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Despite the broader market consolidation, select sectors are performing well due to better pricing conditions.
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00:00Thanks a lot, Anisha. Well, hello and good afternoon. You're watching The Business Today,
00:13market closing action with me, Sakshi Batra. First up, let's take a look at what's hot
00:17in the corporate and the financial world. Right ahead of the year-end, markets trade
00:24flat, with the CEN6 now near 85,500. You can also look at the nifty around 26,150. Weakness
00:31in pharma and oil and gas stocks continues, while metals and BFC stocks continue to show
00:36strength. Markets remain subdued as investors await clearer direction.
00:44ID stocks fall as the US has scrapped H-1B visa lottery system. Wipro, Emphasis,
00:50Goporge are leading the losses after the Trump administration has now prioritised
00:55higher-paid, skilled foreign workers for work visas. Experts also say the impact on Indian
01:00IT services will be minimal, with exposure under 1%.
01:04BB has agreed to sell a 65% share holding in Castrol to Stonepeak for $6 billion. The deal
01:15comes as the company looks to divest $20 billion of assets by the end of 2027.
01:21Following the announcement, Castrol India shares are up 8%.
01:25Gold financier stocks are also surging as gold has hit a record high level.
01:33Manapuram Finance jumped 6% to hit a new 52-week high level.
01:36IFL Finance also up by 4%. And Mudut Finance gains about 2% in trade, driven by geopolitical
01:43tensions. The Fed rate cut expectations, also driving gold prices higher.
01:51Varthi Enterprises and Warburg Pincus announced a strategic investment in higher India, acquiring
01:57a combined 49% stake. The $1.5 billion deal now aims to drive expansion through capital infusion,
02:03strengthening higher position in India.
02:06Let's straight away look at how the markets are trading in the last half an hour of trade.
02:15Remember, tomorrow being a truncated holiday on account of Christmas, we are going to be
02:19seeing some volatility. Remember, throughout the course of the session today, we managed
02:23to hold above the flat line and into the green zone. In fact, we had also climbed above
02:2726,200 for a major part of the session today. But right ahead of the holiday, people are
02:33probably taking the money out there. Remember, tomorrow will only be one session and then
02:37we have the weekend as well. So people are just pulling out the money to enjoy the festivities
02:42there and therefore you see some selling pressure on the street. Right now, if you look at there
02:46are only three sectors that are hovering higher. That is the real estate sector, metal sector,
02:51media stocks and some gains on the auto space as well. But a lot of sectors have now seen
02:56some selling pressure emerge. Oil and gas is down, broader markets, mid and small caps are
03:00also down in trade. You also see FMCG, Pharma and even the IT stocks, the defensives also
03:04coming under some pressure. On the Nifty, however, you have names like Trent, Sriram Finance,
03:10Apollo Hospitals, Maruti Suzuki, Abhajaj Auto, all of these stocks that are managing to still pull
03:15in some gains. Whereas on the downside, Dr. Reddy's, Indigo, Wipro, Tata Motors and HDFC Life are the
03:21stocks that are still trading lower. Let's go across to our guest now,
03:25Shaina Mukagam joins in, market expert on the program. Shaina, warm welcome. Good to have you
03:29with us on the program. Festive greetings to you up ahead for Christmas and the New Year's as well.
03:34But do help us understand, how are you looking at the current setup? Is the final Santa rally
03:40picking some pace or do you still see a lot of volatility in the markets that we may carry on
03:45into the New Year too?
03:47Hi, Sakshi. Good afternoon. Thank you for having me on your show. And festive greetings to you and
03:52your viewers. Well, I believe that we are going to be a little bit range bound. In fact, if you take a
03:58little bit of a medium term range bound, I would say between 25,500 and 26,500. And we are seeing
04:06some profit booking taking place as of now, which I think is okay. Some of the sectors that are doing
04:12well, you know, because of metal prices doing well, some of the sectors like media that you mentioned
04:19doing well because of valuations. I think it's a mix.
04:24It is a mix right now. And we may stay range bound for some more time to come even into the New Year.
04:30But looking at the next big trigger, that will be the union budget. You know, of course, we'll get to
04:36know on the first or the second of February there because of first February being a Sunday this time
04:40around. Tell me, how are you looking at playing the market and the themes that could be usually seen
04:46as pre-budget favorites? How are you looking at those? Well, the pre-budget favorites are the railway
04:52stocks. They are the first to start the rally and we've already seen that happen. So, you could take some
04:59of the picks out there in railway stocks. I think they are already doing well. You have Jupiter
05:06wagons that are starting to move. TexMaco, I think it is the cheapest in among the three,
05:12you know, railway stocks. And I think that is also doing well. That should do well.
