<ul><li>The IPO of Nashik-based winemaker has been subscribed 0.59 times on the second day of the subscription process. </li><li>Sula Vineyards plans to raise ₹960 crore through a complete offer for sale by promoters and shareholders. The company will not receive any funds from the IPO. </li><li>The price band of the IPO is ₹340-357 per share. </li><li>Shares of the company are commanding a premium of ₹30 in the grey market. </li></ul>The initial public offering of wine producer and seller Sula Vineyards has been subscribed by 0.59 times on the second day of the IPO subscription process. The Nashik-based wine maker’s IPO received decent demand from retail investors as this portion was almost fully subscribed by 0.99 times. However, the institutional investor interest has been tepid since QIB received no subscription at all while that of non-institutional investors did not change much since the first day. NIIs portion was subscribed by 0.45 times. Along with Sula, two IPOs are currently open for subscription. While Landmark Cars which opened its IPO for subscription on Tuesday was subscribed 17% on day 1, DroneAcharya which is an SME IPO saw massive demand and was subscribed almost 23 times on the very first day of its IPO subscription process. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category of investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription status </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified institutional buyers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.00 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non institutional investors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.45 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.99 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Overall </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.59 times </td></tr></tbody></table> Source: BSE Sula plans to raise ₹960 crore through a complete offer for sale The winemaker plans to raise ₹960 crore through a complete offer for sale by promoters and shareholders. The company will not receive any funds from the IPO. The shares of the company are currently commanding a grey market premium, or GMP, of ₹30 per share, which came down from ₹70 earlier. <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-what-is-it-and-where-is-it-coming-from/articleshow/95454371.cms">GMP is the premium at which IPO shares are traded</a> in an unofficial market before they are listed on the stock exchanges. Sula Vineyards distributes wines under a bouquet of brands such as Sula, RASA, Dindori, The Source, Satori, Madera and Dia. Currently, it produces 56 different labels of wine at four owned and two leased production facilities located in Maharashtra and Karnataka. Its flagship facility is located in Nashik, Maharashtra. The company said in its draft red herring prospectus (DRHP) that it has consistently gained market share (on the basis of their total revenue from operations) from 33% in FY09 in 100% grapes wine category to 52.6% in FY21 in the Indian market. Its business is classified under two categories -- the production, distribution and import of wines and other from wine tourism venues, including vineyard resorts and tasting rooms. Presently, the majority of wine consumers are from the top urban centres with Mumbai, Bengaluru, Delhi NCR, Pune, and Hyderabad contributing more than 70% of the overall market. “Our strategy is to increase our focus on the under penetrated markets in major metros like Chennai and Kolkata, the tourist markets of Kerala, Rajasthan and Goa, and other tier-1 and 2 cities across India,” said Sula Vineyards in its DRHP. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/inflows-into-equity-mutual-funds-plunge-sharply-in-november-mfs-trim-holdings-in-icici-bank-hcl-tech-kotak-mahindra-bank/articleshow/96200043.cms">Inflows into equity mutual funds plunge sharply in November; MFs trim holdings in ICICI Bank, HCL Tech, Kotak Mahindra Bank</a> <a href="https://www.businessinsider.in/india/news/five-women-newsmakers-in-2022-in-india-droupadi-murmu-madhabi-puri-buch-samantha-ruth-prabhu-in-the-list/slidelist/96191677.cms">Droupadi Murmu, Madhabi Puri Buch, Samantha Ruth Prabhu and more: Five women newsmakers of 2022</a>

