<ul><li>The Indian <keyword id="6355302" type="General" weightage="20" keywordseo="rupee" source="Orion">rupee</keyword> is now headed for 83 and beyond against the US dollar amid heightened fears of further rate hikes due to stubborn inflation.</li><li>Rupee kicked off 2023 at 82.75 against the US dollar and appreciated to 80.98 by January 20, but has since then lost all the gains.</li><li>Weak domestic markets, rise in crude oil prices and worries of further rate hikes by the <keyword id="117388" type="General" weightage="80" keywordseo="us-fed" source="Orion">US Fed</keyword> to tame inflation could lead to rupee depreciating going forward.</li></ul>The Indian rupee is now headed for 83 and beyond against the US dollar as fears of further rate hikes persist following robust US economic data. While the rupee staged a recovery in January to appreciate to under 81 levels, it could not sustain the momentum. Rupee kicked off 2023 at 82.75 against the US dollar and appreciated to 80.98 by January 20, a level it had<a href="https://www.businessinsider.in/finance/news/rupee-breaches-80-level-against-usd-for-the-first-time-in-2-months/articleshow/97241273.cms"> touched in November last year</a>. The reversal in rupee happened on January 21, and it has since depreciated by 2.4% to 82.9, erasing all the gains it had made until then since the beginning of 2023. Robust<a href="https://www.businessinsider.in/policy/economy/news/the-us-started-2023-with-a-stunning-surprise-labor-market-boom-adding-517000-jobs-in-january/articleshow/97585249.cms"> US jobs data</a> and inflation<a href="https://www.businessinsider.in/policy/economy/news/inflation-stays-stubbornly-high-in-january/articleshow/97922961.cms"> persisting</a> above US Fed’s tolerance levels have also stoked fears of further rate hikes. While US Fed chair Jerome Powell<a href="https://markets.businessinsider.com/news/stocks/fed-chair-powell-mentioned-disinflation-15-times-giving-investors-hope-2023-2"> said</a> that disinflation is underway, he cautioned that further rate hikes are likely. Now, with economic activity in the US remaining robust, rate hike fears have risen. <cmsannotation type="cmsannotation" annotationid="83 and beyond the new target for rupee, say analysts" comment="subhead" text="83 and beyond the new target for rupee, say analysts">83 and beyond the new target for rupee, say analysts</cmsannotation> While the rupee touched the 83-level once in October last year, it recovered smartly. However, it could be headed there again, according to analysts. “Over the next one month, we could see USD-INR within a range of 82-83.5 on spot. Over three months, the range is 82-84.5 on spot,” Anindya Banerjee, vice president - currency derivatives &amp; interest rate derivatives at Kotak Securities, told Business Insider <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. Weak domestic markets, rise in crude oil prices and worries of further rate hikes by the US Fed to tame inflation could lead to rupee depreciating going forward. “We will continue to expect 82.50 to offer such support for upswings, which ideally aims for 83 and beyond,” said Anand James - Chief Market Strategist at Geojit Financial Services. <div type="image" title="Rupee USD 01_01_22 to 14_02_23." msid="97950494" hostid="261" sizebytes="20026" caption="&amp;lt;p&amp;gt;Rupee vs US dollar in the last 12 months&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="India’s love for cheap Russian oil making matters worse for rupee" comment="subhead" text="India’s love for cheap Russian oil making matters worse for rupee">India’s love for cheap Russian oil making matters worse for rupee</cmsannotation> To make matters worse for rupee, India’s rupee trade plan with Russia is fizzling out due to an increase in gap between exports and imports, caused by a spurt in India’s crude oil imports from Russia, according to a Bloomberg<a href="https://www.bloomberg.com/news/articles/2023-02-14/india-s-soaring-russian-oil-imports-render-rupee-trade-futile"> report</a>. Russian crude oil imports accounted for just 0.2% of all crude oil imports by India in FY22. Fast forward to November, Russian crude oil imports rose dramatically to nearly 23%. India’s trade deficit with Russia widened from $6 billion at the end of FY22 to $25 billion by November 2022, and Russian banks don’t want excess rupee piling up with them as a result, the report added. <cmsannotation