- 10 minutes ago
On The Business Today Show, anchor Sakshi Batra highlights major market movements, corporate developments, and cybersecurity threats. Benchmark indices fell amid escalating West Asia tensions, with crude surging past 112 dollars per barrel and Nifty closing at 22,687. Meanwhile, Jio Platforms IPO saw strong demand, gold and silver prices cooled, and the Centre weighed raising the FY28 fertilizer subsidy. In an exclusive conversation with India Today, US Secretary of State Marco Rubio discussed the progress of bilateral trade talks with India. Addressing negotiations on competitive tariff advantages and trade continuity, Rubio stated that both nations are very close to sealing an agreement, with only a small number of items left to negotiate. He emphasized that the trade pact aims to provide certainty and predictability for businesses and investors, ensuring long-term commercial governance and mutual benefits for both nations.
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NewsTranscript
00:07good afternoon viewers once again you're watching the business today's show i'm sakshi patra i get
00:12you all the market closing action on the lal street right here straight away let's look at
00:16what's hot in the corporate and the financial world right now
00:22caution continues on the lal street with the markets on three-day losing streak as fresh
00:27west asia hostilities push crude prices above 112 a barrel rupee slips nearly 45 paise as the
00:35sensex falls 400 points the nifty drops 160 points to trade near 22 600 led by losses in fmcg and
00:43it
00:44stocks geo platform's ipo continues to see a robust response on day two of the bidding with total
00:53subscription now crossing four times the issue size the retail portion is now fully subscribed
00:59signaling strong demand for the telecom majors public issue
01:05good news for diwali and wedding season buyers at gold and silver prices have declined mcx silver
01:10has now dropped 5 500 rupees to trade near 2.03 lakh rupees per kilo while gold prices have also
01:16slipped
01:161200 rupees to now trade at 1.45 lakh rupees per 10 grams making precious metals more attractive ahead
01:22of diwali in an exclusive chat with india today u.s secretary of state marco rubio says india and the
01:32u.s are very close to a trade deal with only a few issues left to resolve he also says
01:37the agreement
01:38will bring greater certainty and predictability to bilateral trade
01:45twin cyber emergencies rattle the globe in less than 24 hours e mudra plunges 20 percent to hit 52
01:52week lows after its digital certificates fail the security test php flaws identified by ai expose the
01:59website's vulnerabilities across the world too
02:08we'll straight away look at the breaking news coming in viewers from the fertilizer sector the center is
02:13weighing up to 20 percent higher fertilizer subsidy in financial year 2028 budget fy28 budget may raise
02:21the fertilizer subsidy and this is as an exclusive we are getting you from business today the center is
02:27weighing out a 20 percent higher fy28 subsidy budget may provide buffer for the price shocks also
02:34fy27 subsidy bill may actually cross the 3 lakh crore mark as well fy27 fertilizer subsidy budget is at 1
02:42.7
02:43lakh crores in fact i also have karishma sudhani bringing in all these exclusive details so for all our viewers
02:49there karishma first big breaking uh for the budget season from you give us more understanding of what
02:55what would this mean for the fertilizer sector um well sakshi sources uh have been sharing this that they
03:03are considering that um we all know that fuel and fertilizer have been two big concerns for uh the
03:10government because of how this year has panned out due to west isia conflict and how external factors have
03:15contributed uh uh as uh big headwinds to our growth growth in economy uh government is uh wary and finds
03:25this challenge to probably continue in fbi 2028 and that is why fertilizer is one sector where i have been
03:33told that early discussions have begun uh discussions with industry are yet to happen they will likely happen
03:40in december but officials have shared uh sources have shared that they could look at a higher budget
03:46and evidently because if you see the current years current fiscal's uh allocation it was uh it is about
03:521.70 lakh crore and we have already uh as for the latest information that is coming in now we've
03:59already
04:00crossed three lakh crore uh because of uh the external risks that uh the fertilizer subsidy had to be
04:07shelled out furthermore in fact uh in june we had also reported that fertilizer department reached out
04:13to ministry of finance for an increase in hundred percent allocation so government may go for a
