1.  Sectorial Outlook ...2&3
 CurrentaffaironIndianEconomy…4
 Corporate Results&Insights…5
 Startup Watch … 6
 M & A Latest news & Recent
Developments …6
 Funding Deals of the week ... 7
 Introducing Peaceful Progress
(PP)… 8
 PP Portfolio… 9
WHATS INSIDE THIS
EDITION…?
Weekly Market Insights
THE INFO CIRCUIT
Issue 3
2023 – Week 8 This News Bulletin is a compilation of weekly important Business &
Regulatory updates published for the benefit of our Readers
A Weekly E-Newsletter Vol 4
*Due to NASDAQ being not operational on Feb 20th (as marked in grey) the values
are taken to the closest operational date

2. SECTORIAL OUTLOOK OF THE WEEK
PAGE NO 2
Sector Banking / Information Technology
Sector
Semiconductor manufacturing to start very soon in India: Alkesh Kumar Sharma,
the Secretary for Electronics and IT, has announced that India will soon begin
manufacturing semiconductors. The announcement followed concerns raised by state-
owned company Energy Efficiency Services Limited about a shortage of electronic chips
and printed circuit boards hindering domestic production of electric meters. Sharma
added that India will be one of the top partner countries in semiconductor manufacturing
and also highlighted a Smart Energy Meter suitable for Advanced Metering Infrastructure
that has been developed by C-DAC Thiruvananthapuram under the National Mission on
Power Electronics Technology program….Read more at Money Control
Tamil Nadu to create more space for the IT sector: The Electronics Corporation of
Tamil Nadu Limited (ELCOT) plans to make available over 6.15 lakh square feet of
space across the State, with over 2 lakh square feet in Chennai and the rest in Tier II
and Tier III cities. This aims to develop other cities and towns across Tamil Nadu and
create infrastructure where there is demand. Talks are also underway for a centre of
excellence for drones in a public-private partnership model. Umagine Chennai 2023, an
annual IT industry event, will focus on green mobility, future of digital, agrinext, climate
change, sustainability, healthcare, life sciences, and new frontiers….Read more at The
Hindu
Banks can see rise in bad loans from retail, small businesses: State Bank of India's
managing director has warned that Indian banks may see an increase in bad loans in
the retail and small business segments, despite a recent low in defaults. The gross NPA
ratio for small and medium-sized enterprises may rise to 10-11% by March 2023,
according to a report by the Associated Chambers of Commerce and Industry of India
and CRISIL Ratings. As of December 2022, Indian banks had around ₹19 lakh crore or
more than 14% of total loans as outstanding exposure to the MSME sector, according to
RBI data….Read more at Mint
Banks’ non-food credit grows 16.5%: The growth in non-food credit in the Indian
banking sector stood at 16.5% YoY for the fortnight ending February 10. Banks can
continue to grow balance sheets with extremely positive spreads, and the financial
sector can grow at 1.5-2.0 times the nominal growth. Expectations on terms and
conditions for loans also point to easing in successive quarters, and the RBI has so far
increased the repo rate by 250 basis points (bps) in the current rate cycle to 6.50%.
Banks' deposit growth stood at 10.2% YoY for the same period. However, there is scope
for improvement in deposit growth as it still lags behind loan growth. The RBI has
transmitted part of the repo rate increase to both deposit and credit rates, and the retail
loan rate has increased by 250 bps. With the rise in deposit rate, banks' deposits
continue to rise and are outpacing the credit growth since Q2FY23….Read more at
Financial Express

