THE MARKETS ON FRIDAY chg#

SATURDAY, 30 JULY 2022 l MUMBAI ~11.00

VOLUME IX NUMBER 51 l 26 pages in 2 sections
Sensex 57,570.3 p 712.5
Nifty 17,158.3 p 228.7
Nifty Futures* 17,201.9 p 43.6 WORLD P12 COMPANIES P2
Dollar
Euro
Brent crude ($/bbl)
~79.3
~80.9
109.6##
~79.8 **
~81.0**
106.7 **
SRI LANKA INFLATION RISES TO PAYTM WILL MAKE OPERATING
Gold (10 gm)### ~51,260.0
*(July) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
p ~243.0
60.8% AS $ CRUNCH PERSISTS PROFITS BY SEPT 2023: SHARMA
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E O USL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E

VIRUS
TRACKER
MORE THAN
20,000 CASES
DETECTED Centre’s revenue Nifty logs biggest monthly
gains since November ’20
Total 43,979,730 é20,409
Active cases Recovered
INDIA

Deaths
receipts show FPIs buy shares worth THE BIG BOUNCE-BACK
~6,300 cr, first net
weak rise in Q1
143,988 43,309,484 526,258 Nifty50 Leaders and laggards FPI equity flows
é32 (% chg in July) (in ~ cr)
ê 2,335 inflow since Sept 2021 TOP GAINERS
Vaccination
2,039,340,354 SUNDAR SETHURAMAN Bajaj Finserv 37.7
é 3,132,759 Thiruvananthapuram, 29 July Bajaj Finance 33.5
WORLD Total Note: Total cases
include 1 migration;
April-June fiscal deficit at TAKING STOCK IndusInd Bank 31.4
nQ1FY22 India’s benchmark indices rose more
574,958,671 arrow shows 1-day
change; figures as 21.2% of Budget Estimates nQ1FY23 (~ trn) than a per cent for a second day on
Tata Steel 24.1
of 9 pm IST; sources: Asian Paints 23.7
Ministry of Health Friday, with the Sensex and the Nifty
Deaths and Family Welfare;
CoWin.gov.in; Johns ARUP ROYCHOUDHURY capping their biggest monthly gains TOP LOSERS
6,395,829 Hopkins Coronavirus
Resource Center New Delhi, 29 July since August 2021 and November ONGC -11.5
2020, respectively. Dr Reddy's Labs -6.9

A
mid the mounting burden of sub- The back-to-back gains came even RIL -3.3
1.3

1.11
sidies, the Centre’s revenue receipts as the US Fed raised interest rates by
0.62

HCL Tech -2.6

0.28

OLA, UBER IN
0.07
5.06

3.52
expenditure 1.75
rose just 5 per cent to ~5.7 trillion in expenditure 7.73 75 basis points for a second straight

2.7
4.1

Revenue 7.1

the June quarter of FY23 as the sur- month to control runaway inflation. Bharti Airtel -1.0 Note: July 29 figures are
provisional

MERGER TALKS? plus transferred by the Reserve Bank of India However, optimism that the pace of
Non-debt
Non-tax
revenue

revenue

Source: NSDL/Exchange/Bloomberg Compiled by BS Research Bureau

receipts

(RBI) to the Union government fell and the tightening may slow down going
Net tax

Capital
capital

deficit
Fiscal
Cab aggregator rivals Ola and Uber are in talks collection of Union excise duty and customs ahead has buoyed sentiment. The
for a possible merger, according to media duty contracted during the period. Fed has maintained its strong com- ished the month with 8.6 per cent
reports. Ola’s co-founder and CEO Bhavish The data released by the Controller General 23 -52 300 9 57.6 30 mitment to bringing down inflation gain — the most since August 2021, ~ sees biggest 1-day
Aggarwal met top Uber executives in San
Francisco recently, the reports said.
of Accounts (CGA) on Friday showed the
Centre’s fiscal deficit for the first quarter of
% change and has said further action will
depend on data.
when it had surged 9.44 per cent.
The gains come after a sharp slide
gain in 9 months
However, Aggarwal denied it on Friday FY23 (April-June) came in at 21.2 per cent of 19.35 2.69 0.79 31.95 7.5 16.6 The Sensex closed at 57,570, up in the preceding three months amid The rupee on Friday registered its
night. “Absolute rubbish. We’re very the full-year target on the back of strong capital FY23 Budget Estimates (~ trn) 712.46, or 1.25 per cent, while the Nifty sustained foreign outflows. biggest single-day gain since
profitable and growing well. If some other expenditure and weak revenue receipts. The Source: Controller General of Accounts gained 229 points, or 1.4 per cent, to Turn to Page 6 > October 20 last year, as a poor US GDP
companies want to exit their business from fiscal deficit for the same period last year settle at 17,158. Both indices are cur- reading led to anticipation of the
India they are welcome to! We will never (April-June FY22) was 18.2 per cent of the FY22 rently at their highest level since May Federal Reserve slowing down the
merge,” said Aggarwal on Twitter. Budget estimate.
PAGE 4 2. The Nifty has rallied 8.7 per cent in HISTORY REVISITED: pace of its rate hikes. The domestic
In the past, these companies have held such The central board of the Reserve Bank of July — the most since November INDICES REBOUND AFTER P10 currency settled at 79.27 versus the
conversations as Masayoshi Son-led
SoftBank is a common investor in them.
India (RBI) in May announced it would trans-
fer ~30,307 crore as dividend to the govern-
Core sector maintains 2020, when it had risen 11.4 per cent.
On the other hand, the Sensex fin-
3 MONTHS OF DECLINES dollar on Friday, against 79.76
on Thursday. 6>
SoftBank had reportedly pushed for a deal ment for the accounting year 2021-22 as against double-digit growth
but it didn’t happen that time. Now, the ~99,122 crore last year. India’s eight infrastructure sectors grew in
conversations for a merger have come up The shortfall may prove crucial in a year double digits for the second consecutive
again as both the companies are looking for
growth at a time when the Covid-19
when the government’s fertiliser and petro-
leum subsidies are expected to exceed the
month in June, even as sequentially growth
faltered. Data released on Friday showed
PM LAUNCHES INDIA'S FIRST INT’L AMAZON MOVES APEX COURT
pandemic has hurt the transportation Budget Estimates amid higher commodity the core sector grew 12.7 per cent in June BULLION BOURSE AT GIFT CITY AGAINST NCLAT’S ORDER
industry. BS REPORTER prices. year-on-year; sequentially, it contracted In a slew of initiatives, Prime Minister Narendra Modi on Amazon has moved the Supreme Court against the order of
However, Revenue Secretary Tarun Bajaj 4.1 per cent. Aditi Nayar, chief economist at Friday launched NSE IFSC-SGX Connect and India the National Company Law Appellate Tribunal (NCLAT),
who is also holding the additional charge of Icra, said there was a fairly broad-based International Bullion Exchange (IIBX) at the International which upheld the Competition Commission of India (CCI)
economic affairs secretary, on Thursday moderation in core sector growth, from 19.3 Financial Service Centre (IFSC) in GIFT City Gandhinagar. order suspending Amazon’s investment in the Future group
ON expressed confidence that the Centre would
be able to stick to the fiscal deficit target of 6.4
per cent in May to 12.7 per cent in June,
reflecting the normalising base.
Modi also laid the foundation stone for a ~200 crore
headquarters building of International Financial Services
in 2019. The NCLAT, on June 13, upheld the order of CCI on
December 17, 2021, not to give a nod to Amazon for its 49 per
SATURDAY per cent of GDP for FY23. Turn to Page 6 > Centres Authority. 10 > cent stake in Future Coupons Private Limited (FCPL). 2>
SPECIALS

WEEKEND RUMINATIONS
Some post-pandemic YES to raise $1.1 billion Apple’s India revenue SPECTRUM AUCTION
surprises
The outstanding performer, in terms of from Carlyle, Advent doubles in June qtr Day 4 sale
at ~232 cr;
economic growth, is a surprise — Turkiye.
India comes fourth, followed by (another PRESS TRUST OF INDIA
surprise) Pakistan. T N NINAN writes 13 > BHASKAR DUTTA New York, 29 July

bidding to
Mumbai, 29 July
Technology giant Apple has reported a
NATIONAL INTEREST Private lender YES Bank "near doubling" of revenue in India in the
on Friday announced rais- quarter ended June 2022.
Taking on Modi’s BJP
The future challenger to Modi would be
somebody who can bring the Hindus and
ing equity capital worth
$1.1 billion (~8,900 crore)
through funds affiliated to
Announcing financial results for its
fiscal 2022 third quarter ended June 25,
Apple on Thursday said it had achieved
continue
Muslims together again. The Hindus as global private equity a revenue record of $83 billion, up 2 per SURAJEET DAS GUPTA
Hindus, not broken caste groups. investors Carlyle and cent year-over-year. New Delhi, 29 July
SHEKHAR GUPTA writes 13 > Advent International. Apple CEO Tim Cook, during an
Each investor will earnings call, said the $83 billion reve- On the fourth day of the ongoing spec-
potentially acquire up to nue was "better than we expected trum auction, the government earned an
10 per cent, YES Bank said despite supply constraints, strong for- Apple CEO Tim Cook said the $83 billion incremental revenue of ~232 crore. The
> RESULTS RECKONER in a filing. adequacy of YES Bank “We are extremely eign exchange headwinds and the revenue was better than the company bidding continues as telcos are engaged
“This will be raised and aid the bank’s pleased to on-board such impact of our business in Russia". expected despite supply constraints in a race for spectrum in the 1800 MHz
through a combination of medium- to long-term pedigreed investors like "We set June quarter records in the band in just one circle: Uttar Pradesh
Quarter ended Jun 30, 2022; common sample $640 million (~5,100 sustainable growth objec- Carlyle and Advent Americas, in Europe and the rest of the "Some of those were called out in the (East). The 1800 MHz band is meant
of 507 companies (results available for 576)
crore) in equity shares and tives. Once approved, this International as our part- Asia Pacific region. We also saw June opening remarks between Indonesia mostly for 4G services.
SALES $475 million (~3,800 crore) would be one of the ners, in fulfilling the long- quarter revenue records in both devel- and Vietnam and India, where we did After 23 bidding rounds, with seven
Jun 30, ’21 46.3% ~9.69 trillion ì through equity share war- largest private capital rais- term strategy of the bank. oped and emerging markets, with very quite well, and the iPhone tends to be on Friday, the government’s total reve-
rants,” YES Bank said. es by an Indian private This is a testimony to the strong double-digit growth in Brazil, the engine for those markets, particu- nue from the auction has touched
Jun 30, ’22 31.9% ~12.78 trillion ì On Friday, YES Bank sector bank,” it said. inherent strength of the Indonesia and Vietnam and a near dou- larly at the beginning of creating the ~149,855 crore.
NET PROFIT shares closed at ~14.94, up The fund-raising plan bank’s franchise,” said bling of revenue in India," he said. market there for Apple products. And The bidding will
Jun 30, ’21 141.8% ~1.10 trillion ì 2.47 per cent from its pre- is subject to shareholder Prashant Kumar, manag- Cook added that Apple continues to so we're really looking at all of these resume on PAGE 2
vious close on the BSE. approval at the extraordi- ing director and chief execute across some significant geog- things from the installed base to the Saturday.
Jun 30, ’22 31.1% ~1.44 trillion ì “The capital raise will nary general meeting, to executive officer. raphies where there's a very low pen- number of switchers to the geographic The price of SAMSUNG
Companies with zero sales excluded further bolster the capital be held on August 24. Turn to Page 6 > etration of the iPhone. distribution," he said. the spectrum LOOKS
Compiled by BS Research Bureau Source: Capitaline
increased by BEYOND JIO
more than 44.8 TO BUILD 5G
per cent over the NETWORK
As television languishes on older distribution formats such as cable and DTH, it is having a concurrent resurrection online, base price of Rs
18.65 crore per
providing half of all videos consumed and cornering 45% of all media revenues. Here is a look into its future block (each block
of 0.2 MHz). And

Tele’s new vision: A shift from linear to digital

the demand con-
tinued to be in
excess of supply,
like it was on
VANITA KOHLI-KHANDEKAR hand, linear television, Thursday, with
Pune, 29 July or what we know as TV CHANGING PREFERENCES How they fare TV vs online video debate telcos collectively bidding for 75 blocks
channels with sched- 2021 n2019 n2020 n2021 while the availability remains at 54.
Karan Johar’s celebrity chat show, uled broadcasts, Media Audience size Revenue While the government was able to rus-
Koffee with Karan, had six successful declined marginally last (monthly reach, (~ crore) tle up a final bid amount of ~145,000
seasons on Star World. Yet, in July this year. However, it is tele- million people) crore on day one in four rounds, it added
year, Disney chose vision that is fuelling the Television 878 72,000 836 892 878 78,700 68,500 72,000 only ~4,855 crore in the next three days
to shift the seventh growth of online videos Digital 485* 30,300 Total TV viewers Total revenue after additional 19 rounds. In the last two
season to its over- in India — on YouTube, (mn) (~ crore, pay + ad) days, the revenue has gone up by just
Print 421 22,700
the-top (OTT) short video apps, and all ~401 crore.
streaming plat- other distribution for- Film 418** 9,300 Analysts say that the war will end if
form, mats that power video Music 461 1,870 one of the players blinks. The telcos have
Disney+Hotstar. consumption. Radio 226 1,600 made a total demand for 15 MHz of spec-
FUTURE This triggered
sniggers of, “Who
Koffee with Karan,
Anupamaa, Kumkum Note: *February 2022; **audience size for film refers to tickets sold in that year, and
293 406 468
Total unique visitors
9,200 10,700 17,000
Streaming video revenue
trum. This is much more than what is
available (10.8 MHz). The excess demand
OF TV watches TV any- Bhagya, films, cricket, foot- does not include people who watch films on TV, OTT or on other devices; Since there
is no separate estimate, the music audience simply refers to the number of people
/viewers online (mn) (~ crore, pay + ad) is for 4.2 MHz, based on the numbers.
PART- I way?”
Actually, 878
ball… TV content constitutes about
half of all videos watched online. It has
who access entertainment online; digital revenue includes search and
other revenues
Sources: The Indian Media Business, EY-FICCI, TRAI, MRUC, IRS,
BARC, and Comscore India
With 16 MHz of spectrum in 1800 MHz
band in the UP (East) circle, Bharti Airtel
million Indians do. always been so. After three decades of is clearly looking to hit the 20 MHz mark,
That is nearly twice the number dominance, broadcasters simply Disney+Hotstar and SonyLIV, both towers over every other outlet, corner- sion is not just the growth of OTT or say analysts. They point out that Reliance
watching online videos. In the last understand popular programming. It owned by television companies, are ing 45 per cent of all media revenues. the decline of cable and DTH, but also Jio, with 10 MHz, might be wanting to dou-
three years, online audiences have is television and film executives who among the top 10 video apps in India. the rise of the internet as the latest dis- ble its spectrum. Even Vodafone Idea, with
grown faster than any other medium call the shots at Google, Meta, Television — with ~72,000 crore a year The future is here tribution technology for television 10 MHz, may be in the race for the same
including television. On the other Amazon, and other tech-media firms. in advertising and pay revenues — What is shaping the future of televi- content. Turn to Page 7 > in this circle. Turn to Page 6 >
2 COMPANIES
>
MUMBAI | 30 JULY 2022 1

IN BRIEF
Probe underway after Indigo Samsung looks beyond Amazon files
flight skids off Assam runway plea in SC on
An IndiGo flight from Jorhat in Assam to Kolkata skidded off the runway
during take off and a pair of its wheels got stuck in the muddy outfield,
the airline said on Friday. The incident took place on Thursday when the
aircraft was taxing out for take off with 98 passengers on board and the
Jio to build 5G network NCLAT order
flight was cancelled, it said. "IndiGo flight 6E-757 operating from Jorhat
to Kolkata returned back to bay during departure. While taxing out, the In talks with Airtel, Vi THE NEW Tribunal upheld CCI order suspending
pilot was advised that one of the main wheels had partially run over the
grass adjacent to the taxiway," the airline said in
to supply equipment EQUATIONS Amazon’s investment in Future group
a statement. The pilot held the taxi procedure as a SURAJEET DAS GUPTA
precaution and asked for necessary inspection, it New Delhi, 29 July > Samsung, BHAVINI MISHRA
added. A probe is underway. Meanwhile, Civil which build the New Delhi, 29 July

S
Aviation Minister Jyotiraditya Scindia asserted outh Korean giant Samsung, which 4G network for
passenger safety is paramount to the entered India’s telecom gear mar- Reliance Jio, is Amazon has moved the
government and that DGCA's measures to ket by winning the contract to now looking Supreme Court against the
ensuring this would continue in the coming build Reliance Jio’s pan-India 4G net- beyond their order of the National
days in the backdrop of increased technical snags work, is now looking beyond Jio in 5G. Company Law Appellate
partner for 5G
being reported by different airlines in the country. PTI It is in talks with Bharti Airtel to Tribunal (NCLAT), which
business
supply equipment and build the 5G net- upheld the Competition
work for the telco in a few circles which Commission of India (CCI)
Zee-Sony merger deal gets might include Punjab and Kolkata, say
sources in the know.
> With Chinese
companies out of
order suspending Amazon’s
investment in the Future
Amazon had argued that
it had submitted all the
approval from exchanges Samsung has also held preliminary
talks with Vodafone Idea. A Samsung
the picture, both
Vi and Bharti
group in 2019.
The court is likely to list
documents before the CCI

The proposed merger of Zee Entertainment Enterprises and Culver India spokesperson declined to com- Airtel will have to the matter for next week. of the proposed combina-
Max Entertainment (formerly Sony Pictures Networks India) has ment. A query to Bharti Airtel and > Vi and Airtel > Reliance Jio > It has also The NCLAT, on June 13, tion,” CCI said before the
find other gear have Huawei and has undertaken undertaken trials with
been approved by the Bombay Stock Exchange and National Stock Vodafone did not receive a reply. providers to fill upheld the order of CCI on NCLAT.
Exchange, Zee Entertainment said in a statement on Friday. “The The move by Samsung is significant. Zte in many key trials with Samsung, and with its December 17, 2021, not to give Amazon had argued that
the vacuum circles for 4G Ericsson in 5G own indigenous O-RAN
approval from the stock exchanges marks a firm and positive step With Chinese companies Huawei and a nod to Amazon for its 49 it had submitted all the doc-
in the overall merger process,” it said, adding that it would allow ZTE excluded from participating in the per cent stake in Future uments regarding the invest-
the company to move to the next stage of the transaction. Sony 5G roll out, their absence leaves a vacuum etc. Reliance Jio has built its own indige- from the Department of Coupons Private Limited ment before the CCI.
Pictures Networks changed its corporate name to Culver Max in the market which will have to be filled nous 5G technology, partly in-house and Telecommunications which granted per- (FCPL). FCPL is the promoter Siding with the CCI, the
Entertainment this April. BS REPORTER by three vendors: Ericsson, Nokia and partly with the help of various collabo- mission just a few weeks ago. of Future Retail. NCLAT ruled that Amazon
Samsung. rations. In the 4G network business, the But Reliance Jio has undertaken trials The appellate tribunal had not made full disclosure
Telcos are also trying to fill the gap Chinese accounted for over 20 per cent with Samsung in Mumbai and with its had upheld the order of the about its strategic interest in
Zilingo COO Vaidya quits in yet by developing their own 5G indigenous
open radio access network (O-RAN) in
of the total market. They supplied equip-
ment to Airtel and Vodafone Idea, shar-
own technology in Jamnagar and
Mumbai, suggesting it might, unlike 4G,
competition watchdog,
imposing a fine of ~200 crore
Future Retail.
Amazon said it wanted to
another high-level departure collaboration with an array of players, ing the two telcos’ circles with Ericsson have a multi-vendor strategy. An email on Amazon. ease foreign investor rules in
The chief operating officer (COO) of Zilingo, Aadi Vaidya, has resigned a move which is being encouraged and Nokia. to Reliance Jio did not elicit any The company was asked to India to attract foreign invest-
from the firm after a tenure during which the fashion e-commerce by the government as part of According to estimates, Samsung has response. pay the fine for non-disclo- ments, said Kirti Dua, partner
start-up rose to prominence before plunging into a crisis. Atmanirbhar Bharat. a 30-35 per cent share which came from Analysts say it might be looking for a sure of information on com- at ANG Partners, Advocates,
Confirming his resignation, Aadi Vaidya, who joined the company in However, the O-RAN technology is putting together Jio’s network, with the new vendor for powering its 700 MHz binations under the and Solicitors.
2015 and became the COO two years later, said Friday was his last day still work in progress and its commercial rest held by the two European gear band network which it is believed to have Competition Act 2002. "It had said it will not take
at the company. It marks the latest high-level departure at the launch will only be decided by 2023-24. makers. bought in the recent auction. CCI had submitted over the Future group com-
troubled company. This comes two months after former chief So, in the meantime, Airtel has tied Reliance Jio has also started talks with Telecom gear makers have naturally before the NCLAT that pletely but issue cards for its
executive officer Ankiti Bose was dismissed in May after an up with Tata Consultancy Services to Ericsson for the first time for buying 5G been closely watching the developments Amazon was required to corporate customers," she
investigation by an independent firm into complaints of financial build the core as well as the radios and equipment beyond what is available from in the O-RAN space. Communications clarify the ‘economic’ and said. However, CCI said the
irregularities. Chief Financial Officer Ramesh Bafna, a former CFO of the various end-to-end stacks for 5G Samsung, say sources in the know. They Minister Ashwini Vaishnaw has publicly `strategic purpose’ of the actual reason for the invest-
fashion e-commerce platform Myntra, also left in May, two months deployment. It has also tied up with var- add that Reliance Jio moved the venue said that private telcos have shown a lot proposed investment. ment was not disclosed,
after joining the start-up. BLOOMBERG ious global players such as Mavenir for of 5G trials with Ericsson from Delhi to of interest in deploying the technology “Amazon had misrepre- which is, to develop suprem-
O-RAN software and NEC for MIMO cells Mumbai and sought permission to do so for 5G. sented the scope and purpose acy in the market.

Nissan India reaches 1-mn units

milestone in cumulative exports
Nissan Motor India on Friday said it has reached the milestone of one-
million units of cumulative exports. The company started exports in
BGMI axe latest blow Paytm will make operating
September 2010 from the Renault-Nissan Automotive India plant in
Chennai, catering to 108 countries, the company said. "Nissan India is
a key hub for the exports of completely built-up cars and for parts
to gaming industry profits by Sept 2023: Sharma
supply," Nissan India President Frank Torres said. Exports are a strong SOURABH LELE subject of scrutiny due to its addictive SOURABH LELE
pillar of Nissan India's business strategy, and the company will New Delhi, 29 July and violent nature. New Delhi, 29 July
continue growing its base in diverse markets and segments, Nissan Last week, the Minister of State for
Motor India Managing Director Rakesh Srivastava said. PTI The delisting of Battle Ground Mobile Electronics & IT, Rajeev One97 Communications, the parent
India (BGMI) — the new version of Chandrasekhar, in Rajya Sabha said the company of Paytm, has prioritised
THE CORE OF PAYTM’S
PUBG Mobile — from Google and ministry was looking into reports of the payments and distribution of BUSINESS MODEL IS TO
Deadline for Srei resolution Apple app stores has created new con- game addiction leading to crime among
cerns for the gaming industry, stake- children. “All such reports and griev-
lending products businesses as the
company aims to achieve operating
ACQUIRE CONSUMERS AND
extended 3rd time to Aug 10 holders said on Friday. ances have been forwarded to the
The app stores removed the BGMI Ministry of Home Affairs, the request-
profitability by September 2023.
“I believe that over the past year,
MERCHANTS FOR PAYMENT
The deadline for submitting resolution plans for Srei group app after the government reportedly ing agency, for examination,” our team has done a great job in mas-
SERVICES, AND UPSELLING
firms, which are undergoing the corporate insolvency process, ordered the takedown of popular bat- Chandrasekhar said. sively improving our revenues and SERVICES TO CONSUMERS
has been extended for the third time—to August 10 in the new tle-royale format game Gaming platforms contribution profits, which allows
change. According to sources, four prospective applicants had from Krafton Inc. BGMI suggested regulations to for investments in our payments and VIJAY SHEKHAR SHARMA,
requested lenders for an extension of the deadline. had crossed 100 million BGMI had crossed address the game add- credit businesses while at the same FOUNDER & CEO, PAYTM
Srei administrator Rajneesh Sharma declined to comment. The users in India after its 100 million users iction, rather than a time reducing our EBITDA losses.
deadline earlier was July 30. Arena Investors, LP and VFSI launch following the in India after its blanket ban. Pariani We are seeing excellent momentum
Holdings, an affiliate of Varde Partners, are three resolution PUBG ban in 2020. launch following said, “Such games are in our businesses and are on track
applicants understood to be interested in Srei. Varde and Arena The delisting comes the PUBG ban indeed addictive, but to achieve operating profitability
declined to comment. BS REPORTER days after reports of chil- in 2020 the games already give (EBITDA before ESOP cost) by the and upselling services to consumers. through the platform in FY22, a 478
dren committing crimes a notification every 1-2 quarter ending September 2023,” This is by leveraging our distribu- per cent growth over FY21.
when they were restrained from play- hours of the user playing it. So, rather Vijay Shekhar Sharma, founder and tion, collections, transactional and The value of loans grew 441 per
ing the game. than completely banning the game, we chief executive officer (CEO) of behavioural insights,” Sharma said. cent to ~7,623 crore in FY22, from
Industry stakeholders have urged could try and integrate such features Paytm said in a letter to the share- He said Buy Now Pay Later ~1,409 crore in FY21. “Our lending

Former I&B the government to rethink the order, that would limit the daily usage of the
hours after the app was down. Yash app.” Soham Thacker, founder and
Pariani, founder and the chief executive CEO, Gamerji, said, “BGMI (Previously
officer (CEO) of House of Gaming, said, PUBG) has been one of the top games
holders.
The digital payments company
presented the annual report for FY22
for the first time as a public-listed
(BNPL), which allows our credit to
consumers at the point of sale, had
become a favourite offering.
“Our lending business continues
business continues to scale provid-
ing attractive upsell revenues,” the
company said.
“Paytm app now has more and

official joins “The sudden BGMI ban has shocked the in the country for more than 5 years
entire Indian gaming community. If the now. There is an addiction element to
ban isn’t lifted soon, it will immensely it but then again that is with any mode
company.
Sharma said the company has
recorded rapid growth in payments
to scale, providing attractive upsell
revenues,” the company said in its
annual report. Paytm offers personal
more users coming on to the plat-
form for their everyday usage with-
out requiring any incentive. We

Dish TV board
affect the growth of esports in India.” of entertainment. Banning a game is and a huge scale-up in lending and loans, merchant lending and BNPL are focused on further expanding
BGMI falls under the battle royale not the solution, rather, there should payment devices businesses. options through partnerships with our payments network by acquiring
category — a genre that includes explo- be laws that restrict the number of “The core of Paytm’s business financial institutions. quality customers and merchants
ration and scavenging elements of a hours spent a week playing a game. model is to acquire consumers and Paytm’s lending partners dis- with high activity rates,” Sharma
DEV CHATTERJEE survival game. The genre has been a Similar to how it is in China.” merchants for payment services, bursed over 15.2 million loans said.
Mumbai, 29 July

Rakesh Mohan, former joint secretary in the ministry of infor-

mation and broadcasting, was appointed non-executive inde-
pendent director of Dish TV India on Friday.
Mohan’s appointment was cleared by the ministry of infor-
mation and broadcasting and the board’s nomination and
‘Ready to launch a new molecule every 1-2 years’
remuneration committee. The market share that Biocon Biologics' insulin Glargine injection has gained in the US Biologic drugs worth about $70 biosimilar molecules for the future. optimisation–we are constantly
The company is witnessing a battle of management control has been partially offset by price erosion in the firm's key products. In an interview, billion are likely to go off patent in We have planned our pipeline in a trying to improve our throughput,
between the bank and the company’s founder — the Goel ARUN CHANDRAVARKAR, MD, Biocon Biologics explains to Sohini Das why a company the next five years or so. How are way that every one or two years reduce overheads, costs, build
family. must continue investing in R&D even if that affects short-term Ebitda. Edited excerpts: you planning to make the most of there will be one launch or the other economies of scale by building large
As of now, YES Bank owns 24.7 per cent stake in Dish TV this opportunity? coming up during this decade. factories, etc. Just like I mentioned
while the former promot- You have gained market share in market share. Our gross R&D costs now would Depending on the therapy area, it from an R&D perspective, one has to
ers own 5.9 per cent stake. DISH TV
Mohan’s appointment is Shareholding as on June 2022
the US for your insulin Glargine
injections. What is the outlook The prices of some of your key
typically be 12-14 per cent of
revenues. Investments in R&D are
can cost anywhere between $50-
100 million to develop these
sacrifice short-term Ebitda for long-
term growth.
subject to approval of the for FY23? products, such as trastuzumab and judicious and essential to secure molecules. That is the kind of R&D
company’s shareholders. FPIs Promoters DIIs Prior to the interchangeable status pegfilgrastim, have eroded by 25- our future. But the disadvantage is budget we are looking at. Tell us about the growth in your
YES Bank has been in 4.0 (with Sanofi’s Lantus) we already 35 per cent. What are the the short-term optics as it impacts India business.
a battle with the Goels of Others 10.7 had Glargine approved in the challenges ahead? our Ebitda. In the long-term, we will How are you planning India is a retail business, and for us
the Essel group since last market, but the While we have filed for have a sustainable portfolio. to keep costs under it is growing well. We have 5-6 core
year after the direct-to- 11.3 pharmacies could not new products, the Most of our pipeline is public, control with a brands and are focusing on them.
home broadcaster 26.4 switch prescriptions. At inspections by the and we are building around 20 large R&D Internally, we have set ambitious
decided to raise ~1,000 that point, the market USFDA could not outlay? targets, but would not wish to give
crore via a rights issue. share was hovering in happen due to travel Cost any guidance. As such, we have
The bank had raised the low single digits. curbs. We expect an competitiveness grown market share and there is
an objection to the pro- After the ARUN inspection next month is a key to success. also prescription growth. After the
22.9 CHANDRAVARKAR
posal, saying the rights interchangeability
MD, Biocon Biologics
or so, which will clear the INVESTMENTS IN R&D ARE We are focused on insulin Glargine interchangeability
issue would dilute its status that we got last way for some products. cost with Lantus in the US, there is a
stake.
24.7
year, we were able to actually bid Also, unlike the diabetes or insulin
JUDICIOUS AND ESSENTIAL TO higher acceptability of our insulin
Retail Bodies
It then sought removal Corporate for formulary positions. These market, the oncology market in the SECURE OUR FUTURE. BUT THE products among doctors here.
of five directors, who were Source Capitaline cycles typically go by calendar year, US works slightly differently– DISADVANTAGE IS THE SHORT-
close to the Goels, from Compiled by BS Research Bureau and formulary positions have through the hospital channel. The By when do you expect to generate
the board. opened up for us since this January. market share gains are thus not as TERM OPTICS AS IT IMPACTS revenue from the Serum Institute
Of these, Jawahar Goel From the sub-three per cent rapid as in insulin; it’s a slow but OUR EBITDA. IN THE tie-up?
and Ashok Kurien have been denied new terms as levels in January, it has crossed steady process. But once you gain LONG-TERM, WE WILL The tie-up with Serum Institute
managing director (MD) and director, respectively on two nine per cent. I think this growth market share, it is resilient. Also, the Life Sciences brings to the table
separate occasions. will continue now. From eight per player that has an entire portfolio of HAVE A SUSTAINABLE their strengths in manufacturing
Goel’s rejection happened during the extraordinary gen- cent last quarter, it has touched 10 cancer products has an edge in this PORTFOLIO and also their vaccine portfolio. We
eral meeting (EGM) last month. Kurien’s nomination was per cent market share levels now. hospital channel sales. Therefore, have access to their portfolio and
rejected in the company’s annual general meeting (AGM) held By the end of this year, we should building a portfolio here is can sell the vaccines in the markets
in December last year. be in the mid-teens in terms of important. in which they have been approved.

MUMBAI : Printed and Published by Sangita Kheora on behalf of Business Standard Private Limited and Printed at M/s. Dangat Media Private Limited, 22 Digha M.I.D.C., TTC Industrial Area, Vishnu Nagar, Digha, Navi Mumbai, 400708 and M/s. Dainik Bhaskar, Plot no. 10.11, Sector B, Industrial Area, Govindpura, Bhopal (M.P.)-462023. & Published at
H/4 & I/3, Building H, Paragon Centre, Opp. Birla Centurion, P.B.Marg, Worli, Mumbai- 400013. Editor : Shailesh Dobhal RNI No. MAHENG/2013/53717 Readers should write their feedback at feedback@bsmail.in Fax : +91-11-23720201
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.
MUMBAI | 30 JULY 2022 COMPANIES 3 <

N FIRST QUARTER RESULTS ROUND-UP N

Torrent group rolls
Sun beats Street DLF Q1 profit up 39% out succession plan;
PRESS TRUST OF INDIA
Aman Mehta joins luxury homes has been a key trend that is

estimates, logs
New Delhi, 29 July expected to continue," the company said.
DLF also highlighted that its luxury project
Realty major DLF on Friday reported a 39 'The Camellias' contributed ~352 crore to sales

REALTY CHECK pharma unit board

per cent increase in its consoli-
dated net profit to ~469.56 crore
bookings during the quarter.
“While rising interest rates

43% rise in net

in the quarter ended June on DLF stock price in ~
better sales.
Its net profit stood at ~337.16
crore in the year-ago period.
Total income rose to ~1,516.28
crore in the first quarter of this
Robust sales across India, US ramp up profits fiscal from ~1,242.27 crore in the
386.0
SOHINI DAS corresponding period of the pre-
Mumbai, 29 July vious year, according to a regu-
latory filing.
382.1
may pose some challenges, we
400 expect this structural recovery
in the residential segment to
continue," DLF said.
395 The company would con-
tinue to bring newer offerings
390 across multiple segments and
geographies.
385 It would also remain com-
mitted to surplus cash genera-
SOHINI DAS
Mumbai, 29 July
The ~22,500-crore Torrent group has
rolled out its succession plan with
Aman Mehta (pictured), son of
Torrent Power and Torrent Pharma
Chairman Samir Mehta, being

