ECONOMY, P2 COMPANIES, P4 FARM FACTOR Sowing of rabi crops marginally higher y-o-y ECONOMY, P2 DEEP MINING ‘LONG-TERM BET’ TALKS ON INNOVATION FIMI urges govt to withdraw the extant 30% export duty on ore with 58% or more iron content Amazon brand start-up Thrasio launches $500-m India push PM Modi to interact with as many as 150 start-ups today HYDERABAD, SATURDAY, JANUARY 15, 2022 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL XVIII NO. 215, 12 PAGES, `10.00 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 61,223.03 ▼ 12.27 NIFTY: 18,255.75 ▼ 2.05 NIKKEI 225: 28,124.28 ▼ 364.85 HANG SENG: 24,383.32 ▼ 46.45 `/$: 74.15 ▼ 0.27 `/€: 84.97 ▼ 0.21 BRENT: $84.54 ▲ $0.07 GOLD: `47,851 < > `00 — COVID-19 IN THE NEWS Forex reserves down $ 878 m to $632.736 bn Daily rise in cases highest in 239 days THE COUNTRY'S FOREIGN exchange reserves declined $878 million to stand at $632.736 billion in the week ended January 7, RBI data showed on Friday, reports PTI. In the previous week ended December 31, it had dropped $1.466 billion to $633.614 billion. The decline in the forex kitty was mainly due to a fall in gold reserves and foreign currency assets. India adds 2.64 lakh new coronavirus infections in a day PRESS TRUST OF INDIA New Delhi, January 14 INDIA ADDED 2,64,202 new coronavirus infections, the highest in 239 days,taking the total tally of Covid-19 cases to 3,65,82,129, which includes 5,753 cases of the Omicron variant,accordingtotheUnion health ministry data updated on Friday. There has been a 4.83% increase in Omicron cases since Thursday. The active cases have increased to 12,72,073, the highest in 220 days, while the death toll has climbed to 4,85,350with 315 fresh fatalities,the data updated at 8 am stated. The active cases comprises3.48%of the total infec- CAIT plea in CCI to block Amazon’s Cloudtail deal DOMESTIC TRADERS' BODY CAIT on Friday said it has filed a petition before the CCI to block the transaction that has been entered into by Amazon where they will acquire 100% shareholding in Cloudtail, reports PTI. ABFRL to acquire 51% stake in Masaba brand 2,64,202 New coronavirus infections 3,65,82,129 Total tally of cases 5,753 Cases of Omicron variant 12,72,073 Active cases, highest in 220 days 4,85,350 Death toll with 315 fresh fatalities 155.39 crore Number of people vaccinated tions,whilethenationalCovid19 recoveryrate has decreased to 95.20%,the ministry said. CRUDE FACTS Oil on bull run despite likely China release At 2-month high on supply constraints and a weaker dollar THE CENTRE WILL make it mandatory for carmakers to provide a minimum of six airbags in vehicles that can carry up to 8 passengers for enhancedsafetyofoccupants, reports PTI. Union minister 83.5 ate crude gained 57 cents, or 0.7%, to $82.69. Crude prices turned positive as the Americangreenback headedtowards what could be its largest weeklyfall in more than ayear. Continued on Page 2 Intra-day, Jan 14 Inverted scale 74.00 6.59 74.05 6.58 Nitin Gadkari said the implementation of fitment of the driverairbaghadalreadybeen mandated with effect from July1,2019,andfrontco-passengerairbagwitheffectfrom January1,2022. ■ Page 3 Previous close: 84.47 IST@5.27 pm Open `/$ 6.582 6.60 84.12 84.0 10-year bond yield (%) Minimum 6 airbags to be made must in vehicles that can carry up to 8 passengers 85.23 85.5 84.5 OIL FUTURES ROSE on Friday oncourseforafourthweeklygain boosted by supply constraints and a weaker dollar and despite sources saying China is set to releasecrudereservesaroundthe Lunar New Year. Brent crude futures rose 71 cents, or 0.8%, tonearatwo-and-a-halfmonth high of $85.18 a barrel at 1430 GMT.USWestTexasIntermedi- Continued on Page 2 Brent ($/bbl) Intra-day, Jan 14 86.0 85.0 SHADIA NASRALLA & NOAH BROWNING London, January 14 (Intra-day, Jan 14) 74.05 74.10 6.57 74.15 74.15 6.56 6.558 74.20 6.55 Previous close: 6.564 6.54 Open Close 74.25 Previous close: 73.89 Open Close Ola to open final payment window for e-scooters on January 21 PRESS TRUST OF INDIA New Delhi, January 14 OLA ELECTRIC WILL open the finalpaymentwindowonJanuary21forallthecustomerswho have already paid `20,000 for its electric scooters, Ola chairman Bhavish Aggarwal said on Friday.Thecompany,whichhad lastmonthstatedthatithasdispatchedtoallwhohavepurchased in the previous round,will dispatch forthe latest purchase this month and in February. Sharingashotoftheelectric scooters, Aggarwal in a tweet said, “Sea of scooters awaits! Final payment window opens Jan 21, 6 pm in Ola App for all customerswho’vepaid(Rs)20k. We’lldispatchacrossJan&Feb.” Ola Electric, which had in August 2021 made a foray into green mobility with the launch