IDFC First vs Federal Bank Detailed comparison on 20+ KPI - Which is better | Fundamental Analysis

Summary

This video compares two mid-tier private banks, IDFC First and Federal Bank, based on their performance over the past year and three years. It evaluates key parameters such as deposit growth, asset quality, profitability ratios, and digital focus. Despite IDFC First's higher growth in deposits and advances, Federal Bank shows better profitability and operational efficiency. The analysis concludes that both banks have potential for long-term wealth creation, with Federal Bank's strong succession plan and IDFC First's recent capital raise, suggesting a promising future for investors.

Takeaways

• 🏦 IDBI First and Federal Bank are two mid-tier private banks that have shown promising growth and development under the leadership of Mr. V Vaidyanathan and Mr. Sham Shasan, respectively.
• 🔄 IDBI First faced challenges after its merger with Capital First in 2018, inheriting weak asset quality due to exposure in wholesale and infrastructure lending.
• 📚 Federal Bank, one of the oldest banks in India, was traditionally controlled by bureaucrats and had a limited presence mainly in Kerala and the southern region.
• 💼 Both leaders, with decades of experience, have a shared history of working at City Bank and have focused on digitization and building a strong bank culture.
• 📈 IDBI First has shown impressive growth in deposits (38%) and advances (24%) compared to Federal Bank's 20% and 20% respectively, indicating a more aggressive expansion.
• 💰 IDBI First has a higher CASA ratio (46.6%) than Federal Bank (29%), which is beneficial for bank profitability.
• 🛒 IDBI First has a larger retail loan book (72% of total loans) compared to Federal Bank's 45%, showing a stronger focus on retail banking.
• 📊 Federal Bank has better profitability ratios with a higher Return on Equity (RoE) of 13.6% and Return on Assets (RoA) of 1.27% compared to IDBI First's 3% and 0.91% respectively.
• 💼 Federal Bank demonstrates higher operational efficiency with a lower cost-to-income ratio of 53.2% compared to IDBI First's 70%.
• 📉 Despite higher net interest income, IDBI First's net profit is lower due to higher provisioning and cost-to-income ratio, resulting in a negative net profit growth of -11% compared to Federal Bank's 18% growth.
• 💹 Federal Bank has outperformed IDBI First in terms of share price growth, increasing by 48% in the last year compared to IDBI First's decrease of 15%.

Q & A

What are the two mid-tier private banks discussed in the video?

The two mid-tier private banks discussed are IDFC First Bank and Federal Bank.

Who are the leaders of IDFC First Bank and Federal Bank?

IDFC First Bank is led by Mr. V Vaidyanathan, and Federal Bank is led by Mr. Sham Shashank.

What major challenge did IDFC First Bank face after its merger with Capital First in December 2018?

IDFC First Bank faced a major challenge of inheriting weak asset quality from Capital First due to its high exposure in wholesale and infrastructure lending.

What is the significance of the CASA ratio for banks?

The CASA ratio, which stands for Current Account Savings Account ratio, is significant for banks' profitability as a higher ratio indicates a lower cost of funds.

How has the retail loan book composition differed between IDFC First Bank and Federal Bank?

IDFC First Bank has a retail loan book composition of 72%, while Federal Bank's retail book is at 45%, indicating that IDFC First Bank is more focused on retail lending.

What profitability ratios are used to compare IDFC First Bank and Federal Bank?

The profitability ratios used for comparison are Return on Equity (RoE) and Return on Asset (RoA), with Federal Bank showing better performance in both.

What is the importance of the net interest margin (NIM) for banks?

The net interest margin (NIM) is important as it represents the difference between the interest income generated by banks and the amount of interest paid out on their liabilities, essentially reflecting the bank's profitability from its core lending and deposit-taking activities.

How has the cost-to-income ratio impacted the operating efficiency of IDFC First Bank and Federal Bank?

A lower cost-to-income ratio indicates higher operational efficiency. Federal Bank has a lower ratio of 53.2% compared to IDFC First Bank's 70%, suggesting that Federal Bank is more efficient.

What has been the impact of provisions on the net profit of IDFC First Bank and Federal Bank?

IDFC First Bank's provisions have jumped significantly, impacting its net profit negatively. In contrast, Federal Bank has shown a more moderate increase in provisions, allowing for better net profit growth.

How do the market capitalizations of IDFC First Bank and Federal Bank compare?

