Seasonal Magazine - Vibrant Gujarat 2022 - Cover Story by John Antony

VOLUME 19 ISSUE 12 JANUARY 2022

Bahrain BD 1.50 Kuwait KD 1.50 Oman OR 1.50, Saudi Arabia SR 12.00 UAE DH 10.00 UK £ 3.00, US $ 3.00

YEARS

Rs. 50

MAGAZINE

Seasonal www.seasonalmagazine.com

Managing Editor Jason D Pavorattikaran Editor John Antony Director (Finance) Ceena Associate Editor Carl Jaison Senior Editorial Coordinator Jacob Deva Senior Correspondent Bina Menon Creative Visualizer Bijohns Varghese Photographer Anish Aloysious Office Assistant Alby CG Correspondents Bombay: Rashmi Prakash Delhi: Anurag Dixit Director (Technical) John Antony Publisher Jason D Pavorattikaran

EDITORIAL

THE INNOVATION WE DESIRED BUT CAN'T DIGEST! What do we do when we cross 60? We may retire of course if we can afford it, but there is one more thing we all invariably end up doing. We start advising and we start exhorting our younger generations to innovate more. The great idea is that, we seniors did what all we could do, and now it is up to you youngsters to innovate! And what is more, we say, you have the technology with you to innovate, unlike us! If we are ordinary mortals, we can exhort only to our kids or grandkids. But what if we are politicians, economists, bankers, scientists or business leaders? We can exhort to whole generations of youngsters to innovate. This is what they have been doing ever since at least World War II ended, but with the advent of revolutionary technology like Internet, the pace of this exhortation gathered momentum – through mediums like commencement addresses at universities or through the books these leaders write after retirement.

Editorial & Business Office Cochin: 36/1924 E, Kaloor-Kadavanthra Road, Near IGNOU, Kaloor, Cochin-17. Ph:0484- 2345876, 2534377, 2340080 Mob. 09947141362 Delhi: H.No: P-108, Uppal Southend, Sector 48, Sohna Road, Gurgaon, Haryana – 122018 Ph: 9891771857|099471 41362 Mumbai: 202, Woodland Heights Building, St. Martins Road, Bandra West, Mumbai 400 050 Mob: 919947141362 Bangalore: House No: 493, Block 3 3rd Main, HBR Layout, Bangalore-4209731984836, Email:skmagazine@gmail.com www.seasonalmagazine.com

Nobody does this as well as politicians. “You can do this,” or “You are the future”, they say whenever they address students and young professionals. And finally, the younger generation did it. It was started in 1982 by an American computer scientist called David Chaum, who was all of 27 years when he figured out what we now call as blockchain. The idea was simple – design a database that cannot be rolled back, and thus cannot be tampered with ever! Soon other young computer scientists, physicists and mathematicians, then in their 20s and 30s like Stuart Haber, W. Scott Stornetta & Dave Bayer joined forces together to implement blockchains efficiently. The world didn’t end at Y2K and the exhortations to innovate continued ever more incessantly from the senior crowd. And by 2008, a brilliant mind – possibly a very young mind or a group of young minds – made the ‘innovation of the millennium’ by bringing together two nascent technologies – decentralized computing and blockchains – to create the first decentralized blockchain in the world. What is more, this anonymous mind which goes by the name Satoshi Nakamoto also made a unique use-case for this innovation – the world’s first cryptocurrency designed against mindless and senseless inflation. Bitcoin was born. But nobody much outside the computing world noticed the great innovation, especially those who always used to exhort the young to innovate! Even the rare ones who noticed couldn’t possibly understand what blockchain or bitcoin was all about. And thus began its silent ascent. From being next to worthless when Satoshi Nakamoto minted the first bitcoin, by 2010 thirteen bitcoins could be used to buy 1 dollar. That was the time when some people

UK Office: “CRONAN”, Boundaries Road Feltham, Middlesex, UK TW13 5DR Ph: 020 8890 0045, Mob: 00447947181950 Email: petecarlsons@gmail.com Reg No: KERENG/2002/6803 Printed & Published by Jaison D on behalf of PeteCarlson Solutions Pvt. Ltd. at Cochin. Printed at Rathna Offset Printers, Chennai-14. All Rights Reserved by PeteCarlson Solutions Pvt. Ltd. No part of this publication may be reproduced by any means, including electronic, without the prior written permission of the publisher. All health related articles are for first information purposes only. Always consult your doctor before taking any decison affecting your health.

MEMBER

Subscriptions Available on iPhone/iPad & Android SEASONAL MAGAZINE

David Chaum

Stuart Haber

W. Scott Stornetta

Dave Bayer used to spend two bitcoins to get a pizza and then post it in what was the social media of those days! Today, one bitcoin trades at Rs. 43.80 lakhs. Those who have even some bitcoin think twice before selling off even one-thousandth of a bitcoin i.e. 0.001 BTC, as it costs Rs. 4380, much like a good frontline stock in the Indian market. And all the while, from 2008 to 2021, there hasn’t been something more derided than Bitcoin by some of the most powerful people in this planet – from former US President Trump to several country heads to Central Bank Chairmen to renowned economists to large investors like Warren Buffett to some of the most powerful CEOs in the banking and financial services industry like JP Morgan’s Jamie Dimon to today’s Super CEO Elon Musk and even superpower China had attacked bitcoin, but bitcoin has shrugged it all off and continued its ascent. This is what the thinking world, especially those who forever call for innovation, should finally wake up and notice. There is no point in deriding something just because we don’t understand it a bit. Bitcoin remains valuable because of the uniqueness of its underlying technology – the decentralized blockchain – which achieves many things that no kind of financial regulation or law could ever achieve even centuries after the industrial revolution. These achievements include its democratic nature, its open source architecture and its unparalleled transparency as a public blockchain, which keeps it a self-regulatory and selfgoverning model. It is called a trustless model, as for the first time in the financial world, there was no need for trust in a financial transaction! It is something like editing a Wikipedia article. If somebody wrote something erroneous there, others would take notice automatically and correct it. Or like how a new piece of functionality gets added to the Linux open source operating system. But innovation didn’t stop at bitcoin. How can it stop, with all our youngsters being constantly exhorted to innovate? They started innovating on the innovation of the millennium – bitcoin – and thus was born Ethereum which brought what is called Smart Contract functionality into the decentralized blockchain. Suddenly decentralized blockchains became programmable, thereby exploding the use-cases to a million possibilities. That is why, today you will see predictions like, it will be on Ethereum that the next version of World Wide Web will be built and so on.

Jamie Dimon

Elon Musk

And the person who founded Ethereum and its currency or token ETH in 2013 is not a businessman or an economist or a banker. He is a Russian programmer who immigrated to Canada with his parents, and dropped out of university there, to pursue his world changing innovation of bringing smart contracts to the decentralized blockchain. And Vitalik Buterin is all of 27 years even in 2021! The computer programmer who is equally at ease discussing monetary policy and a hundred other subjects. The floodgates to innovation on the blockchain have been open ever since. Today there are around 15,000 decentralized public blockchains in the world, competing with Ethereum, with their own unique use-cases and tokens, like Binance, Solana, Cardano, Ripple, Polkadot etc. Perhaps the greatest misnomer regarding these mammoth projects – most of them bigger than most listed Indian companies – is that their tokens are really currencies. Just like how Bitcoin is not a currency like dollar or rupee, Ether and the others are best considered as tokens that are digital assets. Or in other words, they are like shares or stocks in these public blockchains. Today, most countries are staring at blockchains and cryptocurrencies as though they have allowed this Frankenstein to be unleashed! Instead, what is needed is sensible regulation over them, just like how US and much of the developed world is facing this new reality in the modern world. China is at the other end of the spectrum, and China hoped that its economic muscle power would seriously dent the crypto movement, but for cryptos it has just been a minor blip in their journey of innovation. What governments and central banks fear most about cryptos is their decentralized architecture, which makes most of the financial regulations redundant. But counterbalancing it, is the public nature of these blockchains which means anyone can explore these databases to see what is going on, which ensures unparalleled transparency. How can we fault the young brains behind these innovations? We asked them to innovate, and they did too, but a little bit more than what we can chew! They didn’t just have a view on technology, but also had their views on democracy, transparency, and monetary policy! John Antony

SEASONAL MAGAZINE

CONTENTS SRM IS GROWING ITS ROOTS DEEP, AND MAKING ITS REACH GLOBAL

CAN PRESTIGE ESTATES PROJECTS KEEP UP THE MOMENTUM? While the last 18 months was one of the most difficult periods for India Inc, for Prestige Estate Projects it was a dramatic year of turnaround. Under Chairman & Managing Director Irfan Razack’s

CRYPTO MAJORS BTC & ETH SET TO DOUBLE, HUGE DEMAND IN JOBS FOR CRYPTO SPECIALISTS Two of the biggest cryptocurrencies in the crypto market are set to double in value this year, according to analysts. Bitcoin and Ethereum are set to double their price by year-end.

NEW INDIA ASSURANCE

HOW JSSAHER ENRICHES ITS STUDENTS AND COMMUNITY Mysuru based JSS Academy of Higher Education & Research (JSSAHER) is forever being proactive and innovative with its initiatives, projects, industry collaborations and outreach activities, so much so that its students, research scholars,

SAVE RS 400 A DAY, GET RS 3 CRORE ON RETIREMENT AND RS 1 LAKH MONTHLY PENSION In order to avoid financial scarcity during your retirement, financial planners advise young earners to invest their savings in equityoriented or hybrid instruments like NPS, so that they can accumulate a

DESPITE SHORT TERM CHALLENGES, LONG TERM OPPORTUNITY IS INTACT

UNION BANK ALL SET TO ENTER A NEW GROWTH PHASE The last four fiscals have been among the most difficult years for the 102 years old Union Bank of India. From FY’18 to FY’20, the public sector bank’s bottomline also went into the red. But in FY’21, the Mumbai headquartered lender became a much

Being India’s largest non-life insurer is no easy task during economic crises, epidemics and natural disasters. And what if all these three crises come rolled into one extended and mega crisis? That is what the Covd-19 pandemic has been for New India Assurance (NIA), India’s largest non-life insurer. Because, as the leading non-life insurer it dominates in

Microsoft CEO Nadella Says METAVERSE IS A BREAKTHROUGH THAT CAN'T BE OVERSTATED Speaking at Microsoft Ignite 2021 conference on November 2, CEO Satya Nadella, said, “It is no longer just looking at a camera view of a

IS KALYAN GETTING READY TO BRING ‘KALYAN’ TO ITS INVESTORS? The word Kalyan in itself is a proxy to the vastness & diversity of India and the potential for growth it encapsulates. For instance, in most of India, especially in the Hindi speaking areas, ‘Kalyan’ means welfare or wellbeing, and is heavily used in naming schemes for

HOW SATHYABAMA MOVES AHEAD, UNFAZED BY THE PANDEMIC ISSUES Chennai based Sathyabama Institute of Science & Technology, a leading deemed-to-be-university in the country is surprising the higher education sector with its resilience. The credit goes to Sathyabama's three decades rich pedigree, being founded by (Late) Col. Dr. Jeppiar who was a successful politician, bureaucrat,

VITAMIN B12 DEFICIENCY IS COMMON AND HERE ARE THE MAIN SYMPTOMS TO WATCH FOR While mild vitamin B12 deficiency triggers symptoms that can go unnoticed, long-term severe deficiency can cause damage to nerve cells. And when this happens, your toes and

WHICH IS MORE DANGEROUS? LOW BLOOD SUGAR OR HIGH BLOOD SUGAR? Diabetes management is not an impossible task. You can keep your blood sugar levels under control in several ways. One can avoid exacerbating the issue and lead a healthy and happy life by making the necessary lifestyle and dietary modifications. However, there are

INCREASED SCREEN TIME CAN CONTRIBUTE TO STROKES IN THE YOUNG REGULAR EXERCISE CAN PROTECT AGAINST MEMORY LOSS, AND FIGHT THE MAJOR KILLER, ALZHEIMER'S DISEASE Alzheimer's disease, a leading form of dementia or memory loss, is a progressive neurological disorder that can lead to brain shrinkage also known as atrophy and gradually can also lead to the death of these brain cells. It is a leading killer disease, next only to diabetes,

AFTER PUNEETH'S DEATH, MAD RUSH FOR CARDIAC TESTS Doctors said they have been seeing a sudden rush of patients for heart check-up after megastar Puneeth Rajkumar died of cardiac arrest.

The pandemic can be blamed for "pushing us into a situation where most working adults and children are required to stick to their screens for prolonged hours", says a doctor.

NEWS-IN-FOCUS

US ADDED TO LIST OF 'BACKSLIDING' DEMOCRACIES FOR FIRST TIME

HERO VIRED ANNOUNCES SCHOLARSHIPS FOR MERIT LEARNERS Hero Vired has announced the 'Scholarship Advantage' initiative intending to make its programs accessible to a broader spectrum of learners & working professionals nationwide. These scholarships are built for people with exceptional past academic records, women with outstanding skills & merit students who need financial aid, said Hero Group. The detailed eligibility criteria are listed on the website.

AMBANI CONSIDERS FORMING TRUST-LIKE STRUCTURE TO CONTROL $200-BILLION RIL: REPORT

Asia's richest person Mukesh Ambani is considering moving his family's holdings into a trust-like structure that will control the Mumbai-listed Reliance Industries, Bloomberg reported citing sources. The 64-year-old billionaire's succession plan is similar to that of Walmart's Walton family, which is the world's richest, the report said. Reliance Industries is currently worth over $200 billion.

JEFF BEZOS DONATES $100 MN TO OBAMA FOUNDATION, $166 MN TO NYU

SECURITY TIGHTENED AT HIMACHAL'S SHIMLA RAILWAY STATION AMID TERROR THREATS

Authorities at Shimla railway station in Himachal Pradesh have reportedly strengthened security and safety measures on the KalkaShimla railway, following alleged threats from terror organisations last week. "Our security forces...are already on alert," said Station Superintendent of Shimla railway station, Joginder Singh. People are being requested to report suspicious articles, he added.

The US has joined an annual list of "backsliding" democracies for the first time, the International Institute for Democracy and Electoral Assistance (IDEA) said on Monday. A report released by the Stockholm-based intergovernmental organisation claimed more than one in four people live in a backsliding democracy. The pandemic has led to a surge in authoritarian behaviour by governments, it added.

IT'S ALL RUBBISH: PRIYANKA CHOPRA'S MOTHER ON RUMOURS OF NICK-PRIYANKA'S DIVORCE

Actress Priyanka Chopra's mother Madhu Chopra has refuted rumours of Priyanka and Nick Jonas getting divorced. "It's all rubbish, don't spread rumours," she said. This comes after Priyanka recently removed her second surname 'Jonas' from her social media handles. Priyanka had changed her name to Priyanka Chopra Jonas on social media after tying the knot with Nick.

World's second richest person and Amazon Founder Jeff Bezos has donated $100 million to former US President Barack Obama's foundation in its largestever individual contribution. The gift was given in honour of civil rights icon and Congressman John Lewis who died last year, said Obama Foundation. Separately, New York University's medical centre also received $166 million from Bezos and family.

NEWS-IN-FOCUS FUTURE YAHI HAI: COINDCX IN NEW AD FILM AIMED AT CRYPTO AWARENESS

JAMES TYLER, WHO PLAYED GUNTHER IN 'FRIENDS', DIES AGED 59 DUE TO PROSTATE CANCER

FACEBOOK STRUGGLES WITH HATE SPEECH, CELEBRATIONS OF VIOLENCE IN INDIA: REPORT

CoinDCX, which claims to be India's safest crypto exchange, has announced the launch of its mega campaign 'Future Yahi Hai'. In a series of ad films, the campaign will feature multiple celebrities. CoinDCX hopes to dispel all myths about crypto as an asset class and educate people about how simple and safe it is to invest in. Use code SHORTS100.

Actor James Michael Tyler, who played Gunther in 'Friends', passed away aged 59 due to prostate cancer. Tyler was first diagnosed with cancer in 2018, but kept his diagnosis private for three years. He had also acted in 'Sabrina the Teenage Witch', 'Scrubs', 'Modern Music' and 'Just Shoot Me!' among others. He is survived by his wife, Jennifer Carno.

Facebook's internal documents show "a struggle with misinformation, hate speech and celebrations of violence" in India, with Facebook researchers noting there are groups "replete with misleading" communal content, the New York Times reported. The internal documents included details on how fake accounts linked to political parties were wreaking havoc on India's national elections, the report said.

90-YR-OLD SHATNER WENT HORSE RIDING WITH BEZOS BEFORE FLYING TO SPACE Actor William Shatner went horseback riding with Blue Origin Founder Jeff Bezos, 24 hours before flying to space on the company's spacecraft, Pedego Electric Bikes' CEO Don DiCostanzo said. "They became really good buddies from what I could tell," he added. Shatner and Bezos spent the day on the billionaire's ranch after the launch was delayed due to high winds.

RICKSHAW PULLER GETS TAX NOTICE ASKING HIM TO PAY Rs 3 CRORE IN UP, FILES COMPLAINT A rickshaw puller in Uttar Pradesh's Mathura has filed a police complaint claiming fraud after he was served an income tax notice asking him to pay over Rs 3 crore. Pratap Singh said officials told him someone impersonated him and obtained a GST number in his name for running a business and the turnover of the business for 2018-19 was Rs 43,44,36,201.

C'GARH VILLAGE TEACHERS WALK 8 KM TO ENSURE MID-DAY MEAL RATION

UP RELEASES Rs 159.29 CRORE ASSISTANCE FOR 4.77 LAKH FLOODAFFECTED FARMERS

Teachers in a village in Chhattisgarh's Balrampur have been walking 8 km daily across different terrains carrying ration on their shoulders to ensure that students get mid-day meals at a government school. "The roads are very bumpy...There is also a threat from wild animals," a teacher said. "We request government to build a road to the village," the teacher added.

Uttar Pradesh Chief Minister Yogi Adityanath on Thursday released Rs 159.29 crore assistance for 4,77,581 farmers in 44 districts of the state which were affected by floods. The government has dispensed the relief package after assessing the crop losses, as per an official statement. A loss assessment of Rs 180 crore was done, government officials said.

INNOVATION

Microsoft CEO Nadella Says

in a virtual environment, say a virtual office space, simply by plugging into the virtual reality headset like Facebook’s Oculus or Microsoft’s HoloLens. This capability is powered by the Mesh, a virtual collaboration tool launched in March 2021, and will be launched in 2022.

SPEAKING AT MICROSOFT IGNITE 2021 CONFERENCE ON NOVEMBER 2, CEO SATYA NADELLA, SAID, “IT IS NO LONGER JUST LOOKING AT A CAMERA VIEW OF A FACTORY FLOOR, YOU CAN BE ON THE FLOOR. IT'S NO LONGER JUST VIDEO CONFERENCING WITH COLLEAGUES, YOU CAN BE WITH THEM IN THE SAME ROOM. IT'S NO LONGER JUST PLAYING A GAME WITH FRIENDS, YOU CAN BE IN THE GAME WITH THEM.”

Using Mesh enterprises can also create immersive experiences like a virtual campus, like IT major Accenture has done. The virtual campus called One Accenture Park is where new hires onboarded virtually can meet in digital avatars and personally connect, conduct meetings or just have parties.

METAVERSE IS A BREAKTHROUGH THAT CAN'T BE OVERSTATED

The idea is similar to that of Facebook. Both companies have been investing in virtual and augmented reality. Meta Reality Labs’ Oculus and Horizon Worlds, and Microsoft’s Mesh and HoloLens are technologies that would be powering the companies’ metaverse ambitions. Nadella said, “For years, we have talked about creating this digital representation of the world. But now we actually have the opportunity to go into that world and participate in it.” “We are taking these platform capabilities, and building them into our own first-party applications like teams, features like grid views together more and presented more than teams mark the beginning of bringing to the immersive experiences to collaboration. But human presence is the ultimate connection. When you and I can have a meeting, where we are all present together without actually being physically present,” explained Nadella.

fter Facebook rebranded itself as Meta last week, software major Microsoft Corp is now gearing up for its metaverse play, where its consumers can interact and collaborate in 3D digital avatars in offices, or on shop floors – in the metaverse. Speaking at Microsoft Ignite 2021 conference on November 2, CEO Satya Nadella, said, “I can't overstate how SEASONAL MAGAZINE

much of a breakthrough this is. It's no longer just looking at a camera view of a factory floor, you can be on the floor. It's no longer just video conferencing with colleagues, you can be with them in the same room. It's no longer just playing a game with friends, you can be in the game with them.” This would be possible through Teams, the firm’s videoconferencing platform, where people can create their own digital avatars and interact/collaborate

According to him, metaverse is not just transforming how we see the world but also how all of us actively participate in it. “What we have shown you today is only the beginning. Our economy and our society are undergoing a sea change of digitisation across every industry sector. We are emerging into a new era where you and the invaluable work you do will be more necessary than ever. And we are building the Microsoft Cloud to help you accelerate into this new world,” he added.

NEWS-IN-FOCUS

TAKE HUMANITARIAN PATH: SUPREME COURT TELLS IIT-B TO CREATE SEAT FOR DALIT BOY

AMIT SHAH LAYS FOUNDATION STONE OF TRIBAL FREEDOM FIGHTERS MUSEUM IN MANIPUR

Home Minister Amit Shah on Monday virtually laid the foundation stone of the Rani Gaidinliu Tribal Freedom Fighters Museum in Manipur. Shah also paid tribute to Rani Gaidinliu and said she was "epitome of valour and courage". The Rani Gaidinliu museum will be set up at her birth place in Luangkao village in Tamenglong district of Manipur.

COMPLETE JAYPEE INFRATECH'S INSOLVENCY PROCEEDINGS IN 2 MONTHS: SC TO NCLT

The Supreme Court has directed the National Company Law Tribunal (NCLT) to complete Jaypee Infratech's insolvency proceedings within two months. SC was hearing a plea filed by homebuyers of the Jaypee Kensington Boulevard project in Noida. More than 20,000 flats were yet to be completed by Jaypee when the insolvency proceedings began for the firm in 2017.

3 PEOPLE ATTACK HOTEL MANAGER IN PUNE AS HE REFUSES TO SERVE THEM BIRYANI FOR FREE

GOVT WITHDRAWS SAFFRON DRESS OF RAMAYAN EXPRESS WAITERS, SHARES PICS OF NEW OUTFIT The Railways on Monday withdrew the saffron 'sadhu-like' outfit of the servers of the Ramayan Express train, which was protested by seers of Ujjain who had threatened to stop the train. It shared pictures of the new outfit which comprises shirts, pants and a headcover and said, "Inconvenience caused is regretted." Seers earlier said the saffron outfit "insulted" Hinduism.

The Supreme Court on Monday told IIT Bombay to create an extra seat for a Dalit student who couldn't get admission because of technical errors in processing online fee payments. Calling Scheduled Caste student Prince Jaibir Singh's case "different", SC said, "Don't be wooden like this...Deal with him with a humanitarian approach...You cannot leave him in a lurch."

PARLIAMENTARY PANEL ADOPTS REPORT ON DATA PROTECTION BILL AMID DISSENT BY MPS

Three persons allegedly attacked a hotel manager in Pune’s Hingne Khurd after he denied to give them a plate of biryani free-of-cost. Three persons came to the hotel on Saturday night and started a brawl with the manager, police said. They attacked him with a sharp weapon, damaged kitchen equipment and a computer and stole ?940 cash from the hotel.

A Joint Parliamentary Committee on Monday adopted its draft report on the Personal Data Protection Bill, 2019, amid dissent from several opposition MPs, including those from the Congress, TMC and BJD. It will now be tabled in the upcoming Winter Session of Parliament. The report was adopted after almost two years of setting up the joint panel in December 2019.

SEASONAL MAGAZINE

VIBRANT GUJARAT 2022 ALL SET TO DELIVER MUCH FOR THE STATE & INDIA Vibrant Gujarat has come a long way since 2003. Its tenth edition, Vibrant Gujarat 2022, is already showing much maturity by having its theme as ‘From Atmanirbhar Gujarat to Atmanirbhar Bharat’ and by already signing up MoUs worth over Rs. 38,000 crore in the run-up itself! At the same time, it will be a hotbed of innovation, as it will focus on buzzing fields like sustainability, renewables, hydrogen, electric mobility, quantum computing etc and will also have a Unicorn Conclave with 15 global unicorn founders, 150 startup incubators & 1000 startup projects from the state participating. Heads of State of five countries, Foreign Ministers from fifteen countries and dozens of global business tycoons & CEOs will be participating in the high voltage event.

SEASONAL MAGAZINE

he 2022 edition of Vibrant Gujarat Global Summit is all set to be one of the largest and most influential ever, with as many as 26 nations expected to be partner countries, which is the highest number since the event began in 2003. The event has confirmed participation from 5 heads of states, 15 foreign ministers and four foreign governors. Top business tycoons and the CEOs of dozens of multinational companies have also confirmed their participation during the three-day event in State capital Gandhinagar.

construction of its first Quantum Computing Industrial Park at Hefei, capital city of East China’s Anhui province. Research firm Innogress is the mover behind setting up ‘Greater Karnavati Quantum Computing Technology Park’ (GKQCTP), a first of its kind multiparty SPV in Quantum Computing Technology space in India. This next generation park will help India in building in-house capabilities in Quantum Computing and will fuel the nation’s Artificial Intelligence supremacy ambitions, based on which the innovation led new Indian Economy gets further capabilities.

Russian PM Mikhail Mishustin, Mozambique President Filipe Jacinto Nyusi, Mauritius PM Pravind Jugnauth, Nepal PM Sher Bahadur Deuba and Slovenian PM Janez Jansa, will be attending the high profile Vibrant Gujarat 2022 to be inaugurated by Prime Minister Narendra Modi on January 10.

A proactive Gujarat is also increasingly playing a greater role in furthering Indian objectives even beyond the national boundaries. A classic example of the same is the likely meeting of Sri Lanka’s Finance Minister Basil Rajapaksa will have with P r i m e Minister Narendra Modi at either the sidelines of V i b r a n t Gujarat or at New Delhi. While the economically beleaguered island nation is not likely to be a major investor in the summit, it is all set to be a partner nation, for mutual strategic reasons beyond whether Lankan companies will invest more now in Gujarat or not.

MoUs continue to pour in from across the world and India, even before the Summit has begun. Nearly 100 such agreements have been signed already, including a 70-megawatt hybrid renewable energy park, pesticides formulation plant, production of speciality chemicals, manufacturing of radar, radar accessories, thermal camera & other accessories for the defence sector. Agreements have also been signed for patented devices for controlling air pollution and deactivation of virus/bacteria, waste-to-energy and waste-to-oil plants, as well as patented equipment production for controlling air pollution. One of the most interesting MoUs that has been signed recently is the one with Taj Group of Hotels to build a new hotel at the Statue of Unity (SoU) in Kevadia. The Gujarat Government expects this project to generate immense employment opportunities for the tribal youth of Narmada, as well as generating the prospects for self-employment through various cottage and handicraft industries. This will be the third large scale hotel near the international tourist attraction of SoU, with the other two being Ramada Encore and The Fern which are already operational. An even more impactful project that Gujarat has attracted is India’s First Quantum Computing Technology Park. Interestingly, this achievement is coming just three months after China announced the SEASONAL MAGAZINE

Despite being considered very close to China, and enjoying a currency swap agreement with China to tide over the economic crisis, Sri Lanka knows very well that it cannot ignore India, let alone antagonize its immediate neighbour. India too cannot ignore China’s growing influence over its smaller neighbour, and had recently agreed in principle to help Sri Lanka by extending emergency Lines of Credit for import of

food, medicines and fuel, and a currency swap to help the island nation tide over its challenging dollar crisis. In return, India is understood to have pushed for Sri Lanka’s nod for several energy pacts that it desires, especially the immediate modernisation of the Second World War-era oil tanks in the eastern Trincomalee district, a long-stalled project desired by India for decades. Sri Lanka had recently indicated that the agreement to jointly develop the Trincomalee oil tank farm with India would be inked in a month’s time, and that a special purpose vehicle had been set up for the purpose.

There is a high chance that Vibrant Gujarat will become the opportunity for the neighbouring nations to ink such deals and move forward in furthering prosperity in both nations through such large-scale projects. There is also some shared expertise between Gujarat and Sri Lanka, especially their mutual focus on the ports business. This assumes significance in the backdrop of a major Chinese led port project in Sri Lanka failing and China taking over the project. Hence, while the Vibrant Gujarat 2022 theme of ‘From Atmanirbhar Gujarat to Atmanirbhar Bharat’ may sound larger-than-life for many casual observers, reality is that Gujarat may end up playing an even more important role than furthering just Atmanirbhar Bharat. Of course, the examples of Gujarat directly or indirectly protecting national interests continue to crop up every now and then, with the most recent example being the issue of GST rate hike for textiles. While it was long back announced that India would hike its Goods and Services Tax rate on textiles from the current 5% to 12% from the New Year day, it was the last minute efforts led by Gujarat CM Bhupendra Patel before Union Finance Minister Nirmala Seetharaman which saved the day for tens of thousands of textile manufacturers and traders across the country, who are already reeling from the Covid impact. CM Patel could effectively convince Minister Seetharaman that Surat in Gujarat being one of the country’s largest textile hubs, it will not be in the best interests of small scale textile units there as well as Vibrant Gujarat 2022 if a rate hike were to be implemented now. For now, this has resulted in a huge sigh of relief from the textile sector and its investors from across India, until the economic situation improves and the sector can absorb such a rate hike. SEASONAL MAGAZINE

HEALTH If you are diagnosed with vitamin B12 deficiency after going through a blood test and evaluating the symptoms, it is important to treat the condition as early as possible. If treatment is delayed, vitamin B12 deficiency can trigger irreversible health problems like pernicious anaemia – an autoimmune state wherein the immune system attacks stomach cells to produce a protein that helps the body absorb vitamin B12. Majorly, people develop vitamin B12 deficiency by not getting enough of this nutrient in their diet. While majorly a vitamin B12 rich diet includes dairy, meat, eggs and fish, vegan people can get their share by either taking vitamin B12 supplements or eating foods fortified with this nutrient.

