- 7 hours ago
With crude oil prices climbing and geopolitical risks intensifying, markets are turning volatile. Banking stocks have reacted sharply to these developments, reflecting growing nervousness among investors.
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NewsTranscript
00:09Thanks a lot, Pooja, for that. Good to see you back on air.
00:12And good afternoon to all our viewers watching the Business Today show.
00:15I'm Sakshi Patra to get you all the market closing action right here on the Lull Street.
00:19First up, the top news of the day.
00:29The market's crash as Sensex tumbles 1,600 points.
00:32The Nifty is also down by more than 450 points.
00:35Both fall 10% in March, with Sensex losing 8,000 and Nifty losing 2,400 points in trade.
00:42Investors' wealth of over 47 lakh product pays has been wiped out in the month of March.
00:53Rupi jumps initially but fades again.
00:55Slips past 94.5 against the US dollar despite RBI curbs on banks' positions.
01:00Finance Minister Nirmala Sitaraman tells Lok Sabha foreign exchange reserves remain strong and stable.
01:12Banking stocks tumble in trade up to 5%.
01:14The Nifty bank is also down by about 3%.
01:17Now after RBI caps, the bank's open positions in onshore forex market at $100 million.
01:23Analysts warn mark-to-market losses could hit 4,000 crore rupees affecting Q4 earnings amid arbitrage unwinding.
01:35Big legal battle in JP Associates' IBC case as Vedanta moves Supreme Court challenging in CLAT orders on Adani Resolution
01:42Plan.
01:43Vedanta seeks stay on Adani Plan.
01:45Implementation says its November bid was higher, while NCLAT also had earlier refused to grant a stay.
01:55Government approved 7,100 crore rupees investment in the fourth round under Electronics Component Manufacturing Scheme,
02:02taking the total approvals to 61,671 crore rupees.
02:08Dixon Technologies' 1,100 crore rupees project also gets a nod, boosting domestic electronics manufacturing capacity.
02:23Straight away looking at how the markets are trading this afternoon.
02:26Ladies and gentlemen, remember the war conflict has entered into the fifth week
02:30and the markets are crumbling under further pressure as the war continues to escalate
02:35and the crude oil prices along with it, thereby impacting the market sentiments.
02:40The Nifty is now down closer to 22,300-odd mark.
02:44Look at the Nifty Bank, it's down by 4% in trade, closing in on that 50,200-odd mark
02:51as well.
02:51The Nifty PSU Bank has lost by 4.5% in trade.
02:55All the sectors are right now trading with weakness.
02:58Only India WICs higher by about 4%.
03:00PSU Banks, Nifty Bank as a whole, mid-caps and small-caps have also pulled down heavily,
03:06over 2% of a cut coming in.
03:08There are at least 7 to 8 indices that are down by over 2% amid the sectors.
03:14Three of them above 3%, one of them above 4% kind of a cut that you're seeing on the
03:19markets.
03:20Let's pull up the top laggards, the top losers as far as the Nifty is concerned
03:24to give you an understanding of where the pressure is.
03:26Look at the Nifty, slipping below 22,300 now.
03:30And also the Indicent Bank counter, 5% lower.
03:33Bajaj Finance, about 5% lower.
03:35State Bank of India, 4% lower.
03:38It's the banking space, the financial space, the heaviest weighted index in the markets.
03:43That's where the pressure is building up now on.
03:45Remember, 4% lower for Axis Bank, Jio Finance and Bajaj Finserv as well.
03:50It's the banking and the financial space that's taking it on the chin in today's trading session.
03:55Are there any bright spots?
03:56Yes, there are metals, oil and gas, maybe the energy names that are showing us some outperformance in this weak
04:03market.
04:03Just about a handful of names that are higher in dark, cold, India.
04:07Those are the kind of names that are up and about in trade.
04:09But let's welcome our guest on board.
04:11Neeraj Diwan, market expert, is now with us.
04:13Neeraj, what's happening in the markets?
04:15We are also testing the previous week's lows.
04:17The markets are also facing further pressure because of the crude oil prices inching beyond $115 a barrel as well.
04:24We've already fallen 10% in March.
04:27You know, of course, today is the last day of the financial year because tomorrow is a market holiday.
04:33We are already seeing that this year, especially with the madness in March that we have seen,
04:38investors have lost quite a bit.
04:39Where do you see the markets headed?
04:43Yeah, good afternoon.
