There are two stocks that are worth revisiting, two stocks which one can identify with and both are down because earnings have disappointed. One is Reliance and second is D-Mart. You track both of them very closely.
Deepak Shenoy: I have not seen D-Mart as closely, but I saw it recently because of all the news about them losing out to quick commerce. I do not think that is quite the case. But of course, at some level, the quick commerce discounting mechanisms and their concentration in the urban markets where D-Mart is popular, will, of course, hurt D-Mart a little bit more than perhaps Reliance Retail, which has a more broad-based presence and also a portfolio.
So, in general, the retail ecosystem has changed or is changing in India and that is a good thing. We are getting price pressure, which is also a good thing, because that means that the consumers are able to get something at a cheaper price. But such things do not last too long. At some point, we are going to have issues, especially when some of these are foreign-owned companies and have quasi-inventory issues because they own inventory on their books through some kind of a side deal mechanism with some other companies and such things effectively catch an ED notice and then, there will be some kind of action that will come in on the quick commerce setup. All the quick commerce setups have something like this going on, where they are mostly owned by foreign players. But even though they cannot own inventory, they have got their own dark stores in a way and that is not really going to fly well. So, in the short term, we are going to have trouble in retail, long term not much.
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