THURSDAY, 22 SEPTEMBER 2022

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

MUMBAI
~12.00
VOLUME XXVII NUMBER 29

THE MARKETS ON WEDNESDAY chg#

Sensex 59,456.8 q 263.0

Nifty 17,718.3 q 97.9
Nifty Futures* 17,731.4 p 13.1
Dollar
Euro
~80.0
~79.4
~79.8
~79.8 **
ASBA-LIKE PAYMENT SYSTEM IN MOONLIGHTING GETS 300
Brent crude ($/bbl)
Gold (10 gm)###
89.2##
~49,407.0 p
*(September) Premium on Nifty Spot; **Previous close;
90.2 **
~237.0 WORKS FOR SHARE TRADING AT WIPRO THE PINK SLIP
# Over previous close; ## At 9 pm IST;
### 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
12
>.
MUMBAI | THURSDAY, 22 SEPTEMBER 2022 1

Mahindra Lifespace Developers Limited

CIN - L45200MH1999PLC118949 Fax No: 022-24975084
Tel.: 022-67478600 Website: www.mahindralifespaces.com
Registered Office :- Mahindra Towers, 5th Floor, Worli, Mumbai - 400018
NOTICE OF POSTAL BALLOT AND EVOTING INFORMATION
Members of the Company are hereby informed that, pursuant to the
provisions of Sections 108 and 110 and all other applicable provisions of the
Companies Act, 2013 (“the Act”) read with Rules 20 and 22 of the Companies
(Management and Administration) Rules, 2014 (“the Rules”) (including any
statutory modification(s) or re-enactment(s) thereof, for the time being in force)
and in accordance with the guidelines prescribed by the Ministry of Corporate
Affairs vide General Circulars Nos. 14/2020, 17/2020, 22/2020, 33/2020,
39/2020, 10/2021, 20/2021 and 03/2022 dated April 8, 2020, April 13, 2020, June
15, 2020, September 28, 2020, December 31, 2020, June 23, 2021, December 08,
2021 and May 5, 2022 respectively (“MCA Circulars”), Regulation 44 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI
LODR Regulations”), Secretarial Standard - 2 (SS-2) issued by the Institute of
Company Secretaries of India and other applicable laws and regulations, if any,
the Company has completed dispatch of Postal Ballot Notice alongwith
explanatory statement (“Postal Ballot Notice”) on 21st September, 2022 for
seeking consent of the Members through remote e-voting on following special
business by way of an Ordinary Resolution:
Sr. No. Description of Ordinary Resolution
1 Appointment of Ms. Rucha Nanavati (DIN-09684920) as a
Non-Executive Non-Independent Director
In compliance with the MCA Circulars, the Postal Ballot Notice and
instructions for e-voting has been sent only through email to all those Members
whose email address are registered with the Company / KFin Technologies
Limited ('KFin'), the Registrar and Share Transfer Agent of the Company ('RTA')
or Depository / Depository Participants AND whose name appear in the Register
of Members of the Company or in the Register of Beneficial Owners maintained
by the Depositories as on Friday, September 16, 2022 (“cut-off date”).
The Postal Ballot Notice is also available on Company's
website (www.mahindralifespaces.com), Stock Exchange's website
www.bseindia.com and www.nseindia.com, and website of KFin
(https://evoting.kfintech.com/showallevents.aspx). The Postal Ballot Notice is
being initiated in compliance with the above-mentioned MCA Circulars.
In compliance with the requirements of the MCA circulars, physical copy of
Postal Ballot Notice along with Postal Ballot Forms and pre-paid business
envelope will not be sent to the Members for this Postal Ballot and Members are
required to communicate their assent or dissent through the remote e-voting
system only. The Company has engaged the services of KFin for providing e-
voting facility to all its Members.
Remote e-voting period shall commence on Thursday, September 22, 2022
(9:00 A.M. IST) and end on Friday, October 21, 2022 (5.00 P.M. IST) (both days
inclusive). The remote e-voting shall not be allowed beyond working hours after
05.00 pm (IST) on Friday, October 21, 2022 and e-voting module shall be
disabled by KFin for voting.
Detailed instructions for remote e-voting are provided in the Postal Ballot
Notice. Members are requested to read the instructions carefully as set out in the
Postal Ballot Notice while expressing their assent or dissent and cast vote
through remote e-voting on or before close of working hours at 05.00 pm (IST)
on Friday, October 21, 2022. Members can login at e-voting platform any
number of times till they have voted on the resolution. Once the vote on
resolution is cast by a Members, whether partially or otherwise, Members shall
not be allowed to change it subsequently or cast the vote again.
Voting rights shall be reckoned on the paid-up value of equity shares
registered in the name of Members as on September 16, 2022. A person, whose
name is recorded in the Register of Members of the Company or in the Register
of Beneficial Owners maintained by the Depositories as on the cut-off date shall
only be entitled to cast their vote through remote e-voting. A person who ceases
to be a Member as on cut-off date will not be entitled to vote and should treat
this notice for information purposes only.
The Board of Directors of the Company have appointed Mr. Martinho Ferrao,
Company Secretary (Membership no. FCS 6221 C.P. No: 5676), proprietor of M/s.
Martinho Ferrao & Associates, Practicing Company Secretary, Mumbai, as the
Scrutinizer for conducting the Postal Ballot through remote e-voting process in a
fair and transparent manner.
In light of the MCA Circulars, Members who have not registered their e-mail
address and in consequence could not receive the Postal Ballot Notice may
temporarily get their e-mail registered with the Company's RTA, by clicking on
the link Post successful registration of the e-mail, Members would get soft copy
of the notice and the procedure https://ris.kfintech.com/
clientservices/postalballot/registration.aspx.for e-voting to enable voting for
this Postal Ballot
Members are requested to intimate changes, if any, pertaining to their name,
postal address, e-mail address, telephone/mobile numbers, Permanent Account
Number (PAN), mandates, nominations, power of attorney, bank details such as,
name of the bank and branch details, bank account number, MICR code, IFSC
code, etc.:
a. For shares held in electronic form: to their Depository Participants (DPs).
b. For shares held in physical form: to the Company
(investor.mldl@mahindra.com) /KFin (einward.ris@kfintech.com) in
prescribed Form ISR-1 and other forms pursuant to SEBI Circular.
The manner of e-voting by Members holding shares in physical mode,
dematerialised mode and those who have not registered their email addresses is
provided in the Postal Ballot Notice. Members may request for a copy of the
Postal Ballot Notice by writing to compliance officer at
investor.mldl@mahindra.com or download from the websites mentioned above.
Results of postal ballot will be announced on or before Saturday, 22nd
October, 2022. The results declared along with the Scrutinizer's Report would be
displayed on the Company's website www.mahindralifespaces.com and shall be
communicated to the Stock Exchanges, BSE Limited www.bseindia.com and
National Stock Exchange of India Limited www.nseindia.com where the shares
of the Company are presently listed and on the website of KFin
https://evoting.kfintech.com/ and also on the notice board at the Registered
Office of the Company.
In case of any queries, you may refer the Frequently Asked Questions (FAQs)
for Shareholders and e-voting user manual for Shareholders available at the
download section of https://evoting.kfintech.com or contact at
evoting@kfintech.com or send request to Ms. Sheetal Doba, Manager Corporate
Registry, KFin Technologies Limited, Unit: Mahindra Lifespace Developers
Limited, Selenium Tower B, Plot 31-32, Gachibowli, Financial District,
Nanakramguda, Hyderabad – 500 032. Contact No. 040-6716 1500/1509 Toll
Free No.: 1800-309-4001, E-mail: einward.ris@kfintech.com. The grievances can
also be addressed to the Company at investor.mldl@mahindra.com.
By Order of the Board of Directors of
Mahindra Lifespace Developers Limited
Date: 21st September, 2022.
Sd/-
Mumbai Ankit Shah
Assistant Company Secretary and Compliance Officer
Membership No.: 26552
THURSDAY, 22 SEPTEMBER 2022
20 pages in 1 section www.business-standard.com
MUMBAI
~12.00
VOLUME XXVII NUMBER 29

THE MARKETS ON WEDNESDAY chg#

Sensex 59,456.8 q 263.0

Nifty 17,718.3 q 97.9
Nifty Futures* 17,731.4 p 13.1 COMPANIES P3 WORLD P8
Dollar
Euro
Brent crude ($/bbl)
~80.0
~79.4
89.2##
~79.8
~79.8 **
90.2 **
IN A FIRST, AMAZON BETS ‘NOT A BLUFF’, PUTIN WARNS WEST
Gold (10 gm)### ~49,407.0 p
*(September) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~237.0
ON SOLAR FARMS IN INDIA AS RUSSIA CALLS UP RESERVISTS
### 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

2ND TRANCHE OF SOLAR

PLI WORTH ~19,500 CR Liquidity slides ASBA-like payment system
GETS CABINET NOD
in works for share trading
The Union Cabinet on Wednesday approved
the ~19,500-crore proposal of the Ministry of
New and Renewable Energy (MNRE) for the
second tranche of the production-linked
incentive (PLI) scheme for solar equipment
into deficit for Sebi’s planned move could upend
~30,000-crore broking industry
SET FOR CHANGE
manufacturing.
PLIs ARE BACK ON THE
DRAWING BOARD
4>

P17 1st time in 3 yrs KHUSHBOO TIWARI

Mumbai, 21 September

The Securities and NON-RATING

STRENGTHEN
Supported by Blocked
Amount (ASBA) pro-
FIREWALL WITH cess used for subscrib-
ing to initial public
Current system
Client moves money from
his/her bank account to
broker’s bank account
Days of easy money over as credit growth rises Exchange Board of ARMS, SEBI TO offerings (IPOs), where
This is a precursor to any
trade involving purchase of
At 19, Zepto’s Vohra is India (Sebi) is work- RATING FIRMS funds move out of an
securities
ing on a new investor’s bank
youngest richest Indian BHASKAR DUTTA
MUMBAI, 21 September IMPACT OF LIQUIDITY payment sys-
PAGE 10
account only after the In case full money is not
Kaivalya Vohra, 19, of grocery delivery TIGHTENING tem for the secondary trade is confirmed. utilised, the money stays in

application Zepto is the youngest self-made
and youngest richest Indian, according to
IIFL Wealth Hurun India Rich List 2022. It
found 1,103 Indians with a networth of
~1,000 crore each.
TO OUR READERS
There is a one page advertorial being
carried in today’s edition.
No Business Standard journalist was
involved in producing it. Readers are
advised to treat it as an advertisement.
L
iquidity in the banking system market, which could Sebi Chairperson Madhabi broker’s account
| Banks are borrowing from
— as gauged by the Reserve prevent brokers from Puri Buch on Wednesday said
MSF window at 5.65% This helps brokers earn
Bank of India’s (RBI’s) daily accessing their client that despite the challenges, the
interest
operations — has slipped into a | Overnight call rates are at funds. It will be on the new system would be ready in a
2> deficit mode for the first time in over three-year high lines of the Application few months. Turn to Page 7 > For bank-backed brokers,
three years, signalling a structural shift money moves in and out
away from loose financial conditions in | Increase in fixed deposit Sebi Chairperson Madhabi Puri Buch said despite the seamlessly
the economy. rates challenges, the new system will be ready in a few months
According to the RBI’s daily data on | RBI has announced an
money market operations, the central overnight variable rate repo
bank infused net liquidity worth auction of ~50,000 crore, to
~21,873.43 crore into the banking
system on September 20 —
most since May 2019, money
be held on Sept 22
| T-bill yields
Moonlighting gets 300 Niira Radia gets
CBI clean chit
market officials said. This
means commercial banks,
which were thus far park-
rise 51 bps in
Jul-Sep, leading
to higher
the pink slip at Wipro The CBI told the Supreme Court on
Wednesday that no criminality has
ing their excess funds borrowing costs SHIVANI SHINDE & PTI been found in taped conversations
with the RBI, are now Mumbai, 21 September
TOUGHENING STAND of lobbyist Niira Radia with
borrowing from it politicians, industrialists, journalists,
via the marginal India Wipro has terminated the services of 300
Infosys tells
employees and government officials. 4>
standing facility win- indicative staff members who, it found, were working ‘No 2-timing, no
dow a rate of 5.65 per call rate % for its rivals while still being on the com-
moonlighting
cent.
The drying up of liquidity means
7
5.15 6
pany’s payroll, the firm’s executive chair-
man Rishad Premji said on Wednesday. and no double ABG Shipyard’s
banks will up the ante in mobilising
deposits by further increasing deposit
5
4
“The reality is that there are people
today working for Wipro and directly for
lives’
IBM says
ex-chief arrested
rates. Many banks have started special 3 one of our competitors and we have moonlighting The CBI on Wednesday arrested
deposit schemes over the past month, 6.00 actually discovered 300 people in the past Wipro Chairman Rishi Kamlesh Agarwal, founder
2 ‘not ethically
offering 6.1-6.2 per cent interest on fixed 1 few months who are doing exactly that,” Rishad Premji says right’ and former chairman of ABG
deposits. Interest rates on bulk deposits 0 said Premji, speaking at an All India moonlighting is a ‘complete Shipyard, in connection with an
have also risen sharply over the past few May 2, 2019 Sep 21, 2022 Management Association’s event, accord- violation of integrity in its TCS says it’s an alleged bank fraud of more than
months. Turn to Page 7 > Source: Bloomberg ing to a PTI report. Turn to Page 7 > deepest form’ ethical issue ~22,842 crore, officials said. 2>
2 COMPANIES MUMBAI | THURSDAY, 22 SEPTEMBER 2022

> KEC International > Aster DM Healthcare > Gateway Distriparks > SP Apparels > Swaraj Engines
STOCKS Secures new orders worth Partners GD Assist Completes purchase of Board approves buyback M&M to buy additional
IN THE NEWS ~1,123 crore across to set up 25 pharma land parcel in Jaipur for of equity shares at 17.41 per cent stake for
various businesses stores in Bangladesh construction of new ICD ~585 a piece ~296 crore

~438.3 CLOSE ~253.8 CLOSE ~74.3 CLOSE ~431.1 CLOSE ~1,817.3 CLOSE
p3.3% UP* p0.69% UP* p4.7% UP* p2.8% UP* p7.2% UP*
*OVER PREVIOUS CLOSE

>

1,103 Indians have networth of ~1,000-crore each: Hurun

19-year-old Kaivalya BIG BUCK THEORY RACE TO THE TOP
ping India’s rich list. The study pegs
Adani and family wealth at a stag-
Vohra of Zepto is the ~5.06 trillion
Cumulative wealth of
Nykaa’s 59-year-old
Falguni Nayar, who has
self-made woman
entrepreneur Neha Rank Name, company Wealth (~ cr) %rise/loss gering ~10.94 trillion. Adani was far
ahead of Reliance Industries
youngest on the list 100 start-up founders at surpassed ‘biotech Narkhede of Confluent
1 Gautam Adani, 1,094,400 116 Chairman Mukesh Ambani, whose
an average age of 40 — queen’ and Biocon 283 Mumbai tops cities Adani
PUNEET WADHWA wealth rose 11 per cent in the past
a first in 11 years founder Kiran producing most entrants,
Mumbai, 21 September
Mazumdar-Shaw to followed by New Delhi 2 Mukesh Ambani, 794,700 11 year, to ~7.95 trillion.
Above ~1,000 crore RIL Adani’s wealth, according to
Net worth of grocery become richest self- (185) and Bengaluru (89)
One hundred and forty nine new Hurun India, more than doubled
delivery start-up Zepto’s made Indian woman 117 New faces, or 79%, 3 Cyrus S Poonawalla, 205,400 25
individuals joined the rich club of Serum Institute of India (116 per cent) in the past year and in
1,103 Indians across 122 cities who Kaivalya Vohra, who is 735 Entrepreneurs, or this year are self-made absolute terms, he added ~5.89 tril-
cumulatively accumulated a wealth the youngest richest 67%, are self-made — 4 Shiv Nadar, 185,800 -21 lion. In the past five years, the first-
Confluent co-founder Neha Narkhede (left) is the
12 Individuals worth HCL
of ~100 trillion. Bengaluru-based Indian at 19 years of age up from 659 last year ~1 trillion or more — generation entrepreneur’s wealth
youngest self-made woman entrepreneur; 5 Radhakishan Damani, 175,100 13
Kaivalya Vohra, 19, of grocery deliv- 345% Wealth growth of 37-years old Youngest down from 13 has increased 1440 per cent. The
Kaivalya Vohra is the youngest richest Indian Avenue Supermarts
ery application Zepto is the youngest combined market value of Adani
self-made and the youngest rich Group’s seven publicly-traded com-
individual, according to IIFL Wealth (~100 crore networth) in India on the year.“The trends prove that India — Gautam Adani — to the Hurun when other countries are stalling valuations are at a low, both in the panies has increased significantly in
Hurun India Rich List 2022. 2022 list — down 16 compared with has taken booster shots against the Global Rich List,” said Anas Rahman and are in recessionary mode, listed and privately-held com- the past few years. The mining-to-
The report found 1,103 Indians last year, while 13 people born in the global crisis. Be it the Ukraine war Junaid, managing director and chief reaffirms India as the ‘engine of panies,” said Junaid. The report said energy conglomerate has promised
with a networth of ~1,000 crore each 1990s made it to the list, all self- or inflationary pressures, the India researcher, Hurun India. growth’ for the global economy. self-made Gautam Adani, chairman to invest $70 billion in green energy
— an increase of 62 per cent over made. Wealth calculations are a growth story continues despite all “The unprecedented wealth cre- Remember, the new additions to the of Adani Group, earned ~1,612 crore and become the world’s largest
five years. There are 221 billionaires snapshot as of August 30 this odds as India also gave a new No. 2 ation in the past five years in India, list have occurred at a time when a day since September 2021 — top- renewable producer.

Reliance Brands in CBI arrests ABG founder Ratan Tata

talks to get India inducted as
rights for Sephora
SHARLEEN D'SOUZA Vuitton, from DLF Brands.
in ~22,842-cr fraud case
The agency registered a case on a complaint by SBI over alleged criminal conspiracy trustee of PM
Mumbai, 21 September This latest development
comes at a time when
Reliance Brands is in advance Reliance Retail is looking to
stage of talks to take over the enter the FMCG and personal
PRESS TRUST OF INDIA
New Delhi, 21 September
building industry operated
from its shipyards located at
Dahej and Surat in Gujarat with CARES Fund
T
India rights for premium care market and strengthen he Central Bureau of capacity to build vessels up to
makeup and beauty retail its position in the retail mar-
chain Sephora, from Arvind ket. Reliance Brands is a sub-
Investigation (CBI) on
Wednesday arrested
18,000 dead weight tonnage
(DWT) at Surat shipyard and
PRESS TRUST OF INDIA
New Delhi, 21 September
NEWLY NOMINATED
Fashions, according to two sidiary of Reliance Retail Rishi Kamlesh Agarwal, the 1,20,000 dead weight tonnage TRUSTEES
persons in the know. Ventures -- the retail arm of founder of ABG Shipyard (DWT) at Dahej shipyard. Prime Minister Narendra
The billionaire Limited, in connection with an The company, which had Modi has lauded the people Kariya Munda,
Mukesh The Mukesh Mukesh alleged bank fraud of more than witnessed phenomenal rise for contributing whole- former Deputy
Ambani-led Ambani’s ~22,842 crore, officials said. having constructed 165 vessels heartedly to the PM CARES
Ambani-led retail Speaker,
retail com- Reliance The CBI had booked in 16 years, started showing Fund as he chaired its meeting
company is in talks Lok Sabha
pany is already Group. It Agarwal, a former chairman of stress following global slump in which was also attended by
with developers to
in talks with began opera- the company, the then execu- the shipping industry bringing newly-nominated trustees Ratan Tata,
lease out stores for
developers to tions in 2007 tive director Santhanam ABG Shipyard operated from its shipyards in Gujarat, with irregularities in repayment Justice K T Thomas, former chairman
Sephora
lease out with a man- Muthaswamy, and directors capacity to build vessels up to 18,000 dead weight tonnage schedule. "The cancellation of deputy Lok Sabha speaker emeritus,
stores for date to launch Ashwini Kumar, Sushil Kumar contracts for few ships and ves- Kariya Munda and Ratan Tata, Tata Sons
Sephora, said one of the and build global brands in Agarwal and Ravi Vimal which he was arrested, the offi- Penal Code (IPC) and the sels resulted in piling up of the PMO said on Wednesday.
above mentioned sources. the luxury to premium seg- Nevetia on February 7. cials said. Prevention of Corruption Act, inventory. This has resulted in Modi chaired a meeting of Justice K T Thomas,
While Reliance Brands was ments across fashion and Agarwal was called for ques- The CBI had registered the they said. The SBI with an expo- paucity of working capital and the Board of Trustees of the former Supreme Court judge
yet to answer Business lifestyle. It has a portfolio of tioning on Wednesday at the case on a complaint from the sure of ~2,468.51 crore was part caused significant increase in PM CARES Fund on Tuesday
Standard’s query, an Arvind brand partnerships with CBI headquarters during which State Bank of India for the of a consortium of 28 banks and the operating cycle, thereby during which a presentation New members on
Fashions spokeperson, in an major global brands, includ- the investigating officer sus- alleged offences of criminal financial institutions led by aggravating the liquidity prob- was made on the various ini- Advisory Board
e-mailed response, said: “As ing Armani Exchange, pected that he was not co-oper- conspiracy, cheating, criminal ICICI Bank, the officials said. lem and financial problem," the tiatives undertaken with
Rajiv Mehrishi,
per company policy, we do Burberry, Canali, Coach, ating in the probe and was eva- breach of trust and abuse of offi- The ABG Shipyard being a complaint from the SBI, now the help of PM CARES
not comment on market Diesel, Dune, Emporio sive in responses following cial position under the Indian major player in Indian ship part of the FIR, has said. Fund, including the
former Comptroller
rumours and speculation.” Armani, Gas, Giorgio PM CARES for Children and Auditor
In 2015, Arvind took over Armani, Hamleys, Hugo scheme which is sup- General of India
the franchise of Sephora, part Boss, Jimmy Choo, Michael porting 4,345 children, a Sudha Murthy,

Foreign nationals have the right

of French luxury company Kors, Versace, Villeroy & statement issued by the former
LVMH Moët Hennessy Louis Boch, and West Elm. Prime Minister's Office
chairperson,
(PMO) said.
The meeting was attend-
Infosys

to personal liberty: Huawei CEO ed by PM CARES Fund trust- Foundation

IN BRIEF ees Union Home Minister Anand Shah, co-founder of
Amit Shah and Finance Teach for India
SpiceJet to still operate at 50% Delhi HC permits chief of the China-based company to travel abroad
Minister Nirmala
Sitharaman. Newly nomi-
capacity till October 29: DGCA BHAVINI MISHRA before the trial court when required. bank accounts were frozen.
nated trustees of the PM
CARES Fund — Justice
relief assistance, but also tak-
ing mitigation measures and
STOCK PRICE Aviation safety regulator Directorate General of New Delhi, 21 September “The directions quashing the imposi- Meanwhile, the I-T department had Thomas, former Supreme capacity building, it said.
Civil Aviation (DGCA) has extended the cap on tion of the conditions of deposit of an FDR said, according to some news reports, that Court judge; former deputy The prime minister wel-
SpiceJet flights by a little over one month as a The Delhi High Court on Tuesday allowed of ~5 crore drawn on a nationalised Indian Huawei Telecommunications India had Lok Sabha speaker Munda comed the trustees for
matter of “abundant caution”, according to an Huawei India chief executive officer (CEO) bank and forfeiture thereof on non-joining sent nearly ~750 crore to its parent com- and Tata, Chairman becoming an integral part of
official order on Wednesday. The DGCA had on Xiongwei Li to travel abroad after provid- of the investigation and non-appearance pany in dividends for at least two financial Emeritus, Tata Sons —also the PM CARES Fund.
July 27 ordered SpiceJet to operate a maximum of ing a fixed deposit receipt (FDR) of 5 as and when directed by the trial court years to reduce its taxable income in India attended the meeting. The trust also decided to
50 per cent of its flights, which were approved in crore. have been imposed to take into account ‘even when its revenue was reducing dras- The trustees appreciated nominate some eminent per-
the summer schedule for a period of eight weeks The counsel representing the CEO said the eventuality of the alleged commission tically’. the role played by the fund at sons for constitution of
owing to a series of incidents involving its flights. that foreign nationals in India had the of an offence punishable under the During the inspection of the com- a crucial time for the country. Advisory Board to PM CARES
Source Bloomberg "...the review has indicated that there is an right to life or personal liberty that is Income Tax Act,” the high court order pany’s account books, which was started Prime Minister Modi appre- Fund, including Rajiv
appreciable reduction in the number of safety granted by the Constitution. read. on February 15 this year, the I-T depart- ciated the people of the coun- Mehrishi, former
incidents. However, as a matter of abundant caution, the competent The court dismissed the appeal filed In February this year, the I-T ment said that Li did not cooperate with try for contributing whole- Comptroller and Auditor
authority has decided that the restrictions continue to be in force till the by the Income Tax(I-T) Department Department froze the bank accounts of the investigation. “Even the documents heartedly to the PM CARES General of India; Sudha
end of the summer schedule ," the DGCA said in its order. PTI against a trial court order quashing the Huawei India. The company then moved sought by I-T officers were not supplied Fund, the statement said. Murthy, former Chairperson,
lookout circular (LOC) against Li. the Delhi High Court against this action, by Li or any other personnel of the com- It was discussed that PM Infosys Foundation; Anand
Justice Anu Malhotra upheld the trial saying that the department had closed pany,” the department said. The officers CARES has a larger vision on Shah, Co-founder of Teach
NCLT to initiate insolvency court’s order saying the FDR will be for-
feited if Li does not cooperate with the
their accounts without giving them any
notice. The company told the court that
also alleged the statements given by dif-
ferent personnel of the company did not
effectively responding to
emergency and distress situ-
for India and former CEO of
Indicorps and Piramal
proceedings against Ajnara investigation or if he does not appear their business was affected after their match each other. ations, not only through Foundation.

The National Company Law Tribunal (NCLT) has directed to initiate

insolvency proceedings against Ajnara Ltd and appointed an

All Volvos now mild hybrids, set to be all-electric by 2030

interim resolution professional for the NCR-based real estate
developer. A two-member New Delhi-based bench held the
insolvency petition filed on behalf of 113 allottees of Ajnara Ambrosia
as maintainable and as per the builder-buyer agreement, it was
bound to give possession within three years of booking. PTI SHALLY SETH MOHILE company completes its transition to e-models from their global portfolio.
Mumbai, 21 September petrol mild-hybrids. It is moving Even the other upcoming EV
TOP GEAR closer to the Volvo Cars sustainable models, which Volvo plans to
India to host maiden MotoGP Three years from now, eight out of 10
cars that Volvo Car India will sell is
n It’s in line with the global target of becoming mobility ambition, the company
said.
introduce in India, will be locally
assembled. The company has been
a pure electric company by 2030
race in 2023, inks MoU for 7 yrs likely to be electric. That’s the plan
the Swedish luxury carmaker is nIndia subsidiary launches the
All of Volvo’s models are
imported as completely knocked
“passing on all the benefits of local
assembly to buyers,” said Malhotra.
In a significant boost for the stagnant Indian motosport scene, the working on as it seeks to ride the ‘model year 2023 range’ of down (CKD) kits and assembled at The shift to electric will be very
country will be hosting a maiden MotoGP World Championships mega electric mobility trend in the petrol hybrids its factory near Bengaluru. Unlike fast in the luxury segment as car
race, labelled as ‘Grand Prix of Bharat’, at the Buddh International luxury car segment. the fully-imported models — that owners are willing to go for it, he
Circuit in Greater Noida next year. MotoGP commercial rights owner In this segment, adoption to nAll of Volvo’s models in India are attract 100 per cent duty — CKD kits pointed out.
Dorna and Noida-based race promoters Fairstreet Sports on battery electric vehicles (BEVs) is locally assembled attract only 30 per cent. “While everybody has been
Wednesday signed a Memorandum of Understanding (MoU) to host expected to be a lot faster than the This has enabled the company to testing waters with an imported
the premier two-wheel racing event in India for the next seven mass car segment. nAlso, all models are imported as completely price the XC40 Recharge a lot more model, we have gone and
years. PTI This is in line with the parent knocked down kits and assembled at its competitively at ~55.5 lakh as established CKD operations. This is
company’s goal of becoming a pure factory near Bengaluru compared to e-luxury cars from because we want to offer them at a
electric firm by the turn of the Mercedes-Benz, BMW, Audi and competitive price,” he said.
Warehousing transaction volumes decade.
Volvo currently sells the XC40 cent of the total sales coming from by 2025.
Jaguar Land Rover. All of these
companies presently import electric
On Tuesday, Mercedes said it
commenced bookings for EQS 580
grew 62% YoY in FY22: Knight Frank Recharge in India — launched in
July this year — and plans to bring
electric cars by 2025,” Jyoti
Malhotra, managing director (MD),
On Wednesday, it launched
model year 2023 range of petrol
models that are priced ~1 crore or
above.
4MATIC, its flagship electric sedan,
which would be locally assembled. It
Leasing transactions in the warehousing sector across top 8 markets one EV offering every year over the Volvo Auto India, told Business mild-hybrid cars of its compact With a goods and services tax will go on sale from September 30.
recorded a historic high in financial year 2022 (FY22) at 51.3 million next few years, the company’s top Standard. luxury SUV, the XC40 (for ~45.9 lakh, (GST) rate of 5 per cent, electric cars As a run up to the company’s
square feet and grew by 62 per cent year-on-year (YoY) surpassing official said. It would launch the C40 The smallest among luxury car ex-showroom), luxury sedan S90 fall under the lowest tax bracket. target of being carbon neutral by
the pre-Covid peak, said Knight Frank in its recent report. As per the Recharge in 2023. makers in volume terms in India, on (~66.9 lakh), mid-sized luxury SUV In addition, there are also no 2030 globally, Volvo will no longer
report, National Capital Region and Mumbai led the market in terms “We will be launching one EV an average, Volvo sells 1,700 to 1,800 XC60 and the flagship luxury SUV registration charges and road tax be launching a pure internal
of overall transaction volumes during FY22 where NCR noted highest (electric vehicle) offering every year cars per annum. Its annual sales XC90 (~94.9 lakh, ex-showroom). levied on them. This has prompted combustion engine (ICE) model in
transaction volumes of 9.1 mn sq. ft. PRATIGYA YADAV and have an ambition to have 80 per figure is likely to touch 5,000 units With these introductions, the luxury carmakers to bring the latest India.

