This Privacy Policy applies to data collected by India Capital Management Ltd. ('ICM', 'we' or 'us') from your use of our website and tells you how we may collect, use and, in some instances, share this information. Please read the entire Privacy Policy set forth below and contact us if you have any questions regarding the matters addressed herein. By using this website, you accept and agree to the practices described in this Privacy Policy without limitation or qualification. If you do not accept or agree to this Privacy Policy, please do not use this website.

  1. IP Addresses or Domains

    You can visit the public parts of our website without telling us who you are or revealing any personal information. While Internet IP addresses or domains (the Internet address of a computer) are logged to track a user'™s session, the user remains anonymous. Tracking Internet IP addresses or domains gives us an idea of which parts of our website users are visiting and how much time they spend there. We do not link Internet IP addresses or domains to any information that is personally identifiable. This means that a user'™s session is tracked, but the user is anonymous. The user'™s browser also lets us know the type of computer and operating system being used. We may also record the location of your computer on the Internet for systems administrative and trouble shooting purposes and to report aggregate information. ICM may use other methods, now or in the future, to accomplish the goals of collecting technical and navigation information about the website.
  2. Cookies

    In operating this website, we may use a technology called 'cookies.' A cookie is a piece of information that the computer that hosts our website gives to your browser when you access the website. Usage of a cookie is not linked to any personal information while on our website. Cookies are used for many reasons, we may use cookies as a part of the functioning of our website, and in the event that you refuse to accept cookies, functioning may be impaired.
    We also use cookies or employ software to analyze and measure the usage and number of visitors to different parts of the website. This information helps us improve the website and make it more useful to visitors. If you would prefer not to accept cookies, you may set your browser accordingly. If you choose to disable cookies in your browser, you can still access most of the website.
  3. Password Protection

    Some areas of our website require a unique account with a valid username and password to log in to and use. Login provides access to areas, features, and other information appropriate to your status, rights, and permissions. When you use the areas of the website which require a personal identifier and password, we do not monitor or collect any personally identifiable information from you.
  4. Links to Other Websites

    This website may contain links to other websites not operated or controlled by ICM (the 'Third Party Websites'). This Privacy Policy applies only to this website and does not apply to any Third Party Websites. The links from this website to Third Party Websites do not imply that ICM endorses or has reviewed the Third Party Websites. Please be aware that we are not responsible for the privacy practices of any Third Party Websites. We encourage you to read the privacy statements of each and every Third Party Website, particularly those that collect personal information.
  5. Changes to this Privacy Policy

    This website and our business may change from time to time. As a result, at times it may be necessary for ICM to make changes to this Privacy Policy. We reserve the right to update or modify this Privacy Policy at any time and from time to time without prior notice. Please review this policy periodically, and especially before you provide any personal data. This Privacy Policy was last updated on the date indicated above [where should we put the date?]. Your continued use of the website after any changes or revisions to this Privacy Policy shall indicate your agreement with the terms of such revised Privacy Policy.
  6. Contact Information

    Please feel free to contact us if you have any questions about this Privacy Policy or the information practices of this website. You may contact us as follows:

    India Capital Management Limited

    4th Floor, 19 Bank Street

    Cybercity, Ebene 72201


    India Capital Research and Advisors Pvt Ltd

    97 Jolly Maker Chambers 2

    9th Floor, Nariman Point

    Mumbai 400 021


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.