioned, Hindustan copper, Hindustan zinc from the metal space doing
17:20pretty well. As far as top gainers are concerned, well, you have Sonata software doing well, 5% higher.
17:30You know, it's a bit of a scattered market as of now. But Nifty 84 points higher. Bank Nifty
17:36higher by about 272 points. Banks, banks and banks all the way.
17:41All right. Give me a moment, Dharmesh, while I also take a look at the RBI policy. Today marks the
17:47second day of deliberations by the MPC. The outcome will be announced tomorrow by the governor,
17:52Sandra Malhotra, and it's being tracked closely by markets, of course, for decisions on interest
17:56rates and their impact on equities. To discuss expectations on rates and the growth outlook,
18:01we're joined by Indranil Pan, chief economist at Yes Bank. Indranil, good morning. Everyone's hoping
18:06for a surprise, but do you think the RBI will be a little prudent or be dovish and go ahead and
18:13really give everyone a festive boost? I think from my perspective, I would expect RBI to be more on
18:21a watch and wait mode at this point in time. I think the amount of uncertainties that the RBI could be
18:29struggling through at this point in time is quite significant. On one side, you have the tariff,
18:36which we have not really seen a clear resolution on. On the other side, we have had GST cuts,
18:42which is likely to boost consumption to a certain extent. And the GST also has brought down the prices
18:51quite significantly or is expected to do so. My perspective is that because this is a policy-led
18:59sort of dip that we will be expecting in terms of the prices, the RBI needs to see through it.
19:05The GST cuts and the built-in consumption boost that we are expecting in the absence of a clear
19:13uptick in terms of the private investments demand could actually turn out to be relatively inflationary
19:20on the core side. And therefore, the RBI would have to weigh the growth versus the inflation perspectives
19:27of all the policy changes that are happening before taking an incremental decision on rates tomorrow.
19:37Okay, fair enough. I also want to ask you about some of these draft changes that the RBI has
19:41recommended and the kind of impact on that. Talking about more flexibility for borrowers,
19:46for banks, easing lending norms. What do you make of their latest rules that they've suggested
19:52for more flexible loans for borrowers, wider access to credit against gold and easier capital
19:57raising avenues for banks as well? I would just love your comments on that. It's of course still a draft
20:03in the making. Well, I think obviously India being a developing nation would actually have to very
20:11significantly rely on domestic savings for its journey towards the future growth. And the reason I say
20:18so is that there are significant tectonic changes that are happening in the global scenario and there's
20:26a huge amount of policy reset that is happening. And very clearly when there is significant amount of
20:31uncertainty in the global atmosphere, the mobility of capital also tends to suffer, which is very clearly
20:39evident in the balance of payments data that we are seeing today with a lower FDI, relatively muted FPI,
20:48low ECBs and therefore slight reduction or slight muted reliance of India on global capital. Now that
21:00clearly brings to the fact that we need to harness domestic savings in a very significant way and that is
21:08how credit offtake is likely to happen. Unfortunately enough, we have not seen private investments pick up.
21:16So from the asset perspective of the banking sector, corporate loans is not really picking up and
21:23therefore the reliance in terms of growth of the lending sort of book, we still have to rely on personal
21:33consumption expenditures. The critical ones are obviously the housing which should sort of provide an
21:40upside because of the interest rate cuts by the Reserve Bank of India, the reduction in the cement
21:45GST, etc. could actually provide a push to the housing sector. On the other side, we are expecting the GST
21:53cut to also provide a boost in terms of white goods and that is where I think the personal loan of the
22:03banking sector would actually be playing a part. And to a certain extent, the overall dampening of the
22:12personal loan space was on account of the regulatory tightness that, to a certain extent, therefore,
22:19it is sort of likely enough for the Reserve Bank of India to reduce that, to provide that push in terms of the lending side.
22:30Okay, so clearly, a lot of action wanting to be seen on the lending side. Now, markets are pricing in
22:36a quarter dips of a cut. That's what Dharmesh also said. You're saying they're going to hold.
22:41Everyone's waiting to see what happens. If they do hold, what's your outlook, Indranil? What do you suggest
22:46the central bank will perhaps indicate in its commentary?
22:50I think along with the hold, they should also stay on a neutral stance. And I think this is possibly not
22:58the time where you have a clear forward guidance for the market. That's something that may be actually
23:05negative if you are looking at the GSEC yields or how yield setting happens in the domestic economy.