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.
MUMBAI | THURSDAY, 22 SEPTEMBER 2022 COMPANIES 3 <

Future arm defaults

Amazon set to go
100% green by ‘25
Plans 3 solar farms, 23 solar rooftop projects in India
SHINE JACOB
Chennai, 21 September
on ~15.7-cr payment
Future Enterprises Ltd
(FEL) on Wednesday said
it had defaulted on pay-
ment of interest on non-
it said.
The debentures are
secured and have a coupon
rate of 9.60 per cent per
convertible debentures
totalling ~15.73 crore. The
annum. FEL has defaulted
on interest payment for
Illustration by Binay Sinah due date for payment was the period March 21, 2022,
September 20, 2022, said a to September 19, 2022.
regulatory filing from FEL. The total amount of

A
s part of its road map "The Company is securities issued was ~352
to achieve 100 per unable to service its obli- crore and the gross princi-
cent dependence on gations in respect of the pal amount on which the
renewable energy by 2025, interest on Non- default has occurred is
Amazon on Wednesday Convertible Debentures...," ~327 crore. PTI
announced its first utility-
scale renewable energy proj-
ects in India — three solar
farms located in Rajasthan.
These include a 210-megawatt
(Mw) project to be developed
by India-based developer
ReNew Power, a 100 Mw proj-
ect to be developed by local
developer Amp Energy India, Once fully operational, “Leading organisations
and a 110 Mw project to be Amazon’s global renewable like Amazon set an example
developed by Brookfield energy portfolio will generate for other companies globally
Renewable Partners. 50,000 gigawatt hours of to adopt clean energy sources
By the end of 2021, the clean energy, which is the and accelerate the energy
company had reached 85 per equivalent amount of electric- transition — a prerequisite to
cent renewable energy across ity needed to power 4.6 mil- meet our net-zero goals,” said
its business. Amazon also lion US homes each year. Sumant Sinha, founder, chair-
announced 23 new The three solar man and CEO, ReNew.
solar rooftop proj- Plan includes farms in India will Amazon has executed
ects at its fulfillment a 210-Mw have a total capacity more than 500 Mw of renew-
centres across 14 project to be to generate able energy PPAs with
cities in India, developed by 1,076,000 megawatt Brookfield globally, and now
which have the ReNew Power hours of renewable 110 Mw in India.
capacity to generate energy per year, “The new Bikaner solar
an additional 4.09 enough to power park development is being
Mw of renewable energy. This over 360,000 average-sized undertaken as part of the
brings the total number of households in New Delhi Brookfield Global Transition
solar rooftop projects in India annually. Fund. We look forward to
to 41 with 19.7 Mw of renew- “We are bringing new wind partnering governments and
able energy capacity, which and solar projects online to corporates to accelerate their
will contribute to powering power our offices, fulfillment sustainability and decarbon-
Amazon’s fulfillment network centres, data centres, and isation goals,” said Nawal
in India, said Abhinav Singh, stores… We are on the path to Saini, managing director,
director, customer fulfillment, reaching 100 per cent renew- renewable power and transi-
supply chain, and transporta- able energy across our entire tion, Brookfield. As the
tion services, Amazon India. business by 2025,” said Adam largest corporate purchaser
Amazon also announced it Selipsky, chief executive of renewable energy globally,
was expanding its renewable officer (CEO), Amazon Web Amazon now has a total of
energy portfolio globally, with Services. Amazon’s project 379 renewable energy proj-
an additional 2.7 gigawatt with ReNew is a 210 Mw solar ects across 21 countries,
(Gw) of clean energy capacity farm in Rajasthan — consid- including 154 wind and solar
across 71 new renewable ered to be one of the largest farms and 225 rooftop solar
energy projects. This includes solar corporate power-pur- projects, representing 18.5
the company’s first renewable chase agreements (PPA) by a Gw of renewable energy
energy project in South technology company in India capacity. In the Asia-Pacific
America — a solar farm in — and the largest single busi- region, the company has a
Brazil — and its first solar ness-to-business project that total of 57 renewable energy
farm in Poland. ReNew is developing in India. projects.
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | THURSDAY, 22 SEPTEMBER 2022

IN BRIEF

SBI raises ~4,000 crore via tier 2
bonds at cut-off rate of 7.57%
The State Bank of India (SBI), the country’s largest lender, raised
funds worth ~4,000 crore through tier 2 bonds on Wednesday at
a cutoff rate of 7.57 per cent. “The issue attracted an
overwhelming response from investors with bids of ~9,647 crore
and was oversubscribed by about five times against the base
issue size of ~2,000 crore,” the bank said. The bonds have a
tenor of 15 years and a call option after 10 years, SBI said, adding
that the instruments are rated AAA (stable) by credit rating
firms. The bank had sold additional tier-1 bonds
worth ~6,872 crore on September 7 at a cutoff rate of 7.75 per
cent, the lowest for any bank issuing AT-1 bonds so far in the
current financial year. BS REPORTER
India ‘not so coupled’ with global
economy, recession unlikely: S&P
Global rating agency S&P on Tuesday said even though the US and
the Euro zone are headed to recession, India is unlikely to face the
impact given the “not so coupled” nature of its economy with the
global economy. “Indian economy is a lot decoupled from the
global economy than we normally think of, given its large
domestic demand, even though you (India) are a net importer of
energy. But you have enough forex reserves on one hand and
your companies have managed to maintain healthy balance
sheets," Paul F Gruenwald, S&P global chief economist and
managing director, told reporters here. In fact, India was never
coupled fully with the global economy and so is relatively
independent of global markets, he said.
CBI gives clean chit to Niira Radia
LEAKED TAPES CASE: Probe agency tells SC there was no incriminating evidence found in taped conversations
BHAVINI MISHRA submitted to the court and the investigation
New Delhi, 21 September report has also been forwarded to the depart-
ments concerned,” Bhati submitted before the
In a relief to former corporate lobbyist Niira court.
Radia, the Central Bureau of Investigation The CBI is expected to file a status report
(CBI) told the Supreme Court on Wednesday before the court takes up the matter on October
that no incriminating evidence 12.
was found in her taped conver- Bhati suggested that the writ
sations with politicians, indus- The court was petition may be dismissed as the
trialists, journalists , and govern- hearing a writ K S Puttaswamy judgment has
ment officials. petition filed already held that privacy is a
The court was hearing a writ by Ratan Tata who constitutional right.
petition filed by industrialist had demanded an “I must inform you that the
Ratan Tata, who had demanded
an investigation into the leak of
investigation into
the leak of audio
CBI was ordered by this court to
look into the case. Fourteen pre-
audio tapes, saying they violated
his right to privacy.
tapes saying it
violated his right
liminary inquiries were regis-
tered and no criminality was
The court had ordered a CBI to privacy found in the sealed cover report.
inquiry into the audio tapes Now the phone-tapping guide-
involving Radia in 2013. lines are also in place,” she said.
Additional Solicitor General Aishwarya Meanwhile, the counsel for Tata sought an
Bhati, appearing for the CBI, told the Bench of adjournment in the case.
Justices D Y Chandrachud, P S Narasimha, and The court was also informed that there was CBI to examine fourteen issues that were iden- an investigation into tax evasion.
Hima Kohli that the outcome of the court- another petition by NGO Centre for Public tified after examining the transcripts of over Ordering a probe in 2013, the Supreme
ordered investigation by the CBI was submitted Interest Litigation(CPIL), seeking to make the 5,800-odd conversations of Radia with indus- Court said: “The conversations are indicative
in 2015 in a sealed cover report. transcripts of these tapes available for the pub- trialists, politicians, lawyers, and journalists. of the deep-rooted malice by private enterpris-
“No criminality has been found during the lic interest. The conversations were taped by the Income es in connivance with government officials and
investigation. A sealed cover report has been In October 2013, the apex court directed the Tax Department between 2008 and 2009, for others for extraneous purposes.”
PTI

77TH SESSION OF UNGA

~19.5K-cr 2nd tranche of
solar PLI gets Centre nod
Scheme will help save ~1.4 trillion forex every year, says R K Singh
SHREYA JAI
New Delhi, 21 September
T
he Union Cabinet on Wednesday
approved the ~19,500-crore pro-
posal of the Ministry of New and
Renewable Energy (MNRE) for the sec-
ond tranche of the ‘production-linked
incentive’ (PLI) scheme for solar equip-
External Affairs Minister S Jaishankar with France President ment manufacturing.
Emmanuel Macron during a meeting in New York on This is part of ‘National programme
Wednesday. Jaishankar also met Ukrainian Prime Minister on High Efficiency Solar PV Modules’ for
Denys Shmyhal at the UN headquarters and apprised him of achieving manufacturing capacity of giga
India’s principled position PTI watt (Gw) scale in high efficiency solar
photovoltaic (PV) modules.
The Cabinet in a statement said it is
India in top 10 countries with estimated that close to 65 Gw of annual
manufacturing capacity of fully and par-
highest Type 2 diabetes: Lancet tially integrated solar PV modules would
be installed through this scheme.
An estimated 8.4 million people were living with Type 1 Diabetes
across the globe in 2021, and India was among the top ten
“The scheme will bring direct invest-
ment of around ~94,000 crore and will
countries with highest prevalence of the disease, according to a
modelling study published in The Lancet Diabetes & Endocrinology
lead to creation of manufacturing capac-
ity for allied equipment in the solar man-
journal. This number is predicted to increase to 13.5-17.4 million
people living with Type 1 Diabetes (T1D) by 2040, the resaerchers
ufacturing chain,” said the statement.
It said the scheme would also induce
said. Researchers modelled data on childhood, adolescent and direct employment for 195,000 people
adult T1D prevalence in 97 countries. PTI and indirect employment of about
780,000.
Union Power Minister R K Singh
Banks’ GNPAs may drop to 5% exuded confidence that the scheme will
help save close to ~1.4 trillion forex every
by March ’23, predicts Crisil year. “This (PLI-II for solar module) will
lead to a saving of ~1.4 trillion saving
Reflecting further improvement in asset quality of banks, their because of domestic manufacturing. And
gross non-performing assets (GNPAs) are expected to decline to 5 it will also result in a huge quantity of
per cent by March 2023. They may even touch decadal low of about inflows on account of exports,” Singh
4 per cent by March 2024, riding on post-pandemic economic said. In the first tranche of tendering,
recovery and higher credit growth, according to Crisil. This asset MNRE received close to 50 Gw of bids
quality improvement in the corporate segment follows a against a PLI sanction of ~4,500 crore and
significant clean-up of bank books in recent years, and RfP of 10 Gw. It received close to 18 bids
strengthened risk management and underwriting. BS REPORTER from a range of companies — Coal India,
L&T, Vikram Solar, Megha Engineering
and several new companies. The
udaanCapital facilitates ~2,200 cr winners, apart from RNESL, were Adani
Infrastructure and Shirdi Sai.
credit to 100,000 small retailers The corpus was increased to ~19,500
crore under the Union Budget 2022-23 to
Fintech firm udaanCapital has enabled credit of over ~2,200 crore accommodate the large number of bids.
to more than one lakh small retailers of discretionary goods across The new round of the PLI will have
India in the 2022 fiscal year, the company said on Wednesday. three different schemes for different pro-
According to B2B e-commerce unicorn udaan, more than half of duct categories, this paper reported
discretionary product sales on udaan platform are facilitated by recently. Of the allocated corpus, the
udaanCapital and the base of users availing the facility also grew highest share of ~12,000 crore could go
by 25 per cent in FY22. udaanCapital claims that its proprietary risk to end-to-end manufacturing of ‘polysil-
algorithms leverage alternate datasets. PTI icon-wafers-cells-modules’ (raw material
to finished product).
For ‘wafer-cells-modules’, the govern-
13 American firms to explore ment will allocate ~4,500 crore and for
‘cells-modules’ manufacturing, ~3,500
Telangana’s aerospace ecosystem crore has been allocated. “The scheme
may now be viewed as three separate
As many as 13 US aerospace companies arrived here on Wednesday
for a two-day trade mission to explore Telangana's aerospace
ecosystem and meet with potential business partners in the
~4,500
TAPPING
Quantum of of bids against Solar, Adani Infrastructure
THE SOLAR first tranche RfP of 10 Gw
| The winners were: Reliance New Energy Solar, Adani
POTENTIAL Infrastructure and Shirdi Sai
Logistics policy approved, to
make goods movement easier
SHREYA NANDI
New Delhi, 21 September
The Union Cabinet on Wednesday
approved the National Logistics Policy
(NLP) that aims to enable seamless
movement of goods across the coun-
try as well as improve the competitive-
ness of Indian goods in the domestic
and export markets.
“The vision is to develop a techno-
logically-enabled, integrated, cost-
efficient, resilient, sustainable and
trusted logistics ecosystem for accel-
erated and inclusive growth,” an offi-
standalone schemes. In case a particular
category is undersubscribed, the remain-
ing funds will move to the other cate-
gories,” said the draft proposal of the
MNRE.
The draft has suggested 10 Gw cap on
bid capacity for polysilicon-module cat-
egory and 6 Gw on the other two. A bid-
der will need to submit their extent of
manufacturing integration, proposed
manufacturing capacity, year-wise local
value addition and year-wise efficiency
of their products.
| The winners were:
50 Gw
Reliance New Energy
and Shirdi Sai
cial statement said. Prime Minister
Narendra Modi had launched the pol-
icy on Saturday. The policy has three
targets: to reduce the cost of logistics
in India to be comparable to global
benchmarks by 2030, improve the
global Logistics Performance Index
ranking, and create a data-driven deci-
sion support mechanism .
India’s logistics cost as a proportion
of the Gross Domestic Product (GDP)
is believed to be around 13-14 per cent.
The government now aims to bring it
down to single digits as soon as pos-
sible.
In India, there is no company that
manufactures polysilicon, which is the
raw material for the whole supply chain
of solar equipment manufacturing.
Reliance Industries Limited (RIL) is
reportedly in talks with China-based
Hualu Engineering for polysilicon man-
ufacturing partnership.
The nodal agency for the second
tranche of bidding has also been changed
to Solar Energy Corporation of India
(Seci) from Indian Renewable Energy
Development Agency (IREDA) earlier.
~76,000-crore
semiconductor
policy tweaked
to woo investors
50% incentives offered on project cost
PRESS TRUST OF INDIA
New Delhi, 21 September
The government on
Wednesday tweaked the
~76,000-crore incentive
scheme for semiconductors
and display manufacturing
units, offering to give 50 per
cent of the project cost across
all categories of factories as it
looks to woo global players
such as Intel to set up produc-
tion base in India to help cut
reliance on imports.
The production linked
incentive, or PLI, scheme
announced in December last
year had offered varying
degree of fiscal support to dif-
ferent categories for develop-
ment of semiconductors and
display manufacturing eco-
system in India. These
ranged from 30-50 per cent.
Now, this has been made
uniform — the government
will fund 50 per cent of the
project cost across all technol-
ogy nodes for setting up of
semiconductor fabs, includ-
ing not just cutting-edge
computing chips but also
those used in power, telecom
and automotive sectors.
Minister of State for IT
Rajeev Chandrasekhar said
the total outlay for the pack-
age will remain the same, but
harmonisation of incentives
to 50 per cent will make the
semiconductor policy
“extremely competitive” and
attract investment across
spectrum of opportunities,
namely silicon and com-
pound fabs, packaging units,
display fabs, and design and
innovation ecosystem.
Global companies, he
said, are examining exploring
India as a viable investment
destination for semiconduc-
tors. India is positioning itself
as among the most attractive
destination in Asia for “all
things electronics and semi-
conductors”, and the govern-
ment is “confident” that
investments of almost Rs 2
lakh crore will come in over
next two years.
“We believe this move will
further increase the interest
and create additional propo-
sals that have been in discus-
sions with us over the last 4-5
months,” Chandrasekhar told
reporters.
Earlier on Wednesday, the
Cabinet, headed by Prime
Minister Narendra Modi,
approved fiscal support of 50
per cent of project cost on
pari-passu basis for setting up
of semiconductor and display
fabs as well as other cate-
gories such as compound
semiconductors. Pari-passu is
a Latin phrase meaning
'equal footing'.
The move comes days
after mining mogul Anil
Agarwal's Vedanta group
announced a Rs 1.54 lakh
crore investment for setting
up semiconductor and dis-
play manufacturing units in
Gujarat.
The PLI scheme was
announced in December 2021
as a chip shortage, which has
eased a bit now, hobbled busi-
nesses across the board --
from vehicle manufacturers
to toy-makers.
The Indian semiconduc-
tor market was valued at USD
27.2 billion in 2021 and is
expected to grow at a healthy
CAGR of nearly 19 per cent to
reach USD 64 billion in 2026.
But none of these chips are
manufactured in India so far.
Setting up semiconductor
units, also known as fabs, is a
highly specialised, complex
and expensive task. Fabs call
for complex technology, are
high risk and require long
gestation and payback
periods, perhaps the reason
India failed to crack this
space till now.

EPFO to rationalise staff; turn to automation

region. A press release from the US Consulate here said the
trade mission, which is organised by the US Commercial Service
in India, will help participating firms and organisations
gain market insights, make industry contacts . PTI
SHIVA RAJORA
New Delhi, 21 September
EPFO said it is moving
more from forceful compli-
HOW THE NUMBERS STACK UP and defining each role, key
tasks and the deliverables to
| Sanctioned | In position | Vacancy % Vacancy
Start-ups to get access to datasets of ance to voluntary compliance eliminate redundancy in the
14,913

The Employees Provident and in future it will be fully 9,589 workforce keeping in mind
9,511

anonymised data: Chandrasekhar

7,693

Fund Organisation (EPFO) is governed by technology. “A the undergoing changes in IT

5,402

going to undertake an organi- lot of functions have been systems and automation.
24,073
4,175
3,518

To give Indian start-ups a leg up to come up with more India- sational restructuring centralized and computer- The EPF is a mandatory
Total
1,467

focused offerings, the government is creating one of the largest through comprehensive ized like auto settlement of Sanctioned savings scheme under the
798
669

datasets programme, which will give access to non-personal data rationalisation of its man-
to the AI ecosystem. “We see many opportunities that are going to power and field offices keep-
be based on our domestic capabilities and capabilities that will be ing in pace with the techno-
limited to Indian innovation... These datasets will be given access logical changes and evolving
to only Indian companies and Indian startups,” said Rajeev nature of social security in
Chandrasekhar, Minister of State for electronics and IT. He was India.
addressing the Global Fintech Fest virtually. BS REPORTER The statutory body under
the Ministry of Labour &
Employment has issued a
HDFC Bank ties up with Refinitiv request for proposal (RFP) to
undertake the work study by
for digital transformation one of the top 20 National
Institutional Ranking
HDFC Bank has entered into a long-term partnership with London Framework (NIRF) ranked
Stock Exchange group's Refinitiv for digital transformation, new Institutes in the category of
customer acquisition and reduce costs. Refinitiv is one of the management.
world's largest providers of financial markets data and The report needs to be
infrastructure. The strategic agreement with HDFC Bank, India's submitted in six months’ time
largest private sector bank, will support digital transformation and once the study commences
innovation programmes, said a release on Wednesday. PTI on 1 November.
claims. Man power is pro-
posed to be utilized more in
areas where personal interac-
tion is required. Hence better
utilization of work force has
become the need of the hour.
These main changes require
a rationalization of work force
and thereby increasing oper-
ating efficiency of EPFO,” it
said in the RFP document.
The social security organi-
sation is one of the largest
social security organisations
in the world with 6.7 crore
contributory members in 6.9
lakh establishments across
India. In FY21, it processed
4.58 crore claims, 14% of
which were "auto-processed".
Group A Group B Group C
45.60 45.70 36.20
With its growing global
footprint, EPFO also provides
social security benefits to
international workers as India
is a signatory to bilateral
social security agreements
with 20 countries.
“The Organisational struc-
ture, the re-deployment and
disposition of manpower, the
career paths and require-
ments of officers and staff etc
needs to be taken up as a
comprehensive proposal for
adoption so that the human
14,484
39.80
resource component as well
as the organizational struc-
ture across the country is pre-
pared to absorb and exploit
effectively the technology
being envisaged,” EPFO said.
Currently, EPFO has 21
zonal offices, 138 regional
offices, 114 district offices, 5
special state offices, one
national training institute
and 5 zonal training insti-
tutes. Currently, it employs
14,484 staff while 39.8 per
cent of positions remain
vacant.
Last time EPFO conducted
a cadre restructuring was in
2016 by EPFO in which the
basic structure of the organi-
zation and various depart-
ments in EPFO has been
changed. “As 5 years have
already elapsed since the last
cadre restructuring and there
has been massive changes in
the Social Security scenario
in India,” EPFO said. The
terms of reference of the
study includes identifying
Employees’ Provident Funds
and Miscellaneous Provisions
Act, 1952. It is managed under
the aegis of EPFO. It covers
every establishment in which
20 or more persons are
employed and certain other
establishments which may be
notified by the Central
Government even if they
employ less than 20 persons
each, subject to certain con-
ditions and exemptions as
provided for in the Act. The
pay ceiling is Rs 15,000/- per
month. Persons drawing pay
above Rs. 15,000/- are
exempted or can be enrolled
with some permission or on
voluntary basis.
.
MUMBAI | THURSDAY, 22 SEPTEMBER 2022 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | THURSDAY, 22 SEPTEMBER 2022 1

Many priority G20 MEET IN BALI

Trade ministers talks ways to step up

sectors are not WTO dispute settlement mechanism
profitable, says SHREYA NANDI
New Delhi, 21 September
Korea, the official told Business
Standard. India will also try to woo its
trading partners to negotiate free trade

Axis Bank CEO

At the Group of 20 (G20) nations’ trade, agreements (FTAs) fast, people aware
investment, and industry ministerial of the matter said.
meeting starting Wednesday, the trade “One of the points that India may
ministers exchanged views on ways to highlight is that by 2047 the Indian
strengthen the World Trade economy will grow tenfold. This should
BHASKAR DUTTA & SUBRATA PANDA Organisation’s (WTO) dispute settle- be kept in mind while signing FTAs
Mumbai, 21 September ment mechanism and make it more because these pacts are typically long
‘accessible and efficient’. term. On the other hand, India’s com-

P
rivate sector lender Axis Commerce and industry minister petitors may not grow at a similar pace,
Bank on Wednesday Piyush Goyal in a tweet said that he including the developed nations with
said the government participated in a discussion on WTO’s whom India is signing FTAs. This must
mandates on the payments Dispute Settlement Reform that was be kept in mind during negotiations,”
space ensure no one can make convened by US Trade Representative one of the officials said.
money in the segment. The (USTR) Katherine Tai on the sidelines India has already signed two trade
bank’s Chief Executive Officer of the G20 ministerial meeting in Bali, agreements earlier this year with the
and Managing Director Indonesia. UAE and Australia, though the latter
Amitabh Chaudhry said sev- The meeting with the USTR is cru- is yet to be ratified by the Australian
eral sectors banks are mandat- cial since the conclusion of the 12th Commerce and Industry Minister Piyush Goyal (3rd from left) with dignitaries Parliament. India is currently negoti-
ed to participate in do not turn WTO ministerial in June, the out- at the G20 ministerial meeting in Bali, Indonesia PHOTO: TWITTER ACCOUNT OF PIYUSH GOYAL ating FTAs with the UK, Canada, and
out to be profitable, adding come document had promised to the EU. Discussions for a trade deal
that the private lender spends revive the dispute settlement body in the AB. Out of this, four were filed by ister said in a tweet. The meeting is cru- with the Gulf Cooperation Council
~900 crore every year buying the next two years. A top court for India, according to reports. cial since currently India is negotiating (GCC) countries and Israel are also on.
priority-sector lending (PSL) trade disputes at the WTO or the a free trade agreement with the The G20 is a strategic multilateral
certificates to meet its targets. appellate body has been defunct for Other meetings European Union. platform connecting the world’s major
The comments from Axis close to three years now as the United On the sidelines of the ministerial Goyal is expected to hold bilateral developed and emerging economies.
Bank — which also runs the States blocked the appointment of meeting, Goyal also met Executive Vice meetings with his counterparts from G20 member nations represent more
payments company new judges. President of the European Commission the United Arab Emirates (UAE), Saudi than 80 per cent of the world’s gross
Freecharge — come days after The body stopped functioning from Vadis Dombrovskis. “Both sides are Arabia, South Africa, the United domestic product (GDP), 75 per cent of
the financial services secre- December 10, 2019, and since then as keen to expedite FTA negotiations with Kingdom, France, Spain, Indonesia, international trade, and 60 per cent of
tary highlighted lucklustre many as 24 appeals have been filed in mutually beneficial results,” the min- Canada, United States, and South the world’s population.
response from private banks
in financial inclusion.
According to the Reserve
Bank of India (RBI) norms, 40
per cent of banks’ adjusted net
credit must be extended to the
priority sector, which includes “THEY (REGULATOR AND GOVERNMENT) ASK BANKS TO DO A LOT
ADB cuts FY23 Rice production may fall
agriculture and micro, small OF THINGS WHICH DON’T MAKE MONEY FOR US. SO, THEY FULLY
and medium enterprises.
“They (regulator and gov-
UNDERSTAND THAT THEY NEED TO ALLOW US TO DO
SOMETHING WHERE WE MAKE MONEY TO FUND A LOT
GDP forecast to 6.7 mt this kharif season
ernment) ask banks to do a lot
of the things which don’t OF AREAS WHERE WE DON’T MAKE MONEY”
make money for us. So they
fully understand that they
AMITABH CHAUDHRY
7% from 7.2% This will be lowest output in 2 yrs, according to 1st estimate
SANJEEB MUKHERJEE
MD & CEO, Axis Bank
need to allow us to do some-
thing where we make money
Cites sluggish global demand New Delhi, 21 September

to fund a lot of areas where we ARUP ROYCHOUDHURY Production of rice in the ongoing kharif season
don’t make money,” with Flipkart and Google and Chaudhry said banks ‘can- New Delhi, 21 September is expected to be almost 6.05 per cent less than
Chaudhry said at the Global will have one more stitched up not make money in payments’ the same period last year at 104.99 million
Fintech Fest. shortly. because the government has The Asian Development Bank (ADB) cut its fiscal year 2022- tonnes. This is according to the first advance
“We have a 40 per cent PSL Speaking at the Indian taken out ‘the entire profit- 23 (FY23) gross domestic product growth forecast for India to estimate of agriculture production for the 2022-
requirement, which has 15 Banks’ Association annual and-loss opportunity’ from 7 per cent from 7.2 per cent on Wednesday, citing sluggish 23 crop year (July-June) released on Wedn-
subsections. A lot of those general meeting last Friday, the payments business. global demand and tightening of monetary policy to manage esday. Rice production in the 2021-22 kharif
areas don’t make money. In Financial Services Secretary “You have to use payments inflationary pressures from elevated prices for oil and other season was a record 111.76 million tonnes.
the case of Axis Bank, we Sanjay Malhotra said that pri- as a platform to make money commodities. If the numbers hold firm, then this will be
spent ~900 crore just buying vate sector banks contribute somewhere else. The worry is “While India’s GDP is the lowest rice production during kharif season
PSL certificates every year... only 3 per cent to accounts that more and more of such steadily closing in on its since the 2020-21 crop year.
It’s not a small sum,” he opened under the Pradhan demands will emerge, which pre-pandemic trend lev- Production is expected to be down due to
added. Mantri (PM) Jan-Dhan will take away revenue and el, economic growth in drought-like conditions in main growing
Given such a regulatory Yojana, 4 per cent to PM profitability pools and then the near term is likely to regions of East India, namely UP, Bihar,
environment, he said the way Jeevan Jyoti Bima Yojana and only the big entities can sur- be affected by the global Jharkhand and West Bengal. Production will
forward lies in partnerships PM Suraksha Bima Yojana, vive and small players will slowdown and high infla- also be hit because of shifts towards other com- PRODUCTION CHART
with Big Tech companies. He and 7 per cent each to Atal struggle,” he said. tion,” said ADB Country peting crops in some other states. (in million tonnes)
said his bank has already Pension Yojana and Kisan Director for India Takeo The drought is not only expected to pull
sewed up such partnerships Credit Card. With inputs from PTI Konishi. down output but has already started having an Crops 2021-22 2022-23 %Chg
“We expect that the impact on the prices. Rates have climbed in Sugarcane 431.81 465.04 7.69
government’s continued anticipation of a shortage.
efforts to improve the The only saving grace in case of rice is the Rice 111.76 104.99 -6. 05

