THE MARKETS ON FRIDAY
SATURDAY, 26 NOVEMBER 2022 l NEW DELHI ~12.00
Sensex 62,293.6
Nifty 18,512.8
Nifty Futures* 18,646.1
Dollar
Euro
Brent crude ($/bbl)
~81.7
~84.9
84.05##
Gold (10 gm)### ~52,449.0
*(December) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
WHEAT ACREAGE UP
10% AS RABI SOWING
NEARS HALFWAY
With almost 50 per cent of the normal
area covered, wheat acreage could see
a good jump this year, which is good
news for a strong rabi harvest if the
weather remains benign in the coming
months, according to traders . Till
Friday, wheat was sown in around
15.28 million hectares, which was
almost 10.48 per cent
more than
the area
covered
during the
same period last
year. 7>
ECONOMY & PUBLIC AFFAIRS P6
Raise rates by 25-35 bps:
Economists to RBI
Economists on Friday suggested that the
Reserve Bank of India raise interest rates by
25-35 basis points (bps) next month while
continuing to signal vigilance on inflation,
sources told Business Standard. The meeting
with RBI officials was held ahead of the next
monetary policy review, which is scheduled
to begin on December 5.
COMPANIES P3
Zuventus first to launch
aviptadil commercially
Mumbai-based Zuventus Healthcare has
become the first company globally to
commercially launch aviptadil, over 50-
year old drug molecule, for treating acute
respiratory distress syndrome (ARDS).The
drug was discovered by Dr Sami Said,
pulmonary medicine specialist, in 1970.
ON
SPECIALS
SATURDAY
WEEKEND RUMINATIONS
Just a power player?
India’s nationalist impulse draws on others’
hypocrisies. But the country must decide
what kind of nation it wants to be.
T N NINAN writes 9>
NATIONAL INTEREST
A Gujarat gamble
The cycle of politics is brutal, it doesn't have
the concept of a strategic timeout. It's likely
that Rahul Gandhi’s party believes
Karnataka offers them its best chance of
winning a Gujarat-sized state if Gujarat is
too challenging. SHEKHAR GUPTA writes
BRAZIL
2-0
WALES
0-2
QATAR
TODAY’S MATCHES TIME
1-3
Tunisia vs Australia 3:30 pm
Poland vs Saudi Arabia 6:30 pm
France vs Denmark 9:30 pm
RELATED REPORTS
Black Friday Fever: Brands witness record shopping spree
PRATIGYA YADAV & SHARLEEN D’SOUZA
New Delhi/Mumbai, 25 November
Global shopping culture burst onto the
Indian retail scene on Friday like never
before. Black Friday sale, which typically
signals the start of Christmas shopping in
the West, resonated across India as
multinationals as well as home-grown
brands wooed customers with deals that
only Diwali brought till now.
After making a debut of sorts in 2019
in India, Black Friday sales had gone
muted during the pandemic. This time it
was a chance for retailers to hit it big,
both online and offline, according to
analysts. Early estimates suggest Black
Friday sales to be around 50 per cent
higher than that in 2019.
Although actual numbers are not
available yet, DLF Retail has experienced
‘’record’’ sales this year. Calling it bigger
and better than ever before, Pushpa
Bector, executive director at DLF Retail,
said, ‘’at our properties, the season starts
with the Black Friday sale and ends
sometime around Valentine’s.”
Specifically referring to Black Friday, she
said, ‘’we anticipate this sale to bring in
record breaking numbers for us.’’ In
terms of categories, clothes top the list of
chg#
VOLUME X NUMBER 17 l 16 pages in 1 section
p 21.0
p 28.7
p 133.3
~81.6**
~85.0**
84.0 **
q
~53.0
P U B L I S HE D S I MU L T A N E OUSL 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
Adani board okays
~20,000-crore FPO
This offer by Adani Enterprises will be the largest in India
VIVEAT SUSAN PINTO
Mumbai, 25 November
A
dani Enterprises, the flag-
ship company of the Adani
group, on Friday said its
board of directors had approved a
follow-on public offer (FPO) of
~20,000 crore. This will be the
country’s largest FPO, bettering
the record of YES Bank, which
raised ~15,000 crore in July 2020.
In a disclosure to the stock
exchanges, Adani Enterprises said
shareholders’ approval would be
sought through postal ballot. The
face value of each share in the FPO
would be ~1.
This would be the group’s sec-
ond fundraise from the public in
2022. In January, Adani Wilmar
came out with an initial public
offering of ~3,600 crore.
Shares of Adani Enterprises,
which entered the benchmark
Nifty50 index on September 30,
ended Friday’s session with a 0.48
per cent decline on the BSE at
~3,903.35 apiece. However, the
stock has risen 127 per cent so far
this year, and over the past three
years it has jumped 1,714 per cent.
The prices of some other stocks in
the Adani group have increased by
over 2,000 per cent in this period,
making Chairman Gautam Adani
the richest person in Asia.
For the uninitiated, in an FPO,
listed companies issue shares to
the public to diversify their equity
shareholding. Some market partic-
ipants had earlier raised concerns
about the limited number of public
shareholders in some of the
group’s companies.
At the end of the September
60% GST share on states’ wish list
ADITI PHADNIS, SHINE JACOB &
ISHITA AYAN DUTT
New Delhi/ Chennai/ Kolkata,
25 November
State finance ministers in their
customary pre-Budget consulta-
tion with Union Finance Minister
9> Nirmala Sitharaman on Friday
demanded greater fiscal auton-
omy through an