04:45Yes, definitely, you know, besides today being at Paris,
04:48I think a lot of people must be cutting their positions, not willing to roll them over.
04:52We've seen the kind of losses they must have seen in March.
04:56So, I think people don't want to carry forward their positions.
04:59It would be interesting to see what kind of rollovers happen today.
05:02So, that is one thing that is putting pressure in the market.
05:05Besides, you know, economy-wise or globally, there's nothing good that is coming our way,
05:12whether it's crude, whether it's rupee-dollar equation.
05:15In no way we're seeing any despite there.
05:17It's full of bad news today as far as markets are concerned.
05:21Absolutely.
05:22Let's also shift focus to the rupee now.
05:25The currency also remains volatile amid uncertain global conditions.
05:30Remember, the issue of rupee depreciation has now reached the lower house of the parliament as well,
05:34where the opposition raised concerns over the constant fall in the rupee.
05:39Responding to this, Finance Minister, Nirmala Sitaraman, has said that currencies across the world are also witnessing volatility.
05:45She's added that the rupee remains relatively strong compared to piers and that India's macroeconomic fundamentals are still intact.
05:52She was also noted that the depreciation against the dollar is largely driven by geopolitical uncertainties.
05:57Let's listen into what she had to say on the rupee.
06:28The situation is strong.
06:29Our rupee is still intact.
06:32Sir, if there is an exchange rate on the rupee, if there is so much respect, I would like to
06:39give them the rest of the macroeconomic fundamentals.
06:43When we went to the fragile five, we went to the fragile five, we went to the rupee.
06:51We went to the rupee.
06:52We went to the rupee.
06:54But today, when the fundamentals are all tick-tock, and the world is so much in the world, and every
07:00country is going to be under the currency,
07:18just as the finance minister in the lower house of the parliament has been convincing the opposition that India's fundamentals
07:25continue to remain strong.
07:27Do you know that the fall in the rupee is still okay compared to the piers?
07:32Look at what's happening to the rupee.
07:33The rupee has crossed 95 per dollar mark for the first time.
07:38It's hit a new record low of 95.14 rupees against the dollar.
07:45That's where the rupee value is.
07:48Now, one dollar is equal to 95.14 rupee.
07:55That's the kind of equation that you're looking at.
07:57For the first time ever, the rupee has crossed beyond the 95 per dollar mark at this point in time,
08:05continuously depreciating despite the intervention from the RBI as well.
08:11For the first time ever, and we are not very far away from 100 against the dollar as well.
08:17Let me bring in Neeraj Diwan here.
08:18And try and understand, how should one be really making sense of this?
08:23The consumers are definitely, you know, concerned with the fall in the rupee
08:27because there is one fear of the surge in inflation because of this free fall that we are seeing.
08:33Economists are right now, of course, brainstorming as to what could this mean?
08:38Why, despite the RBI's intervention, the fall in the rupee is not getting curbed at this point in time?
08:44Finance ministers continuing to say, we are okay when compared to the currency around our peers,
08:51even if we look at the rupee at 94 or now 95.14 against the dollar.
08:56How would you explain to a larger audiences and viewers today?
09:02Yeah, first, I don't think we are okay with this kind of fall.
09:06The fall is accentuated right now because of various factors.
09:09But even before the RBI was getting weaker, even before the Iran-U.S.-Israel war started.
09:18So, there have been continuous outflow FIs for the last one, one and a half years.
09:23So, I don't know why we should say we are okay.
09:26I don't think we are okay with this kind of a fall that we have seen and the outflow that
09:29we have seen for the last one and a half years.
09:31And to come to what is happening currently, currently, definitely, there are various factors, whether it's continuous FI outflow because
09:41of countries selling in the equity markets.
09:43There is a definite problem for the exports because earlier, there was tariff pressure.
09:49Now, because of shipping channels, prices going up, a lot of closure of shipping channels, so container prices going up,
09:57even exports are facing a lot of pressure right now.
10:00But these are multiple factors which, you know, and plus a lot of money which is to come from Middle
10:06East, from those countries.
10:08That is also right now, maybe not coming or maybe there is a short-term problem that may happen there.
10:15So, there are the multiple factors which are impacting the rupee movement right now.
10:19Absolutely.
10:20So, the rupee viewers, for the first time, has crossed again, you know, beyond the 95.14 per dollar mark.
10:28So, this is the weakest ever that the rupee has fallen to, but seems like the situation does not stop
10:35right here.
