THURSDAY, 16 JUNE 2022

18 pages in 1 section www.business-standard.com

NEW DELHI
~11.00
VOLUME XXIX NUMBER 44

THE MARKETS ON WEDNESDAY chg#

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GST RATE REJIG:

GOM LIKELY TO Cabinet clears Creditors may get power to
MEET TOMORROW
remove liquidator under IBC
An empowered group of ministers, formed to
look into rate rationalisation, may seek an
extension of three to six months to submit its
report on restructuring the GST slabs in its
5G auction; no IBBI wants liquidation
timeline reduced
TIGHTENING THE PROCESS

change in price
meeting on June 17, said people in the know. | Creditors may act as completion of
The panel will be meeting for the second monitoring mechanism liquidation process in 30
time since it was set up in September 2021. 7 > SHRIMI CHOUDHARY
for liquidation days from the current 90
New Delhi, 15 June
process until days in select cases
The Insolvency and Bankruptcy stakeholders’ | Liquidator to give
US Federal Reserve set Permits enterprises to run captive private networks Board of India (IBBI) has proposed committee comes reasons if decision is
into effect
to announce rate hike SURAJEET DAS GUPTA & ANEESH PHADNIS
New Delhi/Mumbai, 15 June
THE NEXT LEVEL a slew of changes to the liquidation
regulations to iron out the inconsis- | IBBI proposes the
taken contrary to the
stakeholders’ panel view
In the US, the Federal Open Market 72 GHz Quantum of spectrum to be tencies and make the liquidator more

T
Committee on Wednesday is expected to he Union Cabinet has cleared auctioned across various bands accountable under the Insolvency and
raise rates 75 basis points by US firms 5G spectrum auction, while Bankruptcy Code (IBC). date of commencement of liquidation, to INADEQUATE INFRASTRUCTURE CONTINUES
including Goldman Sachs and Barclays. retaining the reserve price that ~317 cr/MHz Base price for Under the proposed changes, a com- monitor the process from the start. TO STYMIE IBC IMPLEMENTATION P2
was recommended by the 5G spectrum in 3.5 GHz band mittee of creditors (CoC) may act as a stake- Creditors, it proposed, can now replace the
Telecom Regulatory Authority of India for 20 years holders’ consultation committee (SCC), liquidator, by a majority vote, in case his CREDITORS NOW NEED TO FILE
(Trai) in April and accepted by the typically set up within 60 days from the conduct is not satisfactory. Turn to Page 7 > INFORMATION OF DEFAULT P6
ECONOMY P6 Digital Communications Commission 36% Reduction in base price
Special provisions for EMs (DCC) subsequently. Even as telecom
firms had sought a 90 per cent reduction
compared to Trai’s 2018
recommendations
are non-negotiable: Goyal
Special provisions given to developing nations
in all deals of the World Trade Organisation are
a non-negotiable matter, Union minister
in spectrum reserve prices from the
level set by the regulator in 2018,
Trai lowered it by only around 36
per cent in a review two months ago.
JULY 8 Final date for submission
of applications
Steep chase for IPL rights winners
Piyush Goyal said on Wednesday. The Cabinet nod implies that bid- JULY 26 Spectrum auctions to Might take 4 yrs to bridge chasm between price per match & ad revenue for ‘23-27
ding for 5G, along with begin
INDIA, EU LOOK TO MAKE FRESH some other spec- ISHAAN GERA
START ON TRADE DEAL P6 trum bands, | Enterprises allowed New Delhi, 15 June MEGA BETS inside
could start by to run captive private EARNINGS | Value (~ cr) | % chg in winning bid
end of July. The bubbly might not flow freely at the winners PAGE 2
networks; to get HAVE compared to previous one
In an upset for spectrum directly of this week’s auctions of the broadcast rights IMPROVED RIL ON TOP AFTER
telcos, the Cabinet has to the Indian Premier League (IPL), the party
2017 16,347.5 158
from DoT despite COMPARED TO VIACOM MEDIA
permitted enterprises to pooper being a possible four-year gestation PREVIOUS
run “captive private net- COAI protest before they bridge the gap between the price AUCTION
2022 48,390 196 RIGHTS BUY
works” with direct allocation per match and the advertising GROWTH IN IPL AD REVENUES PER MATCH
of spectrum by the Department revenue. HAS AVERAGED 20% YOY (~ cr) IPL TEAM OWNERS
of Telecommunications (DoT). cash flow issues. Bidders The Indian cricket board | Actual | Expected MAY SELL STAKE AS
Enterprises have also been allowed to would also be given an option raised eyebrows when it auc- ~118 cr is avg payment for digital, TV rights
VALUATIONS RISE
lease spectrum from service providers to surrender spectrum after 10 years, tioned the 2018-22 broadcast

2018 29.2
2016 20.0
2017 22.3
2015 16.7
to run a network. DoT had reservations with no future liabilities on balance rights for the IPL to STAR India PAGE 17

2026 118.6
2027 141.8
2023 69.5
2024 83.0
2025 99.2
2022 58.1
2020 43.3
2021 58.3
2019 36.7
Scan to Open on both these points. instalments. for Rs 16,347.5 crore — for every
FREE Demat However, the payment for spectrum The Cabinet had discussed 5G bid- medium and geography. That STRATEGIC
Account can be made annually through 20 equal ding at its Tuesday meeting, but was 158 per cent higher than TIME-OUT FOR
instalments (to be paid in the beginning announced the details of the approval a what Sony had paid for the pre- Note: Excludes spot ads, subscription revenue. Expected values are
based on 19.6% CAGR increase between 2015 and 2022 DISNEY, VIACOM
of each year), keeping in mind telcos’ day later. Turn to Page 7 > vious cycle. Turn to Page 7 > Source: Media reports, BS analysis
2 COMPANIES NEW DELHI | THURSDAY, 16 JUNE 2022

> Lupin > JSW Steel > One97 Communications > Engineers India > Sigachi Industries
STOCKS Lupin Diagnostics launches Crude steel production Loans disburse grows Bags project from Incorporates wholly
IN THE NEWS its first regional reference for May’22 grows 471 per cent YoY to 5.5 mn Neyveli Lignite as owned subsidiary
laboratory in Patna by 31 per cent YoY loans in Apr-May 2022 PMC for plant in Dubai, UAE
~613.55 CLOSE ~563.15 CLOSE ~616.45 CLOSE ~59.7 CLOSE ~262.65 CLOSE
p0.8% UP* p0.26% UP* p1.7% UP* p1.5% UP* p2.4% UP*
*OVER
*OVERPREVIOUS
PREVIOUSCLOSE
CLOSE

>

IN BRIEF
$700-million Adani revolving IPL team owners Reliance on top after
facility gets ‘green loan’ tag
Viacom media rights
Adani Transmission (ATL) on Wednesday
said its $700 million revolving loan
facility has been tagged as 'green loan'
by Sustainalytics. Sustainalytics, a
Morningstar Company, provides
may sell stake as purchase in e-auction
analytical environmental, social and
governance (ESG) research, ratings and
data to institutional investors and
companies. In a statement issued on
Wednesday, ATL said its "$700 million
valuations rise In a first, broadcaster is subsidiary of team owner;
experts say these are mutually exclusive franchises
revolving facility has been tagged as green loan by Sustainalytics.
This provides assurance on the green loan framework for the
DEV CHATTERJEE
Mumbai, 15 June
VIVEAT SUSAN PINTO
Mumbai, 15 June
GLOBAL GAME
Key broadcasters of world's top leagues
revolving facility." A revolving loan facility is a flexible financing
Property Broadcasters Average

A
tool that provides the borrower with the ability to draw down or s the valuations of
withdraw, repay, and withdraw again. PTI teams in the Indian
Premier League rise in
light of the bumper revenue
GE acquires 49% stake in received from the recently
concluded auction of media
Continuum's wind farm rights by the Board of Control
for Cricket in India (BCCI),
GE Energy Financial Services, an arm of GE, has acquired a 49 per team owners are looking at the
cent stake in Continuum Green Energy's 148.5 megawatt Morjar option of raising funds by sell-
onshore wind project in Gujarat for an undisclosed sum. This ing a part of their stake in the
transaction marks GE EFS' first onshore wind equity investment in companies, sources said.
Gujarat through a structured preferred equity solution, the Listed companies such as
company said in a statement. To-date, GE EFS has invested in
several projects in India, enabling over one gigawatt (GW) of
Reliance Industries, United
Spirits, Sun TV, and India
renewable energy projects across various states, including Madhya Cements own IPL teams and
Pradesh, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra, analysts are predicting that the
Andhra Pradesh and Gujarat. PTI teams’ net profit would incr-
ease to ~270-300 crore from
the current ~100-125 crore,
Upgrad doubles valuation leading to higher valuations.
Team owners said they will
with Murdoch funding look at listing their teams or
raising capital from private
An education technology unicorn built by a cable TV-era entrepre- investors before the next sea-
neur almost doubled its valuation after raising $225 million in fresh son starts in May 2023. “Our
funding, balking a frosty global venture capital environment. revenues will rise to ~600 crore
India’s UpGrad Education, founded by Ronnie Screwvala, increased with the increased media
its valuation to $2.25 billion in the round that included billionaire rights from ~200 crore a year.
James Murdoch’s Lupa Systems LLC and US testing and assessment The valuations of the team will
provider Educational Testing Service, according to a person familiar also rise accordingly and sev-
with the deal. ETS develops and administers standardized tests eral companies will raise funds
including the TOEFL (Test of English as a Foreign Language) and as original owners encash a
Graduate Record Examination (GRE). BLOOMBERG part of their holdings,” said a
top official of a leading team,
asking not to be quoted. “There
ReNew Power loss narrows are several private equity com-
panies and Indian billionaires
to ~355 crore in March who are looking to invest in the
IPL teams,” the official said.
ReNew Power has reported narrowing of loss to ~355.4 crore for Analysts said the valuations
March quarter 2021-22 mainly on back of higher revenues. Net loss of the Royal Challengers
in the year-ago period was ~393.9 crore, a company statement Bangalore (owned by United
said. Total income in the quarter under review rose 31.1 per cent to Spirits), Sunrisers Hyderabad
~1,761.5 crore. Net loss in 2021-22 was ~1,612.7 crore as against ~803.3 (Sun TV), and Chennai Super
crore in previous year. Net loss in last fiscal year included ~1,322.4 Kings (India Cements) could
crore of charges related to listing on the Nasdaq, issuance of share increase to ~7,500 crore to
warrants, listing related share-based payments, and other factors, ~9,000 crore, given the
the firm explained. PTI improved economics. “‘With
IPL media rights sold for
~48,400 crore and assuming
Nunam deploys Audi e-tron's
used batteries in e-rickshaws
Indo-German startup Nunam has deployed the luxury car maker
Audi's e-tron's used batteries in its e-rickshaws, which are
scheduled to hit the Indian roads under a pilot project early next
Blackstone pips PIF to top slot in PE investment chart
year, a release said on Wednesday. The startup's primary goal is to
develop ways to use old batteries as second-life power storage INDIA-FOCUSED PE
systems, thus extending their lives and using resources more INVESTMENT
efficiently, it said. PTI Fund
Jio-bp to power Zomato’s Blackstone
Carlyle
4.9
3.4
electric vehicles journey Advent 2.4
GIC 2.2
Jio-bp — the fuel and mobility joint venture between Reliance
Industries and supermajor bp — on Wednesday said it will
Baring 2.2
provide battery swapping facility to Electric Vehicles (EVs) of food TPG 1.2
delivery app Zomato. Jio-bp said it has entered into an agreement KKR 1.2
with the food delivery firm "to support Zomato's commitment Temasek 1.2
towards The Climate Group's EV100 initiative of 100 per cent EV fleet Warburg Pincus 0.8
by 2030." PTI
The e-auction for the media rights of the Indian
Premier League (IPL) has thrown up an inter- per-match
esting picture: Reliance Industries (RIL), which value
owns Viacom18 along with Paramount Global NFL CBS/NBC/Fox/ESPN/NFL $17
and Bodhi Tree Systems, will be the digital
streaming partner of the tournament. At the
Network/Amazon million
Prime Video
same time, the conglomerate also owns the
Mumbai Indians franchise. IPL Disney-Star/Viacom18 $15.11
In fact, this is the first time in the history of /Times Internet million
the IPL that one group is both a broadcaster and EPL Sky Sports/BT Sport/ $11
team owner, some experts said. Amazon Prime Video million
From a global perspective, too, there appears
to be no precedent of a single company being Notes: NFL is National Football League; IPL is Indian Premier
League; EPL is English Premier League Source: Industry
WHO HOLDS WHAT both a broadcaster and team owner, if leagues
such as the National Football League or the
As on June 15 English Premier League are taken into account. president. He has a team working with him that
IPL Team Owner Flagship firm Price Chg1D This is relevant because the e-auction, does not have an RIL representative,” he says.
in ~ (%) which saw the Board of Control for Cricket in “I don’t think there is a conflict of interest
Chennai Super India Cements India Cements 159.8 0.6 India (BCCI) walk away with ~48,390 crore in here just because the Reliance-owned Viacom18
Kings revenue, has made the league among the most has bagged the digital and overseas rights. It
Delhi Capitals GMR Group GMR 35.9 0.0
valued in the world.
As BCCI Secretary Jay Shah tweeted on
also owns an IPL franchise. So what? If there
was an issue, the BCCI would not have per-
Infrastructure
Delhi Capitals JSW Group JSW Steel 563.2 0.3
Tuesday: “Since its inception, the IPL has been
synonymous with growth & today is a red-
mitted Viacom18 to bid for the rights at the e-
auction in the first place,” he says.
Mumbai Reliance Reliance 2,596.3 -1.2 letter day for India Cricket, with Brand IPL Viacom18 was amongst the most aggressive
Indians Industries touching a new high with e-auction, resulting bidders during the three-day e-auction, which
Royal Challengers United Spirits United Spirits 768.0 0.0 in ~48,390 cr value. IPL is now the 2nd most concluded on Tuesday, forking out a total of
Bangalore valued sporting league in the world in terms ~23,491 crore for the India sub-continent digital
of per match value!” rights as well as digital rights for a special set of
Sunrisers Sun TV Sun TV 411.2 -2.1 Experts that Business Standard spoke to 18 matches per season. The amount it spent for
Hyderabad Network Network across the sporting and media world say they the overseas rights could not be ascertained
Lucknow Super RPSG RPSG 534.6 -0.1 do not see a conflict of interest here. immediately.
Giants Ventures Ventures “The BCCI owns and organises the IPL. It is However, the digital rights have made
Note: Share price and 1-day change is of the flagship/ listed company their property. If a company acquires the media Viacom18 the home for all IPL matches online,
rights as well as owns a franchise in the IPL, I which it is expected to leverage by bundling IPL
central sponsorships of ~6,500 increase to ~270-300 crore a don’t think it can influence the tournament in content with RIL’s Jio telecom services, media
crore, we estimate a central
revenue pay-out of ~550 crore
year (2023-27 average) from
~110 crore,” the Kotak report
any way. So, I don’t see a conflict of interest,”
said Shailesh Kapoor, founder and chief execu-
analysts said.
“The Viacom18 digital rights win could boost
a year, versus ~200-225 crore a
year earlier to each team,” said
said.
Citing an example, analysts
tive officer of Ormax Media.
“RIL is a large group and has diverse busi-
Reliance Jio Platforms’ content pool signifi-
cantly, and digital rights exclusivity could boost
a report by Kotak Institutional said the annual profits of com- ness interests. Viacom18 and the Mumbai Reliance Jio’s data subscribers,” brokerage CLSA
Securities. panies like Sun TV would Indians franchise are separate entities. They are said in a report released Wednesday.
The revenue of an IPL team increase from ~73 crore in FY22 mutually exclusive,” says Deven Choksey, man- A June 14 report by Bank of America
could increase to ~625-700 to ~300 crore by FY24. “The IPL aging director at brokerage KR Choksey, who Securities notes that while Viacom18 has won
crore a year, including local profits will be entirely trans- tracks RIL closely. the digital rights, the telecom arm of RIL,
sponsorship of ~100 crore and lated to free cash flow for the A media executive, who belongs to one of namely, Jio would act as an exclusive digital
gate fees. “Assuming 33 per company, as it does not entail the big networks that bid for the media rights, distributor for the IPL rights.
cent increase in player fees cap any annual capex or working says that conflict of interest would have arisen “Jio’s improving fixed broadband rollout in
and unchanged franchise fees capital,” said an analyst at if an RIL executive had been a part of the BCCI coming years could further improve the mone-
(20 per cent of revenues), the Elara Capital on team val- board. tization beyond mobile screens to “high ARPU”
net profit of an IPL team could uations. “The BCCI is led by Sourav Ganguly as its smart TV audience,” the report said.
SURAJEET DAS GUPTA and Alternate Capital Association. Advent International, which had and Parksons Packaging.
New Delhi, 15 June In 2020, with investments of $1.6 a very busy and aggressive year in What is interesting is that just
billion, Blackstone was eighth in 2021, that has continued in 2022. two sovereign funds – Singapore-
Total investments in US private equity giant Blackstone the pecking order. It claimed the third spot with based GIC and Temasek – were in
overtook Saudi Arabia’s sovereign The PE firm that seems to have investments of $2.4 billion, just the top 10 in 2021. But the big west
India (US $ billion)
wealth fund Public Investment slowed down on investment quite behind Carlyle, which put in $3.4 Asian funds did not splurge in
Fund to claim the top slot among
private equity and sovereign
sharply in the country is KKR,
which fell from the second posi-
billion for the second space.
Advent was not even in the top 10
India to get to the top list. These
include PIF, ADIA, and Mubadala,
funds in terms of investment in
India in 2021.
tion in 2020 (when it invested $3
billion) to seventh, with invest-
in 2020. And Carlyle was ninth in
the pecking order in 2020.
which played a key role in invest-
ing in India in 2020. Together they
Blackstone invested $4.9 billion ments of $1.2 billion in 2021. This The PE players that were not put in $7.5 billion in the country.
in India in 2021, compared with could also be because KKR had amongst the top 10 in 2020 but Significantly, average deal sizes
the $3.3 billion that was invested made significant investments in entered the list in 2021 include of the top nine did not go above $1
by PIF to win the top slot in 2020, Reliance Jio and Reliance Retail in Baring, which signed a big deal billion like it did in 2020. The aver-
according to the India Private 2020, which upped its overall with Hinduja Global Solutions, age deal size undertaken by PIF
Equity Report of 2022 released by numbers. and Warburg Pincus, which was was $1.1 billion. For Blackstone it
Bain Capital with Indian Venture The new kid on the block is involved in deals with Ola Cabs was $815 million.

The journey of the Insolvency and Bankruptcy Code over the past five years has been a mixed bag. Experts say the lack of requisite infrastructure has continued to
haunt the scheme, resulting in delays in admitting applications, forcing lenders to view this as a last resort

Inadequate infra continues to stymie IBC implementation

RAGHU MOHAN & ABHIJIT LELE
Mumbai, 15 June
Five years since the Reserve Bank of
India came out with the "dirty dozen"
list, the Insolvency and Bankruptcy
Code (IBC) is still being seen as a last
resort by lenders, Reserve Bank of
India Deputy Governor M Rajeshwar
Rao said at the International Research
Conference on Insolvency
and Bankruptcy at the
Indian Institute of
Management (Ahmedabad)
earlier this month.
“A comprehensive law
like the Insolvency and
Bankruptcy Code (IBC) is
often viewed as a last resort
by the lenders — an avenue
that needs to be explored
after exhausting all alter-
natives. However, this view
stems from the lack of a comprehen-
sive vision for the future of a belea-
guered borrower,” Rao noted.
His observation could not have
been timed better, since there is a
convergence of opinion that what was
envisaged under this architecture has
not come to pass.
According to Divyanshu Pandey,
partner at S&R Associates, IBC forced
banks to adopt a coordinated
approach on resolution once an appli-
cation got admitted. However, with
the passing of the years, the delay in
admission of applications and time
taken by the National Company Law
Tribunals (NCLTs) to decide on
matters have forced banks to think of
insolvency as a last resort.
“Issues like lack of infrastructure
and inadequate bench
strength in NCLTs will be
resolved only over a period
of time and not imminently.
Further, in the absence of
dedicated insolvency courts
and till such time the
NCLTs are vested with the
jurisdiction to look into IBC,
5 YEARS Companies Act, and
Competition Act matters,
OF IBC-IV timely response from
NCLTs seems to be a distant
dream,” added Pandey.
A K Tewari, managing director for
risk, compliance and stressed assets
resolution group at the State Bank of
India, said lenders are now coming
around to the view that section 29 of
the IBC, which prohibits promoters
from bidding for their own company,
needs more nuance. For example, the
pre-pack insolvency arrangement that
KEY FIGURES
Recovery rates and delay in various stages in a select sample of cases resolved
between September 2019 and September 2021
Recovery rate (per cent)
the sample
<10
Between 10 and 25
Between 25 and 50
Greater than 50
Overall
Source: IBBI, CRILC and RBI staff calculations.
was given for MSMEs could be made
available under certain conditions to
large corporations.
Last April, a paper by the
Insolvency and Bankruptcy Board of
India (IBBI) said the time taken
between filing of an insolvency appli-
cation and its admission increased to
650 days in financial year 2021-22
(FY22) from 468 days in FY21, against
the IBC’s timeframe
of a mere 14 days. And this is longer
than even the stipulated deadline for
completion of the Corporate
judges has to increase tenfold to han-
dle the number of IBC cases and they
The RBI’s Financial Stability
Report of December said an
should specialise only in IBC cases.” analysis of 60 corporate debtors
He pointed to a matter of detail that resolved under the IBC between
Number in Median gap between Median gap between has not received the attention it September 2019 and September
NPA identification and commencement deserves: “NCLT judges should ideally 2021 showed that the sample
commencement of of CIRP and approval admit an insolvency application when median recovery rate was 24.7 per
CIRP (years) of resolution they receive a certificate that a default cent. And, the longer bad loans
has occurred from the information remain on banks’ books, the lower is
plan (years)
utility, NeSL (or the National E- the amount recovered. It was
13 5.3 1.6 Governance Services).” explained that a reduction in the
17 3.3 1.7 NeSL, the country’s first informa- median gap between bad-loan identi-
tion utility, is registered with the IBBI fication and CIRP commencement
22 2.9 1.6 under the aegis of the IBC. may have a pronounced effect on ulti-
8 0.9 1.6 “Unfortunately, there is a Kolkata mate recovery, and that an examina-
60 3.3 1.7 High Court order that this mechanism tion of the one-year transition of sub-
is not in line with the Evidence Act standard and various doubtful
(1872). All that is needed is a simple categories of large loans shows no
amendment to this Act,” Shah said. meaningful recovery once banking
Insolvency Resolution Procedure Another aspect that impacts time- assets are impaired.
(CIRP) under the Code. Under the lines are challenges against lenders’ “Hence, to the extent that the pro-
IBC, the CIRP is to be completed decisions in resolution. Nitesh visions of the Income Recognition
within 180 days or within the Ranjan, executive director, Union and Asset Classification norms do not
extended period of 90 days and man- Bank of India, said, while the inter- incentivise referral for resolution,
datorily be completed within 330 days pretation of various provisions is prospective recovery of assets is
— including any extension and the under the ambit of judicial authority, impaired since recoveries decline
time taken by way of legal proceed- the decision of committee of creditors sharply with vintage. This has impli-
ings. (COC) should be respected in legal cations for both state-run and private
Said Nikhil Shah, managing direc- fora. This should not be allowed to be banks which carry impairments of
tor of Alvarez & Marsal: “Originally, it challenged by anybody. If this part is considerable vintage as well as for bad
was planned that there would be taken care of, we can increase the assets transferred to the National
63 NCLT judges (for IBC matters). It is speed of the resolution process, he Asset Reconstruction Company,”
at just over 40. The number of said. added the FSR.
.
NEW DELHI | THURSDAY, 16 JUNE 2022
Cerebral OTT: SonyLIV
beats Netflix, Amazon
VANITA KOHLI-KHANDEKAR
Pune, 15 June
H
ow did a little streaming video
brand become bigger than
Netflix and Amazon Prime
Video in India?
In 2020, after seven years in business,
SonyLIV had only 0.7 million sub-
scribers, a clunky user interface and just
about ~300 crore in revenue. Netflix,
Amazon Prime Video, Disney + Hotstar,
all the brands that came in after it, were
way ahead. In June 2020 came a
relaunch. There were murmurs of appre-
ciation for Your Honor, Undekhi, and its
other new shows.
Then in October 2020 came Hansal
Mehta’s Scam 1992. Based on Sucheta
Dalal and Debashis Basu’s book on the
Harshad Mehta stock market scam, it went
on to become one of the biggest hits of that
year. It brought SonyLIV an estimated 22
million viewers, won many awards and
more importantly brought in subscribers.
Tabbar, Gullak, Rocket Boys, among
others, followed with more subscribers.
Last week, two years after it was
relaunched, SonyLIV clocked 18.2 million
subscribers.
That makes it India’s second largest
subscription driven video-on-demand or
SVoD service after Disney + Hotstar and
about three times the size of Netflix. “Sony
Pictures and SonyLIV have had one of the
most successful financial years in 2022.
The digital business alone registered a 65
per cent jump in revenues,” says NP Singh,
managing director and chief executive
officer of parent Sony Pictures Networks.
SonyLIV closed March with ~1,200 crore
in revenue and a healthy operating profit.
“One year from now we should have
hit 30 million subscribers and continue
to be profitable,” says Danish Khan,
head, SonyLIV, Sony Entertainment
Television, and Studio Next. He points
out that the pandemic forced the firm to
put its plans of rolling out 60 shows a
year, more than half in languages other
than Hindi, on hold. This will be the first
year it will meet that target.
By the end of March, India had
97 million OTT subscribers, says Media
Partners Asia data. It is one of the fastest
growing OTT markets with revenues of
over ~17,000 crore last year. Of this,
subscriptions accounted for roughly
~5,200 crore. Its turnaround makes
SonyLIV a serious player in this market.
THE BIG LEAGUE
Model
Unique visitors Subscribers Estimated India
(million, Feb ‘22) (million) revenue in ~ cr (FY21)
YouTube Free/Ad 446
MX Player Free/Ad 156
Disney+ Hotstar Hybrid 126
SonyLiv Pay 23
Amazon Prime Video Pay 66
Netflix Pay 45
Data: Media Partners Asia, Comscore and industry estimates; NR: not relevant *FY 2022; source: Business Standard
India is one of the fastest growing
OTT markets with revenues of over
~17,000 crore last year. Of this,
subscriptions accounted for
roughly ~5,200 crore
What worked?
“By 2019 the Indian audience was exposed
to high quality international shows and
expected the same from India. Therefore,
the need was for cerebral, well researched,
well written shows. The size of that market
was not big but the propensity to spend is
high. And we were proved right,” says
Khan. “It has struck the right note with
Indian audiences,” reckons Mihir Shah,
vice president, Media Partners Asia.
“There is so much talk about Netflix and
originals and what they should be doing.
In two years, SonyLIV has done what
Netflix should be doing,” quips another
analyst. That it has. SonyLIV seems to
have found the sweet spot of well-told
Indian stories that Indian subscribers are
happy to pay ~999 a year to watch.
Rocket Boys a story of nation
building, science, of Vikram Sarabhai
and Homi Bhabha's contribution to it,
grips you from the word go.
COMPANIES 3 <
APPOINTMENTS
NR 4,000
NR 500
42.7 1,500
18.2 1,200*
14 1,300
5.9 1,700
Scam 1992 shines an entertaining light
on the whole Mehta story. Scam 2003, the
next in the series, is based on the Telgi
stamp paper scam. Maharani, a political
drama set in Bihar will also see a second
season. Gullak is in season three. Analysts
reckon that these franchises are a big indi-
cator that things are working.
Though a bulk of its shows are in Hindi
currently, over a third of SonyLIV’s sub-
scribers are from South India. Over the
next six months it will be rolling out
Malayalam, Telugu, and Tamil shows.
“Once we have originals in those lan-
guages, 55-60 per cent subscribers will
come from the South,” says Khan.
This is where SonyLIV’s happy success
could meet the first of its three challenges.
It has been averse to bidding for films and
it doesn’t have the Indian Premier League.
What will propel growth? “In the top 10-15
cities, film is a bigger hook than web series.
For example, the viewership of RRR was
higher than any show. The next level of
growth is from markets that are more com-
fortable with films. And in towns smaller
than those, web series is an alien concept.
In the South, films have 10-15 times the
numbers that series have,” points out
Shailesh Kapoor, CEO, Ormax Media.
Khan points out that the company is
not making any acquisition in the over-
priced Hindi film space. “We acquire
movies from the South regularly and have
been premiering Malayalam, Tamil,
Telugu movies every month.” The other
challenge is technology. While a lot of work
has gone into its interface, it is a long way
from being a smooth watch, say analysts.
The third challenge, that neither Singh nor
Khan can comment on is what happens
post its merger with Zee. It is currently
awaiting regulatory clearances.
More on business-standard.com
 4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 16 JUNE 2022