SERBIA
RUN-UP increase in
states’ share in
TO THE goods and serv- Union Finance Minister Nirmala Sitharaman during her pre-Budget
ices tax (GST) to meeting with finance ministers of states and Union Territories
IRAN 60 per cent,
from 50 per cent that the amount could be put in a this year. He also demanded the
at present, and separate fund that would serve as extension of the GST compensa-
SENEGAL BUDGET
2023-24
an extension of both provident fund and social tion period for states by another
the GST com- security fund to meet pension five years.
pensation
period by another five years.
obligations in the future. Baghel
assured the Union government Balagopal, who also participated
Chhattisgarh Chief Minister that the money would be invested in the discussion, demanded an
Bhupesh Baghel, who also holds in securities owned by the Union increase in state share in the GST
the finance portfolio, asked and
Sitharaman to return the money Chhattisgarh became the first ratio to 60:40 ratio. The state also
P20 to the tune of ~17, 240 crore lodged state to notify the restoration of demanded the extension of the
in the New Pension Scheme, so the Old Pension Scheme earlier GST compensation period for five
preference, followed by beauty at a close
second and then consumer electronics.
Quest Mall in Kolkata pegged the
Black Friday sales at 40-50 per cent
higher. “While silent sales began at the
start of the week, brands started to
advertise only later, resulting in higher
sales,” said Mukesh Kumar, CEO at Quest
Mall.
E-commerce sites also offered steep
discounts.
Tata Cliq Luxury indicated a 60-70 per
cent growth over last year. “The Black
Friday sale is one of our flagship events,
which began on November 23 and will go
on until November 28,’’ said Gitanjali
Saxena, business head, Tata CLiQ Luxury.
WORLD P8
FOXCONN WOES MOUNT: 20K
LEAVE CHINA iPHONE FACTORY
HOW THE Adani Ent India’s five biggest FPOs
20,000
NUMBERS YES Bank 15,000
STACK UP ONGC 10,542
ICICI Bank 10,044
NMDC 9,930
NTPC 8,480
2017 2018 2019 2020 2021
2.0 0.4 1.5 2.4 6.3
Sources:Bloomberg, primedatabase.com,
company presentations
*Till November 25
ADANI ENTERPRISES’ FPO TO BE 4TH
BIGGEST FUNDRAISE BY INDIA INC
quarter, the promoter sharehold-
ing in Adani Enterprises stood at
72.63 per cent, implying that the
free or public float stood at 27.4 per
cent. Among public investors, for-
eign portfolio investors (FPIs) hold
15.59 per cent of the company’s
shares, insurance companies hold
4.03 per cent, and mutual funds
Kerala Finance Minister K N
state government. revenue, from the present 50:50
STRONG SALES
> Lacoste expects > Woodland expects
sales to be 50%
higher than
to see 15-20%
higher sales, as it
in 2019 did in 2021
> Nykaa’s ‘Pink Friday’ sale recorded 800K
orders, showing growth of 40% from 2021
> Tata Cliq Luxury expects an overall growth
of 60-70% over 2021
Brands such as Armani Exchange, BOSS,
Brooks Brothers, Calvin Klein, Lacoste,
and Tommy Hilfiger in the apparel
category are offering 10–50 per cent off
on the platform. In the footwear category,
brands including Aldo, Dune London,
Hoka and Steve Madden have announced
up to 40–50 per cent off.
Beauty and personal care e-commerce
platform Nykaa started Pink Friday sales
on November 21 and it will continue till
November 28. It witnessed as much as 12-
fold jump in revenue on the first day of
sales, the company said. Its luxury
brands saw an increase of 20 times
compared to regular days. It had 400
orders every minute, according to a
BACK PAGE 16
CAN’T USE BACHCHAN’S VOICE, PHOTO
WITHOUT PERMISSION: DELHI HC
Irdai simplifies rules to
set up insurance firms
SUBRATA PANDA
Mumbai, 25 November LOWERING ENTRY BARRIERS
The Insurance Regulatory and Development > Investments >Subsidiary
Authority of India (Irdai) on Friday approved through SPVs companies can
NA
(~ cr)
amendments to rules on registering insur- made optional promote
Jul ‘20
ance companies and investing in them. for PEs insurance firms
Private equity (PE) funds can now directly
Mar ‘04 put in money in insurance companies, and >Threshold for promoter increased to 25%
Jun ‘07 investment by them through special purpose for single investors
Mar ‘10 vehicles (SPVs) has been made optional, thus >Promoters can >Lock-in period to
Feb ‘10 providing flexibility.
now dilute stake be decided on the
This has been a long-standing demand of
PE players looking to invest in insurance.
up to 26% in listed basis of age of
Under the current guidelines, to invest in entities insurer
Adani group investments
and acquisitions insurance companies as “promoter”, a PE >Companies
Deal count fund can do so only through an SPV.
But if the PE fund is investing in an insur-
can now
raise funds
35 38
ance company as “investor”, it can do so
through
14 11 directly or through an SPV.
4 10 Further, the regulator has said a single
subordinated
2022* investor taking 25 per cent in an insurance debt without
14.3 company will be classified as “investor” and Irdai approval
Value ($ bn) any investment more than that will make it
a “promoter”.
Future plans Under the current guidelines, the thres-
(Investments in the next 5-10 Yrs) hold for being “promoter” as a single investor
Segment Amount ($ bn) is more than 10 per cent.
