Cognizant’s Digital Makeover PlanWith tech budgets directed more to new-age digital projects, Cognizant is sprucing up this platform to stay ahead of rivals

The New Selling Plan: Chai Pe EcommerceHyper-local strategies like offering free tea to sellers and retailers, are becoming central to online marketplaces in India

Startups Design Tech in Local Languages Ecommerce websites are translating their platforms to make them accessible to users residing in tier-2 or tier-3 cities

Startups & Tech

MUMBAI | 20 PAGES | * .̀ 3.00 OR .̀ 6.00 ALONG WITH THE TIMES OF INDIA TUESDAY, 21 APRIL 2015

PAGES��6 & 7

BENNETT, COLEMAN & CO. LTD.THE ECONOMIC TIMES

WWW.ECONOMICTIMES.COM

Gandhi is a Blockbuster

PURE POLITICS

Rajiv, IndiraNo More inHindi Awards

Names of Indira Gandhi

and Rajiv Gandhi will no

more figure in the annual

awards given by home

ministry on Hindi Diwas

for progressive use of

Hindi in government,

reports Aman Sharma.

Yoga GurusDid Give‘Aum’ a Miss

Experts roped in for Yoga

Day celebrations con-

firmed that references to

‘Aum’ would be dropped,

contradicting BJP leader

Ram Madhav’s claims.

AAP ExpelsBhushan and Yadav

Shambhavi Anand & Evelyn Fok

New Delhi | Bengaluru: Online gro-cery and vegetable retailers are burningcash in advertisements to get more shop-pers, just like Flipkart and Snapdealhave been doing for more than a year, asinvestors have put .̀ 250 crore in threefunding deals within a week this month.

Specialised players such as LocalBa-nya, BigBasket and Mera Grocer are ad-vertising heavily while ecommerce gi-ants such as Snapdeal, Amazon andPaytm too plan to focus on a market seenas having huge potential. After all, foodand grocery make up for almost 70% ofIndia’s overall retail market, plus a hugenumber of Indian consumers is alreadyused to mobile and Internet shopping.

“Grocery forms a very large sector forany household and the local kiranaplayers have not been able to give ser-vices which a modern customer wouldlike to get,” said Mayank Khanduja,vice-president at SAIF Partners.

Short Purchase Cycle��19

Cos join ad bandwagon,

a la Flipkart & Snapdeal

Amazon India is inviting

wholesale merchants to

transact on a new website to

be launched this week, reports Aditi

Shrivastava from Bengaluru.��8

Amazon Opens Windowfor Wholesale Merchants

RAHUL GANDHIVice-President,Congress

Yours is a govtof suited-boot-ed people, whodo not under-stand that thereal power ofthe country lieswith its farmersand labourers,and not withthe corporates

New Road Safety Bill Seeks toDefine Taxi-hailing AppsIndia will for the first time clearly define online

taxi-hailing companies like Uber and Ola in the

road safety Bill that is in the works.

Companies��9

Centre Proposes to Change Rules of Benami Property OwnershipThe government could sharply restrict the rela-

tives in whose names property can be acquired

to spouses and unmarried daughters.

Economy ��17

llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll

Expected Tax Rate Surge on GSTRollout may be Reined in The Centre and the states want to rein in surge in

service tax when GST is rolled out, perhaps by

taxing only a part of the service.

Economy ��17

Inside story

Do you agree with the govt's recentcrackdown on some NGOs?

www.economictimes.com

Is the sell-off in the markets indicative of deeper economic problems?

TODAY’S QUESTION

83%YES

12%NO

5%CAN’T SAY

D-St Loses Gripas a Mountain ofWorries LoomsConcern over dip in

corporate earnings,

Chinese trading curbs

& tax on foreign funds

Our Bureau

Mumbai: Indian stocks drop-ped on Monday for the fourthstraight day, weighed down by aheady mix of worries about cor-porate earnings slowdown, Chi-nese downturn, escalating debtworries in Greece and concernover retrospective taxation ofoverseas portfolio investors.

The rupee’s decline to amonth’s low against the US dol-lar also hurt sentiment as for-

eign institu-tional investors(FIIs) dumpedshares worth.̀ 1,500 crore.

Benchmark in-dices — Sensexand Nifty — fellbelow crucialsupport levels,mirroring the

weakness in rest of Asia, afterChina’s curbs on speculativetrading eclipsed its centralbank’s move to ease liquidity.