~ falls to 79.98, Idea to link regulatory climate for

businesses and infra-
FY23 GDP FORECAST
central pool stocks, which, as on September 1,
were around 24.46 million tonnes. The buffer
Pulses
Oilseeds
8.37
23.88
8.37
23.57
--
-1. 29
all credit structure will boost
investment and create CHANGES AFTER Q1 DATA
on October 1 should have been around 10.25
million tonnes. These stocks do not include
Jute 10.31 10.09 -2. 31

1p from all-time cards with more jobs in the medium

UPI: RBI ED
closing low
SUBRATA PANDA
Mumbai, 21 September
$ soars ahead of Fed policy statement
While the Reserve Bank of
BHASKAR DUTTA India (RBI) has started link-
Mumbai, 21 September ing credit cards with
Unified Payments Interface
The rupee weakened 0.3 per cent versus the US dollar on (UPI) and RuPay credit
Wednesday as the greenback strengthened globally ahead of cards, in all probability the
a likely 75-basis-point rate hike by the US Federal Reserve, central bank will allow the
dealers said. same for other card net-
The rupee settled at 79.98 per US dollar as against 79.76 works such as Visa and
per dollar at previous close. So far in 2022, the rupee has Mastercard, too.
depreciated 7.1 per cent against the US dollar. Wednesday’s Speaking at the Global
value was just 1p from the record clos- Fintech Fest 2022, Vivek
ing low of 79.99 per US dollar on Deep, executive director,
July 20. RBI, said, “We have started
In its policy statement with RuPay cards. But if you
scheduled late Wednesday, see the vision document of
the Federal Reserve is expect- our department, the idea is
ed to raise interest rates by to generally link credit
at least 75 bps, with close to cards with UPI. This we
30 per cent of traders in fed- believe has the potential to
term,” he said.
The multilateral insti-
New Bank/institution
6.8 State Bank of India
Earlier
7.5
10.82 million tonnes of unmilled paddy lying
with millers.
The Centre — in a swift move a few weeks
Total foodgrains
Cotton
Coarse cereals
156.04
31.2
35.91
149.92
34.19
36.56
-3. 9
9.58
1.81
tution also cut its FY24 7.0 Goldman Sachs 7.2 back — first imposed a duty of 20 per cent on
Note: Cotton is in million bales and 1 bale equals 170 kgs while
forecast to 7.2 per cent 6.7 Citigroup 8.0 select rice varieties, and then, imposed a total jute is million bales where 1 bale equals 180 kgs
from 7.8 per cent. ban on export of broken rice. In total, India Source: Ministry of Agriculture
In a statement, the
7.7 Moody’s 8.8 had exported around 21-22 million tonnes of
agency said retail infla- 7.0 Fitch 7.8 rice in FY23, of which, curbs were placed on Cotton production is estimated at 34.19 mil-
tion is forecast to remain 6.9 India Ratings 7.0 export of around 10 million tonnes. lion bales (1 bale is 170 kg), which is 9.58 per
elevated over the next Meanwhile, as a consequence of the drop cent more than the 31.20 million tonnes of last
two years, averaging 7.0 Asian Development Bank 7.2 in rice production, total foodgrains produc- kharif season. Jute production is estimated at
6.7 per cent in FY23 Source: Economists’ reports tion in 2022-23, according to the first 10.09 million bales (1 bale is 180 kg), which is
before moderating to 5.8 advance estimate, is now expected to be 149.92 2.13 per cent less than last year's production of
per cent in FY24. million tonnes. This would be down 3.9 per 10.31 million bales.
“Inflationary pressures will crimp private consumption. cent from 156.04 million tonnes during the On the sowing front, data from the agricul-
However, subsidised fertilisers and gas, free food distribution, last kharif. ture ministry showed that till September 16,
and excise duty cuts will help offset some of the impacts of In other kharif crops, production of pulses kharif sowing had been completed in 109.29
high inflation on consumers,” it said. is projected at 8.37 million tonnes — this is the million hectares. This is marginally less than
ADB said while the services sector is rebounding, the man- same as last year. the same period last.
ufacturing sector is expected to grow slower because of Oilseeds output is estimated at 23.57 million Paddy continued to remain the biggest of
rising input costs. Agriculture value-added is likely to be mar- tonnes, which is 1.29 per cent down from 23.88 all crops that has witnessed a drop in acreage
ginally lower, as the sown area has declined, and the monsoon million tonnes during last kharif. with very little chance of any big improvement.
remains uneven, it said, adding that a slowdown in global Sugarcane production is projected at 465.04 In some states like Jharkhand, the sowing
growth will result in sluggish exports, while the value of million tonnes, 7.69 per cent more than 431.81 is woefully low and has reached just 50 per
imports is likely to increase. million tonnes last year. cent of the normal area until September 2.

Reduce sugar production, focus on

eral funds futures pricing in
a 100-bps hike.
The Fed has already
raised rates by 225 bps so far
7-DAY MOVEMENT
in 2022. Higher US interest
~ vs $ rates lead to a rise in the
(inverted scale) country’s bond yields and a
stronger dollar. This exerts
pressure on emerging mar-
ket currencies such as the
rupee.
The US dollar index,
which measures the green-
back against six major cur-
rencies, was at 110.58 as
against 109.76 at the end of
last week. Risk appetite also
took a turn for the worse
after Russian President
Vladimir Putin announced
partial military mobilisation
in the country’s ongoing conflict with Ukraine.
“The dollar appreciated against major currencies ahead
of an expected interest-rate hike by the Federal Reserve and
as Russia’s escalation of war enervated investors’ appetite for
risk,” HDFC Securities research analyst Dilip Parmar said.
“With a third 75-basis-point rate hike by the Federal Open
Market Committee widely expected, some investors have
moved to price in an even larger increase. Spot USD/INR is
placed at the upper band of a range and sustainable trade
above 80 per dollar would open (the possibility of the rupee
weakening to) 80.70 in the near term,” he said.
be a game changer in this
field. This will enhance the
benefit of credit and UPI to
a large number of popula-
tions.” In his monetary pol-
icy address in June this
year, the RBI governor
Shaktikanta Das had said,
“To begin with, the Rupay
credit cards will be linked
to the UPI platform. This
will provide additional con-
venience to users and
enhance the scope of digital
payments.”
There was lack of clarity
on whether the RBI will
extend this facility to credit
cards of other card net-
works, such as Visa,
Mastercard, etc.
Earlier this week, the
National Payments
Corporation of India (NPCI)
launched the RuPay credit
card on UPI. Currently, cus-
tomers of Punjab National
Bank, Union Bank of India,
and Indian Bank will be the
first to be able to use RuPay
Credit Card on UPI with
BHIM App.
ethanol, Gadkari tells sugar mills
SANJEEB MUKHERJEE &
SUBHAYAN CHAKRABORTY
New Delhi, 21 September
Increasing sugar production shall cre-
ate problems for the industry, where-
as boosting ethanol output can bring
rich returns, Union Minister Nitin
Gadkari told sugar mills on
Wednesday.
Speaking at a conference on sugar
and ethanol, organised by the Indian
Sugar Mills Association, Gadkari sur-
prised the audience comprising sen-
ior executives of sugar mills by stating
that the future will become bleak for
the industry if it continues to churn
out high quantities of sugar.
"We need more ethanol than sugar.
Also, bio-ethanol is the way to go as it
can be stored for a longer duration as
compared to conventional ethanol. If
you increase sugar production, it will
create more problems for you. I will
suggest that instead of waiting for
some government programme s, find
out a system where demand for
ethanol can be independently
created," he said.
My final advice to you
all is that the industry
should stand on its own health and
create demand for ethanol and stop
producing sugar as it isn't profitable
anymore", Gadkari said.
He also argued that the sugar
industry should try to create avenues
through which ethanol could be sold
directly to the automobile industry.
“All automobile manufacturers
should launch flexible fuel vehicles
soon, and it will help to create more
demand for ethanol,” he said.
Flexible-fuel vehicles or dual-fuel
vehicles are an alternative fuel vehicle
with an internal combustion engine
designed to run on more than one
fuel, usually gasoline blended with
either ethanol or methanol fuel, and
both fuels are stored in the same com-
mon tank. In a presentation, Akhilesh
Goyal of Maa Rewa Sugar in Madhya
Pradesh, pointed out that to transport
almost 11 billion litres of ethanol by
2025 for 20 per cent blending, India
would need over 350,000 tankers.
These would emit an estimated 76
million tons of greenhouse gases.
Ethanol transportation should there-
fore be through railway rakes, dedi-
cated pipelines, he said.
Speaking at the same event, Food
Secretary Sudhanshu Pandey said
that all stakeholders in the ethanol
space should create a common body
to put forward their views which
would help the government in
smooth decision making. "The indus-
try should ensure that blending is sta-
ble and systematic. Now that ethanol
supplies have more or less stabilised
we need to look at the demand side of
ethanol,” Pandey said.
Sugar exports
Pandey added that the govern-
ment will “very soon” announce the
export quota of sugar for the next
marketing year starting October.
>
MUMBAI | THURSDAY, 22 SEPTEMBER 2022 ECONOMY & PUBLIC AFFAIRS 7

Land parcels of pharma This is only an advertisement for information purposes and is not a prospectus announcement.

QMS MEDICAL ALLIED SERVICES LIMITED

PSUs find few takers
SOHINI DAS
Corporate Identification Number: U33309MH2017PLC299748
Our Company was incorporated as QMS Medical Allied Services Private Limited on September 14, 2017 under the Companies Act, 2013 with the Registrar of Companies,
Mumbai bearing Registration number 299748. The status of the Company was changed to public limited and the name of our Company was changed to QMS Medical Allied
Services Limited vide Special Resolution dated October 22, 2020. The fresh certificate of incorporation consequent to conversion was issued on November 06, 2020 by the
Registrar of Companies, Mumbai. The Corporate Identification Number of our Company is U33309MH2017PLC299748. For further details of our Company, see “General
Information” and “History and Certain Other Corporate Matters' on pages 36 and 78, respectively of the Prospectus.
Registered Office: A1 A2/B1 B2, Navkala Bharti Building, Plot No16, Prabhat Colony, Near Santacruz Bus Depot, Santacruz East, Mumbai-400055, Maharashtra, India
Mumbai, 21 September PSU PHARMA SNAPSHOT Tel No.: +91 22 6288 1111; Email: contact@qmsmas.com; Website: www.qmsmas.com
Contact Person: Toral Jailesh Bhadra, Company Secretary and Compliance Officer.

T
here have been no easy takers for
land parcels of pharmaceutical
(pharma) public sector undertak-
ings (PSUs) since the process was set into
motion in 2016. However, independent
valuation of land parcels is now being
done, and PSU sources indicate that the
process of sale may gather momentum
in the months to come.
Initially, the bidding was restricted to
government agencies, and several ten-
ders issued by PSUs for sale of surplus
land did not find any takers.
“Since land could not be sold, the lia-
bilities of PSUs could not be met and no
progress made in respect of their closure
or strategic sale,” noted the 2021-22 (FY22)
annual report of the Department of
Pharmaceuticals (DoP).
The matter was again placed before
the Cabinet, and in December 2019, the
decision was revised to allow the sale of
land to private entities through a com-
petitive bidding process.
In December 2016, the government
had identified four pharma PSUs —
Indian Drugs & Pharmaceuticals (IDPL),
Rajasthan Drugs & Pharmaceuticals
(RDPL), Hindustan Antibiotics, and
Bengal Chemicals & Pharmaceuticals
(BCPL) — for the sale of surplus land and
eventual closure or strategic sale.
IDPL and RDPL are to be shut down
after meeting their liabilities, while
Hindustan Antibiotics would be taken
up for strategic sale.
The two profit-making PSUs — BCPL
and Karnataka Antibiotics & ministers under the chairmanship of the
Pharmaceuticals (KAPL) — are also up
for strategic disinvestment.
HAL#
Established in 1954
Classification/status
Sick*
Networth (~crore) -626.55 -8076
Total turnover (~crore) 73.63 - NIL
Operating profit/loss (~crore) -5.25 -28
Liabilities (~crore) 920.71 -7,873.96
Total land (acre) 263.57 1,816.13
As on December 2021; #Hindustan Antibiotics; *Under strategic disinvestment; the information relating to IDPL and
RDPL are as on October 2021
A senior government official heading
one of the PSUs told Business Standard
that the process of evaluation of land is
ongoing by independent valuers.
“We expect the process to pick up
momentum now. It’s because of the huge
land parcels that we hope to find buyers
for PSUs. Some of these units are making
several rare drugs (narcotics related, fer-
mentation-based, etc),” said the official.
Last July, the government again dis-
cussed the sale of assets of pharma PSUs
to take care of their liabilities. In view of
pending dues to the retirees of Hindustan
Antibiotics and RDPL, the committee of
Union home minister had approved
budgetary support of ~139 crore to the
PROMOTER OF THE COMPANY: MAHESH MAKHIJA
THE ISSUE
INITIAL PUBLIC OFFERING OF UP TO 47,00,000 EQUITY SHARES OF ? 10 EACH (“EQUITY SHARES”) OF QMS MEDICAL ALLIED SERVICES LIMITED (“QMS” OR THE
“COMPANY”) FOR CASH AT A PRICE OF ? 121.00 PER EQUITY SHARE (THE “OFFER PRICE”), AGGREGATING TO ? 5687.00 LAKHS (“THE OFFER”), COMPRISING A
FRESH ISSUE OF UP TO 28,00,000 EQUITY SHARES AGGREGATING TO ? 3,388.00 LAKHS BY OUR COMPANY (“FRESH ISSUE”) AND AN OFFER FOR SALE OF UP TO
19,00,000 EQUITY SHARES BY MAHESH MAKHIJA (“THE PROMOTER SELLING SHAREHOLDER” OR “THE SELLING SHAREHOLDER”) AGGREGATING TO ? 2,299.00
LAKHS (“OFFER FOR SALE”). OF THE OFFER, 2,36,000 EQUITY SHARES AGGREGATING TO ? 285.56 LAKHS WILL BE RESERVED FOR SUBSCRIPTION BY MARKET
MAKER (“MARKET MAKER RESERVATION PORTION”). THE OFFER LESS THE MARKET MAKER RESERVATION PORTION I.E. OFFER OF 44,64,000 EQUITY SHARES OF
IDPL RDPL BCPL KAPL FACE VALUE OF ? 10.00 EACH AT AN OFFER PRICE OF ? 121.00 PER EQUITY SHARE AGGREGATING TO ? 5401.44 LAKHS IS HEREINAFTER REFERRED TO AS THE
1961 1978 1981 1981 “NET OFFER”. THE OFFER AND THE NET OFFER WILL CONSTITUTE 26.33% AND 25.01%, RESPECTIVELY OF THE POST OFFER PAID UP EQUITY SHARE CAPITAL OF
Under Under Profit Miniratna OUR COMPANY. FOR FURTHER DETAILS, SEE "TERMS OF THE OFFER" ON PAGE 149 OF THE PROSPECTUS.
closure closure earning* category – I*
THIS OFFER IS BEING MADE IN TERMS OF CHAPTER IX OF THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE
-63.72 -40.24 236.17 REQUIREMENTS) REGULATIONS, 2018 (THE “SEBI (ICDR) REGULATIONS”), AS AMENDED. IN TERMS OF RULE 19(2)(b) OF THE SECURITIES CONTRACTS
(REGULATION) RULES, 1957, AS AMENDED, THIS IS AN OFFER FOR AT LEAST 25% OF THE POST-OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY. THIS
54.45 364.96 OFFER IS A FIXED PRICE OFFER AND ALLOCATION IN THE NET OFFER TO THE PUBLIC WILL BE MADE IN TERMS OF REGULATION 253 OF THE SEBI (ICDR)
-12.6 12.58 25.46 REGULATIONS, AS AMENDED. FOR FURTHER DETAILS, SEE "OFFER PROCEDURE" ON PAGE 157 OF THE PROSPECTUS.
114.16 225.85 84.34 OPENS ON TUESDAY, SEPTEMBER 27, 2022
9.35 71.57 39.48 ISSUE
CLOSES ON FRIDAY, SEPTEMBER 30, 2022
Source: Annual Report, 2021-22 Department of Pharmaceuticals
FIXED PRICE OFFER AT RS. 121 PER EQUITY SHARE
two PSUs. THE OFFER PRICE OF ? 121 IS 12.10 TIMES OF THE FACE VALUE.
As for IDPL, it was asked to return
MINIMUM LOT SIZE 1,000 EQUITY SHARES FOR RETAIL INDIVIDUAL INVESTORS
833.38 acres of leasehold land at
Rishikesh to the Government of 2,000 EQUITY SHARES AND IN MULTIPLES OF 1,000 EQUITY SHARES THEREAFTER FOR OTHER INVESTORS INCLUDING HNI/QIB
Uttarakhand; transfer 50 acres land at CATEGORY
Hyderabad to National Institute of
Pharmaceutical Education and Research *Applications Supported by Blocked Amount (ASBA) is a better way of applying to
issues by simply blocking the fund in the bank account, investors can avail the
(NIPER). Simple, Safe, Smart way of Application -
BCPL, on the other hand, was asked ASBA* Make use of it!!! same. For details, check section on ASBA below.
Mandatory in Public Issues from January 01, 2016
to transfer 20.55 acres of land at Panihati
No cheque will be accepted.
in Kolkata to NIPER, Kolkata. The Centre
also waived the loan of ~193.71 crore of UPI now available in ASBA for individual UPI Applicants, whose application sizes are up to ?5.00 lakhs, applying through Registered
BCPL, along with accrued interest. Brokers, DPs, & RTAs. Applicants to ensure PAN is updated in Bank Account being blocked by ASBA Bank. List of Banks supporting UPI is
Hindustan Antibiotics also sold 3.5 also available on SEBI at www.sebi.gov.in
acres of land in Pune to the Employees’
For details on the ASBA and UPI process, please refer to the details given in ASBA form and abridged prospectus and also please refer to the section “Issue Procedure”
Provident Fund Organisation at a price beginning on page 157 of the Prospectus. The process is also available on the website of AIBI and Stock Exchange in the General Information Document. ASBA forms can be
of ~42 crore. KAPL, meanwhile, is up for downloaded from the website of NSE and can be obtained from the list of banks that is displayed on the website of SEBI at www.sebi.gov.in.
100 per cent strategic disinvestment. The Application Forms which do not have the details of the Applicant's depository account including DP ID, PAN, UPI ID (in case of RIBs using the UPI mechanism) and
Beneficiary Account Number shall be treated as incomplete and rejected. In case DP ID, Client ID and PAN mentioned in the Application Form and entered into the electronic
system of the stock exchange, do not match with the DP ID, Client ID and PAN available in the depository database, the application is liable to be rejected. Applicants will not

Five-member panel to review

have the option of getting allotment of the Equity Shares in physical form. The Equity Shares on allotment shall be traded only in the dematerialised segment of the Stock
Exchange.
LISTING: The Equity Shares offered through the Prospectus are proposed to be listed on the Emerge Platform of National Stock Exchange of India Limited (“NSE”) in terms of
the Chapter IX of the SEBI (ICDR) Regulations, as amended from time to time. Our Company has received an approval letter dated July 25, 2022 from NSE for using its name

pharma marketing practices

SOHINI DAS
Mumbai, 21 September
The central government has
formed a five-member com-
mittee led by V K Paul, mem-
ber (health) of NITI Aayog, to
consider a "legally enforce-
able" mechanism for regulat-
ing the marketing practices of
pharmaceutical firms.
The committee is expected
to submit its report in 90 days.
Business Standard has seen
the memorandum issued on
September 12 for its constitu-
tion. S Aparna, secretary in
department of pharmaceuti-
cals (DoP); Rajesh Bhushan,
> FROM PAGE 1
ASBA-like...
“We are now actively engaged
in looking at an ASBA-like
system for the secondary
market. If you are buying
shares, the money should
never leave the account until
the settlement is done,” she
said at the Global Fintech
Fest 2022.
This, coupled with the
new T+1 settlement mecha-
nism, would lead to efficient
use of capital and help further
develop India’s capital mar-
kets.
However, the proposed
system could upend the
> BS SUDOKU
SOLUTION TO #3773
Govt sets up export promotion
council for medical devices
The government has set up an export promotion council for
medical devices, the Union Ministry of Commerce said on
Wednesday. The office memorandum said the medical
devices export promotion council will be under the
department of pharmaceuticals. It will be headquartered in
Noida and will have offices in Andhra Pradesh and
Telangana. The council will help exporters promote their
products in international markets. SOHINI DAS
secretary in the ministry of joint secretary (policy) from
health and family welfare the department of personnel
(MoHFW); Nitin Gupta, chair- (DoP) are the four other mem-
man of the Central Board of bers of the 'high level' commit-
Direct Taxes (CBDT); and a tee. Paul will be its chairper-
broking industry as several funds has been happening for
players earn a float on the more than two decades.
funds parked. It could even However, for standalone bro-
push up the cost of trading —
which has plummeted over
kerages, getting access to a
client’s bank account would
the years — as brokerages be difficult, as banks will not
could look for alternative be comfortable giving access
sources of income. The mar- to the client bank account
ket regulator has already put through the core banking
in place a new system that platform. Currently, the client
prevents brokers from access- needs to transfer the amount
ing client securities.
While ASBA for the IPO
to the broker,” said Prasanth
Prabhakaran, MD & CEO, Yes
market has been around for Securities.
more than a decade, extend- Industry players said
ing it to the secondary market major system overhauls
could pose more complex would be needed to enable a
challenges -- more so for bro- new payment system.
kers not backed by banks. Some experts feel that the
“For bank-led brokerage regulator will need to imple-
houses, the shift will not be ment the new system in a
challenging, as blocking of phased manner, making it
effective first in the cash mar-
ket and then in derivatives.
# 3774
Liquidity...
Besides, the festive season
will see a rise in discretionary
spending, thus impacting
system liquidity.
The tight liquidity condi-
tion has made itself felt
through higher money mar-
ket rates. The interbank call
money rate — or the rate at
which banks lend to each oth-
er — has risen to a three-year
high of 5.85 per cent (intra-
day) in the past couple of
days. The weighted average
call rate (WACR), which is the
operating target of the RBI’s
monetary policy, too, has
climbed to around 5.50 per
cent. Just a couple of months
ago, the WACR was around
4.8 per cent, lower than the
repo rate.
Medium: ««« At the present level, the
son. The committee may bring
in members from the law
department if required, the
memorandum said. It will
examine the provisions gov-
ernment departments have to
regulate pharmaceutical mar-
keting practices and align inte-
rventions for implementation
by the healthcare industry.
It will also “examine the
related issues on the require-
ment of legally enforceable
mechanisms for regulating
marketing practices, including
study of the practices across
the globe.” It can look into any
other matter it may deem fit
on the subject matter.
up is the fact that the RBI has
announced an overnight vari-
able rate repo auction worth
~50,000 crore, to be held on
September 22. Money market
participants said that the cur-
rent liquidity deficit in the
banking system is around
~20,000 crore.
Wipro...
Asked about the action taken
against employees taking up
side gigs, Premji — a vocal
critic of moonlighting — said
their employment had been
terminated for an ‘act of
integrity violation’.
An email sent to Wipro did
not elicit any response.
Recently, Kris
Gopalakrishnan, co-founder
and former chief executive
officer, Infosys, also said that
working for more than one
company simultaneously
didn’t build trust.
Moonlighting refers to
pursuing more than one job
at a time and remote working
has helped employees take
up this option. It has, of late,
become a concern for the
Indian information technol-
ogy (IT) services industry. A
few months back, restaurant
aggregator player Swiggy
announced an ‘industry-first’
policy that allowed its on-
payroll employees to take up
work.
Infosys, India’s second-
largest IT services company,
in September sent an email
to its employees titled
No Double Lives and said “…
dual employment is not per-
mitted in line with the
employee handbook and
in the Offer Document for listing of our shares on the Emerge Platform of NSE. For the purpose of this Issue, the Designated Stock Exchange will be the NSE.
DISCLAIMER CLAUSE OF SEBI: Since the Issue is being made in terms of Chapter IX of the SEBI (ICDR) Regulations, 2018, the Draft Prospectus was furnished to SEBI in
soft copy. In terms of the SEBI Regulations, the SEBI shall not issue any observation on the Offer Document. Hence, there is no such specific disclaimer clause of SEBI.
However, investors may refer to the entire Disclaimer Clause of SEBI beginning on page 140 of the Prospectus.
DISCLAIMER CLAUSE OF NSE: It is to be distinctly understood that the permission given by NSE should not in any way be deemed or construed that the Offer Document has
been cleared or approved by NSE nor does it certify the correctness or completeness of any of the contents of the Offer Document. The investors are advised to refer to the
Offer Document for the full text of the 'Disclaimer Clause of NSE.
COMPANY SECRETARY AND COMPLIANCE
LEAD MANAGER TO THE OFFER REGISTRAR TO THE OFFER
OFFICER
FIRST OVERSEAS CAPITAL LIMITED BIGSHARE SERVICES PRIVATE LIMITED Toral Jailesh Bhadra
1-2 Bhupen Chambers, Dalal Street, Fountain, Office No. S6-2, 6th Floor, Pinnacle Business Park, Company Secretary and Compliance Officer
Mumbai – 400 001, Maharashtra, India. Next to Ahura Centre, Mahakali Caves Road, A1 A2/B1 B2, Navkala Bharti Building, Plot No16, Prabhat
Tel No.: +91 22 4050 9999 Andheri (East), Mumbai – 400 093, Colony, Near Santacruz Bus Depot, Santacruz East,
Fax No: +91 22 4050 9900 Maharashtra, India. Mumbai-400055, Maharashtra, India
Email: satish@focl.in / mala@focl.in Tel. No.: +91 22 6263 8200 Tel: +91 22 6288 1111 Fax: Not Available
Investor Grievance Email: Email: ipo@bigshareonline.com E-mail: contact@qmsmas.com
investorcomplaints@focl.in Website: www.bigshareonline.com Website: www.qmsmas.com
Website: www.focl.in Investor Grievance Email: Applicants can contact the Compliance Officer or the LM or
SEBI Registration No: INM000003671 investor@bigshareonline.com
the Registrar to the Issue in case of any Pre- Issue or Post-
Contact Person: Satish Sheth / Mala Soneji SEBI Registration No.: INR000001385 Issue related problems, such as non-receipt of Allotment
Contact Person: Arvind Tandel Advice or credit of allotted Equity Shares in the respective
beneficiary account or unblocking of funds etc.
CREDIT RATING: As this is an Offer of Equity Shares there is no credit rating for this offer
DEBENTURE TRUSTEES: This is an Offer of equity shares; hence appointment of debenture trustee is not required.
IPO GRADING : Since the Offer is being made in terms of Chapter IX of the SEBI (ICDR) Regulations, there is no requirement of appointing an IPO Grading agency.
BASIS FOR OFFER PRICE: The Offer Price is determined by our Company in consultation with the Lead Manager. The financial data presented in the section “Basis for Offer
Price” on page 57 of the Prospectus, are based on our Company's restated financial statements. Investors should also refer to the sections titled 'Risk Factors' and 'Financial
Information' on pages 16 and 100, respectively, to get a more informed view before making the investment decision.
BANKER TO THE ISSUE AND SPONSOR BANK: AXIS BANK LIMITED
AVAILABILITY OF APPLICATION FORMS: The Application Forms and copies of the Prospectus may be obtained from the Registered Office of our Company, Lead Manager:
Inventure Merchant Banker Services Private Limited. Application Forms will be available at the selected location of registered brokers, Banker to the Issue, RTA and
Depository Participants. Application Forms can also be obtained from the Designated Branches of SCSBs, the list of which is available on the website of SEBI at
www.sebi.gov.in. Application Forms can also be downloaded from the website of Stock Exchange at www.nseindia.com.
AVAILABILITY OF PROSPECTUS: Investors should note that investment in Equity Shares involves a high degree of risk and investors are advised to refer to the Prospectus
and the Risk Factor contained therein, before applying in the Issue. Full copy of the Prospectus shall be available at the website of SEBI, www.sebi.gov.in; the website of Stock
Exchange www.nseindia.com, the website of Lead Manager www.focl.in and the website of the Issuer Company at www.qmsmas.com
RISK TO INVESTORS: Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in this Issue unless they can
afford to take the risk of losing their investment. Investors are advised to read the risk factors carefully before taking an investment decision in this Issue. For taking an
investment decision, investors must rely on their own examination of the Issuer and this Issue, including the risks involved. The Equity Shares have not been recommended or
approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the contents of the Prospectus. Specific attention of
the investors is invited to the section, “Risk Factors” on page 16 of the Prospectus.
PRECAUTIONARY NOTICE TO INVESTORS: Investors are advised to read the Prospectus including the risk factors carefully before taking an investment decision in
this Issue. For taking an investment decision, investors must rely on their own examination of the Issuer and this Issue, including the risk factors page no. 16 involved.
Specific attention of the investors is invited to THAT ANY News/Advertisements/ SMS/ Messages/ Articles and Videos, if any, being circulated in the digital media
and/or print media, speculating about the investment opportunity in our Company's issue and about equity shares of our Company being available at premium and/or
discount to the Issue price (“Message”) during the issue period IS AND/ OR WILL NOT AND/ OR has not been issued by our Company or any of our Directors, Key
Managerial Personnel, Promoters, Promoter Group or Group Companies. ANY SUCH MESSAGE IN circulation is misleading & fraudulent advertisement and issued by
a third party to sabotage the IPO, our Company or any of our Directors, Key Managerial Personnel, Promoters, Promoter Group or Group Companies and the
intermediaries are not involved in any manner whatsoever
ADDITIONAL INFORMATION AS REQUIRED UNDER SECTION 30 OF THE COMPANIES ACT, 2013
Main Objects of the Company as per MoA: For information on the main objects and other objects of our Company, see “History and Certain Corporate Matters” on page 78
of the Prospectus and Clause III of the Memorandum of Association of our Company. The Memorandum of Association of our Company is a material document for inspection
in relation to the Issue. For further details, see the section "Material Contracts and Documents for Inspection" on page 200 of the Prospectus.
Liability of Members as per MoA: The Liability of the members of the Company is Limited.
Capital Structure: Authorized Capital of Rs. 18,00,00,000 consisting of 1,80,00,000 Equity Shares of Rs.10 each. Pre Issue Capital: Issued, Subscribed and Paid-up Capital
Rs. 15,05,00,000 consisting of 1,50,50,000 Equity Shares of Rs.10 each. Post Issue Capital: Issued, Subscribed and Paid-up Capital Rs. 17,85,00,000 consisting of
1,78,50,000 Equity Shares of Rs.10 each. For details of the Capital Structure, please refer to the chapter titled “Capital Structure” beginning on page 43 of the Prospectus.
Names of the signatories to the Memorandum of Association of the Company and the number of Equity Shares subscribed by them: Given below are the names of the
signatories of the Memorandum of Association of the Company and the number of Equity Shares subscribed for by them at the time of signing of the Memorandum of
Association of our Company: 9,800 Equity Shares by Mahesh Makhija, 100 Equity Shares by Diti Makhija and 100 Equity Shares by Rani Makhija.
All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the Prospectus dated September 15, 2022.
Investors should read the Prospectus carefully, including the Risk Factors on page 16 of the Prospectus before making any investment decision.
For QMS MEDICAL ALLIED SERVICES LIMITED
On behalf of the Board of Directors
Sd/-
Place: Mumbai Mahesh Makhija
Date: September 21, 2022 Chairman & Managing Director
QMS MEDICAL ALLIED SERVICES LIMITED subject to market conditions, public issue of its Equity Shares and has filed the Prospectus with the Registrar of Companies,
Mumbai. The Prospectus shall be available on the website of SEBI at www.sebi.gov.in, the website of the Lead Manager at www.inventuremerchantbanker.com, the website
of the NSE i.e. www.nseindia.com, and website of the Issuer Company at www.qmsmas.com. Investors should note that investment in Equity Shares involves a high degree
of risk. For details investors should refer to and rely on the Prospectus including the section titled “Risk Factors” beginning on page 16 of the Prospectus, which has been filed
with ROC.
The Equity Shares have not been and will not be registered under the US Securities Act (the “Securities Act”) or any state securities law in United States and may not be Issued
or sold within the United States or to, or for the account or benefit of, “U.S. persons” (as defined in the Regulations under the Securities Act), except pursuant to an exemption
from, or in a transaction not subject to the registration requirements of the Securities Act of 1933.
Communicate India

