- 2 days ago
The country’s largest gold loan provider, currently holds 209 tonnes of gold in its safe deposit boxes. This is three times the gold reserves of Pakistan and higher than the reserves of Brazil, Australia, and South Africa.
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NewsTranscript
00:00good morning and welcome to market opening on our brand new collab show between business today and
00:16india today tv just after nine and we focus on the market as they kickstart trading for the day
00:22let's take a look at what's hot in the corporate and financial space this morning
00:25the big decision day for the reserve bank of india should it cut or hold interest rates
00:31members face a dilemma with inflation down growth on a decent path but facing tariff headwinds
00:37majority of economists polled by informists say rates are likely to remain on hold
00:42it's the season of mega ipos lg india joins the public issue party the consumer electronics
00:54major's 11 000 crore ipo to open on 7th october just a day after tata capitals made an issue
01:00the fully offer for sale issue will see the korean parents sell nearly 15 percent of its stake in the
01:06company make in india takes flight as tata's adanis lnt join the race to build the fifth generation
01:17fighter jets total of seven indian companies including hal bharat forge and bel submit bids
01:24to partner drdo for the 15 000 crore rupee advanced medium combat aircraft project
01:31tata motors splits into two companies from today one for passenger vehicles and the other for
01:39commercial vehicles shareholders to get one share of the commercial vehicle company for every share
01:44they currently own in tata motors the company will be listed in stock exchanges next month
01:49u.s triggers shutdown plans as trump administration fails to reach a budget deal
01:58with the opposition democrats government offices and services in the u.s will begin shutting down
02:03just minutes from now essential workers like soldiers will work without pay while as many as
02:09750 000 non-essential federal employees are said to be furloughed
02:14all right let's take a look at the market setup let's start with the overnight queues that we're
02:32tracking of course the u.s heading for a shutdown with a government shutdown with a lack of agreement
02:39as we just spoke about let's take a look at the indices and how they shaped up amidst all of the
02:44latest news coming in on the political front and continued news on the tariff front as well just
02:49steady on the indices no major reaction on the markets s&p 500 nasdaq dow all closing in the green
02:55let's take a look at asia this morning as well and see how we are placed ahead of opening just in
03:01about a few minutes from now those are the tech shares overnight of course a slightly mixed bag coming
03:06in there but let's pull up the asia numbers for you as well on your screen there hang singh shanghai
03:11kospi all in the green and nikke the only one who's consistently seeing a little bit of selling
03:16pressure coming in on recent economic data as well the nifty this morning are set for a flat start but
03:22still slightly skewed towards the green let's also go across to shelendra fatnagar who's joining us
03:27our chief analyst editor markets uh shell good morning as always uh we've been watching this trend
03:33and while markets have not been in any rush to kind of run away uh they are still holding forth
03:39a slightly positive bias we're also of course waiting and watching for the rbi meet today
03:44absolutely abha it's in suspended animation i can't remember any navratre in which uh all nine days we've
03:58seen the nifty falling uh in the last 20 25 years that i have been tracking the index more importantly
04:04830 points have been lost in the last nine odd sessions and at this level near 200 day dma uh the
04:12probability of a short working now uh is slightly less so i'm looking for a reversal uh strong moves
04:20coming into psu banks strong moves coming into metal counters uh some part of defense is clicking
04:26so some part of the market is in a bull face but large large parts are weakening the fi net sales
04:35for september are 24 000 in the last nine sessions and 35 000 crores in overall september so it's not
04:43looking good as far as bulls are concerned but given the fact that for nine days we've fallen i look
04:49forward to a reversal auto numbers coming in today banks uh in top form ahead of expire ahead of
04:56the mpc meet and of course a fresh start for october abha absolutely uh shell there are also some
05:04suggestions on the expiry norms for fpis run us through that and what this really means for retail
05:09investors
05:10abha two very interesting developments from now on from october 13th you'll see the daily expiry of the
05:21nifty happening in the gift nifty space for foreign institutional investors and uh uh nris in our case
05:30retail is not allowed as yet but mark my words the weekly expiry of the nifty is also going away
05:36and in six months time you will see domestic brokers forming a route into the dip into the gift city and
