Outlook For Indian Equities Is Extremely Positive: Raamdeo Agrawal | Market Cafe | N18V

[Music] if a company keeps making losses it is worth five bucks only whoever is buying it doesn't matter God comes to buy then also it is worth five bucks is one single achievement is what he bought Titan must definitely midcap if not a small cap at that point of time maybe midap at that point of time to become top 10 15 companies of India so you must understand if you raise the prices Supply will come asman Supply whether fi sell promoter sell block Bill happens new insurance come Supply will come see there will be there is a thing called unom in yoga isn't it you keep breathing and then you have to breath out also it is necessary if you don't breathe out can you can you keep breathing up no you cannot market like that yeah hello and welcome to a very special edition of Market Cafe I'm your host sui upadhi the financial year is finally drawing to a close and markets have had a bit of for rumble perhaps the first little correction that we've seen in midcaps and small caps in a long long time people are slightly confused wondering what they should be doing with their portfolios in the longer term wealth creation Journey well my guest on the show today perhaps very rightfully calls himself a grandfather in the Indian stock market and why not he has spent 40 years in this market and he's literally watched the country's stock market explode in the last four decades or so and today he's going to tell us why we investors should not get too fixated about this distinction between large caps midcaps and small cap stocks when it comes to long-term wealth creation let's go and meet Mr Ram [Music] [Music] Agarwal Ram G it is such a pleasure to be here with you in person in your office and I'm really looking forward to this conversation thanks for coming it's it's going to be you unplugged literally on Market Cafe today so uh so it's great to have you here uh let me just start by asking you the financial year is also coming to an end now so how has it been professionally personally what thoughts couldn't be better first thing is that my health is very good very stable very nice and so that that is like 90% of the story true 10% wealth has been taken care of the market markets have been fantastic mid capap small cap large cap everything is roaring yeah so I think we could have had a better year uh for for the investors at large number of customers coming in uh the kind of participation we have seen uh turnovers across the market segments have just gone through the rof uh inflow into the AMC's inflow into the wealth management ey banking deals I mean we are into all all kinds of Capital Market businesses M and that is what uh is doing very well it's actually booming sector and I think we are into a very long Hall in terms of this boom it's just very nent I would say okay I know you're very very bullish about the Capital Market sector as a whole and you know what it really brings uh and the kind of investment opportunities that perhaps it also throws up we'll talk about that as we go forward now I just want you know our viewers to know the theme for the show today uh you know what Ram G has decided to focus on is why perhaps as an investors we should not get too fixated with this whole sort of bucketing between large cap or midcap or small cap and which stock should I buy so I get great Alpha and great returns uh in my portfolio that's right that we we'll talk about breaking out breaking away from the shackles of market capitalization is that right yeah okay so basically investing is not about you don't look at the price first you know when you invest you look at the value first I mean if you go to buy uh say a watch I mean price you'll ask is last I mean if say a brand is there in that there are 20 watches starting from say 10,000 to 10 lakhs but the tag is not there first you see which one you like true first you like it and then you ask for the price and you thought that it might be L worth a lakh and it turns out to be 10 lakhs then you say boss this is not my budget or this is not what I'm looking for then you go and look for something else and you say okay this fits in and this is aable you thought it is worth three lakhs but it is avilable for 1 lakh you go and buy it's great value Great Value so that is how investing is being done as simple okay you know but this entire starting itself midcap small cap and uh large cap so you know investor is I I think uh it's a too much of noise about this cap thing because of uh this is only unique Market where this categorization is very what do you call almost legalized that you are a large cab you're a small cap and mid cap yes this concepts are there like in us I think about 200 million to 2 billion is a considered as small cap and 2 billion to 10 billion is considered as midcap and beyond that everything is large cap sure it's also big Market it's a liquet large cap see when you are a $25 trillion Market see now is a $50 trillion Market the definitions are not changed true so so the top 100 is not large cap there anything beyond 1020 billion is large so if if if the half the market is beyond 1020 billion so so be it so be it so you know this conversation is also happening at a very very good time perhaps because uh this whole business of midcap and small cap and whether mutual funds are getting stressed whether there's too much money going in these funds all of that I mean I think coupled with other factors it also led to a bit of a small correction so we we've actually got lots of questions I I've sort of ask people what they want you to answer so I'm going to you know take the liberty of bringing in some of those questions and let me start with the first one this is Deepak Deepak is saying is the midcap scare over or is there more expected I'm invested in a few M and small cap