Mar 31 2024, 09:02

Nifty financial service index stocks: Are headwinds slowing down?

In the last three years, different segments of financial service have witnessed very different trends. Trend not in terms of business but in terms of headwinds or tailwinds. While the large private banks have stagnated, some of the small private sectors have come back into the limelight.

PSU banks as a pack have made a comeback, insurance companies are still searching for direction, asset management companies. have been able to get their mojo back while NBFC are facing new challenges in terms of higher provisions to regulatory. So each to own it probably defines when it comes head or tailwinds. But what is the common factor is that most of these have a high FPI holding. Now FPIs have largely been the seller in the Indian markets, occasionally they have made a comeback for a short period of time. At this point of time, they are neither major buyers or sellers, but this equilibrium will change. When that happens, it is this set of 20 stocks which will signal which way the wind is blowing for which segment.

Financial services, including private banks, is a sector which tends to lead the market in both directions. Whether it is upward or southward movement. The reason, high ownership of foreign portfolio investors (FPI) in the majority of these stocks. For quite some time it has been the private banks which have kept the index under pressure.

In the last few weeks of correction, these stocks have been more of a stabilizing factor as they moved in range bound. But there are global developments which are taking place which may impact flow to emerging markets and if that were to happen, these stocks may see another round of directional move.

US Fed which is clearly indicating that inflation may be down but not out, so expect interest rate cuts may take some time more. On the other hand, China has cut rates, indicating its want to give a push to its economy through monetary policy tools. After a gap of 17 years, the Bank of Japan has moved the needle when it comes to interest rates.

source:et 

Mar 31 2024, 08:39

5 metal stocks with upside potential of up to 23%:

Few days back, there was a sudden spurt in oil prices, though they might have cooled down a bit. The question is why this sudden spurt when there has not been any rise in tension in the Middle east and it is not even the peak season where demand for heating oil could have led to sudden rise. Now combine this.

With price trends in some non ferrous metals like copper which have inched upward to form a one year high. While to some it might appear far-fetched at this point of time as there have been many false starts, are the commodity markets giving an indication that finally there are some green shoots in the Chinese economy? The risk is the US election result. Will the election results help in resolving the trade issue or continuation of the issues?

The fact is that China has been making one after another attempt to bring its economy back on track and has not met with immediate success. In the last one year there have been numerous false starts. But then there's another fact: over the last two decades there have been many issues which the Chinese economy has faced, right from debt to GDP concern to shadow banking to property crisis.

 
For the purpose of this report, we have selected stocks wherein the count of analysts is at least 9 and the average stock report score is at least 7. The list has then been sorted with the highest potential stock coming on the top of the list.

Metal stocks - Upside potential

Mar 30, 2024

Company Name

Hindalco Industries

Latest Avg Score

8

Reco

Buy

Analyst Count

25

 Upside Potential%

23.7

Inst Stake %

43.4

1Wk Returns%

3.8

1M Returns%

11.1

Market Cap Rs Cr

125.945

Company Name

Jindal Steel And Power

Latest Avg Score

9

Reco

Buy

Analyst Count

24

+ Upside Potential%

21.3

Inst Stake %

20.2

1Wk Returns %

3.4

1M Returns %

12.4

Market Cap Rs Cr

86,651

Company Name

JSW Steel

Latest Avg Score

9

Reco

Hold

Analyst Count

27

 Upside Potential%

20.5

Inst Stake %

16.5

1Wk Returns%

2.2

1M Returns %

4.0

Market Cap Rs Cr

203,303

Company Name

Tata Steel

Latest Avg Score

7

Reco

Hold

Analyst Count

27

 Upside Potential %

17.4

Inst Stake%

30.8

1Wk Returns %

3.8

1M Returns%

10.7

Market Cap Rs Cr

194,618

Company Name

National Aluminium Co

Latest Avg Score

7

Reco

Hold

Analyst Count

9

 Upside Potential%

16.0

Inst Stake%

22.3

1Wk Returns%

4.7

1M Returns%

0.2

Market Cap Rs Cr

27,999

Calculated from highest price target given by analysts 

source:et 

Mar 31 2024, 08:14

Stock picks: 4 stocks with consistent score improvement and upside potential of up to 38%:

After remaining under pressure for the first three weeks of March, there was some recovery at least in the broader market indices in the last two trading sessions of FY 24, It might be too early to call it a recovery, because if one looks at market breadth, while it was positive, the way it cracked in the last one hour of trade indicates that a part of the market is still very much witnessing profit booking. So, it would be worthwhile to get more confirmation about bulls getting back to different corners of the street in such times, it would be better to stay with stocks where there has been improvement in score due to one or the other reason. These selected stocks depict a strong upward trajectory in their overall average score which is based on five key pillars te earnings, fundamentals, relative valuation, risk and price momentum. This implies that there has been a significant Improvement in their market outlook in the given time frame.

