Is there an equivalent to git's "describe" function for Mercurial?

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I'm currently adding packaging to a something that is maintained in Mercurial. Currently the version is defined in the Makefile. I would like to change this so I can build daily packages or properly versioned packages.

Git provides a use "describe" function that can give you a description of the closest tagged build and current revision. For example if I run this in the kernel:

git describe HEAD

GIT returns:

v3.0-rc7-68-g51414d4

telling me that the revision is later than v3.0-rc7, with a git commitish of 51414d4

Is there something similar I can do in Mercurial?

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