05:17Other than that, I think, you know, most of the like GST cuts that we've seen have already happened.
05:25And they are likely to start showing the positives in the second half numbers that we await. So,
05:31I think some of those stocks should do well. Otto, you have Bajaj Otto that is doing well because
05:38also of the rupee depreciation. You have some of the other bold stocks that are doing well. So,
05:44I think now the budget has started to lose a lot of its relevance. Yes, of course, capital investment
05:50and capital expenditure by the government will be a number that we will be closely looking at. And
05:56that should be a positive for some of the large infrastructure companies. You have L&T over there,
06:01you have Adani ports over there. So, these are some of the stocks I believe that would benefit with
06:06some of the measures that the government is likely to take in terms of investments.
06:11Okay. So, the railway related story could soon pick up more steam right ahead of the budget and the
06:16infra related stocks could also be in focus. What about defence? That's also started to show
06:21some more move over the last couple of sessions. Will that carry on till the budget? And what should
06:26be investor strategy there? Would you look at shipbuilders? Would you look at HAL, BLs of the lot?
06:31How are you looking at playing the defence story till the budget now?
06:36The defence stocks have actually started to again, there was a long period of consolidation
06:41after which they started to slowly inch up. There, the order book, you know, it was never an issue.
06:48Huge order book position, it is more of the implementation that is keeping the stocks where
06:53they are in terms of valuations. So, I believe valuations are expensive for almost all of them.
06:59If you mentioned shipbuilding, Mazgaardoc is, you know, a very good stock to hold for the long term.
07:05But I believe in terms of valuation, it is slightly expensive. Order book is huge. So, that is not an
07:11issue. BL is another stock where I believe they have got a huge order book position. They are doing
07:16pretty well in terms of even execution. Valuations are still a little bit expensive. So, I think these
07:22are the stocks you have to keep buying in small lots and then hold it for a period of five years,
07:27seven years. So, these are not stocks that you just buy and hope to, you know, see a two year
07:32turnaround or a cyclical view, something that is happening in metals, I would say, which is cyclical.
07:38And now is the time actually like, you know, you're seeing the silver, copper, just about every
07:43price, gold price is moving up. So, that is the place to be in as of now. If you're looking at a
07:47one to two year view, if you're looking at a five year view, then yes, defense is definitely a place
07:52you're going to be in. That's an extremely important thing to understand. In case your horizon
07:57is limited to a year or so, then you could look at the ongoing themes of the asset classes like gold,
08:04silver, copper. Otherwise, you can definitely be looking at other situations like defense or
08:11railways if you have about a five year horizon right there. Okay, we have a breaking news coming
08:16in viewers. Definitely looking into that. Bharti Enterprises and Warburg Pintons have announced
08:22the investment. Bharti and Warburg now to own 49% stake in Higher India. This is a strategic
08:28investment that is aimed to boost Higher India's growth. Also, the deal will strengthen Higher India's
08:36position in the market. And for more on this, we are also now joined by Aishwarya Patel on the story.
08:43Aishwarya, if you hear me, give us an understanding of what this deal is aimed at doing. Of course,
08:49we are also looking at Higher India's growth story, getting a booster shot with this deal now.
08:58Well, Warburg Pintons, which is a big private equity firm and of course Bharti Enterprises,
09:05these two put together will now hold about 49% in Higher India. This is a strategic investment,
09:14like you rightly mentioned. The rest of the 49% will be owned by the Higher group, the parent company,
09:20and the rest 2% or so will be owned by the Higher India management. That's the stakeholders share there.
09:28But what do they plan to do with this collaboration that is being strategically made? Of course, entering
09:33India's large consumer market, that's of course the end goal. They plan to accelerate through this
09:40collaboration and the strategic investment, accelerate their growth and expansion in India and kind of
09:46enter, expand and also diversify the services as far as the white goods market is concerned, more
09:52products. That's what the company is targeting. Remember earlier, the company had said that they
09:58will be targeting of 14,500 crore, that kind of revenue that they are looking to clock in in FY26.