Sula Vineyards IPO subscribed 59% on day 2: QIB portion receives no bids

<ul><li>The developing <keyword id="21718" type="General" weightage="100" keywordseo="asia" source="Orion">Asia</keyword>'s economy will grow 4.2 per cent this year and 4.6 per cent next year, <keyword id="6355976" type="General" weightage="80" keywordseo="adb" source="Orion">ADB</keyword> said.</li><li>The Asian Development Bank (ADB) has lowered its economic growth forecasts for the developing Asia region, amid a worsened global outlook.</li><li>Growth in China is expected to slow in 2022 to 3 per cent against a 3.3 per cent expansion predicted in a September report.</li></ul> The Manila-based bank maintained the gross domestic product growth projections for <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> at 7 per cent this fiscal year and 7.2 per cent next fiscal year. The Bank also added even with the downgraded forecast, developing Asia will still do better than other regions globally, both in terms of growth and inflation. The developing Asia's economy will grow 4.2 per cent this year and 4.6 per cent next year, ADB said in a regular supplement to the <keyword id="1006845" type="General" weightage="50" keywordseo="asian-development-outlook" source="Orion">Asian Development Outlook</keyword> (<keyword id="199985" type="General" weightage="50" keywordseo="ado" source="Orion">ADO</keyword>) 2022, released on Wednesday. ADB estimated in September that the economy of the region would grow 4.3 per cent in 2022 and 4.9 per cent in 2023. Monetary policy tightening by central banks globally and in the region, the protracted Russian invasion of Ukraine, and recurring lockdowns in the People's Republic of China (PRC) are slowing down developing Asia's recovery from the Covid-19 pandemic, ADB said. Restrictions under the "zero-Covid" approach, along with a struggling property market, have led to another downgrade of the PRC's growth outlook. "Asia and the Pacific will continue to recover, but worsening global conditions mean that the region's momentum is losing some steam as we head into the new year," said ADB Chief Economist <keyword id="128536" type="General" weightage="50" keywordseo="albert-park" source="Orion">Albert Park</keyword>. "Governments will need to work together more closely to overcome the lingering challenges of Covid-19, combat the effects of high food and energy prices--especially on the poor and vulnerable--and ensure a sustainable, inclusive economic recovery." ADB lowered its forecast for inflation in the developing Asia and the Pacific this year to 4.4 per cent from 4.5 per cent. However, the bank raised its projection for next year to 4.2 per cent from 4 per cent, due to lingering inflationary pressures from energy and food. Growth in China, which is the largest economy in Asia, is expected to slow in 2022 to 3 per cent against a 3.3 per cent expansion predicted in a September report. The forecast for next year was cut to 4.3 per cent from 4.5 per cent, due to the global slowdown, according to the Bank. Gross domestic product growth projections for India were maintained at 7 per cent this fiscal year and 7.2 per cent next fiscal year, according to the ADB. Even with the downgraded forecasts, the ADB expects developing Asia will still do better than other regions globally, both in terms of growth and inflation. ADB's growth forecast for <keyword id="53564" type="General" weightage="20" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword> this year was raised to 5.5 per cent from 5.1 per cent, amid robust consumption and tourism recovery in Malaysia, the Philippines, Thailand, and Vietnam. Projections for next year, however, were lowered to 4.7 per cent from 5 per cent due to weakening global demand. The growth forecast for the <keyword id="15779915" type="General" weightage="50" keywordseo="caucasus-and-central-asia" source="Orion">Caucasus and Central Asia</keyword> this year was upgraded to 4.8 per cent from 3.9 per cent, while the projection for the Pacific was raised to 5.3 per cent from 4.7 per cent, due to a strong tourism recovery in Fiji. ADO is published every April, with an update in September and brief supplements published normally in July and December. Developing Asia refers to the bank's 46 developing members. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tata-motors-to-hike-prices-of-commercial-vehicles-by-up-to-2-from-january/articleshow/96193372.cms">Tata Motors to hike prices of commercial vehicles by up to 2% from January</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/not-good-for-govt-to-share-data-in-aggregated-form-g20-sherpa-amitabh-kant/articleshow/96192773.cms">'Not good' for govt to share data in aggregated form: G20 Sherpa Amitabh Kant</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/five-women-newsmakers-in-2022-in-india-droupadi-murmu-madhabi-puri-buch-samantha-ruth-prabhu-in-the-list/slidelist/96191677.cms">Droupadi Murmu, Madhabi Puri Buch, Samantha Ruth Prabhu and more: Five women newsmakers of 2022</a>

ADB trims economic growth forecast for developing Asia; retains India FY23 GDP growth at 7%

