National Stock Exchange of India Ltd Bandra Kurla Complex

November 14, 2020

The DCS- CRD BSE Limited

Corporate Relationship Department 1st Floor, New Trading Ring, Rotunda Building, P. J. Towers, Dalal Street, Mumbai – 400 001

National Stock Exchange of India Ltd Exchange Plaza, C-1, Block G,

Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Dear Sir / Madam,

Scrip Code : 543212 Symbol : BOROLTD Series : EQ ISIN: INE02PY01013 Sub : Copy of Advertisement Published in Newspaper(s) – for Extract of Statement of

Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended 30th September, 2020. Pursuant to the provision of Regulation 47 of SEBI (Listing Obligations and Disclosure

Requirements) Regulations, 2015, please find enclosed copies of advertisement published in Business Standard (all editions) newspaper and Loksatta (Mumbai) newspaper in Marathi translation both on November 14, 2020, for Extract of Statement

of Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended 30th September, 2020.

You are requested to take note of the same.

Yours faithfully, For Borosil Limited

(Formerly known as Hopewell Tableware Limited)

Manoj Dere Company Secretary & Compliance Officer FCS No. 7652

ARCHIS MOHAN

Dipankar Bhattacharya is seen as one ofthe most rooted among the top commu-nist leaders in the country. He lives out ofhis party’s offices, and is more likely toexplain his political position in accessi-ble Hindi, English or Bengali than utterinscrutable phrases about dialecticalmaterialism.

Bhattacharya is the general secretary,or the chief, of the Communist Party ofIndia (Marxist-Leninist) Liberation — pop-ularly known simply as Bhakapa Maalay,or just Maalay.

Curiosity about him, and his party, hasincreased after the “ML” won 12 of the 19seats it contested in the Bihar Assemblypolls, and lost another three by narrowmargins — the best strike rate among allbig contesting parties.

More than its wins, the ML set the“agenda” for the Bihar Assembly polls,focusing the political discourse on issuesof livelihood. Its cadre contributed signif-icantly towards making public meetings ofRashtriya Janata Dal (RJD) leaderTejashwi Yadav the social media successthat they turned out to be.

At 59, Bhattacharya is the youngestamong the leaders of the Left movementin India. The success of the ML in Biharhas revived the imagination ofleftists across the country of areturn to the glorious past whenthe Left parties, particularly theCommunist Party of India (CPI),were an important electoral play-er in the Hindi-speaking states.

Bhattacharya was electedchief of his party in 1998, at age 38,succeeding Vinod Mishra (“com-rade VM”) after his death.

He would sit in district com-mittee meetings of the party from a youngage, and in turn has groomed a generationof younger leaders to do the same, helpingML to grow on university campuses whenother Left parties have struggled to attractand retain talented young people.Currently, the 75-member central com-mittee of the party has at least half a dozen

members who are under 30 and 15 who areunder 40 years. After the “ML” came “over-ground” in 1992, it was mainly when“comrade Dipankar” was at the helm thatthe party focused on mass movements.

Bhattacharya was born in Guwahati,according to his educational certificates,on January 5, 1961. He was actually born inDecember 1960, but no one in his familycould remember the exact date. His fatherwas a ticketing clerk in the IndianRailways.

The leader’s associates say none in hisimmediate family was associated withLeft politics. His father made progressiveliterature available to a young Bhatta-

charya, which seems to haveinfluenced him greatly. Laterwhen Bhattacharya joinedthe ML after completing hisMStat from Kolkata’s IndianStatistical Institute, his fathergoodnaturedly told him thathe might not have providedhim such literature had heknown his son would end upin a Communist party.

In his early teens,Bhattacharya moved to Kolkata andenrolled in Ramakrishna MissionVidyalaya, Narendrapur. He topped the higher secondary board exams inthe state.

