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<strong>Highlights of the Financials</strong> 1. Signify India( Formerly Philips Lighting) has registered de-growth of 19% (Previous year growth of 1.8%). In FY19-20, the company has generated the revenue of 2901 Crores as compared to 3592 Crores last year. The decline was mainly contributed due to the following reasons. a) Due to decline in professional lighting and Government business, slowdown in infrastructure spending, liquidity crunch in Indian markets due to defaults by few NBFCs, price erosions due to competitiveness in market.<!--more--> b) Due to COVID-19, the consumer markets and supply chains got disrupted badly. And the demands for products were also severely affected on account of lockdown. Therefore, the Month of March-20 has not contributed much in the company. 2. In FY19-20, Signify India( Formerly Philips Lighting) has generated an EBIT of 261 Crores as compared to 281 Crores last year. 3. Despite decline of revenue, the EBITDA Margins have improved from 9% in FY18-19 to 11.7% in FY20. 4. Signify India( Formerly Philips Lighting) has clocked an EPS of 32 in the FY19-20. 5. Signify India( Formerly Philips Lighting) has excellent ROE of 36% and ROCE of 46%. 6. Signify India( Formerly Philips Lighting) has issued dividend of Rs 7.5 per share. <strong>Acquisition of Cooper Lightning</strong> This year Signify India has acquired “Cooper Lighting”, from “Eaton India”, by way of a slump sale, for a lump sum consideration of 93.9 Crores. <strong>Business Highlights</strong> 1. In FY19-20, the LED products have generated 83% of the revenue under lightning business which is almost same as that of last year. 2. In FY19-20, Signify India( Formerly Philips Lighting) has launched 70 new exclusive Philips Smart light hubs with increasing urbanization & focus towards Home connected lighting solutions. 3. About 92% of what company sell in India is made in India and this de-risks the production from external factors. 4. Signify India( Formerly Philips Lighting) has manufacturing unit in Vadodara which exports conventional and LED lamps to 29 countries across the world, and is also one of the most cost competitive conventional lamp manufacturing facilities in the world for Signify. 5. Signify India( Formerly Philips Lighting) has R&D lab in Noida. In FY19-20, the company has designed products such as - Philips T-beamer, Philips T-bulb to name few. 6. The Professional lighting solutions witnessed a de-growth of 28%, owing to reduced EESL tenders, limited government projects post the general elections in 2019, & economic slowdown especially in Infrastructure category. However, despite this, company got prestigious projects such as; a) Motera stadium in Ahmedabad, the world’s largest cricket stadium. b) Illuminating the iconic Qutub Minar in the capital city New Delhi c) Illuminating the Howrah Bridge in Kolkata. <strong>Shareholding Pattern</strong> Signify Holding B.V. (Formerly Philips Lighting Holding B.V.) holds 96.13% shares in the company. Famous investor Mr. Vallabh Roopchand Bhanshali holds 0.05% stakes in the company. <strong>Valuation of Signify India( Formerly Philips Lighting) in the unlisted market</strong> Currently, it is available at Rs.650 per share in the market. No. of shares outstanding = 5.75 Crores Valuation = ~3700 Crores Mcap/Revenue = 1.26x P/E = 20x
<div class="flex-1 overflow-hidden"> <div class="react-scroll-to-bottom--css-yjvnr-79elbk h-full"> <div class="react-scroll-to-bottom--css-yjvnr-1n7m0yu"> <div class="flex flex-col text-sm gizmo:pb-9 dark:bg-gray-800 gizmo:dark:bg-transparent"> <div class="w-full text-token-text-primary border-b border-black/10 gizmo:border-0 dark:border-gray-900/50 gizmo:dark:border-0 bg-gray-50 gizmo:bg-transparent dark:bg-[#444654] gizmo:dark:bg-transparent" data-testid="conversation-turn-19"> <div class="p-4 gizmo:py-2 justify-center text-base md:gap-6 md:py-6 m-auto"> <div class="flex flex-1 gap-4 text-base mx-auto md:gap-6 gizmo:gap-3 gizmo:md:px-5 gizmo:lg:px-1 gizmo:xl:px-5 md:max-w-2xl lg:max-w-[38rem] gizmo:md:max-w-3xl gizmo:lg:max-w-[40rem] gizmo:xl:max-w-[48rem] xl:max-w-3xl } group final-completion"> <div class="relative flex w-[calc(100%-50px)] flex-col gizmo:w-full lg:w-[calc(100%-115px)] agent-turn"> <div class="flex-col gap-1 md:gap-3"> <div class="flex flex-grow flex-col max-w-full gap-3 gizmo:gap-0"> <div class="min-h-[20px] text-message flex flex-col items-start gap-3 whitespace-pre-wrap break-words [.text-message+&]:mt-5 overflow-x-auto" data-message-author-role="assistant" data-message-id="24db19d5-9cd1-4c6c-bf26-67951226a8d0"> <div class="markdown prose w-full break-words dark:prose-invert light"> <p>The race to secure the coveted title sponsorship of the IPL 2020 intensified the moment VIVO, the Chinese smartphone giant, withdrew its sponsorship amidst growing anti-China sentiment in India. VIVO, which had been the official IPL partner since 2018, was contributing a substantial sum of approximately ₹450 Crores annually for the title rights.