Solution tomorrow call rate is well above the repo
rate of 5.40 per cent. The cut-
off yield on the 364-day
HOW TO PLAY Treasury bills issued by the
Centre has climbed 51 basis
Fill in the grid so that points, so far, in the ongoing
every row, every quarter. The rise in money
column and every 3x3 market rates has a hardening
box contains effect on borrowing costs
the digits 1 to 9 across the economy.
Further evidence of sur-
plus cash with banks drying
code of conduct”.
This was also followed by
IBM India, when its head
Sandip Patel said that the
company in its offer letter
makes it clear that all its
employees — when hired —
sign an agreement which says
that they are going to be
working for IBM.
More on business-standard.com
8 WORLD
>
MUMBAI | THURSDAY, 22 SEPTEMBER 2022

IN BRIEF A FIRST IN RUSSIA SINCE WORLD WAR II AMID UKRAINE SETBACKS

‘Not a bluff’: Putin calls up THE IMPACT

As RussianPresident Vladimir Putin
ratcheted up threats, the financial

reservists to take on West

and commodities markets reacted
negatively

Brent Crude Spot ($ /BBL)

US and allies say part mobilisation of 300,000 reservists, threats show Russia is losing war 92.10 93
GUY FAULCONBRIDGE
London, 21 September
WIDE CONDEMNATION 92
90.20
An Iranian woman cuts her hair during a protest "I DON'T BELIEVE THAT HE 91

R
following the death of Mahsa Amini, outside the Iranian ussian President Vladimir WILL USE THESE
consulate in Istanbul, Turkey Photo: Reuters Putin called up 300,000 WEAPONS... I DON'T 90
reservists to fight in Ukraine BELIEVE THAT THE WORLD 89
and backed a plan to annex parts of WILL ALLOW HIM TO USE
6 killed in Iran protests the country, hinting to the West he
was prepared to use nuclear weapons
THESE WEAPONS"
Sep 20,’22 Sep 21,’22

Gold
over woman’s death to defend Russia.
It was Russia's first such mobili-
VOLODYMYR ZELENSKYY
UKRAINE PRESIDENT
($ /ounce)

sation since World War Two and sig- 1,680

AGENCIES
21 September
The death toll in protests
that have roiled towns and
cities across Iran rose to six,
state media reported, as
anger sparked by the case
of a young woman who
died in police custody
spreads. Two people were
killed in the predominantly
Kurdish western city of
Kermanshah, reports said
on Wednesday, while a
“police assistant” died and
four officers were injured in
clashes in the southern city
of Shiraz.
After internet restric-
tions were reported in var-
ious cities over the week-
end, some hacking groups
said on Twitter on Tuesday
that they had launched
operations targeting gov-
ernment websites.
The Central Bank of Iran
said on Wednesday that its
website had been subjected
to a malicious “distributed
denial-of-service attack,”
but that the problem had
A thaw? Delegation of
Pakistanis on Israel visit
Instagram
disrupted
Iranians saw their access to
Instagram, one of the few
Western social media
platforms still available in
the country, disrupted on
Wednesday following days
of mass protests over the
death of a woman who was
detained by the morality
police. NetBlocks, a London-
based group that monitors
internet access, reported
widespread disruptions.
been resolved. However,
repeated attempts to load
the site and the govern-
ment’s main web domain
from inside and outside
Iran failed.
The violence
gripped Iran since the
has
weekend and it’s the big-
gest public backlash against
the country’s dress code for
women since the 1979 rev-
olution that ushered in the
laws. BLOOMBERG
nified the biggest escalation of the
Ukraine war since Moscow's
Feburary 24 invasion.
In an address to the Russian
nation, Putin said, “If the territorial
integrity of our country is threat-
ened, we will use all available means
to protect our people - this is not a
bluff”.
Russia had “lots of weapons to
reply”, he said.
Ukraine and its Western allies
responded by saying the move
showed Russia's campaign in
Ukraine was failing. The allies
pledged further support for
President Volodymyr Zelenskiy's
government.
Russia's defence minister said
the partial mobilisation would see
300,000 reservists with previous
military experience called up.
Ukrainian presidential adviser
Mykhailo Podolyak said it was a pre-
dictable step that would prove
extremely unpopular.
"Absolutely predictable appeal,
which looks more like an attempt to
justify their own failure," Podolyak
told Reuters.
Before Putin's address, world
leaders meeting at the United
Nations in New York denounced the
Russian invasion of Ukraine and
plans for four occupied regions to
hold referendums in the coming
days on joining Russia.
Putin said the partial mobilisa-
tion of its 2 million-strong military
“IF THE TERRITORIAL INTEGRITY OF OUR COUNTRY IS
THREATENED, WE WILL USE ALL AVAILABLE MEANS TO
PROTECT OUR PEOPLE - THIS IS NOT A BLUFF”
FLIGHTS OUT OF RUSSIA SELL OUT
One-way flights out of Russia were
rocketing in price and selling out fast
on Wednesday after President
Vladimir Putin ordered the
immediate call-up of 300,000
reservists. His announcement, made
in an early-morning television
address, raised fears that some men
of fighting age would not be allowed
to leave the country.
Defence Minister Sergei Shoigu
said the call-up would be limited to
those with experience as
reservists was to defend Russia and
its territories.
The West did not want peace in
Ukraine, he said.
He accused Washington,
London, Brussels of pushing Kyiv to
“transfer military operations to our
territory”. Ukraine has sporadically
struck targets inside Russia through-
out the conflict, using long-range
professional soldiers, and that
students and conscripts would not
be called up. The Kremlin declined to
comment on whether the borders
would be closed to those subject to
the mobilisation order, and asked
people to be patient as the law is
clarified.
Meanwhile, Google Trends data
showed a spike in searches for
Aviasales, Russia's most popular
flight-booking site.
REUTERS
weapons supplied by the West.
“Nuclear blackmail has also been
used,” Putin said, citing Ukraine's
Zaporozhzhia nuclear power plant.
Putin also accused officials of
NATO countries of making state-
ments about “the possibility and
admissibility of using weapons of
mass destruction against Russia -
nuclear weapons”.
“IT’S DEFINITELY A SIGN THAT HE’S
STRUGGLING, AND WE KNOW THAT... HE
1674.54
1,675
FEELS LIKE HE’S ON HIS BACK FOOT, 1664.89 1,670
PARTICULARLY IN THAT NORTHEAST AREA
OF DONBAS" THE WHITE HOUSE 1,665
1,660
"DANGEROUS AND RECKLESS RHETORIC...
WE WILL MAKE SURE THAT THERE IS NO
Sep 20,’22 Sep 21,’22
MISUNDERSTANDING IN MOSCOW ABOUT
EXACTLY HOW WE WILL REACT" NATO Dollar Index
111.00
"WE CALL ON THE RELEVANT PARTIES TO 110.70 110.80
REALISE A CEASEFIRE THROUGH DIALOGUE 110.60
AND CONSULTATION" 110.22
CHINESE FOREIGN MINISTRY 110.40
110.20
110.00
Putin restated his aim was to Sep 20,’22 Sep 21,’22
“liberate” the Donbas, Ukraine’s Source: Bloomberg
industrial heartland, and said
most people there did not
want to return to what he called the
“yoke” of Ukraine.
Biden pledges
In an apparently coordinated
move, pro-Russian regional leaders
$2.9 bn in food aid
announced referendums for President Joe Biden on Wednesday
September 23-27 in Luhansk, announced $2.9 billion in global food
Donetsk, Kherson and Zaporizhzhia security aid to address shortages caused
provinces, representing around by Russia's invasion of Ukraine and the
15 per cent of Ukrainian territory. effects of climate change. Biden, in his
The Russian opposition called for speech at the UN General Assembly,
protests against Putin’s mobilisation accused Russia and Vladimir Putin of
order. Alexei Navalny, Russia's most violating the core tenets of membership
prominent opposition leader who is
currently in prison, said Putin was
in the United Nations by invading
Ukraine and said Moscow was making
sending more Russians to their
death for a failing war. REUTERS
"irresponsible" threats to use nuclear
weapons.

A delegation of Pakistanis, including a former government

minister, met Israeli Foreign Ministry officials in Jerusalem
on Wednesday, the leader of the group and trip organizers
said. Pakistan is among the countries that has no
diplomatic relations with Israel because of the lingering
AS EUROPE BATTLES ENERGY CRISIS...
issue of Palestinian statehood, and says no government
delegation has visited Israel.The trip organiser says the
delegation also included representatives from the
American Muslims and Multifaith Women's Empowerment
UK unveils $45-bn energy Germany takes over Uniper
bill bailout for businesses for $8 billion in rush for gas
Council and Sharaka, a US-based non-government group
founded in the wake of the Abraham Accords. PTI

Nepal president refuses TODD GILLESPIE & KITTY DONALDSON

21 September
to sign Citizenship Bill
The British government
unveiled a multibillion -pound
Nepal President Bidya Devi Bhandari has refused to sign bailout to help companies with
within the stipulated deadline a key bill to amend the their energy bills this winter
Nepal Citizenship Act, which was endorsed twice by both amid soaring prices that
the houses of Parliament, a move described by threaten to put many out of
constitutional experts as a serious blow to the business.
Constitution. The second amendment to the Citizenship Under the estimated £40
Act was aimed at addressing concerns of the Madhesh- billion ($45 billion) plan,
centric parties and the Non-resident Nepali Association. announced in a statement, the
The rejection of the bill has affected at least half a million government will cap the
stateless people waiting for its passage to get their wholesale energy prices that
national identity cards. PTI feed into gas and power con-
tracts for businesses for six
months. Thereafter, a review
Sri Lanka’s inflation rate will determine whether ongo-
ing support is needed for
surges to 70.2% in August specific sectors.
The cap for businesses is
set at 21.1 pence per kilowatt-
Consumer inflation in Sri Lanka accelerated to 70.2 per hour for electricity and 7.5
cent in August, the statistics department said on pence for gas, the government
Wednesday, as the island nation reels under its worst confirmed, after Bloomberg
economic crisis in decades.The National Consumer Price News reported the numbers.
Index (NCPI) rose after a 66.7 per cent increase in July, the That would impose a discount
Department of Census and Statistics said in a statement. of roughly 50 per cent on the
he Central Bank of Sri Lanka (CBSL) said in August that the current wholesale prices this
inflation rate would moderate after peaking at about 70 winter, but the markets remain
per cent. Lanka's economy shrank 8.4 per cent in the volatile, and the exact discount
quarter through June from a year ago in one of the for each business depends on
steepest declines seen in a three-month period. REUTERS when it signed a contract.
“We'll ensure the most
vulnerable businesses
continue to be supported
after that,” said British PM
Liz Truss
The government is trying
to shield companies from the
worst effects of energy prices
that have soared since Russia
squeezed pipeline flows to
Europe after being sanctioned
over its invasion of Ukraine.
Documents seen by
Bloomberg two weeks ago esti-
mated the package may cost
from $20.81 bn to $41.62 bn
over six months. It is separate
from a $128.83 bn plan to
help households with their
energy bills.
“There’s a very real danger,
before we put in place our
business scheme, that cafes,
pubs and shops could go out
of business, and we simply
couldn’t allow that to happen,”
Prime Minister Liz Truss told
reporters.
“That’s why it is right for
the government to take the
steps that we’ve taken.” Many
small businesses have shut in
the face of seismic jumps in
their bills.
Under the new plans, busi-
nesses that have signed fixed
contracts since April 1 will
have their rates retroactively
discounted to equalize the
price per unit of energy.
Companies on variable rates
and large users on flexible
contracts that decide when to
hedge their energy also will be
eligible for support, subject to
a maximum discount.
All businesses, regardless
of size, will be eligible for the
subsidy. That may cover some
of the nation’s biggest com-
panies — such as gas pro-
ducers and banks — alongside
pubs, cafes and small
retailers. REUTERS
KIRSTI KNOLLE & ANNE KAURANEN
Berlin/Helsinki, 21 September
Germany has agreed to nationalise Uniper, rais-
ing the bill to rescue the gas importer to 29 bil-
lion euros ($28.7 billion) amid an
escalating energy crisis that shows just how
much Europe's top economy has relied on
Russian fuel. The deal brings the total cash
pumped into Germany's three biggest importers
of Russian gas, also including EnBW's VNG divi-
sion and former Gazprom unit Sefe, to at least
$39.64 billion.
Nationalising Germany's largest importer of
Russian gas is the second move in a week by
the government to take control of an energy
business and is part of a wider European
response to the winter crisis, including France
taking over EDF.
Germany last week also took control of a
Russian-owned oil refinery, which supplies 90
per cent of the capital's fuel, putting a Rosneft
unit under the trusteeship of the industry
regulator and taking over the Schwedt plant.
Uniper, whose shares fell as much as 39 per
cent to 2.55 euros, burned through its cash
buying alternative supplies after Moscow cut
gas flows to Germany, triggering an initial $14.86
billion state rescue package in July.
But as with other European energy com-
panies that have failed to cope with soaring gas
prices, it soon became clear that the
bailout was not enough to cover Uniper's deep-
ening losses and Germany will now inject yet
ICE NATURAL GAS FUTURES
(GB Streling /therm)
800
170.64 327.00
600
400
200
0
Dec 31,’21 Sep 21,’22
more cash, partly by buying out Finnish utility
Fortum's 56 per cent holding for 500 million
euros, or 1.70 euros per share.
After completing a capital increase and the
Fortum share buy, which excludes the Finnish
firm's subscription rights, Germany will hold
99 per cent of Uniper, the country’s economy
ministry said.
“The state will - that's what we're showing
now - do everything possible to always keep
the companies stable on the market,” German
economy minister Robert Habeck told
reporters.
Berlin has said it would review an applica-
tion earlier this month by VNG which asked
the government for aid to stay afloat. REUTERS

In challenge to TikTok, YouTube to allow creators earn via Shorts

PEERZADA ABRAR
Bengaluru, 21 September
YouTube is fighting back against TikTok
using the video giant’s key advantage:
Money. The video sharing and social
media platform has decided to expand its
monetisation system, the YouTube
Partner Program (YPP), to allow more
creators and introduce ways for them to
earn revenue through Shorts. It will also
open up ads monetisation for those who
feature music in their videos.
The move shall allow over 2 million
monetising creators to make money on
YouTube across any creative format.
“Over the past three years, YouTube
has paid creators, artists, and media
companies more than $50 billion,” said
Susan Wojcicki, CEO of YouTube. “We’re
doubling down. We’re introducing the
next chapter in how we reward creativity
on our platform by expanding access to
our YouTube Partner Program.”
Starting in early 2023, Shorts-focused
creators can apply to YPP by meeting a
threshold of 1,000 subscribers and 10
million Shorts views over 90 days. These
new partners will get all the benefits YPP
offers, including ad monetisation across
Shorts and long-form YouTube videos.
This is another option to the existing
criterion under which long-form creators
can apply to YPP when they reach 1,000
subscribers and 4,000 watch hours.
With 30 billion daily views and 1.5
billion monthly logged-in users, Shorts
are exploding around the world. To
reward this new creative class, YouTube
is moving away from a fixed fund and
the same, no matter if they use music or music industry and creators, YouTube is
SCALE AND OPPORTUNITY not. “This is the first time revenue
sharing is being offered for short-form
introducing Creator Music, a new
destination that gives creators easy
45% of its ads 1.5 billion monthly video on any platform at scale, adding to access to an ever-growing catalogue of
revenue on Shorts will logged-in users the ways creators can already earn music for use in their videos, while
be shared with creators revenue on YouTube,” said Neal Mohan, providing artists and music rights
2 million monetising YouTube’s Chief Product Officer. holders with a new revenue stream for
55% of its ad sales creators on YouTube platform YouTube is facing competition from their music on YouTube. Creators can
YouTube has shared
with creators, so far Eligibility threshold: TikTok for both young viewers and the now buy affordable, high-quality music
1,000 subscribers and online stars that made the video platform licenses that offer them the full
30 billion daily 10 million Shorts views over a commercial success. Like Instagram, monetizing potential—they will keep the
views on Shorts 90 days YouTube has responded to TikTok with same revenue share they’d usually make
mimicry. In 2020, YouTube introduced on videos without any music. And for
Shorts, a format for vertical videos that it creators who don’t want to buy a license
doubling down on a unique revenue- and used to reward Shorts creators and has increasingly promoted in the up front, they’ll be able to use songs and
sharing model for Shorts for both current help cover costs of music licensing. From company’s app. share revenue with the track’s artist and
and future YPP creators. the overall amount allocated to creators, The complexities of music licensing associated rights holders. Creator Music
Because ads run between videos in they will keep 45 per cent of the revenue, have meant that most long-form videos is currently in beta in the US and will
the Shorts Feed, every month, revenue distributed based on their share of total that feature music don’t result in creators expand to more countries in 2023.
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OPINION 9
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

Volume XXVII Number 29 ILLUSTRATION: BINAY SINHA

MUMBAI | THURSDAY, 22 SEPTEMBER 2022

Rational expectations growing imports of inputs. Consider some of our

most exciting opportunities: The key input for gar-
Downside risks to growth are increasing ments is fabric, but tiny components such as but-

A
t a time when growth forecasts are being revised downwards in tons, zips and linings make a crucial difference. The
most parts of the world, the Union government seems confident auto industry has suppliers that cascade down six
about India’s prospects. The latest monthly report by the Ministry tiers, where inefficiencies at any stage make higher
tiers less competitive. Our auto industry claims to
of Finance, for instance, argued that while slowing growth and
be the most competitive location in the world for
higher inflation are affecting major economies, growth in India has been making small cars. Why, then, does it simulta-
robust and inflation is under control. Further, in an interview with this news- neously argue vigorously against inclusion in FTAs
paper, Chief Economic Advisor V Anantha Nageswaran noted the government with the UK and EU? We should have greater confi-
is of the view that India will grow between 7.2 and 7.4 per cent in the current dence in our own capabilities, and include both
fiscal year. He further added that, on balance, the global slowdown would be automobiles (everything from commercial vehicles,
good for India as it will lower the energy import bill and also influence mone- to cars, to two-wheelers, to construction equipment)

An FTA agenda
tary policy in advanced economies. While it is reasonable to expect the gov-
ernment to project an optimistic picture, hopefully, it recognises the chal-
lenges that the Indian economy will face in the near to medium term.
The real gross domestic product growth at 13.5 per cent in the first
quarter of the current fiscal year was significantly lower than the Reserve
Bank of India’s (RBI’s) projection of 16.2 per cent. Thus, even if growth in the
rest of the year remains on expected lines, the full-year number would be
lower than the RBI’s projected rate of 7.2 per cent. The central bank is widely
and auto-components in all the FTAs we are signing.
The UK has offered to include 99 per cent of tariff
lines. India wants 100 per cent, and should get it.
And we should give 100 per cent, too. Widen and
deepen, in other words.
Trade patterns reflect underlying compet-
Indian industry must believe in itself. Trade can then itiveness: It is no accident that in the last two dec-
drive the future ades we have seen the greatest growth in our imports
from China, South Korea and Vietnam. These are

T
expected to revise its growth forecast later this month. Meanwhile, the Asian he world is full of regional trade agreements. Pacific Economic Framework. India has so far, mis- among the world’s most competitive countries, and
Development Bank on Wednesday revised its growth forecast for the year to India is no exception. Through 2012, India takenly, stayed out of the trade pillar within the IPEF. almost any country’s trade balance has moved sub-
signed trade agreements with Sri Lanka, We need to immediately join and systematically push stantially in favour of these three. We might com-
7 per cent from 7.2 per cent. The full-year number looks relatively better
Bangladesh, Asean, Japan and South Korea. Across a wide trade agenda there. The IPEF has the double plain about non-tariff barriers and higher costs of
because of higher growth in the first quarter on a weaker base. Growth in industry and government, a view emerged that free advantage of including many countries of greatest doing business, but improving our competitiveness
the second half of the fiscal year is expected to slip to about 4 per cent. trade agreements (FTAs) had not served India well, interest to us — the US, Indonesia, Japan, South is the surest way of improving our trade balance.
Further, while it is being argued that inflation is under control, the rate has and had even actively damaged Indian industry. Korea, Singapore, Vietnam — and excluding China. We should use FTAs to force competitiveness on
been above the RBI’s tolerance band for eight months. According to the law, This view was flawed, but it led to our withdrawal By joining now we can help determine the course of firms. And firms, in turn, must force change in all
an inflation rate above the tolerance band for three consecutive quarters from a key agreement with much of Asia — the negotiations and frame them with our national inter- those areas — infrastructure, regulation, ease of
would be deemed as a failure to attain the target. Regional Comprehensive Economic Partnership or est in mind. We must not miss this bus. doing business — that reduce competitiveness.
Although it appears that the government is willing to tolerate higher RCEP — in 2019. After a long hiatus, we have Expand ambition: Most of the world’s trade Integrate trade and industrial policy: Our key
returned to the FTA negotiating table. Agreements takes place within global value-chains (GVCs), where industrial policy is the production-linked incentive
inflation, the central bank will need to move forward with monetary tight-
have been signed with the UAE and Australia, and value is added stage by stage in multiple countries. scheme, which gives industry a subsidy of 1 per cent
ening. Continued tightening, which is necessary at this stage, will also affect negotiations are at various stages of conclusion with One reason our old crop of FTAs had little effect is of gross domestic product over five years to increase
growth. Besides, the global environment is likely to worsen. According to a the UK, Canada and the EU. that they were inherently limited, leaving out many production in 14 sectors. Combine these sectors with
new study by the World Bank, the global economy might slip into a recession Overall, our FTAs have had little of the highest consumption items or our trade policy. Require that all subsidies carry an
in 2023 because of interest rate hikes by central banks, which can lead to effect on our trade, accounting for 16 imposing extended tariffs with long export obligation (today only two or three of the 14
financial crises in emerging markets. A slowing global economy and tight- per cent of our trade in 2000 and 18.5 adjustment periods. Other countries sectors do). Ensure that all items covered by PLI are
ening financial conditions will increase risks. At the time of going to press, per cent of it now. They have not been have been much more ambitious. explicitly included in every FTA we are signing. (All
the US Federal Reserve was expected to further increase interest rates. As a disaster for Indian industry, but we Asean, South Korea and Japan have white goods were included in the FTA with the UAE
the inflation rate in advanced economies, including the US, remains way have not seen the benefits from the FTAs with many more countries except the one where there is a PLI scheme — air-
FTAs that we expected. Our major than we do, including China. Some conditioners.)
above the target, interest rates may remain at higher levels for some time.
trading partners remain non-FTA of these are much wider and deeper Capitalise on China+1 strategy: FTAs must
The combination of weaker global growth and tighter financial con- countries: The US, China and the EU. than ours— the so-called zero-for- lock in access to exports and imports. Together with
ditions would negatively affect both current and capital accounts, demanding The US has retained its importance zero agreements, where zero items items that matter now — automobiles and compo-
careful macroeconomic management. It is also worth noting that growth is for us in both imports and exports, are excluded from the FTA and a nents, white goods, textiles and garments, chemicals
being supported by a very high level of general government budget deficit, while the EU has declined. The big zero tariff often apply in both direc- and pharmaceuticals, and engineering — we must
which needs to be brought down in a reasonable time frame. Therefore, winner is China: From 2.6 per cent of INDIA’S WORLD? tions. This enables close supply include items that will matter in the future.
while it is likely that India will end the current fiscal year with a respectable our imports and 1.5 per cent of our chains to develop and prosper — for Including e-commerce, electric vehicles, and data
number, largely because of the first quarter, its actual resilience will be tested exports in 2000, it accounted for 16.5 NAUSHAD FORBES example, in electronics, where com- privacy in the trade negotiations would be a fine
per cent of our imports and 7.3 per ponents and sub-assemblies wander way of forcing ourselves to quickly make up our
in the second half of the year and beyond.
cent of our exports in 2021 , making it our largest trad- around Asia with tiny bits of value-addition at each minds where we stand on them. The world is looking
ing partner after the US. step in each country. Adam Smith said 250 years ago for China+1 supply resilience. No country is better
So how can we benefit from FTAs? What should that the “degree of specialisation is limited by the placed than India to take advantage of this. But to

Cheating on chessboard our FTA agenda be? extent of the market”. By excluding many items from
Sign FTAs that matter: We need FTAs with the agreements, we limit the extent of the market
countries and areas that either matter to us today or and our ability to participate in these supply chains.
do so, Indian industry must believe in our own abil-
ity to compete with the best within India and the
rest of the world. Trade can then drive the future of
Ongoing scandal can dent the game’s popularity will matter in the future. We should be locking-in The key is productivity that flows from specialisation Indian industry.
access to our top current export markets — the US, and not making everything.

