Swiggy clocks over 9,000 orders per minute, Zomato crosses 7,000 orders per minute on New Year's Eve - Moneycontrol.com

Representative image.

India's dominant food tech platforms Zomato and Swiggy slugged it out on New Year's Eve, clocking record numbers, as many decided to party indoors and order food online amidst the Omicron scare. For the second year in a row, both platforms saw overwhelming demand online, beating their own previous records.

While Zomato touched a high of 7,100 orders per minute, Swiggy crossed the 9,000 orders per minute mark as of 8:20 pm on December 31, 2021. Both platforms typically clock over 1.5 million orders a day. While Zomato's previous record was over 4,000 orders per minute, Swiggy clocked over 5,000 orders per minute last New Year's Eve. Both platforms clocked over 2 million orders each, compared to the 1.3-1.5 million they usually clock in a day

9049. not the first 4 digits of my number. the current food orders per minute. https://t.co/Hy93tNVOnH

— Swiggy (@swiggy_in) December 31, 2021

7,100 OPM https://t.co/qj5F69ufxs

— Deepinder Goyal (@deepigoyal) December 31, 2021

The frenetic pace of online orders tested the UPI digital payment infrastructure, with many users complaining of failed payments. Zomato founder and CEO Deepinder Goyal said the UPI success rate was drastically down across all apps, at 40% from 70%.

UPI success rate is drastically down across all UPI apps (40% success rate right now, down from 70%+). Will affect OPM negatively.

— Deepinder Goyal (@deepigoyal) December 31, 2021

Swiggy's orders per minute number exclude its instant grocery service Instamart, which also witnessed huge traction like Zomato-backed Blinkit which saw huge demand for nachos, sodas, ice packs, lemons, popcorn, and condoms.

in the 30 minutes our team spent on brainstorming for a new tweet idea, 12,930 orders were placed on @SwiggyInstamart!

— Swiggy (@swiggy_in) December 31, 2021

– 130,154 liters of Soda
– 11,943 ice packs (hope no one is getting injured, and this is just for drinks)
– 4,884 jars of dips to go with nachos and chips
– 6,712 tubs of ice creams
– 28,240 packs of instant popcorn (this is what we do usually in 2 weeks time at @letsblinkit )

— Deepinder Goyal (@deepigoyal) December 31, 2021

On popular demand, here are the numbers for condoms –

33,440 condoms were ordered on @letsblinkit today. Someone ordered 80 condoms in one go. Durex seems to be India's choice when it comes to safety. #PopulationControl

— Deepinder Goyal (@deepigoyal) December 31, 2021

While Zomato and Swiggy are fierce rivals, there was friendly banter on Twitter between Goyal and Swiggy founder and CEO Sriharsha Majety. The latter is less active on social media compared to the former.

Planning on getting out of my comfort zone ( my Twitter cave ) too today to share NYE tidbits on Swiggy :D https://t.co/iOPI2yZ5rK pic.twitter.com/1bS2wimSdC

— Sriharsha Majety (@harshamjty) December 31, 2021

pic.twitter.com/YUlTkwEqfP

— Sriharsha Majety (@harshamjty) December 31, 2021

While Goyal gave high-frequency numbers on orders per minute, live orders and the kind of items seeing traction, Majety also gave context on Swiggy's growth numbers compared to what it was in 2014, when it launched.

On Swiggy’s first NYE in 2014 as a 3-month-old food delivery platform, we did 1 order every 3 minutes. How times have changed. Love India’s hunger for more https://t.co/Isg1ORqqcO

— Sriharsha Majety (@harshamjty) December 31, 2021

Over 1.1L users on the app at the moment ordering food and groceries right now! And this was me in 2015 sharing my referral code to get some new users https://t.co/BC48jfC3OH

— Sriharsha Majety (@harshamjty) December 31, 2021

While the final data clocked by both platforms is expected closer to midnight, both platforms are likely to enter January with healthy user numbers. It has also been a significant year for both companies, with Zomato getting listed on the public markets and Swiggy doubling down on its grocery service Instamart, even as it is in talks with investors to raise funds at a valuation of $10 Billion.

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Swiggy clocks over 9,000 orders per minute, Zomato crosses 7,000 orders per minute on New Year's Eve - Moneycontrol.com
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TCS to announce Q3 FY22 results, 3rd interim dividend on January 12 - Mint

IT services major Tata Consultancy Services (TCS) today said that its board of directors will announce the financial results for the third quarter ending December 31, 2021, on January 12, 2022.

The TCS board will also consider declaration of third interim dividend to the equity shareholders during the board meeting.

TCS said the third interim dividend, if declared, will be paid to the equity shareholders of the company whose names appear on the register of members of the company or in the records of the depositories as beneficial owners of the shares as on Thursday, January 20, 2022, which is the record date fixed for the purpose.

TCS said in accordance with its Code of Conduct for Prevention of Insider Trading, it has intimated its ‘designated persons’ regarding the closure of the trading window for trading its equity shares from December 24, 2021, till the expiry of 48 hours from the date the said financial results are made public.

TCS had reported a 14.1% increase in quarterly profit in Q2 FY22, in line with analysts’ estimates, as the pandemic continues to help accelerate digital transformation and a shift to cloud computing and remote work. The net profit rose to ₹9,624 crore for the second quarter ended 30 September from ₹8,433 crore in the year earlier.

Revenue grew 15.5% in constant-currency terms from a year ago to ₹46,867 crore, driven by broad-based growth across markets. Revenue, however, missed the consensus estimate of ₹47,355.70 crore.

The TCS share closed ₹6.25 or 0.17 per cent at ₹3,740 on the NSE today.

Also read: Airtel and TCS successfully test 5G use cases

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Ola S1 buyers to get S1 Pro hardware, but there's a catch - Team-BHP

To unlock all the features, buyers will have to pay an additional Rs. 30,000.

According to a media report, Ola Electric will be upgrading all S1 buyers to the S1 Pro.