type="cmsannotation" annotationid="Flurry of economic developments behind increased rupee volatility" comment="subhead" text="Flurry of economic developments behind increased rupee volatility">Flurry of economic developments behind increased rupee volatility</cmsannotation> Analysts added that the high volatility in rupee is due to a multitude of factors, ranging from anticipation of less rate hikes, intervention by the Reserve Bank of India, high foreign institutional investor (FII) outflows, Budget 2023 and the rate hike decision of the US Fed and<a href="https://www.businessinsider.in/finance/news/rbi-hikes-interest-rates-by-25-basis-points-to-6-5-says-core-inflation-remains-sticky/articleshow/97716217.cms"> the RBI</a>. “Rupee has been caught between diverging forces of the weak US Dollar Index and FPI outflow from India. Add to this the withdrawal of Adani FPO, causing USD-INR to swing from 80.87 to back towards 83 levels,” Banerjee said. However, analysts maintain that <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>’s intervention and corporate dollar selling in the first three weeks of January helped the rupee appreciate against the US dollar. “The major calmness in Indian rupee was due to the bunched up corporate dollar selling seen by major big-wig companies who took the opportunity of the mute market in the initial few days of the new year. RBI too kept a tight leash on rupee by intervening time and again,” Heena Naik, research analyst – currency, told Business Insider India. The weakness in rupee is also reflected in the real effective exchange rate (<keyword id="723100" type="General" weightage="80" keywordseo="reer" source="Orion">REER</keyword>), which fell from 100.96 in November to 97.45 in December in the 6-currency basket, according to RBI data. REER is a weighted average of a currency compared to a basket of other major currencies. An increase in REER means exports are becoming expensive and imports cheaper. A decrease in REER, on the other hand, means exports are becoming cheaper while imports are becoming expensive. <cmsannotation type="cmsannotation" annotationid="Large FPI outflows negate gains from a weak dollar index" comment="subhead" text="Large FPI outflows negate gains from a weak dollar index">Large FPI outflows negate gains from a weak dollar index</cmsannotation> In November last year, a weak dollar index was one of the drivers of rupee appreciation. However, also aiding the rupee back then were strong inflows from foreign portfolio investors (FPI), which amounted to ₹33,847 crore. However, fast forward to January, the scenario has changed drastically. Despite the dollar index falling 1.5% in 2023 so far, FPI outflows of ₹32,198 crore have negated the benefits of a weaker dollar index. “Rupee has depreciated in spite of the weakness in the US Dollar Index, due to the aggressive selling from FPIs,” Banerjee added. When FPIs pump money in India, they bring in US dollars and other foreign currencies, and when they pull out, they withdraw in US dollars and other foreign currencies. January also witnessed the<a href="https://www.businessinsider.in/stock-market/news/fpis-offload-equities-worth-28851-crore-in-january-in-financial-services-oil-gas-stocks/articleshow/97862620.cms"> largest FPI selling</a> in Indian equities since June last year, at ₹28,851 crore. Banerjee explained that the<a href="https://www.businessinsider.in/stock-market/news/gautam-adani-calls-off-adani-enterprises-fpo-after-28-crash-in-stock-price/articleshow/97534098.cms"> withdrawal of the Adani Enterprises follow-on public offer (FPO)</a> also played its part in weakening the rupee. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/hindenburg-effect-four-out-of-nine-adani-group-stocks-hit-lower-circuits-as-sell-off-continues/articleshow/97945852.cms">Hindenburg Effect: Four out of nine Adani group stocks hit lower circuits as sell-off continues</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-q3-net-loss-widens-to-7990-crore-average-revenue-per-user-edges-up-to-135/articleshow/97939836.cms">Vodafone Idea Q3 net loss widens to ₹7,990 crore, average revenue per user edges up to ₹135</a> <a href="https://www.businessinsider.in/stock-market/news/fpis-offload-equities-worth-28851-crore-in-january-in-financial-services-oil-gas-stocks/articleshow/97862620.cms">FPIs offload equities worth ₹28,851 crore in January – financial services, oil &amp; gas stocks account for 79% of it</a>