“We were probably in sixth or seventhstandard when one day our teacher, AbdulGhani, got Bhattacharya to our class to

tell us, ‘this boy is bright’. Unlike many ofus who loved our addas, he was introvertand studious sorts. We expected he wouldone day be a top-notch statistician. It cameas a surprise when I discovered a decadelater that he was a political activist,” rem-inisces filmmaker Joydeep Ghosh.

Public perception aside, the ML insiststhat in what is known as its “violentphase”, it faced more violence than it met-ed out, particularly at the hands of thefeudal armies of Bihar like Ranveer Sena,Sunlight Sena, and so on.

Those who have long memories havefound the ML’s alliance with the RJDincongruous. Mohammad Shahabuddin,a former RJD MP from Siwan, is serving alife sentence for killing at least 15 of theML’s cadres, including former JNU stu-dents’ union leader ChandrashekharPrasad. What the party’s struggle hasachieved in Bihar, as its leader KavitaKrishnan puts it, was not only fight forsocial and economic justice but to give itspoorest the “khaansne ki azaadi” in adeeply entrenched feudal setup.

Under Bhattacharya, and a band ofsecond-rung leaders, the party hasplanned to use the success of Bihar toinvest in mass movements against theBharatiya Janata Party-led governmentat the Centre. “The Bihar result has notonly proven those writing obituaries ofthe Left movement in India wrong, butalso underlined the immense appeal ofmovement-based politics,” says Krishnan.

NEWSMAKER / DIPANKAR BHATTACHARYA / GENERAL SECRETARY, COMMUNIST PARTY OF INDIA (MARXIST-LENINIST) LIBERATION

Revolutionary statistician

NIVEDITAMOOKERJINew Delhi, 13 November

The story of India’s modern whole-sale, which started in a big waywith American retail major

Walmart’s entry, is witnessing a transi-tion that may change the face of the business like never before.

The rush to open new stores, whichdefined the industry’s interest in the organ-ised wholesale sector till now, is receding.Online play is a priority now — so farunthinkable in a business that’s all about ameaningful interface with kirana, or mom-and-pop stores. Real estate acquisition ismostly for inventories and fulfillment cen-tres, or perhaps smaller physical stores asagainst large 50,000-sq ft or more area toplay around with earlier.

Also, the boundaries are disappear-ing between B2B and B2C, e-commerceand traditional cash and carry, prompt-ing businesses to take a leap. The shiftwas being planned, but the pandemichastened the process.

The journey: The start of modern whole-sale in India was iffy but gradually the busi-ness began drawing eyeballs and footfalls,too. It was 2007 when Walmart enteredIndia in a tie-up with Sunil Mittal-led BhartiGroup. While waiting for India to relax themulti-brand rules so that it could open itsbig box stores, the $524-billion Bentonville-based group decided to set up a wholesalebusiness instead, surprising industrywatchers as that was not exactly what theUS retailer was known for. The idea was tosupply to its joint venture partner Bharti’sretail stores till it could fulfil its originalplan of becoming a B2C operator. The 50-50Bharti-Walmart venture launched its firstcash-and-carry store in India in 2009.

Germany’s Metro Cash and Carry wasalready in India since 2003 with a cash-and-carry model, but the group startedcompeting aggressively after Walmart’sentry. French major Carrefour, too,picked up a slice of this business, thoughkeeping its multi-brand retail ambitionintact like Walmart. After opening its firststore in India in 2010, Carrefour man-aged to open only five stores, subse-quently exiting the country in 2014.Walmart stayed on despite its breakupwith Bharti in 2013. So did Metro, whichwas clear all along that it would not enterthe multi-brand B2C segment unlike theother two foreign majors.

The wholesale business, typically asso-ciated with crowded markets and gunnybags filled with grain, suddenly becametrendy in India with marquee interna-tional names making their presence felt.Not surprisingly, Mukesh Ambani’sReliance Industries, too, entered the busi-ness, opening the first Reliance Market(wholesale store) in 2011 and then expand-ing at a fast pace.

