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let's move on and talk about a lot of

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stocks which are coming back after a

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very bad phase in fact from complete

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denial now the street seem to be have

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fallen in love with them and one such

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stock or case study I would say is

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Raymond look at the in fact two days

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back when they did announce the Dem

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merger of the real estate business stock

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at one point in time with hitting almost

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3500 rupees a share so this is a case

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study in itself and we're going to

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discuss it with penu who is joining us

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so penu among others let's first of all

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thanks for your time uh today we are

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going to talk about this importantly

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because this could be rayen today and

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many of our viewers could learn from how

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to analyze companies in the throws of

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negativity if the business model is

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looking okay and not shaken it may

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actually pay very well to take a bet on

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it you tell your experience with REM

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with you know complete disclaimer that

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this is just a case study we are

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discussing when you got in some 5 600

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rupees a share look at the value it has

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created hi good morning aaya thanks for

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calling me uh of course we have been on

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18 now discussing about Raymond I think

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when since we started buying at around

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350 to 300 rupees it went down to I

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think 3 years now 2021 it used to be

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available at around 2,500 market cap uh

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whereas the office building of this

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company is valued around 7,000

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crores and you know the different

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verticals mostly people people uh you

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know general public feel Raymond as a

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company it's the lifestyle business you

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know what you see in the cities the

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showrooms uh textile business but that's

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only just one vertical which is now

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going to be demerged and listed

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separately the the Raymond

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lifestyle and you know this uh this

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restructuring u in the in the business

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uh and reorganizing uh you know

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different verticals I think this has

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been talked by the management since long

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time and uh it was all in public domain

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uh you know but there was some

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perception issues regarding you know and

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some personal problems of the promoters

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or family issues uh cropped in that was

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getting more attention by the investing

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Community than the fundamentals of the

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company anyway we are very happy and you

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know I think this is one of the uh

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largest wealth creators in the history

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of our portfolio Management in PMS

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clients um so I'm very happy and we

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discussed at least three or four times

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all the way from 350 to uh maybe till it

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was 1,500

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rupees um for the viewers of it now uh

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see this is there this is a part of the

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theme which I used to talk in the last

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five six years you know were the

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significant makeover of companies uh

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especially with regard to the management

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the promoter attitude towards minority

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shareholders

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has been evolving it has to change you

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know we had such a time if you say 5

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years ago 10 years ago how the 90% of

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the companies promoters have been

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behaving you know like it's their own

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company public shareholders are somebody

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you know un unnecessary element in the

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company that's the way 90% of Indian

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promoters have been uh regarding the

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minority shareholders things are

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changing now The Regulators part and

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from generally other government agencies

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part you know there is there is a

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compulsion for companies to change to

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consider and respect minority

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shareholders equal to them as as owners

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of the company so this change is amazing

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and this change will rate many hundreds

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of companies it has been already

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happening I'm not telling it is going to

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start now so I was a bit early in this

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uh prediction since

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201617 I have been talking about you

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know how companies may change or many

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other things so it's really happening in

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in corporate system and especially among

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the listed companies and this is again a

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theme for investors going forward for

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next five years I feel look at the

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business how big it is and how promising

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it is how will be the future of this

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company or the business after 5 years

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and 10 years what is the global scenario

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what is the Indian economy uh given

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opportunities for these companies to

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grow and you know there are such

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elements should be uh leading the

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investors mind guiding the investor mind

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going forward because you know of course

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we are in a Raging Bull

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Market uh there is no doubt about it and

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there is a structural change happening a

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structural uh Revolution happening you

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know a structural growth potential for

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very large number of for the economy and

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many companies and many businesses that

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is what is reflecting in the high

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perhaps the valuation of our Nifty or

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sensex even the way some of the small

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cap and midcaps are moving right and you

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know you know pinu I think what our

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viewers want to know is uh back in 2021

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when you got into the stock it was about

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what

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3400 now at 3,100 uh what's the next

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price Target and in how much time and

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can one still get into Raymond I think

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that's what our viewers would want to

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know yeah hi AA now uh I think mostly