Green hydrogen 50-70 “The amendments are aimed at promot-
Green energy 23 ing ease of doing business and (simplifying)
Transport utilities 12 the process of setting up an insurance com-
pany in India,” the regulator said.
of tie-ups corporate agents and insurance-
marketing firms can have. Corporate agents
Airports 9-10
Power transmission 7
Among other reforms, Irdai has intro- can now tie up with nine insurers each in
duced provisions by which promoters will the general, life, and health insurance sec-
Data centres 6.5 be allowed to dilute their stake down to 26 tors. Currently, it is three.
Roads 5 per cent on condition that the insurer has a Insurance-marketing firms can tie up
Petrochemicals 4 satisfactory solvency record for the preced- with six insurers in each line of business of
ing five years and is a listed entity. life, general and health for distributing their
‘NDTV TAKEOVER A PAGE 2 The earlier norms required promoters to insurance products.
RESPONSIBILITY’ hold on to a 50 per cent stake if it was more The area of operation of Insurance-mar-
than that. keting firms has been expanded to cover the
1.27 per cent, data showed. The regulator has said the lock-in period entire state in which they are registered.
of investment for investors and promoters “These are path-breaking reforms that
Ambitious plan
The ports-to-power major has laid
will be stipulated on the basis of the age of
the insurer.
will improve ease of doing business, free up
distribution models, encourage customer-
out an ambitious $150-billion “Like any other promoter, PE funds will centric innovations and make the sector
investment plan across businesses be subject to lock-in period norms based on attractive for investment,” said Bhargav
ranging from green energy to data age of the insurer,” Debasish Panda, chair- Dasgupta, managing director (MD) and chief
centres, to airports and healthcare. man, Irdai, told Business Standard. executive officer (CEO), ICICI Lombard
Turn to Page 6 > The regulator has increased the number General Insurance. Turn to Page 6 >
STATE DEMANDS PAGE 2 PAGE 13
> Return money lodged in New
Pension Scheme
> Greater say in implementing
centrally-sponsored schemes
> Inclusion of state-promoted
renewable projects in green
bond scheme
> Increase in royalty for minerals
extracted and fixing different
royalties on different grades of
coal and iron ore
more years. “The Centre and
states have an equal share of the
GST even though expert commit-
tees recommended a higher share
‘Our investment ‘Carbon
for states at 60:40 ratio in view
of states’ foregoing part of their
reflects the reduction
fiscal domain,” Balagopal said.
Turn to Page 6 >
confidence we hinges on share
have in India’ of renewables’
GOVT TO REVIEW SPENDING Buoyed by the India growth Toyota Kirloskar Motor will
PATTERN OF MNREGS P6 story, ArcelorMittal Nippon put the Innova Hycross on the
Steel India (AM/NS India), a market in January. The
joint venture between model, expected to be priced
ArcelorMittal and Nippon at more than ~20 lakh, will
Steel, has embarked on an have hybrid options apart
expansion that includes
increasing capacity at its
existing location, Hazira in
from petrol variants.
This is the first hybrid
offering by the company in
Page 7
Gujarat, and setting up new
plants in Odisha.
the mainstream UV (utility
vehicle) segment after the
In a conversation Hyryder. VIKRAM S KIRLOSKAR,
with Ishita Ayan Dutt, vice-chairman, Toyota
‘Make Amazon pay’: DILIP OOMMEN, chief executive Kirloskar, tells Shally Seth
Indian unions join stir officer (CEO), AM/NS India,
and executive vice-president,
Mohile the firm is content
with pursuing hybrid
The words “underpaid”, “overworked”, ArcelorMittal, says that technology even as others
“insufficient breaks” reverberated around the ArcelorMittal and Nippon have chosen the pure battery
sites where Indian trade unions joined their Steel are bullish on India over electric route to reduce
counterparts from around the world to stage the medium to long term. carbon emission.
protests against “sweatshop” Amazon.
The agitation was part of the global action
day called by the Make Amazon Pay coalition
formed by over 80 trade unions, civil society
organisations, and environmentalists. The year
2022 is the third that the coalition has organised ‘HDFC Bank awaiting RBI reply
a global day of action on Black Friday.
on subsidiary stake forbearance’
Nykaa statement. Giving a sense of the
Black Friday sale landscape, the company HDFC Bank is still in talks with the RBI for the
said 57 per cent of its purchases were forbearance it has sought with respect to
made by shoppers from tier 2 and tier 3 HDFC Ltd’s investments in its associates and
cities collectively. subsidiaries. It is awaiting a final response
Among brands, Lacoste, for instance, from the regulator on this issue, HDFC
is looking at a 50 per cent increase in Chairman Deepak Parekh said at an
Black Friday sales compared to 2019. The NCLT-convened meeting of equity
brand is offering discounts upto 50 per shareholders of the firm.
cent both online as well as offline. “We have not heard from
Woodlands too witnessed a growth in them (the RBI),” he said. 6>
Black Friday sales. Turn to Page 6 >
 2 COMPANIES
.>
NEW DELHI | 26 NOVEMBER 2022
<