10:36There is a fear of a further fall, despite the kind of interventions that we are seeing at this point
10:41in time.
10:41That certainly is not good news because, you know, depreciating rupee against the dollar would mean, you know, more expensive
10:49imports for us and, you know, the risk of inflation as well.
10:53Let's also focus on how the rupee hitting 95 against the dollar mark is now, you know, obviously not really
11:02looking at what the RBI has done.
11:04The RBI has moved to cap the bank's open foreign exchange positions.
11:08They directed them to limit onshore dollar exposure to $100 million by April 10.
11:13And this move was expected to trigger unwinding of the excess dollar positions, even as banking stocks remain under pressure.
11:21We have Nachiket Kelkar, my colleague from Mumbai, who tracks this very, very closely to give us an understanding of
11:26what really is happening.
11:27Nachiket, I think, you know, the viewers would be confused at this point in time.
11:31That the RBI, on one hand, is taking steps to, of course, cap our open foreign exchange positions.
11:40There is a limit on onshore dollar exposure to $100 million that has been put.
11:45But despite that, the rupee has hit a fresh record low right now at 95.14 against the dollar.
11:50What's happening here?
11:53Yeah, absolutely.
11:55That's how the pressure works currently, right?
11:59The Indian rupee had gained, actually, in the morning.
12:03It gained up to 93.59.
12:06But, you know, there has been a relentless pressure from the external front.
12:12Foreign institutional investors have been relentlessly selling in this market.
12:16The oil prices have been volatile as well due to the conflict investigation.
12:20All these things have put pressure on the rupee for quite some time.
12:24In the past month alone, rupee had fallen close to 4%.
12:29So, clearly, what we are seeing is, despite all the steps that the RBI has been trying to take to
12:36mitigate the rupee depreciation,
12:39have had little impact today, as we can see from the rupee rebound.
12:44Do you further see any kind of a step being taken, maybe an extreme measure by the RBI and out
12:51of the regular kind of steps that they are used to of taking?
12:56Because now the RBI, the rupee for the first time has crossed beyond 95.
13:00And now what we are seeing is that, you know, we are not far away from 100 against the dollar.
13:04Even if that would still mean like a huge jump for the economists, the average consumer and the viewer would
13:11see that, you know,
13:11we are just about 5 rupee away from that 100 per dollar mark.
13:17Absolutely. That will be clearly something that the RBI will be watching out for.
13:22There is a Monetary Policy Committee meeting also coming up next week.
13:25So, this is something that they will be closely analyzing over this week and the next.
13:31Typically, what RBI has been doing over the past is that, you know, they dip into their forex reserves.
13:39They would sell some dollars, you know, shore up the rupee.
13:43This time, because there has been such a drastic fall, they took this different sort of a measure in curbing
13:50the banks' open forex exposure to $100 million.
13:54At the end of each business day.
13:57Typically, they had expected that, you know, with this happening, with the banks expected, banks needed to unwind their open
14:04positions over and above that $100 million.
14:06There would be a lot of dollar in the market and the rupee will appreciate.
14:12That's what happened in the morning.
14:13But as we said, there is too much currency that is happening in the global scenario.
14:21And there is a relentless selling from foreign institutional investors.
14:25The oil continues to be under pressure as well.
14:29So, that will weigh on RBI and what it does next.
14:32Absolutely.
14:33Thanks a lot, Nachiket, for getting us all of those insights.
14:35We'll, of course, keep tracking the rupee and any kind of move by the RBI on that with you on
14:40the program and on Business Today Television.
14:42Coming back to you, Neeraj, how do you really view the upcoming RBI meeting gain importance on the backdrop of,
14:49you know, the rupee now hitting 95 against the dollar?
14:51Do you also believe that the time is now that the RBI looks out of the box and pulls out
14:57any rare measure which can now protect the rupee to fall further from this level?
15:03You know, we saw one measure today, which I don't know how much impact it has made.
15:08But I don't think that one should really, you know, one should let the natural progression happen because there are
15:15multiple factors.
15:16You really can't control the price of crude.
15:18You can't control the kind of outflow that is happening by FIIs.
15:23You can't control the shipping lines where exports are stuck.
15:27You know, all those things are going to happen.
15:29But I think it is more like a wait and watch.
15:32I would say that it will be more like a wait and watch scenario where they will have to wait
15:37for the time being and see when the war stops, crude starts coming down, and gradually things will come back
15:43to normal.