Customers who have purchased the Ola S1 will receive a scooter equipped with all the features offered in the S1 Pro. To unlock all the features, buyers will have to pay an additional Rs. 30,000.

Ola will offer a software upgrade pack that will unlock a higher range, top speed and higher charging rate. The scooter will also get cruise control, Hyper mode and hill-hold assist.

It seems, going forward, Ola will only manufacture the S1 Pro model and sell a restricted version to S1 buyers, which makes sense from a manufacturing perspective.

Thanks to BHPian sri_tesla for sharing this information with other enthusiasts!

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IndiGo EGM: Shareholders pass resolution to amend contentious clause - Mint

Shareholders of InterGlobe Aviation, which operates India's largest airline IndiGo, have passed a resolution to amend a contentious RoFR clause in the company’s articles of association, according to an exchange filing.

The exchange filing revealed 99.99% shareholders have voted in favour of the resolution. The amendement gives promoters the right of first refusal over the acquisition of each other’s stake.

The board has decided to call the EGM on a joint requisition from its promoters Rahul Bhatia-controlled IGE Group and Rakesh Gangwal-led RG Group.

Both promoters Gangwal and Bhatia have been involved in a bitter feud since 2019 over some clauses in the company’s articles of association.

In July 2019, Gangwal had written to the Securities and Exchange Board of India (Sebi) seeking intervention in what he called corporate governance issues at IndiGo. Gangwal had pointed to third-party transactions, non-independence of the present chairman, and refusal to hold EGMs. He had also proposed to amend the company’s AoA to end the Bhatia-led group’s right of first refusal to buy Gangwal’s stake in case the latter decided to sell his shares.

This proposal was, however, rejected by shareholders in January 2020.

As on 30 September, Bhatia’s IGE Group held 37.83% stake in the airline, while RGE Group, which comprises of Rakesh Gangwal, Sobha Gangwal, and Chinkerpoo Family Trust, held 36.61%. The two promoter groups together held 74.79% stake in the airline.

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Why COVID-19 means the era of ever cheaper air travel could be over - Economic Times

After its worst two years since the second world war, 2022 is looking brighter for the global airline industry. For passengers, though, the chance to travel at low cost again may prove short-lived.

In 2020 international passenger demand was less than 25% that of 2019, according to the International Air Transport Association. 2021 data isn't yet available, but the hiccups of the Delta and Omicron variants make the association's forecasts of 50% of 2019 levels look optimistic.

With international and domestic routes reopening, airlines are offering a range of special deals on airfares. These deals are partly to entice back uncertain travellers and partly to compensate passengers for costs required to travel internationally, such as fees for COVID tests.

But don't expect the cheap fares to last.

They are likely to have a brief lifespan, as the industry come to grips with post-pandemic realities minus the government support that enabled so many, contrary to predictions, to survive.

Now comes a reckoning, as surviving airlines seek to return to viability, repair their debt-laden balance sheets and future-proof their operations, with no guarantee they'll get the same government support when the next crisis hits.

What this may mean is abandoning the business model of wafer-thin profit margins that delivered ever cheaper airfares from the 1970s until the beginning of 2020.

Regulation and jumbo jets
Up until the 1970s the airline industry was highly regulated.

Domestically, this was often done by governments to protect state-owned airlines. Australia's "two-airline policy", for example, restricted competition on major routes to just two airlines - the government-owned Trans Australia Airlines and a private competitor (Ansett Airlines for most that time).

Internationally, airfares were kept high by price cooperation through the International Air Transport Association (IATA), often described as a cartel. There were two ticket pricing levels - first-class and economy.

Until 1970 the biggest commercial jet aircraft was a Boeing 707, which could accommodate 180 passengers at a squeeze. Airfares had to be high to cover the high cost of operations (especially jet fuel). Most airlines accepted the IATA fare levels. Discounting was rare.

Then in 1970 came the Boeing 747 jumbo jet, which more than doubled flights' passenger capacity, from 180 to 440.

This led to many changes in aviation operations and costs. Jumbo jets also enabled greater seat-pricing flexibility, with the introduction of business and premium economy classes.

Airfares plummet
When I began work as a travel consultant in 1981 the regulation of air fares was beginning to unravel.

The official IATA economy return fare from Sydney to London was about A$3,500. But you could find fares on selected airlines for about A$2,500. (This was still several months' wages for most, with Australian average weekly full-time earnings in 1981 being A$311 for men and A$241 for women.)

In the 1980s and 1990s, travel agents began to set themselves up as "bucket shops" specialising in offering discounted air fares to fill empty seats on less popular airlines.

This was how Flight Centre started. It opened its first shopfront in Sydney in 1982, followed by stores in Melbourne and Brisbane. (It now has more than 650 shops in Australia, and more than 550 in 10 other countries.)

Lower costs and plummeting air fares made the IATA's fares increasingly irrelevant. With the global rise of low-cost carriers, many of which were not IATA members, the IATA finally abandoned so-called "YY" fare-setting in 2017.

Government regulation was also unwinding. Australia's two-airline policy ended in October 1990. Deregulation permitted more competitors, and airfares were driven by the market rather than set by regulatory bodies.

By 2019, a return fare between Sydney and London on a reputable airline could be bought for about A$1,250, less than Australia's average full-time adult average weekly earnings of A$1,658.

A Sydney-Perth return fare that cost about A$1,100 in 1981 could be bought in 2019 for less than A$300.

Why the cheap fare era may end
This price falls depended on airlines embracing a business model based on lower profits per customer but flying a lot more customers, cutting fixed overheads by using larger-capacity aircraft.

This business model contributed to the number of global tourists increasing from about 166 million in 1970 to 1.5 billion in 2019. But it also meant airlines needed planes full of passengers to make a profit. By 2019 the average pre-COVID profit margin per passenger on a long-haul international return flight was about US$10.

It's difficult to see how running on razor-thin margins can continue to be the industry model.

