Nifty Snaps Five-Day Record Breaking Spree

India's NSE Nifty 50 index snapped its five-day record-breaking spree dragged by the country's largest lender, State Bank of India, after it reported third consecutive quarterly loss.

The S&P BSE Sensex fell 0.4 percent or 155 points to 37,869 and the NSE Nifty 50 index declined 0.4 percent or 41 points to 11,429.

On a weekly basis, the benchmarks rose for a third week in a row with the Sensex advancing 0.8 percent and Nifty climbing 0.6 percent.

In intraday deals, eight out of 11 sector gauges compiled by National Stock Exchange ended lower dragged by Nifty PSU Bank index's 3.8 percent drop. On the flipside, the Nifty IT index was top gainer, up 0.5 percent.

The mid- and small-cap shares underperformed their larger peers as the Nifty Midcap 100 and Nifty Smallcap 100 indexes fell over 0.5 percent each.

Shares of the Aditya Birla Group aluminium and copper producer fell as much as 3.23 percent to Rs 220.10.

Key earnings highlights:

• Net profit at Rs 414 crore versus Bloomberg estimate of Rs 440 crore
• Revenue at Rs 10,593 crore versus Bloomberg estimate of Rs 11,010 crore
• Other income at Rs 105 crore

Shares of the Delhi-based city gas distribution company fell as much as 4.6 percent to Rs 289.35 after its profit missed Bloomberg consensus estimates in June quarter.

Key earnings highlights:

• Net profit at Rs 175.8 crore versus estimate of Rs 186 crore
• Revenue up 6 percent at Rs 1,287 crore versus Rs 1,214 crore (QoQ)
• Ebitda up 1.2 percent at Rs 295.06 crore versus Rs 291 crore (QoQ)
• Margin at 22.9 percent versus 24 percent (QoQ)

Shares of the Delhi-based distributor and processor of natural gas fell as much as 5.2 percent to Rs 354.80 despite beating Bloomberg estimates in June quarter.

Key earnings highlights:

• Net Profit up 23.3 percent at Rs 1,259 crore versus Rs 1,021 crore (QoQ) Estimate of Rs 1,164 crore
• Revenue up 12 percent at Rs 17,298.6 crore versus Rs 15,430.7 crore (QoQ); Estimate of Rs 15,864 crore
• Ebitda up 32.4 percent at Rs 2243.6 crore versus Rs 1695.2 crore (QoQ)
• Margin at 13 percent versus 11 percent (QoQ)

State Bank of India shares recovered from intraday low levels and rose as much as 2.84 percent to Rs 326.40 after it added lesser amount of non-performing assets in June quarter.

The country’s largest lender added Rs 14,349 crore of gross bad loans in June quarter compared with Rs 32,821 crore in the previous quarter.

The country's largest bank reported third consecutive quarter of loss against Bloomberg estimate of profit of Rs 238 crore.

Key earnings highlights:

• Net profit at Rs 4,876 crore versus loss of Rs 7,718.17 crore (QoQ)
• Net interest income up 24 percent at Rs 21,798.36 crore
• Net non-performing assets as a percentage of total advances at 5.29 percent versus 5.73 percent (QoQ)
• Gross non-performing assets as a percentage of total advances at 10.69 percent versus 10.91 percent (QoQ)

• GMR Infra has 1.9 crore shares change hands in two blocks on BSE. Stock down 3 percent at Rs 18.05.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the Chennai-based hospital chain operator rose as much as 2.6 percent to Rs 988.85 after its profit met Bloomberg consensus estimates in June quarter.

Key earnings highlights:

• Net profit up 71 percent at Rs 60.16 crore versus Rs 35.21 crore (YoY); Estimate of Rs 64.8 crore
• Revenue up 16 percent at Rs 1,910 crore versus Rs 1,650 crore (YoY); Estimate of Rs 1,980 crore
• Ebitda up 30.7 percent at Rs 226.8 crore versus Rs 173.5 crore (YoY)
• Margin at 11.9 percent versus 10.5 percent (YoY)

Shares of the Mumbai-based air conditioner maker rose as much as 3.8 percent to Rs 615.75 after its April-June quarter profit beat Bloomberg consensus estimates.