names in small quantities and I'm sitting on a loss so I don't know what I should do yeah see if it's so sad I mean just to say Ian there company has no name it's only midcap I mean how would you say that you know I mean uh I'm a Punjabi guy but but you must explain what isly you do you an engineer you're a scientist what you are so I think underlying value is completely being ignored yeah you got to if you're a midcap if you're a midcap but you are earning say uh 2,000 crores and P P multiple is 10 and uh say 15 to qualify as a 15 P multiple 2,000 CR you earning your Ro is say 100% 80% how how do you care let the market in fact the the invest Investor's journey is that if he's really successful guy he must buy a small cap which becomes very large gap absolutely one single achievement is what he bought Titan definitely midcap if not a small cap at that point of time maybe midcap at that point of time to become top 10 15 companies of India so that Journey has to happen but he didn't buy because it a midcap or anything like that he bought it because he saw value in that Val in that so I would urge that everybody should forget about midcap large gu small cap and see if you're a small guy you will understand in small companies it is very difficult for a small starting guy to understand complexity of Reliance and Telco and tsco and all businesses of the sizes you the the numbers will not get into your head how will you understand the value so what you're saying is that uh don't get bogged down by market capitalization look at value of the businesses but you're not saying uh you know buy more large caps and less mid and small caps what you're saying you must look at the opportun is what is the process of investing my process of investing is I look for Trend where isly that big Delta is going to happen Okay say okay in Capital Market this big Delta is going to happen because I'm close to it I can see that big big Delta happening I'm giving an example okay now but just knowing the trend doesn't help you then you go and figure out which are the companies in that particular category okay then the companies will come in all size and SES right from very large uh say uh a capital Market company or AMC which might be 1 lakh 75,000 CR to as small as a booking company which might be 500,000 crores you know let me ask you this because you you spoke about Capital markets and I know that your fund managers in the PMS have quite a few stocks you know reflecting this this sort of belief that you have you have I think BC Angel one quite a few of these companies are linked to the wealth creation process in the country the I think the thing people grapple with is trying to understand fair value and good value and undervalue because these they there in the stock not because they small cap midcap or large cap they are in there because the fundamentals or underlying value their understanding of value is way way below the way above the price it is quoting at so so okay since we're on the subject uh what about valuations for some of these businesses I mean these are like sort of pure your pure companies or you know exchanges or asset managers Etc because in many cases the stocks themselves are up 200% 300 400% and then you have a market correction coming in and people get confused yeah so what's what's good value I can talk for the people I can talk for my managers or what we are doing what what is our understanding of things see there will be there is a thing called UN willom in yoga isn't it you keep breathing and then you have to breath out also it is necessary if you don't breathe out can you can you keep breathing up no you cannot market like that yeah every stock every sector has to breathe up and then after a big rally you have to have a good correction sometimes Corrections are immediately after small rally sure sometimes is after big rally you know so but correction is extremely necessary essential part of the stock market movement true you have to take it for granted and if you and that is why it is called risk asset it can be up it can be down and that is what is not being likeed by the investors at large you have to understand it is integral this are quotational losses the corrections are quotational losses they're not losses they are quotational losses you have been overpaid 100 went to 200 you have been overp paid don't take it you have paid you still in the stock you should have got only 160 so 200 has to come to 160 but it will not come to 160 it will come to 140 because Market has Market doesn't have very precise way of uh giving a price it is very approximate machine it will go five steps up four steps back then again seven steps up then four steps down like that so you know recently in the recent past words like fro Etc were being used for the broader Market made in small cap uh do you believe that there's believe more correction has to happen see what is happening is you must understand the factors driving the market right now factors are the number of investors which are coming in after 75 years first time we are seeing celebration of retail investing or celebration of stock market okay thanks to digital infrastructure thanks to kyc Norms being eased out and uh generally the Mandate by government that Capital formation in the country is extremely important for the sustained growth in the future okay now that Equity see for a country to grow or Enterprises to grow job market to grow you need Enterprises to grow Enterprises will grow only if you provide them adequate quantity of equity Capital to start with at reasonable prices and then debt capital is there if once you have the equity then you have the debt but without Equity there is no debt so the show doesn't happen so clearly this is happening we are getting about four to 5 million customers every month and this is a record from 3540 million in 2020 we have