Till a few weeks back, there was a buzz on the street about how the nifty has not performed, but in the last one month, while the nifty has corrected but given the fact that mid and small indices have corrected more, nifty is clearly better placed. There is always a possibility that we might see more of this happening. 

 As an investor, be careful in making a distinction between narrative and real change in the working of a company. So if earnings are likely to improve then one can be bullish and to some extent buy even when valuations are high. For example, in the pharma sector, there are many companies which are on the brink of completing their expansion or backward integration project and that will help in increasing their margins. Similarly, the companies where oil or oil derivatives are an important raw material are bound to some stress in their performance as the prices have remained inched upward. So, companies from cement, oil refining have a higher probability of showing some pressure in performance because prices play an important role in these
industries and they are inching higher. 

The data used in screening below 4 stocks has been gathered from the latest Refinitiv's Stock Reports Plus report dated Mar 30, 2024.

Stocks with Consistent Score Improvement

Mar 30, 2024

Company Name

Varroc Engineering

Latest Stock Score

8

Stock Score 1W ago

7

Stock Score 1M ago

6

Reco

Hold

Analyst Count

6

 Upside Potential (%)

38.9

Inst Stake (%)

15.6

Market Cap Type

Mid

Market Cap Rs Cr

7,661

Company Name

Bajaj Consumer Care

Latest Stock Score

8

Stock Score 1W ago

7

Stock Score 1M ago

6

Reco

Strong Buy

Analyst Count

10

 Upside Potential (%)

32.0

Inst Stake (%)

25.5

Market Cap Type

Small

Market Cap Rs Cr

3,025

Company Name

Anupam Rasayan India

Latest Stock Score

7

Stock Score 1W ago

6

Stock Score 1M ago

5

Reco

Hold

Analyst Count

9

 Upside Potential (%)

24.1

Inst Stake (%)

8.9

Market Cap Type

Mid

Market Cap Rs Cr

9,539

Company Name

Mold-Tek Technologies

Latest Stock Score

8

Stock Score 1W ago

7

Stock Score 1M ago

6

Reco

Analyst Count

 Upside Potential (%)

Inst Stake (%)

0.0

Market Cap Type

Small

515

Market Cap Rs Cr

*Calculated from highest price target given by analysts

source:et 

Mar 30 2024, 08:20

Toyota, Hitachi return around 100% in one year. Is Japan finally out of the woods?

On March 19, Bank of Japan ended its era of negative interest rates. This is seen as an essential to bring the consumer price inflation back to the 2% target. It seems a virtuous cycle is now in place in the Japanese landscape where economic expansion is aiding stock market heft, and investors are loving it.

The sun is shining brighter on the Japanese market. In fact, the country's stock market is poised to rise even higher as it sheds its zero-interest-rate regime and moves towards an inflationary environment.

On March 4, 2024, the Japanese Nikki 225 Index closed above 40,000 a record high after being subdued for 34 years. Over the past year, the index has gained 49%. And there are two specific reasons for this.

Japan is shedding its zero-interest regime and shifting to an inflationary economy.

Big corporate reforms are taking place that will help companies to grow at a faster rate.

Goldman Sach's research expects the TOPIX, the Tokyo Stock Index which also has some semi-conductor stocks, to reach new highs over the next 12 months. Presently, the index is trading at 2,817. Goldman Sachs strategists Kazunori Tatebe and Bruce Kirk in a recent report said that Japanese companies will benefit from a strong US economy and a weaker Yen. They further said that earnings per share will be up 32% over the next three years as the global manufacturing cycle continues to improve. Again, there are talks of wage hikes in Japanese companies, which is expected to boost consumption.

In terms of corporate reforms, the Tokyo Stock Exchange has requested companies to implement management changes that are conscious of share price and cost of capital.