Key earnings highlights:

• Net profit at Rs 184 crore versus Rs 185.6 crore (YoY); Estimate of Rs 182 crore
• Revenue up 10.5 percent at Rs 2,148 crore versus Rs 1,944 crore (YoY); Estimate of Rs 2,015 crore
• Ebitda up 16.7 percent at Rs 243 crore versus Rs 208.3 crore (YoY)
• Margin at 11.3 percent versus 10.7 percent (YoY)

Shares of the Mumbai-based BPO services provider fell as much as 6.76 percent to Rs 783.75 after its profit declined in June quarter.

Key earnings highlights:

• Net profit down 9 percent to Rs 40.2 crore versus Rs 44.3 crore (YoY)
• Revenue up 19 percent at Rs 1,100 crore versus Rs 927.15 crore (YoY)
• Ebitda down 27 percent at Rs 73.15 crore versus Rs 100.20 crore (YoY)
• Margin at 6.6 percent versus 10.8 percent (YoY)

• SKF India: Shares of the Mumbai-based ball and roller bearings maker rose as much as 0.4 percent to Rs 1,724. Trading volume was 23.6 times its 20-day average.
• Laurus Labs: Shares of the Hyderabad-based drugmaker rose as much as 2.6 percent to Rs 452.40. Trading volume was 15.3 times its 20-day average.
• APL Apollo Tubes: Shares of the Delhi-based steel tubes and pipes maker fell as much as 2.5 percent to Rs 1,731.65. Trading volume was 14.8 times its 20-day average.
• PI Industries: Shares of the agricultural chemicals maker fell as much as 1.7 percent to Rs 771. Trading volume was 12.3 times its 20-day average.

Shares of the Bengaluru-based auto parts maker rose as much as 3.88 percent to Rs 19,825 after its profit met Bloomberg consensus estimates in June quarter.

Key earnings highlights:

• Revenue up 21.3 percent at Rs 3,212 crore versus Rs 2,648.3 crore (YoY); Estimate of Rs 3,370 crore
• Net profit up 42.4 percent at Rs 431 crore versus Rs 302.6 crore (YoY); Estimate of Rs 450 crore
• Margin at 19.6 percent versus 16.6 percent (YoY)
• Ebitda up 43 percent at Rs 628.2 crore versus Rs 439 crore (YoY)

The rupee declined by 34 paise to 69.02 per dollar due to appreciation of the American currency overseas.

A weak trend at Dalal Street also weighed on sentiment at the Interbank Foreign Exchange market.

Forex dealers said increased demand for the U.S. currency from importers and its gains against other currencies overseas put pressure on the rupee.

Yesterday, the domestic unit had ended lower by 5 paise to 68.68 against the U.S. dollar on renewed buying interest for the greenback even as domestic equities remained in a triumphant mode.

• ITC has 10 lakh shares change hands in a block. Stock up 0.2 percent at Rs 303.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the Mumbai-based parent of luxury car maker fell as much as 2.2 percent to Rs 252.15 after Jaguar Land Rover sales fell 24 percent in July.

• Jaguar Land Rover sales declined 24 percent to 25,152 units (YoY)
• Land Rover sales fell 15.2 percent to 10,992 units (YoY)
• Jaguar sales fell 21.6 percent to 36,144 units (YoY)

Shares of the country's largest lender fell over two percent to Rs 308.70 ahead of its June quarter earnings which are due later in the day. Here is what to expect from SBI in first quarter of current financial year:

• NII seen 13.1 percent higher at Rs 19,916 crore versus Rs 17,606 crore (YoY)
• Net profit seen at Rs 238 crore versus Rs 2,005 crore (YoY)

India's truck and bus sales rose while car sales fell in July, according to data compiled by Society of Indian Automobile Manufacturers (SIAM).

Key highlights of SIAM data:

• Car sales fell 0.45 percent to 191,979 units versus 192,845 units (YoY)
• Passenger vehicle sales declined 2.7 percent to 290,960 units versus 299,066 units (YoY)
• Two-wheeler sales rose 8.2 percent to 1,817,077 units versus 1,679,876 units (YoY)
• Truck and bus sales advanced 30 percent to 76,497 units versus 59,001 units (YoY)

National Company Law Appellate Tribunal said Vedanta eligible to bid for Electrosteel Steels.

