GESL/2020-21 January 26, 2021 To, The BSE Limited, Corporate Relationship Department, 1st Floor, New Trading Wing, Rotunda Building, PJ Towers, Dalal Street, Fort, Mumbai-400 001. Fax No.: 022-22723121, 22722037 Scrip Code: 514167 Sub: Newspaper Clippings of Unaudited Financial Results Dear Sir/ Ma’am, Pursuant to Regulation 47(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are hereby submitting the copy of newspaper clippings of Extract of Unaudited Financial Results for the Quarter and Nine Months ended 31st December, 2020, published in an English daily newspaper (Business Standard) and in a Hindi daily newspaper (Business Standard) on January 26, 2021. Kindly take the above on record and oblige. Thanking you Yours faithfully For Ganesha Ecosphere Limited (Bharat Kumar Sajnani) Company Secretary-cum-Compliance Officer To, National Stock Exchange of India Limited Exchange Plaza, Bandra- Kurla Complex, Bandra (East), Mumbai-400051. Tel No.: 022-26598100-8114/ 66418100 Fax No. : 022-26598237/38 Scrip Symbol: GANECOS Encl.: As above
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GESL/2020-21 January 26, 2021
To, The BSE Limited,Corporate Relationship Department, 1st Floor, New Trading Wing, Rotunda Building,PJ Towers,Dalal Street, Fort,Mumbai-400 001.Fax No.: 022-22723121, 22722037 Scrip Code: 514167
Sub: Newspaper Clippings of Unaudited Financial Results
Dear Sir/ Ma’am,
Pursuant to Regulation 47(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are hereby submitting the copy of newspaper clippings of Extract of Unaudited Financial Results for the Quarter and Nine Months ended 31st December, 2020, published in an English daily newspaper (Business Standard) and in a Hindi daily newspaper (Business Standard) on January 26, 2021.
To, National Stock Exchange of India LimitedExchange Plaza,Bandra- Kurla Complex,Bandra (East),Mumbai-400051.Tel No.: 022-26598100-8114/ 66418100Fax No. : 022-26598237/38Scrip Symbol: GANECOS
Encl.: As above
The initial public offer of Home First Finance Company India was sub-scribed 26.57x so far on the last day of bidding on Monday.
The offer of the mortgage finan-cier, which got fully subscribed on the first day itself on January 21, received bids for 41,42,65,488 shares against 1,56,20,948 shares on offer.
The category reserved for qualified institutional buyers(QIBs) was sub-scribed 52.63x, non-institutional investors 38.82x and individual retail investors 6.43x.
The initial public offer (IPO) of ~1,153.71 crore, comprising a fresh issue of up to ~265 crore and an offer for sale of up to ~888.7 crore. PTI
Home First offer subscribed 27x
2 THE SMART INVESTOR 1 > l
NEW DELHI | TUESDAY, 26 JANUARY 2021
BINDISHA SARANG
The Pension Fund Regulatory and Development Authority (PFRDA) has made it possible for account holders in the National Pension System (NPS) to make partial withdrawals from this fund through an online process. The enhanced convenience should, however, not encourage account holders to withdraw from this retirement fund unless they are facing an emergency.
Limits and preconditions attached
NPS account holders can make a partial withdrawal from their fund after they have completed three years. There is also a limit to how much they can withdraw. The rules say a subscriber can withdraw up to 25 per cent of his/her own contributions. Suppose you have invested ~5 lakh in your account, but the corpus has grown to ~12 lakh. The rules say you can only withdraw 25 per cent of your own contributions, which is ~5 lakh in this case. In other words, the subscriber will be able to withdraw only ~1.25 lakh.
When it was first launched, NPS did not allow partial withdrawals. “That is not the case anymore. Subscribers can make partial withdrawals, but only for specific purposes, like illness or disability, for an offspring’s marriage or education, the purchase of a property, or to start a new venture,” says tax and investment expert Balwant Jain.
There are also limits on the number of times partial withdrawals can be made. “The NPS subscriber can only make three partial withdrawals in his overall tenure,” says M Barve, founder, MB Wealth Solutions.
There must be a gap of five years between two withdrawals. However, this condition of a gap does not apply in case the withdrawal is being made for the treatment of a specified illness. “By limiting withdrawals to three times, the regulator has ensured the subscriber does not touch this money unless there is an urgent need,” says Barve.
How to withdraw
Now, a subscriber does not need to submit his/her application for partial withdrawal at a nodal office or point of presence, along with documents substantiating the reasons for partial withdrawal. Instead, in the online application, he/she can merely make a self-declaration. The money will get transferred into his/her bank account on the fifth day.
Who should withdraw
NPS is meant to help subscribers accumu-late a sufficiently large corpus that can pro-vide them with an adequate pension during retirement. Making partial withdrawals will hamper that goal. “Do not touch the NPS corpus unless it is a life-and-death situ-ation,” says Jain. He adds that in case of need, the order in which you should with-draw from various instruments should be as
follows: Fixed deposits, mutual funds, Public Provident Fund, and only then from NPS and Employees’ Provident Fund.
Tax treatment of withdrawn amount
Partial withdrawal is tax-exempt, informs Gopal Bohra, partner, NA Shah Associates.