Japanese companies over the last three decades have not actively looked at equities or their market capitalisation as the market itself was down. It turned into a feedback effect where companies did not concentrate on EPS growth in a low-interest rate regime. Again, a low interest rate regime keeps the cost of capital low but then the ROE (return on equity) of the company also suffers.

Interestingly, Japanese companies themselves are now busy buying non-financial stocks.

source: et 

Mar 30 2024, 08:15

Use these 6 Daniel Kahneman principles to avoid losing money:

Daniel Kahneman, the author of Thinking, Fast and Slow, revealed our thinking fallacies to us. We pay homage to him via outlining some of his principles that can help investors in preventing monetary loss.

Of all the species on the planet, human beings are arguably the ones with the best cognitive abilities. What evolution gives, life tests and sometimes severely our ability to make good decisions. Daniel Kahneman, who passed away on Wednesday (March 27) at the age of 90, told us that our ability to make good decisions is not as easy as it appears. We rely too much on intuition for decisions that need deep and analytical thinking. Nowhere is this more apparent while making financial decisions.

Here are the six mistakes Kahneman points out that can help investors, especially in the Indian market, avoid big money losses.

Let's begin with the "Halo Effect", or the tendency to like everything about a person/management towards which investors have an affinity

 Asian Paints is one company that has been the darling of fund managers who look at "quality" as their biggest parameter. These are companies that have high price-to-earnings (PE) ratios but have built a halo effect', which basically states that irrespective of their valuations, these companies will continue to give high returns. Over the last one year, the share price of the company has moved up by only 2% against Nifty 50's 30% gains. Even on a five-year basis, the company is an underperformer, while the Nifty 50 is up 92% and Asian Paint rose 90%, The company had a PE ratio of 98x in FY22, which has now come down to almost 50x.

As valuations fall, the 'halo effect' will disappear but during that time investors have suffered a massive opportunity cost. But there are fund managers who have stacked up on the stock and believe that eventually quality premium (halo effect) will be back.

 The law of small numbers, or jumping to big general conclusions about a stock from an analysis of very limited data or sample

There is a general belief that small companies give higher returns in terms of their stock prices, compared to caps. But the fact is, small-cap companies also give extremely low returns. Since we look at a small sample of small- and mid-cap companies that have generally done well in the stock market, the general belief is that there are no losers. In fact, there are equal number of companies that have underperformed, but we only looked at the winners in this space, which was a limited number.

source: et 

Mar 30 2024, 08:05

SBI's parabolic rally has seen MFs book profits. Will investors continue to bet on Khara's optimism?

Conventional investment wisdom suggests that sharp rallies are usually followed by a time or price correction as smart money shifts into stocks that are likely to end a period of underperformance and start a fresh uptrend. But SBI chairman's unwavering optimism tells a different story,

Around three years ago, when State Bank of India (SBI) chairman Dinesh Kumar Khara said that the elephant was ready to dance', Dalal Street was divided into two camps those who believed him and those who didn't. At the time, SBI shares were hovering around INR400 apiece.

On Friday, SBI closed at INR746.50 on the NSE, registering nearly a 46% jump during the last one-year period as against the Nifty Bank's more than 18% gain. When Khara made that statement, which was a reference to the bank's size, SBI's loan growth was around 7%. This currently stands at 14%, and the naysayers have been proven wrong.

Now that the verdict is out, the question is: Will the elephant continue to dance?

Conventional investment wisdom suggests that such sharp rallies are usually followed by a time or price correction as smart money shifts into stocks that are likely to end a period of underperformance and start a fresh uptrend. But Khara's unwavering optimism has prompted analysts to put conventional wisdom aside, at least for the time being.

Citing the possibility of a valuation re-rating as the state-owned lender's core profitability improves, Jefferies said last week that it has a five-year price target of INR1,860 on SBI, indicating a potential upside of 149% for the stock from the current levels. "We see SBI delivering 18% CAGR in EPS (earnings per share) over FY24-FY29 and improvement in RoA (return on assets). It will need to raise capital to drive this growth, but with healthy growili, that shouldn't be a big drag," the global broking firm said in a report.

