- 15 minutes ago
The Business Today Show reports on Indian markets falling amid inflation and Tata governance disputes, India's record exports, and other key business updates.
Category
🗞
NewsTranscript
00:09good afternoon dear viewers you're watching the business today's show i'm sakshi batra and i'm
00:13going to be getting you all the closing action on the last week right here but first up let's
00:17take a look at what's hot in the corporate and the financial world in the afternoon trade
00:25markets slip after two consecutive sessions of gains with sensex now falling 450 points near
00:3081 500 and the nifty cc in declining 200 points to trade near 25 100 mark elevated crude oil prices
00:38and inflationary concerns are weighing on the sentiment with banking and financial as well
00:42as metal stocks now leading the losses tata sons has rejected noel tata's request for the recording
00:52of its september 17th board meeting where n chandra shekharan was reappointed chairman for a second
00:59five-year term reports are indicating so the company also says it is not obligated to share recordings
01:05of in-person meetings a global microsoft outage also continues to disrupt outlook teams and copilot
01:15leaving users unable to access services for over 16 hours now microsoft says there is no indication
01:20of a cyber attack indigo reports email support disruption while air india says flight operations
01:26remain unaffected
01:29nvidia is heading for its longest weekly losing streak since 2012 with its market cap now plunging
01:35by 1.6 trillion dollars following jen singh wang's resignation meanwhile elon musk extends a heartfelt
01:41message to wang says that he will be remembered forever
01:48massive investment push in andhra pradesh the state now signs 11 mous worth 1.4 lakh crores expected to
01:54generate over 10 000 jobs at the cia partnership summit in vishaka patnam cm chandra babu naidu has
02:00urged industries to fast track the projects
02:09all right viewers let's quickly look at how the markets are trading in the last 20 minutes of trade
02:13the nifty is at 25 121 most of the sectors are trading with losses at the moment
02:18um you do see very difficulty in finding out a sector that's a hovering higher this is despite the
02:24fact by the way that india weeks is down by seven odd percent as well real estate is down almost
02:29two
02:29percent you have one percent downtick on metals but we have gorang shah senior wife's president
02:33geochit investments joining in uh gorang uh warm welcome good afternoon to you how are you looking at
02:39the market sentiment um you know there is some profit taking but we've had a long stretch you know 10
02:43lend uh sessions of a move on the higher side and we've also seen the nifty up by almost uh
02:4812
02:49percent to 13 percent in this uh sharp very swift run-up how are you looking at the markets now
02:55all right sir actually thank you so much for having me in your show good afternoon to you and to
02:59all the viewers uh small standard disclosure recommendations shared are part of our fundamental
03:04existing recommendation our company jews it myself we do not have any personal investments no
03:09financial interest no conflict of interest but we share similar investment ideas with the
03:13clients they might have their investment interest not surprising sakshi as we were discussing i think
03:17it was uh day before yesterday or yesterday that uh you can't rule out a profit booking after seeing
03:24almost 10 plus percent rally on the sensex and nifty and stock specific and sector specific maybe a
03:31little bit more so this is very healthy for the markets we expect the uh markets to stabilize today
03:38being friday i don't think we can expect any miracles in the next 20-15 odd minutes but
03:42next week when we get picked back to the trade i think we'll possibly consolidate a little bit more
03:47and then start moving upwards uh in a staggered manner uh good to see that we have uh recovered from
03:54the lows and that we have not broken 25 000 uh on the nifty spot so that's uh something that
04:01i'll
04:01take heart of and uh possibly you will see a little bit of more stability next week uh all those
04:07who missed
04:08out on the opportunity use these kind of small corrections and dips as the buying opportunity
04:12and uh look at fundamentally strong stocks i don't think that uh there's going to be a huge downside
04:19from here unless and until actually when we get back to trade there are no unpleasant use flows from
04:25the overseas specifically from the geopolitical situation absolutely so uh this dip was warranted
04:31those who missed out on this sharp swift run up during the festive uh days you can actually use
04:37these tips to enter a fresh into quality names and sectors uh but not too much of a downside risk
04:43right here is what koran really sees but let's just focus to the tata group story that we've been
04:47tracking for you viewers now the standoff between tata sons and tata trust chairman noel tata appears
04:52to be even deepening further with tata sons the holding company of the tata group rejecting noel
04:57tata's request for the recording of a crucial board meeting that actually saw in chandra shekran's
05:02reappointment as a chairman in fact what explains tata sons position and what does it mean for the
05:08ongoing governance does sir uh let me go across to my colleague krishna gopalan joining in with more