During 2022 it is likely we will see consolidation within the industry, with the airlines that survive looking to diversify into other businesses, such as catering or insurance.

Low-cost carriers may still be viable, but only by convincing customers to pay for "ancilliaries" beyond the airline seat, such as in-flight snacks, extra luggage capacity or a booking a hire car.

Although most airlines are committed to limiting price increases, there is no escaping the fact they have two years of massive losses to make up and the continuing extra cost of COVID-related regulations to absorb.

Higher margins with lower passenger volumes looks the more probable model.

(By David Beirman, University of Technology Sydney Sydney, for The Conversation)

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Private cryptocurrencies pose immediate risks, prone to frauds, says RBI FSR report - Moneycontrol

The Indian government is in the process of framing a national law to regulate the cryptocurrency market.

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Private cryptocurrencies pose immediate risks to customer protection and anti-money laundering (AML) and combating the financing of terrorism (CFT), the Reserve Bank of India (RBI) Financial Stability Report (FSR) noted on December 29.

"They are also prone to frauds and to extreme price volatility, given their highly speculative nature. Longer-term concerns relate to capital flow management, financial and macro-economic stability, monetary policy transmission and currency substitution," the report said.

These comments assume significance in the context of ongoing debates on whether India should ban private cryptocurrencies or not. The RBI, time and again, has highlighted the deeper macroeconomic concerns posed by the unregulated private cryptocurrency market in India. However, the central bank is open to the idea of introducing a Central Bank Digital Currency (CBDC).

The Indian government is in the process of framing a national law to regulate the cryptocurrency market.

Also, the proliferation of private cryptocurrencies across the globe has sensitised regulators and governments to the associated risks, the FSR report said. The report reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the financial system.

“New illicit financing typologies continue to emerge, including the increasing use of virtual-to-virtual layering schemes that attempt to further muddy transactions in a comparatively easy, cheap and anonymous manner,” the FSR report noted.

The aggregate market capitalisation of the top 100 cryptocurrencies has reached $2.8 trillion in the emerging market economies that are subject to capital controls, and free accessibility of crypto assets to residents can undermine their capital regulation framework, the report said.

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Apple's Move On Supplier Foxconn's Tamil Nadu Unit In Food Poisoning Row - NDTV

Apple supplier Foxconn today said it plans to restructure its local management team in Tamil Nadu

Apple supplier Foxconn Technology Group today said it is restructuring its local management team, after the recent mass food-poisoning incident at Tamil Nadu's Sriperumbudur factory's offsite dormitory facility.

An Apple spokesperson said Foxconn's Sriperumbudur facility is placed on probation.

In a statement today, Foxconn said that all employees will continue to be paid while necessary improvements are undertaken before restarting operations. Foxconn said it will continue to provide support for staff as they return to work.

"We are also restructuring our local management team and our management systems to ensure we can achieve and maintain the high standards that are needed," statement by Foxconn Technology Group said.

Meanwhile, an Apple spokesperson said that Foxconn's Sriperumbudur facility has been placed on probation and that the company will ensure strict standards are met before the facility reopens.

"We will continue to monitor conditions closely," Apple spokesperson said in an email, reported news agency Press Trust of India.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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From malls to markets, Omicron curbs are beginning to bite - Economic Times

Fresh restrictions on operational hours at shops, markets, malls and commercial establishments and night curfews in various states are beginning to impact businesses of consumer goods companies and retail chains, company executives have said.

"The curbs are already impacting sales," said Arvind Mediratta, managing director of wholesale chain Metro Cash & Carry. "In Karnataka, for example, because of early closure of stores, we have lost two hours of business, and sales are down 10-15% now compared to the previous week."

Maharashtra, Delhi, Karnataka, Haryana, Gujarat and West Bengal are among states that have announced restrictions to curb the spread of Covid-19 amid increasing cases of the new variant of concern, Omicron.

The Delhi government on Tuesday announced a 'yellow alert' under its Graded Response Action Plan (GRAP) to fight the pandemic. As part of it malls and shops will be allowed to function on an odd-even basis between 10 am and 8 pm, cinemas and gyms will be shut, and restaurants and bars will function at 50% capacity only till 10 pm, which would dent businesses directly.

"There will be a 50% drop in sales due to restrictions and we have to sacrifice sales to offset rising cases," said Yogeshwar Sharma, chief executive of Delhi's Select Citywalk mall. "We have also been seeing non-serious shoppers over the past few weeks and the new rule could help contain crowd or discourage them. Both movies and fitness bring continuous footfalls to malls, which will now stop ,too."

The restrictions come amid one of the biggest shopping seasons of the year. Many brick and mortar retailers historically generate their highest annual sales between Christmas and first week of January.

"Business looked good with 14% increase in overall sales compared to pre-pandemic (2019) levels in October and 9% in November; that momentum may be lost with the restrictions," said Kumar Rajagopalan, chief executive of Retailers Association of India.

He said night curfews will have an adverse impact not only on the businesses, but will also dampen consumer sentiments. The formal sector complies to all regulations and so it is the first to take a hit when restrictions are put in place, he said.

Executives anticipate direct impact on out-of-home consumption, which had started to revive in the past three-four months with improved mobility, but overall sales of essentials may not be affected unless there are supply disruptions.

"We expect consumption at out-of-home and hospitality channels to get impacted due to restrictions," said edible oils maker Adani Wilmar chief executive Angshu Mallick. "However, demand and supply for essentials will not be affected unless there are newer curbs at factories or movement of goods similar to what we saw during the first wave."

Companies, on their part, said they are ensuring seamless supplies, manufacturing, distribution and logistics through increased monitoring and Covid-19 committees.

"We don't expect supply disruption or panic buying at general trade due to restrictions," said BK Rao, senior category head at biscuits maker Parle Products. "However, modern trade that has just revived could see an impact which in turn will shift sales towards ecommerce." Fast moving consumer goods companies, for whom seamless logistics is crucial for last-mile deliveries, are taking all possible precautions to deal with potential disruptions.

