Grasim's operating margin hit hard by high input costs in Jan-Mar

 24-May-2022

Grasim Industries Ltd's earnings performance in the March quarter was hit by steep fall in operating margin even as revenues showed robust growth. The bottomline was saved by tax write-backs and deferred tax credits.

The Aditya Birla Group Company’s net profit more than doubled to 10.7 bln rupees in Jan-Mar from 4.8 bln rupees in the year ago quarter. Excluding the discontinued fertiliser segment revenues of the year-ago quarter, the net profit rose to 8.1 bln rupees from 4.6 bln rupees.

Grasim’s revenues from operations were up 45% on year to 64.8 bln rupees.

Viscose staple fibre and yarn segment’s revenue rose 46% to 37.7 bln rupees on the back of a 22% growth in sales volume to 179,000 tonne. The segment’s operating profit, however, fell sharply to 2.5 bln rupees in Jan-Mar from 6.3 bln rupees in the same quarter a year ago.

The company’s chemicals segment revenues went up by 69% to 24.9 bln rupees, notwithstanding the low 3% growth in caustic soda sales to 273,000 tonne. The company said the chlor-alkali business reported a strong performance in Jan-Mar.

The chemicals segment’s operating profit surged to 5 bln rupees in the March quarter from 1.9 bln rupees a year ago.

The overall operating margin, however, took a big hit due to surge in key input costs in Jan-Mar. The quarter saw on-year rise of 60% or more in three major expense heads.

The result was a drastic contraction in the operating margin to 11.8% in Jan-Mar from 18.4% a year ago.

Raw material costs rose sharply by 66% on year to 29.9 bln rupees while power and fuel costs surged by 68% to 10.5 bln rupees and other expenses rose by 60% to 10.3 bln rupees.

The surge in operating expenses brought down the operating profit by 7.3% on year to 7.5 bln rupees in the March quarter.

The sharp margin contraction would have led to a highly subdued bottomline performance for Grasim but a tax write-back of 3.2 bln rupees and a deferred tax credit of 1.2 bln rupees that enabled it to show a two-fold rise in net profit.

Grasim’s net cash stood at 5.5 bln rupees as of Mar 31.

The company, today, also announced a normal dividend of 5 rupees per share and an additional special dividend of 5 rupees per share.

Today, shares of Grasim ended 3.7% lower at 1,402.75 rupees on the NSE.

 

SEBI Watch: Focus on liquidity impact on IPOs may yield better result

20-May-2022

In a speech in February, the then Securities and Exchange Board of India Chairman, Ajay Tyagi, remarked that the appropriateness of valuation of new-age, loss-making companies coming out with initial public offerings was being debated intensely among stakeholders.

These debates appear to have picked up pace in recent weeks with the IPO frenzy fizzling out in line with the fall in secondary market equity indices.

Even in the case of the large IPO of Life Insurance Corp of India, the government had to bring down the valuation in order for the issue to scrape through.

The post-issue share performance of recent high-profile IPOs such as Zomato and Paytm have disappointed retail investors.

A report in Mint on Wednesday said that SEBI was currently having internal discussions on why recent high-profile IPOs were trading below their issue price. It said that SEBI was also telling IPO aspirants to reconsider their valuations.

Over the last one year, the stock market regulator has strengthened the disclosure requirements by companies in their red herring prospectuses for IPOs, and also tweaked other norms around exit of large shareholders through the offer for sale route.

These changes have mostly focused on the new-age companies.

The debate inside SEBI on IPO valuations is fine but the fact that they are high is known to investors, including the retail and other individual investors. Even anchor investors who are qualified institutional buyers and for whom a portion of the IPO is reserved are not oblivious to it.

The problem is not that of lack of awareness.

Investors, of all size, are flush with funds to invest and desperate for quick returns from listing gains.

For investors, with not enough funds to subscribe into IPOs, brokerage houses and non-banking finance companies have supplied easy money. 

The IPO market started heating up in the middle of 2020. Since the liquidity in the investment ecosystem was near all-time highs at that time the issues were getting subscribed in high multiples and also delivering significant listing gains.

Investment bankers took advantage of this and prodded unlisted companies and their private equity investors to cash in on the IPO boom.

Ultra-short term return-hunting traders are always on the prowl in secondary market trading on the stock exchanges. During periods of primary market boom they get another market to play in.

Retail investors are lured by the promise of high and quick returns.

These factors have played out in IPOs in the last 18 months.