I
t is unusual for a chess grandmaster (GM) to be offered $1 million to play
EU and Bangladesh. And top future export markets Too often, our trade policy is dominated by sim- ndforbes@forbesmarshall.com. The writer is co-chairman
in the nude. But this is one of the more unusual outcomes of an ongoing — namely, Africa and Latin America. By dropping plistic thinking. We like exports, we dislike imports. of Forbes Marshall, past president of CII, and chairman of
scandal roiling one of the world’s most popular indoor activities. A few out of RCEP we have limited our access to Asia, the But as any trade economist will tell you, a tax on Centre for Technology Innovation and Economic Research
days ago, Hans Moke Niemann, a teenaged American GM, beat reigning most dynamic part of the world economy. We have a imports is a tax on exports. High and growing and Ananta Aspen Centre. His book, The Struggle and the
world champion Magnus Carlsen in a high-voltage encounter at the Sinquefield second chance now, with the newly-minted Indo- exports of manufactured items demand high and Promise, was recently published by HarperCollins
Cup in Saint Louis. Carlsen played an opening system he has adopted only
once before in 2018. So it ought to have been a surprise. But Niemann (who is
ranked 49th in the world) was well-prepared and found great responses. In a
post-game interview, Niemann said it was “a miracle” he had studied that
specific line that morning.
The fallout from this upset was stunning. Carlsen withdrew the next day
India@100: What’s ahead for urbanisation?
from the event, with a cryptic social media post featuring football coach Jose

Mourinho, saying “If I speak, I will be in big trouble”. In his stellar career,
Carlsen had never withdrawn from an event. He refused to clarify his reasons.
Play at St Louis from the next day featured stringent physical checks on players
and delayed streaming of games to prevent cheating with the help of remote-
located accomplices. A day later, Chess.com, which is a sponsor of major events,
and currently in merger negotiations with Carlsen’s listed company, Play
Magnus Group, banned Niemann from events on the platform. Then, Carlsen
stirred the pot further in the ongoing Julius Baer Generation Cup, by sensa-
tionally resigning a game on the very second move against Niemann, again
without any explanation. Chess analysis is driven by computers crunching
huge game databases. Programs running on smartphones beat world cham-
pions. Preventing cheating is, therefore, a major concern in competition.
Carlsen obviously believes Niemann was cheating. He may have suspected
Niemann of using computer aid via a remotely-located accomplice, or hacking
into Carlsen’s computer, or maybe bribing one of Carlsen’s team. Presumably,
Carlsen has no means of proving his suspicions. So he’s not going public. But
his refusal to play Niemann is a very pointed statement. Niemann has twice
served six-month bans on Chess.com for cheating. But while he admits this,
he also claims he hasn’t used unfair means since he was 16. However, it has
been alleged Niemann deployed remote-controlled sex toys to receive hints
from an accomplice. Stripchat, a porn site with 400 million regular users,
offered Niemann a million-dollar fee to strip and play.
Beyond the hilarity, there are broader implications. One is that it is hard
for any professional sportsperson to maintain composure while playing an
opponent he believes is cheating. Balanced against that, it is also difficult for
a sportsperson to maintain composure while playing under a cloud of accusa-
tions. There are also obvious conflicts of interest inherent in Carlsen’s presence
as a competitor when he has commercial interests entwined with large plat-
forms. And Carlsen’s stature as world champion and his influence enable him
to “punish” Niemann on the basis of suspicion alone. Above and beyond all
this, chess has to deal with rampant cheating, especially on online platforms.
The game has exploded in popularity during lockdowns. There are over a mil-
lion games played online every day and there is a fair amount of prize money
available in online events. Chess has to find the means to clean up the game,
even as it moves beyond the current drama.
W
ith India surpassing the United Kingdom growth. However, this resulted in asymmetric pat- with the lopsided pace of urbanisation. There are
to become the fifth-largest economy, the terns of urbanisation. The states that saw economic no restrictions on internal movement in the country.
world is closely watching as it strides growth urbanised at a faster pace. For instance, However, the last Census data (2011) shows us that
towards the next 25 years. A defining factor in India Kerala has a projected urban population of around the bulk of this movement has followed the same
achieving its developmental goals will prove to be 73.19 per cent in 2022, which is expected to increase pattern of migrating to specific states or from one
the pace at which it urbanises. Since the 1950s, the to over 96 per cent by 2036. In comparison, states district to another.
speed of urbanisation in India has witnessed a con- like Assam and Bihar have an abysmal projected Yet, with an expected urban population of close
sistent rise. Even when it has lagged its peers, India population of 15.4 per cent and 12.2 per cent, respec- to 630 million by 2030, the emphasis should not be
has prioritised planned urbanisation as part of its tively, in 2022, which is expected to marginally on urbanisation alone but on planned urbanisation.
development strategy. increase to 17.16 per cent and 13.2 per cent by 2036. By planned urbanisation, it is implied that equal
According to the World Urbanisation Prospects Union Territories like Delhi and Chandigarh are pro- emphasis is placed on aspects of city design, plan-
(2018 Revision), an urbanisation jected to be 100 per cent urbanised ning and governance. Well-planned cities lead to
growth rate of 2.4 per cent was in the same time period. value creation through optimal distribution and util-
observed between 2010 and 2018. One of the biggest challenges isation of resources. Additionally, it fosters ease of
By 2022, India’s projected rate of facing India’s urbanisation mission living and prosperity through sustainable growth
urbanisation was expected to be 35.9 is the asymmetric pattern of urba- and economic productivity that the residents can
per cent, and by 2047, this is nisation. This slow and differenti- benefit from. In many ways, even the difficulties
expected to increase to approx- ated pace has been characterised by that urbanisation brings offer excellent chances to
imately 50.9 per cent. Despite hav- India’s unique social structure and redesign cities by looking at sustainable objectives
ing a pace of urbanisation lower kinship ties that tend to restrict and socioeconomic growth, which will only result
than the BRICS nations, India’s mobility. However, can India afford in a more stable social structure. To this extent, India
focus on meeting the challenges in to continue with this narrative? needs to target key reform areas, from remodelling
its development journey over the With India entering its “Amrit Kaal” its urban governance system to making it more
next 25 years has remained strong. CONURBATION and given its stern focus on achiev- people-centric.
India is well aware of the centrality ing its developmental goals, it has However, the urbanisation rate must be regu-
of urbanisation in order to trans- AMIT KAPOOR & BIBEK DEBROY to unequivocally aim at matching lated to prevent a population surge only in larger
form cities as engines of growth and the rate of urbanisation prevalent cities. It is also essential to closely monitor the rate
is set on realising its goal of holistic progress. among its peers. However, it needs to pay attention of urbanisation as it will aid in the process of build-
However, unwillingness is the least of its concerns to the impact of urbanisation at the micro level going ing sustainable pathways to socioeconomic devel-
when it comes to increasing the pace of urbanisa- down to the districts as they shape up the larger eco- opment in the country. A dual focus on planned
tion. What’s of greater concern is that the nation’s nomic spatiality of the country. In other words, and uniform urbanisation will go a long way in
cities are plagued with issues like sewage manage- urban districts roughly account for 30 per cent of attaining global recognition for India’s urban story.
ment, urban planning, declining water table and air all districts in the country, with 45 per cent of jobs If targeted and continued efforts are made now,
quality that negatively influences the ease of living. and more than 55 per cent of wages paid. These fig- the next two decades can be pivotal in achieving
In this context, we can identify two urgent issues ures have been revealed in the “Competitiveness these projections by 2047 and a higher rate of social
facing India’s urbanisation journey —one, the asym- Roadmap for India@100”, which further posits that progress.
metric pattern of urbanisation and two, the issue of for a well-spread and shared growth, India needs to
planned urbanisation. focus on the districts lagging behind and push for a The writers are, respectively, chair, Institute for
For the most part, urbanisation in India followed faster rate of planned urbanisation. In addition, the Competitiveness, India and lecturer, Stanford University;
the trajectory of economic development. That is to limited level of internal migration adds to the con- and chairman, Economic Advisory Council to Prime
say, cities developed in tandem with economic cern of inadequate distribution of resources along Minister of India. Tweets @kautiliya and @bibekdebroy

Period pieces daughter why she bleeds every month,

open discussion on it forbidden?
Human rights lawyer and writer
Farah Ahamed’s book, Period Matters:
Menstruation in South Asia is a pro-
found exploration of this topic. It
documents essays, artwork, poetry,
BOOK REVIEW and personal stories by distinguished
people from the world of politics,
ARUNIMA MAZUMDAR cinema, academics, and policymakers
to revive this subject of taboo in both
constantly reminds her to stay away
from the male members of the family.
In addition to managing her menstru-
ation and menstrual hygiene herself,
she fears her daughter’s friendly and
affectionate nature will lead men to
take advantage of her sexually.
Ms Patras also delicately touches
upon a common custom in Pakistan
for cousins to marry. According to
research, children born from these
marriages run a high risk of genetic
disorders. She explains how Pakistan is
discussion on menstruation was “a
step too far” and that there were no
plans to introduce “taboo” elements in
the school curriculum. The fall of the
Afghanistan Islamic Republic on
August 15, 2021, has only pushed this
conversation further into the cave.
On the other side of the spectrum
is Ms Ahamed’s
interview with Javed
(name changed in
the book to protect
identity), a 32-year-
old transgender man
The book is packed with many
other essays: “Embracing Menopause
at Thirty-seven” by actor Lisa Ray
where she gets personal about her
blood to the nectar of the lotus.
Two intense verses by poet Tishani
Doshi — “I Carry My Uterus in a Small
Suitcase” and “Advice for Pliny the
chemo-induced menopause; Elder, Big Daddy of Mansplainers”—
“Menstrual Matters” by eminent capture her relationship with her
Indian writer Shashi Deshpande in uterus and the big, bad world of mans-
which she recalls the time when plainers. A strong feature of the book is
women had to wash also the “menstrala” (art inspired by
Period Matters: their period cloth menstruation artwork) that showcases
Menstruation in every day and how several bold and creative expressions
South Asia fathers’ behaviour such as Rupi Kaur’s photo essay from
changed towards 2015 which took the internet by storm,
Author: their little girls reproductions of Anish Kapoor’s oil
Farah Ahamed

W
hen it comes to urban India,
the topic of menstruation and
menstrual hygiene receives a
great deal of importance and attention.
In fact, times are so advanced that
many workplaces now ensure there is a
steady supply of sanitary napkins in
the women’s restroom.
But what is it really like in the
world parallel to the progressive
urban one, where the concept of
menstruation, a natural and healthy
occurrence, is taboo and any
scope and significance.
One of the most powerful essays in
the book that deserves mention at the
outset is by Lahore-based academician
Ayra Indrias Patras, who writes about a
caregiver’s perspective on managing
menstrual hygiene. She interviews
Fazilat (name changed in the book to
protect identity), a mother and pri-
mary caregiver of her 14-year-old
daughter who is autistic and has a
speech impediment.
Fazilat, who cannot explain to her
not an easy place to live if you have a
disability and the lack of support and
understanding from healthcare profes-
sionals—for people with disabilities
and menstruation in general—only
makes it worse.
Afghan student Mariam Siar’s essay
about coping with menstruation in
Afghanistan reveals several studies by
UNICEF that confirm the lack of
knowledge and facilities. She adds how
national spokespersons from the coun-
try’s Ministry of Education feel that a
from Islamabad when they grew up; paintings and Amna Mawaz Khan’s
whose relationship Publisher: Pan Shashi Tharoor’s choreography of her menstrual dance,
with menstruation Macmillan India impressive essay on among others.
clashed with his Pages: 336 his introduction of For anyone who identifies as a
identity. For the the Menstrual woman, every menstruation story
Price: ~491
longest time, Javed Rights Bill in the feels personal. The shame and the
lived in a state of Lok Sabha that suffering of it. So many conversations,
dysphoria. He bled every month like a seeks to establish and legally protect so much talk around periods and yet
teenage girl while he identified as a menstrual rights for girls and women; my neighbourhood chemist packs
teenage boy. His journey of self- and a Buddhist perspective on men- my sanitary pad in a brown paper bag.
acceptance began only when he struation by Tashi Zangmo, founding Here’s hoping Farah Ahamed’s revolu-
turned 28 and underwent hormone director of the Bhutan Nuns tionary book can bring the pad out of
replacement therapy. Foundation, who compares menstrual the bag!

Investor
MUMBAI |
THURSDAY, 22 SEPTEMBER 2022
Capital goods stocks likely to get
rerated on govt’s capex push
Spending across large verticals, welfare schemes to drive public expenditure, say analysts
HARSHITA SINGH
New Delhi, 21 September
S
tocks of capital goods companies
could see positive rerating in the
medium term as the sector seems
poised for healthy growth in 2022-23
(FY23) on the back of the government’s
strong capital expenditure (capex) push,
observe analysts.
They believe that increased alloca-
tion to government capex in the latest
Budget, coupled with centrally spon-
sored schemes such as production-
linked incentive, is likely to augur well
for the sector in the future.
Those at HDFC Securities, for
instance, believe that spending plans
across large verticals, such as road, rail-
ways, defence, and power, provide long-
term visibility to the government’s
capex plans. This, along with welfare
schemes, will drive public expenditure
for the next few years.
“The recent post-pandemic pick-up
is looking sustainable, with drivers in
place for multi-year growth.
Government capex during 2019-20
through 2021-22 has been countercycli-
cal. While growth rates will taper some-
what due to the base effect, it still looks
set for an 8-10 per cent compound
annual growth rate over the next three
to five years on the basis of
projects/schemes already under imple-
mentation,” says the brokerage.
At the bourses, Siemens, Thermax,
Cummins India, Bharat Electronics
(BEL), Hindustan Aeronautics (HAL) are
some of the top performers, having risen
25-58 per cent so far in calendar year
2022. By comparison, the S&P BSE
Capital Goods and the S&P BSE Sensex
Indices have gained 14 per cent and 2
per cent, respectively, during this period.
Another catalyst for the stocks from
this sector, say analysts, is the possibility
of revival in private capex, which is also
THE COMPASS
Strong demand to
drive gains for city
gas distributors
DEVANGSHU DATTA
An interesting opportunity could be
opening up in the city gas distribution
(CGD) space. Share price of CGD com-
panies, such as Indraprashtha Gas
(IGL), Mahanagar Gas (MGL) and
Gujarat Gas (GGL), have corrected
sharply since the start of the Russia-
Ukraine war as international gas
prices have shot up due to fears of
supply disruption.
The administered price mecha-
nism of domestic gas has also been
revised upwards. GAIL has come
under pressure since it is not receiv-
ing contracted liquefied natural gas
(LNG) cargoes and it is being forced
to buy LNG at much higher prices.
Rupee depreciation has added to
pressures.
The CGD companies have captive
demand in the sense that transporters
using compressed nature gas (CNG)
can't switch to more expensive petrol
and diesel. Households also can't
switch.
These are priority sector with fixed
prices. However, gas consumption by
power plants and ceramics industry
has more or less ceased.
High spot LNG rates could impact
demand further. Balanced against
that, revised domestic prices in
October and possible pricing reforms
could improve margins. Market
reports indicate that the delivered gas
cost for August-September 2022 has
dropped considerably compared to
July. Gross margins for September
should be about 25 per cent higher
than in the first quarter of the 2022-
23 financial year (FY23)
IGL, MGL and GGL have invested
in capex to expand network, and sus-
tain volume growth. Their balance
sheets are healthy with marginal debt
for Gujarat Gas and debt free for IGL
and MGL. This is because they have
strong cash flows. The operating cash
flow to earnings before interest, tax,
depreciation and amortisation is con-
sistently at 80 per cent or better.
In case of IGL and MGL — over 40
per cent of net worth is in cash. The
debt on the books is largely due to
security deposits from consumers.
In 2021-22, volume growth was
above 15 per cent. In the 2-3-year
timeframe, volume growth could be
in the range of 9-10 per cent, given
capex and the resulting expansion in
The Smart
keeping experts bullish on this space.
The major drivers leading to an
upcycle in private capex include delev-
eraged corporate balance sheets,
healthy profitability, rising domestic
demand, as well as mid-cycle capacity
utilisation, say experts.
“Along with government spending,
private capex is also on an upswing,
especially in sectors like cement, metal,
food and beverage, which is leading to
higher order intake for capital goods
firms. Easing supply-chain issues is also
a positive. Given these factors, we expect
sector earnings to grow 25-30 per cent
networks. Over a five-year period,
demand could double. Margins could
remain volatile. An ability to lock-in
supplies through long-term LNG con-
tracts at reasonable rates could be
critical – this may look a tough ask at
the moment but it is possible if the
Ukraine situation settles down.
The government policy of pushing
the gas component in the energy mix
implies that there will be policy sup-
port as the CGD players expand their
geographical networks.
The government targets pushing
gas consumption to around 15 per
cent of the energy mix in 2030 from
around 7-8 per cent now. In
geographical terms, the authorisation
for CGD network expansion has been
extended to 295 geographical areas
covering 98 per cent of
India’s population.
There’s been significant growth in
the number of domestic piped natural
gas (PNG), industrial and commercial
connections along with a ramp-up in
setting up of new CNG stations.
Over the last five years, domestic
PNG connections grew at 21 per cent
annually from 3.6 million in 2016-17
to 9.3 million in 2021-22 while the
number of CNG stations grew from
1,233 stations, as of 2016-17, to 4,433
stations by the end of 2021-22.
Industrial/commercial
connections grew at 11 per cent
annually over FY17-22.
Analyst valuations for IGL are in
the range of ~520 with Gujarat Gas at
~565, and MGL at ~950. All three
stocks could offer an upside.
ILLUSTRATION: BINAY SINHA
BSE CAPITAL GOODS INDEX
SCORECARD
As on Sep 21
Winners
Hindustan Aeronautics
Schaeffler India
Elgi Equipments
Bharat Electronics
Lakshmi Machine Works
Losers
Sona Blw Precision Forgings
Graphite India
KNR Constructions
Suzlon Energy
Carborundum Universal
Compiled by BS Research Bureau
in FY23,” says Khadija Mantri, assistant
vice-president-research, Sharekhan.
That said, inflation remains a key
downside risk for profit margins of cap-
ital goods companies amid geopolitical
risks. But analysts expect this to
improve from the second half of FY23
due to declining commodity prices and
strong order inflows.
In terms of valuation, the sector will
continue to be expensive as it remains
on the cusp of an upcycle, given multi-
ple opportunities, says Mantri.
The average two-year forward sector
price-to-earnings at 20-22x the 2023-24
Indices fall ahead of Fed meet
PRESS TRUST OF INDIA
Mumbai, 21 September
The Equity indices snapped their
two-day rising streak on Wednesday
amid mixed global market trends
ahead of the keenly awaited US
Federal Reserve’s interest rate deci-
sion.
The 30-share BSE Sensex fell
262.96 points or 0.44 per cent to set-
tle at 59,456.78. During the day, it
tanked 444.34 points or 0.74 per cent
to 59,275.40.
The NSE Nifty went lower by
97.90 points or 0.55 per cent to end
at 17,718.35.
IndusInd Bank was the biggest
laggard in the Sensex pack, tumbling
3.19 per cent, followed by PowerGrid,
UltraTech Cement, L&T, NTPC, HCL
Technologies, Dr Reddy's, TCS, and
Bharti Airtel.
In contrast, Hindustan Unilever,
ITC, Bajaj Finance, Tech Mahindra,
Reliance Industries, Mahindra &
Mahindra, Nestle India, and HDFC
Bank were the gainers, climbing as
much as 1.60 per cent.
‘Investors are building all data points
into their market assessment’
Slowing growth in the economies has not deterred the global central banks from staying put
on the policy tightening path, believes AJAY ARGAL, vice-president and senior portfolio
manager — emerging markets equity — India at Franklin Templeton in an interview with
Puneet Wadhwa. While this has been factored in, any change in stance to lower the pace or
the quantum of rate hikes could provide an interim positive trigger, he said. Edited excerpts:
What’s your take on the recent macro
numbers and how the markets have
reacted to them?
Inflation (consumer price index or
(CPI) appears to be stabilising. In the
coming months, inflation is likely to
moderate gradually to below the upper
threshold of 6 per cent from the cur-
rent 7 per cent. Food prices will likely
moderate as well due to government
intervention and adequate
reservoir levels. Global
supply chain pressures are
also easing. The July man-
ufacturing PMI was
impacted by the unfavou- AJAY ARGAL
rable base effect; as such it
Vice-president and
may not be correct to infer
Senior Portfolio
anything from one
Manager, Emerging
reading. There are posi- Markets Equity, India, While this has been fac-
tives as well. Domestic Franklin Templeton
demand shows a relatively
healthy growth trend, sup-
ported by private consumption
growth, which remained resilient on a
three-year compounded annual
growth rate (CAGR) basis. The top-end
consumer growth is strong. August
QUICK TAKE: SYNTHESIS TO DRIVE GROWTH FOR LAURUS LABS
Laurus Labs (~) 600 The stock of Laurus Labs is down 12 per cent since its
578.75 580 highs this month. Motilal Oswal Research, however,
515.75 560 believes that the company is well placed to sustain the
540 pace of earnings growth by building capacities and
520 capabilities, new customer additions, and product
500
Aug 30,’22 Sep 21,’22 pipeline from non-antiretroviral business
CMP ( ~) Chg YTD (%)
2,452.1 102.8
3,343.7 90.1
464.9 55.6
108.4 54.8
12,834.3
48.2
496.7 -33.0
381.0 -25.2
246.1 -18.7
8.5 -16.2
839.0 -14.6
Source: Bloomberg, exchanges
estimated earnings per share is a tad
higher than the historical valuation, she
adds.Among stocks, analysts at Morgan
Stanley say there is rising focus on
indigenisation in defence spending.
Hence, they believe Larsen & Toubro,
HAL, and BEL are the best ways to play
these themes.
“Furthermore, a few industrial
goods companies will be beneficiaries
of an improving real estate cycle and
rising electrification. Larger companies
in these segments will continue to bene-
fit from unorganised players losing their
share,” they add.
ACC, Ambuja, Adani Ent shares fall over 5%
Shares of ACC and Ambuja Cements
fell sharply on Wednesday on
concerns around high
encumbrance. A day earlier, the
Adani Group had announced that it
has signed a non-dealing
undertaking (NDU) with foreign
banks on its entire stake in the two
newly-acquired cement companies
to raise funds for their acquisitions.
Shares of ACC fell 7.2 per cent
while Ambuja Cements ended 5.7
per cent lower. Other group stocks,
with the exception of Adani Wilmar,
also finished lower. Group’s
flagship firm, Adani Enterprises,
dropped 5.1 per cent.
Market experts said that there
are concerns around the group’s
high debt levels after Adani’s
acquisition of the two cement
units, for which the group has paid
$6.4 billion to Swiss cement major
Note: Intraday movement for both stocks
Holcim. BS REPORTER
goods and service tax (GST) collec-
tions remained healthy — the number
being over ~1.4 trillion for six months
in a row. This is due to nominal reve-
nue growth of corporate India picking
up. Credit growth in the banking sec-
tor has picked up as well. So, the inves-
tors are building all the data points
into their market assessment.
Do you think the markets
are factoring in post
positives at the current
levels?
Slowing growth in the
economies has not
deterred the global central
banks from staying put on
the policy tightening path.
tored in, any change in
stance to lower the pace or
the quantum of rate hikes
could provide an interim positive
trigger. If crude oil falls further —
either due to letting up of geopolitical
tensions or otherwise — it may trigger
further buoyancy in the market.
FPIS HIGH ON FINANCIAL
STOCKS IN SEP
More than one-third of the foreign
portfolio investor (FPI) flows into the
equity markets in the first two weeks of
September went to the financial services
stocks. They attracted flows worth ~5,335
crore, while fast-moving consumer
goods (FMCG) stocks got ~1,997 crore,
data collated by primeinfobase.com
revealed.
During the first half of the ongoing
month, FPIs bought shares worth ~12,763
crore. As of September 15, 2022, FPI
allocation towards the financial services
sector rose to 31.94 per cent, from 31.69
per cent, at the end of August 2022.
In August, FPIs had invested ~12,799
crore in financial stocks while in July
they bought shares worth ~1,014 crore.
However, the inflows came after large
outflows worth ~85,43,300 crore in the
first six months of 2022.
Analysts believe that an
improving banking credit
growth and a peaking bad loan
cycle as the reasons for FPI
interest in finance stocks. They
also said that FMCG stocks are
considered the most defensive
bets whenever there is global
THE LONG AND SHORT OF IT
5,335
Financials are back in favour among overseas investorsIT continues to languish
Biggest inflows
Net investment
1,997
1,919
1,737
Financials
FMCG
Autos
Healthcare
(Price in ~)
ACC LTD
AMBUJA CEMENTS LTD
(Price in ~)
What are the factors investors should
be cautious about?
Events unfolding on the external front
could potentially provide triggers for
adverse market movement. Despite
recent deceleration, commodity
prices continue to hover at pre-pan-
demic levels. Continued uptrend in
commodity prices, especially energy
prices, will pose risk. Steepening of
domestic inflation and inflation
expectation beyond the projected
levels, persistent weakness in current
account situation, and continued cur-
rency depreciation are some factors
“The escalation of the
Russian-Ukraine war is
likely to reverberate
across markets,
deepening the energy
and food crisis”
CHARU CHANANA
Market strategist at
Saxo Capital Markets
<
financial turmoil. Even during the
Lehman crisis, the fall in FMCG stocks
was minimal, compared to others.
On the other side, IT stocks saw
maximum selling by FPIs in the last
fortnight, at about ~3,998 crore,
weighing on its performance. Several
brokerages have downgraded IT stocks
amid global uncertainty and margin
pressures. After IT, the real estate stocks
saw maximum outflow, however, the
quantum of selling was relatively lower
at ~574 crore. SUNDAR SETHURAMAN
Biggest outflows
(~crore) Net investment (~crore)
Construction
material
Oil & Gas
Textiles
Realty
1,579
IT
-231
-366
-378
-574
-3,998
Capital
goods
Note: Data for first half of September 2022
Source: Primeinfobase.com
Sebi directs rating
agencies to up firewall
with non-rating arms
BS REPORTER
Mumbai, 21 September
The Securities and Exchange Board of India
(Sebi), on Wednesday, directed credit rating
agencies (CRAs) to strengthen the firewall
between them and their non-rating affiliates.
CRAs will now be required to formulate a
policy on separation with non-rating entities
and document the same in their internal oper-
ational manuals.
Further, the nature and extent of sharing of
infrastructure, employees, and resources
between the CRA and the non-rating entity will
be required to be specified.
Also, Sebi will ensure the independence of
its credit-rating process in view of any such
arrangements and provide guidance on sharing
of resources by avoiding conflict of interest.
The markets regulator has said the new rules
will come into effect from January 1, 2023. CRAs
will have to report on their compliance within
one quarter from the date of applicability of the
circular. The monitoring of the circular will be
required to be done through half-yearly internal
audits.
that could mar market sentiments.
Your top buys and sells thus far in the
2022-23 financial year?
We increased our weighting on select
private sector banks with scale and sta-
bility or improving asset quality. In the
pharma sector, we have increased our
exposure in sector leaders. An electric
goods manufacturer and a chemicals
company are also now part of the port-
folio. Weighting of a public sector
undertaking bank and a smaller bank
was reduced. We have switched some
of our holdings in the auto sector. We
have substantially reduced our posi-
tions in public sector OMC and public
sector gas utilities. Weighting to con-
struction materials was reduced. Our
strategy remains consistent with focus
on growth-oriented companies with
strong management and robust bal-
ance sheets.
How are you approaching the
upcoming results season?
For the upcoming quarterly results, we
expect continued pressure on margins
across sectors as higher cost raw mate-
rial inventory gets consumed. We
would be keenly tracking the commen-
tary from the corporates along with the
results to assess the impact of higher
inflation on the demand going forward.
.
MUMBAI | THURSDAY, 22 SEPTEMBER 2022 THE SMART INVESTOR 11 <

IndusInd Bank stock rally may go Betting big on MFs, the

SIP way: Inflows of over
on, experts see up to 35% uptick ~12K cr in 4 mths of FY23
In CY22, bank has gained 38%, outperforming Nifty50 and Nifty Bank indices PRESS TRUST OF INDIA
New Delhi, 21 September
NIKITA VASHISHT
New Delhi, 21 September HIGH HOPES Investors are betting big on
Brokerage (rating) n Potential upside* (%) l Target price (~) systematic investment plan or