VITAMIN B12 DEFICIENCY IS COMMON AND HERE ARE THE MAIN SYMPTOMS TO WATCH FOR WHILE MILD VITAMIN B12 DEFICIENCY TRIGGERS SYMPTOMS THAT CAN GO UNNOTICED, LONG-TERM SEVERE DEFICIENCY CAN CAUSE DAMAGE TO NERVE CELLS. AND WHEN THIS HAPPENS, YOUR TOES AND FINGERS ARE LIKELY TO SHOW SOME SYMPTOMS. f you are diagnosed with vitamin B12 deficiency after going through a blood test and evaluating the symptoms, it is important to treat the condition as early as possible. If you are diagnosed with vitamin B12 deficiency after going through a blood test and evaluating the symptoms, it is important to treat the condition as early as possible. Eggs, dairy, salmon, trout, beef, sardines and animal liver and kidneys – these foods are a rich source of vitamin B12, a nutrient that fuels your body and safeguards it against a plethora of health problems ranging from immune system disorders like lupus to disorders of the digestive tract like Crohn’s disease. Vitamin B12 supports the nervous system, helps in making DNA; and its deficiency can trigger unsettling changes in the body. While mild vitamin 12 deficiency triggers symptoms that can go unnoticed, long-term severe deficiency SEASONAL MAGAZINE

As deficiency can trigger conditions like anaemia, experts recommend maintaining health levels of vitamin B12 in the body to dodge serious health woes. To keep a check on your vitamin B12 levels, go for regular blood tests and keep an eye on the telltale signs as well.

can cause damage to nerve cells. And when this happens, your toes and fingers are likely to show some symptoms. The symptoms of vitamin B12 deficiency The key telltale signs and symptoms of vitamin B12 deficiency include: Depression Poor or depleting mental ability Poor sense of balance Fatigue Memory problems Pale skin Difficulty in walking Mood changes Breathlessness Dizziness Disturbed vision Mouth ulcers Numbness is also a key symptom, and according to experts, if you are experiencing that sensation in the toes and hands frequently, it could hint at vitamin B12 deficiency. How to respond to vitamin B12 deficiency?

ISRAEL STARTS VACCINATING KIDS AGED 5-11 AMID RISING COVID CASES IN CHILDREN

Israel on Monday began rolling out coronavirus vaccines for children aged five to 11. The country is experiencing a "children's wave" with about half of the recently confirmed cases among children below the age of 11, Israeli PM Naftali Bennett said. Over 63% of Israel's population has been vaccinated against coronavirus so far, according to the Johns Hopkins University tracker.

FINTECH

WHATSAPP PAY FINALLY GETS APPROVAL TO DOUBLE ITS USERBASE For those wondering what happened to WhatsApp Pay, how it was unable to make a wave against incumbents PhonePe, Google Pay & PayTM, here is the reason and why it may change soon.

WILL TRY FOR IPO WHEN GOVT ALLOWS US: INDIA'S 1ST CRYPTO UNICORN COINDCX

hatsApp is by far the largest messaging service in India. It's used by millions daily, not only for catching up with friends and family, but also for placing orders at nearby grocery stores, carrying out business dealings, group studies, and so much more. In a bid to turn the service into more than just a messaging platform, WhatsApp rolled out peer-to-peer payment support in the country using the Universal Payments Interface (UPI) last year. The company managed to do this after almost two years of extensive trials during which it repeatedly failed to get the necessary approval from Indian regulatory bodies. Despite being granted consent in late 2020, the National Payments Corporation of India (NPCI) would only allow WhatsApp to onboard 20 million users for its payments service. Due to the restriction, WhatsApp has not widely rolled out or promoted its payment service. In fact, it is yet to reach the initial 20 million user limit. Over a year later, that restriction is now being doubled to 40 million. It is not known whether the cap on SEASONAL MAGAZINE

WhatsApp Pay is due to the restriction on all players to limit themselves to 30% users, or due to the platform's near monopoly status in messaging in India, or some other reason.

CoinDCX is planning to pursue an initial public offering (IPO) "as soon as the government or the situations allow us", the cryptocurrency exchange's Co-founder Neeraj Khandelwal told Bloomberg. "An IPO gives a legitimacy to the industry, just like the Coinbase IPO gave a lot of confidence in the crypto markets," he added. CoinDCX became India's first cryptocurrency unicorn in August.

WhatsApp had requested the NPCI to remove the cap altogether. However, the regulator has supposedly allowed the company to double its userbase to 40 million instead. While the new 40 million user cap will give the Meta (Facebook) owned platform some breathing room, it still won't be sufficient as the service has over 500 million potential users for WhatsApp Pay in the country. Based on UPI, WhatsApp Pay makes it extremely easy to send or receive money from a person via a WhatsApp chat. It's looking to take advantage of its popularity and capture a large slice of India's digital transactions pie, which has been rapidly growing since late 2016. Google Pay, PayTM, and PhonePe are currently the three largest UPI apps in India. However, if the NPCI removed the cap from WhatsApp, it would only be a matter of time before the messaging service breaks it into the top three.

RS 52,000 CRORE GST COMPENSATION DUE TO STATES AS OF SEPT: MOS FINANCE Nearly Rs 52,000 crore of GST compensation was due to the states as of September 2021, Minister of State for Finance Pankaj Chaudhary informed the Parliament. Over ?1.10 lakh crore and ?1.59 lakh crore was released to the states as back to back loan in FY21 and FY22, respectively, he added. COVID-19's economic impact led to higher compensation requirement, he said.

INNOVATION

CRYPTO ENTREPRENEURS MAKE THEIR MARK IN US RICH LIST 7 crypto billionaires have entered the Forbes 2021 list of richest Americans. The group also comprises three youngest members – Sam Bankman-Fried (29 years), Brian Armstrong (38) and Fred Ehrsam (33). With the growing acceptance of cryptocurrency in mainstream culture, seven crypto entrepreneurs and billionaires have been named on the Forbes 2021 list of richest Americans. The group of 7 crypto billionaires is worth $55 billion collectively. Here’s a look at the crypto billionaires in Forbes list of the 400 richest people in America.

Sam Bankman-Fried The founder and CEO of cryptocurrency exchange FTX is crypto’s richest billionaire. Sam Bankman-Fried has a net worth of $22.5 billion which doubled with the closure of a receent $900-million deal. FTX is valued at $18 billion. Most of Sam Bankman-Fried’s wealth is tied up in FTX's equity and tokens. According to Forbes, 29-year-old Bankman-Fried is the richest billionaire under 30 since Facebook founder Mark Zuckerberg. Brian Armstrong Armstrong is the CEO and co-founder of Coinbase, the largest crypto exchange in the US. His wealth has steadily grown to $11.5 billion after Coinbase made a public debut in April. Armstrong owns 19 percent of the company.

Sam Bankman-Fried

Chris Larsen The chairman and co-founder of crypto payment protocol Ripple saw his wealth grow from $2.7 billion last year to $6 billion this year. Larsen is the only crypto billionaire who featured on the Forbes richest list last year too. Cameron and Tyler Winklevoss The Winklevoss twins might have lost out to Mark Zuckerberg in the race to control Facebook, but now they are the founders of cryptocurrency exchange Gemini and are each worth $4.3 billion. The two featured in the magazine cover of Forbes 2021 World’s Billionaires April issue which was sold in an auction as a non-fungible token for $333,333. Fred Ehrsam

Jed McCaleb

Fred Ehrsam

Ehrsam had co-founded Coinbase with Brian Armstrong in 2012 but left the exchange in 2017. He now leads the crypto-focused investment firm Paradigm and has an estimated net worth is $3.5 billion. Jed McCaleb A pioneer in the blockchain space, McCaleb helped launch Ripple, Stellar and Mt. Gox. McCaleb's wealth, estimated at $3 billion, is mostly aligned to his XRP stake as a Ripple co-founder.

Brian Armstrong

Cameron and Tyler Winklevoss

Chris Larsen SEASONAL MAGAZINE

SRM IS GROWING ITS ROOTS DEEP, AND MAKING ITS REACH GLOBAL

SRM Group of Universities are growing and spreading their great roots into the communities and industries around them. Its flagship deemed university, SRM Institute of Science & Technology (SRMIST), near Chennai, continues to be a powerhouse in engineering and medical education and research, with over 600 companies offering more than 7000 placements this year to SRM students. SRMIST’s medical wing, SRM Medical College Hospital & Research Centre (SRM MCH&RC) had become internationally renowned as one of the select few centres for Covaxin trials, and has recently started a state-of-the-art Centre for Clinical Trials & Research as well as entering into tie-ups with pharma majors. The Group’s newest university, SRM University, Andhra Pradesh, is also scaling similar or even greater heights by achieving 100% placements for its maiden batch itself, and by starting two Centres of Excellence with industry majors like Titan’s Tanishq Division and Amara Raja Batteries. No wonder then that SRM is getting tie-ups and recognitions from the likes of Harvard & Stanford.

tanford University needs no introduction, and when Stanford speaks, the world listens. Such has been the overall achievement level of this institution that, even while it is not part of the Ivy League, it boasts of real-world achievements that span not only academia and research, but the startup ecosystem. Stanford is indeed the cradle where some of the world’s greatest tech businesses were born. Stanford University had recently selected the top 2% of the world’s scientists in various sunrise fields including energy, biotechnology etc. Only 91 scientists were chosen worldwide for their research achievements in biotechnology, and Dr. Imran Pancha of SRM University, AP, was one among them. Dr. Pancha is a

WHEN STANFORD UNIVERSITY RECENTLY SELECTED THE TOP 2% OF THE WORLD’S SCIENTISTS, SRM-AP'S THREE PROFESSORS IN BIOTECHNOLOGY AND ENERGY WERE INCLUDED.

professor of SRM-AP’s Department of Biological Sciences, and had won this selection in 2020 too. Similarly, when Stanford selected 178 scientists as the top 2% of researchers excelling in energy and related fields, SRM University, AP, had two reasons to smile. Dr Karthik Rajendran and Dr Lakhveer Singh both from SRM-AP’s Department of Environmental Science made the rare cut. This goes on to say much about the diligence with which the SRM management and Vice-Chancellor Prof. VS Rao has been choosing faculty for this most promising new private

university in the Indian landscape. Prof. Rao himself is a distinguished researcher who made his mark in US and elsewhere, and made sure that 100% of faculty at SRM-AP should be PhD holders to start with. With such worldclass brains to teach and mentor students, it is no wonder really that SRM University, AP, is going great guns in placements too. While most private universities would struggle to place their first batches, SRM-AP had no issue recently in placing 100% of its students in its very first batch. The maiden convocation for BTech students of SRMAP was an unforgettable event that was simultaneously conducted physically and online, with renowned international figures like New York University’s President Prof. Andrew D Hamilton, and Dr. Sethuraman Panchanathan, Director of the US National Science Foundation (NSF) gracing the high-voltage event. The first batch of BTech students has received 100 percent placement with an average salary of Rs 7 Lakh per annum, which is a commendable record when compared to peers. The highest offers were for two Computer Science & Engineering students by PVP Inc., Japan, for Rs. 50 lakh per annum. And it was not only about career placements. SRM-AP students also excelled in academic placements, with as many as 24 students opting for higher studies in top universities including University of Michigan, New York University, Georgia Tech, and King's College London (Madison Campus). The SRM Andhra Pradesh Convocation was also attended by Chancellor Dr T R Paarivendhar, who is also a Member of Parliament, and President Dr P Sathyanarayanan. These leaders have come to exemplify the unique vision behind SRM University, AP, as well as the other older and larger institutions in their stable, especially SRM Institute of Science & Technology (SRMIST), a deemed university near Chennai with multiple

campuses, which was earlier named SRM University. Earlier in the year, students of the SRM Institute of Science and Technology received over 7,111 job offers during the placement season for 2020-21. At least 600 companies participated in the placement process despite the pandemic situation, thereby revealing how companies don’t want to miss the SRMIST talent pool. The participating companies included IT and engineering firms from both India and abroad. Bengaluru-based WorkIndia Information Technology and Services made the highest offer at ?35 lakh a year. Students from SRMIST campuses in Modinagar, Ramapuram and Vadapalani participated, and as many as 2,000 offers with ?10 lakh a year and ?5 lakh a year remuneration were made. The largest number of recruitments were by India born international IT giants Cognizant, TCS, Wipro and Infosys. SRMIST has been achieving such placements year after year, and that is why when the SRM Group started a new university in Andhra Pradesh, it was armed with a wealth of experience on how to train and groom students to be fit enough to be chosen by world-class Indian and multinational companies. However, being a greenfield project, SRM-AP also brings in several new innovations by itself to emerge as one of the top universities in the world.

Dr. P. Sathyanarayanan Harvard Business School Online, Australia’s Lindus University, Taiwan’s Asia University, CSIR’s Indian Institute of Chemical Technology (CSIR-IICT). With IICT, the university has plans to pursue frontline chemicals research. SRM University, AP, has also tied up for niche knowledge transfer with Titan’s Tanishq division and Amara Raja Batteries.

For instance, during the last 3 years, SRMAP faculty members have published over 700 research papers in scopus indexed journals such as Nature, Nature Communications and other such reputed

research publications. Despite its young age, SRM-AP is a powerhouse in research achievements. The faculty is already working on 42 funded research projects with an outlay of Rs 20.13 crores funded by the Indian government and various industry giants. 42 patents have been filed, 32 published and three granted in the past 3 years symbolizing the momentum and brilliance of research here. This year alone faculty from the Engineering and Science departments have been granted six DST SERB projects and Ramanujan fellowships. The university has also signed agreements with various educational institutions, research and industrial establishments in India and across the world. These include

Dr Imran Pancha

Dr Lakhveer Singh

Dr Karthik Rajendran

Healthcare is one field were SRM Group continues to make great inroads. SRMIST is home to a world-class medical college and its teaching hospital, SRM Medical College Hospital and Research Centre (SRM MCH&RC). Recently, the School of Public Health (SPH) at SRM Institute of Science and Technology (SRMIST),

SRM INSTITUTE OF SCIENCE AND TECHNOLOGY HAS RECEIVED OVER 7,111 JOB OFFERS DURING THE PLACEMENT SEASON FROM OVER 600 COMPANIES ACROSS INDIA AND ABROAD. and Research Centre (SRM MCH&RC), and will function as a clinical trial research center capable of handling clinical trials of drugs, vaccines, and medical devices. The facility has two wards with 12 beds and several rooms for sample collection, processing, data documentation, and monitoring. It has state-of-the-art equipment for preserving serum samples at -80 degrees Celsius and -20 degrees Celsius deep freezers, high-speed centrifuge, facilities for electronic data capture with high-speed internet, thermohygrometers, and data security is maintained with controlled access.

Ravi Pachamoothoo Kattankulathur, celebrated the successful completion and dissemination of the key findings of the National Family Health Survey (NFHS -5) for the state of Tamil Nadu and Puducherry at (SRM MCH&RC). NFHS-5, the fifth in the NFHS rounds, provides information on population, health, and nutrition for India and each of its states/union territories (UT) and also provides data at the district Level. NFHS5 includes some new topics, such as preschool education, disability, access to a toilet facility, death registration, menstrual hygiene etc. The scope of clinical, anthropometric, and biochemical testing (CAB) has also been extended to include measurement of waist and hip circumferences and the age range for the measurement of blood pressure and blood glucose has been expanded. The SRM Group continues to push its research initiatives in all domains, and especially in the medical field. SRM Institute of Science and Technology (SRMIST), through its Faculty of Medical & Health Sciences had recently set up a 5000 square feet Research Facility in SRM called the ‘Centre for Clinical Trials & Research’. This world-class facility is located at SRM Medical College Hospital

With such new infrastructure in place,

SRM MCH&RC which has already come in 46th position in research, is likely to better its ranking. Students and faculty can do any type of clinical trials at this centre like the recent COVAXIN trial done here. The hospital was earlier awarded the clinical trial of COVAXIN, and for that there was a requirement for a virology lab, which was met by SRM itself by developing a world-class lab that was done entirely in-house. The SRM Centre for Clinical Trials & Research is headed by Professor of Pharmacology Dr. Satyajit Mohapatra, and supported by a team of investigators from all major branches of medicine including Clinical Pharmacology, General Medicine, General Surgery,

Obstetrics & Gynecology, Pediatrics, Cardiology, Pulmonary Medicine, Nephrology, Anesthesia & Critical Medicine, Dermatology etc. The same team had earlier successfully conducted the COVAXIN Clinical Trials (Phase 1, 2 and 3), making SRM MCH&RC the only hospital in Tamil Nadu which successfully undertook it. During the last ten years when SRM MCH&RC started focusing more on research, over 35 sponsored and academic clinical trials have been done here. Grants have been obtained from various funding agencies such as ICMR, BIRAC, DBT, DHR-ICMR National, and International Pharmaceutical companies such as Sanofi-GSK, Genova Pharmaceuticals etc to carry out these research activities. The competency-based MBBS curriculum being followed at present in SRM MCH&RC gives the student exposure to Clinical Research in the prefinal year. Students can choose it as an elective subject, and they get exposure to the current Clinical Research and Trials in this Centre. And it is not only in medicine, but in all fields including engineering and material science that SRM Group of Universities are making great R&D strides. Recently, two Centres of Excellence was started at SRM University, AP, which was inaugurated by Dr. VK Saraswat, Member, Niti Aayog. Established to promote translational research, the first one is SRM

Amara Raja Centre for Energy Storage Devices, which has been set up in collaboration with Amara Raja Batteries Limited, Tirupati, with the objective of application-oriented research in renewable energy and e-mobility. The second CoEx is the Centre for Pioneering Studies in Gold & Silver, which is a flagship R&D project with Titan Company Ltd (Tanishq Division) to

UNLIKE MOST OF ITS PEERS, THE VERY FIRST BATCH OF BTECH STUDENTS AT SRM-AP HAS RECEIVED 100 PERCENT PLACEMENT WITH AN AVERAGE SALARY OF RS 7 LAKH PER ANNUM, WITH TOP TWO OFFERS AT RS. 50 LAKHS.

develop novel gold alloy for contemporary jewellery design. The centre also aims to work on projects in collaboration with Waman Hari Pethe & Sons, Mumbai, and other jewellery manufacturers across India to produce high strength 22 Karat gold and to develop tarnish free silver alloys. During his visit, Dr. Saraswat also proposed to develop a Value Addition Centre in SRM University-AP to promote translational research. The centre would be strengthening the relationship between industry and academia to work on product engineering to deliver market relevant products. With several such initiatives in place, it is no wonder that this young university from the SRM stable is already home to 4,500 students and 180 faculty members, from all across the globe.

PERSONAL FINANCE

SAVE RS 400 A DAY, GET RS 3 CRORE ON RETIREMENT AND RS 1 LAKH MONTHLY PENSION In order to avoid financial scarcity during your retirement, financial planners advise young earners to invest their savings in equity-oriented or hybrid instruments like NPS, so that they can accumulate a large corpus for their retirement.

ften it has been observed that salaried individuals (mostly non-government employees), who do not get pension from their employers, face financial scarcity if their retired life gets stretched beyond 10-15 years. Because they mostly park their hard-earned savings in fixed deposits to protect their retirement corpus. As inflation in India has remained historically high, the purchasing power of the interest income that retirees get from their fixed deposit investments diminishes with every passing year. Also, as the long term interest rate trajectory in India is witnessing a declining trend, retirees' interest income has been falling continuously and they are forced to withdraw from the principal to meet their expenses. In order to avoid such a situation, financial planners advise young earners to invest their savings in equity-oriented or hybrid instruments (that invest in both equity and debt) so that they can accumulate a large corpus for their

retirement. National Pension System (NPS) is such an instrument which can help young earners accumulate a large corpus for their retirement by investing smaller amounts every month. By investing in NPS you will get a fixed monthly pension till you are alive and also a lumpsum amount at the time of retirement. Tax and investment expert Balwant Jain says, a subscriber can withdraw maximum 60% of his maturity corpus from NPS as a tax-free lump sum and with the remaining amount he/she has to buy a annuity from a life insurance company, which on average give annuity at an annual rate of 5-6% if you choose return of premium option. NPS gives you multiple fund options where you can choose between a mix

BY INVESTING IN NPS YOU WILL GET A FIXED MONTHLY PENSION TILL YOU ARE ALIVE AND ALSO A LUMPSUM AMOUNT AT THE TIME OF RETIREMENT.

of debt and equity where the maximum equity component can not exceed 75% of the investment amount. According to Jain, one can expect 10-11% annual return in the longer term if he allocates 75% of his investment in NPS to equities and 25% to debt. So if you start investing early, as soon as you get a job, let say at the age of 24, when most people start working, in NPS then you can easily accumulate a retirement corpus of over Rs 5 crore (Check NPS calculator above) by your retirement age (60 years) by investing just Rs 300 a day or Rs 12,000 monthly. Out of the retirement corpus, you can withdraw 60% or Rs 3.05 crore as lump sum and the remaining 40% or Rs 2.04 crore needs to be used for purchasing an annuity. Assuming 6% annuity return, you will get Rs 1 lakh monthly pension after your retirement. "One should invest at least Rs 50,000 in NPS every year so that he can avail tax deduction on the amount u/s 80CCD (1B) over and above the Rs 1.5 lakh annual limit under Section 80C," said Jain. Worth mentioning here is that you can boost your retirement income further if you park the lump sum amount in an equity savings fund and withdraw a fixed amount from that fund every month through Systematic Withdrawal Plan (SWP). It may be noted that equity savings funds invest in equity, equity arbitrage positions, and debt with minimum 65% exposure to equityrelated instruments. While these funds generate higher return than debt funds in the longer term with lower volatility, they also enjoy tax benefits of an equity fund. It means long term capital gains from equity savings funds are taxed at 10% once you cross the Rs 1 lakh threshold. In this process, you can withdraw another Rs 1.5 lakh every month through SWP while ensuring that your capital or investment amount of Rs 3 crore also grows. According to Value Research, past 10-year annualised returns of equity savings funds have been more than 8%. If we assume that these returns will be maintained in the future as well then your investment amount will continue to grow even if you withdraw 6% of the corpus (Rs 3 crore) annually through SWP (Rs 1.5 lakh*12).

(Credit: Priyabrata Prusty for Times Now) SEASONAL MAGAZINE

When the young IDFC Bank merged with the buoyant NBFC, Capital First, it was indeed like a marriage made in heaven. The respective skills and financials both of them brought to the merger table were diverse and complementary. IDFC had the much-coveted banking license and a portfolio of large loans, whereas Capital First held the engine of growth – its formidable skills in growing retail credit. But if anyone thought the merger and their subsequent life would be a piece of cake, they would have been surely wrong. It goes to the credit of V Vaidyanathan, MD & CEO of the merged entity – IDFC First Bank – that he never underestimated what lay ahead. Banking is banking, a high risk activity any day, and especially in this pandemic age, and IDFC First Bank has been tackling a lot of challenges successfully under Vaidyanathan’s visionary leadership, and at the same time growing its retail franchise admirably, so much so that it can be safely said that the bank has reached an inflection point in Q2, from where it won’t have to backslide or even look back.

or most NBFCs in India, a banking license would be Godsend. Because, unlike these non-bank lenders, banks in India enjoy funds from RBI at a much lower cost, besides getting to accept deposits from customers, both of which can be powerful drivers of growth. But at the same time, most remaining NBFCs are either unable to receive a banking license due to specific regulatory hurdles, or don’t desire conversion due to the greater regulatory scrutiny it entails. Vaidyanathan always had a bias for growth, and that is why he chose to merge Capital First that he headed with IDFC Bank which had the banking license. And regulated environments and greater scrutiny was nothing new for him, as he was the banker who grew ICICI Bank’s retail division to great heights, earlier in his career. But still the merger with IDFC Bank required much caution. Capital First was growing then at an admirable pace, after Vaidyanathan had turned it around from a troubled wholesale lender – Future Capital – to a highly profitable retail franchise. Even some of Capital First’s backers had doubts whether the merged entity would be able to grow anywhere near to how the NBFC was growing. But Vaidyanathan, instead of sugar coating such concerns, made it clear to all that there were short-term challenges for sure, but that it would be better for Capital First to be part of a bigger bank. The year was 2018 and there was no pandemic in sight. And see where things stand now, with more than a few similar sized NBFCs getting into serious trouble and even bankruptcy as the pandemic stress set in! What were these short-term challenges that Vaidyanathan foresaw? IDFC, the parent of IDFC Bank being a development financial institution for long had significant credit exposures to the infrastructure and corporate sectors. IDFC Bank had naturally inherited all these when the infrastructure and lending businesses of IDFC was demerged to form the new bank in 2015. So Vaidyanathan clearly

Why IDFC First Bank is at An Inflection Point Now knew what he was getting into. But who could have imagined the kind of deep trouble some of these accounts like – Vodafone Idea, DHFL & Reliance Capital – would fall into, once the pandemic too set in? Still, it goes to the credit of this young banker that he has steered IDFC First Bank admirably through all these issues so far. The resolve as well as pragmatism that IDFC First Bank has displayed in dealing successfully with Vodafone Idea and DHFL needs special mention. While admitting and provisioning for these big accounts, the bank also made it clear to its investors that these accounts were basically still very valuable assets that could possibly turnaround. For example, they refused

IDFC First Bank has reported a 50% year-onyear growth in net profit to Rs. 152 crore in the second quarter ended September, led by strong loan and fee growth. But beneath such headline numbers, the finer details are even more interesting.

to be daunted by the total indebtedness of Vodafone Idea to the government and banks, which was to the tune of Rs. 2 lakh crore. In fact, Vaidyanathan was hopeful of a resolution more because of this very aspect – that the government and the whole system could not let VI fail. And that is how it happened, and VI has started on its climb-back on the basis of government help, court mediation and revision in rates! Needless to say, VI has become a lesser point of worry for IDFC First Bank now. Even riskier was the case of DHFL. While the erstwhile management had failed totally, the legal frameworks set up for swift interventions in such cases, chipped in and found a powerful suitor in Piramal Enterprises to take over the troubled but still huge housing loan company. And all banks that lent to DHFL are getting compensated now. That is why, now when another account Reliance Capital is facing serious issues, investors at IDFC First Bank are less jittery, as the bank seems to have mastered the art of balancing its resolve to recover its dues as well as the pragmatism to keep assessing the underlying assets for what it is really worth. But sometimes, surprises keep coming for the bank, as it happened in Q1 when its profits got affected by a single toll road project in Mumbai. And again, IDFC First Bank is tackling it calmly, by making the necessary provisions, understanding the problem as due to the pandemic stress, and assuring investors that it is not a case of willful default, as partial repayments are still coming in. But the real marvel at IDFC First Bank is not that the lender is tackling such problems one after the other, but that it is doing much more – which is building a powerful and fast growing retail franchise of deposits and loans, which is designed to eclipse all the legacy infrastructure and corporate lending issues remaining at the bank.