SEBI has done everything in its capacity to improve measures at the level of disclosures on corporate fundamentals. But it has stopped short of measures to control leverage and liquidity in IPO subscriptions.

SEBI must explore measures to curb recklessness in IPO financing by brokers and NBFCs. Such financing is also seen in the pre-listing IPO grey market.

The leverage available to ultra-short term investors is substantially high. The market regulator will not hurt anyone if this is tempered.

Further, the rush for returns has its own rolling mass effect. Retail investors subscribe to IPOs in larger quantity in order to improve their chances of getting allotment and this feeds on itself leading to higher over-subscription multiples.

SEBI must, therefore, review the allotment process to deter such frantic investments. If there is a way to assure a minimum level of allotment to each subscriber it must be quickly implemented.

SEBI must also consider extending the lock-in period for anchor investors. Their subscription in an IPO, before it opens for public investors, has bearing on the latter.

A longer lock-in period will indicate that anchor investors are committed for a longer time and that will provide a better signalling effect at the time of IPO.

Usually, regulators avoid fiddling with valuations in the market. The market must be let free to decide. The demand-supply dynamics may not always be what the regulator wants.

Any fizzling out of issues in the primary market ought not to be the regulator’s worry. Markets ebb and flow. It is a natural cycle.

The market regulator must only ensure that the processes that grease the market ecosystem are not gamed and manipulated.

Earnings Review: Shree Cement PAT hit by high input cost and low sales

21 May 2022

A big jump in power and fuel costs and lacklustre revenue growth caused Shree Cement Ltd’s bottomline to fall in the quarter ended March. A decline in some other operating costs, depreciation charge and tax outgo could not offset the impact of power and fuel costs.

The second largest listed cement company, by market capitalisation, recorded an 18% fall in its consolidated net profit to 6.6 bln rupees in Jan-Mar.

Shree Cement’s consolidated revenue from operations went up by 3.1% to 43.6 bln rupees.

At a standalone level, the company’s net profit was down 16% to 6.5 bln rupees, slightly higher than analyst estimates of 6.4 bln rupees. The revenue from operations were up 3.6% to 41 bln rupees and was below analyst estimates of 42.5 bln rupees.

The consolidated operating expenses were pre-dominantly hit by a substantial rise in power and fuel expenses which jumped 76% on year to 12.7 bln rupees. It accounted for one-third of total operating expenses.

Petcoke and coal prices determine the power and fuel costs for cement companies, and prices of both have been on a continuous rise for the last three quarters.

The 76% rise in power and fuel costs was the highest in 12 quarters, data from Informist Corporate Fundamental Database showed. It was possibly the largest increase ever.

It was the main factor that led to a 26% fall in operating profit to 9.2 bln rupees.

The operating margin stood at 21.1% in Jan-Mar, making it the lowest margin level in 14 quarters. It was also significantly lower than 29.4% a year ago.

The change in other primary operating costs in Jan-Mar did not cause pain to Shree Cement’s profitability.

In Jan-Mar, the freight costs were down 1.1% to 9.6 bln rupees while the raw material costs were up 3.3% to 3.1 bln rupees.

The company also cut its staff costs by 19% on year to 2.2 bln rupees.

The bottomline performance would have been hit harder had the tax expenses not fallen sharply by 73% on year to 482 mln rupees and the depreciation charge of 3 bln rupees not been 10.1% lower than the year ago level.

The company, today, also announced a final dividend 45 rupees a share for 2021-22 (Apr-Jun).

TREND: Equity ETF assets growth hinges upon EPFO investments

10 May 2022
 
The four exchange traded fund schemes in which the Employees Provident Fund Organization holds it equity exposure is largely driving the high growth in ETF assets in the domestic funds industry.
 
As of Mar31, the assets under the four broad-based equity market ETFs of SBI Mutual Fund and UTI Mutual Fund which gets the EPFO investments in equities, were 2.51 trln rupees which made up for around 91% of all broad-market equity ETF assets and around 75% of all equity ETF assets.
 
The last financial year, 2021-22 (Apr-Mar), saw the assets of these four ETFs—SBI Nifty 50 ETF, SBI Sensex ETF, UTI Nifty 50 ETF and UTI Sensex ETF — grow by 45%.  In comparison, actively managed equity scheme assets were up by a lower rate of 39%, and all ETF assets grew by 49%.
 
Adjusting for the Nifty 50 Total Returns Index's one-year return of 20.26 as of Mar31, the assets growth of the four ETFs was 21%.
 