National Company Law Appellate Tribunal dismissed objections against the sale of Bhushan Steel to Tata Steel. Meanwhile, Renaissance Steel lawyer says they will move Supreme Court against the NCLAT decision.

Bhushan Steel up 2.3 percent at Rs 31.70.

Shares of the Karnal-based shoe maker rose as much as 5.3 percent to Rs 217 after its profit doubled in June quarter.

Key earnings highlights:

• Revenue up 19.9 percent at Rs 146.2 crore
• Net profit at Rs 2.3 crore versus Rs 1.1 crore
• Ebitda up 17 percent at Rs 10.3 crore
• Margin at 7 percent versus 7.2 percent

• IDFC Bank has 32.5 lakh shares change hands in a block. Stock up 1 percent a Rs 43.25.

Buyers and sellers were not immediately known

Source: Bloomberg

Shares of the Royal Enfield bike maker rose as much as 4.3 percent to Rs 28,620 after it met Bloomberg estimates in June quarter.

Key earnings highlights:

• Revenue up 27 percent at Rs 2,547 crore versus Rs 2,001 crore (YoY); Estimate of Rs 2,525 crore
• Net profit up 25 percent at Rs 576 crore versus Rs 460 crore (YoY); Estimate of Rs 606 crore
• Ebitda up 30 percent at Rs 809 crore versus Rs 621 crore (YoY); Estimate of Rs 805 crore
• Margin at 31.8 percent versus 31.1 percent (YoY); Estimate of 31.8 percent

BloombergQuint spoke to Mark Martin, founder and CEO at Martin Consulting on headwinds Jet Airways faces.

Key highlights of the conversation:

• Austerity drive at this stage will be imperative
• Jet Airways has executable assets and those can be sold
• International airlines like United Airlines have done this earlier
• Just deferring results is not big negative
• Don't believe that Jet Airways would fold up in 60 days
• Jet will need to take a lot efforts to turnaround the company
• This is just a phase for Jet Airways that will past through
• Jet Airways has no room to take more debt

Indian equity benchmarks edged lower weighed down by weakness in heavyweights like HDFC, Reliance Industries, State Bank of India and HDFC Bank.

The S&P BSE Sensex fell as much as 0.28 percent to 37,918 and the NSE Nifty 50 index declined 0.25 percent to 11,442.

Eight out of 11 sector gauges compiled by National Stock Exchange were trading lower led by the Nifty PSU Bank index’s 1.7 percent drop. On the other hand, the Nifty Auto index was top gainer, up 0.3 percent.

• Rupee opens lower at 68.85 per dollar against yesterday's close of 68.68.

Brokerages On Eicher Motors

Credit Suisse

• Upgraded to ‘Neutral’ from ‘Underperform’; raised price target to Rs 27,000 from Rs 26,200.
• June quarterly results were largely in line with estimates and pretty similar to previous quarter.
• Eicher has reached peak penetration; growth to depend on overall two wheeler demand.
• Upgrade post underperformance; valuations are now reasonable.
• Stock could react positively in near term to better monthly sales.

Macquarie

• Maintained ‘Outperform’ with a price target of Rs 37,000.
• June quarter’s operating income was ahead of estimates.
• Despite rise in volume, market share still low in large states.
• Expect Eicher’s growth momentum to continue.
• Expect compounded annual growth rate of 22 percent in net profit over FY18-21.
• Royal Enfield sales volumes and margin improvement to aid growth.

CLSA

• Maintained ‘Buy’; cut price target to Rs 36,150 from Rs 39,300.
• June quarter’s operating income was inline; Royal Enfield margins expand despite commodity price pressures.
• Royal Enfield waiting list comfort has faded but structural story intact.
• Cut FY19-20 EPS by 4 percent factoring in slightly lower margins & financial income.

Brokerages On Bharat Forge

Credit Suisse

• Maintained ‘Outperform’ with a price target of Rs 750.
• June quarter results were a little better than expectations on strong top-line growth.
• Beat was driven by India business with CVs and others segment reporting better numbers.
• Continue to like Bharat Forge as the US CV traction is likely to continue into the next financial year.