<ul><li>Inflows into equity mutual fund schemes tanked 76% in November to ₹2,258 crore as against ₹9,390 crore in October.</li><li>Meanwhile, debt schemes of mutual funds witnessed inflows of ₹3,668 crore during the month against outflows of ₹2,817 crore in the previous month.</li><li>In November, <keyword id="8196887" type="General" weightage="20" keywordseo="SIP-inflows" source="Orion">SIP inflows</keyword> were at an all-time high at ₹13,306 crore. This compared with ₹13,040 crore inflows in October.</li><li>Meanwhile, net assets under management (AUM) of the mutual fund industry stood at ₹40.37 lakh crore as on November 31, 2022.</li></ul><keyword id="15774953" type="General" weightage="20" keywordseo="Inflows-into-equity-mutual-funds" source="Orion">Inflows into equity mutual funds</keyword> plunged by 76% in the month of November as markets continued to be volatile on global uncertainty surrounding the pace of rate hikes by central banks across the US and Europe. Flows into equity mutual fund schemes tanked in November to ₹2,258 crore as against ₹9,390 crore in October, according to AMFI, the regulatory body for the mutual funds sector. Meanwhile, debt schemes of mutual funds, which are considered relatively safer, witnessed inflows of ₹3,668 crore during the month against outflows of ₹2,817 crore in the previous month. “Market continues to react to global headwinds. Rate hikes will continue to impact global markets but not for long, irrespective of that, (the) mutual fund industry has performed well. There have been outflows from the retail schemes as people are encashing profits,” said NS Venkatesh, chief executive at AMFI in a statement. He cited the festive season as the reason for people taking out profits. The net assets under management (AUM) of the mutual fund industry stood at ₹40.37 lakh crore as on November 31, 2022. On the bright side, SIP (systematic investment plan) inflows in November were at an all-time high at ₹13,306 crore. In October, the inflows were ₹13,040 crore. In November, mutual funds deployed ₹1,700 crore into the market while foreign institutional investors (FIIs) bought ₹34,900 crore in the Indian secondary market, said a report by Nuvama Institutional Equities (previously known as Edelweiss Institutional Equities). Key stocks that mutual funds bought in the month of November include HDFC Bank and Axis Bank. Meanwhile, mutual funds trimmed their holdings in ICICI Bank, HCL Technologies and Kotak Mahindra Bank, as per Nuvama. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key additions by MFs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key deductions by MFs </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Archean Chemicals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>(Source:Nuvama Institutional Equities) <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<blockquote class="stocktwits-embedded-post" data-origin="https://stocktwits.com" data-id="501113417"> $AXISBANK.NSE Breakout from previous swing high and retest of sameand moving up. Next tgt level to look for on shortterm is 972 (61.8% of previous upside fibo extensions) &mdash; (@DhwaniTA) <a href="https://stocktwits.com/DhwaniTA/message/501113417"> December 13, 2022</a></blockquote><script async src="https://stocktwits.com/min/widgets.js" charset="utf-8"></script>]]></cdata></div> While the market remains volatile, the primary market has been recovering since November –with the month witnessing the highest number of IPO launches for 2022 at nine. Among the nine IPOs, mutual funds’ largest investment was in specialty chemical company Archean Chemical Industries that listed at a 10% premium to its issue price of ₹407. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key additions in Midcap by MFs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key reductions in Midcap by MFs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key additions in Smallcap by MFs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key reductions in Smallcap by MFs </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhivery </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BHEL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Archean Chemical </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Praj Industries </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Max Financial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ramco Cements </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fusion Micro Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GE Shipping Co </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bikaji Foods International </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gujarat Gas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kaynes Technology </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UTI AMC </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PB Fintech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PVR </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fino Payments </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>(Source:Nuvama Institutional Equities) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/five-women-newsmakers-in-2022-in-india-droupadi-murmu-madhabi-puri-buch-samantha-ruth-prabhu-in-the-list/slidelist/96191677.cms">Droupadi Murmu, Madhabi Puri Buch, Samantha Ruth Prabhu and more: Five women newsmakers of 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/dalmia-bharat-to-acquire-cement-power-plants-of-jaiprakash-associates-for-5666-crore-enterprise-value/articleshow/96175228.cms">Dalmia Bharat to acquire cement, power plants of Jaiprakash Associates for ₹5,666 crore enterprise value</a>

Inflows into equity mutual funds plunge sharply in November; MFs trim holdings in ICICI Bank, HCL Tech, Kotak Mahindra Bank