reached last month 150 million I think we are headed straight to 300 million re it's a revolution and it is not going to happen overnight it is going to take 3 to four years and then after that after 300 million let's let's first reach 300 million then we'll talk about 600 million okay now what is happening is the pace is accelerating instead of going down after four five four and then three and a half and three it is actually going from 3 to 4 to 5 and now let's see we have done 4.65 Max I don't know what the number for March but my sense is now initially there were only 30 40 million customers satisfied so they were bringing their brothers and sisters and all now 150 millions are satisfied so the whole society after Society is coming in like the whole city is coming whole Township is coming whole building is coming so now there is a lot more movement and acceptability of the concept of investing some portion of your savings see last year between in 23 24 as of this Friday the number came we have collected about 17 lakh cres of fixed deposits Bank deposits have grown by I think 13% and 103 so I think 17 18 lakh cres have come I think stock market must have got during the same period about 3 to four lakh uh maybe 5 lak so only I mean only 1/4 or 1/3 of the fixed deposit that is not the right thing eventually it will become almost equal sure but that may take 5 seven years so it is a we are into midst of very huge Market sorry what I would say uh savings allocation change in the economy and this will happen it will take time and economy has to also perform see just by bringing money the show is not going to happen exactly people are coming because at the end of the day they have seen what has happened from March 2020 and a lot of the retail investors there are a lot of new time people who've come to New New Age investors who've come to the market right they've not seen Cycles have' not seen a meaningful correction does that bother you at all no it doesn't bother me because the color money is same whether you put it as a professional or some new guy puts it the issue is that overall aggregate money where it is going is it going into the uh building of the the infrastructure is it going to build the Corpus I mean is it primary insurance or is it a secondary like ITC bat taking away say $3 billion or and half billion that doesn't help that much or Indigo promoter taking over a billion doar that doesn't help of course it is necessary part of the Capital Market but disproportionate amount should go into the primary issuance so like a telecom company issuing say 50,000 cres worth of bonds or equity and that being subscribed what they will do they will go and put up new towers new you know so that will actually spur the economy you know it's it's really uh interesting that you brought up some of these huge block deals that have happened and a lot of them have I think 2023 we saw massive blocks coming in it's continuing in 24 and this is also a question that comes up because at the end of the day because of the the retail Revolution a lot of the buyers are mutual funds so I mean I am buying at the end of the day when maybe a promoter is selling or maybe a very sophisticated right to sell they have a right to sell absolutely but is there any reason to worry because they are supposedly smart insiders nothing to worry Natural Market phenomenon okay so you must understand if you raise the prices Supply will come as Supply whether fi sell promoter sell lock deal happens new insurance come Supply will come so first 3 years we saw the Boom in the demand side because of this infu now you see the the uh what you call the the power of Supply but that does that mean that it maybe for an entry there's a bit of a top in the market yeah don't become too topish this that it's a part of the game see see if you if you're playing football I mean if one guy is Manchester United other side is m what will happen they'll just go and keep hitting there has to be Supply Supply will come and that is the healthiest part that's the real role of the stock market to supply secondary liquidity as well as primary liquidity right so my only wish is that liquidity which is liquidity which is taken away from the market that should should have a lot more uh what do you call primary component like where Regulators have said t plus 3 for the listing so they're making every single effort to see that money is being raised very quickly in the economy yeah so you know entrepreneurs who are seeking to come in typically for the stock market who comes the guys who have about say 3 400 turnover 40 50 60 CR 100 profit they only come for the listing and they have huge aspiration a hospital company who has say th000 rooms he wants to set up 2,000 rooms okay come we'll give you 2,000 CR 3,000 CR and you set up 3,000 3,000 rooms and that that is what is the Chan effect in the tourism or infrastructure or whatever uh so that see so what happens is the uh the equity boom uh has the wealth effect in the system and wealth effect has two things one it leads to massive consumption move yeah consumption then you get the GST government gets the tax government gets the tax they're able to spend in the infrastructure much more aggressively so that's one part of it second if you if you have wealth effect then there is a boom in the real estate entire real estate all over the country there the land building Flats houses everything is 50 to 100% up sure that has its own momentum in the economy so all this put together I don't know many more effect would be there but uh but clearly the consumer confidence is very high moral is very high employees are very happy with the being you know price well so clearly there is a lot of effect in the economy and that effect from the wealth is going to be added effect apart from whatever capex is doing as for the general budget so combin