CLSA

• Downgraded to ‘Outperform’ from ‘Buy’; cut price target to Rs 735 from Rs 915.
• Good growth in June quarter.
• Industrial exports still doing well but unlikely to drive stock performance alone.
• U.S. truck orders & Indian truck sales in the second half of upcycle going by history.
• Cut FY19-20 EPS by 4-6 percent on slightly lower industrial growth and margins.
• Like structural growth story but cyclicality of businesses cannot be overlooked.

Brokerages On Gujarat Pipavav

Deutsche Bank

• Maintained ‘Buy’; cut price target to Rs 135 from Rs 145.
• Volumes remain strong, but margins disappoint.
• Tariff and margin under pressure given surplus container capacity on West Coast of India.
• Retain Buy given debt free company and 3 percent dividend yield.
• Strong parentage to support volume growth.

Citi

• Maintained ‘Buy’ with a price target of Rs 170.
• June quarter earnings came marginally below on adverse cargo mix.
• Container volume was broadly in line.
• Bulk volume was strong but liquid and roll-on/roll-off volume were weak.
• Positive: Strong underlying cash and high dividend payout.

Brokerages On Thermax

Deutsche Bank

• Maintained ‘Buy’; cut price target to Rs 1,310 from Rs 1,350.
• Standalone results strong, but EU subsidiaries weak.
• Order run-rate above expectations; Energy business sees erosion in profitability.
• Concerned with consistent provisions in overseas entities and order growth in the second half of 2018-19 due to elections.
• Retain Buy as margins are better in H2 and improved enquiry flow.

Citi

• Maintained ‘Sell’ with a price target of Rs 802.
• June quarter reported weak earnings.
• Order inflows decline on high base.
• Order inflow outlook for 2018-19 estimates remains modest.
• Thermax is one of the most expensive industrial stocks despite low RoE.

Jefferies on Natco Pharma

• Maintained ‘Buy’ with a price target of Rs 1,020.
• June quarter missed, led by deferred revenues and lower profit share.
• Key positive was strong growth in India business.
• Key for Natco remains Copaxone market share ramp-up.
• Expect earnings to improve from April 2020.

Morgan Stanley on TCS

• Maintained ‘Overweight’ with a price target of Rs 2,100.
• Believe products and platforms are becoming a key differentiator for TCS.
• These platforms will reinforce TCS brand as an innovative and next generation services provider.
• Ignio has seen strong adoption within large enterprises.

Morgan Stanley on Cummins India

• Maintained ‘Underweight’ with a price target of Rs 620.
• June quarter reported a muted revenue growth; margin surprises.
• Key positive surprise was 235 basis points sequential improvement in material margin.
• Domestic revenues declined implying a subdued growth trajectory.
• Export revenue improved but below estimate.

Macquarie on Phoenix Mills

• Maintained ‘Outperform’ with a price target of Rs 732.
• June quarter was strong as rent growth seen across malls.
• Limited impact of IND-AS 115 accounting standard.
• Debt profile remains good.
• Expect rent growth to remain strong for next two-to-three years.
• Phoenix is on track to double mall space under management over the next five years.
• Maintain Phoenix as one of the top picks in Indian real estate space.

Macquarie on NALCO

• Upgraded to ‘Outperform’ from ‘Neutral’; raised price target to Rs 82 from Rs 77.
• Strong Alumina prices drive June quarter’s growth.
• Only Indian proxy to growing supply disruption risk in Alumina.
• Upgrade to Outperform given attractive valuation, dividend support and upside risks to alumina price.
• Alumina market remains vulnerable to supply disruptions.

Citi on JSPL

• Maintained ‘Buy’ with a price target of Rs 401
• Strong Ebitda and cash generation in June quarter.
• Steel business did well in June quarter.
• Angul facility reach its optimum utilisation with better efficiencies.
• Improving cash flows and Ebitda appear quite attractive.

Credit Suisse on Page Industries

• Maintained ‘Underperform’; raised price target to Rs 26,000 from Rs 21,300.
• June quarter’s net profit was significantly ahead of estimates.
• Quality of results was not strong, with volume and revenue growth being weaker than expected.
• Continue to like the structural story of Page, driven by market share gains.
• Maintain Underperform due to stretched valuations.

CLSA on Varun Beverages

• Maintained ‘Buy’; raise price target to Rs 930 from Rs 885.
• June quarter results were ahead of estimates.
• Strong organic volume growth of 13 percent in India.
• Gross margins expanded benefitting from lower sugar prices partially negated by higher resin prices.
• Guidance for capex remains at elevated levels, which is a slight disappointment.