</p> <p>Several prominent names, including JIO, Patanjali, Byju's, Unacademy, and Dream11, were in the fray, eager to associate with what is arguably the most eagerly anticipated and widely watched cricket tournament globally. The suspense ended recently with the BCCI's announcement that Dream11 had emerged as the highest bidder, securing the title sponsorship for IPL 2020 with an offer of around ₹222 Crores for a one-year contract.</p> <p><strong>UnlistedZone Perspective</strong></p> <p>The withdrawal of VIVO this year marks a significant setback for both BCCI and the IPL franchises. VIVO's five-year contract, spanning 2018 to 2022, was valued at a colossal ₹2200 Crores - roughly equating to ₹450 Crores per year. Dream11's entry, while timely and pivotal, still represents a 50% reduction in the sponsorship amount compared to VIVO. This development is bound to impact the financial dynamics of the league and its associated entities.</p> <p>In the unlisted market, shares of Chennai Super Kings (CSK) surged post the announcement of IPL 2020. However, it's crucial to understand that the loss of VIVO as a title sponsor will likely have a noticeable effect on the revenue streams of franchises like CSK for the fiscal year 2020-21.</p> <p>Despite the reduced sponsorship amount, Dream11's involvement is a vital lifeline for the IPL in these challenging times, ensuring that the cricketing spectacle continues to enthrall millions across the globe. The shift also reflects the dynamic nature of sports sponsorships and the evolving landscape of corporate partnerships in major global sporting events.</p> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div>
Yesterday, we have published a report that Reliance Retail is in final talk to acquire Netmeds and by the end of the day, the news has been received by exchanges that Reliance Retail has bought Net-meds.<!--more--> <strong>Deal Details</strong> Reliance Retail Ventures Limited (RRVL)- holding company of Reliance Retail, has acquired a majority equity stake in Vitalic Health Pvt. Ltd. (“Vitalic”) and its subsidiaries (Collectively known as ‘Netmeds’) for a cash consideration of approximately INR 620 crores. This investment represents ~60% holding in the equity share capital of Vitalic and 100% direct equity ownership of its subsidiaries, viz: Tresara Health Private Limited, Netmeds Market Place Limited and Dadha Pharma Distribution Pvt Limited. <strong>About Vitalic Health Pvt. Ltd</strong> Incorporated in 2015, Vitalic and its subsidiaries are in the business of pharma distribution,sales, and business support services. Its subsidiary also runs an online pharmacy platform – Netmeds – to connect customers to pharmacists and enable door step delivery of medicines, nutritional health and wellness products. Netmeds offers a pan-India solution for the quick online purchase and fast delivery of prescription medications to over 20,000 pin codes. Netmeds has served over 5.7 million customers in more than 670 cities and towns. Through Net-meds Consumers get access to more than 70,000 prescription drugs for chronic and recurring ailments as well as enhanced lifestyle drugs and thousands of non-prescription goods for wellness, health, and personal care. Netmeds is promoted by Dadha Pharma, a Chennai-based company. The Dadha family’s pharmaceutical experience dates back to 1914, when they ventured first into the pharma retailing business and then into drug manufacturing in 1972. <strong>Reliance Retail Management view</strong> The addition of Netmeds enhances Reliance Retail’s ability to provide good quality and affordable health care products and services, and also broadens its digital commerce proposition to include most daily essential needs of consumers. Netmeds’ journey to build a nationwide digital franchise in such a short time is really a commendable job.