<ul><li>After the Indian government imposed a ban on single-use plastic last week, conglomerates like Parle Agro, Dabur, Amul and Mother Dairy, are rushing to replace their plastic straws with paper options.</li><li>Many other companies and even consumers are looking for cheaper alternatives to plastic.</li><li>Sustainable ecommerce platform <keyword id="13180401" type="General" weightage="80" keywordseo="sustainkart" source="Orion">SustainKart</keyword>’s co-founder and CEO tells us what India is purchasing after the ban and how it will bring about changes in consumer behaviour.</li></ul>What goes around comes around, especially when it comes to plastics. Even a worn-out piece of cloth that we decide to throw, something as simple as a handkerchief, never really goes ‘away.’ It all ends up in a <a href="https://www.businessinsider.in/sustainability/news/sustainable-lifestyle-changes-are-the-need-of-the-hour-heres-how-you-can-take-baby-steps/articleshow/91978301.cms">landfill</a>. According to a PwC and Assocham <a href="https://www.businessinsider.in/sustainability/news/sustainable-lifestyle-changes-are-the-need-of-the-hour-heres-how-you-can-take-baby-steps/articleshow/91978301.cms">report</a>, landfills are brimming with so much urban waste that by 2050, India is reportedly going to need a landfill that's the size of its capital, New Delhi! So, to reduce India’s plastic usage, the government announced a ban on single-use plastic last week. The ban has led to an increase in demand for sustainable products. Cheaper sustainable options There are a lot of sustainable alternatives to plastic in the market, including cloth, natural fibres, paper, biodegradable cornstarch packaging, etc. However, unlike a plastic bag that Indian consumers would get for free from their vegetable vendors or retail stores, the cheapest cloth bag costs between ₹10-15. 50 pieces of paper straws are available for ₹68, on other hand, plastic straws could be easily found for ₹25 on e-commerce websites. Almost all sustainable alternatives currently cost a lot more than single-use plastics. Conglomerates like Parle Agro, Dabur, Amul and Mother Dairy, among others, are rushing to <a href="https://economictimes.indiatimes.com/industry/cons-products/fmcg/plastic-ban-companies-switch-to-paper-straws/articleshow/92600206.cms?from=mdr">replace </a>their plastic straws with paper options. As more brands switch from plastic to costlier sustainable alternatives, the added cost will be passed on to the consumers, making the goods we buy more expensive. “Due to the enormous consumption of plastic, the price points of plastic materials are very much cheaper than the other alternatives. Close to the plastic price point will be cornstarch. However, if the consumption of these alternative materials increases in the market, the prices will automatically reduce,” Kanthi Dutt, co-founder and CEO of SustainKart, a sustainable e-commerce platform, told Business Insider India. Sustainable bottles, toothbrushes and earbuds are selling like hot cakes SustainKart has witnessed a jump in demand for plastic bottle replacements. “Compared to May 2021, we are selling double the quantity of steel/copper bottles on SustainKart every month now,” Dutt said. Younger audiences and pet parents are leading India towards sustainable practices. They are also brushing up their gardening skills in the monsoon season. “Travel and wellness products such as toothbrushes, earbuds, steel straws, and skincare are high selling. Holistic nutrition and food is the second-largest selling category. Also, we believe that pet parents and young parents think of sustainability more strongly,” said Dutt. In the last six years, Dutt said, eco-friendly products have witnessed twice the demand in India. “Consumers have started to realise the impact of single-use plastic after reading about pollution-related news during Covid. The ban on single-use plastic will influence the growth in sales of eco-friendly products,” he said. The <a href="https://www.financialexpress.com/brandwagon/organic-growth/2231244/">clean </a>and green market is growing massively in India. SustainKart expects sustainable e-commerce to become a big business in India in a few years and is hoping to leverage its first mover advantage to capture a large share of this market. “Unlike ever before, we see numerous sustainable, clean and green DTC (direct-to-consumer) brands launching daily. We believe that the more the brands, the more the awareness and reach, and the easier it would be for us to capture a huge pie of the market size,” said Dutt. In the last six months, SustainKart has catered to over 1.7 lakh customers. It is drawing close to ₹2 crore as its monthly recurring revenue (MRR). Its last funding round valued SustainKart at $15.5 million. Samantha Ruth Prabhu, Indian actor, is an investor in the company.