"Long-distance road transportation is key to supplies, and the trucking sector may be disrupted due to fears among drivers that they may not get basic supplies like food due to strict curfews," said Manish Aggarwal, director at sweets and snacks maker Bikanervala Foods. "However, we have strategies in place to lessen the impact on supplies."

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Gross NPAs of scheduled commercial banks down to 6.9% in Q2 FY22: RBI - Mint

The Reserve Bank of India (RBI), in its 'Trend and Progress of Banking in India 2020-21' report, has said scheduled commercial banks' (SCB) gross non-performing assets (NPAs) declined from 8.2 per cent at end-March 2020 to 7.3 per cent at end-March 2021 and further to 6.9 per cent at end-September 2021.

The return on assets (RoA) of SCBs improved from 0.2 per cent at end-March 2020 to 0.7 per cent at end-March 2021, aided by stable income and decline in expenditure, the RBI report said. 

During the financial year 2020-21, the consolidated balance sheet of SCBs expanded in size, notwithstanding pandemic and resultant contraction in the economic activity.

As per the RBI, in 2021-22 so far, the "nascent signs of recovery" are visible in credit growth. Deposits grew by 10.1 per cent at Sept-end as compared to 11 per cent in the year ago period, the central bank said.

The report said capital to risk weighted assets (CRAR) ratio of SCBs strengthened from 14.8 per cent at end-March 2020 to 16.3 per cent at end-March 2021 and further to 16.6 per cent at end-September 2021, partly aided by higher retained earnings, recapitalisation of public sector banks (PSBs) and capital raising from the market by both PSBs and private sector banks (PVBs).

The RBI said some policy measures taken by the RBI in response to the COVID-19 pandemic reached the pre-announced sunset dates in 2021-22. “Certain liquidity measures have been wound down as a result, while other regulatory measures, including deferment of implementation of net stable funding ratio (NSFR), restrictions on dividend payouts by banks, deferment of implementation of the last tranche of capital conservation buffer, have been realigned to avoid extended forbearance and risks to financial stability while providing targeted support to needy sectors," the RBI report said.

The central bank said even though initiation of fresh insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) was suspended for a year till March 2021, it constituted one of the major modes of recovery in terms of amount recovered.

The RBI said the balance sheet growth of urban co-operatives banks (UCBs) in 2020-21 was driven by deposits, while subdued credit growth led to acceleration in investments. “Their financial indicators, including capital position and profitability, improved," the RBI said, adding that profitability of state co-operative banks and district central co-operative banks improved in 2019-20, while their asset quality deteriorated.

The RBI said the consolidated balance sheet of NBFCs expanded during 2020-21, driven by credit and investments of non-deposit taking systemically important NBFCs. “Their asset quality and capital buffers also improved," the central bank said.

 

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Sebi clears slew of norms to tighten IPO process - Mint

MUMBAI: In peak bull market, while public listings kept the market buzzing with momentum it also exposed gaps in regulations particularly when new age companies made their debuts on stock exchanges. With just days left for the year to end, the Securities and Exchange Board of India (Sebi) on Tuesday cleared rules which will address gaps such as those involving price bands, anchor investor lock-in period, and the quantum of holding a majority shareholder can offload on listing day.

These changes are based on a 16 November discussion paper. The Board has ratified norms aimed at addressing price volatility the stock witnesses either on the day of listing or when anchor investors exit their holding.

Currently, during an offer-for-sale (OFS) shareholders can exit part or their entire holding. But in the case of new age companies, which typically do not have an identifiable promoter and are making consistent losses, a complete exit from prominent shareholders does not inspire confidence in investors.

To do away with this anomaly, the markets regulator has mandated that shareholders, who hold more than 20% stake, cannot exit their entire holding on listing day but only 50% of their holding.

Sebi has also tightened disclosures around the objective of initial public offer (IPO) proceeds. It observed that in IPO draft papers of new age companies, the stated objective for fund raising is ‘funding of inorganic growth initiatives’.

"Raising fund for unidentified acquisition leads to some amount of uncertainty ambiguity in the IPO objects," the markets regulator had said in the discussion paper issued on 16 November.

Now companies will be able to use only 25% of IPO proceeds for such growth initiatives. This is, however, only applicable in cases where the company has not identified acquisition or investment targets, for the rest the threshold is 35%. Also, use of funds raised during an IPO will be monitored by rating agencies going forward.

In any public offer, the presence of institutional investors and continued presence of anchor investors gives confidence to the broader market. But when anchor investors exit as soon as the mandatory 30-day lock-in period ends, it brings about volatility in the stock.

Shares of food delivery major Zomato had tanked 8.8% when anchor investors exited their holding after the one-month lock-in. Shares of One97 Communications, Paytm’s parent company, plunged as much as 13% on 15 December due to exit of anchor investors. Even FSN E-Commerce Ventures Ltd., the operator of beauty startup Nykaa, swung between intraday gains of 4.4% and loss of 5.91% after the regulatory lock-in on anchor investors ended.

Sebi will increase the anchor lock-in period to 90 days from 30 days as it believes that the move will stabilise share price and prevent losses for retail investors. This will be applicable for only 50% of allocation to anchor investors.

Taking cues from the failed deal between PNB Housing Finance Ltd and Carlyle Group, Sebi has also tweaked valuation norms when there is a change of control.

In June, PNB Housing had announced that it was going ahead with a preferential issue of equity shares and issuing share warrants to Carlyle Group. This involved ₹4,000 crore equity fund infusion led by its existing investor Carlyle group, resulting in transfer of control.

The deal very quickly ran into hot waters as a group of investors claimed that these shares need to be valued as the company’s Articles of Association (AoA) stated that any sale would require an independent valuation of shares.

Going forward, listed entities will need to adhere to the AoA as well as Sebi’s norms. Further, if a company allots more than 5% shares to any entity, then a valuation report needs to be furnished.