IN BRIEF
Former Nykaa exec Agarwal
appointed PayU India CFO
~20K-cr Adani FPO to be fourth Zomato,
Paytm give
ESOPs to
Former Nykaa Chief Financial Officer (CFO) Arvind Agarwal has
joined Prosus-owned PayU India as CFO. "India is the largest
market for PayU and we are witnessing unprecedented growth in
this region. We are excited to welcome Arvind to our leadership
team at this opportune time with the company heralding a new
biggest fundraise by India Inc top execs
Even as new-age tech start-
growth journey," said PayU in a statement. Agarwal's move comes RIL’s rights issue in 2020 for ~53,124 cr remains the single-biggest equity issuance by an Indian firm ups grapple to become
two years after he joined Nykaa in July 2020. AGENCIES KRISHNA KANT ILLUSTRATION: BINAY SINHA profitable, companies have
Mumbai, 25 November BIG EQUITY FUNDRAISING BY INDIAN not stopped rewarding top
NON-FINANCIAL CORPORATES executives with employee
Domestic PV sales likely to rise
A
dani Enterprises’ proposed stock options (ESOPs)
~20,000-crore fundraising Issuer name (Offer type) Date of announcement Offer size (~ crore) worth crores.
over 30% in November: Report via fresh issue of equity
shares through a public
Reliance Industries (Rights Issue) Apr 30, ‘20 53,124 According to regulatory
filings by Paytm and
Bharti Airtel (Rights Issue) Feb 28, ‘19 25,000
Domestic passenger vehicle sales are expected to rise over 30 per offer would be the fourth biggest by Zomato, key managerial
cent year-on-year in November, driven by large order book and Indian companies, excluding banks Vodafone Idea (Rights Issue) Jan 23, ‘19 25,000 personnel have been
higher vehicle production while the commercial vehicle segment and non-banking financial com- Bharti Airtel (QIP) Jan 14, ‘20 14,400 rewarded ESOPs worth
sales volume could grow in double digits during the month, a panies. Zomato (initial public offering) Jul 14,’21 10,110.7 crores during the first half
report said on Friday. Tractors volumes, however, are likely to Reliance Industries’ (RIL’s) rights of FY23.
Bharti Airtel (QIP) Nov 7, ‘17 9,594
remain muted on inventory destocking with dealers, brokerage issue in April 2020 when the com- Paytm, under its
firm Emkay Global Financial Services said in a report. PTI pany raised ~53,124 crore remains the One97 Communications (PayTM)* Nov 8, ‘21 9,053.1 related-party transactions
single-biggest equity issuance by the Bharti Airtel (QIP) May 25, ‘20 8,417 disclosure, stated that
corporate sector in India. It is fol- Tata Steel (Rights Issue) Dec 19, ‘17 7,925 ESOP expenses due to key
Hero MotoCorp to raise prices of lowed by Bharti Airtel's right issue in
February 2019, when the company
Tata Motors (Rights Issue) Jan 27, ‘15 6,779 managerial personnel were
~568.9 crore for April-
two-wheelers from next month raised fresh equity capital worth
~25,000 crore. Its industry peer
* Initial public offering; Source: Bloomberg, Capitaline; Compiled by BS Research Bureau
September. This includes
salary, bonus and incen-
Hero MotoCorp , the world's largest two-wheeler maker by sales, Vodafone Idea also raised ~25,000 (Paytm) in November last year when rights issues and QIPs in the past five large open offers where existing pro- tives.
said on Friday it would increase the prices of its motorcycles and crore in January 2019 through a it raised ~9,053 crore via fresh equity years, followed by RIL. moters raised stakes in their com- In the case of Zomato,
scooters from December 1 by up to ~1,500 Indian ($18.37) due to rights issue. sale. Paytm raised a total of ~18,300 The analysis is based on primary panies, such as Unilever’s open offer expenses for the period
costs related to inflation. "The exact quantum of increase will vary RIL also raised nearly ~1.5 trillion crore via its IPO but more than the and second equity issuances by all for its Indian subsidiary Hindustan were ~380 crore.
by specific models and markets," the company said. REUTERS in FY21 by selling a minority stake in half of the issue was a share sale by the listed companies in the past 10 Unilever worth ~25,400 crore in Zomato’s net loss nar-
its tech and e-commerce arm Jio its existing shareholders and inves- years but only includes those offers March 2018. rowed to ~251 crore for the
Platform to global tech firms, such as tors. where the company raised fresh The proposed equity issuance by quarter ended September
HC rejects Amazon plea alleging Meta and Google, and other interna-
tional investors.
Other conglomerates with big
equity issuances in the past 10 years
equity capital by issuing new equity
shares to investors. Business
Adani Enterprises is worth less than
5 per cent of its current market cap-
2022, compared to ~420
crore during the same
dilution of broadcast rights Other corporations that went for
large equity fundraising through
include Tata Steel — which raised
~7,925 crore through a rights issue in
Standard data excludes public issues
where existing shareholders or pro-
italisation of ~4.45 trillion and will
dilute its equity base and earnings
period a year ago.
BS REPORTER
The Delhi High Court on Friday rejected a petition by Amazon Seller fresh issues of shares include food 2017 — and Tata Motors, which had moters exited the company or raised per share by 5-6 per cent at best. This,
Services against the alleged dilution of its exclusive media rights to delivery major Zomato. It raised a lit- a rights issue worth around ~6,800 capital by selling part of their stake according to analysts, would not have
broadcast the ongoing cricket series between India and New tle over ~10,000 crore via an initial crore in 2015. in an IPOs or follow-on offer (FPO). any major negative impact on its
Zealand. “Dismissed,” said Justice Yashwant Varma who was
hearing Amazon's challenge to a TDSAT order which, the petitioner
public offering (IPO) in July 2021,
according to Capitaline Corporate
