OPINION, P10 WELL BEING ACROSS THE AISLE, P CHIDAMBARAM While it’s important to build healthy bones during your early years, you should take steps to maintain bone strength during your adulthood too Page 7 Reducing states to municipalities FE LINES Extravagance on the sea WHY BONE HEALTH MATTERS As the largest cruise ship sets sail, it is making news for many wrong reasons too Page 6 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL.NO.XIV SL.NO.54 ‘INDIAN ART MARKET GREW 250% IN 10 YEARS’ FINANCIAL EXPRESS ON SUNDAY 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 , C H E N N A I , SECTORAL DECLINE Crypto 10 2020 479.8 2022 188.7 Chinese short-form video app TikTok in June 2020 saw the birth of a series of similar domestic platforms such as Trell, Roposo, ShareChat’s Moj, Chingari, and VerSe’s The dirty picture Don’t rubbish the trash; how we must face our filth, says Wasteland PRIVATE SECTOR lender YES Bank on Saturday reported over 4x year-on-year rise in its net profit for the quarter ended December 2023 at `231 crore. The profit after tax for Q3FY24, however, was lower than a Bloomberg consensus estimate of `367 crore, reports Piyush Shukla in Mumbai. ■ PAGE 3 INDIA IN TALKS WITH 10 NATIONS FOR TRADE DEALS IN A BID to facilitate faster customs clearance for traders, India is currently negotiating Mutual Recognition Agreements (MRAs) with 10 countries, Central Board of Indirect Taxes and Customs (CBIC) chairman Sanjay Agarwal said while speaking at the 'International Customs Day 2024' in New Delhi on Saturday. ■ PAGE 3 N E W D E L H I , 2021 240 2022 70 2.6 2023 38.6 2020 360 4.1 24 2022 Total funding ($ m) Josh. All of them saw high investor interest. However, todaynone of them are a force to reckon with, having failed to fill the void created by Tik- 227 2.4 9 65.8 3 2021 29.1 3 2022 1 2023 0 THAILAND HAS ■ Besides meeting INVITED Indian automakers Tata Motors and Mahindra & Mahindra (M&M) to set up factories in the southeast Asian nation, as per a Thai government statement Saturday. Thai trade representative Nalinee Taveesin, who is also adviser to the prime minister of Thailand, had met executives from both the companies during a recent trip to India. Besides meeting commerce and industries minister commerce and industries minister Piyush Goyal, she was also hosted by FICCI Piyush Goyal earlier this week in New Delhi, she was also hosted by Federation of Indian Chambers of Commerce & Industry (FICCI) for a meeting,where opportunities in automobiles, electric vehicles (EV), defence, food and tourism were discussed. Nalinee said Tata Motors could use Thailand’s eastern economic corridor to set up 39 583.5 60 422.9 52 110.2 22 Source: Tracxn ity and Peak XV had put in $65.8 million into these companies at the peak of the funding boom in 2021, and then $29millionintheyearthatfol- TaMo, M&M invited to make in Thailand SWARAJ BAGGONKAR Mumbai, January 27 224.1 2020 No. of rounds Tok’s exit, with even investor interest dwindling. ProminentVCfirmssuchas Tiber Global, LightSpeed Venture,QatarInvestmentAuthor- ■ M&M has planned to send tractors to Thailand, may set up a plant there if sales targets are met execs from both companies during recent trip to India ment and user retention. While Trell and Roposo have pivoted largely towards a content-to-commerce business model, the rest are still trying to compete with giants such as Meta’s Instagram to capture the short-video market. To achieve profitability in such a scenario, Chingari had reportedly fired about 50% of its workforce late last year, while Moj’s parent Mohalla Tech’s losses jumped 38% to `4,000 crore in FY23. Short-form video apps Gaming ■ Nalinee said Tata Motors could use Thailand’s eastern economic corridor to set up export hub an export hub for its electric vehicles and batteries. Mahindra has planned to send tractors to Thailand and will consider setting up a plant there if its sales targets are met, Bloomberg quoted a statement from the government of Thailand. Hemant Sikka, president, farm equipment sector, M&M, said, "Thailand is an lowed,asperTracxndata.However, the companies failed to capitalise on the opportunity and are now struggling with rising costs,declining engage- Continued on Page 2 Cash market delivery ratio hits 6-year high important and strategic market for us. We are planning to launch our new light-weight tractor Oja in this market. As we develop this market and serve Thai farmers’ needs, we will review setting up of a plant ifvolumes justifyit after a fewyears.We have no immediate plans for a factory.” A Tata Motors company spokesperson declined to comment.Tata Motors,which is India’s largest electric vehicle manufacturer with a market share of over 70%, does not have any passenger vehicle manufacturing or assembly facility outside of the country. The company, which is doubling its product line-up to eight electric cars in the nextyearorso,has committed an investment of `15,000 crore in EVs till 2026-27. IN A SIGN THAT investors are putting their money for the long term, the percentage of delivery to the total turnover in the cash market reached a six-year high in 2023. Of the total turnover of `177 trillion recorded by the NSE in 2023, delivery took place for trades worth `45.6 trillion, which is 25.7%. The previous highest was 28.9% in 2017. Similarly, the BSE saw a 54.1% delivery ratio, with the previous high being 56% in 2017. Higher delivery