Both IDFC First Bank and Federal Bank have similar market capitalizations of around 50,000 crores.

What are the future expectations for Federal Bank after Mr. Sham Shashank's departure?

Mr. Sham Shashank will be replaced by Mr. Krishnan Venkatsubramanian, a banking veteran with experience at Kotak Mahindra Bank, indicating a strong succession plan for Federal Bank.

What recent capital raising activity did IDFC First Bank undertake?

IDFC First Bank recently raised 3,200 crores through a preferential round of capital, attracting top insurance firm, Life Insurance Corporation of India, increasing D St's holding to 12.8%.

What are the key metrics for IDFC First Bank's five-year guidance for 2029?

IDFC First Bank's five-year guidance for 2029 focuses on achieving high profitability with high RoE and RoA, aiming to reach net profits of 12 to 13,000 crores compared to the current 2,232 crores.

Outlines

00:00

🏦 Comparative Analysis of IDFC First and Federal Bank

This paragraph introduces a comparative analysis between two mid-tier private banks, IDFC First and Federal Bank, highlighting their leadership and growth strategies. The speaker mentions Mr. V Vaidyanathan of IDFC First and Mr. Sham Shamsunder of Federal Bank, detailing their respective challenges and growth paths. IDFC First had to deal with a weak asset quality post-merger, while Federal Bank had a history of bureaucratic control and a regional focus. Both banks are praised for their focus on digitization and retail banking. The analysis is based on more than 20 key parameters using the latest Q1 FY25 results and compares performance over one and three-year timeframes. The speaker emphasizes the importance of doing personal research for investment decisions and clarifies that the analysis is intended for long-term investors rather than traders.

05:01

📊 Key Performance Indicators and Financial Insights

The second paragraph delves into the financial performance of both banks, comparing their deposit growth, CASA ratios, loan books, and retail focus. IDFC First shows a higher growth rate in deposits and advances but has a lower profitability ratio compared to Federal Bank. The net interest margin, a key indicator of a bank's profitability, is significantly higher for IDFC First. The cost-to-income ratio, which reflects operating efficiency, favors Federal Bank. Despite higher net interest income, IDFC First's operating profit is lower due to higher costs. The paragraph also discusses the impact of provisioning on net profits and the growth in share prices and market capitalization, concluding with a note on the banks' valuations and price-to-book ratios.

10:02

📈 Long-Term Growth and Strategic Developments

This paragraph examines the long-term growth trajectories of IDFC First and Federal Bank, focusing on deposit and advances growth, retail loan composition, and profitability ratios. Over the past three years, IDFC First has shown a more rapid growth rate in these areas compared to Federal Bank. The speaker also discusses the improvements in asset quality and net interest margins for both banks. Despite higher provisions and costs, IDFC First has made significant progress in its operational efficiency and profitability. Federal Bank has maintained a lower cost-to-income ratio and higher profitability. The paragraph also touches on the leadership changes at Federal Bank and the capital raise by IDFC First, suggesting that both banks have strong future prospects.

15:02

💡 Future Expectations and Investment Guidance

The final paragraph discusses the future expectations for both banks, emphasizing the importance of the banking sector in the growth of the Indian economy. The speaker provides an optimistic outlook for the long-term growth of quality private banks, despite short-term challenges such as the impact of COVID-19 and pressure on net interest margins. IDFC First has shared a five-year guidance focusing on profitability targets, while Federal Bank's future expectations will become clearer with new leadership. The speaker invites viewers to join a community of long-term investors for further guidance and shares information on how to access additional investment insights, concluding the video with an invitation to share the analysis and a reminder of the importance of personal research for investment decisions.

Keywords

💡Mid-tier private banks

Mid-tier private banks refer to financial institutions that are smaller than the largest banks but larger than the smallest, often offering personalized services and competitive rates. In the video, the speaker discusses two such banks, IDFC First and Federal Bank, highlighting their growth and performance in the Indian banking sector.

💡Merger

A merger in the context of the video refers to the consolidation of two companies, IDFC Limited and Capital First, which became IDFC First in December 2018. Mergers are often pursued to achieve synergies and growth, but in this case, the newly formed entity faced challenges due to inherited weak asset quality.

💡Asset Quality

Asset quality is a measure of the creditworthiness of a bank's loan portfolio. The video mentions that IDFC First inherited weak asset quality due to high exposure in wholesale and infrastructure lending, which is a critical factor in evaluating a bank's financial health.