TRADE DEFICIT HITS RECORD HIGH

IN BRIEF
Suspending re-export SBI increases lending rates, India’s trade deficit
hit a record $24.3
billion in May,
of Indian wheat for
HDFC Bank, BoB deposit rates
higher than
estimates, amid a

four months, says UAE

sharp jump in gold
imports to $2.8
billion, according to
To stop Indian wheat from been imposed effective May Moves follow RBI’s 90-bp repo rate increase in a little over a month the latest data
being resold, the UAE 13 “in view of the released by the
government has suspensed international developments SUBRATA PANDA commerce ministry.
exports and re-exports of that have affected trade Mumbai, 15 June Preliminary
wheat and wheat flour flows”. India had on May 14 estimates released

originating from India for four
months, the Gulf nation’s
ministry of economy said on
Wednesday. This will not
allow Indian wheat sold to
the United Arab Emirates
(UAE) from being used for any
other purpose other than
UAE’s domestic consumption.
While banning wheat exports
on May 13, India had stated
that one reason for the
sudden curb on exports was
to stop Indian wheat from
getting ‘hoarded’ and traded
in a third country for which it
was not meant to be. The ban
by UAE, which its ministry
called a ‘moratorium’, has
INDIA JUMPS 6 PLACES ON IMD’S
WORLD COMPETITIVENESS INDEX
India has witnessed the
sharpest rise among Asian
banned wheat exports,
except for those backed by
letters of credit already issued
and to countries seeking to
ensure food security. Since
then, it has allowed
shipments of 469,202 tonnes
of wheat. The UAE is one of
India’s major trading
partners. India and the UAE
had in February signed the
Comprehensive Economic
Partnership Trade Agreement
(CEPA) to cut all tariffs on each
other’s goods and aimed to
increase the annual bilateral
trade to $100 billion within
five years. The pact took effect
on May 1. PTI
WHO STANDS WHERE
A
week after the Reserve earlier in the month
Bank of India’s (RBI’s)
six-member monetary
had put the trade
deficit at $23.3
GOLD WIDENS
policy committee (MPC) billion. The previous THE GAP (in $ bn)
increased the repo rate — the highest monthly Exports Imports
rate at which it lends to com- trade deficit was 70
mercial banks — by 50 basis $22.91 billion in 63.20
points (bps), State Bank of India November 2021. 60
(SBI), the country’s largest Aditi Nayar,
lender, on Wednesday increased chief economist
its marginal cost of funds-based at ICRA, said that
45.72 50
lending rate (MCLR) by 20 basis based on the
points across all tenors, with expectation that 40
immediate effect. gold imports may
The country’s largest pri- reduce after the
vate-sector lender, HDFC Bank, Akshaya Tritiya 38.90 30
and public-sector lender Bank
of Baroda increased the rates on
past five months. SBI has hiked
its MCLR by 40 bps since April.
THE FIRSTS TO HIKE earn 5.35 per cent, against 5.10
per cent earlier.
season, trade deficit
was likely to
30.63
their fixed deposits of under ~2 As of December 2021, a little SBI: On retail term deposits by Bank of Baroda also revised demonstrate 20
Apr 2021 May 2022
crore — by up to 25 bps and 40 over 39 per cent of loans in the 15-20 bps for some tenors the savings rate by 5-10 basis some moderation Source: Commerce Ministry
bps, respectively — with effect banking system were linked to points depending on outstand- in June. BS REPORTER
from Wednesday. the external benchmark and 53 HDFC Bank: On fixed deposits ing balance. And, IDBI
(FD) (<~2 crore) by up to 25 bps
SBI’s overnight, one-month
and three-month MCLR now
per cent to MCLR, according to
the RBI data. for some tenors
Bank increased interest rate on
retail term deposits of less
CoalMin to
stands revised to 7.05 per cent On Tuesday, SBI raised its Bank of Baroda: On FD than ~2 crore by 10-25 bps,
from 6.85 per cent earlier, interest rates on retail fixed depending on tenor, with effect
(<~2 crore) interest rates by up
according to its website. deposits by 15-20 bps on some from Wednesday.
to 40 bps
Similarly, the six-month MCLR tenors with effect from June 14. Consumer financier Bajaj

economies, with a six-
position jump from 43rd to
37th rank, on the annual
World Competitiveness Index,
have a ‘just
2022 Country 2021 stands revised to 7.35 per cent, Simultaneously, it also raised IDBI Bank: On retail term Finance has increased interest
1 Denmark 3 one-year to 7.40 per cent, two- interest rates on bulk term deposit by 10-25 bps depending rates on fixed deposits by up to
2 Switzerland 1 year to 7.60 per cent, and three- deposits by 50-75 bps. upon the tenor 20 bps for tenors between 24
year to 7.70 per cent. The lender Meanwhile, HDFC Bank’s and 60 months (except 44
3 Singapore 5 Kotak Mahindra Bank &

compiled by the Institute for
Management Development
(IMD), largely due to gains in
economic performance.
has also raised its external
4 Sweden 2 benchmark-based and repo-
5 Hong Kong 7 linked lending rates by 50 bps.
6 Netherlands 4 These revisions follow the
increase in interest on fixed
deposits of less than ~2 crore
was for various tenors.
According to its website, fixed
Bajaj Finance have also hiked
their deposit rates
transition’
months). And, Kotak Mahindra
Bank last week raised its inter-
est rates on savings bank
accounts and fixed deposits. It

division
Denmark has moved to the 7 Taiwan, China 8 RBI’s decision to raise the repo deposits of tenors between 6 said daily balance above ~50
top of the 63-nation list, while 8 Finland 11 rate by 90 bps in a little over a months and 9 months will carry less than a year will earn 4.65 lakh in savings accounts would
Switzerland slipped from the 9 Norway 6 month in order to tame infla- an interest rate of 4.65 per cent, per cent interest, against 4.50 now earn an interest of 4 per
top ranking to the second tion, which has been breaching against 4.40 per cent earlier. per cent earlier. And, those cent annually, against 3.5 per
position and Singapore
10 US 10 its upper tolerance limit for the Similarly, those of 9 months to between 1 year and 2 years will cent earlier. SHREYA JAI
regained the third spot from 37 India 43 New Delhi, 15 June
fifth. After a stable but Source: IMD’s World
Competitiveness Index
stagnant five years, 2022 In a first, the Union ministry of coal will have a ‘just
witnessed significant
improvement in the
competitiveness of the Indian
30th to 9th position in a year.
The labour market, a key Rupee closes at Haryana gives NOC transition’ division, which will draft sustainable coal
mine closure plans for areas economically dependent
on the dry fuel. The World Bank will provide an aid of

new all-time low for field trials of

economy, IMD said, adding sub-factor in the business $1.15 million and also prepare a ‘detailed project report’
that this was largely due to efficiency parameter, moved in consultation with various stakeholders, especially
gains in economic up from 15th to 6th, while mine workers’ unions.
performance (from 37th to management practices and This is the first time since India announced its net
28th). The domestic economy
has experienced a rise from
business attitudes and values
also made major leaps. PTI THE FALL AND FALL ~ vs $ (inverted scale) BT cotton variety carbon zero target year of 2070 that the policymakers
have initiated discussions on just transition in coal
bearing areas. Just transition ensures safe livelihood,
SANJEEB MUKHERJEE stringent regulations applicable land restoration and reclamation near mining areas.
New Delhi, 15 June on genetically modified or GM It also paves the way for re-employability of commu-
YES Bank seeks shareholder nod After a considerable gap, the
crops, paving the way for further
R&D on them.
nities and economic stability of regions dependent
on coal and allied industries, once a mine is shut.
for raising ~10,000 cr in debt Haryana government has issued
a no-objection certificate (NOC)
The Ministry
Environment and Forests had,
of Senior coal ministry officials said now that Coal
India (CIL) has started shutting old mines, the areas
YES Bank will seek shareholders’ approval next month to raise to seed major Mahyco to con- in the order, exempted SDN1 need to be restored to pre-mining conditions.
debt capital of ~10,000 crore through various modes on private duct field trials on BG-2 RRF, a and SDN2 genome edited “There are already some abandoned mines and
placement basis. The bank’s annual general meeting is scheduled herbicide-tolerant and insect- plants from Rules 7-11 of the more mines will reach their expiry in the near future.
for July 15, 2022. The bank said it plans to borrow the funds through resistant variety of BT cotton. Environment Protection We would have global standards for closure of mines,
debt securities, including non-convertible debentures, MTN The NOC was granted last Act (EPA) for Manufacture, land redevelopment and human resource manage-
(medium-term notes), and bonds (including forming part of tier month for trials to be conduct- Use or Import or Export and ment, among other things,” said the official.
I/II capital). It may also include long-term infrastructure bonds or ed during the coming Storage of Hazardous A recent task completion report of the ministry of
such other securities, including securities to be issued from its kharif harvest season, Microorganisms or coal indicated that the World Bank has already pre-
offshore branches and/or the IBU (IFSC Banking Unit) situated at sources said. Genetically pared a ‘preliminary project report’. It has been pre-
the GIFT City IFSC. The funds may be raised in one or more tranches BS REPORTER “Hawkish comments could So far, India has Engineered pared with inputs from the ministry of power, mines
in domestic or overseas markets, it said. PTI Mumbai, 15 June continue to keep the dollar sup- allowed commer- Organisms or ministry, ministry of environment, forests and climate
ported to lower levels. Major cial use of BG-1 and Cells Rules, 1989. change, department of expenditure, department of
The rupee hit a fresh all-time crosses remained under pres- BG-2 GM cotton in In the recent economic affairs and NITI Aayog.
Microfinance industry’s loan low on Wednesday, ahead of the
US Federal Reserve’s
sure following broad gains in
the dollar,” he added.
the country while
the approval for the
past, many coun-
tries have either
Officials said the World Bank will hold stakeholder
consultation with coal companies and workers before
book grows 10% to ~2.85 trn announcement on interest
rates, closing at 78.07/$ com-
The Indian unit and other
Asian currencies came under
BG-2 RRF has been
pending at various stages.
developed
approved commercial
or finalising the DPR by the year-end.
The DPRs will pave the way for pilot projects in
The gross loan portfolio (GLP) of the microfinance sector in India pared to the previous close of pressure after Russia invaded The field trials are likely for the cultivation of vegetables, fruits, two districts. They could become the reference points
rose by 10 per cent to ~2.85 trillion as on March 31, 2022 from ~2.59 78.00/$. Ukraine on February 24. North Zone. oilseeds and cereals developed for planning the transition away from coal in coal-
trillion a year ago. Sequentially, the GLP rose by a litte more than 11 On Monday, the rupee had The Reserve Bank of India “Currently, the available BG- through genome editing such as dependent areas.
per cent, from ~2.56 trillion on December 31, 2021, according to the breached the 78/$ mark and hit has been aggressively interven- 2 RRF can provide protection Gamma-aminobutyric acid or “There will be a robust mechanism to plan a socio-
data by Microfinance Institutions Network (MFIN). Alok Misra, chief a record low of 78.28/$ intraday. ing in the foreign exchange against devastating pest attack GABA tomato, high oleic canola economic transition in areas which have been his-
executive officer & director, MFIN said the microfinance industry “Rupee consolidated in a market by selling dollars, which such as American Bollworm,” and soybean, non-browning torically dependent on coal mining-related activities,”
had shown good progress during Q4FY22, building on the narrow range ahead of the prevented any sharp fall. The Bhagirath Choudhary, founder mushroom, etc. said an official.
momentum created in the third quarter ended December 2021. important FOMC policy state- rupee has depreciated around director of the South Asia Recently, China too Sources said a select team would also go for stu-
The number of unique borrowers served by the industry declined to ment that will be released on 0.3 per cent against the dollar Biotechnology Centre said. approved guidelines for genome dying just transition models in countries that
58 million in March 2022 from 59.3 million a year ago. BS REPORTER Wednesday,” said Gaurang in the current financial year. A few months ago, the cen- editing that will spur research have executed similar programmes, such as Germany
Somaiya, Forex & Bullion The US dollar index traded tral government had for the first into crops that have high yields and Poland.
Analyst, Motilal Oswal lower as traders braced for the time exempted certain types of and are resistant to pests and
Tomato prices surge 44% in Financial Services. US Fed meeting outcome. genome-edited crops from the climate change. More on business-standard.com

Delhi in a month to ~46/kg

The price of tomatoes in the national capital has jumped 44 per
cent in the last one month to ~46 per kg, with supply being
disrupted due to heat wave and lower production in South India.
According to the data available on the website of the Department
OMCs’ under-recoveries rise as India faces fuel shortage
of Consumer Affairs, tomato prices in Delhi have risen to ~46 per kg SHINE JACOB
as on Wednesday from ~32 per kg on May 16. However, the rate in Chennai, 15 June
Local vegetable vendors are selling the kitchen staple at around
~60 per kg. Traders attributed the increase in prices to crop failure As oil marketing companies (OMCs)
in South India. Tomatoes from North India got diverted to the stare at huge under-recoveries,
South, affecting supplies in the Delhi region, they added. PTI India is facing fuel shortage across
the country with states like
Rajasthan, Madhya Pradesh,
Govt discusses future export of Karnataka, Uttarakhand, Gujarat
and Haryana being the worst hit.
hydrogen with Japan, Germany The under-recoveries suffered
by OMCs are around ~20-25 a litre
The government has held discussions with a number of countries, for diesel and ~14-18 a litre for petrol,
including Japan and Germany, for future exports of hydrogen from said sources.
India, Union power minister R K Singh said on Wednesday. The government and state-run
Singh, who is also the minister for new and renewable energy, companies denied reports of any
informed that India is aiming to produce 20 million tonne of green crisis or supply-side issues on the
hydrogen by 2030. “We are the largest and fastest growing availability of fuel.
renewable energy capacity in the world and that is what is The government said in a
necessary for green hydrogen...We have already discussed with a statement that there had been a
number countries who are going to import hydrogen,” he said. PTI significant increase in demand for
petrol and diesel, with an increase
being as high as 50 per cent during
Assocham says govt’s hiring the first half of June 2022 over the
corresponding period of last year.
scheme ‘far-sighted’ measure The production of petrol and diesel
in the country is more than
The Associated Chambers of Commerce and Industry of India sufficient to take care of any
(Assocham) welcomed the Centre’s plans to recruit one million in demand surge, it added.
next one-and-a-half years and the Agnipath military recruitment “In general, the increase in
scheme, calling them “decisive” and “far-sighted” measures. demand has been on account of the
Prime Minister Narendra Modi on Tuesday announced the plans of seasonal surge in demand due to
mass recruitment in the central government as well as its various agricultural activities, bulk buyers
agencies, departments, and ministries. “If both much-needed having shifted their purchases to
schemes are implemented effectively in mission mode, they will retail outlets, and a substantial
boost employment among the youth, Assocham said. BS REPORTER reduction in the sales by private
marketing companies with their
substantial volumes having shifted
to PSU ROs (retail outlets),” a
government statement said.
Major reasons for the current
shortage, according to sources, are
the stoppage of sale by private
players like Reliance Industries and
Nayara Energy as well as cut in
supply of petrol and diesel mainly at
Bharat Petroleum Corporation
(BPCL) and Hindustan Petroleum
Corporation (HPCL) outlets.
Accepting there is an
unprecedented growth in fuel
demand, BPCL tweeted that states
like Rajasthan and Madhya Pradesh
saw a volume increase of 63 per cent
and 43 per cent, respectively, on
STATUS CHECK
50%: Rise in fuel demand during
the first fortnight of June
>Rajasthan, Madhya Pradesh,
Karnataka, Uttarakhand, Gujarat
and Haryana: States that are seeing
greater shortage
83,208: Total number of fuel
retail outlets in India
8,421: Outlets owned by private
sector, majority of which have
stopped supply
74,787: Outlets run by IOC, BPCL
and HPCL
petrol and diesel. This was during what they used to. Adding to this,
the first fortnight of June. private players stopped fuel supply,
All the three state-run leading to the current crisis,”
companies — Indian Oil, BPCL and said Ashok Badhwar of the
HPCL — have said that there is no Federation of All India Petroleum
shortage of fuel though there is a Traders (FAIPT).
rise in demand due to stoppage of
supply by private players.
Fuel prices remained unchanged
since May 21 when finance minister
“We are seeing a shortage in all
states, in one area or the other,
Nirmala Sitharaman announced a
cut in excise duty on petrol by ~8 a
mainly in BPCL and HPCL outlets. litre and diesel by ~6 a litre.
We were conveyed that the issue will This led to an increase in under-
be sorted soon,” said Ajay Bansal of recoveries for the firms.
the All India Petroleum Dealers “Companies are likely to see
Association (AIPDA). under-recoveries of around ~1.89
Dealers are also alleging that trillion — including ~1.07 trillion on
there is a cut in supply by diesel, ~42,700 crore on petrol and
companies. “Companies like HPCL ~39,000 crore on liquefied
are supplying around 50 per cent of petroleum gas (LPG) — if prices
remain at the current levels,” said a
Mumbai-based analyst.
Prices were also frozen for 137
days starting November 2021, when
polls took place in five states,
including Uttar Pradesh.
Industry body Federation of
Indian Petroleum Industry (FIPI)
has written to the ministry of
petroleum stating that under-
recoveries will limit the ability of
private players to make further
investment and expand.
Prices of the diesel sold to bulk
consumers have increased in line
with international rates. This
resulted in diversion of bulk diesel
sales, leading to losses for the
private players.
“The continuing uncertainty
around the oil and gas sector and
delay in policy implementation like
free-market determined pricing
principles could possibly discourage
foreign investors from making
investments,” the FIPI letter added.
Dealers alleged that OMCs are
holding on to their stock to
minimise losses.
“Product availability at our retail
outlets is absolutely normal. There
is adequate availability and supplies
to all markets. We request you not to
panic,” said V Satish Kumar,
director (marketing) of IOC,
through a tweet.

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 .
NEW DELHI | THURSDAY, 16 JUNE 2022 5 <

HIGH ENERGY BATTERIES

(INDIA) LIMITED
CIN: L36999TN1961PLC004606
Regd. Office: ESVIN House, 13, Old Mahabalipuram Road, Perungudi, Chennai 600 096
Phone: 044-24960335/43063545, E-mail: hebcnn@highenergy.co.in
Investor Grievance ID: investor@highenergyltd.com Website: www.highenergy.co.in
ADDENDUM TO THE NOTICE OF THE 61ST ANNUAL GENERAL MEETING (AGM)
AND THE ANNUAL REPORT FOR THE FY 2021 – 2022
Please refer to our Notice of the 61st Annual General Meeting (AGM) and the
Annual Report of the Company for the FY 2021 – 2022 sent on 06.06.2022
through email to the shareholders of the Company pertaining to conduct of
AGM through Hybrid mode ie. physically at New Woodlands Hotel Pvt. Ltd.,
72-75, Dr.Radhakrishnan Road, Mylapore, Chennai 600 004 with additional
facility for stakeholders to participate through Video Conference (VC) or Other
Audio Visual Means (OAVM).
Since the issue of notice, the number of Covid -19 cases in the country as well
as the State of Tamil Nadu are on the increase. The Central Government as
well as WHO have cautioned likelihood of onset of the next wave of Covid -19
and advised to initiate preventive and precautionary measures.
The company by way of abundant caution and to ensure COVID appropriate
protocol has decided to convene the 61st Annual General Meeting (AGM) of
the Company ONLY through Video Conference (VC) or Other Audio Visual
Means (OAVM) in terms of Circular issued by Ministry of Corporate Affairs.
However, the day (Wednesday), date (29th June 2022), time (11.00 A.M.) and
the business (Ordinary / Special business) to be transacted as set out in the
Notice of the 61st Annual General Meeting (AGM) of the Company, sent on
06.06.2022, remain unchanged.
The Procedure for joining the meeting through VC / OAVM and the Voting
process & instructions of Remote e-voting (before the AGM) / e-voting (during
the AGM) for the resolutions proposed in the Notice convening the AGM
remain unchanged as sent through email /posted on the Company’s website
www.highenergy.co.in
(By Order of the Board)
For High Energy Batteries (India) Limited
Place: Chennai S V Raju
Date: 15.06.2022 Company Secretary

ADC India Communications Ltd.

CIN: L32209KA1988PLC009313
Regd. Office: No.10C, 2nd Phase, 1st Main, Peenya Industrial Area,
Bangalore – 560058 Tel:+91 80 28396102 / 28396291
Email: support@adckcl.com Website: www.adckcl.com

INFORMATION REGARDING 34TH ANNUAL GENERAL MEETING

Annual General Meeting:
Shareholders may note that the 34th Annual General Meeting (AGM) of the
Company will be held on Friday, July 29, 2022 at 11.00 a.m. IST through
Video Conference (“VC”)/Other Audio Visual Means (“OAVM”) in compliance
with the applicable provisions of the Companies Act, 2013 and the Rules issued
thereunder and the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, read with General Circular
Nos. 20/2020, 21/2021 and 02/2022 dated May 5, 2020, December 14, 2021 and
May 05, 2022 respectively issued by the Ministry of Corporate Affairs (MCA) and
Circular No. SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022 issued by
the Securities and Exchange Board of India (SEBI) along with other applicable
Circulars issued by the MCA and SEBI to transact the business that will be set
forth in the Notice of the AGM.
In compliance with the above circulars, electronic copies of the Notice of the AGM
and Annual Report for the financial year 2021-22 will be sent to all the
shareholders whose email addresses are registered with the
Company/Company’s Registrar and Share Transfer Agent, KFin Technologies
Limited /Depository Participant(s). The Notice of the 34th AGM and Annual Report
for the financial year 2021-22 will also be made available on the website of the
Company at www.adckcl.com, on the website of BSE Limited at
www.bseindia.com where the equity shares of the Company is listed and on the
website of KFin Technologies Limited at https://evoting.kfintech.com.
Voting Information:
The Company is providing remote e-voting (prior to AGM) and e-voting (during the
AGM) facility to the shareholders to cast their votes on resolutions set out in the
Notice of the AGM through e-voting services provided by KFin Technologies
Limited. Detailed instructions for remote e-voting / e-voting at the AGM will be
provided in the Notice of the AGM.
Registration of e-mail and updation of bank account
Shareholders who have not registered their e-mail addresses and/or not updated
bank account mandate for receipt of dividend are requested to follow the below
instructions:
a. For shares held in electronic form: Register/Update the details in your demat
account, as per the process advised by your Depository Participant (DP).
b. For shares held in physical form: Register/Update the details in prescribed
Form ISR-1 and other relevant forms with Registrar and Share Transfer Agent
of the Company, KFin Technologies Limited. Pursuant to the SEBI Circular No.
SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated November 3, 2021,
the Company has sent letters to the shareholders holding shares in physical
form to furnish the KYC details which are not registered in their respective
folios.
Alternatively, shareholders may register their email address with KFin
Technologies Limited on a temporary basis for the limited purpose of receiving the
Notice of AGM and the Annual Report for the financial year 2021-22 by visiting the
link: https://ris.kfintech.com/clientservices/mobilereg/mobileemailreg.aspx.
Payment of Dividend:
Shareholders may note that the Board of Directors of the Company at their
meeting held on May 27,2022 have approved and recommended payment of final
dividend of Rs.4 per equity share of face value of Rs.10 each and a one-time
special dividend of Rs.10 per equity share of face value of Rs.10 each share for
the financial year ended March 31, 2022, subject to approval of shareholders at
the ensuing 34th AGM. The dividend, if approved, by the shareholders, will be
paid within 30 days of declaration to those shareholders whose names appears in
the Register of Members or the Register of Beneficial Owners as on Friday, July
22 ,2022. The dividend will be paid electronically through various online transfer
modes to those shareholders who have updated their bank account details. For
shareholders who have not updated their bank account details, cheques/demand
drafts will be sent to their registered address.
Shareholders may note that as per the Income Tax Act, 1961 (“IT Act”), as
amended by the Finance Act 2020, dividend income is taxable in the hands of
shareholders w.e.f. April 1,2020 and the Company is required to deduct tax at
source from dividend paid to the shareholders at the prescribed rates. The TDS
rate would vary depending on the residential status of the shareholders and the
documents submitted by them. Shareholders are requested to update their valid
PAN with KFin Technologies Limited (if shares are held in physical form) and with
their Depository Participant(s) (if shares are held in dematerialized form).
Shareholders may further note that in case their PAN is not registered or having
invalid PAN or specified person as defined under section 206AB of the IT Act, the
tax will be deducted at a higher rate prescribed under section 206AA or 206AB of
the IT Act, as applicable. However, no tax shall be deducted on the dividend
payable to a resident individual shareholder if the total dividend to be received by
them during the financial year 2022-23 does not exceed Rs.5,000 and in cases
where shareholders provide Form 15G/15H. Non-resident shareholders can avail
beneficial rates under the tax treaty between India and their country of residence
by providing necessary documents required to avail the tax treaty benefits.
Shareholders are required to provide the above documents by sending an e-mail
to einward.ris@kfintech.com on or before July 15, 2022. No communication
would be accepted from shareholders after July 15, 2022.

For ADC India Communications Ltd

Sd/-
Place: Bangalore R.Ganesh
Date: June 15, 2022 Company Secretary

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 6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 16 JUNE 2022 1

Goyal: Special provisions

for EMs non-negotiable
India pushes for reforms in the currently non-functional WTO appellate body
SHREYA NANDI
New Delhi, 15 June

Special provisions for developing nations

in all the agreements of the World Trade
Organization (WTO) through special and
differential treatment (S&DT) are a non-
negotiable matter for emerging econ-
omies, said Union Commerce and
Industry Minister Piyush Goyal.
“The gaps between the developing
and developed members have not nar-
rowed down in decades; in fact, they have
widened in many areas. S&D provisions,
therefore, continue to be relevant,” Goyal
said at the thematic session on WTO
reforms at the global trade body’s 12th
ministerial conference (MC12) in Geneva.
“India strongly supports robust WTO
reforms and modernisation agenda that
is balanced and inclusive, and preserves
the core principles of the current multi-
lat- eral system,” he said.
Developed
countries are of
the view that
developing
India, EU look to make a
fresh start on trade deal
SHREYA NANDI
New Delhi, 15 June
India and the European Union (EU) on
Friday will kick start formal negotiations
towards a free-trade agreement that has
been stuck for close to nine years. Union
Commerce and Industry Minister
Piyush Goyal and senior government
officials will reach Brussels for the talks,
after the ongoing negotiations at the
12th ministerial conference of the World
Trade Organization in Geneva are over. Commerce and Industry Minister
The launch of fresh negotiations Piyush Goyal will reach Brussels for
with the EU comes close on the heels of FTA talks, which will start on Friday
India signing two trade deals, with the
UAE and Australia; the country is also A KEY TRADE PARTNER
set to ink a pact with the United India-European Union trade (in $billion)
Kingdom. As far as the 27-member trade nExport nImport nTradebalance
bloc is concerned, experts believe the

50.86
47.86
45.04

43.06
51.4

43.91
countries are negotiations will be long-drawn as sig-

41.36

bypassing
rules at the
WTO in the
name of self-pro-
claimed devel-
WTO MC12 opment status.
JUNE 12-15 Developing
nations, such
as India, have
called for special and differential
treatment.
“We need to accord priority to the
reform needs, especially to the crisis at
the appellate body, whose functioning
should become more transparent and
effective,” the minister said.
The appellate body is a standing body
of seven persons that hears appeals from
reports issued by panels in disputes
brought by WTO members. Currently, the
appellate body is unable to review appeals
due to positions remaining vacant.
The term of the last sitting appellate
body member expired on November 30,
2020.
Developed countries have also raised
issues concerning the working of this
body and are seeking reforms.
Goyal suggested the reform process
should take place in the general council
38.76
39.71
64.96
nificant differences need to be bridged,
even though both sides aim to conclude
negotiations by early 2024.
“The resumption of negotiations
with the EU after a hiatus of almost nine
years, besides the recent launch of the FY22 FY21 FY20 FY19 FY18
EU-India Trade and Technology 13.56 1.65 2.82 -6.95 -4.3
Source: Department of Commerce
Council, is notable. However, these
negotiations are expected to be pro-
tracted. There are significant differences was held in 2013.
that need to be bridged regarding all the Thereafter, both sides tried to restart
three pillars — goods, services, and formal negotiations after the 2014 Lok
intellectual property (IP),” Pradeep S Sabha elections in India but failed to
Mehta, secretary-general, CUTS make any headway, with some of the
International said. key reasons being disagreement over a
India and the EU agreed to resume bilateral investment pact, and tariff
negotiations for a balanced and com- reduction for automobiles and alco-
prehensive trade pact; this shall be holic drinks.
split into three agreements on trade, Restarting stalled trade talks shall
geographical indications (GIs), and give fresh impetus to the relationship
investment. A Broad-based Trade and between India and the EU, amid the
Investment Agreement (BTIA) was change in the geopolitial scenario — exit
first mooted in 2007 but didn’t move of the United Kingdom from the trade
past the negotiating stage. The 16th bloc and diversification of the supply
and last formal round of discussion chain away from China.
and its regular bodies, as it has the with the aim of undermining the
authority to act on behalf of the ministers, authority of the existing bodies of the
and reform discussions must not be held WTO.

Fitch upgrades outlook on Creditors now need to

domestic lenders to 'stable'
ABHIJIT LELE
Mumbai, 15 June
Global ratings agency Fitch on
Wednesday its revised outlook
on long-term issuer default
ratings (IDR) of financial sec-
tor entities including banks
from “negative” and “stable”,
following an upgrade in the
outlook last week on India's
sovereign rating from “BBB-”
to “stable”.
The financial institutions
that saw change in outlook are
State Bank of India, Bank of
Baroda (BOB) and its subsidi-
ary in Newland, Bank of India,
Canara Bank, Punjab National
Bank, ICICI Bank and Axis
Bank and Export and Import
Bank of India.
The rating agency has
affirmed their IDRs.
Fitch has also affirmed the
Government Support Ratings
(GSRs) for seven indtitutions
and the Shareholder Support
Rating (SSR) on Bank of
Baroda (New Zealand).
Fitch's revised outlook on
Indian sovereign to “stable”
from due to diminished down-
side risks to country’s
medium-term growth, which
is underscored by its rapid
economic recovery and easing
financial-sector weaknesses.
The IDRs for all the above
Indian banks are support-
driven and anchored to their
respective GSRs. They are
based on Fitch's assessment of
high to moderate probability
of extraordinary state support
for these banks. This takes into
account assessment of the
sovereign's ability and propen-
sity to provide extraordinary
support, it added.
file info about default
SHRIMI CHOUDHARY also be submitted as part of the
New Delhi, 15 June claim documents submitted to
the Insolvency Resolution
The Insolvency Bankruptcy Professional or the interim res-
Board of India (IBBI) on olution professional for easier
Wednesday amended insol- verification of claims.
vency regulations, which now The changes in regulation
require creditors to file infor- also addresses the issue of
mation regarding treatment of avoid-
the assets and liabil- The amendment ance applications
ities of their corpo- includes a filed with the
rate debtors, along definition of Adjudicating
with other relevant significant Authority after clo-
financial informa- difference in sure of the corporate
tion while initiating valuations insolvency resolu-
a corporate insol- during CIRP tion process (CIRP).
vency process. The amendment
The amendment also pro- includes a definition of signif-
vides for filing copy of GST icant difference in valuations
returns by operational cred- during CIRP and enables the
itors, along with e-way bills as committee of creditors to make
documentary evidence of the a request to the resolution pro-
debt and default. fessional regarding the
The same information may appointment of a third valuer.