3. SECTORIAL OUTLOOK OF THE WEEK
PAGE NO 3
Sector Mining / Automotive
Sector
Mines ministry to map off-shore mineral blocks for polymetallic nodules: India's
Ministry of Mines plans to map offshore mineral blocks located 200 km from its
shorelines for mining of polymetallic nodules. The nodules contain nickel, cobalt,
manganese ore, and copper, which are used in the production of batteries for electric
vehicles. Allocation of mining blocks will only be through competitive bidding. The
Ministry aims to bring in private players for offshore mining, but mining of atomic
minerals will remain under state control. Amendments to the Offshore Area Mineral
(Development & Regulation) Act, 2002 will allow production leases to be granted to
private sector firms and state-controlled entities through the auction route, with a lease
period of 50 years….Read more at Business Line
Govt to auction 27 more coal mines starting February 27: The Indian coal ministry
has announced the sale of 27 coal mines in the next round of commercial auctions,
starting from February 27, 2023. The ministry had launched the 6th round and 2nd
attempt of 5th round of commercial coal mines auctions in November 2022, which
received an unprecedented response from the industry. It received 96 bids for 36 coal
mines, including participation from many first-time bidders. In a bid to familiarize bidders
with the auction process, mock e-auction was scheduled for February 24….Read more
at Business Standard
Auto component makers in an investment spree post Covid restrictions: Major
auto component companies in India are entering joint ventures and acquiring other
firms, indicating a strong comeback for the industry after Covid-19 restrictions. Minda
Corporation acquired 15.7% of Pricol for ₹400 crore, while Lumax Auto Technologies
signed an agreement to acquire a majority stake in IAC Group's India business. Industry
analysts see the acquisitions as a sign of transformation and consolidation in the
industry, driven by a lot of technology infusion. The Indian auto component market is
expected to continue to grow, and companies are investing in acquisitions to stay
relevant. The industry is also expanding its capacity in airbags, with several other
companies in the sector looking at such investments due to better cash flow….Read
more at Business Line
'Lithium discovery vital for EV push but mining poses environmental risks': India
has discovered a potential deposit of 5.9 million tonnes of lithium in the Himalayan
region, which could help reduce reliance on imports for electric vehicle (EV) batteries.
But environmentalists warn of the risks of lithium mining, including air pollution, soil
degradation, and water shortages. Reports indicate that 2.2 million litres of water are
needed to produce one tonne of lithium. India's economically extractable lithium
reserves should be enough to power 184.4 million electric cars, but experts suggest the
government ensure responsible mining to minimise social and environmental
harm….Read more at Business Standard

4. PAGE NO 4
CURRENT AFFAIR ON INDIAN
ECONOMY
Forecasted growth of Indian Economy:
Indian Economy Estimated To Grow By 7% In FY23, Says
Finance Ministry
• The estimate assumes that the ongoing COVID-19 pandemic will
continue to abate, and the government's policy measures will boost
economic activity.
• The Finance Ministry also expects the agriculture sector to grow by
3.5%, the industry sector by 9.8%, and the services sector by 8.6%
in the upcoming fiscal year.
• The estimates are subject to change depending on the severity
and duration of the pandemic, and the effectiveness of the policy
measures taken by the government.
India remains a ‘bright spot’, to contribute 15% of global growth
in 2023: IMF MD
• According to the Managing Director of the IMF, Kristalina
Georgieva, the Indian economy has shown resilience during the
COVID-19 pandemic and is expected to continue its recovery, as it
is driven by strong domestic demand, structural reforms, and
investment in infrastructure.
• IMF has raised its growth forecast for India to 11.5% for the fiscal
year 2021-22, which is higher than its previous estimate of 8%.
• However, the Managing Director cautioned that the global
economic recovery is still fragile and uneven, with several risks and
challenges remaining, including inflation and rising debt levels.

5. CORPORATE INSIGHTS
Company Results and Updates
PAGE NO 5
Acme Resources Q3 results:
Net Sales at Rs 4.47 crore in
December 2022 up 50.05% from
Rs. 2.98 crore in December 2021..
Quarterly Net Profit at Rs. 1.12
crore in December 2022 up
331.84% from Rs. 0.48 crore in
December 2021.
Assam Entrade Ltd Q3 results:
Net Sales at Rs 1.43 crore in
December 2022 down 9.7% from
Rs. 1.58 crore in December 2021.
Quarterly Net Profit at Rs. 0.26
crore in December 2022 up
135.55% from Rs. 0.11 crore in
December 2021.
Ventura Guaranty Q3 results: Net
Sales at Rs 53.83 crore in
December 2022 down 1.06% from
Rs. 54.41 crore in December 2021.
Quarterly Net Profit at Rs. 8.83
crore in December 2022 down
17.18% from Rs. 10.67 crore in
December 2021.
ONGC to invest $2 billion in Mumbai offshore to increase oil & gas
output: ONGC is planning to drill 103 wells in the Arabian Sea. The project is
expected to raise the company's oil and gas output by around 15 million metric
tonnes of oil equivalent (MMTOE) over the next five years. The investment will
be made towards developing new fields and redeveloping existing ones, as
well as acquiring new technology and equipment..….Read more at Financial
Express
WhiteHatJr, most high-profile buy of Byju’s, may end: WhiteHat Jr have
faced several controversies since its acquisition by Byju's in 2020. Byju's has
been diversifying its offerings beyond academic subjects and into
extracurricular activities, including music, sports, and arts, through
partnerships and acquisitions. However, the company has not confirmed the
reports of shutting down WhiteHat Jr.….Read more at Indian Express
Adani Group’s overseas bond yields continue to rise: Following the
publication of a report by Hindenburg Research alleging overvaluation and
questionable business practices, the bond yields have risen to 40 basis points
indicating an increased risk perception by investors. Adani has dismissed the
allegations as erroneous and taken legal action against Hindenburg Research.
However, the controversy has raised concerns among investors and raised
questions about corporate governance in India…Read more at Money
control
Zee removed from F&O segment by NSE amid insolvency proceeding :
The National Stock Exchange (NSE) removed Zee Entertainment Enterprises
Ltd (ZEEL) from the futures and options (F&O) segment after the National
Company Law Tribunal (NCLT) admitted an insolvency plea against it. The
plea was reportedly filed by IndusInd Bank over default of ₹83.08 crore. "No
fresh month contracts will be issued on the expiration of February 2023
contracts," NSE stated ….Read more at Mint