💡CASA Ratio

CASA stands for Current Account Savings Account, and the CASA ratio indicates the proportion of low-cost deposits in a bank's total deposits. The video highlights that IDFC First has a higher CASA ratio than Federal Bank, which is beneficial for profitability as it reduces the bank's cost of funds.

💡Advances

Advances in banking terminology refer to the loan book or the amount of money a bank has lent out. The script compares the advances of IDFC First and Federal Bank, noting the growth rates and the absolute numbers, which are key indicators of a bank's lending activities.

💡Retail Loan Book

The retail loan book encompasses personal loans, mortgages, and other consumer loans, as opposed to wholesale or corporate loans. The video emphasizes that IDFC First has a higher percentage of its loan book in retail loans compared to Federal Bank, indicating a retail-focused strategy.

💡Profitability Ratios

Profitability ratios, such as Return on Equity (RoE) and Return on Assets (RoA), measure how effectively a company generates profits relative to its equity and assets. The video compares these ratios for both banks, with Federal Bank showing better profitability.

💡Net Interest Margin (NIM)

Net Interest Margin is the difference between the interest income generated by a bank and the amount of interest paid out, expressed as a percentage of the bank's earning assets. The video notes that IDFC First has a higher NIM than Federal Bank, which is a positive sign for its revenue generation.

💡Cost to Income Ratio

The cost to income ratio measures a bank's operating efficiency by comparing its operating expenses to its income. The video points out that Federal Bank has a lower cost to income ratio than IDFC First, indicating greater efficiency.

💡Provisioning

Provisioning in banking is the amount set aside to cover potential loan losses. The script discusses how IDFC First's provisioning has increased significantly compared to Federal Bank, which impacts the bank's net profit.

💡Market Capitalization

Market capitalization, or market cap, is the total market value of a company's outstanding shares of stock. The video mentions that both IDFC First and Federal Bank have a similar market cap, which is a common metric used to gauge a company's size relative to its industry.

💡Price to Book Ratio

The price to book ratio compares a firm's market value to its book value, indicating whether a stock is overvalued or undervalued. The video concludes that both banks have the same price to book ratio, suggesting similar valuation levels.

Highlights

IDFC First and Federal Bank are two mid-tier private banks with promising growth potential.

IDFC First faced challenges post-merger with Capital First, inheriting weak asset quality due to high exposure in wholesale and infrastructure lending.

Federal Bank, one of the oldest banks in India, was historically controlled by bureaucrats and had a regional focus.

Mr. V Vaidyanathan of IDFC First and Mr. Sham Shasan of Federal Bank are both highly competent bankers with decades of experience.

Both banks have a strong focus on digitization and have created a significant presence in the Indian banking sector.

A comparative analysis of the banks is conducted based on over 20 key parameters using their latest Q1 FY25 results.

IDFC First has shown impressive growth in deposits and advances but faces challenges with cost to income and provisioning.

Federal Bank demonstrates better profitability ratios, with higher Return on Equity (RoE) and Return on Asset (RoA).

Asset quality for both banks is comparable, with similar gross and net Non-Performing Assets (NPAs).

IDFC First has a higher Current Account Savings Account (CASA) ratio, indicating better profitability potential.

Federal Bank shows operational efficiency with a lower cost to income ratio.

IDFC First's net profit growth has been negative, contrasting with Federal Bank's positive growth.

Share price performance has varied, with IDFC First down by 15% and Federal Bank up by 48% in the last year.

Both banks have a similar market cap and valuation, with a Price to Book ratio of 1.9.

Long-term growth analysis shows IDFC First outperforming Federal Bank in deposit, advances, and retail loan growth.

Federal Bank has consistently shown higher profitability and better asset quality over the last three years.

IDFC First has provided a five-year guidance focusing on achieving high RoE and RoA, aiming for significant net profit growth.

The future of Federal Bank will gain more clarity once Mr. Krishnan Subramanyam joins as the new MD.

Both banks are considered promising for long-term investment, with the banking system being integral to economic growth.

The analysis serves as an educational tool, and investors are advised to conduct their research for investment decisions.