The recently published Q2 numbers give great insights into where the bank stands in this regard. IDFC First Bank has reported a 50% year-on-year growth in net profit to Rs. 152 crore in the second quarter ended September, led by strong loan and fee growth. But beneath such headline numbers, the finer details are even more interesting. The bank has grown its home loan portfolio admirably, with mortgages now accounting for 24% of the loan book. The rest of the portfolio too is very diversified, with 12 business segments constituting not more than 15% of the book. It is a far cry from a loan book that was dominated by infrastructure loans at the time of merger. And Vaidyanathan is confident of building the mortgage

whatsoever. This should soon result in gross NPAs at 2% and Net NPAs at 1% in the retail business. The higher infra NPAs will take more time, but he is quick to point out that that it is just 9% of their book now. One of the strengths of IDFC First Bank is its industry leading Net Interest Margin, which stood at 5.76% in Q2. While Vaidyanathan doesn’t expect it to move much up again, due to their focus on the low margin mortgage business, but he doesn’t see it moving down either, which means that it will remain a competitive edge for the bank. But the stable margins will be more than compensated by the growth and stability that mortgage loans will bring to the bank.

business including loan against property, much higher to 40%. He prefers this business despite it’s modest profitability, as it brings long-term stability and better asset quality to the bank. The IDFC First Bank CEO is also confident of achieving sharply better asset quality, going forward. He has boldly guided for retail net NPAs at 1%. This he says it possible as even after two Covid waves, the recoveries have been pretty strong at the bank. In fact, it has now reached 99.4% which is better than pre-Covid level. And besides that, he is ensuring that going forward too the bank will be following the safe and simple model of low-cost borrowing and stable lending, leaving no room for credit adventures

Retail Funded Assets grew by 7% during Q2 FY22 as compared to Q1 FY22, out of which housing loans registered strong quarter on quarter (QoQ) growth of 11% and other retail loans registered QoQ growth of 6.3%. Retail Funded Assets now constitute 70% of the overall funded assets as of 30 September 2021, which is a remarkable makeover from its infrastructure lending days. The bank is also performing even better in its other engine of growth – Current Account & Savings Account (CASA) deposits. IDFC First Bank’s CASA has jumped 55% on a Year-onYear basis to reach Rs 46,783 crore at the end of 30 September 2021 from Rs 30,181 crore on 30 September 2020. CASA ratio has improved to 51.9% on 30 September 2021 from 50.86% posted at the end of 30 June 2021 and 40.37% in 30 September 2020. The

private sector bank's total customer deposits increased by 20.8% to Rs 83,793 crore as on 30 September 2021 as against Rs 69,368 crore as on 30 September 2020. According to Vaidyanathan, the ready availability of CASA deposits will prove to be the game-changer for the bank, as and when the economy opens up further thereby providing higher credit growth opportunities. On the differentiated and innovative products front, the bank continued its success spree by debuting India’s first standalone metal debit card – the FIRST Private Infinite Card, which is exclusive for customers who are part of the Bank's FIRST Private program, a premium savings and wealth offering. The FIRST Private program offers an unrivalled banking and investment experience to customers and comes with a range of exceptional investment, banking, lifestyle and wellness benefits. FIRST Private Infinite is a Visa Card that is crafted from hybrid metal with details etched in silver, created to deliver an exclusive payment experience. True to its top-of-the-line proposition, the benefits of FIRST Private Infinite debit card are specifically curated for premium cardholders and include complimentary domestic and international lounge access for cardholders and companions, unparalleled insurance coverage, a

road assistance program and access to golf courses across the country. IDFC FIRST Bank also offers a comprehensive digital savings account solution that includes a seamless online account opening process, video KYC and a new age digital platform for mobile and netbanking with easy-to-navigate user interface. The Bank's digital wealth management solutions are available to customers on the mobile app and netbanking platform which offer unique features such as a 'Consolidated Investment Dashboard'. With customers in over 60,000 villages, cities and towns across the length and breadth of the country, IDFC First Bank has quickly expanded within a few years to 599 branches, 185 asset service centres, 720 ATMs

IDFC FIRST Bank also offers a comprehensive digital savings account solution that includes a seamless online account opening process, video KYC and a new age digital platform for mobile and netbanking with easyto-navigate user interface.

including 99 recyclers and 630 rural business correspondent centres across the country, along with its nextgeneration net and mobile banking platform and 24/7 Customer Care services. V Vaidyanathan believes that the bank has reached an inflection point in Q2 as its core profit from the lending activity has grown by 41%, and is now surpassed its normalized credit loss. The bank has guided that credit loss will continue to decline in the next couple of quarters too, which means the bank stands to record more consistent profits going forward. This is happening for the first time in the last three years after the merger, and thus a clear inflection point for IDFC First Bank. Other triggers that may work in favor of the bank is a possible reverse merger with parent IDFC Ltd which continues to have significant non-lending activities in the financial sector. IDFC Ltd is preparing itself for such an eventuality by planning to sell its mutual funds business and merging three of its wholly owned subsidiaries with itself. IDFC had also sought IDFC First Bank’s views on a possible reverse merger, and both entities are expected to reach a consensus that will bring much value unlocking to the shareholders of both the companies.

HEALTHCARE

AFTER PUNEETH'S DEATH, MAD RUSH FOR CARDIAC TESTS

RAFIQ BREAKS DOWN RECALLING 'INHUMAN' TREATMENT BY YORKSHIRE WHEN HE HAD A STILLBORN Former cricketer Azeem Rafiq broke down while recalling the "inhuman" treatment he received by his county club Yorkshire when he had a stillborn. While giving a testimony on racism in Yorkshire, Rafiq said, "The first day back after losing my son [Yorkshire Director of Cricket] Martyn Moxon literally got me in a room and ripped the shreds off me."

octors said they have been seeing a sudden rush of patients for heart check-up after megastar Puneeth Rajkumar died of cardiac arrest. The outpatient department of Sri Jayadeva Institute of Cardiovascular Sciences and Research in Bengaluru is crowded with first-time patients who want to know their cardiovascular health. Narayan, 46, came from Hassan district with his uncle as he feels pain in his chest. He suspects that his heart has developed some ailment. "After Puneeth Rajkumar sir's death I don't want to take any chance, so I immediately rushed to this hospital travelling about 180 km from Hassan," Narayan told. Doctors said they have been seeing a sudden rush of patients for heart checkup after megastar Puneeth Rajkumar died of cardiac arrest. "For the last three days a huge number of patients have been coming to the hospital. We used to treat around 1,000 patients a day. Now everyday roughly around 1,800 patients have been coming," said Dr CN Manjunath, director of Sri Jayadeva Institute of Cardiovascular Sciences and Research. "It's a huge stress on doctors, nurses and

the system." The footfall at almost all cardiac diagnosis and treatment hospitals and centres has increased across Karnataka. Doctors tried convincing OPD patients that there should be a family history or multiple symptoms for cardiac problems and it's not an endemic. "The cardiac OPD is up by 20 to 25 per cent in spite of festival season. Mostly younger age people are asking for cardiac evaluation," said Dr Sudarshan Ballal of Manipal Hospitals. "Those who have multiple risk factors like family history of heart attacks and those who have hypertension, diabetic, smoking and high stress level, they can be examined and people must understand that the chest pain related to cardiac problems is different," Dr Manjunath said. A lot of negativity is also spreading about gyms among youngsters, experts have said. Puneeth Rajkumar had suffered the cardiac arrest immediately after working out at his home gym. The state government is working on guidelines for gyms. Health Minister Dr K Sudhakar consulted a few top cardiologists including Dr Devi Shetty and Dr Manjunath to draft the guidelines.

'A DOCTOR AT HEART, ALWAYS!', TWEETS PM AFTER UNION MINISTER HELPS PASSENGER MID-FLIGHT After Union Minister Bhagwat Kishanrao Karad, who is also a doctor, administered medical aid to a co-passenger who collapsed on an IndiGo flight on Tuesday, Prime Minister Narendra Modi tweeted, "A doctor at heart, always! Great gesture by my colleague." Karad said, "I removed his shirt and massaged his chest...Soon he regained consciousness and then we gave him glucose water."

THEN DIG ATS PARAM BIR 'DESTROYED' KASAB'S MOBILE, HELPED 26/11 TERRORISTS: EX-ACP Retired Assistant Police Commissioner Shamsher Khan Pathan has claimed that former Mumbai Police Commissioner Param Bir Singh confiscated 26/11 terrorist Ajmal Kasab's phone and "destroyed" it. Pathan said that Singh, who was then DIG ATS, took the mobile phone from a constable. Pathan, who filed the complaint in July, said that Singh helped Kasab and other terrorists. SEASONAL MAGAZINE

COVER STORY

SEASONAL MAGAZINE

NEW INDIA ASSURANCE

DESPITE SHORT TERM CHALLENGES, LONG TERM OPPORTUNITY IS INTACT Being India’s largest non-life insurer is no easy task during economic crises, epidemics and natural disasters. And what if all these three crises come rolled into one extended and mega crisis? That is what the Covd-19 pandemic has been for New India Assurance (NIA), India’s largest nonlife insurer. Because, as the leading non-life insurer it dominates in segments like health, motor & other general insurance segments, all of which have been severely affected by either high claims like in health or in low growth like in auto and most general insurance segments. The performance of NIA should be analyzed in this backdrop, and then we will realize that this segment leader is indeed a strong and resilient performer.

SEASONAL MAGAZINE

DESPITE SHORT TERM CHALLENGES, LONG TERM OPPORTUNITY IS INTACT rigadier LS Lidder who died along with India’s CDS Gen. Bipin Rawat, in the tragic helicopter accident in Tamil Nadu recently had his personal accident policy with New India Assurance. When NIA was notified of the claim intimation, all it took for the insurance giant to settle this Rs. 30 lakh claim was one hour! Says NIA Chairman & Managing Director Atul Sahai, “Our office swung into action immediately on receipt of the claim intimation from our partner bank at 2 PM on December 10. The personal accident claim of Rs. 30 lakh was paid within one hour.” This incident speaks volumes about the agility of NIA which is unmatched among its PSU and private peers. New India Assurance is India’s strongest and the only listed public sector insurer, and hence its financial results are eagerly awaited, as it also serves as a barometer of the entire non-life industry. Its recently published Q2 numbers were of course a mixed-bag due to the ongoing Covid-19 pandemic. Consolidated quarterly net profit was down by 77% compared with Q2 of last fiscal, while sequentially it improved by around 43% from Q1 of this fiscal, largely due to the low base effect. This fall in profitability was not really surprising as the extent of Covid-19 claims in Q2 reveals. After paying about Rs. 1250 crore in Covid claims in Q1, NIA paid around Rs. 1100 crore in such pandemic claims in the second quarter. Altogether, NIA has thus settled more than 3.1 lakh Covid claims worth Rs. 2350 crore in the first half of this fiscal, which is a feat unmatched by any other general or health insurer in the country. Now, the issue is that being a listed player, the market has an immediate tendency to take this as a negative development. But what is this really? This is what insurance business is all about. Customers pay significantly from their hard earned money for insuring their assets like health and other belongings in the hope that if some untoward incident happens, the insurer SEASONAL MAGAZINE

will reimburse the required expense fast and fully. That is what NIA too did in the most judicious manner. When investors invest in general & health insurance companies, they should be aware of this occasional risk. But the problem is that there may be a few private non-life insurers who contested each and every health claim during Covid. They might have succeeded for the moment in limiting Covid claims or claim amounts or both, much to the delight of the market. But is that what a genuine general or health insurance company should be doing? Never expect a public sector insurer like NIA which is proud to play its part in nation building to stoop to such levels. Listen to what NIA Chairman & Managing Director Atul Sahai said about this, “While the company did have a negative impact on profits due to Covid claims, it gives me immense satisfaction that the company could play a major role in providing the necessary financial support to our valuable policyholders during this period.” This is what genuine health insurance is all about! Now, what some private insurers and market participants should understand is that this makes immense business sense too. That is, immense long-term business sense. When NIA paid such claims fairly and expeditiously, they were cementing customer relations for entire lifetimes or across generations. Such customers wouldn’t shift away from NIA ever, whatever lure some new players deploy to win them over. And that is not all there is to it. Will you continue with a private insurer who contested your health claim, to avoid it or trim it, when you were stricken

“OUR OFFICE SWUNG INTO ACTION IMMEDIATELY ON RECEIPT OF THE CLAIM INTIMATION FROM OUR PARTNER BANK AT 2 PM ON DECEMBER 10. THE PERSONAL ACCIDENT CLAIM OF RS. 30 LAKH WAS PAID WITHIN ONE HOUR.”

with Covid? Absolutely not! You will shift from their insurance at the very next chance. Even if you were not directly affected, but just heard about a relative or acquaintance who suffered like this from your insurer, you will shift away from them at the next chance. And where will you shift to? Of course, to the largest and strongest non-life insurer out there, NIA, or some of its PSU peers. That is why NIA’s genuine move will eventually prove to be a good business strategy too. In fact, Covid or no Covid, NIA has always followed such genuine strategies, which continued to reflect well in Q2. When it comes to business growth, the Company grew at around 20% compared to the industry growth of around 13%. And good news is that Covid claims are already tapering in this ongoing quarter of Q3. But the operating environment may continue to remain challenging for all non-life insurers including NIA as the

“WHILE THE COMPANY DID HAVE A NEGATIVE IMPACT ON PROFITS DUE TO COVID CLAIMS, IT GIVES ME IMMENSE SATISFACTION THAT THE COMPANY COULD PLAY A MAJOR ROLE IN PROVIDING THE NECESSARY FINANCIAL SUPPORT TO OUR VALUABLE POLICYHOLDERS DURING THIS PERIOD.”

nature of some non-Covid losses in Q2 reveal. The insurer suffered significant CAT losses (due to catastrophes) during the quarter. The company has claims of about Rs. 235 crore on account of floods in the state of Maharashtra. This is in addition to the CAT losses in the first quarter, of about Rs. 200 crores. The overseas operations too were negatively impacted due to CAT losses of about Rs. 60 crore on account of floods in Germany and hurricane Ida in US. It should be noted that such losses happen because NIA is not just a leader in India but has general insurance business in 28 countries across the globe. And since India is getting back to normal, motor claims too have also started rising as vehicular traffic comes back on the roads. But the big picture is that despite all these past, present & future challenges, NIA has continued to show considerable resilience as a stable, profitable and growing insurance player. NIA’s net worth has increased from Rs. 36,451

Brigadier LS Lidder crore in March 2021 to Rs. 39,921 crore as of 30th Sep 2021. The company is continually becoming more and more efficient operationally, as seen from the lower operating expenses. Another big strength at the Mumbai headquartered general insurance giant is its sizeable investment business. A leading player in the equity investment scene in India, NIA’s investment assets have gone up from Rs. 68,639 crore in March 2021 to Rs 82,001 crore as of

September 30, largely due to its judicious investment in Indian equities as well as the unprecedented bull market. The NIA stock has been unable to perform significantly since its IPO days, but then it should be understood that this is because soon after its IPO the sector entered a rare cyclical down phase. Who could have predicted something like this pandemic? But what shouldn’t be forgotten is that insurance is a unique long-term business, which adds value over the years and decades, as invariably the periods of no-claims or little claims will be much higher than the rare periods of high claims.

SEASONAL MAGAZINE

HIGHEREDUCATION

HOW JSSAHER ENRICHES ITS STUDENTS AND COMMUNITY

SEASONAL MAGAZINE

Mysuru based JSS Academy of Higher Education & Research (JSSAHER) is forever being proactive and innovative with its initiatives, projects, industry collaborations and outreach activities, so much so that its students, research scholars, faculty and the community around it are being enriched continually, like how a true world-class university should be. No wonder then that national and international accolades are coming searching for this primarily health sciences university which has also diversified well into life sciences. JSSAHER remains at the cutting edge of delivering medical, pharma & dental courses, and has also introduced B.Sc. and M.Sc. in Medical Genetics and Genomics, a sunrise field now. Apart from its new mammoth campus which is under construction, JSSAHER is investing heavily into digital infrastructure for expanding its online education, where it sees exponential growth. The deemed university is ably led by JSS Mahavidyapeetha’s Executive Secretary Dr. C. G. Betsurmath and Dr. B. Suresh, Pro-Chancellor of JSSAHER.

SEASONAL MAGAZINE

When the Times Higher Education (THE), a Global Ranking Agency, recently released its World University Rankings 2022 which covers more than 1,600 Universities across 99 countries and territories, JSS Academy of Higher Education & Research had a lot to beam about. JSSAHER became the only Indian university, apart from IISc Bengaluru and IIT Ropar, to come in the Top 500 ranks. No other government, deemed or private university from India could make into this prestigious list, which also made a mark as the largest and most diverse University rankings till date. Even from India, 72 Universities of all hues participated in this ranking. There were more reasons for JSSAHER to smile about. While it was ranked in the 351-400 band in the THE ranking behind the two national institutes, when it came to research, the deemed university was at the very top. JSSAHER was ranked number 1 in India for the citations generated from its research publications, while in world ranking it came at the 8th position. The ranking methodology had assessed the institution’s performance across four areas - teaching, research, knowledge transfer and international outlook. JSSAHER also bagged the fourth rank in India for International outlook. Speaking to Seasonal Magazine, Dr. B. Suresh, Pro-Chancellor of JSSAHER said that rather than resting on these laurels, all efforts are now on to maintain and improve the university’s ranking in the coming years. As a leading health sciences university in India, it is not only in academics and

recognition. Earlier, the International College of Dentist (India Section) had also recognised the Clinic as one of the best modality to promote oral health in children. This oral health delivery system is as per the recent goals of global oral health recommendations to implement such programmes at sites where the infants visit for vaccination or at a 'well baby clinic' to promote babies' visits to a dentist by one year age, to impart early oral hygiene & brushing habit and advice on teeth-friendly and safe feeding practices.

Dr. C. G. Betsurmath Executive Secretary, JSS Mahavidyapeetha research, but in medical practice too that JSSAHER has been winning international accolades. Recently, Dr. Indira and Dr. B. Nandlal, Paediatric Dentists at JSS Dental College and Hospital (JSSDCH), received the prestigious 'Bright Smiles, Bright Future' Award from the International Association of Paediatric Dentist (IAPD) in the 28th IAPD Virtual Congress. This award is in recognition of an innovative Baby Oral Health Primary Preventive Education Programme to mothers of children below one year of age at the ‘Baby Oral Health Promotion Clinic,’ which is a unique extension clinic of JSSDCH. The six-year old Clinic was inaugurated by Stefanie L. Russel from New York University, and this is not the first time that it has bagged an international

JSSAHER HAS BECOME THE ONLY INDIAN UNIVERSITY, APART FROM IISC AND ONE IIT, TO COME IN THE 'GLOBAL TOP 500 RANKS OF UNIVERSITIES' BY UK BASED TIMES HIGHER EDUCATION.

SEASONAL MAGAZINE

The Clinic has been instrumental in providing anticipatory guidance to mothers to prevent early childhood dental decay in children less than three years. More than 7,000 children have been benefited from this preventive JSS programme since its inception. The success and international recognitions for these efforts by JSSAHER underscores the passion and rigour with which this private sector university has been pursuing its community outreach programs so as to achieve meaningful and significant outcomes for the immediate community it serves. JSSAHER could make rapid strides in research due to the establishment of JSSAHER Research Hub (JSSRH), which is the university's nodal centre for translational and transformative research for societal benefit. JSSRH achieves this by helping the individual institutions grow in research capabilities beyond their boundaries. Towards this, JSSAHER Research Hub develops inter institutional research

JSS Dental College and Hospital

atmosphere in the campus. The outlook of JSSAHER's research initiatives are mostly all long-term. Towards this the focus is on establishing long-term engagements and partnerships with industry partners and research institutions. Emphasis is given to developing patents and protecting intellectual property rights of the research activities. All the existing national and international research collaborations including with government organizations are taken seriously and continually strengthened.

Dr. Surinder Singh Vice Chancellor projects & grants, publications & patents. It also disseminates curated courses in the field of Innovation & Entrepreneurship. Another responsibility handled by JSSRH is forging targeted alliances with partners for product development and commercialization. And all through these activities, the JSSAHER Research Hub inculcates values and principles of international organizations like UN, WHO, and social organizations through various academic, outreach and research activities. The functional wings of JSS Research Hub are Sparkle Cine, Entrepreneurship Cell, IPR Cell, Institution Innovation Council, Innovation Lab, Ideation Lab, 3D Printing facility, Special Interest Groups and the Centre for Advanced Drug Research & Testing (CADRAT). The various Centres of Excellence at JSSAHER in collaboration with the JSSAHER Research Hub empowers entrepreneurship development, industryinstitution partnerships and furthers the causes of environmental protection and sustainability.

JSSAHER has been in the forefront of battling the Covid-19 pandemic both during its first and second waves. It also played a globally noted role as it was one of the select few clinical study centres for Oxford University's Covishield vaccine in India, based on which the vaccine was approved. Now, under the leadership of the university's JSS Hospital, it is fully geared up for extending its services to the people of Mysuru for the imminent third wave of the pandemic. JSS Hospital which had already given

TWO PAEDIATRIC DENTISTS FROM JSS DENTAL COLLEGE HAVE BAGGED THE PRESTIGIOUS 'BRIGHT SMILES, BRIGHT FUTURE' AWARD FROM THE INTERNATIONAL ASSOCIATION OF PAEDIATRIC DENTISTS.

Dr. B. Manjunatha Registrar 100 beds - most of them oxygenated - to the government during the earlier waves, has agreed to give 317 more beds to the district administration for battling the third wave. The Covid Care Centre of JSS Hospital has a total of 300 beds spread across six wards. As many as 200 staff including 60 doctors and 120 nurses and other medical personnel work in three shifts to take care of patients. Based on its experience from the first two waves, the Hospital has upgraded its facilities to meet any eventuality. Since many people in and around Mysuru have been vaccinated, the hospital’s

JSS College of Pharmacy

The university and research hub spearhead a slew of activities throughout the academic year to achieve these objectives. These include research and academic activities focused on encouraging the spirit of innovation & entrepreneurship in both staff and students. A special focus area is the pursuit of collaborative and complementary research themes. The research hub organizes regular talks, seminars, lectures & workshops so as to germinate a conducive research SEASONAL MAGAZINE

focus this time will be caring for the unvaccinated, especially children. Towards this all paediatric ICU beds have been made oxygen ready. Dr. Suresh said that this teaching hospital of the university is now the most wellequipped in Mysuru to meet any eventuality. The JSS Hospital is also planning to install a 5,000 Kilo Litre Liquid Oxygen Tank soon. Once it is ready, it will produce 500 litres of oxygen per minute, which is enough for supplying to additional 500 to 600 beds. Dr. Suresh informed that it has already been ordered and should be ready by about a month’s time. A new oxygen generator will also be commissioned soon. Karnataka Minister for Cooperation ST Somashekar, who is in charge of Mysuru has lauded the efforts and support from JSSAHER in tackling Covid-19 in the district during the first and second waves, and promised that the Government will extend all help in the setting up of Oxygen Plant at the earliest, for which Union Ministers from the state Pralhad Joshi and D. V. Sadananda Gowda will be appealed for follow up. He made

JSSAHER RESEARCH HUB (JSSRH), THE UNIVERSITY'S NODAL CENTRE FOR TRANSLATIONAL AND TRANSFORMATIVE RESEARCH FOR SOCIETAL BENEFIT IS SPEARHEADING THE UNIVERSITY'S RESEARCH INITIATIVES.

SEASONAL MAGAZINE

School of Life Sciences

these assurances while visiting the Suttur Mutt, which owns and manages JSSAHER's parent, JSS Mahavidyapeetha. JSSAHER which has been a national level leader in hosting international conferences, seminars and workshops, is continuing these initiatives in the online mode through high-profile webinars that are witnessing excellent participation from subject matter experts and key influencers. JSSAHER's Department of Nutrition & Dietetics, under Faculty of Life Sciences, had organised a two-day National webinar and Infographic Competition on the theme ‘Food Safety: Everyone’s Business’ to commemorate the World Food Safety Day - 2021. The two-day virtual programme included two sessions each day addressed by internationally recognised Nutritionists, Academicians and Health professionals from reputed institutions and industries in the relevant field. The key

beneficiaries were JSSAHER's UG/PG students, research scholars and HCPs from different subject areas. This webinar focused on the production and consumption of safe food which has immediate and long-term health benefits and synergies between the health of people, the environment and the economy. This event also helped everyone in understanding the role of safe practices in agriculture and in food industries to ensure food security as well as the quality of food products. The webinar was inaugurated by Arun Singhal, IASCEO, FSSAI, MoH&FW. The keynote address was by Dr. B. Suresh, Pro-Chancellor, JSSAHER. There were four sessions by professional leaders in the subject including Dr. K. Madhavan Nair, Chairperson – Scientific Panel on Labelling & Claims/ Advertisements, FSSAI, MoH&FW, Govt. of India & Scientist F (Retd.), NIN, Hyderabad; Dr. K.A. Anu Appaiah, Head, Food Protection and Infestation

Control & Sr. Principal Scientist (Retd.), Department Microbiology & Fermentation Technology, CSIR-CFTRI, Mysuru; Niraj Marathe, Co-Founder & CEO, Coolcrop Technologies Pvt. Ltd, Gujarat; and Dr. Chaitra Narayan, Founder – Codagu Agritech & Shivam Distillations, Mysuru.

Sustainable Development Goals. The keynote address was by Prof. Anil K. Gupta, Head, ECDRM, NIDM. The speakers were Dr. Sushma Guleria, Assistant Professor, NIDM and Dr. Pranab J. Patar, Chief Executive, Global Foundation for Advancement of Environment.

The well attended event was a feather in the cap for JSSAHER's Department of Nutrition & Dietetics, which offers M.Sc in Nutrition & Dietetics, M.Sc in Sports Nutrition & Management, PGD in Nutraceutical Technology, B.Sc in Food, Nutrition & Dietetics and Doctor of Philosophy (Ph.D) programmes. Admissions are open now for these courses.

JSSAHER's Department of Biochemistry, Faculty of Life Sciences (FLS), also conducted a high-profile two-day International Webinar entitled 'The Career Catalyst: Plan, Prepare and Prosper in Life Sciences'. The virtual event was inaugurated by Dr. B. Suresh, Pro-Chancellor, JSSAHER, alongside Dr. B. Manjunatha, Registrar, JSSAHER, Dr. S. Balasubramanian, Director (Research) and Dean-FLS and Dr. K.A. Raveesha, Professor & Head, FLS.

JSSAHER also collaborated with the National Institute of Disaster Management (NIDM), Ministry Of Home Affairs, Government Of India, to conduct a Webinar on the most relevant topic, Impact of Climate Change and

The well-attended event which saw 1600 registrations, had renowned experts from India, Australia, Austria, UK and USA, in life sciences, from the academicia,

research, industries, startups, education and more. During his speech, Dr. Suresh reiterated that Life Sciences is anticipated as an important sector for next decade alongside Medical & Health Technology for its importance in wellbeing of the mankind. Dr. Suresh also had some highly inspiring insights to share the global audience of students and research scholars. He elaborated about Dr. Krishna Ella’s illustrious career from being a graduate in Agricultural Sciences and later on heading towards excelling to enable India’s first indigenous COVID-19 vaccine COVAXIN from his company Bharat Biotech. Giving excerpts of his discussions with people like Dr. Krishna Ella, Dr. Suresh mentioned that companies like Bharat Biotech has immense requirement of Life Science graduates with essential skills to cater to the needs of the emerging healthcare sector. On the admissions front, pharmacy seats are already full this year. Dental and life sciences are also witnessing high interest, whereas for MBBS the university is awaiting further guidelines from the government to proceed. JSSAHER is constructing a new mammoth campus, to which almost all of the academic and research wings would be eventually shifted. But for now, the university is giving more priority to investing in its digital infrastructure for online education. Speaking to Seasonal Magazine, Dr. Suresh shared that the university expects the online / offline hybrid model to continue for many more months or years, and that it also provides a way for the university to pursue exponential growth. SEASONAL MAGAZINE

QUARTERLY HEALTH CHECK-UP THE HEALTHY, THE AILING & THE RECOVERIES IN Q2

Coal India's Profit Lower, High Dividend Yield a Plus oal India Ltd's lower-thanexpected performance amid high expectations disappointed the street. The strong coal demand meant that company saw its sales volume grow 9.7% year-on-year to 147.35 million tonnes (MT). The company’s revenues at ?21,292.50 crore also grew 9.3% yearon-year in line with volume growth. The realizations thereby did not improve much as per expectations. The analysts had been anticipating significant improvement in eauction realizations looking at steep rise in the international coal prices. The e-auction prices at ?1,594 a tonne were almost flattish sequentially and comparable with ?1,569 a tome in the previous quarter. Coal India's reported net profit declined by 17% over Q2FY20 and 2% sequentially and were lower than analyst estimates. The reported net profit missed estimates largely led by flattish sequential e-auction prices while international coal prices (lead indicator for e-auction) spiked by 50% in Q2. The company management, however, has indicated that the e-auction realizations have a two-three month lead lag between allocation and delivery. Thus the benefits will be seen in the coming quarters. While the third quarter may see

some spike in e-auction realizations, however, the same may cool down slightly in the fourth quarter and onwards as the international coal prices, too, have cooled down from the peaks. The company, meanwhile, is also looking at raising prices for coal supplied under fuel price agreements. If it happens, it will support the company's future earnings prospects and also lead to reduced concerns on expected wage hikes. Longterm positives for the company include an attractive dividend yield (11% at FY21 pay-out) riding on 10-12% earnings CAGR over FY21-24. The factors that remain supportive for earnings include expected 4-5% volume growth, higher near term e-auction prices and benefit of operating leverage as volumes or sales rise while costs remain largely stable. Incremental power demand growth in FY23-24 can lead to higher than expected volume growth.

Stock Soars Over 40% on Strong Q2 Performance n one week, the stock of the information technology (IT) training services company has zoomed 41 per cent after it reported a strong set of numbers for the quarter ended September 2021 (Q2FY22). NIIT has hit a multiyear high of Rs 431.15. Around 21 years back, the stock had hit a record high of Rs 507 on January 4, 2000. Trading volumes on the counter nearly doubled, with a combined 3.3 million equity shares having changed hands on the counter on a single day after the Q2 numbers. For Q2FY22, NIIT had reported a more-thandouble or 101 per cent year on year (YoY) rise in its consolidated net profit at Rs 52.4 crore on the back of strong operational performance. Revenue grew 44 per cent YoY at Rs 314 crore while earnings before interest, taxes, depreciation, amortization (ebitda) margins improved 780 basis points at 23.5 per cent. SEASONAL MAGAZINE

GRSE Records Good Show in Q2, Building 17 Ships Concurrently arden Reach Shipbuilders and Engineers Ltd has reported a 56 per cent jump in its net profit to Rs 58.79 crore in the second quarter of the current fiscal. The warship maker had posted a profit of Rs 37.69 crore in the year-ago period. Revenue from operations was at Rs 421.8 crore during the July-September period of the 2021-22 financial year (FY22) as against Rs 272.44 crore in the corresponding quarter last fiscal. The company's EBITDA (earnings before interest, taxes, depreciation, and amortisation) stood at Rs 91.13 crore, up from Rs 59.99 crore in the same period in the previous year. "Based on the experience gained in handling the first wave of COVID19, the company successfully handled impediments faced during the second wave by adopting various strategies to achieve operational success. As a result, the shipyard could continue concurrent construction of 17 ships in different stages," CMD Rear Admiral (Retd) V K Saxena said. The company signed an MoU with Naval Group (NG), France to collaborate in the field of surface shipbuilding, he said.