12,000 Aadhaar operators

suspended in last 2 months
SOURABH LELE such as Common Service Centres (CSCs),
New Delhi, 15 June post offices, rural development depart-
ments as well as some private entities.
Nearly 12,000 Aadhaar enrolment oper- They are responsible for enrolling res-
ators have been suspended in the last two idents with their demographic details
months due to a technical flaw in the doc- and also have to capture the biometric
ument verification process. information using the system activated
Many of them were seen protesting by enrolment agencies.
outside the Unique Identification Arpit Jaiswal, an operator from
Authority of India’s (UIDAI’s) head- Indore, said, “We make more than 600
quarters in New Delhi. Many operators Aadhaar cards every month. There is no
from parts of Delhi, Haryana, Rajasthan, system in the software to verify the doc-
Uttarakhand, Punjab, Uttar Pradesh, and uments for demographic details. If there
Madhya Pradesh have been blacklisted. is a single error in this manual process,
The protestors demanded that UIDAI we will be blacklisted with DOE 1
should upgrade its software with an
option to verify the documents sub-
WHY THE PROTEST (Document Error 1).”
Jaiswal was blacklisted by his registrar
n There’s demand that UIDAI upgrade its
mitted by residents. “For instance, if software with an option to verify the in January. “I made a mistake in one
someone wants to change the date of documents submitted by residents Aadhaar card out of the 800 that I
birth on the Aadhaar card and submits a enrolled,” he added.
PAN card, we don’t have any authority n 7,000 operators blacklisted in Feb alone Jaiswal said, “We invest ~1.5 lakh to
to verify if the document is genuine or for failing to verify just one document buy machines, and suddenly, we are
not,” said Narendra Kumar Gaud, an n 1.3 million individuals work as certified blacklisted without any reason. They
operator who was recently blacklisted. operators and supervisors across the expect 100 per cent accuracy, which is
“There are over 7,000 operators who country not possible from a process handled by a
were blacklisted in February 2022 for fail- human.”
ing to verify just one such document,” he Gurdeep Singh, president of the
added. An email sent to UIDAI for com- 1.3 million individuals work as certified Aadhaar Supervisor Association, said,
ments remained unanswered. operators and supervisors in India. “The registrars get a show-cause notice
But a government official said, The enrolment operators or supervi- about the errors done by us, but they
“Operators should approach enrolment sors are certified and appointed by enrol- don’t forward us that warning. We never
agencies that work under regional offices ment agencies in accordance with UIDAI get to know why we were sacked. They
instead of the UIDAI.” guidelines. mark it as a DOE 1 error and write 'mis-
According to the UIDAI website, over The operators work under registrars sing fraudulent document'.”

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 >
NEW DELHI | THURSDAY, 16 JUNE 2022 POLITICS & PUBLIC AFFAIRS 7
PRESIDENTIAL POLLS
GoM meet on (THIS IS ONLY AN ADVERTISEMENT FOR INFORMATION PURPOSES AND NOT A PROSPECTUS ANNOUNCEMENT)

SILVER PEARL HOSPITALITY &

BJP, Oppn make GST rate rejig LUXURY SPACES LIMITED
Corporate Identification Number: U55101WB2011PLC158193

tomorrow
their first move
Rajnath reaches out to Mamata, proposes
SHRIMI CHOUDHARY
New Delhi, 15 June
common govt-Opposition candidate An empowered group of ministers (GoM) —
set up to look into rate rationalisation — may
seek an extension of three to six months to sub-
mit its report on restructuring of the Goods
and Services Tax (GST) slabs, in its upcoming
meeting on June 17, according to people in the
know.
The ministerial panel, headed by Karnataka
Chief Minister Basavaraj Bommai, will be meet-
ing for the second time since it was set up in
September last year.
The panel was tasked with submitting a rate
rejig report in two months. In December, the
panel was given time till March-end, but it was
delayed on account of elevated inflation.
“Rationalisation of rates is complex and
requires a lot of deliberation. It has been felt
that any such restructuring should not be done
(From left) West Bengal CM Mamata Banerjee, NCP’s Sharad Pawar, Congress’ until inflationary pressure eases,” a govern-
Mallikarjun Kharge and DMK’s T R Baalu after the Opposition leaders' ment official said.
meeting in New Delhi on Wednesday. Banerjee proposed the names of Farooq The virtual meeting, scheduled on Friday,
Abdullah and Gopalkrishna Gandhi for the country’s next President may discuss the removal of GST exemptions
on certain goods and services, along with cor-
ADITI PHADNIS ed to meet again and discuss every- recting inverted duty on certain value chains.
New Delhi, 15 June thing, including the BJP’s offer. On rate rejig, it may seek more time to deliber-
“Several parties were here today. ate upon, said one of the two people cited
Our Company was originally incorporated as a private limited company under the Companies Act, 1956 pursuant to a certificate of incorporation issued by the Registrar of
Companies, West Bengal dated January 31, 2011 with the name 'Silver Pearl Commercial Private Limited'. Our Company was converted into to a public limited company
and the name of our Company was changed to 'Silver Pearl Commercial Limited' by a special resolution passed on November 18, 2013. A fresh Certificate of Incorporation
consequent upon conversion was issued on November 26, 2013 by the Registrar of Companies, West Bengal. Subsequently, the name of our Company was changed to
“Silver Pearl Hospitality & Luxury Spaces Limited” vide fresh certificate of incorporation consequent upon change of name dated January 3, 2014 issued by the Registrar of
Companies, West Bengal. For further details of our Company, see “General Information” and “History and Certain Other Corporate Matters' on pages 32 and 69,
respectively.
Registered Office: 3B, Lal Bazar Street, Sir RNM House, 5th Floor, Room No. 2, Kolkata -700001, West Bengal, India
Corporate Office: Osiya Shambhu Lodge, Sangla Chitkul Road, VPO Rakchham, Tehsil Sangla – 172 106, Himachal Pradesh, India
Tel: +91 33 4006 9937; Website: www.silverpearlhospitality.com; E-mail: info@silverpearlhospitality.com
Contact Person: Ms. Nandani Bhardwaj, Company Secretary and Compliance Officer
PROMOTER OF THE COMPANY: RAJESH KUMAR NEGI AND TWO SISTERS HOTELS AND RESORTS PRIVATE LIMITED
BASIS OF ALLOTMENT
PUBLIC ISSUE OF 50,00,000 EQUITY SHARES OF FACE VALUE OF ? 10.00 EACH OF SILVER PEARL HOSPITALITY & LUXURY SPACES LIMITED (“OUR COMPANY” OR
“THE ISSUER”) FOR CASH AT A PRICE OF ? 18.00 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF ? 8.00 PER EQUITY SHARE) (“ISSUE PRICE”)
AGGREGATING TO ? 900.00 LAKHS (“THE ISSUE”). OF THE ISSUE, 2,64,000 EQUITY SHARES AGGREGATING TO ? 47.52 LAKHS WILL BE RESERVED FOR
SUBSCRIPTION BY MARKET MAKER (“MARKET MAKER RESERVATION PORTION”). THE ISSUE LESS THE MARKET MAKER RESERVATION PORTION I.E. ISSUE OF
47,36,000 EQUITY SHARES OF FACE VALUE OF ? 10.00 EACH AT AN ISSUE PRICE OF ? 18.00 PER EQUITY SHARE AGGREGATING TO ? 852.48 LAKHS IS
HEREINAFTER REFERRED TO AS THE “NET ISSUE”. THE ISSUE AND THE NET ISSUE WILL CONSTITUTE 63.67% AND 60.31%, RESPECTIVELY OF THE POST ISSUE
PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY. FOR FURTHER DETAILS, SEE "TERMS OF THE ISSUE" ON PAGE 139 OF THE PROSPECTUS.
As per Regulation 253(2) of the SEBI (ICDR) Regulations, as amended, as present issue is a fixed price offer the allocation in the net offer to the public category shall be made
as follows:
a) Minimum fifty percent to retail individual investors; and
b) Remaining to:
i. Other investors including corporate bodies or institutions, irrespective of the number of specified securities applied for;
Provided that the unsubscribed portion in either of the categories specified in (a) or (b) above may be allocated to the applicants in the other category.
If the retail individual investor category is entitled to more than fifty per cent on proportionate basis, accordingly the retail individual investors shall be allocated that higher
percentage.
THE FACE VALUE OF THE EQUITY SHARES IS ? 10 EACH AND THE ISSUE PRICE OF ? 18 IS 1.80 TIMES OF THE FACE VALUE
ISSUE OPENED ON JUNE 6, 2022 AND CLOSED ON JUNE 9, 2022
PROPOSED LISTING: FRIDAY, JUNE 17, 2022*

T
he search for the next President
of India got more interesting on
Wednesday, with Defence
Minister and senior Bharatiya Janata
Party (BJP) leader Rajnath Singh
speaking to West Bengal Chief Minister
Mamata Banerjee to see if the
Opposition and the government could
build a bipartisan consensus on one
name. Singh’s intervention came after
Nationalist Congress Party (NCP)
leader Sharad Pawar signalled his
unwillingness to be the Opposition’s
candidate. Singh also spoke to the
Congress party's Mallikarjun Kharge,
Biju Janata Dal (BJD) chief Naveen
Patnaik, and the Samajwadi Party's
Akhilesh Yadav.
Earlier in the day, Banerjee spear-
headed a meeting of Opposition par-
ties where she made it clear that Pawar
had refused the Opposition’s offer.
Among other possible candidates are
former Jammu & Kashmir chief min-
ister Farooq Abdullah, and retired
diplomat and civil servant Gopal
Gandhi. Opposition parties are expect-
CBIC issues guidelines for post audit and refund claims under GST
We've decided that we will choose one
consensus candidate. Everybody will
give this candidate their support. We
will consult others. This is a good
beginning. We sat together after sev-
eral months, and we will do it again,”
Banerjee, also the chief of the
Trinamool Congress, told the media
after the meeting.
The BJP said it would call a meet-
ing of the National Democratic
Alliance (NDA), and the party’s par-
liamentary board will meet in the
meantime and decide on a name.
These developments took place on a
day when the Congress alleged a
Delhi Police team entered New
Delhi’s 24, Akbar Road, the party’s
headquarters, without a search or
arrest warrant, and took some party
members into custody. Some, includ-
ing member of Parliament Jothi
Mani, were allegedly manhandled,
their clothes were torn, and they were
denied water.
More on business-standard.com
above. The Equity Shares offered through the Prospectus are proposed to be listed on the SME Platform of BSE Limited ("BSE") in terms of the Chapter IX of the SEBI (ICDR)
The panel mandate is to review the current Regulations, as amended from time to time. Our Company has received an approval letter dated April 28, 2022 from BSE Limited ("BSE") for using its name in the Offer
GST tax slab rates and consider raising the low- Document for listing of our shares on the SME Platform of BSE. For the purpose of this Issue, BSE shall be the Designated Stock Exchange. The trading is proposed to be
est threshold slab under GST to 7 per cent or 8 commenced on or about FRIDAY, JUNE 17, 2022*.
per cent, from the current 5 per cent, besides *Subject to the receipt of listing and trading approval from the BSE SME Platform.
changing other tax categories. All Applicants were allowed to participate in the Issue through APPLICATIONS SUPPORTED BY BLOCKED AMOUNT ("ASBA") process by providing the details of their
There are four major GST slabs as of now respective bank accounts in which the corresponding application amounts were blocked by Self Certified Syndicate Banks (the "SCSBs"). Further, for UPI Applicants
– 5 per cent, 12 per cent, 18 per cent and 28 (Investors biding for amount upto Rs. 5 Lacs) use of UPI Id in Application Form was allowed while applying for equity IPOs through Designated Intermediaries (Syndicate
members, Registered Stock Brokers, Registrar and Transfer agent and Depository Participants). All Other Category of Investors shall mandatorily use only Application
per cent. A clutch of sin goods in the 28 per Supported by Blocked Amount (ASBA) facility for making payments
cent bracket attract cesses as well.
SUBSCRIPTION DETAILS
The Council, which is expected to meet
As per the Bid book received from BSE, the Issue has received 791 applications for 79,60,000 Equity Shares resulting in 1.59 times subscription before technical rejections
late this month or early next month, may
and applications not banked (including reserved portion of Market Maker). The Issue has received 340 applications for 41,20,000 Equity Shares resulting in 0.82 times
take up the GoM recommendations on subscription after technical rejections, applications not banked and banked not bidded. Accordingly the issue was undersubscribed. Since this Issue was fully underwritten,
exempt goods and removing anomalies from hence Underwriter to the Issue (GCM Securities Limited) has subscribed the shortfall of 8,80,000 Shares and accordingly Issue was subscribed to 1.00 time. The details of
taxing raw material higher than finished the applications received in the Issue (before technical rejections and after returns due to amount not blocked and banked not bidded) are as follows:
goods, depending on the suggestions, a Detail of the Applications Received (Before Technical Rejection and after applications not banked)
source said. Category No. of Applications % No. of Equity Shares % Subscription
The panel could take up the exempt list
Market Maker 1 0.29% 264000 5.18% 1.00
of items, such as unbranded and unpacked
foods, which currently do not attract GST. Retail Individual Applicants 333 95.14% 2664000 52.28% 1.13
An inverted duty structure arises when Other Applicants 15 4.29% 1288000 25.27% 0.54
the GST rate for raw material is higher than Underwriter Devolvement 1 0.29% 880000 17.27% 1.00
that for the finished product, resulting in the Total 350 100.00% 5096000 100.00% 1.02
accumulation of input tax credit (ITC), which The details of applications rejected by the Registrar on technical grounds / withdrawal are detailed below:
affects the cash flow of companies.
Technical rejection / Withdrawal
More on business-standard.com Category NO. OF APPLICATIONS NO. OF EQUITY SHARES
Market Maker Nil Nil
Retail Individual Applicants 8 64,000
Other Applicants 1 32,000
Total 9 96,000

The Central Board of Indirect Taxes &
Customs (CBIC) has put out a procedure
relating to sanction, post-audit and review
of refund claims for taxpayers.
This is following several reports CBIC
received about different practices being
followed by the field formations, creating
> FROM PAGE 1
5G...
The base price has been
pegged at ~317 crore per MHz
in the 3.5 GHz band (3300-
3670) for 20 years, represent-
ing a 36 per cent reduction
from Trai’s 2018 proposal. 3.5
GHz range is used globally to
enable 5G connectivity.
Protesting against direct allo-
cation of spectrum to enter-
prises, the Cellular Operators
> More on business-standard.com
BS SUDOKU
issues for taxpayers. The indirect tax body speaking order along with refund sanction After eliminating Technically Rejected applications, the following table gives the details of Category wise net valid applications:
clarified that post-audit to be conducted order in the GST form. The matter has CATEGORY NO. OF APPLICATIONS % NO. OF EQUITY SHARES % SUBSCRIPTION PROPORTIONATE NO.
only for refund claims amounting to Rs been examined with the twin purpose of (VALID) (No. of Times) OF EQUITY SHARES
one lakh and above till further instruc- ensuring uniformity in procedure and (ALLOCATED) AFTER
ROUNDING OFF
tions, the CBIC said. enabling effective monitoring of sanction
Market Maker 1 0.29% 264000 5.28% 1.00 264000
Also that while passing refund orders, of refund claims to safeguard interest of
officers are required to upload a detailed revenue, the board noted. BS REPORTER Retail Individual Applicants 325 95.31% 2600000 52.00% 1.00 2600000
Other Applicants 14 4.11% 1256000 25.12% 1.00 1256000
Underwriter Devolvement 1 0.29% 880000 17.60% 1.00 880000
Total 341 100.00% 5000000 100.00% 1.00 5000000
Association of India (COAI) has table for the upcoming auc- period to 2022 saw a com-
written to communications tion. According to the NIA, the pound annual growth rate, or
Since the issue is fully underwritten the shortfall of 8,80,000 equity shares aggregating to Rs. 1,58,40,000 in terms of the Underwriting agreement dated April 21, 2022,
hence Underwriter to the Issue (GCM Securities Limited) has subscribed the shortfall of 8,80,000 Shares and accordingly Issue was subscribed to 1.00 time.
minister Ashwini Vaishnaw. final date for submission of CAGR, of 19.6 per cent. In 2015,
Allocation: The Basis of Allotment was finalized in consultation with the Designated Stock Exchange - BSE on June 14, 2022.
The leading lobby group for
telcos has argued that such a
applications would be July 8,
list of bidders will be declared
the advertisement income was
just ~16.7 crore a match. A. Allocation to Market Maker (After Technical Rejections): The Basis of Allotment to the Market Maker, at the issue price of Rs. 18/- per Equity Share, was finalized in
consultation with BSE. The category was subscribed by 1.00 times. The total number of shares allotted in this category is 2,64,000 Equity Shares.
move would make their busi- on July 20 and auctions will A back-of-the-envelope cal-
ness case for 5G unviable. begin on July 26. Telecom gear culation shows that at the B. Allocation to Retail Individual Applicants (After Technical Rejections): The Basis of Allotment to the Retail Individual Applicants, at the issue price of Rs. 18/- per Equity
Share, was finalized in consultation with BSE. The under subscribed shares from Retail Individual Investors Category have been spilled over to Non -Retail Individual
Referring to leasing of spec- makers say they are ready, if same CAGR broadcasters
Investors Category. After the spill over the category was subscribed 1.00 times. Hence all the valid 325 applicants in this category have been given full and firm
trum by enterprises, COAI said orders are placed in July to roll would need four years for the allotment of 8,000 equity shares each. The total number of shares allotted in this category is 26,00,000 Equity Shares to 325 successful applicants.
such a move would make 5G out limited 5G services in some advertisement revenue to
C. Allocation to Other Applicants (After Technical Rejections): The Basis of Allotment to the Other Applicants, at the issue price of Rs. 18/-per Equity Share, was finalized in
network rollout by telecom cities between the end of the catch up with the price of Rs. consultation with BSE. The category was subscribed 0.54 times. The under subscribed Equity shares have been spilled over to Underwriters Category. The total number
service providers irrelevant. year and March 2023. Besides 118 crore per match. Reports of of shares allotted in this category is 12,56,000 Equity Shares.
DoT also simultaneously 5G spectrum, the Cabinet also falling viewership will not help The Category-wise details of the Basis of Allotment are as under:
released the notice inviting cleared the sale of 72 GHz of matters: data from BARC
applications (NIA) on spectrum across various bands shows IPL viewership fell 25 No. of Shares No. of % to total Total No. of % of total Proportionate Allocation Per Allocation Per Ratio of Total No. of Surplus/
Wednesday, with the time such as 600, 700, 800,900, per cent this year. What will applied for Applications Shares Applied Shares Applicant Applicant After Allottees to Shares Defecit
(Category wise) Receives in each Available Before Rounding Off Applicants Allotted
1800, 2100 and 2300. give the rights winners succour
category Rounding Off
is predictions that IPL audi- to Market Lot
ences will grow steadily and its
# 3691 brand burnish further with
16000 4 28.57 64000 5.10 108841 27210.19 16000 1:1 64000 -44841

IPL... time. Brand Finance says

brand IPL saw a 7 per cent
32000
56000
3
1
21.43
7.14
96000
56000
7.64
4.46
163261
95236
54420.38
95235.67
32000
56000
1:1
1:1
96000
56000
-67261
-39236
This week, the BCCI hit the ball increase in 2021 after a decline 96000 1 7.14 96000 7.64 163261 163261.15 96000 1:1 96000 -67261
out of the ground by auction- of more than 20 per cent in 112000 1 7.14 112000 8.92 190471 190471.34 112000 1:1 112000 -78471
ing slices of the rights to three 2020. Still, at $4.7 billion, IPL’s 144000 1 7.14 144000 11.46 244892 244891.72 144000 1:1 144000 -100892
entities for a total of Rs. 48,390 brand value is 23.7 per cent 216000 1 7.14 216000 17.20 367338 367337.58 216000 1:1 216000 -151338
crore for the 2023-27 IPL cycle. higher than in 2017.
232000 1 7.14 232000 18.47 394548 394547.77 232000 1:1 232000 -162548
The auctions place the
price per match at at least Rs. More on business-standard.com 240000 1 7.14 240000 19.11 408153 408152.87 240000 1:1 240000 -168153
118 crore if you simply divide Total 14 100.00 1256000 100.00 2136000 12,56,000 -8,80,000
the total amount by the 410
matches to be played in the
IBC...
The SCC works as a monitoring
B. Allocation to Underwriters (After Technical Rejections): The subscription for the shortfall of 8,80,000 Equity Shares has been subscribed by Underwriter at the issue
price of Rs. 18/- per Equity Shares. The under subscribed 8,80,000 shares have been allotted to Underwriter category. The Basis of Allotment for Underwriter Category
five-year period. The amount mechanism for liquidation, at the issue price of Rs. 18/-per Equity Share, was finalized in consultation with BSE. The total number of shares allotted in this category is 8,80,000 Equity Shares to one
Applicant.
goes up to Rs. 140.7 crore a similar to the CoC in corporate
match if you divide the insolvency. The IBBI is of the The Board of Directors of the Company at its meeting held on June 14, 2022 has taken on record the Basis of Allocation of Equity Shares approved by the Designated Stock
Exchange viz. BSE and has authorized the corporate action for the transfer of the Equity Shares to various successful applicants.
amount paid for every package view that the liquidator takes
The Refund/allotment intimation will be dispatched to the address of the Applicants as registered with the depositories on or about June 16, 2022. Further, the instructions to
by the number of matches significant decisions related to
Self Certified Syndicate Banks for unblocking the amount have been processed on or prior to June 15, 2022. In case the same is not received within ten days, investors may
under each. the appointment (including contact Registrar at the address given below.
An analysis of the 2022 IPL that of valuers) and sale of The Equity Shares allocated to successful applicants have been credited to their beneficiary accounts subject to validation of the account details with the depositories
season shows STAR earned assets in the first 60 days concerned. The Company is taking steps to get the Equity Shares admitted for trading on SME Platform of BSE Limited within six working days from the date of the closure of
~58.1 crore per match from (before the constitution of the the Issue.
advertisements. The total SCC), and mandating such Note: All capitalized terms used and not defined herein shall have the respective meaning assigned to them in the Prospectus dated May 27, 2022 ("Prospectus").
earning would be more than decisions and placing before
INVESTORS PLEASE NOTE
SOLUTION TO #3690 this because revenue from spot the SCC (on ex-post basis)
ads are not available. There weakens the accountability of The details of the allotment made would also be hosted on the website of the Registrar to the Issue PURVA SHAREGISTRY (INDIA) PRIVATE LIMITED at
Difficult: would also be an increase in the liquidator, it said in a dis-
www.purvashare.com. All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/Sole applicants, serial
«««« subscription revenue, both cussion paper issued on
number of the Application Form, number of shares applied for and Bank Branch where the application had been lodged and payment details at the address of the Registrar
given below:
Solution digital and television, because Tuesday. The proposed PURVA SHAREGISTRY (INDIA) PRIVATE LIMITED
tomorrow of the IPL. amendments to the liquida- 9, Shiv Shakti Industrial Estate, J. R. Boricha Marg, Opp. Kasturba Hospital Lane, Lower
However, it might still turn tion regulations have been Parel (E), Mumbai – 400011, Maharashtra, India
HOW TO PLAY out to be a steep revenue run made because the need was Tel No.: +91 22 2301 2518 / 8261
chase for the rights holders to felt to enhance the accounta- Email: support@purvashare.com
Fill in the grid so that bridge the chasm. It does not bility of the liquidator, like in Investor Grievance Email: support@purvashare.com
every row, every col- augur well for them that the the case of the resolution pro- Website: www.purvashare.com
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2022 compared to the previous
the digits 1 to 9 year, though the eight-year More on business-standard.com For SILVER PEARL HOSPITALITY & LUXURY SPACES LIMITED
On behalf of the Board of Directors
Place: Kolkata Sd/-
Date: June 15, 2022 Managing Director
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Forget $3 trn, Apple’s $2-trn market valuation looks shaky

SUBRAT PATNAIK stocks, which are particularly vulner- lowest share of analyst buy ratings in
15 June NOT THE APPLE OF able to higher interest rates as they more than a year.

Apple Inc’s run as a $3 trillion stock

proved fleeting. Now its grip on a $2
trillion market value is looking
wobbly, too.
After briefly surpassing $3 trillion in
January, the iPhone maker has lost
more than $800 billion in capitalization
as tech stocks plunged. With concern
growing that the Federal Reserve’s
interest-rate increases could tip the US
into recession, the $2 trillion milestone
is looking precarious. Apple closed
Tuesday at $2.15 trillion.
“In the same way that Apple bene-
fited from the Fed-fueled bull market,
it will suffer as the low interest rate and
quantitative easing subsidies fade,” said
David Trainer, chief executive officer at
investment research firm New
Constructs.
THE EYES? (Mcap in $trn)
Economists predict the Fed will
raise interest rates Wednesday by at
least half a percentage point, with some
predicting a 0.75-point increase in the
wake of Friday’s stronger-than-
expected inflation data. Further
increases are expected this year. All of
that could deepen the selloff in tech
weigh on the current valuation of com-
panies’ future profits.
The FAANG cohort — Facebook
owner Meta Platforms Inc., Apple,
Amazon.com Inc., Netflix Inc. and
Google parent Alphabet Inc. — were
poster children of the two-year bull
market, rallying at breakneck speed to
scale historic valuations. That quickly
evaporated this year with the group los-
ing a combined $2.6 trillion in market
value as investors fled from growth
names for safer assets. Amazon is also
close to falling below $1 trillion.
Analysts have grown cautious, too.
Over the past three months, they’ve cut
their estimates for Apple’s fiscal third-
quarter earnings by 7.8%, according to
data compiled by Bloomberg. Revenue
projections are down about 4.2% over
the same period. The stock also has the
KeyBanc Capital Markets sees signs
of softer US demand, citing credit card
data spending. Others have raised con-
cerns about the pace of revenue growth
at the company’s App Store, with
Morgan Stanley adding that this poses
risks to its estimates for Apple’s Services
business. According to data compiled
by Bloomberg, Apple derived 18.7% of
its fiscal 2021 revenue and more than
30% of gross profit from services.
Apple’s stock woes have intensified
this year with a 25 per cent slump and
Saudi Aramco snatching its title as the
world’s most valuable company. Setting
aside the headwinds that have broadly
pressured tech stocks — rising interest
rates, slowing economic growth and
soaring inflation — the tech giant is also
facing supply constraints related to
Covid restrictions in China. BLOOMBERG
APPLE TO STREAM MLS, TO PAY $250MN YEARLY
Apple Inc has secured the long-term rights to
stream Major League Soccer (MLS), taking
another step in its growing ambitions as a
sports broadcaster.
Apple will begin streaming the football
matches next year as part of a 10-year deal.
Fans will be able to watch the matches
through a new subscription-based MLS
product available through the Apple TV app,
according to a statement. Some matches will
be available for free to subscribers of Apple
TV+, the tech company’s general-interest
streaming service.
In March, Apple reached a deal with Major
League Baseball to air Friday night games on
Apple TV+ this season. The company has
reportedly shown interest in picking up the
NFL Sunday Ticket package now held by
DirecTV. Deals between the US men’s
professional soccer league and Walt Disney
Co.’s ESPN, Fox and Univision expire this year.
More than a dozen companies expressed
interest in acquiring the rights, including tech
giants like Amazon.com Inc. and Apple and
traditional media companies Warner Bros.
Discovery Inc. and Paramount Global.
With viewership rising, the league aimed
to collect much more than the $90 million a
year it received under the previous
agreement. Apple is paying a minimum
guarantee worth $250 million per year,
according to Sports Business Journal.
MLS struck a deal with Apple partly
because it would allow the league to
showcase its games in one place and boost
MLS’s popularity globally. BLOOMBERG

IN BRIEF
Qualcomm wins bid to
topple $1-bn EU fine
ECB vows backstop INFLATION BITES