05:12details on the same uh krishna rejecting of noel tata's request uh what does that really go on to
05:18say remember yesterday uh we were talking about how uh you know the appointment of uh three of the
05:24group uh chairpersons was taken in without tata sons um you know approval this time around it's uh
05:30the other way around uh the request is being rejected for uh noel tata to seek any kind of
05:36recordings how do you see this well ominous signs obviously but i think what is most interesting is
05:41the fact that the single largest shareholder tata trust holding two-thirds of tata sons equity
05:45is well within sight to ask for it uh the fact that uh the reject the request has not been
05:51adhered to is
05:51most interesting because it obviously means how the interest of other shareholders therefore be
05:56protected so it also raises issues of corporate governance uh more importantly i think from a
06:00larger perspective it opens up pandora's box for the board meeting that's coming up end of this month
06:05and the fact that they two have had a very fractious relationship speaking of noel tata and chandra
06:10shikran is only coming to the fore it's a little disturbing the way things are because if information
06:14is going to be withheld at every possible stage uh any kind of a compromise between the two
06:18gentlemen appears to be a little difficult so i think overall that to my mind is the most disturbing
06:22element uh given what has taken place absolutely and krishna you were pointing out the next big
06:27meeting is going to take place on november 20th what do you expect uh to happen then well there are
06:33the routine things on the agenda but more importantly i think they have to take stock of uh perhaps
06:37re-looking at chandra's reappointment that was kind of cleared by a set of directors but not by noel
06:43tata that's obviously going to come for discussion uh chandra's own reappointment is right on the
06:47board of tata's sons is also up in the air because uh that's well past the due date so is
06:52that going
06:52to come for discussion we still don't have the agenda for that but i think these two are going
06:55to come up more importantly i think regardless of how that particular board meeting plays out
06:59it's only going to be symptomatic of how things are going to be uh leading on to the 20th of
07:03february
07:04because that's when chandra has some officially ends so i think we have to look at this more as
07:07a precursor to a larger picture absolutely krishna keep an eye out on all those developments we'll continue
07:12to seek more clarity and more insights from you for our viewers on both india today and business
07:16today television as well um any viewpoint uh gaurang that you have on the entire tata group tussle and
07:23how it's now throwing in um you know deeper you know problems between the two groups right there
07:31do you have any observations as a market participant because this is the largest owned group uh by you
07:37know a lot of retail investors by mutual funds at large as well how are they looking at uh the
07:42tussle at
07:42the top very difficult to give a viewpoint sakshi in the given scenario because uh news are developing
07:52every day right yes you can only give a view when there is any conclusive end to that so unless
07:59and
07:59until there is end to this ever evolving new news break from the data science it's going to be very
08:05very difficult and along with that let me say this and this is my personal view it's rather sad and
08:10unfortunate that things are taking turn for the bad uh there's like rightly mentioned there is a lot
08:18at stake if you look at the entire tata group uh companies market capitalization employees that they
08:24have investors that they have and uh the credibility that they have i think it is rather unfortunate uh i
08:32hope
08:32sakshi honestly i hope that this ends in a amicable amicable and a mutual uh compromise or understanding
08:43and it ends sooner rather than later uh yes the street is watching the developments but very difficult to
08:50make any comments on this okay there's another breaking news coming in viewers and this is in fact
08:56positive news as far as india's economy is concerned we are looking at how india's exports have hit
09:02a record high merchandise exports have searched 45 percent year-on-year to a record number of 49.47
09:09billion dollars in the month of october the total exports have hit 89.99 billion dollars this is the
09:16highest ever monthly level uh in fact the trade deficit has also narrowed 6.3 percent year-on-year
09:23to 39.9 billion dollars as well and merchandise imports also have seen a surge of 16.4 percent
09:31to 89.35 billion dollars export growth is seen broad-based with strong gains in u.s and china
09:39both is what we are given to understand at least at this point in time let's take a quick comment
09:44from gorang right there gorang more macro news coming in positive domestic macro is improving exports are
09:50improving how would you look at the export oriented sector they're off uh you know with the things also
09:55externally turning much better than what they were a few months ago well it's really great to see this
10:01number as far as exports is concerned sakshi we always had a very strong imbalance between the imports
10:11and the exports but i think this is what the government was working for and this is what the government