these two are going to give us 7 to 8% growth rate which is what the economists are not getting economists are saying 6 and a half I they're very reluctant to say even s all our economists are below seven yeah you know but actual numbers is about 7 and half eight I'm telling you every single guy will be shocked if the market remains uh Market goes from say 22,000 to 24 25,000 in next 12 months we might cross 8% grow so next 12 months possibility that we could see even 24,000 plus I don't know you you you are a better judge you talk to all the gurus so you know okay I'm going to come back to some more questions more viewer questions this is Prine bandari and he's saying that how can we expect the market to behave over the next 3 to 5 years assuming that we get a stable Government after the general elections there's no political sort of accident that happens along the way so you're very optimistic and you you've answered that partially because of all the factors that you that you brought in let me just add a you know a Cory to the question the only thing is that we've not had a meaningful correction I don't know if the the one that just happened in the last two weeks is that even meaningful so how do you look at the next three years given the fact that it's been pretty much a nice oneway ride from covid onwards correction will happen don't ask me when and why okay but it will happen it has happened for last 40 years it will happen again you know uh what will spur that I don't know it might be just a supply there'll be so much of Supply that every day you are taking $1 billion from the market by block deal clearly there will be correction people will get fed up and now government is not even selling the PSU dment is not even started so government should also sell this is a golden opportunity for them I think post election the new new FM or whoever is the in charge dep and all they must sell if they don't sell then there is a wasted opportunity because they must use by selling 2 lakh crores they must go and build whatever fancy roads they want to make instead of four land you must make eight land roads but you must sell so uh clearly I mean there see the overpricing is not a healthy thing if something should trade at 15p and if it is Trading 35p see the person who's holding the stock he loves it but it is a completely wrong thing it is not healthy at all for the market some is going to collapse so correction will happen but back to prine's question he's saying next three to five years what are what kind of a market are be looking at and how should we gear up how should our portfolios be ready for it yeah so my see I it is it is dependent on the fact how the corporate profits move if a company keeps making losses it is worth five bucks on whoo is BU buying it doesn't matter God comes to buy then also it is worth 5up because it is making losses so if the earnings which is say Nifty earnings let's talk about broad so this year our guys are saying that we will earn anywhere between 980 to 990 975 some closer to 1,000 bucks next is the forecast what they can see as an aggregate is about 1150 so they're saying about 15% earnings growth earning growth is possible and now that could be in reality I mean generally things are going better than what they're saying so it could be 1170 1180 that as time comes they will revise I mean it also depends on rate cards and whole lot of things so but then trajectory of the earnings about 15% my multiple see it is p multiplied by earnings so earnings are this is outlook for the earnings P multiples are pretty rich at about 21 22 I would say that if it is uh say 20p so that gives me a a minimum of 23,000 and if it is 22 then you can do about uh another 3,000 so we might end up at 25,000 that is the most optimistic I would say it's the bull Cas scenario absolute upper upper uh Bulls side case of uh Because by the time you exit you are looking at 13,000 or 14,000 of 25 26 and what about bare case bare case could be you can see a complete economy is stagnating economy is stagnating completely I mean instead of 7 8% the moment you say 5% Market will sell out if you say just 5 yeah say mood are saying 6.8% S&P is saying 7% so the Outlook is clearly you know going up and up right now the momentum is positive PMI is positive everything is looking good TX tax collection is very powerful every month you get the highp speed data correct correct you know so tax collections are very strong in fact it is beating the government expectation revised budet estimates also so clearly everything is right now there is no reason to say that earnings are going to collapse so okay now let me put both the things together you're quite optimistic on the medium to long-term outlook on earnings on just the way you know uh the economy is shaping up here and you saying don't get fixated on large mid or small let's combine these two and now ask you the question that all our viewers want some answers to uh themes ideas you know the big picture stuff that should reflect in anyone's portfolio who's here at least for the next five years yeah so see first thing is you should remain allocated the staying out of Market is not going to help because we don't know as we are talking Market will be up 2% or down 2% you know it is that kind of momentum is there so you be allocated because the long-term Outlook is very good I have stayed in the market for 45 years I mean I'm really Grandpa of this Market you you started in the 80s right 1980 1980 when index was 100 SX was 100 I have seen index growing by 727 30 times x dividend come would be almost thousand times wow so so this is a story of this poor country you know large poor country now we are most populated and we are no more that poor you know in the sense that we are in the racking we are top four five size of the economics and in power of compounding what happens is