Record profits not

Qualcomm Inc won its bid to topple a 997 million-euro ($1
billion) European Union antitrust fine for allegedly pressuring
Apple Inc. to only buy its 4G chips, after judges said regulators
made a series of blunders in their case. The EU General Court
against market turmoil acceptable: Biden
overturned the penalty, saying “a number of procedural
irregularities” in the European Commission’s decision
“affected Qualcomm’s rights of defense and invalidate” its
Euro Bank promises new scheme but fails to lift investor sentiment
BALAZS KORANYI
tells oil refiners
analysis of the firm’s conduct.The 2018 fine against the & FRANCESCO CANEPA NOT A GOOD READING EU, Israel, Egypt JUSTIN SINK & JENNIFER A. DLOUHY
chipmaker came after years of EU scrutiny and an earlier
unsuccessful probe. Qualcomm was handed a second EU
Frankfurt/Milan, 1 5 June
(Eurozone 10-yr govt bond) bid yield (%) sign deal to export 15 June

gas to Europe
T
penalty of 242 million euros in 2019 for deliberately pricing he European Central President Joe Biden told US oil
some chips so low they could eliminate a smaller rival. A Bank promised fresh refiners that unprecedented
newer probe into the company was dropped last year. While support and a new REUTERS profit margins are unaccept-
the ruling can be appealed one more time, it’s yet another scheme on Wednesday to Cairo/Jerusalem, 15 June able and called for “immediate
stinging defeat for the EU’s antitrust arm, which until January temper a market rout that has action” to improve capacity as
-- in a landmark ruling involving another chip giant Intel fanned fears of a new debt cri- Israel and Egypt will aim to the soaring price of gasoline
Corp. -- hadn’t lost a big competition case in court for sis on the euro area's southern boost natural gas exports to feeds record inflation and
more than 20 years. The commission said it “will carefully rim but appears to have disap- Europe under a memorandum fears of a recession.
study the judgment and its implications and will reflect on pointed investors looking for of understanding (MoU) signed “At a time of war, refinery
possible next steps.” Qualcomm said in an emailed bolder steps. on Wednesday as the continent profit margins well above nor-
statement that it was “pleased with the General Court’s Government borrowing looks to replace Russian energy mal being passed directly onto
decision.” BLOOMBERG costs have soared on the 19- imports. Under the agreement, American families are not
country currency bloc's periph- the EU will encourage European acceptable,” Biden said in a
ery since the ECB unveiled companies to participate in letter sent Wednesday to top
"THE LACK OF REFINING
plans last Thursday to raise Israeli and Egyptian oil companies.
OFF TO A FLYING START interest rates to tame painfully exploration tenders. "The lack of refining capac- CAPACITY AND RESULTING
high inflation that is at risk of The EU imported 155 bcm of ity — and resulting unprece- UNPRECEDENTED
becoming entrenched. gas from Russia last year, it was dented refinery profit margins
The sell-off was then exac- about 40 per cent of the bloc's — are blunting the impact of
REFINERY PROFIT
erbated by the ECB's decision overall consumption. the historic actions my MARGINS ARE BLUNTING
not to detail it plans to limit Administration has taken to THE IMPACT OF THE
this rise in borrowing costs, to accelerate the completion of "premature" to discuss the ECB will act more firmly, per- address Vladimir Putin's Price
raising fears that policy- the design of a new anti-frag- details of what a new tool haps at the July 21 policy meet- Hike and are driving up costs
HISTORIC ACTIONS MY
makers were too complacent mentation instrument for con- would look like. ing, when it is all but certain to for consumers." ADMINISTRATION HAS
about the situation of more sideration by the Governing
Bare minimum
raise rates for the first time in Biden said his administra- TAKEN TO ADDRESS
indebted nations, such as Council," the ECB said after an over a decade. tion was prepared to take any
Italy, Spain and Greece. extraordinary meeting. Investors welcomed the ECB's “reasonable and appropriate” PUTIN'S PRICE HIKE AND
Airbus launched the maiden flight of its newest and largest Facing the threat of a repeat Speaking at conference on intentions but were still disap- Legal action over UK's steps that would help com- ARE DRIVING UP COSTS”
narrowbody airliner — the A321XLR — on Wednesday of the debt crisis that almost Wednesday, Dutch central pointed by the lack of detail post-Brexit deal panies increase output in the JOE BIDEN, US President
from Hamburg in Germany. The European planemaker is brought down the single cur- bank chief Klaas Knot said that and the lack of a firm commit- The EU, also in Wednesday, set near term, and said he’s order-
pitching XLR as a game-changing addition to its fleet, rency a decade ago, the ECB policymakers asked ECB staff ment. The euro fell around the UK a two-month deadline ing Energy Secretary Jennifer
making it possible for airlines to serve thinly flown reversed course, planning a to work at an accelerated pace 0.7% against the dollar after the to respond to legal action as it Granholm to hold an emer-
long-distance routes profitably REUTERS new support scheme and on the new tool in case sending ECB statement while Italian challenged British prime min- gency meeting on the subject were closed permanently as
directing cash from debt reinvestments south were not yields jumped around 7 basis ister Boris Johnson's plan to in the coming days. the virus crushed fuel
maturing in its recently-ended enough. "We don't know points. override parts of the Brexit The president added that demand. Others are being
1.7 trillion euro ($1.8 trillion) whether it will be enough, it The spread between 10-year agreement relating to Northern the federal government will modified to produce renew-
Ford recalls 3 mn vehicles pandemic support scheme
towards indebted nations.
depends on how the markets
will respond. But if it will not
Italian and German bonds, a
key indicator, meanwhile
Ireland. "If the UK doesn't reply
within two months, we may
open talks with the National
Petroleum Council — an advi-
able diesel instead of petro-
leum-based fuels amid a web
over rollaway concerns "The Governing Council
decided to mandate the rel-
be enough, rest assured that we
stand ready," Knot said.
widened to 241 in the immedi-
ate aftermath of the announce-
take them to the court of jus-
tice," said Maros Sefcovic, vice-
sory committee representing
the industry — and called on
of federal policies spurring a
shift to green energy; those
Ford Motor Co is recalling more than 2.9 million vehicles that evant Eurosystem Committees His Slovak counterpart, ment but then recovered to 231, president of the European companies to provide the conversions may be too far
could roll away because a damaged or missing part may together with the ECB services Peter Kazimir said it was still indicating confidence that the Commission. Energy Department with an along to reverse course.
prevent the vehicle from shifting into the intended gear. In a explanation of why they have
filing with the National Highway Traffic Safety cut capacity and what could Preparing for next the
Administration, Ford said the recall covers various, the agency be done to address gas prices pandemic
said in a notice on Wednesday. A damaged or missing shift
cable bushing may prevent the vehicle from shifting into the War threatens Ukraine’s place in food security: Experts that now average more than
$5 per gallon nationwide.
The Biden administration is
preparing a new defense
intended gear or the vehicle may roll after the driver selects “We are seeing this massive strategy against pandemics
the 'Park' position. Ford said it is aware of six reports alleging KYIV heads of poultry, it said. and oilseed grower, but its exports have profit-taking on the part of and other biological threats
property damage and four reports of injuries potentially 15 June "Russia's aggression affects not only the fallen sharply since Russia's invasion on refiners,” Granholm said that applies lessons from
related to the recall population. This is Ford's fifth recall over ability to freely export our agricultural pro- Feb. 24. Because of a Russian blockade of Wednesday during an inter- Covid-19 and puts the White
the issue since 2018, it told the agency. REUTERS Ukraine may not be able to regain its role ducts and feed about 400 million people Ukraine's Black Sea ports, Kyiv is trying to view with CNN. “And so the House at the centre of any
in helping maintain global food security a year around the globe," said Roman export by road, river and rail. president is calling both upon future US response.
unless damage done to the country's agri- Neyter, an expert at the Center for Food The fall in production and in exports production of oil to increase Research suggests there’s a
WHO to convene emergency culture sector during Russia's invasion is
repaired, Ukrainian experts said on
and Land Use Research.
"Damage to land,
has stoked fears of a
global food crisis and the
in the United States, and
around the world, and he’s cal-
50/50 chance of another
Covid-like pandemic — or one
meeting on Monkeypox Wednesday.
An analysis by the Kyiv School of
infrastructure, and agri-
cultural machinery
Ukraine’s agriculture
minister Mykola Solskyi
war, together with
Western sanctions
ling upon refinery capacity to
increase. And he’s calling
that is more deadly — over the
next 25 years, according to a
The World Health Organization (WHO) will hold an emergency Economics Institute's Center for Food directly affects the pro- said earlier this week against Russia, has sent them to a meeting to say, senior administration official
meeting to assess whether the current spread of monkeypox Research and Land Use in cooperation duction of agricultural that the invasion could the price of grain, cook- ‘What can we do to help make who spoke on the condition of
constitutes a public health emergency of international with the agriculture ministry said 2.4 mil- products in Ukraine. create a global wheat ing oil, fertiliser and that happen?’” anonymity as the strategy isn’t
concern, or PHEIC. A special committee will meet next week to lion hectares of winter crops worth $1.435 Without the restoration of shortage for at least energy soaring. But restarting shuttered yet public, and the adminis-
advise on the spread in non-endemic countries, Hans Kluge, billion would not be harvested because of lost assets, Ukraine will three seasons Agriculture minister refineries isn’t as easy as flip- tration’s plan is the result of
regional director of the WHO for Europe said at a media the war. not be able to return to its Mykola Solskyi said this ping a switch. More than 1 mil- more than a year of work by
briefing on Wednesday. A PHEIC is the WHO’s highest alert The agriculture sector has so far suf- place in global food secu- week the invasion could lion barrels a day of US oil US national security and pub-
level, and such a declaration can be used to encourage fered losses of $4.292 billion because of rity. create a global wheat shortage for at least refining capacity — or about lic health experts to improve
nations to cooperate on countermeasures, while letting the the invasion and the war has killed about Damage assessment is the first element three seasons by keeping much of the 5% of the total — has been the nation’s framework for
agency recommend steps such as travel advisories. 42,000 sheep and goats, 92,000 cows, in assessing the need for restoration." Ukrainian crop from markets, pushing shut since the start of the pan- preparedness, response and
Monkeypox has spread across Europe and the US. BLOOMBERG 258,000 pigs and more than 5.7 million Ukraine is usually a major global grain prices to record levels. REUTERS demic. Some aging facilities recovery. BLOOMBERG

Swiss airspace reopens after

air-traffic malfunction
Europe’s air travel chaos spread to Switzerland on Wednesday
after a technical malfunction at the country’s air traffic control
system shut down flights nationwide and left thousands
stranded across the continent. Swiss airspace was closed
around 6.30am and remained so for roughly two hours. Zurich
Airport said flights gradually returned to normal operating
capacity as of 10 am. The closure caused widespread delays that
still persisted later Wednesday morning, European airspace
manager Eurocontrol said.Tension was high at the Zurich
airport as hundreds of frustrated travellers tried to rebook
flights, get reimbursements or get access to lounges. BLOOMBERG
Did China use Covid-tracking
system to curb protest?
Authorities in China allegedly used the country's powerful
Covid tracking system to stop an anticipated protest, state
media reported, sparking furious condemnation online on
Wednesday. China relies on a vast coronavirus surveillance
infrastructure to carry out rigorous contact tracing as part of
its zero-Covid strategy. Reports emerged this week of
disgruntled bank customers getting a red code when they
attempted to travel to Zhengzhou to demand access to their
money after withdrawals were frozen last month. AGENCIES
Chai pe kharcha: Drink less tea to cut imports, says Pak min
PRESS TRUST OF INDIA
Islamabad, 14 June
Cash-strapped Pakistan has urged its coun-
trymen to cut down the consumption of tea to
help reduce the import bill eating into the
country's depleting foreign exchange
reserves.
The appeal from Federal Minister for
Planning Ahsan Iqbal came after it emerged
that Pakistan consumed tea worth ~83.88 bil-
lion ($400 million) in the fiscal year 2021-22,
The News International newspaper reported.
Iqbal said that Pakistan, one of the biggest
importers of tea in the world, has to borrow
money to import it.
“I appeal to the nation to cut down the
consumption of tea by 1-2 cups because we
import tea on loan," Iqbal said while speaking
to reporters here on Tuesday.
The federal budget document for the out-
going fiscal year showed that Pakistan
imported ~13 billion ($60 million) worth of
more tea than the last fiscal year.
In the fiscal year 2020-21, ~70.82 billion
($340 million) was spent on the import of tea,
the News Network International news agency
reported.
Iqbal's appeal to cut down the consump-
tion of tea by one to two cups did not go down
well with people as they started criticising
him on Twitter.
“Did Ahsan Iqbal really ask the nation to
STORM IN A TEA CUP?
n Pakistan consumed tea worth
~83.88-bn in the FY22
n The nation imported ~13-bn
worth more tea in FY22 than FY21
n Pak minister Ahsan Iqbal
(in picture) said that the
traders' community has also
been asked to close markets
by 8.30pm to conserve energy
n Finance minister Miftah Ismail had
warned that Pak’s economy could be in a
similar position to that of Sri Lanka’s
cut down on chai? Did he honestly really ask
us for that? Do they really think we're that stu-
pid,” a Twitter user said. “Ahsan Iqbal urged
the nation to cut down on chai! I’m sorry, but I
cannot be a part of this,” another user named
Zoha said in a tweet.
The planning minister said the traders'
community has also been asked to close mar-
kets by 8.30pm to conserve energy.
Iqbal said this will help the country cut the
import bill of petroleum products.
Recently, finance minister Miftah
Ismail warned that Pakistan's economy
could be in a similar position as
that of Sri Lanka if tough deci-
sions were not taken.
‘CPEC on time’
Meanwhile, Pakistan prime
minister Shehbaz Sharif on
Wednesday said that he is deter-
mined to timely complete all the proj-
ects under the multi-billion-dollar China-
Pakistan Economic Corridor (CPEC) and
assured that he will resolve all the issues
faced by the Chinese companies working in
Special Economic Zones. Addressing a meet-
ing in Rashakai Special Economic Zone, a
flagship industrial project of the government
of Khyber-Pakhtunkhwa under the CPEC,
Sharif said his government is committed to
industrial development to make Pakistan an
economically progressive country.

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Volume XXIX Number 44

NEW DELHI | THURSDAY, 16 JUNE 2022

A unique jobs conundrum

Missing the significance of IPEF The Quad and the IPEF may not be aimed
The mega-recruitment drive poses many challenges Despite its misgivings, India stands to gain from the overlap in the explicitly at the strategic containment of China but
clearly seek to offer a credible alternative to a
agenda of the Quad and the Indo-Pacific Economic Framework

T
he Union government’s plan to hire a staggering 1 million people in Chinese dominated Asian order. The idea is to offer
ILLUSTRATION: BINAY SINHA an alternative set of security and economic arrange-
its departments and ministries in 18 months, which amount to about
ments which may expand the room for manoeuvre
15 per cent of the jobs created in a year, is ambitious. But the move for Indo-Pacific countries vis-à-vis China.
also reverses a key objective of India’s economic reforms, which was The Quad is becoming more pointed in confront-
to shrink the government’s footprint and create a conducive environment for ing China in the region. While still not naming
private initiative to create jobs. Over nearly three decades of steady liberalisation, China, the May 24 Quad joint statement declares
this had indeed become the case, with the private sector overtaking the public that its members oppose actions “such as militari-
sation of disputed features, the dangerous use of
sector in terms of employment. Since 2017, however, the dual impact of demon-
coast guard vessels and maritime militia and efforts
etisation and the rushed introduction of goods and services tax has caused to disrupt other countries’ offshore resource exploit-
many small and medium businesses — collectively India’s biggest employer— ation activities.” That the target is China is more
to close and resulted in unemployment hitting a four-decade high in 2017-18, than obvious. The IPEF also has an anti-China orien-
according to a National Sample Survey Office report that was initially withheld tation though articulated explicitly only by the US
in 2018 but was later released in the public domain. The Covid-19-induced so far. At a briefing to introduce the IPEF, the US
lockdowns of 2020 and the subsequent restrictions in 2021 weakened the feeble Secretary of Commerce Gina Raimondo described
the initiative as “an alternative to China’s approach
pre-pandemic economic impulses further and have kept the unemployment to these critical issues”, these being issues compris-
rate at 7.12 per cent, according to the May 2022 report of the Centre for ing the four modules.
Monitoring Indian Economy. Is the IPEF an alternative to the Regional
Against this background, it is difficult to visualise how a plan to recruit 1 Cooperative Economic Partnership (RCEP) or even
million people will work. For one, the size of the government has been shrinking the Comprehensive and Progressive Trans-Pacific
steadily in the past few years, from 3.3 million in 2014-15 to 3.1 million in 2019- Partnership (CPTTP)? How will it relate to the Asia
Pacific Economic Cooperation (APEC) forum? As has
20. This workforce reduction is also true of central public sector undertakings.

T
he US-led Indo-Pacific Economic Framework
Second, it is unclear what the government will do with so many people. Current (IPEF) was announced on May 23 in Tokyo
vacancies amount to 8,42,000 at all levels. For another, the government does just a day before the convening of the fourth
not have the wherewithal to recruit on this scale. Taken together, the various summit of the Quad countries. India is a critical
recruiting agencies, such as the Union Public Service Commission and the partner in both groupings. The US Indo-Pacific
Railway Recruitment Board, hire just about 100,000 people a year. A National strategy now has two pillars — political and eco-
nomic — and the integral link between the two is
Recruitment Agency set up in 2020 was expected to subsume the role of multiple
the key to assessing the likely trajectory of a region
government recruiting agencies but is not yet functional. that is home to India. India’s participation in both
The third concern is the government’s budgetary constraints just as it constitutes the country’s Indo-Pacific strategy,
plans to splurge on building and augmenting infrastructure, moves that would although this has not yet been declared as such.
have created jobs in any case. The real danger of this mega-recruitment drive The Quad has only four
is that capital expenditure may be curtailed to make way for higher salary members — India, Australia, Japan
and the US. The IPEF has 13, includ-
budgets. The only way this move, which will expand the size of the government
ing the members of the Quad, seven
by a third, can be justified is as a means of feel-good signalling that can be members of Asean, South Korea and
exploited in the run-up to elections. But making the government the employer New Zealand. The latter is an eco-
of first resort and the move towards Big Government marks another significant nomic grouping but has a clear geo-
step back in terms of economic policymaking and indirectly reflects the gov- political dimension. The Quad is a
ernment’s failure to meaningfully tackle the employment crisis. Taken together geopolitical grouping but has sig-
with rising protectionism in trade policy and the great leap back to semi-autarky nificant economic content extend-
ing outwards into the Indo-Pacific.
in industrial policy, India faces the danger of losing the gains of the past three The four broad modules or pillars
decades just as the challenges in the world economy make globalisation a under the IPEF will link seamlessly SHYAM SARAN
greater imperative. with corresponding areas of Quad
collaboration. For example, the objective of estab-
lishing resilient supply chains, pursuing standard
and norm setting in critical and emerging technol-
India’s membership followed logically from its par-
ticipation in the Quad. IPEF, in turn, would have
lost much of its relevance without India.
There will be areas where India will find sub-
sequent negotiations difficult and the trade-offs
complex and ambiguous. For example, the trade pil-
lar will be centred on the digital economy, including
cross-border data flows and data localisation on
which India has distinctive positions. India’s reser-
vations are apparent from the fact that at the first
ministerial level meeting on the trade module con-
vened by the US in Paris last week,
India sent an additional secretary
to attend. It is not clear whether
India will participate in subsequent
negotiations under this module.
However, it may gain from what the
IPEF and the Quad may offer in
enhancing India’s capabilities in
cyber security and in a range of
emerging technologies such as
Artificial Intelligence.
India has something significant
to bring to the table in the fields of
space and maritime surveillance.
The Quad Satellite Data Portal will draw from India’s
network of resource satellites while the Indo-Pacific
Partnership for Maritime Domain Awareness will
been repeatedly emphasised by the US, the IPEF is
not a free trade agreement; it does not involve agree-
ments related to reciprocal tariff cuts. However, sub-
sequent negotiations under the four modules are
expected to result in agreements related to regulatory
coherence, common standards and norms. The latter
are part of the existing trade agreements though their
salience may be more or less. The CPTTP, for exam-
ple, has more stringent regulatory provisions and
standards while the RCEP does not. To the extent
that future provisions under the IPEF will constitute
binding commitments, it will resemble a classic trade
agreement. If the participants can pick and choose
which commitments they assume, then there will be
a range of provisions which will be more in the nature
of best practices. This is the approach followed by
APEC which is also not a trade negotiating body.
India had applied to become a member of APEC
and came close to being admitted at the APEC sum-
mit in 2016. However, it was the US which stymied
the admission by demanding a number of trade
related concessions from India. These were rejected
precisely because APEC is not a trading arrangement
but a forum for exchanging and cooperating on trade
and investment related best practices on a purely
voluntary basis. India’s membership of APEC, which
is private sector driven, would have exposed Indian
industry to advanced international standards and

Regional imbalance ogies, contributing to regional infrastructure and

implementing a clean and green agenda. There is a
significant overlap in the agenda of the Quad and
Focus on equitable growth the IPEF and to that extent the Quad has become
use Indian advance capabilities in this field. The
IPEF has purposely been kept as a broad template
at this stage with considerable flexibility available
enabled it to benefit from collaboration with coun-
terparts in other countries. While joining the IPEF
India should press for its membership of APEC at
to shape the emerging regimes in the four modules. its next summit. This may be an opportune moment

A
s the Indian economy is recovering from the pandemic-induced dis- the core of a larger Indo-Pacific construct with both More importantly, it is not necessary for a partici- to achieve this long-standing objective.
security and economic dimensions. The significance pating country to sign on to all four modules and
ruption, one of the biggest challenges for policymakers is to enable
of this may have been missed. There were reports this may have been reassuring enough for India to The writer is a former foreign secretary and a senior
it to attain higher sustainable growth in the medium term. The task about India’s misgivings about joining the IPEF. become a member. fellow, CPR
has become more challenging because of global headwinds. Besides,
India’s own weaknesses could affect potential growth. Higher public debt, for
instance, will be a drag. On the positive side, India’s corporate and bank balance
sheets have improved and can support growth. It also has large foreign exchange
reserves, which is helping in dealing with external pressure. While reviving
growth in the medium term would be a challenge, India also needs to contend
Towards a new global governance architecture
with the formidable issues of uneven distribution of growth and sustained

regional imbalances. The recently released Annual Survey of Industries, which
captures data for the organised manufacturing sector, once again highlighted
the regional imbalance in the distribution of industries.
Uneven distribution of industry and industrial investment has impli-
cations for job creation and quality of life in general. The latest survey, which
was done in 2019-20 and covered all factories using power and employing 10
or more workers as well as those not using power and employing 20 or more
people, showed that Gujarat had over 20 per cent share in fixed capital. This
has increased from about 15 per cent in 2012-13. The state had 28,479 factories
during the period under review. Meanwhile, Tamil Nadu had the highest
number of factories and employed the most number of people compared to
any other state. While about 16 per cent of all factories considered in the
survey were in Tamil Nadu, states such as Madhya Pradesh, Jharkhand, and
Bihar had under 2 per cent share. Predictably, the number of people employed
in such units is also low in these states.
To be sure, there are reasons why some states have done well in hosting
manufacturing facilities compared to others. This could range from simply
having a locational advantage to better administration. For instance, it is easier
for factories in coastal states to import raw materials and export the final pro-
duct. Although output in India is dominated by services, it’s only the man-
ufacturing sector that can provide large-scale employment and pull people
out of the agriculture sector. Although successive finance commissions have
tried to reduce the regional imbalance, in general, more will need to be done.
In the absence of corrective action, the gap is likely to grow over time with the
concentration of productive assets, which could lead to increased social ten-
sions. In this context, it is important to ensure free movement of labour in the
country. This will allow large states to export surplus labour to states which
have more factories and offer employment opportunities. It would also make
those factories more competitive. Several states, however, have tried to enforce
reservation for local labour, which must be avoided.
At the macro level, one of the engines for attaining higher sustainable
growth could be exports. India has lagged in taking advantage of its surplus
labour to become a manufacturing hub. One of the reasons for this is that
India’s factories are too small to benefit from scale. As the survey also showed,
among the factories considered, about 50 per cent were either classified as
individual proprietorships or partnerships and engaged less than 30 people on
average. It’s hard for such small firms to compete in international markets.
L
ike many wars, Russia’s invasion of Ukraine, from the UN Human Rights Council, marking the known that both these institutions suffer substan-
which began on February 24, has not gone first time that a permanent member of the UN tially on account of a democratic deficit and have for
according to plan. Fierce Ukrainian resistance, Security was suspended from a UN organisation by long been seen as toeing the combined line of the US
unfavourable terrain, and NATO-supplied anti-tank its members. China was one of only seven countries and its European allies. In terms of the current quota
and anti-aircraft weapon systems stopped the Russian that voted against this move. The US and its allies distribution, Russia has a quota of 2.71 per cent, six
advance from the north, towards the capital Kyiv, and also supported a successful UN General Assembly times that of Ukraine, and the quota of the US at 17.43
then forced them into a retreat. Fighting continues in resolution brought forward by Liechtenstein which per cent nearly double the combined quota of Russia
the east and south of the country. While the progress requires the General Assembly to meet “within 10 and China at 9.11 per cent. Hence, there may not be
of the Russian invasion and its immediate aftermath working days of the casting of a veto by one or more an immediate threat to these institutions. However,
have preoccupied the commentary on the war, there permanent members of the Security Council” for a given the resource-rich nature of the Russian econ-
are longer-term implications of the war with both geo- debate where the veto-wielding member would have omy, the economic might of China, and the combined
political and economic dimensions that are worth to justify its veto. This measure seems targeted at foreign exchange reserves of the two countries, they
considering. The war could very well signal the begin- both Russia and China, which in the past have vetoed could press for a change in current reserve pooling
ning of the collapse of the post-Second World War US-sponsored resolutions for sanctions on countries arrangements. With active Chinese interests in, and
United Nations and Bretton Woods systems that have such as Iran, Venezuela, and North Korea. strategic relationships with, a number of African
been cornerstones of the global security and economic The fact that the US, France, and the UK now economies, their support for a possible realignment
governance architecture. seem willing to undermine the transcending their traditional relationship with
It may not be an exaggeration role of Russia and China in the France, the UK, and the US cannot be ruled out. This
to say that international political United Nations seems indicative could well pose a threat to US dominance of the IMF.
governance has for over seven dec- of a fracturing of the long-held Insofar as the Russia-Ukraine war is concerned, while
ades now centred on the premise consensus among these five coun- the IMF has taken the standard US line, it is aware of
that global peace and security are tries on how the international a possible threat to its own existence. In its latest
best guaranteed by giving the security architecture should be World Economic Outlook of April 2022, the IMF says,
“great powers” a significant role in structured. Emerging powers, “More fundamentally, geopolitical tensions threaten
international affairs. This was the such as India, Brazil and Germany the rules-based frameworks that have governed inter-
logic used to justify the pivotal role have for over two decades now national economic relations since World War II.
that the US, Russia, China, France, been calling for a reform of the Current sanctions imposed with the aim of pressing
and the UK held in the UN system BIJU PAUL ABRAHAM & PARTHA RAY UN system and seeking perma- Russia to end the war are already cutting financial
and the veto power they enjoyed nent membership of the Security and trade linkages between Russia and other coun-
in the UN Security Council. These countries, it was Council for themselves. The existing permanent tries, with far-reaching repercussions”.
argued, would remain committed to the United members have successfully stalled reform efforts so The severe sanctions against Russia may turn
Nations (UN) and use their economic and military far. However, the Ukraine crisis could very well mark out to be deeply destabilising. A new Cold War
power to ensure international security, if they could a turning point. Whether this would eventually lead involving the US and its allies on the one hand, and
use their veto and avoid being sanctioned by other to a breakdown of the UN system, with countries Russia and China on the other, is inevitable unless
members. Otherwise, they would leave the UN sys- such as Russia and China leaving or being forced out Russia is brought to the negotiating table and a ces-
tem, as Germany, Japan and Italy had left the League of the UN, or to reforms that create a new interna- sation of hostilities is agreed upon. This seems
of Nations between the first and the second world tional architecture more suited to 21st century real- unlikely at the moment. Georg Hegel famously said,
wars, thus jeopardising world peace. ities remains to be seen. What seems clear is that the “The only thing that we learn from history is that
In the current context, the US and its allies now current system does not seem “fit for purpose” and we learn nothing from history.” We could be on the
seem to be rethinking the role of Russia and China the pressures to alter it will accelerate. verge of repeating the crises and conflicts of the last
in the international security system. In addition to What could happen to the Bretton Woods sisters century well into the current one.
economic sanctions designed to cripple the Russian — the International Monetary Fund (IMF) and the
economy, they have also targeted Russia’s role in World Bank— where decision-making is based on the Abraham is with the Indian Institute of Management
international organisations. They led the successful vote-share of members? Despite the clamour for Calcutta and Ray is with the National Institute of Bank
effort in the UN General Assembly to suspend Russia reforms in the IMF and the World Bank, it is well Management, Pune. The views are personal

Lockdown economics: Arguments without conclusions

cements the thought in others that
freedom is dangerous. Though Plato’s
allegory can be used for any contem-
porary phenomenon, it is most appli-
cable to Covid-19 and the government’s
response to it. In this case, there might
not be just one version of reality.
BOOK REVIEW Madan Sabnavis’ new work deals
with one part of the pandemic’s
ISHAAN GERA associated economic destruction that
has now been contested and debated for
deal with the pandemic. The last part
details his views on the impact of
lockdowns along with an argument and
counter-argument version of whether
lockdowns were beneficial or not.
If you read the introduction,
however, it becomes amply clear where
the author stands in the whole debate.
His disdain for lockdowns is too
apparent in his research. To be sure, it
does not show much in data or its
requisitioning more beds from private economist is on display in the second
facilities. Whether or not governments and third parts, where he discusses the
could achieve this feat is a matter for macroeconomic effects and the policy
another debate. Similarly, while extolling approach. Most of it is sourced from
the West for its generous stimulus economic data and his calculations. This
packages, the author part also mimics his
fails to take into Lockdown or writings in several
account that the Economic newspapers on policy
Destruction? issues during this
helicopter money may
have alleviated some Author: Madan period. The chapters
pain, but also led to Sabnavis are succinct and
analysis of how the author arrived at his
conclusions. The points raised are
haphazard and do not do justice to the
point Mr Sabnavis was trying to make.
Even if he does lean on one side of the
argument, the reasons for doing so are
not clear from the last few chapters. For
instance, in presenting both sides of the
argument, he does not present any
empirical research or data to show why
and how each point holds and why
these were considered over others.
Poor sentence construction and
grammatical errors throughout the

O
ne of the most interesting phi-
losophies proposed by Plato is
the “Allegory of the Cave”. Plato
uses the cave as a symbolic representa-
tion of how humans live, contrasting
reality with perception. Plato starts
with prisoners who have been con-
demned to a cave for life and can only
witness the world via shadows, which
ultimately becomes their reality. When
one prisoner is freed and witnesses the
world differently, he tries to go back
and tell others but is blinded. This
This PDF was originally uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) Subscribe now to get this edition before anyone else!! Backup channel:@LBSNEWSPAPER
two years. As India deals with another
wave of rising Covid-19 infections,
Mr Sabnavis sets out points on the
economic implications of lockdowns,
whether they were helpful or whether
they just wreaked economic
destruction. The book has four parts and
20 chapters. Mr Sabnavis, combining
anecdotal evidence with media reports
and economic data (both micro and
macro), attempts to present a picture of
what happened during lockdowns
imposed by the government in 2020 to
representation and he does try to evade
that bias across the first three parts of
the book, but the bias creeps into his
writing eventually. For instance, the
discussion on the utility of lockdowns
centres too much on the rise in
infections post-lockdowns or flattening
of the curve but does not tackle the issue
of governments trying to build medical
infrastructure during this period. The
impact could well have been different
had it not been for the jumbo hospitals
created in Mumbai or the government
rising inflation even
when recovery was not
in sight. The US is
dealing with the effects
of this today as inflation
is at decadal highs.
The first part of Mr Sabnavis’ work,
titled “Experiences”, is poorly
structured. The author starts with
anecdotal evidence, alludes to media
reports and presents an overview of
economic data pertaining to the
lockdown. Mr Sabnavis’ training as an
Publisher: Mr Sabnavis does well book make matters worse. You will
Atlantic to keep his analysis to better understand the author’s views by
the point. But the reading the articles he has published
Pages: 198 problem with these over the past two years in various
Price: ~595 chapters of three or publications. The book does well to
four pages each is that present economic data for the last two
they do not connect properly and place a years in one place and the policy
heavy burden on the reader to interpret approach, but there is a failure to
things on her own. Doing so may be easy connect the dots. One can’t say whether
for an economist, a lay reader may need it was deliberate or not.
some hand-holding. To put it another way, Mr Sabnavis
The last part, titled “Ruminations”, starts well but fails to draw the reader
is too short to present any meaningful out of the cave.
 QUICK TAKE: STREET CHARGED UP ON CROMPTON GREAVES “With no sign of a slowdown