What changed: Cut to 2020 and wholesalebusiness has lost its punch though theindustry insists that it has not lost its rele-vance. For example, Best Price — Walmart’scash-and-carry chain of 29 stores — is nowintegrated with Flipkart Wholesale, a newdigital B2B marketplace. This is part of themerger exercise after Walmart acquired amajority in Bengaluru-based Flipkart in2018 at around $16 billion. The integrationprovides an opportunity to leverageFlipkart’s expertise, technology, knowledgeand market insights combined with themerchandising knowledge of Walmart’sB2B business, said Rajneesh Kumar, chiefcorporate affairs officer, Flipkart Group.Kumar said the aim was to “transform thekirana retail ecosystem and bring smalland medium enterprises to the market by leveraging cutting-edge and locallydeveloped technology”.

Sources close to the integrated operationof Walmart and Flipkart wholesale pointedout that with this the long process of storeopenings and scouting for real estate wouldbe cut down substantially. Even so, the lastWalmart wholesale store was opened twoweeks ago in Tirupati. While the plannedstores are being opened, the future strategywould be different, people in the know said.Some of the wholesale stores could be con-

verted to fulfillment centres or warehousefor any of the group’s business, including itsmainstay e-commerce.

Now, for small stores: Germany’s Metro,meanwhile, has started following an omni-channel strategy. With 28 stores in its kitty,it’s moving in a newer direction. ManagingDirector and Chief Executive ArvindMediratta told Business Standard that it’sthe customers who are deciding whether tobuy offline or online. The hybrid behaviouris picking up, but online is still an incre-mental business compared with store pur-chases, he said. “We are getting 15 to 20 percent extra business because of online,” hepointed out, adding that’s not bad at all.Even so, Mediratta describes online whole-sale as a “top-up tool for kiranas”. The num-ber of baskets or articles in a physical trans-action by a retailer/kirana is at least doublethe online buy. Currently, the average basketvalue is around ~10,000 to ~20,000 in onlinetransactions at Metro, Mediratta said.

The Metro India chief also pointed at ashift to smaller towns. Usually focused onbig cities, Metro recently opened up inTumkur (renamed Tumakuru), an indus-trial town in Karnataka. As for real estate,the idea is to spend less on retail includingwholesale, analysts said. Mediratta agreedthat his company would go for smallerstores from now on — maybe 20,000-sq ftor so against 40,000 to 50,000-sq ft earlier.

If foreign majors are low key on theexpansion of physical stores — at least thebig ones with which cash-and-carry wasassociated — Reliance Market is following asimilar path. For a long time, there has beenno announcement of a store addition forReliance Market. About four quarters or soago, 45-plus was the number given by thecompany. Now the B2B business is throughkiranasonboarded on JioMart. Also, fulfill-ment centres are catering to the kiranaorders, people in the know pointed out.

The way kiranasorder has also changed.“They order through JioPOS, which allowsthem to take the online mode,” a persontracking the process said. The transactioncan come through the company’s ware-house or distribution centre or the existingReliance Market stores, he said.

Wholesale is clearly not the same anymore.

MUMBAI | 14 NOVEMBER 2020 TAKE TWO 11. <

How has the pandemicimpacted the art auctionscenario?This situation has affectedeveryone within the wider global artcommunity andwe must workcollaboratively tosupport oneanother to shapethe future. Whilstthis has been atricky time and hashad an effect on manybusiness revenues in the shortterm, we should all look at theopportunities, especially theaccelerated digital innovation.