I
ndia’s largest drug maker Sun
Pharmaceutical Industries has
posted a 43 per cent rise in net
profit for the first quarter of the current
fiscal year, to ~2,061 crore, beating Street
estimates, riding on robust sales across
India, the US and emerging markets.
The firm’s gross sales were up 10.1 per
cent year-on-year (YoY) at ~10,644 crore
during the quarter, from ~9,719 crore a
year ago.
Excluding the exceptional items of
Q1 last year, the adjusted net profit was
up 4.1 per cent.
Ebitda (earnings before interest,
taxes, depreciation, and amortization)
for the quarter came in at ~2,884.4 crore
(including other operating revenues),
and at a margin of 26.8 per cent.
Sun Pharma shares soared 5.4 per
cent on the BSE on Friday.
The company said excluding sales
of Covid-19 products, the overall sales
are up by about 14 per cent. The India
In a statement, DLF said its 380 tion from operations. appointed director on the board of
sales bookings jumped two-fold Jul 28 Jul 29 “We generated surplus cash the pharma company from August 1.
to ~2,040 crore during the April- of ~421 crore during the quarter Sources say that similar succes-
June period of this fiscal year, compared with which led to further deleveraging and con- sion plans are afoot at Torrent Power
the year-ago period. sequently our Net Debt at the end of quarter where the third generation from the
“Residential demand continues to exhibit stood at ~2,259 crore, one of the lowest levels," promoter family would be inducted
sustained momentum. The high demand for the company said. into the board soon.
Uttambhai Nathalal Mehta, a
medical representative with Sandoz
Torrent Pharma
SWEET PILL
Consolidated figures
Cipla posts 4% Ashok Leyland reports
~68 crore profit in Q1
in the 1940s, started Torrent Pharma
in 1959. It is now led by his two sons
Sudhir and Samir Mehta. Torrent Q1 profit rises 7%
~ cr
Q1FY22 Q4FY22 Q1FY23
Change %
QoQ YoY dip in profit on Ashok Leyland, the flagship company of the
Hinduja Group, has posted a net profit of ~68
group had diversified into the power
business around 1996.
Aman, an MBA from Columbia
Torrent Pharma on Friday
reported a 7 per cent increase in
its consolidated net profit to ~354
Net sales 9,669 9,386 10,644
Other
income
153 114 2
13.4 10.1
-98.1 -98.6 high-base effect crore during the first quarter of the financial
year, compared to a net loss of ~282 crore
during the April to June quarter of the
University, was already actively work-
ing with the group’s power and
pharma businesses.
crore for the June 2022 quarter.
The drug firm had posted a net
profit of ~330 crore in the April-
previous financial year, pushed by strong “At Torrent Power, Aman was June period of the last fiscal year.
PBIDT 2,343 -1,482 2,887 LTP 23.2 SOHINI DAS volume growth. BS REPORTER instrumental in bringing about a cus- The net sales rose to ~2,292 crore
Net profit 1,444 -2,277 2,061 LTP 42.7 Mumbai, 29 July tomer orientation transformation in the first quarter against ~2,120
LTP: Loss to profit Source: Capitaline within the distribution business. He crore in the year-ago period,
Mumbai-based Cipla posted a profit after tax
(PAT) of ~686.4 crore for the first quarter of the
Emami net down 7% also made noteworthy contributions
in enhancing efficiency in opera-
Torrent Pharma said. PTI

formulations business was up 13 per

cent on a like-to-like basis, excluding
Covid-19 product sales of Q1 last year.
“On a reported basis, the growth is 2.4
per cent over Q1 last year,” the com-
pany said.
US formulation sales came in at
$420 million, up 10.7 per cent over
Q1FY22, while emerging market formu-
lation sales were $245 million (12.6 per
cent). Rest of world formulation sales
came in at $190 million (2.6 per cent).
Dilip Shanghvi, managing director
of the company, said, “For Q1, all our
businesses recorded good growth, driv-
en by a combination of sustained scale-
up for our specialty business and all-
round growth across markets.”
The growth in Q1FY23 was led by the
rise in Sun Pharma’s specialty business.
“Specialty business has grown 29 per
cent, driven by Ilumya, Cequa, Odomzo
and Winlevi. Our India business con-
tinues to grow faster than the market,
leading to an increase in market share.
We have been able to report healthy
margins despite rising costs. We con-
tinue to focus on expanding our global
specialty business, growing all our busi-
nesses and improving our market
share,” Shanghvi said.
He added that specialty R&D con-
stituted 21 per cent of overall R&D.
There were four specialty molecules,
which are in clinical trials now.
India formulation sales accounted
for about 32 per cent of total consoli-
dated sales while the US accounted for
over 30 per cent. Sun Pharma improved
its market share to 8.5 per cent in India
as of June 2022. There were no sales of
Covid-19 drugs during Q1FY23 in India.
2022-23 fiscal year, down 3.96 per cent YoY while
its consolidated reve-
due to high inflation tions,” an official release said.
He has been executive director at Mehta had told Business Standard.
nues shrunk 2 per FMCG firm Emami on Friday reported 6.55 per the ~8,500-crore Torrent Pharma and The Torrent group had started
cent to ~5,375 crore. STOCK UP cent decline in June quarter PAT at ~72.69 crore. heads the India business along with working on succession plans some-
Cipla’s India busi- Price in ~ The firm had posted a PAT of ~77.79 crore in corporate HR. Aman’s key achieve- time back, and the younger genera-
ness — comprising 990 April-June 2021-22, Emami said. "Unpreceden- ment has been the successful integra- tions were being groomed in various
trade generics, pre- ted inflationary headwinds continued to tion post Unichem acquisition. business roles and verticals.
scription business 980 impact the sector leading to softening of Torrent said that he has led sev- Last year, Aman had told Business
and consumer health consumer sentiment," said Emami. PTI eral organic growth initiatives that Standard that they were still quite
— posted a YoY dip of
967.7 970 have started delivering market share flexible to take up roles within the
8.4 per cent in reve- gains, with a focus on new product organisation. “For example, I was
978.2
nues during the
quarter to ~2,483
960 Piramal Enterprises net launches. In an interview with
Business Standard last year, Aman
with Torrent Power earlier. All of us
are keen on all businesses. Whatever
crore. The company
said this was due to Jul 28 Jul 29
950 slips 8.95% to ~486 cr had spoken passionately about the
diabetic new chemical entity (NCE)
opportunities come, we are open to
rotation in the future too. For now, I
normalisation in Piramal Enterprises reported an 8.95 per cent that the company is working on. am focused on the pharma business
Covid-19 contrib- decline in net profit to ~485.98 crore for the first “This would be a promising while two of my cousins Jinal and
ution to branded prescription business. quarter ended June 30, impacted by higher launch for us. The NCE has been Varun are in the power business.
Adjusted for Covid-19 drugs, Cipla said its India expenses. The firm had posted a consolidated developed with 10 years of research There is also the gas segment, which
business clocked a 9 per cent growth driven by net profit of ~533.79 crore in the same period at Torrent. This would be the first is now a third business that is grow-
core brands. last fiscal, Piramal Enterprises said. PTI NCE from Torrent Pharmaceuticals,” ing well,” he had said.
4 ECONOMY & PUBLIC AFFAIRS
.>
MUMBAI | 30 JULY 2022
<

IN BRIEF
Paddy sowing dips 13%; Core sector maintains ~ logs biggest
may hurt final output single-day gain
The area for sowing paddy —
the biggest foodgrain grown
during the kharif season — was
almost 13.3 per cent less than
on the varieties, by 8-16 per
cent in major trading centres.
According to the latest sowing
data, as on July 29, about
double-digit growth
8 infra sectors grew 12.7% YoY in June; there was a contraction MoM in nine months
the same period last year as on 23.15 million hectares have so
ILLUSTRATION: BINAY SINHA
July 29 due to poor rains in big far been brought under paddy ASIT RANJAN MISHRA
growing states of UP, Bihar, this year, which during the New Delhi, 29 July
Dollar index falls as a
Jharkhand, and West Bengal. corresponding period last year contraction in US GDP
I
This has raised concerns of a was around 26.70 million ndia’s eight infrastructure sec-
big impact on the final hectares. Usually, tors grew in double digits for eases Fed hike fears
output as peak about 39.7 million the second consecutive month
sowing season for hectares are in June, even as sequentially BHASKAR DUTTA
the crop is nearing brought under growth faltered. Data released by Mumbai, 29 July
its end. Sources paddy during the industry department on Friday
said trade and the kharif showed the core sector grew 12.7 per The rupee on Friday registered its big-
market players season each cent in June year-on-year; sequen- gest single-day gain since October 20
have already year. This means tially, it contracted 4.1 per cent. last year, as a poor US GDP reading led
started factoring in that till end July Aditi Nayar, chief economist at to anticipation of the Federal Reserve
at least 10 million around 58.3 per Icra, said there was a fairly broad- slowing down the pace of its rate hikes.
tonnes drop in
production in rice in the kharif
cent of the normal has
been covered and still 40 per
based moderation in core sector
growth, from 19.3 per cent in May
The domestic currency settled at
79.27 versus the dollar on Friday, against
SOME RECOVERY
~ vs $ (inverted scale)
season as compared to last cent area remains unsown. to 12.7 per cent in June, reflecting 79.76 on Thursday. In the course of the
year due to delayed sowing. The southwest monsoon the normalising base. “The core day, the rupee headed closer and closer
Last year, India produced over between June and July 29 in sector reported 8 per cent growth to the 78 per dollar-mark, climbing to a 79.27
111 million tonnes of rice in the eastern UP has been 53 per in June 2022 from the pre-Covid DIFFERENT STORIES high of 79.17.
kharif season. The drop in cent less than normal, in level, with a healthy performance The data released after Indian trad- 74.56
nCore (YoY change in %) nCore (MoM change in %)
acreage has pushed up the western UP it is 50 per cent less from all the sectors, except steel ing hours on Thursday showed that the
retail price of rice, depending than normal. SANJEEB MUKHERJEE and crude oil. In line with the mod- 16.4 US economy contracted 0.9 per cent in
eration in the YoY performance the second quarter of 2022. This marked
recorded by most high-frequency the second consecutive quarter of a con-
12.7
PM to lay foundation of ~5k-cr indicators, as well as the core sector
in June 2022, we expect IIP growth -5 -4.1
traction in the American economy.
Some economists defined the two
NTPC green energy projects to ease to around 11-13 per cent in
that month,” she said.
successive quarters of economic con-
traction as a recession.
institutional investors’ appetite has
been showing signs of buying
Prime Minister Narendra Modi will on The disaggregated trends of core The US GDP data came a day after interest in Indian equities after nine
Saturday dedicate and also lay the foundation sector data are exceedingly mixed, the Federal Reserve raised interest rates consecutive months of net sales.
stone of various green energy projects of ranging from a contraction of 1.7 per by 75 basis points, taking the tally of Banks were said to have sold dollars
National Thermal Power Corporation Limited cent for crude oil to a robust expan- rate hikes in 2022 to 225 basis points. for foreign institutional investor pur-
worth over ~5,200 crore, and launch power sion of 31.1 per cent for coal. Apart
STEEL YoY chg (%) CEMENT YoY chg (%) POWER YoY chg (%)
While the Fed has signalled more chases of Indian assets on Friday, further
sector's revamped distribution sector scheme from coal, cement, refinery pro- rate hikes to tame elevated inflation in bolstering the rupee, dealers said.
as well as the national solar rooftop portal. He ducts, and electricity generation
55.1 19.4 7.5 the US, growing concerns over slowing So far in July, foreign portfolio
will participate in the grand finale marking demonstrated double-digit growth economic growth have increased spec- investors’ net outstanding purchases of
the culmination of 'Ujjwal Bharat Ujjwal in June; growth in steel and natural
3.3 ulation that the central bank will slow Indian stocks stand at $618 million,
Bhavishya — Power @2047' at 12:30 PM via video conferencing, a gas was quite muted. down the pace of rate hikes. NSDL data showed.
statement issued by the PMO said. 'Ujjwal Bharat Ujjwal Bhavishya Madan Sabnavis, chief economi- The revised view on the pace of the “The rupee appreciated against
— Power @2047' is taking place from July 25 to 30 as part of st at Bank of Baroda, said core sector 11.7 15.5 Fed’s rate hikes led to a sharp decline the dollar amid dollar sags and risk
ongoing 'Azadi Ka Amrit Mahotsav'. PTI growth is impressive given a high in the US dollar index, which measures assets gains. The institutional and
base of 9.4 per cent in June 2021. the American currency against six remittance-related dollar inflows also
“The pick-up in economic activity Source: DPIIT major rival currencies. supported the rupee,” Dilip Parmar,
More oil middlemen muscle in to meant that power demand increas-
ed and coal production kept pace. April World Economic Outlook, the from 7.5 per cent, citing higher-than-
The US dollar index fell to a low of
105.42 on Friday, Bloomberg data show-
HDFC Securities research analyst, told
Business Standard.
supply Russian crude to India After June, due to the monsoons,
we can expect a moderation for co-
IMF said though a global recession
in 2022 is ruled out with growth esti-
anticipated inflation since April and
subsequent monetary tightening by
ed. The index had earlier this month
climbed to a 20-year high of 108.54.
“Spot USD/INR is near to breaking
below a technical level of 79.20 after
India is set to get more channels to buy cheap Russian oil, with a al. We may expect industrial growth mate of 3.2 per cent, the balance of the RBI. India’s inflation remained The aggressive pace of monetary marking seven consecutive monthly
new wave of smaller, international traders muscling into its vast for the year to be closer to the 9-10 risks is squarely to the downside, above the RBI’s upper tolerance tightening by the Fed, so far, this year gains (for the dollar). At this level, if
market by offering barrels shunned by rivals after the invasion of per cent mark in June,” he added. driven by a wide range of factors limit for a sixth straight month in and the consequent dollar strength had bulls don’t show up, the pair can see
Ukraine. State-run refiners such as Indian Oil are warming to the The International Monetary that could adversely affect global June. On June 8, the six-member led to an exodus of overseas funds from another leg down towards 78.90 and
idea of buying from the lesser-known traders. Refinery officials Fund (IMF) on Tuesday slashed economic performance. Monetary Policy Committee (MPC) Indian equities, exerting considerable more,” he said.
said they’ve found it easier to work with them, rather than growth forecast for India by 80 basis The downward revision of India’s of the RBI raised the repo rate by 50 pressure on the rupee this month. On In the week ahead, currency traders
directly with Russian producers, as there’s less bureaucracy that points to 7.4 per cent for FY23, citing growth forecast by the IMF came basis points, following an off-cycle July 19, the rupee weakened to a lifetime expect the rupee to be confined to a
slows negotiations with firms such as Rosneft PJSC. Trading less favourable external conditions days after the Asian Development rate hike of 40 basis points in May. low of 80.06 to a dollar. thin band as the Reserve Bank of India
houses often serve the function of middlemen by bridging and rapid policy tightening by the Bank pared down its growth projec- Analysts expect a further rate hike With the dollar index now is scheduled to announce its monetary
differences between sellers and buyers. PTI central bank. In its update to the tion for India to 7.2 per cent for FY23, in the MPC meeting on August 5. significantly cooling off, foreign policy statement.

Over ~1-trillion freebies announced by state govts N RESULTS CORNER N

IOC posts ~2K-cr loss
SACHIN P MAMPATTA deficit, the more the government has
Mumbai, 29 July SUBSIDY SCHEMES ANNOUNCED ELECTRICITY SUBSIDIES ACCOUNT
FOR OVER 40% OF SOPS
to borrow to meet expenses. over fuel price freeze
State governments have announced over
BY STATES THIS YEAR | Electricity subsidy (in ~cr) Power Indian Oil Corporation net profit in the same
| Fiscal deficit in 2022-23 (as % of GSDP)
Rs 1 trillion in welfare schemes and sub- | Financial assistance/subsidy schemes (in ~cr) | Electricity subsidy (as % of GSDP) The recurring theme of power as a key (IOC) on Friday period a year back, the
sidies this year, even as the Supreme component of subsidies also shows up reported a net loss of company said in a
1.6 1.7 0.4 0.8 0.3
Court on Tuesday raised questions over 3.64 4.56 3.64 3.78 4.4 2.81 3.47 3.52 3.91 in the overall numbers. The total of ~1,992 crore in the stock exchange filing.
freebies promised around elections. power subsidy schemes and financial June quarter as a Its revenue from
21,000
27,541

Andhra Pradesh, Madhya Pradesh, assistance across five states adds up to freeze on petrol and operations rose to
6,655

and West Bengal are among the state Rs 42,155 crore. The electricity subsidy diesel prices wiped ~2.51 lakh crore in
5,000

5,000
21,000

4,500
8,480
18,877

governments with the largest welfare in Rajasthan is 0.3 per cent of gross away record refining April-June from
17,000

6,655

scheme announcements in their respec- state domestic product (GSDP). It is margins. Net loss of ~1.55 lakh crore,
Bihar 1,100

tive Budgets this year. They collectively 1.7 per cent in Jharkhand (see chart 2). ~1,992.53 crore in mostly because of
Haryana 639

Kerala 50

account for over ~67,000 crore worth of “The power sector accounts for April-June compares higher international
Jharkhand

Punjab

Rajasthan
Madhya
Pradesh

Andhra
Pradesh

schemes in 2022-23, shows data com- much of the financial burden of state to ~5,941.37 crore of oil prices.
Andhra
Pradesh

Madhya
Pradesh
West
Bengal

Punjab

Rajasthan

Jharkhand

piled from a Reserve Bank of India study.
Others included in the study were
Punjab, Rajasthan, Jharkhand, Bihar,
Haryana, and Kerala (see chart 1).
The RBI definition of freebies includ-
ed those that can “potentially undermine
credit culture, distort prices through
cross-subsidisation eroding incentives
for private investment, and disincentiv-
ise work at the current wage rate leading
to a drop in labour force participation”.
The state elections for Gujarat and
Himachal Pradesh are drawing near. The
Aam Aadmi Party (AAP) promised 300
Note: Data for Punjab pertains to 2021-22, while for the other states, it pertains to
2022-23 Budget Estimates. Fiscal deficit is for 2022-23 as a percentage of gross state
domestic product (GSDP).
free units of electricity if it comes to pow-
er in Gujarat. It implemented this in Pun-
jab after winning the election there ear-
lier this year. The Bharatiya Janata Party
(BJP) governments in Himachal Pradesh
had announced the provision of free po-
wer and water supply in April. The BJP
PTI
governments in India, both in terms of
subsidies and contingent liabilities.
Note: Data for Punjab pertains to 2021-22; for the
other states, it pertains to 2022-23 Budget Estimates.
Illustratively, many state governments
provide subsidies, artificially depressing
NTPC Q1 net profit up 15%
Cost is also given as percentage of gross state
Source: RBI, PRS Legislative Research domestic product (GSDP) for each state. Source: RBI
the cost of electricity for the farm sector NTPC on Friday posted a more than 15 per cent
and a section of the household sector,” increase in consolidated net profit to ~3,977.77
noted the June 16 RBI study entitled crore in the June quarter on the back of higher
Gujarat government has already promis- loans and medical assistance. ‘State Finances: A Risk Analysis’. income. The consolidated net profit of the firm
ed WiFi for 4,000 villages and ~500 crore The states have varying capacities to It noted that state governments had in the quarter ended on June 30, 2021 was at
for cow protection in its latest budget. pay for additional subsidies. According to bailout state electricity boards in 2003, ~3,443.72 crore, according to a filing to BSE. Its
The other subsidies that state to data from PRS Legislative Research, then in 2012, and again in 2015. The last total income rose to ~43,560.72 crore in the first
governments have announced this the fiscal deficit varied from 2.81 per cent of these involved state governments tak- quarter of the current fiscal from ~30,390.60
year include financial assistance to for Jharkhand to 4.56 per cent for ing over 75 per cent of the outstanding crore in the same period of the last year. PTI
women, subsidy on interest for crop Madhya Pradesh. The higher the fiscal liabilities of distribution companies.

Exports to take severe beating if recession hits US, Europe: Experts

Domestic demand and merchandise exports.
“However, lower commodity KEY EXPORT | Export ($ bn) | YoY growth (in %) a recession in the US, if there is
any, will be short-lived,” he said.
Outlook (WEO), the International
Monetary Fund (IMF) slashed its
may have to cushion prices will cushion the impact on
the CAD,” she said.
DESTINATIONS UNITED STATES EUROPEAN UNION To that extent, the impact on
India's exports and hence, eco-
earlier projections of global eco-
nomic growth by 0.4 percentage
the external impact
52.41

53.09

51.62

76.17
47.89

47.86

44.99

The US is the nomic growth is also going to be points to 3.2 per cent for 2022 and
43.90

41.36

64.96

largest export destina- limited. He said one can still bet by 0.7 percentage points to 2.9 per
INDIVJAL DHASMANA tion for India. Exports on India's GDP growth between cent in 2023. This is a marked
New Delhi, 29 July to the US have consti- 6.5 per cent and 7 per cent in the deceleration when compared to
12.95
14.33

Fears of a recession in advanced
countries, amplified by the two
consecutive quarters of GDP
decline in the US, would affect
exports from India but domestic
demand would help its economy
withstand the pressure.
Former chief statistician
Pronab Sen said: “If the devel-
oped world goes into a recession,
it would certainly affect our expo-
rts. So, that would apply down-
ward pressure on our economy.”
Bank of Baroda Chief
Economist Madan Sabnavis con-
curred, saying the recession par-
ticularly in US shall affect exports
from India and put pressure on
the trade deficit, and hence the
current account deficit (CAD).
This is because the US is a major
export destination for India,
besides the EU.
According to ICRA Chief
Economist Aditi Nayar, US slow-
down may affect both services
tuted 16-18 per cent
of total exports from
India in recent
years. Even when
the US showed a
decline in GDP in
the second quarter
of 2022, exports from
India to that country in the first
two months of that quarter consti-
tuted a bit over 18 per cent of total
outbound shipments. The US as
an export destination for India is
slightly bigger than the EU,
another region that may be hit by
a recession or near-recession.
Sakshi Gupta, principal econ-
omist at HDFC Bank Treasury,
said a slowdown in the US and
some other major trading part-
ners, such as the EU, is likely to
weigh on India's export growth.
“(We) expect GDP growth of
7 per cent (in the current financial
year), down from 7.3 per cent
earlier,” she said.
Sen said exports from India
current financial year. growth of 6.1 per cent in 2021, but
Sen said whether the develop- not a recession, which was seen in
ed world enter a recession or not 2020 when the global economy
depends on the behaviour of infl- declined by 3.1 per cent.
‘17-18 ‘18-19 ‘19-20 ‘20-21 ‘21-22 ‘22-23* ‘17-18 ‘18-19 ‘19-20 ‘20-21 ‘21-22 ‘22-23*
ation. “Inflation there is way, way However, it cautioned that
9.46 1.3 -2.76 47.54 9.01 -6.00 -8.07 57.07 higher than the tolerance level. there was a significant risk that
Note:* April-May Source: Department of Commerce There have to have a fairly exten- some or all assumptions on the
ded monetary tightening,” he said. basis of which these projections
have been the main driver of the the factors leading to it,” Sabnavis likely to be positive for growth, When contacted, Chief were made would fail to hold
country's economy until now. Its said. As central banks are tighten- she said. Economic Advisor V Anantha true. “As such, measures of eco-
domestic consumption growth ing interest rates across the world, Private final consumption ex- Nageswaran referred to his inter- nomic uncertainty and concerns
has been been “very ordinary at inflation shall recede, he noted. penditure, which denotes deman- view, given two days back. In the regarding an oncoming recession
best”, he said. “Investments Nayar, too, said domestic d in the economy, rose 7.9 per cent interview with Business Today, he have increased in recent
also I believe will slow down, demand, while patchy, may be in 2021-22 year-on-year. However, said the impact on India from a months,” it warned.
especially after the RBI's steps to able to withstand a global slow- it was largely because of the low recession or near-recessionary The US economy declined for
control inflation. We should be down. “We do not foresee a reces- base of the previous year. It grew conditions in the developed the second-straight quarter from
looking at a slowdown.” sion in India. A global recession just 1.4 per cent in 2021-22 over world would be a net effect of two April to June. The country’s GDP
However, others have different should soften commodity prices the pre-Covid period of 2019-20 factors -- impact on exports from fell by 0.9 per cent in Q2 of 2022,
take on the issue. and transmit to lower inflation But N R Bhanumurthy, vice- India and capital inflows after against a fall of 1.6 per cent in Q1,
“India will not face any threat reading,” she said. chancellor of Dr B R Ambedkar central banks in the advanced leading to a contraction of 1.3 per
of recession even if the world eco- Gupta said domestic funda- School of Economics University, world ease, halt or reverse their cent in the first half of the year.
nomy slows down as our growth mentals remain strong and are li- said he did not believe that reces- monetary tightening. “... on bal- Though this means that the
is based primarily on domestic kely to support economic growth. sionary conditions in the US ance I would argue it would be US is now in a recession techni-
demand. The latter can be A good monsoon, government would last long. “The unemploy- beneficial for India rather than cally, the official view of the coun-
affected by inflation and hence, capex spending, and an increase ment data and minutes of the hurt it,” he had said. try is that it is not because unem-
we need to be guarded in linking in consumer demand (in part led FOMC (Federal Open Market In its recent update on its flag- ployment is low and consumer
a possible slowdown in growth to by the re-opening effect) are Committee) meeting suggest that ship publication World Economic spending is relatively healthy.
.
MUMBAI | 30 JULY 2022 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | 30 JULY 2022 1

HDFC profit surges 22% in Q1 ‘We will grow VNB in line

Mortgage financier looks to raise $1.1 billion via external commercial borrowings
SUBRATA PANDA BALANCE SHEET growth in the past 32 quarters.
with industry after FY23’
Mumbai, 29 July Amount in ~ crore During the quarter, individual loan After the company’s Q1 earnings, N S KANNAN, managing director and chief executive officer, ICICI
disbursements grew by 66 per cent. Prudential Life Insurance, spoke to Subrata Panda on the factors propelling growth and the path the
Q1FY23 YoY (%)

M
ortgage financier HDFC
Limited’s net profit grew 22
per cent year-on-year (YoY)
to ~3,668 crore in the April-June
quarter (Q1) of FY23, aided by dividend
income and lower impairment losses
on financial instruments. But it missed
Street estimates as Bloomberg analysts
had predicted its net profit at ~3,883.5
crore.
Shares of the lender closed at
~2,379.10 apiece, up 1.85 per cent from
the previous day’s close.
HDFC reported net interest income
(NII) to the tune of ~4,446.90 crore, up
8 per cent YoY. Lower NII growth was
due to transmission lag; it would
unwind in the coming quarters, its
management said.
The net interest margin of the
lender stood at 3.4 per cent in Q1FY23,
as against 3.7 per cent in Q1FY22 and
3.5 per cent in Q4FY22. The drop in the
margin was largely due to the interest
rate actions by the central bank having
an impact on the borrowing cost of the
Net Interest Income (NII) 4,446.90 8 marked the highest-ever disburse-
Profit After Tax 3,668.82 22
Net Interest Margin (%) 3.4 NA
Gross Loan Book 581,040 16
Assets under Management 671,364 17
Source: HDFC
lender without a simultaneous trans- carried as a percentage of the exposure
mission on the asset side. at default (EAD) is equivalent to 2.30
Other income was up 29 per cent per cent.
YoY and 10 per cent sequentially to Asset quality improved as non-per-
~1,285 crore, led by income earned on forming loans (NPL) declined to 1.78
the assignment of loans and fees and per cent from 1.91 per cent a quarter
commission income. ago, led by healthy collection effi-
“The corporation has increased its ciency, which stood at 99 per cent for
benchmark lending rates and has the individual segment. While NPL in
incrementally shifted from a quarterly the individual segment was 0.98 per
reset for individual loans to a monthly cent, the non-individual segment saw
reset to reduce the impact of transmis- NPL of 4.44 per cent.
sion of rate changes,” it said. The mortgage lender saw a healthy
The expected credit loss for the credit growth of 16 per cent to ~5.81 tril-
lender was down 25 per cent YoY to lion. Based on assets under manage-
~514 crore in Q1FY23. It is carrying pro- ment (AUM), the individual segment
visions of ~13,328 crore. The provisions grew 19 per cent YoY – the fastest
Disbursements during the quarter
ments for the corporation in the first
quarter of any financial year, so far, it
said. “Demand for home loans and the
pipeline of loan applications continue
to remain strong. Growth in home
loans was seen in the middle-income
segment and in high-end properties,”
the corporation said.
In July 2022, the Reserve Bank of
India (RBI) increased the limit of exter-
nal commercial borrowing (ECBs)
under the automatic route from $750
million to $1.5 billion. HDFC is in the
process of raising funds under this
window of about $1.1 billion.
“Both stock exchanges, the PFRDA
(Pension Fund Regulatory and
Development Authority), and the RBI
have accorded no objection for the
merger (of HDFC into HDFC Bank). An
application has been made to the CCI
(Competition Commission of India) and
we are awaiting approval,” said Keki
Mistry, vice-chairman & CEO, HDFC.
company will embark upon. Edited excerpts:
How close are you to achieving the target of us and the re-insurers started tightening the
doubling the value of new business (VNB)? underwriting standards. Sequentially retail pro-
In the past we mentioned our objective of dou- tection for us has stabilised. I think in Q3 we
bling our absolute value of new business (VNB) will see growth in the retail protection business.
of FY19 in four years. Given what we have done
between FY19 and FY22, what needs to be Are you looking to relax some of the
achieved is about 22.5 per cent growth in VNB underwriting standards that were tightened
in FY23. We have grown our VNB in Q1 by 32 because of the pandemic?
per cent. Given that our target is about 22.5 per I do not think there will be wholesale relaxa-
cent, we have made a good beginning. We tions. We will look at the data and see if there
should be able to double the FY19 VNB by the are certain customer segments where our
end of this year. experiences are better and tweak the standards
Is the at the margin. It will take a long time before it
protection gets completely relaxed. But the frequent
business change of processes is behind us.
driving the You have opted for higher retention on your
VNB mar- books as far as retail protection is concerned…
gin expan- In the retail protection segment, there are
sion? If so, two lines of business — pure retail term and
what is the return of premium. In return of premium, the
ideal pro- retention is ~40 lakh. In pure retail term, we
duct mix increased retention to ~1 crore. When we looked
you are at profiles of customers, in the desirable seg-
looking at? ment, our mortality experience was such that
Two we would have paid too much if we agreed for
lines of reinsurance. Reinsurers’ experience versus our
business own experience was instrumental in us retain-

Credit offtake pace PNB lifts asset

have done ing more on our books. And, we did not want to
well. split the profit of that portfolio with reinsurers.
Protect-
ion has Have the rates stabilised in the term segment?

stays robust in June quality outlook

ABHIJIT LELE
Mumbai, 29 July
The pace of credit offtake con-
tinued to be robust in June,
with sectors clocking year-on-
year (YoY) growth between 9.5
per cent and 18.1 per cent.
Reserve Bank of India (RBI)
data showed that credit to
industry grew 9.5 per cent in
June 2022 (against a contrac-
tion of 0.6 per cent in June
2021).
Size-wise, credit
medium industries grew 47.6
to
per cent YoY in June against
59 per cent in the same month
last year. The credit growth to
micro and small industries
rose to 29.6 per cent from 11.6
per cent a year ago. The large
industries segment saw a
credit growth of 3.3 per cent
against a contraction of 4.8
per cent in June 2021.
Bankers said the rise in
credit offtake now is partly
driven by expansion in eco-
nomic activity.
Also, higher working cap-
ital limits due to rising input
costs and some shift to bank
loans from costly market bor-
rowing have led to an uptick
in credit demand from indus-
try. The current growth
should also be seen in the
backdrop of weak demand in
June last year due to eco-
nomic disruption caused by
the second wave, they added.
grown by They have. We have seen two-three rounds of
22 per rate increases. The last hike in rates we took was
N S KANNAN cent, 0-10 per cent, depending on the customer pro-
because file. And, with that we thought it was adequate
reduced to 11.27 per cent in of which from our perspective to protect our margins.
UPTICK IN CREDIT DEMAND NIKUNJ OHRI
New Delhi,29 July April-June from 14.33 per
Managing director & CEO of ICICI
Prudential Life Insurance the pro- So, we don’t have plans to increase rates any
n Apr-June 2021 n Apr-June 2022 (~ trn) cent a year ago. Gross NPA, tection further.
State-owned Punjab in absolute terms, stood at mix as a percentage of Q1 product mix is 22 per
2.58 1.35
National Bank has raised its ~90,167 crore on June 2022 as cent. Similarly, annuity has grown at 70 per cent What will be the company’s target when it
0.53 0.39 asset quality guidance and compared to ~1.04 trillion in and it has become about 6.5 per cent of our pro- comes to VNB margins after FY23?
0.16 seeks to lower net non-per- June 2021. duct mix. The mix of these two products has Beyond FY23, our focus will be on the absolute
-1.11 -0.27 -0.54 -0.01 -0.37
forming assets (NPA) to 3.5 PNB seeks to bring down grown and supported margins. Directionally, value of VNB, not so much the margins. Margins
per cent by gross NPA to sin- the protection segment has the ability to be 22- will be the outcome of the product mix. We will
March 2023-end gle digits by the 25 per cent in the medium term because of the grow the VNB in line with industry growth. Now
from 4.28 per end of the cur- general under-penetration and Covid. that the product mix and the channel mix are
Gross credit Retail Services Agriculture Industry cent on June 30, rent financial well diversified, we do believe that at this stage,
Note: "-" denotes shrink/contraction Source: RBI sectoral deployment 2022. year, Goel said. What are the reasons for the underperform- we have to come to a situation where we can
The Delhi- The bank has ance of the retail protection business? grow our VNB in line with the growth of the
RETAIL LOAN SEGMENTS based lender
had earlier pro-
formed a team of
about 300 offi-
The group business, which has done well, is
being driven by the credit life segment. In the
industry. The regulator intends to move towards
a risk-based solvency regime…
n June 2021 n June 2022 (YoY growth in %)
jected lowering cials who mon- group term business, more and more com- It will be great for the industry if we move to
30.7 net NPA to sub- itor all NPA panies are increasing coverage for their employ- a risk-based capital regime because we’re
24.2 111.3 4 per cent level The PSB seeks to accounts, Goel ees. So, these two factors have been driving importing too much capital for a business that
17.7 by end of the lower net NPA to 3.5 said. It is growth in the group protection business for us. is a pass-through. The intention of doing this
13.1 15.1
11.1 current finan- per cent by March attempting to The retail protection business has been affected would be to release capital from non-risk busi-
7.7 10.5
cial year. “...On 2023-end from improve recov- and I feel it is because of supply-side constraints. nesses and deploy it in risk-taking ones, such
0.8 account of 4.28 per cent on eries from bad There is no lack as the protection segment. Our solvency ratio
actions taken by June 30, 2022 loans and is of demand and will be close to 400 per cent once it kicks in.
Credit Other personal Vehicle Housing Gold the bank, net monitoring all the pandemic
Cards loans loans loans NPA is going to be reduced accounts including those on THE BUSINESS has made this There is a strong buzz that life insurers might
Source: RBI to 3.5 per cent definitely by which Sarfaesi or NCLT STANDARD product into a get the regulator’s nod to sell health indemnity
March 2023. I’m confident of (National Company Law “nudge pro- policies. If it allows such a move, how will the
The retail loans segment
retained its uptrend and grew
banking financial companies
(NBFCs), professional services
achieving this number,” PNB Tribunal) proceedings are
managing director Atul underway, he added.
BANKING duct” from a
“push product”.
business model of life insurers change?
It is high time health indemnity products were
18.1 per cent in June 2022 vis- and transport operators. Kumar Goel said at the post- Goel said the bank had SHOW The supply-side opened up to health insurers because they are
a-vis 12.2 per cent in the same The growth in loans to the earnings press conference. made recoveries of over constraints an under-penetrated market. Second, the dis-
month in 2021. It was prima- services sector was 8.9 per In April-June, PNB’s net ~7,000 crore in April-June, started during tribution might of life insurers is huge, with over
rily driven by housing and cent in March 2022. Credit NPA declined to 4.28 per and it expects to recover the pandemic 2.5 million agents. So this will increase penetra-
vehicle loans. Retail credit growth to agriculture and cent from 5.84 per cent a year ~8,000-9,000 crore every and we were tion. Also, we are experts in mortality assess-
grew YoY at 12.4 per cent in allied activities amid the ago and 4.8 per cent in quarter. not able to send ment and the morbidity assessment goes more
March 2022. onset of monsoon and the January-March 2022. In The lender has identified the prospective with the mortality assessment. Hence, it is a
Credit to the services sec- kharif sowing season was 13 absolute terms, the net NPA eight accounts worth ~2,486 customers for complementary product to what we are man-
tor grew by 12.8 per cent in per cent in June 2022 (against of the bank’s stood at ~ 31,744 crore that will be transferred medical exami- ufacturing and selling now. Till 2015, life
May 2022 (4 per cent a year 10.6 per cent in June 2021). It crore in June 2022, versus ~ to the National Asset SCAN THE CODE TO WATCH nation. insurers were allowed to sell health indemnity
ago). This is mainly due to was 9.9 per cent in March 38,581 crore in June 2021. Reconstruction Company THE INTERVIEW Subsequently products, so we are just looking at status quo
improved offtake by non- 2022. The lender’s gross NPA (NARCL). companies like ante being restored.