However, the tax treatment is different if the subscriber exits his
NPS account prematurely — before 60 years of age. In that case, he/she will be allowed to withdraw up to 20 per cent of the corpus as lump sum, while the balance 80 per cent will have to be annuitised.
The lump-sum amount will be tax-exempt, while income from the annuity will be added to his/her income and taxed at the slab rate. If the accumulated corpus is less than ~1 lakh, the entire amount is paid as lump sum to the subscriber.
Withdraw from NPS only in dire timesWhile new online facility will make part withdrawal convenient, subscribers must exercise restraint
YOUR MONEY
Grasim entry into paints business may not hurt established rivalsYASH UPADHYAYA Mumbai, 25 January
The domestic paints industry has a new kid on the block. Grasim Industries announced its plans to enter the high-margin business with
an investment of ~5,000 crore over the next three years mainly towards adding new capacity at multiple loca-tions in the country.
The company plans to become the second largest player and has a target of 20 per cent internal rate of return (IRR). To achieve this, it intends to leverage the distribution network of its subsidiary Ultratech Cement. Ultratech’s Birla White brand is well known for putty and white cement and has a reach of 35,000-40,000 paint dealers.
While investors cheered this and the stock rose by 6.4 per cent in trade, analysts are skeptical about the impact the company can have. Though it is better placed than other recent entrants, high entry barriers in terms of penetrating the distribution network and strong brand equity of existing large players are key challenges, say experts. They say the dynamics of the business are different compared to white cement/ putty and require stronger ties with retailers and dis-tribution network. A successful expansion of distri-bution network would depend largely on recognition of brand among potential dealer partners and accept-ance of tinting machines at new locations. This has proven to be a key entry barrier in the past.
“Historically, we have not seen new players like JSW, Jotun, Nippon, etc, have significant impact on existing paint players like Asian Paints and Berger Paints. In paints, distribution is a very big entry barrier as most paint shops are quite small with most of them having space for just two paint players for their tinting machine,” said Abneesh Roy, research analyst, Edelweiss Securities. Further, there is a need for higher ad spends, which is another challenge.
The next challenge is brand loyalty among cus-tomers. “Painting is a once in 6-8-year activity and, hence, consumer loyalty to brands is high. With smart advertising, the top 4 players (65 per cent of market
share) have strong brands and created a strong emo-tional gratification around the category. Hence, incli-nation to consider new brands is generally low,” said analysts at Kotak Institutional Equities.
Having said that, the competitive intensity will definitely rise, which may have a negative impact on incumbents. “Grasim’s entry may provide impetus to volume growth over the medium to long term, but it’s also likely to impact margin and profitability of incum-bents,” Emkay’s Ashit Desai said in a note. With paint companies trading at eye-wateringly high valuations, Roy of Edelweiss Research expects these stocks to see
some profit booking in the near term, which should be used as a buying opportunity. The top three paint stocks were down 3-6 per cent in trade on Monday.
What should help Grasim stock is improvement in its core business, better outlook for subsidiaries and capacity expansion. These are expected to reduce its holding company discount.
The profitability of its standalone business should improve, given that viscose staple fibre prices (VSF) have increased on an average by 20 per cent in Q3. Its consolidated performance is also expected to improve with better outlook for investment companies and subsidiaries. Similarly, concerns on telecom business (Vodafone Idea) too are reducing on expectations of price hikes by sector leaders. Additionally, the com-pany is expanding its VSF and chemicals capacity by 38 per cent and 27 per cent, respectively, by the end of next fiscal. This might generate operating cash flows of over ~2,500 crore per annum beyond FY23, said analysts at ICICI securities.
Given this , analysts have upped forward estimates and target prices. Kotak Institutional Equities has increased its consolidated EPS by 10 per cent, 8 per cent and 7 per cent for FY21, FY22 and FY23, respec-tively, while maintaining ‘add’ rating on the stock.
Ability to penetrate distribution network and creating brand equity key challenges, say analysts
The ~413-crore initial public offering of kitchen appliances firm Stove Kraft was fully subscribed on the first day of the issue. Last week, it had allotted shares worth ~185 crore to anchor inves-tors. The price band for Stove Kraft’s IPO is set at ~384-385 per share. The IPO comprises of ~95 crore of fresh fundraise and ~318 crore worth secondary share sale. BS REPORTER
Stove Kraft IPO fully subscribed on Day 1
HOW TO APPLY ONLINE FOR PARTIAL WITHDRAWAL nFor online withdrawal, log in to the eNPS website (https://bit.ly/3iLMeiI) using login credentials
nSelect ‘partial withdrawal’ and then the amount of partial withdrawal that gets displayed
nSelect the reason for partial withdr awal from the drop-down menu
nFurnish a self-declaration
nCheck bank details and authorise it via one-time password/eSign
nCentral Recordkeeping Agency (CRA) executes partial withdrawal after instant bank account verification
nThe subscriber receives amount on transaction+fourth working dayNote: Subscribers can also submit partial withdrawal request online/offline to CRA/nodal office/ point of presence Source: PFRDA
BEATING BENCHMARK (base = 100)
HOME RUN The IPO generated bids worth ~21,500 crore
No. of times subscribed QIB 53 HNI 39 Retail 7 Overall 27 Source: NSE, BSE