QUARTERLY HEALTH CHECK-UP THE HEALTHY, THE AILING & THE RECOVERIES IN Q2

ONGC Revenue Rises 44% in Q2, Profit Soars 6.6 Times on Tax Writeback il & Natural Gas Corporation has reported a 565.3 per cent year-on-year growth in net profit to Rs 18,347 crore for the quarter ended September, which was sharply above analysts’ expectations of Rs 6,422 crore. The sharp jump in the bottom line of the company was thanks to a net tax writeback of Rs 7,195.4 crore in the quarter. The oil producer’s revenue from operations jumped 44 per cent year-on-year to Rs 24,353.6 crore in the reported quarter, which was slightly below Street’s expectations. The sharp decline in tax expenses for the company came as a result of a switch to the new corporate tax rate of 22 per cent from 202021, which has resulted in a decrease in deferred tax by Rs 8,541 crore and a reduction in current tax by Rs 1,304 crore, the company said. ONGC’s operating margin in the quarter sharply expanded to 48.17 per cent from 32.78 per cent in the year-ago aided by an increase in global crude oil prices.

Manappuram in Strong Recovery, AUM and Live Customers Rise Manappuram's consolidated assets under management (AUM) has grown by 5.7 per cent to Rs 28,421.63 crore from Rs 26,902.73 crores a year ago. The company's gold loan portfolio stood at Rs 18,719.53 crore, registering a strong growth of 13.2 per cent over Rs 16,539.51 crore in the preceding quarter. The number of live gold loan customers increased from 24.1 lakh to 25.1 lakh in this period. It reported an 8.8 per cent decline in its consolidated net profit to Rs 369.88 crore in the quarter ended in September 2021 due to lower income. The nonbanking finance company had posted a net profit of Rs 405.44 crore in the July-September quarter of 202021. Income from operations was down by 2.15 per cent to Rs 1,531.92 crore in Q2FY22, as against Rs 1,565.58 crore in Q2FY21, it said. The board of directors of the company at its meeting approved payment of interim dividend of Rs 0.75 per share. "The key takeaway is the robust growth recorded during the quarter in our business volumes, be it gold loans, microfinance, or our home and vehicle loans portfolio. It reflects the emerging recovery in the rural and unorganized sectors of the economy and going forward we expect to sustain the growth along with improved profitability," V P Nandakumar, MD & CEO, Manappuram Finance said.

City Union Bank's Profit Rises, Asset Quality Weakens ity Union Bank has reported a 15 per cent rise in its net profit to Rs 182 crore for the September 2021 quarter, as provisioning for bad loans and contingencies fell. The bank had posted a net profit of Rs 158 crore in the corresponding period last year. Its total income during JulySeptember 2021 fell slightly to Rs 1,224.94 crore, compared with Rs 1,230.27 crore in the year-ago period.The lender's interest income, however, rose one per cent to Rs 478 crore, from Rs 475 crore a

year ago. Advances were up by 7 per cent at Rs 38,012 crore during the quarter under review. The total business jumped 10 per cent to Rs 84,328 crore as of September 30, 2021. Net interest margin stood at 4.03 per cent and the return on assets at 1.32 per cent. On the assets quality front, there was deterioration with the gross nonperforming assets (NPAs) moving up to 5.58 per cent of the gross advances at the end of September 30, 2021, against 3.44 per cent a year ago. SEASONAL MAGAZINE

QUARTERLY HEALTH CHECK-UP THE HEALTHY, THE AILING & THE RECOVERIES IN Q2

Tata Steel's Profit Rises 7.6 Times, Overtakes Reliance & TCS ata Steel has beat all companies in India including Reliance Industries and the group's own TCS by reporting a 661.3 per cent year-on-year rise in consolidated net profit at Rs. 11,918.11 crore for the quarter ended September, which was slightly above analysts’ expectations. The steelmaker reported 54.8 per cent on-year rise in consolidated total revenue from operations to Rs. 60,282.8 crore for the reported quarter, which was sharply above Street’s expectations. On the operating front, the company had yet another stellar quarter as it posted its highest-ever quarterly consolidated operating profit of Rs. 17,810 crore, up 222 per cent on-year. However, the consolidated operating profit was sharply below analysts’ expectations of 18,852 crore. The company’s consolidated operating profit per tonne skyrocketed 246 per cent year-on-year to Rs. 24,112 aided by the price hikes taken by the company during the quarter. “Tata Steel has delivered strong results across key geographies in this seasonally weaker quarter. Our steel deliveries in India expanded by 11 per cent despite a contraction in market demand which is a testament to the strength of our franchise,” said T.V. Narendran, chief executive officer and managing director at Tata Steel.

SEASONAL MAGAZINE

Narendran said that the company’s European operations also delivered a robust performance in the reported quarter underpinned by strong improvement in realizations. The company’s consolidated operating margin in the quarter expanded a whopping 1,535 basis points on-year to 29.54 per cent. However, they declined 23 basis points on a sequential basis reflecting the muted price hikes taken in the quarter as compared to the previous quarter. Further, the decline in margins on the quarter was symptomatic of the increase in production costs for the company. “We are watchful of the elevated coal prices and high energy cost as key risks to margins going forward,” Narendran said. Tata Steel continued to utilize the free cash flow generated by the company to deleverage its balance sheet. The company said that gross debt fell to Rs. 78,163 crore as of September 30 aided by repayments of Rs. 11,424 crore in the first half of the current financial year. “We are targeting additional, aggressive deleveraging in the second half as well,” said Koushik Chatterjee, executive director and chief financial officer at Tata Steel.

Ashok Leyland's Sales Up 44%, Bottomline Still in Red The commercial vehicles (CV) major reported losses for the second straight quarter amidst difficult market conditions and soaring input costs. The company reported a consolidated loss of Rs 84 crore for the July-September period compared to a loss of Rs 96 crore in the corresponding period last year. Consolidated revenue improved by 44 per cent year-on-year to Rs 5,562 crore. However, earnings before interest, tax, depreciation and amortisation (EBITDA) remained flattish at Rs 576 crore as high commodity prices impacted margins. EBITDA margin narrowed by 470 basis points to 10.3 per cent. “The industry has seen signs of volume recovery in Q2 FY22 over the same period last year, and we remain confident and optimistic about the future,” said Vipin Sondhi, managing director at Ashok Leyland. “Our focus will be to continuously improve our market share and gain it profitably and sustainably. Our global market expansion strategy is also in place, as we continue to focus on achieving our vision of being among the top 10 global CV makers,” he said. The company was also making progress in the electric vehicles department through its venture Switch, Sondhi said. The company was also focussing on businesses like power solutions and defence in addition to its core business.

QUARTERLY HEALTH CHECK-UP THE HEALTHY, THE AILING & THE RECOVERIES IN Q2

Embassy REIT Operating Income Up 30% Embassy Office Parks REIT, India’s first real estate investment trust, has reported a 30% rise in net operating income to Rs.624 crore for the September-ended quarter compared to the year-ago period. Embassy REIT, sponsored by Embassy group and Blackstone Group Lp, said it leased 7.13 lakh sq ft of office space during the July-September period. The firm said in a regulatory filing that it will distribute Rs.537 crore to the unit holders. Embassy REIT informed that the company has declared a distribution of Rs.536.50 crore, which is Rs.5.66 per unit for the quarter ended September. The distribution comprises Rs.108.06 crore in the form of interest, less applicable taxes, if any, Rs.240.76 crore in the form of dividend and Rs.187.68 crore in the form of proceeds of amortization of special purpose vehicle) level debt. “We have about half a million sq ft of launch pipeline which we will launch shortly. Companies are getting back a part of their employees after Diwali. There has been a clear revival in leasing. There has been massive hiring by the tech sector which will have positive ramifications on the storm," Michael Holland, CEO, Embassy REIT said in an interview. Holland said that Bengaluru continues to lead office leasing momentum, though the company continues to look at acquisition opportunities in Hyderabad and Chennai. "We delivered our strongest leasing activity since the start of the pandemic. We successfully completed a significant Rs.4,600 crores debt raise at an impressive 6.5 per cent interest rate and we received global recognition for our continuing commitment to sustainability," he added. The company said it achieved stable portfolio occupancy of 89%, with a 15% rent increase on 1.4 million square feet across 22 leases. Project construction is in full swing on 5.7 million sq ft projects, with 1.1 million sq ft and the JP Morgan campus is on track for handover by year-end, it said. The company has collected over 99% of office rents on 32.3 million sq ft operating portfolio. Embassy REIT owns and operates a 42.4 million sq ft portfolio of eight office parks and four citycentre office buildings in Bengaluru, Mumbai, Pune and National Capital Region (NCR).

Bank of Baroda's Profit Up 24%, Mainly on Bad Loan Recoveries Bank of Baroda has reported a 24 per cent growth in standalone net profit mainly due to a 23 per cent increase in other income which includes fees and bad loan recoveries and helped by a fall in provisions as bad loans decreased year on year. Net Profit was at Rs 2,088 crore in the quarter ended September 2021 from Rs 1,679 crore a year earlier. Other income increased to Rs 3,579 crore from Rs 2910 crore last year. The rise in other income made up for the tepid growth in net interest income (NII) which is the main income the bank earns by giving loans. NII increased 2 per cent to Rs 7566 crore largely as the cost of deposits fell to 3.52 per cent in September 2021 from 3.99 per cent a year ago and covered up for a 6 per cent fall in total interest earned. A 2 per cent yearon-year fall in provisions also helped the bank's bottom line. Provisions fell to Rs 2754 crore from Rs 2811 crore a year ago and was lower than the Rs 4005 crore reported in June 2021. Gross NPA ratio improved to 8.11 per cent in September 2021 from 9.14 per cent a year ago. CEO Sanjiv Chadha said the worst of slippages was over and asset quality trends will only become better. Recoveries increased to 3,246 crore including 1,246 crore from writtenoff accounts and higher than the total recoveries of 1,981 crore reported in the same quarter last year. As with other major banks, BoB was helped by a 877-crore recovery from DHFL. Total loan book increased 2% to 7.34 lakh crore from 7.19 lakh crore a year earlier mainly due to a 10% rise in retail loans led by a 33% growth in personal loans and a 23% growth in auto loans. Corporate loan book remained flat after a 10% drop in the first quarter ended June. Chadha said though the corporate growth has been tepid for more than a year, he expects some demand to come in the second half of the fiscal as sectors like cement, steel, green energy and electric vehicles expand capacities. Retail mortgages make up 64% of the bank’s 1.35 lakh total retail loans with high growth businesses like personal loans making less than 5% of the book. Chadha expects the bank’s loan growth to be close to double digits this year led by growth in retail loans and the bank will continue to grow the high-risk auto and personal loan businesses with caution using credit appraisals, and will have a preference for its own customers than outsiders.

SEASONAL MAGAZINE

QUARTERLY HEALTH CHECK-UP THE HEALTHY, THE AILING & THE RECOVERIES IN Q2

SBI Profit Soars 67% YoY, Despite Pension Revision tate Bank of India has reported a 66.7 per cent year-on-year (YoY) rise in net profit to Rs 7,626.6 crore for the quarter ended September 2021, which was higher than analysts’ estimate of Rs 7,450 crore. The lender’s bottomline performance was strong for the said quarter despite the fact that it took a onetime loss of Rs 7,418.4 crore due to revision in the family pension payable to employees. Its asset quality in the quarter was strong as gross non-performing loans ratio improved to 4.90 per cent from 5.32 per cent in the previous quarter. At the same time, net NPA ratio came in at 1.52 per cent as against 1.77 per cent in the previous quarter. During the reported quarter, SBI’s net interest income (NII) jumped 29 per cent YoY to Rs 31,183.9 crore, which was also above Street’s estimate. Meanwhile, the domestic net interest margin(NIM) for the quarter was at 3.50 per cent, up 16 basis points YoY. Slippage ratio for the September quarter stood at 0.66 per cent, down from 2.47 per cent in the June quarter. Provision Coverage Ratio (PCR) came in at 87.68 per cent. And credit cost fell 51 basis points YoY to 0.43 per cent. Total deposits for the quarter rose 9.77 per cent YoY. Current account deposits advanced 19.20 per cent YoY while saving bank deposits climbed 10.55 per cent YoY. Whole bank advances grew 6.17 per cent YoY, mainly driven by personal retail advances (15.17 per cent YoY) and foreign office advances (16.18 per cent YoY). Domestic advances growth stood at 4.61 per cent YoY. Home loan (up 10.74 per cent YoY) accounted for 24 per cent of the bank’s domestic advances.

SEASONAL MAGAZINE

Maruti Suzuki's Profit Dives Down 65%

ndia's biggest carmaker's net sales rose 9% at Rs 19,297 crore in the second quarter. However, Maruti Suzuki reported a standalone net profit of just Rs 475 crore for the September quarter, which was down 65% from Rs 1,371 crore in the year-ago period. The profit was impacted by adverse commodity prices and lower sales volume due to electronic component shortages, leading to lower capacity utilization. This quarter was marked by an unprecedented increase in the prices of commodities like steel, aluminium and precious metals. The New Delhiheadquartered company has been under pressure for over an year from the rising prices of commodities such as steel and copper. It has tried to preserve its margins by passing on rising costs to its customers, having bumped up the prices of its cars four times this year. Car makers have been forced to make sharp production cuts this year as supply chain disruptions and booming demand for consumer electronics have led to an acute shortage of chips, which have become a critical component in automobiles, powering everything from fuel injection to entertainment systems. Maruti's earnings before interest, tax, depreciation and amortisation, Ebitda, came in at ?855 crore, down 56% over last year, while margins fell to 4.2%. The company has clocked net sales of ?19,297 crore in Q2 compared to net sales of ?17,689 crore in the last year period. This is a rise of 9% year-onyear. Maruti sold a total of 379,541 units during the quarter. Sales in the domestic market stood at 320,133 units. An estimated 116,000 vehicles could not be produced owing to the electronics component shortage mostly corresponding to the domestic models. The company had more than 200,000 pending customer orders at the end of the quarter for which the company is making all efforts to expedite deliveries.

QUARTERLY HEALTH CHECK-UP THE HEALTHY, THE AILING & THE RECOVERIES IN Q2

Zomato Loss Widens in Q2, Announces More Investments nline food delivery giant Zomato Ltd's consolidated loss widened to Rs.430 crore for the quarter ending September (Q2FY22) as against a loss of Rs.229 crore in the last year period. The results went down on a QoQ basis too, as the company had posted a loss of Rs.356 crore in the preceding June quarter. Adjusted revenue during the quarter stood at Rs.1,420 crore ($189 million), a 22.6% growth quarter-over-quarter (QoQ) and 144.9% growth year-over-year (YoY). The food delivery major however announced new investments in Curefit, Shiprocket and Magicpin. The company further plans to deploy another $1 billion over the next 1-2 years, with a large chunk of it likely to go into the quick-commerce space. Zomato said the losses went up due to investments in the growth of food delivery business, increased spending on branding and marketing for customer acquisition. The losses were also mainly due to hiked investments and growing share of smaller or emerging geographies in the business and high delivery costs due to unpredictable weather and increase in fuel prices. The company said the delivery cost per order increased by Rs.5 per order in the September quarter as compared to the previous quarter. The food delivery platform said it doesn't expect the delivery costs to go up further and feels confident about the contribution margin staying positive in the mid, as well as long term. At the end of the reporting quarter, Zomato has 1.5 million members and over 25,000 restaurant partners in India, while overall customer traffic on the platform in the country increased to 59 million average monthly active users (India MAU) in Q2FY22 as compared to 45 million in Q1FY22. Zomato's India food delivery Gross Order Value (GOV) in Q2FY22 grew by 19% quarter-on-quarter and 158% year-on-year to Rs.5,410 crore, driven by an increase in the number of transacting users, active food delivery restaurants and active delivery partners on Zomato. Gross Order Value (GOV) is defined as the total monetary value of all food delivery orders placed online on Zomato in India including taxes, customer delivery charges, gross of all discounts, excluding tips.

After Bumper IPO Listing, Nykaa's Profits Dive Almost 100% Fashion & Cosmetics online retailer Nykaa’s net profit fell 96 per cent to Rs 1.1 crore in the September quarter on a yearon-year (YoY) basis and 69 per cent, compared with the June quarter. The company, which hit Rs 1 trillion in market capitalisation after listing on the bourses last week, however saw its revenue from operations increase 47 per cent to Rs 885 crore on a YoY basis. Nykaa’s marketing and advertising expenses grew 286 per cent to Rs 121 crore in the September quarter, compared with Rs 31.5 crore in the year-ago period. However, the company said its gross profit margin improved 345 basis points to 39.3 per cent in the September quarter, compared with the corresponding quarter of the previous financial year. “We have maintained growth momentum in our beauty business, accelerated our fashion business, and focused on building the brand with strong marketing campaigns - both digitally and mass media,” said Falguni Nayar, chief executive officer and founder of Nykaa. “Increased marketing spends has led to acceleration of customer acquisition, also evident in the unique visitor and transacting customer metrics. The company continues to invest in expansion of retail stores and fulfilment capacity ahead of the festival season,” she added. The fashion portal’s beauty and personal care segment saw its gross merchandise value (GMV) grow 38 per cent to reach at Rs 1,186 crore in Q2 of 202122 (FY22). The fashion segment’s GMV grew 215 per cent YoY to reach Rs 437 crore. The fashion segment’s contribution to consolidated GMV increased to 27 per cent in Q2FY22, compared with 14 per cent in Q2 of 2020-21. The portal saw its monthly average unique visitors increase to 21 million, with YoY growth of 62 per cent in beauty and personal care vertical, and to 16 million, with YoY growth of 328 per cent in the fashion vertical. Meanwhile, annualised unique transacting customers reached 7.2 million, with YoY growth of 40 per cent in beauty and personal care vertical, and 1.3 million, with YoY growth of 417 per cent in the fashion vertical. With the evolving operating environment, Nykaa has accelerated store expansion this quarter, with 8 new physical retail stores across the country, including stores in Gwalior, Kochi, Mysuru, and Ranchi. Its total operational physical stores was 84 as of the quarter ended September. The omnichannel retailer expanded its warehouse storage space by 37,000 square (sq.) feet (ft) during Q2FY22, which resulted in total warehouse space of 665,000 sq. ft as of the quarter ended September.

SEASONAL MAGAZINE

QUARTERLY HEALTH CHECK-UP THE HEALTHY, THE AILING & THE RECOVERIES IN Q2

Vodafone Idea's Sales Rise, Net Loss Narrows Sequentially odafone Idea reported a consolidated net loss of Rs 7,132.3 crore for the quarter ended September as against a net loss of Rs 7,319 crore in the previous quarter. Analysts had expected the telecom company to report a consolidated net loss of Rs. 7,433 crore. The telecom operator’s consolidated revenue from operations rose nearly 3 per cent sequentially to Rs. 9,406.4 crore for the reported quarter, which was sharply above analysts’ expectations. The company reported a strong operating performance for the reported quarter as consolidated operating profit rose 4.2 per cent sequentially to Rs 3,862.9 crore. The company also managed to expand its consolidated margins 60 basis points quarter-on-quarter to 41.1 per cent. The strong operating performance was aided by stellar growth in average revenue per user for Vodafone Idea suggesting that the company is seeing the first signs of a turnaround in its operations. Vodafone Idea’s ARPU jumped 4.8 per cent on-quarter to Rs. 109 in the quarter ended September. However, the subscriber base of the company at the end of the quarter stood at 253 million as against 255.4 million in the previous quarter. Blended churn in the subscriber base, however, reduced to 2.9 per cent from a more than four-quarter high of 3.5 per cent seen in the June quarter. “This quarter we had taken certain pricing initiatives to improve ARPU, in line with our stated strategy. We increased the entry-level prepaid pricing plan from Rs 49 to Rs 79, in a phased manner, as well as increased the tariffs in some postpaid plans,” Vodafone Idea said. Vodafone Idea’s 4G subscriber base in the quarter rose to 116.2 million from 112.9 million in the previous quarter. The company said that the reopening of the economy aided the growth in the topline while it saw an increase in the cost of customer acquisition. The telecom major said that its gross debt at the end of the quarter stood at Rs. 1.9 lakh crore of which Rs. 1.1 lakh crore was deferred spectrum fees to the government. SEASONAL MAGAZINE

Future Retail's Revenue Up, But Losses Widen in Q2 Future Retail’s (FRL’s) losses widened in the JulySeptember quarter of FY22 as expenses rose in the quarter. The retail chain reported a net loss of Rs. 1,117 crore in Q2FY22, compared with a loss of Rs. 692.4 crore in the corresponding quarter a year ago. Its overall expenses in the quarter was up 60.4 per cent at Rs. 3,500.8 crore. The company also reported an operating loss of Rs. 339 crore, compared with an operating profit of Rs. 47 crore in the year-ago quarter. However, the retailer’s revenue was up by 66.3 per cent in the quarter at Rs. 2,369 crore. Independent directors of the company wrote a second letter to the Competition Commission of India (CCI) stating that American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and actually wanted to invest in FRL through the foreign portfolio investment route. However, due to Amazon’s concerns arising out of Press Note 2 (PN2), the investment structure was changed and hence, Amazon decided it would invest in FCPL, and FCPL would acquire 9.82 per cent of FRL. In 2018 through PN2, India amended its foreign direct investment regulations for e-commerce marketplaces, restricting companies from selling products on marketplaces having equity from the same e-commerce platform. The fight between Amazon and FRL started last year after FRL’s merger with Reliance Retail, and alleged that the transaction breached its agreement with the US-based e-commerce firm. Amazon had cited its non-compete agreement with the Kishore Biyani-led chain, after which Amazon took the matter to the Singapore International Arbitration Centre (SIAC) and got a favourable ruling in October last year. In August this year, the Supreme Court (SC) had ruled in favour of Amazon, holding the SIAC award against Future-Reliance deal enforceable in India. In September this year, in a major relief to Future Group, the SC stayed proceedings before Delhi High Court, ordering a no-coercive action. The court also directed the National Company Law Tribunal, CCI, and the Securities and Exchange Board of India not to pass any final order in relation to the dispute for four weeks. In August 2019, Amazon had acquired a 49 per cent stake in FCPL - the promoter entity of FRL - for around Rs. 1,500 crore.

QUARTERLY HEALTH CHECK-UP THE HEALTHY, THE AILING & THE RECOVERIES IN Q2

Karur Vysya Bank's Profit Up 44%, Asset Quality Improves Private sector lender Karur Vysya Bank on Monday reported a 43.5 per cent jump in its net profit to Rs 165 crore in the quarter ended in September 2021 on improved credit off-take in retail and business segments as well as a fall in bad loan provisions. The south-based lender had posted a net profit of Rs 115 crore in the same quarter a year ago. The bank's total income from operations during the July-September quarter of 2021-22, however, was down at Rs 1,561.05 crore as against Rs 1,577.45 crore in the same period of 202021, KVB said in a release. Improved credit off take in retail and business segments as well as jewel loan portfolio, backed by digital processing and improved sourcing of loans through various channels, aided the credit growth, it said. "Jewel loan portfolio registered a year-on-year growth of Rs 2,319 crore (21 per cent) and stands at Rs 13,460 crore as on September 30, 2021," the bank said. The interest income remained flat Rs 1,397.95 crore during the quarter, as compared with Rs 1,394.70 crore in the year-ago period. The asset quality of the bank showed improvement, as the gross nonperforming assets (NPAs) came down to 7.38 per cent of the gross advances as of September 30, 2021, from 7.93 per cent by year ago period. In value terms, the gross NPAs of the bank stood at Rs 3,971.64 crore, down from Rs 3,998.43 crore. The net NPA ratio was stable at 2.99 per cent. In absolute value, the amount was at Rs 1,537.71 crore by the end of Q2FY22, up from Rs 1,428.20 crore by September 2020. The provisions for bad loans and contingencies for Q2FY22 were lowered to Rs 164.15 crore, as against Rs 195.92 crore in Q2FY21 and Rs 244.63 crore in Q1FY22. KVB said its total business at end-September 2021 stood at Rs 1,19,260 crore, registering a yearly growth of 7 per cent. Gross advances grew by 7 per cent to Rs 53,850 crore. Total deposits also grew by 7 per cent to Rs 65,410 crore. "Growth was aided through sustained improvement in CASA (current account savings account) portfolio and retail term deposits," it said. Provision Coverage Ratio (PCR) stands at 76.28 per cent (75.19 per cent a year ago).

Brigade Turns Around to Profit, Revenue Up 141% at Rs 776 cr Bengaluru headquartered Brigade Enterprises is back in the black with a consolidated net profit, attributable to shareholders, for the quarter ended September (Q2) at Rs 12 crore. The company had registered losses of Rs 40 crore and Rs 17 crore in the June quarter and year-ago period, respectively. Revenue in Q2 grew 141 per cent to Rs 776 crore from Rs 322 crore in the corresponding quarter last year. Brigade saw Rs 831 crore in sales value in Q2, up 73 per cent year-on-year, with net area sales of 1.3 million sq ft. The residential business, with contributions from the Bengaluru, Chennai and Hyderabad markets, continued to drive the performance of the group. The firm registered overall collections of Rs 937 crore in Q2. Furthermore, cash flows from operating activities for the quarter was Rs 213 crore, which is 37 per cent higher than the preceding quarter. In the office business, Brigade leased 170,000 square feet during Q2 with an active pipeline of 10 lakh square feet. The overall sales of Brigade’s retail business recovered to 90 per cent of preCovid levels in the quarter. Its hospitality portfolio occupancies improved to 45 per cent in Q2 from 23 per cent in Q1. The company has also reduced its average cost of borrowing to an all-time low of 7.92 per cent. M R Jaishankar, chairman and MD of Brigade, said: “Led by strong sales and significant growth in our residential business, we have had another strong quarter as the pandemic wanes. We have a strong pipeline of residential projects that will help continue the momentum.” “There are promising signs of revival in our office business, supported by increased enquiries, physical site inspections and closures. At present, our high probability pipeline constituting large, medium, and small tenant enquiries is in Brigade Tech Gardens, Bengaluru; World Trade Center, Chennai and Brigade International Financial Centre, GIFT City, Gujarat,” he added.

SEASONAL MAGAZINE

QUARTERLY HEALTH CHECK-UP THE HEALTHY, THE AILING & THE RECOVERIES IN Q2

IRFC's Profit Soars 51% in Q2, Revenue Up 26% YoY ndian Railway Finance Corporation Limited (IRFC), the dedicated market borrowing arm of the Indian Railways, posted profit growth of 59% for the first half of this fiscal at Rs. 3,003 crore as against Rs. 1,887 crore reported in H1FY21. The company posted profit growth of 51% for Q2 at Rs. 1,501 crore as against Rs. 995 crore reported in Q2FY21. The revenue from operations for the first half grew by 26% yoy to stand at Rs. 9,272 crore as against Rs. 7,383 crore reported in H1FY21. The revenue from operations for Q2F also grew by 26% yoy to stand at Rs. 4,690 crore as against Rs. 3,714 crore reported in Q2FY21. Net worth at the end of Q2 stands at Rs. 38,917 crore up by 23%, as against Rs. 31,687 crore reported in Q2 last year. Total borrowings at end of Q2 stands at Rs. 3,42,697.61 crore up by 40%, as against Rs. 2,45,349.32 crore reported to end of last fiscal's Q2. The Assets Under Management (AUM) at end of Q2 FY22 stands at Rs. 3,82,172 crore.

MOIL Q2 Profit Jumps 8 Times State-owned miner MOIL said its net profit jumped manifold to Rs 60.23 crore during the quarter ended on September 30 mainly on account of reduced expenses. The company had posted a net profit of Rs 7.33 crore in the July-September period of the last fiscal year. Total income of the company was marginally up at Rs 334.10 crore in July-September 2021 against Rs 333.20 crore in the same quarter a year ago, according to a regulatory filing. Its total expenses were at Rs 255.54 crore in the second quarter of FY22 as against Rs 324.56 crore in the year-ago quarter. According to the company filing, the board of the company has also approved a proposal "to buyback 3,38,42,668 (3.38 crore) equity shares of face value of Rs 10 each at a price of Rs 205 per equity share. The buyback offer price payable in cash for an aggregate consideration not exceeding Rs 693,77,46,940 (Six hundred ninety three crore seventy seven lakh forty six thousand nine hundred forty only)". MOIL Ltd, under the Ministry of Steel, is the largest producer of manganese ore in the country. The company owns and operates 11 mines in Maharashtra and Madhya Pradesh. SEASONAL MAGAZINE

The company continues to raise funds at the most competitive rates and terms both from the domestic and overseas financial markets, which has helped to keep its cost of borrowing low. The earning per share of the company grew by 45% and EPS of the company is Rs. 2.30 in H1FY22 as compared to Rs. 1.59 in H1FY21. The Board of Directors has also approved an interim dividend at 7.7% of FV of Rs. 10 each i.e. Rs. 0.77 per share. “The growth story of Indian Railways sector is depicted in the robust financial numbers of IRFC. As part of National Rail Plan 2030, Indian Railways is expected to create a future-ready railway system by 2030 to bring down logistics cost. IRFC is a partner in growth of Indian Railways and can foresee a sustained growth in revenue and profitability in the coming years, in view of IRFC financing a major portion of the CAPEX outlay of Indian Railways,” Amitabh Banerjee, Chairman and Managing Director, said.