Rupee headed for 83 and beyond, as rate hike fears persist

Adani group stocks surge after MSCI delays its decision to May

<ul><li>About 32 asset management companies have exposure to the group companies through 406 mutual funds schemes, as on December 2022, shows Value Research data. </li><li>Active mutual fund managers are known to be largely staying away from <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Group stocks. </li><li>However, some of the group companies are part of the benchmark index, which brings exposure to Adani Group stocks by default as passive funds usually mimic the benchmark indices. </li><li><keyword id="118623" type="General" weightage="50" keywordseo="adani-enterprises" source="Orion">Adani Enterprises</keyword> and Adani Ports &amp; SEZ are part of the Nifty 50 index, while Adani Green Energy and Adani Transmission are components of the Nifty Next 50 index. </li></ul>The <a href="https://www.businessinsider.in/stock-market/news/hindenburg-effect-last-9-days-wipe-out-gains-clocked-by-adani-group-in-2022/articleshow/97572328.cms">rout in Gautam Adani led Adani Group</a> has stolen the limelight and induced volatility in the market with a rapid decline in the market capitalization of all the group companies. This has raised fear of the increased exposure of retail investor’s favorite mutual funds to Adani Group stocks. A Value Research report shows that 32 asset management companies have exposure to the group companies through 406 mutual funds schemes, as on December 2022. Nearly 3 crore investors put their hard earned money into the stock market through mutual funds. Sharp erosion of <a href="https://www.businessinsider.in/stock-market/news/hindenburg-effect-last-9-days-wipe-out-gains-clocked-by-adani-group-in-2022/articleshow/97572328.cms">₹11.17 lakh crore in market capitalisation</a> of nine listed Adani Group companies since January 24 have had a deep cut in market and will also impact performance of schemes having exposure to these companies. With this, <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>’s wealth in this period has also taken a hit, declining by $62.6 billion, taking him from the third to 21st place on Bloomberg Billionaires Index. Active mutual fund managers are known to be largely staying away from Adani Group stocks. However, some of the group companies are part of the benchmark index, which brings exposure to Adani Group stocks by default as passive funds usually mimic the benchmark index. Adani Enterprises and Adani Ports &amp; SEZ are part of the Nifty 50 index, while Adani Green Energy and Adani Transmission are components of the Nifty Next 50 index. SBI Mutual Fund has the highest exposure at ₹4,748 crore to the Adani Group companies in absolute terms followed by UTI MF - with ₹1,868 crore, and <keyword id="328855" type="General" weightage="50" keywordseo="kotak-mahindra-mf" source="Orion">Kotak Mahindra MF</keyword> - with ₹1,593 crore. Also, SBI MF is the top mutual fund house with assets of ₹7.12 lakh crore as on December 2022, as per the Association of Mutual Funds in India (AMFI) data. Here are the top 20 fund houses that have in terms of exposure to Adani Group companies: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mutual Fund Houses </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Size of assets </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">SBI MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹4,748 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">UTI MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,868 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,593 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nippon India MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,262 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">ICICI Prudential MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,203 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HDFC MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹761 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Quant MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹695 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;background-color:#ffffff;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla Sun Life MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹398 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tata MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹389 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">NJ MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹297 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DSP MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹241 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IDFC MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹206 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Edelweiss MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹174 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Axis MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹154 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mirae Asset MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹58 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HSBC MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹54 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Motilal Oswal MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹44 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">LIC MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹39 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sundaram MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹39 crore </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">PGIM MF </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹35.5 crore </td></tr></tbody></table> All the nine Adani Group stocks have been in <a href="https://www.businessinsider.in/stock-market/news/adani-stocks-59844-crore-market-capitalisation-wiped-out-today-in-morning-trading/articleshow/97638076.cms">deep red</a> since January 24 when the Hindenburg report was published alleging stock manipulation, accounting fraud and substantial debt among others. The report had sparked concerns about the group’s ability to repay loans and the exposure of Indian banks as well as the state-run insurer Life Insurance Corporation of India’s investment in Adani Group companies. The company’s withdrawal of its ₹20,000 crore follow-on-public offering (FPO) also did not go well with the market sentiment. In fact from today, stock exchange NSE has put Adani Enterprises, Adani Ports and SEZ and Ambuja Cements under short term additional surveillance measure (ASM). “After the Adani crisis broke out, the market has been on a twin track - crash in Adani stocks and stability in the rest of the market. The banking segment, which also came under pressure on fears of the crisis impacting banks, has recovered. The crisis is unlikely to pose any systemic risk to the Indian banking system. It appears that the Adani crisis’ impact on the market is slowly dying down,” said V K Vijayakumar, chief investment strategist at Geojit Financial Services. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/flagship-adani-enterprises-leads-rally-in-adani-group-shares-on-tuesday/articleshow/97682620.cms">Adani Enterprises leads rally as the group adds ₹46,079 crore in marketcap on Tuesday</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-transmission-reports-78-rise-in-q3-net-profit-to-475-crore-on-one-time-income/articleshow/97650165.cms">Adani Transmission reports 78% rise in Q3 net profit to ₹475 crore on one-time income</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-hit-25-upper-circuit-after-govt-agrees-to-convert-16133-cr-dues-into-equity/articleshow/97643006.cms">Vodafone Idea shares hit 25% upper circuit after govt agrees to convert ₹16,133 cr dues into equity</a>