15:44So if this is going to continue for a longest time, maybe another two, three, four weeks, then that's not
15:50going to be good news for our economy, for our currency.
15:52But if it stops in the next one to two weeks, then maybe I think still we can come out
15:58of the woods and slowly come back to by next quarter, mid-next quarter, we should be back to a
16:04normal scenario.
16:05So let's see how things pan out.
16:07So it will be very difficult to right now judge what RBI can do or what will be the scenario
16:12when the RBI meeting happens.
16:14So I think we'll have to wait and watch how things pan out.
16:17Absolutely. But Neeraj, how are you looking at the fall in the markets in terms of the various sectors today?
16:22It's the banks and the financials that have taken it on the chin today.
16:25Look at what's happening with PSU banks.
16:28Despite having, you know, a meaningful time correction as well over the last one year, you know, there were some
16:34thoughts that were emerging that now may be the time to look at PSUs.
16:37But seems like the kind of fall that we are seeing, again, those are against the question marks.
16:42Banks, financials, are they becoming attractive at these levels or are they going to consistently see a further fall just
16:49like the conversation is going on?
16:51The constant sell-off by the FIIs is not stopping.
16:55Yeah, see, to look at the banks' reaction today, I think it's a little more than what we thought it
17:01would be.
17:02I think they've fallen much more than what the expectation was.
17:04See, there's the case that when they were shoring up dollars and buying dollars, they must have bought at a
17:11cheaper price and must be sitting in some kind of profits also.
17:14It is not that they just bought yesterday and they're selling today and they're incurring a loss.
17:18So there's definitely some profit that was not accounted for.
17:21And now this loss is all of a sudden magnified and getting accounted for in the share prices.
17:26So I think definitely today the reaction is an easier reaction.
17:29Plus, because it is also the expiry day, a lot of positions are getting wound off.
17:35So I think by the day after, you'll get a better idea of what is happening.
17:40I think if things globally don't deteriorate, I think there can be some short covering or some improvement which may
17:47happen the day after.
17:48So I think one should wait and for the markets, I feel there are a lot of good prices, very
17:54attractive.
17:55You know, the kind of fall that you've seen today is more because of forced selling or getting out of
17:59your position.
18:00So this kind of a market movement happens always towards the bottom.
18:05But right now, because of the circumstances, one really can't fall a bottom and start buying.
18:11I think get your shopping basket ready, identify stock, but let's first get a good global news flow.
18:18Then only we can start buying.
18:21Absolutely.
18:22Nidhar, stay on with us.
18:23Amit, the ongoing market volatility and global uncertainty.
18:26Investors are definitely grappling with whether the worst is behind or if there is more pain ahead.
18:32And at the BT Mind Rush in India's Best CEO Awards, I spoke with market veteran Shankar Sharma on the
18:40sidelines,
18:40where he actually did say that this is not the time to rush in.
18:46Also saying that we are not really towards the end of the crisis unfolding thus far.
18:51He's also advised caution.
18:53Let's listen to an excerpt from my conversation with Shankar Sharma.
18:58So in my view, the war is still an unfolding, you know, painting.
19:03I think every day we are getting hit with a lot of bad news.
19:08I mean, we all want to be optimistic, but my sense is this is a very difficult jigsaw to immediately
19:14solve.
19:15And that will have its continuing impact for maybe a few weeks on the market.
19:20So I think we should not be rushing in to make a call that it's all done, worst is over.
19:26I think we have to be a little patient right now.
19:28Okay, we have to be patient.
19:29But what should be the strategy of retail investors?
19:31Should they be aggressive?
19:32Looking at all those past instances, I think the recent one is the COVID crisis.
19:37We saw the markets crash and they bounce back so sharply that the recent memory is that,
19:41oh, I must take the benefit of this downside in the market.
19:44Should they take?
19:44So it is okay to think like that, but every crisis is different.
19:50You cannot use a single template in market.
19:52And that's the beauty of markets.
19:54Each time the script changes, each time.
19:57And how it changes, we cannot predict.
19:59In my view, let the script play out.
20:01We will know when it is getting to the end of this movie.
20:05Okay.
20:06But it is not a 60-minute movie.
20:09It's a five-hour movie.
20:12And I don't know where post-interval we are or where we are,
20:15but I don't think it is definitely close to the last 20 minutes.
20:18At least my sense is that.