IRCTC's Profit Soars 5 Times Indian Railway Catering and Tourism Corporation (IRCTC) a unit of the Indian Railways - has reported a net profit of Rs. 158.6 crore for the quarter ended September. That was nearly five times compared with its net profit of Rs 32.6 crore for the corresponding period a year ago. The company reported revenue of Rs 405 crore for the second quarter of the current financial year, as against Rs 88.6 crore for the yearago period. IRCTC reported a more than four-fold increase in revenue from its catering business to Rs 71.4 crore. Rail Neer revenue rose to Rs 41.2 crore, from Rs 9.2 crore a year ago. Revenue of the internet ticketing unit was at Rs 265.3 crore, as against Rs 58.3 crore a year ago, and that from the tourism business came in at Rs 27.1 crore, as against Rs 3.9 crore a year ago. IRCTC's earnings before interest, taxes, depreciation and ammortisation (EBITDA) came in at Rs 211.5 crore for the July-September period, as against Rs 5.6 crore a year ago. IRCTC's margin stood at 52.2 percent in Q2. Its total expenses nearly doubled to Rs 207.4 crore in the second quarter of the current financial year, from Rs 104.4 crore in the year-ago period. Its profit before tax (PBT) increased 4.6 times to Rs 213.7 crore.

QUARTERLY HEALTH CHECK-UP THE HEALTHY, THE AILING & THE RECOVERIES IN Q2

Railtel's Profit Rises 131% in Q2 Net profit of Railtel Corporation of India rose 130.85% to Rs 67.50 crore in the quarter ended September 2021 as against Rs 29.24 crore during the previous quarter ended September 2020. Sales rose 26.69% to Rs 358.49 crore in the quarter ended September 2021 as against Rs 282.97 crore during the previous quarter ended September 2020. RailTel Corporation of India said it has received an order worth Rs 22.39 crore from Centre For Railway Information Systems for setting up 3 way DR of FOIS. Freight Operations Information System (FOIS) is the Management Information System (MIS) used in Indian Railways for its freight business. RailTel, a "Mini Ratna (Category-I)" Central Public Sector Enterprise is an information and communications technology (ICT) provider and one of the largest neutral telecom infrastructure providers in the country owning a pan-India optic fiber network on exclusive Right of Way (ROW) along Railway track. The Optical Fibre Cable (OFC) network covers important towns & cities of the country and several rural areas. The Government of India held 72.84% stake in the company. Shares of RailTel Corp were listed on the stock exchanges on 26 February 2021. The stock was listed at Rs 104.60, a premium of 11.28% to the initial public offer (IPO) price of Rs 94. The issue was subscribed 42.39 times.

NHPC Posts Modest Growth, In JV for 500 MW Solar Power tate-run hydro power giant, NHPC, has posted a 7 per cent rise in its consolidated net profit to Rs 1,386.81 crore in the JulySeptember quarter compared to a year ago period mainly on the back of higher revenues. The consolidated net profit of NHPC was Rs 1,300.40 crore in the quarter ended on September 30, 2020. Total income of the

Sterling & Wilson Solar Turns to Red, Makes Q2 Loss of Rs 284 Crore

Sterling and Wilson Solar (SWSL) reported a consolidated net loss of Rs 284.35 crore for September quarter 2021-22. The company had logged a consolidated net profit of Rs 15.09 crore in the year-ago period. Total income rose to Rs 1,469.74 crore in the quarter as against to Rs 1,375.94 crore in the same period a year ago. "Our unexecuted order book as on November 13, 2021 (before adjusting for revenue post 30th September 2021) stands at Rs 6,730 crore. The company's revenue from operations for H1FY22 (April-September) stood at Rs 2,633 crore," the company said in a statement. Amit Jain, Global CEO, SWSL said, "SWSL will immensely benefit from Reliance Group's integrated new energy vision which will further strengthen our position as a leading EPC and O&M player globally." However, the profitability continues to remain impacted due to challenging environment across the entire solar industry value chain, it added. SWSL, with its engineering talent, deep domain knowledge, global presence, and experience of executing some of the most complex projects globally, will be a strategic partner in Reliance Group's solar value chain, he added. The solar industry continued to face headwinds over the last year due to an unprecedented increase in the prices of modules and commodities along with the freight cost. "Though these factors have impacted the short-term outlook, the long-term outlook continues to remain robust due to global thrust on clean energy and significant solar capacity additions planned by IPPs (independent power producers) globally," he added.

company rose to Rs 3,165.59 crore in the second quarter of FY22 from Rs 3,086.03 crore in the same period a year ago. The NHPC board also approved a proposal regarding the formation of a joint venture company between NHPC Limited and Green Energy Development Corporation of Odisha Limited (GEDCOL)) for implementation of 500 MW floating solar power projects in various water reservoirs in Odisha. The Board has also accorded its investment approval to contribute initial equity of Rs 7.4 crore by NHPC Limited in the JV Company, to be promoted jointly by NHPC (74 per cent) and GEDCOL (26 per cent). SEASONAL MAGAZINE

NEWS-IN-FOCUS

TAKE HUMANITARIAN PATH: SUPREME COURT TELLS IIT-B TO CREATE SEAT FOR DALIT BOY

AMIT SHAH LAYS FOUNDATION STONE OF TRIBAL FREEDOM FIGHTERS MUSEUM IN MANIPUR

COMPLETE JAYPEE INFRATECH'S INSOLVENCY PROCEEDINGS IN 2 MONTHS: SC TO NCLT

3 PEOPLE ATTACK HOTEL MANAGER IN PUNE AS HE REFUSES TO SERVE THEM BIRYANI FOR FREE

SEASONAL MAGAZINE

PARLIAMENTARY PANEL ADOPTS REPORT ON DATA PROTECTION BILL AMID DISSENT BY MPS

INVESTING

CRYPTO MAJORS BTC & ETH SET TO DOUBLE, HUGE DEMAND IN JOBS FOR CRYPTO SPECIALISTS TWO OF THE BIGGEST CRYPTOCURRENCIES IN THE CRYPTO MARKET ARE SET TO DOUBLE IN VALUE THIS YEAR, ACCORDING TO ANALYSTS. BITCOIN AND ETHEREUM ARE SET TO DOUBLE THEIR PRICE BY YEAR-END.

correlation to inflation. According to the banking behemoth, cryptocurrencies have traded in-line with inflation breaks the difference between the yield of a nominal bond and an inflation-linked bond of the same maturity - since 2019. “It has tracked inflation markets particularly closely, likely reflecting the pro-cyclical nature as a ‘network based’ asset. And the lastest spike in inflation breakevens suggests upside risk if the leading relationship of recent episodes was to hold (grey circles),” said the note. According to an analysis by blockchain data firm Kaiko, Ethereum has offered higher returns than Bitcoin with respect to market risk over the past one year. As compared to this time last year, the cryptocurrency’s price is up by 1,000% — leaving not just Bitcoin, but other major cryptocurrencies, in the dust.

The rally for Bitcoin is predicted to stem from more ETFs coming into the market, giving the cryptocurrency more legitimacy as an investment asset. Goldman Sachs pegs Ethereum to hit $8,000, in-line with breakeven inflation. After hitting a new all-time high in October, analysts are betting on Ethereum and Bitcoin to double in value before the end of year. The analyst behind Plan B, who correctly predicted the price of Bitcoin in September and came very close in October, believes that Bitcoin will reach $98,000 this month itself and go on to breach $135,000 in December.

by year-end - higher than what a recent panel of 50 cryptocurrency experts, put together by Finder, predicted at $5,000. After the first ever Bitcoin-based exchange traded fund (ETF) hit the New York Stock Exchange (NYSE), the money from institutional investors has been flooding in. According to CoinShare’s weekly report, crypto investment products saw inflows of $288 million for the week ending on October 31 - Bitcoin accounted for 93% of it at $269 million.

The rally in Ethereum has been aided by the growth of decentralised finance (DeFi), which is touted for its probable disruption of the international monetary system by eliminating the need for middlemen like banks, remittance providers and other players. Moreover, the boom in nonfungible tokens (NFTs) has all seen a host of new projects use ether and jump onto the Ethereum blockchain. Ethereum’s protocol is currently in the midst of an upgrade from the proof-ofwork (PoW) to the proof-of-stake (PoS) consensus method, which is expected to reduce the energy consumed for mining by 99%.

This is in-line with other price predictions for Bitcoin that banking on the world’s oldest cryptocurrency. Standard Chartered, for instance, pegs that Bitcoin will hit $100,000 in 2021 or early 2022.

The cryptocurrency, which turned 13 years old on October 31, is up by 112% this year so far and hit the all-time high of $67,000 in October. Analysts expect the cryptocurrency to rise further with more ETFs coming in, giving a boost to Bitcoin’s legitimacy at least as an investment asset, not an actual medium of exchange.

Meanwhile, global investment bank, Goldman Sachs, estimates that Ethereum’s price is set to reach $8,000

Ethereum’s growth trajectory is not without its challenges. The time taken for the community to agree on the upgrade left opportunity for other blockchains to pop up - like Cardano, Solana, Polkadot and others - each claiming to solve either for high transaction fees, energy consumption or transaction times.

Goldman Sachs' prediction for Ethereum to breach $8,000 is based on the secondlargest cryptocurrency’s historical

Some of the participants in Finder’s panel of 50 cryptocurrency experts expect that their ‘Ethereum Killers’ could run up to

SEASONAL MAGAZINE

win their fair share of the DeFi and NFT market from Ethereum. Bitcoin, however, is expected to continue its reign as the biggest player of the crypto world - at least for the time being. In view of the coming wave, banks and financial institutions in the US have been on a crypto hiring spree. Over the past three years, they have onboarded more than 1,000 crypto experts. Currently, financial institutions are offering significant bonuses to attract even more talent their way, according to Bloomberg. Indian technology companies and crypto exchanges are also on the lookout for crypto talent. The demand for talent has jumped over the last 8-10 months with more than 12,000 job openings on the docket in October, according to a report by Bangalore-based staffing specialist Xpheno. Since the Supreme Court lifted the ban on cryptocurrencies in 2020, interest in blockchain technology has seeped back into the country, despite the Reserve Bank of India’s (RBI) attempts to dissuade investors. BrokerChooser, an investment broker comparison company, pegs that there are currently 10.07 crore crypto owners in India - reportedly higher than everywhere else in the world.

DEADLINE TO APPLY FOR E-AUTO PERMITS IN DELHI EXTENDED TO NOVEMBER 15

The last date for applying for an electric auto-rickshaw permit, which earlier ended on November 1, has been extended to November 15, Delhi Transport Minister Kailash Gahlot said. Transport Department has received more than 16,000 applications for 4,261 e-auto rickshaw permits. "The e-auto scheme is also a means of self-employment for the youth and women of the city," Gahlot said.

THE 2021 GOLDMAN SACHS MD LIST IS THE BIGGEST EVER WITH 643 MANAGING DIRECTORS! The 2021 Goldman Sachs managing director list is out. This year, Goldman promoted 643 people, up from just 465 people in 2019, and 26% higher than the 509 people who were promoted in the previous record year of 2017.

MUMBAI TEENS QUIT STANFORD TO RUN GROCERY START-UP, RAISE $60 MILLION ZEPTO, THE DUO'S GROCERY DELIVERY APP, HAS RAISED $60 MILLION FUNDS TO BOOST ITS PRESENCE IN INDIA.

30% of this year's class are women, versus 29% in 2019 and 24% in 2017, suggesting Goldman may have reached a ceiling with female promotions. 5% are black; 5% are Hispanic (up from 2% in 2019); 28% are Asian; presumably the remaining 62% are Caucasian. Far fewer of this year's Goldman MDs began their careers at the firm than in the past. In 2019, 66% of the newly promoted MDs began their careers as analysts and associates. This year, that’s down to just 30%. – If you want to make MD at GS, it clearly now helps to join mid-career. Goldman has also swung to America with this year’s promotions – 60% of the new class are in the Americas, versus 53% two years ago. However, just 23% are in EMEA, versus 31% in 2019. 12% are in APAC and 5% are in Bengalaru. In 2019, 16% of new MDs were in Asia. The full list of new Goldman MDs is below. Its size seems to have come as a surprise internally. "Almost everyone who was up for promotion got it," one Goldman trader told us.

In 2020, two Mumbai-based teens, Aadit Palicha and Kaivalya Vohra got admission into the Standford University's most revered Computer Science Engineering program. However, they soon quit from there to start a business focused on grocery delivery. Palicha and Kaivalya chose grocery delivery as there was a huge demand for the service post the pandemic induced lockdowns in India. Now, Zepto, the duo's grocery delivery app, has raised $60 million funds through investors like Glade Brook Capital and Y Combinator, to bolster its presence across India's fast-growing grocery delivery market, Bloomberg reported.

PORTION OF MULTILEVEL PARKING FACILITY AT DELHI'S GREEN PARK COLLAPSES A portion of an automated multilevel parking facility at Delhi's Green Park, which was inaugurated last year, collapsed on Tuesday. "There are four towers...out of which a plate on the eighth floor of the third tower was damaged," an official said. "The multilevel parking has now been blocked...no entry is permitted till complete technical inspection," police said. SEASONAL MAGAZINE

BANKING

UNION BANK

ALL SET TO

ENTER A NEW

GROWTH PHASE

The last four fiscals have been among the most difficult years for the 102 years old Union Bank of India. From FY’18 to FY’20, the public sector bank’s bottomline also went into the red. But in FY’21, the Mumbai headquartered lender became a much bigger entity, thanks to the amalgamation of Corporation Bank and Andhra Bank into itself. It also made a momentous turnaround to profits in FY’21. And Union Bank followed it up with a good overall performance in Q1 & Q2 of this fiscal, and is now poised to enter an entirely new growth phase for itself and its investors.

SEASONAL MAGAZINE

It took less than the past two months for Union Bank’s stock to rise by 50%. And over 40% of that rise was in October alone. Most investors who were not focusing keenly on PSU bank stocks were caught on the wrong foot by this sudden move by Union Bank. What prompted the heightened buying in the counter was not just one factor, but a confluence of several factors that have been brewing for the last few quarters. The fundamental performance has been steadily improving as seen from the financial results from the last three quarters – Q4 of last fiscal and Q1 & Q2 of the current fiscal. In the recently announced Q2 numbers, Union Bank’s consolidated net profit jumped 183% to reach Rs. 1510 crore, compared to the corresponding September quarter in last fiscal, when it had recorded a profit of Rs. 533.87 crore.

THE BANK’S TOP MANAGEMENT LED BY ITS MD & CEO, RAJKIRAN RAI, A BANKING SECTOR VETERAN, IS NOTED FOR RAPID ADOPTION OF EMERGING TECHNOLOGIES, WHICH IS INCREASINGLY CONTRIBUTING TO A BETTER PERFORMANCE OF THE LENDER.

SEASONAL MAGAZINE

The bank’s top management led by its MD & CEO, Rajkiran Rai, a banking sector veteran, is noted for rapid adoption of emerging technologies, which is increasingly contributing to a better performance of the lender. Rajkiran Rai has recently come out strongly for not only his bank, but for the entire PSU banking sector to realize that even while they were strong in established technologies like core banking, they need to source external talent when it comes to innovation, digitization & development of new products. Under his visionary leadership, Union Bank is getting ready for a future where the gathering pace of digitization will result in 50% of retail and MSME loans in the industry shifting to digital lending platforms by the next two to three years. To address this market, the bank needs to invest in technology to upgrade itself and develop products that deliver such emerging online services to customers. Another trend that the Union Bank MD & CEO has identified is the big revolution in MSME lending, which will move away from generic open credit products like working capital and cash credits, to precision-targeted lending such as discounting of specific invoices and supply bills. While many in the banking space have become wary of the fast growth of fintechs, Rajkiran Rai sees it as an opportunity, where the banks will continue to have a symbiotic relationship with fintechs. To prove this point, Rai cites the many products that fintechs are developing in close

UNDER HIS VISIONARY LEADERSHIP, UNION BANK IS GETTING READY FOR A FUTURE WHERE THE GATHERING PACE OF DIGITIZATION WILL RESULT IN 50% OF RETAIL AND MSME LOANS IN THE INDUSTRY SHIFTING TO DIGITAL LENDING PLATFORMS BY THE NEXT TWO TO THREE YEARS.

collaboration with banks. Many of these products help retail & MSME customers to tide over their financial challenges in the post Covid scenario. In the recently published Q2 results, the growth in Union Bank’s core Net Interest Income was in single digits, reflecting this sluggish post Covid industrial revival in the country, and in tune with most of its peer PSU banks. NII grew 8.52% to Rs 6,829 crore on the back of loan growth of about 3% and an expansion in the Net Interest Margin to 2.95% as against 2.78% in the corresponding year-ago period. The huge jump in net profit therefore came from a strong performance in the Non-Interest Income during the quarter which grew 65.32% to Rs 3,978 crore. This was also due to Rs 1,764 crore recovery in written-off

accounts. In fact, this phenomenon of past provisioning returning to profits is a much anticipated development in PSU banks like Union Bank that has been quite diligent with such recoveries, and will be a steady driver of stock price appreciation and market cap expansion in the quarters and years to come. Overall, Union Bank had an excellent quarter by way of recoveries, with Rs. 5341 crore coming that way, of which Rs. 1764 crore was from written-off accounts. And in such written-off accounts, this quarter saw recovery from a major account, DHFL, which alone accounted for Rs. 1650 crore, as DHFL was sold off to Piramal Group which settled the debts with the troubled housing financier’s several lenders including Union Bank. With this, the bank has achieved an impressive overall recovery of Rs. 10,000 crore in the first half of this financial year. The bank had earlier set a target of Rs. 13,000 crore for the whole fiscal, but now as the bulk of it has already been achieved, the bank has increased its target for recoveries to Rs. 16,000 crore, which looks very much doable now, as the economy is slowly but surely opening up again. While overall credit growth remained sluggish, as seen from the single digit growth in Net Interest Income, there were some noteworthy green shoots. For instance, both retail loans and agricultural lending made a healthy growth, even while the corporate uptake of loans remained slow. This is very important for the bank as it is also in the process of growing retail loans at a faster clip to offset the overdependence on wholesale lending or corporate loans. The bank’s target for loan growth this year has been kept at 8%, which now looks achievable now. The bank has also obviously benefitted from the merger of Andhra Bank and Corporation Bank into itself. While there are many synergies worth noting between these three banks, the most vital synergy was the now wider

SEASONAL MAGAZINE

THE FRESH SLIPPAGES IN Q2 STOOD AT RS 6,745 CRORE, OF WHICH AROUND RS 2,600 CRORE CAME FROM ENTITIES LINKED TO SREI GROUP. AS A PRUDENT MEASURE, THE BANK HAS TAKEN A 65% PROVISION ON THE EXPOSURE TO THE TROUBLED NBFC. 3,273 crore as against Rs 4,242 crore in the September quarter of last fiscal. In fact, the situation could have been better for Union Bank due to the writeback in case of DHFL, but which was offset due to new provisioning for some loans the troubled NBFC Srei Group had defaulted upon.

IN THE RECENTLY PUBLISHED Q2 RESULTS, THE GROWTH IN UNION BANK’S CORE NET INTEREST INCOME WAS IN SINGLE DIGITS, REFLECTING THIS SLUGGISH POST COVID INDUSTRIAL REVIVAL IN THE COUNTRY, AND IN TUNE WITH MOST OF ITS PEER PSU BANKS.

geographical reach – as suddenly the Mumbai headquartered Union Bank owned the nearly 3000 branches of Hyderabad headquartered Andhra Bank, and the around 2500 branches of the Mangalore headquartered Corporation Bank. Since banks historically have more branches in their home states, what this means is that post the merger, Union Bank has significant domination across the four industrialized states of Maharashtra, Karnataka, Andhra Pradesh & Telengana. Thanks to this move, Union Bank has also become a banking behemoth of India, with around 10,000 branches pan India and abroad, and the fifth largest public sector lender in the country. On the asset quality front too, it was a quarter of achievement for Union Bank. Its Gross Non-Performing Assets ratio came down to 12.64% at the end of September 2021, as against 14.71% a year ago. Provisions were down to Rs

The fresh slippages in Q2 stood at Rs 6,745 crore, of which around Rs 2,600 crore came from entities linked to Srei Group. As a prudent measure, the bank has taken a 65% provision on the exposure to the troubled NBFC. For the second half of the financial year, the bank has guided the market with a target to contain the slippages within Rs 4,000-5,000 crore. The bank has now become more confident of compensating for the 3% of restructured assets by the steady growth in operating profits. Even before the Q2 results came in, leading global and Indian rating agencies including Moody’s, CRISIL, CARE & ICRA had revised Union Bank’s rating outlook to ‘Stable’ from ‘Negative’ or its equivalent gradings. Driving the revision post-merger was the capital infusion by Government of India, a successful Qualified Institutional Placement (QIP), vastly expanded scale of operations, better solvency position, better asset quality, higher profitability and improved accruals that resulted in improved capital ratios. The bank is now adequately capitalized with overall Capital Adequacy Ratio (CAR) at 13.64%, with 10.16% in core capital. SEASONAL MAGAZINE

REALTY

CAN PRESTIGE ESTATES PROJECTS KEEP UP THE MOMENTUM?

WHILE THE LAST 18 MONTHS WAS ONE OF THE MOST DIFFICULT PERIODS FOR INDIA INC, FOR PRESTIGE ESTATE PROJECTS IT WAS A DRAMATIC YEAR OF TURNAROUND. UNDER CHAIRMAN & MANAGING DIRECTOR IRFAN RAZACK’S VISIONARY LEADERSHIP, FY’21 SAW PRESTIGE’S PROFITS AND ROE NEARLY TRIPLING, AND DEBT-TO-EQUITY DIVING TO ONE-THIRD OF THE PREVIOUS YEAR THANKS TO THE $1.5 BILLION BLACKSTONE DEAL. ONLY THE FALL IN REVENUE WAS THERE TO REMIND OF THE PANDEMIC, AND THE STOCK HAS MORE THAN DOUBLED IN THE YEAR-TO-DATE. PRESTIGE HAS GUIDED FOR AN EVEN BETTER FY’22, AND THE Q1 AND Q2 RESULTS HAVE SHOWN GOOD PERFORMANCE. BUT WHAT REALLY MATTERS FOR PRESTIGE NOW IS THE IMPRESSIVE DIVERSIFICATIONS IT IS UNDERTAKING IN WAREHOUSING, HOSPITALITY, RETAIL AND ITS IMPRESSIVE GEOGRAPHIC DIVERSIFICATION INTO MUMBAI.

SEASONAL MAGAZINE

Irfan Razack Chairman & Managing Director Prestige Group

SEASONAL MAGAZINE

CAN PRESTIGE ESTATES PROJECTS KEEP UP THE MOMENTUM? ne huge advantage a brand like Prestige Estates holds in India’s realty market is that, having made a name for itself in high quality residential and commercial projects, it can extend that expertise and goodwill to new buzzing segments as they emerge. The firm had some time back made such a silent foray into large Grade A warehouses. For testing the waters, it built two such warehouses in a 15 acre land it held in Malur near Bengaluru. As in every Prestige project, keen attention went into every detail, especially as it was a learning experience for the company too, as it was doing Grade

Prestige Jasdan Classic

SEASONAL MAGAZINE

A warehouses for the first time. But it came out with flying colours with one of the buildings attracting e-com major Flipkart as the tenant and the other being taken by Dhoot Transmission. Now, having proved itself in this domain with such a pilot project, Prestige Estates is going all out to develop this domain, especially as there is a huge demand from ecommerce companies like Flipkart, Amazon, and several of their smaller peers. Towards this, the company has acquired multiple land parcels in and around Bengaluru as a first step. Being a Bengaluru headquartered developer, the company has unparalleled expertise in the city, and the city being the e-commerce hub of India also

augurs well for it. Later on, Prestige plans to take this vertical to other regions of the country too. But unlike some of its peers, it is not making a big splash for attracting investors at this stage, despite the warehousing sector attracting $900 million investments in 2021 alone. Like in everything it does, Prestige wants to differentiate itself in this sector with premium offerings, and it also wants to undertake significant growth and value addition in this vertical, before considering to onboard investors into this. This has been a strategy it did quite successfully in its retail & office space vertical, which last year divested several assets to private equity major Blackstone

Prestige

Group for $1.5 billion. In Grade A warehousing, it is eyeing a unique opportunity, as large organized players like itself with expertise in everything from conceptualization to land acquisition to design to execution to leasing, is rare in this field. That is why Prestige is confident of differentiating its upcoming warehouses from the rest of the pack. By investing significant funds into this vertical on its own, Prestige wants to build one of the largest Grade A warehousing portfolios in the country. With its foray into warehousing, Prestige is also closing a gap in its portfolio in retail. Already, it was a noted player in brick n’ mortar retailing, having developed several malls and running them too. Even though it sold off significant retail properties to Blackstone, it remains bullish on physical retailing as it believes that going forward retailing will follow a hybrid model of e-com and brick n’ mortar. This can be seen from the changing strategies of e-com companies like Flipkart, Amazon, Jiomart etc, all of whom are planning to leverage the tens of thousands of multi-brand and single-brand physical stores owned by individual retailers in malls and high streets for wider reach and rapid delivery to their growing customer base. This means significantly more business for such shops and malls, and Prestige is gearing up for this future with two new malls under construction and six more malls in the planning stage. When these are complete, Prestige will have double the retail properties compared to the retail assets it sold to Blackstone last year. With large IT and ITES players starting to bring back their huge workforces back to their offices, Prestige is also eyeing an uptick in the demand for office space. Sensing the green shoots of recovery in office space demand, it is building several such office space projects in multiple cities including India’s economic capital of Mumbai. Another segment that is witnessing a renewed surge post the pandemic is revenge travel, among both business

and leisure travellers, and hospitality properties stand to gain the best benefits out of this. Prestige, which already has a strong foothold in hospitality, is all set to cement it further by a major tie-up with US hospitality major Marriott International for two new hospitality projects in New Delhi. Prestige and its 50:50 joint venture partner DB Realty will develop two Marriott hotels and a convention centre in a 7.7 acre land in Aerocity. The two projects - New Delhi Marriott Marquis & Convention Centre and The St. Regis Aerocity – are unique in the Indian market. While the former will be the first Marriott Marquis & Convention Centre in India, the latter will be a tribute to Marriot’s flagship hotel in US, The St. Regis New York, and will feature its renowned New York Deli. Together these two properties will bring 779 rooms to the

With large IT and ITES players starting to bring back their huge workforces back to their offices, Prestige is also eyeing an uptick in the demand for office space.

New Delhi hospitality market, and 85,000 sq ft of premium meeting spaces. For the convenience of business and leisure travellers visiting and staying in New Delhi, the two properties are coming up quite near to Indira Gandhi International Airport. And it is not only expansion into such buzzing verticals that Prestige is handling currently. It is in the midst of doing what is historically its greatest expansion ever – a geographic expansion – into Mumbai, arguably the hottest property market in the country for long. Prestige has now chosen Mumbai for its specific performance. Property registrations in the city at a 10-year high in September 2021 and there is a 35% year-on-year uptick in registrations this year. Traditionally, most non Mumbai based developers have however not fared well in the city which is home to stock market titans and Bollywood celebrities, due to multiple reasons. One factor has been the exorbitant cost of land, which has resulted in either super expensive apartments that few developers can market effectively, or the super small apartments for the masses which witness intense competition between almost all kinds of developers. Into such a scenario has Prestige entered boldly with some unique projects. SEASONAL MAGAZINE

Prestige

Prestige’s very first project in Mumbai, Jasdan Classic in Central Mumbai speaks volumes about their strategy for the city. Even when some of the largest Mumbai based developers prefer far away suburbs for premium projects, Prestige has chosen an inside city land at Byculla West for this flagship project. Jasdan Classic consists of two skyscrapers with 233 ultra luxury homes. They are relatively large sized apartments with configurations of 2,3,4-BHK and priced between Rs. 3.69 crore and Rs. 9.44 crore. Jasdan Classic is spread over 2.2 acres of land, with each tower of 45 storeys. Nine levels of podium parking, three levels of clubhouse and plush amenities like an infinity swimming pool, gym, spa, squash court, & multipurpose hall are available inside the sprawling project. All the apartments here are designed in spacious layouts with ultra-modern living areas, large windows for cross ventilation and balconies featuring breath-taking views of the South Mumbai cityscape. The Arabian Sea on the West and the Eastern Harbor on the East sets the perfect tone of style and class for the prospective

homebuyers here. The message from Prestige is loud and clear – they are not compromising on location, or space offered or on ultrapremium amenities. While marketing such a project is a tough call for many developers, Prestige is confident of handling it comfortably, and besides that, since there are only 233 homes to sell, this flagship project from Prestige is likely to be a sure and steady sell-out. The selection of a hot and expensive location like Byculla West in Central Mumbai for their flagship project, is not a one off strategy either. Upcoming residential projects from

Prestige in Mumbai would be at similar hot locations like Pali Hill at Bandra and Marine Lines. Prestige has boldly entered such super premium micromarkets, with a keen insight that for a change many high net worth families would prefer luxury homes in such prime locations rather than in the outskirts or suburbs of the city. That is, if such projects were available. For long now, such homes from tier 1 branded developers were rare. In its upcoming commercial developments in Mumbai too, Prestige wants to develop in the best addresses, like it has always done in Bengaluru. This has led to it choosing

Prestige Waterford

SEASONAL MAGAZINE

land parcels in prime locations like Mahalaxmi and Bandra Kurla Complex for its first two commercial projects in the city. However, this doesn’t mean that Prestige would be shying away from the other end of the housing spectrum in Mumbai, the relatively affordable segment. The listed developer has carefully chosen the buzzing suburb of Mulund for its foray into this segment. Interestingly, this is its largest land parcel so far in Mumbai, and given the intense competition there among most of the large players, expect Prestige to offer a significantly differentiated range of homes. Prestige’s geographic expansion into Mumbai in itself is worthy of a new division or even a new subsidiary, as it will be handling different kinds of projects in diverse locations. It has inked a deal with the leading Mumbai based developer, DB Realty, for a majority of its Mumbai projects.