Bharti Airtel tops the charts in
terms of overall equity fundraising.
This excludes IPOs and FPOs by pub-
lic sector companies as part of the
share price.
Large equity issuances and the
Castrol to buy
claimed, allowed all private cable and DTH operators to re-
transmit the sports content shared by it with Prasar Bharati. PTI
database. The list also includes the
IPO by One97 Communications
The telecom major cumulatively
raised around ~57,400 crore through
central government divestment pro-
gramme. The analysis also excludes
resulting dilution generally result in
a decline in share price. 7% stake in
Ki Mobility
Hiring in IT, BPM down
43% in October: Report
Uncertainty about the
‘NDTV takeover a responsibility’ for ~487 crore
SHINE JACOB
Chennai, 25 November
global economy and the IN A SPOT Adani wants to build a global news brand; plans to invest $4 bn in a petrochemical complex
BS REPORTER while NDTV is known for airing voices ing more than $4 billion in a petro- much resistance will come”. Lubricant major Castrol
Ukraine war dragged
down hiring in the
information technology
43%
Dip on hiring in
68%
Decline in
New Delhi, 25 November critical of it.
“Independence means if govern-
chemical complex at his Mundra port
and special economic zone in Gujarat.
“But you have to understand that
once you have already spent $2-3 bil-
India will acquire 7.09 per
cent stake in automobile
(IT) and business process October versus hiring for Billionaire Gautam Adani, chairman of ment has done something wrong, you “Huge demand is opening up, and lion, you have got all approvals as per aftermarket player Ki
management (BPM) average in Jan senior the Adani group, which is in the midst say it’s wrong. But at the same time, India doesn’t have sufficient hydrocar- norms, you have government support Mobility Solutions for
sectors by 43 per cent in to Sept 2022 management of taking over news broadcaster New you should have courage when the gov- bons,” he added. on both sides, you have support from ~487.5 crore. Ki Mobility is
October compared to the Delhi Television Ltd (NDTV), wants to ernment is doing the right thing every The tycoon denied that moving into local people — do you think any enter- a part of TVS Mobility
average in January to
September 2022, 4% Dip in hiring during
Oct versus Sept
build a global news brand as India “does
not have one single [outlet]” compared
to big international media houses.
day. You have to also say that,” he was
quoted as saying by FT.
Adani, the third-richest man in the
petrochemicals might lead to serious
competition with Reliance Industries’
Mukesh Ambani. “There is no compe-
prise should walk because someone has
objections?” he asked.
Group.
With this strategic
investment, Castrol aims to
according to data shared
“Why can’t you support one media world with a net worth of $136 billion, tition. India is a huge growth market expand its presence in serv-
by CIEL HR.
Data by the mid-
management
10%
Decline in hiring
15%
Expected rise in
house to become independent and
have a global footprint?” Adani said in
said the scale and size of his conglom-
erate would mean a “negligible” cost
and everybody is welcome,” he said.
Adani said the group was “eyeing up
ice and maintenance of
internal combustion engine
of senior hiring during an interview with the Financial Times. for creating an international media entering the power sector in Israel” and (ICE) and electric vehicles
recruitment firm showed
management in Jan- Mar He said the NDTV purchase was a group. might bid for a gas-based power project. (EV), apart from leveraging
hiring is expected to pick
Oct versus Sept versus Oct-Dec “responsibility” rather than a “business Adani’s new media unit AMG Media Describing the east coast of Africa as “a ‘myTVS’ digital and opera-
up in the January-March opportunity” for him, and invited Networks Ltd also bought a stake this huge opportunity”, he said he would tional capabilities.
quarter of 2023. According NDTV owner-founder Prannoy Roy to year in business news platform BQ consider investing in the African The alliance will also
to the company, global SALARY RISE EXPECTATION remain its head. Prime, formerly called “mining and metal business”, while his enable Castrol and KMS to
economic downturn,
inflation, slump in start-
up investments, layoffs in
0-4 % Rise
expected by 8.3%
Earlier, NDTV had said the move by
the Adani group “was executed without
BloombergQuint.
Adani stated that his ports-to-power
company was assessing the feasibility
of hydrogen production in Morocco
collaborate in select mar-
kets beyond India.
any input from, conversation with, or conglomerate was also planning to and Oman, FT reported. Ki Mobility is the digital
start-ups and big techs, consent of the NDTV founders”. launch a “super app” to connect Adani On the group’s controversial subsidiary of TVS
and fears of recession are The takeover bid has triggered airport passengers with other Adani Carmichael coal mine in Australia, he Automobile Solutions (TVS
the reasons for the dip in
hiring. On the other
4-8 %
Hike expected
debate in the country over media inde-
pendence, with Adani seen to be
group services in the next three-six
months, according to the FT report.
said he would not have gone through
with its development “if we realised
ASPL), the country’s largest
player in the automotive
hand, almost 57 per cent
of around 1,800
by 11.4 %
12 % Salary
hike expected by
aligned with the Modi government He said he was considering invest- there’s so much objection, that so aftermarket segment.
This will be the
employees expect an
over 12 per cent salary 8-12 % Rise 57.2 % of
expected by 23.1 % employees in 2023
THE TYCOON DENIED THAT MOVING INTO PETROCHEMICALS MIGHT LEAD TO SERIOUS COMPETITION
WITH RELIANCE INDUSTRIES’ MUKESH AMBANI
largest all-cash deal by CIL
so far, Ki Mobility said on
hike in 2023.SHINE JACOB Friday.