Plastic ban will create demand for green alternatives and bring down prices

<ul><li>At <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword>, which had already held a big sale event after lockdown – End of Reason Sale in June, there were many learnings to note.</li><li><keyword id="3790335" type="PERSON" weightage="20" keywordseo="amar-nagaram">Amar Nagaram</keyword>, the CEO of Myntra, tells Business Insider about how the change in Indian consumers’ preferences after the lockdown.</li><li>Myntra’s Big Fashion Festival will be a 7-day long event (October 16–22). </li></ul>The pandemic and lockdown period has brought many learnings for all businesses, and e-commerce has undoubtedly been one of the sectors with the biggest takeaways. And at Myntra, which joins the leagues of Amazon, Flipkart this time around to hold a <keyword id="3741625" type="PERSON" weightage="20" keywordseo="festive-sale">festive sale</keyword> right before Diwali and Dussehra, the learnings have shaped the way they designed their next big sale event. Myntra, which had already held a big sale event after lockdown – End of Reason Sale in June, saw the consumers’ consumption patterns change in India. “In the last four-five months and us coming out of a complete lockdown, what we have learnt is that the core nature of fashion buying has changed in the country,” Amar Nagaram, CEO, Myntra told Business Insider. And Nagaram expects their sale volumes to be higher than the June sale. From Tier 2, 3 shopping habits to athleisure ranking high in demand – Here’s what changed Nagaram points out that more and more Tier 2,3 shoppers have come on board – and from there, it's those shoppers who always used to prefer shopping offline. These are the people whose spending capability could be the same as their counterparts in Tier 1 cities, but they depended only on travel, brands and offline retail for their shopping list. “What we have been doing in the last four months is ensuring that we don’t give them a reason to not come back,” he said. The categories working well are athleisure and casual wear, kidswear, beauty and wellness – across geographies. “In fact, during Rakshabandhan and Ganesh Chaturthi, for the first time in all these months we saw interest coming back for premium products. All of this put together is how we are shaping up for the festive sale,” said Nagaram. Myntra’s upcoming Big Fashion Festival will be a 7-day long event (October 16–22), Nagaram says they have put together 9 lakh styles, increased the total number of brands to 5,000, a big jump from 2,000 brands last year. “The categories we expect will do well during this sale are casual wear, winter wear, beauty and wellness and home furnishings and decor, because people finally got time to do their homes,” he said. Marketing for the masses Nagaram expects 50% of its orders to come from Tier 2 and 3 markets alone. And while Nagaram said that their marketing spend remains according to the plan pre-COVID-19, the way they spend their money has changed. There’s no more one national ad campaign but several regional ad campaigns targeted at the regional user. They brought on board brand ambassadors like Kiara Advani, Youtuber Bhuvan Bam and South actress Samantha Ruth Prabhu to reach out to the masses and have a wider brand appeal. Like every other company, Myntra too hopped on the IPL sponsorship bandwagon. Myntra’s logo is seen on the team jerseys of Royal Challengers Bangalore, Mumbai Indians and Chennai Super Kings. “IPL was the biggest event happening after lockdown and it was an opportunity we couldn’t miss as obviously the reach would be great,” he said. The competition will also be higher Almost every big sale event in the country – from Amazon, Flipkart to Myntra – has the same dates, and that means the consumer will get more choice, and the competition will be higher for all e-commerce platforms. It’s not just the online space; malls and offline retail stores that have taken a major hit during the lockdown will also look at attracting users back into their space. But Nagaram rests assured as “People are still scared of stepping out over concerns for safety and hygiene. What we are doing online is we have given consumers the selection at a sharp pricing and the experience that they might not find anywhere else. Consumers now have access to brands that they didn’t think was possible unless they travel to a different city,” he said. However, he also believes that it's no more about online vs offline anymore and the world today belongs to omnichannel retail. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-dips-after-earnings-report-analysts-believe-it-will-take-a-while-to-catch-up-to-tcs-and-hcl-technologies/articleshow/78654023.cms">Wipro’s share price dips by over 6% after earnings — analysts believe it will take a while to catch up to TCS and HCL Technologies</a> <a href="https://www.businessinsider.in/business/ecommerce/news/walmart-and-flipkart-invest-in-ninjacart-again-to-bump-up-its-grocery-offerings-ahead-of-the-festive-season/articleshow/78617012.cms">Walmart and Flipkart invest in Ninjacart again to bump up its grocery offerings ahead of the festive season</a>

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