05:44allowing indian retailers to trade the nifty daily i really don't know what the uh regulators are
05:51thinking first they cut down on weekly expiry so that speculation is reduced and now they open daily
05:58options so it's a little cagey but i'm looking forward to this change and for people who want to
06:05play long for a short period and uh short for a long period the daily expiry is something that is an
06:14amazing product all right so we'll talk more about that and decode it for some of our viewers a little
06:21later but right now let's also take you through some of the other stocks and news uh we've got adani
06:26enterprises it's navi mumbai airport receiving a license from the dgca so and remember adani enterprises
06:33and some of the other adani stocks like the power continue to be in focus so this one uh in the news
06:39today adani total gas uh the cfo paragh parek has resigned so that's a little bit of uh hr news coming
06:45in there executive uh shift at adani total gas htfc uh life insurance they're going to consider raising
06:51funds via bonds on october 15th that one's going to be in the news uh lupin has gotten a usfd approval
06:57for anda uh that's um that's a new drug that they're looking at as well and uh rights has signed
07:03an mau with etihad rail from mobility project so a whole host of varied news coming in this morning
07:09across some of these counters talking about executive shifts tcs uh sudeep kunumal is going
07:14to be taking over as chro from october 1st so that's the news coming in there on tcs and tara motors
07:20of course we're going to be tracking for you this morning on the demerger so lots of action coming
07:25in there across the board um shell what do you think and just as we count down to opening bell
07:30as you said now after eight nine days and sure while we've been talking about festive sentiment
07:35uh you know some of the data and the kind of pull out that we're seeing on the f5 front isn't looking
07:39so great do you think that there's a trigger that markets are waiting for at this point is it some
07:45kind of a lull some kind of wait and watch mode uh from what we're hearing even the rbi may be on pause
07:50mode right now uh absolutely abha you've had 100 basis points of a rate cut between february and
08:00uh september that needs to seep into the broader economy so pause as far as the rbi is concerned
08:06and of course psu banks taking it away metals taking it away we have the opening for you abha
08:13absolutely nifty is up about two tenths of percent remember every morning actually we've been kicking
08:18off with just a touch of green uh but a little bit of uh you know a little bit of selling pressure
08:23coming in by the end of the day uh nifty bank is steady this morning ahead of the rbi meet a lot
08:28of focus will continue to be there and on the psu names in particular so a little bit of uh profit
08:33booking perhaps coming in on the psu bank index this morning otherwise it's been actually a center of
08:39attraction over the last few weeks nifty pharma today is looking good let's pull up some of the
08:44movers there lupin of course getting that usa and da approval got zidas and sterling biotech
08:51also looking at extending their deal closing date so a couple of movers in pharma but will pull up
08:57sun pharma is also up about two and a half percent perhaps some easing off of those tariff concerns
09:02for sun uh m&m's looking good sriram finance is in the news today as well and that one's buzzing
09:08up about two two and a half percent bajaj auto dr reddy's hcl tech so a nice mixed bag coming in
09:15there on opening trade uh tech is participating reliance is participating as we can see so far
09:21on the downside bel just taking a bit of a breather otherwise order news has been coming in thick and
09:26fast and so it seems even with the zomato or eternal as we call it uh taking a little bit of a break
09:31today some of the other financials as well bajaj finn spi life uh taking a bit of a breather as well
09:37and some of the other names there on the downside very marginal downticks at this point of time
09:41uh what's standing out to you shell on opening
09:44abhayu nailed it shiram finance uh there is uh an interest shown by japan's uh financial institution
09:55mu fg uh to buy out the company in various stages the stock itself is bouncing from its 200 day moving
10:03average and now a top performer 2.9 percent higher uh against the backdrop of a weakening market
10:10especially in the financial services space and more importantly pfizer there's a deal that's
10:15happened in the u.s on pfizer and pfizer's just started off the block with very very heavy volumes
10:2137 000 traded in the first two minutes and the stock itself is up six percent yesterday it rose three
10:29so these two are the stocks looking at preram finance mu fg in talks to buy 20 percent stake
10:36and that's for 2.6 billion dollars as reported uh you know by uh by news uh this morning let's uh go
10:43across and welcome in sharad avasti as well uh joining us uh from smith's sharad good morning let