10:06That's been the claim. The company has also said that they've achieved a CAG or a compounded annual
10:11growth rate of about 25% in the last seven years. Local sourcing, make in India for India is one of
10:19the goals that they are also targeting. So strategic investment done by Bharti Enterprises.
10:23Ashwarya, what about the deal value or the valuation there? What are we looking at of this 49%?
10:28Right. That's something we're still yet to see because the press note so far only mentions what
10:35they plan to do with this strategic investment. But we'll follow up on that and get you those numbers.
10:41So far, that's been the case. We'll keep you posted on what the deal value is really.
10:46Absolutely. A big deal announcement coming in. Thanks a lot, Ashwarya, for getting us all of that.
10:50Bharti Enterprises and Warburg Pinkas viewers have announced an investment into Higher India to
10:55collectively now own 49% stake. Of course, we are still awaiting to see. Do you know the companies
11:01are yet to disclose the deal value or the valuation at which, however, some of the estimates that were
11:06already going around because this buzz was already there before the announcement has come in,
11:12was being seen news reports indicating that somewhere around 15,000 odd crore rupees of a valuation is what
11:18this 49% could have got higher there as well. So, we'll, of course, wait for the final figures as
11:24the announcement would definitely come in. Remember, Higher India manufactures ACs, air conditioners,
11:29refrigerators, televisions, washing machines, kitchen appliances. They have their two facilities
11:34in Pune and Greater Noida. And we'll have to see how this really augurs well for the, you know,
11:39Bharti Enterprises Group as well as how does it change the dynamics as far as the Indian consumer,
11:44you know, growth picture is concerned. Let me go across to Shaina once again to try and understand,
11:49you know, how would she read this news at this point in time? Shaina, you know, big deal coming
11:54in. Bharti Enterprises Warburg now announcing this big investment of 49% in Higher. And Higher has had a
12:00strong historical past and globally as well. And locally also, a lot of products are already available.
12:06How are you looking at this investment? And what would you see as an opportunity there?
12:11Yeah, so I also have heard a figure of about 15,000 crores is the valuation that they have put it at.
12:18And I would say it is positive because, you know, they have got their products are already available,
12:23as you mentioned, and a good rated products. So I would see that as bigger competition to the
12:29existing players. And, you know, especially if you look at one of the recent listings, LG,
12:35there, I think whether valuations are expensive, it is it is bad news for them,
12:39at least stockholders, like if you're invested in LG, it's negative because you are going to have
12:44a big new competitor that's come in. And these are, this is a subsidiary of China, you know,
12:49the higher China. So I think their products will be good and very competitively priced.
12:54So, you know, I would say the other stocks, you know, need to watch out.
12:58All right. Keep an eye out on the other consumer goods majors right there, like LG Electronics,
13:03which is also dealing in the same realm. Remember, it was the recently listed one of the biggest IPOs
13:08that came in in 2025. It has done well. But of course, because of the huge size, there's also
13:13some consolidation that has played out on the stock prices there. Now, there could be some more pressure
13:18because of increased competition that higher may be coming in. But definitely good news coming in for
13:22the Bharti Enterprises Group as well for the diversification that they are continuously doing
13:27as well. But before we took this breaking news, Shaina, you were also talking about how,
13:33you know, at the near term, it's continuing to be a story on the metal side, especially the
13:38precious metals, gold and silver. And even now that rally spreading to copper as well. Now,
13:44tell me, as an average investor, how would you really view outperforming asset classes like gold
13:49and silver? Gold giving a historic return of 77 percent, something not seen in a single year
13:55since 1979. For silver, it's doubled investors' money, 141 percent of a rally that was being seen
14:02as the new gold as far as silver is now concerned. And now the rally is creeping lower into the base
14:07metals, especially copper, because industrial demand that pushed silver prices to an all-time high,
14:13along with the ornaments and the jewelry demand that always existed. It is also copper that is being
14:19seen that whenever there is an industrial demand for semiconductors, for data, for these newer industries,
14:24for silver, copper will also get a lot of demand there. And copper prices have also soared to record levels.
14:29How are you looking at these three?
14:32Yeah. So, you know, the prices have rallied substantially. So, in a normal period,
14:37one would think that, okay, they should be correction and, you know, because it's done up a lot.