23:14Yesterday, also, we saw the 10-year GSECs moving quite high. And it actually went close to the 660
23:23levels. So to that extent, it may be actually negative for the GSECs. But I wonder whether,
23:29given all the uncertainties with the data that we are talking about, and despite the fact that inflation
23:35is close to the lower bound of the flexible inflation targeting regime, we can see a very clear guidance
23:43from the Reserve Bank of India. And they should clearly indicate to the market that it's a wait
23:48and watch mode for them, and clearly tracking data to decide the future course of action, without,
23:55of course, closing the door fully on future rate cuts and expectations of that.
24:03All right. Thanks so much for joining us this morning and taking us through that. Indranil, in fact,
24:09a few other calls coming in. ADB has kept India's growth forecast unchanged, but they've cut India's
24:14FY27 growth forecast by 20 bps, citing headwinds from the tariffs, of course. And RBI, as I mentioned,
24:22is allowing banks quicker reset to bring down rates on floating rate loans and a whole host of other
24:28suggestions in their draft norms on gold loan, exposure limit, credit reporting. So all of that is
24:33something we're going to continue to track for you. Dharmesh, thanks for patiently waiting by. I
24:38actually want to get your perspective as well on what we heard from Indranil in terms of some of
24:42these draft norms leading to a whole boost on the lending front, whether it be on the consumer front,
24:48whether it be on real estate. Do you feel that this will give even more of a
24:53philip to what we're seeing in driving consumption?
24:57Yeah, definitely. Yes, sir. But my sense is it's time to do a front foot batting rather than to have
25:02a defensive or a back foot start. So there are structural challenges out there, but you're also
25:08sweetly placed where you can go ahead and do a rate cut. Still, there won't be a significant damage.
25:14The minor challenges may still be there. So I do think in order to boost the entire thing
25:20enough or give us the right slot, there is an elbow room for RBA to go ahead with the rate cut of 25
25:26basis points. So anyways, currency is depreciated. So you can't hold that onto account. At the same
25:32time, US has done a rate cut. So that gives you enough elbow room. And the sectors are same. I mean,
25:38housing is one sector which should reap the benefits of any further rate cut coming in and the rate cuts
25:45which has already been based. So we have a take on playing in that through a housing finance
25:49company. So these are the places which are there in the market for the office.
25:55All right. I also want to mark Blue Dart Express. Remember, they've announced a price increase of
26:009 to 12 percent effective January. That's one factor that's perhaps keeping Blue Dart in focus today.
26:08And volumes, Shail, the stock, let's just pull that up for you. It's up about 9.5 percent. Is it really
26:16this news that's driving so much traction in the counter today?
26:23Absolutely, Abha. And this comes from a multi-month low as far as Blue Dart is concerned. Last time we
26:29see the lowest price of 5,695. It was April 2025. So a good mark right at the start, 9 percent higher.
26:38And the volume is phenomenal. Already 1,60,000 shares have been traded in the first 15 minutes of trade
26:44compared with just 21,000 on a daily basis as of average. So this is a blowout. Let us hope that you
26:51see better days ahead. And of course, banks are doing extremely well. Silver is in top shape,
26:58in particular Bank of Baroda, as also the entire banking basket, the PSU banking index at a fresh
27:05high. Abha. Okay, so we're tracking banks. We've talked about metals as well in terms of what's
27:11moving today. And PSU banks, in fact, it's been an ongoing trend. We've talked about some of those
27:16defense names as well, like a BEL that continues to be in focus. Blue Dart, in particular this morning,
27:21is looking fantastic on the back of volumes. And as Ramesh was saying, the entire structural story in terms of
27:28you know, whether it be lending, whether it be real estate, for instance, all of that is likely to
27:33continue to play out in the market as well. Auto, Dharmesh, we didn't speak to you about autos. So
27:38before we let you go, let's get a quick comment from you on that. We're expecting those sales numbers
27:43in tomorrow. Yeah, the numbers are likely to be very good and surprise, even on the expectation,
27:49that is what we are, you know, looking forward to. And from here till, I mean, coming one month is
27:55likely to be good for auto companies and one has to stay invested. Any declines out there has to be
28:01bought into, though I do understand a sharp run-up has happened in the auto companies. Post that,
28:06I mean, near Diwali, if traders can take profit taking. But my sense is, autos after two, three
28:12years are in for a structural, you know, one year of a good market. So even if you stay invested at
28:18current levels, nothing to worry, because the earnings and numbers will follow. And the topic
28:22remains out there, Mandela Mandela, Hiromoto Corp from the two-wheeler space. These are the top two
28:28picks we are adding. All right. So those are some of the auto names for you. Let's pull up Reliance Power.