In the fast moving world, the style of growing business has changed a lot. In the prior time, every businessman mostly tries to build the business by their own to compete in the market. And if competing is difficult, then they try to acquire the company. In the last decade, we saw resurgence of start-ups in the world focusing on solving unique problem in the society. And if you see carefully, the Merger and Acquisition (M&A) has increased a lot in these start-ups, reason being, to grow fast and stay ahead in the competition, the bigger fish swallowing the smaller ones. M&A is the only viable solution which companies like Amazon, and Wal-Mart are doing in the e-commerce world from quite a sometime. <!--more-->To join them in fray, the Indian e-commerce giant Reliance Retail is also working with similar strategies and trying to acquire e-commerce companies with different business segments. <strong>E-commerce players, where Reliance Retail is looking interested?</strong> 1. Reliance Retail acquired 100% stakes in Shri Kannan Departmental store in the month of March-2020. https://unlistedzone.com/reliance-retail-ventures-has-bought-100-stake-in-shri-kannan-departmental-store-private-limited-05-03-2020/ 2. Recently, during the lock-down period, Reliance Retail was looking to acquire 100% stakes in the Net-med, an online company which sells medicines. With this acquisition, Reliance Retail can easily cater to one of the biggest sector of the economy and only sector which is flourishing in the COVID-19 time. https://unlistedzone.com/reliance-retail-looking-to-buy-stake-in-netmed-07-05-2020/ 3. The recent news published in the Times of India, Reliance Retail is also looking to acquire Urban ladder, the online furniture seller and Milk basket, an online milk seller. Reliance Retail is looking to acquire Urban ladder roughly for 225 Crores and discussions are at advance stage. Milk-basket was initially in talk with other players like Amazon and Bigbasket but the discussions halted on valuation front. Now, the discussions are going on with Reliance Retail. <strong>UnlistedZone View</strong> We at UnlistedZone are in view that the strategies of Reliance Retail to acquire businesses and to grow inorganically are the only way out to survive in this highly competitive market. Else the likes of Amazon and Wal-Mart, with no dearth of money will kill the competition and will rule the market forever.
Mohan Meakin, the company famous for its Old Monk brand releases the Q1FY21 earnings. The liquor segment is the most hit during the lockdown and the same is reflected in the reported earnings. As per the management commentary, the company had shut-down its plant on March-25 owing to nation-wide lockdown imposed by Government of India. The same became partially operational from the month of May-2020. The actual sales started to come from the month of June-2020 only. This means first two months are almost washed out for the April-June quarter.<!--more--> <strong>Mohan Meakin Products Basket</strong> A) Alcoholic- It includes Premium Rums, Whiskies, Brandy, Vodka, Beer and Gin. B) Non-Alcoholic- It includes Juice, Vinegar, and Breakfast Foods etc. <strong>Results Analysis of Q1FY21</strong> 1. Mohan Meakin has clocked the revenue of Rs. 105 Crores in the Q1FY21 as compared to Rs. 210 Crores last year same period. The revenue is down by ~50%. 2. The EBITDA margin has also gone down to 3.27% in the Q1FY21 as compared to 4.53% last year same period. 3. The PAT has reported at 1.21 Crores as compared to 5.21 Crores same period last year. 4. The company has not raised any equity in this quarter and same stands at 4.2542 Crores. 5. The EPS for the Q1FY21 stands at 1.57 as compared to 6.13 last year same period. <a href="https://dyvmwwyqozzzb.cloudfront.net/main/Quarterly-Financial-Results-%E2%80%93-June-2020.pdf">Result Link</a>
Fino-Paytech in the first 6 months of FY20-21 has delivered a profit of 11 Crores at the operational level as compared to a loss of 3.5 Crores despite the pandemic situation. Fino Paytech Limited Group is primarily engaged in providing technology-based solutions and services related to financial inclusion. It is a business and banking technology platform combined with extensive services delivery channel.<!--more--> The main income source of Fino-Paytech that is remittance was subdued due to pandemic situation but higher deposit- due to increase money flowing from government schemes, use of micro ATM, cash management services, and Aadhar enabled payment services have helped in getting profitability at the operational level. <strong>Stats of Fino-Paytech</strong> 1. 30% jump in micro-ATMs transactions. 2. 10% jump in Aadhar enabled payment services. 3. 22% increase in merchant enrolment. This quarter it has added 45k merchants, which was 25k per quarter earlier. <strong>Management View</strong> As per management, the remittances are at 60% of the pre-Covid level. Going forward, the management is focussing on selling credit products through its merchant on behalf of partner banks. This will generate the commission income for Fino-Paytech. At present, the management is not looking to raise money at present.