Transcripts

hey everyone there are two mid tier

private banks that I've been tracking

for a long time and found them quite

promising it's idfc First and Federal

bank idfc first led by Mr V vatan and

Federal Bank led by Mr sham shasan idfc

first on one side had a roller coaster

Journey where idfc limited got merged

with capital first in December 2018 to

become idfc first but this merger had a

major challenge where newly formed idfc

first inherited weak asset quality from

ADC limited due to its high exposure in

wholesale and infrastructure lending On

The Other Side Federal Bank is one of

the oldest bank in the country with

presence of more than 100 years now

however it was under the control of

bureaucrats for many decades and its

presence was restricted mainly to Kerala

and southern part of the region so on

one side Mr vatan took the mem task of

cleaning up idfc first balance sheet and

taking it to the path of growth and

making it a retail focused Bank on the

other side Mr sham shasan decided to

transform the old traditional banking of

federal bank to make it a world-class

bank with presence across the country by

the way both of them are highly

competent Bankers with Decades of work

experience they had One Bank in common

where they both worked it's City bank

then another common aspect in both the

leadership was focus on digitization

both idfc First and Federal Bank highly

focused on digital banking in addition

to setting up the right culture to build

the fundamental building blocks of the

bank bank and over the last few years

both idfc First and Federal Bank have

created a strong presence in the Indian

banking sector with growth across

parameters but the question is which

bank is better between idfc first and

federal bank so in this video I've have

done a comparative analysis of both the

banks on more than 20 key parameters

based on their latest q1 fi25 results

but since one quarter of analysis won't

do justice to the comparison I've taken

two time frame for comparison first time

frame is year on year where I had

compared their q1 fi25 performance

versus q1 of f24 and then I have taken a

threeyear time frame to understand their

growth over the long term it was quite a

tedious task to go through multiple

investor presentation to fetch the data

I hope you'll find it useful and then I

would quickly share the insights from

the comparison before I conclude which

is a better bank but before that a

disclaimer that this analysis is only

for Education purpose please do your own

research to build conviction before

investing your money and and this

analysis would be only useful for

long-term investors not for Traders and

I've recently done a three video series

on top fi di hni I track closely for

multibagger ideas I would highly

recommend watching that all right let's

get

started all right so this is the

comparison of idfc First and Federal

bank across two time frame first is the

latest q1 of fi25 number versus last

year q1 f24 and uh the second time frame

is the comparison of Q q1 of f24 versus

3 years uh before data which is q1 of

F22 so this is more of a long-term time

frame to understand the long-term story

now if you look at the deposit idfc

first deposit is 2.04 lakh CR versus

Federal Bank deposit of 2.66 lakh Ro so

in terms of absolute number Federal Bank

is slightly On The Higher Side however

as far as growth is concerned idfc first

deposit has grown at 38% versus Federal

Bank growth of 20% next is Casa ratio I

first is 46.6 versus Federal Bank of

around 29% now Kasa is current account

and saving account ratio and higher this

number better it is for banks

profitability and again here idfc first

has higher Kasa then next important kpi

is advances which is the loan book so

idfc first advances is 2.09 lakh CR

Federal Bank is 2.2 lakh CR again in

absolute number both are at similar

level however idfc first loan book has

grown at 24% versus Federal bank loan

book of 20%

again in terms of growth idfc is better

then next is retail loan book so out of

total loan book what is the percentage

of retail and here when I say retail I

include the rural loan book and exclude

the wholesale lending and MSM lending so

in case of idfc first retail book is 72%

whereas Federal Bank retail book is 45%

so idfc first is more focused towards

the retail side as compared to Federal

Bank as far as retail loan growth is

concerned it is 20 7% versus the overall

loan growth of 24% in case of Federal

Bank it is same as 20% for retail loan

as well then the profitability ratio

which is return on equity and return on

asset both Federal Bank is better with

13.6 versus 3% Roe and Federal Bank Roe

is 1.27 versus idfc first Ro of

0.91 next asset quality if you look at

it more or less both are at same level

gross NP of idfc first is 1.9 Federal

Bank is two net pay 0.6 for both the

banks so asset quality is same for both

net interest margin is the margin that

bank make on the net interest uh income

and here it is 6.22% federal bank is

3.16 so much better for idfc first net

interest income is nothing but the core

income that Banks generate from the net

interest and uh that is 4,695 CR for

idfc and 2292 for federal bank then next