14:41Yeah. But if you see, I think there is a strategic shift across governments, across the globe as how
14:46they are viewing not only precious metals, but also something like copper and other metals. Basically,
14:51they are becoming metals where there are certain restrictions now on exports. There are certain
14:57restrictions on, you know, whom you can export it to, how you can mine it. So, there are a lot of
15:03changes that are happening, which is actually driving up prices. And of course, the demand remains
15:08strong because you have a lot of silver that is needed in these, in cells. And gold is actually
15:13becoming a reserve currency, replacing the dollar to some extent. So, to that extent, there may be
15:19small corrections after this huge rally. But I think, as a retail investor, you could actually look
15:24at entering into this through ETFs, which still, though they have run up, are still interesting and
15:29attractive. In copper, I think you can, copper and silver, you can have direct investment.
15:34You have Hindustan Zinc, which has got huge silver reserves, has run up a huge lot. But still,
15:40I think, you know, the stock may not correct from here. Hindustan Copper, I personally also have
15:44invested. I think last time I had come on your show, maybe a month ago, I had mentioned these stocks.
15:49And Hindustan Copper, you know, it has 40% of India's reserves. Copper prices have hit a new high.
15:56And I think that is another stock that will, that has done well. In my view,
16:01will continue to do well from here on. So, you could take some of the direct exposures also.
16:05Okay. So, in case you want to play, you know, the gold, silver and the copper rallied through
16:12stocks. Well, there is a lot of interesting ways for gold. You can definitely go via ETFs or the
16:17exchange-traded funds, is what China has mentioned. For silver, look at the biggest proxy play,
16:21Hindustan Zinc. That's also up by 2.5% today. For copper, look at Hindustan Copper,
16:26that's also rallied 7%. Of course, disclosures that Shaina has mentioned for own investment there.
16:31But these are the two big direct plays that you could play on the rallies that we are seeing.
16:36Alright viewers, let's now move on to finding out what the largest foreign direct investment in
16:40India's banking and the financial services and insurance space has been done of late. Earlier,
16:46Business Today group editor Siddharth Zarabi caught up with Umesh Repashankar,
16:50the executive vice chairman of Sriram Finance, talking about cost of capital post the MUFG deal,
16:57to whether the NBFC has banking ambitions in future. The conversation has covered it all. So,
17:02let's listen in to an excerpt.
17:06In terms of ratings and liability profile, what specific ratings outcomes and cost of
17:12capital reduction are you targeting over the next, let's say, 24 to 36 months, Mr. Ravenkar?
17:18See, our estimation is that once the balance sheet becomes strong, then automatically the lenders
17:28see us more positively and the interest rates will start coming down. Incrementally, we'll be able to
17:36reprise our liability much better. And with this, I feel there is a bigger possibility of
17:45rating upgrade. And rating upgrade gives us a much bigger sources for the raising any liability tomorrow.
17:56So, once you have highest rating, then the ability to reach multi sources, which typically reserve their
18:06lending to only the highest rating company that also is available to us. So, that should give us over
18:13the period from 40 basis point advantage incrementally now to reach around 100 basis point advantage over
18:21the 24 months. So, our book, liability book, which is at around 8.8 percent as a cost, it should be
18:30improved by 100 basis point in 24 months. In terms of ratings and liability profile,
18:37what specific ratings outcomes and cost of capital reduction are you targeting over the next, let's
18:43say, 24 to 36 months, Mr. Ravenkar? See, our estimation is that once the balance sheet becomes strong,
18:53then automatically the lenders see us more positively and the interest rates will start coming down.
19:02Incrementally, we'll be able to reprise our liability much better. And with this,
19:09I feel there is a bigger possibility of rating upgrade. And rating upgrade gives us a much bigger
19:19sources for the raising any liability tomorrow. So, once you have highest rating, then the ability to reach
19:29multi sources, which typically reserve their lending to only the highest rating company. That also is
19:38available to us. So, that should give us over the period from 40 basis point advantage
19:45incrementally now to reach around 100 basis point advantage over the 24 months. So, our book,
19:52liability book, which is at around 8.8 percent as a cost, it should be improved by 100 basis point in 24 months.
20:02Right. Shaina, how would you look at Sriram Finance at this point in time? Do you think this still has a lot
20:08of legs over the last four or five sessions? The stock has only moved up from the time this news flow came in?