S
hares of IndusInd Bank have SIP to generate long-term
seen a turnaround so far in cal- wealth with monthly flow in
endar year 2022 (CY22) with the
counter rising 38 per cent against a
1,650 1,604 1,420 1,412 1,400 1,400 the mutual fund industry
through the route continuing
MF INFLOWS THROUGH SIP
0.76 per cent fall in CY21. to be over ~12,000 crore in Total for FY23 (5 months) ~61,258cr
With this, it has outperformed the each of the past four months. 12,693
Nifty50, and Nifty Bank indices — In fact, inflows through the 11,863 12,286 12,276
34.81 12,140 ~1.24
which have gained 2 per cent and 16 SIP route touched an all-time
lakh cr
per cent, respectively — by a huge 31.06 high of ~12,693 crore in the
margin during this period. month of August, a latest data
Going forward, analysts see more with Association of Mutual Total for
legs to the rally as the company has Funds in India (Amfi) showed.
addressed key issues that were an The inflows through SIP April May June July August FY22
overhang on the counter on the 16.02 15.37 have been growing above
bourses. The biggest of them was the 14.39 14.39 ~12,000-crore mark since to ~6.4 lakh crore at the end of industry mainly depends on
reappointment of its managing direc- May. It was at ~12,140 crore in August this year from ~5.76 SIPs for inflows, with equity
tor (MD) & chief executive officer July, ~12,276 crore in June and lakh crore in March-end this mutual funds attracting
(CEO). ~12,286 crore in May. Prior to year. Over the past five years, ~64,935 crore in the current
“The proposal to extend Sumant that, it was at ~11,863 crore in SIP AUM has grown 30 per fiscal (April-August). This
Kathpalia’s tenure as MD and CEO by April. cent annually, twice as fast as came after witnessing an
three years has removed the biggest With this, total inflow has the growth in the overall inflow of ~1.64 lakh crore in
near-term overhang on the stock. reached to ~61,258 crore in the mutual fund industry's assets 2021-22.
Short-term investors should start Way2Wealth Spark Capital ICICI Securities Nirmal Bang Macquarie CLSA first five months of the cur- base. Currently, mutual funds Ashish Shanker, MD &
booking profit partially after the recent Brokers Ltd. Advisors Institutional Institutional (Outperform) (Buy) rent fiscal. This came follow- have about 5.72 crore SIP CEO of Motilal Oswal Private
run-up, but long-term investors should (Hold) (Buy) (Buy) Equities (Buy) ing an inflow of over ~1.24 accounts through which Wealth, said that an increase
stay put,” said Gaurav Jani, research *Potential upside from current market price Source: Bloomberg. Compiled by BS Research Bureau lakh crore in the 2021-22 investors regularly invest in in flows in the equity markets
analyst at Prabhudas Lilladher. financial year. mutual fund schemes. through SIP is a result of a
Since the exchange’s notification tioned to benefit from the upcycle in Against this backdrop, the broker- Total slippages during Q1 of FY23 Investors are flocking Industry experts believe confluence of factors like
regarding the MD & CEO’s reappoint- some of its key domain areas. These age has increased its financial year were up 8 per cent quarter-on-quarter towards the SIP route as it that a staggered investment awareness of using equities
ment, the stock has jumped 2.3 per are micro loans (MFIs) and commer- 2024 (FY24) loan growth estimate to (QoQ), largely on account of higher helps, especially the salaried approach (through SIP or STP) for wealth creation and
cent against 0.8 per cent cial vehicles (CVs). 16 per cent. Those at Anand Rathi slippages from the restructured book people, make the investment in equity markets seems the mutual funds as a vehicle and
dip in the Nifty50 index. DESPITE A GRADUAL Besides, the bank's new Research expect net interest margin at ~921 crore against ~321 crore QoQ. process simpler. ultimate solution to ride the millennials preferring finan-
During the past three retail-centric initiatives, (NIM) to hold above 4 per cent in FY23 With this, the bank's gross non-per- "Investors don't have to wave of uncertainty as correc- cial assets over traditional
months, the counter has
PICK-UP IN GROWTH outside these segments, and FY24. They estimate a 1.7 per cent forming asset (gross NPA) ratio weak- think about the market fluc- tions would bring down the instruments such as gold and
surged 53 per cent on the DURING Q1 OF FY23, are showing healthy return on assets (RoA) each for the two ened to 2.35 per cent in Q1 of FY23 tuations as the SIP route aver- average cost of total invest- real estate and ease of trans-
National Stock THE UNDERLYING results, such as in non- years. Besides, good operating per- against 2.27 per cent in Q4 of FY22. Net ages out the investment price ments or in case the bull run action due to digital plat-
Exchange (NSE), against MFI unsecured lending formance, a pick-up in business NPA, meanwhile, came in at 0.67 per over the time. It helps them continues, investors would forms. "We believe this is a
13.5 per cent rally in the ASSET QUALITY TRENDS and home loans. growth, and the benign credit-cost cent in Q1 against 0.64 per cent QoQ. avoid timing the market not lose out on opportunity structural trend and likely to
Nifty50 index, and 24 HAVE SOME ANALYSTS “While the gems & cycle are likely to keep profitability Overall, 43 brokerages have ‘buy’ which is very difficult to do cost. accelerate hence believe that
per cent in Nifty Bank WORRIED, GROSS jewellery sector, within intact, they said. calls on the stock, four have ‘hold’, and consistently for a retail inves- SIP is an investment meth- ~20,000 crore of monthly SIP
index. Peer stocks HDFC the corporate segment, is Despite a gradual pick-up in growth one has a ‘sell’ rating. One-year target tor if not impossible," Swapnil odology offered by mutual flow is very much possible in
Bank, ICICI Bank, Axis SLIPPAGES DURING Q1 likely to see some growth during Q1 of FY23, the underlying asset prices range from ~444 to ~1,650 – up Bhaskar, head of strategy at funds wherein an individual the next 18-24 months," he
Bank, and Kotak Bank, WERE HIGH headwinds this year, the quality trends have some analysts wor- 35 per cent from its current ~1,264, Niyo Solutions said. saver can invest a fixed added.
meanwhile, advanced overall growth outlook ried. Gross slippages (~2,250 crore) according to Bloomberg data. “Most importantly, it is a amount in a chosen scheme According to Amfi, SIPs
between 13.5 per cent and 31.4 per cent for corporate credit is positive, too. during the June quarter were high at According to technical charts, the great way for people to keep periodically at fixed intervals have been gaining popularity
during the period, the data shows. Consumer banking/retail loan growth 3.9 per cent, over 70 per cent of which stock is attempting to conquer its saving as a habit - this is espe- — say once a month, instead among Indian savers, as it
is expected around 17-18 per cent com- stemmed from the consumer financ- immediate resistance of ~1,265 – the cially important for millen- of making a lump sum invest- helps in rupee cost averaging
Turnaround 2.0 pound annual growth rate (CAGR) ing portfolio. This is on the back of higher end of the Bollinger Band on nials and GenZ who find it dif- ment. The SIP installment and investing in a disciplined
At the fundamental level, analysts say over the medium-term,” wrote ana- slippages worth ~600 crore from the the daily chart. Once done, it may rally ficult to save,” he added. amount can be as small as manner without worrying
IndusInd Bank is undergoing a trans- lysts at Nirmal Bang Institutional restructured book. Gross slippages in towards ~1,333, which is its monthly Further, SIPs' assets under ~500 per month. about market volatility or tim-
formational phase and is well posi- Equities, in a recent report. the March quarter were ~2,088 crore. trendline resistance. management (AUM) climbed The 43-player mutual fund ing the market.
12 STOCKS
>
MUMBAI | THURSDAY, 22 SEPTEMBER 2022 1

> OFSTOCK
IN THE > Arvind Fashions > Page Industries > Bharat Dynamics

NEWS Top gainer

among A-group
Hits new all-time
high at ~51,655
Snaps 7-day
winning THE DAY
companies on BSE streak Rhi Magnesita India
~295.4 PREVIOUS CLOSE ~50,362.8 PREVIOUS CLOSE ~939.5 PREVIOUS CLOSE Hits new all-time high
~325.7 CLOSE ~51,204.8 CLOSE ~920.9 CLOSE at Rs 699; Up 37 per cent
p 10.2% UP p 1.7% UP q 2.0% DOWN QTD

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
21 Sep ’22 Chg (%) Con Std 21 Sep ’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 932.9 -3.8 0.8 43.6 - ITC 341.0 1.5 5.3 27.7 26.1 price price (%) price price (%)
Apollo Hosp 4604.8 1.0 0.6 62.7 78.1 JSW Steel 684.9 -0.6 1.1 10.6 13.4 Britannia 3788.9 3764.8 3.2 3948.0 4104.0 ACC 2523.3 2530.7 -7.2 2055.0 1900.5
MOST BULLISH MOST BEARISH
Asian Paints 3356.1 -1.1 1.9 92.5 90.5 Kotak Mah Bank 1918.5 -1.1 3.5 29.2 42.3 Renuka Sugar 58.8 56.8 2.8 58.8 63.3 Ambuja Cem 533.0 541.5 -5.7 355.8 274.0
Axis Bank 806.6 -0.8 2.8 17.5 16.5 City Union Bk 187.1 186.3 0.5 Gujarat Gas 498.5 507.2 -1.7 Dr Lal PathLabs 2397.1 2388.8 2.3 2697.9 4056.5 Shree Cement 21839.6 22045.7 -5.1 18151.1 17900.0
L&T 1895.7 -1.9 3.3 29.0 35.5
Bajaj Auto 3730.6 -1.0 0.6 17.5 21.0 ABB India 3142.6 3129.7 0.4 Muthoot Finance 1023.3 1036.4 -1.3 Strides Pharma 328.5 326.3 2.2 364.7 637.0 Adani Enter 3572.7 3641.5 -5.1 2078.1 1344.6
Mah & Mah 1306.7 0.3 1.6 24.7 29.5
GAIL 89.3 89.0 0.4 Bajaj Finsrv 1784.6 1802.0 -1.0 Granules 317.6 314.7 2.2 330.5 362.3 JK Cement 2750.0 2766.3 -4.8 2005.0 2005.0
Bajaj Fin 7690.7 0.7 2.6 66.3 59.2 Maruti Suzuki 9247.9 -0.6 1.5 72.0 64.4 Intell Des Aren 558.6 556.5 0.4 Dr Lal PathLabs 2369.4 2388.1 -0.8 Page Inds 51655.2 51204.8 1.7 51655.2 51655.2 MRPL 64.9 65.3 -4.1 64.9 37.1
Bajaj Finsrv 1802.0 0.1 1.4 57.0 436.9 Nestle India 18649.9 0.2 0.8 - 85.1 Oberoi Relty 1011.0 1007.2 0.4 CGCEL 411.4 413.9 -0.6 Cummins (I) 1282.7 1253.5 1.6 1288.4 1288.4 Indiabulls Hous 123.6 124.1 -3.9 89.0 89.0
Bharti Airtel 780.2 -1.5 2.4 77.8 - NTPC 168.6 -1.9 1.0 9.8 9.8
BPCL 320.1 -0.9 0.4 5.9 69.7 Marico 543.9 535.3 1.6 543.9 606.0 Adani Ports 917.1 932.6 -3.8 656.1 652.0
ONGC 130.9 -1.7 0.8 3.6 3.2
Britannia 3765.7 3.2 0.6 61.6 62.2 BSE NSE Adani Wilmar 808.6 782.6 1.6 808.6 878.4 Adani Trans 3841.1 3865.3 -3.7 2066.3 1474.0
Cipla 1070.4 -2.0 0.7 34.7 29.5
Power Grid 227.1 -2.4 1.0 9.4 10.7 Index Stock Index Stock PUT-CALL RATIO HUL 2646.0 2623.9 1.6 2714.9 2839.5 India Cement 266.2 274.0 -3.5 152.1 145.6
Reliance Ind 2509.8 0.3 10.8 25.6 37.2 ITC 345.1 341.1 1.6 345.1 345.1 Sona BLW Precis 486.1 496.7 -3.5 486.1 486.1
Coal India 231.6 0.7 0.6 6.2 12.5 FUTURE (Open Interest in Mn) Put Call PC Ratio
SBI 569.7 -0.8 2.7 14.4 16.3 L&T Tech Ser 3500.0 3459.1 1.6 3942.0 5958.1 Ramco Cements 747.2 750.2 -3.3 590.2 575.1
Divis Lab 3573.7 -1.6 0.6 32.0 30.7 Contracts - - 385227 894379
SBI Life Ins 1306.3 -0.2 0.7 - 84.6 Market 1913.6 3532.4 0.5 Balkrishna I 1945.0 1928.6 1.4 2451.0 2724.4 IndusInd Bank 1222.0 1223.9 -3.2 763.8 763.8
Dr Reddys 4152.8 -1.5 0.6 23.1 40.4 Open Int.(000) - - 14733 5333572
Shree Cement 22024.0 -5.2 0.4 - 39.1 Honeywell A 42226.3 41234.3 1.3 44322.7 47400.0 Adani Total Gas 3537.4 3559.1 -3.2 2195.0 1325.0
Eicher Motor 3682.1 -0.8 0.6 49.1 53.0 Shares(In Mn) - - 14.8 1506.5 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 905.3 -0.7 1.2 55.8 206.8 Max Health 440.7 437.2 1.3 449.2 458.0 DLF 378.5 379.8 -3.1 303.1 294.8
Grasim Ind 1719.9 -1.3 0.8 15.0 33.5 Value(~ crore) - - 36791 68110
Tata Consumer P 804.2 0.0 0.6 73.7 91.0 RBL Bank 1.0 Honeywell A 0.0
HCL Techno 901.0 -1.4 1.2 18.0 22.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 427.7 -1.5 1.0 - - M & M Fin 1.0 Atul 0.0
HDFC 2459.9 -1.1 5.6 19.8 31.0 Contracts - - 128230586 4169435
Tata Steel 104.5 -1.3 1.1 3.3 4.2 Bank of Baroda 1.0 SBI Life Ins 0.2
HDFC Bank 1518.4 -0.2 8.3 22.2 22.0
HDFC Std Life 551.4 -1.5 0.7 89.3 93.3 TCS 3001.2 -1.3 3.8 28.3 28.5
Open Int.(000)
Shares(In Mn)
-
-
-
-
349944
4625.1
5096027
5315.7
IndusInd Bank 1.0 Dalmia Bharat 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1060.2 0.4 0.8 19.3 21.5 Adani Enter 0.9 Torrent Phar 0.2
Hero MotoCorp 2776.7 0.2 0.5 23.9 20.3 Value(~ crore) - - 12436966 338168 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 411.4 -2.4 0.8 6.7 15.3 Titan Company 2666.7 -0.6 1.4 108.9 81.3 BSE+NSE BSE+NSE
UltraTech 6313.8 -2.6 0.9 25.2 26.3 1 Reliance Ind 1697598.0 BS200 Tinna Trade 53.9
HUL 2623.6 1.6 2.9 69.4 68.1 (~ crore) (Mn shrs)
ICICI Bank 915.3 -0.2 8.0 25.4 24.9 UPL 717.5 -0.3 0.5 14.3 39.6 ACTIVE CALLS ACTIVE PUTS Ambuja Cem 2795.0 50.8
2
3
TCS
HDFC Bank
1098370.3
845457.8
DOWN 7 DAYS DJ Mediaprint 44.8
IndusInd Bank 1224.3 -3.2 1.0 - 18.1 Wipro 400.8 -1.0 0.7 19.0 17.5 Berge Paint -6.3 Ambar Proteins 40.7
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Adani Enter 2349.5 6.4 4 ICICI Bank 637619.1 Riddhi Corp 40.6
Infosys 1377.3 -0.8 6.3 26.0 27.1 Nifty 50 17718.4 â-0.5 100.0 23.0 25.4 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Adani Wilmar 1783.3 22.6 5 HUL 616511.5 HAL -6.2
DOWN 7 DAYS
Index Index 6 Infosys 579227.5 IOC -5.8
INDEX PE SHRS TRDS 1 YR Adani Ports 1294.5 13.8 09Agg -52.2
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
22/09/22
22/09/22
17800 172.3
18000 143.4
5.3 52.3
8.4 27.5
Nifty
Nifty
22/09/22
22/09/22
17700
17800
169.9
138.4
3.5
2.6
15.7
-40.4
Infosys 1115.9 8.1
7
8
SBI
Bajaj Fin
508523.7
465527.5
Nippon Life Ind
UP 3 DAYS
-5.2
Shuubham Poly -30.1
SENSEX 25.3/27.9 8.6 231 8 22 0.8 Reliance Ind 1087.6 4.3 Colorchips New -30.1
Asian Paints 3354.7 -1.1 2.2 92.5 90.5 Mah & Mah 1306.9 0.3 1.9 24.7 29.5 Nifty 22/09/22 17900 127.9 6.1 31.5 Nifty 22/09/22 17600 138.2 3.3 -42.3 9 HDFC 446855.2 Adani Wilmar 8.5
NIFTY 50 23.0/25.4 245.5 4737 12 37 0.9 Gala Global Pro -30.0
Axis Bank 806.0 -0.8 3.2 17.5 16.5 Maruti Suzuki 9248.7 -0.5 1.8 72.0 64.4 Nifty 22/09/22 18100 97.4 7.0 40.7 Nifty 22/09/22 17500 120.5 5.6 14.0 Bajaj Fin 975.8 1.3 10á Bharti Airtel 434155.2 Apollo Hosp 7.6
C = CONSOLIDATED; S = STANDALONE GKP Printing -29.9
Bajaj Fin 7689.0 0.8 3.0 66.2 59.2 Nestle India 18631.4 0.1 1.0 - 85.0 Nifty 22/09/22 17700 84.5 2.8 151.9 Nifty Bank 22/09/22 41000 102.7 1.9 18.2 ICICI Bank 840.4 9.2 11â Adani Trans 431164.8 Bajaj Fin 5.5
Mehai Tech -29.2
Bajaj Finsrv 1802.0 0.0 1.6 57.0 436.9 NTPC 168.7 -1.8 1.2 9.8 9.8 CASH DERIVATIVES Stock Stock ACC 804.9 3.1 12á ITC 422751.9 Cummins (I) 5.3
TURNOVER BSE NSE BSE NSE
Jll -28.9
Bharti Airtel 780.4 -1.3 2.8 77.8 - Power Grid 226.4 -2.6 1.1 9.4 10.7 ITC 29/09/22 340 68.0 10.3 -19.7 PNB 29/09/22 38 26.8 10.6 -36.4 Bharti Airtel 790.2 10.1 13â Adani Enter 415125.3 Marico 5.1 UP 3 DAYS
Dr Reddys 4149.5 -1.6 0.7 23.1 40.4 Reliance Ind 2509.3 0.3 12.5 25.6 37.2 VALUE(IN ~ CRORE) 4081 57142 -12880034 Vodafone Idea 29/09/22 10 66.3 150.0 2.8 PNB 29/09/22 40 24.3 12.1 -14.2 14 LIC India 412706.3 Aditya Bir Fa 4.7
IndusInd Bank 789.3 6.4 Sonal Mercant 58.3
HCL Techno 901.1 -1.4 1.4 18.0 22.5 SHARES(IN MN) 556.4 2359.5 - 11462.2 PNB 29/09/22 42 58.8 21.8 -3.4 Vodafone Idea 29/09/22 9 23.9 61.1 -2.3 15 Adani Total Gas 391429.8 City Union Bk 4.5
SBI 569.8 -0.7 3.2 14.4 16.3 ITC 734.2 21.6 BDH Ind 35.7
HDFC 2460.3 -1.0 6.4 19.8 31.0 TRADES(000) 3129 20451 - 53002 PNB 29/09/22 41 57.6 22.1 34.5 PNB 29/09/22 39 20.2 7.9 -9.9 16 Kotak Mah Bank 380875.5 DOWN
Sun Pharma 905.2 -1.2 1.4 55.8 206.8 TCS 716.2 2.4 Vikram Therm 34.9
HDFC Bank 1518.8 0.0 9.6 22.2 22.0 Vodafone Idea 29/09/22 9 57.2 53.8 -3.3 ITC 29/09/22 330 15.6 5.5 8.7 17 Adani Green En 374306.3 Can Fin Home -13.1
Tata Steel 104.5 -1.3 1.2 3.3 4.2 Intech Cap 32.6
HUL 2623.9 1.6 3.4 69.4 68.2 MARKET-CAP (~ CR) TRADED TOTAL HDFC Bank 696.2 4.6 18 Asian Paints 321782.8 MRPL -7.4
TCS 3001.8 -1.3 4.4 28.3 28.5 Rhetan TMT 31.6
ICICI Bank 915.4 -0.2 9.2 25.4 24.9 Adani Green En 679.5 2.9 19 Bajaj Finsrv 287014.6 Delta Corp -6.9
Tech Mahindra 1060.1 0.4 1.0 19.3 21.5 BSE 28,146,862 28,301,224 Supra Pacific 29.6
IndusInd Bank 1223.9 -3.2 1.2 - 18.1
Infosys 1376.6 -0.8 7.3 26.0 27.1 Titan Company 2665.2 -0.7 1.6 108.9 81.3 NSE 27,859,385 27,925,048 SPURT IN VOLUMES Renuka Sugar
Apollo Hosp
575.6
561.6
101.1
1.2
20á
21â
Maruti Suzuki
Avenue Supermar
279384.7
279007.5
Gland Pharma
Adani Trans
-5.5
-5.5
Eiko Life
DOWN 3 DAYS
26.6
UltraTech 6320.7 -2.4 1.1 25.3 26.3 DERIVATIVES 19,706,603 19,706,603
ITC 341.1 1.6 6.1 27.7 26.1 Company Days 2-week Avg Change Close *Price 22 L&T 266397.8 PAYTM -4.6
SBI 561.5 9.8 Vinyl Chem -14.3
Kotak Mah Bank 1918.2 -1.1 4.1 29.2 42.3 Wipro 400.8 -1.0 0.9 19.0 17.5 Volume Volume % price %chg 23 Axis Bank 247583.8 Vedanta -4.4 Trident Texofab -14.2
L&T 1895.8 -1.9 3.8 29.0 35.5 BSE SENSEX 59456.8 â-0.4100.0 25.3 27.9 TRADING ACTIVITY Swaraj Engin 768030.0 16491.5 4557.1 1817.3 7.2
Axis Bank
HUL
552.2
540.4
6.8
2.1
24 HCL Techno 244527.0 Others Ovobel Foods -14.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Titan Company 236612.0 UP 7 DAYS
JTL Infra 3513017.0 76747.0 4477.4 207.3 4.0 Tata Steel 530.3 50.2 Sai Capital -14.2
Equity Debt Equity Debt 26 Wipro 219856.8
Net Net Net Net Sarveshwar Food 372800.0 15127.3 2364.4 72.8 2.0 TRF 111.2 South.Magnes -14.2
Tata Motors 495.5 11.5 27 Sun Pharma 217184.6
WORLD INDICES On 20 Sep 1804 -248 - - Airo Lam 1755162.0 78606.5 2132.8 106.3 20.0 HDFC 463.2 1.9 28 Adani Ports 196987.2
Sharp India
11Amd
99.2
64.2
Swad.Polytex
Ganesh Holdings
-14.2
-14.2
On 19 Sep 732 -1 - - Arvind Fash 3192103.0 200093.5 1495.3 325.6 10.2 Kotak Mah Bank 435.4 2.3 29 UltraTech 182459.6
Indices Close % Chg* Indices Close % Chg*
On 16 Sep -3477 5895 - - Kirloskar Inds 126674.0 8924.5 1319.4 1743.8 6.7 30 Nestle India 179644.0 (T+2) cycleStocks which rose/fell continuously
Maruti Suzuki 419.5 0.5
Americas (Sep 20,22) Asia/Pacific (Sep 21,22) On 15 Sep -679 874 - - Lasa Supergener 1423572.0 108086.9 1217.1 41.3 4.9
Nasdaq Composite 11425.1 -1.0 Jakarta Composite 7188.3 -0.1 On 14 Sep -1375 242 - - S P Apparels 518219.0 49142.3 954.5 431.6 2.8
Sep till date 6884 7433 2773 3209 Tourism Fin 23523252.0 2280473.2 931.5 74.6 19.9
S&P/ TSX Composite
Dow Jones
19368.7
30706.2
-1.0
-1.0
Straits Times
Shanghai Se Comp
3261.8
3117.2
-0.2
-0.2 2022 till date -150266 -6986 147089 1183 Central Bank 76046882.0 7509818.2 912.6 21.7 6.6
BOARD MEETINGS INTRA-DAY
Europe/Africa (Sep 20,22) Stock Exchange of Thai 1633.5 -0.3 Group Exchange Company with laws; 3. To ap- other methods
FTSE 100 7233.4 0.6 Taiwan Taiex 14424.5 -0.9 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company Board of India. effect from prove the No- or combina-
Purpose Ecoboard Ind: 22nd Sep- tice to be sent tions thereof
IBEX 35 7879.2 0.1 Kospi 2347.2 -0.9 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock Meeting of the tember 2022. shareholders of as may be de-
CAC 40 5983.4 0.1 Kuala Lumpur Comp 1447.2 -1.0 NET Net Fut OI Opt OI OI SEPTEMBER 22 Board of Direc- Riddhi Corp: To the Company cided by the
HIGH *PSP Projects . . . . . . . 683.9 *BDH Ind . . . . . . . . . . . . 211.3 LOW
DAX 12654.5 -0.1 Volatility (Sep 20,22) BS 200 *Ambar Proteins . . . . . 662.2 *Brand concept . . . . . . 207.0 BS 200 Bansisons Tea: tors of the consider the for holding Board in accor-
On 20 Sep 3355 1246 0.1 1.4 2.4
Asia/Pacific (Sep 21,22) CBOE Dow Jones 23.6 4.2 *Page Inds . . . . . . . . 51655.2 *Creative Cast . . . . . . 629.0 *Riddhi Corp . . . . . . . . 192.3 Gland Pharma . . . . . . 2130.0 Meeting of the Company following busi- Extra Ordinary dance with the
On 19 Sep -3061 42 0.1 1.4 2.4
Nikkei 225 27313.1 -1.4 CBOE S&P 500 27.2 0.2 *Eicher Motor . . . . . . 3785.8 *Bharat Agri Fer . . . . . 587.0 *Maruti Interior . . . . . . 191.4 Sona BLW Precis . . . . . 486.1 Board of Direc- Guj Toolroom: nesses: 1. In- General Meet- provisions of
On 16 Sep 7701 -3356 0.1 1.5 2.4
*Diamines Chm . . . . . . 538.7 *TGV SRAAC . . . . . . . 182.0 tors of the Meeting of the crease in ing; 4. To ap- the SEBI
Hang Seng 18444.6 -1.8 * Change over previous close On 15 Sep 2739 -3253 0.1 1.0 2.4 *Varun Bever . . . . . . . 1137.0 IEX . . . . . . . . . . . . . . . . . 150.1
*NDR Auto Co . . . . . . . 525.0 *Oracle Credit . . . . . . . 174.0 Company Board of Direc- Authorized point Tirupati Foam:
On 14 Sep -1049 -1920 0.1 1.4 2.3 *Cipla . . . . . . . . . . . . . 1101.0 Bharat Elctn . . . . . . . . . 107.7
*NIBE . . . . . . . . . . . . . . 506.4 *DJ Mediaprint . . . . . . 160.2 Bombay Dyng: tors of the Share Capital Practising To consider and
*TVS Motor . . . . . . . . 1094.7 Others
MAJOR INDICES Sep till date
2022 till date
32657
366770
-20298
6879
-
-
-
-
-
- *Bharti Airtel . . . . . . . . 797.0 *Maximus Intl . . . . . . . 466.0 *Supreme Ho . . . . . . . . 157.0 *Sanofi India . . . . . . . 5955.6
Meeting of the Company and con- Company Sec- approve 1. To
*Sunedison Inf . . . . . . 452.3 *Grovy India . . . . . . . . . 152.8 Board of Direc- Photoquip sequent Alter- retary to act as review the per-
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Aditya Bir Fa . . . . . . . 347.7 Amrutanjan . . . . . . . . . 719.0
*Aurionpro Sl . . . . . . . . 436.0 *Bigbloc Const . . . . . . . 152.7 tors of the India: Mmeet- ation of the scrutinizer formance of
*ITC . . . . . . . . . . . . . . . . 345.1 Matrimony.com . . . . . . 636.0
Company to ing of the Memorandum RMC Switch: non-independ-
S&P BSE Sensex 59,719.7 59,504.1 59,799.0 59,275.4 59,456.8 -263.0 -0.4 City Union Bk . . . . . . . . 194.1 *Cochin Ship . . . . . . . . 434.2 *Baroda Rayon . . . . . . . 151.0 Kopran . . . . . . . . . . . . . 166.5
consider inter Board of Direc- of Association Meeting of the ent directors
Others *Unichem Labs . . . . . . 413.6 *M M Rubber . . . . . . . . 149.2 *Xelpmoc Des . . . . . . . 136.9
S&P BSE Sensex 50 18,765.4 18,700.5 18,796.5 18,602.2 18,659.1 -106.3 -0.6 S&P BSE SECTORAL INDICES *Gujarat Fluoro . . . . . 3868.5 *G M Polyplast . . . . . . . 410.7 *Deep Diam . . . . . . . 140.2 Scoobee Day Gar . . . . . 123.0
alia proposal of tors of the
raising of funds Company
of the Com-
pany 2. Issu-
Board of Direc-
tors of the
and the Board
as a whole; 2. tween the Com- the Board of Di- ate by way of Employee Stock voting and
S&P BSE-100 18,330.8 18,275.1 18,373.2 18,162.2 18,210.9 -119.9 -0.7 *Bengal Assm . . . . . . 3460.0 *Mafatlal Ind . . . . . . . . 408.0 *Gpt Infra . . . . . . . . . . . 131.6 Bafna Pharma . . . . . . . . 99.0
Prev cls Close % Chng by issue of Quest Softech: ance of Equity Company to To review the pany manage- rectors of the issue of equity Option Plan other means .
*Indus & Prud . . . . . . 2188.9 *Chalet Hotels . . . . . . . 362.9 *Akashdeep Metal . . . 131.4 Shuubham Poly . . . . . . . 92.3
S&P BSE-200 7,855.0 7,834.6 7,877.6 7,781.3 7,801.5 -53.5 -0.7 Equity Shares Meeting of the Shares of the consider and performance of ment and the Company to shares or any (ESOP) 2022. Book Closure
Auto 30,427.8 30,318.2 -0.4 *Ratnamani Met . . . . 2099.0 *TRF . . . . . . . . . . . . . . . 356.6 *Sampre Nutri . . . . . . . 130.3 *Shine Fashions . . . . . . . 35.0 by way of a Board of Direc- Company or evaluate a pro- the Chairperson Board that is inter alia con- other eligible Bhilwara Spg: and Fixation of
S&P BSE-500 24,653.7 24,598.4 24,734.2 24,421.1 24,485.3 -168.4 -0.7 Bankex 47,414.8 47,119.9 -0.6 Swaraj Engin . . . . . . . 1960.0 *Lancer Cont Lin . . . . . 328.7 *Patdiam Jew . . . . . . . . 130.0 *Olympic Oil . . . . . . . . . 24.7 Rights Issue to tors of the Convertible posal for rais- of the company necessary for sider and eval- securities sub- Meeting of the Cut-off date for
Cons. Durables 42,979.1 42,799.5 -0.4 *Power Mech Pro . . . 1918.9 *GTV Engg . . . . . . . . . . 299.0 *Indrayani Bio . . . . . . . 112.6 Mehai Tech . . . . . . . . . . . 20.7 the eligible Company to Warrants or ing funds by taking into ac- the Board to uate the ject to all such Board of Direc- E-voting and
S&P BSE IPO 9,915.7 9,957.4 10,049.1 9,827.0 9,895.7 -20.1 -0.2 Cap. Goods 32,737.6 32,293.6 -1.4 Kirloskar Inds . . . . . . . 1810.0 *Welspun Corp . . . . . . 286.4 *Northern Spirit . . . . . 109.9 AF Enterprices . . . . . . . . 16.6 equity share- consider and any other secu- way of issue of count the views perform their proposal for regulatory / tors of the Com- period of Re-
FMCG 16,066.9 16,250.7 1.1 *Vesuvius . . . . . . . . . . 1634.0 *Hardwyn India . . . . . . 286.1 *Som Distill . . . . . . . . . 106.6 *Achyut Healthca . . . . . 15.0 holders of the approve 1. Ap- rities per- one or more of of executive di-
S&P Dollex-30 6,148.6 - - - 6,105.0 -43.6 -0.7 duties. 4. Any raising of funds statutory ap- pany to mote E-voting.
Healthcare 23,307.8 23,092.9 -0.9 *Patanjali Foods . . . . 1471.5 *CG Power . . . . . . . . . . 263.0 *Sharp India . . . . . . . . . 105.5 MEP Infra Dev . . . . . . . . 12.9 Company in ac- proval for the mitted under instruments rectors and other Agenda by way of a provals as may consider and Campus Acti-
Nifty 50 17,816.3 17,766.4 17,838.7 17,663.6 17,718.4 -97.9 -0.5 Infra 303.2 297.8 -1.8 *Ikab Sec . . . . . . . . . . 1144.9 *Triveni Turbine . . . . . . 248.2 *Vintage Coffee . . . . . 104.9 Gilada Fina . . . . . . . . . . . 12.0 cordance with appointment of the law by way comprising of non-executive items with the Preferential al- be required in- approve Intima- vewe: To con-
IT 27,557.7 27,354.3 -0.7 *PG Elect . . . . . . . . . . 1104.0 *Sera Inves . . . . . . . . 241.8 *Synthiko Foils . . . . . . 101.6 *Trescon . . . . . . . . . . . 11.4 the Companies Mrs. Mittal of preferential equity shares directors; 3. To permission of lotment or cluding the ap- tion for 41st An- sider and
Nifty next50 44,735.7 44,752.4 44,958.8 43,921.7 44,021.2 -714.6 -1.6
Metal 19,179.0 19,004.2 -0.9 *Ind.Link Chain . . . . . 1065.0 *Veer Global . . . . . . . . . 241.0 *Roopa Ind . . . . . . . . . . . 92.8 *Gayatri Proj . . . . . . . . . 10.1 Act 2013 and Kevin Shah as issue subject to warrants assess the qual- the Chair through any proval of nual General approve Revised
Nifty 500 15,470.4 15,449.3 15,516.5 15,320.1 15,361.3 -109.1 -0.7 Oil & Gas 19,679.0 19,418.1 -1.3 *Ador Welding . . . . . . 1025.0 *Thakkers Dev . . . . . . . 237.4 *Optimus Finance . . . . . 88.0 *Future Lifesty . . . . . . . . 9.8 the rules Company Sec- such approvals through private ity quantity and other permis- shareholders of Meeting of the Financial Re-
Power 5,249.8 5,135.0 -2.2 *Galaxy Bearings . . . . 927.0 *Liberty Shoe . . . . . . . . 227.4 *Vapi Paper . . . . . . . . . . 87.2 *MSR India . . . . . . . . . . . . 8.5 framed there- retary & as may be re- placement timeliness of SEPTEMBER 23 sible mode as the Company Company sults for the
India VIX 18.8 18.8 20.3 18.3 19.3 0.5 2.8 *Guj.Contain. . . . . . . . . 219.8 *Olympia Inds . . . . . . . . 85.4
PSU 9,367.8 9,271.4 -1.0 *Rhi Magnesit . . . . . . 698.8 Elango Indus . . . . . . . . . . . 6.7 under the Se- Compliance quired under preferential the flow of in- Bharat Wire: may be consid- and to consider scheduled to be period ended
Nifty CPSE 2,761.8 2,759.2 2,768.5 2,716.4 2,724.9 -36.9 -1.3 Realty 3,641.0 3,597.7 -1.2 m m w w curities and Officer of the applicable issue or such formation be- Mmeeting of ered appropri- issue of New held throughE- 31st March 2022