important parameter is cost to income

this basically suggest the operating

efficiency of the bank and lower this

cost to income better it is so 70% is

idfc First and Federal Bank is 53.2

which means Federal Bank is more

efficient its cost is lower as compared

to the income so that is a positive sign

for Federal Bank operating profit for

idfc first is 1858 CR and Federal Bank

is, 1500 CR now if you look at it

interestingly in spite of having a high

net interest income of 4,695 CR it's

operating profit is 1858 CR so the Gap

has reduced mainly because the cost to

income of idfc first is much higher as

compared to Federal bank then operating

profit growth if you look at it again

idfc first is much ahead with 30% growth

versus Federal Bank 15% provision jump

again this is a problem here for idfc

first their Provisions for q1 fi25 is

994 CR versus 491 CR provision of

federal bank which means Bank IDC first

provision has jumped by 109% versus 10%

of Federal Bank provision jump and that

is the reason in spite of such high net

interest income your idfc first has

ended up with a net profit of 681 CR

because its cost to income is high and

then on top of that it reported nearly

1,000 CR of provision and due to that

its net profit is lower as compared to

Federal Bank next if you look at the net

profit growth Federal Bank net profit

has grown at 18% versus minus 11% for

idfc first current price of idfc first

is around 75 and Federal Bank is around

200 then as far as share price growth is

concerned in last one year idfc first is

down by around 15% so last year share

price was around $ 8590 and from there

it is down by around 15% Federal Bank is

up by 48% so last year around same time

it was trading at around 135 as far as

market cap is concerned both of them

have similar market cap of around 50,000

CR finally the valuation price to

earning of idfc first is 18 Federal Bank

is 12 but here the key parameter to

gauge valuation is Price to Book for

banks and that is same for both idfc and

federal bank idfc had a higher price to

book but because of recent correction in

last one year its Price to Book is now

1.9 so on valuation front both of them

are at same level so if you look at it

overall idfc first has done much better

on advances deposit growth but because

of uh higher cost to income higher

provisioning its net profit is on Lower

Side as far as long-term picture is

concerned in last three year so during

q1 of F22 idfc first deposit was

84,85 th000 CR so there's a 140% growth

in deposit for idfc first versus Federal

Bank deposit growth of 57% Kasa of idfc

first 3 years ago was minus 8.38% from

there it is at 46% so a huge turnaround

story Federal Bank Kasa was 34.8 and

today it has reduced to 29% advances for

idfc first three year ago was 1.13 lakh

and today it is 2.09 lakh so its

advances has grown at

83.9% whereas your Federal Bank advances

have grown at

66% next if you look at retail loan last

3 years ago it was 70% today it is 72%

so not much change retail loan growth 3

years it is 87.9 7% whereas Federal Bank

retail loan has grown at 65.8% so again

in terms of deposit advances retail loan

grown at idfc first has grown at much

faster rate as compared to Federal bank

then if you look at the Roe Roa your

federal bank has been much better in

fact idfc Roe was minus 13% and from

that it is now at 8.3 so there's a big

uh transformation Roa was also negative

now it is positive but Federal bank has

always had higher profitability in terms

of Roe and Roa asset quality of idfc has

also improved significantly in fact

Federal Bank asset quality has also

improved net interest margin for idfc

was 5.5 today it is 6.2 whereas Federal

Bank net interest margin is at same

level net interest income of IDC first

was 2,185 CR and today it is 4,600 so uh

it has grown at a much faster rate as

compared to Federal bank then cost to

income of idfc first is 77% uh so 3

years ago it was 77 today it is 70% so

cost to income has already reduced in

last re and bank is uh given a guidance

of reducing it further to 65% although

Federal Bank cost to income was always

lower at 45% although it has increased

in last three year operating profit of

idfc first 3 years ago was 600 CR today

it is 1858 CR and in three year its

operating profit has grown at

209% versus Federal Bank operating

profit growth of

32% finally if you look at the provision

your idfc first had a very high

provision 3 years ago which is reduced

significantly and Federal Bank was 600

so provision has reduced to- 47% Federal

Bank provision is reduced to 23% as far

as net profit is concerned your idfc

first was at loss 3 years ago 621 CR

negative today it is positive 681 CR

Federal Bank was 367 so net profit

growth of Federal Bank in is 175% in

threee your idfc first we cannot

quantify because it was in loss and

today it is at very uh High profit

current price is 75200 so in last three

years idfc bank has generated around 50

to 80% kind of return because 3 years

ago it share price was around 4050 and

Federal Bank 3 years ago was trading at

7080 so in 3 years it has generated 150

to 180% return market cap is same and

valuations are same I hope you got a