04:18modest conservative 20 percent higher budget next year uh but in my opinion and with what i observed
04:25that 20 percent is is the most minimum buffer that they are considering okay uh karishma thanks for
04:31getting us all of those updates we'll continue to keep an eye out on all those news flows regarding the
04:36fertilizer space and many other sectors that may be looking for some good news come in into the
04:41upcoming budget as well but let's bring in our special guest of the day we have ambarish palika
04:46the market analyst joining in on this special broadcast now viewers uh markets uh good afternoon
04:51to you first up um i'm rich good to have you with us uh markets at this point in time
04:55you're looking
04:56at about 150 point of order for cut at this point in them so much of volatility uh and you
05:02know
05:02on a choppy trade that's absolutely played out uh how are you gauging what's really happening with
05:08the markets one week we're up one week again we are back to uh you know lower levels so how
05:13should
05:13investors and retail uh participants really understand what's going on with the markets
05:18see i think the biggest issue today is the geopolitical issue of west asia and that's escalating
05:23uh because of which uh we have oil at uh i mean uh like like a high of uh the
05:29reason 112 dollars
05:31it's 112 now and because of which uh your inflation is is going up across the globe and with inflation
05:38going up you have the rate hikes also happening so i mean all this is having that effect on the
05:43market
05:44and uh i mean if you if you see yesterday i mean despite uh buying i mean it was a
05:49rare day when we saw
05:50buying by fias as well as the uh like the domestic funds but despite that the markets fell i think
05:59yesterday the reason was clearly there was a lot of unwinding which happened of the retail investors
06:04and the hnis because uh i mean there are a lot of margin calls which happened because of which the
06:09markets fell and uh that again uh spoils the sentiment further because even those who are possibly
06:15sitting on cash don't have the courage to come in and buy so this is uh i mean
06:20more than selling it's it's like the lack of buying which is there right now people don't
06:24don't have the courage to buy at this point of time because whatever you have averaged out in the
06:29last so many months i mean every reaching out you have lost so beyond a certain point people just
06:35i mean think of waiting out than putting in so that's exactly what is happening i mean unless
06:41there is some sort of a uh i mean uh improvement in situation as far as rest asia is concerned
06:47i don't see the markets bouncing back majorly i think at best we could see flat markets otherwise
06:53we could see the market still going on further from here okay uh so that's as far as the market
06:59outlook is concerned still choppy um will actually be flat is what is expected and uh you know there is
07:05no clarity or respite from of course the rising crude oil prices and that seems to be a big overhang
07:11and the continued west asia war and the crisis there is constantly uh being seen as a big hurdle for
07:17the markets and the recovery ahead as well but let's also focus on another big story that we are
07:22covering since morning for you viewers two major cyber security uh scares have actually happened in
07:28just the last 24 hours and have put global internet security under the spotlight ai has uncovered critical
07:34vulnerabilities in php threatening websites and essential digital services while a security lapse
07:40involving emudra's digital certificates has also raised concerns over online trust so how serious
07:47are these threats and what is at risk i have with me cyrus joining in uh to share with us
07:53more details
07:53on the same as well cyrus first up i want to understand from you uh on emudra because a lot
07:59of people
08:00from india would recognize emudra as a stock the stock is down 20 today it's down 37 percent in the
08:06last two trading sessions as well and this is the company that is usually seen as providing you the
08:14kind of security you and i need when we go across and browse any kind of a website to ensure
08:19that we
08:19are on a genuine website this is the company now it's getting impacted by what is really happening in the
08:25cyber security space all right so we are looking at um of course we'll connect with cyrus at the moment
08:33but um you know these threats are actually talking about how ai is uncovering critical vulnerabilities
08:38in php threatening websites and essential digital services while a security lapse involving emudra's
08:45digital certificates has truly raised the concerns of online trust let me first uh take a quick comment
08:51from ambrish paliga to um you know of course view this um you know as a market participant how should