‘Our investment reflects confidence in India’ PhonePe may buy

Buoyed by the India growth story, ArcelorMittal Nippon Steel India (AM/NS India), a joint venture
between ArcelorMittal and Nippon Steel, has embarked on an expansion that includes increasing
capacity at its existing location, Hazira in Gujarat, and setting up new plants in Odisha. In a
Code). If it suits our strategy and growth
plan, we will certainly participate.
Logistics is a key enabler for a steel plant
to function successfully. So it’s best if you
can control it. Also, it can improve
ZestMoney for
up to $300 million
conversation, DILIP OOMMEN, chief executive officer (CEO), AM/NS India, and executive vice- Another name that has come up is efficiency and profitability.
president, ArcelorMittal, tells Ishita Ayan Dutt that ArcelorMittal and Nippon Steel are bullish on Electrosteel. Are you evaluating it?
India over a medium to long term. Edited excerpts: Any option that comes our way, we Does it mean the litigations on various
evaluate obviously. fronts between the two parties are now
AM/NS India is looking to invest about apart from this. going to be withdrawn? PEERZADA ABRAR a price less than the $470 million val-
$7.4 billion by early 2026 in upstream The IBC gave ArcelorMittal Yes. With this $2.4-billion deal, there Bengaluru, 25 November uation it achieved in the last funding
and downstream facilities. What is Greenfield projects have been tough to and Nippon Steel an are no more issues. And, the two round. This is due to the macro-eco-
giving it confidence to go ahead with establish in India and no one knows that opportunity to establish a parties (AM/NS India and the Digital payments firm PhonePe is set nomic uncertainty, slowdown in the
such a massive expansion when global better than ArcelorMittal. Is the major presence in India, but Essar group) have reached an to acquire fintech start-up ZestMoney fintech sector and falling valuations
demand for steel is slowing down? environment more conducive to setting there are still a number of understanding. for $200-300 million, according to amid a funding winter, according to
Our capacity expansion cannot be up a new plant? legal proceedings for assets sources. sources.
viewed through the lens of this steel A greenfield expansion can be difficult. But like the slurry pipeline. How What does the withdrawal of The acquisition would help ZestMoney raised $50 million in
cycle or even the next one. This we are confident of the government of would you sum up your IBC export duty mean for the sector Walmart-owned PhonePe to September 2021, which it topped with
investment programme Odisha, the Centre and experience? and AM/NS India? strengthen its lending services and an additional $20 million raise. The
reflects our confidence in the ourselves. Together we can do it. The IBC has come a long It helps in pellet compete with Google Pay, Paytm, and firm has raised a total of $140 million
medium and long-term way. There are still some exports; whatever Amazon Pay in Indian fintech, which from investors such as Australia’s Zip,
prospects of the Indian How is the expansion going to rough edges that have surplus we have, is expected to be worth $350 billion Goldman Sachs, Quona Capital, and
economy and the steel be funded? Is there any plan for to be rounded off. For we can export by 2026. Xiaomi.
industry. Even today, India is a AM/NS India to go for an IPO? instance, once an after meeting “The talks are still going on and ZestMoney's loss in FY22 surged
bright shining star in the DILIP OOMMEN Nothing as of now. We have organisation is taken the needs of the the deal is expected to 216 per cent to ~398
global economy. The per CEO, AM/NS India internal accruals and other over through the domestic be closed in 2-4 weeks,” The buy price is crore from ~125.8 crore
capita consumption of steel in sources of funding that are IBC, there has to be market and said a person familiar less than the $470 in the previous fiscal
India is about one-third of the very competitive. clear guidelines for our own with the matter. year, according to data
million valuation it
world average. This means that there is a all stakeholders. It consumption. ZestMoney, which accessed by the busi-
achieved in the last
big scope for increase as India’s economy AM/NS India is the fourth largest steel cannot be that It improves was founded in 2015, ness intelligence plat-
funding round
follows the growth trajectory. There are producer in India. In the next 5-10 years, people go to court sentiment in allows customers to pay form, Tofler. Revenue
also good initiatives like ‘Make in India’, where do you see the company in the after it’s done and the market. for products over time. grew by 62 per cent to
‘Aatmanirbhar Bharat’, Gati Shakti, PLI pecking order? dusted. As far as Even in the Increasing smartphone use, cheap ~145 crore in FY22 from ~89.3 crore in
scheme and a lot of spending on We are not in that game. We will continue possible, the last month and data plans and online shopping have FY21.
infrastructure. These are certainly going to grow, but our focus will be on bringing takeover has to previous helped “However the company has dras-
to give steel consumption a boost the best of technologies and ensuring be practically on month, people pay-later offerings in the country. The tically reduced burn rate and is about
domestically. We are optimistic of the that our carbon footprint is among the a clean slate. were exporting. Bengaluru-based company has about to turn profitable by the end of this
growth over the medium-term and long- most competitive. We will have world So, the export 400 employees. All of them would be year,” said a source.
term horizons. class governance practices and focus on You are duty withdrawal absorbed by PhonePe, according to PhonePe is making the acquisition
social responsibilities. acquiring will help. And, as the sources. PhonePe and ZestMoney when it is in talks with Walmart,
What is the next leg of expansion that you infrastructure and when the didn’t respond when asked to com- General Atlantic, and other existing
are looking at and what kind of Will your aggressive expansion include assets from the global situation ment about the acquisition. investors to raise about $700 million,
investment would that entail? participation in disinvestment of RINL Essar group for improves, we Sources said that it makes sense sources said.
We are looking at participating in and NMDC as and when it happens? $2.4 billion. Why should be in a for PhonePe to make the acquisition The round is expected to more
India’s growth journey to 300 million I will not give any specific names right was it necessary position to increase as ZestMoney is compliant with the than double PhonePe’s valuation to
tonnes (mt) in the coming decade. We now. But we have always been looking at when you had exports over and Reserve Bank of India’s lending guide- around $12 billion and make it India’s
will be expanding in Hazira, and in possible participation in acquisition long-term above what the lines. ZestMoney disburses most-valued financial technology
Odisha, it will be a greenfield. Any other whether through the disinvestment arrangements for some of domestic market ~400 crore in lending per month. firm ahead of Razorpay, which is
opportunities that may come up will be route or IBC (Insolvency and Bankruptcy the assets like port? requires. The company is being acquired for valued at $7.5 billion.

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 .
NEW DELHI | 26 NOVEMBER 2022 COMPANIES 3 <

