OPINION, P6 ECONOMY, P2 SANDEEP PAREKH SC has weighed down on Sebi’s burden on insider trading INTERNATIONAL, P8 EDITORIAL AMID HIGH DEMAND REDUCED CASH CONTRIBUTION Nabard's Farmer Distress Index will help identify farmers in need of assistance Work under rural jobs scheme drops to two-year low in April Musk seeks to put in less money in new Twitter deal financing NEW DELHI, WEDNESDAY, MAY 4, 2022 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL XLVIII NO. 54, 18 PAGES, `10.00 (PATNA & RAIPUR `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: 56,975.99* ▼ 84.88 NIFTY*: 17,069.10 ▼ 33.45 NIKKEI 225*: 26,818.53 ▼ 29.37 HANG SENG: 21,101.89 ▲ 12.50 `/$*: 76.52 ▼ 0.08 `/€*: 80.54 ▲ 0.32 BRENT: $106.22 ▼ $1.36 GOLD*: `51,119 ▼ `728 IN THE NEWS State-run NTPC to import 20 MT of coal this fiscal NTPC will meet a tenth of its coal requirements through imports in the current fiscal, by importing 20 million tonne (MT) of the fuel and raise its captive fuel capacity by about 60%, according to a senior company official, reports Surya Sarathi Ray in New Delhi. Brisk sales on Akshaya Tritiya back after 3 years GOLD DAZZLED on the day ofAkshaya Tritiya, considered auspicious for buying the precious metal, as established jewellers cashed in on the absence of Covid curbs for the first time in three years, reports Banikinkar Pattanayak in New Delhi. Higher wind, solar generation: Power shortage eases ENERGY SHORTAGE conditions across severely hit Punjab, Haryana, Rajasthan, Uttar Pradesh and Tamil Nadu improved over the three days to Monday as power generation from wind and solar sources picked up, reports Vikas Srivastava in Mumbai. Special Feature ` Stocks ` ` FD ` PPF MF SIP NPS Five steps to a retirement corpus Choose the right investment instruments to help you achieve your retirement goals ■ Personal Finance, P7 LIC RAISES `5,627 CR FROM ANCHOR INVESTORS GROWTH OF 24% Domestic investors corner April exports hit 71% of LIC anchor book $38.2 billion FE BUREAU New Delhi, May 3 RUCHIT PUROHIT & PRASANTA SAHU Mumbai/New Delhi, May 3 LIFE INSURANCE CORPORATION of India (LIC) closed the anchor book of its initial pubic offer(IPO)onTuesdayafterraising `5,627 crore from mostly domestic investors, setting the stage for the issue that will run for the public from today to next Monday. More than 71% of the anchorbookwas allotted to 15 domestic mutual funds through 99 schemes, as demandfromforeigninvestors remained subdued. The anchor investor interest seemed on a par with or at best marginally higher than the issue size.But government sources said investor interest was encouraging and insisted that the anchorissuewas over- ` LIC closed its anchor book after successfully raising `5,627 crore from anchor investors subscribed. They said institutional investors indicated demand worth over `9,400 crore “verbally” and added that this was “equal to the overall QIB portion or 50% of the total public offer net of The anchor investors' portion, comprising 59 million equity shares, was subscribed at `949 per share reserved categories”. A senior government official said, of the total institutional demand gauged till the closure of the anchor portion oftheissue,investorswhowere comfortable with the 30-day ` ` Norway pension fund, Singapore govt funds, BNP Paribas LLC, Societe Generale among top foreign investors lock-inperiodwereselectedfor share allotment, adding that, the remaining investors may subscribetothemainQIBbook when it is opened. Continued on Page 2 Exports Trade deficit Imports ($ bn, RHS) (% change, y-o-y) MERCHANDISE EXPORTS ROSE 24.2% in April from a year before to $38.2 billion, a recordforthefirstmonthofany fiscal,despitearelativelystrong base.Theshipmentsweredriven byasurgeinthoseofpetroleum products,electronicsandchemicals, according to the preliminary data released by the commerce ministryonTuesday. Given the spurt in global commodityprices,especiallyof energy, in the wake of the Ukraine crisis,imports jumped atafasterpaceof26.6%inApril to $58.3 billion.While growing imports suggest a revival of domestic demand, it has inflated trade deficit to $20.1 billion in April from $18.5 billion in the previous month. Unless international commod- 100 80 LOGISTICSSERVICESPLAYER Delhivery has pruned its initial public offering (IPO) by about 30% to `5,235 crore from the earlier `7,460 crore, opting to play it safe in a market that will see a large `21,000-crore issuance from Life Insurance Corporation (LIC) thisweek. Accordingtotheredherring prospectus (RHP), the