CRISIL SME TRACKER Irdai may add flexibility to corporate agency tie-ups
Twin headwinds lash SMEs in SUBRATA PANDA According to Irdai’s regulations,
the gems & jewellery sector Mumbai, 29 July
THE PROPOSALS about 75 per cent of the insurance
companies’ investments have to be in
SMALL AND MEDIUM ENTERPRISES (SMEs) in the The Insurance Regulatory and n Irdai board proposes corporate insurance companies each in the AAA-rated assets. Also, 25 per cent can
gems and jewellery sector are likely to grow 1-3 Development Authority of India agents can tie-up with up to nine life, health, and general insurance go to AA or even 'A-'rated instruments.
per cent year on year in value terms in the (Irdai) has sought to provide greater insurers each in the general, life, sector. Currently, they procure And, an insurance company can
current fiscal year (FY23), compared with over flexibility to insurers as far as corpo- and health insurance sectors. The insurance products of two insurers take exposure to below AA-rated
45-50 per cent in FY22 (which, in turn, was on a rate agency tie-ups are concerned, current cap is three instruments only after taking approval
n It seeks to revise criteria for insurers
low base of FY21). people in the know have said. from the board of the company.
That’s because they face two headwinds now: The regulator has mooted the pro- n It looks to allow insurance to invest in debt securities of InVITs Further, they are evaluating per-
the import duty hike of 500 basis points to 12.5 posal that corporate agents can tie up marketing firms to tie up with six & REITs and AT1 bonds mitting equity derivatives for the sole
per cent, and supply chain disruptions because of with up to nine insurers each in the purpose of hedging.
the ongoing Russia-Ukraine war, leading to a general, life and health insurance seg- The regulator has also mooted the
moderation in exports. ments.Currently, corporate agents are bution channels for insurers after the health, and general insurance seg- securities of InVITs, REITs and AT1 proposal of removing the require-
The rise in the prices of gold will also curb permitted to distribute products of agency channel. ments. bonds, among other things. ment of insurers taking prior
demand, though it will support SMEs’ revenues. three insurance companies each in Further, they have proposed to Currently, they can solicit and pro- Insurance companies as of now approval for issuing other forms of
Domestic demand, which accounted for 55-60 per these segments. allow corporate agents to place com- cure insurance products of two can invest in bonds of InvITs or REITs capital (OFC).
cent of sales by This would provide a significant mercial lines general insurance covers insurers each.Apart from distribution, of any ratings. But if an instrument The permissible amount is also
value in FY22, is boost to the bancassurance channel without any limit on sum insured. the regulator has also proposed major has a rating below AA, it becomes a going to be expanded, wherein OFC
estimated to have REVENUE SHARES: GEMS as insurers will be able to have more Also, insurance marketing firms changes to the investment norms of part of other than approved invest- of the insurer has to be lower than
grown in the first & JEWELLERY SECTOR bank tie-ups. This, in recent years, has can also have tie ups with six insur- insurers, wherein they are seeking to ments, and those above AA, become 50 per cent of the total paid-up equity
quarter of the SME proved to be one of the major distri- ance companies each in the life, revise criteria for investing in debt approved. capital and securities premium.
current fiscal,
helped materially 65-70%
by a low base. The
duty hike now > FROM PAGE 1 YES Bank... That would also be a re-rating event,”
Kumar had said at the event earlier
sides on the revenue side, for exam-
ple, the dividend from the RBI has
diture was at 24 per cent of the full-
year target due to higher capex at 23.4
changes that script. “We are excited about the incremental this month. been lower and some other things. per cent (~1.75 trillion) of the Budget
The impact of
this will be on SME
5G spectrum sale... opportunities that this partnership
creates for us and confident that both
Friday’s capital raising announce-
ment comes after the proposed sale of
But I am sure we will be able to take
care of it through higher revenues
Estimate of FY23. During the same
period a year ago in FY22, total
clusters such as It was at ~153 crore a MHz then. So the investors will play a crucial role in YES Bank’s bad loans — worth and by controlling the expenditure,” expenditure and capital expenditure
Thrissur and there may be a lot of action still left. the next growth phase of the bank,” ~48,000 crore — to JC Flowers Asset he told reporters. were 23.6 per cent and 20.1 per cent,
Coimbatore, which NON-SME From the operators’ perspective, Kumar said. Reconstruction Company. During the first quarter of FY23, respectively, of the full-year target.
mainly make plain UP (East) for Bharti accounts for a YES Bank was advised by BofA In the first quarter of the current income tax and corporation tax grew As the economy comes out of two
gold and
30-35% substantial 10.2 per cent of its total Securities as an exclusive financial financial year, YES Bank reported a at a robust rate of 40.7 per cent and years of the pandemic, the Centre has
Note: Data for FY22
traditional Source: CRISIL Research
subscriber market share. Bharti is adviser and AZB & Partners as legal 50.17 per cent year-on-year rise in net 30 per cent, respectively. However, made capex on high-multiplier
jewellery, and are ahead of Reliance Jio in the circle. advisor, the lender said. profit to ~310.63 crore as against Union excise duty and customs duty infrastructure projects the corner-
focussed on the However, it accounts for 7.6 per cent Shardul Amarchand Mangaldas ~206.84 crore in the same quarter last contracted 9.8 per cent and 11.8 per stone of its revival plans, and is stick-
domestic market. of Bharti’s overall revenue share. In advised Carlyle, and Cyril Amarchand year The private sector lender cent, respectively, during the period. ing to it in the current scenario of
On the other hand, the diamond cluster in the case of Jio, which is number two Mangaldas Advent. improved its asset quality, with gross “While the healthy growth in tax growth being affected by global
Surat will see an impact because of a high-base in the circle, it accounts for 8 per cent In an interview with Business non-performing assets (NPAs) falling revenues in Q1 admittedly benefits headwinds.
effect and supply-chain disruptions. Sanctions of its overall subscriber base and 7.19 Standard earlier this month, Kumar to 13.45 per cent of gross advances as from a low base, we expect the non- “The route we have chosen and
imposed by the US and Europe on Russia and, per cent share of its revenues. For had said that after steadying the ship of June 30, 2022 from 15.60 per cent excise gross tax revenues of the the one we are sticking with is capex.
consequently, on Alrosa, its biggest diamond Vodafone Idea, however, it accounts for two years, YES Bank would now by June-end 2021. Net NPAs or bad Centre to exceed the conservatively Even during the pandemic, we
miner, is having a bearing on India’s diamond for 7.82 per cent of its overall sub- focus on growing business from this loans too came down to 4.17 per cent estimated FY23 BE by a sharp ~3-3.5 adopted this method of spend on
polishing industry. scriber base but only 4 per cent of its financial year and would raise around from 5.78 per cent. trillion,” said Aditi Nayar, chief econ- capital assets, and make sure the
But the free trade agreement between India overall revenues. $1 billion through equity capital. omist, ICRA. economy revival happens. And states
and the UAE will support exports, as it has led to Except in UP (East), the base price Subsequently, Kumar said at a Nayar, however, warned that mar- really showed that they had the
the removal of the 5 per cent duty levied on gold
jewellery.
in these auctions is equivalent to the
market price, prompting industry
media event that fund raising of that
magnitude would take YES Bank’s
Revenue receipts... gin pressures on India Inc due to
inflation reflected in the low corpo-
absorptive capacity,” Finance
Minister Nirmala Sitharaman had
stakeholders and analysts to point at common equity tier-1 (CET) ratio to 14 “Our revenues are robust. We are ration tax growth of just 3 per cent in told Business Standard in early July.
a ‘’faulty’’ structure. This is mainly due per cent from 11.5 per cent at present. keeping a tab on the expenditures. June 2022 compared to June 2021.
to the steep base price. “We need to improve our CET ratio. There are going to be some down- During the June quarter, expen- More on business-standard.com
.
MUMBAI | 30 JULY 2022 POLITICS & PUBLIC AFFAIRS 7
<

HC to Cong leaders: Delete

tweets on Irani’s daughter
ADITI PHADNIS
New Delhi, 29 July
T
he Delhi High Court on Friday
directed Congress leaders
Jairam Ramesh, Pawan Khera,
and Netta D’Souza to immediately
delete tweets by them in reference to
the Goa restaurant of the daughter of
Union Minister Smriti Irani and issued
summons to them after Irani filed a
defamation suit against them.
The leaders have deleted the tweets
but have said they will respond to the
summons and fight the case in court.
This is likely the first case where a
court has asked political leaders to
remove tweets and has many ramifica-
tions, including issues related to fun-
damental rights.
The court directed the Congress
leaders to remove the post and things
associated with it, and stop their recir-
culation. Irani has filed a civil defama-
tion suit seeking a permanent and
mandatory injunction along with dam-
ages of more than ~2 crore and stated
Ramesh, Khera and D’Souza conspired
with other “unknown” individuals to
launch scathing and belligerent per-
sonal remarks to malign and defame
her young child.
The top echelons of the government
including Union Ministers Nirmala
Sitharaman and Piyush Goyal came out
all guns blazing in Irani’s defence after
the stand-off between her and
Congress President Sonia Gandhi in the
Lok Sabha on Thursday. Irani’s daugh-
ter’s Goa restaurant venture was also
reported on the social media, along
with pictures Irani claims are false.
Justice Mini Pushkarna, who heard
the case in the Delhi High Court, stated:
“I am of the prima facie view that slan-
derous allegations were made against
the plaintiff without verifying actual
facts.”
“Grave injury has been caused to the
reputation of the plaintiff in view of the
tweets and retweets carried out due to
the press conference of the defen-
dants,” the court added.
“(The) plaintiff has made out prima
facie case and balance of convenience
lies in favour of the plaintiff and against
MONSOON
SESSION
IN THE
HOUSE
Covid is less severe
in children: Centre
Coronavirus infections among
children and adolescents typically
cause less severe illness as
compared to adults,
according to the World
Health Organization, the
Union minister Smriti Irani has filed a government informed
civil defamation suit against Congress the Lok Sabha on Friday.
leaders Jairam Ramesh, Pawan Khera, Omicron and its sub-lineages have
and Netta D’Souza PHOTO: PTI been found in 7,362 samples while
Delta and its sub-lineages were
the defendants. I deem it proper to pass detected in 118 samples analysed by the
an interim injunction directing Jairam INSACOG from January 1 to July 25 in
Ramesh, Pawan Khera and Netta children aged 0-18 years, Union
D’Souza to delete and remove the alle- Minister of State for Health Bharati
gations made during the press confer- Pravin Pawar said in a written reply. PTI
ence from all social media platforms
including YouTube, Facebook and
Twitter. Govt: Global climate
“They are also directed to remove
the post, videos, tweets, retweets, mor- finance goal not met
phed pictures of the plaintiff and her India has been taking the lead in
daughter along with the allegations raising the issue of climate finance
and stop their recirculation. If defen- and its efforts have exposed
dants 1-3 fail to comply with the direc- exaggerated claims by
tions within 24 hours of this order, developed countries that
defendants 4-6 (social media plat- the goal of mobilising $100
forms) are directed to take down the billion per year to help
material,” the court added. developing countries is close
The fallout of Thursday’s events was to being met, the government
that the Lok Sabha and Rajya Sabha has said. At the 15th Conference of
worked for exactly 19 minutes. Parties of the United Nations
Before adjourning, the govern- Framework Convention on Climate
ment’s legislative business for next Change, developed countries
week was announced. The following committed to jointly mobilise the sum
Bills are expected to be introduced: The per year by 2020.”India's efforts have
Competition (Amendment) Bill, 2022; shown that the currently mobilised
the Energy Conservation climate finance is in reality much less,”
(Amendment) Bill, 2022; the Central Union Minister of State for
Universities (Amendment) Bill, 2022; Environment Ashwini Kumar Choubey
and the New Delhi International told the Rajya Sabha on Thursday. PTI
Arbitration Centre Bill, 2022.

India topped WTO 2021 list

for trade-related concerns
Its policy on tyres, import curbs on ACs, quality norms for copier paper and
caustic soda, GM-free certification for imported food items were discussed
SHREYA NANDI
New Delhi, 29 July
Over a third of the new trade-
related concerns in 2021 were
raised against various import-
related restrictions imposed
by India, according to the
annual report of the World
Trade Organisation (WTO).
“A record-breaking 20 new
trade concerns were raised by
WTO members in the Council
for Trade in Goods in 2021, up
from 13 in 2020,” the report
said.
Out of the 20 concerns
raised by WTO member
nations, seven of them were
regarding India’s–import pol-
icy on tyres, import restric-
tions on air conditioners, copi-
er paper quality order, 2020,
caustic soda quality control
order, standards and import
restrictions in automobile sec-
tor and requirement of GM
and GM-free certificate for
imported food consignments.
These issues were raised by
countries such as Chinese
Taipei, Japan, European
TRADE CONCERNS BY WTO MEMBERS
Country raising concern
Chinese Taipei
EU, Indonesia,
Chinese Taipei
Japan
Japan
United States
Indonesia
Indonesia
Source: WTO annual report. 2022
Union, Indonesia, and the
United States (US).
The annual report on the
WTO’s work in 2021 and early
2022 was released a little more
than a month after the com-
pletion of the crucial 12th min-
isterial conference in Geneva.
“MC12 is proof that the WTO
Subject
India's caustic soda quality control order
India's import policy on tyres
India's import restrictions on air
conditioners
India's mandatory certification for
steel products
India's order related to requirement of
non-GM cum GM-free certificate with
imported food consignment
India's plain copier paper quality
order 2020
India's standards and import
restrictions in the automotive sector
can deliver results. Members
have shown they are capable
of reaching multilateral com-
promises and finding solu-
tions to contemporary chal-
lenges, provided they have the
political will to do so,” the
report quoted WTO DG Ngozi,
Okonjo-Iweala as saying. The
report also noted that India
and the US were the leading
initiators of anti-dumping
probes, accounting for more
than 30 per cent of new inves-
tigations. However, that num-
ber had halved from 60 per
cent in 2020.
In the first six months of
2021, India initiated 25 new
anti-dumping investigations,
while the US initiated 11, down
from 57 and 58, respectively,
during the same period of the
previous year. As far as prod-
ucts are concerned, anti-
dumping investigations
involving steel products were
the subject of extensive debate
in 2021.
Countries can impose anti-
dumping measures or duties
on imports of a product where
the exporting company sends
the product at a price lower
than its normal value and low-
er than the price it charges in
its home market. The dumped
imports cause or threaten to
cause injury to the domestic
industry in the importing
country.

> FROM PAGE 1
Tele’s new...
“TV is but a screen and the
screen size will increase as
connected TVs (internet-
enabled smart TVs) take off.
But it is both the top and bot-
tom end of the market that
are driving growth,” says
Ashish Pherwani, partner
and leader for the media and
entertainment practice at
EY. Agrees Shrikant Shenoy,
associate vice-president,
Lodestar Universal. “TV is on
a strong wicket. OTT, other
screens, cinema are seen as
alternate viewing,” he says.
Hiren Gada, CEO of
Shemaroo Entertainment,
who calls his company a big
believer in digital, says the
television story still has a
long runway. “The core TV
consumer will stay,” he says.
Shemaroo, putting its money
where Gada’s mouth is, put
the bulk of its ~150 crore
investment during the last
2.5 years in linear television.
This is where the future
bit comes in. The migration
of viewers at the top end to
‘pay OTT’, or subscription-
based streaming platforms,
and at the bottom end to
free-to-air television and
‘free OTT’ is the single-
biggest trend right now. It
means the decline of televi-
sion on older distribution
formats, such as cable and
DTH, and its concurrent res-
urrection online.
Growth of free video
“YouTube and DD Freedish
(Prasar Bharati’s free DTH
service) are the big winners
in this market for the coming
years,” says Anuj Gandhi,
formerly with Viacom18 and
now a media consultant.
Over the last three years,
DD Freedish has gone from
25 million to an estimated 50
million homes, translating
into more than 200 million
viewers. YouTube has risen
from about 285 million
unique visitors in 2019 to
over 485 million earlier this
year, Comscore data shows.
The biggest loser has been
cable, which is down from
more than 100 million
homes covering 420 million
viewers in 2018 to an esti-
mated 70 million homes cov-
ering 294 million viewers
now. This is lower than the
official figure of 83 million
cable homes.
The future of broadcast-
ing, then, is evident in two
ways. One, the growth of an
alternative free ecosystem
that is not adequately cap-
tured by any of the existing
metrics. Take Dangal TV,
which offers reruns of older
shows. It is among the Top
10 most watched general
entertainment channels in
the country across lan-
guages, ages, and geogra-
phies. Shemaroo TV, Azaad
TV, and a host of the 167
channels on DD Freedish
aren’t names that ring too
loud a bell in the metros.
Then there are the huge
numbers that free OTTs such
as MX Player, which has 156
million viewers, or half a
dozen short video apps such
as Josh or Instagram Reels
get. This continues to
expand television’s reach,
albeit as a content source.
Two, the rise of pay OTT.
According to Media Partners
Asia, by the end of March
2022, India had 97 million
subscribers for pay OTTs.
And these are coming largely
from pay TV: read that as
cable and DTH homes. That
explains why Tata Sky, a
DTH operator, changed its
name to Tata Play earlier this
year. It offers Binge Combo
plans that include linear tel-
evision channels and several
OTT apps including Netflix.
The growth of TV, there-
fore, depends on its ability to
migrate its audiences and
business online, irrespective
of the technology that trans-
mits the content. The future
hinges on the internet. And
television seems to be riding
that, for now.
8
>
MUMBAI | 30 JULY 2022 1

KERALA WATER AUTHORITY e-Tender Notice

Tender No : SE/PHC/KKD/24/2022-23, SE/PHC/KKD/25/2022-23
1.PROVIDING FUNCTIONAL HOUSEHOLD TAP CONNECTIONS BY LAYING NEW
DISTRIBUTION LINES AT ATHOLI GRAMA PANCHAYATH 2.PROVIDING FUNCTIONAL
HOUSEHOLD TAP CONNECTIONS BY LAYING NEW DISTRIBUTION LINES AT
ULLIYERI GRAMA PANCHAYATH. EMD : Rs. 500000. Tender fee : Rs. 15000+18% GST.
Last Date for submitting Tender : 26-08-2022 05:00:pm. Phone : 0495-2371046.
Website : www.kwa.kerala.gov.in, www.etenders.kerala.gov.in
Superintending Engineer
KWA-JB-GL-6-611-2022-23 PH Circle, Kozhikode

KERALA WATER AUTHORITY e-Tender Notice

Tender No : 17,/2022-23/KWA/PHC/D3/TVM(RT2),23/2022-23/KWA/PHC/D3/TVM(RT1)
1) JJM CWSS to Aryanad Uzhamalaikkal Panchayath Construction of OHSR at Theviyarkunnu Pallivetta
Clear water gravity main Distribution network and providing 12540 FHTCs at Aryanad Uzhamalaikkal
Panchayath 2) JJM 2022 23 VILAPPIL GRAMA PANCHAYATH Providing 4505 FHTC with replacement
of old pipes pipe line extention in various wards Renovation of water treatment plant pump house
construction of sump OHSR pump houses and connected works of RWSS to Vilappil in
Vilappilpanchayath under Aryanad Water Supply Section. EMD : Rs. 500000/- each.Tender fee : Rs.
15000/-each. Last Date for submitting Tender : 22-08-2022 03:30:pm, Phone : 0471 2322303. Website
: www.kwa.kerala.gov.in, www.etenders.kerala.gov.in. Superintending Engineer
KWA-JB-GL-6-610-2022-23 PH Circle, Thiruvananthapuram

TCI Developers Limited

CIN: L70102TG2008PLC059173
Regd. Office : Flat Nos. 306 & 307, 3rd Floor, 1-8-271, to 273, Ashoka Bhoopal Chambers, S.P. Road Secunderabad - 500 003 (Telangana)
Corp. Office : TCI House, 69 Institutional Area, Sector-32, Gurugram -122 001 (Haryana)
Tel: +91 124 2381603-07, E-mail: secretarial@tcidevelopers.com, Website : www.tcidevelopers.com
NOTICE TO PUBLIC SHAREHOLDERS INTIMATING THE REVISED FLOOR PRICE FOR THE PROPOSED
DELISTING OFFER OF TCI DEVELOPERS LIMITED
Notice is hereby given to the public shareholders of TCI Developers Limited (‘the Company’) that pursuant to Initial Public Announcement
dated June 08, 2022 (“IPA”), the Acquirer TDL Real Estate Holdings Limited (hereinafter referred to as the “Acquirer”) inter alia has expressed
its intention, in accordance with Regulation 8 of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021
(“Delisting Regulations”) to (a) acquire all the equity shares of the Company having face value of Rs. 10/- (Rupees Ten only) each (“Equity
Shares”) that are held by public shareholders of the Company either individually or together with other Members of Promoter Group, as the
case may be; and (b) consequently, voluntarily delist the Equity Shares from the stock exchanges where the Equity Shares are presently listed,
namely; BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”), (BSE & NSE collectively referred to as “Stock Exchanges”) by
making a delisting offer in accordance with Delisting Regulations (“Delisting Proposal”).
In this regard, as per Regulation 20(2) and 20(3) of the SEBI Delisting Regulations, the Floor Price was calculated for the Delisting Offer by taking
ASAHI INDIA GLASS LIMITED
CIN: L26102DL1984PLC019542
the Reference Date as June 08, 2022 on which the Notice was submitted to Stock Exchanges intimating the date of Board Meeting held on June
13, 2022 to consider and approve the proposed delisting offer and accordingly arrived at a Floor Price of ` 357.80 (Rupees Three Hundred
Registered Office: Unit No. 203-208, Tribhuwan Complex, Ishwar Nagar, Mathura Road,
Fifty-Seven and Eighty Paise only) per Equity Share. Accordingly, the Acquirer had communicated the Indicative Price as ` 400 (Rupees Four New Delhi - 110 065; Phone: (011) 49454900
Hundred only) per Equity Share. Corporate Office: 3rd Floor, Tower D, Global Business Park, Mehrauli - Gurgaon Road,
However, the Floor Price has been recalculated in accordance with Regulation 20(2) and 20(3) of the SEBI Delisting Regulations, for the Delisting Gurugram – 122 002 (Haryana).
Offer by taking the Reference Date as the date of the Board Meeting i.e., June 13, 2022, wherein the delisting proposal was considered and Phone: (0124) 4062212-19 ; Fax: (0124) 4062244/88
approved and accordingly arrived at the floor price of ` 358.22 (Rupees Three Hundred Fifty-Eight and Twenty-Two Paise only) per Equity Share Email: investorrelations@aisglass.com, Website: www.aisglass.com
(the “Revised Floor Price”).
The shareholders of TCI Developers Limited are requested to take note and read the Floor Price as Rs. 358.22 (Three Hundred Fifty-
Eight and Twenty-Two Paise only) instead of Rs. 357.80 (Three Hundred Fifty-Seven and Eighty Paise only) per equity share. THERE IS UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE, 2022
NO CHANGE TO THE INDICATIVE PRICE. (` Lakhs)
The above change will be incorporated in the Detailed Public Announcement which would be published after receiving the in-principle
S. No. Particulars Quarter Year Quarter
approval from the Stock Exchanges and also the Letter of Offer that would be dispatched to all the public shareholders in accordance with the
Delisting Regulations. ended ended ended
In case of any queries, you are requested to contact / write to Manager to the Offer. Saffron Capital Advisors Private Limited, “605, 6th Floor, 30.06.2022 31.03.2022 30.06.2021
Center Point, J. B. Nagar, Andheri Kurla Road, Andheri (East), Mumbai – 400 059, Contact Person: Amit Wagle/Gaurav Khandelwal, Tel No.: 022-
49730394, Email: delistings@saffronadvisor.com.
Unaudited Audited Unaudited
For TCI Developers Limited 1 Total Income from Operations 92,590 3,18,973 60,516
Place: Gurugram Sd/-
Date: 29th July, 2022 Saloni Gupta 2 Net Profit for the period (before Tax, Exceptional and / or 16,293 51,071 5,165
Company Secretary & Compliance Officer
Extraordinary items)
3 Net Profit for the period before tax (after Exceptional and / or 16,293 51,071 5,165
Extraordinary items)
4 Net Profit for the period after tax (after Exceptional and / or 10,623 34,276 3,473
Extraordinary items)
5 Total Comprehensive Income for the period [comprising Profit for 10,776 34,555 3,563
the period (after tax) and Other Comprehensive Income (after tax)]
6 Equity Share Capital 2,431 2,431 2,431
7 Reserves (excluding Revaluation Reserve) as shown in the
1,73,816
Audited Balance Sheet of the previous year
8 Earnings Per Share (of `1/- each)
(for continuing and discontinued operations) (not annualised)
(a) Basic 4.40 14.18 1.45
(b) Diluted 4.40 14.18 1.45

KEY STANDALONE FINANCIAL INFORMATION FOR THE QUARTER ENDED 30th JUNE, 2022
(` Lakhs)
S. No. Particulars Quarter Year Quarter
ended ended ended
30.06.2022 31.03.2022 30.06.2021
Unaudited Audited Unaudited
1 Total Income from Operations 90,849 3,13,374 59,619
2 Profit before tax 16,364 51,899 5,478
3 Profit after tax 10,685 34,762 3,744
1. The above is an extract of the detailed format of Quarterly Financial Results filed with the Stock Exchanges under Regulation 33
of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The full format of the Quarterly Financial
Results are available on the websites of BSE and NSE at www.bseindia.com & www.nseindia.com respectively and on
company’s website at www.aisglass.com.
2. The above financial results have been reviewed by the Audit & Risk Management Committee on 28th July, 2022 and approved
by the Board of Directors at their meeting held on 29th July, 2022 respectively.
3. The financial results of the Company have been prepared in accordance with Indian Accounting Standards (“Ind AS”) notified
under the Companies (Indian Accounting Standards) (Amendment) Rules, 2015 as amended by the Companies (Indian
Accounting Standards) (Amendment) Rules, 2016, recognition and measurement principles in Ind AS 34 Interim Financial
Reporting prescribed under Section 133 of the Companies Act, 2013 read with rules issued thereunder and the other
accounting principles generally accepted in India.
For and on behalf of the Board of Directors
Place : Gurugram Sanjay Labroo
Date : 29th July, 2022 Managing Director & C.E.O.
.
MUMBAI | 30 JULY 2022 9
<

FOSECO INDIA LIMITED

Registered Office : Gat Nos 922 & 923, Sanaswadi, Taluka Shirur, District Pune - 412208.
Tele : +91 2137 668100, Fax : +91 2137 668160
Website : www.fosecoindia.com E-mail : investor.grievance@vesuvius.com
Corporate Identity Number : L24294PN1958PLC011052

An ISO 9001, ISO 14001 and OHSAS 18001 Accredited Company

Statement of unaudited results for the quarter and 6 months ended June 30, 2022
(All figures in Rupees Lakhs)

Current Corresponding Current

3 months ended 3 months ended Year to date for
Sr. 30-Jun-2022 in the previous year 6 months ended
Particulars
No. 30-Jun-2022
Unaudited 30-Jun-2021
Unaudited
Unaudited

1 Total Income from Operations (gross) 10,115.66 7,811.77 20,236.08

2 Net Profit / (Loss) for the period (before tax, 1,421.94 853.91 3,034.12
exceptional and/or extraordinary items)
3 Net Profit / (Loss) for the period before tax 1,421.94 853.91 3,034.12
(after exceptional and/or extraordinary items)
4 Net Profit / (Loss) for the period after tax 1,055.50 630.91 2,277.85
(after exceptional and/or extraordinary items)
5 Total Comprehensive Income for the 1,070.22 609.28 2,307.29
period [comprising Profit / (Loss) for the
period (after tax) and other comprehensive
income (after tax)]
6 Paid-up Equity Share Capital 638.65 638.65 638.65
(Rs.10/- share face-value)
7 Reserves (excluding Revaluation Reserve) - - -
as shown in the Audited Balance Sheet of
the previous year
8 Earnings / (Loss) Per Share (for continuing
and discontinued operations)
Basic & Diluted 16.53 9.88 35.67

NOTES
1 The results have been reviewed by the Audit Committee and approved by the Company’s Board of Directors
at their respective meetings held on July 29, 2022. The Statutory Auditors have conducted a limited review
of the financial results for the quarter ended June 30, 2022 and have issued an unmodified opinion.
2 The above is an extract of the detailed format of financial results filed with the Stock Exchanges under
Regulation 33 of the SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015. The full
format of financial results are available on the website of the Company www.fosecoindia.com and also on
the websites of the Stock Exchanges, namely BSE Limited, www.bseindia.com, and the National Stock
Exchange of India Limited, www.nseindia.com.

For FOSECO INDIA LIMITED

Prasad Chavare
Managing Director &
Date : 29th July, 2022 Chief Executive Officer
Place : Pune DIN : 08846863
10
>
MUMBAI | 30 JULY 2022 1

(in Lakhs)

FRESHTROP FRUITS LTD

Registered Office: A-603, Shapath IV, Opp. Karnavati Club, S.G. Road, Ahmedabad-380015
CIN: L15400GJ1992PLC018365 | Website: www.freshtrop.com | Email: secretarial@freshtrop.com
NOTICE
NOTICE is hereby given that pursuant to the provision of Section 124 of the
Companies Act, 2013 (the Act) read with the Investor Education and
Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rule,
2016 (the Rule, as amended), the Equity Shares of the Company in respect of
which dividend declared during financial year 2014-15, which remain
unclaimed or unpaid for a period of seven consecutive years or more are
required to be transferred by the Company to the demat account of the IEPF
authority.
The Company will send e-notice via mail to concern shareholders whose mail
IDs are available in the record and for remaining concern shareholders
individual notice will be sent at their registered address, if any, whose share
are liable to be transferred to IEPF authority advising them to claim their
unclaimed dividend latest by 2nd November 2022, to avoid transfer of their
shares to the demat Account of the IEPF Authority. The list of shareholders
whose shares are liable to be transferred to demat account of the IEPF
Authority is uploaded on the website of the Company www.freshtrop.com.
The concerned shareholder(s) holding shares in physical form and whose
shares are listed to be transferred to the IEPF Authority, may note that upon
transfer of shares to IEPF authority, the original share certificate(s) which are
registered in their name will stand automatically cancelled and be deemed
non- negotiable. In case of shares held in demat form, to the extent of shares
liable to be transferred, shall be debited from the shares liable to be
transferred, shall be debited from the shareholders account.
In case the concerned shareholders do not claim their unclaimed divided by
2nd November, 2022, the Company shall with a view to comply with the
Rules, transfer the shares to the IEPF Authority without any further notice to
the shareholders and no liability shall lie against the Company in respect of the
shares so transferred.
The shareholders may note that upon transfer of the share to IEPF authority,
including all benefits accruing on such shares, if any, the same can be claimed
only from the IEPF authority by making a separate application to the IEPF
authority in FORM IEPF-5 as prescribed under the rule and the same is made
available at IEPF websites i.e. www.iepf.gov.in.
For any queries in respect of the above matter, shareholders may contact M/s.
Bigshares Services Private Limited, the Registrar and transfer agents of the
Company, at Office No S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura
Centre, Mahakali Caves Road, Andheri (East) Mumbai – 400093 Phone: 022-
62638200, e-mail id: investor@bigshareonline.com.
Date : 29-07-2022 By Order of the Board of Directors
Place : Ahmedabad FOR, FRESHTROP FRUITS LIMITED
Ashok Motiani
Chairman & Managing Director
(DIN No. : 00124470)

 

   
    
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.
MUMBAI | 30 JULY 2022 11 <

KERALA WATER AUTHORITY e-Tender Notice

VST INDUSTRIES LIMITED Tender No : 1RE14/SE/PHCK/2022-23
Regd. Office : Azamabad Hyderabad – 500 020 JJM-2021-2022-Phase II-Laying Pipelines and Providing FHTCs in Vijayapuram
Phone: 91-40-27688000; Fax:91-40-27615336; Panchayat, Kottayam District.
CIN: L29150TG1930PLC000576, EMD : Rs. 5,00,000/-
Email:investors@vstind.com, website: www.vsthyd.com Tender fee : Rs. 15,000
Last Date for submitting Tender : 22-08-2022 03:00:pm
EXTRACT OF UNAUDITED FINANCIAL RESULTS Phone : 04812 562745.
Website : www.kwa.kerala.gov.in, www.etenders.kerala.gov.in
FOR THE QUARTER ENDED 30TH JUNE, 2022 KWA-JB-GL-6-617-2022-23
Superintending Engineer
PH Circle, Kottayam
` in Lakhs)
(`
Current Previous Corresponding
3 months Year 3 months
Sl. Particulars ended ended ended
No. 30-06-2022 31-03-2022 30-06-2021 HB ESTATE DEVELOPERS LIMITED
(Unaudited) (Audited) (Unaudited) CIN: L99999HR1994PLC034146
1a Total Revenue from Operations 40182 156067 36811 Registered Office : Plot No. 31, Echelon Institutional Area,
Sector 32, Gurugram-122001, Haryana
1b Other Income 1136 4667 925 Ph. : + 91-124-4675500, Fax No. : + 91-124-4370985
Total Income 41318 160734 37736 E-mail : corporate@hbestate.com, Website : www.hbestate.com
2 Net Profit for the period (before Tax, Exceptional and NOTICE OF THE 28TH ANNUAL GENERAL MEETING,
Extraordinary items) 11708 42821 9481 E-VOTING INFORMATION AND BOOK CLOSURE DATE(S)
3 Net Profit for the period before Tax (after Exceptional Dear Members,
and Extraordinary items) 11708 42821 9481 Notice is here by given that the 28th Annual General Meeting ('AGM') of the members of
4 Net Profit for the period after Tax (after Exceptional HB Estate Developers Limited (“the Company”) will be held on Tuesday, 23rd
and Extraordinary items) 8714 32023 7044 August, 2022 at 11:00 A.M. through Video Conferencing ('VC') / Other Audio Visual
Means ('OAVM') facility without the physical presence of the members at a common
5. Total comprehensive Income for the period [comprising
venue to transact the businesses as set out in the Notice of AGM in compliance with the
profit for the period (after tax) and Other applicable provisions of the Companies Act, 2013 (“Act”) and Rules framed thereunder
Comprehensive Income (after tax)] 8641 31951 7011 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
6 Equity Share Capital 1544 1544 1544 (“SEBI Listing Regulations”) read with Circular No. 14/2020 dated 08th April, 2020,
Circular No.17/2020 dated 13th April, 2020, Circular No. 20/2020 dated 05th May, 2020,
7 Reserves (excluding Revaluation Reserves) 105886
Circular No. 02/2021 dated 13th January, 2021 and Circular No. 02/2022 dated 05th
8 Earnings per Share (EPS) (of ` 10/- each) (not annualised) May, 2022 issued by the Ministry of Corporate Affairs (“MCA”) and Circular No.
a) Basic and diluted EPS before extraordinary items 56.43 207.38 45.61 SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated 12th May, 2020, Circular No.
b) Basic and diluted EPS after extraordinary items 56.43 207.38 45.61 SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated 15th January, 2021 and Circular No.
SEBI/HO/CFD/CMD2/CIR/P/2022/62 dated 13th May, 2022, issued by the Securities
NOTES : and Exchange Board of India (SEBI), hereinafter referred to as the “Circular(s)”.
1 The above mentioned results is an extract of the detailed format of Unaudited Financial Results for quarter Since the meeting will be held through VC/OAVM, facility for appointment of proxy will
ended 30th June, 2022 filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and not be available for the AGM.
Disclosure Requirements) Regulations, 2015. The full format of Unaudited Financial Results for quarter ended The Notice of AGM and Annual Report for the Financial Year 2021-22 have been sent
30th June, 2022 are available on the Stock Exchange websites (www.bseindia.com; www.nseindia.com) and electronically to all the members, whose e-mail address are registered / available with
Company's website (www.vsthyd.com). the Company / Depository Participants (DP) as on 22nd July, 2022.
2. Limited Review of the above mentioned results as per Regulations 33 of the SEBI (Listing Obligations and As per Section 108 of the Act, Rule 20 of the Companies (Management and
Disclosure Requirements) Regulations, 2015 has been carried out by the Statutory Auditor, who has issued an Administration) Rules, 2014, as amended and Regulation 44 of the SEBI Listing
unqualified review report. Regulations and aforesaid various Circulars issued by the MCA and SEBI, the Members
For VST INDUSTRIES LIMITED are provided with the facility to attend AGM through VC / OAVM, to cast their vote
Sd/- electronically through the Remote e-voting before the AGM and through e-voting during
ADITYA DEB GOOPTU the AGM, through the Authorised Agency, National Securities Depository Limited
Place: Hyderabad MANAGING DIRECTOR (”NSDL”).
Date: 29th July, 2022 DIN : 07849104
Detailed process and manner of Remote e-voting / e-voting during the AGM and
instructions for participation at the AGM through VC/OAVM are provided in the Notice of
AGM.
All the Members are hereby informed that:
a) the Business as set out in the Notice of 28th AGM will be transacted through voting
by electronic means;
ORIENT GREEN POWER COMPANY LIMITED b) the Remote e-voting shall commence on Saturday, 20th August, 2022 at
Registered office: Bascon Futura SV, 4th Floor, No: 10/1, Venkatanarayana Road, T. Nagar, Chennai -600017
Corporate Identity Number : L40108TN2006PLC061665 09.00 A.M;
EXTRACT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2022 c) the Remote e-voting shall end on Monday, 22nd August, 2022 at 05.00 P.M.
Thereafter, the facility of Remote e-voting shall be disabled by NSDL.
(Rs. in Lakhs)
d) the e-voting rights of the Members shall be in proportion to the paid-up value of their
Quarter Ended Year Ended Quarter Ended Shares in the Equity Share Capital of the Company. Members of the Company
S.No. Particulars 30/06/2022 31/03/2022 30/06/2021 holding Shares either in physical form or in dematerialized form, as on the cut-off
Unaudited Audited Unaudited date i.e. 16th August, 2022 may cast their vote by Remote e-voting before AGM / e-
1 Total Income from Operations 7,819 31,522 7,744 voting at AGM.
2 Net Profit/(Loss) for the period e) Any person who acquires shares of the Company and becomes a Member of the
(before tax, Exceptional items and/or Extraordinary items) 595 1,823 210 Company after sending of the Notice and holding shares as on the cut-off date, may
3 Net Profit/(Loss) for the period before tax obtain the User ID and password by sending a request at evoting@nsdl.co.in.
(after Exceptional items and/or Extraordinary items) 1,005 4,655 283 However, if he/she is already registered with NSDL for remote e-voting then he/she
can use his/her existing User ID and Password for casting the vote.
4 Net Profit/(Loss) for the period after tax,
Exceptional and/or Extraordinary Items (before discontinued operations) 1,005 4,655 283 f) Members may note that:
5 Net Profit/(Loss) for the period after tax from discontinued operations (129) (1,077) (63) i. Once the vote on a resolution is cast by the Member, the Member shall not be
6 Net Profit/(Loss) for the period after tax from continuing and allowed to change it subsequently.
discontinued operations (after Exceptional and/or Extraordinary items) 876 3,578 220 ii. Members who have cast their vote through Remote e-voting prior to the AGM
7 Total Comprehensive Income for the period [Comprising Profit/(Loss) may also attend the AGM through VC/OAVM but shall not be entitled to cast their
for the period (after tax) and Other Comprehensive Income (after tax)] 819 3,482 463 vote again at the meeting.
8 Equity Share Capital (Face Value of the share - Rs. 10/- each) 75,072 75,072 75,072 iii. A person whose name is recorded in the register of members or in the register of
beneficial owners maintained by the depositories as on the cut-off date shall be
9 Other Equity (26,126) entitled to avail the facility of Remote e-voting, participating in the AGM through
10 Earnings Per Share (EPS) (after Extraordinary items) of Rs.10/- each VC/OAVM and e-voting at the AGM.
(Not annualised)
iv. The Notice of AGM and Annual Report are available on the website of the
(A) For Continuing Operations Company at www.hbestate.com, website of the Stock Exchange i.e. BSE
a) Basic 0.13 0.58 0.02 L i m i t e d a t w w w. b s e i n d i a . c o m a n d w e b s i t e o f N S D L a t
b) Diluted 0.13 0.58 0.02 www.evoting.nsdl.com.
(B) For Discontinued Operations v. In case of any grievance connected with the facility for voting by
a) Basic (0.01) (0.11) (0.01) electronic means, Members can directly contact Ms. Soni Singh, Assistant
b) Diluted (0.01) (0.11) (0.01) Manager – NSDL, e-mail ID: evoting@nsdl.co.in or call on Toll Free No.:
1800-222-990. Members may also write to the Company Secretary at the e-
Notes: mail ID: corporate@hbestate.com.
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on
July 29, 2022. Book Closure: Pursuant to the provisions of Section 91 of the Act and Regulation 42 of
2. The above extract is as per Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 the SEBI Listing Regulations, 2015, the Register of Members and Share Transfer Books
(as amended). Also, as required, the specified items of the Standalone financial results of the company are given below. will remain closed from 17th August, 2022 to 23rd August, 2022 (both days inclusive)
(Rs. in Lakhs) for the purpose of 28th AGM.
For HB Estate Developers Limited
Standalone Sd/-
Quarter Ended Year Ended Quarter Ended RADHIKA KHURANA
S.No. Particulars Date : 29th July, 2022 (Company Secretary)
30/06/2022 31/03/2022 30/06/2021
Place : Gurugram M. No.: A-32557
Unaudited Audited Unaudited
1 Total Turnover of the company 675 2,978 760
2 Net Profit/(Loss) for the period
(before tax, after exceptional and/or extraordinary items) (771) (1,978) (194)
3 Net Profit/(Loss) for the period after tax, Exceptional and/or