08:56you be really leading uh dealing with such kind of an impact in case you own the shares of emudra
09:01in
09:01your portfolio as well uh amrish you know of course this is one company uh that we look forward to
09:07to
09:08provide us the kind of security we need when we are browsing internet and uh emudra is supposed to
09:14give us that kind of uh you know safety net uh to all those vulnerabilities but emudra itself is at
09:20the
09:21facing the brunt of it how are you looking at this episode and what should that mean for all the
09:25shareholders and investors at large absolutely because see i mean although the management has
09:31come out and said that this is a very small part of the revenue i think it's about just one
09:36percent
09:36or so but the question is this i mean this whole thing is about security confidence and trust in in
09:43the
09:43product and services of emudra so you can't even say it is one person i mean even a point zero
09:50zero one
09:50percent of breach is a breach and that really shakes uh the trust and confidence one has uh in the
09:58services or products uh so i think this is something major i think it'll take a while uh for them
10:05to come
10:05back and uh recreate that confidence and trust people would have uh in in in them uh so uh i
10:12mean although we have seen 20 percent yesterday 20 percent today yeah i think it can still go down
10:17further because uh i mean like i said it's it's a big question on the confidence and trust in the
10:23company absolutely cyrus is also joining in to share with us technically what really happened there uh cyrus
10:30uh emudra uh particularly we were just discussing because the stock is listed on the exchanges and
10:35the stock is facing a brunt 20 percent lower today 20 it was lower yesterday and our expert believes
10:41there could be further downside on the stock even going forward so one there is an impact on the
10:45shareholders of emudra to all the customers uh as well so give us an understanding of how serious is
10:51the emudra certificate lapse could compromised keys allow fake websites to get impersonated uh you know or
10:58impersonate the genuine ones and put sensitive user data at risk as well well thanks sakshi i think
11:03the first thing that people should know that the patches to make sure that these vulnerabilities
11:08don't reach customers have been released now the thing is emudra is a cyber security company based
11:14out of bangalore they issue certificates to websites now this could be a banking website now for people to
11:20know whether that banking website is genuine this security key the emudra issues security keys to make
11:25sure the certificates are validated now the problem here that came is that the same company issued very
11:31weak keys now if a hacker was able to get access to the keys he could replicate a website and
11:37have
11:37you know access to credentials of lots of customers so that kind of a problem yes speaks volumes of the
11:42kind
11:43of security checks you need to keep in place especially in the time when ai can replicate or maybe
11:48duplicate these keys so yes this is a big big issue however the the one thing that one should note
11:55is
11:55that directly enterprises are being advised to make sure that they are updating their browsers they're
12:00making sure the certificates that are affected also are taken out of cycle and all of the security
12:05patches are kept in place so yes uh flaws have been indeed found but uh in this age of ai
12:11you need to
12:12bolster your security to make sure something like this does not happen again okay uh saris let's also
12:18focus on the php foundation which actually maintains the programming language that powers millions of
12:23websites across the world as well that's also announced an urgent security update to fix two
12:29critical flaws ai has exposed the critical vulnerabilities in php triggering emergency alerts
12:34and precautionary web searcher towns as well uh what do you have to uh talk about that uh you know
12:40how
12:40will viewers uh how should viewers be viewing this well php is actually a much much bigger problem you see
12:46the foundation of the internet especially websites that had their back-end servers they run on
12:51programming language and php is one of those programming languages now researchers found a couple of
12:57bugs which was letting a hacker potentially take control of websites and that kind of vulnerability
13:02can affect an entire ecosystem you see php is a language that almost at the back-end control i mean
13:08is
13:08written is writing 70 percent of the internet right now so if a hacker can make use of this vulnerability
13:15and hack into any sort of a platform they can take control of the website and maybe you know go
13:20after