6. START-UP
WATCH
PAGE NO 6
M&A LATEST NEWS/ &
OTHER RECENT
DEVELOPMENTS
* a YOURSTORY initiative *
 Tech Mahindra Acquires Com Tec Co IT Ltd:
Tech Mahindra, a leading provider of digital
transformation, consulting, and business re-
engineering services & solutions, today announced
100% acquisition of Com Tec Co IT Ltd (CTC) for a
€ 310 million including earnouts and synergy
linked payouts. CTC is an IT solutions and service
provider serving the insurance and financial
services industries with development centers in
Latvia and Belarus.
 LTI And Mindtree Announce Merger: The
proposed integration will see LTI and Mindtree join
strengths to create an efficient and scaled-up IT
services provider exceeding $3.5 Bn. All
shareholders of Mindtree will be issued shares of
LTI at the ratio of 73 shares of LTI for every 100
shares of Mindtree. Larsen & Toubro Limited will
hold 68.73 % of LTI after the merger.
 IndiaMart Acquires 26% Stake In IB MonotaRO:
The company acquired 8.1 lakh shares from Emtex
Engineering Private Limited for a total
consideration of Rs104.2 crore.
Pursuant to this transaction, MonotaRO Co. Ltd.
(Japan) will hold 51.6% stake, IndiaMart will hold
26% stake and Emtex Engineering Pvt Ltd
(representing the promoter group and early
investors) will hold 22.4% stake in Industry Buying.
 Allsec Technologies Announces Merger With
Quess Corp: The merger is subject to approval by
Quess and Allsec's respective shareholders and
creditors, stock exchanges, SEBI, the National
Company Law Tribunal, and any other regulatory
authorities that may be required. Quess and Allsec
will continue to operate independently until the
Scheme takes effect.
 Live-a-bit: Bengaluru
based oral care brand
Live-a-bit offers solid
plant-based
formulations in tablet
form. The startup has
developed a line of oral
care products that are
plant-based and free
from harmful
chemicals. They have
raised funding from
investors and planned
to use the funds to
expand its product line
and marketing efforts.
The company is also
committed to
sustainability and uses
eco-friendly packaging.
 Log9 Materials:
Bengaluru based
startup is building
lithium-titanium-oxide
batteries for electric
vehicles and investing
in climate tech
startups. The company
has developed a
technology called
graphene-based
supercapacitors, which
are used in EVs to store
and deliver energy
quickly. Log9 Materials'
graphene-based
supercapacitors can be
produced locally,

