Learn Russian: Наши планы совпадают: мы оба хотим пообедать в двадцать минут второго. - Our plans match: we both want to have lunch at twenty minutes past one.

In traditional Russian time-telling, for the first half of the hour, you say how many minutes have passed, followed by the ordinal number of the upcoming hour in the Genitive case. Since 1:20 is twenty minutes into the second hour, we say it is twenty minutes "of the second" (второго).

Why do we use the preposition в before the time here?

To say "at" a specific clock time, Russian uses the preposition в followed by the Accusative case. For a number like двадцать, the Accusative form looks exactly the same as the Nominative.

Why is the word оба used instead of обе?

The word for "both" changes depending on the gender of the people involved. Оба is used for masculine or mixed-gender groups, while обе is strictly for feminine groups. Using оба tells us that "we" includes at least one male. If both people were female, they would say мы обе.

Why use the perfective verb пообедать instead of the imperfective обедать?

The speakers are talking about a single, specific, and complete action (having one specific lunch together today at 1:20). After the verb хотеть (to want), the perfective aspect is the natural choice when you want to achieve a single completed result.

What does the verb literally mean in this context?