Not just LIC, 32 mutual fund houses have exposure to Adani Group stocks

<ul><li>Telecom industry lobby Cellular Operators Association of India (COAI) has come up with a wishlist for the upcoming Budget 2023-24.</li><li>These demands include a temporary suspension of regulatory levies like Universal Service Obligation (<keyword id="221628" type="General" weightage="80" keywordseo="uso" source="Orion">USO</keyword>), in addition to tax relief.</li><li>COAI has also urged the government to exempt customs duty on import of telecom equipment to ensure a smooth rollout of 5G services in the country.</li></ul>With the Budget 2023-24 fast approaching, several sectors of the Indian economy have come up with a list of expectations from the government for their respective industries. The Cellular Operators Association of India (COAI) has come up with its wishlist for the telecom sector. Key among its demands are a reduction in regulatory payments of license fee and spectrum usage charges, besides a temporary suspension of regulatory levies like Universal Service Obligation (USO). “Telecom is one of the highly-regulated sectors in the country. Given the huge burden of taxes and regulatory levies on telecom operators, and the critical nature of the service to drive Digital India, a special benefit may be provided to telecom operators by way of exemption of GST on regulatory payments of license fee, spectrum usage charges and spectrum assigned under auction,” said <keyword id="3200319" type="General" weightage="50" keywordseo="sp-kochhar" source="Orion">SP Kochhar</keyword>, director general, COAI. COAI is the apex telecom lobby and counts Reliance <keyword id="2003276" type="General" weightage="80" keywordseo="jio" source="Orion">Jio</keyword>, Bharti Airtel and Vodafone Idea amongst its core members. Its associate members include Apple, Google, Facebook and Qualcomm’s Indian units. <cmsannotation type="cmsannotation" annotationid="Here are the key demands of COAI" comment="subhead" text="Here are the key demands of COAI">Here are the key demands of COAI</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Suspension, reduction of regulatory levies" comment="subhead" text="Suspension, reduction of regulatory levies">Suspension, reduction of regulatory levies</cmsannotation> Telecom companies currently have to pay 5% of the adjusted gross revenue (AGR) as Universal Service Obligation (USO) to the government. COAI wants this levy to be suspended till the existing USO fund is exhausted. It also wants the license fee to be reduced from 3% to 1%. The funds collected under USO are used to deliver affordable connectivity to remote areas like the Northeast India, the Andaman &amp; Nicobar Islands, and other rural areas of the country. For instance, the BharatNet project to provide affordable broadband services is run using the funds from the USO levy. <cmsannotation type="cmsannotation" annotationid="Clarification of services included in telecom activities" comment="subhead" text="Clarification of services included in telecom activities">Clarification of services included in telecom activities</cmsannotation> COAI has also asked the government to clarify the definition of telecom activities for the purpose of calculation of gross revenue. At present, the term “telecom activities” is not defined, and may include activities which are incidental or ancillary to the primary telecom services. The group wants the government to define telecom activities such that revenue from activities that do not require any license should not be included for the computation of gross revenue. <cmsannotation type="cmsannotation" annotationid="Special tax regime for telecom companies" comment="subhead" text="Special tax regime for telecom companies">Special tax regime for telecom companies</cmsannotation> COAI has also asked the government to extend the period for carry forward of business losses for the telecom sector from the existing 8 years to 16 years. Under the existing regime, any business losses that have been carried forward but not completely set off will lapse after eight assessment years. Further, under section 72A of the Income Tax Act, an amalgamated company can carry forward the losses of the amalgamating company provided it holds 75% of the book value of fixed assets of the amalgamating company for a period of 5 years. COAI wants these requirements to be relaxed to 50% of the book value of fixed assets, and the holding period reduced to 2-3 years. Further, the industry body wants the rate of tax deducted at source (TDS) under section 194H of the Income Tax Act to be reduced to 1% from the existing 5% for telecom distributors. <cmsannotation type="cmsannotation" annotationid="Exemption of customs duty on telecom equipment imports" comment="subhead" text="Exemption of customs duty on telecom equipment imports">Exemption of customs duty on telecom equipment imports</cmsannotation> The industry body also wants the government to exempt telecom equipment imports from basic customs duty of 20% to ensure smooth rollout of 5G services in the country. A basic customs duty of 20% is charged on import of IP radios, LTE products, optical transport equipment and other telecom equipment. Apart from this, COAI has also urged the Central Board of Indirect Taxes and Customs (CBIC) to direct its field officers to not charge customs duty on cable- laying vessels outside India’s territorial waters. CBIC had earlier issued a clarification that customs duties on such activities are not applicable, but COAI says that the board’s field units are still insisting on payment of duties on these activities. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/hul-q3-net-profit-rises-12-yoy-to-2505-crore-rural-slowdown-bottoming-out/articleshow/97138811.cms">HUL Q3 net profit rises 12% YoY to ₹2,505 crore – rural slowdown ‘bottoming out’, says company</a> <a href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-20000-crore-green-hydrogen-ambitions-and-debt-repayment/articleshow/97123733.cms">Adani Enterprises’ ₹20,000 crore FPO opens on January 27, will fuel its green hydrogen ambitions, repay debt</a> <a href="https://www.businessinsider.in/business/corporates/news/ril-q3-to-be-a-mixed-bag-muted-growth-in-o2c-robust-retail-and-jio-performance/articleshow/97094061.cms">RIL’s Q3 to be a mixed bag: Muted growth seen in O2C, robust performance projected for retail and Jio</a>