The BSE Sensex dropped 555points, or 1.95%, to close at27,886 on Monday, below thecrucial support level of 28,000.NSE’s Nifty index declined 157points, or 1.83%, to end at 8,448,below the psychological sup-port level of 8,500. Both indiceshave fallen 4% in the past fourtrading sessions.

Market Likely to Remain Dull��19

STOCKS ON THE SLIDE

Of 30 Sensexstocks, 28 fellwhile tworose. RIL,which fell4.5%, was the biggest index loser

Weak FootingCOMPANY

BoB

Lupin

BPCL

Sun Pharma

ACC 

CMP % CHG

1.07

0.95

0.71

0.58

0.53

179.5

1786.95

803.5

1043.8

1529.75

NIFTY GAINERS

NIFTY LOSERSCOMPANY

NMDC Ltd

RIL

Hero Moto

IndusInd Bk

M&M

CMP % CHG

-5.09

-4.45

-3.91

-3.68

-3.01

126.75

885.65

2316.35

843.75

1187.7

SECTORAL LOSERSSectors

ET Retail

ET Teleservices

ET Realty

ET Power

ET Oil & Gas

ET Sugar

ET Hospitality

ET Media

ET Infotech

ET Fertiliser

ET Metal

Index Value % Chg

-2.51

-1.95

-2.81

-2.01

-2.59

-1.56

-1.57

-2.07

-2.03

-2.15

-1.11

1168.67

1930.55

2755.52

3649.24

4965.32

6788.61

6848.06

7227.09

8535.3

8590.97

11341.99

Deepshikha.Sikarwar@timesgroup.com

New Delhi: More trouble seemsto be brewing for Greenpeace withthe Intelligence Bureau askingthe finance ministry to withdrawthe environmental lobby group’sincome-tax exemption citing al-leged financial irregularities.

IB has written to Revenue Secre-tary Shaktikanta Das, giving de-tailed account of the alleged vio-lation of the provisions ofForeign Contribution (Regula-tion) Act as also some of its activ-ities that ran counter to its statedobjectives, two persons privy tothe matter said.

The move drew a scathing re-sponse from Greenpeace India.“We are not surprised the gov-ernment is using institutionalpower to orchestrate an attack onGreenpeace... This is yet anotheraction that we will contest and as-sert our legitimate status as anon-profit charity involved in en-vironmental protection,” Execu-tive Director Samit Aich told ET.

Errant NGOs in Line of Fire��19

Greenpeacein Crosshairs;I-T Break maybe Withdrawn

TIGHTENING SCREWS

IB alleges financialirregularities in letterto revenue secretary

IN EXIT MODE Japanese drugmaker gets ready to sell its entire 9% stake inSun Pharma for .̀ 18,000 crore, appoints Goldman Sachs to execute sale

Our Bureau

Mumbai: Japanese drugmaker Daii-chi Sankyo will exit from Sun Phar-ma by selling its 9% stake in India’slargest drugmaker by market valuefor roughly .̀ 18,000 crore in blocktrades in the stock market, two peo-ple with direct knowledge of the de-velopment said. Daiichi, which soldRanbaxy Laboratories to Sun Phar-ma for $3.2 billion in April 2014, hasappointed Goldman Sachs to executethe sale on Tuesday.

The sale will bring the curtainsdown on a harrowing chapter forthe Japanese drugmaker which be-gan when it purchased Ranbaxy in2008. It suffered a series of joltswhen the US FDA pulled up Ran-baxy for technical deficiencies andaccused the firm of faking test re-sults to obtain clearances for itsproducts. Daiichi was forced to pay

$500 million in settlement. Ranbax-y’s value dropped steeply due to thedisputes, so much so that its shareswere trading at .̀ 460 at the time ofthe Sun purchase last year. Daiichi’spurchase price from Ranbaxy share-holders was .̀ 737 in 2008 though the

Delhi-based firm’sshares never touchedthat level, havingpeaked out at .̀ 660.

Last year’s pur-chase of Ranbaxy bySun gave Daiichi a9% stake in India’sbiggest and mostprofitable pharmacompany by market

cap. Huge appreciation of Sun Phar-ma shares since the announcementof merger of Ranbaxy with SunPharma could be the reason for theJapanese drugmaker’s exit.

Sun Shares have Gained 68%��19

Sayonara! Daiichi Set to BidAdieu to India via Block Deal

The shareswill be soldat a discountto Sun’sclosing priceof .̀ 1,044 apiece onMonday

Pritha.Dasgupta@timesgroup.com

Kolkata: Sam Balsara’s MadisonWorld has roped in Vikram Sakhuja,global strategic development officerat GroupM, as the chief executive of-ficer and board member of MadisonMedia and Madison OOH, a personclose to the development told ET.