The Smart in the negative market drivers

Investor
Crompton Greaves Crompton Greaves Consumer Electricals hit its 52-week - war, surging inflation, virus -
(Price in ~)
low on Wednesday. Axis Capital is, however, positive the current bearish trend on
on the stock, given its leadership position in core stocks is likely to continue
categories, widespread distribution network, track further in June”
NEW DELHI | record of continued product innovation, and early PIERRE VEYRET
THURSDAY, 16 JUNE 2022 in-roads into newer product categories Global Asset Technical Analyst,
ActivTrades
<

‘Get-rich-quick’ days over for cryptocurrency investors

RAJESH BHAYANI
Mumbai, 15 June
A sharp fall in the price of
Bitcoin and other cryptocur-
rencies is another hard blow to
the already sinking cryptocur-
rency market in India.
Global and domestic prices
have been on a downward trail
since November last year when
Bitcoin prices hit a peak of close
to $68,000 in international
markets. The recent past has
seen a much sharper fall in the
price of the leading cryptocur-
rency, Bitcoin.
Bitcoin price has fallen
nearly 30 per cent in the past
week, from around $30,000
levels. In the past month, the
fall has been over 35 per cent.
In the past two and six months,
it is down 48 per cent and 58
per cent, respectively.
Currently, Bitcoin is trading at
around $21,100.
Nigam Arora, an algo trad-
ing advisor and author of the
The Arora Report, says, “I
expect bulls to buy and take a
stand in the range of $20,000-
21,000 in an attempt to run
Bitcoin higher. In our analysis,
there are many more margin
calls ahead, if Bitcoin falls
below $19,000. If these margin
calls materialise, the next target
zone is $15,000-16,000. It will
all come down to how high the
bulls can rally from here.”
Interestingly, Arora had said
about a month ago that Bitcoin
could fall to $21,000, when the
cryptocurrency was trading at
$31,280. The key reason behind
his call was that MicroStrategy,
a highly leveraged cryptocur-
rency investor firm, was a sit-
ting duck because it would
receive a margin call if Bitcoin
were to fall below $21,000.
MicroStrategy’s average cost
was about $30,000.
Like Arora, other experts
also believe that Bitcoin may
find a bottom below $20,000.
Thereafter, the market will be
SEA OF RED
Bitcoin (Price in $)
Compiled by BS Research Bureau
sideways for cryptocurrencies,
and the ‘get-rich-quick’ days
are over for investors.
Rajagopal Menon, vice-
president, WazirX, said, “Since
the start of the year, markets
have been weak due to uncer-
tainties induced by global fac-
tors like the Russia-Ukraine
war, persistently rising infla-
cryptocurrency lender, Celsius
Network, paused all swaps,
Bitcoin (As on June 15)
Price in $ 21,376.09
withdrawals, and transfers
between accounts, citing
Change %
extreme market conditions.
Now, the company has
-26.7 WTD appointed a financial restruc-
turing attorney.
-32.8 MTD In yet another development
-53.9 YTD on Wednesday morning, one of
the most vocal participants of
-31.1 1 month the cryptocurrency market, a
-45.8 3 months large cryptocurrency hedge
fund is rumoured to be facing
-56.6 6 months a $400-million insolvency test.
-46.5 1 year Market grapevine says the com-
Source: Bloomberg
pany’s investment was wiped
out in Luna.
Sidharth Sogani, founder
tion, followed by interest-rate and chief executive officer,
hikes and supply-chain disrup- CREBACO Global, a cryptocur-
tions. Few unforeseen events at rency research and rating com-
a micro-level have also contrib- pany, said, “With financial mar-
uted to this fall.” kets cracking worldwide,
Last month’s fall was Bitcoin is no exception. I see its
because of the crash of the price finding support now, with
Luna in particular and stable- a likely bottom around
coins in general. $20,000, and at worst, $18,000.
On Sunday, leading global But the overall market is in a
bear cycle.”
Indian investors have been
passive in the past three
months, at least on Indian
exchanges, given that volumes
are down 90 per cent from peak
levels.
“In India, the volumes of
various exchanges have dipped
due to the implementation of
the 30 per cent tax and the 1 per
cent tax deducted at source. In
addition, the hesitance from
banks to partner cryptocur-
rency exchanges for deposits
has contributed to the fall in
trading volume as investors
face problems with fiat
deposits. Such a scenario will
lead to significant drop in tax
revenue,” said Menon.
After implementation of the
new tax regime, the Indian
cryptocurrency industry has
been sinking. Several block-
chain developers, entrepre-
neurs, and other ecosystem
participants have been shifting
their base to overseas markets.
Bitcoin now
tumbles to
18-mth low
The bear market for Bitcoin
has entered its “deepest and
darkest” phase, with even
long-term holders who had
toughed it out until now
coming under extreme
pressure.
That’s according to
strategists at Glassnode,
which tracks an indicator
known as realised price, the
average purchase price of all
Bitcoins in circulation.
The cryptocurrency is
currently trading roughly
$1,000 below the coin’s
current realised price of
$23,430, according to the
firm. Bitcoin dropped as
much as 5.2 per cent to
$20,833 early Wednesday
in London. BLOOMBERG
Bill Gates
blasts crypto
and NFTs
Billionaire Bill Gates
dismissed cryptocurrency
projects such as nonfungible
tokens as shams “based on
the greater-fool theory” at a
climate conference Tuesday,
reviving past criticisms of
digital assets.
“Obviously, expensive
digital images of monkeys are
going to improve the world
immensely,” Gates said
sarcastically while speaking
at an event in Berkeley,
California. He said he’s
neither long nor short the
asset class.
Gates has criticised crypto
before, sparring with
Elon Musk last year over
whether Bitcoin is too risky
for retail investors. BLOOMBERG

Yield curve inverts 5 MARKET BREADTH INDICATORS

THAT EVERY INVESTOR MUST KNOW
The Nifty on Wednesday closed in the red for
52-WEEK HIGH-LOW
100-DMA VERSUS NSE 500
The 52-week high-low barometer is a 100-
DMA graph of the difference between stocks

in the US, while it

hitting 52-week highs and lows in the NSE
the sixth straight day ahead of the rate 500 universe. When this graph hits 40 or
decision by the US Federal Reserve. The minus 30, it’s a good signal of the market
index in the past six sessions has declined
heating up or getting oversold.
786 points, or 4.8 per cent, to 15,692. In the
past two months, the index has dropped The gauge has slipped into negative

flattens in India
over 13 per cent amid rising inflation and territory. “Barometer has some more room
bond yields. In a note, IIFL Alternative on the downside (weakness likely to
Research has highlighted five market persist) and has just crossed the neutral
breadth indicators that signal extreme zone,” says Velayudhan.
caution among investors.
Hints at possibility of recession or big decline in economic growth 60-DMA
NIFTY50 THIS YEAR FPI SHORTING OF ADVANCE/
KRISHNA KANT STOCKS ABOVE 200-DMA.
Mumbai, 15 June 200-DAY MOVING Sriram Velayudhan, 19,000 FPI shorting interest DECLINE
17,354.1 in index futures now
AVERAGE (DMA) vice-president, IIFL
stands at the highest
RATIO

A
s investors and the bond market brace for a Alternative Research, says 18,000 This is currently
sharp hike in policy rate by central banks to Over 80 per cent of stocks the 200-DMA had proved levels since the below minus 200
fight inflation, the yield curve has inverted in in the BSE 500 universe are to be a good signal for 17,000 inception of this and approaching
the US. It has begun to flatten in India, hinting at the trading below their 200- data on exchanges, multi-year lows
market capitulation during
possibility of recession or a big decline in economic according to IIFL
DMA. This is the lowest earlier sell-offs, such as 16,000 of minus 300. In
growth globally and in the domestic economy. Alternative
Yield curve inverts when short-term yields are reading since May 27, 2020, the 2008 global financial the past, the
when 83 per cent of stocks crisis or the 2013 taper 15,692.2 Research. market has
higher than long-term yields. In the US, the yield on 15,000
short-maturity bonds, such as three- and five-year were trading below tantrum. Dec 31,’21 Jun 15, ‘22 The FPI share of rebound after
government bonds, is now higher than the yield on shorts in the index dropping to 200.
long-tenure paper, such as 10- and 30-year bonds. futures out of long- ”We believe
The yield on three-year US treasury shot up to
BOND YIELD CURVE FLATTENING NIFTY VS Nifty versus 200-DMA currently 9 per cent below its 200- short FPI index there is some
3.45 per cent on Wednesday, from 0.96 per cent at 200-DMA premium/discount spread — DMA. On quite a few occasions, futures open interest
the end of December 2021. In the same period, the The historical trend in spread on long-tenure and more room on
short-tenure bonds in the US and India (basis points) PREMIUM/ another reliable lead indicator — bouts of corrections tend to reverse stands at about 89 the downside,”
yield on 10-year treasury bonds increased to 3.36 DISCOUNT now trades at a spread of 9 per when this indicator is in the range
US10Y Vs US3Y Bond Yield Spread
per cent at present. says Velayudhan.
per cent, from 1.51 per cent. 300
As a result, the yield spread between the two India 10Y vs India 2Y Bond Yield Spread SPREAD cent. In simple terms, Nifty is of 12-15 per cent spread. COMPILED BY SAMIE MODAK
250
declined to a negative 9 basis points (bps), from 55 93.9 200
bps at the end of the last calendar year. The spread
was as high as 139 bps in March 2021 at the peak of 150
the post-Covid boom in economic growth and the
equity markets.
1 bps is one-hundredth of a per cent.
In India, the yield spread between 10-year
241.35 100
50
0
BTS boy band triggers a stock rout of
Government of India bond and two-year government
bond declined to a 28-month low of 94 bps. The
spread was 185 bps at the end of March this year
44.3

before the Reserve Bank of India (RBI) began raising
interest rates, and the peak spread of nearly 200 bps
in July last year. Similarly, the yield spread between
30-year and 10-year bonds crashed to 27 bps on
Wednesday, down from a high of 93 bps in June
last year.
This has resulted in a flattening of the
zero-coupon yield curve as the yield on shorter-ten-
ure papers has risen faster than those on long-tenure
bonds - 10-year or higher.
“In the normal course, the yield curve should be
steep with interest area or yield rising with the rise
in tenure. But it has now flattened as the RBI has
begun to tighten monetary policy, leading to a decline
of liquidity in the financial markets,” says Devendra
Pant, chief economist, India Ratings & Research.
He expects the yield spread between long-term
and short-term bonds to remain low as long as the
RBI maintains a hawkish monetary policy, but rules
out an inverted yield curve in India.
The yield curve had last inverted in India in
September 2015, coinciding with a sell-off in the
equity market in the second half of 2015.
The yield curve had also inverted in the May-
August 2013 at the height of the taper tantrum. Even
worse, the yield on the two-year treasury was 80 bps
higher than the yield on the 10-year paper. This has
coincided with sharp depreciation in the rupee and
big sell-off on Dalal Street.
Jan 2011
-50
-8.94 -100
Jun 2022
$1.7 billion as they plan to shift to solos
Compiled by BS Research Bureau Source: Bloomberg
YOUKYUNG LEE ‘DYNAMITE’ CRASH
MOVEMENT OF ZERO-COUPON YIELDS 15 June (in %)
The change in zer-coupon yield curve in India in
recent years (zero-coupon rate %) Shares of Hybe, the agency that manages the (Base = 0)
Dec 31,2019 Dec 31,2020 Dec 31,2021 South Korean pop phenomenon BTS, plunged
Dec 31,2021 by a record after the band said its members will
9
5.02 7.70 focus on individual projects for a while.
8 Hybe sank as much as 28 per cent on
7 Wednesday in Seoul, touching its lowest level
6 on record since its trading debut in October
6.68 5 2020 and wiping out as much as $1.7 billion in
4.55 7.04 4 market value. The stock pared the loss to finish
3.63 7.11 3 25 per cent lower, after the agency said the group
2.71 will “remain active as a team.” Shares are down
2
0.0 Maturity (Yrs) 40.0 nearly 60 per cent this year, significantly under-
Source: Clearing Corporation of India
performing the broader equity benchmark.
Bangtan Boys, more commonly called BTS,
made the announcement to pursue solo projects Bangtan Boys, more commonly called BTS, at the 2021 American
Other economists attribute the flattening to the in a YouTube video post that has already Music Awards Arrivals at the Microsoft Theater in Los Angeles
yield curve management by the RBI. attracted more than 10 million views. The
“The yield on 10-year bonds is far lower than what singers said the time apart would be healthy for disbanding,” another member known as songs on the Billboard Hot 100 since Michael
it should have been if the markets were left to them- the band and urged fans not to take the devel- Suga said. Jackson. The group also became the first Asian
selves. The RBI is very sensitive to 10-year yields and opment as negative. BTS will “remain active as a team while tak- group since 1963 to top Billboard’s all-genre Hot
tries its best to keep it anchored,” says Madan “I felt like I needed time to spend on my ing individual journey to further achieve per- 100 chart with their English-language single
Sabnavis, chief economist, Bank of Baroda. own,” the group’s leader RM said in the hour- sonal growth,” Hybe said in a statement. Dynamite. At the end of May, the seven
But he says the recent movement in the yield long video, which features the band discussing In the nine years since their debut, BTS has members met with US President Joe Biden at
curve follows deterioration in the economic outlook past successes as well as each other’s quirks racked up record-breaking hits and video views, the White House and spoke out against
of most major economies, including India. while sharing food and wine. “It’s not like we’re including the fastest accumulation of No. 1 hate crimes. BLOOMBERG

THE COMPASS

Growth alarm bells ring for Tata Communications
Higher investments may cap margins in near term
RAM PRASAD SAHU
The stock of Tata
Communications was the biggest
loser in trade among BSE 200
stocks on Wednesday, shedding
over 5 per cent. The pressure on
the stock of the communication
solutions provider came amid
growth and margin challenges in
the near term. The lack of growth
guidance for 2022-23 (FY23)
and downgrades also hit investor
sentiment.
The company has stuck to its
double-digit revenue growth
might be challenging, they add. strategy is anchored in driving
The brokerage has cut its tar- faster and durable growth. Our
get price (to ~1,037) and is build- estimates remain unchanged,
ing in a net profit decline of with a target multiple 20x
guidance for the data segment in about revenue growth guidance.” growth challenges amid 11 per cent in the current finan- its 2023-24 (FY24) earnings
the medium to long term. It has The brokerage, which has cut increased investments in the near cial year (FY23). estimates.”
also maintained its medium- its FY23 through 2024-25 operat- term. While the two At the cur-
term return on capital employed ing profit by 3-8 per cent (and tar- “Although the growth in fun- brokerages have rent price, the
(RoCE) target of 25-30 per cent get price to ~1,155) due to delay in nel and conversion rate has cut their target Firm has stuck to stock, which has
and operating profit margin goal revenue recovery and lower mar- improved, Tata Communications prices, ICICI its double-digit corrected 35 per
of 23-25 per cent at its analyst gins, believes that double-digit continues to see some delay in Securities has revenue growth cent since its
meet recently. The lack of clear revenue growth is essential for the execution cycle, exacerbated maintained its guidance for the April highs, is
timelines, however, is expected sustaining a rerating. by chip shortage. The company stance on the data segment in trading at 15x its
to be an overhang. Further, the stock, which saw will continue to make invest- company, with the medium to long FY24 earnings
Say Naval Seth and Pulkit 30 per cent correction after a ments (both operating and cap- an unchanged term. It has also estimates.
Chawla of Emkay Global, muted January-March quarter ital expenditures) across capabil- target price of maintained its Investors should
“Management sounded positive results, will continue to remain ities, even as some Covid-related ~1,600. medium-term RoCE await benefits
about the improving funnel rate, rangebound until the company is cost tailwinds will normalise “Although from its growth
potential deal conversions, new able to achieve the targeted top (reverse) in FY23,” it said. data services strategy to
product launches, and increased line growth on a sustainable Given the investments in the revenue growth was disappoint- reflect on the revenue and
investments. However, it con- basis, believe analysts. business, expansion of operating ing in 2021-22, we continue to margin parameters before
tinued to be non-committal IIFL Research, too, highlighted profit margin and RoCE, too, keep faith as management considering the stock.

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NEW DELHI | THURSDAY, 16 JUNE 2022 THE SMART INVESTOR 11

Building material sector Stay on US turf despite

stuck in hamster wheel a correction in market
Benefits like low INDIAN MARKET HAS OUTPERFORMED US MARKET YTD
Near-term pain for paint, cement stocks; long-term outlook robust: Analysts correlation, currency Returns (%)
Index 1-mth 3-mth YTD 1-yr 3-yr 5-yr 10-yr
NIKITA VASHISHT
hedge, and access to FTSE 100 (UK) -2.5 0.8 -2.0 0.9 -0.5 -0.5 2.8
Target
New Delhi, 15 June
Brokerage Stock Guidance price (~) unique businesses Nikkei 225 (Japan) -0.4 3.9 -8.6 -10.6 7.6 5.8 11.9
remain intact
F
rom rising interest rates IIFL Securities Somany Ceramics Buy 775 Hang Seng (Hong Kong) 7.0 15.7 -9.0 -25.6 -7.7 -3.6 1.0
to elevated cost pres-

rial
sure, the building mate-
sector, embracing
TOP IIFL Securities Greenply Industries
PhillipCapital Jindal Saw
Buy
Buy
235
130
SARBAJEET K SEN Nifty50 (India)
Shanghai (SSE) Composite
-0.1
7.2
-5.3
7.9
-9.1
-9.2
-0.6
-7.1
10.1
4.7
10.5
1.1
11.9
3.7
ceramics, paints and adhe-
sives, pipes, wood panels,
CALLS PhillipCapital Maharashtra Seamless Buy 685
The Nifty50 has declined 9.1 per
cent year-to-date (YTD). Painful as
MSCI Emerging Markets 1.3 -0.9 -17.4 -26.1 0.1 0.3 1.0
cement, and steel, has wit- Nirmal Bang UltraTech Cement Buy 6,772 that may be, the hit is much softer S&P 500 (US) -7.2 -12.4 -21.6 -12.0 9.0 9.0 10.8
nessed headwinds over the than what key indices in the US
past few quarters. Nirmal Bang Ambuja Cements Sell 324 have endured. The S&P 500 is down
MSCI World -6.5 -11.9 -21.8 -16.3 5.8 5.7 7.7
The Omicron wave of 21.6 per cent. The Nasdaq-100 Nasdaq-100 (US) -8.3 -16.4 -30.8 -23.1 11.6 11.9 14.2
SARS-CoV-2, subdued volume ICICI Securities Asian Paints Hold 3,200 has fared even worse, declining Returns above one year are compound annualised; YTD: Year-to-date
growth, and delay in passing ICICI Securities Berger Paints Reduce 530 30.8 per cent. Compiled by BS Research Bureau Source: Bloomberg
on the rise in input costs, say The US market’s shoddy per-
Source: Brokerage reports
analysts, have impacted the formance YTD could lead many Indian investors a huge opportunity to a halt since January as the aggre-
sector in the past few months. Indian investors to conclude that it to invest in markets like the US in a gate limit of $7 billion has been
A turn of the wheel of fortune, tion (Ebitda) estimates for the like Indigo Paints and loan rates approaching pre- is better to stay on home turf. staggered manner.” breached. However, there is a
they say, is still some cement sector due to aggres- AkzoNobel India would like to pandemic levels will be Experts warn otherwise. separate limit of $1 billion for
quarters away. sive capacity expansion plans protect their profitability. This enough to subdue market Reap diversification benefit investing in foreign ETFs.
“Although the demand by multiple players, prolonged will give them ammunition to momentum significantly. The Avoid recency bias Many of the benefits of global diver- You can still invest via this route.
environment remained cost inflation environment, compete with new entrants. Reserve Bank of India having Longer-term portfolio allocation sification remain intact. Over the ETF options like Nasdaq-100, US
healthy from government lack of pricing power in view “There will be an increase kept FY23 gross domestic pro- decisions, say experts, should long term, investing in a developed Total Stock Market, and S&P 500
infrastructure projects and of elevated competition, and in net working capital days, duct growth estimate constant not be arrived at based on market like the US makes the Indian Top 50 are still available for invest-
urban housing in the January- deteriorating demand drivers. too. Thus, with lower margins lends credence to our belief short-term data. investor portfolio less volatile ment. In the current environment,
March quarter of 2021-22 “These headwinds will and higher capital, economic that residential real estate “Don’t let recency bias creep into because of lower correlation with it will be safer to go with more diver-
(FY22), there was slackness in affect earnings in the medium value-added generation may demand should not be your investment portfolio these markets. sified indices.
tier 3 cities and below, and the term. We are now building in decline for smaller/unorga- impacted materially in 2022,” decisions. India’s outper- Investing interna-
rural segments. The sector as Ebitda compound annual nised players. We expect lower says Vivek Rathi, formance in the recent tionally also protects High networth individuals
a whole should see improve- growth rate of 9 per cent, valuation multiples for most director-research, Knight past offers no guarantee Indian investors against may take direct route
ment in margins from the sec- against 18 per cent earlier over listed players,” says an ICICI Frank India. that this trend will con- the risk arising from the Another option is to take the direct
ond half (H2) of 2022-23 (FY23) FY22-24. We have also cut our Securities report. Siyoni of Sharekhan says tinue in the future as rupee’s tendency to route, wherein you go through a
as energy and key input mate- target enterprise value-to- With regard to the steel sec- strong commercial and well,” says Vishal weaken against hard broker or a platform available in
rial costs are likely to recede Ebitda multiples for the stocks tor, Anil Rego, founder and residential real estate sector Dhawan, founder and currencies, such as the India that enables you to invest in
by then,” says Ronald Siyoni, under our coverage to reflect fund manager at Right bookings, coupled with the chief executive officer US dollar. foreign stocks, ETFs, and MFs.
assistant
research,
vice-president- the weak operating environ- Horizons
ment.
Portfolio government’s
Management Services, high- infrastructure creation, easing
focus on (CEO), Plan Ahead Wealth
Advisors.
YOUR Investing overseas also
gives investors access to
“This route offers investors a
greater variety of investment
Sharekhan. Multiples lights that coking coal prices commodity prices from According to him, hav- MONEY businesses not available options,” says Sitashwa Srivastava,
Against have further are influencing production H2FY23, and lower valuations, ing a globally diversified on domestic stock co-founder and co-CEO, Stockal.
this
The Omicron wave room to cost, upsetting margins. present buying opportunities portfolio is essential, so exchanges, such as global Investors taking this option must
backdrop, subdued volume decline,” Rising gas prices, too, will from a long-term perspective. that you can participate in different technology, clean energy, search learn about all the costs involved,
analysts states a hit the ceramic industry. The He favours UltraTech geographies that may be attractive engines, social media platforms, and the tax-related compliance obli-
have down-
growth, and a Nirmal outlook for these segments, he Cement, Asian Paints, Kajaria at different points in time on the and e-commerce that offer poten- gations that arise.
graded the delay in passing Bang report. believes, remains weak in the Ceramics, Century Plyboards, basis of earnings growth estimates tial for massive growth. According to experts, this option
interrelated on the rise in input Analysts short term. Greenply Industries, and APL and valuations. is justified only for investors who
sectors, and at ICICI Apollo Tubes to play the In fact, experts view the recent Build domestic portfolio first can put in large amounts annually.
cut the costs has impacted Securities Investment strategy construction-/building correction as an opportunity to add Build a diversified domestic portfo- Going with low-cost ETFs may
earnings the sector ascribe sim- What should investors do with material-related theme. to holdings in those markets rather lio first and then venture overseas. be better, especially for new
estimates ilar reasons related stocks? PhillipCapital, on the than exit them. International holdings should entrants into foreign markets.
for FY23 to remain Analysts suggest investors other hand, is stoked on “The recent correction has have at least a 10-15 per cent weight “Picking the right stocks will
and 2023-24 (FY24), factoring ‘cautious’ on the paint sector. stay put in shares of related Jindal Saw and Maharashtra brought valuations in many parts of in your equity portfolio initially. require investor due diligence. The
in near-term challenges. While larger players like Asian companies from a two- to Seamless, while JM the globe in line with, or below, investor must have the skill and the
Nirmal Bang, for instance, Paints and Berger may choose three-year perspective as long- Financial is sanguine about long-term averages,” says Dhawan. Exchange-traded fund (ETF) time to do this. ETFs, which are
has cut its FY23 and FY24 to focus on volumes and mar- term outlook for these com- Somany Ceramics. Adds S Sridharan, founder and option still open well diversified, are a better
earnings before interest, tax, ket share, given the increased panies remains robust. Edelweiss Securities leans principal officer, Wealth Ladder Foreign investment through the option to most retail investors,”
depreciation, and amortisa- competition, smaller players “We do not believe home towards Astral Pipes. Direct: “This correction provides mutual fund (MF) route has come says Sridharan.