fresh issuance of shares will now be made for an amount of `4,000 crore. The offer for sale (OFS) portion has been reduced to `1,235crorefrom`2,460crore. While global private equity investor Carlyle will sell shares worth `454 crore compared with`920croreplannedearlier, SoftBank will now sell a stake worth `365 crore, down from `750 crore. While the secondary marketshavebeenvolatileeversince ■ Fresh issuance of shares to now be made for `4,000 crore, according to the red herring prospectus the outbreak of hostilities between Russia and Ukraine andinanticipationofratehikes bytheUSFed,someoftherecent IPOs, albeit of a smaller size, have fared reasonably well.The LICissue,could,however,attract good interest. Delhivery reported a loss of `891.1 crore for the nine monthstoDecember2021,big- 40 10 20 5 0 Continued on Page 2 ■ Offer for Sale (OFS) portion reduced to `1,235 crore from `2,460 crore ■ Carlyle to sell shares worth `454 crore IPO against `920 AHEAD crore earlier; SoftBank to sell stake worth `365 crore, down from `750 crore gerthanthelossof`297.5crore in the corresponding period of 2020.The companyhad posted a loss of `415.7 crore in FY21. Total income for the nine months to December2021was `4,911.4 crore compared with `2,806.5 crore in the comparable periodin 2020. Continued on Page 2 ■ Attrition at 21% recorded in India in 2021 was highest since 2003 ■ 61% willing to accept smaller pay, forego promotion if it means a better work-life balance ■ Great Resignation also now impacting manufacturing sector ROHNIT PHORE if roughly 30-35% of the workforce is being recruited fromoutside,thedemographic make-up of the organisation changes. “Given where the market is at, companies are recruiting talent at much higher salaries than they’re payingthe existing teams.This is leading to dissatisfaction and is also fuelling attrition,” Singh said. Even as they contemplate newopportunities,professionals today are looking for a better work-life balance.So,while salaries and bonuses are motivating factors, a significant 61% of those surveyed said theywould bewilling to accept a smaller salary or even forego a promotion if it means a betterwork-life balance. Holding back talent is a challenge, according to S Venkatesh, group president Apr 2022 0 ity prices recede considerably, trade deficit will likely exceed the crucial $20-billion mark in most of the months in FY23, according to an Icra estimate. The Great Indian talent war is on THE RISING DEMAND for talent across sectors is giving the Great Reshuffle, or the Indian avatar of the Great Resignation, a momentum of its own. Rather than dropping out of the jobs market altogether, as is happening in the US, more people are exploring new opportunities. A survey by Aon India shows attrition in 2021 was 21%, the highest since 2003. The main reasons forthiswere limited growth opportunities within the organisation; employees felt theywere stagnating. Another study by MichaelPagesaysaround86% of India’s professionals will lookfornewjobsinthenextsix months and those recruiting will have atoughtimemeeting salary expectations. Retaining people, too, will beachallenge.AsJangBahadur Singh, director, Aon, explains, Oct 2021 Source: DGCIS; ministry of commerce ● 86% OF PROFESSIONALS WILL LOOK FOR NEW JOBS IN NEXT 6 MONTHS: STUDY SHUBHRATANDON Mumbai, May 3 20 15 Ahead of IPO, Delhivery reduces issue size by 30% PLAYING IT SAFE 25 20.1 60 SOFTBANK, CARLYLE CUT OFS PORTIONS RUCHIT PUROHIT Mumbai, May 3 18 (HR),RPG Enterprises.“It’s not only in the services sector, there is reluctance on part of professionals in the manufacturing sector to return to the metros,”Venkatesh told FE. The churn, as Ankit Agarwala, managing director, Michael Page India, explains, is manifesting itself in manyways. Continued on Page 2 New Delhi *As on May 2 Tata Steel proposes 10:1 stock split TATA STEEL on Tuesday posted a 37.3%year-on-year increase in its consolidated net profit to `9,835 crore for the quarter ended March, beating Street estimates, reports fe Bureau in Mumbai. The company’s board also approved a proposal to split its shares in a 10-to-1 ratio. ■ Report on Page 4 Adani Wilmar buys Kohinoor rice brand IN A BID to strengthen its presence in the branded staple food segment, Adani Wilmar (AWL) on Tuesday entered into an agreement with McCormick Switzerland GMBH to acquire the iconic Kohinoorbasmati rice brand in an all-cash deal, reports Shubhra Tandon in Mumbai. ■ Report on Page 5
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