20:20Better to be a little conservative than be aggressive.
20:23So cash in hand, is that a benefit?
20:25Cash is very good.
20:25I mean, absolutely.
20:26I met at the airport when I was coming.
20:28Somebody who came up to me and said that,
20:30sir, I've seen you and what's your advice?
20:32And I was planning to break all my FDs.
20:35And this happened this morning, by the way.
20:36Okay.
20:37And put it into the market.
20:38I said, don't you ever do that.
20:40If I meet you again after one year, I'll throttle you.
20:44Don't touch your FDs for this.
20:45If you have income coming in, you can deploy that selectively.
20:49But don't break your security for a very high degree of insecurity,
20:53which is where the markets are right now.
20:56Okay, time to be conservative and not aggressive into the markets.
21:00We are not yet, you know, comfortable in saying whether the worst is behind.
21:05Probably more things will unfold as far as the markets are concerned.
21:09Let's get back to Neeraj.
21:10Neeraj, you did say that time is now to really look out for the best opportunities for all those long
21:16-term investors.
21:17Could you give us an idea of where are you finding such opportunities for your clients in this current market?
21:23Yeah, basically what I said was that one should be ready to the shopping basket with a list of shares.
21:29But don't rush in to buy immediately.
21:31Correct.
21:31Let the new flow improve and then you can start deploying your money.
21:34I would feel that there are a lot of opportunities that will be coming our way,
21:38whether it's the PSU baskets, PSU banks, PSU mining companies, you know,
21:44whether it's coal, steel, copper, you know, those kind of metal mining companies,
21:50whether the infrastructure, whether it's water infrastructure, whether it's defense companies,
21:55you know, whether it's our financials, you know,
21:58these are the kind of sectors which are totally not exposed to fuel prices also,
22:04like something like an automobile or, you know, paint companies.
22:09And those may be hard hit right now, but they also may take a little longer to recover
22:14because they're directly impacted.
22:16But besides this, anything to do with the economy, one should be keeping that.
22:21Besides the economy, I think IT results are going to start because year-end is happening now.
22:27So you'll get those post-result calls happening.
22:30So one can identify if there is a better tone from the IT companies after the results.
22:37I think there also one can look at opportunities.
22:39Pharma is one sector which one can look at opportunities.
22:43And besides this, they are mining, they are metal, backward integration companies
22:47with their own coal mines, own backward integration.
22:50I think there will be a lot of demand.
22:52So something to do with energy, metals, renewable energy,
22:56that is one area which I think a lot of demand will come after this crisis.
23:01Absolutely.
23:02At the big question that we've been addressing that the FII sell-off has now probably turned historic
23:10in a way that FIIs have unleashed an unprecedented retreat from Indian equities.
23:15They've pulled out 1.2 lakh crore rupees.
23:18That's about $12 billion from Indian markets in just March alone.
23:23This is the worst monthly sell-off in stock markets history
23:28that FIIs have been pulling out money from Indian markets.
23:32Neeraj, how do you respond to that?
23:34What do you see going forward?
23:36What is it that the FIIs will do going forward?
23:40So basically, it's allowed to see last one and a half year
23:43from September 24 when the results were not that great
23:47and FIIs, we were sitting at very high valuation,
23:52but the results started deteriorating.
23:54So that is when the selling started.
23:56I think they've not also been happy with the kind of taxes they've been paying
23:59on the income in India, capital gains and related.
24:03So there also, there's been some discomfort from the FIIs.
24:06But one more thing that they had also not got a significant opportunity
24:11after the kind of high valuation we were trading at.
24:14So one positive point I would like to take is that maybe this correction
24:18of 16, 16.5% that we see now is an opportunity that they may be looking for
24:24and they've got it now.
24:25So once things stabilize, the news flow improves,
24:28I think there's a good chance that FIIs would be buying into this correction
24:34that we've seen after a little longer period, like two, three years last,
24:38we haven't seen this kind of correction.
24:39So this correction may be a positive trigger for FIIs to start coming.
24:44Back again in 2020.
24:46Absolutely.
24:47Let's look at how the markets have shut shop today.
24:50Viewers, remember, this day has been the Nifty expiry.
24:53And this comes right ahead of truncated action tomorrow.
24:57Stock markets are shut tomorrow.
24:59And ahead of it, we've seen a massive sell-off.
25:02We have recovered from the day's lowest point, if you see.
25:05But we have still ended below 22,400, a 440 point of a dip on the Nifty.