20:13Yeah, I think there is definitely scope for further up move from here. A couple of factors. One is,
20:20if you look at their price to book, it's pretty attractive. It's about 2.7, 2.8, which is not
20:26expensive considering the size. And it's, you know, more attractive compared to its peers. Secondly,
20:33as the management just mentioned, I heard, their cost of funds actually are going to come down
20:39over the next one year. And, you know, their definite growth can pick up because of the extra
20:45funds that would come into the books over the next one year. So, with a stronger partner, I think,
20:51yes, if you're a long term investor, it is an interesting stock to hold in your portfolio for
20:56the long term. All right. Interesting stock to hold for the long term. Right now, viewers,
21:00we'll shift focus to a breaking news that's coming in on your screens as well. The cabinet has now
21:04cleared Delhi Metro expansion. 13 new stations and 16 kilometers now will be added for Metro.
21:10And that will connect Kartavya Bhavan. You know, also 2 lakh visitors are likely to benefit is what
21:17the government has also indicated. And the project will be completed over the next three years. So,
21:21I think good news coming in for all the citizens of Delhi. Some more ease as far
21:26as public transport is concerned, with the expansion of Metro coming in there. 13 new
21:31stations will be added and 16 kilometers will be added over the next three years. And this
21:37Metro will now connect Kartavya Bhavan as well. 2 lakh visitors will benefit from this project as well
21:43over the next three years. Good news coming in there as far as Delhi Metro is concerned. All right.
21:49Let's shift focus back to the markets then. Shaina, you know, if I have to ask you for paint a picture
21:54for us. For 2026, how are you looking at the markets? What are the opportunities that you think
21:59that an average retail investor can look to garner from the markets? Of course, this year has been
22:04definitely seen. The spotlight was all on gold and silver. These precious metals that we were talking
22:09about, they outperformed the markets and all the other asset classes by a huge margin. But look at the
22:15markets from this light that, you know, still there could be some more room to perform.
22:20How are you looking at 2026? I think 2026 should be better than 2025.
22:29In fact, let's take it one year forward compared to FI 26. I think over the next one year,
22:35if you take calendar year, we should see an improvement in the domestic demand driven by,
22:41you know, more money in the hands of consumers because of the tax levies that have been given by the
22:47government, the GST cuts. So I think second half, we should see an improvement. I would say some of
22:52the auto stocks should do well. You have stocks like Maruti, we're already showing good numbers in
22:57terms of volumes. You have some of the consumer durables, you've already discussed some, you know,
23:04a little bit prior to this. You have defence that will likely to continue to do well. You have metals that we
23:10discussed should do well, even in the second half, as well as the full FI 26 calendar. I would say that
23:18the market is likely to be look better, find support at 25,500 Nifty. And let us see, I would still
23:30expect it to remain range bound for some more time until we see very good numbers, because we've got the
23:36the rupee depreciation that we've got to keep on, you know, keep a watch on oil prices because of the
23:42ongoing wars. So these are the two factors, actually, that would also influence how the second half will
23:48do or the full 2026 calendar should do. But I think overall, you know, it's always been a stock picker's market
23:55and hopefully it'll be a better year than the previous. It'll be a better year than 2025. And that's the hope,
24:01clearly as far as 2026 is concerned. Let's take a minute to shut the markets and wrap up the markets
24:06at this point in time at 3.29. We're a minute to go before the markets wind down right ahead of the
24:12holiday tomorrow. 26,134 on the Nifty. So we've slipped towards the low point of the day. Remember
24:18that some of the profit booking pressure is keeping the market sentiments lower after having a good day
24:24of trade throughout the course today. Nifty Bank also has slipped by about 0.2% in trade. It's the IT
24:30stocks that have dragged about, you know, for the second day in a row. You can actually see about
24:34a half odd percent of a decline coming in there. Mid caps and small caps that were having a good run
24:39up over the last couple of sessions have also seen some pressure coming over. Although the small caps
24:43have managed to outperform with about a two tenths percent high entry. Then the markets have shut
24:48up. 26,137 on the front of your screens. You can actually see only the media stocks, real estate and
24:54metals as the sectors that have managed to pull themselves up into the green. India VIX also lower by
24:59two percent but that is not, you know, prevented a fall in the oil and gas, pharma, FMCG, IT,
25:06mid and small caps in trade today. Trent, Sriram Finance, Apollo Hospitals, Bajaj Auto and Ultratech
25:13Cement. The top five winners as far as the Nifty is concerned today. On the losing end, Indigo. Yet
25:19again, the parent of Indigo, Interglobe Aviation is down by one and a half percent. Adani Enterprise is
25:24also lower. Dr. Reddy's, Wipro, Tata Motors as the other laggards that pulled down by about one and a
25:30half percent in trade. Let's move across to now taking some of your questions with China now.