10:16will
10:16be working in the future to give sports more boost sakshi i think that is how we will be able
10:23to balance
10:23our trade deficit to a great extent and along with that the government fiscal situation will also become
10:30much much stronger uh this will happen over a longer period of time but great to see these numbers on
10:36the
10:36export front and i'm sure we are going to do much better as we go into the future all right
10:41um in fact
10:43uh let's also look at some of the key uh aspects in the markets that often take a view from
10:48gorang there
10:48too um there is a profit taking that's seen across the board on various sectors uh quickly if you can
10:55help us understand gorang on the financials and the banking front uh how are you looking at this space
11:00and how are you advising clients to look at their portfolios uh you know after a long haul we are
11:07seeing
11:07banks uh financial services psu banks and private both taking center stage yet again
11:14and it's good to see that and i strongly believe sakshi that india barat has to continue the kind of
11:20run rate on the gdp front and of course uh the growth side sakshi then there are a lot of
11:28centers
11:28that need to contribute but amongst those sectors i think banking and finance is the backbone to
11:34contribute to that growth sustainable growth and improve the run rate going forward uh interest rates
11:40are something that we are a little bit cautious about because after three years we had a marginal
11:44increase on the interest rate front after the inflation number which came in which was of course
11:49on a very elevated side december policy there are already certain views uh that possibly you might
11:55see a rate hike in december i think we'll have to wait and watch and more importantly long-term data
12:00point is something on the inflation front that the mpc will take into consideration but uh the recent
12:07inflation was a little bit on the higher side much above the elbow room of the monetary policy committee
12:15but i always maintain that the entire bfsi segment looks poised for a very strong growth quarter on
12:22quarter half yearly early and credit demands actually is going clear he's going to stay here for good
12:29and credit demand is going to increase that will increase the loan disbursement run rate loan book
12:34growth and provide a huge support to the net interest income and margin and along with that sakshi
12:40we are improving on the net and gross asset side as well and provisionings are coming back
12:47absolutely let's just focus to the aviation space we are hearing that dubai has suspended spice jets
12:53check-in services over unpaid dues of 14 million dirhams in fact disrupting the airline's flight
12:59operations from the airport the dubai civil aviation authority has also summoned the airline station
13:04manager over its failure to announce cancellations and make timely arrangements for the affected
13:10passengers spice jet meanwhile says that it is working with the concerned authorities to resolve the issue
13:16adding that it has adequate bank guarantee cover in place and expects the matter to be sorted out
13:21at the earliest as well richa sharma is joining in with more details on the same richa what more do
13:27we
13:27know about the disruption and the airline's response right there uh what uh kind of how many number of
13:33airlines have been affected and how many passengers have been affected thereof have there been adequate
13:38arrangements been made there or are the passengers really at the suffering end right now
13:44this actually uh spice jet saga continues uh and now that uh dubai has canceled that uh you know all
13:53the flights
13:54from dubai and spice it is one of the biggest uh operator to dubai it has a huge chunk of
14:02seats capacity
14:03which are given to india as part of the bilateral exchange it has said that arrangements are being made
14:11uh you know they're putting people and some of the flights did operate some special permissions were
14:16given uh to clear the passenger rush okay but now um now the spice jet has said that it has
14:23called its
14:24board meeting on november 18th it has uh submitted in the stock uh filings that on november 18th its board
14:30is meeting to raise more funds keeping in mind the crunch it is facing and till now it has not
14:36even
14:36releases q2 numbers and i has also said that it will be releasing some numbers by december 8th or
14:42first week of december uh so this was on the international front you're seeing that there are
14:47disruptions uh a spice jet as of its operational aircraft shows only 12 aircrafts are operational so you
14:55can look at the situation with just 12 aircrafts both on uh domestic and international sector we have
15:02seen mass cancellations of flights in domestic sector also and it's just operating 30 percent of its
15:08capacity in terms of what slots this was allotted so a lot of passengers are in trouble because they
15:15reach the airport and they are then they are told that flight stands canceled or they are on their way
15:19to
15:19the airport so airline has been doing this so we have to see what when does the government steps in
15:25because
15:26yes people are passengers are suffering um you know while airline continues to take bookings when
15:32they don't have aircraft and they cannot fly they're not supposed to take those bookings but they continue