RAIN INDUSTRIES LIMITED

Extraordinary Items (before discontinued operations) (771) (1,978) (194)
4 Net Profit/(Loss) for the period after tax from discontinued operations (15) (195) (15)
5 Net Profit/(Loss) for the period after tax from continuing and discontinued
operations (786) (2,173) (209)
CIN: L26942TG1974PLC001693
6 Total Comprehensive Income/(loss) for the period (comprising profit/
(loss) and other comprehensive income for the period after tax) (785) (2,170) (207) Regd. Office : “Rain Center”, 34, Srinagar Colony, Hyderabad-500 073, Telangana State, India.
3. The above is an extract of the detailed format of quarterly financial results filed with the Stock Exchanges under Regulation 33 of the Ph.No.: 040-40401234; Fax: 040-40401214;
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended). The full format of these quarterly financial Email: secretarial@rain-industries.com / www.rain-industries.com
results is available on the Stock Exchange websites (www.nseindia.com and www.bseindia.com) and on the website of the company
(www.orientgreenpower.com).
For and on behalf of the Board of Directors Statement of Standalone and Consolidated Unaudited Financial Results (Extract)
T Shivaraman for the Quarter and Half Year ended June 30, 2022
Place : Chennai CEO & Managing Director
(Rupees in Millions except per share data)
Date : July 29, 2022 DIN: 01312018
Consolidated
Particulars Quarter ended Half Year ended Pr. Year ended
June 30, 2022 March 31, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Dec. 31, 2021
NACL Industries Limited Unaudited Unaudited Unaudited Unaudited Unaudited Audited
NACL
CIN: L24219TG1986PLC016607 Revenue from operations 55,405.48 44,365.39 36,434.68 99,770.87 66,517.23 145,267.82
Regd. Office: Plot No.12-A, “C” Block, Lakshmi Towers,No.8-2-248/1/7/78, Nagarjuna Hills, Punjagutta, Hyderabad-500082, Telangana State, India. Net Profit for the period/year
Phone : 040-24405100, Fax : 040-23358062, E-mail : investors@naclind.com, Website:www.naclind.com (Attributable to Owners of the Company) 6,684.64 2,774.37 2,352.93 9,459.01 4,415.53 5,801.58
Extract of the Statement of Standalone and Consolidated Financial Results for the Total comprehensive income for the period/year
Quarter ended June 30, 2022 (Comprising net profit and other comprehensive income,
(` in Lakhs) net of tax) (Attributable to Owners of the Company) 9,855.61 3,357.05 3,290.43 13,212.66 4,930.41 6,093.52
Standalone Consolidated Paid-up equity share capital (Face value of INR 2/- per share) 672.69 672.69 672.69 672.69 672.69 672.69
Sl. Particulars Quarter Quarter Year Quarter Quarter Year Reserves (excluding Revaluation Reserve as shown in the
No. ended ended ended ended ended ended Balance Sheet of previous year) - - - - - 60,419.44
Earnings Per Share - Basic and Diluted (of INR 2/- each) 19.87 8.25 7.00 28.12 13.13 17.25
30.06.2022 30.06.2021 31.03.2022 30.06.2022 30.06.2021 31.03.2022
(Unaudited) (Unaudited) (Audited) (Unaudited) (Unaudited) (Audited) Standalone
Particulars
1 Total Income from Operations 47,951 32,783 165,656 47,820 32,735 165,358 Quarter ended Half Year ended Pr. Year ended
June 30, 2022 March 31, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Dec. 31, 2021
2 Net Profit for the period (before Tax & 2,041 1,905 10,246 2,020 1,899 9,984
Exceptional and/or Extraordinary items) Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Revenue from operations 116.15 128.89 92.63 245.04 215.85 535.47
3 Net Profit for the period before Tax, (after 2,041 1,905 10,246 2,020 1,899 9,984
Net Profit/(loss) for the period/year (31.95) (15.59) (10.52) (47.54) (12.71) 311.64
Exceptional and/or Extraordinary items)
Total Comprehensive income/(loss) for the period/year
4 Net Profit for the period after Tax, (after 1,513 1,431 7,604 1,492 1,425 7,342 (Comprising net profit /(loss) and other comprehensive
Exceptional and/or Extraordinary items) income, net of tax) (31.95) (15.59) (10.52) (47.54) (12.71) 313.44
Paid-up equity share capital (Face value of INR 2/- per share) 672.69 672.69 672.69 672.69 672.69 672.69
5 Total Comprehensive Income for the period 1,513 1,412 7,561 1,492 1,406 7,291
Reserves (excluding Revaluation Reserve as shown in the
[Comprising (Loss)/Profit for the period (after tax)
Balance Sheet of previous year) - - - - - 8,419.49
and Other Comprehensive Income (after tax)] Earnings/(loss) Per Share-Basic and Diluted (of INR 2/- each) (0.09) (0.05) (0.03) (0.14) (0.04) 0.93
6 Paid-up Equity Share Capital 1,984 1,978 1,983 1,984 1,978 1,983
Notes:
7 Earnings per Share (of ` 1 each)
1. The above is an extract of the detailed format of Quarterly Unaudited Financial Results filed with the Stock Exchanges under Regulation
a) Basic 0.76 0.72 3.84 0.75 0.72 3.71 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The details of Standalone and Consolidated
Unaudited Financial Results of the Company are available on the Company’s website www.rain-industries.com, on the BSE Limited’s
b) Diluted 0.76 0.72 3.83 0.75 0.72 3.70
website www.bseindia.com and on the National Stock Exchange of India Limited’s website www.nseindia.com.
NOTES : 2. The Board of Directors of the Company at their meeting held on July 29, 2022, have declared an Interim Dividend of INR 1/- per Equity
1 The above Standalone and Consolidated Financial results were reviewed and recommended by the Audit Committee in their Share i.e. 50% on face value of INR 2/- per Equity Share fully paid up for the financial year ending December 31, 2022.
meeting held on July 27, 2022 and approved by the Board of Directors in their meeting held on July 28, 2022. The Statutory 3. The Standalone and Consolidated Unaudited Financial Results were reviewed by the Audit Committee on July 28, 2022 and approved by
Auditors have issued an unmodified conclusion in respect of the Limited Review for the quarter ended June 30, 2022. the Board of Directors at their meeting held on July 29, 2022.
2 The above is an extract of the detailed format of Statement of Standalone and Consolidated Financial Results for the Quarter 4. On March 24, 2021, the Ministry of Corporate Affairs (MCA) through notification, amended Schedule III to the Companies Act, 2013,
ended June 30, 2022 filed with BSE Limited & NSE Limited under Regulation 33 of the Securities and Exchange Board of India applicable for financial period commencing from April 01, 2021. The Company has incorporated the changes as per the said amendment
(Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of Statement of Standalone and Consolidated in the above results and has also changed the comparative numbers wherever applicable.
Financial Results for the Quarter ended June 30, 2022 is available on the website of BSE & NSE Limited and Company's website For and on behalf of the Board of Directors
at www.naclind.com
Rain Industries Limited
By Order of the Board
Sd/- N.Radha Krishna Reddy
M. Pavan Kumar Place : Hyderabad Managing Director
Place : Hyderabad Managing Director & CEO Date : July 29, 2022 DIN: 00021052
Date : July 28, 2022 (DIN:01514557)
12 WORLD
.>
MUMBAI | 30 JULY 2022
<

IN BRIEF
Euro zone July inflation at
Lanka inflation rises to N EARNINGS SNAPSHOT N

Amazon reports
record 8.9%, highest since ’97
Inflation in the European countries using the euro currency
60.8% as $ crunch persists 2nd loss in a row
shot up to another record in July, pushed by higher energy
prices driven partly by Russia’s war in Ukraine, but the
Transport costs surge 143.6%, while food prices have increased 90.9% Stock rally eases slowdown fears
economy still managed some meager growth. Annual AGENCIES AGENCIES STOCK CLIMBS
inflation in the eurozone’s 19 countries rose to 8.9 per cent Colombo, 29 July 29 July
in July, an increase from 8.6 per cent in June, according to Price in $
180

S
the latest numbers published Friday by the European ri Lanka’s headline inflation surged Amazon reported its sec-
Union statistics agency. Inflation has been running at its to a record in July as food and fuel ond-consecutive quarterly 166.7
highest level since 1997. Energy prices surged by 39.7 per remained scarce amid depleted for- loss but its revenue topped 160
cent, slightly lower than the previous month, while prices eign exchange reserves. Wall Street expectations,
for food, alcohol and tobacco rose by 9.8 per cent, faster Official data on Friday showed con- sending its stock sharply
than the increase posted last month. AP/PTI sumer prices in the capital Colombo rose higher. 140
60.8 per cent from a year ago. That com- The Seattle-based e- 122.3
pares with the 62 per cent jump from a commerce giant also said it 120
US consumer spending median estimate by three economists in
a Bloomberg survey.
is making progress in con-
trolling some of the excess 100
beats expectations in June Transport costs rose 143.6 per cent,
while food prices increased 90.9 per cent,
costs from its massive
expansion during the
US consumer spending increased more than expected in the data showed. Covid-19 pandemic. 80
June as Americans paid more for goods and services, with Prices are still soaring even as eco- Amazon lost $2.03 bil- Dec 31,’21 Jul 28,’22
monthly inflation surging by the most since 2005. nomic activity has almost ground to a lion, or 20 cents per share,
Consumer spending, which accounts for more than two- halt amid nationwide rationing of fuel in the three-month period ended June 30, driven by a $3.9
thirds of US economic activity, rose 1.1 per cent last month, and power outages against the backdrop billion write-down of the value of its stock investment in elec-
the Commerce Department said on Friday. Data for May of political turbulence. The uncertainty Passengers ride on an overcrowded train as public transportation gets limited fuel tric vehicle start-up Rivian Automotive.
was revised up to show outlays gaining 0.3 per cent risks delaying the bailout from the amid an economic crisis, in Colombo PHOTO: REUTERS That compared to a profit of $7.78 billion a year ago. It
instead of 0.2 per cent as previously reported. Economists International Monetary Fund and posted a loss of $3.84 billion in this year’s first quarter, its
polled by Reuters had forecast consumer spending would friendly nations crucial to the island first quarterly loss since 2015, which was also marked by a
accelerate by 0.9 per cent. The data was included in the nation alleviating shortages of fuel, food STATE OF THE ECONOMY YoY change in % large Rivian write-down.
advance gross domestic product report for the second and medicines. Consumer prices Food prices Transport costs
quarter. That report showed inflation-adjusted consumer The country’s central bank has raised
spending increased at its slowest pace in two years. REUTERS borrowing costs by 950 basis points this
year and earlier this month warned infla- Apple reports ExxonMobil
Liz Truss has 90% chance tion may hit 70 per cent. The next mone-
tary review is scheduled on 18 August. loss in Q3 but and Chevron
of becoming next UK PM President Ranil Wickremesinghe has
initiated negotiations with the iPhone sales shatter profit
UK Foreign Secretary Liz Truss is rated a 90 per cent shot to Opposition parties to persuade them to
succeed Boris Johnson as head of the UK Conservative Party
and Prime Minister as the leadership race
join an all-party government led by him
as part of his efforts to establish trust.
still resilient records in Q2
enters its final weeks, according to betting With investors on edge about The two largest US oil
exchange firm Smarkets. Rishi Sunak and an economic slowdown, companies, Exxon Mobil and
Truss are competing in a six-week tour of
hustings around the UK for the votes of
World Bank has no new financing plans for island nation Apple Inc. offered just
enough good news to calm
Chevron Corp, posted record
revenue on Friday, bolstered
some 175,000 Tory party members. The World Bank does not plan to offer reforms that focus on economic The bank is repurposing resources fears — and bought itself by surging crude oil and
Smarkets says Sunak’s chances of becoming new financing to Sri Lanka, which is stabilisation and tackle the root causes under existing loans to help alleviate some time to ready a wave of natural gas prices and
prime minister have plummeted to 10 battling its worst economic crisis in of its crisis, which has starved it of shortages of essential, it added. new products. following similar results for
per cent. The results will be announced decades, until the Indian Ocean nation foreign exchange and led to shortages Sri Lanka has resumed technical The company’s fiscal European giants a day earlier.
on 5 September. BLOOMBERG has an adequate macroeconomic of food, fuel and medicines. discussions with the International third-quarter revenue and The US pair, along with
policy framework in place, the lender “The World Bank Group is deeply Monetary Fund on a potential bailout, profit narrowly topped UK-based Shell and France's
said. concerned about the dire economic the finance ministry said. analysts’ estimates, with TotalEnergies, combined to
Barclays accused of being In a statement, the World Bank said
Sri Lanka needed to adopt structural
situation and its impact on the people
of Sri Lanka,” it said.
The government hopes to secure an
Extended Fund Facility. REUTERS
iPhone sales holding up
better than expected. Though
earn nearly $51 billion in the
most recent quarter, almost
racist by bankers in London Chief Executive Officer Tim
Cook decried a “cocktail of
double what the group
brought in for the year-ago
Barclays was hit with three discrimination claims in headwinds” hampering period. All four have ramped
London from Black bankers who accused the lender and
colleagues of treating them unfairly because of their race,
40 Ukraine prisoners Russia asks Sakhalin-2 Apple’s business, he
predicted that sales would
up share buybacks in recent
months, capitalizing on high
after they raised concerns about internal business issues.
The cases are being heard together at London’s gas buyers to pay via begin to pick up in the
coming months. BLOOMBERG
margins derived from selling
oil and gas. REUTERS
employment tribunal as they cover similar allegations of
race discrimination. All three men are Black and come from
Cameroonian backgrounds. Race discrimination claims at
killed in blast: Russia Moscow-based bank
UK employment tribunals surged after a rise in public
consciousness of race issues following the Black Lives
AP/PTI
Kyiv, 29 July
Russia’s Sakhalin Energy Investment
Co has asked its liquefied natural gas Pakistan rupee posts worst
Matter movement and death of George Floyd at the hands
of police in Minneapolis in 2020. BLOOMBERG Russia and Ukraine accused each other
Friday of shelling a prison in a separatist
(LNG) customers to pay for supplies via
a Moscow unit of a European bank, a
source familiar with the matter told
fall ever, down 14% in July
region of eastern Ukraine, an attack that Reuters on Friday. Pakistan’s rupee had its worst the worst decline globally
reportedly killed dozens of Ukrainian pris- A second source said the energy month since 1989 amid a dol- after Ukraine’s currency for

Crypto slump has oners of war who were captured after the
fall of a key southern city in May. Both sides
said the assault was premeditated with the
company was in discussions to switch
payment currencies away from US dol-
lars for supply contracts. The changes
lar shortage and concerns
over a delay in an
International Monetary Fund
the month.
Pakistan is striving to
stave off fears it will follow Sri

flooded the market

with Rolex, Patek
The collapse in cryptocurrencies is easing supply of the most
sought after watches on the second-hand market, depressing
prices for hard-to-get Patek Philippe and Rolex models.
The supply of trophy watches such as the Rolex Daytona
or Patek Nautilus 5711A “is now much larger”, online-watch
trading platform Chrono24 said in an emailed statement.
The recent swoon in cryptocurrency valuations “has
directly impacted pricing of luxury watches from brands like
Rolex and Patek Philippe,” said the company, which is based
in Karlsruhe, Germany, and has
more than half a million watches
listed for sale on its website.
The price decline for the
most sought after models is
the latest indication that
the once soaring second-
hand luxury watch mar-
ket is starting to lose pace.
Surging valuations for
crypto currencies had
minted a new class of lux-
ury buyers, leading to an
unprecedented price
increase for models particu-
larly from brands like Rolex, and
Audemars Piguet. BLOOMBERG
Once soaring second-hand luxury
watch market is starting to lose pace
aim of covering up atrocities.
Russia claimed that Ukraine's military
used US-supplied multiple rocket
launchers to strike the prison in Olenivka,
a settlement controlled by the Moscow-
backed Donetsk People's Republic.
Separatist authorities and Russian offi-
cials said the attack killed 53 Ukrainian
China govt asked TikTok for stealth propaganda account
BLOOMBERG
29 July
A Chinese government entity
responsible for public relations
attempted to open a stealth account
on TikTok targeting Western
audiences with propaganda,
according to internal messages seen
by Bloomberg.
The attempt, which met with
push-back from TikTok executives,
highlights the internal tensions
within the fast-growing social media
app, owned by Beijing-based
ByteDance Inc., which has
constantly attempted to distance
itself from Chinese state influence.
In an April 2020 message
addressed to Elizabeth Kanter,
TikTok’s head of government
relations for the UK, Ireland,
Aftermath of shelling in Donetsk region
POWs and wounded another 75.
Moscow opened a probe into the attack,
sending a team to the site from Russia’s
Investigative Committee, the country's
main criminal investigation agency.
Netherlands and Israel, a colleague
flagged a “Chinese government
entity that’s interested in joining
TikTok but would not want to be
openly seen as a government
account as the main purpose is for
promoting content that showcase
the best side of China (some sort of
propaganda).”
The messages indicate that some
of ByteDance’s most senior
government relations team,
including Kanter and US-based
Erich Andersen, Global Head of
Corporate Affairs and General
Counsel, discussed the matter
internally but pushed back on the
request, which they described as
“sensitive.” TikTok used the
incident to spark an internal
discussion about other sensitive
requests, the messages state.
follow Russian President Vladimir (IMF) bailout program.
Putin’s June 30 decree to create a new The currency fell more
firm to take over all the rights and obli- than 14 per cent against the
gations of Sakhalin Energy. dollar in July, ending Friday’s
Using other currencies and a bank
within Moscow could help insulate
Russia from sanctions aimed at freez-
trading at 239 per greenback,
the biggest monthly slide
since Bloomberg started com-
ing it out of financial markets. REUTERS piling data in 1989. It’s also
INAUTHENTIC BEHAVIOUR
nStealth nTikTok’s senior
account targets policy team
Western pushed back
audiences with on ‘sensitive’
propaganda request
nTikTok allows Chinese
government entities, including the
-Chinese embassy in the US, to
have verified accounts
“We declined to offer support for downplayed the incident as an
this request, as we believed the informal request from a friend of an
creation of such an account would employee.
violate our Community Guidelines,” TikTok has rules against
said a TikTok spokeswoman, who “coordinated inauthentic behavior,”
Lanka into a default this year.
Army chief General
Qamar Javed Bajwa has
reached out to the US for the
early disbursal of the nearly
$1.2 billion loan from the IMF,
the official media reported
on Friday. BLOOMBERG
where accounts conceal their true
identity to exert influence or sway
public opinion, and against political
advertising, the spokeswoman said.
TikTok does allow some Chinese
government entities, including the
Chinese embassy in the US, to have
verified accounts. The company is
planning to expand its state-
controlled media policy, which
labels state-run accounts, in the
“coming months” to include other
government entities, the
spokeswoman added.
Kanter and Andersen declined to
comment. The Chinese government
did not respond to a request for
comment.
The messages have emerged in
the same week that UK foreign
secretary Liz Truss pledged to crack
down on Chinese-owned firms.

THE BS CROSSWORD #3430 BS SUDOKU #3728

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10 Give warning that an end’s 25 A ready source of money on 8 Sinister quit team (4,4) SOLUTION #3429
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11 One will never turn up over 26 Registering lack of money portrayed in Wuthering
until given a grand (6) Heights (10) SOLUTION TO # 3727
the rest if one comes in here
again (2-6) 27 Energy that’s not available for 15 One French wheel component
12 Blows about the end of June such a stroke (3-5) with narrow head is yet to be HOW TO PLAY
for visitors (6) DOWN: expressed (8)
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14 Yield and make a gift of some 1 They keep your feet dry but 16 Leading English doctors row, every column and
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(6)

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 >
OPINION 13
Volume IX Number 51
MUMBAI | 30 JULY 2022 Its ideological waffling showed up in Kerala —
among the few states where it still doesn’t confront
WEEKEND RUMINATIONS the BJP and, therefore, has a chance — over the
Sabarimala issue. To take the liberal and secular call
T N NINAN and risk annoying Hindus or to back tradition? It
chose the worst possible option: Say or do nothing.

Some post-pandemic surprises Rahul Gandhi did once speak out for gender equality
instinctively and then they were all scurrying around
covering for it saying it was his personal view not

W
hich large economy has performed best during the pandemic, the

Taking on Modi’s BJP

the party’s.
subsequent recovery, and the period beyond — i.e. starting from Mr Modi has cornered his ideological opposition
2020, stretching to this year (2022), and incorporating the outlook on to an island which is fast eroding as the waters
for 2023? That interesting question finds somewhat surprising rise with the political climate change. India’s Muslims
answers in the data presented by the International Monetary Fund (IMF), in the have been dragged along with them.
latest quarterly update of its World Economic Outlook. The outstanding performer, The future challenger to Narendra Modi would be somebody
in terms of economic growth after the pandemic hit, is a surprise — the country
now known as Turkiye. Surprise because Turkiye usually hits the headlines for its who can bring the Hindus and Muslims together again. The O ver the past three weeks, as this series began,
sparked by the blasphemy-Nupur Sharma-
Mohammed Zubair issue and the “No, No and Yes”
plunging currency and a zany monetary policy. But it turns out that, if you take its
macro-economic performance in 2020 and 2021, and the IMF’s forecasts for 2022
Hindus as Hindus, not broken caste groups piece, I have taken this question to some of the wisest
and 2023, Turkiye averages annual growth of 5.1 per cent — which beats everybody minds on the secular side.

I
n the second of this three-part National Interest Muslim candidates from the BJP won in MP. In a large Where do you go from here? How will you fight Mr
else for those four years.
series on Hindu-Muslim relations, new definitions number of constituencies, they won defeating the Modi for this political space?
According to the IMF’s data set for 30 highlighted countries, China is next- of the old secular-communal binary and the way Congress candidates. You will be surprised if I told you how many—and
best to Turkiye with average growth in 2020-23 put at 4.55 per cent, followed by ahead, we had raised a question. Can politics reunite If you are the Modi-Shah BJP’s rivals, victims or who all— said, no point fighting. The idea of the secular
another surprise: Egypt, with 4.3 per cent. India comes fourth with 3.9 per cent, what religion divided? prospective challengers, you can ignore these points republic is over. You can’t fight when the “Hindu major-
followed by (and you will really have difficulty swallowing this) the crisis-hit This draws from our central argument— that since at your own cost. See it like this. Fielding Muslim can- ity has become bigoted”.
Pakistan, with 3.6 per cent. With Bangladesh already an outstanding performer the decline of the Congress as the dominant political didates even in the more consequential elections, the Some young people have been so angry and hope-
on the growth and some development parameters, it would seem that the Islamic force across states in 1989, power in Indian politics has Lok Sabha included, might be a good idea for the BJP less they say the only way out is on a plane to the US,
world has produced quite a few winners. For good measure, Saudi Arabia will be fluctuated between two competing ideas. That you can if its hold on the Hindu vote continues unchallenged. Europe, or even Turkey. That, by the way, is a preferred
the fastest-growing economy in 2022 (think oil prices). use caste to divide what religion united. Or religion to It will win in two ways. destination for some. Others say, one day Mr Modi’s
The big question concerns China, which is almost certainly at an inflection re-stitch what caste divided. One, symbolically and numerically, it will counter voters will realise they’ve been had and vote for us in
point, given the poor demographic of a shrinking working-age population. The IMF For about 25 years, caste dominated. But in 2014, the charge that it’s Muslim-mukt (devoid of Muslims), sheer contrition. This is wishful thinking for a strategy.
projects average Chinese growth this year and the next at under 4 per cent, which religion won that battle for the Hindu vote in our key which is the truth now. And second, even if a small There are still others, neither seeking refuge in a
would be a multi-decade low. The accumulated problems in the real estate and large states. All other disputes and debates, Mathura- percentage of the Muslim vote switches to it, it will Green Card nor with a fight in their guts who’d refer to
Kashi, blasphemy, kanwariya-hajis, or secular-com- bury the opposition deeper still. the same Hyderabad speech. See, Mr Modi is reaching
financial sectors may be beginning to affect macro-economic performance. Also, a
munal in general have emerged as a consequence. out to Muslims. He also knows he needs social cohe-
diplomatically hostile Western world makes continuation of export-led growth dif-
ficult as Chinese firms face crackdowns and roadblocks of one kind or other.
As for India’s record, it did poorly in the first pandemic year (fiscal 2020-21),
Narendra Modi has a shrewd
understanding of this. See, therefore,
how he’s setting a trap for his ideo-
T his is a challenge Mr Modi’s rivals
can’t duck. If they move in to ring-
fence the Muslim voters, it consoli-
sion for success if he wants a place in history. So leave
it to him to accommodate the Muslims, the Israel-Arab
style, and let’s hope for the best.
having already slowed sharply in the previous year. But it achieved among the fastest logical rivals with a call to his dates his Hindu base. See, all these This defeatism runs contrary to one important fact.
recoveries subsequently. And taking the IMF’s projections for the next two years, the Bharatiya Janata Party (BJP) to reach people claim to be secular but all they No matter where politics of the day takes India, it will
economy is set to be the fastest-growing among the institution’s select list of 30 coun- out to backward classes/castes among care about is their Muslim vote bank. remain an electoral democracy. Sometimes it would
tries. Average growth this year and the next is put at 6.8 per cent. The IMF’s optimism India’s religious minorities (trans- If they don’t, they risk attrition in thelook authoritarian, sometimes anarchic. The game will
is shared by many multilateral and private forecasters. Some domestic analysts have lated, Muslims). Muslim vote too. That’s why we called be played broadly within this Constitution.
gone so far as to project medium-term growth as high as 7-8 per cent. If his rivals successfully used caste it a trap by Mr Modi. This is an open arena for ideas and ideologies con-
The way to avoid getting caught up in possible group-think is to question the to divide the Hindu vote for 25 years, Further, even if the Congress or tested by strong, ambitious and imaginative minds
assumptions. There are only two five-year periods when India recorded rapid couldn’t he now similarly use caste other pan-state parties avoid this, through competitive politics. A contact sport is still
growth. The first was in the fiscal years from 2003-04 to 2007-08, when the global to divide the Muslims? Jujutsu, the
art of using the adversaries’ strengths
NATIONAL INTEREST the new Muslim parties, Asaduddin
Owaisi, Badruddin Ajmal—and
played to some rules. India will never become a one-
party regime forever, a Hindu equivalent of the Chinese
economy was on steroids and India benefited from rapid export growth. The
against themselves, is an option avail- SHEKHAR GUPTA more such will emerge in other Communist Party-owned China. There are and will be
second was 2014-19, when there was a growth bonus in the form of falling and low
able to both combatants in the ring. states—won’t. Because the Muslim many in our politics who’d abhor the idea of a CCP-
oil prices. Both periods were followed by sharp slowdowns, caused in the first The first “secular” response to the trial balloon he vote is all they can hope to get, and this will be an isation of India.
case by a financial crisis and this time by the pandemic. India’s growth in the last launched at the recent BJP national executive meeting opportunity to take it away from its original recip- Nobody can defeat the BJP in post-2014 India with-
three financial years has averaged just 1.9 per cent. in Hyderabad might have been, fat hope! Good luck to ients: The Congress, NCP, SP, RJD and who knows, out a sizeable enough section of the Hindus voting for
It is natural, in a way, to project rapid growth from this low base. Crucial to that Mr Modi if he thinks any Muslims are going to vote for at some point, the TMC too. them. The era of having some of them voting as Dalits,
would be the assumption that the economy has suffered no lasting damage from the him, even if he reminds them ten times a day that they This fragmentation of Muslim vote will benefit only Yadavs, tribals or other OBCs is over. A challenger to
pandemic, and further that the investment in the transport infrastructure and digi- are pasmanda (backward) and that the dominant one political force, the BJP. It’s okay if you’d never vote Mr Modi will need to bring the Hindus and Muslims
tisation will deliver productivity growth. That first assumption is open to question, Ashrafs exploit them as much as the upper caste for me. In Kerala, at some point, the Indian Union together again. The Hindus as Hindus, not broken
given evidence of the impact on small and medium businesses and on employment, Hindus do with those lower down the ladder. Muslim League will begin to worry if a new rival from caste groups.
with more people switching to farming when the shift should be the other way. They may be right at least in the short run. But Hyderabad walks in while it is still bound by the UDF They will need to convince the Hindus that social
Also, the global environment is less than hospitable, with possible stagflation caste, and social discrimination based on it is also a coalition discipline and the Congress party’s growing cohesion, equality as enshrined in our Constitution,
in countries around the North Atlantic, a never-say-die virus, and, not least, mili- strong sentiment for those at the receiving end. At fear of being seen as pro-Muslim. is the best thing for them, and India. That the “oth-
tary conflict with the attendant supply disruptions. Equally real are three domestic some point, it might begin to find some response. The See how they responded to the triple talaq and hijab ering” of any fellow Indians is not only a cheap, un-
BJP plays the long game. issues. You will most certainly see a repeat as the Modi Hindu like thing, but also fatally detrimental to our
constraints: Close to double-digit fiscal deficits (Centre and states together) in
They didn’t field any Muslim—at least not any government moves in on other Muslim-specific family national interest. It isn’t easy. But the quest for power
relation to GDP, a growing current account deficit, and high levels of public debt
serious candidate—in any recent Lok Sabha and law issues like polygamy, maintenance for divorcees, never is.
when interest rates are rising. These factors make expansionary fiscal and mone- Vidhan Sabha election. But note how they fielded sev- special status for minority institutions, madrasah edu- (This concludes the three-part series)
tary policy difficult. One should therefore tinge the optimism with some caution. eral scores of them in the Madhya Pradesh local body cation and so on. These moves are written on the wall.
elections. Ninety two. Yes, 92 — that isn’t a typo— How will the Congress respond? By Special Arrangement with ThePrint

Nobel for AI: A matter of time? In a league of its own

Alphabet subsidiary, was asked to help
look at a critical problem in nuclear
fusion. Fusion occurs naturally in the sun
and other stars. Extremely hot hydrogen
mum energy to run the magnets, and
shaping the field to squeeze plasma in
ways that yield maximum fusion, is very
hard. The research by DeepMind’s AI was
experimental observation. Human
researchers using experimental methods
and cryo-electron microscopy have often
taken years to figure out the structure of
EYE CULTURE played through August. Come
December and it will be time for the
ABHISHEK SINGH Big Bash, New Zealand’s Super Smash
and South Africa’s proposed league.

is squeezed at extreme pressures to turn
into helium, with the excess particles
being converted to energy. We find it hard
to create such conditions of extreme pres-
sure and temperatures on Earth.
Tokamaks are doughnut-shaped
VIEWPOINT chambers, designed by Andrei Sakharov
back in the 1950s, which are used in
DEVANGSHU DATTA nuclear fusion. Plasma (hot ionised gases)
is contained within a tokamak and
laid out in the paper “Magnetic control of
tokamak plasmas through deep reinforce-
ment learning” (this has human authors).
The AI had worked out far more efficient
ways to shape the fields and hold plasma
than any prior research.
The other piece of top notch AI-driven
research was released last week. This
involves protein-folding, which is an
insanely complicated mathematical prob-
a single protein.
Circa 2018, DeepMind’s AlphaFold
algorithm started working on protein-
folding. This “Alpha” algorithm is the
same self-learning system that taught
itself to play superb chess and Go.
In 2018, AlphaFold beat every other
protein-guessing program in the 13th
Critical Assessment of Protein Structure
Prediction, an annual contest where pro-
S
outh Africa recently decided to
pull out of a one-day international
(ODI) series in Australia next
January. The series was part of the ODI
Super League (played for direct World
Cup qualification) and cost the Proteas
a crucial 30 points, which will in all
likelihood leave them playing a qual-
ification tournament for the 2023 ODI
World Cup to be hosted in India.
They will last till January and in
February, Pakistan Super League
is played.
The cycle will repeat itself. Thus,
the major seven cricket boards will
still get the window to play their
leagues and also play bilateral series
among themselves. If the ICC does
grant these boards their wishes, then
who will suffer?

C
an an Artificial Intelligence (AI) be
awarded the Nobel Prize for key
scientific research? This is not a
frivolous or philosophical question. In
2022 alone, we have seen at least two AI-
driven pieces of research, which could
qualify for the most prestigious award in
science.
In an earlier era, one would, of course,
have cited the flesh-and-blood scientists
who did computer-assisted work. But in
both the cases in question, the AI was
essentially self-taught — actually, it was
arguably the same AI that did both pieces
of research in widely differing fields.
In February 2022, DeepMind, the
British AI research outfit, which is an
crunched by magnetic manipulation to
initiate nuclear fusion.
“Hot” in this case means 120 million
degrees Celsius — much hotter than the
sun. There is no known material, which
can contain anything at such tempera-
tures without itself melting, and if that
plasma touches the chamber walls, it
could be catastrophic. But plasma is by
definition, electrically positive (since
electrons have been stripped off). So it
can be contained by strong electro-mag-
netic fields.
Only since it’s gaseous, those magnetic
fields need to be reconfigured many times
per second, to keep the plasma contained.
Doing this efficiently, while using mini-
lem. There are roughly 200 million known
proteins, each composed of about 20
amino acids. Proteins consist of chains of
300-odd amino acids or more strung
together in various ways. Any protein can
be folded many different ways. The bio-
chemical actions of proteins depend on
the way they are folded — this drives
interactions since chemistry depends on
physical proximity. If a protein is mis-
folded, horrible things occur such as con-
genital diseases.
Understanding how proteins are
folded, or likely to be folded is, therefore,
critically important. Protein folding is
guesswork, or rather, it used to be guess-
work driven by combinatorial maths and
grams try to guess structures of proteins.
It won the 14th edition as well.
In 2021, AlphaFold was open-sourced.
The source code was released along with
a paper that outlined the detailed meth-
odology of guessing protein folding. On
July 28, DeepMind released a compen-
dium of the structures of 200 million pro-
teins. The AI seems to have more or less
solved the protein-folding problem.
This is a huge step forward and it could
bring untold future benefits. Any human
team, which figured this out, would have
been a more or less automatic recipient
of the Nobel. So, to return to the original
question — should self-learning AI be eli-
gible for science awards?
Cricket South Africa (CSA), the
governing body of the sport in the
country, stated that they are focussing
on developing their own T20 league
that begins at the same time as the
proposed three-match ODI series.
This means that cricket boards are
now valuing the T20 leagues more
than even a chance at direct World
Cup qualification!
The assumption is partially true.
Given the money-making potential of
the leagues, the cricketing nations,
apart from the Big Three (India-
Australia-England), cannot afford to
lose money that helps them sustain
the game at the grassroots level. So, if
a league projected to give CSA a profit
of around $58 million from its fifth sea-
son onward is clashing with an ODI
Developing cricketing nations
such as Zimbabwe, Bangladesh,
Ireland and Afghanistan will lose out
on both the money from the bilateral
series with big nations and the one
coming from their own T20 leagues
because big-ticket players won’t be
available to play for them due to tight
scheduling of big leagues and bilateral
tournaments.
Greg Barclay, chief of the ICC, had
pointed this out earlier this year.
Talking about the demand for
increased space for leagues in FTP, he
said: “I think there’ll be some unfortu-
nate consequences from a playing
experience point of view and in a reve-
nue generation perspective for some of
these countries (financially weaker
ones) who just won’t get the amount of

Understanding politics via economic theory
be understood by scholars and observers
of politics without knowing at least some
basic economic theory.
Hence my submission: Political prac-
tice can in fact be viewed as the goings-
on in an oligopolistic market structure
because political competition is basically
what economics calls oligopolistic com-
petition, in which a few interdependent
producers compete.
If you think about it a bit, you will see
LINE AND LENGTH how this is exactly what the political sys-
tem in India is. That’s why it makes sense
TCA SRINIVASA RAGHAVAN to look at how economics has analysed
the behaviour of such oligopolistic pro-
and a member of the Nazi party.
The Stackelberg model stacks up well
with Indian politics. Until 1990, the
Congress was the leader and others fol-
lowed it, mostly via fake socialism. Now
they follow the Bharatiya Janata Party
(BJP) and its Hindutva.
A basic economic requirement of this
model is that firms should be selling
homogeneous products. Translated into
politics that means either socialist or
pro-Hindu policies. Firms in this model
compete on output or, in the case of polit-
ical parties, claims of poorly defined
good governance.
because it can’t compete there.
Lastly, there is the contestable mar-
kets theory, which doesn’t apply to pol-
itics I think because it requires very strict
conditions of cost recovery after entering
a market. Basically, all the costs have to
be recovered in the case of failure. That’s
not how it works in politics. All sunk
costs are lost forever.
Now let’s see how these theories can
explain the nature of political competi-
tion in India. The starting point has to
be the fact that any group of people that
is large can start a political party or
at least become a pressure group
series, which might as well have not
guaranteed its team’s progress to the
World Cup, why wouldn’t it be pre-
ferred by the board?
While this is the first instance of
such a major pull-out, it is an indication
that cricket is now getting driven by
demand, more than passion and tradi-
tion. Bilateral series between two
nations such as the Ashes enhanced
the prestige of the game and under-
pinned its financial support system,
garnering big crowds and sponsorship
in the pre-T20 era.
The Indian Premier League (IPL)
changed things a lot. With its latest
media rights for the next four years
(2023-27), sold for a whopping
cricket that they will hope to have.”
When leagues become mainstream,
India playing Zimbabwe in a bilateral
series might become a thing of the
past. Neither the audiences in India
nor sponsors will be interested in such
a series. This would not affect India,
but for Zimbabwe and its players, it
would be a disaster. Their players
would not get the much-desired
opportunity to showcase their talent
in front of a big nation and the board
won’t get the big advertisement and
sponsorship money.
T20 cricket would most likely go
the football way. Big budget leagues
will continue year-long. The three to
four months left in between would be

