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from across the globe ramde Agarwal is the driving force behind the research Endeavors at Motorola Financial Services he's joining us he's chairman co-founder at the company uh Mr great appreciate it I can see the sort of activity starting up behind you so it's always a very vibrant event and thank you once again for joining us from the sidelines of it uh what what are you most excited about ramdev about from this conference what is what are you hoping to learn uh from all the companies who are going to be there and all the investors are going to be there because it's a two-way process right I mean they'd want to hear from you and you'll hear from them what what what's top of mind for you really this morning and over the next couple of days yeah good morning Prashant I think the the mood is said we are at all time high and uh after a long time there will be a full participation because last year was the first year post uh covet still participating muted but this year I think investors have come in full force and people are coming from apart from domestic ones we are getting the delegates from uh newer countries like Korea Taiwan Japan you know I mean from usual Hong Kong Singapore U.S London those those guys they have been coming in the past but now we are seeing slew of new countries joining in so we'll get opportunity to interact with all of them and even the company's lineup is about 220 225 companies so I think it's a big Mela for next three days and I'm I'm trying to cash few uh Trends uh what's happening in terms of uh what's happening in the economy on the ground because all the operators are there second is that what is the thinking of for FIS in terms of their confidence in India how do they think and you know their allocation there they would they like to be still conservative or would they be this is 23 24 will be the year of again coming back into Indian market so those are discussions which are going to come and we will be more in listening more than you know too much of asking hi good morning this is Sonia here and all the best for the conference so it's very interesting right to hear that uh so many fys from new geographies have registered this time around and if you look at the data that has come into the Indian markets in terms of fi flows as well FBI flows rather it's been the highest in India compared to the rest of Asia so what is the sense that you're getting from the interactions you've had already is the interest still as high as what it was in the last six to eight months or is there now a little bit of caution that's kicking in very good morning I think it is too early we have just come in here uh to the venue and through the day and I mean till late night and tomorrow and day after I think two three days will be I'll be interacting with all of them and uh doing the conversation only we can figure out uh what kind of Interest they have but right now I would say there is an optimism and the number of I mean I'm going by the fact that the kind of a request which is there for uh the participation and the number of meetings I think we can do about say seven eight thousand meetings effectively but the request is for 25 to 30 000 meetings so that tells me that in terms of interest is very high of course domestic demands but even the foreign demands for the meetings are quite High um hi good morning Mr Agarwal Nigel on this side uh you know a lot of foreign interest as well a lot of big hnis from all across the country as well you know have come for this conference and a lot of them we don't get to meet but because of the conference we're going to be catching up with some of them post the conference but tell us about the interest levels uh you know particularly the mid and the small cap space because that's been an outperforming index for the last five to around six months is there still big interest out there and what's your view have it run a little bit ahead of itself yeah so I think it is to do with the structure of the market you know still the institutional activity particularly from the FI side for last a month or so they will subdued but we are passing through one of the i in fact I'm presenting on that India's uh India's retail Equity Revolution it's nothing less than revolution in what has happened post covered and what is happening and what could happen in next three four years so we are trying to compile this thing so the impact of retail Equity Revolution or demand accounts are opening partition participation going from 30 40 million to 100 120 130 30 million and trying to become more like 200 million in the years ahead I think I would think that interest level will actually become bigger and bigger and these are counters where uh with limited floating stock but a lot of buying power so that tends to distort at some point of time but uh eventually the corporate things underlying will decide the levels where it will settle no so if I go to uh to ask you right now right for the small cap space here has been the best performing uh you know in a way asset class uh not just here in India but maybe around from around the world uh maybe this year or whatever time period you want to use since the rally began so where are we I mean are we is that space looking still quite okay to you you have a sense of History you see you've seen this play out many times before what's your sense is it time to take the foot off the pedal a little bit or you know fundamentals and earnings there are looking healthy enough to kind of sustain this up move Prashant our biggest problem is that we have seen 40 Years of the market we have seen such low levels of the market you know the mid cap is smaller so neglected I'm a single digit P was you know they were thankful but today uh today is just just the different kind of thing so many times I'm not able to appreciate the valuations granted to smaller mid-size companies of course they are growing very rapidly so I mean that's the kind of thing but as I said it is a structural boom from the retail side and Retail is not happy buying HDFC bank and icsa Bank they're happy playing out on uh more on you know this middle small size companies where they have access to the information and they can also size up their bets so I would think that excitement will continue of course it may shift from one sector to other sector one company the other company because no company can keep growing to the sky but uh but I think you'll find a lot of excitement in the smaller mid caps and uh the the names of the companies will keep changing today's defense tomorrow it could be nbfc they operate would be some other theme so whatever themes comes but I think that sector will remain quite exciting no you know you started by answering that question by citing retail flows uh now and that is also a big structural driver now which was not there even three four five years ago so that yeah but uh yeah how much of the boom that we're seeing in this part in that part of the market is because of this uh and and how much of it is driven by it's a mix obviously but I'm just saying is it uh is it retail money chasing some of these stocks up because you've got to square the square that off against uh earnings growth and valuations Etc so just trying to get a sense from you from there what has happened is that uh in the past till about say January 20 so this is this entire phenomenon is just about three years old so before that the retail participation was extremely muted let me give you some number the number of demand accounts opening every month was about three to four lakhs and at best it will go to Five lakhs the moment uh the digital non-body started it shot up to 30 to 40 lakhs now the average between 20 and 23 is more like uh two and a half three million per month and in between when the market was collecting it dipped and now again it has come back to two and a half three million so this is very Relentless there is a lot of juice in the number of participants which are going to comment I mean you can imagine uh from 40 million to 130 million and that going to 250 million so the uh the at least the Boom in participation participants is on now what it will do see the two three forces coming together one increasing uh increasing number of participants second the increasing uh disposable income of all these guys so uh and third is the increasing copper earnings so when all three come together and uh and if you look at from the FI side if I in last 30 years have sold only five five times and last time was the last year so I think I would think probabilistically there would not be net seller in a meaningful way for next to three years so now you have uh foreigners buying retail buying copper diamond is very good I think you can't get a better picture than this okay we'll end that on a positive note Ram they're all the best for the conference and thanks a lot for joining us to give us a primer on what to expect from the motilal oswal conference well let's move on uh the big you know uh the big deal that took place in the last 48 hours was Titan deciding to acquire additional 27.18 stake in carrot Lane for 4624 crore rupees do note this transaction will take Titans taken currently into 98.28 on a fully diluted basis the Chief Financial Officer Titan joins us now to talk more about that uh Mr santalia
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