AHMEDABAD, THURSDAY, DECEMBER 2, 2021 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE VOLUME XVI 155, 20 PAGES, `6.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E WWW.FINANCIALEXPRESS.COM READ TO LEAD SENSEX: 57,684.79 ▲ 619.92 NIFTY: 17,166.90 ▲ 183.70 NIKKEI 225: 27,935.62 ▲ 113.86 HANG SENG: 23,658.92 ▲ 183.66 `/$: 74.91 ▲ 0.26 `/€: 84.86 ▲ 0.55 BRENT: $72.02 ▲ $2.79 GOLD: `47,590 ▼ `441 QuickPicks Govt decides not to resume int'l flights from Dec 15 THE GOVERNMENT on Wednesday decided not to resume scheduled international flights from December 15 in the wake of rising concerns over Omicron, reports PTI. Aviation regulator DGCA said the effective date for resumption will be notified in due course. PAGE 3 Auto sales remain in slow lane in November too THE FESTIVE season failed to drive auto sales, as the industry continued to battle supplyside challenges, reports fe Bureau in Mumbai. Wholesale despatches by automakers declined for the third month in a row in November. The fall was along expected lines as chip shortage continues to impact supply chains of automakers globally. PAGE 4 US fund TFCC buys 46% in Ramcharan for $4.14 billion THE US-BASED impact fund TFCC International on Wednesday announced an investment of $4.14 billion (over `31,000 crore) for a 46% stake in Ramcharan Co, a Chennai-based company, which is mainly into the distribution of chemicals, reports PTI. The investment will be made with a horizon of 5-7 years and the first round would be closed by January 2022. PAGE 4 STRONG NOVEMBER Robust GST collections, PMI rise signal upswing However, after a record $35.7 bn in Oct, export of goods drops below $30 bn FE BUREAU New Delhi, December 1 A DAY AFTER the official data revealed India’s gross domestic product (GDP) expanded by 8.4% in Q2FY22, more than restoring the value lost in the year-ago quarter but not indicatingdefinitesignsofacceleration in key segments like consumption, manufacturing, constructionandprivatecapex, afewhigh-frequencyeconomic indicators sent ambivalent sig- PMI 60 56.3 Oct ‘21 Manufacturing 58.4 1,40,000 55 80,000 48.1 45 Services 41.2 June ‘21 92,849 Nov 2020 Exports 200 40 195.7 150 Nov 2021 (% change) Over FY20 Over FY21 100 Nov 2020 June ‘21 Nov 2021 Note: Reading below 50 suggests contraction & above it indicates expansion Source: IHS Markit nals on Wednesday. Gross GST mop-upwas`1,31,526crorein November (October sales), the second highest in the historyof the comprehensive indirect tax 50 17.6 0 Apr 2021 26.5 15.9 Nov 2021 Source: Ministry of commerce thatwas launched in July2017, but was still a tad lower than manyanalysts’forecast. Continued on Page 2 ● 2022 FORECAST Swiggy nears $700-m Invesco-led fundraise FOOD DELIVERY SERVICE Swiggy is raising $600 million to $700 million in a round led by Invesco that’s due to close thismonth,accordingtopeople with knowledge of the matter. WhileInvescowillpourin$200 million,otherexistinginvestors such as Softbank Group will alsoparticipate,thepeoplesaid, asking not to be identified as the details are private.The deal values Swiggy,formallyknown asBundlTechnologies,at about $10.5 billion,they added. 1,31,526 57.6 1,00,000 50 53.7 35 1,04,963 1,20,000 BIG BITE MALAVIKA KAUR MAKOL & BAIJU KALESH December 1 GST collections (` cr) 1,60,000 ■ While Invesco to pour in ■ Dealvalues food delivery service company at about IT spending in India to touch $100 billion FE BUREAU Bengaluru, December 1 Indian start-ups have raised about $10.9 billion in the quarter ended September, according to Venture Intelligence and PwC India. IT SPENDING IN India is expected to touch $101.8 billion in 2022, up 7% from this year (2021), as chief information officers (CIO) build on renewed interest in technology from the business to gain funding for new IT projects, research firm Gartner said on Wednesday.The research firm said that in 2022,all segments of IT spending in India are expected to grow, with software emerging as the highest growing segment. Continued on Page 2 Detailed report on Page 4 $200 m, $10.9 bn existing investors such as Softbank to also participate Ahmedabad