Deutsche Bank on Whirlpool India

• Maintained ‘Sell’; raised target to Rs 1,390 from Rs 1,230.
• Good interims in a challenging summer.
• Gross margins expand due to better mix of lower AC and increased washing machine sales.
• Expect significant competition to offset gains from GST cuts in the festive season during the second half of the current financial year.
• Valuations as steep leaving no margin for error.

Who’s Meeting Whom

• Sharda Cropchem to meet investors on Aug.10.
• Mahindra Holidays to meet PPFAS and Karma Capital on Aug. 10.
• SML Isuzu to meet investors on Aug. 10.
• Heidelberg Cement to meet Martin Currie Investment Management on Aug. 10.

Insider Trades

• Bajaj Holdings & Investment promoter acquired 18,000 shares from Aug. 6-7.
• GIC Housing Finance promoter National Insurance Co acquired 46,100 shares from April 1- June 30.
• Vaibhav Global promoter sold 50,000 shares on Aug. 6.
• Sun Pharma Advanced Research promoters sold 28,500 shares from Aug. 3-8.

(As reported on Aug. 9)

Bulk Deals

• Macpower CNC Machines: Pantomath Fund Managers LLP acquired 50,000 shares at Rs 190 each.

F&O Cues

• Nifty August futures closed trading at 11,487.5, premium of 16.8 points versus 17.6 points.
• August series: Nifty open interest up 2 percent; Bank Nifty open interest up 6.5 percent.
• India VIX ended at 12.6, up 1 percent.
• Max open interest for August series at 11,500 Call (open interest at 37.1 lakh, up 2 percent).
• Max open interest for August series at 11,000 Put (open interest at 52.1 lakh, down 1 percent).

Trading Tweaks

• Merck and Safari Industries placed under ASM framework
• JK Paper circuit filter revised to 10 percent.

Nifty Earnings To Watch

• GAIL
• Hindalco
• SBI

Other Earnings To Watch

• Aditya Birla Capital
• Alkem Laboratories
• Allcargo Logistics
• Andhra Bank
• Apollo Hospitals
• Bosch India
• CG Power
• Dhanuka Agritech
• DLF
• Dr. Lal PathLabs
• Elgi Equipments
• Endurance Technologies
• Glenmark Pharmaceuticals
• Great Eastern Shipping
• Gujarat Mineral
• Indian Hotels
• Indraprastha Gas
• JB Chemicals
• Kirloskar Oil Engines
• KNR Constructions
• LUX Industries
• Max India
• Mishra Dhatu Nigam
• NCC
• NHPC
• PC Jeweller
• Sheela Foam
• Sun TV Networks
• Tamil Nadu Newsprint
• Timken India
• UCO Bank
• Uflex
• Union Bank of India
• United Breweries
• Voltas

Earnings Reactions To Watch

Taro Pharma (Sun Pharma’s subsidiary) Q1 (YoY)

• Net sales down 4 percent at $155 million.
• Net profit up 24 percent at $67 million.
• Ebitda down 19 percent at $63 million.
• Margin at 40.6 percent versus 47.8 percent.

Jindal Steel & Power (Q1, YoY)

• Revenue up 70.5 percent at Rs 9,665.4 crore.
• Net profit at Rs 180.8 crore versus net loss at Rs 387.1 crore.
• Ebitda up 68.3 percent at Rs 2,276.5 crore.
• Margin at 23.5 percent versus 23.9 percent.

Liberty Shoes (Q1, YoY)

• Revenue up 19.9 percent at Rs 146.2 crore
• Net profit at Rs 2.3 crore versus Rs 1.1 crore
• Ebitda up 17 percent at Rs 10.3 crore
• Margin at 7 percent versus 7.2 percent

AIA Engineering (Q1, YoY)

• Revenue up 25.5 percent at Rs 715.2 crore.
• Net profit up 18.6 percent at Rs 105 crore.
• Ebitda up 19.7 percent at Rs 155.5 crore.
• Margin at 21.7 percent versus 22.8 percent.