> 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 (875.1) (875.3) (3147.9) (3150.6)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 874.2 880.0 3175.0 3162.7
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 883.1 883.7 3199.0 3200.0
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 860.0 860.6 3123.5 3125.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 860.8 862.0 3131.3 3129.7
For BS 200 stocks, the given on the number of capital. It changes either months. EPS is calculated on expectations. High OI is money” call options. cent for the rest of the shares. shares/mergers and others . M of scrips is Shares 13221 323K 7757 200K
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 23.8 23.8 80.8 80.7
company name is followed by shares traded, and also the 52 Wk H/L 1168/669 1168/669 3446/1794 3446/1790
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 31204 31248 66352 66317
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 «
(18115.8) (18113.1) (2725.7) (2725.6) (3835.8) (3834.6) (969.4) (970.3) (338.0) (337.5) (117.1) (117.2)
O 18175.0 18150.0 2700.0 2703.9 3831.0 3837.7 972.6 974.0 336.1 337.5 117.0 117.2 O O
18203.4 18248.9 2713.7 2714.0 3862.2 3862.8 976.4 976.1 347.7 347.9 118.7 118.8
w 17880.0 17879.0 2523.3 2523.1 3572.7 3571.3 917.1 917.1 336.1 337.5 115.8 115.7 w w
17911.3 17912.1 2530.7 2531.2 3641.5 3640.1 932.6 932.9 341.8 341.9 117.4 117.4
506 13138 112K 2989K 284K 6090K 581K 13178K 182K 4082K 171K 2690K K K K K K K K K K K K K K
47.1 47.1 35.1 35.1 426.0 425.8 43.6 43.6 84.8 84.8 88.6 88.6
W 23902/15525 23934/15514 2785/1901 2785/1900 3884/1345 3885/1368 988/652 988/652 348/201 348/201 139/86 139/86 W W
M 38062 38063 47524 47533 415125 414971 196987 197061 32070 32079 28358 28358 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
(812.5) (812.8) (3769.1) (3768.6) (7631.2) (7635.4) (1802.8) (1799.6) (1901.9) (1901.9) (377.9) (377.9) (293.3) (293.3) (141.6) (141.6) (1853.6) (1854.3) (631.1) (633.9) (110.2) (110.2) (769.1) (769.5) (790.5) (792.2) (60.1) (60.1) (298.3) (298.5) (304.9) (304.8) (16866.0) (16872.7) (322.8) (322.9)
O 810.0 809.3 3751.1 3773.9 7630.0 7640.0 1798.0 1800.0 1906.4 1914.6 380.0 380.0 O 291.2 293.0 141.4 141.6 1856.1 1862.5 634.6 640.0 110.2 110.4 761.2 771.0 O 792.5 792.2 60.2 60.2 296.3 297.5 305.0 305.0 16701.1 16900.0 325.9 323.5
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.
MUMBAI | THURSDAY, 22 SEPTEMBER 2022 13
<

This is only anAdvertisement for the information purpose and not for an offer document Announcement. Not for publication, distribution, or release, directly or indirectly in the United States of America
or otherwise outside India. All capitalized terms used and not defined herein shall have the meaning assigned to them in the letter of offer dated Wednesday, August 17, 2022 ('Letter of Offer') filed with
BSE Limited, the stock exchange where the Equity Shares of the Company are presently listed ('BSE'),and Securities Exchange Board of India ('SEBI').

KCL INFRA PROJECTS LIMITED Corporate Identification Number: L45201MH1995PLC167630

Our Company was originally incorporated on July 21, 1995, as 'Kadamb Constructions Private Limited' as a private limited company under the provisions of the Companies Act, 1956, with the Registrar of
Companies, Rajasthan, Jaipur. Thereafter, our Company was converted into a public limited company and the name of our Company was changed to 'Kadamb Constructions Limited', and a Certificate of
Incorporation consequent upon conversion to public limited company was issued by the Registrar of Companies, Rajasthan, Jaipur on September 26, 1995. Further, the name of our Company was
changed to 'KCL Infra Projects Limited' pursuant to shareholder's resolution passed on September 30, 2009, and the name of the Company was changed w.e.f. November 10, 2009. For further details refer
to the section titled 'General Information' beginning on Page 36 of this Letter of Offer.
Registered Office: B-3, 204, Saket Complex, Thane (West) - 400601, Maharashtra, India;
Corporate Office: 46-47, KCL Business Park, PU-4 Commercial, Behind C21 Mall, A.B. Road, Indore – 452010, Madhya Pradesh, India;
Contact Details: +91-9425052211/+91-9301300600; Contact Person: Mrs. Shivani Gupta, Company Secretary and Compliance Officer;
Email-ID: kclindia@yahoo.co.in, info@kclinfra.com, cs@kclinfra.com; Website: www.kclinfra.com;.

FOR PRIVATE CIRCULATION TO THE EQUITY SHAREHOLDERS OF OUR COMPANY

THE PROMOTERS OF THE COMPANY ARE MANISHA JHAWAR, MANAN JHAWAR, MOHAN JHAWAR, MOHAN DEOKISHAN JHAWAR HUF,
AND PRAMOD DEOKISAN JHAWAR HUF
RIGHTS ISSUE OF UP TO 23,69,79,000 (TWENTY-THREE CRORES SIXTY-NINE LAKHS SEVENTY-NINE THOUSAND) PARTLY PAID-UP EQUITY SHARES OF FACE VALUE OF RS.2.00/- (RUPEES TWO
ONLY) ('EQUITY SHARES') EACH AT A PRICE OF RS.2.00/- (RUPEES TWO ONLY) PER RIGHT SHARE BEING AT PAR WITH THE EXISTING FACE VALUE OF THE EQUITY SHARES ('ISSUE PRICE')
('RIGHT SHARES') FOR AN AMOUNT AGGREGATING UP TO RS.47,39,58,000.00/- (RUPEES FORTY-SEVEN CRORES THIRTY-NINE LAKHS FIFTY-EIGHT THOUSAND ONLY) ON A RIGHTS ISSUE
BASIS TO THE ELIGIBLE SHAREHOLDERS OF KCL INFRA PROJECTS LIMITED ('COMPANY' OR 'ISSUER') IN THE RATIO OF 9 (NINE) RIGHTS SHARES FOR EVERY 1 (ONE) EQUITY SHARE HELD BY
SUCH ELIGIBLE SHAREHOLDERS AS ON FRIDAY, AUGUST 05, 2022, BEING THE RECORD DATE ('ISSUE'). THE ISSUE PRICE IS AT PAR WITH THE EXISTING FACE VALUE OF THE EQUITY SHARES.
FOR FURTHER DETAILS, KINDLY REFER TO THE SECTION TITLED 'TERMS OF THE ISSUE' BEGINNING ON PAGE 117 OF THIS LETTER OF OFFER.
*Assuming full subscription and receipt of all Call Monies with respect to Right Shares.
PAYMENT METHOD FOR THE ISSUE
AMOUNT PAYABLE PER RIGHT SHARE FACE VALUE PREMIUM TOTAL
On Application Re.0.50/- Nil Re.0.50/-
One or more subsequent Call(s) as determined by our Board at its sole discretion, from time to time Re.1.50/- Nil Re.1.50/-
Total Re.2.00/- Nil Re.2.00/-

BASIS OF ALLOTMENT
The Board of Directorsof KCL infra projectsLimited, wishes to thank all its members and investors for their response to the Issue of Rights Shares, which opened for subscription on MONDAY, AUGUST 22,
2022,and closed on MONDAY, SEPTEMBER 05, 2022,with the last date for the market renunciation of the Rights Entitlement being MONDAY, AUGUST 29, 2022.
The details of Applications received, is scheduled as under:
ASBA Applications Rejections/ Refunds

Application Applicants not

(Duplicate Valid ASBA Applicant not Invalid PAN Total Particulars Net Valid
Particulars Total Applications Banked but (Shares in master as of
entries*/ Not applications holding REs Depository Mismatch of Rejection Applications
received not in bid Difference) record date/ not
banked) on closing Provided By with
data file (A) in RE as on (B) (C)
date Investor Bendem
closing date
Number of 1,145 – (12) – 1,133 434 – 96 16 546 587
Applications received
Number of Right 26,80,80,937 – (3,33,000) – 26,77,47,937 23,15,891 – 2,92,893 1,89,420 27,98,204 26,49,49,733
Shares applied for
Total Amount received Rs. – (Rs.1,66,500/-) – Rs.13,38,73,969/- Rs. 11,57,946/- – Rs.1,46,447/- Rs.94,710/- Rs.13,99,102/- Rs.13,24,74,867/-
for the said application 13,40,40,468.50/-
#The total number of valid applications aggregated to 112.98% (One Hundred- and Twelve-point Nine Eight Percent) of total number of Rights Share allotted under the Issue, whereas the total number of net
subscriptions is 112.98% (One Hundred- and Twelve-point Nine Eight Percent).
In accordance with the Letter of Offer and based onthe basis of allotment being finalized on Wednesday, 14th September 2022, in consultation with the Issuer Company, Lead Manager, the Registrar, and BSE, the
Designated Stock Exchange for the Issue, the Company has on Thursday, 15th September 2022, allotted 23,69,79,000 (Twenty-three Crore Sixty-nine Lakhs Seventy-nine Thousand) Partly paid-up Rights Shares to the
successful applicants. We hereby confirm that all the valid applications considered for Allotment.
Basis of Allotment
Number of Equity Shares Accepted and Allotted Number of Equity Shares Accepted and Allotted Total Rights Shares Accepted and Allotted
Applications received against Rights Entitlements (A) against Additional Rights applied (B) (A+B)
Category
Number % Number Amount % Number Amount % Number of Amount %
Rights Shares
Eligible Shareholders 546 48% 6,56,34,780 Rs. 3,28,17,390/- 99% 17,06,84,312 Rs.8,53,42,156/- 100.00% 23,63,19,092 Rs.11,81,59,546/- 99.72%
Renouncees 587 52% 6,59,908 Rs. 3,29,954/- 1% 0 - - 6,59,908 Rs. 3,29,954/- 0.28
Total 1,133 100.00% 6,62,94,688 Rs. 3,31,47,344/- 100.00% 17,06,84,312 Rs.8,53,42,156/- 100.00% 23,69,79,000 Rs.11,84,89,500/- 100.00%
Intimations for Allotment/refund/rejection cases: The dispatch of allotment advice cum refund intimation and question for the rejection, as applicable, to the investors vide email has been completed on
20th September, 2022. The instructions to SCSBs for the unblocking fund in case of ASBA Applications were given on15th, September, 2022. The Listing Application with BSE Limited was filed on
Thursday 15th September, 2022, and the Issuer Company was in receipt of the Listing Approval vide BSE Limited's notice bearing reference number 'DCS/Rights/JR/IP-RT/2576/2022-23' dated Friday,
16th September, 2022. The credit of Equity Shares in dematerialized form to respectively demat accounts of allotteeshad been completed with the Depositories on 20th September, 2022. Pursuant to the
listing and trading approvals granted by BSE Limited, the Rights Shares Allotted in the Issueareto commence trading on BSE Limited from September 23, 2022, In accordance with the SEBI circular
bearing reference number SEBI/HO/CFD/DIL2/CIR/P/2020/13' dated January 22, 2020, the request for the extinguishment of rights entitlement had been sent to the Depositories on 16th September,
2022.
INVRSTORS MAY PLEASE NOTE THAT THE EQUITY SHARES CAN BE TRADED ON BSE LIMITED ONLY IN DEMATERIALISED FORM.
DECLAIMER CLAUSE OF BSE (DESIGNATED STOCK EXCHANGE): It is to be distantly understood that the permission given by BSE should not, in anyway, be deemed or construed that the Letter of Offer
has been cleared or approved by BSE, nor does it certify the correctness or completeness of any contents of Letter of Offer. The investors are advised to refer to the Letter of Offer in the foil text of the
'Disclaimer Clause of BSE Limited' on the page 113 of the Letter of Offer.
LEAD MANAGER TO THE ISSUE REGISTRAR TO THE ISSUE ISSUER COMPANY

CapitalSquare Advisors Private Limited
205-209, 2nd Floor, AARPEE Center, MIDC Road No. 11, CTS 70,
Andheri (East), Mumbai – 400093, Maharashtra, India;
Contact Details: +91-22-66849999/ 145/ 138;
Website: www.capitalsquare.in;
Email ID/ Investor Grievance ID:
tanmoy.banerjee@capitalsquare.in/
pankita.patel@capitalsquare.com;
Contact Person: Mr. Tanmoy Banerjee/ Ms. Pankita Patel;
SEBI Registration Number: INM000012219
Validity: Permanent.
Adroit Corporate Services Private Limited Kcl infra projects Corporation Limited
18-20, Jaferbhoy Industrial Estate, Makwana Road, Marol Naka, B-3, 204, Saket Complex, Thane (West) - 400601,
Andheri (East), Mumbai - 400059, Maharashtra, India; Maharashtra, India;
Contact Details: 022-42270400; Contact Details: +91-9425052211/+91-9301300600
Fax Number: 022-28594442; Website: www.kclinfra.com
E-mail ID/ Investor grievance e-mail: E-mail: info@kclinfra.com, cs@kclinfra.com;
info@adroitcorporate.com; Contact Person: Mrs. Shivani Gupta, Company Secretary and
Website: www.adroitcorporate.com; Compliance Officer;
Contact Person: Ms. Diviya Nadar Corporate Identification Number: L45201MH1995PLC167630
SEBI Registration Number: INR000002227;
Investor may contact the Registrar to Issue/ Compliance Officer
Validity: Permanent
in case of any Pre-Issue/Post-Issue related problems such as
non-receipt of Allotment advice/demat credit etc.

Investors may contact the Registrar or the Company Secretary and Compliance Officer for any pre-Issue or post-Issue related matter. All grievances relating the ASBA process may be addressed the Registrar, with
the copy of SCSBs giving folio details such as name, address of the Applicant contact numbers), email address of the sole/first holder, folio number or demat account number, number of Rights Shares applied for,
amount blocked, ASBA Account number and Designated Branch of the SCSBs where Application Form or the plain paper applications as the case may be, was submitted by the investors along with a photocopy of
the acknowledgement slip (in case of ASBA process).
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES OR THE BUSINESS PROSPECTS OF THE COMPANY.
For, Kcl infra projects Corporation Limited
On behalf of the Board of Directors
Sd/-
Mohan Jhawar
Date: 21 September, 2022 Managing Director
Place: Mumbai DIN : 00495473
The Letter of Offer is available on the website of the SEBI at www.sebi.gov.in, BSE at www.bseindia.com, Registrar at www.purvashare.com, and Lead Manager www.capitalsquare.in. Investor should note that
investment in Equity Shares involves a high degree of risk and for details of risk and for details relating to the same, please see the section entitled 'Risk Factor' beginning on page 20 of the Letter of Offer.
The Rights Entitlements and the Rights Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the 'US Securities Act') or under any securities laws of any
state or other jurisdiction of the United States and may not be offered, sold, resold, allotted, taken up, exercised, renounced, pledged, transferred or delivered, directly or indirectly within United States or to, or for
the account or benefit of U.S. person (as defined in regulation except for this purposes, U.S. Persons include person who would otherwise have been excluded from such term solely by virtue of rule
902(K)(1)(VIII)(B) or Rule 902(K)(2)(I), except pursuant to the exemption from, or in transaction not subject to, the registration requirement of U.S. Securities Act and in compliance with any applicable securities
laws of any state or other jurisdiction of the United States. Accordingly, the Rights Entitlement and Rights Shares were offered and sold (i) in offshore transaction outside in the United States to the non U.S. person in
compliance with the Regulation S to the Existing Shareholder located in the Jurisdiction where such offer and the state of Rights Shares is permitted under law of such jurisdiction, and (ii) in the United States to U.S.
QIBs and are also Qualified Purchasers pursuant to applicable exemptions under the U.S Securities Act and Investment Company Act. There will be no public offering in the United States. The Rights Shares and
Rights Entitlements are not transferable except in accordance with the restrictions.
14
>
MUMBAI | THURSDAY, 22 SEPTEMBER 2022 1

NOTICE
TATA POWER COMPANY LTD
Regd Office :- Bombay House, 24, Homi Mody Street, Mumbai, Maharashtra, 400001.
NOTICE is hereby given that the certificate for under mentioned securities of the
Company have been lost / misplaced and the holders of the said securities /
applicants have applied to the company to issue duplicate certificates.
Any person who have a claim in respect of the said securities should lodge such
claim with the Company at its Registered Office within 15 days from the this date,
else the Company will proceed to issue duplicate certificates without further
intimation.
Name of the Kind of Securities No. of Shares Distinctive
Holder and Face Value Numbers
Jyoti Jayesh Shah Equity Shares of 2500 32426981 to
Neeta Dharmesh Shah Face Value of Rs. 1.00 32429480
Jyoti Jayesh Shah
Place : Mumbai Neeta Dharmesh Shah
Date : 21/09/2022 Holder Names

PUBLIC NOTICE
This is to inform to the general public that Bank of Baroda Lokhandawala
Branch intends to accept the under mentioned property standing in the
name of Mr. Vishal Ram Bhardwaj & Mrs. Rekha Vishal Bhardwaj as a
security for a loan/credit facility requested.
In case anyone has got any right/title/interest/claims over the under
mentioned property, they are advised to approach the Bank within 10 days
along with necessary proof to substantiate their claim.
If no response is received within 10 days, it is presumed that the
property is free of any charge/claim/encumbrance and Bank shall proceed
with the mortgage.
SCHEDULE
Flat No. A-1, being on 21st floor, Wing “A”, admeasuring about 191 sq. mtrs.,
built-up area, in building known as “Bay View CHSL”, along with the right to use
only for parking car parking spaces bearing No. 46 (admeasuring about 11.15
sq. Mtrs. In the Basement and car parking spaces bearing nos. 31(A&B)
(being a double parking space) (also mentioned as 59 (A&B) on the sanctioned
plans) admeasuring about 11.15 sq. Mtrs. In the Lower Stilt Floor, situated at
Juhu Versova Link Road, Andheri (W), Mumbai 400053, on land bearing CTS
No. 1319B/2, of Village-Versova, Taluka-Andheri, District-Mumbai Suburban.
Branch Detail / Contact No.:
Lokhandwala Complex Branch, G-001, Advocate Renuka M Nair,
Vaastu Precinct, Lokhandwala Road, Shop No.05, Bldg.No.16, Sonam
Andheri West, Mumbai 400053 Classic, Phase XI, New Golden
Tel: 022-26354015 Nest, Bhayander (E), Thane-401105.

NOTICE OF POSTAL BALLOT

Members are hereby informed that pursuant to the provisions of Section 110 of the Companies
Act, 2013 (hereinafter referred to as ‘the Act’), read with Rule 22 of the Companies (Management
and Administration) Rules, 2014 (hereinafter referred to as ‘the Rules’) and other applicable
provisions of the Act, rules, circulars and notifications thereunder, as amended from time to
time (including any statutory modifications or re-enactment thereof for the time being in force),
General Circular Nos. 14/2020 and 17/2020 dated April 8, 2020 and April 13, 2020, respectively,
read with other relevant circulars, including General Circular No. 3/2022 dated May 5, 2022,
issued by the Ministry of Corporate Affairs (‘MCA Circulars’), Dr. Reddy’s Laboratories Limited
(‘the Company’) seeks their approval through postal ballot process, by voting through electronic
means (‘remote e-voting’) for the Special Resolution to approve the appointment of Mr. Arun
Madhavan Kumar (DIN:09665138) as an Independent Director of the Company, in terms of
Section 149 of the Companies Act, 2013.

In accordance with the MCA Circulars, the Postal Ballot Notice (‘Notice’), indicating, inter alia,
the process and manner of remote e-voting, has been sent on Tuesday, September 20, 2022
through electronic mode to the members whose names appear on the Register of Members/
List of Beneficial Owners as on September 16, 2022 (‘Cut-Off Date’) received from the Depositories
and whose e-mail address is registered with the Company/ Depositories. A person who is not a
member as on the Cut-Off Date shall treat this notice for information purpose only. RailMadad Helpline 139 482

The Company has engaged the services of National Securities Depository Limited (‘NSDL’), the
agency to provide e-voting facility. The e-voting period commences on Wednesday, September
21, 2022, (9:00 AM IST) and ends on Thursday, October 20, 2022 (5:00 PM IST).The e-voting
module shall be disabled by NSDL for voting thereafter. The detailed instructions for e-voting
are provided as part of the Notice which the members are requested to read carefully before
casting their vote.

In case of any queries, members may refer the Frequently Asked Questions (FAQs) for shareholders
and e-voting user manual for shareholders available at the ‘downloads’ section of
www.evoting.nsdl.com or call NSDL Help Desk on toll free no.: 1800 1020 990 and 1800 22 44
30 or send a request at evoting@nsdl.co.in.

The Notice along with the Explanatory Statement thereto can be downloaded from the
Company’s website at www.drreddys.com.The same is also available on the website of Stock
Exchanges at www.bseindia.com and www.nseindia.com as well as on the website of NSDL at
www.evoting.nsdl.com.

The Board of Directors of the Company has appointed Mr. G Raghu Babu, Partner, M/s. R & A
Associates, Company Secretaries, Hyderabad (Membership No. F4448 & Certificate of Practice
No. 2820), as the Scrutinizer for conducting the postal ballot through the e-voting process in a
fair and transparent manner.

The voting results of the postal ballot shall be declared by the Company on October 21, 2022.
The results would be displayed at the registered office of the Company, intimated to the NSDL
and Stock Exchanges where the Company’s securities are listed, and displayed on the Company’s
website www.drreddys.com along with the Scrutinizer’s report.

Members who have not yet registered / updated their email address and hence have not yet
received the aforesaid Notice are requested to register / update their e-mail address on
h t t p s : / / w w w. d r r e d d y s . c o m / i n v e s t o r s / g o v e r n a n c e / c o m m i t t e e s - o f - t h e - b o a r d / # i n v e s t o r -
services#shareholder-information or with their depository participant or send their consent at
shares@drreddys.com along with their folio no./ DP id and client id and valid e-mail address.

For Dr. Reddy’s Laboratories Ltd.