25:35Satish from Mumbai has sent us the first question from our viewers questions list.
25:39Satish says, I'm planning to invest one lakh rupees in equities as part of my new year resolution.
25:45Could you please suggest any top three sectors to explore? Good question there. And I'm glad that
25:51China people are now looking beyond setting, you know, new year goals like a weight loss journey or
25:57a health or fitness, even though that's the most important, but also taking care of their financial
26:01fitness as well. How are you looking at it? Yeah, so you can look at financials. I think if you are a
26:08new investor, you need to be in some good large cap bank, okay, which gives you the liquidity. So I would
26:14suggest something like an ICIC bank or a HDFC bank, one of the one of the two. Okay, then the other two
26:21stocks could be smaller cap names. We already discussed Hindustan Copper, Hindustan Zinc. I think you
26:26could add that and then review that portfolio review that six months down the line. And the third one could be
26:31something in renewable energy. There I would look at something like a Shakti firms, which actually is a
26:37small cap. So you have a balance in your portfolio if you're holding three stocks and you're a
26:42starter. Fantastic. Satish, I hope this has given you a comprehensive idea of what are the sectors
26:47and some of the stocks also that you've got added add-on from Shaina this time around as part of your
26:52New Year's present from her. Well, Rohan from Delhi also sends the next question, Shaina. He says,
26:57do new age tech stocks have the potential to be multi-bagger stocks over the long term?
27:03What's your suggestion here? New age tech stocks. Of course, this has been a space, Shaina.
27:09Whether you hate it, you love it, you just cannot ignore with the kind of, you know, attention that
27:15all the investors pay to these new age companies. They are hard to ignore because in our lives,
27:21in our daily lives, we are using all these new age companies. But at the same time, in the stock markets,
27:27what is important is whether they are proving themselves on the balance sheet store.
27:32I think they have a lot of potential, but you know, it requires a lot of patience. Because some of
27:38them are actually, while they are making losses on the PAT level, the potential is huge. We are using
27:43them. They are building their market. Something like an Eternal. I would say, yes, Zomato. It's on all of us.
27:51Use the app. Something like a Lenskart also. But I think valuations are expensive and you need to wait
27:56for a couple of quarters. Let the stock stabilize, see, one year down the line, and then you could
28:00add it to your portfolio. So, yes, new age is there to stay. But if you're a short term investor,
28:06you know, you will most likely not make too much money. Long term investor, five years, 10 years,
28:11I think it will make you a lot of money.
28:13Okay, clear winner there. Zomato's parent company, Eternal, that could be a continued winner in this
28:18space. And Lenskart also she's talked about right there. Let's talk about the last question for you
28:23today, Shaira. This one is from Preeti Singh from Barucha. She says, is there potential in agri as well
28:29as fertilizer stocks to look at ahead of the budget? Yeah, they do move ahead of the budget. You could look
28:36at something like RCF. But the thing is, you know, these stocks are going to be impacted by
28:41raw material prices. And we have the dollar that is actually, I mean, the rupee that is depreciated.
28:47So to that extent, you know, I'm not too sure how chemical stocks will look in the next couple of
28:53quarters. But yes, pre-budget, you could look at something like an RCF. They're heavily dependent on
29:00subsidies of the government. And then it will depend on whether the government will maintain the
29:04subsidies, which in my view, they will. So yes, you could look at it as a pre-budget play.
29:10But overall, I'm not really somebody who recommends stocks for two months, three months,
29:14play the budget. I don't think so. So I would give it a skip. You'll give it a skip right there. I
29:19hope Preeti, this has answered your question well, Shaina. We'll thank you on that note for being with
29:23us. And of course, for guiding all our viewers and giving us an outlook on 2026 as well. With that,
29:28viewers, it's a wrap on the Business Today show. And in case you too have any questions about
29:32investments in mutual funds, your SIPs, gold-related queries, then please do send them to us on the
29:37number that's flashing on your screens. Remember, markets are off tomorrow on occasion of Christmas,
29:42and we will now see you on Friday for the morning action on Talal Street. Meanwhile, viewers,
29:46all the viewers of India today, here's a very Merry Christmas to all of you.
29:50you
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