According to ace investor Basant Maheshwari, known for his picks such as Avenue Supermarts, Repco Home Finance, and Hawkins Cookers, SBI is a proxy for the Indian economy, and assuming a 10% growth in nominal GDP with a 2% premium for SBI, the bank is likely to clock a growth rate of around 12%. Noting that SBI has seen long periods of underperformance in the past like the 2014-15 to 2020-21 period when the stock was stuck around INR300 levels, Maheshwari said in a recent video on his YouTube channel that SBI "picks up pace once it starts to walk," but seems to be currently in the territory of "fully valued" stocks.

source: et 

Mar 30 2024, 08:02

Why users vacated the drop-in social-audio platform in post-pandemic era:

Clubhouse became a sensation amid Covid-19, and many Silicon Valley experts were expecting it to be the next social-media star. But with downloads plummeting in the post-pandemic world, the platform has been struggling to reinvent itself.

As Thomas Zachariah typed in the name of his first room on Clubhouse in 2021, memories came rushing to him.

The summer afternoon in Dubai many years ago when he had listened to a radio jockey (RJ) on a local channel was still fresh in his mind. A class XI student at the time, Zachariah, who was close to 3,000 miles away from his hometown alongside the picturesque backwaters in Kerala's Mavelikkara, had made up his mind to become an RJ.

But as a teenager growing up in a middleclass Indian household, you don't dream of becoming an RJ. Instead, you finish engineering and join an IT company. And as responsibility started weighing on his shoulders, Zachariah forgot about it.

"I had long buried that dream. But with Clubhouse, all those memories came back," recalls Zachariah, who is currently the executive director of Kerala-based IT services firm Aabasoft, referring to the time he spent on the platform inspiring others through the success stories of ordinary people.

Founded in March 2020 as a drop-in and invite-only social-audio platform where people can listen or participat in live conversations or start new ones, Clubhouse was the refuge for many people who were confined to thei homes amid the ranging pandemic.

The presence of Silicon Valley poster boys including Mark Zuckerberg and Elon Musk only added to the lure of the
platform-so much so that its popularity saw tech companies such as Meta (formerly Facebook), Spotify, X.

Adarsh (name changed), a Chennai-based musician, was running one of the most popular music channels on Clubhouse. Along with Zachariah and four others hosts, Adarsh was a part of Clubhouse' s Creator First Programme launched in July 2021 to support and encourage creators.

 These rooms were selected based on multiple parameters including their quality of content, engagement, and user participation. Apart from better exposure, they were promised USD5,000-USD15,000 for posting content along with the
possibility of monetisation through ads of brands or paid rooms. While the compensation itself wasn't attractive enough, creators say Clubhouse failed to deliver on other promises.

source: et 

Mar 30 2024, 07:59

Tata Motors boards Chennai express, reaches Hyundai's doorstep with an INR9,000 crore plant:

Tata Motors officials with Tamil Nadu Chief Minister MK Stalin after sigriing an Mou to set up a vehicle manufacturing facility at an investment of IN19,000 crore, on March 13 in Chennal:

Tata Motors' passenger vehicle operations have so far been clustered in West India. What takes the automaker to Ranipet near Chennai? Will this investment bring long-term benefit to the company?

 While Tata Motors has been running neck and neck with Hyundai, the South Korean rival always manages to fight its way back. In that context, Tata Motors' recent announcement to invest INR9,000 crore to set up a vehicle manufacturing facility in Ranipet in Tamil Nadu can add more firepower to its ammo. Last May Hyundai said it would invest INR20,000 crore in Tamil Nadu over 10 years for growing its electric vehicle ecosystem including battery manufacturing.

While Tata Motors has not shared any details on what kind of vehicle it will be making in the new plant, sources aware of the development say that passenger vehicle manufacturing is almost certain. Some components of commercial vehicles could also be made there for which fine prints are still being worked out.

Tata Motors' passenger vehicle operations have so far been clustered in the western region. In Pimpri, Pune, it makes both passenger and commercial vehicles. It makes the Nexon and other engines at Ranjangaon in Maharashtra. In Gujarat's Sanand, it makes ICE (internal combustion engine) and electric vehicles. Tata Motors, through its subsidiary Tata Passenger Electric Mobility, completed the acquisition of its second facility in Sanand from Ford India in January 2023. The plant has an installed capacity of 300,000 vehicles per annum, scalable to an annual 420,000 units.

This means Tata Motors has sufficient passenger vehicle capacity between the three plants.