Date : September 21, 2022 K Randhir Singh
Place : Hyderabad Company Secretary and Compliance Officer

Dr. REDDY’S LABORATORIES LIMITED

Regd. Office: 8-2-337, Road No.3, Banjara Hills, Hyderabad - 500 034
CIN: L85195TG1984PLC004507, Tel: 91 40 4900 2900, Fax: 91 40 4900 2999
email: shares@drreddys.com, website: www.drreddys.com
.
MUMBAI | THURSDAY, 22 SEPTEMBER 2022 15 <

S.O, Ganpati Tower, PLOT NO.57, CTS NO.792,

GROUND, Western Express Hwy, KANDIVALI(E,
Thakur Village, Kandivali East, Mumbai,
Maharashtra 400101
ULHASNAGAR (E) BRANCH: Shop No. 11 & 12, Shree Krishna Sradha Towers, Ulhasnagar - 421 004, Email: neweraschool@indianbank.co.in
ANNEXURE - 2
DEMAND NOTICE [SECTION 13(2)] POSSESSION NOTICE [ for Immovable Property under Rule 8(1) ]
TO BORROWER/ GUARANTOR/MORTGAGOR Notice is hereby given under the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 and in
Ref: MS/2663/13(2)/2022-2023 Date: 07/09/2022 exercise of powers conferred under Section 13(12) read with Rule-9 of the Security Interest (Enforcement) Rules, 2002, The Bank issued
To Demand Notices on the date mentioned against account and stated hereinafter calling upon them to repay the amount within sixty days from
1) Shri. Ameer Khan the date of receipt of said notices. The borrower having failed to repay the amount, notice is hereby given to the Borrowers and the public in
2) Smt. Hamida Shadab Khan general that the undersigned has taken the Possession of the property described herein below in exercise of powers conferred on him/ her
NEAR VIVEKANDAN ENGLISH HIGH SCHOOL, M 3873 MUNSHIRAZA HOUSE, PAYLI PADA TROMBAY, under section 13(4) of the said Act read with Rule 9 of the said Rules on the dates mentioned against each account.
MUMBAI MAHARASHTRAINDIA400088 The Borrower in particular and the public in general are hereby cautioned not to deal with the property. Any dealing with the property will be
Dear Sir, subject to the charge of Indian Bank for the amounts and interest thereon. We draw attention to the provisions of section 13(8) of the SARFAESI
act and the rules framed their under which deals with your rights of redemption over the securities Detail of Property where Possession had
Sub: Notice issued under Section 13(2) of the Securitisation & Reconstruction of Financial Assets &
been taken is as follows:
Enforcement of Security Interest Act, 2002.
The undersigned being the Authorized Officer of Canara Bank, Kandivali (East) branch (hereinafter referred to as Name & Address of Borrowers & Guarantor Details of Secured Asset Amt o/s (As mentioned in the Notice u/s 13(2)
“the secured creditor”), appointed under the Securitisation and Reconstruction of Financial Assets and 1. M/s. T. Bros Enterprises Prop. Mr. Murgan S. Immovable Property: 1) IBHL - Rs. 19,43,389/- (Ninteen Lakh Fourty Three
Enforcement of Security Interest Act, 2002, (hereinafter referred as the "Act") do hereby issue this notice to you as Mudaliyar (Borrower) Opp. BK No. 164, Near pinto Equitable Mortgage of Flat 604, Thousand Three Hundred Eighty Nine Only)
under: Park, Hotel OT Section, Ulhasnagar - 421003 6th Floor Q wing Bld No. 1 Type X, 2) OCC - Rs 24,49,286/- (Twenty Four Lakh Fourty
That Shri. Ameer Khan and Smt. Hamida Shadab Khan (hereinafter referred to as "the Borrower") has availed 2. Mr. Murgan S. Mudaliyar Phase I, Oxford, Mohan Subrbia Nine Thousand Two Hundred Eighty Six Only)
credit facility / facilities stated in the Schedule A hereunder and has entered into the security agreement/s in favour (Proprietor) Flat 604, 6th Floor, Q wing, Bld No. S. No. 178, S. No. 39, H No. 2, S. 3) Covid TL - RS 4,42,147/- (Rupees Four Lakh Fourty
of the secured creditor. While availing the said financial assistance, you have expressly undertaken to repay the 1, Type X, Phase I, Oxford, Mohan Subrbia VIll, No. 36, H. No. 15, S. No. 37 Vill Two Thousand One Hundred Fourty Seven Only)
loan amount/s in accordance with the terms and conditions of the above mentioned agreements. Kohojkuntavali, Ambernath - 421505 Kohojkuntavali, Taluka Ambernath, 4) FITL - Rs 2,39,532/- (Two Lakh Thirty Nine Thousand Five
That Sri/Smt/M/s (hereinafter referred to as “the Guarantor”) has guaranteed the payment on demand 3. Mrs. Nanda Murgan Mudaliyar (Guarantor) Dist.- Thane 421505, Bounded Hundred Thirty Two Only)
of all moneys and discharge all obligations and liabilities owing or incurred to the secured creditor by the Borrower Flat 604, 6th Floor, Q wing, Bldg No. 1, Type X, by: East: By Mohan Suburbia II, 5) GECLS- Rs 2,40,420/- (Rupees Two Lakh Fourty
for credit facilities up to the limit of Rs. 2766557.62 (Rupees Twenty Seven Lakhs Sixty Six Thousand Five Phase I, Oxford, Mohan Subrbia VIll, West: By Open Plot, North: By Thousand Four Hundred and Twenty Only)
Hundred Fifty Seven and Paise Sixty two only) with interest thereon. Kohojkuntavali, Ambernath - 421505 Poddar School,South: By P. Bldg. as on 03.07.2022
You (The person mentioned in Schedule B) are also entered in to agreements against the secured assets which Date of Demand Notice 07.07.2022 Date of Possession 16.09.2022 (of Immovable Property)
are detailed in Schedule B hereunder.
However, from November 2020 , the operation and conduct of the said financial assistance / credit facilities have Date : 16.09.2022 Sd/-
become irregular. The books of account maintained by the secured assets shows that the liability of the Borrower Place: Ulhasnagar (East) Authorised Officer, Indian Bank
towards the secured creditor as on date amounts to Rs. 2766557.62 (Rupees Twenty Seven Lakhs Sixty Six
Thousand Five Hundred Fifty Seven and Paise Sixty two only), the details of which together with future
interest rate are stated in Schedule C hereunder. It is further stated that the Borrower/Guarantor having failed to
keep up with the terms of the above said agreement in clearing the dues of the secured creditor within the time
given, and have been evasive in settling the dues. The operation and conduct of the above said financial
assistance / credit facility/ies having come to a standstill and as a consequence of the default committed in
repayment of principal debt/ installment and interest thereon, the secured creditor was constrained to classify the
debt as Non Performing Asset (NPA) as on 09 February 2021 in accordance with the directives/guidelines relating
to asset classification issued by the Reserve Bank of India.
The secured creditor through this notice brings to your attention that the Borrower has failed and neglected to
repay the said dues/ outstanding liabilities and hence hereby demand you under Section 13(2) of the Act, by
issuing this notice to discharge in full the liabilities of the Borrower as stated in Schedule C hereunder to the
secured creditor within 60 days from the date of receipt of this notice. Further, it is brought to your notice that you
are also liable to pay future interest at the rate of 8.35 % per annum together with all costs, charges, expenses and
incidental expenses with respect to the proceedings undertaken by the secured creditor in recovering its dues.
Please take note of the fact that if you fail to repay to the secured creditor the aforesaid sum of Rs. 2766557.62
(Rupees Twenty Seven Lakhs Sixty Six Thousand Five Hundred Fifty Seven and Paise Sixty two only),
together with further interest and incidental expenses and costs as stated above In terms of this notice under
Section 13(2) of the Act, the secured creditor will exercise all or any of the rights detailed under sub-section (4)(a)
and (b) of Section 13, the extract of which Is given here below to convey the seriousness of this issue:
13(4)- In case the Borrower/Guarantor fails to discharge liability in full within the period specified in sub- section
(2), the secured creditor may take recourse to one or more of the following measures to recover his secured debt,
namely;
(a) Take possession of the secured assets of the Borrower/Guarantor including the right to transfer by way of
lease, assignment or sale for realizing the secured asset;
(b) Take over the management of the business of the Borrower including the right to transfer by way of lease,
assignment or sale for realizing the secured asset:
Provided that the right to transfer by way of lease, assignment or sale shall be exercised only where the substantial
part of the business of the Borrower is held as security for the debt;
Provided further that where the management of whole of the business or part of the business is severable, the
secured creditor shall take over the management of such business of the borrower which is relatable to the
security for the debt; and under other applicable provisions of the said Act.
Your attention is invited to provisions of sub-section (8) of Section 13 of the Act, In respect of time available, to
redeem the secured assets.
You are also put on notice that in terms of section 13(13) the Borrower/Guarantor shall not transfer by way of
sale, lease or otherwise the sald secured assets detailed in Schedule B hereunder without obtaining
written consent of the secured creditor. It is further brought to your notice that any contravention of this
Statutory injunction/ restraint, as provided under the said Act, is an offence and if for any reason, the secured
assets are sold or leased out in the ordinary course of business, the sale proceeds or income realized shall be
deposited with the secured creditor, In this regard you shall have to render proper accounts of such realization /
income.
This notice of Demand is without prejudice to and shall not be construed as waiver of any other rights or remedies
which the secured creditor may have including further demands for the sum found due and payable by you.
This is without prejudice to any other rights available to the secured creditor under the Act and/or any other law in
force.
Please comply with the demand under this notice and avoid all unpleasantness. In case of Non compliance,
further needful action will be resorted to, holding you liable for all costs an consequence.
Thanking You.
Yours Faithfully,
Sd/-
AUTHORISED OFFICER
Note:
1. if there is more than one Borrower, all names to be mentioned
2. Strike off, if not applicable.If there is more than one Guarantor, all names to be mentioned.
3. Both Prime and Collateral Securities are to be mentioned. Under movable Assets, please mention all the
hypothecated properties such as Plant & Machinery, Stocks, Book Debts, Receivables, etc. Further full particulas
of the security to be provided in case of immovable properties, the details such as the extent, survey number,
extent, exact location, Boundaries etc to be furnished.
(* The above points are for internal consumption only and to be removed while issuing the Notice)
SCHEDULE A
[Details Of Credit Facility/ies availed by the Borrower]
Sl No. Loan No. Nature Of Loan/limit Date Of Sanction Amount (Rs.)
1 2663619002200 Housing Loan 10.09.2020 2400000/-
2 2663631000002 Canara Home Loan Secure 11.09.2020 34356/-
SCHEDULE B
[Details Of Security Assets]
Sl. Movable Name Of The Title Holder
No. Immovable
1 Flat No: 302, 3rd Floor, Vighnharta Sudama, Gut/Hissa No. 178/2B, 1) Ameer Khan
Plot No. 42,Situate Village Pen, District and Division Raigad. 2) Hamida Shadab Khan
SCHEDULE C
[Details Of Liability As On Date]
Sl Loan No. Nature Of Loan/limit Liabilty With Rate Of Interest
No. Interest As On Date
1 2663619002200 Housing Loan 2732201.62 8.35
2 2663631000002 Canara Home Loan Secure 38742.00 8.40
16
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MUMBAI | THURSDAY, 22 SEPTEMBER 2022 1
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, mortgagor and sureties to repay the
dues of the bank.
Sr. Details of loan account Date of Position of Amount Posession Description of Property
No. Demand demand O/S. as on taken On
Notice notice as on 21.09.2022
25.11.2020
01.12.2020
01.12.2020
16.02.2021
1 Loan a/c. No.LB/14173 02.12.2020 Rs Rs. 19.09.2022 Shop no.1, ground floor,
THANE RABODI BRANCH 8,61,940 5,11,061.00 Huma Apartments, Village
1.Mr.Mohammed Mustafa Lalmohammed Majidwade, Shivaji Nagar,
Khan- Borrower 2nd Rabodi Thane adm.290
2.Mr.Kabiruddin Kutbuddin Shaikh –Surety sq.ft. (B.U.) bearing survey Court Room No. 32
3.MrJasim Ahmed Siddiquii –Surety no.61, Hissa in the IN THE BOMBAY CITY CIVIL COURT AT BOMBAY
4.Mrs.Wahida Mohammed Mustafa Khan- registeration district and sub
COMMERCIAL SUIT NO. 1181 / 2021
Surety district of Thane.
(Order V, Rule 20 (1A) of C.P.C)
2 Loan a/c. No.LB/15070 14.12.2020 Rs. Rs. 19.09.2022 Flat No.4 and 5 adm.area Plaint Lodged on - 17.07.2021, Plaint admitted on - 20.08.2021
THANE RABODI BRANCH 6,81,198.65 6,24,612.15 650 sq.ft. (B.U.) 1st floor, Under Order V, Rule 2 of the Code of Civil Procedure, 1908 r /w Sec. 16 of the
1.Mr.Mohammed Mustafa Lalmohammed Zulekha Manzil, near Janta Commercial Courts Act, 2015.
RULE 51,
Khan - Borrower
2.Mr.Kabiruddin Kutbuddin Shaikh –Surety
Bakery, 2nd Rabodi Thane
(W), in the registeration
SUMMONS to answer plaint Under section 27, O. V. rr. 1, 5, 7 And 8 and O. VIII, r. 9,
3.Mr.Jainul Abidin D.Khwaja. –Surety district and sub registeration
of the Code of Civil Procedure.
CANARA BANK, a Banking Company, constituted and functioning under the
4.Mrs.Wahida Mohammed Mustafa Khan- district of Thane. provisions of the Banking Companies (Acquisition and Transfer of Undertakings Act, 1970,
Surety having their Central Office at Bangaluru, Pin 560 002, an Karnataka State and a Branch Office at
3 Loan account no.LB/15622 17.12.2020 Rs. Rs. 19.09.2022 Flat no.07, adm. 180 sq.ft. All saints Home Building 54 A Dockyard Road, Mazagaon Mumbai, - 400010.
THANE RABODI BRANCH 5,10,049.50 6,07,237.50 (BU.) Bismillah Apartments, The suit is filed by Pramod Kumar Singh Manager & Power of Attorney Holder..... PLAINTIFFS
VERSUS
1.Mr.Javed Bilal Shaikh - Borrower.
2.Mr.Altaf Iqbal Khan - Surety
1st floor, K.K.Road, 1st
1) Jaishree R. Gaud an adult Inhabitant Prop of M/s. J. S. Tours & Travels, Harhar
Rabodi Thane (W)- 400601
3.Mr.Faiyaz Abdul Razzak Dharani in the registeratiion district
Mahadev Wealfare Association, Subhash Nagar No. 2, Rebello Compound, Andheri (East),
Mumbai-400093.And,GaneshChawlCommittee,R.No.1,GaliNo.6,MIDCRoad,SubhashNagar,
–Surety
4.Mrs,Shakila Bilal Shaikh - Surety.
and sub district Thane. Chakala, Andheri (East), Mumbai - 400 093. And, 3 - K , Ahmed CHL, Mittal Estate,
5. Mrs Rahila Munir Shaikh– Surety
Bhagatpada - 3, Mittal Estate Compond, Andheri (E), Mumbai - 400 059. And, Village - Payakpur,
P.O. Dingrapur, Harraiya Basti, Uttar Pradesh - 272301. .... DEFENDANTS
6.Mrs.Asma Mohammad Siddique Shaikh -
Surety WHEREAS the above named Plaintiff/s have/has Plaint filed relating to a commercial
4 Loan account no.LB/19309 03.03.2021 Rs. Rs. 19.09.2022 Flat no.401/A, Sai Siddhant
dispute in this Court against you and you are hereby summoned to file a written statement within
30 days of the service of the present summons and in case you fail to file the written statement
KAUSA MUMBRA BRANCH 5,45,847.65 5,96,451.65 Building, near Narayan within the said period of 30 days, you shall be allowed to file the written statement on such other
1Asad Hussain Khan Sakharkar – day, as may be specified by the Court, for reasons to be recorded in writing and on payment
Mortgagor/Borrower
Nagar, Anand Koliwada
Mumbra, District Thane, of such costs as the Court deems fit, but which shall not be later than 120 days from the date
2.Mr.Shamsher Jalil Ansari – Surety Maharashtra. of service of summons. On expiry of one hundred and twenty days from the date of service of
summons, you shall forfeit the right to file the written statement and the Court shall not allow the
3.,Mrs.Arzoo Asad Sakharkar –Surety
4. Mrs.Anisa Asad Sakharkar written statement to be taken on record.
– Surety The Plaintiff therefore prays :-
a. That the Defendant be ordered and decreed to pay to the Plaintiffs a sum of Rs. 5, 73, 200.97/-
5. Mr.Sudhir Shankar Sakpal -Surety
(Rupees Five Lakh Seventy Three Thousand Two Hundred and Paise Ninety Seven Only ) as
The Borrowers, Mortgagor and Sureties having failed to repay the amount , notice is hereby given to the Borrowers, Mortgagor & on 16th July, @ 9.45 % p. a. with further interest from 17th July, 2021 @ 9.45 % p. a. (Rate of interest
Sureties and public in general that the undersigned has taken possession of the properties on 19th day of September 2022 as described is floating from time to time according to the Guidelines of the Banking) + 2% overdue interest
hereinabove in exercise of powers conferred on him under section 13 (4) of the said Act read with Rule 8 & 9. till the entire and up-to-date dues are paid by the Defendant to the Plaintiffs. till final payment or
realization as per The Particulars of Claim at EXHIBIT “P” hereto.
The Borrowers, Mortgagor and Sureties in particular and public in general is hereby cautioned not to deal with the properties and b. That the Hon’ble Court be pleased to declare that the said Hon’ble Court be pleased to declare
any dealings with the properties will be subject to the charge of the Kokan Mer.Co-op Bank Ltd.
that the said Hypothecated Vehicle are validly mortgaged / Hypothecated charged in favour of the
Plaintiffs for recovery of its dues in respect of the said aforesaid vehicle Loan facilities and that
STATUTORY 30 DAYS SALE NOTICE UNDER SARFAESI ACT 2002 read with rule 8 (6).
The Borrowers, Mortgagor and Sureties are hereby notified to pay the sum as mentioned in the demand notices along with interest up to the said Hypothecated / charge is valid, subsisting and enforceable against the Defendants.
c. That pending the hearing and final disposal of the suit, the Defendant, their agents
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
or servants be restrained by an Order and Injunction of this Hon’ble Court from selling,
be recovered with interest and cost. transferring,disposing off, parting with the possession or encumbering in any manner the
PLACE : THANE For Kokan Mercantile Co-op Bank Ltd said Hypothecated Vehicle more particularly described in Exhibit “O” hereto.
DATE : 22.09.2022 s/d d. That the interim and ad-interim reliefs in terms of Prayer (c) hereinabove be passed,
Authorised Officer pending the hearing and final disposal of the suit.
e. That the Hon’ble Court may please order and decree the sale of the said Hypothecated
Vehicle more particularly described in Exhibit “O” hereto charged in favour of the Plaintiffs
be ordered to be sold by and under the direction of this Hon’ble Court and the net sale
proceeds thereof be applied and / or appropriated in and towards payment of the amounts
due to the Plaintiffs as mentioned in prayer (a) above.
f. That in the event of the sale proceeds of the said Hypothecated Vehicle described in Exhibit
“O” hereto being found to be insufficient the defendant be jointly and / or severally ordered and
decreed to pay to the Plaintiffs the shortfall or the deficiency of the amount due to the Plaintiffs
as mentioned in prayer (a) above;
g. For such other reliefs as the nature and circumstances of the case may require.
h. That the Defendant be ordered and decreed to pay to the Plaintiffs the costs of this suit.
i. That the Plaintiffs be allowed to amend the Plaint as and when necessary.
You are hereby summoned to appear in this Court in person, or by an Advocate and able to
answer all material questions relating to suit, or who shall be accompanied by some
person able to answer all such questions to answer the above named Plaintiff and as the day
suit is fixed for the final disposal you must produce all your witnesses and you are hereby
required to take notice that in default or your appearances the suit will be heard and determined
in your absence; and you will bring with you any document in your possession
or Power containing evidence relating to the merits of the Plaintiffs case or upon which you
intend to reply in supportof your case and in particular for the Plaintiff/s the following documents:-
Given under my hand and the seal of this Hon’ble Court. Dates this 15th September, 2022.
M/S. SANJEEV KANCHAN & CO. Sd/-
ADVOCATES FOR THE PLAINTIFFS Seal For Registrar, City Civil Court, Bombay
st
4, “Millan Building, 1 Floor,189 / 93, Perin
Nariman Street, Fort, Bombay - 400001.Mob.: 9967352811
Email Id- sanjeev@sanjeevkanchan.com
Notice: Next date in this suit is 21.10.2022 please check the status and next / further date of this
Suit on the official website of the City Civil & Sessions Court, Gr. Bombay.
.
PLIs back to the drawing board
With the signature manufacturing scheme facing critical challenges, the government
is reworking parts of the programme in consultation with companies
SURAJEET DAS GUPTA
New Delhi, 21 September
I
t’s a massive gamble that
could bring in ~30-35 trill-
ion in incremental manu-
facturing revenues from 14
sectors in the next five years.
Yet the absence of chest thum-
ping was notable a few weeks
ago when NITI Aayog anno-
unced its first-ever disburse-
ment of ~53 crore to electronic
manufacturing services player
Dixon Technologies under the
production-linked incentive
(PLI) scheme.
That is because the govern-
ment is facing critical challen-
ges to the signature program-
me. Global players have raised
concerns on the slow and com-
plex disbursement process,
with some questioning if they
want to go ahead with invest-
ment commitments under the
scheme. Others are question-
ing the qualifying criteria. And
still others are struggling with
the “China factor”.
To be sure, the PLI path was
not expected to be easy. NITI
Aayog officials explained that
the slow pace of audit and dis-
bursement was on account of
this being the first year of the
scheme. The process will be
streamlined and speeded up,
they added. Experts added
that unlike earlier schemes
where companies would get
subsidies based on what they
exported, in PLI incentives are
linked to achieving annual tar-
gets — of incremental invest-
ment as well as production val-
ue. The government is also
keen to underline that with in-
centives totalling ~1.97 trillion,
they mean business. Though
many elements have not con-
formed to plans, the govern-
ment is prepared to tweak the
schemes to make them work.
For instance, two key sch-
emes — IT hardware (laptop,
PCs, pads) and telecom and
network products — have not
taken off. In the PLI for IT
products, except three or four,
MUMBAI | THURSDAY, 22 SEPTEMBER 2022
MANUFACTURING MIX PLI segments and incentives earmarked by govt
Mobile devices IT hardware Telecom and
products network
~40,995 cr; given products
one-year extension ~7,325 cr and design
due to Covid; 3-4 (being
players failed to get
reworked) ~12,195 cr;
scheme tweaked
incentives in FY22 to add design
most of the 14 eligible players facturers with existing prod-
— global and Indian — haven’t ucts before the scheme was
been able to meet their invest- announced are peeved by stiff
ment and production targets revenue and fixed asset quali-
to access the incentive. That fying criteria — ~10,000 crore
has forced the government to at group level and ~3,000 crore
rework the entire scheme. respectively. That has made
The earlier PLI for telecom leading EV players like Ather
and network products, for ex- Energy and Hero Electric inel-
ample, has been tweaked to igible. The government is,
include incentives for design however, engaging with these
primarily to encourage domes- companies to find solutions.
tic players. But as a senior exec- Supply chain issues could
utive of a domestic telecom also adversely impact many
firm said, “All they have done PLIs, especially because geop-
is offer one per cent more as olitical compulsions have pre-
incentive for design. Global vented Chinese component
telecom gear players can’t avail firms — that are major global
of this incentive because they suppliers — from setting up
design abroad. But it is too lit- shop in India. Most home-
tle for domestic players. They grown companies that were
should have given, say, 3-4 per expected to fly the Indian flag
cent on design alone.” by becoming “domestic cham-
A similar reworking may be pions” and export globally
underway in electric vehicles have failed even to meet their
(EVs), where e-scooter manu- modest investment targets.
Auto and
components
~25,938 cr; some
electric two-wheelers
ineligible for the
scheme due to stiff
requirements
The challenges can be best
gauged in some PLIs that are
in advanced stages of imple-
mentation and have complet-
ed one year. In the flagship
mobile devices PLI, for instan-
ce, global majors such as Apple
Inc’s vendors have done well
in FY22 and have, accordingly,
applied for their incentives.
But the story will be far
more challenging from this
year because they have com-
mitted to a manifold increase
in production. So in FY23 the
FOB or free on board value of
phones by Apple’s three con-
tract manufacturers will have
to rise threefold to $5 billion
over FY22 and nearly three
times that by FY26. That is
because it has promised exp-
orts of $42 billion (FOB value)
of phones from India across
the five years of the PLI.
This is clearly the test case.
Analysts say to make such a
massive jump and also incre-
ase value addition commitm-
ents (from 18-20 per cent now
to 35 per cent at the end of five
years) will require a large base
of domestic vendors. They
can’t continue importing and
hope to remain competitive.
But with Chinese vendors
pretty much out of the picture,
Apple vendors’ options are
limited to the time-consuming
process of developing domes-
tic suppliers. Apple Inc has
been working with the Tata
Group for mechanical part
supplies, but the project will
be a work in progress for the
next two to three years.
The other challenge comes
from the dismal performance
of domestic firms. Three to
four of them, including Lava
and Optiemus Infracom, are
not eligible for incentives for
FY22. Government sources
said Chinese companies with
their hazy economic models
have disrupted local brands,
which now account for a mere
2 per cent of the smartphone
market. With hardly any vol-
umes in the domestic market,
these companies are finding it
hard to get orders from global
players to make phones and
achieve production targets.
The government is clearly
aware of both problems. So it
is talking to Chinese firms to
encourage them to export in a
bigger way — current numbers
are negligible. The expectation
is that this could help domestic
players, and some of them
have begun negotiations for
becoming contract manufac-
turers of Chinese brands, espe-
cially for exports as they make
a lot of phones that are cheap-
er. (The government had ear-
lier even considered a scheme
for the sub-~10,000 phone
market for domestic players
but did not go ahead with it.)
But the results have not
been encouraging. An execu-
tive with a mobile device mak-
er that is eligible for PLI said,
“We’ve been talking to them,
they have done due diligence
of our factories but no orders
have come. They seem to pre-
fer the global EMS players.”
Minister of State for Elect-
ronics and IT Rajeev Chandra-
sekhar has been candid about
the challenge. In an interview
to Business Standard he point-
ed out that unlike the end pro-
duct or the OEMs, supply cha-
in investments are tougher —
compounded by the fact that
a lot of them are of Chinese
origin — to bring to India.
But, he added, the govern-
ment is aware of the challenge
to move supply chains to India
and the incentives and supp-
ort it has to offer. One option
the industry has been pushing
for is to go for a special PLI for
component manufacturing,
both for mobile devices and IT
products. Others such as the
Indian Cellular and Electro-
nics Association have asked
the Centre to look afresh at the
foreign direct investment poli-
cy and ease curbs on the move-
ment of suppliers to India.
Officials from the Ministry
of Electronics and Information
Technology (Meity) pointed
out that IT hardware is not a
high-growth market, and there
are only four or five brands
globally and much of it is man-
ufactured in China. Also, as
signatories to international
agreements, IT products are
exempted from paying duties,
so, overall, there is no incentive
to manufacture in India.
Meity officials said they are
hoping to address this issue.
“We are looking at what dis-
ability in manufacturing these
companies have in India and
what other access such as mar-
ket aggregation they require to
come here,” an official said.
All these issues need to be
urgently addressed given that
many other PLI schemes —
advanced chemistry cell batte-
ries, electric vehicles and auto
components — have started
out this financial year. The
encouraging sign so far is the
government’s willingness to
address policy weaknesses to
make PLI work.
TAKE TWO 17 <
Military reviewing
traditions that have
‘colonial legacy’
AJAI SHUKLA honorary commission — the
New Delhi, 21 September equivalent rank of officer. This
has proven to be a powerful
India’s military, which was a motivational tool for JCOs.
British-led force till the time of The AG-chaired discussion is
Independence, inherited the learnt to have suggested a review
traditions and professional of the practice of carrying the
practices of the British armed coffin of a soldier or leader killed
services — with marked similar- in the line of duty on a gun car-
ities such as navy captains “going riage. Queen Elizabeth’s coffin
down with the ship”; and was carried on the weekend on a
infantry attacks on strong enemy 123-year-old gun carriage. The
positions being led by a junior army now wants this “colonial
officer. practice” reviewed.
India’s army, however, is now The practice of affiliating
considering “doing away with Indian Army units with foreign
British colonial legacy”, for (mainly British) units, based on
which it “is essential to move hard battles fought together
away from the archaic and inef- before Independence, is also
fective practice”. under review. As are pre-
At the Army Headquarters on Independence “battle honours”
Wednesday,
Adjutant General Lt
that the British
awarded to Indian
General Bansi The practice of battalions and regi-
Ponnappa chaired affiliating Indian ments that subdued
a discussion on Army units with “Indian states and
whether to do away, foreign (mainly freedom”.
or retain, a range of British) units, Besides, India’s
“colonial” practices based on hard affiliation with the
and traditions. battles fought Commonwealth War
These are listed in together before Graves Commission
a document Independence, is (CWGC), which pays
according to a also under review for the upkeep of
source who has cemeteries where
reviewed it. soldiers from various
Under discussion were “cus- countries — including India —
toms and traditions”, army uni- were laid to rest after being killed
forms and accoutrements, and in battle, is also being scrutinised.
regulations in general. These include the Kohima
Also being reviewed for War Cemetery in Nagaland
change are the names of build- that houses the remains of
ings, roads and establishments soldiers killed in what a panel
named after foreigners. This of eminent historians has voted
bears echoes of the renaming of as the most consequential battle
roads in Delhi, such as of World War II. The CWGC
Aurangzeb Road. has always paid for keeping these
Business Standard did not cemeteries in perfect condition.
receive any comments from the The army will have to decide
Army and Ministry of Defence whether it can take up the finan-
till the time of going to print. cial burden.
Also under examination on Also being reassessed are
Wednesday were tried and tested “officers’ mess procedures/tradi-
leadership practices, such as the tions and customs”. In 2020, the
“grant of honorary commis- government invoked
sions”. This creates the space for “Atmanirbhar Bharat” (self-
junior commissioned officers reliant India) to halt the supply
(JCOs), who have been promoted of tax-free foreign liquor to offi-
on merit from the junior-most cers through the Canteen Stores
recruit’s rank, to be granted an Department.
18
>
MUMBAI | THURSDAY, 22 SEPTEMBER 2022 1