Balkrishna Industries Limited

(CIN: L17117MH1925PLC001208)
Registered Office: Plot No. 156/H. No. 2, Village Zadgaon, Ratnagiri - 415612,
Maharashtra; Tel: 02352-232514; Fax: 02352-232513
Email: corp.secretarial@raymond.in; Website: www.raymond.in
INFORMATION REGARDING 97TH ANNUAL GENERAL MEETING TO
BE HELD THROUGH VIDEO CONFERENCING ("VC") / OTHER
AUDIO VISUAL MEANS ("OAVM")
NOTICE is hereby given that the Ninety Seventh Annual General Meeting ("AGM")
of the Members of Raymond Limited ("the Company") will be held on Thursday, July
14, 2022 at 12:00 Noon through two-way VC/OAVM facility in compliance with
relevant circulars issued by the Ministry of Corporate Affairs ("MCA") and the Securities
and Exchange Board of India ("SEBI"), to transact business set forth in the Notice of
the AGM.
In compliance with the above Circulars, Notice of the AGM along with the Annual
Report for Financial Year 2021-22 will be sent only through electronic mode to those
Members whose email address is registered with the Company/National Securities
Depository Limited and Central Depository Services (India) Limited ("the
Depositories"). A copy of the Notice of AGM along with the Annual Report for Financial
Year 2021-22 will also be available on the Company's website www.raymond.in, websites
of the Stock Exchanges i.e. The BSE Limited and The National Stock Exchange of
India Limited at www.bseindia.com and www.nseindia.com respectively and on the
website of National Securities Depository Limited ("NSDL") www.evoting.nsdl.com.
How to register/update email address and mobile number:
 In case the Member(s) holding shares in physical mode has/have not registered
e-mail address and mobile number they may do so by sending a duly signed
request letter to Registrar & Share Transfer Agent of the Company, Link Intime
India Private Limited ("LIIPL") by providing Folio Number, Name of shareholder,
email ID and mobile number at (UNIT: Raymond Limited), C-101, 247 Park, L.B.S
Marg, Vikhroli (West), Mumbai - 400083 or send a scanned copy of the signed
request letter through e-mail to rnt.helpdesk@linkintime.co.in with a copy to
Corp.Secretarial@Raymond.in.
 In case Shares are held in Demat mode, the Members may contact their Depository
Participant ("DP") and register their email address in their Demat account as per
the process advised by the DP.
 In case the Member's e-mail ID is already registered with the Company/LIIPL/the
Depositories, log in details for e-voting will be sent on the registered email address.
Remote E-voting
The Company is providing remote e-voting facility ('remote e-voting') to all its members
to cast their vote on all resolutions set out in the Notice of the 97th AGM. Additionally,
the Company is providing the facility of voting through e-voting system during the
AGM ('e-voting'). Detailed procedure for joining the AGM and remote e-voting/
e-voting is being provided in the Notice of 97th AGM. Members attending the AGM
through VC/OAVM will be counted for the purpose of reckoning the quorum under
Section 103 of the Companies Act, 2013.
Manner of registering/ updating bank details:
Shareholders holding shares in Demat mode are requested to register complete
bank account details with the depository participants and shareholders holding
shares in physical mode shall send a duly signed request letter to LIIPL mentioning
the name, folio no., bank details, self-attested PAN card and original cancelled cheque.
In case of absence of name of the first shareholder on the original cancelled cheque,
bank attested copy of first page of the Bank Passbook/ Statement of Account in
original along with the cancelled cheque should be provided.
The above information is being issued for the benefit of all the Members of the
Company in compliance with the relevant Circulars issued by MCA. This information
is also available on the Company's website at www.raymond.in.
For further information, Members may contact LIIPL quoting the Folio Number/DP
ID and Client ID at, Link Intime India Private Limited, (UNIT: Raymond Limited),
C-101, 247 Park, L.B.S Marg, Vikhroli (West), Mumbai - 400083 Email:
rnt.helpdesk@linkintime.co.in.
For RAYMOND LIMITED
Sd/-
RAKESH DARJI
Date: June 15, 2022 DIRECTOR-SECRETARIAL
Place: Mumbai & COMPANY SECRETARY
IIFL Securities Limited
CIN: L99999MH1996PLC132983
Regd. Office: IIFL House, Sun lnfotech Park, Road No. 16V, Plot No. B-23, MIDC,
Thane Industrial Area, Wagle Estate, Thane - 400 604
Tel: (91-22) 62727000 • Fax: (91-22) 2580 6654
E-mail: secretarial@iifl.com • Website: www.iiflsecurities.com
NOTICE OF 27th ANNUAL GENERAL MEETING
NOTICE is hereby given that the 27th Annual General Meeting (AGM) of the Company will be held on
Tuesday, July 12, 2022 at 11.00 a.m. IST through Video Conference ("VC") /Other Audio Visual Means
("OAVM") without physical presence of the members at a common venue, in compliance with the
provisions of the Companies Act, 2013 and rules made thereunder read with MCA General Circular No.
14/2020 dated April 08, 2020, Circular No. 17/2020 dated April 13, 2020, Circular No. 20/2020 dated May 05,
2020, Circular No. 02/2021 dated January 13, 2021, Circular No. 21/2021 dated December 14, 2021 and
Circular No 02/2022 dated May 05, 2022 (Collectively refers as “MCA Circulars”) and SEBI Circular No.
SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May 12, 2020, Circular No. SEBI/HO/CFD/CMD2/CIR/P/2021/11
dated January 15, 2021 and Circular No. SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated May 13, 2022 (Collectively
refers as “SEBI Circulars”), to transact the business, as set out in the Notice convening the 27th AGM.
In compliance with the aforesaid MCA circulars and SEBI circulars, electronic copies of the Notice of
27 th AGM and the Annual Report for FY 2021-22 will be sent to all members whose email addresses
are registered with the Company/Registrars & Transfer Agent (RTA)/Depository Participants.
Members who have not registered their email addresses may provide their email address to Company’s
Registrar and Transfer Agent(RTA) at the weblink https://linkintime.co.in/emailreg/email_register.html to obtain
the Notice of AGM, Annual Report and the instructions for participating in the AGM/e-voting along with the
User Id and Password. In case of any queries, shareholder may write an email to rnt.helpdesk@linkintime.co.in
The Notice of 27th AGM and the Annual Report for FY 2021-22 will also be made available on the Company's
website, i.e. www.iiflsecurities.com, websites of the Stock Exchanges i.e. BSE Limited and National Stock
Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively. The AGM Notice
will also be disseminated on the website of Central Depository Services (India) Limited (“CDSL”)
(agency for providing the remote e-voting/e-voting facility during AGM) i.e. www.evotingindia.com
The Company is providing remote e-voting facility ("remote e-voting") to all its Members to cast their votes
on all resolutions set out in the Notice of the AGM. Additionally, the Company is providing the facility of
voting through e-voting system during the AGM. Members attending the meeting through VC / OAVM shall
be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.
Pursuant to Section 91 of the Companies Act, 2013 read with Rule 10 of the Companies (Management and
Administration) Rules, 2014 and Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015(‘Regulation’), the Register of Members and Share Transfer Books of the Company will remain
closed from Wednesday, July 06, 2022 to Tuesday, July 12, 2022 (both days inclusive) for the purpose of ensuing AGM.
Members are requested to carefully read all the notes set out in the Notice of the 27th AGM and in particular,
instructions for joining the AGM, manner for casting vote through remote e-voting/evoting during AGM.
Date: June 15, 2022
For IIFL Securities Limited
Sd/-
Meghal Shah
Place: Mumbai Company Secretary
CIN: L99999MH1961PLC012185
Regd. Office: - B-66, Waluj MIDC, Waluj Industrial Area,
Aurangabad - 431136, Maharashtra, India.
Tel No. +91 22 6666 3800 Fax: +91 22 6666 3898/99
Website: www.bkt-tires.com E-mail : shares@bkt-tires.com
TH
NOTICE OF THE 60 ANNUAL GENERAL MEETING AND INFORMATION ON E-VOTING
Notice is hereby given that 60th Annual General Meeting (AGM) of the Members of BALKRISHNA INDUSTRIES
th
LIMITED will be held on Thursday, the 7 July, 2022 at 11:00 a.m. IST through Video Conferencing ("VC")/Other
Audio Visual Means (''OAVM'') to transact the business set out in the Notice convening the AGM. Members will
be able to attend and participate in the AGM through VC/OAVM facility only.
In compliance with MCA and SEBI Circulars, the provisions of the Companies Act, 2013 ("Act") and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations") the 60th Annual
Report for financial year 2021-22 including the Notice convening the 60th Annual General Meeting (AGM) have
been sent on 14th June, 2022 only through electronic mode to the Members of the Company whose email
addresses are registered with the Company / Depository Participant(s) and is also available for download on the
website of the Company i.e. www.bkt-tires.com, websites of the Stock Exchanges i.e. BSE Limited and National
Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively, and also on the
website of Company's Registrar KFin Technologies Limited ("KFinTech"): https://evoting.kfintech.com.
Remote E-voting and E-voting during AGM
In compliance with Section 108 of the Companies Act, 2013 read with Rule 20 of the Companies (Management
and Administration) Rules, 2014, as amended from time to time and Regulation 44 of SEBI Listing Regulations
and the Secretarial Standards on General Meeting issued by the Institute of Company Secretaries of India, the
Company is providing to its members facility to exercise their right to vote on resolutions proposed to be passed
at AGM by using electronic voting system (e-voting). The Company has engaged the service of KFinTech as the
agency to provide e-voting facility. The voting rights of the Members shall be in proportion to the equity shares
held by them in the paid-up equity share capital of the Company as on cut off date i.e. 30th June, 2022.
The Company is providing remote e-voting facility ("remote e-voting") to all its Members to cast their votes on all
resolutions which is set out in the Notice of the AGM. Members have option to cast their vote on resolutions using
the remote evoting facility or evoting during the AGM. Detailed Procedure for remote evoting/evoting during the
AGM is provided in the Notice of the AGM. The remote evoting period commence on Monday, July 4, 2022 (9:00
a.m. IST) and ends on Wednesday, July 6, 2022 (5:00 p.m. IST). The remote e-voting will not be allowed beyond
the aforesaid date and time and the remote e-voting module shall be forthwith disabled by KFinTech upon expiry
of the aforesaid period. The Members who have cast their votes by remote e-voting on the resolutions prior to
AGM may attend/participate in the AGM through VC/OAVM but shall not be entitled to cast their votes on such
resolutions again.
Information and instructions including manner of voting, including voting remotely by Members holding shares in
dematerialized mode, physical mode and for members who have not registered their email address has been
provided in the Note No. 20 of Notice of AGM.
Any person who becomes a member of the Company after dispatch of the Notice of the Meeting and holding
th
shares as of the cut-off date i.e. 30 June, 2022 may obtain the Login ID and Password as per instruction
explained in Note No.20 of the Notice of AGM. However, if he / she is already registered with Kfintech for remote
e-voting then he / she can use his / her existing Login id and Password for casting the vote.
The facility for voting through electronic voting system will also be made available at the Meeting as per
instruction explained in Note No.20 (xii) of the Notice of AGM and Members attending the Meeting who have not
cast their vote(s) by remote e-voting will be able to vote at the Meeting.
A person, whose name is recorded in the Register of Members as on the Cut-off-date, i.e. Thursday, June 30,
2022 only shall be entitled to avail the facility of Remote e-voting or for voting in AGM.
The Board of Directors at its Meeting held on 13th May, 2022 have appointed Mr. GBB Babuji a Practicing
Company Secretary as the Scrutiniser to scrutinize the voting during the AGM and remote e-voting process in a
fair and transparent manner.
In case of any query pertaining to e-voting and joining the AGM through VC/OAVM, please contact Mr. Rajesh K
Patro, Manager, M/s KFin Technologies Limited, Selenium Tower B, Plot 31-32, Gachibowli, Financial District,
Nanakramguda, Hyderabad 500 032 Phone No.: + 91 40 67161630 Toll-free No.: 1800-572-4001 E-mail:
einward.ris@kfintech.com/shares@bkt-tires.com.
Helpdesk for Individual Members holding equity shares in demat mode for any technical issues related to login
through NSDL/CDSL:
Login type Help Desk
Members facing any technical issue – NSDL Members facing any technical issue in login can contact NSDL
helpdesk by sending a request at evoting@nsdl.co.in or call on
toll free number: 1800 1020 990 and 1800 224 430
Members facing any technical issue - CDSL Members facing any technical issue in login can contact CDSL
helpdesk by sending a request at helpdesk. evoting@cdslindia.com
or contact on 022- 23058738 or 022-23058542-43
Joining AGM through VC/ OAVM
The Company will provide VC / OAVM facility to its Members for attending the AGM, using the weblink:
https://emeetings.kfintech.com. The information about login credentials to be used and steps to be followed for
attending the AGM are explained in Note No.20 of the Notice of AGM.
The results of e-voting will be placed by the Company on its website www.bkt-tires.com and on the website of
KFinTech https://evoting.kfintech.com/ and also communicated to the Stock Exchanges where the shares of the
Company are listed.
RECORD DATE FOR DIVIDEND AND PAYMENT THEREOF
The Company has fixed Monday, 27th June, 2022 as the Record Date for determining entitlement of Members to Final
dividend, recommended by Board of Directors of the Company, for the financial year ended 31st March, 2022.
The dividend, if declared at the AGM, will be paid within stipulated time from the conclusion of the AGM.
By Order of the Board,
For BALKRISHNA INDUSTRIES LIMITED
Sd/-
VIPUL SHAH
Place: Mumbai DIRECTOR & COMPANY SECRETARY
Date : 15th June, 2022 DIN: 05199526

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 12 STOCKS
>
NEW DELHI | THURSDAY, 16 JUNE 2022 1

> OFSTOCK
IN THE > Mastek > Apar Industries > Ramco Systems

NEWS Top loser

among BSE500
'Hits new all-time
high at ~935
Hits upper circuit
at 20 per cent THE DAY
companies on BSE on BSE Chemplast Sanmar
~2,310.6 PREVIOUS CLOSE ~866.0 PREVIOUS CLOSE ~224.4 PREVIOUS CLOSE Hits new low since lisitng
~2,144.7 CLOSE ~887.7 CLOSE ~269.2 CLOSE at ~429; Down 35 per cent
q 7.2% DOWN p 2.5% UP p 20.0% UP FYTD

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
15 Jun ’22 Chg (%) Con Std 15 Jun ’22 Chg (%) Con Std Futures Cash Premium Futures Cash Discount Company Day’s high Close % chg* 3mth high 52 wk high Company Day’s low Close % chg* 3mth low 52 wk low
Adani Ports 703.8 -0.1 0.7 31.3 373.5 IOC 109.2 -1.0 0.7 4.1 4.3 price price (%) price price (%)
Apollo Hosp 3722.7 0.4 0.5 50.7 80.5 ITC 263.4 -0.8 4.6 21.3 21.6 Strides Pharma 328.0 326.1 5.5 388.6 820.7 Tata Comm 856.0 875.6 -5.0 856.0 856.0
MOST BULLISH MOST BEARISH
Asian Paints 2661.2 1.0 1.7 84.2 81.4 JSW Steel 563.0 0.2 1.1 6.6 8.1 Bajaj Finsrv 11871.0 11813.9 4.2 17482.0 19320.0 Canara Bank 188.0 188.3 -4.5 183.7 141.5
Axis Bank 650.5 0.0 2.6 14.2 15.3 Vodafone Idea 8.9 8.8 0.6 Bajaj Auto 3548.0 3698.1 -4.1 Piramal Entp 1671.2 1663.0 4.1 2384.9 3013.0 Tata Chem 868.2 872.7 -4.0 868.2 696.2
Kotak Mah Bank 1736.7 -0.2 3.6 28.5 40.2
Bajaj Auto 3698.1 0.4 0.7 17.4 21.3 Torrent Phar 2831.3 2817.8 0.5 Nippon Life Ind 271.9 282.3 -3.7 Indraprst Gs 356.5 355.2 4.0 401.7 604.0 Delta Corp 174.2 176.5 -4.0 174.2 165.0
L&T 1560.4 1.0 3.1 25.3 29.8
Indiabulls Hous 101.8 101.4 0.4 Apollo Tyres 180.1 186.1 -3.2 Au Small Fin 629.8 626.6 3.8 732.9 732.9 Indiab Real 65.0 65.2 -3.9 65.0 65.0
Bajaj Fin 5485.0 2.0 2.1 47.3 52.3 Mah & Mah 1025.5 0.6 1.5 19.4 25.8 L&T Finance Hol 71.1 70.8 0.4 Bank of Baroda 97.6 100.1 -2.5 Chambal Fert 321.6 320.1 3.1 516.0 516.0 Tata Steel 951.5 959.7 -3.7 951.5 951.5
Bajaj Finsrv 11809.7 4.2 1.0 41.2 443.0 Maruti Suzuki 7853.5 0.5 1.5 61.2 63.0 RBL Bank 89.1 88.8 0.4 PNB 29.4 30.0 -2.0 M & M Fin 178.2 177.6 3.0 191.0 206.4 ONGC 150.8 151.4 -2.9 141.1 108.5
Bharti Airtel 682.1 0.0 2.3 88.0 - Nestle India 16802.3 -0.4 0.9 - 75.8
BPCL 314.0 -0.1 0.5 5.8 7.8 Polycab India 2227.0 2216.2 3.0 2820.1 2820.1 Tata Elxsi 8111.8 8160.9 -2.7 6431.5 3558.0
NTPC 148.2 -2.1 1.0 8.6 8.9
Britannia 3385.4 0.1 0.6 53.5 50.9 BSE NSE Bharat Dyn 814.0 806.4 2.9 905.0 905.0 Sun TV Net 410.0 411.2 -2.1 403.0 403.0
Cipla 968.8 0.4 0.7 31.1 26.4
Power Grid 222.3 -0.8 1.1 9.2 9.1 Index Stock Index Stock PUT-CALL RATIO Indian Hotel 222.8 222.0 2.6 268.9 268.9 Angel One 1253.0 1265.8 -2.1 1253.0 700.0
Reliance Ind 2596.3 -1.2 12.7 28.9 44.9 Indus Towers 207.2 206.4 2.5 226.5 332.6 NTPC 147.6 148.2 -2.0 131.5 112.0
Coal India 190.1 -1.1 0.6 6.7 10.5 FUTURE (Open Interest in Mn) Put Call PC Ratio
SBI 451.4 0.7 2.5 11.4 12.7 Trent 1108.2 1095.5 2.5 1347.1 1347.1 Aditya Bir Fa 236.9 239.8 -1.7 236.9 189.5
Divis Lab 3581.1 1.6 0.6 32.1 32.2 Contracts - - 310868 593039
SBI Life Ins 1125.8 -0.6 0.7 - 74.8 Market 1298.4 2565.8 0.5 Syngene Intl 560.9 558.5 2.5 682.3 700.0 Adani Green En 1750.0 1757.7 -1.6 1706.0 860.2
Dr Reddys 4335.5 0.6 0.8 33.1 44.5 Open Int.(000) - - 15903 4859755
Shree Cement 19314.2 0.5 0.4 - 29.3 LIC India 709.7 690.5 2.4 920.0 920.0 Containr Crp 630.5 633.4 -1.5 554.1 554.1
Eicher Motor 2720.1 -0.1 0.5 44.4 46.9 Shares(In Mn) - - 12.5 776.1 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 822.3 -0.3 1.3 60.3 431.2 Page Inds 41710.0 40939.9 2.4 46705.0 46705.0 Intell Des Aren 615.1 617.4 -1.4 564.0 564.0
Grasim Ind 1331.7 1.7 0.7 11.6 28.7 Value(~ crore) - - 25076 35648
Tata Consumer P 737.8 0.3 0.6 72.7 76.8 Hero MotoCorp 1.4 Syngene Intl 0.1
HCL Techno 989.9 -0.7 1.5 19.9 24.7 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 414.1 2.2 1.0 - - REC 1.1 Honeywell A 0.1
HDFC 2105.5 -0.2 5.4 16.9 27.8 Contracts - - 94683984 2067558
Tata Steel 959.6 -3.7 1.1 2.9 3.8 Bharti Infratel 1.0 Oracle Fin 0.1
HDFC Bank 1307.5 -0.3 8.1 19.1 19.6
HDFC Std Life 579.8 1.3 0.8 92.3 101.4 TCS 3206.3 -0.1 4.6 30.6 30.7
Open Int.(000)
Shares(In Mn)
-
-
-
-
349440
3592.3
3514724
2260.0
Bandhan Bank 0.9 Abbott India 0.1 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1020.1 -1.0 0.9 17.8 20.2 Trent 0.9 MRF 0.2
Hero MotoCorp 2605.3 1.9 0.5 22.5 21.0 Value(~ crore) - - 7738728 133360 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 357.5 -0.2 0.7 5.9 14.6 Titan Company 2105.1 0.1 1.3 86.0 85.7 BSE+NSE BSE+NSE
UltraTech 5454.2 0.5 0.9 21.4 22.3 1 Reliance Ind 1756422.9 BS200 DOWN 7 DAYS
HUL 2146.6 -1.1 2.7 56.8 57.2 (~ crore) (Mn shrs)
ICICI Bank 687.3 0.3 6.8 19.0 20.5 UPL 712.2 -0.5 0.6 15.0 46.3 ACTIVE CALLS ACTIVE PUTS Reliance Ind 1392.9 5.3
2
3
TCS
HDFC Bank
1173400.2
726118.3 DOWN 7 DAYS 10Ard -52.2
IndusInd Bank 843.3 -0.1 0.8 - 14.2 Wipro 440.1 -1.3 0.9 19.7 19.9 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg RCF -14.5 Parshva Ent -30.1
HDFC 942.1 4.5 4 Infosys 598150.7
Infosys 1422.2 -1.3 7.4 27.1 28.2 Nifty 50 15692.2 â-0.3 100.0 21.9 24.6 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Tata Steel 938.7 9.8 5 HUL 505258.0 CGCEL -12.9 Mehta Housin -30.1
INDEX PE SHRS TRDS 1 YR Index Index 6 ICICI Bank 477982.8 Hindalco -12.6 Swagtam -30.1
Bajaj Fin 930.5 1.7
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
16/06/22
16/06/22
16000
15800
140.9
137.6
8.3
4.6
38.2
-10.3
Nifty
Nifty
16/06/22
16/06/22
15700 159.2
15500 102.0
3.7
4.9
9.3
9.9
HDFC Bank 821.1 6.3
7
8
LIC India
SBI
436709.6
402945.7
PNB
UP 3 DAYS
-5.1 Dhanlax Fabr -30.0
SENSEX 23.6/26.2 5.9 180 13 17 -0.4 Infosys 694.4 4.9 Vitesse -30.0
Asian Paints 2660.7 1.0 2.0 84.2 81.4 Mah & Mah 1025.6 0.7 1.7 19.4 25.9 Nifty 16/06/22 15700 104.2 2.6 64.2 Nifty 16/06/22 15600 98.5 4.1 10.3 9 HDFC 382002.3 Syngene Intl 4.5
Axis Bank 650.5 0.1 3.0 14.2 15.3 NIFTY 50 21.9/24.6 176.4 3960 24 26 -1.1 LIC India 674.5 9.7 Lesha Inds -29.6
Maruti Suzuki 7852.8 0.5 1.7 61.1 63.0 C = CONSOLIDATED; S = STANDALONE Nifty 16/06/22 15900 101.3 4.9 44.7 Nifty 16/06/22 15400 71.7 3.6 9.0 10 Bharti Airtel 374555.8 Ipca Labs 2.2
Bajaj Fin 5484.9 2.0 2.4 47.2 52.3 Nestle India 16822.3 -0.3 1.0 - 75.9 Nifty 16/06/22 16100 87.8 6.1 58.5 Nifty 16/06/22 15800 69.8 2.3 -24.4 ICICI Bank 664.2 9.6 UP 3 DAYS
11 Kotak Mah Bank 344719.6 DOWN
Bajaj Finsrv 11813.9 4.2 1.2 41.3 443.2 NTPC 148.2 -2.0 1.2 8.6 8.9 CASH DERIVATIVES Stock Stock Tata Motors 660.4 16.0 12á Bajaj Fin 332080.2 Nippo ETF 26.4
Angel One -12.9
Bharti Airtel 682.0 0.0 2.7 88.0 - Power Grid 222.2 -0.8 1.2 9.2 9.1 TURNOVER BSE NSE BSE NSE ONGC 30/06/22 160 27.6 23.6 7.2 IDFC First Bank 30/06/22 31 15.9 3.4 335.2 13â ITC 324719.0 Sumedha Fisc 21.4
Bajaj Finsrv 604.9 0.5 Indiabulls Hous -9.6
Dr Reddys 4336.8 0.6 0.9 33.1 44.5 Reliance Ind 2596.3 -1.2 14.7 28.9 44.9 VALUE(IN ~ CRORE) 2269 36476 - 7932813 ONGC 30/06/22 165 22.7 27.1 -0.4 ONGC 30/06/22 150 8.8 3.1 -10.7 14 Adani Green En 278417.0 Gensol Engg 18.9
Maruti Suzuki 483.6 0.6 Canara Bank -9.5
HCL Techno 990.3 -0.6 1.7 19.9 24.7 SHARES(IN MN) 341.0 1449.7 - 6640.9 Vodafone Idea 30/06/22 9 19.3 42.2 -3.4 IDFC First Bank 30/06/22 30 8.5 8.8 -2.6 15 HCL Techno 268732.8
SBI 451.5 0.8 2.8 11.4 12.7 TCS 479.8 1.5 Nat Alum -9.2 Silverok Comm 17.5
HDFC 2105.5 0.0 6.3 16.9 27.8 TRADES(000) 1969 14383 - 36406 NTPC 30/06/22 160 14.8 23.4 2.0 Aditya Bir Fa 30/06/22 240 8.1 1.1 95.4 16 Adani Total Gas 258782.9
Sun Pharma 821.8 -0.4 1.5 60.2 430.9 SBI 476.5 10.5 Tech Mahindra -8.1 Ritesh Int 15.6
HDFC Bank 1307.9 -0.2 9.4 19.1 19.6 ONGC 30/06/22 170 13.2 21.2 0.3 SBI 30/06/22 450 7.6 2.7 -0.2 17 Asian Paints 255209.5
Tata Steel 959.7 -3.7 1.3 2.9 3.8 MRPL 468.6 46.4 ONGC -8.0 Gilada Fina 15.6
HUL 2150.4 -1.0 3.2 56.9 57.3 MARKET-CAP (~ CR) TRADED TOTAL 18 Adani Enter 249010.2
ICICI Bank 687.3 0.2 7.8 19.0 20.5 TCS 3206.8 -0.1 5.3 30.6 30.7 Tata Comm -7.7
Bharti Airtel 423.2 6.2 19 Wipro 241330.8 Sreechem Res 15.5
Tech Mahindra 1020.1 -1.0 1.1 17.8 20.2 BSE 24,499,781 24,647,892 Others
IndusInd Bank 843.0 -0.1 0.9 - 14.2
Infosys 1421.7 -1.3 8.5 27.1 28.2 Titan Company 2104.6 0.2 1.4 86.0 85.7 NSE 24,235,671 24,297,962 SPURT IN VOLUMES Mah & Mah
RBL Bank
351.4
348.4
3.4
39.5
20á
21â
Avenue Supermar
Maruti Suzuki
237252.2
237215.9 UP 7 DAYS
DOWN 3 DAYS
V2Retail -17.7
UltraTech 5453.0 0.5 1.0 21.4 22.3 DERIVATIVES 17,509,990 17,509,990
ITC 263.5 -0.7 5.3 21.3 21.6 Company Days 2-week Avg Change Close *Price 22 Adani Trans 228881.8 Lords Chloro 61.7
Tech Mahindra 346.6 3.4 Ambika Cot -17.4
Kotak Mah Bank 1736.5 0.0 4.2 28.5 40.2 Wipro 440.2 -1.1 1.1 19.7 19.9 Volume Volume % price %chg 23 L&T 219224.5 Chennai Ferro 40.7
L&T 1560.2 1.0 3.6 25.3 29.8 BSE SENSEX 52541.4 â-0.3 100.0 23.6 26.2 TRADING ACTIVITY Silly Monks Ent 699987.0 6488.9 10687.4 21.0 -0.7
IndusInd Bank
HUL
335.8
330.7
4.0
1.5
24 Axis Bank 199788.1 Future Lifesty 40.6
Mastek -17.4
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Sun Pharma 197162.5 ST Corporations 40.5 Ashok Alco -16.6
Keynote Fin Ser 313079.0 10263.0 2950.6 114.8 5.4 Kotak Mah Bank 322.2 1.9
Equity Debt Equity Debt 26 ONGC 190465.4 Shrigang Ind 40.5 LKP Finance -15.3
Net Net Net Net Kir’skar Bro 672491.0 27024.6 2388.4 309.0 6.8 HCL Techno 320.2 3.2 27á Bajaj Finsrv 188005.6 Haryana Cap -14.7
WORLD INDICES On 14 Jun -4313 -99 - - Kotakmamc-Kotak 1454687.0 61153.8 2278.7 336.5 -0.4 Hindalco 315.2 8.8 28â Titan Company 186846.4
Gallopent
Kohinoor Fd
40.4
40.3 Sai Capital -14.2
On 13 Jun -3566 -330 - - Birla Nifty ETF 798170.0 40846.8 1854.1 17.6 -0.3 Axis Bank 304.6 4.7 29 Nestle India 162200.6
Indices Close % Chg* Indices Close % Chg*
On 10 Jun -3182 -1680 - - Compucom Sft 5338507.0 278309.4 1818.2 27.7 -1.2 30 UltraTech 157411.8 (T+2) cycleStocks which rose/fell continuously
Adani Enter 301.9 1.4
Americas (Jun 14,22) Asia/Pacific (Jun 15,22) On 08 Jun -2408 106 953 -458 Mro-Tek Realty 547829.0 28679.2 1810.2 66.6 20.0
Nasdaq Composite 10828.4 0.2 Shanghai Se Comp 3305.4 0.5 On 07 Jun -2242 -71 497 -1508 Motilalamc - G5 243840.0 14807.5 1546.7 48.3 0.6
Jun till date -22553 -3109 4762 -692 Ramco Sys 759994.0 54989.2 1282.1 269.2 20.0
Dow Jones
S&P/ TSX Composite
30364.8
19548.5
-0.5
-1.0
Straits Times
Taiwan Taiex
3105.9
15999.3
-0.1
-0.3 2022 till date -190948 -17573 122226 -7805 Jai Balaji 321204.0 27205.2 1080.7 45.2 -0.2
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jun 14,22) Stock Exchange of Thai 1593.5 -0.6 Group the Audited Fi- and approve consider and meeting of the
FTSE 100 7283.5 1.3 Jakarta Composite 7007.1 -0.6 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company nancial Results Sub-division of approve Resig- Board of Direc-
Purpose (Consolidated the face value nation of Mr. tors of the
DAX 13458.2 1.2 Kuala Lumpur Comp 1459.1 -1.5 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock and Stand- of equity Manish Indra- Company to
IBEX 35 8159.0 1.2 Kospi 2447.4 -1.8 NET Net Fut OI Opt OI OI JUNE 16 alone) for the shares of the vadan Mehta consider and
HIGH *Supreme Ho . . . . . . . . . 72.9 LOW Kaya . . . . . . . . . . . . . . . 270.9
CAC 40 6007.4 1.0 Volatility (Jun 14,22) BS 200 *Alkosign . . . . . . . . . . . . 54.0 BS 200 Hikal . . . . . . . . . . . . . . . 243.3 Adroit info: To year and Company from (DIN: approve the ve-
On 13 Jun -2634 -1815 0.2 1.5 2.5
Asia/Pacific (Jun 15,22) CBOE Dow Jones 27.3 3.1 *Varun Bever . . . . . . . . 805.5 Ritesh Int . . . . . . . . . . . . 53.3 Coforge . . . . . . . . . . 3224.5 RITES . . . . . . . . . . . . . . 238.1 consider and quarter ended its existing 08516146) hicle loan.
On 10 Jun 4389 -3496 0.2 1.3 2.4
Hang Seng 21308.2 1.1 CBOE S&P 500 32.3 -1.1 Others *Trans Financ . . . . . . . . . 50.8 Tech Mahindra . . . . . . 1018.0 Hind Mills . . . . . . . . . . . 226.2 approve 1. Inti- 31st March face value of from the office
On 09 Jun 1520 1037 0.2 0.9 2.4
*Sreechem Res . . . . . . . 48.1 Dhunseri Tea . . . . . . . . 205.2 mation regard- 2022 and rec- Rs. 10/- per of Independent JUNE 17
Nikkei 225 26326.2 -1.1 * Change over previous close On 08 Jun -5895 105 0.1 1.3 2.4 *Ebbetf0423 . . . . . . . 1196.9 Tata Steel . . . . . . . . . . . 951.5
*Indrayani Bio . . . . . . . . 42.7 *Muthoot Cap . . . . . . . 169.3 ing ommend div- share to the Director of the Aananda Lak
On 07 Jun -3101 -1574 0.1 1.3 2.4 *Apar Ind . . . . . . . . . . . 935.0 Tata Comm . . . . . . . . . . 856.0
*Standard Ind . . . . . . . . 39.6 Smruthi Organic . . . . . 160.0 postponement idend if any face value of Company and Spg: To trans-
*KPI Green Energ . . . . 708.0 Hindalco . . . . . . . . . . . . 356.3
MAJOR INDICES Jun till date
2022 till date
-9067
199974
-1337
19931
-
-
-
-
-
- *Shankar Lal Ram . . . . 559.8 *Wall Street . . . . . . . . . . 36.9 CGCEL . . . . . . . . . . . . . . 313.7 SAL Automotive . . . . . 150.0 of the Annual Indian Sucro: Rs. 1/- per Appointment act the follow-
*Beekay Niryat . . . . . . . 36.0 Ind Hum Pipe . . . . . . . . 148.1 General Meet- To consider share or in of Mrs. Barkha ing business: 1.
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Gensol Engg . . . . . . . . 485.0 *BPCL . . . . . . . . . . . . . . 308.0
*Mehta Securitie . . . . . . 33.8 GTPL Hthwa . . . . . . . 146.0 ing. and approve such other Balkrushnan To consider
*Raghuvansh Agro . . . 459.0 HPCL . . . . . . . . . . . . . . . 210.4
Aether Inds: the Audited Fi- manner as may Deshmukh and approve
S&P BSE Sensex 52,693.6 52,650.4 52,867.7 52,493.4 52,541.4 -152.2 -0.3 *Dynacons Sys . . . . . . . 458.0 *Bonlon Inds . . . . . . . . 32.4 REC . . . . . . . . . . . . . . . . 112.8 Everest Org . . . . . . . . . 134.1
Audited Results nancial Results be determined (DIN: the Notice for
*Choice Int’l . . . . . . . . . 364.0 *Scandent Imagin . . . . . 31.1 Power Fin . . . . . . . . . . . 101.8 *Bajaj Consumer . . . . 130.6
S&P BSE Sensex 50 16,497.6 16,493.3 16,558.3 16,448.5 16,462.5 -35.1 -0.2 S&P BSE SECTORAL INDICES *Chennai Ferro . . . . . . 331.0 Growington Vent . . . . . . 28.2 Indiab Real . . . . . . . . . . . 65.0 Repco Home . . . . . . . . . 125.3
Continental
Che: To con-
for the quarter
and year ended
by the Board of
Directors of
08562935) as
an Additional
Postal Ballot 2.
To consider
S&P BSE-100 16,014.4 16,027.5 16,086.5 15,978.5 15,993.4 -21.0 -0.1 *A-1 Acid . . . . . . . . . 295.0 *Golkonda Alumin . . . . . 27.3 IDFC First Bank . . . . . . . 32.6 Redington . . . . . . . . . . 119.7 Corpo: To rec- result for the tice for Postal the Chair. cuss issuance of
Prev cls Close % Chng sider and take 31st day of the Company Director under and approve
*Mirza Intl . . . . . . . . . . 262.9 *Hind Motors . . . . . . . . . 26.8 Others Himatsing S . . . . . . . . . 103.7 ognise and in- quarter and Ballot 2. To con- Star Hou Fin: Equity Shares
S&P BSE-200 6,804.0 6,813.9 6,836.1 6,792.0 6,798.2 -5.9 -0.1 on note of the March 2022. and con- the Category of the calendar of
Auto 25,298.0 25,525.3 0.9 *Lords Chloro . . . . . . . . 209.6 Indagiv Comm . . . . . . . . 26.8 Gland Pharma . . . . . . 2640.3 Sequent Sc . . . . . . . . . . . 96.1 vite potential year ended 31st sider and ap- To approve the by way of pref-
Resignation of Indowind En: sequential al- Independent events for
Bankex 38,403.1 38,469.8 0.2 *ST Corporations . . . . 151.4 *Filtra Con & En . . . . . . . 24.0 *Nat Perox . . . . . . . . . 1390.0 Electrotherm . . . . . . . . . 94.7 Start-Up Busi- March 2022. prove the Board Report erential issue
S&P BSE-500 21,321.4 21,360.0 21,426.6 21,295.4 21,314.8 -6.6 0.0 Mr. Puneet To consider teration in the Director of the Postal Ballot 3.
Cons. Durables 35,467.2 35,537.0 0.2 *Alfavision . . . . . . . . . . 144.6 *Syschem (I) . . . . . . . . . 22.5 *G R Infraprojec . . . . . 1111.0 *MOS NAD100 ETF . . . . 94.6 ness proposals Mayukh Deal- calendar of along with Cor- through Private
Kumar from and approve capital clause Company sub- To consider the
S&P BSE IPO 8,937.1 8,980.4 9,033.6 8,963.3 8,995.8 58.7 0.7 Cap. Goods 25,985.6 26,133.9 0.6 *Trident Texofab . . . . . 115.8 *Manraj Hsg.F . . . . . . . . 20.9 Paul Mercha . . . . . . . . 1060.0 Zodiac Cloth . . . . . . . . . . 91.8 in India and trad: meeting of events for porate Govern- Placement
the Post of Board Meeting of the Mem- ject to neces- Appointment
FMCG 13,536.2 13,496.6 -0.3 *Goyal Aluminium . . . . 104.8 *Tree House . . . . . . . . . . 20.0 Tata Steel Long . . . . . . 595.0 Mukesh Babu . . . . . . . . . 91.1 evaluating vi- the Board of Di- Postal Ballot 3. ance and basis.
S&P Dollex-30 5,542.1 - - - 5,526.8 -15.3 -0.3 Chief Financial to approve Au- orandum of As- sary approvals of Scrutinizer
Healthcare 21,636.5 21,727.7 0.4 *Sumedha Fisc . . . . . . 101.4 *Sarda Press . . . . . . . . . 14.7 Magalam Org . . . . . . . . 586.0 *New India Assur . . . . . . 88.6 ability for the rectors of the To consider the Management Supreme Infr:
Officer (CFO) dited Financial sociation of the Setco Auto: To to conduct
Nifty 50 15,732.1 15,729.3 15,783.7 15,678.9 15,692.2 -39.9 -0.3 Infra 260.4 259.7 -0.3 *Enbee Tradg . . . . . . . . . 97.0 *Essar Sec . . . . . . . . . . . 12.1 Visaka Ind . . . . . . . . . . . 481.1 Balu Forge Inds . . . . . . . 78.8 purpose of Di- Company Appointment of Discussion and to consider and
and any other for the Quarter Company sub- consider and Postal Ballot
IT 28,412.7 28,244.0 -0.6 Shukra Pharmace . . . . . 94.3 *Standard Shoe . . . . . . . 12.1 Yuken India . . . . . . . . . . 433.3 LKP Finance . . . . . . . . . . 78.5 rect or Indirect Sheshadri Inds: Scrutinizer to Analysis Report approve audited
Nifty next50 36,955.5 37,192.9 37,238.1 36,956.5 37,036.1 80.7 0.2 matter with the and Financial ject to the ap- approve Notice process 4. Any
Metal 16,942.0 16,817.0 -0.7 *Akashdeep Metal . . . . . 88.5 *Foundry Fuel . . . . . . . . . 5.7 *Chemplast Sanma . . . 428.8 STC India . . . . . . . . . . . . 78.3 Investment. To transact the conduct Postal for the financial financial result
permission of year ended proval of the of Board Meet- other matter
Nifty 500 13,388.3 13,412.2 13,448.5 13,366.8 13,380.9 -7.5 -0.1 Oil & Gas 18,233.6 18,085.3 -0.8 *Gallopent . . . . . . . . . . 84.2 *JMD Ventures . . . . . . . . 4.4 Assam Entrade . . . . . . 365.0 *AGS Transact . . . . . . . . 78.2 J.R.Foods: To following busi- Ballot process year ended (Standalone
the Board 31st March shareholders ing of Setco with the per-
Power 4,024.4 3,987.9 -0.9 *Kohinoor Fd . . . . . . . . . 74.5 *Seven Hill Inds . . . . . . . . 1.2 Suyog Telematic . . . . . 323.5 ABM Knowldg . . . . . . . . 78.1 consider and ness: 1. To con- 4. Any other March 31st, and Conso-
India VIX 21.9 21.9 22.4 21.0 22.1 0.3 1.2 India Touris: 2022 and other au- Automotive mission of the
*MRC Exim . . . . . . . . . . . 73.7 *08Abb . . . . . . . . . . . . . 0.1 *Nuvoco Vistas . . . . . . 272.0 Equitas Hold . . . . . . . . . . 77.1 approve Au- sider and matter with the 2022. To con- lidted)of cthe
PSU 8,197.4 8,155.2 -0.5 For discussing Ritesh Prpty: thorities. Limited Chair
dited financial approve the No- permission of sider and dis- company.
Nifty CPSE 2,575.0 2,586.6 2,598.8 2,535.8 2,540.1 -34.9 -1.4 Realty 3,111.1 3,091.8 -0.6 m m w w and approving To consider Sera Inves: To Uday Jewellery: Galactico