ofitselectricscooters,S1andS1 Pro priced at `99,999 and `1,29,999, respectively, had postponed delivery timelines citing the chip shortage issue. After opening reservations at `499 in July last year,it started the online purchase process in Septemberandinitiallyplanned tostartdeliveriesinOctoberbut was later pushed to November and then again to the second half of Decemberlastyear. TRADE RECOVERY Exports hit record in Dec, imports rise too Trade deficit remains at an elevated level FE BUREAU New Delhi, January 14 MERCHANDISE EXPORTS TOUCHEDamonthlyrecordof $37.8 billion in December, up almost 39% from ayearearlier and 39.5% from the pre-pandemic (same month in FY20) level, according to the provisional estimate released by the commerce ministryon Friday. Keeping with the recent trend, imports, too, jumped nearly39%onyearto$59.5billion, driven by elevated global crude oil prices and massive purchases of coal and cooking oil. Consequently, trade deficit in December remained at an elevated level of $21.7 billion, down only marginally from a record $22.9 billion in the pre- UNION MINISTER PIYUSH Goyal on Friday called upon global VC funds to step up focus on start-ups from tier2 and tier-3 cities and consider greater capital infusion, including that of risk capital,into them,reports fe Business mix was impacted again; given recovery pace, FY22e Ebitda down 3%; TP revised to `3,966 from `3,738 due to rollover; ‘Reduce’ rating retained as upside is factored in ■ Investor, P5 QuickPicks EDIBLE OIL major Adani Wilmar, a 50:50 joint venture company between Adani group and Singapore's Wilmar group, has cut the size of its initial share sale to `3,600 crore from the `4,500 crore planned earlier, people familiar with the development said on Friday, reports PTI. The company, which sells cooking oils under the Fortune brand, is expected to float its initial public offering (IPO) this month, they added. There will not be any secondary offering. PAGE 6 REC raises $1,175 m from a consortium of seven banks IN A landmark transaction, state-run REC successfully raised $1,175 million from a consortium of seven banks as the Mandated Lead Arrangers and Bookrunners (MLABs), said, reports PTI. T his is the single-largest syndicated loan raised in the international bank loan market by any Indian NBFC. The deal, benchmarked to USD LIBOR, was anchored by seven Indian and international banks — Axis Bank, Bank of Baroda, Bank of India, Canara Bank, DBS, MUFG and SMBC. PAGE 2 Non-food credit growth hits over 2-year high in Dec 2021 NON-FOOD CREDIT growth hit an over two-year high of 9.28% y-o-y during the fortnight ended December 31, according to data released by the RBI, picking up sharply from the 7.41% growth seen in the previous fortnight, reports fe Bureau in Mumbai. Outstanding non-food credit as on December 31 crossed the `115-lakh-crore mark and stood at `115.95 lakh crore, higher than `112.29 lakh crore at the end of the previous fortnight. Deposits grew 10.28% y-o-y to `162.41 lakh crore. PAGE 6 Continued on Page 2 December 2021 domestic sales data Dec 2020 Total: 14,03,391 2,52,998 PV 2W 11,27,917 3W Growth (%) « Adani Wilmar cuts size of its initial share sale to `3,600 cr WHOLESALE DESPATCHES OF passengervehicles declined 13%to2,19,421unitsyear-onyear in December 2021 on accountofsemiconductorwoes, but if the calendar year performance is seen, sales grew 27% to 30.82 lakh units against 24.33lakhunitsin2020.While this growth was, of course, due to the low base of 2020 when there was a period of total lockdown,despatchesabovethe30lakh unit have happened only forthethirdtimesincetheSociety of Indian Automobile Manufacturers (SIAM) started releasingsuch data. Sales of PVs had crossed the 30-lakh mark forthe first time in CY 2017 when total sales stood at 32.3 lakh units. In CY 2018, PVs were at 33.95 lakh units and declined to 29.62 lakh units in CY 2019. On Friday, while releasing the sales data for December and CY 2021, SIAM said that the chip shortage situation is not expected to dramatically change in the short term, but expressedhopethatthingswill improve soon. On a year-onyearbasis,salesduringDecembercontinued todeclineacross segments like PVs and twowheelers. Across categories, it was down 11%. The sales numbers in the October-December quarter were also not as per expectations for most of the industry players as the festival season sales were very weak as compared to the past. Sales across categories were down 22% in the third quarter. -13.27 -10.8 Dec 2021 Total: 12,53,604 FESTIVE FERVOUR 28,111 FE BUREAU WPI inflation eases a tad to 13.56% in Dec Wholesale price inflation dropped to 13.56% in December