Venkat K. Narayana Chief Executive Officer Prestige Group

The Prestige City

The stock market listed Prestige Estates Projects continues to be one of the best performing and most promising realty companies in India. It has one of the cleanest and healthiest balance sheets in the industry with a reasonable equity of just Rs. 400 crore, a positive current ratio and a debt-to-equity of just 0.54. It’s Return on Equity is one of the best in the industry at nearly 22% for FY’21. Prestige had substantially reduced its debt burden in FY’21, a year in which its profit also zoomed by nearly three times. For the latest quarter of September 2021, the Net profit of Prestige Estates Projects rose 27.35% to Rs 75.90 crore in the quarter ended September 2021 as against Rs 59.60 crore during the previous quarter ended September 2020. This was in spite of Sales declining 28.29% during the same period due to the fallout from the second wave. It shows that Prestige has many levers to work on to better its profitability, one of which is its significant lease rentals inflow. Due to such consistent and bettering financial performance the Prestige stock has more than doubled in the year-to-date. SEASONAL MAGAZINE

FINTECH

PHONEPE INTRODUCES TOKENISATION AHEAD OF DEC 31 DEADLINE BY RBI Digital payments and financial services company PhonePe said that it has launched a tokenisation solution for online debit and credit card transactions called PhonePe SafeCard. honePe has joined card companies and payment companies like Visa, Rupay, Razorpay, and PayU in introducing tokenisation solutions ahead of the December 31 deadline for the Reserve Bank of India’s (RBI) guidelines for Payment Aggregators (PG) and Payment Gateways (PG). Tokenisation refers to the replacement of actual card details with an alternate code called the “token”, which shall be unique for every debit or credit card, token requestor and device. A token requestor is the entity that accepts requests from the customer for tokenisation of a card and passes it on to the card network to issue a corresponding token. As per RBI’s guidelines that are aimed at making card payments more secure, PAs and merchants shall not store card

credentials of customers in their database starting January 1, 2022. PhonePe which acts as a PA for merchants and customers has also applied for RBI’s PA license. Ankit Gaur, Director of Online Business at PhonePe said “RBI’s new guideline mandating tokenisation will allow for the continued growth of digital payments, with the additional security that tokenisation provides. Crucially, PhonePe SafeCard ensures that the added security doesn’t impact the customer experience at all. We are also closely working with our large merchant base to take them live on this platform.” In the lack of an alternative like CoF Tokenisation , customers who wish to use their credit or debit cards would have to enter details afresh for each transaction – including their 16-digit card number, card expiry date and card

MUSK IN TALKS WITH BRAZIL GOVERNMENT TO MONITOR AMAZON RAINFOREST SpaceX CEO Elon Musk met with Brazilian minister Fabio Faria to discuss a potential partnership to provide internet to rural schools and help monitor the Amazon rainforest for illegal deforestation. "With better connectivity we can help ensure the preservation of the Amazon," Musk said. "We're working to seal this important partnership between the Brazilian government and SpaceX," Faria said.

verification value (CVV). PhonePe has around 80 million saved cards on its platform and this solution will enable both users and merchant partners to continue executing transactions even after the December 31 deadline. This solution supports all major card networks such as Mastercard, Rupay and Visa, PhonePe said. Through SafeCard PhonePe will allow merchant partners to create, process, delete and modify tokens for online card payments with consent of their customers and use tokenisation on their own platforms via an Application Programming Interface (API) integration. PhonePe will continue to partner with PGs for the processing of payments using the created tokens. This will save the merchant partners significant time and effort by removing the need to integrate with multiple card networks, while complying with the new RBI guidelines, PhonePe added. Founded in 2015 by former Flipkart executives Sameer Nigam, Rahul Chari, and Burzin Engineer, the company has over 325 million registered users and is accepted at over 22 million merchant outlets. Apart from payments, the platform also offers insurance, gold purchasing, and mutual fund services

SEASONAL MAGAZINE

TOURISM

TAMIL NADU TOURISM

INDIA’S TOURISM LEADER IS BACK WITH MORE OFFERINGS

SEASONAL MAGAZINE

Tamil Nadu has always been India's frontrunner in both domestic and inbound tourism. Then came the pandemic which inevitably took its toll on the tourism sector across India and the world, including in Tamil Nadu as its crown jewels like the hill stations in Nilgiris went in for lockdown. Meanwhile, Tamil Nadu which had a landmark leadership change and is now under the very different management style of the new Chief Minister MK Stalin, is not only opening up its entire tourism infrastructure, but creating a brand new experience by using this opportunity to overhaul the entire tourism sector in the state. Assisting CM Stalin ably in this endeavour is the young Tourism Minister Dr. M. Mathiventhan, who incidentally is a postgraduate medical doctor, who made sure that 100% of people in Hill Stations were doubly vaccinated before opening

SEASONAL MAGAZINE

At the heart of Tamil Nadu Government’s efforts to overhaul the entire tourism sector in the state is a new Tourism Policy and a Master Plan to spearhead it. The state which is noted for its numerous tourist destinations, will focus on improving the infrastructure at 300 such sites initially, as part of this Master Plan. The highlight of the new Tamil Nadu Tourism Policy will be that it will offer industry status to Tourism. Delving into the finer details of the Master Plan it is clear that the objective is not just national leadership but for bringing up the state’s tourism infrastructure to world-class standards. Keeping in mind the increasingly younger age of domestic and international travellers, focus will be on creating attractive propositions for them like adventure tourism. Chennai’s famed Marina Beach will soon have recreational activities like wind sailing, jet boat and motorboat rides. Much focus is also being given to developing and promoting ecocamping sites that are a big draw for Rameswaram

SEASONAL MAGAZINE

Marina Beach

Megamalai

youthful visitors. At the same time, in order to protect the ecology of its prized destinations, new guidelines would be formulated to regulate caravan operators and those leading trekkers and hikers to such campsites. Since the tourism sector is eyeing exponential growth now, it will require certified professionals too. For this, the Department of Tourism is joining hands with the Tamil Nadu Skill Development Corporation, to introduce a tourism & hospitality skill development and certification programme. Much of the revenue and profits in the tourism sector hinge on attracting high value customers who don’t mind spending extra bucks for a superior experience. To tap such opportunities, the Master Plan has envisaged helicopter services between key tourist spots in the state like Rameswaram, Madurai and Kodaikanal. Towards this, the government will set up several helipads. Many of the sites included in the new Master Plan are relatively lesser known destinations. The aim is to implement precisely what kind of tourism will work in each such location. For example, rural and plantation tourism would be encouraged at Megamalai and Kanniyakumari, apart from

Kodaikanal

at Udhagamandalam & Kodaikkanal., Likewise, various heritage sites at Poompuhar would be developed as per the Master Plan. A key organization spearheading Tamil Nadu’s tourism initiatives has been the Tamil Nadu Tourism Development Corporation. The fully government owned TTDC has now completed 50 years of illustrious service to the state. And the new government and tourism minister has decided that it is time for a full revamp of TTDC. As TTDC offers many well-known and many little-known hospitality services, the effort will be to market them well. Towards this, all sitable TTDC services would be now marketed through national and international tourism aggregator portals like MakeMyTrip, Yatra and Goibibo. TTDC is also being restructured to make it even more efficient and effective, and for this the services of private sector consultants will be taken. Cooperation with private sector will be mutually rewarding and the government will launch Tourism Awards for best-performing SEASONAL MAGAZINE

Kanniyakumari

Yercaud hoteliers, tour operators, forex companies, travel agents and restaurant owners. Once tourists from India and abroad arrive at a large destination like Tamil Nadu, one of their main lookout would be how to travel around the state to its smaller destinations. This is not only in terms of the ease of travel but the variety of experiences. The state has awakened to this possibility and it is now mulling the feasibility of ship and boat services between tourist spots wherever feasible, considering Tamil Nadu’s long coastline and rivers. The possibility of operating cable-cars to hill stations and spiritual destinations is also being studied. SEASONAL MAGAZINE

Madhura Meenakshi Temple

At the ground level, tourist flow has been steadily growing ever since Tamil Nadu opened up its hill stations in Nilgiris like Ooty, Coonoor, Yercaud & Kodaikanal in late August. The several parks, gardens, boat rides and boat houses in these destinations, which were closed for between one year to four months were reopened to much cheer by the tourists and tourism industry. What began as a trickle is soon on its way to become a deluge as revenge tourism is gathering pace all across India and the world. While other states may envy Tamil Nadu for its rapid opening up, the fact is that this has happened with much preparation. One hundred percent people in the Nilgiri Hill Stations have been given double vaccination for Covid-19 before making this move!

Botanical Gardens, Ooty

The tourism department is also cooperating closely with the forest department for the promotion of ecotourism on a large scale. The forest department has already identified five eco-tourism projects in the state, which will generate revenue for both the forest and tourism departments as the potential for trekking and ecotourism is high in the country. Though Tamil Nadu had trekking activities since the past 10 years, it was at a minimum level until now. As part of the new eco-tourism initiative, Tamil Nadu will offer ecotourism packages which include trekking, jungle safaris, guided tours, and adventure tours with the support of the forest and tourism departments. According to industry experts, trekking and jungle tourism is not growing effectively in India as international trekkers are concerned about the safety aspect. This will change in Tamil Nadu now with the joining of forces of tourism and forest departments. Tamil Nadu is also embarking on an ambitious plan, as announced in the budget, to get its beaches cleaned up for the international Blue Flag certification. Tamil Nadu Tourism Department has kick started this ecofriendly beach policy Mudaliyarkuppam, a popular lagoon and a weekend destination close to Chennai along the serene East Coast Road. Including Marina Beach, nine other coastal stretches in the state will vie for the coveted Blue Flag certification, for which Rs. 100 crore will be spent.

Coonoor SEASONAL MAGAZINE

L U X U RY BONHAMS LONDON OFFERS SAPPHIRES & SPINELS AT ITS LONDON JEWELS SALE

LUXURY SAFARI LODGE ARAMNESS GIR OPENS ITS DOORS IN GUJARAT

With the rising popularity of spinels, this sale is much anticipated November 19, 2021: Bonhams London Jewels sales is set to take place on December 2 at New Bond Street with show-stopping sapphire and spinels. Two pieces featuring exceptional spinels from the same mine as the Hope Spinel — sold in 2015 at famous auctioneer for a record price — is also amidst the anticipated sale. The first being the spinel and diamond pendant (estimate: £40,000 - 60,0000) followed by a spinel and diamond ring (estimate: £35,000 - 45,000).

ETRO ANNOUNCES BOHO BUTTERFLY COLLECTION IN COLLABORATION WITH GINORI 1735 The brand is introducing consumers to designs marked by their joyful and positive iconography in a joint venture with the artisanal excellence of Ginori 1735 Fashion house Etro, that has defined Italian style around the world since 1968, is introducing its audiences to the new “Boho Butterfly” collection in collaboration with the Italian manufacturing company Ginori 1735. The collection features a curated set of decorative creations made of porcelain - including a refined series of

The new luxury safari experience in India is ready to welcome visitors inside its nature bound paradise This past week, the luxurious and comfortable village-styled lodge, Aramness Gir, welcomed its first guests. Situated on the fringe of Sasan Gir National Park in Gujarat, India, the luxury experience is a first of its kind, intersecting high art, taste and culture with dreamy natural landscapes.

SWAROVSKI & NIKE LAUNCH FIRSTOF-ITS KIND SNEAKER WITH RETROREFLECTIVE CRYSTALS

SCULPTURAL MANIFESTATIONS' IS THE LATEST ART EXHIBITION BRINGING A SEDUCTIVE EDGE TO VISUAL ARTS IN NEW DELHI THIS WEEK Featuring important works by 18 contemporary artists who have had significant impacts on the Indian and global art landscape, the art showcase, 18 Dimensions: Sculptural Manifestations, at Palette Art Gallery in New Delhi will be highlighting unconventional sculptural art.

SEASONAL MAGAZINE

Magic and science meet with the Austrian luxury brand joining forces with sportswear conglomerate to produce an exclusively studded sneaker with over 200 crystals Swarovski, best known as an innovator in the luxury jewellery space, announced a new collaboration with sportswear giant, Nike, pioneering a new women’s sneaker that features an impressive set of crystals. With over 228 individually studded crystals inspired by road reflectors, Nike’s signature Air Force 1 shoe has been remodeled with Swarovski Crystal elements, beaming as bright as the light source around the shoe.

HEALTH

term effects of hyperglycaemia include cardiovascular diseases, nerve damage, kidney damage, blindness, etc.

WHICH ONE IS MORE DANGEROUS?

WHICH IS MORE DANGEROUS? LOW BLOOD SUGAR OR HIGH BLOOD SUGAR? DIABETES MANAGEMENT IS NOT AN IMPOSSIBLE TASK. YOU CAN KEEP YOUR BLOOD SUGAR LEVELS UNDER CONTROL IN SEVERAL WAYS. ONE CAN AVOID EXACERBATING THE ISSUE AND LEAD A HEALTHY AND HAPPY LIFE BY MAKING THE NECESSARY LIFESTYLE AND DIETARY MODIFICATIONS. HOWEVER, THERE ARE INSTANCES WHEN NO MATTER HOW HARD YOU TRY TO KEEP YOUR BLOOD SUGAR LEVELS NORMAL, THEY WIND UP BEING TOO HIGH OR TOO LOW. LET US TRY TO COMPREHEND WHAT HIGH AND LOW BLOOD SUGAR LEVELS ARE, AS WELL AS THEIR POTENTIAL CONSEQUENCES AND TREATMENTS. ow blood sugar levels, also known as Hypoglycaemia, occurs when there is insufficient sugar level in the blood, making it difficult for the body to operate normally. Diabetes-related side effects are the most prevalent cause of low blood sugar. However, it might also be related to: Eating less after taking diabetic medicine Exercising more than usual A rare likelihood of a tumour producing more insulin. Endocrine disorders Low blood sugar levels can cause both short-term issues such as disorientation and dizziness, as well as long-term consequences such as coma or even death. If your blood sugar is less than 70 mg/dL, you should start treating yourself SEASONAL MAGAZINE

immediately. High blood sugar or Hyperglycaemia occurs when people have high blood sugar in their bloodstream. Blood glucose levels higher than 7.0 mmol/L (126 mg/dl) when fasting Blood glucose levels higher than 11.0 mmol/L (200 mg/dl) 2 hours after meals

CAUSES OF HYPERGLYCAEMIA INCLUDE:

Inadequate usage of insulin or diabetes medication Not eating a proper diabetes diet Being inactive Having an infection or illness Short term effects of Hyperglycaemia include nausea, vomiting, shortness of breath, dry mouth, among others. Long

“The brain cells stop working without glucose, thus making hypoglycaemia more dangerous than hyperglycaemia & it needs immediate intervention. A person with diabetes must always carry sugar sachets/ glucose tablets with him all the time for immediate response. Also, a band may be tied on one's wrist to signify that person has diabetes. This can help in an emergency,” says Madhuparna Pramanick, BeatO Health Coach. Some people are afraid of low blood sugar levels, while others are afraid of high blood sugar levels. If the range is not normal, it is dangerous regardless of whether you have low or high blood sugar levels. Low blood sugar symptoms are severe because they act as an emergency alarm that our bodies generate to help save ourselves. Low blood glucose levels in the absence of ketones can be fatal. High blood sugar levels cause long-term vascular damage, and the presence of high levels of ketones can potentially cause severe ketoacidosis. Most blood sugar reactions are managed by eating meals on time, taking diabetes medicine, and testing blood sugar more often. For type 2 diabetics there is not enough insulin production by the pancreas therefore they might need to consider additional insulin boosts to maintain blood sugar levels. It is advisable to talk to your doctor or health coach (diabetes educator) to guide you regarding the same.

IN-FOCUS

IS KALYAN GETTING READY TO BRING ‘KALYAN’ TO ITS INVESTORS? SEASONAL MAGAZINE

The word Kalyan in itself is a proxy to the vastness & diversity of India and the potential for growth it encapsulates. For instance, in most of India, especially in the Hindi speaking areas, ‘Kalyan’ means welfare or wellbeing, and is heavily used in naming schemes for prosperity. In South India, especially in Kerala, the word Kalyan is more synonymous with marriage or the wedding ceremony. But Kalyan Jewellers gets its name from none of these, but from the name of its Founder, Chairman & Managing Director, TS Kalyanaraman. But as the pandemic is waning, the company may be finally getting ready to bring Kalyan or prosperity to its investors and be a wealth creator, as its recent Q2 business update shows.

SEASONAL MAGAZINE

IS KALYAN GETTING READY TO BRING ‘KALYAN’ TO ITS INVESTORS? Kalyan Jewellers had its much-awaited IPO during March 2021 and listed towards the end of that month. Unfortunately, its market debut failed to live up to the promise, as it happened amidst the growing concerns of a second wave of the pandemic. And as the concerns proved real in the coming weeks and months, with lockdowns and strict controls across most urban areas across India, the newly listed stock went for a nap. The Kerala headquartered jeweller was especially affected, as its home state had a very difficult time battling the second wave, which prolonged the reopening of the retail sector. Moreover, Kalyan’s Middle East business also got affected as there it was a double whammy of the second wave as well as the impact of travel restrictions from Kerala to Middle East. Due to the lacklustre listing and the subsequent sluggish trading, another strange thing too happened. The Indian stock market which had been disillusioned so far with jewellery stocks in general, came to regard Kalyan too as another such jewellery stock. But again, like how the word meaning of Kalyan is vastly different across India, the so far listed smaller players are no match for Kalyan Jewellers which is one of the largest India-based jewellery retailers across the country and Middle East, and backed by Warburg Pincus, one of the largest PE funds in the world. While all the top fund-houses and analysts know such inner details, markets need proof in the form of hard numbers, and fortunately for Kalyan Jewellers and its investors, such figures have now come in the form of Q2 business updates. For the quarter ended September 30 2021, Kalyan Jewellers’ India revenue jumped by 60% compared with the corresponding period last year. This is a remarkable performance as some weeks of this quarter were affected by pandemic curbs especially in its home turf of Kerala. No wonder then that the market cheered the business update by adding 11% to the stock’s value. Kalyan had also attracted new customers at a brisk pace throughout the quarter, and the jeweller attributes it to customers moving up from the unorganized SEASONAL MAGAZINE

retailers to the organized sector, which has been an on-going phenomenon in the industry, and a key driver of sustained growth in organized jewellery chains like Kalyan. A key metric that the market watches while assessing a retail chain’s performance is the same store sales growth. This measure shows the organic growth possible from the existing chain, without taking into account the sales spurts possible by adding new stores. Kalyan recorded a same store sales growth of 70% in non-south markets, while in south markets it was 40%. This was partly due to the stricter and longer Covid curbs in Southern India, but goes on to prove that when firing on all engines, the jeweller can attract growth to an equal or higher degree in nonsouth markets. During the quarter, 92% of their showrooms were operational compared to 88% during the same period in the previous year. However, as of September 30, 2021, 100% of Kalyan showrooms have become operational. And overall same store growth for Kalyan has come in at an impressive 50%.

When it comes to the overall revenue growth in India, it has been even more broad-based across geographies. Even while 80% of newly opened showrooms in the current financial year are in south India, non-south markets recorded a revenue growth of around 70% and south markets recorded a growth of around 60%. Despite being a fiscal marred by the unprecedented second wave of the pandemic, the hunger for growth in Kalyan’s DNA was evident. It added one new showroom during the quarter, thereby taking the total stores opened during the first half of the current financial year to 10. It will soon be expanding its footprint in Mumbai, by adding showrooms at Lower Parel and Matunga. At the same time, Kalyan which had pioneered the concept of an exclusive and branded online jewellery platform, much before the pandemic struck, reaped rich dividends from it. This online jewellery platform, Candere, recorded a revenue growth of 45% during the quarter, compared to the same period during the last year. In the Middle East, Kalyan witnessed a

significant rebound during the quarter, resulting in a revenue growth of around 60% as compared to the same quarter during the previous year, despite the travel restrictions between India and Middle East, for most of the recently concluded quarter. And this growth was largely same store sales, since Kalyan had not added any showroom in Middle East during the last 12 months. The Sensex having crossed the important milestone of 60,000, institutional investors from across the globe, domestic mutual funds and retail investors are all focusing heavily on Indian stocks, to see whether which are the stocks and sectors than can benefit the most as the country reopens fully. While many sectors are being projected for the same today, like tourism and hospitality for the potential of revenge tourism, many would have missed the scope of jewellery retailing as a reopening theme. Unlike the retailing of staples and durables, which went on more or less during the pandemic, jewellery sales and growth was most severely affected. This is now translating to a revenge splurge on jewellery as diehard fans of gold and

DESPITE BEING A FISCAL MARRED BY THE UNPRECEDENTED SECOND WAVE OF THE PANDEMIC, THE HUNGER FOR GROWTH IN KALYAN’S DNA WAS EVIDENT. diamond ornaments come out with friends n’ family and spend heavily on their favourite designs in the ambience of large showrooms, which is something they couldn’t do for most of the past fiscal. As one of the largest organized retailers of gold and diamond ornaments in the country and Middle East, Kalyan is best positioned to capture a pie of this revenge splurge. This is especially true of Kalyan in the listed space, as apart from Titan / Tanishq, all other listed players as of now are more or less regional players confined to their small geographies. And unlike Tanishq, this jeweller has twin engines of growth, with its mainstay remaining wedding ornaments. In fact, how Kalyan could weather the pandemic with little damage, was due to its focus on marriage jewellery. Even when the Great Indian Wedding went in for a toss during the

pandemic, wedding jewellery purchases remained more or less the same in the country, as gold ornaments is also a store of value in Indian marriages. A key element in revenge splurging on jewellery is the amount of time spent by customers at jewellery showrooms, which provides better opportunities for upselling. Kalyan has reported that during the quarter, this spent time in showrooms has returned to normal. The leading retailer is also on a quest to improve its margins by growing its studded jewellery segment at a faster pace. Consequently, gross margin for the current quarter improved versus the corresponding quarter last year. This was driven by introduction of updates to the existing branded collections of studded jewellery and a return to normalcy in the time spent in its showrooms. A key difference between Kalyan Jewellers and the rest of the listed players (except for Titan / Tanishq) is the branded nature of its operations. It has invested heavily into branding during most of its existence, and especially in recent years, with high profile brand ambassadors including Amitabh Bachchan & Katrina Kaif, the benefits of which are only steadily accruing to the company. Besides this, it runs highly calibrated and imaginative campaigns throughout the year and especially during top seasons, which helps it in attracting and retaining new customers. In other words, Kalyan Jewellers is a large company by way of its ambition, long-term plans and its balance sheet size. These are the qualities that helped it to become the first major exclusive jeweller to attract large scale private equity investments from US and the first such jeweller to go in for its IPO. At the same time, it has significantly reduced its debt using the IPO proceeds. Consequently, the Kalyan of FY’22 has become a leaner and more capital efficient organization that can not only grow steadily, but also provide better returns to investors in the quarters and years to come. SEASONAL MAGAZINE

BANKING

COMING SOON! NEW UNIVERSAL BANKS? At least a dozen large diversified NBFCs are still there in the country, that can transition to new large universal banks, if they wish so and they pass through RBI's now more stringent regulations. In a way, they are being encouraged to do so as on one hand their large size will be inviting bank-like oversight by the regulator, while converting to banks will allow them access to much cheaper capital, access to public fixed deposits and financial stability.

Bajaj Finance, Shriram Transport Finance, Indiabulls Housing Finance, L&T Financial Services, Tata Capital, Piramal Capital, M&M Financial Services, Cholamandalam Finance, Aditya Birla Finance & Housing Finance, Muthoot Finance, Muthoot Fincorp, Manappuram Finance & Edelweiss Finance, are all large NBFCs operating in India, which are bigger than even many banks. And most of them being listed entities of longstanding are reasonably well-run, and if they wish so can make a go at a universal banking licence, which can result in India having a dozen more strong banks in the private sector. The Reserve Bank of India (RBI) on November 26 accepted 21 out of 33 recommendations of an internal working group on the ownership guidelines and corporate structure of private sector banks. For non-banking financial companies (NBFCs) looking to convert into a universal bank, minimum requirement on the track record of the experience of promoting entity, including for a converting NBFC, may continue at ten years, the RBI said. On the eligibility of promoters, the RBI said it may, as part of the framework for scalebased regulation of NBFCs, consider putting in place a tighter, bank-like regulatory framework for large NBFCs. The initial recommendations by the internal working group were - allowing well-run large NBFCs with an asset size of Rs 50,000 crore and above, including those owned by corporate houses, may be permitted to convert to banks provided they complete 10 years of operations and meet the due diligence criteria. SEASONAL MAGAZINE

The central bank has accepted the recommendation for raising the bar of initial capital requirement for the universal bank. As a result, the initial paid-up voting equity share capital/net worth required to set up a new universal bank may be increased to Rs 1,000 crore (from present Rs 500 crore), RBI said. The recommendation around the asset size requirement is still under examination by the central bank. Further, the central bank does not allow corporates to promote banks, but large and well-run NBFCs could also face strict regulation under the scale-based regulation. A senior official at a large NBFC said that top NBFCs seeking banking license would have to decide on the benefits and costs of the transition thoroughly; banking is not just about lending, but the

operating costs and structure are not low and nowhere near as compared to NBFCs. Further, regulatory requirements will also go up with maintaining statutory liquidity ratio and cash reserve ratio, the official added. In addition, NBFCs considering transition will also have to understand the impact on existing stakeholders – from shareholders to customers. Access to public deposits is an attractive factor for NBFCs to apply for a banking license, but regulatory oversight and scrutiny increases, which is good from the RBI’s viewpoint. Analysts feel that while it’s difficult to say which NBFCs could be eligible and may seek license, even if some of the top ones don't seek a license they would be supervised and regulated similar to banks.

HEALTH

INCREASED SCREEN TIME CAN CONTRIBUTE TO STROKES IN THE YOUNG

“The young generation is infamous for being glued to their mobile screens, which increases the risk of a stroke. Blue light from screens reduces melatonin production (the hormone released at night associated with control of the sleepwake cycle or the circadian rhythm), which makes it difficult to sleep and wake up on time,” says Dr Yeole.

THE PANDEMIC CAN BE BLAMED FOR "PUSHING US INTO A SITUATION WHERE MOST WORKING ADULTS AND CHILDREN ARE REQUIRED TO STICK TO THEIR SCREENS FOR PROLONGED HOURS", SAYS A DOCTOR. Nowadays, as people work from home, they begin and end their day with a gadget. We are so dependent on technology that from the moment we open our eyes in the morning, we begin to scroll through our phones, respond to work emails, check social media, etc. But, have we ever paused to wonder what this lifestyle is doing to our health? A 2021 study published in the Stroke Journal of the American Stroke Association stated that adults under 60, with increased screen time exposure and sedentary lifestyles, are more prone to a stroke than those who are physically active. Data from the World Stroke Organization (WSO) states that one in four persons may suffer a stroke attack in their lifetime. According to a recent study of The Lancet Global Health, noncommunicable neurological disorders’ contribution in India doubled to 8.2 per cent in 2019 from 4.0 per cent in 1990, SEASONAL MAGAZINE

with stroke leading the charts. Dr Ujwal Yeole, consultantneurosurgeon, Fortis Hospital Kalyan, says there is a link between increased screen time and stroke. “A US study highlighted that one’s life expectancy reduces by up to 22 minutes for every hour of digital screen time. It makes the person more prone to a stroke and various heart ailments, cancer, etc. Another UK-based study showed the possibility of a stroke was significantly high with continued 2-hour exposure to digital screens (laptop, TV, cell phone, etc.). Beyond two hours and in cases of addiction, the chance of a stroke increases by 20 per cent,” he says. The doctor blames the pandemic for “pushing us into a situation where most working adults and children are required to stick to their screens for prolonged hours, either for work or academics”.

Leading such a lifestyle also makes an individual vulnerable to other diseases like obesity, diabetes, heart conditions, etc. These are all interlinked: * A person with diabetes is twice as likely to suffer from a stroke, as the damaged blood vessels hasten the onset of ischemic stroke (happens from a blood clot blocking or narrowing the artery to the brain). * High LDL (bad cholesterol levels) initiates the build-up of plaque in the arteries, which ends up restricting blood flow to the brain, thus leading to a stroke. * Hypertension is the cause for approximately 50 per cent of ischemic strokes, increasing the threat of hemorrhagic stroke (brain bleed). The doctor suggests some lifestyle changes: – It is necessary to take an hour-long walk every day to negate the ill effects of physical inactiveness. – Exercise daily for 30 minutes and inculcate the habit in your children. – Limit your screen time and take frequent breaks from work.