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (708.3) (708.7) (2320.4) (2321.4)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 711.2 714.2 2320.2 2339.8
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 720.0 720.4 2339.8 2339.8
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 708.7 708.7 2293.0 2295.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 713.8 713.7 2304.6 2304.7
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 25667 929K 45249 284K
because more shares have the basis of consolidated typical when traders see a Expiry date: The date on ABBREVIATIONS: When a The letters H or L appended denotes volume of shares in < ~5 ~10 in all PE 20.1 20.1 65.0 65.0
company name is followed by shares traded, and also the 52 Wk H/L 1168/691 1168/691 2488/1619 2488/1618
been issued (or extinguished) earnings wherever available. continuing trend. which a derivative expires . significant change occurs in to prices indicate a new high million, L in lakhs & K in cases if not
its BSE group in brackets and price trend with 52-week Q ~4 specified. Mcap 25873 25872 48833 48837
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani PortsH Aditya Bir Fa Aditya Birla m m H m H m « m mH H < « « « « m m «
(17725.8) (17737.1) (2113.6) (2116.1) (2196.5) (2196.4) (704.7) (704.7) (244.1) (244.3) (94.9) (94.9)
O 17932.4 17950.0 2116.0 2120.0 2222.0 2218.4 715.9 710.9 243.9 244.8 96.1 95.5 O O
17992.1 17999.0 2128.6 2131.0 2222.0 2219.7 715.9 713.3 246.5 247.3 97.0 97.0
w 17742.1 17741.0 2114.7 2112.1 2175.3 2174.2 701.6 701.6 236.9 236.8 95.1 95.2 w w
17898.4 17909.9 2117.3 2122.7 2184.3 2184.6 703.6 703.8 239.8 239.6 96.3 96.3
521 8592 2876 206K 63216 1314K 120K 2448K 87273 3485K 87034 1870K K K K K K K K K K K K
47.6 47.7 23.4 23.5 320.7 320.7 31.3 31.3 - - 67.5 67.5
W 23902/15525 23934/15514 2588/1901 2589/1900 2420/1304 2421/1304 925/638 925/638 322/190 322/189 139/90 139/90 W W
M 38034 38059 39761 39861 249010 249044 148625 148657 22500 22482 23271 23271 M M

Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv< Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India< Berge Paint« Bharat Elctn« Bharat ForgeH Bharti Airtel< BHELH Biocon< BirlasoftH Bosch BPCL
(650.0) (650.8) (3684.4) (3681.8) (5375.3) (5375.8) (11334.8) (11336.5) (2110.1) (2112.4) (395.4) (395.8) (314.0) (314.4) (100.6) (100.6) (1719.8) (1720.2) (570.5) (570.3) (241.4) (241.4) (649.2) (649.1) (682.2) (682.0) (47.5) (47.5) (326.4) (326.5) (348.2) (348.6) (13805.7) (13796.9) (314.5) (314.3)
O 652.0 654.0 3684.4 3700.0 5416.0 5418.0 11490.0 11400.0 2115.0 2125.0 400.0 395.9 O 317.0 315.0 100.6 101.0 1747.3 1728.7 572.3 575.0 243.0 243.1 650.3 653.5 O 683.0 682.0 48.5 48.0 334.2 331.8 353.0 349.1 13999.0 13824.0 313.9 316.9
655.5 656.4 3742.5 3742.7 5499.2 5499.9 11871.0 11870.0 2175.0 2175.0 406.7 406.8 318.2 318.4 102.1 102.1 1747.3 1744.0 577.0 577.3 243.6 243.7 657.3 658.0 685.0 685.0 48.5 48.1 334.2 331.8 355.7 357.1 13999.0 13939.6 317.0 316.9
w 647.3 647.2 3645.9 3645.0 5400.0 5396.2 11411.2 11400.0 2115.0 2115.9 395.4 395.0 w 313.1 313.0 99.4 99.4 1715.1 1714.7 565.0 565.0 238.8 238.9 642.6 642.3 w 673.6 673.5 47.4 47.3 323.5 323.3 349.0 348.8 13757.1 13755.9 308.0 308.0
650.5 650.5 3696.1 3698.1 5484.9 5485.0 11813.9 11809.7 2156.1 2155.9 397.9 398.1 313.9 314.0 100.0 100.1 1722.8 1722.3 575.8 575.6 240.1 240.2 653.9 653.6 682.0 682.1 47.6 47.5 325.7 325.5 350.6 350.8 13864.6 13871.2 314.7 314.0
44767 4638K 23226 754K 45839 1660K 20105 496K 3409 126K 102K 2596K 56711 2154K 536K 15885K 7288 92114 36987 597K 121K 3200K 71969 771K 214K 6006K 624K 10067K 96239 1763K 37027 1483K 457 13446 983K 4994K
15.3 15.3 17.3 17.4 52.3 52.3 41.3 41.2 29.5 29.5 15.8 15.8 402.0 402.1 7.1 7.1 219.5 219.4 74.6 74.6 24.9 24.9 28.2 28.2 88.0 88.0 40.4 40.3 60.3 60.3 21.2 21.2 33.6 33.6 7.8 7.8
W 867/631 867/630 4259/3028 4260/3027 8044/5284 8050/5284 19320/11271 19325/11265 2724/1682 2724/1691 526/298 526/298 W 354/230 354/230 123/73 123/73 2262/1550 2262/1550 872/544 873/544 260/141 260/141 848/596 848/595 W 782/509 782/509 79/44 80/44 414/312 414/312 586/333 586/333 19245/12940 19250/12932 503/308 503/308
M 199788 199788 106953 107012 332080 332086 188006 187940 41677 41673 8117 8121 M 50562 50578 51688 51765 22141 22135 55923 55903 58491 58515 30446 30429 M 374556 374611 16557 16540 39104 39080 9806 9812 40887 40906 68266 68114

Britannia« Can Fin HomeH Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH Deepak NitrtH Delta Corp«
(3382.1) (3382.9) (443.0) (443.2) (197.1) (197.1) (317.2) (317.5) (310.4) (310.5) (619.1) (618.8) (964.1) (964.7) (133.3) (133.9) (192.3) (192.2) (3233.8) (3233.8) (1507.7) (1507.7) (642.9) (643.5) (943.0) (943.2) (1006.8) (1008.8) (496.0) (495.6) (1286.8) (1285.3) (1815.9) (1816.7) (183.8) (183.9)
O 3387.6 3388.0 445.9 445.5 192.0 192.7 317.8 317.7 310.0 314.7 619.1 619.9 O 967.4 965.0 133.6 134.1 192.0 192.2 3299.9 3299.9 1524.0 1518.0 644.0 645.0 O 949.8 948.3 1012.8 1011.9 499.7 498.5 1275.0 1275.0 1820.0 1828.0 186.0 185.8
3400.0 3402.9 450.0 450.3 193.5 193.2 320.6 320.7 321.6 321.3 635.7 636.0 974.8 974.9 135.1 135.3 193.8 193.9 3299.9 3299.9 1524.0 1521.3 644.0 648.3 964.2 964.1 1015.5 1016.0 501.0 501.0 1294.0 1294.5 1860.9 1861.5 187.4 187.4
w 3354.6 3352.1 442.1 441.6 188.0 188.0 313.7 313.4 309.2 308.8 617.6 617.3 w 964.1 964.0 132.5 132.4 189.2 189.2 3224.5 3218.1 1500.1 1500.1 630.5 630.3 w 948.7 948.0 991.2 991.2 493.0 493.3 1267.2 1265.5 1820.0 1826.6 174.2 173.9
3385.7 3385.4 446.5 446.5 XD188.3 188.3 316.9 316.4 320.1 320.0 632.8 633.2 968.7 968.8 134.1 134.2 190.1 190.1 3275.9 3277.5 1515.9 1516.6 633.4 633.9 961.5 961.1 996.4 999.2 496.1 496.3 1280.6 1280.8 1851.1 1852.2 176.5 176.4
25098 246K 8735 329K 419K 8776K 16702 2007K 39091 1619K 61710 1782K 54441 1113K 34909 1144K 373K 5806K 3979 304K 3322 224K 21653 689K 8657 518K 6715 481K 37518 1214K 2935 172K 43209 715K 118K 5137K
53.5 53.5 12.6 12.6 6.0 6.0 33.8 33.8 10.4 10.3 24.2 24.2 31.1 31.1 13.0 13.1 6.7 6.7 30.2 30.2 38.2 38.3 36.3 36.4 18.5 18.5 31.2 31.2 50.5 50.6 21.0 21.0 51.9 52.0 70.5 70.4
W 4152/3050 4153/3050 721/426 722/425 273/142 273/141 512/314 513/313 516/287 516/288 770/470 768/469 W 1083/850 1083/850 184/109 184/109 209/133 209/133 6133/3224 6135/3218 1823/1376 1823/1376 754/554 754/554 W 1003/710 984/709 1162/819 1162/818 659/488 659/488 2547/1228 2548/1228 3020/1713 3020/1700 340/165 340/165
M 81562 81554 5944 5945 34160 34160 20077 20049 13323 13317 51961 51994 M 78160 78172 9918 9922 117154 117123 19953 19963 41231 41250 38593 38620 M 28239 28226 27620 27698 87894 87929 23992 23996 25249 25263 4720 4716

H H H < M « « H m « GMR Infra« GNFC Godrej Cons« < « m H

(35.8) (35.8) (598.5) (598.0) (736.4) (737.1)
O O O 36.0 35.8 605.0 603.0 742.8 743.0
36.1 36.2 614.9 615.0
w w w 35.5 35.5 599.0 598.6
35.9 35.9 606.5 607.0
K K K K K K K K K K K K K K K K 157K 3855K 126K 1202K K K K K
- - 5.5 5.5
W W W 49/27 49/27 912/313 912/314
M M M 21639 21639 9426 9433

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 .
NEW DELHI | THURSDAY, 16 JUNE 2022 13
<

FORM NO. NCLT 3A

(See Rule 35 of NCLT Rules, 2016)
BEFORE THE NATIONAL COMPANY LAW TRIBUNAL,
CHANDIGARH BENCH, CHANDIGARH
COMPANY PETITION CP (CAA) No. 12 / Chd/ Hry/ 2022
CONNECTED WITH
COMPANY APPLICATION CA (CAA) No. 51/ Chd/ Hry/ 2020
IN THE MATTER OF THE COMPANIES ACT, 2013
(IN THE MATTER OF SECTION 230-232 READ WITH
SECTION 66 OF THE COMPANIES ACT, 2013)
AND
IN THE MATTER OF THE SCHEME OF ARRANGEMENT BETWEEN
THE HITECH AND ASSOCIATES LIMITED
(PETITIONER COMPANY 1/ TRANSFEROR COMPANY 1)
AND
ULTIMATE FINCAP LIMITED
(PETITIONER COMPANY 2/ TRANSFEROR COMPANY 2)
AND
THE HI-TECH ENGINEERING SYSTEMS PRIVATE LIMITED
(PETITIONER COMPANY 3/ TRANSFREE COMPANY)
AND
THEIR RESPECTIVE SHAREHOLDERS AND CREDITORS
JOINT NOTICE OF HEARING OF PETITION
A Joint Petition under Sections 230 - 232 read with Section 66 of the Companies Act, 2013
and other applicable provisions of the Companies Act, 2013 read with Companies
(Compromises, Arrangements and Amalgamations) Rules, 2016 and the National
Company Law Tribunal Rules, 2016 for an order sanctioning the Scheme of Arrangement
was presented on February 11, 2022 by the Petitioner Company 1, Petitioner Company 2
and Petitioner Company 3 (collectively referred to as “Petitioner Companies”) and the Joint
Petition is fixed for next hearing before the National Company Law Tribunal, Chandigarh
Bench (“NCLT”) on July 05, 2022.
Any person desirous of supporting or opposing the said Joint Petition should send to the
concerned Petitioner Company’s advocate at the address mentioned below, a notice of
his/her intention, signed by him/her or his/her advocate, with his/her name and address, so
as to reach the concerned Petitioner Company’s advocate on or before the next date fixed
for the hearing of the Joint Petition, i.e. July 05, 2022. Where he/she seeks to oppose the
Joint Petition, the grounds of opposition or a copy of his/her affidavit shall be furnished with
such notice. A copy of the Joint Petition will be furnished by the undersigned to any person
requiring the same on payment of the prescribed charges for the same.
Sd/-
Advocates for the Petitioner Companies:
[Rohit Khanna] [Raghav Kapoor]
Dated this 15th day of June, 2022 (P-114A/1997) (P-2986/2011)
Place: Gurugram House No. 4, Sector 10, Chandigarh - 160011

   

  
    
    
    
       

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 14
>
NEW DELHI | THURSDAY, 16 JUNE 2022 1

Possession Notice (For Immovable Property) Rule 8-(1) PUBLIC NOTICE

Whereas, the undersigned being the Authorized Officer of IIFL Home Finance Limited (Formerly known as India Infoline Housing Finance Ltd.)
(IIFL-HFL) under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 and in exercise of pow-
Business Standard IN THE COURT OF-N.L-More
P.F. paid.
ers conferred under section 13(12) read with Rule 3 of the Security Interest (Enforcement) Rules 2002, a Demand Notice was issued by the DELHI EDITION DISTRICT JUDGE - 3 ADDITIONAL
Authorised Officer of the company to the Borrower/Co-Borrowers mentioned herein below to repay the amount, notice is hereby given to the bor- SESSION JUDGE, AURANGABAD
rower and the public in general that the undersigned has taken possession of the property described herein below in exercise of powers conferred Printed and Published by Nandan Singh MACP No. : -657-2019
on him under Section 13(4) of the said Rules. The borrower in particular and the public in general are hereby cautioned not to deal with the prop- Claimant - Laxmibai Dhondiram
erty and any dealings with the property will be subject to the charge of IIFL HFL for an amount as mentioned herein under with interest thereon. Rawat on behalf of Business Standard
mahapure
"The borrower's attention is invited to provisions of sub-section (8) of section 13 of the Act, If the borrower clears the dues of the "IIFL HFL" Private Limited and printed at The Indian Versus
together with all costs, charges and expenses incurred, at any time before the date fixed for sale or transfer, the secured assets shall not Express (P) Ltd. A-8, Sector-7, Noida, Respondent : Jamshed umar
be sold or transferred by "IIFL HFL" and no further step shall be taken by "IIFL HFL" for transfer or sale of the secured assets. mohammad and other.
Name of the Borrower(s)/ Description of the Secured Date of
Gautam Budh Nagar-201301 and To,
Co-Borrower(s) Total Outstanding Dues (Rs.) Demand Date of published at Nehru House, 4 Bahadur Respondant No. - 2 : Shahjad Khan
Asset (Immovable Property)
Notice Possession Shah Zafar Marg, New Delhi 110002 Gaffar Ahemed, Age major, Occ- Business,
Adaab Hotels Ltd., Mrs. Kailash All that piece and parcel Prospect No. 828241 is Rs.13,48,428/- (Rupees R/o 205, Ekta-nagar. C-Dhawas Road, Jaipur
Choudhary, Mr. Manish Choudhary, of: Property bearing No. Thirteen Lakh Forty Eight Thousand Four Hundred Rajasthan, At. present. Khasara. No. 325,
Om Sons Projects Pvt Ltd., Mr. Rajiv 129, admeasuring Twenty Eight Only), vide Prospect No. 826622 is Editor : Shailesh Dobhal 326, Galli No. 11/5 Near Bikaner sweet
Choudhary, Mr.Sanjay Choudhary, 167.226 sq. mtrs., Block- Rs.7,77,63,878/- (RupeesSeven Crore Seventy 17-Jul- 10-Jun- swarup Nagar, Delhi. 110042,
Mr. Om Prakash Chaudhary, Usha E, layout plan of Malviya
Seven Lakh Sixty Three Thousand Eight Hundred 2021 2022 RNI NO. 57376/1994 Whereas the above named ----------,
Seventy Eight Only) and vide Prospect No.
Agrotech (India) Pvt. Ltd. (Prospect Nagar, Saket, New Delhi, through Shri K.S. Tandulje Advocate filed
938378 is Rs.1,00,39,653/- (RupeesOne Crore
No. 828241, 826622 & 938378 ) 110017, India. Thirty Nine Thousand Six Hundred Fifty Three Only) Readers should write their feedback at application before this Court, as MACP No.
657/2019 Laxmibai Dhondiram mahapureV/
For, further details please contact to Authorised Officer at Branch Office: IIFL House, India Infoline Housing Finance Ltd, Plot No. 30/30E, Upper Ground Floor, feedback@bsmail.in s. - Jamshed umar Mohammad and others.
Main Shivaji Marg, Najafgarh Road, Beside Jaguar Showroom, Moti Nagar, New Delhi / or Corporate Office: Plot No.98, Phase-IV, Udyog Vihar, Gurgaon, Haryana. Ph. 011-23720202, Fax :+91-11-23720201 for Publication in your daily News Paper.
Place: Delhi, Date: 16-06-2022 Sd/- Authorised Officer, For IIFL Home Finance Ltd. That the notice of this petition issued to you
For Subscription and Circulation many times and the same not been served
upon you and return unserved to this Court.
enquiries please contact: You are hereby warned to appear before
Ms. Mansi Singh this Court in person or by a pleader duly in-
Head-Customer Relations structed on within 30 days of this public no-
tice published in daily newspaper to show
Business Standard Private Limited. cause against the said application, failing
H/4 & I/3, Building H,Paragon Centre, Opp. wherein, the said application will be heard
and determined ex-parte.
Birla Centurion, P.B.Marg, Worli, Also take notice that in default of your fil-
Mumbai - 400013 ing an address for service on or before the
E-mail: subs_bs@bsmail.in date mentioned, above you are liable to have
your defence struck out.
“or sms, REACHBS TO 57575 Given under my hand and seal of the Court.
//By order//
Aditya Birla Sun Life AMC Limited(Investment Manager for Aditya Birla Sun Life Mutual Fund) Registered Office: One World Center, Tower 1, 17th Floor, Jupiter Mills, Senapati Bapat sd/-
Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Fax: 4356 8110/8111. CIN: L65991MH1994PLC080811 No Air Surcharge sd/-
Jr. Clerk
Dist. & Session Court.
Aurangabad.(m.s.)

Record Date for Distribution

NOTICE IS HEREBY GIVEN THAT the Trustees of Aditya Birla Sun Life Mutual Fund have
approved Tuesday, June 21, 2022*, as the Record Date for declaration of distribution under the
Income Distribution cum Capital Withdrawal (IDCW) option in the following schemes, subject to
availability of distributable surplus on the Record Date:

Quantum of Distribution
per unit# on face value
of Rs.10/- per unit NAV as on
Name of the Scheme Plan/Option [except for Aditya Birla June 14,
Sun Life Banking & PSU 2022 (Rs.)
Debt Fund - face value
of Rs. 100/- per unit]

Aditya Birla Sun Life Corporate Bond

Fund IN THE COURT OF THE BANGALORE
DISTRICT CONSUMER DISPUTES
(An open ended debt scheme REDDRESSAL URBAN, AT BENGALURU
Direct Plan –
predominantly investing in AA+ and 0.745 11.0372 (COURT HALL-4) CC.No.229/2020
IDCW BETWEEN : SRI. RITESH GUPTA
above rated corporate bonds. A S/o Kailash Chand Gupta, Aged
relatively high interest rate risk and about 39 years, Permanent Address
moderate credit risk.) Kailash Bhavan, Road No. 2, Opp.
Meo Boarding, Alwar, Rajasthan-
301001
Aditya Birla Sun Life Banking & PSU Presently residing at Flat No. G-
Debt Fund 1108, Mantra Tranquil Apartments,
Gubbalal Village, Kanakapura
(An open ended debt scheme Road, Bangalore... Complainant
predominantly investing in debt AND
Direct Plan – Manish Kishore And others
instruments of banks, Public Sector 7.599 112.5830 ...Opposite Party
IDCW OPPOSITE PARTY No. 1, 2 & 5
Undertakings, Public Financial
OP No.1. Manish Kishore
Institutions and Municipal Bonds. A Autoportal, Smart Partsindia Pvt.
relatively high interest rate risk and Ltd., (BOODMO), Plot No. 242 and
moderate credit risk.) 243, Ground Floor, AIHP PALMS,
Sector No. 18, Udyog Vihar, Phase-
IV, Gurgaon, Haryana-122015.
Aditya Birla Sun Life Short Term OP No. 2 M/s Creative Web Media
Private Ltd., Regus Business
Fund Centre, Level 14 and 15, Concored
(An open ended short term debt Towers, UB City Vittal Mallaya MADHYA PRADESH POWER TRANSMISSION COMPANY LIMITED
Road, Bengaluru-560001. Registered Office: Block No. - 2, Shakti Bhawan, Rampur, JABALPUR–482008.
scheme investing in instruments Direct Plan – Represented by its Manager, Corporate Identity Number (CIN) : U40109MP2001SGC014880
0.899 13.3140 Telephone No. : (0761) 2661234 Fax No. : (0761) 2664141
such that the Macaulay duration of IDCW OP No. 5 the Manager M/s Secure e-mail : ed.cra@mptransco.nic.in Website : www.mptransco.in
now, NOTICE
the portfolio is between 1-3 years. A No. D.109 Defence Colony, Lower 1.MPPTCL filed a Petition vide Dairy No. 134/2022 before Hon’ble Central Electricity Regulatory Commission, New
Delhi, for determination of Transmission Tariff for FY 2019-20 to FY 2023-24 of the Transmission Lines belonging
relatively high interest rate risk and Ground Floor, New Delhi-110024. to the MPPTCL conveying electricity as ISTS lines, for inclusion of these Assets in computation of Point of Connection
NOTICE TO OPPOSITE PARTY Charges in accordance with the CERC (Terms & Conditions of Tariff) Regulations 2019 and CERC (Sharing of Inter-
moderate credit risk.) No., 1, 2, & 5: State Transmission Charges and Losses), Regulations, 2020.