EFPO has to invest 5-15% of its incremental corpus every year in the equity ETFs, and around 80% of total assets of the four ETFs are is estimated to be on account of EPFO investments.
 
The EPFO deploys its equity investments between SBI MF ETFs and UTI MF ETFS in the ratio of 75-25.
 
Half-yearly statutory disclosures by SBI MF's Nifty 50 ETF indicated a single investor accounted for 74% of its Nifty 50 ETF assets and 90% of its Nifty Sensex assets as of Mar 31. This, say analysts, is EPFO money.
 
Thus, the total assets of the two SBI MF ETF assets were 1.96 trln assets of which 1.56 trln rupees, or 79.4%, were on account of EPFO investments.
 
Similarly, UTI MF's Nifty 50 and Sensex ETF assets were 545 bln rupees on Mar 31 of which an estimated 85%, or 465 bln rupees, was on account of EFPO's investment.
 
The National Stock Exchange of India recently said that the assets of ETFs and index funds tracking the Nifty 50 crossed a new milestone of 2 trln rupees. Vikram Limaye, the exchange's Managing Director and Chief Executive Officer, said that this due to "efforts put in by all stakeholders including Ministry of Finance, Ministry of Labour & Employment , SEBI, EPFO (Employees Provident Fund Organization), asset management companies, investors, trading members, etc."
 
Clearly, the EPFO investments in equity ETFs has a substantial say in the mutual fund industry's ETF asset growth story.
 
Back- of- the- book calculations indicate that EPFO's ETF investments grew by 21% on year to 2.03 trln rupees and after adjusting for index returns, around 350 bln rupees of fresh inflows took place in the four ETFs.
 
The assured nature of EPFO incremental corpus coming into the Nifty 50 and Sensex tracking equity ETFs have helped enabled share prices of Nifty 50 and Sensex stocks weather recent foreign institutional investor outflows in equities.
 
Going forward, this trend is expected to continue. But there will be pressure on EFPO to book profits in old ETF assets to provide returns of over 8% to its subscribers in the current financial year. EPFO has been investing in equity ETFs since 2015-16 (Apr-Mar).

Domestic MFs stay lukewarm to IRCTC shr, selling unabated since Sep-end

Domestic MFs stay lukewarm to IRCTC shr, selling unabated since Sep-end

28 March 2022

After a sharp fall in institutional holdings in Indian Railway Catering and Tourism Corporation Ltd in the quarter ended December last two months the stock has been further selling by domestic mutual funds, according to the monthly scheme portfolio data for January and February.

The travel and tourism industry saw recovery green shoots in Jul-Sep quarter and first two months of the December quarter following the easing of Covid-related curbs. IRCTC was expected to a major beneficiary, but the selling by domestic funds indicate that there isn't a definite consensus around the recovery signs.

Mutual funds' stake in IRCTC had fallen sharply to 0.5% across 19 fund houses at the end of December compared to 4.8% stake held by 25 fund houses at the end of September. This has further fallen to 0.3% at the end of February across 18 fund houses.

Foreign portfolio investor data is not available on a monthly basis, but the FPI stake in IRCTC had declined to 7.1% on Dec 31 from 7.8% on Sep 30. On the other hand, the collective stake of insurance companies had gone up to 4% from 3.6%.

Even as institutional investors have turned negative on IRCTC, the retail investors have maintained their expectations from the stock. The company's shares held by retail investors went up by over 500 bps to 19.4% from 14.3%.

In the quarter ended December, IRCTC's total revenues had risen 33% sequentially to 5.4 bln rupees, mainly on account of a 47% rise in catering revenues to 1.1 bln rupees, a 2.7 times jump in tourism revenues to 727 mln rupees and a 18% increase in its biggest revenue segment of internet ticketing to 3.1 bln rupees.

IRCTC's earnings before interest, tax, depreciation and amortisation went up to 3 bln rupees in Oct-Dec from 2.3 bln rupees with the EBITDA margin declining to 53.1% from 54.1%, according to data from Informist Corporate Fundamental Database.

Even as revenues from tourism jumped to an all-time high, the segment saw an operating loss of 79 mln rupees. In IRCTC management's view, the segment profit would need a couple of quarters to bounce back to original levels.

Internet ticketing segment profit was strong at 2.7 bln rupees in Oct-Dec, up 20% on quarter, and the operating margin went up sequentially to 84.8% from 83.1%.

According to analysts, institutional investors' did not appreciate the government announcement, and its later retraction, of the government asking for 50% revenue sharing of internet ticket convenience fee from IRCTC.