from a 30-year high of 14.23% in November, as price pressure in fuel moderated following a tax cut and core inflation hit a six-month low of 11%. But food inflation spiked to 9.56% from 4.88% in the previous month. Retail inflaiton, meanwhile, hit a six-month high of 5.59% in December 12 25.07 -10.67 People hold kites as they pose for a photograph on 'Makar Sankranti', in Bhopal on Friday Slight respite 6 CPI 13.11 9 4.59 3 0 10,06,062 (% change) 200 195.7 160 120 80 40 17.6 0 Over FY21 39.5 Over FY20 Apr 2021 38.9 Dec 2021 vious month. Although high import signals improving domestic demand following a Covid-induced compression last fiscal, it will also pressure current account deficit (CAD). Continued on Page 2 Bureau in New Delhi. Goyal held talkswith over 75 of them, who are based out of the US, Japan, Korea, Singapore and India, and together manage assets worth $30 billion in the Indian region alone. ■ Page 3 PRESS TRUST OF INDIA Mumbai, January 14 WPI 13.56 11.8 5.59 6.3 1.95 Dec 2020 2,19,421 Dec 2021 Source: Ministry of commerce releases JSW Infra raises $400 m in maiden international bond sale 15 (% change, y-o-y) 22,476 « Stable performance by DMart in the third quarter of FY22 FE BUREAU New Delhi, January 14 « The Volvo XC60 (mild hybrid) gets many semiautonomous driving technologies like lanekeeping aid and automatic braking, but it costs north of `60 lakh ■ Motobahn, P5 37.8 ● FUNDRAISING PV sales decline 13% in Dec, up 27% in CY21 « Future of driving, definitely, but XC60 comes at a price Exports Trade ($ bn) 39 37 30.6 35 33 31 29 27 25 Apr 2021 Goyal to VCs: Eye start-ups beyond Metros CHIP SHORTAGE Special Features « ADITYA BIRLA FASHION and Retail (ABFRL) on Friday said it will acquire a 51% majority shareholding in popular brand 'Masaba' promoted by the leading designer Masaba Gupta for a cash consideration of `90 crore, reports PTI. ● GREEN MOBILITY May 2021 4.35 Sep 2021 Dec 2021 Source: MoSPI, Industry ministry THE SAJJAN JINDAL-LED JSW Group'sportdevelopmentarm on Friday announced a $400million fundraise through a bond issue from international investors.The money raised in theissuebyJSWInfrastructure will be used to repay the existing debt of the company and its subsidiaries. The issue of the sustainability-linked bond (SLB) is its debut issue in international bond markets, and the company could manage final pricing, which was lower than the guidance,as per an official company statement. The seven-year notes were launchedwith initial guidance on the coupon at 5.25%, but the company managed to get final pricing at 4.95%,it said. Investor roadshows for the issue were held across Asia, Europe and the US this week and the transaction was launched after the strong investor feedback, and the pricing could be tightened despite widening of yields in the high yield bond markets. Continued on Page 2 SUCCESS STORIES Express awards honour leading women entrepreneurs FE BUREAU New Delhi, January 14 IT WILL ARGUABLY go down as an evening to remember showcasing a genuine corporate solidarity and oneness of purpose in supporting women entrepreneurship. The Express Awards for Women Entrepreneurs (or ExpressAWE) announced on Friday saw a tidal wave of entrepreneurial success. But what also added glitter and weight to the memorable evening were rich and insightful conversations between industry veterans with takeaways for life for the many leading and budding women entrepreneurs. The evening began with a keynote interview of Sheryl Sandberg, COO, Meta, by Anant Goenka, executive director, Indian Express Group, which covered the entire changing landscape of women entrepreneurship. The author of ‘Lean In’, a milestone book for working women, Sandberg urged the growing number of women in Indian colleges not to “leave before you leave”. Congratulating the Indian Express Group for instituting ExpressAWE and forengaging in conversations that matter, Sandberg reminded that while the proverbial glass ceiling still needs to be shattered by more women, there was also a broken rung that needed fixing. Or to quote a snippet from the interview:“Even beforewe get to that glass ceiling there is a broken rung and it is that first promotion to manager… men are promoted and hired based on their potential, women have to prove it... So the inequity starts few years after college.” This was followed by a free flowing and engaging discussion between industry veterans and the members of the jury who chose the awards in the organisation/established business segment. Continued on Page 2 Express Awards for Women Entrepreneurs winners list, Page 2 HYDERABAD
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