I
n the 1960s, Delhi University used to
have a “combined” honours degree,
modelled on the PPE of Oxford or the
Tripos of Cambridge. But they discon-
tinued it in 1966, I think.
Had they strengthened it instead,
rather than treating it as a souped-up BA
pass course, I think we would have had a
far better-informed cohort of social-
science graduates because politics, eco-
nomics, and philosophy shouldn’t be
taught and learnt in isolation from each
other. That creates a silo mindset which
never leaves the person.
One bad consequence of that hasty
deletion of the combined honours course
was that it took nearly 30 years after that
for educated Indians to understand a
basic truth: While political practice and
economic policy must be independent
of each other, political practice cannot
ducers, called firms.
There are five types of oligopolistic
competition that economics has dis-
cussed: Cartels, Stackelberg, Cournot,
Bertrand and contestable markets. All
but the last one mirror politics.
Thus, the essence of cartelisation is
collusion. Everyone knows firms collude.
But you can see it all the time between
political parties also, even where there
are only two of them. The Central Hall is
meant for facilitating this collusion.
But collusion doesn’t work very well
because there’s an inbuilt incentive to
cheat. That’s why cartels — or in the case
of politics, coalitions — are so unstable.
Then you have the Stackelberg type
of competition, where one firm is the
market leader and other firms are fol-
lowers. Heinrich Freiherr von
Stackelberg was a German economist
Next, we have the much older
Cournot type of oligopoly. Antoine
Augustin Cournot was a French philos-
opher and mathematician. In his spare
time he thought about economics. In his
kind of oligopoly all firms produce the
same stuff — in politics, populism — and
compete for market/vote share.
The Bertrand model of oligopolies is
named after another French economist,
Joseph Louis François Bertrand. He said
everything in such oligopolies depends
on whether the products are homoge-
neous or differentiated.
Examples from politics are the Congress
and Aam Aadmi Party (AAP). They are
totally homogeneous, which is why AAP
has been stealing Congress votes.
But AAP and the BJP are differentiated
because while both have welfare-type pol-
icies, AAP doesn’t push the Hindu agenda
demanding either money or seats in
the Assembly.
You can see all the elements of oligo-
polistic competition here: A few pro-
ducers, their interdependence, large
numbers of buyers, and a constant
endeavour to maximise either profits
(seats) or market shares (vote shares).
You may well ask, so what? So nothing
really except I think it was important to
point out to our political pundits that a
framework exists via which Indian politics
can be analysed in a more precise way
instead of the wishy-washy and unsatis-
factory way we have now, which allows all
and sundry to call themselves experts.
And, collaterally, here’s a blasphe-
mous thought: Universities should
downgrade the honours courses and
upgrade the pass courses. That’s where
the real value lies.
~43,000 crore, the game has shifted
totally towards leagues, and every
board wants to have its own domestic
T20 league.
The Future Tours Programme
(FTP), which the International Cricket
Council (ICC), the governing body of
the sport across the globe, prepares, is
under process. The FTP publishes a list
of bilateral and multilateral tourna-
ments that is honoured by all member
bodies. The Big Three want dedicated
slots for their respective premier
domestic T20 tournaments, the IPL
(India), The Hundred (England) and
the Big Bash (Australia).
The IPL generally runs from mid-
March to mid-May. In June and July,
The Hundred will be played. The
Caribbean Premier League (West
Indies’ domestic T20 tournament) is
utilised for the World Test
Championship as that will be the only
way to sustain Test cricket. ICC tour-
naments (World Cups and Champions
Trophies) will become the major form
of international white-ball cricket.
Bilateral ODIs/ T20Is will be played in
minimal quantity and only to prepare
for ICC tournaments.
Smaller nations, which always
dreamt of playing Test cricket one day,
would have to give that up and focus
fully on developing their own T20
leagues. The main focus of players in
these countries would be to play in the
major T20 leagues. Just like it happens
in football, where everybody from
around the world wants to play in
European leagues, every cricketer
would dream to play in the Big Bash,
IPL and The Hundred.
14
>
MUMBAI | 30 JULY 2022 1

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Extract of Un-Audited Financial Results for the Quarter ended 30th June, 2022
` in Lakhs (except earnings per share)
Quarterended Yeartodatefigures Corresponding
forthecurrentperiod 3monthsendedin
Sr.
Particulars ended thepreviousyear
No.
June30,2022 June30,2022 June30,2021
Un-Audited Un-Audited Un-Audited
1 Total Income from Operations 9,004.09 9,004.09 5,614.14
Net Profit / (Loss) for the period
2 453.97 453.97 353.12
(before Tax, Exceptional and / or Extraordinary items#)
Net Profit / (Loss) for the period before tax
3 453.97 453.97 353.12
(after Exceptional and / or Extraordinary items#)
Net Profit / (Loss) for the period after tax
4 350.00 350.00 272.24
(after Exceptional and / or Extraordinary items#)
Total Comprehensive Income for the period
5 [Comprising Profit / (Loss) for the period (after tax) 350.11 350.11 272.40
and Other Comprehensive Income (after tax)]
6 Equity Share Capital 520.00 520.00 473.00
Reserves (excluding Revaluation Reserve) as shown
7 NA
in the Audited Balance Sheet of the previous year
Earnings Per Share (of ` 2- each)
8
(for continuing and discontinued operations)
Basic: 1.35 1.35 1.15
Diluted: 1.35 1.35 1.15
Notes:
1. These financials have been prepared in accordance with the recognition and measurement principles laid
down in IND AS 34 Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013
read with relevant rules issued thereunder.
2. Results for the quarter & Year ended 30th June, 2022 are in compliance with Indian Accounting Standards
(Ind-AS) notified by the Ministry of Corporate of Affairs.
3. In term of IND AS 108, the Company is having single reportable segment i. e. “manufacturing of welding
consumables, copper coated wires, flux cored wires and welding fluxes”.
4 Previous year’s / period’s figures have been regrouped or reclassified wherever necessary.
5 The results would be uploaded and available for viewing on the Company’s website www.geelimited.com
and on the website of BSE Limited.
For GEE Limited
sd/-
Date : 28th June, 2022 Payal Agarwal
Place : Thane Whole-Time Director & CFO
Rameshwar Media

CL EDUCATE LIMITED
Registered Office: Plot No. 9A, Sector - 27A, Mathura Road, Faridabad, Haryana, 121003
CIN: L74899HR1996PLC076897; Tel: +91-11-41281100; Fax: +91-11-41281101
Email: compliance@cleducate.com; Website: www.cleducate.com

POST BUYBACK PUBLIC ADVERTISEMENT IN COMPLIANCE WITH REGULATION 2.4. The Equity Shares were bought back in the demat segment from the Stock
24(vi) OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (BUY-BACK OF Exchanges. As the Buyback was done from the open market through Stock
SECURITIES) REGULATIONS, 2018, AS AMENDED, FOR THE ATTENTION OF THE EQUITY Exchanges, the identity of the shareholders from whom Equity Shares exceeding
SHAREHOLDERS / BENEFICIAL OWNERS OF THE EQUITY SHARES OF CL EDUCATE LIMITED. one percent of the total Equity Shares were bought in the Buyback is not known.
This post buyback public advertisement (“Advertisement”) is made pursuant to Regulation 3. Capital Structure and Shareholding Pattern
24(vi) of the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 3.1 The capital structure of the Company, pre and post Buyback is set forth below:
2018, for the time being in force, including any statutory modifications and amendments
(Rs. In Lakhs)
from time to time (“Buyback Regulations”). This Advertisement should be read in
conjunction with the public announcement dated May 21, 2022, published on May 23, 2022 Sr. No. Particulars Pre Buyback Post Buyback
1. Authorized Share 2728.00 2728.00
(“PA”) issued in connection with the Buyback.
Capital (5,45,60,000 Equity (5,45,60,000 Equity
The capitalized terms and abbreviations used in the Advertisement shall have the same Shares of Rs. 5/- each) Shares of Rs. 5/- each)
meaning as ascribed to them in the PA, unless otherwise specified. 2. Issued, Subscribed & 1416.57 1376.71*
Fully Paid up Share (2,83,31,356 equity (2,75,34,156 Equity
1. Buyback
Capital shares of Rs. 5/- each) Shares of Rs 5/- each)
1.1. The Board of Directors of the Company (the “Board”) which expression shall be *Subject to extinguishment of 2,70,619 Equity Shares.
deemed to include any committee constituted by the Board and/or officials, which
3.2 The Shareholding pattern of the Company pre and post Buyback is set forth below:
the Board may constitute/ authorise to exercise its powers, including the powers
conferred by the board resolution, at its meeting held on Thursday, May 19, 2022 Particulars Pre – Buyback Post Buyback
(“Board Meeting”), approved the buyback of fully paid-up equity shares of face Number of % to existing Number of % Holding
Equity Shares Share Capital Equity Shares post Buyback
value of Rs. 5/- (Rupees Five Only) (“Equity Shares”) each of the Company, from its
Promoters & 1,44,47,469 50.99 1,44,50,469# 52.48
shareholders/ beneficial owners (other than those who are promoters, members Promoter Group
of the promoter group or persons in control), from the open market through Public 1,38,83,887 49.01 1,30,83,687* 47.52
stock exchange mechanism for an aggregate amount not exceeding Rs. 10 Crores Total 2,83,31,356 100.00 2,75,34,156 100.00
(Rupees Ten Crores Only) (“Maximum Buyback Size”), at a price not exceeding #
The pre-buyback shareholding given in the Public Announcement (PA) is based on the
Rs. 170/- (Rupees One Hundred Seventy Only) per Equity Share (“Maximum shareholding data received from the Depositories as on the date of approval of PA. 3,000
equity shares included in the shareholding of Promoters are purchased by one of the promoter
Buyback Price”), payable in cash (the process being referred hereinafter as
group members on the date of Board Meeting (before the commencement of Board Meeting
“Buyback”), excluding the Transaction Costs as defined in the PA. in which Buyback was approved), subsequently reported and credited to the demat account
after the settlement period, included in the shareholding of Post-buyback shareholding
1.2. The Buyback commenced on Friday, May 27, 2022, and closed on Friday, July 29,
of Promoters. It is confirmed that no Promoter, Promoter group member and/or person in
2022. control of the Company dealt in the shares of the Company in any manner, after the Board
2. Details of the Buyback approved the Buyback, till the expiry of the Buyback.
*Subject to extinguishment of 2,70,619 Equity Shares.
2.1. The total amount utilized in the Buyback is Rs. 999.87 Lakhs (Rupees Nine Crores
Ninety-Nine Lakhs and Eighty-Seven Thousand Only), excluding Transaction Costs 4. Manager to the Buyback
comprising of approximately 99.99% of the Maximum Buyback Size. The total V.B. Desai Financial Services Limited
number of Equity Shares bought back under the Buyback is 7,97,200 (Seven Lakhs Cama Building, 1st Floor, 24/26, Dalal Street, Fort, Mumbai – 400 001
Ninety-Seven Thousand Two Hundred Only) constituting 2.81% of the shares Tel. No: 022-40770709; 022-40770777; Email: info@vbdesai.com
comprised in the pre-buyback paid-up equity share capital of the Company. The Website: www.vbdesai.com
price at which the Equity Shares were bought back was dependent on the price SEBI Registration Number: INM000002731
quoted on BSE Limited and National Stock Exchange of India Limited, together Contact Person: K.K. Antoo
referred to as “Stock Exchanges”. The highest price at which the Equity Shares For further details, please refer to the Company’s website (www.cleducate.com) and
were bought back was Rs.133.08 per Equity Share while the lowest price was the websites of the Stock Exchanges (i.e. www.bseindia.com and www.nseindia.com)
Rs. 117.59 per Equity Share. The Equity Shares were bought back at an average 5. Directors’ Responsibility
price of Rs. 125.42 per Equity Share. These prices are based on contract notes As per Regulation 24 (i)(a) of the Buyback Regulations, the Board of Directors of the
issued by the Company’s broker (Kunvarji Finstock Private Limited) and exclude Company, in their capacity as directors, accept full and final responsibility for all the
Transaction Costs. information contained in this Advertisement and confirm that the information included
2.2. In view of the fact that the Company has utilized the Maximum Buyback Size herein contains true, factual and material information and does not contain any
authorized for the Buyback, the Company has decided to close the Buyback misleading information.
on Friday, July 29, 2022, which is prior to the expiry of six months from the For and on behalf of the Board of Directors of CL Educate Limited
Commencement Date. Intimation for closure of the Buyback was issued to the Sd/- Sd/- Sd/-
Stock Exchanges on Friday, July 29, 2022. Gautam Puri Nikhil Mahajan Rachna Sharma
2.3. The payout formalities have been completed as per the settlement mechanism Vice Chairman and Executive Director and Company Secretary and
with the Stock Exchanges. Till date, the Company has extinguished 5,26,581 Equity Managing Director Group CEO Enterprise Business Compliance Officer
Shares bought back under the Buyback and is in the process of extinguishing the DIN: 00033548 DIN: 00033404 Membership No. A17780
remaining 2,70,619 Equity Shares bought back. Place: New Delhi
Date: July 29, 2022
.
MUMBAI | 30 JULY 2022 TAKE TWO 15 <

Open access II: Power N ADR REPORTN

ity threshold for consumers to
avail of green energy by a factor of
10, eliminating or capping sur-
charges, broadening the definition
of renewables-derived electricity to
to the states
include hydro and storage, green
hydrogen and green ammonia, stan-
dardising rules to bank unused green
energy with utilities, and setting up
account for 90-95 per cent of the OA
users, and invest at least 26 per cent
equity in power projects, said
Shriprakash Rai, a senior director at
solar power developer Amp Energy
No reasons cited for
fielding 212 with
India. Reducing the threshold for
consumers to avail of electricity via
OA to 100 KW from 1 MW has democ-
ratised the field for Micro, small and

The new guidelines expanding consumer choices to green energy

a central nodal agency to monitor
OA requests.
India’s OA policy first found a
will remain subject to the uncertainties and quirks of state policy place in the Electricity Act of 2003,
enacted to consolidate laws relating
S DINAKAR to production and use of electricity,
New Delhi, 29 July promoting competition, rationalis-
ing tariffs, and setting up regulatory
medium enterprises, he added.
More important, the new guide-
criminal cases in polls
lines have done away with the
amount of renewable power you can ADR analysed
demand. Most states do not allow 3,215 candidates
unlimited OA. For instance, in from 33 parties
Maharashtra, it’s 1.5 times your con- across states
tract demand, in Gujarat it’s 50 per

N
early two decades after for-
mer Prime Minister Atal
Bihari Vajpayee threw open
the electricity sector to competition
via The Electricity Act of 2003, Prime
Minister Narendra Modi is attempt-
ing the same by extending and
expanding the choices available
under the Act to consume and pro-
duce green energy.
Open Access (OA) amendments,
which offer an easier road to both
harried consumers and green power
developers to somewhat sidestep
inefficient host utilities and expand
India’s renewable potential, is a wel-
come addition to New Delhi’s com-
mitment to gradually loosen the grip
of state electricity companies on
India’s power sector.
The problem, though, remains
the states. “As power is a concurrent
subject, timely implementation of
these rules across the states by the
respective commissions and distri-
bution utilities remains to be seen,”
said Sabyasachi Majumdar, senior
vice-president, ICRA, in a recent
note. “Regulatory risks such as
obtaining open access approvals and
uniformity in open access charges,
remain key challenge for OA proj-
ects,” he added.
“The complexity of OA was so
high, varying from state to state, dif-
ferent nodal agencies, rates and pol-
icy unpredictability, that it kept
developers away,” said Shubhra
Mohanka, director, Gautam Solar, a
solar equipment supplier.
But the fate of India’s revised OA
policy rules, a pit stop in its race to
more than quadrupling renewables
capacity by 2030, still lies with state
administrations — entities that had
tripped the older OA regime, and
with which the Modi government
has not had the best relations.
“It is a very positive and encour-
aging step if we have to meet target
POWER
POINTS
The new guidelines:
n Lower the capacity
threshold for consumers to
avail of green energy by a
factor of 10
n Eliminate or cap surcharges
n Broaden the definition of
renewables-derived
electricity to include hydro
and storage, green hydrogen
and green ammonia
n Standardise rules to bank
unused green energy
with utilities
n Set up a central nodal
agency to monitor OA requests
to be
n Offer MSMEs more choices
and renewable developers
more business
of renewable energy, but state dis-
tribution companies will find the
new policy challenging,’’ said A K
Saxena, a senior director at energy
think tank TERI, with 37 years of
experience in the power sector,
including stints in in the Central
Electricity Authority and Central
Electricity Regulatory Commission.
As he explained, “The host utility
The problems
n Power is a concurrent
subject so states have their
own rules for OA and SERCs
will determine pricing etc
n Results in highly variable
policy. Eg: West Bengal
does not have an OA policy;
Odisha bars banking of
electricity; Gujarat, UP
have different charges on
banking unused power;
Tamil Nadu raised tariffs
sharply after the new OA
policy was announced
n State distribution
companies fear the
migration of paying
customers, leaving them
struggling to supply to
subsidised customers
will be worried as to how it will cater
to subsidised consumers if well-pay-
ing industries migrate. Distribution
companies (discoms) have liabilities,
as 85 per cent of their power is tied
up in long-term purchase agree-
ments for which they have to pay
fixed charges.”
The highlights of the amended
OA rules include lowering the capac-
bodies. But the spirit of the older OA
regime to promote choices and com-
petition was crushed by utilities in
many states — framing complex
rules, approval delays and sur-
charges that crippled consumer
choices. For instance, West Bengal
did not have an OA policy; Odisha
barred banking of electricity; while
Tamil Nadu never allowed a tariff
hike in the past eight years, burden-
ing the state utility with such debt
that new OA rules weigh further on
its finances.
“Each state has notified their own
OA regulations, and under the
Electricity Act, the state electricity
regulatory commission (SERC) has
the power to determine OA charges
and OA capacity limits for their
respective states,” said Pranav
Master, director, energy, CRISIL.
“Hence, the actual implementation
of green OA rules rests with the
states. If these provisions are applied
rigorously by states, then it will cre-
ate a conducive environment for
consumers to avail of open access,’’
Master added.
The revised OA rules offer medi-
um and small-scale enterprises
more choices and renewables devel-
opers more business but render
debt-laden discoms vulnerable.
That may prompt utilities to place
hurdles in the way of widening con-
sumer choices.
This was evident in the fact that
soon after New Delhi notified the
new OA guidelines, Tamil Nadu
steeply hiked OA tariffs, violating
the spirit of the guidelines. Cross-
subsidy charges rose 40 per cent,
and wheeling tariffs, which is paid
to a host utility to transport electric-
ity from a generator to consumers,
surged more than seven-fold.
The new OA guidelines are well-
meaning. They expand the universe
of captive power consumers, which
cent, while in Uttar Pradesh there is
a restriction on technical grounds,
Rai added. Such restrictions can be
carried forward to the new policy
where utilities can restrict green
power consumed by a business on
the basis of voltage limitations.
Nobody can question the utility’s
arguments on limitations of a dis-
tribution network, Rai said. The
alternative is to add new transform-
ers and strengthen the grid. Solar
power follows a parabola curve
where generation is lowest in the
morning and evening but industries’
power needs are constant. So the
policy allows 30 per cent of a facto-
ry’s solar power demand to be
banked with the host utility for use
in the same month, after paying a
fee, Rai said.
But state restrictions may apply.
In UP — where there’s a 6 per cent
charge on the units banked — stored
power cannot be drawn during
evening when demand peaks but
consumers can bank their power for
six months; Odisha has no banking
provision; Gujarat levies a banking
fee on the entire load rather than on
the power banked.
Yet another uncertainty is that
the tariff for green energy under OA
will be determined by SERCs after
considering the power costs, cross-
subsidy charges, and service charges,
the policy says. This provision could
partially negate the market expan-
sion, particularly for small and medi-
um-sized independent power pro-
ducers focusing on the open access
market, CRISIL’s Master said.
Eventually, the success of OA
depends on how well states imple-
ment the policy. When states see a
flight of consumers to other utilities
some may reduce tariffs to prevent
switching, while others may impose
prohibitive charges to stop that tran-
sition, Saxena said.
DEBARGHYA SANYAL the five state elections, and 32
New Delhi, 29 July among them (14 per cent) provided
no reasons for their nomination. In
Political parties failed to provide UP, of 169 BJP candidates with a
any reason for selecting 212 candi- criminal background, 17 did not fol-
dates who had criminal charges low the C7.
against them for the 2022 Assembly
elections in Uttar Pradesh (UP), INC
Uttarakhand, Punjab, Manipur, Nine of 16 such candidates in
and Goa, a report by the Punjab, 10 of 17 in Goa, 3 of 23 in
Association for Democratic Uttarakhand and 19 of 169 in UP
Reforms (ADR) revealed. did not follow the C7.
ADR analysed 3,215 candidates
from 33 parties across states, of Others
which 1,178 declared pending crim- Other major players like the
inal cases. However, only in 966 of Samajwadi Party and the Bahujan
these cases were any reason pro- Samaj Party have done well when
vided for their nominations, it comes to sheer numbers. Only 4
through the mandated Format C7. of SP’s 224 candidates with
What is Format C7? pending criminal cases, and 3 of
Format C7 is one of the several BSP’s 153 failed to make public the
forms issued by the Election reason for their candidacy.
Commission of India enforcing the However, ADR also pointed at the
Supreme Court’s orders outlining malpractices surrounding the C7
mandates and procedures for elec- mandate. Around 70 per cent of
toral candidates with declared BSP’s candidates with cases against
criminal charges. them have given the same word-
Here’s a look at how the major to-word excuse — false FIR — as
parties did regarding the C7 man- to why these candidates were nom-
dates, across state elections. inated over individuals without
criminal background.
AAP
The Aam Aadmi Party (AAP) seems No actions yet
to have done the worst — of its 144 According to the Supreme Court
candidates with declared pending order and subsequent ECI’s letters,
criminal charges against them, 43 “If a political party fails to submit
per cent, or 63 candidates, failed to such compliances report with the
provide any reason why they were EC, it shall bring such non-compli-
preferred by their party for contest- ance by the political party con-
ing assembly seats. cerned to the notice of the SC as
being in contempt of this court’s
BJP orders/directions”. However,
The BJP fielded 232 candidates there’s no record of any such action
with declared criminal cases across against political parties.

KERALA WATER AUTHORITY e-Tender Notice

Tender No : Re-21/2022-23/SE/PHC/MVPA
KIIFB -WSS to Ayyappankovil Panchayat - Part II ,Package I&II -Design and construction of electrical
control rooms at raw water pump house and treatment plant compound, supply, erection and
commissioning of transformers and allied works (1) 500KVA at Thonithady raw waterpump house,(2)400
KVA at WTP compound,(3) supply erection and commissioning of motor pump sets at RWPH, treatment
plant sump pumphouse, Kalthotty pump house and Nariyanpara intermediate P H etc, (4)Supplying,
laying and commissioning 80mm GI pumping main,(5)improvement work Kalthotty sump& pump house,
(6)construction of pipe line bridge,(7) design,construction of 1LL capacity sump& pumphouse ,
(8)washwater disposal pipe line, interconnection (9) Supply and laying 350mm and 300mm DI gravity
main/ pumping main pipe (10)Supply and laying 300 mm DI pumping main (11) Supply and Laying 250mm
DI pumping main. EMD : Rs. 500000. Tender fee : Rs. 15000. Last Date for submitting Tender : 19-
08-2022 04:00:pm. Phone : 04852835637 Website : www.kwa.kerala.gov.in, www.etenders.kerala.gov.in.
Superintending Engineer
KWA-JB-GL-6-616-2022-23 PH Circle, Muvattupuzha

SHREE GLOBAL TRADEFIN LIMITED

CIN : L27100MH1986PLC041252
Regd. Office: A2, 2nd Floor, Madhu Estate, Pandurang Budhkar Marg,
Lower Parel, Mumbai 400013 | Tel.022- 62918111
E-mail : sgtl2008@gmail.com | Website : www.sgtl.in
NOTICE OF THE 36TH ANNUAL GENERAL MEETING AND
E-VOTING INFORMATION
NOTICE is hereby given that:
The 36th Annual General Meeting ("AGM") of Shree Global Tradefin Limited ("the
Company") will be held on Wednesday, August 24, 2022 at 11:00 am IST, through
Video Conferencing ("VC") / Other Audio Visual Means ("OAVM") to transact the
business as set out in the Notice calling the AGM. In compliance with all the applicable
provisions of the Companies Act 2013 ("the Act") read with the General Circular No.
14/2020 dated April 08, 2020, General Circular No. 17/2020 dated 13th April, 2020,
General Circular No. 20/2020 dated 05th May, 2020, General Circular No. 21/2021
dated 14th December 14, 2021 and General Circular No. 2/2022 dated 05th May, 2022
and other applicable circulars issued by the Ministry of Corporate Affairs ("MCA")
and Circular No. SEBI /HO/CFD/CMD1/CIR/P1/2020/79 dated 12th May, 2020 and
Circular No. SEBI /HO/CFD/CMD2/CIR/P1/2022/62 dated 13th May, 2022 issued by the
Securities and Exchange Board of India ("SEBI") (collectively referred as "relevant
circulars"), and the SEBI (Listing Obligations and Disclosure Requirements)
Regulation, 2015 ("SEBI LODR"), the AGM of the Company, is being conducted
through VC/OAVM facility, without physical presence of the Members of the Company.
In the compliance with the relevant circulars, the Notice of the AGM along-with the
Annual Report for F.Y. 2021-2022 has been sent only through electronic mode to all
the members of the Company whose email addresses registered with the Depository
Participant(s). The aforesaid documents are also available on the Company's website
at www.sgtl.in , website of the Stock Exchange, i.e., BSE Limited at www.bseindia.com
and website of the CDSL at www.evotingindia.com.
In compliance with the Section 108 of the Act read with Rule 20 of the Companies
(Management and Administration) Rules, 2014 as amended from time to time and
Regulation 44 of the SEBI LODR, Members holding shares in physical and
dematerialized form, as on the cut-off date Wednesday, 17th August, 2022, may cast
their votes electronically on the business as set forth in the Notice through the electronic
voting system of CDSL ("the remote e-voting"). All the Members hereby informed that:
i. The Business as set forth in the Notice of the AGM will be transacted through
voting by electronic means only;
ii. The cut-off date for determining the eligibility to vote through remote e-voting or
through e-voting system at the AGM shall be Wednesday, 17th August, 2022;
iii. The remote e-voting shall commence on Saturday, 20th August, 2022 at 09:00 A.M
IST;
iv. The remote e-voting shall end on Tuesday, 23rd August, 2022 at 05:00 P.M IST;
v. Members who are holding shares in physical form or who have not registered
their e-mail ID's and any person who acquires the shares of the Company and
becomes a member post-dispatch of the Notice of the AGM and holds shares as
on the cut-off date i.e., Wednesday, 17th August, 2022 may obtain the log-in ID
and password by sending a request at helpdesk.evoting@cdslindia.com
However, if the person is already registered with CDSL for e-voting then the
existing USER ID and password can be used for casting their vote;
vi. Members may note that:
a) The remote e-voting shall be disabled by CDSL beyond 05:00 P.M. IST on
Tuesday, 23rd August, 2022 and once the votes on the resolution is cast by
the Member, the Member shall not be able to change it subsequently;
b) The Members who have cast their vote by remote e-voting prior to AGM may
participate in the AGM through VC/OAVM facility but shall not be entitled to
cast their vote on such resolution(s) again;
c) The facility for e-voting will also be made available during the AGM, and those
members present in the AGM through VC/OAVM facility, who have not cast
their vote on the resolution through remote e-voting and are otherwise not
barred from doing so, shall be eligible vote through the e-voting system at
the AGM;
d) Only persons whose name are recorded in the Register of Members or in the
Register of Beneficial Owners maintained by the Depositories as on the cut-
off date shall be entitled to avail the facility of remote e-voting or e-voting at the
AGM; and
e) The voting rights of members shall be in proportion to the equity shares held
by them in the paid-up equity share capital of the Company as on Wednesday,
17th August, 2022 being the cut-off date for this purpose.
vii. Details of the process/ method of casting votes by Members are included in the
AGM Notice.
viii. In case of any queries, you may refer the Frequently Asked Questions (FAQ's)
and e-voting user manual available at the help section of www.evotingindia.com
or you may write an email to helpdesk.evoting@cdslindia.com or contact at toll
free no.1800225533 or write to the Company Secretary at the email id
sgtl2008@gmail.com.
ix. Members holding shares in physical mode are requested to register/update
their email ID's with the Company and also update your Bank account mandate
for receipt of Dividend in prescribed Form ISR-1 with the Registrar and Transfer
Agent ("RTA") of the Company i.e., Bigshare Services Private Limited. The
Company has sent letters for furnishing the details as required under SEBI
Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated November
3, 2021. Norms for updation are also available at the website of the Company at
www.sgtl.in Members holding shares in demat mode may register their email
ID's/update Bank Account mandate by contacting their respective Depository
Participant ("DP").
x. Members can send their request by providing their Folio No. in case of shares
held in Physical Mode (16 digit DPID + CLID in case of NSDL or 16 digit beneficiary
ID in case of CDSL), for receipt for AGM Notice and Annual Report for FY 2021-
2022 in electronic mode at email ID sgtl2008@gmail.com.
xi. In case of any grievances connected with facility for voting by electronic means
please contact Mr. Rakesh Dalvi, Sr. Manager, Central Depository Services (India)
Limited ("CDSL"), A wing, 25th floor, Marathon Futurex, Maftlal Mill Compounds,
N M Joshi Marg, Lower Parel (East), Mumbai- 400013 or send an email id to
helpdesk.evoting@cdslindia.com or call toll free no. 1800225533 or may write to
the Company Secretary at the email ID sgtl2008@gmail.com
For Shree Global Tradefin Limited
Sd/-
Place: Mumbai Kumari Rachna
Date: 29th July, 2022. Company Secretary
16
.
MUMBAI | 30 JULY 2022
<

>
Tech Mahindra’s Staying the course LUNCH WITH BS: VINOD KANNAN | CEO, VISTARA airline in India where people shift
between being vegetarian and non-
vegetarian based on the day of the week.
In its drive to become the first choice
for flyers, Vistara has done multiple

app takes chess

course corrections, like deploying
aircraft in an all-economy configuration
for smaller cities.
Kannan talks to Arindam Majumder about Covid has, like for all others, made
steering an airline in a market like India things tougher for the airline, which is

buffs to Olympiad
There must be a restaurant that Vinod
Kannan likes. Maybe so. But lunch with
the chief executive officer (CEO) of
Vistara will be a Vistara lunch. I don’t
FIDE complain as the airline is known for its
SHINE JACOB in-flight culinary experience.
New Delhi, 29 July I am at TajSATS flight kitchen near
Indira Gandhi International Airport,
yet to break even in its seventh year.
The first course arrives: chhole- Vistara faced backlash from its loyal
kulche and a sumptuous omelette from customer base that it was trying to cut
the airline’s breakfast menu. We decide costs by degrading service standards. It
to take a small portion of each so that we has since revamped its services.
can sample the entire course that the Has Covid changed Kannan as an
staff at TajSATS, under chef Arun Batra, aviation leader? After all, running an
has prepared. airline is not a work-from-home job.
The chhole taste salty. Kannan “(During) the last few hours of March 23

W
hat’s the move
Magnus Carlsen is
making right at this
moment during his game at
the Chess Olympiad in
Mamallapuram? What were
the tactics R Praggnanandhaa
deployed during his last game
at the Olympiad?
Chess buffs would be able
to track these happenings,
courtesy the new fan experi-
ences launched by Tech
Mahindra, the digital partner
of International Chess
Federation (FIDE) for the
44th Olympiad.
After making its mark as a
tech partner in three FIFA
World Cups, a racing track
event and the Indian Premier
League, among others, IT serv-
ices major Tech Mahindra is
now making moves in the
world of chess.
The company has
launched the Fan Nxt.Now
application by leveraging arti-
ficial intelligence, augmented
reality and virtual reality to
offer fans an interactive expe-
rience of the Olympiad.
“Fan Next will bring a
hyper-personalised data driv-
en experience for fans. This
will give FIDE a chance to
engage with fans and also
monetise it (chess),” said
Jagdish Mitra, chief strategy
officer and head of growth,
Tech Mahindra.
The initial version of the
application was launched on
Friday and will be available
on both iOS and android. In
the first phase, Fan Nxt will
Delhi. The 24x7 kitchen serves over 40 explains the salt is intentionally kept a (2020), before everything was grounded,
airlines, and from Day 1 has been tad high: “Due to air pressure, the taste the entire management was on phone
preparing Vistara’s in-flight food. buds react a bit differently when you are trying to ensure we bring our crew and
Kannan and other Vistara C-suite up in the air. So you may find the food aircraft back to the base. We had one last
executives are a regular here for meal- saltier here but it tastes fine on-board.” departure 10-15 minutes before
tasting as the airline changes its menu We go back to his career trajectory. midnight. I can never forget that night,”
regularly to give its frequent flyers a SIA rotates its future leaders through Kannan says.
different experience. multiple roles, and the job took him He believes in working from the
Vistara is not the same airline it was across the world: Kolkata, West Asia, office. Besides, working from home
when Kannan was deputed to India in Italy, Indonesia and back to Singapore isn’t healthy for family
2019. It now has a 50-plus fleet — up from where he served as chief commercial relationships, especially for people
32 just three years ago. officer for SIA’s subsidiary, Scoot, before with kids, he adds. “The first thing
make available more informa- nities. With the opportunity of His presence in the Vistara being deputed to India as my wife told me when the office
tion about the players and metaverse, there are a whole kitchen begs the question: To Vistara is today a Vistara’s chief strategy officer. opened up was to go back,” Kannan,
their moves. lot of things that we can do what extent is he involved in rare airline that He climbed the ranks fast, ILLUSTRATION: BINAY SINHA a father of two, says with a laugh.
around digital, artefacts and the minute details of the hasn’t faced enjoying the confidence of the Two months later, when the time to
The next move NFTs (non-fungible tokens),” airline? “(It) may not be tasting labour issues board of both Tata Sons and SIA. Kannan, who grew up in Bengaluru, restart came, it was equally complex
The company indicated that Mitra said. the food but everything that when other SIA. So, when former CEO is different, his colleagues say. “It’s like a with no historical data on passenger
the next version of the appli- The future of the applica- faces the customer I discuss airlines are Leslie Thng’s term ended, the breath of fresh air. He is well-versed in numbers and a shortage of manpower
cation, to be launched within tion may even include games with my team at least once a grappling with industry was in little doubt Hindi, local cultures and people (many had quit to take up jobs in
six months, will give a meta- and fantasy leagues, depend- week,” he says. “We discuss employee strikes Kannan would succeed him. management skills,” an official says. different industries). “But I think we
verse experience to ing on how punctuality, customer over pay cuts I ask him how Vistara is today a rare airline that have established the service standards
the users: an expe- FIDE plans to feedback and if there is any commanding an airline in hasn’t faced labour issues when other and people are now gravitating towards
rience of playing The future of the use it. significant change to India is different from that in airlines are grappling with employee the Vistara brand,” he says, pointing out
against top players application may FIDE had customer service, it passes through me.” other parts of the world. strikes over pay cuts. that from six per cent in pre-Covid times,
and interacting with even include announced Kannan makes it a point to visit the “I am seven months into the job but it “We didn’t terminate any staff and the airline’s market share has now
their avatars, for games and the tie-up with airport every two weeks to meet the feels like seven years,” he says, adding also kept the lowest level of employees inched up to nine. “We expect to hit
instance. fantasy leagues, Tech Mahindra frontline staff, and since travel became that he has never seen price sensitivity insulated from pay cuts,” he says. “We double digits in July,” he adds.
“The idea is to depending on last year, with normal has been frequently taking a like here. Due to the dominance of low- have been able to reinstate salaries to Dessert arrives. There’re cakes and
build a community how FIDE plans a focus on Vistara flight to its 33 domestic stations. cost carriers, price is what matters to the pre-Covid levels and have been able to pastries. Kannan, a light eater, is full but
that can continue to use it creating a phy- Like his predecessors at the Vistara passenger, he says before pointing out ensure our staff are paid fairly.” takes a spoon of walnut cake.
beyond the tourna- gital global corner room, Kannan is a Singapore that because of the enhanced service The second course arrives. There is a With promoter Tata Sons
ment,” Mitra said. chess league. Airlines (SIA) lifer, which he joined after standards provided by his airline, there North Indian option of parantha and dal consolidating its aviation business after
“AI is at the core of this. The Prior to this, Tech Mahindra completing his masters from the is a growing base of consumers who can and a South Indian platter of idli, dosai the acquisition of Air India, it’s not
application picks up the con- had technology tie-ups with National University of Singapore-MIT spot value and pay a premium for it. and sambar. We both opt for parantha exactly an easy time to be Vistara’s CEO.
versations and interests of the FIFA for the 2014 and 2018 Alliance. An airline job was always one of India, he says, also demands a lot of and dal with Kannan reminding me that Kannan’s colleagues are naturally
users and personalises it,” World Cups, and looked into his first priorities due to his love for personal bonding to get work done. “In he wants my feedback about the food. anxious about their future.
Mitra said. the digital platforms of BCCI, travel, says Kannan, who joined SIA in other countries there will be rules; and is Vistara will soon launch vegan meals Kannan would rather pass the
Tech Mahindra is also con- the Indian Premier League and August 2001. A month later two aircraft no scope for debate and discussion.” for its patrons, along with healthier question about where the future of
sidering tapping the com- IPL teams like Rajasthan hit the World Trade Centre, unleashing The culture part is important as options for the calorie-conscious flyer. Vistara lies. “That is not something over
merce potential of the appli- Royals and Punjab Kings. one of the most turbulent periods for the Vistara insiders have often blamed top “We want to respond to every feedback which I or any of the 5,000 Vistara
cation in the long run, Tech Mahindra had also global aviation industry. Did he rethink SIA appointees of developing an aura of and suggestion that we receive from our employees have control. I believe there is
depending on how FIDE partnered with Mahindra his career choice? “Not for a moment,” exclusivity around themselves and flyers, and veganism has been a popular space for a brand like Vistara,” he says.
decides to take it forward. Racing, the only Indian team pat comes the answer. “I was very clear failing to mingle with Indian colleagues. demand,” Kannan says. For now, the 42-year-old CEO, who is
Commerce today is not to compete in Formula E that I was working for the best airline in While Tata Sons owns 51 per cent stake in Continuously increasing meal an avid tennis player, would like the
limited to merchant opportu- World Championship. the world and I wanted to stay here.” the company, the CEO is appointed by choices for customers is not easy for an good rally to continue.