HIGHER EDUCATION

HOW

HOW SATHYABAMA MOVES AHEAD, UNFAZED BY THE PANDEMIC ISSUES

dmissions to various courses are now open at Sathyabama Institute of Science & Technology, a leading deemed-to-be university, based in Chennai. These include graduate, post graduate and research courses in engineering, architecture, management, arts & science, law, dental, pharmacy & nursing. To avoid further confusions in this difficult academic year, Sathyabama management led by Dr. Mariazeena Johnson has decided that there won’t be any entrance examinations for this year’s admissions. Instead, the deemed university will rely on plus-two marks, and to ensure greater fair play, transparency & meritocracy, will also give adequate weightage to JEE main scores.

M ABAYHTAS

MOVES AHEAD,

UNFAZED BY THE

Chennai based Sathyabama Institute of Science & Technology, a leading deemed-to-be-university in the country is surprising the higher education sector with its resilience. The credit goes to Sathyabama's three decades rich pedigree, being founded by (Late) Col. Dr. Jeppiar who was a successful politician, bureaucrat, entrepreneur, industrialist and edupreneur. This heritage is giving Chancellor Dr. Mariazeena Johnson and President Dr. Marie Johnson the power and creativity to overcome every hindrance thrown by the pandemic and still emerge stronger. Like a true university destined for greatness, Sathyabama has strong focus on all dimensions that matter, including state-of-the-art digital delivery of academics, premium physical infrastructure, faculty quality, updated curriculum, industry tie-ups, campus placements and applied research. Thanks to such overall performance, this private sector deemed university is today a leader in diverse courses spanning engineering, management, science, pharmacy, dental and other such professional domains.

PANDEMIC ISSUES

SEASONAL MAGAZINE

Choosing a well-established university like Sathyabama is important for students in this challenging year as too many things are remaining fluid due to the pandemic and the inevitable

cancellation of the plus two exams. Sathyabama was ranked at the 39th position among Universities in India by NIRF, Government of India, for the year 2020. The stability of academics and operations at Sathyabama is evident from the fact that it has been ranked among the Top 50 Universities for the fifth consecutive year, now. The university also fares well in campus placements with over 90% of students getting placed each year. More than 350 companies recruit from Sathyabama campus now, and the latest round saw 1822 offers. The university classifies its recruiters as Dream Recruiters and Super Dream Recruiters, and as of now there are 100 plus companies in the Dream category and over 25 companies in the Super Dream category. In the latest round, there were 36 Super Dream Offers, with final year student Adarsh bagging the honours of the highest offer at Rs. 41 lakhs per annum from Japanese tech major Diverta. Impressively, apart from students in

the engineering stream, placements are also bagged by students in architecture, dental, management, arts and science streams. Companies that have recruited from Sathyabama include Amazon, ADP, Oracle. Cognizant, Wipro, Human Resocia, Capgemini, Hexaware, Verizon, Pulse Healthcare, LTI, Hitachi, Renault Nissan, DXC, Bonfigioli, Bajaj Auto, Godrej, TCS, NTT Data and many more such names. The university’s success in placements owe a lot to its rigorous approach that includes Online Practice and Assessments, Training Modules including Quants, Verbal, Reasoning, Technical, Soft Skills, Certification Programs, Career Development Programs and Value Added Skill Developments. Training attendance should be at least 90%, and the university arranges for even offcampus interviews after the end of final semester. In tune with the times, Sathyabama is also highly active in the startup domain. Over 18 student startups have been incubated at Sathyabama campuses so far. These startups have been partially funded by Sathyabama and spans products & solutions in technology, healthcare, defence, transportation, farming, drones, waste water treatment, automotive, shielding materials, wearables for Covid patients, seaweed based cosmetics, shrimp supplements, ewaste management, air detoxifiers and more. The university is also highly active in the research field, especially in applied research, with more than 500 patents filed, over 100 patents published, over 90 patents granted and 10 patents having successfully undergone technology transfer. Sathyabama has over 250 sponsored research projects, which are worth Rs. 100 crores. The university has more than 10000 publications indexed in Scopus with an H Index of 72 and around 5000 publications in Web of Science with an H Index of 62.

Sathyabama is home to a Technology Business Incubator (TBI), set up in assistance with National Science & Technology Entrepreneurship Development Board (NSTEDB), a nodal body coming under Government of India’s Department of Science & Technology (DST). This TBI follows best practices by which all student proposals for a startup are scrutinized by an expert committee, followed by presentation of the shortlisted proposals. These future entrepreneurs are also trained to share their concept in five minutes to potential investors, partners and customers. The TBI at Sathyabama provides free incubation support to potential startups and helps them to accelerate towards angel investors. There is also an active Entrepreneurship Development Club working in the campus that conducts workshops regarding various steps in starting a business. Such workshops are led by leaders from the industry, especially from the startup world. There was a time when higher education curriculum, even in engineering and management, was required to be updated every decade or so. But when the pace of technological developments accelerated, many engineering colleges and business schools started updating their curricula every few years. But even this has proved to be inadequate as disruptive technologies and innovations appear every quarter or so. Sathyabama University has effectively tackled this challenge through various measures like industrial collaboration and certification programs. The deemed university has tied up with industry majors including Infosys, Cognizant, Wipro, HCL, Capgemini, Accenture, and more such companies to remain abreast of the latest trends in the industry and thus update their curricula whenever necessary. Sathyabama is also a leader in delivering certification programs in emerging domains and delivers SEASONAL MAGAZINE

HOW SATHYABAMA MOVES AHEAD, UNFAZED BY THE PANDEMIC ISSUES around two dozen such courses in areas like Cloud Computing, Machine Learning & Artificial Intelligence, Internet of Things (IoT), Data Science & Big Data, App Development, Embedded Systems & Robotics, Cyber Security & Forensics, Aircraft & Ground Maintenance etc. Sathyabama is one of the handful of deemed universities to have obtained approval for starting new vocational degrees BVoc and MVoc in domains like software development, hardware & networking, web technologies etc. Sathyabama has emerged as a strong player in research programs, having undertaken research work for various central government organizations and has proved it mettle in entrepreneurial class projects by creating its own satellite that was launched by ISRO Dr. MARIAZEENA JOHNSON, Chancellor Dr. MARIE JOHNSON, President

making it the first university to achieve that feat, a few years back. Sathyabama has significant initiatives in both applied and basic research. During the last five years, faculty and researchers at Sathyabama has been undertaking research for various government agencies with supporting grants. These organizations include cuttingedge organizations like Indian Space Research Organization (ISRO), Department of Science & Technology (DST), National Atmospheric Research Laboratory (NARL), Science & Engineering Research Board (SERB), Natural Resources Data Management System (NRDMS), National Institute of Wind Energy (NIWE), Defence Research and Development Organization (DRDO), Combat Vehicles Research and Development Establishment (CVRDE), Board Of Research In Nuclear Sciences (BRNS), Indian Council of Agricultural

TO AVOID FURTHER CONFUSIONS IN THIS DIFFICULT ACADEMIC YEAR, SATHYABAMA MANAGEMENT LED BY DR. MARIAZEENA JOHNSON HAS DECIDED THAT THERE WON’T BE ANY ENTRANCE EXAMINATIONS FOR THIS YEAR’S ADMISSIONS, INSTEAD BASING IT ON PLUS-TWO MARKS & JEE SCORES. Research (ICAR), and Indian Council of Medical Research (ICMR), among many such organizations. Sathyabama has also launched a next generation laboratory in the campus, which will further boost research facilities in the university. Sathyabama is structured as 10 broad schools, including 5 in engineering and one each for business, law, science/humanities, pharmacy, & dental. Sathyabama’s engineering schools are School of Computing, School of Electrical & Electronics, School of Mechanical, School of Bio & Chemical, and School of Building & Environment. However, these five broad schools deliver 15 engineering degrees including in emerging areas like Mechatronics at the graduate level, while at the post graduate level there are 12 courses including in latest domains like Internet of Things (IoT), Medical Biotechnology, Artificial Intelligence etc. Sathyabama’s School of Science & Humanities similarly delivers 13 graduate programs including in buzzing domains like visual communication, Interior Design and 6 post graduate programs including sunrise sectors like data science, Robotics, Material Science. Research programs are also offered in most domains. Combining these with Sathyabama’s School of Management and School of Law, there is clearly the potential for interdisciplinary work, and students stand to distinctly benefit from this breadth of courses. Sathyabama had rapidly deployed an impressive digital infrastructure as soon as the first wave began and this

SEASONAL MAGAZINE

facilities starting from the first year of all courses through to the final years are all modern and without cutting any corners. For instance the School of Computing’s multiple lab facilities include network programming lab, computer graphics and multimedia lab, digital signal processing lab, VLSI simulation and system design lab, linear integrated circuits lab, microprocessor and microcontroller lab, production drawing and cost estimation lab, cluster computing lab etc. Science labs are also comprehensive, including biochemistry lab and plant cell and tissue culture lab. The internet infrastructure is also impressive with a dedicated Internet Leased line of 155 Mbps and a redundancy link of 100 Mbps, connected to all the terminals throughout the campus. Students and faculty are free to access internet over Wi-Fi from locations like library, hostels etc. Sathyabama is accredited by UGC’s National Assessment & Accreditation Council (NAAC) at Grade A. And unlike some of its peers, Sathyabama is also approved by All India Council for Technical Education (AICTE). Sathyabama has put up a consistent performance all through its history, and especially so during the last few years.

has resulted in ongoing academic delivery with not much disruption. The university has been awarded with E Lead (E - Learning Excellence for Academic Digitization) Certification for exhibiting excellence in adopting ICT enabled Teaching and learning through online platforms, by QS. But as soon as the pandemic wanes, the focus will be back on Sathyabama impressive physical infrastructure. Its sprawling campus is noted not only for its impressive infrastructure but for the well-planned systems that make the whole Sathyabama team comprising of staff and students work with clockwork precision and effectiveness.

It is in academic infrastructure that Sathyabama shines even more as no expense has been spared to ensure that its students get the best of classrooms, labs, libraries and auditoriums. The classrooms are spacious and modern with excellent student seating and facilities, and are provided with LCD projectors and smart boards. The lab

THE STABILITY OF ACADEMICS AND OPERATIONS AT SATHYABAMA IS EVIDENT FROM THE FACT THAT IT HAS BEEN RANKED AMONG THE TOP 50 UNIVERSITIES FOR THE FIFTH CONSECUTIVE YEAR, NOW.

Sathyabama has been featured in the prestigious international rating by Quacquarelli Symonds (QS), and has bagged an overall 4-Star QS Rating, with 5-Stars for three criteria – Teaching, Facilities & Inclusiveness – and 4-Stars for Employability and Innovation. Sathyabama has been awarded with Diamond rating by QS I-GUAGE for overall excellence, the rating for Indian universities by QS. Sathyabama is ranked among top universities in the world by Times Higher Education under the category World Ranking, Asia Ranking and Ranking by Subjects. The university has also been ranked in a notable position among World Universities by Times Higher Education Impact Ranking for its contribution towards Sustainable Development. SEASONAL MAGAZINE

IPO take a minimum of six months for the public issue to hit the market.

LIC SHOWS UNIQUE CAPABILITY IN THE RUN UP TO MEGA IPO It has been a few years now since Government of India made up its mind to list its crown jewel, Life Insurance Corporation of India. And it has been several quarters now since GoI and LIC actively started planning for the IPO. Due to the unique and mammoth opportunity it offers, investors too – ranging from the world’s biggest institutional investors to the smallest retail investors – have been eagerly anticipating for this onein-a-100-years kind of IPO. But despite putting much momentum behind it, listing LIC is proving to be a tough call with numerous hurdles to be overcome. Already the tentative schedule has slipped to the fourth quarter of FY’22. Seasonal Magazine takes a look behind the scenes and finds that it is more of a case of great things taking time.

Life Insurance Corporation of India was not constituted as a usual public sector company in any sense. From its beginning to the several decades of its existence, it has functioned like an arm of the Government. This needs to change, and LIC is to be brought under the Companies Act first, for the listing to happen. This first step, though simple sounding, has in itself proved to be much time consuming, and is yet to be completed. And once this transition to Companies Act is completed, it would SEASONAL MAGAZINE

On a parallel and alternate track proceeds the mammoth task of finding the embedded value of LIC. In endDecember, the government had appointed Milliman Advisors India as the reporting actuary for determining the embedded value of LIC. Meanwhile, private valuation firm RBSA Advisors had recently estimated LIC’s worth to be between Rs 9.9-11.5 lakh crore. While embedded value is a kind of future value in the insurance sector, and is a straightforward calculation, in LIC’s case, due to the huge collection of its physical assets like real estate and offices, it is pretty complicated. For instance, most valuations estimate LIC’s huge land banks at notional book value, as there is no other practical way to value it. But taken land parcel by land parcel, and at the current valuations at these locations, experts say the land bank valuation can be over one hundred times the notional book value! While much of the pre-IPO work is being done at the concerned Government departments like DIPAM (Department of Investment & Public Asset Management), LIC is focusing more on bettering its fundamental performance in every possible way. With its numbers for FY’21, it is clear that the life insurance behemoth has not only survived the Covid’s first phase successfully, but that it is continuing on its growth track. It collected Rs. 1.84 lakh crore in new premiums, which is its highest ever in FY21. It is a 3.5% growth over the previous fiscal, and is an impressive achievement considering its huge base and the pandemic crisis. LIC continues to be the undisputed market leader with its market share by way of number of policies being 74.58% for the fiscal, while on the basis of new premiums, its market share is 66.18%. And it is continuing to better its performance with the monthly figures for both these metrics faring much higher. LIC’s performance was driven by individual policies, with new premiums of Rs 56,406 crore under individual assurance business with a YoY growth of 10.1%. In tune with the buoyant stock

market, LIC also started refocusing on the market based Unit Linked Insurance Plans (ULIP). In the ULIP segment, LIC launched two plans SIIP and Nivesh Plus. And it sold more than 90,000 policies under this category collecting premiums of over Rs 800 crore. Its Pension and Group Schemes vertical also created a new record by clocking its highest ever New Business Premium Income of Rs 1,27,768 crore as against Rs 1,26,749 crore in the previous year. A pandemic of Covid-19 scale leaves no business untouched. And a ‘Second Wave’ like how it happened in India, starting from March-April rattled most sectors to their core. And life insurance companies were no exception, as new policies and recurring premium payments take a direct hit during lockdowns.

That is why the May 2021 numbers from all the life insurers were keenly awaited by the market. Most analysts expected life insurers to take a major hit in May, as it was the month in which both Covid+ cases and deaths due to it peaked in the country beyond even the wildest projections. The May life insurance figures, especially the sequential or month-onmonth figures over April, were expected to be poor. And the numbers were indeed poor when it was published

recently. The number of policies sold by all life insurers combined, declined 13.69% in May over the previous month. This may make anyone jump into the conclusion that the largest player – LIC of India – was the worst performer, contributing the maximum to this slide. After all, LIC accounts for more than 75% of life policies in this country. But believe it or not, it was just the reverse that was witnessed in May! The industry slump of 13.69% in the number of new policies sold in May was despite LIC performing spectacularly in two of its core segments – with 114% growth in Group Single Premium and 20% jump in Group Non-Single Premium policies. In other words, it was LIC’s singularly powerful performance that has limited the industry’s slide to just 13.69%.

SEASONAL MAGAZINE

LIC SHOWS UNIQUE CAPABILITY IN THE RUN UP TO MEGA IPO When we move from the number of new policies to the total new business premium collected from these policies, LIC’s performance in May is even stronger. The public sector insurer’s Group Single premiums surged 158% in May, while its Group Non-Single premiums soared 445%. In sharp contrast, private insurers saw their premiums fall 20.19% over the previous month to Rs 4,029.34 crore in May. LIC’s new business premium jumped 106.31% to Rs 8,947.64 crore. The key takeaway from the May numbers is not the sheer size of LIC, which is more than double of all the private life insurers combined, but the fact that LIC has the resilience and agility to perform powerfully even under extremely stressful situations like the pandemic’s second wave. This is a strength that will keep LIC in a higher orbit, than the rest of the industry, when it goes for its IPO, which is expected to happen in the second half of this fiscal. Because, it is good to perform well when everything is going well, but it is great to perform well when nothing is going well. Markets recognize this ability and reward it too by way of superior valuations. In another recent development, LIC Chairman M.R. Kumar’s tenure was extended by almost 9 months by the Union Government. This is widely thought to be due to the central role he has been playing in leading the country’s largest ever IPO, and to ensure continuity in this eventful period for the country’s largest life insurer. LIC’s strongpoint continues to be its formidable agent army or sales force, which continues to grow in quantity and quality. The Corporation added 3,45,469 new agents in FY21, thus expanding its already strong sales force to 13,53,808 agents. The performance of the top rung of agents continues to witness strong growth, as seen from the number of qualifiers for the Million Dollar Round Table (MDRT). Globally, MDRT membership is recognised as the standard of excellence in life insurance and financial services business. And here, LIC has consistently topped the members' list. SEASONAL MAGAZINE

This year there were 16,564 LIC agents who were MDRT qualifiers, the highest ever. Founded in 1927, the Million Dollar Round Table (MDRT), is a global, independent association of more than 62,000 of the world's leading life insurance and financial services professionals from more than 500 companies in 69 countries. However, the kind of agile player it is, LIC has also moved swiftly to embrace tech-enabled sales, much in tune with how the global life insurance industry is doing. LIC had successfully introduced the ANANDA platform for digital onboarding of customers. The only PSU life insurer also continues to be the most trusted player in the industry when it comes to claims settlement. It paid out Rs 1.34 lakh crore as claims during the year. This includes 21.9 million maturity claims, money back claims and annuities, amounting to Rs 1.16 lakh crore, and 9,59,000 death claims amounting to Rs 18,137.34 crore. LIC has twin engines of growth – insurance and stock market investments

LIC CAN ALSO PROVE TO BE THE PERFECT GROWTH OPPORTUNITY. VERY FEW COMPANIES IN INDIA HAVE CONSISTENTLY GROWN FOR MORE THAN HALF A CENTURY LIKE LIC OF INDIA. The world over, insurance and investments are a linked opportunity as the insurance industry provides for a clear visibility of cash flow across quarters and years, which gives them great leverage to invest and trade in the stock market. Even in the crisis year of 2020, LIC has made an unbelievable profit of Rs. 13,000 crore from short-term investments within a matter of 4-5 months, which is an all-time record for the insurer. LIC achieved this by following a contrarian investment principle, and leveraging its huge investment kitty. And LIC continues to be bullish on Indian equity and had earmarked an even greater pool of funds

for market participation in 2021. When listed, LIC may prove to be the perfect largecap opportunity that India has ever seen. This is because, while fortune is definitely at the bottom of the pyramid, but the companies which own this fortune are right at the topmost rung. Again and again this has been proved right, with the latest proof coming during and after the devastating pandemic and lockdown. Companies like Apple, Microsoft, Amazon, Reliance etc are the ones who created the most wealth after the pandemic hit. There are a few reasons for this. Firstly, largest cap stocks are not just their segment leaders (which of course is a huge advantage), but they are the overall market leaders or in other words what the overall market puts the maximum value on. Secondly, the largest investment funds in the world like mutual funds, pension funds, insurance companies and sovereign funds, can only invest in largecap stocks as midcaps and smallcaps can’t absorb their kind of huge funds. Life Insurance Corporation of India, when listed is likely to have a market capitalization of Rs. 10 lakh crore, making it the second largest listed stock behind Reliance Industries. This is why the upcoming IPO of LIC is likely to be one of the most attractive stock market opportunities ever to hit the Indian bourses. LIC can also prove to be the perfect growth opportunity. Very few companies in India have consistently grown for more than half a century like LIC of India. Starting out in 1956 with Rs. 5 crore as capital, LIC has grown to one of India’s giants with nearly Rs. 32 lakh crore in asset base. And from just being a life insurance provider, LIC has become a financial services conglomerate with divisions, subsidiaries, or associate companies in banking, home finance, pension fund, mutual fund, and more. And during these 64 years, from being a national player, LIC has ventured out into being a global player with operations in 14 countries. And the beauty is that LIC is still growing at an unbelievable pace, as seen from the recent numbers.

being large and systematic investors. Indeed, in India and the world over, insurance companies are among the largest institutional investors – either for themselves or for their insurance customers through equity linked products like Unit Linked Insurance Plans (ULIPS). Last year, LIC Chairman, MR Kumar had explained the admirable nature of this business at LIC. At the end of Q4 FY’20, during the last week of March to be precise, the Indian stock market had tanked steeply along with all the worldwide markets on a global selloff due to the pandemic fears. LIC waited for the valuations of stocks to turn very attractive, and soon into Q1, turned a contrarian buyer.

LIC also has one of the best de-risked growth models, unlike most large-cap firms. Companies become largecaps owing to growth over many decades, but then growth may stall too. This is because, as the networth or shareholder equity surges with consistent growth in profits over the years, it becomes increasingly difficult for largecap companies to deliver a meaningful return on equity, despite reasonable growth and profitability. Most largecaps go through this phase and many get stalled for years there, until they figure a way out of it. But LIC of India is likely to have no such issues even after getting listed as one of the largest cap stocks in India due to at least two reasons. Firstly, it is still growing its core life insurance business at an admirable clip. Secondly, and this is the more important factor, it has a ready avenue to deploy surplus profits – the Indian equity market. And LIC’s rate of return from this activity is even ahead of its core insurance business and way ahead of the government bonds and bank fixed deposits where most largecap companies park their surplus cash. However, the greatest competitive edge that LIC would have in the market, post-

listing, is as mentioned earlier, its twin engines for growth – insurance and investments. This is quite unlike most largecap companies, which do only one thing. Like, say, banks, steel manufacturers, cement makers, auto majors or paint companies – they do only one thing, but do it well. Some of them have an additional line of business, but it tends to be minor compared with their core activity. But LIC of India is in a different league altogether in this regard. It not only has dual lines of business – insurance and investing – but it is a market leader in both! And what is more, these are complementary activities. as mentioned earlier. But more needs to be said on these twin engines of growth at LIC. Insurance business, especially life insurance business, is a peculiar activity in that once customers are signed up each month for policies, there is a clear visibility on the kind of annual revenue from premiums that are going to flow in each year and each month. Also, there is a clear visibility on the normal payouts to customers on maturity of the policy. Even the claim settlements on death, which may seem to be a variable factor, is quite stable across years. Taken together, what these factors mean is that insurance companies, especially life firms, have a clear expectation of the cashflow which makes them capable of

All through Q1 – April, May & June – LIC maintained buying quality stocks across the board, when fear was its maximum as the investment world was staring at a never before situation in around 100 years. By the end of Q1, the stimulus from major economic powers as well as India had kicked in, sending huge inflows into global markets including India, and the market regained confidence and started surging. And LIC again turned contrarian! From the beginning of Q2, that is July, they started selling stocks across the board, and by August, had raked in Rs. 13,000 crore as profits from this shortterm trade that lasted barely 4-5 months! It more than handsomely offset LIC’s deep fall in Q1 profits from their core insurance business. And by the time, LIC had booked its trading profits, the insurance business had also made a sharp V shaped recovery, according to Chairman Kumar. Not many companies in India or even in the whole world are capable of such feats, as they lack such complementary twin engines as well as such risk-taking abilities. If anyone thinks, LIC made a mistake by selling off in Q2, as market had continued to rise, wait till you hear the full story. LIC’s core investments in stocks, especially in bluechip companies – Kumar calls them family jewels – are still intact at pre-pandemic levels! Which means LIC is a long-term and short-term profit-maker in its equity business, which the market will find attractive when it goes for its IPO. SEASONAL MAGAZINE

BANKING

IDBI BANK’S TURNAROUND he financial year 2020-21 was a milestone year for the Bank as it was back in the black by posting a Net Profit of Rs. 1,359 crore in FY21 after a gap of five consecutive financial years where it reported net losses. Given the unprecedented challenges faced by the Bank, due to the outbreak of the COVID19 pandemic, it was indeed a momentous achievement brought about by the vision of its leadership team as well as the untiring efforts and commitment of its entire workforce. The improvement in the Bank’s financial health in FY 2020-21 also saw the RBI taking it out of the purview of the Prompt Corrective Action (PCA) framework in March 2021. The Bank’s turnaround is a proof of its collective dedication and determination to succeed despite a challenging business and operational environment. Recognising that banks play an essential role in being an enabler for achieving life goals and for being a source of strength in difficult times, the Bank took appropriate initiatives after the outbreak to ensure availability of banking services to all its customers in a seamless manner while ensuring that all COVID-19 mandated protocols were strictly adhered to. The Bank responded quickly and effectively to the demands of the pandemic by ensuring uninterrupted banking services, providing financial relief to the households, ensuring flow of working capital and credit to business and supporting the delivery of the policy measures announced by the Government of India (GoI) and the Reserve Bank of India (RBI) from time to time to the intended beneficiaries. Even as the Bank continued on its intended business strategy by adopting a riskcalibrated approach to lend stability and profitability to its growth, it remained cognizant of the challenges and uncertainties brought to the forefront by the pandemic. Staying true to its envisaged strategic positioning as a retail-focussed bank, the Bank persevered on ramping up its Retail, Agri and MSME (RAM) asset book. At the same time, the Bank continued to consciously limit its corporate exposure to bring about the diversified and granular asset mix. On the liability side, the Bank continued to take measures to boost the SEASONAL MAGAZINE

mechanism in order to closely monitor the onset of stress in the Bank’s portfolio and to prevent slippages in asset quality. Keeping in view the possibility of financial stress on its customers due to the COVID19 induced lockdown/ restrictions, the Bank has been closely monitoring the accounts of borrowers who have opted for the moratorium to ensure regular repayment and thus, avoid stress in the asset quality.

share of its low cost deposits base, i.e. CASA to the total deposit, while reducing reliance on bulk deposits. Tapping into the opportunities of synergy, the Bank continued to liaison with the Life Insurance Corporation of India (LIC) to derive benefits in terms of growth in its retail liability and asset book as well as to augment fee income. These strategic endeavours of the Bank were backed by introduction of new offerings as well as revamping the existing products/ services. Given the restrictions on movement due to the pandemic, the Bank ensured uninterrupted and seamless customer experience across alternate/ digital channels as also added new functionalities to enhance customer convenience. Recognising the need for addressing the asset quality concerns in a sustained manner for securing a stable and profitable future growth path, the Bank intensified its efforts to maximise recovery and upgradation of its delinquent asset portfolio through legal and regulatory routes. To ensure a focussed approach to resolve the existing stress, the Bank set up dedicated teams to drive recovery in its corporate and retail portfolio. In order to mitigate the asset quality concerns going forward, the Bank also strengthened its credit monitoring

THE BANK’S TURNAROUND IS A PROOF OF ITS COLLECTIVE DEDICATION AND DETERMINATION TO SUCCEED DESPITE A CHALLENGING BUSINESS AND OPERATIONAL ENVIRONMENT.

The pandemic, which started over a year ago, has been a learning experience for everyone as it held the lesson that one must look for opportunities in every challenge. The Bank has not only realigned itself to the ‘new business normal’ but has also launched a number of innovative products and services, especially in the digital space, to cater to the emerging business and customer requirements in a safe and secure manner. On the business front, exiting from the RBI’s PCA framework has unlocked huge potential for the Bank. This will enable the Bank to undertake a wide-range of banking activities, which will aid in further boosting its business performance. The Bank will continue to remain committed towards its strategic objective of positioning itself as a retailoriented bank with emphasis on augmenting the share of retail on both asset and liability sides. Further, the Bank will cautiously explore avenues to grow its corporate credit book, especially in the mid-sized units, in a risk-calibrated manner. Since the muted operating environment clouds the outlook for the lending activity, the Bank will also focus on maximising fee income by tapping into sale of third party products as well as rendering non-fund based services. At the same time, to boost the bottom-line, the Bank will take measures to minimize its operating expenses and increase productivity. To ensure a focussed approach towards these business objectives, the Bank has, over the years, taken steps to put in place an appropriate organisation structure to drive its strategic vision. Going forward, the success of the Bank’s strategy up till now has strengthened its resolve to conquer new horizons. Being cognisant of the elevated risks in the operating environment, the Bank will consciously take steps steps to remain strong and resilient in face of the challenges and be future-ready to tap the emerging opportunities.

SHOCKER Chandigarh (10.9 percentage points to 30.4%) Tamil Nadu (9.7 percentage points to 36%). C- section rates rose from 11.9% to 14.3% for public health facilities across the country. At the other end of the spectrum is Bihar, which has only 4% C-sections in public health facilities, indicating inability to provide critical care to prevent maternal and infant deaths.