15:37to open their portals for bookings so we have to look at when the government steps in and takes an
15:43action while spice jet maintains that um it's taking all measures it has enough funds uh so we will have
15:50to wait and watch but the situation uh remains looks troubled for the spice jet uh as of absolutely
15:56thanks richa for getting us those updates and when it comes to um you know trouble and outage
16:01microsoft has been in news since morning we're seeing microsoft 365 services including outlook
16:06teams and copilot continuing to face disruptions globally with users across 74 countries now affected
16:12microsoft 365 services including outlook teams and copilot are seen even now disrupted um and more than 16
16:21hours it has been since the outage first started and even now there are reports coming in across the
16:27world of outage continuing the disruption is now spilling into business hours across asia pacific
16:33affecting companies and users worldwide microsoft has said that it is working to restore the services but
16:38has ruled out any indication of a cyber attack at the moment in time we also have palak uh joining
16:43in my
16:44colleague to get us more details on the same as well palak this microsoft 365
16:48outage has now stretched beyond 16 hours affecting users across several countries what exactly is the
16:53cause of this disruption how widespread is the impact and how are indian businesses also uh particularly
17:00getting impacted well sakshi uh this is a significant disruption because microsoft is no longer just an
17:10email or a productivity platform it has become the backbone of everyday business operations across the world
17:17uh what is particularly concerning is that the outage has continued for more than uh 16 18 hours and is
17:24now spilling into businesses uh business hours across asia pacific the fact that users in around 74
17:30countries have been affected show the scale of dependence on microsoft uh cloud infrastructure
17:36uh while microsoft has ruled out uh cyber attack uh and reassuring and has uh you know seem to be
17:43reassuring but the bigger question is now that what went wrong within its infrastructure and why the
17:48recovery is taking so long uh for indian businesses particularly airlines the immediate impact is on customer
17:53communication and while uh indigo has is has been advising passengers to use alternative support channels
18:00air india has ruled out and indicated that it has rerouted email traffic and and the communication is
18:05smooth the larger lesson here is that businesses cannot depend entirely on one technology system
18:11and they need backup communication system alternative cloud arrangements and clearly uh defined business
18:18continuity plans ultimately uh this outage is a reminder that in an increasing digital economy the resilience
18:24of technology uh infrastructure is just as important as the uh technology itself
18:32take a comment from um gorang right there gorang uh have you faced any disruptions because
18:37of microsoft outlook do you use that uh at your offices in george and uh any indication from
18:43uh you know that the company you may have sent messages to
18:49uh unfortunately uh our official email also is in a limbo because of the outage yeah i am operating
18:59on my personal gmail account i've been sharing it my gmail account since morning for all the zoom links
19:06to be very honest and uh i agree with your colleague palak agrawal you know we need to fall back
19:13uh i don't know i mean i'm not qualified uh on the it front but i think uh zoho could
19:21be the answer
19:21right in this kind of situations yes so yeah so i mean yeah we need to find alternatives we can't
19:28have
19:29dependency on just one platform provider or a service provider uh which can lead to these kind
19:36of situations and as we go further into the future uh cyber risks are going to be clear and present
19:43dangers actually so we need to have uh a second uh plan b as i call it to put in
19:49place in case if
19:51something has to happen to the existing times absolutely but let's shift focus to another important
19:57news that a lot of our viewers will be interested in the rbi has cleared ptm for its prepaid instruments
20:03the rbi is granted in principle approval to ptm uh payment services in fact ptm has now got the rbi
20:10not for its uh in principle ppi approval and it can now offer services such as wallet as well remember
20:16it was first uh you know bound down as far as its payment services were concerned uh with the uh
20:23court's orders as well and now we are looking at how the rbi has given an in principle approval once
20:30again to pay tm uh for its usage of wallets to uh 1934 is the current level uh for ptm
20:37it's uh risen
20:37today um after this news flow in fact it's been uh rising for some uh days and weeks now and
20:44in fact
20:44it's come to a level which is closer to what we saw in november of 2021 so it's hovering at
20:50a five
20:50year high as well of course there were also hopes of this upi mdr fee now coming in after diwali
20:56anytime the announcement is awaited that could be an added on trigger but more personal to pay tm this
21:02news is coming in as a positive news too um gaurang a lot of people used to have these ptm
21:07wallets
21:08before the entire thing uh brewed into a big situation and we did see a sharp crash in ptm shares
