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Top of the Morning ☕: Will Kotak take legal action against BharatPe’s Grover?

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Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 1
Monday, 10 Jan 2022
Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 2

Good morning!

Hope you had a good and safe weekend. There’s good news from the Indian startup camp. Some of the larger companies are primed for another good year of funding although the spectacular run of 2021 will be hard to replay. Last year, India spawned 44 unicorns, or companies with a valuation of over a billion dollars. In 2022, there could be 22—still a sizeable number when compared to the 11 of 2020. If all goes well, the country may cross the magical 100 unicorns’ landmark over the next two years.

Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 3

Companies on the verge of turning unicorns include logistics startups such as ShipRocket and Porter.

Meanwhile, startup BharatPe’s founder Ashneer Grover is in the news for the wrong reasons. Scroll down. Also, keep an eye out for key data releases over the coming week. Inflation data for December is due. And the earnings season will kick off with the tech firms first in the queue.

Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 4   Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 5   Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 6   Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 7

The main stuff

December quarter may be skewed despite festive sales push

The ongoing economic recovery and festive sales are expected to power healthy corporate earnings in the December quarter, even as a broad-based recovery remains elusive. Analysts said that sectors such as metals, oil and gas, banking, financial services, insurance, and IT services would drive the earnings momentum. Staples and automobiles may lag, Nasrin Sultana reports. Read more.

Kotak plans legal action over BharatPe Grover’s viral clip

The dispute between BharatPe founder Ashneer Grover and Kotak Mahindra Bank over IPO financing escalated sharply, with the bank’s wealth management unit pledging to pursue legal action over Grover’s use of abusive language and threats. Kotak Wealth Management, represented by law firm Khaitan and Co., in response to Grover’s legal notice, said it reserves the right to pursue legal action for the threats to the lives of its employees. The contents of the legal communication also dispute Grover’s public denial of an abusive phone call, reports Jayshree P Upadhyay. Read more.

Amazon moves NCLAT after CCI revokes Future deal nod

Amazon Holdings NV has moved the National Company Law Appellate Tribunal (NCLAT) against the 17 December order of the Competition Commission of India (CCI). The CCI had revoked its approval for the e-commerce company’s deal with Future Coupons over alleged misrepresentation. India’s anti-trust watchdog had also fined Amazon ₹202 crore. Priyanka Gawande has the details. Read more.

The price rise battles as poll season nears (premium)

The Centre has taken several politically-tinged economic decisions in recent months. A key thrust area has been its efforts to manage perceptions regarding inflation in the minds of people. The prevailing stable petrol-diesel price policy is a case in point. Political reasons are also at the heart of why the interest rate on small savings schemes continues to hold steady, even in an environment where the interest rate on bank fixed deposits has come down dramatically, writes Vivek Kaul. Read more.

Behind public sector banks’ falling share in credit disbursal

The Reserve Bank of India’s Trend and Progress of Banking in India report for 2020-21 stated that the share of public sector banks in total advances has been declining for close to a decade now, while it has been improving for private banks. The lack of functional autonomy has been a major reason. Functional autonomy is possible only if government stake in public banks is brought below 49%. Also, there is work left to be done around the compensation structures of public sector CEOs, explain Jagadish Shettigar and Pooja Misra. Read more.

Ring lights set alight creator economy amid pandemic gloom

The ring light, a ring-shaped fluorescent light bulb or several small LED lights connected to form a circle, is stoking the creator economy— it provides uniform lighting, making anything look sharp and bright. There’s been a spike in the demand for these lights online and offline. Amazon India witnessed a surge in sales of ring lights in 2020, which went up by approximately 50% in 2021. At Flipkart, the demand for these lights more than doubled last year, writes Shephali Bhat. Read more.

e-paper
Elsewhere…

Global business news

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Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 23

Russian forces continued to pour into Kazakhstan on Sunday, deploying to help Kazakh authorities reassert control in the country’s biggest cities following days of sometimes violent protests against the country’s leadership. The Russian Defense Ministry said that it had prepared a contingent of more than 75 transport planes to allow for continuous deployment of troops into the country.

Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 23

For an entire year, Donald Trump has been banned from mainstream social-media outlets. For the tech companies and the former president, there have been benefits. The ban has been a rallying point among the former president’s supporters. And while his poll ratings remain more negative than positive, public opinion has improved significantly since he was removed from social media.

Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 23

Asymptomatic carriers may be tempted to keep their fitness resolutions. Medical professionals say that’s a bad idea. Testing positive for covid-19 means putting workouts on hold, even if you have zero or mild symptoms. The American College of Sports Medicine, for example, suggests low-risk patients should rest for at least 10 days after being diagnosed with covid-19. If asymptomatic, the rest should last seven days.

Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 26
Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 23

The threat posed by the Omicron variant has now come into sharper focus. Recent laboratory studies suggest that Omicron’s lower virulence may reflect its apparent tendency to thrive in cells in the upper respiratory tract rather than in the lungs, where covid-19 infections can cause potentially fatal breathing problems.

Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 23

US air-safety regulators have picked dozens of airports that would get buffer zones to help avoid expected flight disruptions once a new 5G wireless service goes live later this month. The FAA, which manages US civilian airspace, also has been preparing to issue flight restrictions to address concerns that the new 5G service could possibly interfere with aircraft safety systems.

News in numbers
402

The number of staff members of the Indian Parliament—29% of the total—who tested positive for covid-19 on Sunday.

20%

The percentage of scheduled flights that airlines Indigo expects to cancel due to the surge in covid cases. It is also waiving fees for changing flight bookings till 31 March.

₹23,000 crore
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The cost of building Vikrant, India’s first indigenous aircraft carrier. It commenced a third set of sea trials on Sunday and is expected to be inducted into the Navy by August.

₹3,202 crore

The amount foreign portfolio investors invested in Indian equities in the first week of January, following a net outflow in October-December 2021.

₹10,000 crore

The estimated turnover of Kolkata’s restaurants in a normal year. Fine dining sales have collapsed after 29 December 2021.

howindialives.com
Chart of the day
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Three of the five states gearing up for Assembly elections in the coming months trail the rest of the country in terms of covid-19 vaccinations. Only one-third of the population has received both the vaccine doses in Uttar Pradesh, Punjab and Manipur, as against 46% for India, shows data analysed by Tanay Sukumar.

LOUNGE RECOMMENDS

Don’t Look Up

Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 32

Adam McKay returns with a climate crisis comedy, and it’s the supporting cast that pushes the comedy. Meryl Streep is the over-the-top President Orlean, whose commitment to the Oval Office is as sincere as her obsequious son Jason (Jonah Hill) serving as her chief of staff. He is the one with glib lines, the nonsensical ideas, a role Hill is ideally suited for. Blanchett and Mark Rylance submit to major prosthetics and make up transformation while Ariana Grande as Riley Bina has one comically bizarre song. Read more.

WHAT THE FACT

Dabba trading in 1800s

Top of the Morning ☕: Will Kotak take legal action against BharatPe's Grover? 34

In ‘dabba trading’, an operator illegally trades a stock outside of the stock exchanges and the settlement is in cash. The term comes from ‘bucketing’, popular in the US from the mid-1800s and one that vanished around the 1920s. Before the US Securities and Exchange Commission was formed, brokers set up bucket shops that allowed betting based on exchange prices of securities. The trading bids were collected in a bucket. Both brokers and clients saved on regulatory costs and taxes.

Contributed by katanaThebizdom

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Written and edited by Goutam Das. Produced by Nirmalya Dutta. Send in your feedback to newsletterskatanalivemint.com.

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