Zensar Technologies (Q1, QoQ)

• Revenue up 11 percent at Rs 904.7 crore.
• Net profit up 13.1 percent at Rs 82.2 crore.
• EBIT up 19.4 percent at Rs 92.3 crore.
• Margin at 10.2 percent versus 9.5 percent.

Eicher Motors (Q1, YoY)

• Revenue up 27 percent at Rs 2,547 crore.
• Net profit up 25 percent at Rs 576 crore.
• Ebitda up 30 percent at Rs 809 crore.
• Margin at 31.8 percent versus 31.1 percent.

Coffee Day Enterprises (Q1, YoY)

• Revenue up 20.2 percent at Rs 979.1 crore.
• Net profit up 12.6 percent at Rs 17 crore.
• Ebitda up 3.4 percent at Rs 153.4 crore.
• Margin at 15.7 percent versus 18.2 percent.

Himatsingka Seide (Q1, YoY)

• Revenue up 13.9 percent at Rs 582.6 crore.
• Net profit down 11.9 percent at Rs 44.6 crore.
• Ebitda up 6.5 percent at Rs 115.6 crore.
• Margin at 19.8 percent versus 21.2 percent.

Eris Lifesciences (Q1, YoY)

• Revenue up 35.4 percent at Rs 250.8 crore.
• Net profit flat at Rs 71.2 crore.
• Ebitda up 24.1 percent at Rs 88.6 crore.
• Margin at 35.3 percent versus 38.6 percent.

Aurobindo Pharma (Q1, YoY)

• Revenue up 15.5 percent at Rs 4,250.3 crore.
• Net profit down 12.1 percent at Rs 455.6 crore.
• Ebitda down 7.4 percent at Rs 779.2 crore.
• Margin at 18.3 percent versus 22.9 percent.

PNB Housing Finance (Q1, YoY)

• Net interest income up 28 percent at Rs 432.8 crore.
• Net profit up 38.2 percent at Rs 235.1 crore.

VA Tech Wabag (Q1, YoY)

• Revenue up 2.9 percent at Rs 687.9 crore.
• Net profit at Rs 13 crore versus Rs 8.4 crore.
• Ebitda down 1.4 percent at Rs 41.2 crore.
• Margin at 6 percent versus 6.3 percent.

• SEBI directed Vakrangee’s promoter to make open offer within 45 days for violations of takeover norms.
• Auditors gave four qualifications to Fortis Healthcare’s quarterly report.
• Vikas WSP received order worth Rs 219.36 crore from its MNC clients.
• HSIL started commercial production of its first phase of pipes and fittings plant in Telangana.
• SBI committee approved divestment of 4 percent stake in SBI General Insurance to non-promoter entity.
• Zensar Technologies’ record date for 1:5 stock split is September 10.
• India’s serious frauds agency arrested former Bhushan Steel MD Neeraj Singhal.
• GMR Infra issued LOIA to L&T for Rs 3028 crore for expanding Hyderabad airport.
• IDBI Bank sold 12.5 lakh shares (2.5 percent) of Clearing Corporation of India Ltd.

• The leaders and laggards behind India’s world-beating growth
• Jet Airways defers quarterly financial results
• How to lose $3 billion of Bitcoin in India
• SFIO arrests Bhushan Steel’s former promoter Neeraj Singhal
• BJP weighs expanding contentious Indian citizenship rules
• Samsung unveils Galaxy Note 9
• Congress fails the opposition unity test in Rajya Sabha

Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India was little changed at 11,493 as of 8:27 a.m.

Stocks slipped in Asia and the yen climbed as investors assessed the impact of the latest tit-for-tat in the trade war as well as sanctions on Russia. China’s yuan was steady, showing further signs of stabilization after recent moves to shore up confidence.

The biggest declines were in Japan and South Korea, while trading was muted for shares in China and Hong Kong.

Currencies

• The yen rose 0.2 percent to 110.89 per dollar.
• The offshore yuan gained 0.1 percent to 6.8404 per dollar.
• The Bloomberg Dollar Spot Index rose 0.5 percent Thursday.
• The euro bought $1.1532.

Commodities

• West Texas Intermediate crude fell 0.1 percent to $66.76 a barrel.
• Gold futures were steady at $1,212.82 an ounce.
• The Bloomberg Commodity Index lost 0.3 percent Thursday.

Short on time? Well, then listen to this podcast for All You Need To Know before the opening bell!