Budget 2023-24: Suspension of regulatory levies, removal of duty on imported equipment are telecom sector's key asks

<ul><li>Today is the third day to subscribe to footwear retailer <keyword id="6356415" type="General" weightage="20" keywordseo="metro" source="Orion">Metro</keyword> Brands.</li><li>The issue has received bidding for 50% of the shares up for sale.</li><li>The Rakesh Jhunjhunwala-backed company is looking to raise ₹1,367 crore.</li></ul>The initial public offering (IPO) of Rakesh Jhunjhunwala-backed Metro Brands has been subscribed 50% on the first two days of issue. The company’s shares will open for subscription today, December 14, for the last time. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><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 </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 (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;">Qualified Institutional Buyers (QIB) </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;">0.16 </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 (NII) </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;">0.17 </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 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;">0.87 </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;">Total </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;">0.52 </td></tr></tbody></table> Metro Brand — which is one of the largest Indian footwear specialty retailers in India — has set the price band of its shares at ₹485 to ₹500. The lot size has been set at 30 shares, costing ₹15,000 at upper price issue. Retail investors can buy upto 390 shares, 13 lots, for ₹1.95 lakh. The grey market premium (GMP), premium at which investors are comfortable buying the shares before it gets listed on a stock exchange, was at ₹34 on December 13. The company intends to raise ₹1,367 crore through this public issue, nearly ₹5 will be raised through fresh issue and the remaining ₹1,072 crore will be raised through offer for sale. The allotment status of Metro Brands’ IPO will be<a href="https://www.businessinsider.in/stock-market/news/metro-brands-ipo-opens-today-and-here-are-all-the-important-details-you-need-to-know/articleshow/88194908.cms"> announced on December 17</a> and the company is likely to list on the stock exchange on December 22. Metro Brands started in 1955 as a footwear specialty retailer in India. It operates 586 stores across 134 cities spread across 29 states and union territories in India. Some of Metro’s brands include Mochi, Walkway, Davinchi and J. Fontini, as well as certain third-party brands such as Crocs, Skechers, Clarks, Florsheim, and Fitflop. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/after-giving-up-on-90-minute-delivery-five-years-ago-due-to-lack-of-profitability-grofers-is-now-chasing-10-minute-delivery/articleshow/88253221.cms" data-type="tilCustomLink">After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a>

Today is the last day to subscribe to Metro Brands’ IPO — issue subscribed 50%

Zomato-backed online grocery delivery firm <keyword id="2466939" type="General" weightage="20" keywordseo="grofers" source="Orion">Grofers</keyword> has rebranded as <keyword id="12724311" type="General" weightage="20" keywordseo="blinkit" source="Orion">Blinkit</keyword> to indicate its focus on the quick commerce or 10-minute grocery delivery space. The rebranding comes months after the company launched an initiative to deliver groceries in 10 minutes or less. "We learnt a lot as Grofers, and all our learnings, our team, and our infrastructure is being repurposed to pivot to something with staggering product-market fit - quick commerce. Today, we are surging ahead as a new company, and we have a new mission statement - "instant commerce indistinguishable from magic". And we will no longer be doing this as Grofers - we will be doing it as Blinkit," Albinder Dhindsa, Co-founder and CEO of Grofers, said in a statement. Grofers had recently attained unicorn status or $1 billion in valuation, after raising over $120 million from food aggregator <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword> Ltd. "We need people who can think like founders (and not like employees). If you are reading this, and you want to join a company which will trust you and empower you to change the world in 10 minutes," Dhindsa added. Grofers has witnessed a sharp surge in its popularity in the past year as several Indian states enforced strict lockdown restrictions to contain the spread of the virus. Meanwhile, online food delivery platform Swiggy recently said that it will invest $700 million in its express grocery delivery service Instamart as it looks to double down on non-food delivery categories. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms" data-type="tilCustomLink">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms" style="">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a> <a href="https://www.businessinsider.in/stock-market/news/tega-industries-vedanta-spicejet-and-other-top-stocks-to-watch-out-for-on-december-13/slidelist/88247469.cms" style="text-decoration-line: line-through;"></a><a href="https://www.businessinsider.in/stock-market/news/makemyindias-ipo-has-been-subscribed-six-times/articleshow/88209139.cms">It’s the last day to subscribe to MapmyIndia’s IPO, which is oversubscribed by six times</a>

