TERMS OF USE

Please read the following important legal information carefully before using this website. These Terms of Use are a binding contract between you and India Capital Management Ltd. ('ICM'). By using this website, you accept and agree to these Terms of Use without limitation or qualification. If you do not accept and agree to these Terms of Use, please do not use this website.

  1. Compliance with Law

    You shall access and use this website only if doing so is permitted under the laws of your jurisdiction of residence, citizenship, and location at the time you access and use this website. You are responsible for identifying and complying with any such applicable laws.

  2. Disclaimer

    1. While ICM seeks to provide accurate and timely information, there may be inadvertent technical or factual inaccuracies and typographical errors on this website.
    2. THE INFORMATION PROVIDED ON THIS WEBSITE IS PROVIDED 'AS IS' AND WITHOUT WARRANTIES OF ANY KIND EITHER EXPRESS OR IMPLIED. TO THE FULLEST EXTENT PERMISSIBLE PURSUANT TO APPLICABLE LAW, ICM DISCLAIMS ALL WARRANTIES, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, NON-INFRINGEMENT AND AVAILABILITY. ICM DOES NOT WARRANT, EITHER EXPRESSLY OR IMPLIEDLY, THE ACCURACY, RELIABILITY OR COMPLETENESS OF THE INFORMATION, TEXT, GRAPHICS, LINKS OR OTHER ITEMS CONTAINED ON THIS WEBSITE. ICM DOES NOT REPRESENT OR WARRANT THAT USE OF THE WEBSITE WILL BE UNINTERRUPTED OR ERROR-FREE, OR THAT ERRORS OR DEFECTS ON THE WEBSITE WILL BE CORRECTED, OR THAT THE WEBSITE WILL BE FREE OF VIRUSES OR OTHER HARMFUL CODE OR 'BACK DOORS.'
    3. ICM disclaims any representation or warranty that your use of this website will not infringe rights of third parties not owned by or affiliated with ICM.

  3. No Advice or Offering of Securities

    1. This website is for general informational purposes only and is not intended to provide any tax, legal, insurance or investment advice, and nothing on this website should be construed as a recommendation or an opinion by ICM to acquire or dispose of any investment or security, or to engage in any investment strategy or transaction.
    2. Nothing contained on this website constitutes an offer, or a solicitation of offers to buy or sell, any security or other investment product or service, except as otherwise expressly stated.

  4. Trademarks and Copyrights

    1. ICM owns and operates this website, including all trademarks, service marks, logos, names and titles, including, but not limited to, ICM, the ICM logos and any other ICM-based marks ('Mark/s'). In particular, INDIA CAPITAL MANAGEMENT ® and INDIA INSTITUTIONAL FUND ® are trademarks of ICM, and are registered in the United States, the European Union, Japan and Singapore. INDIA CAPITAL FUND ® and INDIA CAPITAL OPPORTUNITIES ® are trademarks of ICM, and are registered in the United States, Japan and Singapore. INDIA CAPITAL™ is a trademark of ICM. Nothing contained on the website should be construed as granting, by implication, estoppel or otherwise, any license or right to use any Mark without prior written permission of ICM. Your reproduction, publication, display, transmission, or other use of the Marks displayed on this website, except as expressly provided herein, is strictly prohibited.
    2. Images displayed on this website are either the property of, or used with permission by, ICM. The reproduction, publication, display, transmission, or other use of these images by you is prohibited. Any unauthorized use of the images may violate copyright laws, trademark laws, the laws of privacy and publicity, and communications or other regulations or statutes. If you download any information, material or software from this website, you agree that you will not copy it or remove or obscure any copyright or other notices or legends contained in any such information.

  5. Restrictions on Use

    1. Except as otherwise permitted in writing by ICM, no text, graphics, video, audio, combination of video and audio, animation, software code, user interface design, logos or any other content of this website may be used, modified, framed, copied, reproduced, republished, uploaded, posted, transmitted or distributed in any way. You may download material and information displayed on this website for your own use only if you preserve and retain all copyright and other proprietary rights and notices contained on the materials and information. Downloading any material or information from this website does not transfer to you any title to such material or information.
    2. You may not use this website in any manner that could damage, overburden, or otherwise impair the operation of this website, any ICM server or any network connected to any ICM server or that could interfere with any other person'™s use of this website.
    3. ICM may, at its discretion, terminate or restrict your access to this website at anytime with or without prior notice to you. Further your right to access the website shall automatically terminate, with or without prior notice to you, if you breach any of the Terms of Use. Upon termination, you must immediately destroy any downloaded and printed materials obtained from the website.
    4. You shall not modify or change, or attempt to modify or change, this website or any of its contents in any respect without the prior written consent of ICM. If you modify or change this website in any respect, you shall notify ICM in writing immediately.

  6. Third Party Content/Linked Websites

    This website may provide links to other third party websites for your convenience in locating related information and services. Your use of these third party websites is solely at your own risk. Unless otherwise indicated, ICM does not maintain these third party websites and has no control over the organizations that maintain such third party websites or the information, products or services that these organizations provide. The content to which you link or access will not have been developed, checked for accuracy, or otherwise reviewed by ICM. Further, ICM does not guarantee the completeness or suitability of the information provided by these organizations for any purpose and does not recommend or endorse these organizations or their products or services in any way. ICM shall have no liability for any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.