Further, the reopening of domestic flight routes meant that people had the option of air travel, which was expected to affect train travel.

Going forward, IRCTC is expected to report robust growth in revenues but its operating margin will likely taper, said brokerage IDBI Capital in a report last month. The current robust margin was mainly due to higher contribution of internet ticketing, but rising contribution from tourism and catering will dent margins in long term, it said.

The recent trend in IRCTC share price movement has vindicated the domestic mutual funds who sold off or reduced their holdings in the company from October onwards.  Shares of IRCTC are currently traded at 770-rupee levels, nearly the same as the 760-rupee levels seen at the end of September.

Mixed impact expected of delivery-based settlement in stock F&O

A story (article) I contributed a couple of months back for the company I work for presently:

Mixed impact expected of delivery-based settlement in stock F&O:

Come July, exactly 17 years after trading in it started, the single stock futures and options segment of the National Stock Exchange of India will witness delivery-based settlements, albeit in 46 of 207 stocks.

On the expiry date of the July contracts in derivatives the final settlement in 46 stocks will be through delivery and not on a cash basis.

Vikram Limaye, Managing Director of NSE, said, "In markets where underlying cash market for the stocks is liquid and prices converge smoothly on the expiry day, settlement methodology, whether cash or physically settled, will not make much of difference."

As head of NSE, Limaye has to be prepared since his exchange attracts 99% of the country's equity derivatives trading takes place, and his competitor, the BSE, already settles single stock derivatives through delivery and not cash.

In early April, the Securities and Exchange Board of India issued a directive to the stock exchanges to move stocks which did not fulfil newly enhanced eligibility criteria for being in the single stock derivatives list into delivery-based settlement.

So, as the April-end derivatives contracts expired and new contracts for July expiries were introduced, the NSE announced that the July expiry contracts of single stock derivatives in 46 out of 207 stocks will be physically settled.

These 46 stocks did not meet the newly enhanced eligibility criteria which included higher limits for recent average daily market capitalisation, median quarter-sigma order size, average daily delivery value and market wide position limits.

A majority of these stocks are mid-cap stocks and it included names such as Just Dial Ltd, NHPC Ltd, NIIT Technologies Ltd, Reliance Power Ltd, Siemens Ltd and Wockhardt Ltd.

But what follows afterwards is more significant for the market. The SEBI directive also said that even stocks which meet the enhanced eligibility criteria would be moved to physical settlement in a phased and calibrated manner.

It has not set a date for that, though.

According to NSE's Limaye, more stocks could be taken to physical settlement when the experience of the first lot of stocks provides the evidence that the change in settlement methodology led to a marked improvement in market quality.

NEW MODALITY
In a physical settlement, at the end of the expiry date, all open long positions in single stock derivatives have to result in the investor effecting the final market to market margin payment and taking delivery of the shares. On the other side, all open short positions have to result in the investor taking delivery of shares and making payment of the final marked to market margin call.

This procedure is different from a cash settled mode where the longs and shorts do not take or give actual delivery shares. They have to pay or receive the final settlement profit or loss in case, when the expiry takes place.

The final settlement profit or loss is computed as the difference between the previous day's marked to market settlement price and the final settlement price of the relevant single stock derivatives contract.

THE CONCERNS
Given the difference in modality of physical settlement from that of cash settlement, the market participants expect new risks to emerge.

For one, some participants think physical settlement creates a risk of short squeeze for short sellers.

In this case, investors with open short positions have to deliver shares if they let their contracts expire. Most short positions are pure short positions but are a part of any of several strategies deploying simultaneous trades in derivatives and cash market.

Thus, the short investor most likely will not have shares to deliver. He has to borrow the shares first.

And, here the importance of the securities lending and borrowing mechanism on the stock exchanges comes into play.

NSE's Limaye said traders usually cover their positions and have been using the securities lending and borrowing mechanism irrespective of the settlement methodology.

In fact, in a physical settlement system, there could be some positive impact on securities lending and borrowing mechanism's usage by market participants, he said.

However, some traders are worried since lending of shares is usually from institutional investors and the physical settlement will create a dependence on them for the supply of shares in the securities lending and borrowing mechanism.

Besides, securities lending and borrowing is not a preferable option for many as its involves paying interest, and having to buy the shares back from the market to replace the stock to complete the trade, a dealer with a mutual fund said.