WHEREAS, the complainant is the 2. The beneficiaries of the above mentioned Transmission System are (a) Power Grid Corporation of India Limited (b)
employee and having insurance, Maharashtra State Electricity Transmission Company Limited (c) Chattishgarh State Power Transmission Company
Limited (d) Rajasthan Rajya Vidyut Prasaran Nigam Limited (e) UP Power Corporation Limited.
the Complainant above named has
The NAV of the schemes, pursuant to pay out of distribution would fall to the extent of filed the complaint against you all in
3.Tariff details:
Transmission Tariff for FY 2019-20 to FY 2023-24 (Rs. in Lakh)
payout and statutory levy (if applicable). respect of the insurance has not
been claimed due to the road Name of the Line 2019-20 2020-21 2021-22 2022-23 2023-24

accident, and other consequential 400KV Sardar Sarover-Rajgarh

403.72 395.18 385.48 277.12 279.51
line- Ckt 1&2
#As reduced by the amount of applicable statutory levy. *or the immediately following Business Day reliefs against you. In the said
complaint you are have arrived as 400kV Sarni(MP) - Seoni(MP) line 76.55 79.29 82.03 84.92 87.97
if that day is a non-business day. Opposite Party No. 1, 2 & 5. 400kV Seoni(MP)-Bhilai(CG) till
79.21 82.05 84.88 87.88 91.02
You are hereby directed to appear MP Border

before this Hon’ble Court either in 220KV Malanpur Auraiya line 76.78 59.98 61.98 64.28 66.42
All unitholders whose names appear in the Register of Unitholders / Beneficial owners under the person or through the pleader on or
220KV Mehgaon-Auraiya line 46.41 48.14 49.74 51.59 53.31
IDCW option of the said schemes as at the close of business hours on the Record Date shall be before of 17.06.2022 at 11 am to
answer the claim of the 220KV Badod-Kota line 40.88 42.40 43.81 45.43 46.95
eligible to receive the distribution so declared. complainant, failing which the 220KV Badod-Modak line 14.85 15.38 15.92 16.48 17.07
matter will be heard ex-parte and
will be decided in accordance with 220KV Kalmeshwar-Pandhurna line 5.55 5.75 5.94 6.16 6.37

For Aditya Birla Sun Lif e AMC Limited law. 220KV Kotmikala-Amarkantak
Given under my hand and seal of line-Ckt 1&2
15.46 16.04 16.57 17.19 17.76
(Investment Manager for Aditya Birla Sun Life Mutual Fund) the Court, this 27th day of April 2022
132 KV Seoni-Pench line-Ckt 1&2 23.72 24.61 25.42 26.37 27.25
Sd/- Date : June 15, 2022 BY ORDER OF COURT
132 KV Balaghat-Dongargarh 29.54 30.64 31.65 32.83 33.93
Sd/-Asst. Registrar-Cum-Asst.
Authorised Signatory Place : Mumbai Administrative Officer 132 KV Balaghat-Bhanegaon-
35.63 36.27 19 19.67 20.37
Bengaluru Urban 4th Addl. District Dhamda
Consumer Disputes Redresel
Commission 132 KV Morwa-Beena (Rihand) 4.63 4.79 4.96 5.13 5.32
Mutual Fund investments are subject to market risks, read all scheme 1st Floor, BMTC ‘B’ Block. TTMC 4.A copy of the application/petition made for determination of Tariff is posted on the website of the applicant at
Building
related documents carefully. K.H. Road, Shanthinagar,
www.mptransco.in.

Bengaluru-560024
Ms. Hajaranbi.A.K
Advocate for Complainant,
No.2995, 1st Floor, Gayathringar,
MKK Road,
Near Hornbegowda College,
Bangalor-560086. Ph.: 9880029989
5.The suggestions and objections, if any, on the proposals for determination for Tariff contained in the application may
be filed by any person, including the beneficiary before the Secretary, Central Electricity Regulatory Commission, 3rd
& 4th Floor, Chanderlok Building, 36, Janpath, New Delhi–110001 (or other address where the office of the
Commission is situated), with a copy to the applicant at the address of its registered office, Block No.- 2, Shakti
Bhawan, Rampur, Jabalpur-482008, within 30 days of publication of this Notice.
Place: JABALPUR (M.P.) Sd/-
Date: 15 .06.2022 Assistant Engineer
O/o Executive Director (CRA)
MPPTCL, JABALPUR

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 .
NEW DELHI | THURSDAY, 16 JUNE 2022 15
<

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 16
>
NEW DELHI | THURSDAY, 16 JUNE 2022 1

HIMACHAL PRADESH PUBLIC WORKS DEPARTMENT

INVITATION FOR BIDS (IFB)
1. The Executive Engineer, Chamba Division, HPPWD Chamba H.P. on behalf of Governor of H.P. invites the items rate bids, in
electronic tendering system, from the eligible class of contractors registered with HPPWD for the works as detailed in the table.
Sr. Name of work Estimated Earnest Cost of tender Class Period of
No. Cost (Rs.) Money (Rs.) form (Rs.) completion
1 2 3 4 5 6 7
1. A/R & M/O Chamba Jhumar via Luddu road Km. 0/0 to 8/955 (SH:- 16,16,770/- 32,300/- 500/- D&C Three
Construction of Retaining Wall at RD 1/410 to 1/420 ,1/650 to 1/690) Months
2. Providing Protection work on Chamba Jhumar road via Luddu (SH:- 19,83,369/- 39,700/- 500/- D&C Three
Construction of B/wall at various Rds) Months
3. Improvement of Black spot on Baloo Behod road Km. 0/0 to 2/0 24,04,971/- 48,100/- 500/- D&C Three
(SH:- Construction of Retaining wall at RD 0/570 to 580,0/595 to Months
617 and Providing Crash Barrier at RD 0/560 to 0/620)
2. KEY DATES:
1. Starting Date for downloading 23-06-2022 at 10.00 AM
2. Deadline for submission of Bid 30-06-2022 at 5.00 PM
3. Date of Technical bid opening 01/07/2022 at 11.30 AM
The under signed has right to extend or cancel the bids without declaring any reasons there-of.The Bidders are advised to note other
details of tenders from the department website www.hptenders.gov.in Executive Engineer,
Chamba Division, HPPWD Chamba
Pin-176310 Tel.01899-222229 Email:-ee-cha-hp@nic.in
1707/2022-2023 On behalf of Governor of Himachal Pradesh

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 .
NEW DELHI | THURSDAY, 16 JUNE 2022
Strategic time-out
for Disney, Viacom
The two media giants see very different gains from
their bets on IPL media rights
SURAJEET DAS GUPTA
New Delhi, 15 June
F
or the first time ever, the jewel in
the crown for media rights was split
between two broadcasting giants
for five years. On Tuesday, Disney+ Star,
which already controlled the coveted
media rights for both TV and digital of the
Indian Premier League (IPL), managed to
retain only the former, raising questions
on the future of its domination in the over-
the-top (OTT) digital sweepstakes through
Disney+ Hotstar.
Grabbing the media rights for digital
broadcast was Viacom18 — the Mukesh
Ambani-Uday Shankar-James Murdoch
combine — that is entering cricket for
the first time. But it forked out a huge
bill of ~23,757 crore, more than what
Disney paid — ~23,575 crore — for the
TV rights.
To ensure that it has exclusivity over all
the matches, Viacom not only acquired the
digital rights for all the 410 matches over
five years, but also grabbed the 94 matches
that were offered as a separate package on
a non-exclusive basis (for which it paid
~3,258 crore).
But what is the logic behind contrasting
strategies of the two broadcasters to put in
money for one of the key rights rather than
both? Disney clearly has moved cautiously
— as its management had suggested ahead
of the auctions. But many say its decision
to stick to TV only could be a strategic mis-
step. By deciding not to pay big bucks and
defend its digital rights, Disney+ has a lot
to lose because it is number one and
accounts for over half the paid subscriber
base in the OTT space.
“Their crown jewel was really Disney+
Hotstar — the high valuation that Disney
paid for buying Murdoch’s Indian business
was for this asset. By not pursuing IPL dig-
ital rights even Disney’s international OTT
ambitions will be impacted, at a time when
TVRs (television viewer ratings) of IPL are
falling and advertising growth is at sub-10
per cent,” a senior executive of a competing
NEWSMAKER/ R SUBRAMANIAKUMAR / MD & CEO-DESIGNATE, RBL BANK
‘Bad loan expert’ in the hot seat
MANOJIT SAHA
It is not unusual for a public sector banker
to head a private sector bank. There have
been several recent examples of such
transitions — Prashant Kumar, who was a
deputy managing director at State Bank of
India, took charge of the troubled YES
Bank and CVR Rajendran, former CMD of
Andhra Bank, was appointed as the
managing director (MD) and chief
executive officer (CEO) of CSB Bank
(formerly known as Catholic Syrian Bank).
So why are investors jittery about
former Indian Overseas Bank CEO
R Subramaniakumar’s appointment as the
MD and CEO of RBL Bank? The
announcement of his appointment came
over the weekend, and the RBL stock
tanked over 22 per cent on Monday even
before he took charge. He is expected to
take charge in the next few days.
A CLSA note explains the issue.
“Historically, ex-public sector bankers
have been appointed as
heads of financial
institutions with weak asset A banker with 40
quality and governance, like years of experience,
YES Bank, Lakshmi Vilas Subramaniakumar’s
Bank and others. Hence Mr career began with
Subramaniakumar’s Punjab National
appointment as the MD & Bank in 1980, where
CEO of RBL Bank raises he was known
many questions,” it said. for revamping
In other words, the IT infrastructure
Subramaniakumar’s
appointment is being seen as
a signal of some sort of a bigger problem at
RBL, which had suffered a ballooning of
bad loans, than is publicly known.
That perception has been created
because Subramaniakumar, who retired as
MD and CEO of Indian Overseas Bank in
June 2019, is known as something of a
“bad loan” clean-up expert. Prior to this,
he was appointed by the Reserve Bank of
India as the administrator of Dewan
Housing Finance Corporation Ltd after
the mortgage lender’s board was
superseded. He is widely credited for a
speedy resolution of the housing
finance company’s bad loan
problem before it was taken over by
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TAKE TWO 17 <
N REVERSE MIGRATION N
~610 million per match (including pro-
duction cost).” So, it needs a 50 per cent
increase in monetisation if it now wants
to break even, it said. Competing channels
say that with TV advertising at around Covid may have forced return of
~40,000 crore it already has 10 per cent of
the pie (it made ~4,000 crore on advertis-
ing from IPL on TV). Can it now increase
that share in the overall pie substantially
51.6% urban men to villages: PLFS
or wield magic on subscription, which is
regulated? The question is, can it do so ASIT RANJAN MISHRA the result of women in India migrating to
when the pie is growing slowly? New Delhi, 15 June MIGRANT FLOW their husbands’ homes after marriage.
Disney appears to be banking on the (Location of last usual place of residence) Male migration from other countries to
fact that there is substantial scope for The coronavirus pandemic may have forced (Figures in %) rural areas (3.9 per cent) was also higher as
growth in expanding TV subscribers as 51.6 per cent of men in urban India to 88.8 n Men in rural areas compared to urban areas (2.3 per cent).
well as advertising for the next five years. migrate to their rural homes in what could n Women in rural areas The survey pegged the rural migration
K Madhavan, president of Disney Star be the country’s worst reverse migration, 51.6 rate at 26.5 per cent and urban migration
India, sees scope in expanding the mar- according to a report released by the 44.6 rate at 34.9 per cent with the overall migra-
ket, given that only a third of the 300 mil- National Statistical Office. tion rate at 28.9 per cent. While it estimated
lion households in India are on pay TV The Periodic Labour Force Survey the number of rural migrants at 21 crore, it
and another 100 million have no TV at (PLFS) conducted in July 2020-June 2021 11 pegged urban migrants at 11 crore, both
all. In an interview earlier this year, he collected information on migration and 3.9 0.2 totalling 32 crore. However, the survey clar-
estimated that linear TV will grow a temporary visitors to households. The stat- Rural areas Urban areas Another country ified: “Estimated number of migrants given
healthy 7-9 per cent a year (of course, dig- istics office brought out the report titled Source: MoSPI in the above table are design-based esti-
ital will grow 25 per cent but on a lower “Migration in India, 2020-21” based on mates and may be used as control totals for
base). Also, TV penetration varies from information collected in the PLFS survey. combining and arriving at rates and ratios.
region to region — it is still 60 per cent In India, since it is the male partner who that the unemployment rate, according to These figures are not intended for providing
across India but a high of 95 per cent in migrates in search of work to urban places usual status (reference period of last 365 estimates of the number of migrants.”
Kerala and a low of 50 per cent in Bihar while the female stays back home, there is days preceding the survey), eased to 4.2 per The survey covered 1.1 lakh migrants —
— and that offers a big upside. a huge gap between men in rural areas who cent from 4.8 per cent in 2019-20. However, 59,000 in rural and 55,000 in urban areas.
In TV, Disney Star will remain the have migrated from urban India the drop in unemployment It covered the entire country except the vil-
cricket king, controlling 20 per cent of (51.6 per cent) and women who A drop in rate was accompanied by a rise lages in Andaman and Nicobar Islands,
the advertising pie. It also has 60 per cent have similarly moved from unemployment in low-quality jobs, depicting which remained difficult to access through-
of the share of sports TV viewership and urban to rural areas (11 per cent) rate was that a lot of migrants may have out the year.
that will remain with IPL under its belt during the pandemic year. accompanied by a opted for rural job guarantee Migrants are classified as those whose
for another five years. Of course, it has to Pronab Sen, former chief st- rise in low-quality schemes in which the govern- last usual place of residence is different
channel pointed out. also retain the International Cricket atistician of India, said 51.6 per jobs, implying a ment pumped in significant from the present place of enumeration. The
Globally, Disney acknowledges that in Council’s various international matches, cent is a huge number and lot of migrants amounts of money during the usual place of residence is the village or
the first quarter of this year Disney+ added the tender for which is being floated in depicts the extent of reverse mi- may have opted pandemic year. town where the person stayed continuously
eight million subscribers, half of them the coming few days. gration. “Though the govern- for rural job The high rural-to-rural for six months or more or intends to stay
coming from India due to IPL. And But for Viacom18, the digital play ment spent a lot of money and guarantee schemes male migration (44.6 per cent) for six months or more.
Disney+ Hotstar, with paid subscribers seems to be simple. Sources say it is provided free ration during this shows that a lot of people stay- On the other hand, temporary visitors
mostly from India, accounts for 36 per based on the premise that digital adver- period, one is not sure if the ing away from their native in the households were determined as those
cent of the entertainment giant’s global tising will grow hugely — at least migrants benefitted from it, as they might places in other rural locations returned who arrived after March 2020 and stayed
streaming subscribers (excluding US and increase four to five times from around not have ration cards.” home during the pandemic. The high rural- in the households continuously for a period
Canada). And it has an ambitious target ~30,000 crore per annum annually today Besides, the annual PLFS survey showed to-rural female migration (88.8 per cent) is of 15 days or more but less than six months.
to hit 230-260 million subscribers through to ~120,000-150,000 crore in five years.
Disney+ by FY24. So will smartphone users, which would
But the problem is the economics. nearly double in five years from 400-
Average revenue per user from Disney+ 500 million to close to 800-1,000 million,
Hotstar was abysmally low at $0.76 in especially with the advent of 5G services.
April this year, a sixth of Disney’s US “The only big players, who can monetise
ARPU. So, paying a big bill for the IPL this digital opportunity, are Google and
might not make economic sense any- Facebook. What Viacom18 will look at is
more. Disney’s chairman, to be the third player in that
international content and For Viacom18, the space,” said a senior execu-
operations, Rebecca digital play seems tive of a broadcasting com-
Campbell, who was in to be simple. pany. Kotak Institutional
India to lead the auction, Sources say it is Equities argues that Viacom
hinted at that when she based on the 18 will lose money in the first
said, “We made disciplined premise that digital few years, building a strong
bids with a focus on long- advertising will streaming partner, but will
term value. We decided not grow hugely — at break even in 2026-27.
to proceed on digital con- least increase four But will it also leverage
sidering the price required to five times from Reliance Jio’s large base of
to secure that package.” around ~30,000 mobile customers of around
To fill in the gap crore annually today 400 million out of which 300
(in Disney+ Hotstar) to ~120,000-150,000 million use smartphones? Of
Campbell reveals that the crore in five years course, it will. But many say
conglomerate will grow by just offering these cus-
its original programming. tomers free IPL content it
As many as 100 of them are in could increase advertising revenues from
the pipeline — with 80 going on air this what Hotstar made this year of around
fiscal. After all, original programming ~800 crore (with 100 million paid and
has helped both Amazon Prime and non-paid customers) to around ~2,000-
Netflix reach a larger Indian paid sub- 2,500 crore as it offers more customers.
scriber base. But whether this strategy Those in the know say Viacom’s strat-
can have the same magic effect as IPL egy will not be of exclusivity to only Jio
is an open question. customers — it will offer content to
To put it into perspective, according to everyone through licensed deals that
Kotak Institutional Equities, “Star (Disney) include competing mobile operators and
garnered ad revenues of ~30 billion (~400 other platforms. Other platforms could
million/match) and subscription revenues also include Meta and Google, which
of ~7.5 billion (~100 million/match) for IPL have shareholding in Jio Platforms and
2022. Its winning bid of ~575 million per expand its reach as well as its revenues.
match for IPL 2023-28 implies a cost of Surely, the game has just begun.
CORRIGENDUM TO NOTICE CUM ADDENDA
Piramal Enterprises. Subramaniakumar emphasised the
Several analysts say asset quality fact that his appointment is not linked
This corrigendum is in reference to the Notice cum Addenda dated June 10, 2022 for Change in the Fundamental attributes of DSP
concerns at RBL are overblown. “Given the to asset quality. “The market perception
recent performance of the bank on asset of asset quality is inaccurate,” Quant Fund (‘Scheme’) published in newspapers on June 13, 2022.
quality, we don’t think there are any fresh he said emphatically.
concerns on this parameter. The corporate A banker with 40 years of experience, In the said Notice-cum-Addenda, investors are requested to note that the below mentioned sub clause shall be read as follows:
book has held up well in recent quarters Subramaniakumar’s career began with
and we are seeing an improvement in NPL Punjab National Bank in 1980,
ratios in all other key portfolios as well,” where he was known for revamping
Clause of SID
Revised Proposed
Kotak Securities said in a note. the IT infrastructure. Sl. No. (Chapter and Particulars Sub clause Proposed Provision in SID
Provision in SID
In an interview to Business Standard The background of his appointment at Section)
on Monday, both Subramaniakumar and RBL is, however, interesting. In December 6 SECTION V - E – What are Optimization • Stock level constraints: • Stock level constraints:
interim MD and CEO Rajeev Ahuja last year, the RBI nominated one of its INFORMATION Investment Engine for Stock level weights Stock level weights
highlighted the bank’s declining trajectory chief general managers, Yogesh Dayal, to
of bad loans and said credit costs will fall the RBL board as independent director.
ABOUT THE strategies determination in the portfolio to be in the portfolio to be
further in the current financial year. Following that, then MD and CEO SCHEME of final portfolio capped at 10%, or 10x of capped at 10%, (avoid
“We had no divergence for the past Vishwavir Ahuja went on indefinite leave. constituents and weight in BSE 200 index, concentration, ensure
several years. Our net restructured book at Ahuja, a former Bank of America India weights: whichever is lower (avoid liquidity/capacity).
2.6 per cent is one of the lowest in the CEO, is credited with changing the sleepy concentration, ensure
industry. Moreover, that is substantially Kohlapur-based old-generation private liquidity/capacity).
secured now. The unsecured bit has been sector lender Ratnakar Bank into the
provided for,” Rajeev Ahuja said. swanky new-age RBL Bank in his 12-year Step 4: Portfolio • Stock constraints • Stock constraints
tenure but the write off of a ~300 crore bad construction: embedded: Stock level: embedded: Stock level:
loan within seven months of being Optimizer inputs 10 times its weight in maximum weight of 10%.
sanctioned blotted his record. and constraints the BSE 200 index or
One of the concerns among investors is maximum weight of 10%,
whether the new management will whichever is lower.
continue with those of Vishwavir Ahuja’s
policies that have yielded rich dividends
for the bank. For example, will the focus on
This corrigendum forms an integral part of the said the Notice cum Addenda and should be read in conjunction with the same. All the
the highly profitable credit card and other contents of the Notice cum Addenda shall remain unchanged. Investors are requested to take note of the above and the error
microfinance businesses continue? Or the is regretted.
partnership with Bajaj Finance?
Subramaniakumar and Rajeev Ahuja
both indicated that those policies will Any queries/clarifications in this regard may be addressed to:
continue. At the same time, a DSP Investment Managers Private Limited (“AMC”)
blueprint is being drawn up to CIN: U74140MH1996PTC099483
create RBL Bank 2.0 — which
Investment Manager for DSP Mutual Fund
aims to build on the foundation
of 1.0. As Rajeev Ahuja said, the Mafatlal Centre, 10th Floor, Nariman Point, Mumbai 400 021
idea is to develop other retail Tel. No.: 91-22 66578000, Fax No.: 91-22 66578181
businesses, such as expanding the Toll-free: 1800 208 4499 or 1800 200 4499
rural footprint and vehicle Email ID: service@dspim.com Website: www.dspim.com
finance, and retaining the edge the
bank has created over the past Unit holders are requested to update their PAN, KYC, email address, mobile number, nominee details with AMC and are also advised
several years in cards, to link their PAN with Aadhaar Number. Further, Unit holders can view the Investor Charter available on website of the Fund as well as
microfinance and the technology. check for any unclaimed redemptions or Income Distribution cum Capital Withdrawal (‘IDCW’) payments.
Subramaniakumar’s task,
therefore, is to ensure continuity and
Place: Mumbai
change. At least in the near term, the
going may not be easy for the veteran
Date: June 15, 2022
banker. But he’s faced tougher Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
challenges in his time.
 18
>
Beverage makers Luxury curated travel
import paper straw back with a bang
as plastic ban looms
Rise in cost of importing paper variants hurting companies in
the absence of manufacturing capacity in India
SHARLEEN D'SOUZA
Mumbai, 15 June
F
ast-moving consumer goods companies
have been compelled to start importing
paper straws, as the government’s deadline
to ban plastic straws draws closer. The ban is effec-
tive from July 1.
Parle Agro, which sells beverages such as Frooti
in small tetra packs, has already started importing
paper straws. Dabur India, which sells its fruit
juices in tetra packs under the brand Real, is also
considering importing paper straws.
Parle Agro said in an email that it had begun
importing paper straws to meet the requirements
when the new rule would be enforced, but it added
that importing was not a sustainable option.
“The percentage increase in the cost of import-
ing PLA (polylactic acid) and paper straws goes up
by 259 per cent and 278 per cent respectively. The
economics just does not match up with a ~10 prod-
uct,” said Schauna Chauhan, CEO, Parle Agro.
Chauhan explained, “There is no infrastructure
at present in India to be able to produce the quan-
tum of straws required for the industry. If complete
relief cannot be granted, we are seeking a six-
month extension to set up local manufacturing
capabilities and get them commercialised.”
Chauhan added that a six-month extension
will help straw manufacturers in India to build
adequate capacity to make and supply biodegrad-
able straws to beverage companies. This will also
help the beverage industry transition smoothly
without facing the negative impact of heavy import
and logistics costs and supply chain disruptions.
Parle Agro has also started to work on devel-
oping local micro, small and medium enterprises
to be able to produce the required volume of
biodegradable straws.
Currently, straws that come with the packaging
are integrated and don’t come loose. “All our tetra
packs use integrated straws that get discarded
along with the pack after consumption as they are
placed into the packs. Hence, they go into recycling
along with the pack itself and we recycle 85 per
cent of our packs,” she said.
Dabur India also maintained with its stance
that there is no sustainable alternative for inte-
grated plastic straws available in India today.
“Importing paper straws would also have cost
implications on companies and lead to loss of rev-
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Parle Agro has also started work on
developing local micro, small and
medium enterprises to be able to
produce the required volume of
biodegradable straws
enue to the government exchequer. We would urge
the government to extend the implementation
date of the ban till proper infrastructure for pro-
ducing paper straws locally is developed,” Mohit
Malhotra, CEO of Dabur India told Business
Standard earlier.
The Action Alliance for Recycling Beverage
Cartons (AARC) has proposed an incremental tran-
sition plan to the Ministry of Environment, Forest
and Climate Change. “We expect that by April-June
quarter next year, the industry will be able to replace
more than 50 per cent of the straws and complete
the transition to paper straws by October-December
next year,” Praveen Aggarwal, CEO of AARC, said.
He explained that European nations are also
moving to paper straws and there are no manu-
facturing capacities in India. At the same time, the
current global capacities are not enough to meet
fresh demand. “India will have to import provided
imports are available,” Aggarwal said.
AARC is also working to bring in bio-com-
postable straws made of polylactic acid. These
straws are derived from plants. However, this will
require approvals from various agencies — the
Food Safety and Standards Authority of India,
Central Institute of Petrochemicals Engineering
and Technology, and the Bureau of Indian
Standards. But the entire process will take at least
nine months to a year, AARC added.
Companies catering to a well-heeled niche report higher than
pre-pandemic demand for cruises, road trips in India and abroad
RITWIK SHARMA
New Delhi, 15 June
For A N Rao, post-retirement life
began in the ice caps of Antarctica. In
December 2018, the former official of
an IT multinational took a flight to
Argentina with his wife, and
embarked on a cruise ship to the white
continent as part of a curated journey
by The Q Experiences.
Rao, who is based in Hyderabad, was
busy globe-trotting until the Covid-19
pandemic struck in 2020. It limited his
options to domestic road trips. This
week, he and his wife will set off for the
other end of the globe, the Arctic, on a
trip organised by the luxury travel firm.
Luxury bespoke travel is back with
a bang, and companies catering to the
niche segment are seeing demand high-
er than pre-Covid levels — especially
after the third wave of the pandemic in
India at the start of this year.
Rao and his wife will be part of a
group of around 100 people exploring
the Arctic over 11 days. As a seasoned
traveller, he appreciates the value of
fully curated services for once-in-a-life-
time expeditions.
“It’s not something you can plan per-
sonally. Secondly, ground logistics is a
factor, and language and communica-
tion can become a nightmare. Curated
journeys take care of everything because
they have on-ground partners,” he says.
Recalling his Antarctica trip, he says
nothing can prepare a first-time visitor
for the pristineness of the experience.
“Imagine, on January 1st, 2019, I retired
in Antarctica. And I had idli, sambar
and khichdi for breakfast and veg
biryani for lunch,” he says, emphasising
the personalisation that was assured.
Besides ensuring safety and certain-
Gig jobs witness
surge in demand
BS REPORTER
Mumbai, 15 June
Hiring demand for gig workers contin-
ues to grow at a rapid pace in the post-
NEW DELHI | THURSDAY, 16 JUNE 2022 1
a week and costs ~90,000-95,000, while
the Ladakh journey spans two weeks
and costs ~1.7-1.8 lakh.
Adventures Overland gets most
enquiries for international tours. Popular
drives include routes in Jordan, Morocco,
Oman and Kyrgyzstan, covering a range
of terrain from sand dunes, historic sites,
rugged mountains, and glaciers. A typical
drive is for a week to 10 days and costs
around ~2.5 lakh to 3 lakh.
The company is also planning a long
journey, Road to London, that will cover
20 countries starting with Iran and
16,000 km over 55 days. More than 20
people have signed up for it.
The pandemic pushed Adventures
Overland to the brink of shutting down,
Agarwal admits, as it was mostly reliant
on international travel. Luckily for it, its
customers did not compel the company
to return their deposits, which helped
weather the storm.
Before Covid, the company had
begun looking for investors as it wanted
to expand. No investor was willing to
risk it during the pandemic. “But of late,
we have started receiving a lot of
enquiries and interest from venture cap-
italists because they have found the
business model to be very promising
and the financial markets also feel the
industry is going to pick up,” he says.
ty of travel, he adds, the trip was made ly did a road trip in Turkey, with a group For Quintessentially, a concierge ser-
richer and informative by the presence of 40 people. Normally, we would take vice provider that offers luxury lifestyle
of 12-15 specialists such as a geologist, only 20-25.” He says that people are look- management to its member clients,
ornithologist and climate expert. ing to travel with the easing of restric- there has been a big spike in leisure trav-
Bhavna Lulla Bahroos, head of oper- tions and also finding road trips to be a el queries March onwards.
ations at The Q Experiences, which is safer option because of the choice of Mishti Bose, group CEO,
based in Mumbai, says their using one’s own vehicle. Quintessentially India, says that despite
packages for this year sold A luxury trip to the Before the pandemic, hikes in hotel tariffs and airfares luxury
out fast with many requests Spiti Valley takes Adventures Overland was travel is on an upswing. “As against 2019,
transferred to 2023 journeys. about a week mostly organising overseas we have seen an increase of 70-75 per
“For two years, people and costs trips. That changed post- cent in revenues in 2022,” she says,
were not able to travel. Now, ~90,000-95,000, Covid, with domestic road adding that customers are valuing pre-
instead of investing in tan- while the Ladakh trips becoming the norm. mium, personalised end-to-end ser-
gible assets they are going in journey spans two “Many are still hesitant to vices more than ever.
for experiential travel,” she weeks and costs travel abroad, but within Privacy and exclusivity of services,
says, adding the travel firm’s ~1.7-1.8 lakh India it has picked up. Where including luxury travel, were always at
journeys promise just that. we were only doing one trip the core of Quintessentially; post-Covid,
For the Arctic trip, it charges ~12 lakh in India before, now we have seven or safety has got an additional thrust. And
per head, and for the Antarctica cruise eight in a year,” says Agarwal. although the pandemic resulted in a flat
~15 lakh. The most popular destinations in curve and no new membership, its
Tushar Agarwal, founder of India are Lahaul and Spiti Valley in clients are back to booking villas and
Adventures Overland, says the expedi- Himachal, and Ladakh — both ideal for boutique hotels across the world,
tion firm has received an unprecedented adventure seekers and road trippers. A including in Europe despite the ongoing
number of requests this year. “We recent- luxury trip to the Spiti Valley takes about war in Ukraine.
pandemic employment market, with funding crunch, and shutdowns, quick the gig economy compared to the pre-
the highest offtake being recorded for commerce segments, continue to exhib- vious month. Additionally, the Index
sales and marketing roles. The surge in it steep demand for gig workers with a reflects a 50 per cent growth in active
demand for gig workers is seen across
quick commerce (300 per cent),
growing number of established players
scaling up their hiring especially across
gig workers on the platform in the past
five months.
healthtech (250 per cent), fintech (200 top cities. Tier-2 and Tier-3 cities have noted
per cent), and e-commerce (198 per As per the TGI, the number of active improved demand for gig as companies
cent) sectors, said the first edition of the gig workers registered on the platform expand their geographical footprint.
Taskmo Gig Index. in May is 60,000, marking a 15.38 per Millennials and Gen Z make up 48 per
Amid worries over start-up layoffs, cent growth in the workforce joining cent of the gig workforce today.