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people been aware companies splitting

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into two there will be two listed

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companies now I think I think 11th is

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the record date for the deerg of

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Lifestyle business which is having

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around 78,000 gross turnover and one

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thing I would like to remind investors

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first I'm not recommending the stock but

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at the same time I'm just making a

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valuation comparison for academic

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reasons you know even the whole company

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with its real estate business lifestyle

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and the engineering which is coming up

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very fast which is which can grow very

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big in defense and Aerospace the whole

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company put together their corporate

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office of 7,000 cror it's all everything

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is cting much below manuver today

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whereas I believe manuver is only

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fraction of this

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company in any terms you maybe they have

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a high profit margin right now I don't

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know how much dis I'm not talking bad

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about that company so if you remember

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when it was 22,000 cres manuver Raymond

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was 3,000 crores that's the I think

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that's the first time we talked uh we

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discussed on the on the channel see so

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this is value investing nothing else you

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know uh and I feel uh the three vertical

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of the company which is very uh clearly

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mentioned by the promot the management

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the lifestyle the real estate which is

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really coming up and the engineering the

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engineering division of the company

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after the acquisition of many position

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It's a Wonderful company in defense and

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Aerospace so the engineering division

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the three entities of Raymond is going

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to have some arrangement with the many

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Industries and there will be two

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companies born out of that as per the

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guidance given by the management you

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know two companies within the

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engineering one will be automobile

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focused the other one will be other one

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will be Aerospace and defense and it's

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not it's not very small pening company a

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significant business they are doing and

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as you know the growth spects you know

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this may be perhaps comparable with ASAS

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Industries PTC Industries kind of thing

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coming to the Aerospace and defense

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right and the automobile also doing very

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well and the real estate is also

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comparable with some you know not maybe

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the top the second line real estate

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companies with high valuations today and

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the lifestyle of course comparable with

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manuver so so I feel uh I feel this uh

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company as uh you know investors we we

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stay invested even though we have booked

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actually for some of the clients you

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know whose portfolio you know Raymond

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became 30% and more because of the

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growth in the stock price so otherwise

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uh I feel comfortable holding on to the

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company okay in fact we spoke with the

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management of Raymond recently and uh

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they they told us what could be the

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potential Revenue stream from the real

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estate business which is getting carved

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out let's listen

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in I think that ability for us to get

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more jda projects is very very clearly

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visible and we are on the close contact

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with the various people and I think few

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more JDS would get signed and any JD you

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sign it will take 12 to 15 months to

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start so I think in the next three to

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four years what we are talking is easily

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a 4,000 CR Revenue model with a 25% of a

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bid and a 25% IR so I think that is a

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very clear thought process with which we

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are working you know

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as far as the challenge of the business

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is concerned there are so many projects

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available to us that we are not seeing

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any death as far as liquidity which

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becomes another big question mark I

00:09:11.320 --> 00:09:16.160
think we are uniquely positioned that we

00:09:13.839 --> 00:09:19.040
have a significant amount of cash

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available for us to execute the project

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and because of the philosophy that we

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work with that sell fast build fast and

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collect fast that enables a very small

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amount of work working capital which is

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required in order to grow the business

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at a phenomenal

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PA right so pinja just taking away from

00:09:39.320 --> 00:09:42.800
the kind of commentary that we got I

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just wanted to understand given the kind

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of involvement that we've seen with

00:09:44.160 --> 00:09:49.120
Raymond in real estate and particular

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projects worth 32 to 35,000 CR rupees

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what is the impact of this move on their

00:09:51.440 --> 00:09:57.519
financials and how are you viewing

00:09:54.760 --> 00:09:59.640
it now uh you are talking only about the

00:09:57.519 --> 00:10:01.600
real estate thing yes D of Real Estate

00:09:59.640 --> 00:10:04.360
real estate yeah I think they have

00:10:01.600 --> 00:10:08.360
started you know going a satellite model

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JV kind of things uh in a big way and I