the base is very important you compound at 9% dollar but when you compound it on a say 100 billion and you double in say 9 years that is 100 going to 200 billion but when you Compound on four 4 trillion you again go from 4 to 8 trillion so this is the journey you're going to do in 75 years you have done 4 trillion in next 9 years or 8 years you are going to go from uh 4 trillion to 8 trillion so that is 8 years that is from 24 to say 32 and 32 to 40 you're going to go from 8 trillion to 16 trillion I don't have much doubt about this at Le I'm Optimist I think this much will happen it has happened in last 40 years it will happen in next 15 20 years so there's nothing to disturb if anything forces are gathering Pace to favor India so my sense say this is this journey is going to most exciting Journey now here how do we look at things how do we develop themes where are the big trends yeah see you have to find big trends where things are ignored things are not being fully priced uh see there are some places where Trends are right on top of the world then you ride the trends are like because no Trends are permanent Trends are for 3 years 5 years s years and then it subsides okay so which are the early Trends and where things can be big like say uh say like Capital markets I said just 3 years old Trend I think if if we are going to go from 150 million to say 500 million in next 10 years I think we have there's a long Runway long and it's a very Consolidated business mind you it's not a very spread out business MH when we started in 87 the turnover was 200 CR per day and there 500 Brokers they were not able to settle the markets today we are doing do you know how much we are doing 400 lakh Gres per day total turnover total turnover and there are only 50 Brokers so it's so it's a real explosion that's happened in the capital markets it's still going at 50% sure sure so I think we have a see whatever is digitized I think it just scales up like M so that's one big theme the let me ask you about the themes that are already now about a year old and get your sense on whether there's more or not should be our talking like this one thing I'm I'm not going to talk any stocks absolutely we can talk some sectors here and there which is which is known to everybody what is doing well and what is not doing well yeah okay Auto is doing well capex is doing well defense is doing well medical is doing well so those are the things which are which are trending very well but there are the real fun is buying something which is not trending well right now or at a very L stage but eventually it's going to become very large and do you see something like that of course so if you not stock needes but just ideas so s real estate real estate was in dump 3 years back and now they have got up and growing but still early stage for them they are repairing the balance sheet is still but this sector along with the stock market can become very large because still the housing is not done and as you become rich I mean the biggest growth sector is going to be uh real estate because you want to in in a house now the issue is that how they use the power of market cap power of their valuation to uh to speed up their project execution and give better value to their customers but what about the stocks uh do you still find Value in real estate stocks I see don't see you have to you are the investor you have to figure I'm telling you the broad Trend in the econom broad Trend in the sector from there you can find some small Cab in Chennai or I mean every city has their own real estate company and Brilliant guy could be there so you have to find those stocks and invest in them of course large cap dlf your oberoy your Lo and those things are listed you can really go and see what is happening there absolutely absolutely so that sector can be very large defense expenditure infra expenditure Auto expend actually when the economy booms literally every sector participates in that sure some someone's like capex is going to be very big thing as we go forward very big me seriously very large so you know I completely understand where your optimism is coming from because when we talk to these companies with managements they talk about their order books they talk about the opportunity they they talk about government spending uh but just broadly speaking uh in terms of how much the market has already discounted whether it's defense whether it's capital goods there is energy transition power now I mean there so much of even th thermal capacity being add your fossil fuel transition your wind solar those things are not even started so even in terms of valuations there's still Comfort don't worry too much about the why you so upset about valuation you size it up I mean we cannot size up in this 10 minutes sure every company you have to go and figure out what is the prospect for the company what the company is going there go and understand stay two days with them then you'll understand some sense of it what is there so markets are not very good in discounting very long term they're very good in fact where they're they're very excited about the shortterm and they have no clue about very long term no clue at all and that's why you make money you see in HDFC bank or even infosis and all you made money back ended not in the front-ended I mean in 96 97 it was very clear HDFC bank is a winner or even 2000 was winner you see after that what has happened you got 30% return for next 20 years how come and now so now yes the story still remain same if you understand yeah yeah I mean this is a time to really go and do research and figure out what is the future of it are they going to lose market share or are they going to build on the market share because the the credit growth or uh the banking needs of the country is going to goow at 15 16% so the whole call is if they keep going