What have been the challengesand opportunities for majorauction houses such as Chri-stie’s in this exceptional time?Online has been a hugesupport and allowed us, alongwith private sales, to continuethe business remotely. Butthen online has been animportant contributor to ourbusiness since sales startedonline in 2011. The gamechanger is the digital progressmade over this very shortperiod of time (augmentedreality / enhanced photo-graphy / viewing rooms /360-degree imagery for sculpture /videos / artists interviewsetcetera). This has beenembraced by the majority ofour clients, across all agegroups. Covid-19 has been acatalyst here and has really

pushed our business forward.After our recent sale in

London (October 22), mycolleague and our globalpresident Jussi Pylkkänen

said: “Thevocabulary ofauctioneering and the art markethas changedfundamentally.” Iagree. History alsoshows that the artmarket has a natural

resilience. There is a persistentappetite and our experience inthe long term and across thelast months is that collectorswant to collect.

As we have had to adaptand disrupt the traditionalsales calendar and the“rhythm” of the art market,it is very hard to be sureuntil the end of the year.We have done much tomitigate against a short-fall by scaling onlineauctions and using thelockdown period topush private sales.

It is also true thatdifferent regions wereaffected at differenttimes. This will all help,but we are expecting to bedown around 30 per cent byauction channel sales by yearend, as a result of thenecessary pause in live salesduring our first half. We haveadapted the business andsavings in print materialshave also been re-invested in

digital and livestreaming.

Where does India feature interms of collectors, and howhas the Indian collectors’market evolved in Christie’sexperience? Our collectors in India haveembraced the online experi-ence and have been veryactive, both in our auctions

and lectures alike. We havenow held four Modern andContemporary South AsianArt auctions online sinceMarch, and this categorycontinues to see approxi-mately 50 per cent of itsbuyers coming from India. In my experience, collectorshave used this time to furtherlearn and study their areas ofinterest and it has onlydeepened their passion forthe category.

In the online format, are therecertain categories of collectib-les that do better than others?There were always depart-ments whose objects bestsuited the online format,including luxury goods suchas wine, watches, jewelleryand handbags, Picassoceramics, prints and multiplesand photographs. However,

the most significant shiftcame over the lockdownwhen we began to offerhigher-value art online.

Previously it was feltclients need to see theworks in person, but evenon high-value lots,pictures and sculpture,the data allowed us to have

confidence to offer highervalue objects online.

Compared to 2019, thenumber of new buyers inonline sales is up 69 per cent(globally), with growth fromall three regions: theAmericas, EMEA (Europe,Middle East/West Asia,Africa) and Asia Pacific.

So far this year, we haveheld 91 more sales onlinethan in 2019.

New buyers in online sales up 69%from 2019: Christie’s India MD

Wholesale goes ‘retail’

SONAL SINGHManaging Director,Christie’s India

London-headquartered auction house Christie’s has found in the pandemic an opportunity to accelerate itsonline sales and reach collectors across the globe. Till August 20 this year, it had held 115 auctions — 100 of themonline. More auctions have since followed. Christie’s India Managing Director SONALSINGH tells Veenu Sandhuthat the digital progress made during this short period has been a game changer. Edited excerpts:

The pandemic hasaccelerated the shift that blurs the differencebetween B2B and B2C

SHELF LIFE29 28 45-plusWalmart Metro Reliance Market

ALL-INDIA RETAIL PIE� $700 billion (including wholesale)

�Growing at 7-8%

� Share of traditional retail/kirana: 85-87%

�Modern food and grocery: 7%

� E-commerce: 5-7%

METROS In %� Traditional/kiranas 80

�Modern retail 12

� E-commerce 8-9

Source: Companies

Source: Industry estimates

Bhattacharyahas helped ML to growon universitycampuseswhen other Leftparties havestruggled toattract talentedyoung people

��

��

� ��

� ��

��

��

��

� ��

� ��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

� ��

��

��

��

��

��

��

��

��

� ��

� ��

� ��

� ��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

��

� ��

� ��

� ��

��

� ��

��

��

��

��

��

� ��

��

��

��

��

��

��

��

� ��

��

��

��

��

��

��

� ��

Documents

National Stock Exchange of India Ltd Bandra Kurla Complex