Bira beer, established in the summer of 2015 by B9 Beverages and headquartered in New Delhi, is looking to raise funds for its working capital requirement. It is looking for a strategic foreign partner for providing assistance. It is heard in the street that Bira is in talks with Japan-based Kirin Holdings, which has limited sales in India and can give Kirin Holdings a sizeable presence in the Indian market. Kirin Holdings is the biggest beer maker in Japan.<!--more--> Bira currently holds 5-6% of the beer market in India. The beer market is dominated by United Brewery (Kingfisher), and AB Inbev( Budweiser) which together holds more than 70%. <strong>UnlistedZone View</strong> The Covid-19 has made the situation really bad for Bira as the majority of its sales were coming from the restaurant and pubs only. And all the restaurants and pubs are closed as on date. If we see the impact of Covid-19 on the sectors, then Hotel, Restaurant, Aviation, etc are the biggest loser. And the situation does not seem to be looking good in the near term as fear of Covid-19 is still hanging in the mind of consumers. So Bira needs external money to run its operations. The interesting part would be to see at what valuation the deal will happen. In 2019, Bira has raised 30 Cr from Sixth Sense Ventures, at a reported valuation of 1722 Cr. Valuing per share at ~580. At that time, it was growing fast and now struggling. Selling stakes in the bad times is not advisable, but then Bira has no choice. It really needs funds to run its operations and stay alive in the market.
<p>As per the news published in the economics times, Studds Accessories, the market leader in helmet manufacturing has commissioned 2 new facilities in the state of Haryana. The company has invested a total of 200 Crores in these two plants.</p> <!--more--> <p>Studds has a market share of about 27% in the helmet market. 55% of its sales come from the Northern and Western regions. It is present in more than 40 countries mainly Europe, Latin America, Africa, the USA, and southeast Asia. This new facility will also produce helmets for bicycles. The two new plants are spread in the area of 5.5 acres and 1.5 acres each. This new facility will produce 75 lakhs helmets for motorcycle and 15 Lakh helmets for bicycles per year. The additions of new facilities will double the capacity of Studds Accessories. Now they will have 4 manufacturing plants, all in the states of Haryana. The total helmet manufacturing capacity now stands at 1.4 Crores helmet per year. <br /><br /><strong>Present Situation of Studds( Covid-19 times)</strong> <br /><br />1. The company has already started manufacturing post-covid-19. At present working at 80% capacity. <br /><br />2. The company at present has employed 1850 laborers and not facing any issue on this front. <br /><br />3. Supply chain issues are already sorted now. <br /><br />4. As per the company, the Capex and working capital requirement shall be met out of internal accruals. They will able to meet other obligations including Employee Cost, Finance cost, and other expenses from internal accrual only. 5. The company has not taken any additional credit lines for COVID. <br /><br /><strong>Outlook for FY20-21 by Manish Mehta CFO</strong> <br /><br />1. Post covid-19, the demand for 2W, new and old, is set to increase as people will prefer personal vehicles as compared to public transport. This will drive the demand for helmets as well. <br /><br />2. The management is quite optimistic and expects an overwhelming response. The company is expecting to surpass last year's sales in the current financial year. <br /><br />3. SMK, which is the premium brand, has received an overwhelming response in Indian and Foreign Markets. Last year they faced a shortage of supply due to capacity constraints. However, this year with two new plants already operational, the company will able to fill the gap. Studds is also coming up with new products in the market. <br /><br />4. Studds is also planning to add 12 new Exclusive Brand Outlets (EBOs) across the country. The capex for the EBOs would be about Rs 3 crores. <br /><br />5. BS-VI norms will put up a challenge for 2W manufacturers to sell as the cost of motorcycles will increase. So the impact would also be seen on helmet companies. <br /><br /><strong>UnlistedZone View</strong> <br /><br />Currently, the share price in the unlisted market is Rs. 825 per share. This translates into a valuation of 1623 Crores. The company in 2018 during IPO preparation was looking for a valuation of around 1800 Crores. With a supply shortage in 2019 and a positive outlook in 2020, doubling the capacity, we can easily conclude that it may easily command 2400-2500 Crores of valuation.</p>