market share they will grow 15% plus 15 you know one more sector I just want your broad thoughts on is uh you know technology now technology has lots of different ramifications one is the traditional technology or infosis TCS type of businesses then there is the new agage internet type of companies and I I know that in your PMS you own some of them I think zato is a pretty big holding for you folks uh and then there is there are the likes of the the fintech right where payments and Banking and Technology come together the likes of PTM uh so in this universe what are you most bullish on see the largest segment is a classical services companies they are right now little slow after immediate burst of postco there were a lot of thought process that everything be working from distance and everything will be automated and things like that and a lot of projects came there and and right now they're going through a little slow pH so this is now it depends on how well you understand what is going to the longer term future is the AI going to cut their number of jobs or are they going to be new source of apart from other sources there is also going to be new source of businesses that has what has happened layer after layer I have seen when they started it was more of a stopping Services between 95 to 2000 2000 onwards then boom started then Erp started then uh all kinds of things keep coming Cloud happened digital transformation transformation happened and now ai transformation is there so all those things are still on on top of it AI transformation has come so I think the opportunity size is growing every business has to recalibrate and uh reconfig and come back I don't have any doubts that some of some of the companies will fall by the ways side if they're not able to change but the ones who are able to change and go on the mainstream of AI adoption and facilitating the companies or clients adopting more and more and exploiting AI potential they will do very well but maybe it is early stage okay okay and and the internet companies some of them internet companies see internet driven internet on the back of any business say like all this grocery delivery or food delivery the digital engine which has been put or on the pay payment mechanism you have digital you have fex you have uh online digital insurance companies digital banks are coming so digital is going all over so you have to be see anything goes digital and if it is successful in making money so for the which some of them have now started doing yeah so the point is that actually our broking industry is the most digital right from onboarding to fulfillment everything is digit that's why you're doing 5 lakh CR 5 500 lack per day turnover and that to t plus settlement and SE is promising t plus Z you imagine nowhere in the world it is possible unless it is digital so we are most digitized uh successful digital business and growing like crazy so uh clearly you have to see where exactly the positive impact of digital is there and obviously when there is a positive effect there's some people who are not able to adopt and there's a negative effect so you have to be you have to be siding with the people who are able to adopt and exploit the power of Technology okay uh RAM sir it's been a pleasure listening into to you but as we wrap up up and I just want to sort of take a step back and you know assimilate everything that you've said uh you've had a more than a 40-year career in the Indian Capital markets you've seen more than I think double of what any of us have seen so as we look at this wave where we are probably two three years into this bull market uh what is the the one lesson that you would want everyone to remember or the one tip that you'd like to leave us with one is don't don't time the market it'll always give a lot of jets un necessarily there could be sharp correction they deeper correction stay invested have faith in this country's future and future of this Market it can give you pain for sure nobody can guarantee you a straight uh kind of thing but in last 40 years I have seen when things were not as good as what it is today uh things were not looking as rosy in 2000 or 92 and all still it has given 15% return compounded and you know power of compounding so better you investors know power of compounding first to really feel the future because future you can see only with the past the past has compounded for 15% for last 40 years I have no reason to believe to say it will be even 14 and a half I would say rather 15 and a half because of optimism but I would say stict to 15 only or rather consider 14 okay and 15 means you're saying every five years it will double every five years so let's live first five years that's index will double 15% of course then you should do much better as an active participant so 22,000 will go to 44,000 next 5 years let's keep it there beyond that when you say 44 will go to 88,000 sensex will become sorry Nifty will become sensex then people start finding it crazy doesn't get into the head so first tackle with the uh first five years and that's a good enough kind of long-term potential of everybody I would think in 5 years index should touch about anywhere between 40 to 45,000 okay I think that's a great great uh Target to kind of keep in mind looking at the power of compounding and I think lots of insights that you've shared with us uh so that some of that wealth effect shows up in our portfolios as well thank you so much for taking out the time and joining us for thank you so much thank you all right that's a wrap on this very special edition of Market Cafe see you again soon thank you for watching cnvc TV 18 and do follow us on all our social media platforms for news updates and more [Music]

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Id: LZGJ1fK2f2Q

Length: 35min 8sec (2108 seconds)

Published: Sun Mar 31 2024