13:21people's credentials logins and etc so that is a bigger bigger issue over here but again uh stating very
13:27clearly that all of the stakeholders including the browsers and the companies who are running these
13:32websites have been issued uh new patches they have been recommended to update to the latest software
13:37even users who are watching right now they should always make sure that they're updated to the latest
13:42firmware of their browser to ensure that these security issues don't come on their servers particularly
13:50absolutely saris thanks a lot for getting us all of those details these are concerning
13:54uh news stories at this point in time cyber security threats emerging and how also impacting the
14:02companies which itself are the big providers of the safety net as well but at this point in time
14:07uh we'll see how these companies tackle this issue at hand and whether the consumers have to be even
14:13more alert while using various websites especially for your banks and wherever your financial details are
14:19required as well be very very careful that you're using the twin verification you're looking at the exact
14:25authenticated website ensure that you know how your original bank websites really look like and you should
14:31have some idea about all of those things as well viewers to protect yourselves and your families and loved
14:36ones from any kind of a security breach there too but let's come back to the markets um all across
14:42the
14:42board all the sectors are down in trade right now it stocks down 1.3 percent broader markets down almost
14:47one percent autos metals oil and gas real estate all of them down in trade uh just a few stocks
14:52that
14:52are hovering higher in trade so it's a broad-based sell-off that we are looking at uh amrish again
14:57when we talk about uh you know where should we look at for uh say a safer haven in the
15:03markets do you
15:04have any safer haven to talk about in this kind of a choppy market or what is the strategy that
15:09you
15:09advise to viewers when the markets are all haywire no in fact i mean if you see across i mean
15:16the way
15:16the mucks have fallen most of the sectors are the valuations have become quite decent uh compared to
15:21where we were even about a year back uh so among those i would surely say uh safe haven could
15:29be pharma
15:29uh could be fmcg auto ancillaries which have been doing decently well uh specialty chemicals i mean
15:36we have seen um i mean earnings improving over the last uh two to three quarters and i think that
15:42should
15:42continue and this sector has ended up for the last three to four years so at at the current levels
15:48uh
15:48i think the valuations are very very cheap uh compared to what we had seen earlier uh so i think
15:54these are i mean some of the sectors other than that one one can start looking at railways where
15:59again we have a lot of underperformance so i think these i mean four or five sectors we looked at
16:05okay got that let's also focus on the earnings space we recently also had the earnings of a multi
16:13bagger company hfcl that reported very strong q2 numbers and we also did speak with the management of
16:20the company mahindran ahata the md of hfcl on the company's growth outlook going forward how the
16:25company has raised their fy27 revenue growth guidance are now to 80 percent growth the opportunities that
16:32they are scouting for in aerospace defense and of course uh mahindran ahata's own decision to continue
16:38to retain his stake in geo platforms even after the ipo let's listen into what he had to say
16:46initially when started we started the year my guidance was twenty percent now i have given eighty
16:51percent now eighty percent is because the order kind of order book we have in hand and the supply
16:57schedule we have so that gives us not confidence but absolute confidence that we will be able to
17:03achieve this eighty percent what kind of growth can you target uh for the defense segment also sir look
17:08this year we are saying only 500 crores but next year we are targeting 2000 crore and year three we
17:15are targeting approximately 5000 crores now these demands comes from land system as well as aerospace
17:22as well as export as far as my shareholding is concerned it's a very miniscuit shareholding
17:27you know 0.00 some percent so that's fine i will always keep it you know not going to sell
17:32it
17:33so he says he's not planning to sell whatever little uh stake that he continues to own in geo
17:38remember he uh invested in geo much earlier as an early investor at a very early price point of around
17:4548 rupees or or so but look at the price point in which uh geo ipo is being sold at
17:50at around 1100
17:51or levels and uh the kind of uh you know of course um uh he wealth creation that he will
17:57end up doing for