Sakhuja will also own a “low single-digit minority stake” in MadisonMedia and Madison OOH, whichwill go up over some years to lowdouble-digit stake, the person said.

This is the first time that Balsara,who owns Madison World alongwith his daughter Lara Balsara, isgetting into an equity partnership.

Sakhuja to Run Ops of the 2 Cos��19

Joins Madison Media, OOH as chief executive; to own stake in firms

Sakhuja is Latest Advertising StarREADY FOR A NEW ROLE

1984 Management trainee at DCM Ltd

1988 Associate Manager at Procter & Gamble

1996 Marketing Manager-Brands at The Coca-Cola Company

ALUMNUS OF IIT-DELHI & IIM-CALCUTTA

VIKRAM SAKHUJA

2000 EVP, Star TV

2002 MD, MindShare

2006 CEO, GroupM South Asia

2013 Worldwide CEO, Maxus

2014 Global Strategic Development Officer, GroupM

Rahul: Naam to Suna hi Hoga!

Special Feature

War over Zero RatingEight lakh emails arguing for a free In-

ternet hit Trai, Flipkart walked out of a

deal with Airtel, Mark Zuckerberg had

to step up and defend Internet.org.

Romit Guha unravels the fierce debate

around ‘zero-rating’, where a website

pays a telecom company to ensure it

can be accessed free by users.��16

The Story So Far June 2008Daiichi Sankyo buys controlling stake inRanbaxy Lab for

$4.6 BILLION

April 2014Sun Pharma buys Ranbaxy for

$3.2 BILLIONin a share-swap deal

June 2014Sun Pharmaannouncesdecision to MERGE WITHRANBAXY

Ranbaxy market value halves in four years as FDA clamps down on its Indian plants

DAIICHI GETS 9%STAKE IN SUN PHARMA

Sun Pharma market value rises 68% since announcement of merger with Ranbaxy

Gautam Bhandari, the for-

mer top Morgan Stanley

fund manager who quit in

2012 with nine colleagues to set up PE

firm I Squared Capital, on Monday

closed a $3-billion (.̀ 18,768 crore)

fund that will invest in both Indian

and global infrastructure assets, re-

port Sneha Shah & Baiju Kalesh.��9

Bhandari Closes$3-Billion Fund

With the stock market

correcting from record

levels, some investors

are feeling encouraged to dip their

toes in the water. ET speaks to

leading market players for their

insights on the equity MF schemes

that investors can buy into to bet

on India’s growth story.��11

Top Equity MFs toPlay India Story

The government plans to use former PM

Jawahar Lal Nehru and Indira Gandhi’s state-

ments on rehabilitation to counter Congress’

attack over the land Bill, reports Nistula Hebbar.��2

BJP Fishes Out Nehru Quote

Our Political Bureau

New Delhi: Surrounded, al-most like a protection team, bya handful of the not-so-manyCongress MPs, Rahul Gandhidelivered his maiden perform-ance in Lok Sabha since the2014 polls, charging the Modigovernment with abandoningfarmers to favour corporates.

“Yeh suit-boot ki sarkar hai…aapki sarkar bade logon ki sar-kar hai,” he said while takingadig at Transport Minister Ni-tin Gadkari on his reportedly“honest” comments that thefarmer should not depend on“Bhagwan” or “sarkar”.

Rahul Back in the Picture��19

Full SpreadBigBasket

LocalBanya

Mera Grocer

ZopNow

Grofers

PepperTap

GrocerMax

Oct-11

May-12

Jan-15

Sep-11

Dec-13

Nov-14

Dec-14

60

20

0.5

10

45.5

11.2

Early-stage funding from HNIs**

Founded Funding*

*($ Million) **(Amount not revealed)

Valuation*223.8

NA

NA

50

115

NA

According to India Brand Equity Foundation, food and grocery made up 69%

of India’s $490-billion retail sector in 2013, followed by apparel at 8%

Trouble Ahead?IB writes to revenue dept on alleged violations by NGO

Income-tax dept could cancel its registration

Greenpeace could lose tax exemption

Online Grocers Use Cartsof Cash to Lure Customers

AR

IND

AM

PAGES ��2, 3, 4

Aam Aadmi Party

has expelled rebels

Yogendra Yadav and

Prashant Bhushan, as

well as two others, for

“anti-party” activities.