<p>National Stock Exchange, the most sought unlisted share on 07.08.2020 has given its first-quarter results for FY20-21. A copy of the results is available with UnlistedZone. On examination, the results are outstanding.</p> <!--more--> <p><strong>Key Highlights</strong> <br /><br /><strong>1</strong>. NSE has shown a robust revenue growth of 38% YoY and 24% QoQ. It has clocked revenue of 1257 Crores in Q1FY21 as compared to 939 Crores in the same period last year. <br /><br /><strong>2.</strong> Expenses are up by just 2.7% in Q1FY21 as compared to last year in the same period. <br /><br /><strong>3.</strong> NSE has clocked a PAT of 706 Crores in Q1FY21 as compared to 425 Crores last year. <br /><br /><strong>4.</strong> In the first quarter, the NSE has clocked an EPS of 14. 5. Trading services during the first quarter saw tremendous growth as a lot of retail investors participated in the market. <br /><br /><strong>Segment Results (in Crores)</strong></p> <div class="table-overflow-init"> <table width="100"> <tbody> <tr> <td width="199">Revenue Segment</td> <td width="100">30.06.2020</td> <td width="100">31.03.2020</td> <td width="100">30.06.2019</td> </tr> <tr> <td>Trading Services</td> <td>934</td> <td>839</td> <td>625</td> </tr> <tr> <td>Clearing Services</td> <td>100</td> <td>105</td> <td>83</td> </tr> <tr> <td>Data feed Services</td> <td>29</td> <td>24</td> <td>29</td> </tr> <tr> <td>Index Licensing Services</td> <td>34</td> <td>34</td> <td>25</td> </tr> <tr> <td>Total</td> <td>1097</td> <td>1002</td> <td>762</td> </tr> </tbody> </table> </div> <p><strong><br />Covid-19 Impact</strong> <br /><br />The Coronavirus (COVID-19) outbreak is an unprecedented global situation, declared as a ‘pandemic’ by the World Health Organisation. Based on the Group’s current assessment, the impact of COVID-19 on its operations and the resultant financial performance except for its education and E-learning business is not likely to be significant. <br /><br /><strong>Valuation</strong> <br /><br />If we give a 25% growth in the bottom line for FY20-21, NSE can easily fetch an EPS of 48 this year. Currently, it is trading at 1150 in the unlisted market. Accordingly, the P/E based on FY21 earning would come around 24. In the listed segment, BSE currently trading at P/E of 15. With NSE almost 6x more trading volume than BSE, it can easily command a P/E of 30 for fair value. If we give P/E of 30 to NSE, the fair value comes out to be ~1480. <br /><a href="https://unlistedzone.com/storage/knowledge-logo/NSE-Results-Q1FY21.pdf">Results Link.</a></p>
Proyuga is inviting shareholders to join iB Family online get-together where they will share the progress and insights. As per company management, they are working with even more vigour in these tough times and innovating continuously. They have adopted new strategies not just to thrive, but to create a lasting success.<!--more--> So, the management is quite enthusiastic to meet all the shareholders in person and share their progress, but considering the current scenario, they are organizing the online get-together. As a shareholder or someone who wants to know more about the company can join the meeting online on YouTube. <strong>Two meetings will be hosted in Telugu</strong>. You can attend either of them based on your convenience. 9th August, 10.30 AM - 12:30 PM IST (or) 16th August, 10.30 AM - 12:30 PM IST Meeting link will be sent at 9 AM IST on the day of the meeting. <strong>For non-Telugu speakers</strong>, the same meeting will happen in English 16th August, 8:00 PM to 9:30 PM IST Meeting link will be sent at 6 PM IST on the day of the meeting. For any queries, please use the form. <a href="https://bit.ly/queries-doubts">Form Link</a>