bodes well for the markets as it means more serious and less speculative trading. Compiled by Siddhant Mishra & Kishor Kadam Continued on Page 2 Turnover on the BSE ● A SPRING IN THEIR STEPS Total (` trn) Delivery 16 % of delivery to total (RHS) 60 56 54.1 14 12 47.4 10 8 ANEES HUSSAIN Bengaluru, January 27 6 4 BINNYBANSAL, CO-FOUNDER of e-commerce giant Flipkart, has stepped down from the company's board after 16 years at the helm. His departure comes after a five-year non-competing clause included in the deal to sell his remaining stake in the company to Walmart in May 2018 came to an end. Bansal will now focus on his new e-commerce entrepreneurial venture, OppDoor, which aims to offer end-toend solutions to e-commerce platforms for international expansion and includes design, product, and human resource support. Continued on Page 2 P U N E 40.5 2014 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 2023 Turnover on the NSE (` trn 200 175 150 50 45 35 2 0 55 40 Total 29.6 Delivery 28.9 30 % of delivery to total (RHS) 25.7 31 18.4 27 125 100 75 50 Revellers march during a carnival to celebrate the departing winter and forthcoming spring in the village of Hamry in Czech Republic on Saturday. The carnival is part of a centuries-old tradition called the Shrovetide Procession which takes place in Eastern Bohemia near the end of winter and before Christian Lent 25 0 AP 177.6 45.6 YES BANK Q3 PAT JUMPS OVER 4X AT `231 CR M U M B A I , 7.4 NEWS Binny Bansal exits Flipkart to build OppDoor L U C K N O W , 3.5 IN THE K O L K A T A , ($ bn) 9 2023 0.3 ON TRACK ● Will evaluate demand, no plans ■ Thai trade representative for plant yet: M&M Nalinee Taveesin met ■ WORDS WORTH, P4 20 2021 2023 26.9 THE GOVERNMENT’S BAN on In a small tribal community of Rajasthan, known for female foeticide, it is ironically the women who are the bread winners Ed-tech 2020 28.1 2021 AYANTI BERA Bengaluru, January 27 Lore and livelihood K O C H I , Investor interest wanes in Covid-buoyed startups ● From gaming to ed-tech, many just a flash in the pan ■ SPOTLIGHT, P9 H Y D E R A B A D , 38.5 11.4 .4 P U B L I S H E D READ TO LEAD 12.4 SUNDAY, JANUARY 28, 2024, 20 Pages, `12 6.7 BENGALURU Interview with Jaya Asokan, director, India Art Fair Page 5 2014 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 2023 23 19 15 Source: BSE, NSE From pink vodka to citrus gin, Indian alco-bev market gets a new spirit ● Brands bank on colours, flavours to woo young drinkers KUNAL DOLEY New Delhi, January 27 WITH CONSUMERS INCREASINGLY seeking unique and vibrant drinking experiences, flavoured and coloured alcoholic beverages arewitnessing a surge in popularity in India. Witnessingtherisingdemand, homegrown liquor brands are also coming out with new products to cater to this small but growing category. Recently, Radico Khaitan, one of the oldest and the largest manufacturers of Indian Made Foreign Liquor (IMFL) in India, launched Magic Moments Remix Pink Vodka. Crafted with natural flavours of black mulberry, elderflowerand raspberry,the pink vodka is the latest addition to Magic Moments’elaborate lineup in the flavoured/ coloured vodka segment that already includes orange, green apple, lemon, lemongrass and ginger, raspberry, chocolate, grapefruit and watermelon, and cucumber and wild green lemon. Incidentally, in FY2016, the sales volume of flavoured vodka constituted 45% of Radico Khaitan’s total vodka sales. This figure has increased significantly to reach 65% in the current fiscal year. The category offers consumers new and unique experiences,attracting the young and urban LDA (legal drinking age) consumer willing to experi- FLAVOUR OF THE SEASON ■ In Nov, Radico Khaitan launched Magic Moments Remix Pink Vodka ■ A few months earlier, the firm launched Happiness in a Bottle—Joy of Pink variant in coloured gin category mentwith alcohol and chase new experiences.“This is typicallytheurban 25-40 years’ age group that has ■ In November, ■ In October 2022, John Distilleries launched the Malhar Citrus gin Piccadily Distilleries came out with Camikara 3 YO, a 100% pure cane juice rum seen theirparents enjoyclassic alcoholic beverages. Now that they have started drinking, theyare looking forsomething unique that they can identify with themselves,” said Vijay Kauthekar, executive vice president, sales (national), John Distilleries, an Indian alco-bev company that produces the popular Paul John single malt whisky. Its Fireball cinnamon flavoured whisky is the largest flavoured brand and is an internationalproductfromthe portfolio of the company’s partners Sazerac.“Apart from flavoured whisky, our gins are alsoinfusedwithflavoursfrom various natural botanicals,” said Kauthekar. For instance, while Roulette has clean Indian flavours,Malharcomes in two variants—Malhar Classic, a typical dry gin, and Malhar Citrus,a citrus variant. “Flavoured and coloured beverages have consistently remained in fashion, but they have experienced a noteworthy surge in popularity after the Covid-19 pandemic,” said Amar Sinha, chief operating officer of Radico Khaitan. Morerecently,inNovember, Piccadily Distilleries, an independent manufacturer and seller of malt spirits in India, launched Camikara 3Years Old (YO), a 100% pure cane juice rum,agedinAmericanoakbarrelsforthreeyears.Thisisunlike most Indian rums that are produced using molasses or grain ENA(extra neutral alcohol). Continued on Page 2 BENGALURU