Sebi has tweaked price band norms as well. Hereon, the difference between the floor price and the upper price shall be at least 105%, with regulator observing that price band offered by companies in recent twas narrow.

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India's real GDP to maintain 9% growth rate till next year, estimates ICRA - Moneycontrol.com

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The Indian economy is likely to maintain a real GDP growth of 9 percent each in FY2022 and FY2023 amid uncertainty triggered by the Omicron variant of corona virus, according to ICRA.

The rating agency highlighted that the available data for the third quarter of financial year 2021-22 does not offer convincing evidence that the Monetary Policy Committee’s (MPC) criteria of a durable and sustainable growth recovery has been met, to confirm a change in the policy stance to neutral in February 2022.

“The data for October-November 2021 does not point to a broad-basing of the growth recovery in India. After the higher-than-expected net cash outgo sought under the second supplementary demand for grants, the pace of actual government spending is likely to determine whether the pace of GDP growth meaningfully exceeds 6.0-6.5 percent in Q3 FY2022,” Aditi Nayar, Chief Economist at ICRA, said.

Similar to the trend in second quarter, the volumes of seven of the 13 high-frequency indicators scaled beyond their pre-COVID levels in October-November 2021, including GST e-way bills generation (+26.7 percent), non-oil exports (+26.0 percent), rail freight traffic (+20.2 percent), Coal India Limited output (+15.7 percent), electricity generation (+9.9 percent), petrol consumption (+6.4 percent) and ports cargo traffic (+4.0 percent).

The volumes of six of the 13 high-frequency indicators contracted in October-November 2021 relative to the year-ago period in line with the trend in the second quarter of FY2022, suggesting that the recovery is yet to be broad-based.

The subset trailing their pre-COVID performance in October-November 2021 includes scooter production (-25.1 percent), domestic airline passenger traffic (-22.8 percent), vehicle registration (-22.8 percent), diesel consumption (-6.8 percent), passenger vehicle (PV) production (-3.1 percent) and motorcycle production (-2.6 percent).

The rating agency concluded that the growth momentum is not broad-based enough to confirm a change in the Monetary Policy stance to neutral in the February 2022 review.

“We expect the percentage of double-vaccinated adults to rise to 85-90 percent by March 2022. While the announcement of booster doses and vaccines for the 15-18 age group is welcome, it remains to be seen whether all the existing vaccines would offer adequate protection against the Omicron variant to avert a third wave in India,” Nayar said.

Fresh restrictions being introduced in many states to curb the spread of infection may temporarily interrupt the economic recovery, especially in the contact-intensive sectors in the fourth quarter this year.

“We are maintaining our forecast of a 9 percent GDP expansion in FY2022, with a clear K-shaped divergence among the formal and informal parts of the economy, and the large gaining at the cost of the small,” she said. “We expect the economy to maintain a similar 9 percent growth in FY2023. However, the expansion in FY2023 is expected to be more meaningful and tangible than the base effect-led rise in FY2022.”

The agency based its calculation on assuming a GDP growth if the COVID-19 pandemic had not emerged against an actual shrink that occurred in FY2021 and the expected recovery in the next two years. The net loss to the Indian economy from the pandemic during FY2021-23 is pegged at Rs 39.3 trillion in real terms.

In ICRA’s view, rising consumption will push capacity utilisation above the crucial threshold of 75 percent by the end of 2022, which should then trigger a broad-based pick-up in private sector investment activity in 2023.

The ratings agency also expects the visibility of tax revenue growth to spur faster government spending in 2022.

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After Cipla, Sun Pharma gets DCGI nod to launch Merck's Covid drug in India - Mint

Sun Pharma Ltd and Cipla Ltd have received emergency use authorisation (EUA) from Drug Controller General of India (DCGI) to market and manufacture antiviral drug Molnupiravir in India.

Molnupiravir is developed by US-based biotechnology company Ridgeback in collaboration with US Pharma giant Merck.

Meanwhile, Torrent Pharma has also said it will launch the Molnupiravir drug under the brand name Molnutor in India.

Earlier this year, Sun Pharma, Torrent Pharma and Cipla had signed a non-exclusive voluntary licensing agreement with Merck to manufacture and supply a generic version of molnupiravir in over 100 low and middle-income countries (LMICs) including India.

The DCGI, based on the review of clinical data of molnupiravir has approved the drug for treatment of adult patients with Covid-19, with SpO2 > 93% and who have high risk of progression of the disease including hospitalisation or death.

The recommended dose of the drug is 800 mg twice a day for five days. The duration of treatment of molnupiravir is much shorter compared to other therapies which is a significant advantage as it reduces the pill burden and enhances compliance.

The regulatory approval comes on the back of a five-month collaborative trial conducted by a consortium of companies. Molnupiravir will be manufactured in India by a total of 13 companies for restricted use under emergency situation for treatment of adult patients with Covid-19.

Molnupiravir is the oral antiviral approved by the UK Medicines and Healthcare products Regulatory Agency (MHRA) and US Food and Drug Administration (FDA) for emergency use authorisation for the treatment of mild-to-moderate Covid-19 in adults.

The antiviral drug has been shown to reduce hospitalisations and deaths by around 30% in a clinical trial.

India's vaccination drive so far has been dominated by a domestically produced version of the AstraZeneca Covid-19 shot by Serum Institute and Bharat Biotech's inactivated vaccine Covaxin.

India has so far administered 143 crore Covid-19 vaccine doses and 62% of its eligible population have received both doses. The country plans to start vaccinating those aged 15-18 from 3 January.

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Indian bankers book bumper fees from record $18 billion in IPOs - Economic Times

Indian investment bankers are set for their best year ever, collecting almost Rs 26 billion ($347 million) in fees from local initial public offerings that have reached an all-time high in 2021.