EXPECTED BENEFITS
"The physical settlement step by the regulator is to increase the internal strength of the equity derivatives market by ensuring only strong participants participate," said Sahaj Agarwal, vice president and head of derivatives at Kotak Securities.

At the same time the idea is to deter those who speculate heavily without financial capacity to incur heavy losses when things go wrong, he said.

In the last two years, single stock futures has contributed 9-12% of the total equity derivatives market turnover and single stock options has contributed another 6-7%.

Bulk of the total turnover is in index options trades which make up for 77-82%. Index futures' contribution in the last two years has been in the 3-5% range.

So, whatever the impact on volumes physical settlement will have on single stock derivatives, it won't shake up the overall derivatives market.

Index derivatives make up for bulk of volumes, and physical settlements are not possible in index derivatives. They will always be cash settled.

which funds sold manpasand beverages stock in may?

A story I wrote yesterday

http://www.cogencis.com/differentiators/ShareNews.aspx?newsId=1287742

Four of seven fund houses sold Manpasand Beverages' shares in May
    Three of seven mutual funds which held shares of Manpasand Beverage Ltd sold them completely in May while one fund house sold half the shares it held in the company, according to data from brokerage East India Securities.
    The fund house action was not surprising as the company's statutory auditor, Deloitte Haskins & Sells LLP had resigned suddenly on May 26 triggering a sell-off in the shares.
    Manpasand Beverages' shares fell by over 40% in the week following the auditor's resignation. As of close of trade today, the company's shares were quoting at 157.70 rupees on the National Stock Exchange, 65% below the share price on May 25, the day before the auditor's resignation.
    Interestingly, however, three fund houses which had holdings in Manpasand Beverages added more shares during the month, the data under review showed.
    But completely exiting the stock in May were Kotak Mahindra Mutual Fund, Baroda Pioneer Mutual Fund and BOI AXA Mutual Fund. The schemes of Kotak Mahindra MF sold 51,000 shares of Manpasand Beverages in May, and those of Baroda Pioneer MF and BOI AXA MF sold 30,000 shares and 25,313 shares, respectively.
    Another fund house BNP Paribas Mutual Fund sold 297,728 shares of Manpasand Beverages, reducing its total holding in the company by half.
    It was not clear whether these fund houses sold their holdings before or after May 26.
    The selling fund houses collectively held 0.6% stake in the company as of Apr 30, and BNP Paribas MF which did not exit completely held 0.26% stake as of May 31.
    Their small holdings made it easier for them to sell without triggering a further slide in the company's shares.
    But three mutual funds which held higher stakes in Manpasand Beverages as of Apr 30 did not sell any shares of the company at the end of May and, on the contrary, they added shares.
    The schemes of Motilal Oswal MF, which held 6.41 mln shares as of Apr 30, bought 320,556 more shares in May, increasing its stake in Manpasand Beverages to 5.9% from 5.3%.
    In a note to investors following the resignation of the company's auditor, Motilal Oswal Mutual Fund said it will take a call on its investments after the company's Jan-Mar earnings and the stance of the new auditor, Mehra Goel and Co.
    The fund house had justified its investment in Manpasand Beverages saying the company remains a key beneficiary of a consumer shift to fruit-based drinks from carbonated ones.
    SBI Mutual Fund's schemes bought 44,440 shares of Manpasand Beverages in May increasing the fund house's stake in the company to 4.5% from 4.4%, and ICICI Prudential Mutual Fund's schemes bought 89,901 shares of the company taking its stake to 1.1% from 1.0%.
    Scheme-wise data from Cogencis' Corporate Fundamental Database showed that of the three schemes of Motilal Oswal MF which held shares of Manpasand Beverages, MOSt Focused Long Term Fund bought 295,448 shares of the total 320,556 shares bought by the three schemes collectively.
    In the case of ICICI Prudential MF, nearly all the fresh purchases of 89,901 shares of Manpasand Beverages in May was in ICICI Prudential Indo Asia Equity Fund which did not have prior holding in the company.
    Among selling fund houses, BNP Paribas had three schemes holding shares of Manpasand Beverages as of Apr 30 and each of them sold nearly half their respective holdings in May.