28:34They've also entered into an agreement to divest shareholding in five Indonesian coal companies.
28:39That's the value of 12 million. So let's just see what Reliance Power is doing today. And up about
28:45one and a half percent right now. A little bit of a spike definitely coming in on that one. L&T is quiet,
28:51despite that SLTF from Stanchar. So L&T is a little quiet. And BEL, of course, continuing its up move there.
28:58And let's also pull up IRFC and just see how that's doing. The Indian Railway Finance Corporation,
29:05a lot of loan agreements coming in there. So that one's looking good. Let's just see on the charts
29:09how that's picked up. Just a marginal uptick, not too much reaction right now. But, you know,
29:13we have been tracking that entire segment shell from defense to shipping to rail, power, your
29:21infrastructure, for instance, that entire gamut of stocks. Nothing in particular might be standing out
29:27today. But on the charts, you know, from a slightly longer trend point of view,
29:32which are some of the names that continue to look good?
29:39Abha, as far as the infrastructure space is concerned, Thermax, Cummins, and of course,
29:47ABB and Siemens. These are stocks that have corrected very sharply from their all time highs,
29:52anywhere between 35 to 50 percent. And at this point of time,
29:57given the infrastructure push that is there in the system, you would see a lot of value buyers,
30:02a lot of long term investors trying to get back into the same story that was there about
30:10one and a half years ago. But as always, please consult an independent financial advisor,
30:15should you be looking to add these stocks in your long term portfolio? Abha.
30:19Abha.
30:19Nirmesh, anywhere else in this market that you're also seeing opportunities for value buying?
30:24Abha.
30:26I mean, small cap and transmission and distribution side, we are seeing good opportunities. For
30:33example, Translate lighting is looking good to us. Atlanta Electricals, which had a debut yesterday,
30:39from the IPO, they are looking good to us. Because the entire grid system is already operating at peak
30:45levels. So you need to have a parallel grid for transmission of solar generated electric power,
30:50because the method is different from the normal thermal generation. And there is where huge
30:58opportunities likely to come up, because already 300 gigawatt of additional capacity is likely to come
31:03up in the next five to six years. So these are the areas where one can look into for a long term
31:08perspective. So they are looking exciting as of now.
31:11All right. Lots to pick from in this market. Darmesh,
31:14Shell, both of you, thank you so much for joining us this morning and taking us through
31:18your outlook, as well as some interesting trends in the market.
31:22Now, let's move our attention to the luxury space. And festive shopping seems to be
31:27intact with footfalls during this year's festive and wedding season being double digit.
31:33Let's go across to a conversation with Pushpa Bekta, Senior Executive Director and Business
31:37Head of DLF Retail, highlighting how consumer trends are shifting, with Gen Z increasingly
31:42shaping the luxury buyer profile.
31:45Globally, we are in a lot of uncertainty and a lot of things happening geopolitically. But tell me,
31:51did that have a direct impact of any kind when it comes to customer footfalls at the Emporium,
31:57or are people prioritizing what they want? You know, you do what you do.
32:02Yeah. Well, you know, so far, I can tell you there's been no impact. In fact, we are seeing
32:09huge green shoots, as you can see, for the wedding season. So this year, the wedding season is on set
32:16early and it's an extended one. And there's early festivities too. So we haven't seen any dampening.
32:22In fact, we've seen a growth in footfall. The first quarter, H1, has been pretty good in, you know,
32:30high double digits. So we are happy with the growth. And we've also put in a lot of new efforts, right?
32:37Because Chanakya has got a slew of 40 new brands. And that has brought in a very big range of uber
32:44luxury customers who never thought that these products are available in the country and these
32:49brands are available. So there is from Amiri to, you know, Golden Goose to Masika and the first floor.
32:55And we also have now the Rolex flagship and we have the Brunello. And very soon, you'll hear a few more
33:02brands that are opening. So I think it's a great time for luxury because people are improving their
33:10quality of life. And they have, they're very discerning about the quality of what they purchase,
33:15they wear, they own in their homes. So there is that discerning element that has come in. And
33:23it's not just about status. It's also about internalizing that I deserve better quality.
33:30Yeah. And it's really that evolution that you're seeing.
33:34That's where we leave it on the show today. Do tune in at 3pm for all the market closing action.
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