A little over 110 companies ranging from online grocers to food delivery and beauty startups listed their shares in Mumbai this year, raising almost $18 billion, according to data compiled by Bloomberg. The fees raked in by banks steering those first-time share sales are more than four times the previous record in 2017, figures provided by New Delhi-based Prime Database show.

“It was an extraordinarily busy year, something I haven’t seen in my 30-year career,” said Jayasankar Venkataraman, head of equity capital markets at Kotak Mahindra Capital Co. in Mumbai. “Investment bankers carried work home and they weren’t fully switched off.”

The IPO surge, coming amid a rally in the benchmark local stock index that hit a record in October, was led by companies including One 97 Communications Ltd.,

Ltd. and PB Fintech Ltd. The wave of listings in India has tracked the wider trend in Asia, where companies have raised about $181 billion this year, an unprecedented level.

One 97 offers digital payments services under the brand Paytm; Zomato is a food delivery startup; and, PB Fintech runs an online insurance market place called Policybazaar.

Bloomberg

There are many more share sales lined up for next year in India besides the proposed mega listing by state-owned Life Insurance Corp. of India, which could raise at least Rs 400 billion ($5.3 billion).

The country’s biggest bank,

, could mop up about $1 billion by selling a stake in its mutual fund venture through an IPO. More Retail Pvt., a grocery chain backed by Amazon.com Inc., is looking at an offering of as much as $500 million. E-commerce firm and Walmart Inc. unit, Flipkart Online Services Pvt., and digital-education startup Byju’s Pte. are also preparing for first-time share sales.

Kotak Mahindra’s Venkataraman expects 2022 will see similar amount of fundraising or a little more. But risks such as the spread of the omicron variant of the coronavirus, rising inflation and interest-rate increases could damp the sentiment in the market, he added. The S&P BSE Sensex is already off its record Oct. 18 closing level.

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Buzzing Stocks: RBL Bank, Siemens, GE Shipping and other stocks in news today - Moneycontrol.com

Stocks In News: Check out the companies making the biggest headlines before the opening bell.

Biocon: SEC recommends emergency use nod for Serum’s COVID vaccine Covovax.

Divi’s Labs: SEC permits manufacturing and marketing of Merck’s Molnupiravir.

Inox Wind: The company board approved raising fund of Rs 90 crore.

Maharashtra Seamless: The company has bagged order worth Rs 151 crore from PSUs for ERW, seamless pipes.

GE Shipping: The company board approved share buyback worth up to Rs 225 crore at maximum Rs 333 per share.

BSE: The company to consider bonus issue on February 10.

Supriya Lifescience | The company will make its debut on the bourses on December 28. The final issue price is fixed at Rs 274 per share.

Sastasundar Ventures | Ace investor Ashish Kacholia acquired 2.25 lakh equity shares in the company at Rs 447 per share, however, Microsec Vision Trust One sold 2.25 lakh shares at same price on the NSE, the bulk deals data showed.

Bliss GVS Pharma | Prarthana Enterprises bought 7,52,570 equity shares in the company at Rs 112.12 per share on the NSE, the bulk deals data showed.

HP Adhesives | Foreign investor Saint Capital Fund exited the company, selling 2,64,287 equity shares at Rs 315 per share and investor Moneywise Financial Services sold 1.6 lakh shares at same price, however, Vijay Jayantilal Sanghavi acquired 1.15 lakh shares in the company at Rs 315 per share and BW Traders bought 1,25,649 shares at Rs 315 per share on the NSE, the bulk deals data showed.

IIFL Wealth Management | The company has approved the allotment of 1,200 rated secured redeemable principal protected market linked non-convertible debentures, aggregating to Rs 120 crore, on a private placement basis.

Gokaldas Exports | ICRA has upgraded the long-term rating for the captioned Line of Credit (LOC) of company to A- (positive) from BBB (stable). The outlook has been revised to Positive from Stable. Similarly, the rating agency has upgraded the short-term rating for the captioned LOC to A2+ from A3+.

Lippi Systems | The company has entered into an agreement for the sale and transfer of machineries with Image Gravures, a Partnership Firm, for Rs 9.45 crore.

Shyam Metalics and Energy | The company announced 20 percent increase in sponge iron manufacturing capacity, boosting from 1.39 MTPA to 1.67 million tonnes per annum.

GR Infraprojects | The Provisional Completion certificate has been issued by the Independent Engineer for "development of Purvanchal Expressway (Package-VII) from Mojrapur to Bijaura (Ghazipur) in Uttar Pradesh on EPC basis, and has declared the project fit for entry into commercial operation.

Siemens | A joint venture between TRIL Urban Transport, a Tata Group company, and Siemens Project Ventures GmbH, a subsidiary of Siemens Financial Services, under public private partnership route (PPP) will develop the metro corridor from Hinjewadi to Shivajinagar, Pune. The joint venture has formed a special purpose company called Pune IT City Metro Rail Limited.

RBL Bank | The bank announced the signing of the agreement with Bajaj Finance for the extension of the partnership of co-branded credit cards for a period of 5 years to December 2026.

Moneycontrol News

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World economy to top $100 trillion in 2022 for first time: Report - CNBCTV18

The world's economic output will exceed $100 trillion for the first time next year and it will take China a little longer than previously thought to overtake the United States as the No.1 economy, a report showed on Sunday.British consultancy Cebr predicted China will become the world's top economy in dollar terms in 2030, two years later than forecast in last year's World Economic League Table report.India looks set to overtake France next year and then Britain in 2023 to regain its place as the world's sixth biggest economy, Cebr said."The important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8 percent in the US," said Cebr deputy chairman Douglas McWilliams."We hope that a relatively modest adjustment to the tiller will bring the non-transitory elements under control. If not, then the world will need to brace itself for a recession in 2023 or 2024."The report showed Germany was on track to overtake Japan in terms of economic output in 2033. Russia could become a Top 10 economy by 2036 and Indonesia looks on track for ninth place in 2034.