Trans-forming history
Heyam also explains the legal case
A global trans history stands as testimony to the that, according to Zoë Playdon, author of
gender nonconformity of our past The Hidden Case of Ewan Forbes: The
Transgender Trial that Threatened to
Upend the British Establishment
SAURABH SHARMA (Bloomsbury, 2021), could have easily
In response to the West-prophesised changed the direction of trans rights
understanding of gender, in movements across the world. Heyam
conferences, on the streets, and in the treats stories of Ṭuways (Islamic singers),
pride parades, queer people can be found who “presented themselves in a
yelling that the “future is nonbinary”. No feminine way: painting their hands with
matter how true, this expression henna, styling their hair, wearing
assumes that queer futures never jewellery and feminine clothes” and
borrowed from histories, as if the past shudõ literature with as much empathy
was strictly binary. and academic rigour as other accounts
Queer trans writer, academic, trainer, that would be more culturally accessible
and heritage practitioner, Kit Heyam’s to the writer.
latest book Before We Were Trans: A New Heyam’s exquisite research helps
History of Gender enlightens us with a unravel several findings. For example, in
global trans history that stands as the chapter on the “all-male
testimony to the gender nonconformity environment” in prisoner-of-war (PoW)
of our past instead of the binary camps, Heyam informs us that the
rigidity that the world has come to German sexual reformer Magnus
increasingly accept. Hirschfeld wanted to establish “that
In this engaging, accessible, and relationships between men could lead to
neatly structured book, Heyam breaks greater feats of military bravery”,
away from the all-knowing approach evidencing the findings in the diary of
several academics, historiographers, and BEFORE WE WERE TRANS: the British PoW officer Dr Arthur Munk.
ethnographers tend to take in strictly A NEW HISTORY OF GENDER In another chapter, several theatre
going by the material evidence, ignoring Author: Kit Heyam performers discovered their newfound
the scope for any other possibility. But gender identities by playing
Heyam is also mindful of their position Publisher: Basic Books (Hachette) “impersonators”. Not all the
as a white person documenting trans Price: ~343 impersonators were seen that way,
erasure — particularly of the Native, though. Heyman notes how “Leonard
Black, Aboriginals, Indigenous, and non- Pages: 999 Sillman described ‘female impersonator’
white people. T.C. Jones as not an ‘impersonator’ at all,
The book consists of six chapters and but ‘simply an extraordinarily talented
an elaborate introduction, author’s note, the word “trans”. The book takes “one woman’,” concluding that the plays of the
and epilogue. All chapters are uniquely flawed step towards making these time allowed “opportunities for trans
titled: They quote verbatim from the histories resonate more loudly — along actors to express themselves”.
testimony of queer people (when tried with the anti-racist politics they Though I thoroughly enjoyed reading
either by society or the law) and/or demand” because only “a trans gaze is the book, I feel that Heyam’s chapter on
commentary that summarises the what allows us to look at a case of understanding and exploring the
chapter; the theme that the chapter historical gender nonconformity and spiritual side of sex and gender, evoking
explores appears as a subtitle. remain open to the full spectrum of hijras of India, is weak. Granted Heyam’s
Beginning with the story of possibilities it represents” understanding of South Asian literature
a 22-year-old John Sullivan without begging for and politics is sound, but in using
who was wearing “a bonnet, a validation. mythology as an entry point to discuss
gown, a silk apron, a pair of With each story or trans-ness in India, the writer largely
trousers and a pair of women’s historical account, Heyam is succumbs to the West’s fetishisation of
boots” and was tried in 1847 on offering a nuanced Indian concepts of spirituality. The
the grounds of theft, Heyam understanding of the past. For country is far more complex. For
poses a question to readers: “Is example, in the first chapter instance, a Kashmiri trans person will be
this story part of trans history” BOOKS on Njinga Mbande, whose seen as a matchmaker and a north
At this point, your curiosity is
heightened, and bias is & IDEAS “gender became an issue”
after seizing the throne of the
Indian hijra may be dispense
badhai,(blessings) which Heyam
exposed when the writer Kingdom of Ndongo (present- incorrectly translates as “alms”.
concludes that most of us What Heyam gets day Angola), Heyam What Heyam gets right is the
wouldn’t think of it as that right is the concludes how “throughout celebration of trans histories. The biggest
because “we look for histories celebration of history and across the world, takeaway of the book is that histories
that can fit into contemporary trans histories. people like Njinga have must be approached with a contextual
Western ideas of what it means The biggest occupied social roles coded or understanding of the “cultural
to be trans.” takeaway of the associated with genders specificity of gender”. This is something
This argument is plausible book is that different from the ones they researchers must bear in mind because a
because if one notices clarion histories must be were assigned at birth” and “lot of the evidence we have for gender-
calls such as “trans women are approached with that “it’s impossible to tell nonconforming lives comes from legal
real women” and “non-binary a contextual with any certainty and medical contexts”. So much is lost,
people are valid”, it wouldn’t understanding where the social roles ends not because of untranslatability but
take much to understand that of the “cultural and the gender begins” in such because of the languages and
queer people are using specificity of accounts. It’s particularly contexts embedded in the western
language to “fight our gender” interesting that Njinga is school of gender.
opponents on the terms celebrated as “Queen” in the
they’ve set.” Through this, Heyam, I region, while the evidence of The reviewer is a Delhi-based writer and
believe, first wants us to employ an gender-nonconformity is abundant, if freelance journalist. Instagram/Twitter:
expansive understanding of the usage of not irrefutable. @writerly_life.
 QUICK TAKE: DOWNWARD EARNINGS REVISIONS FOR COLGATE This is a bear market

The Smart rally. We are

Investor
Colgate-Palmolive 1,640 The stock of Colgate-Palmolive (India) was up 2.45 recommending that
India (~) 1,586
1,600 per cent in trade on Friday. Most brokerages have people stay defensive,
cut their earnings estimates after the firm’s Q1 and if they’re not
1,560
results. Elara Capital has pared down its earnings currently defensive,
MUMBAI | 1,520 estimates by 7 per cent for FY23 and by 8 per cent to get defensive
30 JULY 2022 1,488 1,480 for FY24, primarily to factor in lower-than- EMILY HILL, Founding
Jun 30,’22 Jul 29,’22
expected sales partner, Bowersock Capital
`

N HISTORY REVISITED N

A rebound after 3 months of decline

This follows 2020, 2012, 2011 pattern, and the one in 2008, during the Global Financial Crisis
SUNDAR SETHURAMAN & SAMEER MULGAONKAR
Thiruvananthapuram/Mumbai, 29 July
T
he benchmark indices have repeated the
pattern of bouncing back sharply after
three consecutive months of slide. In July,
the Nifty-50 rallied 8.7 per cent after posting
three straight months of losses.
Last time a three-month continuous fall hap-
pened was from January to March 2020, when
the uncertainty around the Covid-19 pandemic
and lockdowns rattled investors. But the Sensex
gained 14.4 per cent in April 2020. In fact, similar
scripts have played out in 2008, 2011 and 2012.
During the 2008 Global Financial Crisis, mar-
kets had plunged between September and
November 2008 only to bounce back 7.4 per cent
in December. In fact, the Nifty has, not even
once, seen four straight months of declines in
the past two decades. However, between October
2015 and February 2016 the Sensex had declined
for four consecutive months and fell marginally
in December 2015, while the Nifty eked out a
small gain. The latest jump in the market comes
after the benchmark indices fell to their lowest
level in 13 months during mid-June.
Both the Sensex and the Nifty had almost
slipped into bear market territory, largely on
account of sustained selling by foreign portfolio
investors (FPIs). Hawkishness by central banks
and stretched valuations led to pullout by FPIs
and battered stocks during the first half of 2022.
The geopolitical tensions in Europe and ris-
ing Covid-19 cases in China led to disruptions in
commodity prices and threatened heightened
inflation. The depreciation in rupee also led to
some selling by FPIs as when the value of a coun-
try’s currency falls, it eats into the returns of
overseas investors.
However, the FPI selling has stemmed in July
amid cooling commodity prices and hopes that
the economy has seen ‘peak inflation’.
"Markets believe that we have seen the peak
of inflation. And as far as the Fed hikes are con-
cerned, we are in the middle of the 3.75- 4 per
SEE-SAW 2022
Last five instances when
8.7
SENTIMENT GETS A BOOST
markets fell sharply for
three months and
then bounced back
-2.1 -3.0 -4.8 AS FPI SELLOFF HALTS
Nifty MoM (%)
JUST ABOUT THERE
Apr ‘22 May ‘22 Jun ‘22 Jul ‘22 FPIs are not back in a big way but the intense
selloff seen this year has ebbed
14.7 7.2 FPI MF (~ cr) Nifty MoM (%)
2020 2012 40,000 21,502 10
20,000 8.7 5
-1.7 -6.4 -23.2 -1.7 -0.9 -6.2
0 0.3 4,989 0
3,707
-20,000 -5
Jan ‘20 Feb ‘20 Mar ‘20 Apr ‘20 Mar ‘12 Apr ‘12 May ‘12 Jun ‘12 -14,088
-40,000 -10
7.8 7.4
2011 2008 -60,000
Jul ‘21 Jul ‘22
-15
Data for FPI upto July 28 & MF Upto July 20, 2022 Source: NSDL, Sebi
-2.9 -8.8 -1.2 -10.1 -26.4 -4.5
Inflows from foreign portfolio investors (FPIs) turned
positive for the first time in 10 months in July. Between
October 2021 and June 2022, overseas players had
withdrawn ~2.54 trillion (over $32 billion) from domestic
ILLUSTRATION: BINAY SINHA Jul ‘11 Aug ‘11 Sep ‘11 Oct ‘11 Sep ‘08 Oct ‘08 Nov ‘08 Dec ‘08 stocks. What led to such record outflows? “Rising global
DATA COMPILED BY BS RESEARCH BUREAU
central banks’ rates, rupee depreciation, expensive
cent benchmark interest rates the Fed is plan- Chokkalingam. heightened volatility in the near term. Against valuations and geopolitical risks,” says BofA in a note. In
ning. Investors believe that the worst is going to However, following a sharp bounce in July, this backdrop, some caution and risk manage- July, while FPI inflows were only marginally positive,
get over. And despite the cut in GDP (gross the valuation comfort may no longer be there. ment are warranted as India’s valuation pre- their coming in has been a big sentiment booster. This
domestic product) forecasts, India's economic “The Indian equity market recovered sharply mium is still elevated,” said Jitendra Gohil, has helped the domestic markets jump nearly 9 per
growth is on solid footing," said last month and outperformed most other equity Head-India equity research, Credit Suisse Wealth cent. Cooling commodity prices, softening bond yields
G.Chokkalingam, founder, Equinomics. markets. As a result, India’s price-to-earnings Management. He prefers defensive sectors such
and hopes that the US Federal Reserve will slow its pace
Market players say three months of declines, (PE) valuation premium increased again com- as financials, healthcare, autos, and FMCG, given
of monetary tightening have led to the revival. The 10-
followed by a month of bounce back, happens pared to its peers (MSCI India’s valuation pre- the uncertain environment.
in a bear market phenomenon. The rise can be mium reached 82 per cent versus MSCI of emerg- Experts believe the markets could consoli-
year US Treasury yield has come off from over 3 per cent a
attributed to valuations turning favourable. ing markets). We expect India’s relative valuation date at current levels. "The Ukraine war is still month ago to below 2.7 per cent, which has
"After two or three months of fall, the val- to remain elevated, supported by its improved raging, and commodity prices will continue to underpinned the rally in equities. Experts say markets
uations become attractive for many market seg- macro fundamentals and relative attractiveness. get impacted. And the balance sheet reduction are hoping that there won’t be a hard landing for the
ments. This time around, oil prices have come However, geopolitical risks and recession fears plans by the Fed could weaken emergency mar- economy. Also, the worst of inflation is behind us. If it
down and so have other commodities; that has amid aggressive tightening by major central ket currencies. And the FPI buying could come goes wrong on any of these expectations, the market
given some comfort on the inflation front," said banks are key headwinds that could lead to under stress," said Chokkalingam. could go through turbulence. SUNDAR SETHURAMAN

THE COMPASS Margin worries hurting dairy firms;

Cost inflation, expenses spoil
Jubilant FoodWorks’ Q1 show
DEVANGSHU DATTA
Jubilant FoodWorks declared
steady April-June quarter results
for the 2022-23 financial year
(Q1FY23), but inflation impacted
margins and profits. The revenue
was up 41 per cent year-on-year
(YoY) and 7 per cent quarter-on-
quarter (QoQ) to ~1,240 crore,
which is up 32 per cent versus pre-
Covid-19 level of Q1FY20. The like-
for-like growth was 28 per cent.
The Ebitda was ~304 crore, up 44
per cent YoY, with the Ebitda mar-
gin at 24.6 per cent, which is down
45 basis points QoQ due to serious
raw material inflation.
The COGS (cost of goods sold)
rose 44 per cent YoY (up 8 per cent
QoQ) due to inflation. Profit after
tax was at ~101 crore, down 46 per
cent YoY and 13 per cent QoQ.
This included an exceptional item
of non-cash impairment of ~26
crore on investments in the Sri
Lankan subsidiary. Adjusted for
that, PAT rose 10 per cent QoQ
and 87 per cent YoY to ~127 crore,
but other income was also up 32
per cent YoY, which leads to pos-
sible questions about quality and
sustainability of this section.
Given store expansions with 58
new Domino’s outlets in Q1 with
a footprint across 349 cities, and
the possibility of dine-in recover-
ing, alongside growth in delivery,
the medium term growth possi-
Base=100
140
Jubilant Foodworks
SENSEX
120
100
Westlife
80
Development
60
Aug 2,‘21 July 29,’22
Compiled by BS Research Bureau
bilities seem good. But options
like higher delivery charges or
price hikes could impact demand,
given that this is a highly compet-
itive sector. The management
believes that price hikes in the
second half of 2021-22 will be suf-
ficient to manage raw material
inflation.
The management guidance
and responses at the concall were
interesting. The Ebitda margins
are expected to remain in the 24-
25 per cent this fiscal and the
acquisition of 40 per cent stake in
Roadcast Tech Solutions will help
improve efficiencies in delivery.
The management also said that
the first quarter since Covid-19
without store restrictions saw
sequential improvement in foot-
falls, dine-in levels and delivery
sales. The management thinks
price hikes have been accepted
and no further hikes are required.
The new loyalty programme
launched for Domino’s should
increase order frequency, and
recruit new customers. So far, as
the new businesses are con-
cerned, Hong’s Kitchen and
Ekdum requires further work on
unit economics, format, etc. and
Hong’s is scheduled to expand
outside NCR only in 2023-24. The
company will continue to work
with food aggregators and it is
rebranding Dunkin Donuts as
Dunkin.
The company has a strong bal-
ance sheet with effectively zero
debt and excellent working cap-
ital management. It has nearly 40
per cent RoCE (return on capital
employed) while the RoE (return
on equity) is around 24 per cent.
However, it is very highly
valued with a trailing PE of over
81x and enterprise value/Ebitda
of 33x. It is ploughing back most
of its free cash flow into new store
expansions, with guidance for a
target of 250 new outlets this fis-
cal. There’s a management tran-
sition in progress with the former
chief executive officer resigning
in March 2022, and leaving after
June 2022. This induces an ele-
ment of uncertainty, which may
be negative.
pick value-added ones, say analysts
HARSHITA SINGH
New Delhi, 29 July
The emergence of the economy
from Covid blues has improved
the revenues of dairy companies
due to a pick-up in demand and
out-of-home consumption.
However, pressure on the sec-
tor’s profit margins remains
unabated amid steeply-elevated
prices of skim milk powder (SMP),
cattle feed and other operational
costs.
For instance, in the April-June
quarter, Hatsun Agro and Heritage
Foods reported yearly revenue
growth of 31 per cent and 27 per
cent, respectively.
But their respective earnings
before interest, taxes, deprecia-
tion, and amortisation (EBITDA)
margins sank 300 and 532 basis
points (bps) due to a rise in raw
material, packing material and
logistics costs. Net profits also
declined 11 per cent and 76 per
cent, respectively.
“Global SMP prices have
steadily increased from the second
half of calendar year 2021
(H2CY21). While we saw a 10.6 per
cent correction in prices from
March highs, they are still up 36.8
per cent year-on-year (YoY) in
July,” said ICICI Securities in a
recent note.
Against this backdrop, analysts
are wary of companies majorly
focused on the low-margin milk
segment. They believe firms with
a strong market share in value-
tion in food commodities, fuel and
fodder,” said Punit Patni, research
analyst at Swastika Investmart.
Patni added that the invest-
ment rationale in this space
should be guided by a company’s
procurement network, contrib-
ution from value-added products,
leverage and working capital
intensity. He is positive on
Heritage Foods and Dodla Dairy.
NOT FLOWING AT ALL In FY22, value-added product
As on Jul 29 Close/CMP (~) % chg YTD contribution to the two com-
panies’ revenues stood at 27 and
Milk Food 345.0 -10.8 26 per cent, respectively. The duo
Dodla Dairy 488.8 -11.5 aims to increase this to 30-40 per
Parag Milk Foods 91.5 -18.3 cent in the next two-three years.
Hatsun Agro Product 992.3 -21.3 Price hikes
Heritage Foods 280.1 -31.5 Dairy companies have hiked milk
prices by 5-8 per cent in the past
Sensex 57,570.3 -1.2
six months to combat margin ero-
NSE Nifty 50 17,158.3 -1.1 sion. However, analysts believe
Source Exchange/Bloomberg; Compiled by BS Research Bureau that the sector will have to take
price increases in the second half
added products are more likely to cases, even double than the mar- of FY23 to protect profits.
sustain in the industry. gins on milk. “While the onset of the flush
“Any company operating only Besides, margin woes for the season (September-February) may
in core products like milk will not cyclical sector have also been give some relief to dairy com-
be able to absorb any price hikes aggravated due to the production panies in H2 of FY23, we model
due to the extremely low margins shortage. This generally sets in milk procurement prices to rise
in these segments. So, you have to during the summer months and with the re-opening up of the
look for companies, which have a pushes up milk procurement economy. We continue to model
higher market share and a strong prices. Ebitda margins of dairy com-
focus on value-added products,” “The milk production cycle has panies to correct 50-100 bps in
said AK Prabhakar, head of not witnessed a normal season FY23,” said ICICI Securities.
research at IDBI Capital. since 2015, mainly due to weather The recently levied 5 per cent
Value-added products include impacts like excessive floods or goods and services tax (GST) on
curd, cheese, frozen desserts, fla- drought and other factors like SMP retail packs of pre-packaged and
voured milk and ice cream, among price fluctuations. Moreover, we pre-labelled curd, lassi, and but-
others. Margins on these products expect the current high prices of termilk will also be passed on to
are generally higher or, in some milk to sustain due to high infla- customers, analysts said.

India now in league of nations that shape global financial trends: PM

Modi launches India's first
international bullion
exchange in Gujarat
VINAY UMARJI
Gandhinagar, 29 July
In a slew of initiatives, Prime Minister Narendra
Modi on Friday launched NSE IFSC-SGX Connect
and India International Bullion Exchange (IIBX)
at the International Financial Service Centre
(IFSC) in GIFT City Gandhinagar.
Modi also laid the foundation stone for a ~200
crore headquarters building of International
Financial Services Centres Authority (IFSCA), and
presided over the exchange of memorandums of
understanding (MoUs) by IFSCA with foreign reg-
ulatory authorities and the Department of Space.
Union Minister of Finance and Corporate Affairs,
Nirmala Sitharaman, along with Union Ministers
of State for finance, Pankaj Chaudhary and Dr
Bhagwat Karad, Gujarat CM, Bhupendra Patel,
and Gujarat Finance Minister, Kanubhai Desai,
also attended the inauguration ceremony at the
GIFT City Campus in Gandhinagar.
Once the NSE IFSC-SGX Connect is imple-
mented following a transition period of 4-5
months, all orders on Nifty derivatives placed by
members of Singapore Exchange Limited (SGX)
will be routed to and matched on the NSE-IFSC
order-matching and trading platform. With this,
the average daily volume in Nifty futures at SGX
of 109,000 contracts valued at roughly $3.65 bil-
lion is expected to move to NSE-IFSC. The
Connect is expected to deepen liquidity in deriv-
ative markets at GIFT-IFSC, bringing in more
international participants and creating a positive
impact on the financial ecosystem.
Similarly, IIBX at GIFT City will help the
Indian bullion market transit towards a more
organised structure by allowing qualified jew-
ellers to import gold directly using the exchange
mechanism. India's first such bullion exchange,
IIBX will aid efficient price discovery and ensure
standardisation, quality assurance and integrated
sourcing, in addition to speeding up financiali-
sation of gold in India. IIBX will also reinforce the
Centre's goal at enabling India, one of the princi-
pal consumers of gold, to influence global prices
of the metal.
Reiterating that many milestones were
announced for IFSC at GIFT City on Friday, Modi
said that India was now in league of countries
like the US, the UK and Singapore that shape
building is expected to be completed by 2024.
ANALYSE THIS Commending IFSC's progress in banking, finance
| Average daily Nifty MoUs exchanged
and insurance, Sitharaman stated that total assets
in banking had doubled to stand at $32 billion.
Futures volume at SGX:
109,000, worth $3.65 bn
between IFSCA and… "Hedge funds are looking at this jurisdiction
(IFSC) for pooling of global funds that can be
| Department of Space
| India International invested in India...IIBX is a major step. India being
Bullion Exchange, only | Monetary Authority of the second largest consumer of gold, we will now
Singapore be able to command global prices," Sitharaman
3rd such in the world
added.
| ~200 cr IFSCA | Commission de The union finance minister also reiterated
headquarters Surveillance du Secteur GIFT-IFSC being rated among the top 15 centres
building's foundation Financier, Luxembourg globally, which are likely to become more signif-
stone laid | Qatar Financial Centre icant over the next 2 to 3 years by Global Financial
Centres Index, London, in its latest report.
Among other initiatives announced on Friday
included setting up of an Indian Regional Office
global financial trends. Talking about Gujarat's the MoUs exchanged by IFSCA were those with (IRO) by New Development Bank (NDB); inaugu-
GIFT City being ahead of its times, Modi said the Monetary Authority of Singapore; ration of international banking units of Deutsche
"Even amid 2007-2008 global financial crisis and Commission de Surveillance du Secteur Bank AG, JP Morgan Chase Bank and MUFG
policy paralysis, Gujarat was taking strides in fin- Financier, Luxembourg; Qatar Financial Centre Bank; capacity expansion of Global In-house
tech... India is now integrating with the global Authority; and Finansinspektionen, Sweden. Centre (GIC) of Bank of America; and operation-
supply chain and GIFT City is one of the major IFSCA also exchanged a MoU with the alisation of four International Trade Finance
gateways." Department of Space (DoS), Government of India, Services (ITFS) platforms established by RXIL
On growing financial awareness among the to unlock the enormous opportunity of conver- Global IFSC, Vayana (IFSC) Private, Mynd IFSC
general populace, Modi cited AMFI's assets under gence between FinTech and SpaceTech.With a Private, and Kredx Ventures IFSC Private .
management (AUM) which grew from Rs 10 tril- built-up area of 300,000 sq ft spread across 27
lion in 2014 to ~35 trillion by June 2022. Among floors, the upcoming IFSCA Tower headquarters More on buiness-standard.com
2 THE SMART INVESTOR
.>
MUMBAI | 30 JULY 2022
l<

Macrotech Developers set to Smart policy choice can help

complete ~11,500-cr bookings you tackle medical inflation
Recharge, double cover and guaranteed bonus can come in handy
Sales, reduction in debt shape strong outlook for India’s 2nd-largest realty firm SANJAY KUMAR SINGH
RAM PRASAD SAHU
KEEP IN MIND WHILE | Organ donor cover is useful if it
compensates, not just the cost
Mumbai, 29 July Experts estimate that medical BUYING THESE FEATURES of organ harvesting, but also
inflation is around 15 per cent
the donor’s treatment after

S
trong demand, healthy cash flows, and annually in India. It is difficult for
reduction in debt should help customers to keep raising the sum
hospitalisation and treatment
Macrotech Developers, India’s second- insured of their policies constantly. of complications
largest realty company by market capitali- By choosing their policies smartly, | Most Ayush treatment happens
sation, maintain sales and meet targets. however, they can tackle this issue to out-patient; your policy may
The company’s June quarter (Q1FY23) some extent. not be very useful if it offers
bookings grew by 194 per cent to ~2,814 crore only hospitalisation cover
and it is on track to meet its FY23 target of Recharge benefit
~11,500 crore. After launching 2.7 million While this feature (also called restore, | In case of mental illnesses, too,
square feet of projects in the June quarter, reinstatement or reload) has been the consultancy with a
the company is expected to launch 8.5 mil- STEADY COLLECTIONS, FALLING DEBT ~cr around for many years, it has evolved psychiatrist happens mostly on
lion square feet (mn sq ft) in the remainder greatly. Normally, if you have a sum outpatient basis
of FY23 taking the cumulative launches to | Booking value | Collections | Net debt YoY (%) 194 53 -29 insured of ~5 lakh, you can claim only
Change (hospitalisation is rarer)
11.2 mn sq ft. This is higher than the 8.7 QoQ (%) -19 -8 -5 up to this
12,508
12,435

mnsqft it guided in the March quarter. amount. Once it is

The company, which was formerly 9,925 exhausted the claim of ~3 lakh and then a second According to Indraneel

9,309
known as Lodha Group, added three new insured and his claim of ~2.5 lakh. If the recharge Chatterjee, co-founder, Renewbuy,

8,856
joint development agreement (JDA) projects family are left doesn't happen immediately, then “While the restore feature is useful
in the June quarter in Mumbai, Pune, and without a cover after the second claim he will receive in the case of multiple hospitalisa-
3,456

2,814
2,843
2,608

2,616
Bengaluru. These projects have a saleable for the rest of the ~2 lakh only and will have to pay tions, this feature comes in handy
2,003

2,127
1,912

area 5.1 mnsqft and a value of ~6,200 crore. year. In policies ~50,000 out of his own pocket. But, when the bill exceeds the sum
1,714

“Given the ~40,000 crore size of the market, that offer this fea- if the recharge happens immediately, insured during a single hospitalisa-
YOUR
957

a fragmented market structure and an ture, the sum he will get the full claim of ~2.5 lakh. tion.”
experienced leadership, we feel its entry in
the Bangalore market is a step in the right Q1FY22 Q2FY22 Q3FY22 Q4FY22 Q1FY23
insured gets
restored, so the
MONEY “While some insurers offer imme-
diate recharge, others don’t, so the Guaranteed cumulative bonus
direction,” said Manish Agrawal, of JM Source: JM Financial family continues to enjoy cover- customer must clarify,” says Vivek Normally, if an insured person
Financial Institutional Securities. age for the rest of the year. Narain, health insurance specialist, doesn’t make a claim, he receives a
The company could monetise from its Net collections exceeded overall expenses On the demand front, a mortgage rate Earlier, this feature had several SANA Insurance no claim bonus, which
digital infrastructure platform. The $1 billion by about ~440 crore helping the company hike has not impacted the company. limitations. One, the restoration of Brokers. Suppose a customer is usually a percentage
venture will develop warehouses and light reduce debt. The company expects net debt Macrotech is expected to stick to below- sum insured happened only once in Backed by data of 15- buys a cover of of the original sum
industrial parks across India with the par- at the end of FY23 to be at ~6,000 crore. The wage hike pricing growth strategy. Long- a year. Two, the restoration could be 20 years, insurers know ~5 lakh. When he insured. To cite an
ticipation of private equity payers. About reduction this year is expected to be on the term confidence, according to Jefferies utilised only for unrelated illnesses. that the probability of gets hospitalised, example, suppose that a
110 acres of Palava land (Dombivli, Mumbai) back of a higher operating surplus in the Research, has improved, as indicated by the “Now, insurers are offering the restor- multiple claims within a the bill comes to policy offers a 20 per
has been used for this with an enterprise residential business and repatriation of UK Bengaluru market entry and initiation of a ation benefit an unlimited number year (beyond two or ~9 lakh. Such a cent guaranteed cumu-
value of ~350 crore. investments. Given the strong cash-flows, dividend policy. Jefferies maintains a buy of times, and even for the same ill- three) is limited. They policy will take care lative bonus. If the cus-
Ongoing deleveraging is positive for the the company has adopted a formal dividend with a target price of ~1,420. Given that target ness,” says Amit Chhabra, head- also price their products of the entire bill tomer doesn’t make a
company. Net debt levels for the India busi- policy which entails setting aside 15-20 per prices are in the range of ~1,400-~1,600, the health & travel insurance, accordingly. claim in the current
ness is at ~8,900 crore now, compared to cent of net profit starting FY23 to be paid upside is a healthy 23 per cent at the lower Policybazaar.com. Nonetheless, this is a useful feature. year, next year his original sum
~9,300 crore at the end of March quarter. out as dividend. end of the range. Invest on dips. When opting for a policy with this insured of ~5 lakh becomes ~6 lakh
feature, the customer must clarify Double sum insured from the (for the same premium).
when the recharge will get triggered. first day Now, suppose that the customer
Sebi lays down rules for deactivation of Market regulator defers implementation of Suppose that a customer has a cover Nowadays, some policies, like does make a claim. Normally, he
accounts in case of inadequate KYCs mutual fund holders’ nomination rules of ~5 lakh. He makes the first claim Reliance General Insurance’s wouldn’t be entitled to a bonus sum
of ~3 lakh, the second of ~2 lakh, and recently launched Health Gain, pro- insured. But, with the guaranteed
Capital markets regulator Sebi on Friday released a framework Markets regulator Sebi on Friday deferred the implementation a third claim of ~2 lakh. In some pol- vide customers the benefit of double cumulative bonus feature, his sum
for automated deactivation of trading and demat accounts of of rules pertaining to nomination for mutual fund (MF) holders icies, the recharge will be triggered the sum insured from day one. insured still rises to ~6 lakh.
investors in case of inadequate Know Your Client (KYC) details. till October 1. The rules, which mandate investors, subscribing to only on the third claim. Suppose that a customer buys a Generally, if the insured makes a
The framework will come into effect from August 31, the MF units, to submit details of nomination or opting out of On the other hand, there are also cover of ~5 lakh. When he gets hospi- claim, the bonus sum insured gets
Securities and Exchange Board of India (Sebi) said in a circular. nomination, was to come into force August 1. Investors, who are policies where the recharge happens talised, the bill comes to ~9 lakh. Such reduced or taken away altogether.
Noting that addresses form a critical part of the KYC procedures, subscribing to MF units from October 1 will have the choice of immediately. As soon as the cus- a policy will take care of the entire But with the guaranteed cumulative
Sebi said that every address recorded for the purpose of providing nomination or opting out nomination, the Securities tomer makes a claim of ~3 lakh, the bill. bonus feature, that doesn’t happen.
compliance with the KYC procedures has to be accurate. An and Exchange Board of India (Sebi) said in a circular. In case of sum insured is immediately restored “Typically, the sum insured would Again, insurers do factor the cost
intermediary is required to update the address from time to physical option, the forms will carry the wet signature of all the to ~5 lakh. increase over time due to no claim of this feature into the premium.
time. The regulator observed that in some cases accurate or unit holders and if it is online, e-sign facility will be used How does this make a difference? bonus. In this case, it doubles from Nonetheless, it is a beneficial feature
updated addresses of clients are not maintained. PTI instead of wet signature of all the unit holders. PTI Suppose that a person makes one day one,” says Chhabra. to have.
.>l
MUMBAI | 30 JULY, 2022 STOCKS 3 <

> OFSTOCK
IN THE > GMM Pfaudler > SKF India > Sun TV Network

NEWS Top gainer

among A group
Hits new all-time
high ~Rs 4,292
Snaps 7-day
of winning streak THE DAY
companies on BSE on BSE Craftsman Automation
~1,343.2 PREVIOUS CLOSE ~4,087.4 PREVIOUS CLOSE ~473.8 PREVIOUS CLOSE Hits new all-time high
~1,599.0 CLOSE ~4,236.3 CLOSE ~472.4 CLOSE at ~2,851, Up 24 per cent
p 19.0% UP p 3.6% UP q 0.3% DOWN in a month