fair idea of comparison of IDC first

across your uh year- on-ear and 3 years

ago

period so the key inside is first of all

on deposit and advances growth IDC first

is growing at much faster rate as

compared to Federal Bank second idfc

first also has a much higher retail loan

book composition then idfc first Kasa

ratio is also much higher than Federal

bank and its overall net interest margin

is also much higher on expense Side

Federal bank has much lower cost to

income ratio as compared to idfc First

it means Federal bank has higher

operational efficiency having said this

one of the reason is idfc first is

growing its branches at a much faster

rate so it's operating expenses are on

higher side at the moment then IDC first

also has a high operating profit growth

as compared to Federal Bank but it also

has higher provision as compared to

Federal bank and because of higher

provision idfc first net profits are

also on Lower Side as compared to

Federal Bank moreover Federal bank has

higher profitability in terms of return

on equity and return on asset as

compared to idfc first then on asset

quality both have similar asset quality

in terms of gross NPA and net NPA in

terms of creation for shareholder

Federal bank has generated much higher

return as compared to IDC first over the

last one year and threeyear time frame

finally on valuation both have similar

valuation as at Price to Book of 1.9 and

the valuation looks quite attractive

overall it's a mix set adfc first growth

is much higher than Federal Bank but its

profitability is lower than Federal bank

and due to high provisioning adfc first

net profits are on Lower Side as

compared to Federal Bank on valuation

both have similar valuation so there is

no clear winner as such now let us look

at the expectation for the near to

longterm before we conclude which is a

better investment

opportunity friends first of all there's

an important update on Federal Bank

after serving as MD for 14 years Mr sham

shason will step down on 23rd September

24 due to RBI Norms he will be replaced

with Mr Krishnan wenat subramanyam a

banking veteran who previously served as

joint MD of kotak Mahindra bank so

Federal bank has a very strong

succession plan there's also an update

on idfc First Bank they have recently

successfully raised a preferential round

to raise 3,200 CR capital and it

attracted top Insurance FS of India

hence in its latest holding D St is up

from 7.9% to

12.8% now as an investor there are two

aspect of looking at Future perspect one

is you look at quaron quar performance

and decide what to do on that idfc first

net profits are down due to high

provisioning it share price has been

correcting and consolidating for almost

one year now Federal Bank on another

side has generated good return in last

one year however if you look at the

long-term picture both Federal bank and

idfc first have done well in the last

three years in terms of business so in

the near term there can be hiccups but I

believe that banking system is the

backbone of any economy if the Indian

economy has to grow banks will play a

very crucial role hence I've always been

bullish on top private banks of India of

course it would never be a smooth ride

in fact just a few years ago we

witnessed how covid created havoc in

banking sector with a fall in asset

quality and currently private banks are

facing another challenge of pressure on

net interest margin due to higher cost

of funds having said this I believe that

the long-term growth story of good

quality private Banks is completely

intact as far as future guidance is

concerned idfc first shared a fiveyear

guidance for the bank during 2018 at the

time of its merger and fast forward

today bank has achieved majority of it

guidance across asset and liability side

except for a few metric like cost to

income Roe Roa that are delayed now bank

has again shared its fire year guidance

for 2029 and this time the key focus is

on profitability with high Roe and Roa

if Bank can achieve this number it

expect to touch net profits of 12 to

13,000 CR as compared to 2,232 CR

currently on the other side we'll get a

good Clarity on Federal Bank future

expectation once Mr Krishan subramanyam

joins the bank so overall I believe that

if we ignore the short-term volatility

both banks are looking quite promising

for long-term wealth creation and the

valuations are also quite attractive

okay I don't want to stress this video

further by the way if you like this

analysis and need more guidance on

investment I have a close community of

serious long-term investor why am I

exclusive weekly video series in this

series I keep a close eye on key

government initiative and discuss the

potential companies along with stocks

where I am investing my own money I also

track the quad results of more than 200

compies but this is again not a stock

tip the idea is to share my conviction

as I spend almost 8 to 10 hours a day

keeping a close eye on the market for

more details you can explore my website

or check the join button on my YouTube

channel so this is it for this video if

you find it useful do share it within

your circle I'll see next video till

then take care