VG Ramakrishnan, managing partner at consulting firm Avanteum Advisors, points out that manufacturing investments are far too expensive to use for just taking on a competitor. "I don't see this investment from a market share perspective. Irrespective of manufacturing locations, companies have captured market share. Hyundaiis an example of that," he adds. Hyundai's operations had so far been limited to Chennai, but it has been successful in capturing market share pan India as a mass-market brand.

"Tata Motors' proposed investment in Tamil Nadu shows the confidence behind its strategy and sustainability of its turnaround in the passenger vehicles space," Ramakrishnan explains. 

Tata Motors already has many of its vendors based out of Tamil Nadu who supply auto parts to its western factories, Vendors' proximity to the plant can be an added advantage down south.

BVR Subbu, an industry veteran and former president of Hyundai Motor India, sees savings of 1% to 3% for automakers in Tamil Nadu on account of freight costs for shipping components, compared to manufacturing in a location like, say, Hyderabad, which does not have such a well-defined auto-component ecosystem.

But the savings from transporting auto partswould be negligible, if any, when compared with Pune, or Sanand, or Gurugram, as they are on a par in terms of ecosystem.

Another benefit for Tata Motors could be via reduced logistics costs for finished products. Since the southern market accounts for 30% of all-India sales in passenger vehicles, the average lead could be below 300 km. Since cars are shipped in special containers and in volumes, this will lead to significant savings in freight cost which could improve the average profitability on products.

Depending on the kind of sweet deal that Tata may have struck with the state government, benefits like state GST deferral, power tariffs reduction, etc. could come around.



source: et 

Mar 29 2024, 08:29

यह स्मॉल-कैप अंडरपरफॉर्मर निवेशक अनिल गोयल का बड़ा दांव है। क्या यह लंबी अवधि के लिए वैल्यू बाय है?

गणेश बेंजोप्लास्ट लिमिटेड:
गणेश बेंजोप्लास्ट एक बड़ा अंडरपरफॉर्मर है। पिछले एक साल में, इसने बड़े पैमाने पर बुल मार्केट के बीच केवल 13% रिटर्न दिया है, जिसमें स्मॉल-कैप इंडेक्स लगभग 70% ऊपर चला गया। लेकिन फिर ये वो स्टॉक हैं जिन पर गोयल जैसे वैल्यू इन्वेस्टर बड़ा दांव लगाते हैं और वह भी लंबी अवधि के लिए। क्या भविष्य में यह स्टॉक बेहतर प्रदर्शन करेगा?

चेन्नई के एक साधारण और एकांतप्रिय वैल्यू इन्वेस्टर अनिल कुमार गोयल, गणेश बेंजोप्लास्ट पर बड़ा दांव लगा रहे हैं, जो एक स्मॉल-कैप कंपनी है जो लिक्विड स्टोरेज टैंक और केमिकल बनाती है। गोयल, जो पहले चीनी स्टॉक पर अपने बड़े दांव के लिए जाने जाते थे, अब गणेश बेंजोप्लास्ट के 3% के मालिक हैं, जो स्टॉक मार्केट में एक बड़ा अंडरपरफॉर्मर है। लेकिन फिर, ये वो स्टॉक हैं जिन पर गोयल जैसे वैल्यू इन्वेस्टर बड़ा दांव लगाते हैं और वह भी लंबी अवधि के लिए।

 29 जनवरी को बोर्ड मीटिंग में गणेश बेंज़ोप्लास्ट ने गैर-प्रवर्तक निवेशक गोयल को तरजीही शेयर आवंटन के माध्यम से 32.4 करोड़ रुपये मंजूर किए। इसने 1 रुपये के अंकित मूल्य और 162 रुपये प्रति शेयर के प्रीमियम पर 2 मिलियन इक्विटी शेयर जारी किए। उस दिन शेयर की कीमत 5.5% बढ़ी, जबकि बेंचमार्क निफ्टी 50 में सिर्फ़ 2% की बढ़त हुई।

गणेश बेंज़ोप्लास्ट का शेयर मूल्य 177 रुपये प्रति शेयर पर कारोबार कर रहा है। कंपनी का बाजार पूंजीकरण 1,300 करोड़ रुपये है और पिछले एक साल में इसने सिर्फ़ 13% रिटर्न दिया है, जो कि उस तेजी से बढ़ते बाजार से कम है, जिसमें स्मॉल-कैप इंडेक्स में लगभग 70% की बढ़ोतरी देखी गई।