00:10:08.360 --> 00:10:14.800
I believe you know Mr gam s personally

00:10:11.680 --> 00:10:17.120
has got a real passion for real estate

00:10:14.800 --> 00:10:19.720
and efficiency in execution is already

00:10:17.120 --> 00:10:21.760
proven and he is well focused on that

00:10:19.720 --> 00:10:23.920
you know business creating wealth for

00:10:21.760 --> 00:10:26.279
the shareholders even the whatever could

00:10:23.920 --> 00:10:28.320
be the criticism about other aspects I'm

00:10:26.279 --> 00:10:30.440
telling you he has done a wonderful job

00:10:28.320 --> 00:10:32.519
in managing this company and focusing on

00:10:30.440 --> 00:10:35.440
the core business and growing it and

00:10:32.519 --> 00:10:37.600
keeping the brand you know very much

00:10:35.440 --> 00:10:40.760
intact and brand Raymond has been

00:10:37.600 --> 00:10:42.480
growing all over so see in real estate

00:10:40.760 --> 00:10:43.880
business the promoters execution

00:10:42.480 --> 00:10:46.279
capability and attitude is very

00:10:43.880 --> 00:10:48.839
important that way I feel very very

00:10:46.279 --> 00:10:50.560
optimistic about Raymond reality uh

00:10:48.839 --> 00:10:52.240
there is no doubt about it and the

00:10:50.560 --> 00:10:56.000
engineering Division I think it will be

00:10:52.240 --> 00:10:58.760
mostly managed by Mr gam Mani the

00:10:56.000 --> 00:11:02.079
recently acquired uh Company Bangalore

00:10:58.760 --> 00:11:05.160
based uh Aerospace and defense company

00:11:02.079 --> 00:11:08.079
uh he I understand very capable kind of

00:11:05.160 --> 00:11:10.120
uh promoter with a good tracker record

00:11:08.079 --> 00:11:11.600
so India is giving a wonderful

00:11:10.120 --> 00:11:15.519
opportunity for that engineering

00:11:11.600 --> 00:11:19.839
division also so now uh this will be X

00:11:15.519 --> 00:11:22.160
on I think day after tomorrow and uh the

00:11:19.839 --> 00:11:25.480
what will be trading in the market the

00:11:22.160 --> 00:11:27.720
reality business uh and the engineering

00:11:25.480 --> 00:11:29.480
uh business when we say engineering

00:11:27.720 --> 00:11:34.480
division company will be holding around

00:11:29.480 --> 00:11:37.959
65% in the uh in the new entities uh uh

00:11:34.480 --> 00:11:40.200
and 30 35% will be held by uh gam manyi

00:11:37.959 --> 00:11:43.920
the original promoter of manyi

00:11:40.200 --> 00:11:45.639
position uh and the most importantly

00:11:43.920 --> 00:11:48.079
what we see today is you know the

00:11:45.639 --> 00:11:51.200
promoters the management of Raymond is

00:11:48.079 --> 00:11:54.360
doing full value unlocking I have seen

00:11:51.200 --> 00:11:56.760
even highly ethical companies they make

00:11:54.360 --> 00:11:58.880
it a holding company and enjoy all the

00:11:56.760 --> 00:12:00.880
wealth and there will be huge discount

00:11:58.880 --> 00:12:03.160
for the the wealth of the company uh in

00:12:00.880 --> 00:12:05.760
the listed company so in the case of

00:12:03.160 --> 00:12:08.760
Raymond they are fully opening up and

00:12:05.760 --> 00:12:11.560
fully sharing that wealth with all the

00:12:08.760 --> 00:12:14.120
all the shareholders that is called real

00:12:11.560 --> 00:12:17.680
ethical uh you know wealth creating act

00:12:14.120 --> 00:12:19.920
I really respect and admire that right

00:12:17.680 --> 00:12:21.440
pin your other wealth Creator ideas in

00:12:19.920 --> 00:12:25.199
the past have also been Tata

00:12:21.440 --> 00:12:28.920
communication protein jumar

00:12:25.199 --> 00:12:30.880
Equinox uh pamal Pharma Etc are still