Number of Manpasand Beverages' shares held by mutual funds
	May 31	Apr 30
Motilal Oswal MF	6,727,683	6,407,127
SBI MF	5,111,156	5,066,716
ICICI Prudential MF	1,283,827	1,193,926
BNP Paribas MF	292272	590,000
Kotak Mahindra MF	0	51,000
Baroda Pioneer MF	0	30,000
BOI AXA MF	0	25,313

how "Thousands of People have lost their livelihoods to India's 'secret nuclear city'

From: "ESG List" <dissemination@esgindia.org>
Date: 01-May-2018 22:32
Subject: An Appeal for your Support as The News Minute reports how "Thousands of People have lost their livelihoods to India's 'secret nuclear city'" and other updates from ESG

Over the past decade, Environment Support Group has worked with Amrit Mahal Kaval Hitarakshana aagu Horata Samithi (AMKHS) in highlighting the widespread environmental and human rights violations that is being caused in Challakere, Chitradurga district of Karnataka due to the promotion of India's "science city".  Over 10,000 acres of Amrit Mahal Kavals, pristine grassland ecosystems that local communities have protected for centuries, were secretively diverted between 2007-14 to locate a range of military, industrial, defence, nuclear, research and energy facilities as part of this 'science city'. If ever there was a case to consider science as an hegemonic project, this is it. 

As years have rolled on, local communities are distressed by denial of access to their commons which they consider was 'grabbed' from them illegally and secretively.  Barring a few hundred acres, large swathes of these commons have not been put to any productive use.  Instead, the Kavals have been walled off to prevent communities from grazing their livestock and watersheds have been destroyed.  This has intensified the suffering of over 300,000 people and their 250,000 livestock living in about 65 impacted villages.  A variety of social and health infrastructure that was constructed by the local Panchayats over time, such as Goshalas (animal shelters), breeding centres (in collaboration with the Animal Husbandry department), schools, hospitals, roads and walking paths has become dysfunctional. Unable to support pastoral and agricultural activities, hundreds of families are migrating in search of alternate livelihoods. For those that remain, the long drought has made life extremely difficult.

AMKHS, a network of impacted communities and various supportive organisations and individuals, has tried its best to draw the attention of the Government and the wide public to the distressing conditions in the impacted villages.  Environment Support Group  approached the National Green Tribunal against such illegal promotion of this 'science city'. In response, NGT endorsed the petitioners' concerns and directed the State and 'science city' proponents to not proceed without securing necessary environmental and other clearances.  NGT had also directed that the traditional rights of impacted communities and biodiversity must be protected.   Subsequent efforts, including those under the direction of the Chief Information Commissioner of India, reveal that several project proponents have commenced operations without compliance with law and in violation of the NGT directions. Thus the egregious violation of human and environmental rights in the impacted villages continues with impunity.

Please view this video report on the prevailing situation in Challakere made by Raksha Kumar for The News Minute.

https://thenewsminute.com/article/watch-how-thousands-people-have-lost-their-livelihood-india-s-secret-nuclear-city-8045

To secure the rights of the impacted communities, and to protect the unique biodiversity of the this semi-arid grassland, and also to respond to the distressing conditions of the impacted communities, ESG is working with AMKHS on advancing a variety of initiatives. This includes the need for a Resource Centre to help rehabilitate and rebuild thousands of forfeited livelihoods. Local communities are also keen that legal efforts are initiated to secure their environmental and human rights.  All this needs your support and cooperation, and we fervently appeal to you make a monetary contribution to support these causes.  If you wish to volunteer in support of these causes, please contact us or write to hemavathi @esgindia.org.

We are also happy to share that a critical examination of the 'science city' on the basis of screening of "Beerappa's Angst", a film conceptualised by Bhargavi S. Rao and Leo F. Saldanha for AMKHS, is being hosted by two premier academic/research institutes of India:  Sthayi of International Centre for Theoretical Sciences, Bangalore and Ashoka Trust for Research in Ecology and Environment at its Bangalore campus. Details of these two independent events are enclosed.  In case you wish to participate in these discussions, please RSVP the hosting organisations.

We also share with you the latest edition of Environment Justice Matters.

To know more about ESG, please visit our website.   

Thank you for your solidarity and support.

ESG Team

Environment Support Group

1572, Ring Road, Banashankari II Stage

Bangalore 560070. INDIA

WEB: www.esgindia.org

Tel:+91-80-26713559~61

Fax: +91-80-26713316

Email: socialmedia@esgindia.org

Facebook: https://www.facebook.com/groups/esgindia/

Linkedin: https://www.linkedin.com/in/environment-support-group-9b4178155/ 

Twitter: https://twitter.com/E_S_G

Role of external persons like auditors in insider trading cases

Role of external persons like auditors in insider trading cases

http://www.cogencis.com/differentiators/ShareNews_m.aspx?newsId=1213464