वॉरेन बफेट की तरह गोयल भी अनावश्यक विविधीकरण में विश्वास नहीं करते। अगर उन्हें लगता है कि भविष्य में यह क्षेत्र अच्छा प्रदर्शन करेगा, तो वे एक ही उद्योग से अलग-अलग कंपनियों को खरीदने में सहज हैं। उदाहरण के लिए, उनके पोर्टफोलियो में धामपुर शुगर मिल्स, द्वारिकेश शुगर इंडस्ट्रीज, उत्तम शुगर मिल्स और कई अन्य जैसे कई चीनी स्टॉक हैं।  उनका दृढ़ विश्वास है कि सरकार के इथेनॉल-मिश्रण अभियान से चीनी कंपनियों को लाभ होगा।

source:et 

Mar 29 2024, 08:27

रेमंड: रियल्टी और लाइफस्टाइल का विलय गौतम सिंघानिया की फर्म के लिए किस तरह से वैल्यू अनलॉक करेगा:

पिछले पांच सालों में, रेमंड ने निफ्टी 50 के 90% लाभ के मुकाबले 118% की बढ़त हासिल की है। हालांकि, इसने निफ्टी रियल्टी इंडेक्स से कम प्रदर्शन किया है। ऐसा लगता है कि रेमंड का मूल्यांकन उसके रियल एस्टेट साथियों जितना नहीं है। लेकिन जल्द ही इसमें बदलाव होने की संभावना है क्योंकि कंपनी अपने कपड़ा और परिधान व्यवसाय को अलग करने की योजना बना रही है।

व्यावसायिक उपक्रमों के लिए समय ही सब कुछ होता है। यह सही समय होता है जो उद्यमी को मूनशॉट मोमेंट देने के लिए बड़ी और छोटी तस्वीरों को एक साथ जोड़ता है, जो उसे असंगत लाभ देता है। रेमंड के रियल्टी व्यवसाय के लिए, समय इससे बेहतर नहीं हो सकता था।

2019 में, महामारी से ठीक पहले, कंपनी ने अपना पहला रियल एस्टेट प्रोजेक्ट लॉन्च किया। पिछले पांच सालों में, निफ्टी 50 के 90% लाभ के मुकाबले स्टॉक 118% ऊपर है।  लेकिन पिछले पांच सालों में 200% से ज़्यादा की बढ़त वाले निफ्टी रियल्टी इंडेक्स की तुलना में रेमंड का प्रदर्शन कमज़ोर रहा है। ऐसा लगता है कि रेमंड का मूल्यांकन उसके रियल एस्टेट प्रतिस्पर्धियों जितना नहीं है। लेकिन जल्द ही इसमें बदलाव होने की संभावना है क्योंकि कंपनी अपने टेक्सटाइल और अपैरल कारोबार को अलग करके अलग से लिस्ट करने की योजना बना रही है।

लगभग दो दशकों से अग्रणी रियल एस्टेट सलाहकार रेमंड को अपना रियल्टी कारोबार शुरू करने का प्रस्ताव दे रहे हैं, क्योंकि कंपनी के पास ठाणे के सबसे ज़्यादा मांग वाले इलाकों में से एक में बहुत ज़्यादा ज़मीन है। अलग होने के बाद, रेमंड एक प्रमुख रियल एस्टेट डेवलपर बन जाएगा।

रेमंड रियल्टी के सीईओ हरमोहन साहनी ने ET प्राइम को बताया कि इरादों के बावजूद, रियल एस्टेट में रेमंड के प्रवेश के लिए "गोल्डीलॉक्स मोमेंट" 2019 में ही आया जब कंपनी ने हाई-एंड हाउसिंग प्रोजेक्ट टेन एक्स हैबिटेट (कीमत 80 लाख रुपये से 1.5 करोड़ रुपये के बीच) लॉन्च किया।  टेन एक्स हैबिटेट की सफलता के बाद, 2021 से रेमंड ने 'द एड्रेस बाय जीएस', टेन एक्स एरा और इनविक्टस बाय जीएस को तेजी से लॉन्च किया है। साहनी कहते हैं, "हम जमीन को कच्चे माल की तरह देखते हैं, निवेश की तरह नहीं।"

source: et