Aricent Technology (Holding) Limited has sent a postal ballot notice to all the shareholders of the company for approval of the following items. <strong>Item1</strong>. Approval for Amalgamation of Aricent Technologies Private Limited with Aricent Technologies (Holdings) Limited.<!--more--> Aricent Technologies Private Limited (Transferor Company) The Transferor Company bearing Corporate Identification Number (“CIN”) U72200DL2005PTC309736 is a company incorporated in 2005, under the name of “Techforce Engineering Services Private Limited”. Subsequently, in 2009, the name was changed to “Smartplay Technologies (India) Private Limited”. Further, in 2016, the name of the company was changed to “Aricent Technologies Private Limited”. Aricent Technologies (Holding) Limited (Transferee) The Transferee Company, currently bearing CIN U72100DL2006PLC149728, is a company in 2006 (previously bearing CIN U65993DL2006PLC149728), as a public limited company under the name and style of “Kappa Investment Limited”. Subsequently, in 2007, the name of the Transferee Company was changed to “Aricent Technologies (Holding) Limited” <strong>Important Note</strong> No new shares of the Transferee Company are required to be issued or allotted since the entire share capital of the Transferor Company is held by Transferee Company and on the scheme coming into effect; such entire share capital of the Transferor Company will be canceled. <strong>Item2</strong>: Approval to provide loan/financing assistance to employees to subscribe to Capgemini SE Employee Stock Ownership Plan, 2020 (“CAPGEMINI ESOP 2020”). Capgemini SE acquired Altran Technologies S.A. at a global level in the first half of the calendar year 2020. Altran Group is now part of the Capgemini Group and consequently, all Altran entities are now part of the Capgemini group including Aricent Technology (Holding) Company. <strong>ESOP Scheme</strong> Capgemini Group has proposed ESOP schemes for its employees to acquire shares of Capgemini SE. Now as Capgemini SE acquired Altran Technologies S.A, the Indian employees working in Altran technology(Holding) Company are also eligible to buy shares of Capgemini SE shares. Capgemini SE shares are listed on France Exchange. The shares will be given a 12.5% discount on reference price. The reference price will be calculated on an average price of Capgemini SE share traded at the Euronext Paris stock exchange over 20 consecutive trading days (tentatively from 8 October 2020 to November 4, 2020). These ESOP's shares can not be transferred. <strong>UnlistedZone View</strong> The step to amalgamate holding company and a wholly-owned subsidiary is a welcome step as this will make synergy among the companies and reduce the compliances. The ESOP plan for Indian employees of Aricent Technology would be a golden chance to acquire Capgemini SE shares listed in France to have global exposure in their portfolio. Capgemini will give loans as well to the employees to purchase ESOP shares. <a href="https://unlistedzone.com/storage/knowledge-logo/KIP_Postal_Ballot_Notice.pdf">Postal Notice</a>
Paytm is going to add spice to the highly competitive broking industry, as it has announced to start the broking services for its users from its flagship product Paytm Money. UnlistedZone a few days back has reported that Paytm Money has appointed Varun Sridhar a new CEO to lead broking business. Varun Sridhar is a seasoned player who has earlier worked with BNP Paribas.<!--more--> https://unlistedzone.com/paytm-money-appoints-varun-sridhar-as-new-ceo/ Zerodha started in the year 2010 has opined the concept of discount broking wherein it has offered an ecosystem of wafer-thin brokerages for the investors and traders. Prior to that, a huge sum of money was going in brokerages for the clients in the stock market. The discount broking concept became an instant hit and with razor simple trading platform has today made Zerodha a leader in the broking industry. Today, with the announcement of Paytm Money to start brokerage services, a new competitor having a large database of users will come as a direct threat to Zerodha. <strong>Paytm Money Brokerage Charges</strong> 1. Rs. 15 per trade against Rs. 20 charge by Zerodha. 2. Annual charges of Rs. 250 against Rs. 300 charge by Zerodha. 3. Demat Account opening charge Rs. 150+GST against Rs.200+GST for online and Rs.400+GST charge by Zerodha. <strong>UnlistedZone View</strong> This is good news for the shareholders of Paytm, the most valued startup in India, as this will give Paytm a new stream of revenue in the coming years. However, we will have to check the platform and service Paytm offers to traders and investors to gauze its advantage over Zerodha. It is very early to say how much competition Paytm Money will give to Zerodha, but yes, a price war will definitely begin from here on.
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