17:58uh his own personal wealth at the moment as well like you all know ipo is of course a fresh
18:03issue
18:04of sale and there is no offer for sale and no uh current shareholders are exiting or partly uh you
18:10know diluting their stake also in the ipo uh but uh as far as the earnings go hfcl is confident
18:15of
18:15also now pointing out at 10 000 odd crores of a top line revenue growth uh revenue number by 2029
18:23and uh as part of the conversation he also did mention that they're very confident of achieving
18:28it much earlier probably by the end of fi27 given the run rate of growth that we are seeing as
18:34well
18:34amrish your thoughts on hfcl uh hfcl is uh one of those uh ketan parek stocks uh which is about
18:4325 years
18:44back and look at as to where the rest of the stocks are and where hfcl is so it's like
18:49a phoenix i mean
18:51i think people had completely given up on that and in the last five years the way they have been
18:56they have managed to turn around and get into the right set of businesses and uh look at the sort
19:01of
19:02earnings which they have shown now and then it's it's a five-fold increase in net profits
19:07absolutely good order visibility and i think yeah orders also which they've been getting is extremely
19:13good so i think even at these levels if someone has and someone has been able to hold on for
19:19this
19:19long i think it should just continue to hold does it also go on to show that how viewers both
19:24globally
19:25or investors both globally and locally have to look at such uh you know stories uh which are proxy
19:31plays to the frontline ai play uh that the money has been chasing worldwide in clear ai linked stocks
19:38and chip stocks here is hfcl that provides optic fiber uh to of course the telecom companies to data
19:45centers uh hyperscalers uh you know and that's why the demand um as mr nahata did point out in the
19:52conversation is largely led by the data center space as well so if one continues to ask you know what
19:58is
19:58the ai story back home in india are these the kind of success stories one has to scout for and
20:03are there
20:03more stories like hfcl in india no i mean uh clearly the the data center story is uh big as
20:11far as india is
20:12concerned because end of the day we should realize uh that in this whole ai chain we are not creators
20:18i mean we could be basically the ancillaries uh as far as ai is concerned and again uh the sort
20:24of a
20:24bubble which possibly is building up globally as far as i mean the value is concerned i don't think even
20:30that should really bother us much because we don't have any ai stocks where the valuations have shot up
20:35so i mean like like like most of the companies that you have are ancillaries and um i mean for
20:42this
20:42i'll take you back to the the dot-com bubble the dot-com bubble happened it burst a lot of
20:48companies
20:49disappeared but dot-com continues and some of those companies which were there during the dot-com burst are
20:55huge i mean amazon is one of them and i mean that's that's an example so ai is there to
21:00stay
21:01ai will continue growing much bigger the question is the specific ai companies which are there right
21:07now will they be there in the next five years or not that's that's what we asked from from a
21:11valuation perspective but our companies which are associated with with ai i think will continue
21:16doing well at least in the foreseeable future okay we also have some questions coming in your way
21:22amareesh from our viewers uh we have our first question from pratyush jain from pune uh who says
21:27is it the right time to invest in quality small cap stocks i mean that's exactly what i said i
21:35think
21:36this is a great time to buy in but then one you require funds which you surely have and you
21:43should
21:43have the courage i think because of which you're asking this question so if you have both these and
21:48some patients possibly wait for a year year and a half if you buy quality uh small cap or mid
21:54cap
21:54stocks at this point of time i'm quite sure you'll i mean get enough gains but first of all please
22:01do
22:01your own research before buying don't buy just because the stock has fallen say 50 60 70 percent
22:08it should be fundamentally good only then go ahead and buy right we also have suraj arora from delhi asking
22:14you will the correction in shipbuilding stocks continue or is a rally on the horizon no rally
22:21could should be there but i think i mean there'll be some gap i don't see a rally happening immediately
22:27in the shipbuilding stocks uh there was a decent amount of froth which was built up uh in the in
22:32the
22:32last uh i mean few months especially the last year year and a half uh so i think that's getting
22:38corrected
