OPINION, P8 FE LINES WELL BEING It’s happy new year for some Tech to good health MAXIMUM COVERAGE Technology may have contributed to a sedentary lifestyle, but it can also aid your fitness journey Page 6 Why sunscreens are an effective way to save the skin from harmful rays and environmental changes, even during non-summer months Page 7 ACROSS THE AISLE, P CHIDAMBARAM LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL 17 NO. 5 ON THE RAMEN TRAIL FINANCIAL EXPRESS ON SUNDAY LUCKNOW SUNDAY, JANUARY 7, 2024, 24 Pages, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , WHAT'S INSIDE C H A N D I G A R H , Fighting for nature With climate change a pressing worry, and little action on the policy front, it is left to citizens to take charge. Meet a few of them who are tackling the challenges posed by environmental degradation ■ WORDS WORTH, P4 ‘Hindutva is good business and H-Pop stars know it’ Author Kunal Purohit talks about his book H-Pop: The Secretive World of Hindutva Pop Stars IN THE SHUBHANGI SHAH New Delhi, January 6 NEWS ISRO PUTS ADITYA-L1 IN FINAL ORBIT INDIA'S FIRST solar mission craft Aditya L1 on Saturday reached its destination, the L1 point, about 1.5 million kilometres from Earth from where it will orbit the Sun and study our star's wonders, uninterrupted by eclipses and occultations. Prime Minister Narendra Modi made the announcement on Isro's latest feat, which comes months after the success of Chandrayaan-3 where the space agency achieved the challenging soft landing of the craft on the lunar surface. The Lagrange point 1 (L1) of the Sun-Earth system is about 1% of the total distance between the Earth and the Sun. A satellite in a halo orbit around the L1 point has the major advantage of continuously viewing the Sun without any occultations /eclipses, Isro officials said. ■ PAGE 2 AVIATION REGULATOR DGCA on Saturday directed domestic airlines to immediately carry out inspection of emergency exits of all Boeing 737-8 Max planes in their fleet after Alaska Airlines grounded all of its Boeing 737-9 aircraft when a window and piece of fuselage on one such plane blew out in midair and forced an emergency landing in Portland, Oregon. "DGCA has directed all the Indian air operators to carry out a one-time inspection of the emergency exits immediately on all Boeing 737-8 Max aircraft currently operating as part of their fleet," the official said. Currently, Air India Express, SpiceJet and Akasa Air have Boeing 737-8 Max planes in their fleets. However, none of the Indian air operators have Boeing 737-9 Max yet, reports FE Bureau in New Delhi. ■ PAGE 20 H Y D E R A B A D , K O C H I , senior marketing lead at an MNC in Gurugram, was to travel to Mumbai for an international conference,hevisited a dermatologist to look his best.Theexpertrecommended Profhilo, a non-invasive skin treatment that focuses on skin re-modelling with the use of hyaluronic acid. “The results were visible within a week.My skin glowed and looked well-hydrated; my COSMETIC TREATMENTS ON THE RISE ■ Common skin treatments include chemical peeling, microdermabrasion facial, hydrating facials, anti-ageing facial, acupuncture facial, mesotherapy, microneedling tired face was shining. Not even once did I have to worry about my appearance during thewhole event,and myconfi- K O L K A T A , L U C K N O W , ■ Among those aged between 35 and 50 years, a key driver for cosmetic treatments is addressing signs of ageing ROHNIT PHORE dence doubled during my presentation,”he recalled. Sanket is part of a growing tribe of corporate workers More accountability for pharma firms CHANGES & WHY ● Govt notifies new quality control norms ■ Guidelines come against backdrop of deaths reported abroad from Indian drug use PRESS TRUST OF INDIA New Delhi, January 6 DGCA ISSUES ADVISORY ON BOEING 737-8 MAX PLANES READ TO LEAD THE UNION HEALTH ministry has notified the Revised Schedule M guidelines under whichpharmaceuticalcompanies will have to intimate the licensing authority about recallingadrugand alsoreport product defects, deterioration or faulty production. So far, there was no provision for informing the licensing authority about drug recall. Schedule M part of Drugs and Cosmetics Act 1940 deals with ‘Good Manufacturing Practices’ to be followed by pharmaceutical manufacturing units in the country. The new guidelines issued on December 28 state the manufacturer must be responsible for the quality of ■ Pharma cos to report recalls, defects, adverse effects ■ Cos to ■ Release of finished product conditional upon satisfactory tests ensure production of globally acceptable quality of drugs, especially