(Edited by : Aditi Gautam)

First Published: Dec 26, 2021, 09:16 AM IST

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Delhi gov to ask Ola, Uber, Swiggy, Zomato to switch to electric vehicles - Mint

The Delhi government is going to ask e-commerce companies, food delivery services and cab aggregators to completely switch to electric vehicles, and petrol pumps to not give fuel to vehicles without a pollution-under-check (PUC) certificate, officials said.

Vehicle emissions account for around 38 per cent of the city's air pollution.

"The government is going to take two majors steps to check vehicular pollution -- we will ask all aggregators including Zomato, Swiggy, Ola, Uber etc. to completely switch to electric vehicles. These services account for 30 per cent of the registered vehicles in Delhi," an official told PTI.

"We are also considering directing dealers and petrol pumps not to supply fuel to vehicles without PUC certificate," he said.

Directions under the Environment (Protection) Act in this regard are expected to be issued this week.

Asked if a deadline will be given to aggregators to switch to EVs, a senior official in the transport department said, "It will be done in phased manner. We will soon publish the draft guidelines."  

The Delhi Electric Vehicles policy -- introduced in August 2020 – aims at increasing the EV share in total vehicle sales to 25 percent by 2024.

Only Flipkart (by 2030) and Fedex (by 2040) have established worldwide targets for converting their last-mile delivery fleets to electric vehicles, while DHL has set a 60 per cent electrification target for its fleet.

In October, the city government launched a massive drive to check PUC certificates and deployed around 500 teams at petrol pumps for this purpose.

Under the Section 190(2) of the Motor Vehicle Act, 1993, vehicle owners not having a valid PUC can be fined up to ₹10,000, or imprisoned for up to six months or both. 

The owners are required to get test their vehicles tested to ascertain if they meet emission standards for pollutants such as carbon monoxide, nitrous oxides, carbon dioxide.

There are around 1,000 authorised pollution checking centres set up at petrol pumps and workshops in the city.

Also, in compliance with the National Green Tribunal's directions, the Delhi government will deregister all diesel vehicles which will complete 10 years on January 1, 2022, and issue a no objection certificate (NOC) so that they can be re-registered in other places.

However, no NOC will be issued for diesel vehicles which have completed 15 years or more on the date of applying for it, according to an order issued earlier this month.

Delhi is the most-polluted capital in the world and is one of the fastest expanding cities in terms of population, according to Swiss air technology company, IQAir.

According to a study conducted by the Automotive Research Association of India and The Energy and Resources Institute in 2018, vehicles contribute to about 40 percent of PM 2.5 emissions in Delhi. 

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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India to become world's 6th largest economy by 2023: Report - Mint

Indian economy is all set to become sixth largest economy in the world leaving French and British economy behind, says British Consultancy Cybr report made public on last Sunday. The report says that in the year 2022, Indian economy will exceed French economy whereas it will trump British economy in 2023. However, the report had a bad news for China as it says that it will take time for the Mandarins to become world's top economy in dollar terms.

"India looks set to overtake France next year and then Britain in 2023 to regain its place as the world's sixth biggest economy," Cebr report said.

The report also said that world's economic output will exceed $100 trillion for the first time in 2022. However, it will take China a little longer than previously thought to overtake the United States as the No.1 economy, the report added. The British Consultancy Cebr predicted that China will become the world's top economy in dollar terms in 2030, two years later than forecast in last year's World Economic League Table report.

"The important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8 per cent in the US," said Cebr deputy chairman Douglas McWilliams.

"We hope that a relatively modest adjustment to the tiller will bring the non-transitory elements under control. If not, then the world will need to brace itself for a recession in 2023 or 2024."

The report showed Germany was on track to overtake Japan in terms of economic output in 2033. Russia could become a Top 10 economy by 2036 and Indonesia looks on track for ninth place in 2034.

(With inputs from Reuters)

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RBL Bank board approves MD & CEO Vishwavir Ahuja's request to proceed on leave with immediate effect - Moneycontrol

Vishwavir Ahuja was leading RBL Bank as MD & CEO since 2010.

The board of private lender RBL Bank on December 25 approved the request of bank's managing director and chief executive officer Vishwavir Ahuja to "proceed on leave with immediate effect".

The board has appointed current executive director Rajeev Ahuja as the "interim MD & CEO with immediate effect", the bank informed the stock exchanges.

Rajeev Ahuja's appointment is subject to "regulatory and other approvals", it said, further adding that the "terms and conditions of his appointment, such as remuneration, would remain unchanged".

The decisions were taken at the meeting of board of directors held earlier in the day, the regulatory filing noted.

Vishwavir Ahuja had been leading RBL Bank as its MD & CEO since 2010.

Earlier this year, RBL had sought approval from the Reserve Bank of India (RBI) to appoint Ahuja for another three-year term at the bank's helm. The regulator, however, had allowed RBL to extend his term by one year starting from June 30, 2021.

Notably, Ahuja is counted among the country's veteran bankers with close to four decades of experience in banking across finance, risk management, HR and business management.

Before RBL, Ahuja was the MD & CEO of Bank of America, India from 2001 to 2009.

The announcement of Ahuja's leave request being approved came shortly after RBL, in another regulatory filing, said the RBI has appointed its chief general manager Yogesh K Dayal as an additional director on the board of RBL.

Dayal's tenure would last "for a period of two years with effect from December 24, 2021 till December 23, 2023 or till further orders, whichever is earlier", it said.

RBL also told the stock exchanges that its business and financial trajectory continues to be on improving trend. "The financials of the bank remain robust with healthy capital adequacy of 16.3 percent, high levels of liquidity as reflected through liquidity coverage ratio of 155 percent, stable net NPA of 2.14 percent, credit deposit ratio of 74.1 percent and leverage ratio of 10.0%, for the quarter ended September 30, 2021," it said.