10:49me first get the market set up from you and what you're uh looking at when it comes to the index
10:54are you also a little perturbed by those eight nine days of a slow trade bit of shaving off on
11:00the index are you still positive on the overall festive sentiment yeah good morning uh while i'm
11:07positive on the festive sentiment i think maybe because of this announcement phase and everything
11:12you know happening on 15th august maybe this quarter will not see the full impact and uh you know eastern
11:18india usually has a bullish time around the durga pujas and navratris uh but the full-blown india
11:24uh the festival demand will play out pre-diwali uh so i think next quarter probably would actually
11:29capture the real uh sense of how the festive demand is going to look like uh this quarter we will only
11:35get a glimpse of it you know the last five ten days maybe because of the gst card announcement you
11:40would see more of the hype but next quarter onwards i think even monthly data should be very positive
11:45so long term i'm very positive uh medium term yeah maybe because of the standard term going on and
11:52we not being able to you know get through a deal or something on that part i think that is the
11:57nervousness that is kicking in uh but yeah i certainly think with the rate cycle being lower in
12:02the us we might also be looking at some rate cuts during the calendar year uh so i think it's very
12:08positive setup in terms of consumption in terms of rate setups uh the capex boost is being pushed into
12:14so yeah medium to long term i'm positive maybe short term one month 30 days yeah that might be a
12:21period where you might be more or less range born all right i'm going to come back to you on specific
12:26stocks sharad but uh just to mark silver and gold shell this is something we seem to have to do
12:32every single day because continuing to see record highs on those precious metals
12:36absolutely abha i can't tell you uh the way silver and gold are moving silver now up 1.23 percent
12:481 lakh 43 000 863 is the fresh value for one kilo of silver gold at a lakh 5866 and i have no surprise in
13:00telling you that uh mudhut finance and mannapuram are in top shape maybe sharad can offer his views
13:07on mannapuram abha sarad please take it away and uh you know lots of interest in those gold financiers at
13:14this point of time uh yeah i think a typical cycle has played out around two three years ago no one was
13:21willing to look at them uh they have played out very nicely with the cycle uh but i bear a shell rightly
13:27pointed out i think mannapuram is a great bet to have even at these valuations it's not at all
13:31stretched uh mudhut might be at peak valuation so leaving uh very little on the table but mannapuram
13:37i think still has a lot of uh you know pathway to catch up uh the change in uh management also helps
13:43so i think uh mannapuram is something i would still want to bet on uh mudhut might be fairly squarely
13:48priced you know you might get market link details but mannapuram still has some way to go we are trading at
13:53about 2.5 times price to book so i think that is one stock within the gold finance space that
13:58will still go up from current okay let's uh keep an eye on both marampuram and mudhut let's also take
14:05a look at their weekly monthly charts and i think shell you have some interesting data uh coming in as
14:10well on a mudhut take us through that apparently it's it's pretty stocked up on gold
14:15absolutely abhai it's uh you know very difficult to imagine but it's the absolute truth 209 tons of
14:26gold is in the safe deposit boxes of mudhut finance it is three times the gold reserves that pakistan has
14:36mudhut finance has more gold than brazil more gold than australia and more gold
14:43than south africa can you actually believe this that's amazing that's absolutely amazing um
14:51okay sharath moving on to another financier uh sriram finance in the news this morning on deal buzz
14:58and quite a hefty one at that for 20 of the company have you taken a look at sriram finance lately
15:05oh yeah i think in terms of valuation it looks like a decent bet you are trading at what
15:092.1 2.2 times price to book uh so in case a deal happens most deals of this quantum usually happen
15:17at a premium to current valuations and with a big international name coming in i think it also
15:23addresses some of the concerns so the group particularly is very strong uh but i think
15:27the type of retail push etc that can go ahead now could be much stronger uh so yeah it seems like a
15:33good bet with the deal going through you can easily look at price to book multiples of three
15:37and forward growth numbers would be much better so at least you know 30 40 percent appreciation
15:43from current levels is very much possible on sriram finance all right that's on sriram finance this
15:49morning um i'll share them also going to get your view on tara motors because of course the demerger
15:54taking place uh we'll of course see two separate entities now just want to get your perspective on
16:00what this will mean for a retail investor just to reassure them of course they're going to get