to those of WHO standards the products so that “they are fit for their intended use, comply with the requirements of the licence and do not place patients at risk due to inadequate safety, quality or efficacy”. These guidelines come against the backdrop of complaints of sub-standard Indian drugs and subsequent deaths abroad from their use since 2022. The amended guidelines stress the need for stability testing of drug substances in accordance with recommended climate conditions with an aim to upgrade MSMEs on a par with global standards, especially to those of WHO, and ensure production of globally acceptable quality of drugs. It also specifies that release of the finished product is conditional upon satisfactory results of these tests. "The licensing authorities shall be informed if a manufacturer is considering action following the faulty manufacture, product deterioration,a suspect product or any other serious quality problems with a product,”the new guidelines read. ■ Growing demand for products with hyaluronic acid, retinoids, glycolic acid opting for cosmetic lift-ups to look more ‘polished’ and feel more confident in their professional realms. VINFAST, VIETNAM’S LEADING File photo ofVinFast EV cars during a shipment to the US in Haiphong city, Vietnam andrapidlyexpandingEVmarket.This initiative forms a crucialpartofVinFast’s strategyto establish a strong presence in keymarketsand strengthenits 21% Source: Vahan While in the mass-market, diesel lost 13 percentage point share in four years, in the luxury space the drop was 44 percentage points. According to analysts, this shift started in April 2020 with the country moving to BS6 emission norms—com- Petrol 59% Diesel 79% 2023 supply chain for global expansion.TheestablishmentofVinFast’s integrated electric vehicle facility in Tamil Nadu is anticipated to generate ■ Shift started in 2020 with BS6 norms—complying with which required huge investments in diesel tech 35% Electric Diesel 2019 D E L H I , P U N E 6% plying with which required huge investments in diesel technologythat some carmakers were not ready to make. Forinstance,inApril 2020, Audi India and Volvo India moved from petrol+diesel strategy to fully petrol+electric, even though Mercedes- Benz and BMW continued with diesel. But in 2020,Audi andVolvowere marginal players— having just 14% market share. Both had together sold 3,054 cars, of the total luxury car market of about 21,000 units. In 2023, however, Audi sold 7,931 cars while Volvo COO of a fashion brand, too, underwent a cosmetic procedure—dermal fillers in her case, which plump up wrinkles and fine lines on the face. “I could see the results within three-four days. In my industry, people expect you to look presentable, and after this procedure I felt more integrated and confident in my professional environment,” she said. The focus is to enhance the skin’s appearance,with effects lasting six to 12 months. Continued on Page 2 NSE REGISTERED INVESTORS 19.7 (In million nos) FY15 21.7 FY16 24.7 FY17 27.5 FY18 19.7 FY19 31.0 FY20 40.0 FY21 59.4 FY22 *as on Nov 2023 72.7 FY23 83.5 FY24* Top 5 states (BSE) (In million nos) Maharashtra Top 5 states (NSE) (In million nos) 29.8 Maharashtra UP 16.1 UP Gujarat 14.9 14.6 Gujarat Rajasthan Madhya Pradesh All states 9.2 8.0 155.3 As on January 5, 2024 Karnataka West Bengal 8.7 7.5 4.7 4.7 All states 83.5 As on November 30, 2023 Continued on Page 2 SAJAN C KUMAR Chennai, January 6 electric vehicle (EV) manufacturer, has committed a total investment of up to $2 billion for an integrated electric vehicle facility in Tamil Nadu. The company inked an MoU with the Tamil Nadu government on the eve of Global Investor Meet (GIM), under which VinFast will invest $500 million for the first phase of the project, spanning five years from the commencement date. The plan aims to tap into growth opportunities in the world’s most populous nation “Previously, cosmetic treatments were predominantly embraced by fashion and beauty influencers and models. However, there has been a paradigm shift, and now even people from corporate backgrounds are turning to these treatments.This trend is driven by a desire to look presentable and confident in the professional sphere,” said Dr Chiranjiv Chhabra, chief dermatologist and medical director, Alive Wellness Clinics,New Delhi. Just like Sanket, 36-yearold Shefali (name changed), The total number of registered investors with the NSE stood at 83.5 million at the end of November 2023—a 15% growth sinceApril, the beginning of the financial year.Thanks to a surge in new investors from UP and Bihar, total new registrations from