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NCLAT stays CCI order imposing Rs 873 crore penalty on UBL, other beer makers - Moneycontrol

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The National Company Law Appellate Tribunal (NCLAT) has imposed a stay on the orders passed by the fair-trade regulator CCI slapping penalties on several beer makers, including United Breweries Ltd that faces a fine of Rs 751.8 crore.

Passing an interim order, a two-member NCLAT bench has directed parties, including United Breweries Ltd, to deposit 10 percent of the penalty amount by way of Fixed Deposit Receipt' within three weeks.

The Competition Commission of India (CCI) on September 24, 2021, imposed penalties totalling over Rs 873 crore on UBL, Carlsberg India, All India Brewers' Association (AIBA), and 11 individuals for cartelisation in the sale and supply of beer.

The said order was challenged before the NCLAT, which is an appellate authority over the CCI. It hears appeals against any direction issued or decision made or order passed by the CCI.

"... during the pendency of the Appeal, to prevent an aberration of justice and to secure the ends of justice, stays the impugned order dated 24.09.2021 in suo moto case no. 6/2017 subject to the payment of 10 per cent of the penalty amount levied by the first Respondent/CCI, by way of Fixed Deposit Receipt' to and in favour of the Registrar, NCLAT, New Delhi, within three weeks from the date of passing of this order," said an NCLAT order passed on December 23.

The NCLAT has also directed the CCI and the All India Brewers Association to file replies over the notices issued by it.

The appellate tribunal has directed to list the matter on March 29, 2022, for admission.

Confirming the development, UBL in a regulatory filing said it received an order passed by the NCLAT, staying the CCI order upon a condition of pre-deposit of 10 percent of the penalty amount imposed on the company.

"The company will comply with the directions and the said 10 percent amount shall be deposited through a fixed deposit receipt within stipulated time as mentioned in the Order," UBL had said, now controlled by Dutch-based multinational Heineken.

Earlier this year, Heineken had acquired additional ordinary shares in UBL on June 23 taking its shareholding in the company from 46.5 percent to 61.5 percent.

The CCI had passed the final order against United Breweries Ltd (UBL), SABMiller India Ltd, now renamed as Anheuser Busch InBev India Ltd (AB InBev), and Carlsberg India Private Ltd (CIPL), among other entities.

In its 231-page order, which had come nearly four years after ordering a detailed probe, the CCI had also directed the companies, associations, and individuals to "cease and desist" from anti-competitive practices in the future.

The period of cartelisation was considered to be from 2009 to at least October 10, 2018, with Carlsberg India joining in from 2012 and AIBA serving as a platform for facilitating such cartelisation since 2013. All three beer companies were lesser penalty applicants before the regulator.

 

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Low FII activity may spark Santa Rally on D-Street, shows history - Economic Times

Markets this week seemed to be embracing the Christmas spirit as both the festive colours adorned trading terminals. After bleeding red on Monday, bourses lit up green recovering significantly from lows. This strong pullback might have hinted that the market is getting ready to launch itself into a phenomenon widely termed as ‘Santa Claus Rally’.

This phase exhibits a stock market surge through the last five trading days of December and the first two days of January. In the past ten years, Nifty has borne witness to this peculiar surge seven out of 10 times. Interestingly, the years with a Santa Claus Rally have been followed by a higher average yearly return of 15.32% against an average 12.52% returned by Non-Santa Claus Rally years.

While there are various pretexts and beliefs as to why markets react this way during this time period, the most popular belief is the lower participation by FIIs.

As a matter of fact, FII activity in the Santa Claus Rally period has been observed to drop substantially compared with the same 7 session time-frame of the previous month. For instance, in the last 6 years, FII net trading activity in the equity space dropped by ~39% on an average during Santa Claus Rally years as against a relatively lower average of ~11% drop in other years. This lower contribution by FIIs puts domestic investors in charge, who tend to be bullish more often than not thereby propelling the market higher. Due to the high frequency of its occurrence, investors tend to view this period as an ideal opportunity to undertake fresh investment activity, providing more grounds for bourses to advance. However, investors should keep in mind that currently the market sentiment is not overly optimistic and uncertainties continue to surround us.

Market participants should therefore be cautious and watch if these green shoots culminate into a ‘Santa Claus Rally’ this year as well.

Event of the week

‘IPOs galore!’ was the prominent theme this time around with a slew of companies making their market debut every single day of the week. While all the IPOs received a great response with multi-fold subscriptions, the sentiment of the broader markets turned sour, dampening the primary market euphoria. This, in turn, led to a series of tepid listings, despite healthy grey market premiums during subscription periods. Moreover, even the IPOs that listed at a premium saw their listing gains evaporate soon. This came in as a warning sign for those market participants who view IPOs as a quick money-making opportunity. Investors should therefore invest wisely in IPOs, keeping fundamentals and relative valuation of companies at the forefront and not just the grey market premium.

Technical Outlook

ET CONTRIBUTORS

Nifty50 quickly bounced back after testing the support of 16,400 but closed the week nearly unchanged. Nifty is also now trading within a downward sloping channel and continues to remain choppy. Bank Nifty index which was already reflecting weakness has broken the crucial support level and may retest the levels of 34,000. The overall undertone of the market has turned mildly bearish. Traders are advised to maintain a bearish bias as the upside is likely to remain capped at a resistance of 17,350. A decisive break above this level will negate this bearish outlook.

Expectations for the week
Volatility and whipsaw like movements will continue as markets react to Omicron related developments and the monthly expiry. The week may witness sectoral rotation with beaten-down sectors picking up pace. The underlying tone of Realty and Auto is bullish, so a buy on dips strategy can be adopted. IT is showing strong momentum and is trading at all-time highs backed by Accenture’s splendid performance while banks continue to be vulnerable and are unlikely to witness major buying at least till the year-end. Investors can further analyse the monthly expiry rollover data to take advantage of sectoral rotation and to determine whether the Santa Claus Rally will play out.

Nifty50 closed the week at 17,003.75, up by 0.11%.

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