Grofers puts on a new name, Blinkit, to show how the focus of its business is changing

Video meet app <keyword id="10296" type="General" weightage="20" keywordseo="zoom" source="Orion">Zoom</keyword> on Monday said it has funded 13 new apps as part of its $100 million Apps Funds, taking the total number of selected platforms to 25. The Zoom Apps Fund is a $100 million global venture to stimulate growth of Zoom apps, integrations and hardware. Portfolio companies receive an initial investment of $250,000 to $2.5 million to build solutions that will become core to how Zoom customers meet, communicate, and collaborate. "The Zoom developer ecosystem continues to be critical for innovating how Zoom users connect, collaborate, and get more done together," said Colin Born, Head of Zoom Ventures. "We're extremely proud to fund these partners so they can continue to develop high-quality solutions that meet the evolving needs of Zoom users around the world," he said in a statement. The second batch of investments features 13 companies which are building solutions for collaboration and productivity, DE&amp;I (diversity, equity and inclusion) and PeopleOps, gaming and entertainment, health and wellness, and meeting intelligence and sales enablement. Allo is one such collaborative whiteboard app built for remote and hybrid teams while Filo.co powers collaborative virtual meetings and events. Grain is the easiest way to record, transcribe, and edit Zoom meeting videos while Mio is the leading chat interoperability solution. "Clovers is the intelligent interview platform that uses human and conversational intelligence to accelerate hiring, uncover bias and put the right people in the right role," the company said. In August, the Zoom Apps Fund selected more 12 companies as part of its first batch of investments in its developer ecosystem. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/after-giving-up-on-90-minute-delivery-five-years-ago-due-to-lack-of-profitability-grofers-is-now-chasing-10-minute-delivery/articleshow/88253221.cms" data-type="tilCustomLink">After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a>

Zoom says that it has invested in over 25 apps though its $100 million fund

<ul><li><keyword id="64373" type="General" weightage="20" keywordseo="shoppers-stop" source="Orion">Shoppers Stop</keyword> reported a consolidated revenue of ₹972 crore for the December quarter.</li><li>The Indian department store chain noted that their return to “profitability” comes with zero net debt.</li><li>Shoppers Stop’s sales have also grown by 34% in the festive season of October to December.</li></ul>Shoppers Stop’s stock went up 15% on Friday morning after the company reported a profit for the first time in 10 months. The company’s shares were trading at ₹417 at 9:49 a.m., on January 21. The Indian department store chain — which sells everything from apparel to cosmetics — reported a consolidated revenue of ₹972 crore for the December quarter (Q3 of fiscal year 2022). Its profit also went up to ₹77 crore from ₹25 crore loss in the same quarter a year ago. The company noted that their return to “profitability” comes with zero net debt. <div type="image" title="Shoppers Stop shares jump 15% after company reports its first profit in more than two years" msid="89033276" hostid="261"></div> "We are witnessing positive signs from a strategy that we initiated in the last 2 years. As the fashion and beauty retail is seeing encouraging early trends from the Wardrobe Reboot, we are rightly poised to capture the pent-up demand," Venu Nair, the managing director and chief executive (CEO) of Shoppers Stop, said. He also mentioned that the customer sentiment is positive due to the double vaccinations, fewer COVID-19 related restrictions and an overall improvement in safety protocols. Shoppers Stop’s sales have also grown by 34%, compared to last year, in the festive season of October to December. The average transaction value (ATV) — average amount that a consumer spends in a single transaction — increased by over ₹500 in the last one year. Meanwhile, the company’s average selling price (ASP) increased to nearly ₹1,500. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><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;">Metric </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;">Oct-December 2020 </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;">Oct-December 2021 </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;">Average Selling Price </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;">₹1,224 </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;">₹1,479 </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;">Average Transaction Value </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;">₹3,815 </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;">₹4,345 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Shoppers Stop earnings SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/reliance-industries-earnings-today-hul-icici-bank-and-vodafone-idea-also-in-focus-on-january-21/slidelist/89029988.cms">Reliance Industries earnings today; HUL, ICICI Bank and Vodafone Idea also in focus on January 21</a> <a href="https://www.businessinsider.in/india/news/india-reports-more-than-3-lakh-covid-19-cases-for-the-second-consecutive-day-703-deaths-in-last-24-hours/articleshow/89031198.cms">India reports more than 3 lakh COVID-19 cases for the second consecutive day, 703 deaths in last 24 hours</a> <a href="https://www.businessinsider.in/stock-market/news/last-day-to-subscribe-to-ags-transact-ipo-gmp-drops-to-10/articleshow/89026193.cms">Last day to subscribe to AGS Transact IPO, GMP drops to ₹10</a>