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
29 Jul ’22 Chg (%) Con Std 29 Jul ’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 763.7 -0.1 0.7 33.9 405.3 ITC 303.1 -0.1 4.8 24.6 24.9 price price (%) price price (%)
Apollo Hosp 4212.3 0.5 0.6 57.4 91.1 JSW Steel 629.6 2.1 1.1 9.8 12.3 SBI Life Ins 1305.0 1295.4 8.8 1305.0 1305.0 PAYTM 580.0 674.8 -5.7 511.0 511.0
MOST BULLISH MOST BEARISH
Asian Paints 3333.8 1.9 2.0 91.9 89.9 Kotak Mah Bank 1810.4 -1.0 3.4 27.6 39.9 Dr Lal PathLabs 2332.8 2302.8 7.5 2580.0 4243.0 Shriram TrFn 1371.3 1379.7 -5.7 1047.7 1002.5
Axis Bank 724.8 -0.2 2.6 15.8 14.8 Vodafone Idea 8.9 8.8 1.1 IOC 70.9 73.0 -2.7 Tata Steel 109.3 107.7 7.3 133.0 153.5 Intell Des Aren 625.3 631.0 -5.4 564.0 564.0
L&T 1808.1 0.4 3.3 27.6 33.8
Bajaj Auto 3914.5 1.5 0.7 18.4 22.1 Aditya Bir Fa 270.8 268.7 0.8 Bata India 1920.5 1961.7 -2.1 Info Edge 4351.0 4333.2 6.0 4681.1 7463.0 M & M Fin 186.1 186.8 -4.9 160.6 128.0
Mah & Mah 1164.5 1.3 1.5 22.0 29.3
Marico 522.0 518.0 0.8 ONGC 131.8 134.2 -1.8 GMR Infra 38.1 37.6 5.9 39.0 49.2 Indiabulls Hous 108.7 110.1 -4.1 89.0 89.0
Bajaj Fin 7209.1 1.9 2.5 62.1 55.5 Maruti Suzuki 8773.6 0.6 1.5 68.3 61.1 Cadila Healt 349.4 346.8 0.7 Nippon Life Ind 274.6 279.3 -1.7 IRCTC 642.0 637.7 5.9 744.7 1278.6 Dr Reddys 4055.8 4090.4 -4.0 3787.6 3655.0
Bajaj Finsrv 15047.6 2.8 1.2 47.6 364.9 Nestle India 19359.1 1.3 0.9 - 88.3 L&T Finance Hol 75.7 75.2 0.7 Dr Lal PathLabs 2269.1 2303.6 -1.5 Hindalco 417.5 415.2 5.7 486.0 636.0 PNB 31.3 31.4 -3.8 28.1 28.1
Bharti Airtel 678.0 1.7 2.1 88.6 - NTPC 153.0 1.7 0.9 8.9 9.2
BPCL 330.3 1.3 0.4 6.1 8.2 Rain Inds 177.9 176.7 5.6 185.0 272.9 Nippon Life Ind 278.1 279.4 -3.8 259.3 259.3
ONGC 134.2 3.0 0.9 3.7 4.2
Britannia 3900.4 0.8 0.6 61.6 58.6 BSE NSE Sun Pharma 951.3 943.6 5.5 951.3 966.9 Piramal Entp 1731.4 1772.7 -3.6 1561.0 1561.0
Cipla 977.4 1.0 0.7 31.3 26.7
Power Grid 214.0 -0.1 0.9 8.9 8.7 Index Stock Index Stock PUT-CALL RATIO PVR 2167.1 2146.9 5.1 2167.1 2167.1 Coromndl Int 1019.0 1028.1 -2.9 864.4 709.6
Reliance Ind 2509.5 2.1 11.2 25.6 37.2 India Cement 197.7 196.9 5.0 206.5 259.9 Jubilant Fd 544.1 550.0 -2.9 451.6 451.6
Coal India 211.3 4.1 0.6 7.5 11.6 FUTURE (Open Interest in Mn) Put Call PC Ratio
SBI 528.4 -0.8 2.6 13.3 14.9 Patanjali Foods 1137.4 1135.5 4.8 1228.0 1228.0 Adani Power 307.5 313.9 -2.5 238.3 70.0
Divis Lab 3831.7 -0.5 0.6 34.4 34.5 Contracts - - 357914 1082528
SBI Life Ins 1294.4 8.6 0.7 - 83.8 Market 936.5 1606.1 0.6 Metropolis Heal 1588.1 1580.3 4.5 2375.0 3579.0 MRPL 72.4 72.8 -2.4 66.2 37.1
Dr Reddys 4090.4 -4.0 0.6 22.8 39.8 Open Int.(000) - - 13335 4743203
Shree Cement 20498.0 0.4 0.4 - 36.4 SAIL 77.5 77.2 4.5 98.5 145.9 Chennai Petr 273.9 275.4 -2.2 259.3 94.7
Eicher Motor 3093.5 1.3 0.6 50.4 53.3 Shares(In Mn) - - 14.2 1751.7 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 943.2 5.4 1.3 69.1 494.6 ICICI Prud Life 557.6 553.9 4.5 567.7 724.5 Canara Bank 221.7 222.0 -1.8 171.7 148.7
Grasim Ind 1573.0 1.4 0.8 13.7 33.9 Value(~ crore) - - 31879 72363
Tata Consumer P 811.7 0.6 0.6 79.9 84.5 Asian Paints 1.3 Atul 0.1
HCL Techno 948.4 0.2 1.3 19.0 23.7 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 449.6 1.7 1.0 - - Maha Gas 1.1 Alkem Labs 0.1
HDFC 2377.8 1.7 5.6 19.1 31.4 Contracts - - 74427604 3561363
Tata Steel 107.6 7.2 1.1 3.4 4.3 Apollo Tyres 1.1 Max Fin Sre 0.1
HDFC Bank 1434.2 1.2 8.1 20.9 20.7
HDFC Std Life 555.5 4.5 0.7 88.5 92.4 TCS 3301.9 1.3 4.3 31.1 31.4
Open Int.(000)
Shares(In Mn)
-
-
-
-
249986
2773.7
2292626
5088.5
Bajaj Fin 1.0 JK Cement 0.1 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1048.7 1.0 0.9 19.1 21.2 IndusInd Bank 0.9 Ipca Labs 0.1
Hero MotoCorp 2818.1 1.3 0.5 24.3 22.8 Value(~ crore) - - 6690793 247478 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 415.1 5.8 0.8 6.8 16.9 Titan Company 2352.1 0.7 1.3 96.1 95.8 BSE+NSE BSE+NSE
UltraTech 6544.8 1.1 1.0 26.1 27.2 1 Reliance Ind 1697207.0 BS200 DOWN 7 DAYS
HUL 2637.4 0.7 3.1 69.8 68.5 (~ crore) (Mn shrs)
ICICI Bank 818.6 0.5 7.4 22.7 22.2 UPL 741.1 1.8 0.5 15.6 48.1 ACTIVE CALLS ACTIVE PUTS Bajaj Fin 1934.4 2.7
2
3
TCS
HDFC Bank
1207795.7
797253.0
UP 7 DAYS Mehta Housin -30.1
IndusInd Bank 1043.5 2.5 0.9 - 15.4 Wipro 423.7 1.9 0.8 20.1 18.5 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Page Inds 11.0 Panth Infi -29.8
Tata Steel 1906.0 178.6 4 Infosys 652012.8
Infosys 1549.7 2.1 7.3 29.3 30.5 Nifty 50 17158.3 á1.4 100.0 22.9 25.5 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Reliance Ind 1850.3 7.4 5 HUL 619554.3 UP 3 DAYS BFL AFL -29.8
Index Index 6 ICICI Bank 569401.8 Bharat Dyn 15.9 Amalgamated Ele -29.7
INDEX PE SHRS TRDS 1 YR Bajaj Finsrv 1649.6 1.1
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
04/08/22
04/08/22
17100 120.4
17200 109.8
3.5 86.7
3.6 69.6
Nifty
Nifty
04/08/22
04/08/22
17000 114.0
17100 105.2
6.0
3.9
466.1
2274.9
HDFC Bank 1492.7 10.4
7
8
SBI
Bajaj Fin
471397.4
436462.9
Bajaj Fin
SBI Life Ins
15.2
13.8
Scandent Imagin -28.4
SENSEX 24.8/27.4 16.8 347 25 5 9.3 HDFC 1259.6 5.3 Pankaj Piyus -27.9
Asian Paints 3332.4 2.1 2.3 91.9 89.9 Mah & Mah 1164.8 1.4 1.8 22.0 29.4 Nifty 04/08/22 17300 80.0 4.2 117.3 Nifty 04/08/22 16900 62.3 4.7 134.1 9á HDFC 431675.8 Tata Steel 13.4
Axis Bank 724.8 -0.1 3.0 15.8 14.9 NIFTY 50 22.9/25.5 436.1 5773 42 8 8.7 Infosys 1142.1 7.4 NMS Impex Globa -26.3
Maruti Suzuki 8772.5 0.6 1.7 68.3 61.1 C = CONSOLIDATED; S = STANDALONE Nifty 04/08/22 17500 73.4 4.4 89.4 Nifty Bank 04/08/22 37500 59.1 1.5 282.4 10â LIC India 428740.1 Zomato 12.5
Bajaj Fin 7208.9 1.9 2.9 62.1 55.5 Nestle India 19352.4 1.3 1.0 - 88.3 Nifty Bank 04/08/22 37500 61.8 1.7 75.8 Nifty 04/08/22 16800 50.4 4.2 38.0 Sun Pharma 1093.8 11.8 Mindtree 12.1 UP 3 DAYS
11á Bharti Airtel 377132.0
Bajaj Finsrv 15039.3 2.6 1.4 47.6 364.7 NTPC 153.0 1.7 1.1 8.9 9.2 CASH DERIVATIVES Stock Stock SBI Life Ins 1022.1 7.9 12â ITC 374903.7 Info Edge 12.0 Rudra Glo 40.5
Bharti Airtel 677.9 1.7 2.5 88.6 - Power Grid 214.0 0.3 1.1 8.9 8.7 TURNOVER BSE NSE BSE NSE Tata Steel 25/08/22 110 145.8 26.2 125.9 Tata Steel 25/08/22 100 43.9 9.7 136.1 13 Kotak Mah Bank 359523.5 DOWN Adjia Techno 31.5
ICICI Bank 916.2 11.2
Dr Reddys 4090.4 -4.0 0.7 22.8 39.8 Reliance Ind 2508.8 2.1 12.9 25.6 37.2 VALUE(IN ~ CRORE) 3933 62370 - 7042513 Tata Steel 25/08/22 120 88.9 15.9 214.7 Ashok Leyland 25/08/22 150 19.8 2.2 350.0 14á Adani Trans 346928.5 M & M Fin -9.5 Agi Gree 18.2
Zomato 913.7 196.5
HCL Techno 948.8 0.4 1.5 19.0 23.7 SHARES(IN MN) 528.3 2490.3 - 9628.2 GMR Infra 25/08/22 40 45.7 6.9 11.2 PNB 25/08/22 30 17.0 9.3 13.2 15á Adani Total Gas 343511.5 United Spirt -8.4
SBI 528.2 -0.8 3.0 13.3 14.9 TVS Motor 896.1 9.7 Enkei Wheel 18.0
HDFC 2379.1 1.8 6.4 19.1 31.4 TRADES(000) 3017 20415 - 32692 Tata Steel 25/08/22 100 45.1 12.6 -27.8 Tata Steel 25/08/22 96 16.5 6.2 68.8 16â Adani Green En 343489.0 Chennai Petr -4.4
Sun Pharma 943.6 5.5 1.5 69.2 494.7 Dr Reddys 831.0 2.0 Singer India 16.3
HDFC Bank 1434.5 1.2 9.4 21.0 20.7 PNB 25/08/22 35 45.0 22.8 15.2 Tata Steel 25/08/22 104 15.3 3.0 711.6 17 Asian Paints 319639.0 Petronet LNG -2.5
Tata Steel 107.7 7.3 1.3 3.4 4.3 TCS 819.3 2.5 Katare Spg 15.8
HUL 2636.9 0.6 3.5 69.8 68.5 MARKET-CAP (~ CR) TRADED TOTAL 18 Adani Enter 292911.6 Samvardhana Mot -2.1
ICICI Bank 818.5 0.5 8.5 22.7 22.2 TCS 3300.8 1.2 5.0 31.1 31.4
HDFC Std Life 812.6 14.9 19 Avenue Supermar 274845.6 City Union Bk -1.0 Adity Vision 15.8
Tech Mahindra 1048.9 1.1 1.0 19.1 21.2 BSE 26,685,613 26,833,370
IndusInd Bank 1043.2 2.5 1.0 - 15.4
Infosys 1549.6 2.1 8.5 29.3 30.5 Titan Company 2353.1 0.8 1.5 96.1 95.8 NSE 26,415,245 26,486,424 SPURT IN VOLUMES Tata Motors
Maruti Suzuki
773.6
744.1
17.2
0.8
20
21
Maruti Suzuki
HCL Techno
264998.2
257457.5
Others
UP 7 DAYS
DOWN 3 DAYS
Ganesh Holdings -14.3
UltraTech 6545.9 1.1 1.1 26.2 27.2 DERIVATIVES 19,058,462 19,058,462
ITC 303.0 -0.1 5.6 24.6 24.9 Company Days 2-week Avg Change Close *Price 22 L&T 254011.0 VSF Projects 71.6
Ashok Leyland 696.6 46.4 National Oxy -14.2
Kotak Mah Bank 1810.8 -1.0 4.0 27.6 39.9 Wipro 423.7 1.9 0.9 20.1 18.5 Volume Volume % price %chg 23 Bajaj Finsrv 239546.0 Pressure Sen 61.7
L&T 1807.7 0.4 3.8 27.6 33.8 BSE SENSEX 57570.3 á1.3 100.0 24.8 27.4 TRADING ACTIVITY GMM Pfaudler 1724718.0 49105.5 3412.3 1599.0 19.0
Hindalco
Tech Mahindra
671.8
671.0
16.4
6.4
24 Wipro 232287.2 Jayant Infrat 61.5
Shanti Edu Init -14.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25á Sun Pharma 226386.0 VCU Data -14.1
Westlife Dev 1992314.0 59462.7 3250.5 585.0 8.8 Bonlon Inds 41.1
Equity Debt Equity Debt SBI 649.5 12.3 26â Axis Bank 222618.7 Aplab -14.0
Net Net Net Net Cl Educate 1152757.0 34851.6 3207.6 131.4 5.0 Moongipa Sec 40.6
IndusInd Bank 637.5 6.2 27 Titan Company 208903.8 Gallopent -13.8
WORLD INDICES On 28 Jul 6451 -739 - - Beardsell 1415610.0 81181.6 1643.8 22.0 9.8 Asian Paints 624.1 1.9 28 UltraTech 188960.5
Acrow India
Shrigang Ind
40.5
40.5 Simplex Infr -13.6
On 27 Jul -94 -539 982 -1134 FACT 2994772.0 182665.2 1539.5 113.4 10.2 Vedanta 578.9 22.9 29 Nestle India 186595.8
Indices Close % Chg* Indices Close % Chg*
On 26 Jul -1278 181 1159 -1037 Ambica Agar 543343.0 34518.5 1474.1 26.0 -5.5 30 ONGC 168764.5 (T+2) cycleStocks which rose/fell continuously
Mindtree 547.7 1.6
Americas (Jul 28,22) Asia/Pacific (Jul 29,22) On 25 Jul -575 -921 830 -96 Finolex Cab 1793851.0 127570.5 1306.2 424.0 6.7
Nasdaq Composite 12162.6 1.1 Stock Exchange of Thai (Jul 27) 1576.4 1.5 On 22 Jul -615 -830 709 829 GP Petroleums 611017.0 43833.1 1294.0 51.2 11.1
Jul till date 5250 -1785 6919 5300 WinPro Indu 1883891.0 140750.1 1238.5 5.3 19.9
S&P/ TSX Composite
Dow Jones
19456.7
32529.6
1.1
1.0
Taiwan Taiex
Kospi
15000.1
2451.5
0.7
0.7 2022 till date -212615 -18254 147644 -6946 HCC 43343626.0 3441727.3 1159.4 13.5 10.5
BOARD MEETINGS INTRA-DAY
Europe/Africa (Jul 28,22) Kuala Lumpur Comp 1492.2 0.1 Quarterly Golkunda Dmd Ramco Cements Pun Sind Bnk Kreon Fin
CAC 40 6417.0 1.2 Jakarta Composite 6951.1 -0.1 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Lynx Mach UPL Punjab Alkal Maruti Sec
JULY 30 MK Exim Varun Bever RateGain Travel Ramchandra
DAX 13411.2 1.0 Straits Times 3211.6 -0.3 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 Pradeep Met Zomato Rollatainers Leas
IBEX 35 8155.8 0.9 Shanghai Se Comp 3253.2 -0.9 NET Net Fut OI Opt OI OI Bank of Baroda Ras Resorts Group A Sangam India Sagar Prod
HIGH *Insectcides . . . . . . . . 1049.5 *Sera Inves . . . . . . . . 145.0 LOW
FTSE 100 7373.0 0.4 Volatility (Jul 28,22) BS 200 *Rajratan Glb . . . . . . . . 928.0 *Brand concept . . . . . . 143.5 BS 200 IDFC First Bank Scan Steels Alkyl Amines Shree DigCem Servotech Inds
On 28 Jul 5032 945 0.1 0.8 2.2
Asia/Pacific (Jul 29,22) CBOE S&P 500 21.9 -2.0 On 27 Jul 3761 1684 0.2 1.6 2.4 *Page Inds . . . . . . . . 49142.6 *Mold-Tek . . . . . . . . . . 864.0 *Captain Pipes . . . . . . . 140.7 NONE MCX Sir Shadi L Arvind Snowman Lo- Sindu Valley
Nikkei 225 27801.6 -0.1 CBOE Dow Jones 18.5 -5.7 On 26 Jul 23 -459 0.1 1.4 2.5 *Navin Fluo . . . . . . . . 4430.0 *Genesys Intl . . . . . . . . 669.9 *SKCIL . . . . . . . . . . . . . 135.7 Others Group A SKP Sec Bajaj Consumer giest Symbiox Inve
On 25 Jul 121 -425 0.1 1.3 2.5 *Adani Total Gas . . . . 3157.0 *Sree Rayala . . . . . . . . 668.0 *Ambar Proteins . . . . . 120.5 Ion Exchange . . . . . . . 1500.7 DCB Bank Tinna Rub & Inf Barbeque Nation Tribhovandas Bh Unistar Mult
Hang Seng 20156.5 -2.3 * Change over previous close
On 22 Jul 2285 1123 0.1 1.3 2.5 *Adani Trans . . . . . . . 3141.8 *INOX Leisure . . . . . . . 594.2 *Supreme Ho . . . . . . . . 119.3 Rama Phosp . . . . . . . . . 240.0 Godfrey Ph Virat Crane Carborundm Visagar Poly Vandana Knit
*Adani Enter . . . . . . . . 2622.0 *Enkei Wheel . . . . . . . . 565.0 *Akshar Spintex . . . . . . 112.0 Scoobee Day Gar . . . . . 126.1 Indian Bank ZF Steering Castrol Wardwizard Inno AUGUST 02
MAJOR INDICES Jul till date
2022 till date
33425
277576
3492
30055
-
-
-
-
-
- *PVR . . . . . . . . . . . . . . 2167.1 *G E Shipping . . . . . . . 486.4 *Khoday India . . . . . . . 110.5 Infra trust . . . . . . . . . . . . 94.9 LG Balak Group XT Eveready Ind Group M BS 200
*HAL . . . . . . . . . . . . 2066.4 *West Coast Pape . . . . 425.0 *NIBE . . . . . . . . . . . . . . 108.6 *Mukesh Babu . . . . . . . . 80.1 Mah Holidays Abhifin Fin H G Infra Engg Sailani Tours Adani Green En
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*SBI Life Ins . . . . . . . . 1305.0 *Knowledge Marin . . . 408.0 *Sunil Health . . . . . . . . 102.6 *Icici5Gsec . . . . . . . . . . 50.0 Sarda Energy Contil I Indo Count Group P Bosch
S&P BSE Sensex 56,857.8 57,258.1 57,619.3 57,104.8 57,570.3 712.5 1.3 *Cummins (I) . . . . . . . 1243.2 *Pitti Engg . . . . . . . . . . 370.0 *Shrigang Ind . . . . . . . . 96.1 *Octaware Tech . . . . . . . 42.9 Zen Techno Continental Sec Kansai Nerol R.B. Gupta Deepak Nitrt
*Coromndl Int . . . . . . 1077.0 *Mindspace REIT . . . . 369.9 *KLK Elect . . . . . . . . . . . 88.8 *Aarnav Fashi . . . . . . . . 40.1 Group B Incap Panama Petro Group T Godrej Prpty
S&P BSE Sensex 50 17,777.0 17,910.3 18,034.6 17,875.0 18,021.3 244.3 1.4 S&P BSE SECTORAL INDICES *TVS Motor . . . . . . . . . 953.1 *A-1 Acid . . . . . . . . . 315.1 *Galactico Corpo . . . . . . 88.2 Oceanic Foods . . . . . . . . 32.2 3P Land Holding Mayur Floor Thyrocare Tech Xpro India Gujarat Gas
*ITC . . . . . . . . . . . . . . . . 305.9 *Zim Labs . . . . . . . . . 264.8 *Sreechem Res . . . . . . . 82.0 *BFL AFL . . . . . . . . . . . . . 26.3 Bhageria Ind Oswal Yarns Triveni Turbine Group X Indus Towers Schneider Elect Geojit Financia Walchand Ind Confidence Fin Shriram Asst
S&P BSE-100 17,290.9 17,418.7 17,543.5 17,386.9 17,530.3 239.4 1.4 Prev cls Close % Chng
*Coal India . . . . . . . . . . 212.4 *Lumax Tech . . . . . . . . 261.9 *LEHIL . . . . . . . . . . . 79.4 APIL . . . . . . . . . . . . . . 25.3 Damodar Ind Sharat Indus Group B ARC Finance Siemens Sheela Foam GIC Housing Zee Learn Cosmo Ferr Upsurge Inv
S&P BSE-200 7,366.3 7,419.6 7,470.9 7,409.4 7,465.4 99.1 1.3 Auto 28,361.7 28,728.6 1.3 *Ashok Leyland . . . . . . 154.5 *Shuubham Poly . . . . . 248.7 *Gala Global Pro . . . . . . 78.3 *Shristi Inf . . . . . . . . . . . 24.5 Guj Ind Power SPS Intl AGI Infra Arman Ho Voltas Shyam Metalics Gravita I Group T Faze 3 Auto Visagar Fi-
Bankex 43,058.7 43,130.7 0.2 Others *Ram Ratna W . . . . . . . 247.3 Rudra Glo . . . . . . . . . . 77.0 Pooja Metaliks . . . . . . . . 24.3 Jayant Agro Group Z Anmol India Gallopent Group A Star Cement J Kumar Infr Guj St Fin Fortis Malar nance
S&P BSE-500 23,047.5 23,209.0 23,376.5 23,185.7 23,359.6 312.1 1.4
Cons. Durables 38,995.8 39,570.4 1.5 *Blue Dart E . . . . . . . . 8683.0 *GKP Printing . . . . . . . 245.8 *Trans Financ . . . . . . . . . 76.1 Vishal Fabrics . . . . . . . . . 23.3 Mallcom (I) Sunraj Dmnd Autom Stamp Jenburkt Ph Bank of India Thermax Jet Freight Log N K Indust. Gujarat Poly Zodiac Jrd
S&P BSE IPO 9,064.4 9,131.0 9,173.3 9,064.5 9,139.2 74.8 0.8 Cap. Goods 29,462.9 29,717.3 0.9 *SKF India . . . . . . . . . 4291.9 *Lords Chloro . . . . . . . . 220.2 *Northern Spirit . . . . . . 75.8 *Steel Exchng . . . . . . . . 16.9 MBL Infra Wellesley Digicontent Jumbo Bag Brigade Ent Transport Co Khaitan Chem Ruchi Infra Indicap Group XT
FMCG 15,395.7 15,489.4 0.6 *Voltamp Tran . . . . . . 3548.4 *Arex Inds . . . . . . . . . . . 218.8 *High Street . . . . . . . . . . 72.9 *KKalpana Inds . . . . . . . 12.0 Nahar Ind JULY 31 Goodyear Maha Corp Dhanuka Agri Tube Inv of Ind Maan Alum SAB Events Jhaveri Crdt Lakhotia Polyes
S&P Dollex-30 5,851.1 - - - 5,963.2 112.1 1.9 Pudmjee Paper Group B Kaya Rapicut Carb GATI
Healthcare 22,666.4 22,901.6 1.0 *Timken India . . . . . . 3047.5 *Hardwyn India . . . . . . 209.5 *AKI India . . . . . . . . . . . . 70.1 Baj Hind Sug . . . . . . . . . . . 9.8 Vaibhav Global Next Media TV Vision Kaycee Ind Pentokey Org
Nifty 50 16,929.6 17,079.5 17,172.8 17,018.2 17,158.3 228.7 1.4 Infra 273.6 277.2 1.3 *Schaeffler . . . . . . . . 2859.5 *Specia Rest . . . . . . . . . 191.0 Ritesh Int . . . . . . . . . . . . 62.1 *IMP Powers . . . . . . . . . . 9.6 Sh Rama Mult Bansw Syntex Krebs Bio RMG Alloy Steel Ion Exchange Group B Paradeep Group X Lahoti Overs Sanrhea Tech
IT 28,993.7 29,488.4 1.7 *Craftsman Auto . . . . 2851.0 Chordia Food . . . . . . . . 185.0 *Sonal Adhes . . . . . . . . . 61.5 Winsome Brew . . . . . . . . . 8.6 Suryalak Cot Poddar Pgmnt Manglor Chem Shalimar Prd JM Financial Accelya Sol Phosph Alufluoride Luharuka Shree Raj Sy
Nifty next50 40,397.6 40,675.1 41,016.6 40,647.7 40,906.2 508.5 1.3 Venus Remed AUGUST 01 Nelcast SV Global Jubilant Pharmo
Metal 17,391.6 18,189.9 4.6 *Rolex Rings . . . . . . . . 1904.6 *Acrow India . . . . . . . . 182.5 *Sampre Nutri . . . . . . . . 60.0 *Sical Logis . . . . . . . . . . . 7.6 Bharat Wire RPG Life APM Ind Nyogin Finte Surbhi Inds
Nifty 500 14,469.1 14,588.2 14,677.8 14,553.7 14,665.7 196.6 1.4 Oil & Gas 18,587.4 18,999.0 2.2 *Arman Fin . . . . . . . . . 1419.0 *APM Finvest . . . . . . . . 161.2 *Respons Info . . . . . . . . 58.7 Vardh Concre . . . . . . . . . . 5.5 Group P BS 200 OAL VTM Lemon Tree Hot Data Patterns Savita Oil Auro Lab Otco Internalt Yamini Inves
Power 4,496.7 4,556.3 1.3 *Apar Ind . . . . . . . . . . 1144.5 *Moongipa Sec . . . . . . 157.7 *Deep Diam . . . . . . . . 52.4 *SCC . . . . . . . . . . . . . . . . . 4.9 NB Foot Wear Escorts Kub Orbit Exports Group XT MOIL Dodla Dairy Shyam Century Bang Fort Farms QGO Fina Group ZP
India VIX 17.0 17.0 18.6 16.5 16.6 -0.5 -2.7 *Leading Les Fin . . . . . 150.0 *Bonlon Inds . . . . . . . . 51.5 Group X ITC PDS Ltd ANS Inds Prakash Ind Electrotherm Vascon Engg Cockerill Sacheta Met Mahasagar T
PSU 8,575.9 8,657.4 0.9 *Bhagirad Chm . . . . . 1084.0 *Generic Phar . . . . . . . . . 3.8
Nifty CPSE 2,484.6 2,498.2 2,535.2 2,494.7 2,531.8 47.3 1.9 Realty 3,557.2 3,591.2 1.0 Crane Infra Max Fin Sre Prudent Corpora Gratex Ind Saregama I Gateway distri Vivid Merc Comfort Finance Sahyadri Ind V.R. Woodart
m m w w

> 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 (763.5) (763.5) (2714.5) (2722.3)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 768.0 767.0 2777.0 2758.6
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 781.6 781.8 2809.6 2811.0
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 762.5 762.5 2721.3 2701.4
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 779.9 780.1 2735.2 2736.2
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 80951 951K 32199 248K
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 21.9 21.9 77.1 77.2
company name is followed by shares traded, and also the 52 Wk H/L 1168/669 1168/669 2834/1619 2835/1618
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 28270 28279 57958 57979
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 «
(19761.4) (19762.3) (2182.0) (2180.8) (2550.8) (2550.4) (764.6) (764.5) (266.6) (267.1) (103.4) (103.5)
O 19800.0 20025.6 2187.0 2195.0 2565.0 2565.0 768.0 769.0 268.7 268.8 104.5 104.2 O O
20078.5 20094.0 2238.2 2238.9 2622.0 2622.0 775.5 775.7 272.0 272.2 107.2 107.2
w 19800.0 19800.0 2187.0 2188.0 2560.5 2560.0 759.0 758.9 267.2 267.2 103.9 103.9 w w
20006.6 20015.1 2225.4 2227.4 2569.4 2569.2 763.8 763.7 268.7 268.7 106.3 106.4
524 13390 25113 418K 45275 1107K 166K 3183K 30005 932K 283K 7454K K K K K K K K K K K K K
53.2 53.3 30.8 30.9 377.2 377.2 33.9 33.9 - - 74.5 74.5
W 23902/15525 23934/15514 2588/1901 2589/1900 2622/1345 2622/1362 925/652 925/652 322/190 322/189 139/86 139/86 W W
M 42514 42532 41790 41828 292912 292889 161341 161320 25212 25208 25688 25700 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
(725.3) (725.9) (3860.1) (3858.3) (7076.3) (7076.6) (14652.3) (14642.0) (2276.0) (2278.6) (383.5) (383.8) (280.5) (280.5) (117.2) (117.2) (1880.9) (1881.4) (616.7) (617.2) (272.3) (272.4) (731.2) (730.8) (666.8) (666.8) (53.3) (53.3) (306.7) (306.8) (329.3) (329.3) (16563.3) (16571.8) (326.0) (326.0)
O 733.0 733.9 3883.0 3899.0 7169.0 7175.0 15081.3 15000.0 2292.0 2297.0 387.5 387.0 O 282.0 282.9 118.0 118.5 1898.0 1905.0 623.7 625.5 274.0 274.0 739.0 737.2 O 673.0 672.8 53.6 53.7 310.0 308.9 333.0 333.0 16885.4 16789.0 327.9 327.1
734.7 735.0 3951.5 3952.3 7263.9 7260.0 15199.0 15201.0 2324.0 2324.0 399.0 399.4 284.3 284.3 119.7 119.8 1989.1 1975.8 627.4 627.4 276.3 276.3 742.4 742.5 680.5 680.7 54.8 54.8 310.0 309.6 340.7 340.8 17227.2 17230.0 331.2 331.2
w 723.0 723.0 3876.4 3878.0 7125.3 7125.0 14810.3 14812.2 2285.6 2282.6 385.5 385.1 w 275.0 275.0 115.6 115.6 1889.8 1889.3 616.1 616.0 272.0 272.0 731.3 731.4 w 671.0 671.0 53.6 53.6 305.3 305.2 332.5 331.6 16646.7 16628.6 325.3 325.2
724.8 724.8 3913.4 3914.5 7208.9 7209.1 15039.3 15047.6 2309.2 2311.3 395.1 395.1 276.4 276.2 116.3 116.3 1964.5 1961.7 624.7 624.7 275.1 275.2 732.8 733.0 677.9 678.0 53.9 53.9 307.1 307.2 335.9 336.0 17122.7 17115.8 330.4 330.3
148K 6625K 19338 413K 80634 2607K 52534 1044K 8066 253K 93814 2908K 154K 6932K 1584K 25401K 34088 778K 45995 1457K 191K 4887K 52931 1301K 136K 7670K 2525K 19856K 152K 4759K 188K 2515K 2514 72333 116K 4803K
14.9 14.8 18.4 18.4 55.5 55.5 47.6 47.6 31.6 31.7 15.7 15.7 69.6 69.6 8.3 8.3 250.2 249.9 80.9 80.9 24.2 24.2 31.7 31.7 88.6 88.6 45.7 45.7 52.0 52.1 20.3 20.3 41.5 41.5 8.2 8.2
W 867/618 867/618 4092/3028 4091/3027 8044/5236 8050/5220 19320/10777 19325/10727 2724/1682 2724/1691 526/298 526/298 W 350/230 350/230 123/73 123/73 2262/1608 2262/1592 858/544 859/544 277/162 277/162 848/596 848/595 W 782/548 782/548 79/41 80/41 411/305 411/305 586/307 586/307 19245/12940 19250/12932 503/294 503/293
M 222619 222603 113242 113272 436463 436475 239546 239678 44636 44676 8059 8060 M 44514 44490 60117 60117 25247 25211 60677 60677 67019 67055 34117 34128 M 377132 377160 18751 18751 36864 36882 9404 9408 50495 50474 71672 71650

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«
(3872.9) (3869.4) (583.2) (583.0) (226.1) (226.2) (383.1) (383.4) (321.3) (321.4) (690.2) (690.1) (967.7) (967.5) (161.2) (161.1) (202.8) (202.9) (3843.8) (3846.1) (1548.2) (1548.8) (686.0) (686.0) (1058.4) (1058.9) (1207.6) (1208.7) (572.7) (572.7) (1584.1) (1585.3) (1902.7) (1902.6) (193.4) (193.3)
O 3882.0 3883.0 588.0 585.3 227.3 228.2 383.0 377.0 321.0 323.0 692.0 698.0 O 970.0 973.7 162.0 161.3 203.0 203.6 3901.3 3920.0 1565.0 1555.0 685.0 690.6 O 1077.0 1073.1 1229.4 1225.9 575.0 573.2 1603.7 1606.5 1930.0 1925.0 194.8 195.9
3948.0 3949.4 598.0 598.4 228.6 228.9 396.2 396.2 324.9 324.9 711.6 712.0 983.0 984.0 162.6 162.9 212.4 212.5 3965.9 3965.0 1592.3 1593.0 714.7 714.7 1077.0 1073.1 1243.2 1244.2 585.0 585.3 1618.0 1619.0 1942.0 1942.5 202.5 202.5
w 3877.7 3876.9 585.0 584.4 221.7 221.6 380.7 377.0 317.6 317.6 692.0 694.0 w 953.5 953.0 159.0 159.1 203.0 203.3 3894.3 3891.5 1548.0 1546.4 685.0 688.1 w 1019.0 1019.1 1218.7 1216.5 571.1 571.1 1589.4 1588.2 1909.0 1907.3 193.5 193.5
3900.9 3900.4 595.9 596.1 222.0 222.3 394.7 394.4 321.6 322.2 700.6 700.7 978.2 977.4 160.7 160.9 211.4 211.3 3952.3 3954.3 1586.1 1586.6 712.7 712.8 1028.1 1028.8 1226.0 1226.9 584.2 584.1 1599.1 1599.7 1919.1 1919.4 198.1 198.2
18291 419K 42131 939K 346K 8064K 37310 1439K 87004 2552K 122K 3015K 111K 2942K 65136 1150K 671K 12477K 11649 458K 18146 297K 107K 2507K 31173 913K 57546 979K 33410 2162K 3709 175K 114K 1299K 837K 12807K
61.6 61.6 15.1 15.1 6.2 6.2 39.8 39.8 10.4 10.4 26.8 26.8 31.4 31.3 15.6 15.6 7.5 7.5 35.0 35.0 40.9 40.9 40.9 40.9 17.9 17.9 38.3 38.4 59.5 59.5 26.2 26.2 53.8 53.8 34.6 34.6
W 4152/3050 4153/3050 721/408 722/407 273/149 273/148 512/312 513/312 516/261 516/261 770/470 768/469 W 1083/850 1083/850 184/109 184/109 212/133 212/133 6133/3224 6135/3218 1752/1376 1753/1376 754/554 754/554 W 1077/710 1075/709 1243/836 1244/841 659/482 659/482 2547/1213 2548/1213 3020/1682 3020/1681 340/162 340/162
M 93971 93961 7934 7937 40274 40328 25007 24991 13383 13408 57547 57556 M 78937 78876 11885 11896 130249 130188 24081 24094 43141 43154 43422 43428 M 30195 30214 33983 34008 103494 103485 29958 29969 26177 26181 5296 5299

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

(35.5) (35.5) (715.5) (715.9) (852.3) (852.0) (1459.2) (1460.0) (300.3) (300.1)
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w w w 35.6 35.6 714.0 713.6 849.9 849.7 1470.1 1470.0 297.2 296.9
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- - 6.6 6.6 49.0 49.0 119.0 119.0 18.0 18.0
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4
>
MUMBAI | 30 JULY 2022 1
l

NOTICE
Disclosure of Annual Report of the Schemes of Sundaram Mutual Fund
Notice Notice is hereby given to the Unitholders of the schemes of Sundaram Mutual Fund (“the Fund”) that in accordance
with Regulation 56 (1) of SEBI (Mutual Funds) Regulations, 1996 read with SEBI Circular No. SEBI/HO/IMD/DF2/CIR/P/2018/92
dated June 5, 2018, the Annual Report and Abridged Annual Report of the schemes of the Fund for the year / period ended
March 31, 2022 has been hosted on the website of Sundaram Mutual Fund viz. www.sundarammutual.com and on the website
of AMFI viz., www.amfiindia.com.
Further, Unitholders may also request for a physical or electronic copy of the Annual Report / Abridged Annual Report, by
writing to us at customerservices@sundarammutual.com from their registered email ids or by sending an SMS through registered
mobile number on 73389 33443 or by calling on our toll free number 1860 425 7237 or by submitting a written request at any
of the nearest branches (ISCs) of the Fund (please refer our website www.sundarammutual.com for the list of branches).
Unit holders are requested to update their PAN, KYC, email address, mobile number, nominee details with AMC and also
advised to link their PAN with Aadhar Number. Further, unit holders can view the Investor Charter available on website of the
Fund as well as check for any unclaimed redemptions or Income Distribution (IDCW) Payments.
For Sundaram Asset Management Company Ltd
Place: Chennai R Ajith Kumar
Date: July 30, 2022 Secretary & Compliance Officer
Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road,
For more information please contact:
Royapettah, Chennai-14.
Sundaram Asset Management Company Ltd
Contact No. (India) 1860 425 7237, (NRI) +91 40 2345 2215
(Investment Manager to Sundaram Mutual Fund)
Fax: +91 44 2841 8108. www.sundarammutual.com
CIN: U93090TN1996PLC034615
Regd. Office: No. 21, Patullos Road, Chennai 600 002.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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
Marg, Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Fax: 4356 8110/8111. CIN: L65991MH1994PLC080811

Notices
Notice is hereby given that in accordance with Regulation 56 of Securities and Exchange Board of
India (Mutual Funds) Regulations, 1996 and circulars issued from time to time, the scheme wise
Annual report and abridged summary thereof for the year ended March 31, 2022 are hosted on the
website of the Aditya Birla Sun Life Mutual Fund viz. https://mutualfund.adityabirlacapital.com/ and
on the website of AMFI viz. www.amfiindia.com

The scheme wise annual report or abridged summary thereof shall be emailed to those investors,
whose email addresses are registered with the Mutual Fund. Investors can request for a physical copy
or electronic copy of the scheme wise annual report or abridged summary thereof through any of the
following modes:

1) Telephone: Call at our Investor Contact Centre at 1800-270-7000 (Toll free)

2) Email: Send an email to care.mutualfunds@adityabirlacapital.com
3) SMS: Send a SMS to 567679 from investor's registered mobile number. SMS format: AR
<SPACE>PAN. Example: AR ABCD12345H
4) Written Request (letter) to:
a) Registered office or any of the Investor Service Centres of Aditya Birla Sun Life AMC Limited.
or
b) Computer Age Management Services Limited. (CAMS) at Rayala Towers, 158, Anna Salai,
Chennai - 600 002.

For Aditya Birla Sun Life AMC Ltd.

(Investment Manager for Aditya Birla Sun Life Mutual Fund)
Sd/- Place : Mumbai
Authorised Signatory Date : July 29, 2022

Mutual Fund investments are subject to market risks, read all scheme
related documents carefully.