16:04you know one share of of the other entity as well uh but uh just your view on tara motors how the
16:11demergers likely to pay up play out uh see generally on the consolidated entity i'm very positive i think
16:18it's a great business to have at these valuations if you look at the whole auto pack probably this is
16:22the cheapest that is available to you uh with due respect to the fact that a lot of the uh you know
16:27profit still comes from the jlr venture which will not get the premium valuations that typically
16:32their passenger vehicles get uh but if you look at the way the whole company is transitioning the
16:37recent acquisition uh pv cv both should do very well so i'm very bullish on the whole setup and i
16:43think usually demergers have always give you given you very good options uh so i'm looking at again
16:49something like a target for the console entity we were looking at somewhere around 900 950 as a
16:54conservative target to start with trading at 15x uh so i think yeah it has one of the most decent
17:00upsets in the auto plays after this recent run-up that we have seen so i'm very bullish on the whole
17:04space all right just quickly to touch on you know some of the macro data we did see the center's
17:11deficit widen this time around uh tax collections contracting but capex actually surging at this
17:17point of time uh we're also watching out for the rbi meet today um and while we're seeing overall
17:22india debt move up the debt to gdp ratio has actually eased so fundamentals remain more or less
17:29intact credit growth has shown some signs of moderation non-food credit expanded um but in
17:36the but reflected some amount of cautious ahead of uh festive season just a quick run-through of
17:42some of that key data that came in uh late yesterday and also now watching out for the rbi move today
17:48and ahead of that shell a lot of those psu banking counters are continuing to remain in focus
17:52absolutely abha uh very very deep value in psu banks and of course this time credit growth in
18:03psu banks exceeded those of private banks valuations are of course much much lower some of them available
18:10below book so this is a time of caution the reason why i say this is in the last three four sessions many
18:16of these banks have gone up by about uh five seven eight percent in the face of a broader uh market
18:23which is down so a bit of caution on uh psu banks but sharath is the best guy to answer on
18:30banker baloda and canada bank maybe he can offer a view above
18:34sharath we love your view on some of those banking names uh yeah i think uh around two weeks ago three
18:45three weeks ago we had spoken and we were talking about probably psu banks outperforming uh so i think
18:51yeah the treasury piece uh should also fall in place you know advances etc the preliminary numbers that
18:57have come in from some nbfc etc seem to be enterprising and i think the next quarter onwards now those numbers
19:03should look very well with the nbfc relaxation also kicking in uh so yeah i'm very positive on the
19:09whole space and you know the psu bank should ride this wave uh the retail focus is strong as shell
19:14rightly pointed out valuations are attractive so you know if the winds start improving in favor for these
19:20banks uh you could easily look at a price to book multiple of 1.3 to 1.5 across the board for most of
19:26them i think barring spia even the top three other banks don't really trade at that kind of valuations
19:32uh so you know on average i'm expecting 30 to 50 percent kind of improvement across these banks
19:38even if you look at the larger names uh canra bank pay and the bob uh all three look very well poised
19:45to move that obviously sbi will lead but i think these three banks could also offer you very decent
19:49upside from current levels all right sharad shell thank you both for joining us and taking us through some
19:56some of those major stocks in news this morning just want to touch on a few more adani group names
20:01let's just pull them up for you uh remember we've got adani enterprises with the navi mumbai
20:06effort receiving a license from the dgca but some of the other group stocks are also in action adani
20:11power once again moving up nicely adani green also looking quite good today so quite a bit of action
20:18on those adani stocks right now i just want to touch on the omcs to see if any impact on the lpg price
20:25hike as well as a jet fuel price hike that's come in uh let's just quickly pull those up and just see if
20:30there's been any reaction on the omc counters so a couple of these pockets uh just touching upon but
20:36keep an eye on adani group names through the trading session as well we'll also be counting down to the
20:42rbi meet and to see what kind of impact comes in on the back of that and keep an eye on psu banks as
20:49we count down and await the rbi commentary that's all we could pack into the show uh for now thanks so
20:54much for watching and do stay tuned and join us again at market views
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