  7. Limitation of ICM Liability

    ICM SHALL HAVE ABSOLUTELY NO LIABILITY IN CONNECTION WITH THE WEBSITE MATERIAL INCLUDING ANY LIABILITY FOR DAMAGE TO YOUR COMPUTER HARDWARE, DATA, INFORMATION, MATERIALS, OR BUSINESS RESULTING FROM THE MATERIALS OR INFORMATION OR THE LACK OF MATERIALS OR INFORMATION AVAILABLE ON THE. WEBSITE OR ARISING OUT OF OR IN CONNECTION WITH THE USE, MISUSE OR THE INABILITY TO USE THIS WEBSITE. ICM EXPRESSLY DISCLAIMS ALL LIABILITY FOR ERRORS AND OMISSIONS IN THE WEBSITE, WEBSITE MATERIALS AND FOR THE USE OR INTERPRETATION BY OTHERS OF INFORMATION CONTAINED ON THE WEBSITE. ICM WILL NOT BE RESPONSIBLE OR LIABLE FOR ANY LOSS OR DAMAGE THAT COULD RESULT FROM INTERCEPTION BY THIRD PARTIES OF ANY INFORMATION MADE AVAILABLE TO OR BY YOU VIA THIS WEBSITE. NEITHER ICM, NOR ANY OF ITS DIRECTORS, OFFICERS OR EMPLOYEES, NOR ANY THIRD PARTY VENDOR RETAINED BY ICM, WILL BE LIABLE OR HAVE ANY RESPONSIBILITY OF ANY KIND WHATSOEVER FOR ANY LOSS OR DAMAGE THAT YOU INCUR IN THE EVENT OF ANY FAILURE OR INTERRUPTION OF THIS WEBSITE, OR RESULTING FROM THE ACT OR OMISSION OF ANY OTHER PARTY INVOLVED IN MAKING THIS WEBSITE OR THE DATA CONTAINED THEREIN AVAILABLE TO YOU, OR FROM ANY OTHER CAUSE RELATING TO YOUR ACCESS TO, INABILITY TO ACCESS, OR USE OF THIS WEBSITE, WHETHER OR NOT THE CIRCUMSTANCES GIVING RISE TO SUCH CAUSE MAY HAVE BEEN WITHIN THE CONTROL OF ICM OR OF ANY VENDOR PROVIDING SOFTWARE OR SUPPORT SERVICES FOR THIS WEBSITE. IN NO EVENT WILL ICM, ITS AFFILIATES OR ANY SUCH PARTIES BE LIABLE TO YOU FOR ANY DIRECT, SPECIAL, INDIRECT, CONSEQUENTIAL, INCIDENTAL AND/OR ANY OTHER DAMAGES OF ANY KIND, EVEN IF ICM OR ANY OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY THEREOF. YOUR DECISIONS BASED ON INFORMATION CONTAINED ON THIS WEBSITE ARE YOUR SOLE RISK AND RESPONSIBILITY.

  8. Indemnification

    You shall indemnify, defend and hold ICM and its directors, officers and employees harmless from and against any claims, losses, damages, liabilities or expenses (including attorneys'™ fees and expenses) arising out of or resulting from your violation of any law, rule or regulation relating to your use of this website or any breach by you or your agents of these Terms of Use.

  9. Electronic Submissions & Transmittals

    1. Information electronically submitted to this website should be considered neither secure nor confidential. ICM makes no representation whatsoever concerning the security or confidentiality of your electronically submitted information and specifically makes no representation that any information electronically submitted through this website will be or has been received by ICM.
    2. Any communication or material you transmit to this website by electronic mail or otherwise, including data, questions, comments, feedback or suggestions will be treated as non-confidential and non-proprietary and will become the property of ICM or its affiliates.

  10. Monitoring Site Use and E-Mails

    ICM may, at its discretion, monitor the use of this website and record the Internet IP address of users of this website. This information is collected by ICM or its agents for our internal purposes only and shall not be disclosed to any other organization except as required by law. All e-mail communications with ICM personnel or representatives through ICM-provided email accounts are subject to monitoring and review in accordance with ICM policy and applicable law.

  11. Password Security

    ICM may provide its users with a facility on the website to access certain non public areas of this website. If you have a password and username or personal identification code for access to non-public areas of this website ('Codes'), you are solely responsible for all activities that occur in connection with your Codes. Accordingly, you are required to hold your Codes in strict confidence at all times. You must notify ICM immediately if you become aware of any disclosure, loss, theft or unauthorized use of your Codes.

  12. Applicable Laws and Venue

    By accessing this website, both you and ICM agree that the laws of Mauritius without regard to conflicts of laws principles thereof, will apply to all matters relating to use of this website. If you take legal action relating to these Terms of Use, you agree to file such action only in the courts of Mauritius, and you irrevocably consent and submit to the personal jurisdiction of those courts for the purpose of any action relating to these Terms of Use.

  13. Integration and Severability

    If any provision of these Terms of Use is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these Terms of Use and will not affect the validity and enforceability of the remaining provisions. These Terms of Use represent the entire agreement between ICM and the user relating to the use of this website.

  14. Modification of Terms

    ICM reserves the right, at its discretion, to change the format/layout and content of the website at any time. ICM also reserves the right, at its discretion, to amend, change, modify, replace, add or remove all or few portions of these Terms of Use at any time and without any prior notice by updating this posting. We suggest that you check these Terms of Use periodically for changes. If you use this website after ICM posts changes to these Terms of Use, you accept the changed Terms of Use. If you do not accept amendments to the Terms of Use, you are not granted permission to use this website.

  15. Headings

    The headings in these Terms of Use are for descriptive purposes only and will not modify or qualify any of the rights or obligations set forth in these Terms of Use.



Pulling Away - The Rewards Of Leadership

Corporate India Is Starting To Consolidate. Investors Should Take Notice.

This is not an offer to buy or sell securities. The India Capital Fund maintains positions in sectors and stocks discussed in this note.

December 2022

Corporate India has historically been characterized by extreme fragmentation across sectors. But increasingly, some companies are pulling away from the rest in market share and especially in earnings. This change will have profound implications for investors.