Website: www.zeemedia.in Email: complianceofficer@zeemedia.esselgroup.com Tel: 0120-7153000

Financial Results for the quarter ended 30 June, 2022

Standalone Consolidated

Quarter ended on Year ended on Quarter ended on Year ended on

30-Jun-22 30-Jun-21 31-Mar-22 30-Jun-22 30-Jun-21 31-Mar-22

14,815 13,711 65,488 20,696 17,018 86,686

766 345 6,680 1,256 1,371 13,924

766 22,095 10,947 1,256 (340) (7,271) ADC India Communications Ltd.
CIN: L32209KA1988PLC009313
Regd. Office: No.10C, 2nd Phase, 1st Main,
455 21,808 8,355 819 (906) (11,772) Peenya Industrial Area, Bangalore-560058
Tel:+91 80 28396102 / 28396291
Email: support@adckcl.com
Website: www.adckcl.com
393 21,741 8,373 742 (978) (11,725)
NOTICE
6,254 4,708 6,254 6,254 4,708 6,254
Notice is hereby given pursuant to
- - 54,537 - - 39,374 Regulation 29 read with Regulation
47 of SEBI (Listing Obligations and
Disclosure Requirements)
0.07 4.63 1.47 0.13 (0.19) (2.07) Regulations, 2015 that a Meeting of
0.07 3.49 1.45 0.13 (0.14) (2.07) the Board of Directors of the
Company will be held on Tuesday,
August 09, 2022, inter alia, to
consider and approve the unaudited
financial results of the Company for
The above is an extract of the detailed format of unaudited financial results filed by the Company with the Stock Exchanges under Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, as the quarter ended June 30, 2022.
amended. The full format of the unaudited financial results is available on the Stock Exchange websites (www.bseindia.com and www.nseindia.com) and also on the Company's website www.zeemedia.in.
This financial statement has been prepared in accordance with Indian Accounting Standards (Ind AS), the provisions of the Companies Act, 2013 (the Act), as applicable and guidelines issued by the Securities and Exchange Board of
This information is also available on
the website of BSE Limited at
India (SEBI).
www.bseindia.com and shall also be
available on the website of Company
www.adckcl.com.
For ADC India Communications Ltd
Dinesh Kumar Garg R.Ganesh
Place: Noida Company Secretary
Executive Director - Finance and CFO
Date: 29th July, 2022 Place : Bangalore
DIN: 02048097 Date : July 29, 2022
.l
MUMBAI | 30 JULY 2022 5
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NOTICE INVITING TENDER

1. IFB/Bid Identification No. : AEGCL/MD/Tech-868/Amingaon GIS/2020/IFB,
BID Dated : 29.07.2022
2. NIT No. : AEGCL/MD/Tech-868/Amingaon GIS/2020/NIT/22 Dated : 29.07.2022
3. Name of Work : “TURNKEY CONSTRUCTION OF 2X50 MVA, 132/33KV GIS
(GAS INSULATED SUBSTATION) AT EXISTING 220/132KV AMINGAON GIS.”
4. Cost of Bid document : INR. 2,000/-
5. Tender start date and time : 13.00 hrs of 29.07.2022
Interested bidders may download the bidding documents from AEGCL’s website :
www.aegcl.co.in and e-tender portal assamtenders.gov.in.
Any other notices/time extension/corrigendum etc. will be published only on AEGCL’s
websites and e-tender portal. AEGCL reserves the right to accept or reject any or all
tenders without assigning any reasons thereof.
Sd/- Chief General Manager (PP&D),
T-872/PR/2022/Sgn/29 Assam Electricity Grid Corporation Limited
6
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MUMBAI | 30 JULY 2022 1
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N R AGARWAL INDUSTRIES LIMITED LKP FINANCE LIMITED

CIN: L65990MH1984PLC032831
CIN: L22210MH1993PLC133365
Regd Office :- 203, Embassy Centre, Nariman point,Mumbai 400021
Regd.Office: 502A/501B, Fortune Terraces, Opp. Citi Mall, New Link Road, Andheri(W),
Mumbai-400053; Tel No: 022 67317500 Fax No: 2673 0227/2673 6953 EXTRACT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS
Website: www.nrail.com; Email: admin@nrail.com FOR THE QUARTER ENDED 30 JUNE, 2022 (Rs.in lakhs except per share data)

UNAUDITED FINANCIAL RESULTS STANDALONE CONSOLIDATED

FOR THE QUARTER ENDED- 30.06.2022 PARTICULARS Quar ter Quarter Quarter Quarter Quarter Quar ter
STANDALONE RESULTS : [ Rs. In Lakhs Except EPS ] Ended Ended Ended Ended Ended Ended
Sr. Particulars Quarter Ended Year (Unaudited) (Audited) (Unaudited) (Unaudited) (Audited) (Unaudited)
No. Ended 30-Jun-2022 31-Mar-2022 30-Jun-2021 30-Jun-2022 31-Mar-2022 30-Jun-2021
30.06.2022 31.03.2022 30.06.2021 31.03.2022 1 Total Income from operations (net) 67.52 940.40 4,447.18 98.65 1,017.76 4,717.86
(Unaudited) (UnAudited) (Unaudited) (Audited) 2 Net Profit /(Loss) from ordinary activties after tax (800.43) (964.68) 3,214.36 (829.90) (936.87) 3,445.21
1 Total Income from Operations ( Net) 50,002.39 44,855.57 39,594.27 162,793.52 3 Net Profit /(Loss) after Extraordianry items (800.43) (964.68) 3,214.36 (829.90) (936.87) 3,445.21
2 Net Profit(+)/(Loss)(-) from ordinary Activities after tax 3,268.69 1,904.63 2,597.54 6,102.15 4 Paid-up Equity Share Capital 1,256.86 1,256.86 1,256.86 1,256.86 1,256.86 1,256.86
3 Total Other Comprehensive income/(loss)-Net (1.11) (9.58) 21.09 23.55 Face Value of the Shares 10.00 10.00 10.00 10.00 10.00 10.00
4 Paid up equity share capital-( Face value of Rs. 10/-each ) 1,701.91 1,701.91 1,701.91 1,701.91
5 Reserves excluding revaluation reserves
5 Reserves excluding Revaluation Reserves as per balance
as per balance sheet
sheet of previous accounting year. - - - 51,903.08
6 Earning Per Share (EPS) 6 Earning Per Share (EPS) (Face value of Rs.10)
(before Extraordinary items ) -Basic (6.37) (7.68) 25.57 (6.60) (7.45) 27.41
(of Rs.10/-each -not annualised): -Diluted (6.37) (7.68) 25.57 (6.60) (7.45) 27.41
(a) Basic. 19.21 11.19 15.26 35.85
The above is an extract of the Audited Financial Results (Standalone and Consolidated) of the Company for the First Quarter ended
(b) Diluted. 19.21 11.19 15.26 35.85
June 30, 2022. The detailed format for the same has been filled with BSE Limited under Regulation 33 of the SEBI (Listing Obligations
7 Earning per share (after extraordinary items)
and Disclosure Requirement) Regulations, 2015 and is available on the website of BSE at www.bseindia.com and also on the website
(of Rs.10/-each)-not annualised :
(a) Basic 19.21 11.19 15.26 35.85 of the Company at www.lkpsec.com. For LKP FINANCE LTD
(b) diluted 19.21 11.19 15.26 35.85 Sd/-
Notes : Mumbai M. V. Doshi
1 The above result were reviewed by the Audit Committee and approved by the Board of Directors at its meeting 28 July 2022 Managing Director
held on 29.07.2022.
2 The above is an extract of the detailed format of Quarterly/Annual Financial Results filed with the Stock Exchanges
under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format
of the Quarterly/Annual Financial Results are available on the Stock Exchange websites (www.bseindia.com),
(www.nseindia.com) and on Company's website (www.nrail.com).
By order of the Board
For N R AGARWAL INDUSTRIES LIMITED
R N AGARWAL
Place : Mumbai Chairman & Managing Director
Date : 29.07.2022 DIN- 00176440

Since 1973
KOKAN MERCANTILE CO-OP BANK LIMITED Multi State Bank
Registered Office : 1st Floor, Harbour Crest, Mazgaon T.T, Mumbai 400010. | Phone : 23723753, 23729969, 23729970,
23729971, 23734202, 23734311. Fax : 23748589 | W : www.kokanbank.net

POSSESSION NOTICE
Whereas the Authorized Officer of the Kokan Mercantile Co-op Bank Ltd under the Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act 2002 and in exercise of powers conferred under section 13 (12) read with rule 8 & 9 of the
Security Interest (Enforcement) Rules 2002 issued demand notices calling upon the borrowers, mortgagors, and sureties to repay the
dues of the bank.
Sr. Details of loan account Date of Position of Amount O/S. Posession Description of Property
No. Demand demand notice as on taken On
Notice as on 29.07.2022
20.04.2022 29.07.2022
11.02.2021 29.07.2022
10.01.2022
1 Loan a/c. No.5009/2636 28.04.2022 Rs.13,01,679/- Rs.13,59,278/- 26.07.2022 All the piece and parcel of land
SANGMESHWAR BRANCH lying and situated at village, Nanji
1.Mr.Pandit Sachin Ramkrishna Tal.Ratnagiri, Dist Ratnagiri
(deceased) Borrower/Mortgagor within jurisdiction of sub registrar,
2.Mr.Sagvekar Vivek Gajanan Tal.Ratnagiri District Ratnagiri
–Surety bearing survey no.967, Hissa
3.Mr.Shedge Shantaram Sankar No.A/3, area 0-10-0 out of 0-47-0,
–Surety Assessment no.00.35.
4.Mr.Pandit Shrikanat Vasudeo –
Surety
5.Mrs.Riya Sachin Pandit -Surety
2 Loan account no.5011/18473 25.02.2021 Rs. 3,03,243/- Rs. 3,39,874/- 28.07.2022 Flat no.102, 1st floor, Wasim
KAUSA MUMBRA BRANCH Palace, Almas Colony, Kausa
1.Mr.Esmail Riyaz Khidmatgar- Mumbra District Thane -400612.
Borrower/Mortgagor
2.Mr.Mujawar Nabil Masood -
Surety
3.Mr.Sachin Ankush Dhuri –Surety
4.Mrs/Khidmatgar Shahnaz -
Surety.
5. Mr.Khidmatgar Riyaz Ibhrahim
– Surety
3 Loan account no. 5011/18330 18.01.2022 Rs. 8.66,793/- Rs. 28.07.2022 1)Flat no.806, B-Wing erected on
1. Mr.Sajid Abdul Latif Shaikh- 9,38,927.50 terrace of building, Garib Nawaz
Borrower Apts, near Mahatre Mansion,
2. Mr.Shivappa Fakir Londe – near Mumbra Petrol Pump,
Surety Dattuwadi, Mumbra District
3. Mr.Pritam Ankush Londe Thane, adm.740 sq.ft. (B.U,)
–Surety 2) Unit no.8 in basement, A-Wing,
4. Mrs.Munira Sajid Shaikh Garib Nawaz Apartments, near
–Surety Mhatre Mansion, Dattuwadi,
Mumbra District Thane, adm.380
sq.ft. (B.U,) both bearing survey
no.11,Hissa no.3/4, and 315 in
the registeration district and sub
district of Thane.
The Borrowers, Mortgagors and Sureties having failed to repay the amount , notice is hereby given to the Borrowers, Mortgagors, &
Sureties and public in general that the undersigned has taken possession of the properties on 26th & 28th days of July 2022 as
described hereinabove in exercise of powers conferred on him under section 13 (4) of the said Act read with Rule 8 & 9.
The Borrowers , Mortgagors and Sureties in particular and public in general is hereby cautioned not to deal with the properties and
any dealings with the properties will be subject to the charge of the Kokan Mer.Co-op Bank Ltd.
STATUTORY 30 DAYS SALE NOTICE UNDER SARFAESI ACT 2002 read with rule 8 (6).
The Borrowers,, Mortgagors and Sureties are hereby notified to pay the sum as mentioned in the demand notices along with interest up to
date and ancillary expenses from 30 days from today failing which the properties will be put up for sale /sold and balance dues if any will
be recovered with interest and cost.
PLACE : DISTRICT RATNAGIRI & THANE For Kokan Mercantile Co-op Bank Ltd
DATE : 30.07.2022 s/d
Authorised Officer
.l
MUMBAI | 30 JULY 2022 7
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THE SOUTH INDIA PAPER MILLS LIMITED

CIN : L85110KA1959PLC001352
Regd. Office: Chikkayana Chatra, Nanjangud - 571 302 Karnataka State
`. In Lakhs except per share data
STATEMENT OF UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30th JUNE 2022
Sl Particulars Quarter ended Quarter ended
No 30-06-2022 30-06-2021
1. Total income from operations 8,051.67 6,942.25
2. Net profit for the period (before Tax,
Exceptional and / or Extraordinary Items) 27.05 775.32
3. Net profit for the period before Tax,
(after Exceptional and / or Extraordinary Items) 27.05 1,048.37
4. Net Profit for the period after tax,(after exceptional
and / or extraordinary items) 5.20 891.37
5. Total comprehensive Income for the period
[comprising profit for the period (after tax)
and other comprehensive income (after tax)] 5.20 891.37
6. Equity Share Capital 1,500.00 1,500.00
7. Reserves (excluding Revaluation Reserve as
shown in the Audited Balance Sheet of previous 19,064.88 17048.82
year) under Other Equity (as on 31-03-2022) (as on 31-03-2021)
8. Earnings Per Share (of Rs. 10/- each) in Rs.
Basic : 0.03 5.94
Diluted : 0.03 5.94
1. The above is an extract of the detailed format of Quarterly Financial Results filed with
the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The full format of the Financial Results for the Quarter
are available on the website of BSE Limited at www.bseindia.com & Company's website
www.sipaper.com
By Order of the Board
Sd/-
MANISH M PATEL
Place: Nanjangud MANAGING DIRECTOR
Date: 28-07-2022 DIN: 00128179

District Deputy Registrar, Co-Operative Societies,

Mumbai City (3) Competent Authority
under section 5A of the Maharashtra Ownership Flats Act, 1963,
MHADA Building, Ground Floor, Room No.69, Bandra (E), Mumbai 400 051.
Public Notice in Form XIII of MOFA (Rule 11(9) (e))
Before the Competent Authority
Application No. 81 of 2022
SHREE BALKRISHNA CO-OPERATIVE HOUSING SOCIETY LTD.
C.T.S. Nos. 752, 752/1 to 752/9, Survey No.84, Hissa No.2,
Bhardawadi Road, Andheri (West), Mumbai-400058 ... Applicant/s
Versus
1. SHRI RAMA MADHAV DEVATA TRUST
5/6, Bhardawadi, Balkrishna Niwas,
Andheri (West), Mumbai-400 058
1a. MR. ARUN KESHAV GOSAVI,
Flat No.902, 9th Floor, Divya Ratna, Shree Balkrishna
C.H.S.Ltd., Bhardawadi, Andheri (West), Mumbai-400 058
1b. MRS.TARA K. GOSAVI
Flat No.902, 9th Floor, Divya Ratna, Shree Balkrishna
C.H.S. Ltd., Bhardawadi,Andheri (West), Mumbai-400 058
1c. MRS. NALINI M. GOSAVI
Flat No.901,9th Floor, Divya Ratna, Shree Balkrishna
C.H.S. Ltd., Bhardawadi,Andheri (West), Mumbai-400 058
1d. DR. SUNIL M. GOSAVI
Flat No.901, 9th Floor, Divya Ratna, Shree Balkrishna
C.H.S. Ltd., Bhardawadi,Andheri (West), Mumbai-400 058
1e. MRS. SADHANA A. GOSAVI
Flat No.902, 9th Floor, Divya Ratna, Shree Balkrishna
C.H.S. Ltd., Bhardawadi,Andheri (West), Mumbai-400 058
1f. MRS. HEMLATA S. GOSAVI
Flat No.901, 9th Floor, Divya Ratna, Shree Balkrishna
C.H.S. Ltd., Bhardawadi,Andheri (West), Mumbai-400 058
2. M/S. AMEYA DEVELOPERS
Mr. Vijay Shridhar Mallya, Proprietor B-103/201,
Amey House, 1st Floor, J.P.Road, Andheri (West),
Mumbai-400 058. ... Opponents
PUBLIC NOTICE
1) Take the notice that the above application has been filed by the applicant under
section 11 under the Maharashtra Ownership Flats (Regulation of the
Promotion of Construction, Sale, Management and Transfer) Act, 1963 and
under the applicable Rules against the Opponents above mentioned.
2)The applicant has prayed for grant of Deed of Conveyance of the land bearing
Survey No.84, Hissa No.2, now corresponding to CTS Nos.752, 752/1 to
752/9, in aggregate admeasuring 1100.70 sq. mtrs. ( as per property Register
Cards) and 1053 sq. mtrs ( as per MCGM Approved plan), all of Village
Ambivali, Taluka Andheri, in the Registration District and Sub-District of
Mumbai Suburban lying being and situated at bhardawadi Road, Andheri
(West), Mumbai-400 058 in Mumbai Suburban District within the Registration
District and Sub-District of Mumbai City and Mumbai Suburban in favor of the
Applicant Society.
3) The hearing in the above case has been fixed on 18.08.2022 at 3.00 p.m.
4) The Promoter / Opponent/s and their legal heirs if any, or any person / authority
wishing to submit any objection, should appear in person or through the
authorized representative on 18.08.2022 at 3.00 p.m. before the undersigned
together with any documents, he/she/they want/s to produce in support of
his/her objection / claim/ demand against the above case and the applicant/s
is/are advised to be present at that time to collect the written reply, if any filed
by the interested parties.
5) If any person/s interested, fails to appear or file written reply as required by this
notice, the question at issue / application will be decided in their absence and
such person/s will have no claim, object or demand whatsoever against the
property for which the conveyance / declaration / order is granted or the
direction for registration of the society is granted to the applicants or any order /
certificate / judgment is passed against such interested parties and the matter
will be heard and decided ex-parte
By Order, Sd/-
For District Deputy Registrar,
Seal Co-operative Societies, Mumbai City (3),
Competent Authority u/s 5A of the MOFA, 1963
8
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MUMBAI | 30 JULY 2022 1
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IN THE BOMBAY CITY CIVIL COURT AT GOREGAON, DINDOSHI

COMMERCIAL SUIT NO. 281 OF 2022
BANK OF INDIA
A Bank, a body Corporate Constituted under the Banking Companies (Acquisition and
Transfer of Undertakings) Act V of 1970, having their Head Office at Star House, C-5, G- IVP LIMITED
Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, and one of its Branch Office CIN: L74999MH1929PLC001503
being R.N. Marg Branch, 44, R.N. Marg, Bank of India Building, Bandra (West), Mumbai - Regd. Office: Shashikant N Redij Marg, Ghorupdeo, Mumbai – 400 033
400 050. …PLAINTIFF Tel : +91-22-35075360, Email : ivpsecretarial@ivpindia.com, Website : www.ivpindia.com
Versus EXTRACT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
1. M/S. PRAPTI TOURS AND TRAVELS
A Proprietorship Concern, having address at 008, Laxmi Nagar, Near Marathi Vidyalay, Link JUNE 30, 2022 (` in lakhs, except EPS)
Road, Ghatkopar (E), Mumbai - 400 075. Quarter Ended Year Ended
2. MR. SURAJ SHIVAJI DALVI Particulars 30.06.2022 30.06.2021 31.03.2022
Proprietor of M/s. Prapti Tours and Travels, Age - Not Known, Indian Inhabitant, having Unaudited Unaudited Audited
address at 008, Laxmi Nagar, Near Marathi, Vidyalay, Link Road, Ghatkopar (E), Mumbai -
400 075. …DEFENDANTS Total Income from Operations 16,217 7,739 55,658
TAKE NOTICE that, this Hon'ble Court will be moved before Honour ASJ Smt. S. S. Todkar, Net Profit before Tax and Exceptional items 472 36 2,335
presiding in the Court Room No. 5 on 28.09.2022 at 11.00 a.m. in the forenoon by the Net Profit before Tax after Exceptional items 472 36 2,335
above named plaintiff for following relief :- Net Profit after tax 350 28 1,763
THE PLAINTIFF THEREFORE PRAYS :- Total Comprehensive Income for the period 238 61 394
(a) That the Defendant be jointly and severally ordered and decreed to pay to the Plaintiff Equity Share Capital 1,033 1,033 1,704
under the said Loan under SRTO Loan Scheme a sum of Rs. 5,06,736.73 (Rupees Five Other Equity 8,138
Lakhs Six Thousand Seven Hundred Thirty Six and Paise Seventy Three Only) Earnings Per Share
together with further interest thereon at the rate of 10.55% p.a. with monthly rest plus
(of Rs. 10/- each) (not annualised)
2% penal interest p.a. from the date of filing of the suit till the date of payment and / or
realisation as per the particulars of the Plaintiff's claim, Exhibit “K” to the Plaint. Basic and Diluted 3.38 0.27 17.07
(b) That it be declared that repayment of the Plaintiff dues, in respect of the aforesaid loan is Notes:
duly secured by valid and subsisting Hypothecation of Four Wheeler (car) Maruti Dzire 1 The above is an extract of the detailed format of Quaterly Unaudited Financial Results
Tour VXI bearing Registration No. MH-03-BC-1191. filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations
(c) That the said hypothecated Four Wheeler (car) Maruti Dzire Tour VXI bearing and Disclosure Requirements) Regulations, 2015. The full format of the Quar terly
Registration No. MH-03-BC-1191, belonging to the Defendants be sold by and under
Unaudited Financial Results are available on the Stock Exchange Websites:
order and directions of this Hon'ble Court and the net sale proceeds thereof be handed
over to the Plaintiff in or towards the satisfaction of its dues claimed in prayer (a) above. www.bseindia.com and www.nseindia.com and on the company's website:
(d) That pending the hearing and final disposal of the suit, the Court Receiver or some other www.ivpindia.com.
fit and proper person be appointed as Receiver of the hypothecated Four Wheeler (car) 2 The above unaudited Financial Results for the quar ter ended June 30, 2022 were
Maruti Dzire Tour VXI bearing Registration No. MH-03-BC-1191 with all power under reviewed by the Audit Committee and approved by the Board of Directors at their
Order XL Rule 1 of the Code of Civil Procedure, 1908, including power to sell and to pay meeting held on July 28, 2022. The Statutory Auditors of the Company have carried
over the net sale proceeds to the Plaintiff in or towards the satisfaction of its dues out Limited Review of above Financial Results.
claimed herein. For IVP Limited
(e) That pending the hearing and final disposal of the suit, the Defendants themselves or by
Sd/-
their servants, agents or otherwise howsoever be restrained by an order and injunction
Place : Mumbai Mandar P. Joshi
of this Hon'ble Court in any manner from transferring or disposing off or creating third
party rights in respect of Four Wheeler (car) Maruti Dzire Tour VXI bearing Registration Dated : July 28, 2022 Whole Time Director and CEO
No. MH-03-BC-1191.
(f) That the interim and ad-interim reliefs in terms prayers (d) and (e) above be granted to
the Plaintiff.
(g) For such other and further reliefs as per nature and circumstances of the case may
require. MACKINNON MACKENZIE AND CO LIMITED
(h) For costs of the suit. Registered Office: 4, Shoorji Vallabhdas Marg, P.O. BOX 122, Mumbai - 400 001.
Dated this 25th day of July, 2022. Sd/-
Addl. Registrar, City Civil Court, Tel.: 022-2261 0981 Fax: 022-2261 4207
Sealer......... E-mail: mmcladv@yahoo.co.in Website: http://www.mmclimited.net/
Mumbai
ANANT B. SHINDE & CO. CIN: L63020MH1951PLC013745
Advocates for Plaintiff NOTICE OF EXTRA ORDINARY GENERAL MEETING
311, Varma Chambers, 3rd Floor, 11, Homji Street, Fort, Bombay - 400 001. Notice is hereby given that the Extra Ordinary General Meeting (EOGM) of the
To, Members of the Company will be held on Monday, 22nd August 2022 at 12:00
1) M/s. Prapti Tours and Travels p.m. through Video Conferencing/ Other Audio Visual Means (“VC/OAVM”) Facility,
2) Mr. Suraj Shivaji Dalvi to transact the business as set out in the Notice convening the said Extra Ordinary
General Meeting (‘EOGM’) in compliance with the applicable provisions of the
Companies Act, 2013, General Circular No. 03/2022 dated 5th May 2022, General
Circular No. 14/ 2020 dated 8th April 2020, General Circular No. 17/2020 dated 13th
April 2020, General Circular No. 22/2020 dated 15th June 2020, General Circular
No. 33/2020 dated 28th September 2020, General Circular dated 39/2020 dated 31st
December 2020, General circular No. 10/2021 dated 23rd June 2021 and General
Circular No. 20/2021 dated 8th December 2021 issued by the Ministry of Corporate
Affairs (“MCA”).
Electronic copies of the Notice of the Extra Ordinary General Meeting, procedure
and instruction for e-voting have been sent on 29th July 2022, to all those Members
whose email IDs are registered with the Company.
The Notice of the Extra Ordinary General Meeting procedure and instruction for
e-voting are also available on the Website of the Company at www.mmclimited.net.
The Company is providing the facility to its Member to exercise their right to vote on
the businesses as set forth in the Notice of EOGM by electronic means through both
remote e-voting and e-voting at the EOGM. All Member are informed that:
i. Member may attend the EOGM through VC/OAVM, by using their remote
e-voting credentials.
ii. The instructions for participating through VC/OAVM and the process of remote
e-voting and e-voting system during the meeting, including the manner in which
Member holding shares in physical form or who have not registered their e-mail
address can cast their vote through remote e-voting or e-voting system during
the meeting, are provided as part of the Notice of the EOGM.
iii. The Remote E-Voting period commences on Friday, 19th August, 2022 at 10.00
a.m. and ends on Sunday, 21st August 2022 at 5.00 p.m. (both inclusive).
Remote E-Voting shall not be allowed beyond the said date and time and the
Remote E-Voting module shall be disabled thereafter.
iv. A member’s voting rights shall be in proportion to his/her share of the Paid-Up
Equity Share Capital of the Company as on Wednesday, 17th August 2022
(‘cut-off date’).
v. Any person who acquires shares of the Company and becomes a member of
the Company after the dispatch of the Notice of EOGM and holding shares as of
the cut of date i.e. 17th August 2022 may follow the same instructions
mentioned in the EOGM Notice for Remote E-Voting.
vi. A Member who have casted their vote by remote e-voting prior to the EOGM
may attend the EOGM through VC, but shall not be entitled to cast their vote
again. Member who have not casted their vote through remote e-voting and are
present in the EOGM through VC, shall be eligible to vote through e-voting at the
EOGM.
The procedure for E-Voting is mentioned in the Notice of the EOGM as well as in the
email sent to the Members by the Company and also available on CDSL’s website
www.evotingindia.com. In case of any queries / grievances relating to E-Voting, the
members may refer Frequently Asked Questions (FAQs) for Shareholders and Remote
E-voting User Manual for Shareholders made available in the “Downloads” section
of www.evotingindia.com or call on Toll Free No. : 1800-200-5533, Central Depository
Services (India) Limited, Address: 17th Floor, P.J.Towers, Dalal Street, Fort, Mumbai
400 001, Email Id: helpdesk.evoting@cdslindia.com.
By Order of the Board of Directors
For MACKINNON MACKENZIE AND CO LIMITED
Sd/-
NANDKISHOR YASHWANT JOSHI
PLACE: MUMBAI INDEPENDENT DIRECTOR
DATED: 30th JULY 2022 DIN: 09324612

PUBLIC NOTICE
Notice is hereby given to the public in general that my mother Mrs. Ratna
Moolchand Chachlani a member of Bhandup Industrial Estate Co-op.
Society Ltd., owns Unit No. 3040 (for the sake of brevity hereinafter will be
rd
referred to as the (said office/unit) on 3 Floor, “A”wing, Pannalal
Compound, L.B.S. Road, Bhandup (W.), Mumbai - 400 078 died intestate at
home on 05.07.2022.
I have applied for the transfer of share certificate in my name. Hence any
person/s, company/ies having any claim, right, title, interest or litigation
pending in respect of the said office/unit is asked to meet the undersigned
within 08 days from the date of publication with all the relevant documents
or evidences if any, otherwise all such claims if any shall be considered as
waived and procedure of transferring share certificate in my name i.e.
Ramesh Moolchand Chachlani will be completed, objections raised
beyond time limit will not be considered of which all may please take a note.
Date : 30.07.2022 Sd/-
Shri Ramesh Moolchand Chachlani
Unit No. 3040, 3rd Floor, 'A' Wing, Bhandup Industrial Estate Co-op. Society Ltd.,
Pannalal Compound, L.B.S. Road, Bhandup (W.), Mumbai- 400 078
.l
MUMBAI | 30 JULY 2022 9 <

Form No. INC-26 NO TICE

[Pursuant to Rule 30 of the Companies
(Incorporation) Rules, 2014]
Before the Central Government
Regional Director, Western Region, MUMBAI
In the matter of sub-section (4) of Section 13 of
Companies Act, 2013 and clause (a) of Sub-
rule (5) of Rule 30 of the Companies
(Incorporation) Rules, 2014
AND
In the matter of XPERT SPORT
TECHNOLOGIES PRIVATE LIMITED
(CIN: U72900MH2021PTC367097)
having its Registered Office at C/o Celtic
Business Centre Pvt Ltd 4 Flr Kanakia Wall
Street, Chakala, Andheri, Mumbai,
Mumbai City, MAHARASHTRA- 400093
….… Applicant Company / Petitioner
NOTICE is hereby given to the General Public
that the company proposes to make
application to the Central Government under
section 13 of the Companies Act, 2013
seeking confirmation of alteration of the
Memorandum of Association of the Company
in terms of the special resolution passed at
the Extra Ordinary General Meeting held on
Friday, 10th June, 2022 to enable the
company to change its Registered office from
"State of Maharashtra" to the “State of
Madhya Pradesh”.
Any person whose interest is likely to be
affected by the proposed change of the
registered office of the company may
deliver either on the MCA-21 portal
(www.mca.gov.in) by filing investor
complaint form or cause to be delivered or
send by registered post of his/her objections
supported by an affidavit stating the nature
of his /her interest and grounds of opposition
to the Regional Director, Western Region,
Ministry of Corporate Affairs, Everest, 5th
Floor, 100 Marine Drive, Mumbai-400002
within fourteen days from the date of
publication of this notice with a copy to the
applicant company at its Registered Office
at the address mentioned below:-
C/o Celtic Business Centre Pvt Ltd 4 Flr
Kanakia Wall Street, Chakala, Andheri,
Mumbai, Mumbai City,
MAHARASHTRA- 400093 For & on behalf of
XPERT SPORT TECHNOLOGIES PRIVATE LIMITED
Sd/-
MURTAZA FIDAHUSAIN MHOWWALA
Date : 29.07.2022 (DIRECTOR)
Place : MUMBAI DIN: 09309166
TATA CHEMICALS LIMITED
Regd. Office : Bombay House, 24, Homi Mody Street, Fort, Mumbai, Maharashtra-400 001.
NOTICE is hereby given that the certificate[s] for the under mentioned securities
of the Company has / have been lost / mislaid and the holder[s] of the said
securities / applicant[s] has / have applied to the Company to issue duplicate
certificate[s].
Any person who has a claim in respect of the said securities should lodge such
claim with the Company at its Registered Office within 15 days from this date,
else the Company will proceed to issue duplicate certificate[s] without further
intimation.
Kind of Securities No.of
Name(s) of Holder(s) Distinctive Number(s)
& face value Securities
HANSABEN NATVARLAL TAMAKUWALA Equity &
17 46993351 to 46993367
NATVARLAL HARILAL (DECEASED) F. V. ` 10/-
sd/-
Place : Mumbai [Name[s] of holder[s] / Applicant[s]]
Dated: 30.07.2022 HANSABEN NATVARLAL TAMAKUWALA
PUBLIC NOTICE
NOTICE is hereby given to the Public at large that we are in the process of investigating the
title of Smt. Archana Mandelia and Shri. Ashutosh Mandelia in respect of the property more
particularly described in the schedule written hereunder.
Any person/s having any Right, Title, Interest or claim against or in respect of the said property
or any part thereof by way of Sale, Gift, License, Tenancy, Lease, Lien, Charge, Mortgage, Trust,
Easement, Partition, Suit, Decree, Maintenance, Inheritance, Attachment or Injunction Order,
Acquisition, Requisition, Lispendens, Bequest, Possession or otherwise howsoever is required
to make the same known in writing along with complete documentary evidence thereof to the
undersigned within 10 (Ten) days from the date of publication hereof, failing which any and all
such claims shall be deemed to have been waived and/or abandoned and the investigation
report shall be concluded with.
THE SCHEDULE OF PROPERTY ABOVE REFERRED TO:
Flat No. 502 admeasuring about 1350 Sq. Ft. on the 5th Floor of the Building Red Rose Co-op.
Hsg. Society Ltd., 44, Pochkhanwala Road, Worli, Mumbai - 400025.
Vidhii Partners, Advocates
Construction House, Ground Floor, 5 Walchand Hirachand Marg,
Date : 29/07/2022 Ballard Estate, Mumbai - 400001. Tel. No. 022 - 43558555,
Place: Mumbai Email: vidhii.mumbai@vidhiipartners.com

District Deputy Registrar, Co-operative

IN THE BOMBAY CITY CIVIL COURT AT GOREGAON, DINDOSHI
COMMERCIAL SUIT NO. 280 OF 2022
BANK OF INDIA
A Bank, a body Corporate Constituted under the Banking Companies (Acquisition and
Transfer of Undertakings) Act V of 1970, having their Head Office at Star House, C-5, G-
Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051, and one of its Branch Office
being R.N. Marg Branch, 44, R.N. Marg, Bank of India Building, Bandra (West), Mumbai -
400 050. …PLAINTIFF
Versus
1. M/S. SIDDHI TRAVELS
A Proprietorship Concern having address, at Flat No. 401, Plot No. S - 239, CTS No. 827, D
Building, 32B, SSPL, Dindoshi, Goregaon (E), Mumbai - 400 065.
2. MR. RAMANAND S. RAI
Proprietor of M/s. Siddhi Travels, Age - Not Known, Indian Inhabitant, having address at Flat
No. 401, Plot No. S - 239, CTS No. 827, D Building, 32B, SSPL, Dindoshi, Goregaon (E),
Mumbai - 400 065. …DEFENDANTS
TAKE NOTICE that, this Hon'ble Court will be moved before Honour ASJ Smt. S. S. Todkar,
presiding in the Court Room No. 5 on 28.09.2022 at 11.00 a.m. in the forenoon by the
above named plaintiff for following relief :-
THE PLAINTIFF THEREFORE PRAYS :-
(a) That the Defendant be jointly and severally ordered and decreed to pay to the Plaintiff
under the said Loan under SRTO Loan Scheme a sum of Rs. 4,45,781.06 (Rupees Four
Lakhs Forty Five Thousand Seven Hundred Eighty One and Six Paise Only) together
with further interest thereon at the rate of 10.55% p.a. with monthly rest plus 2% penal
interest p.a. from the date of filing of the suit till the date of payment and / or realisation
as per the particulars of the Plaintiff's claim, Exhibit “K” to the Plaint.
(b) That it be declared that repayment of the Plaintiff dues, in respect of the aforesaid loan is
duly secured by valid and subsisting Hypothecation of Four Wheeler (car) Maruti Dzire
Tour LDI bearing Registration No. MH-02-CR-1297.
(c) That the said hypothecated Four Wheeler (car) Maruti Dzire Tour LDI bearing
Registration No. MH-02-CR-1297, belonging to the Defendants be sold by and under
order and directions of this Hon'ble Court and the net sale proceeds thereof be handed
over to the Plaintiff in or towards the satisfaction of its dues claimed in prayer (a) above.
(d) That pending the hearing and final disposal of the suit, the Court Receiver or some other
fit and proper person be appointed as Receiver of the hypothecated Four Wheeler (car)
Maruti Dzire Tour LDI bearing Registration No. MH-02-CR-1297 with all power under
Order XL Rule 1 of the Code of Civil Procedure, 1908, including power to sell and to pay
over the net sale proceeds to the Plaintiff in or towards the satisfaction of its dues
claimed herein.
(e) That pending the hearing and final disposal of the suit, the Defendants themselves or by
their servants, agents or otherwise howsoever be restrained by an order and injunction
of this Hon'ble Court in any manner from transferring or disposing off or creating third
party rights in respect of Four Wheeler (car) Maruti Dzire Tour LDI bearing Registration
No. MH-02-CR-1297.
(f) that the interim and ad-interim reliefs in terms prayers (d) and (e) above be granted to
the Plaintiff.
(g) For such other and further reliefs as per nature and circumstances of the case may
require.
(h) For costs of the suit.
Dated this 25th day of July, 2022. Sd/-
Addl. Registrar, City Civil Court,
Sealer.........
Mumbai
ANANT B. SHINDE & CO.
Advocates for Plaintiff
311, Varma Chambers, 3rd Floor, 11, Homji Street, Fort, Bombay - 400 001.
To,
1) M/s. Siddhi Travels
2) Mr. Ramanand S. Rai
Societies, Mumbai City (3) Competent Authority
under section 5A of the Maharashtra Ownership Flats Act, 1963
MHADA Building, Ground Floor, Room No. 69, Bandra (E), Mumbai-400 051
Public Notice in Form XIII of MOFA (Rule 11 (9) (e))
Before the Competent Authority
Application No. 79 / 2022
The Chairman / Secretary
PEARL HAVEN CHSL.
Plot C. T. S. No. B-649, Chapel Road,
Bandra (West), Mumbai-400 050. .... Applicant
VERSUS
1. CHAUHAN & BROTHERS,
a) Mr. Mohamod Yunus Chauhan
b) Gulam Nabhi
14-B, Fatima Mahal, Kevni Pada,
S. V. Road, Jogeshwari (West) Mumbai-400 060
2. MRS. PEARL MUKHERJEE
alias Mrs. Pearl Pereira
(Address not known) ...Respondents
PUBLIC NO TICE
1. Take the notice that the above application has been filed
by the applicant under section 11 under the Maharashtra
Ownership Flats (Regulation of the Promotion of
Construction, Sale, Management and Transfer) Act, 1963
and under the applicable Rules against the Opponents
above mentioned.
2. The applicant has prayed for grant of conveyance of the
Accordingly, this Competent Authority be pleased to issue
a certificate of entitlement of unilateral conveyance of the
land at Final Plot No. 68A of Suburban Scheme No. VIII,
from Opponent No. 2 herein, admeasuring 1192.14 sq.
mtrs out of which an area of 196.7 sq. mtrs. is reduced for
setback amounting to 995 sq. mtrs.or thereabouts in the
Registration District and Sub-District of Bombay Suburban
bearing C. T. S. No. B-649 along with the structures
standing thereunder in favour of the Applicant Society.
3. The hearing in the above case has been fixed on
16.08.2022 at 03.30 p. m.
4. The Promoter / Opponent/s and their legal heirs if any, or
any person / authority wishing to submit any objection,
should appear in person or through the authorized
representative on 16.08.2022 at 03.30 p. m. before the
undersigned together with any documents, he / she / they
want/s to produce in support of his / her objection / claim
/ demand against the above case and the applicant/s is /
are advised to be present at that time to collect the written
reply, if any filed by the interested parties.
5. If any person/s interested, fails to appear or file written
reply as required by this notice, the question at issue /
application will be decided in their absence and such
person/s will have no claim, object or demand whatsoever
against the property for which the conveyance / declaration
/ order is granted or the direction for registration of
the society is granted to the applicants or any order /
certificate / judgment is passed against such interested
parties and the matter will be heard and decided ex-parte.
By Order,
sd/-
For Distric t Deputy Registrar,
SEAL
Co-operative Societies, Mumbai City (3),
Competent Authority U/s. 5A of the MOFA, 1963.
10
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MUMBAI | 30 JULY 2022 1
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