21:14right
21:14after that it was uh you know a tough period for ptm to pan out and finally again we are
21:19seeing some
21:20hopes return of uh even prior services such as wallets resuming so beloved sakshi in this kind
21:28of situations one thing that stands out the most important thing is you know compliance and discipline
21:35and accountability yes as you rightly mentioned i think when the restrictions were put on ptm by rbi
21:43the stock corrected to i think about 350 or 300 odd levels i stand to be corrected if i'm wrong
21:48and from
21:49that those levels you've seen a steady rise for this particular stock now with this okay one more
21:56thing as a disclosure we do have a positive coverage on 197 communication also known as ptm sakshi on the
22:02fundamental side from the long-term point of view good to see this clarity but i would rather have
22:07i'm more excited or i'm i'm more waiting for the mdr clarity it was postponed uh till up till diwali
22:17correct me if i'm wrong sakshi don't know what is happening over there but yeah once we have that
22:22as well i think uh we should have a lot of and not to forget this was one of those
22:27first unified
22:28payment interface platforms which was put in place during covert time and it has done wonders
22:34during that time and even now absolutely um 330 now and the markets have shut let's quickly wrap up
22:42markets and come to go around for all the queries that our viewers have sent as well 155 points lower
22:47close for the nifty today but we managed to close above 25 144 if you look at the last close
22:53you will
22:54see how we are off the low point of the day 0.6 percent lower however still 150 points of
22:59a cut
23:00on the nifty the nifty bank let's look at the 0.7 point eight percent decline that we actually saw
23:05on the
23:05nifty bank uh range bound but very choppy session across the nifty bank also that panned out uh among
23:11the top laggards today within the sectors you had real estate down 1.4 percent remember real estate was
23:17rising for last couple of sessions so some profit taking has taken shape there autos metals are also
23:23seen down by over a percent private banks it pharma fmcg all those pockets have dragged um you know all
23:30the
23:30sectors uh closed in the red today uh with on the nifty uh when you see the top laggards continuing
23:36from ultra tech cement to trend to titan uh tech mahindra tata see look at the entire tata group
23:42stocks that have fallen in the session also today as well but uh some names that managed to gain
23:49despite this weakness you had asian pains you had apollo hospitals vijaj finance bharati et al bsc
23:55aisha motors hindustan uniliver those were the kind of stocks that managed to pull up despite this
24:00weakening action let's take some queries now from our viewers we have sarparaz alam from laknow
24:05asking you gorang is it worth investing in quick commerce stocks uh for the long term well we have
24:12seen quick commerce companies definitely cheering the entire diwali surge of uh sales uh some numbers
24:19had come in uh although some reported numbers had come in a few days ago but they were all pointing
24:24out to a surge on a year on your basis absolutely from a long term point of view sakshi as
24:29a
24:29disclosure we have a positive coverage on eternal earlier known as zomato and i think the numbers for
24:36eternal were far far better than what swiggy delivered so yeah if you want to pick one
24:41in the e-commerce qcom or food delivery platform then it would be eternal okay parul gupta from surat
24:49asks you what is the outlook on defense and shipbuilding stocks over next one year this is
24:54your favorite space to be in uh gorang what's your sense not one year sakshi
25:00for the love of god defense is of three year five year play it it's not it's not paper boats
25:07right
25:07we are making here they are actual boats that we are making which serves the uh navy indian navy
25:13to safeguard our borders so we are positive and specifically on one of the shipbuilding
25:19companies musgao docs we are positive other than that barat electronics and astra microwave these
25:25are the two other alternative investment ideas but please have three year five year time because
25:31autobook takes time to execute i like that line they're not making paper boats but real ships
25:37guys it will take time to build ships it will take time to execute those orders so wait up uh
25:42this
25:42space is here to stay three to five years you have to have patience pratham from mumbai says is it
25:48worth investing in auto ancillary stocks if i have a six months to one year time horizon
25:54minda corporation ci automotive bosch excite industries jk tire apollo tires and balakrishna industries
26:03uh these are some of the auto ank battery and tire manufacturing companies on which we are
26:09positive on the fundamental side all right gurang we leave you at that thank you so much appreciate
26:15your time with us as always uh for all the guidance that you share with our viewers and answering their
26:19questions too uh so let's hope that uh we've ended this entire week mixed slightly on the lower notes
26:24today on friday but when we come back we have better news to take it on and uh again we
26:29can be on the
26:30track uh to higher highs as well when we move in next as well but we'll wind up on that
26:35note on the
26:36business today show right here