OPINION, P6 ECONOMY, P2 M BUTANI & S AGRAWAL Budget FY23 must guide the contours of the new FTP COMPANIES, P4 EDITORIAL NO REGIME CHANGE LOOKING AHEAD Govt must get sure-footed on privatisation/divestment as it has met little success so far, barring Air India DoT will not interfere in mobile manufacturing, says Vaishnaw ‘With some uptick seen in steel prices globally, Q4 should be better than Q3’ CHENNAI/KOCHI, TUESDAY, JANUARY 25, 2022 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL XLIII NO. 221, 16 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 SENSEX: 57,491.51 ▼ 1,545.67 NIFTY: 17,149.10 ▼ 468.05 NIKKEI 225: 27,588.37 ▲ 66.11 HANG SENG: 24,656.46 ▼ 309.09 `/$: 74.57 ▼ 0.14 `/€: 84.47 ▼ 0.08 BRENT: $86.28 ▼ $1.61 GOLD: `48,650 ▲ `192 IN THE NEWS Air India likely to be handed over to Tatas by weekend AIR INDIA IS likely to be handed over to the Tata group by the end of this week, senior government officials said on Monday, reports PTI. After a competitive bidding process, the government had on October 8 last year sold Air India to Talace — a subsidiary of the Tata group's holding company — for `18,000 crore. ‘Can’t accept Amazon offer till legally viable’ INDEPENDENT DIRECTORS OF Future Retail have turned down Amazon's offer of financial support to the company through a deal with private equity firm Samara Capital, saying any legally invalid offer cannot be accepted, reports PTI. Axis Bank Dec qtr net jumps over 3-fold to `3,614 cr AXIS BANK ON Monday reported an over three-fold jump in its net profit to `3,614 crore in the quarter ended December 2021 on strong growth in loans and improvement in asset quality, reports PTI. The third-largest private sector bank had posted a net profit of `1,117 crore a year ago. BLACK MONDAY CAPITAL GAINS At $10.7-bn valuation, Markets crash on Fed hike concerns Swiggy turns decacorn Valued at $5 bn, Ola Electric raises $200 m Raises $700 million in funding round led by Invesco; fourth start-up with over $10-bn valuation FE BUREAU Chennai, January 24 touched record levels in CY2021. Post the pandemic, foodtech and grocery delivery have witnessed a renewed shift in demand from Indian consumers across both Tier-1 and Tier-2 cities as the majority of them continue to work from home. OLA ELECTRIC ON Monday announced it has raised over $200 million from Tekne PrivateVentures,AlpineOpportunity Fund, Edelweiss and others. The latest round has seen the company’svaluationgoing up to $5 billion. In September 2021, Ola Electric had raised over $200 million led by Falcon Edge,Softbank and others at a valuation of $3 billion. InJuly2021,OlaElectricand BankofBarodasigneda10-year debt of $100 million towards the funding and financial closure of the phase 1 of the Ola Futurefactory. Over the last 12 months, Ola Electric has built the Futurefactory, the world’s largest electric two-wheeler manufacturingfacilityinKrishnagiridistrict inTamil Nadu. The company has started producing Ola S1 and an entirelynewanddisruptivedirect-toconsumermodelwithfullydigital purchase coupled with home test rides and doorstep deliveryand aftersales service. Continued on Page 2 Continued on Page 2 SALMAN SH Bengaluru, January 24 FOOD DELIVERY PLATFORM Swiggy on Monday said that it has raised $700 million in new funding led by asset management firm Invesco. The Bengaluru-based start-up is now valuedat$10.7billion,upfrom its previous valuation of $5.5 billion just six months ago.The latest funding makes Swiggy the fourth decacorn — valued at $10 billion or more — after Paytm,Oyo and Byju's. The round also saw participation from a host of new investors such as Baron Capital Group, Sumeru Venture, IIFL AMC Late Stage Tech Fund, Kotak, Axis Growth Avenues AIF- I,Sixteenth Street Capital, Ghisallo, Smile Group and SegantiiCapital.Swiggy’sexistinginvestorsAlphaWaveGlobal, Qatar Investment Authority, ARKImpact,andSwiggy’slongterm investorProsusVentures. The fundraising comes at a time when the funding wave in Indian tech start-ups has Firm now ranks after Paytm, Oyo and Byju's in terms of valuation Valuation shot up to $10.7 billion from $5.5 billion in just six months ■ Its quick commerce service Instamart set to breach annualised GMV run rate of $1 billion in next three quarters Total funding raised by Swiggy is now more than $3.5 bn Persistent sell-off by FPIs and rising crude prices weaken the rupee 59,500 59,023.97 59,000 58,500 58,000 FE BUREAU Mumbai, January 24 Sensex 57,500 GROWING GEOPOLITICAL TENSIONS and expectations of a rate hike by the Federal Reserve spooked investor sentiment on Monday, dragging benchmark indices down.Persistent sell-off byforeign portfolioinvestorsandrisingcrude oil prices weakened the rupee, with the local currency losing 14 paise against the US dollar. The yield on 10-year benchmark bond rose 3 basis points higher to close at 6.66%. While the Sensex slipped 1,545.67 points to end at 57,491.51,thebroaderNifty50 fell 468.05 points to close at 17,149.10.With Monday’s fall 57,000 56,500 57,491.51 Intra-day, January 24 Previous close: 59,037.18 Open Close of 2.6%, both the Sensex and theNiftyhavedeclinedover6% inthelastfivesessions.TheSensex has come off 3,817.40 points during the same period. Investor wealth to the tune of `9.14 lakh crore was wiped out on Monday. At the close, the combinedmarketcapitalisation of all listed companies on the BSEstoodat`260.52lakhcrore. All Sensex stocks lost value on Monday with the heavy- weight Reliance Industries contributing the most to the index’sfall,whichwasfollowed byInfosysandHDFCBank.The threeamongthemcontributed over a third to the Sensex fall. On the NSE,just 187 stocks roseagainst2,014scripsending the session in the red,the worst since March 23, 2020.The sell off was broadbased, with the Nifty Midcap100 and SmallCap100indiceslosing3.9%and 4.8%, respectively.With Monday’s fall, both the Sensex and theNiftyhaveerasedtheirgains for this year as they posted biggest fall since November 26. FPIs have sold Indian shares worth $1.7 billion in Januaryso far,which is over and above an outflow of about $5 billion in the preceding three months, Bloomberg data showed. Continued on Page 2 10-year bond yield `/$ Brent ($/bbl) Zomato Intra-day (%), Jan 24 6.67 (Inverted scale) Intra-day, Jan 24 74.30 89.5 Intra-day on BE (`), Jan 24 115 6.66 6.659 74.40 6.65 89.0 74.43 74.50 6.64 Intra-day, Jan 24 74.60 6.63 6.62 6.632 Open Previous close: 6.626 Close 74.70 74.80 74.57 88.5 Open 87.5 Close 110 113.75 105 100 88.0 Previous close: 74.43 87.87 87.0 87.93 90 Previous close: 87.89 Open 91.4 95 IST@4.32 PM 85 Previous close: 113.75 Open A SMART WAY TO INVEST IN SILVER Presenting ICICI Prudential Silver ETF Fund of Fund A Fund of Fund scheme that invests in units of ICICI Prudential Silver ETF Enables investments for Non Demat account investors. 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