To ‘make Amazon 50-YEAR WAIT ENDS

Zuventus 1st in world

pay’, unions join to launch aviptadil for
Black Friday protest ARDS commercially
Agitation part of global campaign against e-commerce firm Discovered in 1970, the
SOURABH LELE drug was tested on severe
New Delhi, 25 November
Covid-19 patients on
DCGI’s direction
T
he words “underpaid”,
“overworked”, “insuffi-
cient breaks” reverber- SOHINI DAS
ated around the sites where Mumbai, 25 November
Indian trade unions joined their
counterparts from around the
world to stage protests against
“sweatshop” Amazon.
Mumbai-based Zuventus Healthcare has
become the first company globally to com-
mercially launch aviptadil, over 50-year
LEAP OF SUCCESS
Aviptadil is a 50-year old drug
GTL Infra gets
“My stint (with Amazon) was
similar to working at a sweat-
shop… 10-hour long shifts, low
old drug molecule, for treating acute res-
piratory distress syndrome (ARDS).
The drug was discovered by Dr Sami
discovered by Dr Sami Said in the US
Commercially stable formulation of
Aviptadil for ARDS was out of reach
NCLT breather
wages, insufficient breaks, and Said, pulmonary medicine specialist, in DEV CHATTERJEE recover ~49.84 crore from Tata
leaves,” said a former employee Agitation was part of the global action day called by the Make Amazon 1970. Aviptadil— a complex peptide— was
Universities made the drug and Mumbai, 25 November Teleservices; ~20.38 crore from
at Amazon’s packing warehouse Pay coalition formed by over 80 trade unions PHOTO: SOURABH LELE not commercially used for ARDS, though supplied to hospitals as the last resort ATC, and ~351 crore from
near Manesar, Haryana, who, prescribed as a last resort (orphan drug); it Zuventus approached DCGI with a The National Company Law BSNL in pending arbitration
along with several other former to real environmental sustain- centres were recruited by third- is prepared by Universities for emergency formulation that is commercially stable Tribunal (NCLT) on Friday dis- proceedings.
employees of the e-commerce ability. Amazon has denied the party organisations and had an use by hospitals, the company said. Got approval for clinical trials last year missed the bankruptcy pro- The amount received
giant, gathered at Jantar Mantar allegations, saying that anyone employment contract of less The use of aviptadil (a vasoactive intes- ceedings against GTL would be sufficient to repay
to join the “Make Amazon Pay” could see for themselves by tak- than a month. “I had to leave the tinal peptide) restores respiration and DCGI approved aviptadil for Infrastructure, a telecom the debt of the petitioner
protest. ing a tour of one of its sites. job within 40 days after I fell ill reduces mortality in patients with ARDS. treatment of patients with severe tower firm and its associate (Canara Bank),” the court said
The agitation was part of the “These groups represent a vari- and my leave was not approved “Aviptadil is safe and effective in tackling Covid-19 with ARDS company GTL, saying both the in its order. After the Supreme
global action day called by the ety of interests, and while we are by her manager,” she said. respiratory failure, shortens recovery time, Firm will continue to seek permission companies are financially Court’s judgement in 2021 that
Make Amazon Pay coalition not perfect in any area, if you Amazon India operates from decreases respiratory distress, and pre- for additional use in ARDS viable and have enough cash cancelled 2G-based telecom
formed by over 80 trade unions, objectively look at what Amazon over 41 fulfilment centres in 13 vents deaths in patients suffering from res- flow to repay their debt. licences, several telecom com-
civil society organisations, and is doing in each one of these cities in Maharashtra, and piratory failure. However, a commercially In two separate orders, the panies did not pay their tower
environmentalists. The year areas you’ll see that we do take Telangana among other states. stable formulation of aviptadil for such severe Covid-19 with ARDS… The firm will NCLT’s Mumbai bench said rentals to GTL
2022 is the third that the coali- our role and our impact very Amazon India’s overall fulfil- purpose was still out of reach,” Zuventus continue to seek permission for additional GTL Infrastructure has repaid Infrastructure— leading to
tion has organised a global day seriously. We are inventing and ment network spreads across a said. use in ARDS in line with permission from ~16,915 crore to its financial stress. GTL
of action on Black Friday — one investing significantly in all floor area of more than 10 mil- Company sources told Business the EU and the US,” it said on Friday. lenders between 2011 GTL currently Infrastructure cur-
of the busiest shopping days of these areas, playing a significant lion sq ft, which is more than the Standard that the process of manufactur- The trial began last year, and took and 2018, which provides rently provides serv-
the year for Amazon. role in addressing climate land size of 125 football fields. ing aviptadil is extremely complex, and so about 9-10 months. Sources indicated that shows the company services to ices to Reliance Jio,
Employees in dozens of change with the Climate Pledge Protests took place in Delhi, far none has attempted to manufacture it the DCGI reviewed the data multiple times is reasonably healthy Reliance Jio, Vodafone Idea and
countries — from Japan and commitment to be net-zero car- Uttarakhand, Uttar Pradesh, commercially. “Aviptadil in combination before giving approval. The trial has been and can repay its sus- Vodafone Bharti Airtel.
Australia to India, the US and bon by 2040, continuing to offer Bihar, Madhya Pradesh, with phentolamine is used to treat erectile conducted on around 150 patients. tainable debt. The Idea and The court said the
across Europe, are protesting competitive wages and great Maharashtra, Rajasthan, dysfunction. However, aviptadil alone has Hyderabad-based Dr Reddy’s company generates Bharti Airtel company’s business
against the company demand- benefits, and inventing new Jharkhand, and West Bengal. never been commercially made for treating Laboratories, too, sought DCGI permission monthly revenues of is sustainable and is a
ing better pay and working con- ways to keep our employees safe Several traders, hawkers, trans- ARDS,” the person said. to conduct the phase 3 clinical trial on ~120 crore, which is viable concern under
ditions. The campaign has and healthy in our operations port and gig workers’ unions par- Based on its R&D, Zuventus approached aviptadil. DRL could not be reached for net of taxes, the order dated the current management, and
charged Amazon with “squeez- network, to name just a few,” an ticipated in the demonstrations. the Drugs Controller General of India immediate comment. November 18 said. the overall financial health of
ing every last drop it can” from Amazon spokesperson said. Dharmendra Kumar, one of (DCGI) with such a formulation that was The USFDA has granted ‘orphan drug’ The court said several com- the company is not bad
“workers, communities, and the The ex-employee quoted ear- the organisers and co-convener, proposed to be allowed for emergency use. designation to aviptadil for ARDS and panies owe GTL enough to be admitted under
planet” in the face of the cost-of- lier in the story said, “We were Joint Action Committee against The Subject Expert Committee (SEC), chronic lung diseases. Last year, NeuroRx Infrastructure money as it has bankruptcy. “The adjudicated
living scandal, global debt crisis, forced to pack around 250 items Foreign Retail and E-commerce, however, asked the firm to do a detailed and Relief Therapeutics announced phase made claims of ~13,393 crore and unadjudicated claims of
and climate emergency. It has within an hour. It is a suffocating said, “Amazon is lowering work- clinical trial in severe Covid-19 patients as 2/3 clinical trials of this drug on critical against Aircel and others. GTL Infrastructure are far
demanded that the company hall without a place to sit. The ing standards across the board. an additional intervention. Covid-19 patients. Several drugs were re- “Further, the tribunal has more than the debt claimed in
pay its workers fairly and respect breaks were so small that we It is based on a business model “After the successful completion of the purposed during Covid-19, for example, directed to pay ~900 crore to the petition,” the court said,
their right to join unions, pay its could hardly eat anything.” that is ecologically disastrous clinical trial, the product has been remdesivir, which was originally developed the corporate debtor. while dismissing Canara
fair share of taxes, and commit She said most workers at the and economically unviable.” approved for the treatment of patients with for Ebola. Moreover, the company has to Bank’s petition.