Shoppers Stop shares jump 15% after company reports its first profit in more than two years

The <keyword id="6354977" type="General" weightage="20" keywordseo="supreme-court" source="Orion">Supreme Court</keyword> on Monday sought reply from the Centre on a plea seeking social security benefits for <keyword id="7771650" type="General" weightage="20" keywordseo="gig-workers" source="Orion">gig workers</keyword> employed by online food delivery, taxi aggregators, courier applications such as <keyword id="6354720" type="General" weightage="20" keywordseo="ola" source="Orion">Ola</keyword>, <keyword id="1042120" type="General" weightage="20" keywordseo="uber" source="Orion">Uber</keyword>, <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="6358977" type="General" weightage="20" keywordseo="swiggy" source="Orion">Swiggy</keyword>, etc. Senior advocates Indira Jaising and Gayatri Singh argued for the petitioner, The Indian Federation of app-based Transport Workers (IFAT). It was argued that at present these workers are not being provided the benefit of social security under any of the labour legislations-organised or unorganised. The counsel for petitioners argued that they are seeking a declaration that gig workers were entitled to protection as unorganised workers. After hearing arguments in the matter, a bench headed by Justice L. Nageswara Rao issued notice on the petition. Jaising submitted the petitioner seeks a declaration that the drivers or delivery workers are actually workmen in the classical sense of the word, and emphasised that worldwide for Uber they have been considered as workers. During the hearing, the top court cited the new legislation Social Security Code 2020 passed by Parliament last year has a chapter on the welfare of gig workers. The counsel submitted that the gig workers under existing law, would fall under the unorganised worker. The plea, filed through advocate Nupur Kumar, said "The Respondents' companies herein have been claiming that there exists no contract of employment between them and the petitioners and that their relationship with the petitioners are in the nature of partnership. If such a claim were to be accepted, this would be inconsistent with the purpose of social-welfare legislations..." The plea contended that the respondent companies, which own the apps, exercise complete supervision and control over the manner and method of the work with those who are allowed to register on the said apps. "Denial of the social security to the "gig workers" and the "platform workers" is an affront to the workers' right to life and right against forced labour that are secured by Articles 14, 21 and 23 of the Constitution of India", added the plea. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/after-giving-up-on-90-minute-delivery-five-years-ago-due-to-lack-of-profitability-grofers-is-now-chasing-10-minute-delivery/articleshow/88253221.cms" data-type="tilCustomLink">After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a>

Indian Supreme Court seeks Centre's reply on plea seeking benefits for gig workers of Zomato, Swiggy, Ola, Uber