northern India surpassed western India. Maharashtra has the highest number of registered investors at 14.6 million, followed by UP at 8.7 million, Gujarat at 7.5 million, Karnataka (4.7 million) andWest Bengal (4.7 million). As for BSE, the total number of registered investors were 155.3 million as on January 5, 2024—registering a 27.5%YoYgrowth. Compiled by Siddhant Mishra & Kishor Kadam VinFast to invest $2 billion in TN LUXURY CAR SALES Petrol THE INDIAN LUXURY car market has shifted away from being predominantly diesel to petrol engine.According to data sourced from the government’s Vahan portal— which collates sale numbers from regional transport offices across the country (barring Telangana)—in 2019,as many as 79% luxury cars sold in India were powered by diesel engines and only 21% were petrol. However, in 2023, 59% luxury cars sold were powered by petrol engine, 35% by diesel and 6% were electric. The mass-market, on the contrary, was 30% diesel in 2019,which reduced to about 17% in 2023. N E W Investor base: Maharashtra on top, UP catching up approximately 3,000 employment opportunities locally. Located at Thoothukudi, theVinFastTamil Nadu project aims to evolve into a first-class electricvehicleproductionhub in the region, with an annual capacity of up to 1,50,000 units.Constructionoftheplant isanticipatedtobeginin2024. Tran Mai Hoa, deputy CEO ofsalesandmarketing,VinFast Global, said in a statement: “The MoU demonstrates VinFast's strong commitment to the sustainable development and vision of a zero-emission transportation future.” Continued on Page 2 Luxury cars shifting gears from diesel to petrol VIKRAM CHAUDHARY New Delhi, January 6 M U M B A I , Corporates getting boardroom ready with botox RECENTLY WHEN 34-YEAROLD Sanket (name changed),a ■ SPOTLIGHT, P10-11 C H E N N A I , Tracing the origins of the Japanese noodle broth and why it’s so popular Page 5 did 2,423 cars—and both together formed about 22% of the market.Their increased market share—and they don’t sell diesel cars—has led to the share of diesel cars in the luxury space hugely dropping. Now with the two biggest players—Mercedes-Benz and BMW—also increasingly focusing on petrol and electric, the share of diesel in the luxurysegment is expected to drop further. In the mass-market, however, the share of diesel is unlikely to drop further and will likely hover around the 16-17% mark, reason being some strong diesel models—Mahindra Scorpio and Bolero, Hyundai Creta, Toyota Fortuner, Kia Seltos and Carnival, and Tata Safari and Harrier. Although there is no official definition, cars sold by Mercedes-Benz, BMW, Audi, Jaguar Land Rover, Volvo, Porsche and Lexus are considered luxury in India. Of these, Audi,Volvo and Porsche don’t have diesel cars, while Lexus has just one diesel model. RED SEA CRISIS Shipping costs up 60%: Trade body report MUKESH JAGOTA New Delhi, January 6 PREDICTINGTHATTHE crisisin the Red Sea could be a prolonged one, with shipping costs going up by40-60%,and insurancepremiumsupby1520%, trade policy think tank Global Trade Research Initiative advised in a report releasedSaturdaythatthegovernment must step in with support to exporters. The delays through rerouting of ships has also led to an increase in time taken on seas by up to 20 days,GTRI said. The Baltic Index that tracks global shipping costs has soared 85% between December 29, 2023, and January 4. Apart from basic shipping costs the risk and peak season surcharges have also gone up. Though the total cost of shipping varies route to route, at some places it has gone up by five-six times. The attacks by drones and missiles on merchant vessels has seen shipping costs and time to deliver a cargo go through the roof,putting margins of exporters under severe pressure. The real problem is beingfacedbythosewhosecontractsalsoincludecostsofdelivering goods at buyers’ports. India’s exports to key markets located on the US east coast,Europeandeasternports ofLatinAmericaallusetheRed Sea route through Suez Canal. CHOPPY WATERS ■ Think tank GTRI advocates govt support to exporters Says insurance premiums up by 15-20% Up to 20 days delays in delivery “Offering financialsupport and insurance schemes to Indian companies affected by tradedisruptionscouldbeconsidered,” said GRTI’s cofounderAjay Srivastava. India has put four ships on high seas after a drone attack on Mangalore-bound chemical tanker MV Chem Pluto. The US has also put together a multinational force to secure shipping routes through the Suez. On Friday, the Indian Navy foiled a piracy attempt on a shipping vessel with 21 Indian crew. Continued on Page 2 Lucknow