7. Startup Funding Deals Of The Week
PAGE NO 7
ND – Not Disclosed
Source – INC42
Startup Sector Funding Series Investors
FreshToHome Ecommerce $104 Mn Series D
Amazon Sambhav Venture Fund, E20
Investment, Mount Judi Ventures,
Investcorp
NxtWave Edtech $33 Mn Undisclosed
Greater Pacific Capital, Orios Venture
Partners
Mintoak Fintech $20 Mn Series A
PayPal Ventures, British International
Investment, HDFC Bank, Pravega
Ventures, White Whale Venture Fund
Kratos Studios
Media &
Entertainment
$19.2 Mn Undisclosed
Accel, Prosus Ventures, Courtside
Ventures, Nexus Venture Partners,
Nazara
Intangles Lab Deeptech $10 Mn Series A Baring Private Equity Partners India
Scrut Automation
Enterprise
Tech
$7.5 Mn Undisclosed
MassMutual Investors, Endiya Partners,
Lightspeed India Ventures
Chronicles
Enterprise
Tech
$7.5 Mn Seed Accel, Square Peg
AdmitKard Edtech $6 Mn Series A GSV Ventures
Mindgrove Deeptech $2.3 Mn Seed
Sequoia Capital, Speciale Invest,
Whiteboard Capital, Ashwini Ashokan,
Nischay Goel
TreZix
Enterprise
Tech
$1.2 Mn Seed Soha Ventures
COGOS Logistics $1.2 Mn Debt Vivriti Capital
Sarafa Bazar
India
Ecommerce $964k Seed Undisclosedd
GetWork
Enterprise
Tech
$844k Pre-Series A
Samarthya Investment Advisors, NVS
Wealth Managers, Artha Venture
Partners
Crest
Enterprise
Tech
$800k Seed
Indian Angels Network, Inflection Point
Ventures
DawnTown Ecommerce $500k Undisclosed Sanjay Dutt, Sujit Jain
NimblesS2P
Enterprise
Tech
$482k Pre-Series A Inflection Point Ventures
Blingg Ecommerce $100k Seed DVC, Pavan Kumar

8. Introducing Peaceful Progress
PAGE NO 8
An unparalleled opportunity for startups looking for Co-Investment
from Peaceful Progress.
Do reach out to shekar@peacefulprogress.in

9. PAGE NO 9
Peaceful Progress Fund has made Nine investments since it obtained SEBI
approval in February 2022 as follows:
Portfolio
Chandrashekar Kupperi, General Partner & Investor, Peaceful Progress,
said, “We are excited about the nine investments made to date. To our
investees, we offer support, guidance, lend expertise and access to a wide
network for growth, in addition to funds. We are thankful to our investors for
their patronage to Peaceful Progress and we are roping in more to join us on
our journey.”

10. Chandrashekar Kupperi
 Shekar is a Chartered Accountant, a Cost Accountant & a Company
Secretary by qualification. A member of The Institute of Management
Accounts, US; The Institute of Public Accountants, Australia & The
Chartered Institute for Securities & Investments, UK.
 He brings with him two decades of experience in various multinationals
with diversified sector experience in - FMCG, Life Insurance, Audit &
Assurance & Oil & Gas sectors.
 An active Angel Investor, his portfolio includes early-stage investments
in HealthTech, FMCG, ConsumerTech, Business Intelligence,
MediaTech & LogiTech segments.
We have to guard our mind in terms
of the quality of thoughts we
entertain. Because our mind can be
a battleground and hence there is
nothing as powerful as a controlled
and changed mind. When we control
our mind we control our destiny.
Editorial Team
PAGE NO 10
From Our Founder’s Desk…
Saathvika Mathangini

11. ANOVA CORPORATE SERVICES
Address: 05/27, 10th Avenue, Ashok Nagar, Chennai.
Contact: +91 44 4262 5252 | +91 44 2474 5250
CONNECT WITH US AT
ANOVA is an Investment Banking & Advisory company that
provides value-added services to Corporates (including MSMEs &
Starts-ups), both in India & Internationally. ANOVA specializes in
Fundraise & Mergers & Acquisitions & given the experience with
domestic & cross border deal structures. we arrive at possible
effective options to maximize value creation for clients.
Being Sector-Agnostic, ANOVA has completed assignments
across various sectors including: Manufacturing, FMCG,
Luxury Brands, Healthcare, Hospitality & Technology-led /
Tech-Enabled businesses.
Our service offerings include:
 Mergers & Acquisition (Buy-side & Sell-side) Advisory
 Fundraise – Equity & Debt Syndication
 Information Memorandum / Pitch Deck / Business Plan
 Business Valuation
 Financial Due Diligence & Vendor Due Diligence
 Transaction Structuring / Re-Structuring / Re-Financing
 Strategic CFO Advisory as well as Other Business Advisory
SUBSCRIBE TO OUR
NEWSLETTER HERE
PAGE NO 11

12. We value yourfeedback.
Please send us your comments
& suggestions at
bulletin@anovacorporate.co.in
ANOVA CORPORATE SERVICES PRIVATE LIMITED | M&A & FUNDRAISE ADVISORY | www.anovacorporate.co.in