<ul><li><keyword id="10131833" type="General" weightage="20" keywordseo="ultraviolette" source="Orion">Ultraviolette</keyword> has raised ₹112.5 crore (approximately $15 million) from TVS and Zoho Corporation, as per regulatory filings.</li><li>The company will use the latest Series C fund to launch its F77 high-performance electric motorcycle.</li><li>TVS had first invested in Ultraviolette back in 2017 and has been increasing its shareholding in the company since then.</li></ul>Indian multinational automotive company TVS and software-as-a-services (SaaS) giant Zoho Corp have announced their investment in electric two wheeler company <keyword id="6792726" type="General" weightage="20" keywordseo="ultraviolette-automotive" source="Orion">Ultraviolette Automotive</keyword>. According to Ministry of Corporate Affairs filings, Ultraviolette has raised ₹112.5 crore (approximately $15 million) from TVS and Zoho Corporation. Its valuation is estimated to be $200 million as per Inc42. The company has not officially confirmed the financial details of this transaction. The company will use the latest Series C fund to launch its F77 high-performance electric motorcycle, which is currently in the final stages of testing. It expects to launch the electric vehicle (EV) in the first half of 2022. The Bengaluru-based startup had first showcased the electric motorcycle in November 2019 and it has received over 50,000 booking requests so far. ‘’What impressed me most about Ultraviolette is their approach towards building the EV experience in the country -- one that is focused on high performance, disruptive design and technology, and superior user experience, all built and developed right here in India. There is no doubt that the future of mobility is electric, and innovation has to be at the forefront of product disruption,” Zoho Corporation’s founder and chief executive (CEO) Sridhar Vembu said. Ultraviolette Automotive was founded in 2016 by Narayan Subramaniam and Niraj Rajmohan. It develops sustainable mobility and energy infrastructure. The company has raised over $20 million to date from marquee investors like Speciale Invests, GoFrugal’s Kumar Vembu. TVS had first invested in Ultraviolette back in 2017 and has been increasing its shareholding in the company since then. Sudarshan Venu, Joint Managing Director at TVS Motor Company, said, “EVs are a huge focus area for us and we have invested in this area for over a decade. TVS is committed to developing exciting and aspirational products and we have always believed that EV development has to be ground-up for us to make that quantum leap into the global EV revolution.” SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/after-giving-up-on-90-minute-delivery-five-years-ago-due-to-lack-of-profitability-grofers-is-now-chasing-10-minute-delivery/articleshow/88253221.cms" data-type="tilCustomLink">After giving up on 90-minute delivery five years ago due to lack of profitability, Grofers is now chasing 10-minute delivery</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a>

TVS Motor, Zoho invest in Ultraviolette ahead of its F77 electric motorcycle launch

<ul><li><keyword id="2466939" type="General" weightage="20" keywordseo="grofers" source="Orion">Grofers</keyword> has decided to rebrand itself to <keyword id="12724311" type="General" weightage="20" keywordseo="blinkit" source="Orion">Blinkit</keyword>, a few months after launching 10 mins delivery.</li><li>This is the third pivot grofers has carried out in the last five years.</li><li>The company had earlier shifted its focus from a marketplace model to an inventory one.</li></ul>Zomato-backed groceries delivery startup Grofers has decided to rebrand itself to Blinkit as it aims to gain more prominence in India’s emerging quick commerce segment. The development comes only a few months after Grofers announced its entry into the 10-minute grocery delivery space. The company — which had earlier decided to move out of its 90-minute delivery option five years ago — now believes that “instant commerce is indistinguishable from magic”. This has to say a lot about how the Indian ecommerce space has developed in the last few years. Grofers made its first pivot in 2016, when it decided to move from a marketplace model to an inventory one as it was taking a toll on customer experience. This was also the time when the company decided to do away with its 90-minute delivery concept because it did not see any path of profitability in that business model. The company’s founder and chief executive officer Albinder Dhindsa, in an interview with Entrackr<a href="https://entrackr.com/2017/12/grofers-painful-pivot/"> a year later</a>, highlighted, “We didn’t see a path of profitability with the 90 minutes delivery concept. It was causing significant burns and gradually we figured out that unit economics can’t be worked out with it.” <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><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;">Year </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;">Development </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;">2013 </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;">Albinder Dhindsa and Saurabh Kumar launches Grofers </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;">2016 </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;">Shifts from marketplace to inventory-led business, scraps 90-minute delivery concept </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;">2021 </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;">Launches 10-minute delivery option, rebrands to Blinkit </td></tr></tbody><tbody></tbody></table> Dhindsa, in a <a href="https://blinkit.in/blog/grofers-blinkit">blog post</a> announcing the rebranding, said, “We learnt a lot as Grofers, and all our learnings, our team, and our infrastructure is being repurposed to pivot to something with staggering product-market fit – quick commerce.” Currently, players like Flipkart and Swiggy are also experimenting with faster delivery options by developing their infrastructure. Meanwhile, Reliance Industries and Tata Digital are reportedly chasing delivery app Dunzo to further enhance their offerings such as JioMart and BigBasket, respectively. Zepto — a quick commerce player founded six months ago by two 19-year-old Stanford dropouts — raised $60 million, at a valuation of $250 million. The company is now in talk to raise capital at a valuation of $500 million. SEE ALSO <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms" style="">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms" style="">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a> <a href="https://www.businessinsider.in/stock-market/news/makemyindias-ipo-has-been-subscribed-six-times/articleshow/88209139.cms" style="">It’s the last day to subscribe to MapmyIndia’s IPO, which is oversubscribed by six times</a>

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