00:12:28.920 --> 00:12:33.160
bul on these names and anything that

00:12:30.880 --> 00:12:35.920
stands

00:12:33.160 --> 00:12:39.399
out yeah I think these stocks are very

00:12:35.920 --> 00:12:42.519
comp we hold a uh stock when we feel is

00:12:39.399 --> 00:12:44.440
Comfortably valued uh not in a uh you

00:12:42.519 --> 00:12:48.120
know in the bull territory or you know

00:12:44.440 --> 00:12:50.120
overv valued kind of uh space so we have

00:12:48.120 --> 00:12:52.959
been selling some stocks and I think

00:12:50.120 --> 00:12:56.279
protein is one of our recent pics as we

00:12:52.959 --> 00:12:58.839
discussed uh it's I think you asked

00:12:56.279 --> 00:13:00.800
because of the bulk deal uh because the

00:12:58.839 --> 00:13:04.079
stock price came down after the initial

00:13:00.800 --> 00:13:06.920
fancy and uh it's a futuristic business

00:13:04.079 --> 00:13:09.519
so we thought uh we should own this

00:13:06.920 --> 00:13:11.760
company for the next 5 10 years and

00:13:09.519 --> 00:13:13.560
that's why we are holding so many of the

00:13:11.760 --> 00:13:16.680
stocks what you mentioned they are not

00:13:13.560 --> 00:13:18.680
like too much runup kind of thing and we

00:13:16.680 --> 00:13:21.199
have to be cautious you know whatever

00:13:18.680 --> 00:13:23.079
done done markets are cyclic we have a

00:13:21.199 --> 00:13:25.240
visibility maybe for next 5 10 years as

00:13:23.079 --> 00:13:27.480
an economy in which our companies are

00:13:25.240 --> 00:13:30.320
going to do very well uh the corporates

00:13:27.480 --> 00:13:32.680
are going to grow in you know firing on

00:13:30.320 --> 00:13:35.880
all cylinders that's what we see today

00:13:32.680 --> 00:13:38.440
but there can be challenges there can be

00:13:35.880 --> 00:13:40.440
good to be very Frank last 2 three years

00:13:38.440 --> 00:13:43.160
we've never had a serious

00:13:40.440 --> 00:13:44.839
correction so that's the reason one has

00:13:43.160 --> 00:13:47.160
to be cautious one has to be prepared

00:13:44.839 --> 00:13:49.000
for those kind of minor Corrections or

00:13:47.160 --> 00:13:51.360
you know maybe a serious correction some

00:13:49.000 --> 00:13:53.000
point of time so one way that doesn't

00:13:51.360 --> 00:13:56.240
mean you should sell your stocks and sit

00:13:53.000 --> 00:13:58.240
on cash it basically means be cautious

00:13:56.240 --> 00:14:00.639
in selecting the stock that individuals

00:13:58.240 --> 00:14:03.120
businesses are going to be important how

00:14:00.639 --> 00:14:05.279
they are valued are they crazily valued

00:14:03.120 --> 00:14:07.839
are they operated by some hn and taken

00:14:05.279 --> 00:14:10.000
it to DC Heights and still kept there so

00:14:07.839 --> 00:14:12.600
those kind of things are more important

00:14:10.000 --> 00:14:14.480
and uh India still is a paradise for

00:14:12.600 --> 00:14:16.759
stock stock picking that's what I

00:14:14.480 --> 00:14:16.759
strongly

00:14:17.720 --> 00:14:21.720
believe much for taking time out and

00:14:20.040 --> 00:14:23.480
joining in pinu it's been a pleasure

00:14:21.720 --> 00:14:25.720
getting you on board understanding your

00:14:23.480 --> 00:14:28.399
overall stock strategy as well as of

00:14:25.720 --> 00:14:30.440
course an extensive view on Raymond time

00:14:28.399 --> 00:14:31.880
to take a very quick break stay with us

00:14:30.440 --> 00:14:32.920
we've got lots more lined up on the

00:14:31.880 --> 00:14:35.519
other

00:14:32.920 --> 00:14:40.519
side if you like this video then like

00:14:35.519 --> 00:14:40.519
share and subscribe to e now