25:11Nifty bank down by about 3.5%.
25:13It's lost about 1,900 points in just today's trading session.
25:18Let's also look at the PSU banks where the blow was the hardest in terms of sectors.
25:234.5% gone from the Nifty PSU bank index.
25:27Let's also look at some of the other sectors that lost ground today.
25:31Private banks also down by over 3%.
25:33Real estate down by 2%.
25:35You also had the broader markets, mid and the small caps.
25:39Look at the kind of fall we have seen.
25:402.7% loss for the mid caps and the small caps.
25:43And all the sectors ending into the red.
25:46Pulling up the top luggards and the top gainers in trade today as well.
25:50For all our viewers to see where the pain was maximum.
25:53Indus in bank.
25:54Bajaj Finance, SPI.
25:554-5% of a cut here.
25:58Names like Axis Bank, Geo Finance and Adani Enterprises.
26:01Some of these heavyweight counters lost about 3-3.5% in trade as well.
26:06But only bright spots were seen in just a handful of stocks today.
26:11Hindalco up 2%.
26:121% up for Coal India.
26:13ONGC near 1% higher in trade.
26:16And maybe just about power grid.
26:18Only 4 stocks on the Nifty.
26:20Into the green.
26:20Rest all of them into the red.
26:22That's the kind of broad-based sell-off that you've seen today.
26:24But let's take some questions now from our viewers for Neeraj also to answer.
26:29Neeraj, the first question coming your way is from Vaibhav from Delhi.
26:32He says, I have 2 lakh rupees to invest in stock markets.
26:35What are the top three sectors you would recommend for the next financial year?
26:39That's an important question.
26:41Remember, today also marks the end of the financial year because tomorrow is a market holiday.
26:45And thereafter, we will start off with FY27.
26:47For this new financial year, any top three sectors that you would recommend buying?
26:53I think one is that could you have cash to invest, but don't be in a hurry to just invest
26:58it today, tomorrow.
26:59Let some better news come for the markets, for the macros, for the global, globally.
27:05Then only you start investing your money.
27:07I would say that, like I mentioned, energy would be a very important sector.
27:11So, energy with companies that are backward integrated, I think that is one sector you can be looking at investing.
27:18Then infrastructure would be another important sector which can be looked at as far as investment is concerned.
27:24Third would be IT.
27:25I think IT would be an important sector.
27:28You should listen to the post-resolved concords and take a view on what companies you can identify or take
27:34some advice regarding that.
27:35These are three sectors I could think of which the coming years can do better.
27:42Okay, we'll take the next query.
27:44This is Prakriti from Lucknow.
27:47And she wants to know, is it safe to keep investing in QSR-related stocks or New Age-related stocks?
27:53Are these at risk from the geopolitical tensions like the Iran war disrupting the markets?
27:59If you are an investor, you're investing for two to three years minimum.
28:03See, I think you can definitely invest in QSR stock.
28:07You can definitely invest in New Age stock.
28:08There is a short-term risk.
28:10So, I don't know whether if you buy today, there will be another correction of 5%, 10%, 15% or
28:15not.
28:16That is very difficult to say.
28:17That will depend on short-term use flow.
28:19But if you're investing for two to three years, I think definitely they have a good scope.
28:24And the kind of demand scenario that we saw last, you know, post-COVID also.
28:30So, India really comes back fast and will be able to come back fast and again, these companies will show
28:37you the kind of growth they've been showing.
28:38But I think that is only if you're a long-term investor for two to three years.
28:43All right, Neeraj, thanks a lot for addressing those questions and, of course, giving us an insight on the market.
28:48Good to have you with us, viewers.
28:49We'll now wrap up the Business Today show here on India Today.
28:53But in case you, too, have any questions about investments in SIPs, mutual funds or gold-related queries, then you
28:59could send us on the number that's flashing on your screens.
29:02And finally, a sweet or a rather bitter end to the show.
29:06In a bizarre cargo heist from Europe, 12 tons of special edition Formula One Kit Kat bars over four lakh
29:13pieces were stolen from a truck traveling from Italy to Poland.
29:17Nestle has confirmed that.
29:19The Swiss giant warns the stolen chocolate could enter unofficial markets, but each bar can be traced via batch codes.
29:27Nestle also says this highlights a rising trend of cargo thefts across Europe, a sweet heist with serious implications for
29:35businesses and consumers alike.
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