22:38but uh a good time to start cherry picking maybe over the next uh i mean one or two quarters
22:44it
22:44could be a good time to accumulate these stocks all right one last question uh your way amreesh and
22:49this is hussein raza from bhopal asking you what is your view on the quick commerce stocks vis-a-vis
22:54the
22:55traditional retail stocks well um we started by discussing eternal came out with the numbers swiggy
23:00uh is down however ahead of its results but uh what's your overall sense
23:05no uh quick commerce is i mean here to stay and i think uh i mean the size is going
23:11to get much
23:12bigger so say stay with the leaders and those who have got the model right and clearly eternal is one
23:19of them so even at the current level they would say look look to buy eternal uh swiggy i think
23:24we'll
23:25have to wait at least for the next one or two quarters to see if uh i mean they are
23:29able to turn
23:29around and whether that turn on would be consistent absolutely all right tamarisha we'll thank you on
23:35that note for being with us and sharing all these wonderful insights with all our viewers uh we'll
23:39continue to be in touch with you to understand uh more insights from the world of markets as well
23:43but 22,687 that's the closing level for the nifty viewers 123 points lower in trade it's been an
23:50absolute choppy trading day uh remember it's also been the day where we have seen the weekly
23:55options expiry of the sensex all the sectors barring uh some uh you know action towards the
24:01end of the session on pharma that sector was picked by ambarish as well as a safe haven that moved
24:07up a
24:08tad bit 0.1 percent higher bsu banks another slight shade of green that you could see there india wigs
24:14from a sharp surge of about three four percent five percent higher it's called so cooled off about
24:200.3 percent higher in trade even now but look at the cool off that has happened it's absolutely at
24:25the day's low point on india wigs that gives us some sense that the markets may be uh on the
24:31brink of
24:31returning from these sharp losses today yet again or maybe making it attempt there fmcg declined um
24:38small caps mid caps declined it stocks declined oil and gas declined all of those uh took a beating in
24:44the session today but the top winners were bajaj finance sipla icici bank uh ultra tech cement post
24:51earnings spi bajaj auto lnt these have been the top winners but the gains are limited half odd percent
24:57to one odd percent kind of gains but on the lower side nestle almost three percent lower htfc live two
25:04percent lower eternal after earnings two and a half percent cut tata motors passenger vehicles trend
25:09tech mahindra all of them are slipping in the trade as of now as well but let's also shift focus
25:15to an india today exclusive with raj chengappa uh us secretary of state marco rubio says india and
25:22the us are very close to a trade deal with only a few issues left to resolve rubio says the
25:28agreement
25:28aims to prepare provide certainty for businesses and investors and benefit both countries let's listen
25:34into a slice of that conversation president trump had said that india and the us are pretty close to
25:42sign an agreement and it would be different what i'd like to know is washington willing to give india
25:48the competitive tariff advantage it is seeking for this interim trade agreement well i'm not going to
25:53get into the specifics of any agreement until they're done because there's still a number of items being
25:57negotiated although very few so we're very close and i anticipate i can't i can't foresee anything that
26:03will keep us from reaching agreement but there's still some items that are being discussed so i'd
26:07prefer not to like go into the details of it until it's all fully worked out suffice it to say
26:10that once
26:10this deal is done it has to be one that's beneficial to both countries and and that's what i anticipate
26:16it will be and i think the concern is that india expects continuity rather than unpredictability and
26:22there is a super 301 provision hovering around so could we expect that there'll be continuity and not
26:29you know continuously have to revise that tax well that's the point the point of having an agreement
26:34is to be able to have certainty so that people know they can invest people know what the rules are
26:38that are going to govern train and commerce between the two countries that's the very purpose of having
26:42a deal and so that's what we're working towards and i feel very optimistic that we're going to get to
26:47a
26:47very good place very soon all right viewers time to wrap up the business today show right here in case
26:54you
26:54have questions about your investments in stock markets your mutual fund or gold related questions
26:58and you can send out