50% OF DELIVERIES IN INDIAN PRIVATE HOSPITALS FOUND TO BE THROUGH CAESAREAN SURGERIES? One in two women in private hospitals undergo C-section, shows NFHS data. ccording to WHO, the ideal rate of C-section deliveries is between 10% and 15%. But one in two women who go to a private hospital undergoes a Caesarean section (C-section) to deliver a child, according to the latest National Family Health Survey (NFHS) data. The increasing trend in private medical facilities, which have seen a rise in such operations from 40.9% to 47.4%, has led to a jump in pan-India numbers with total C-sections increasing from 17.2% in 2014-2015 to 21.5% in 2019-2020, according to NFHS-5. This means that one in five women who go to any medical facility, private or public, undergoes a C-section. When medically justified, a caesarean section can effectively prevent maternal and perinatal mortality and morbidity. According to WHO, the ideal rate of Csections is between 10% and 15%. When the rates rise towards 10% across a population, the number of maternal and newborn deaths decreases. When the rate goes above 10%, there is no evidence that mortality rates improve. There are many States and Union

Territories where private hospitals conduct seven or eight out of 10 deliveries through C-section. These include West Bengal (82.7%), Jammu and Kashmir (82.1%), Tamil Nadu (81.5%), Andaman and Nicobar (79.2%) and Assam (70.6%). While many of these States have had a poor record in the past too, there are many others that have seen a big jump in such surgeries. These include Assam (17.3 percentage points increase to 70.6%), Odisha (17 percentage points 70.7%), Punjab (15.8 percentage points to 55.5%), Tamil Nadu (12.5 percentage points to 63.8%) and Karnataka (12.2 percentage points to 52.5%). As many as 26 States and UTs have shown a rise in surgeries in private hospitals. C-section deliveries have also increased in public hospitals, but this could partly be due to an increase in institutional deliveries in such facilities from 52.1% in 2014-2015 to 61.9% in 2019-2020. States with the biggest surge across public health facilities were Sikkim (12.3 percentage points to 30.4%), Punjab (12.1 percentage points to 29.9%), Goa (11.6 percentage points to 31.5%),

There are different factors at play for the rise in caesarean operations in private hospitals and in public hospitals, say experts. Women having babies at a later age, increase in in-vitro fertility and sedentary lifestyle of mothers are some of the reasons for the rise in these operations. "There are also caregiver and hospital factors. Doctors doing solo-practice and delivering 20-25 babies in a month can't stay awake in the night so they prefer to schedule an operation. As far as corporate hospitals are concerned, there is an emphasis on more numbers and doctors spending 20-30 days on 10 deliveries is frowned upon," says Dr Rinku Sengupta Dhar, Consultant and Head, Maternity Programs, Sitaram Bhartia Hospital. Public hospitals see a rise in C-sections because of poor doctor-patient ratio and concentration of high-risk pregnancies at one place with less doctors and less caregivers. Different interventions are needed for public and private hospitals as well as for different parts of the country, says Subashri Balakrishnan, member, Common Health- a coalition for maternal health and safe abortions. "C- section audits must be strictly enforced in public hospitals, whereas in private sector there is a need to check widespread commercialisation by regulating medical practices and costs. But there are also States with an unmet need for C- sections where they are needed to prevent maternal deaths and poor foetal outcomes. For example, Bihar has only 4% C-sections in public hospitals. Such States need an overall improvement in the health system such as more number of anesthetists and specialists, blood banks, etc." (Credit: The Hindu)

NUTRITION

WHY PAPAYA IS NOT THE BEST FRUIT FOR MANY Loaded with dietary fiber, vitamins and minerals, papaya is one of the most nutrient-dense fruits. The sweet and vibrant colour fruit, is now available at most times of the year. Have it ripe or add it raw in your salad, papayas can provide you with some amazing health benefits. Eating it regularly in the morning or between mealtime to curb untimely hunger can decrease the risk of heart disease, diabetes, cancer, lower blood pressure, and help you maintain a healthy weight. Even though papayas are extremely healthy, they might not be safe for consumption for all. People suffering from some specific conditions must avoid adding papaya to their diet.

Pregnant women

Eating healthy is important for the growth of the baby and the health of a pregnant woman. But papayas are one fruit that should be left out from this list. The sweet fruit contains latex that may trigger uterine contractions, leading to early labour. It contains papain which is mistaken by the body for prostaglandins, which is used artificially to induce labour. It may even weaken the membrane that supports the fetus. It mostly happens in the case of semi-ripe papaya.

People with irregular heartbeat

Eating papayas can reduce the risk of heart-related ailments, but if you are already suffering from the problem of irregular heartbeat, it is better to avoid papaya for good. A study suggests that papaya contains a small amount of cyanogenic glycosides, an amino acid that can produce hydrogen cyanide

in the human digestive system. Though the amount of compound produced is not harmful to health, excess of it can worsen the symptoms for those suffering from the problem of irregular heartbeat. It may also have the same effect on people suffering from hypothyroidism.

the problem of kidney stones can worsen the condition. Too much intake of vitamin C can lead to the formation of calcium oxalate kidney stones. It can even increase the size of the stone, making it harder to pass it through urine.

People with allergies

People with hypoglycemia

People diagnosed with latex allergy may also be allergic to papaya. That happens because papaya contains enzymes called chitinases. The enzyme can cause a cross-reaction between the latex and the food that contains them, leading to sneezing, breathing difficulty, coughing and watery eyes. Some people may even find the odour of ripe papaya unpleasant.

People with kidney stones Papaya contains an excessive amount of vitamin C. The nutrient is a rich antioxidant, but an excess intake of this nutrient by those already suffering from

Papaya is the preferred fruit for those suffering from diabetes as it helps to manage the blood sugar level. But it might not be a great option for those already suffering from the problem of low blood sugar or hypoglycemia. That's because the sweet-tasting fruit contains anti-hypoglycemic or glucose-lowering effects. It may take the blood glucose level to a dangerous level in people suffering from hypoglycemia, leading to problems like confusion, shakiness and a fast heartbeat. (Credit: ToI)

INVENTION

A WEEKLY DOSE OF RED LIGHT MIGHT IMPROVE AGING EYESIGHT! People given the low-cost therapy in the morning performed noticeably better on tests of their color vision. hree minutes of staring into a red light once a week may help our eyesight as we get older, new research this week suggests. Researchers in the UK found that volunteers given a weekly session with red light in the morning performed better on tests of their color vision. The findings are the latest to indicate that red light might be a cheap and easily accessible treatment for age-related declines in color vision.

who received the therapy were given it in the morning. Some also received it in the afternoon as part of a later experiment, and others acted as a control group. They were then evaluated on their color vision, based on tests of distinguishing color contrast, up to a week later.

practicability of the treatment, since a once-weekly staring session is easier to stick to than a daily regimen. But the team’s promising results are still based on very small sample sizes of healthy volunteers. Larger trials would be needed to confirm any benefits of red light therapy.

Overall, those who got the treatment in the morning showed a 17% improvement in their color vision on average, even a week later. Those who

Even the authors acknowledge that there are still many questions left to be answered. Some of their volunteers, for instance, had a significantly greater

got the treatment in the afternoon did not have any improvement, likely due to changes in how mitochondria reacts to light over the course of the day that the team’s past research has documented. The new study’s findings are published in Scientific Reports.

response to the treatment than others, even among those similarly aged, suggesting that there might be unique factors that predict how well the therapy works for any one person.

Last year, researchers from University College London published the results of a small human trial involving red light therapy. Healthy volunteers were asked to stare at a red light “torch” using their dominant eye for three minutes every day for two weeks. Tests afterwards found that people over the age of 40 improved on tests meant to measure how well they could see contrast between colors - a function of the retina’s cones. Lead author Glen Jeffery told Gizmodo at the time that the findings provided a proof-of-concept for their theory. Mitochondria are the part of the cell that produces most of its energy. But as we age, the retina’s mitochondria begin to break down faster than elsewhere, which is thought to contribute to the decline of our retina, particularly our cones, and the gradual loss of our ability to see color. “However, mitochondria absorb some forms of light, including deep red, and this recharges the battery, improving cell function—this works well in the retina because they have so many mitochondria. Hence we use this to improve vision,” explained Jeffrey. This new research of theirs wanted to test the possible limitations of their therapy. Instead of using the light every day, they scaled it back to once a week. And they opted for a lower-energy light as well. The same wavelength of deep red light (670 nanometers) was used. The study involved 24 people between the ages of 34 and 70, all with healthy vision. Most

“We demonstrate that one single exposure to long wave deep red light in the morning can significantly improve declining vision, which is a major health and wellbeing issue, affecting millions of people globally,” said Jeffrey in a statement from the University College London. The findings do support their earlier work, and they might improve the

“In the near future, a once a week threeminute exposure to deep red light could be done while making a coffee, or on the commute listening to a podcast, and such a simple addition could transform eye care and vision around the world,” Jeffrey said in the University College London release. Given its low cost (as little as $15 per device) and simplicity though, the team is excited about the potential of their therapy, should the research continue to pan out.

IN-FOCUS

5 REASONS WHY IRCTC CAN BE THE STOCK TO PLAY THE PANDEMIC REVIVAL As the pandemic wanes, investing brains are screening hundreds of stocks that could benefit from the nation opening up fully, with everything from beaten down hotel stocks to buzzing pharma stocks being considered. But Indian Railway Catering & Tourism Corporation (IRCTC) can be the dark horse in this regard, with its high growth, exceptional Return on Equity (RoE), zero debt and monopoly in online train ticketing and catering services. IRCTC’s Chairman & Managing Director, Rajni Hasija is a highly experienced officer with Indian Railways and IRCTC, having played pivotal roles in implementing its state-of-the-art online ticketing platform as well as in introducing its world-class luxury train, Maharaja’s Express. Here are 5 reasons why IRCTC can be the perfect stock to play the pandemic revival. SEASONAL MAGAZINE

IRCTC’s Growth

IRCTC has been growing its topline at a blistering pace. Before Covid hit the scene, the company had recorded a sales growth of nearly 28% in FY’19, and even in FY’20 when the last quarter was marred by the first wave, the ticketing major had a 22% rise in sales. Bottomline growth was even more momentous with FY’19 witnessing a nearly 41% spike in net profit and FY’20 recording a 71% jump. Despite the soaring profits, the market-friendly company didn’t go in for any kind of dilution, resulting in a similar spike in Earnings Per Share (EPS), which is what send the stock zooming past the roof, post its IPO and listing in FY’20. However, in FY’21, with train travel virtually coming to a stop twice, during the first and second waves, IRCTC’s topline and bottomline growth has been seriously impacted, and that is what makes it an excellent stock to play the post Covid revival theme now.

IRCTC’s Return on Equity Return on Equity (RoE), or Return on Net Worth (RoNW) as it is sometimes referred to, is a crucial return ratio to measure the potential returns possible to its shareholders. In simple terms, it is the returns by way of net profit made by the company in a year on its base of shareholders’ equity (sometimes called Net Worth) which in turn is the original equity plus each year’s accumulated profit. Many stock market pundits look for a Return on Equity of at least 20% for a stock to be considered investment worthy, and needless to stay most companies trading in India can’t manage this feat as each year’s profit growth has to be significantly higher as the base or denominator is added with the previous year’s profit too. But IRCTC’s Return on Equity has been a handsome 29% in FY’19 and an unbelievable 40% in FY’20. Companies with rising RoE are the stock market’s darlings as these are the companies that go on to be multibaggers. IRCTC’s RoE has moderated since then in FY’21 due to the Covid impact, but the market knows it can bounce back again as train travel normalizes again.

IRCTC’s Book Value & Debt Book Value Per Share (BVPS) is another metric where the ticketing company has been growing consistently. In FY’20, IRCTC grew its BVPS by 24% and even in a Covid-marred fiscal like FY’21, it could it grow its book value by over 10%. IRCTC now trades at around 29 times its book value (price-to-book or P/BV), which some may find expensive, but it is just a reflection of its high return ratios like RoE and another crucial factor, which is debt. Being an asset-light company that is excellently managed, financially, IRCTC has no debt on its books. Such companies enjoy a premium by way of market valuations, as its Enterprise Value (EV), is entirely made up of its Market Capitalization. IRCTC’s market cap is now Rs. 42,713 crore, which implies a TTM price-to-earnings (P/E) multiple of nearly 144 times, which can be deemed expensive, but is rational when it’s zero debt and high RoE are considered. SEASONAL MAGAZINE

IRCTC’s FCF & Dividends As of now, IRCTC’s dividend yield of 0.18% may not seem like much among country’s large dividend payers. But this can change soon due to two reasons. One is that IRCTC is a public sector company, and profitable PSUs in India generally tend to be high dividend payers. Secondly, the company had made significant positive cash flow in FY’20 and is expected to remain a firm with growing Free Cash Flows (FCF), post the Covid crisis due to its zero debt and asset light operations. It is such companies with growing FCF that are capable of giving out good dividends especially if there is such a policy in place. A recent case in point is BPCL, which has a dividend yield of over 17%. While IRCTC may not be able to give out such dividends, even a yield that falls in low single digits (1-4%) can’t be ruled out in the future. If that happens, it will be an additional attraction for the IRCTC stock to go up.

IRCTC’s Business & Diversifications IRCTC is the only entity authorized by its parent Indian Railways to online tickets, and is thus a virtual monopoly. It is also a fast growing monopoly as the percentage of online ticketing has been rising steadily during the past several years and has surpassed the 70% mark, and is the most profitable business for IRCTC due to its high operational leverage. It’s conventionally largest segment by revenue has however been its catering business, where also it is a near monopoly in the most important trains like the Rajdhani & Shatabdi, and the largest player

across most trains which have pantry cars or trainside vending, as well as railway stations. IRCTC’s largest base kitchens are massive operations of world-class standards that have won acclaim in international television channels, for its cleanliness, scale of operations, clockwork scheduling and Artificial Intelligence powered live monitoring. Also a major tourism operator in the country, IRCTC runs tourist trains for the masses like the highly popular ‘Bharat Darshan’, the globally award-winning Maharaja’s Express, and also conducts domestic & outbound air tourism packages. IRCTC is also a near monopoly in packaged drinking water in trains and is raking in hundreds of crores in revenues from its Rail Neer product for which it has multiple state-of-the-art plants across India. IRCTC has in recent years made many judicious diversifications into bus booking, air ticketing, running of budget hotels, running of special trains, and an innovative e-catering service that delivers branded food from private players to the correct seat or berth, through digital booking. Needless to say, as one of India’s most visited websites and most downloaded mobile apps, IRCTC is perhaps one of the most popular consumer brands.

SEASONAL MAGAZINE

INNOVATION

THE PUNCH FROM TATA FELT AT TOKYO!

Suzuki is reportedly working on a Swift-based micro SUV to counter Tata Punch in India and other markets. While Maruti is expected to launch a facelift version of the popular hatchback Swift in India sometime next year, reports indicate that its Japanese promoter Suzuki is working on a micro SUV based on the hatchback too. Maruti has already launched the new generation Celerio in India this month. It is also going to drive in the new generation version of its popular offerings like the Swift, Baleno, Brezza and S-Cross to the markets soon. However, the largest carmaker in India may also look at entering the micro SUV segment in future if reports are to believed. According to a Japanese publication, Suzuki is working on a micro SUV which is likely to be based on the newgeneration Suzuki Swift hatchbatch. Suzuki is expected to launch the new model in Japan as Suzuki Swift Cross. However, the expected launch is still some time away, with a possibility of its global debut as late as 2024. In India, the new generation Suzuki Swift is all set to be launched next year. A sporty version, called Swift Sport, is also expected to hit the markets by 2023. If reports are true, Suzuki Swift Cross will compete with the likes of Tata Punch, which was launched in India last month. Maruti may bring it to India

to rival the Punch in a segment where it already has the Ignis. According to some other reports, Suzuki's plan to bring in the Swift Cross is to place a model between the Ignis and the subcompact SUV Vitara Brezza. The Ignis stands 3,700 mm in length while the Vitara Brezza stands at 3,995 mm in length.

MONEY HEIST HAS FOUND A PROMINENT PLACE IN POP CULTURE: AYUSHMANN Ahead of 'Money Heist' season finale premiere, Netflix dropped a video in which actor Ayushmann Khurrana paid homage to his favourite character, 'Professor' played by Alvaro Morte. Speaking about it, Ayushmann said, "I've become...huge fan of 'Money Heist' and it [has]...found a prominent place in pop culture." He added that he's disappointed as 'Money Heist' is coming to an end.

Some other reports claim that Suzuki may rebadge the Toyota Yaris Cross, available in global markets, as Swift Cross. The two Japanese carmakers have done this for several models in India, rebadging Brezza as Urban Cruiser and Baleno as Glanza. Maruti is also expected to drive in a rebadged Toyota RAV4 to India next year to counter the likes of Hyundai Creta and Kia Seltos. Suzuki's latest Heartect platform is likely to underpin the upcoming Swift Cross. Under the hood, it could get the turbocharged 1.4-litre engine, the same that powers the new generation Swift hatchback. The engine is capable of generating 129 bhp of maximum power and 235 Nm of peak torque. Suzuki is likely to offer higher ground clearance, skid plates and heavy plastic cladding to make it look like an SUV. Higher ground clearance will also help it against rivals like Tata Punch, which boasts of off-road like capabilities.

RONNIE SCREWVALA INVESTS $5 MN IN ONLINE-ONLY SCHOOL 21K SCHOOL 21K School, which claims to be India's first online-only school, has raised $5 million in pre-Series A funding from upGrad Co-founder and Chairperson Ronnie Screwvala. Founded in 2020, 21K School offers Indian, American and British programmes for children aged 3 to 18 years. "The future of education is here, and it's changing the way we think about schooling," Screwvala said.

SEASONAL MAGAZINE

BUSINESS

IN A WORLD RUNNING AFTER VALUATIONS, AN ENTREPRENEUR LIMITING HIS VALUATION Even while every company and startup out there are trying every trick in the trade to boost valuations, Zerodha, India's largest broker self-values itself at only $2 billion. Founder Nithin Kamath explains why the company is conservative in valuation.

zero strike price (no cost) and top of the liquidity preference. Every year the number of new ESOPs issued is greater than that of ESOPs bought back. ESOP buyback is optional and the company also has a loan scheme where its team can take loans at around bank Fixed Deposit rates against the vested ESOPs, Kamath added. "Our ESOP buyback is from the profits we carve out & not through external fundraising. This is so that everyone can focus on profitability which improves the odds of us being sustainable & resilient in the long run. The ESOPs will then truly be a retirement fund for everyone," he further explained. Now to the real reason behind his conservative stance when it comes to valuations. "I've been in the markets across multiple cycles to know that what happened last 18 months was an outlier. There is no easy money to be made in the markets in the long run. When the going gets tough, greed disappears and with that trading activity, volumes & inflated valuations," he further added.

Nithin Kamath, co-founder and CEO of discount brokerage firm Zerodha recently revealed the company's conservative approach to valuation. Kamath took to social media to explain why the company values itself at $2 billion. The Zerodha CEO, in a series of tweets explained the company's approach to valuation. "I keep getting asked why are we valuing ourselves at just $2 billion currently when smaller players are raising money at far higher valuations. Here is why we're conservative," Kamath wrote. He started by a backgrounder on Zerodha's ESOPs. "The only reason why we do a valuation exercise at Zerodha every year is for our ESOP buyback. We SEASONAL MAGAZINE

don't promise ESOPs for anyone on our team. Frankly, we never thought we were building something that could become so valuable. So we never thought of ESOPs. But around 2017 when the business started growing, we created an ESOP scheme to share the success," he said. Kamath further added that the company offers ESOPs to employees who have completed one year with the company. "This is to be sure if they are with us for the right reasons. We tell everyone to think of the ESOP scheme as their retirement fund which will compound over the long term if we do well working together as a business," he explained. He clarified that all ESOPs come with

The Zerodha CEO added that if the markets were to remain subdued for a few more weeks, activity for all capital market participants will be down by at least 30 per cent. "It doesn't matter even if the product is made in heaven. Our business is cyclical & highly correlated to the markets," he wrote. "We want ESOPs to be like a low volatility retirement fund because this would probably be a large chunk of the networth for many on the team. Valuation ups and downs can be mentally taxing," he further wrote, adding that since the company does not plan to raise external money, they thought that around 15 times that PAT was a fair value." This translates to a P/E of just 15 times and now the only thing to be known is whether Zerodha will continue to be conservative in valuations if and when it goes for its IPO! Separately, Nithin Kamath who is known

to speak his mind, said that 'buy now pay later' (BNPL) in stocks may not be good idea for retail investors. He said trading in such BNPL methods not only puts the investor at a greater risk of losing money but also increases the volatility in the market.

AMAZON ALLEGES $1.5 BILLION DIVERTED FROM FUTURE RETAIL Future Retail Ltd. had allegedly transfered Rs. 7000 crore in the year ended March 2020 as a capital advance to a company controlled by its founder Kishore Biyani.

In a series of tweets, Kamath highlighted the risks of margin fund trading and the practice of using stocks as security for a loan. The entrepreneur wrote that trading in such BNPL methods not only puts the investor at a greater risk of losing money but also increases the volatility in the market. Kamath said that trading in shares with full money upfront allows investors to hold on to their investment for a longer run in case of a market dip. There’s no external pressure to liquidate investment which ultimately will add to the market’s volatility. Kamath lauded market regulator Security and Exchange Board of India (SEBI) and new age stock brokers for not bringing schemes promoting margin trading. He, however, also shared a concern that if one broker starts offering the BNPL option, others will be forced to follow due to the competition in the segment. “Using this as a hook to generate revenue will not be right for the customers,” he wrote. He hoped that broking business like others doesn’t morph into a lending business to recover the very high cost of acquiring a customer. Kamath’s advice for retail investors came on a day when the Indian stock market recorded its sharpest dip in months. Equity index Sensex fell 1,170 pints due to the loss in shares like Reliance Industries, Kotak Bank, Bajaj Finance and others. Sensex closed at 58,465 points after recording a 1.96 per cent fall. NSE Nifty also recorded a similar trend and closed at 17,416.55 points after recording 348.25 points of a 1.96 per cent dip. Kamath along with his brother Nikhil is the richest self-made Indian billionaire under the age of 40 with a wealth of around Rs 24,000 crores. the duo founded Zerodha back in 2010 and a decade later, the company became a unicorn with a self-assessed valuation of over $1 billion.

Amazon.com Inc., which is trying to block Reliance from taking over the struggling retail chain, fired a fresh salvo by alleging that money from the local firm was possibly diverted to other companies. Future Retail Ltd. allegedly transfered 7000 crore rupees ($939 million) in the year ended March 2020 as a capital advance to a company controlled by its founder Kishore Biyani and as payment for goods and services purchased from the related firm, Amazon said in a letter seen by Bloomberg News. Future Retail also allegedly created unusual rental security deposits and made advances to suppliers worth a total 43 billion rupees the same year, even as business slumped and it was shutting stores, Amazon said. "Significant amounts may have been diverted from Future Retail," Amazon said. By unwinding at least part of these transactions, Future Retail can "immediately partially repay outstanding debt owed to banks and creditors to ensure business continuity and survival," it added. However, according to Future Retail, the transactions were part of the public disclosures made by the company as part of standard governance practices, and that there is nothing new that is being brought to the notice, except for false speculations being created out of

selective excerpts. The US giant marked a copy of its letter to the finance minister, central bank governor, capital markets regulator and other authorities, seeking an investigation. A probe would risk delaying the planned takeover of Future Retail by Mukesh Ambani's Reliance Industries Ltd., making it harder for the tycoon to increase his footprint. Ambani and Amazon are locked in a battle for dominance of the world's biggest market that's open to foreign competition, with the tussle playing out in courts in India and abroad, as well as across the country's regulators. The letter, dated Nov. 24, comes as India's antitrust authority is hearing a petition from Future Retail to revoke regulatory approval of a 2019 deal between one of its group companies and an Amazon unit, saying the American retailer lied to the regulator. Amazon says Future Retail's plan to sell its stores to Reliance - Amazon's rival - violates the 2019 partnership contract, while the indebted Indian group says it would collapse if the transaction fails. In a related development, India's Enforcement Direcotrate (ED) has issued summons to Amazon's and Future Retail's chief executives in India in connection with a probe on financial irregularities in their deal. SEASONAL MAGAZINE

FITNESS

REGULAR EXERCISE CAN PROTECT AGAINST MEMORY LOSS, AND FIGHT THE MAJOR KILLER, ALZHEIMER'S DISEASE Alzheimer's disease, a leading form of dementia or memory loss, is a progressive neurological disorder that can lead to brain shrinkage also known as atrophy and gradually can also lead to the death of these brain cells. It is a leading killer disease, next only to diabetes, hypertension, cardiovascular diseases & cancer.

According to a recent study, regular exercise and staying physically active can help to protect the structure and function of our brains as we age. This means it can reduce your chances of developing certain neurodegenerative conditions, such as Alzheimer's disease. The disease is not new and over the years researchers have known about the protective effect of exercise. However, the exact answer as to why Alzheimer's has this effect on the brain has remained a mystery. But the recently published study has some answers. Alzheimer's disease is a progressive neurological disorder that can lead to brain shrinkage also known as atrophy and gradually can also lead to the death of these brain cells. Alzheimer's disease is one of the most common types of dementia. Dementia is a condition that leads to a continuous decline in thinking ability, behavioral and social skills that can affect an individual's ability to function properly and independently. Published

SEASONAL MAGAZINE

the

Journal

Neuroscience, the study findings say that physical activity alters the activity of the brain's immune cells, which lowers inflammation in the brain. Our brain is a very important organ of the body which consists of a class of special immune cells known as microglia. What are these microglia cells? According to the experts, these cells constantly survey the brain tissue for damage or infection and clear away debris or dying cells. They also help in the production of new neurons via a process which is known as neurogenesis, which is linked with learning and memory. How does exercise help these cells? In order to do their job, microglia needs to switch from their resting state to an activated state and exactly this is where exercise helps. In this latest study researchers have revealed for the first time a link between physical activity reduced microglial activation and better cognitive function in the human brain.

TALIBAN ASKS EUROPEAN UNION FOR HELP IN RUNNING AFGHAN AIRPORTS The Taliban asked the European Union for help in "maintaining operations" at the airports in Afghanistan, the EU said on Sunday. The request was made during two-day talks between the EU and the Taliban officials in Qatar. The talks were focused on the "worsening humanitarian situation in Afghanistan as winter is arriving", the EU added.

LIC GETS RBI NOD TO INCREASE STAKE IN KOTAK MAHINDRA BANK TO 9.99% Kotak Mahindra Bank said the RBI has granted its approval to Life Insurance Corporation of India (LIC) to increase holding in the bank to up to 9.99%. The approval is valid for a period of one year, it added. LIC has 4.96% stake in the bank as of September 30 and is its fifth largest shareholder, according to Refinitiv data.

TELECOM WAR

BATTLE LINES DRAWN IN INDIA'S SATELLITE INTERNET SPACE, AIRTEL & US GIANTS WARD OFF ELON MUSK THREAT AirTel backed OneWeb, and US based Amazon, Hughes, Google, Microsoft, & Meta (Facebook) all have high ambitions on India's satellite internet space, and they have for now kept at bay a threat by Elon Musk promoted Starlink, and got its presale in India barred by the country's regulator DoT.

though availability is subject to "regulatory approvals" and would be fulfilled on a first-come, first-served basis. Musk's SpaceX bid for an initial India foray into the broadband from-space turf faced its first challenge in March when an industry body representing rival Bharti-backed OneWeb, Amazon, Hughes, Google, Microsoft and Facebook among others wrote to the Telecom Regulatory Authority of India (Trai) and the Indian Space Research Organisation (Isro) asking them to stop SpaceX from pre-selling the beta version of its service in India. The broadband association claimed that SpaceX did not have a valid licence or authorisation from the Indian government to offer such services in the country. The government directive comes at a time when the likes of Bharti-backed OneWeb, Musk's SpaceX, Jeff Bezosfounded Amazon and the Tata-Telesat combine are readying to enter India's nascent broadband-from-space segment, leveraging on their respective global lowearth orbit (LEO) satellite constellations. Both SpaceX and OneWeb plan to launch broadband from space services next year.

Elon Musk-owned SpaceX has been barred from accepting pre-orders for its upcoming satellite broadband services in India. The communications ministry said that the tech billionaire's broadband from-space venture is not a licensee in India and issued a public advisory asking Indian citizens not to subscribe to its Starlink satellite internet service. Musk's SpaceX has been accepting preorders for the beta version of the service for a fully refundable deposit of $99 (around Rs. 7,400). "The Department of Telecommunications (DoT) has pointed out that Starlink Internet Services is not licensed to offer satellite-based internet services in India being advertised to the public... the government, (accordingly), has asked the company to comply with the Indian regulatory framework for rendering satellite-based communication services and refrain from booking/rendering such services in India with immediate effect," the ministry said in a statement. The ministry also categorically told In-

dian citizens that Starlink was not an authorised licensee and advised them "not to subscribe" to Starlink's services. "It's hereby informed to the public at large that the said company (Starlink Internet) has not obtained any licence/ authorisation for rendering satellitebased internet services that are being booked on their website," DoT said. The company "needs the requisite licence(s) from DoT" for rendering satellite internet services in Indian territory, it added. The terse directive is a big jolt for Musk's satellite broadband ambitions in India. Starlink's India head Sanjay Bhargava said recently that pre-orders from India had already crossed 5,000. He had even encouraged potential customers to get added to the company's priority list by depositing $99 to avoid being waitlisted. Bhargava declined to comment on Starlink's response to the government order. According to the Starlink website, its satellite broadband services are being targeted for launch in India next year, al-

It was in September when Musk last publicly spoke about India plans for Starlink. While responding to a question on Twitter, the SpaceX founder said he is figuring out the regulatory process in India. "Just figuring out the regulatory approval process," he wrote. Starlink India director Sanjay Bhargava said last month announced on LinkedIn that the company has successfully registered its India subsidiary —Starlink Satellite Communications Private Limited. “Pleased to share that SpaceX now has a 100% owned subsidiary in India.” The company plans to roll out services across 200,000 active terminals in more than 160,000 districts by 2022. Musk had recently claimed that Starlink will have the capability to transfer data at the speed of light. At present, the Starlink network relies on a dish, satellites and ground stations. The company wants to get rid of these ground stations that have proved to be a hindrance for fast data transfers due to the long time they take to communicate with the satellites. SEASONAL MAGAZINE