PUBLIC NOTICE NOTICE

Public is hereby informed that my client

Telcos fear surge Mrs. Anita Saini is the owner of Northern side of
property No.7, khasra No. 56 & 57,
Gautam nagar, New Delhi -110049(90 Sq. Yds.)
vide relinquishment deed dated 12/05/2022
duly registered as Document no.4493, Bank invites offer under two bid

of ‘pseudo-TSPs’
Addl. Book No.1, Volume No. 4631,
on Pages 1 to 9, Sub-Registrar-VA Hauz Khas,
Delhi, executed by Mr. Savi Saini, Mr. Aman
Saini and Ms. Megha Saini and my client
intends to mortgage the same with
system for premises measuring
carpet area 1000 Sq. Ft. to 1200 Sq.
Ft. on ground oor on lease for a
minimum period of 15 Years (Fifteen

due to private 5G
SUBHAYAN CHAKRABORTY
New Delhi, 25 November
Arguing that private enterprises
from non-telecom backgrounds
would not have the financial
and technical know-how to set
up private 5G networks, telecom
service providers (TSPs) believe
a new category of ‘pseudo-TSPs’
may come up. They would pro-
vide wet leasing of installation
and maintenance of private net-
work service.
The three TSPs — Reliance
Jio, Bharti Airtel and Vodafone
Idea — through industry body
Cellular Operators Association
of India (COAI), are pushing the
government not to allocate
direct spectrum to private 5G
networks. COAI functionaries
said the issue has been brought
up in its discussions with the
government. These companies
will offer a build-operate-wet
lease model to private enterpris-
es, effectively cornering this
lucrative market, (COAI) direc-
tor-general SP Kochhar said.
“We are worried about the
ecosystem. For TSPs, the profits
in the future are mainly going
to come from enterprises. If that
is taken over by someone else,
then we get nothing,” he
stressed.
COAI also said that in a
standalone private network, the
device will not work outside the
premises of the captive area.
Meanwhile, it says that if enter-
prises take private 5G from the
TSPs, a dedicated network slice
can be provided. They will also
get quality-edge computing,
radio segmentation, spectrum,
5G Core, network and device
lifecycle planning based on
their ecosystem.
“Even if an enterprise sets up
a private network in a campus,
generating a huge amount of
data, is it possible to run the
company by restricting data to
the campus? They will have to
carry it outside for adminis-
trative, business or technical
purposes. In that case, they will
have to set up Edge data centres,
even as data moving outside has
to rely on TSPs,” Kochhar said.
Private 5G norms
Back in June, the department
Fedbank Financial Services Ltd. Anyone having years) for new branches ofce
any objections to this Mortgage may contact the along with onsite ATM at Main
undersigned with specific written objections
within 7 days otherwise it shall be deemed that Market, Hansi Distt. Hisar
there is no objection to this mortgage. (Haryana) and Main Road, Meham
VARUN PHOGAAT Distt. Rohtak (Haryana)
(ADVOCATE)
(07982557892) For More Details, visit our website :
72/03, Street no.2, Kishna Nagar, www.punjabandsindbank.co.in
Safdarjung Enclave, New Delhi-110029
The three TSPs are pushing the
government not to allocate
direct spectrum to private 5G
networks
of telecom (DoT) had published
guidelines for the licensing and
operation of private networks.
DoT believes allowing com-
panies to establish these
‘Captive Non-Public Networks
(CNPNs)’ will support the devel-
opment of new use cases for 5G.
This will be in industries
such as manufacturing, con-
struction, healthcare and
transportation. The guidelines
permitted enterprises to estab-
lish private 5G networks in
multiple ways.
TSPs may provide private
5G networks as a service to
enterprises using network
resources over public networks
or network slicing. TSPs could
establish private networks for
enterprises using spectrum
that they have acquired. Or,
they can lease out spectrum to
enterprises that can then
establish their own networks.
Finally, enterprises can estab-
lish their own private networks
by obtaining spectrum directly
from DoT.
TSPs are in support of the
first three ways, but have con-
tinued to oppose the last way
of setting up a private network.
They said that all spectrum
should be auctioned. And, this
should apply to private non-
telecom firms interested in set-
ting up their private networks.
Kochhar said the TSPs can’t
provide services at lower prices
than the potential group of
companies. DoT is yet to
administratively allocate spec-
trum to an enterprise.

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 4 ECONOMY & PUBLIC AFFAIRS
.>
NEW DELHI | 26 NOVEMBER 2022
<

IN BRIEF

Govt releases ~17,000-crore

GST compensation to states
The central government has released
~17,000 crore to states towards balance
GST compensation, taking the total
amount released so far this fiscal to over
~1.15 trillion, the Finance Ministry said
on Friday. "With this release, the Centre
has released, in advance, the entire
amount of Cess estimated to be
collected this year till March-end
available for payment of compensation
to States," the ministry said in a
statement. Goods and Services Tax (GST) was introduced in the
country with effect from July 1, 2017, and states were assured of
compensation for the loss of any revenue arising on account of the
implementation of GST for a period of five years. PTI
GST on online gaming: GoM
to submit report next week
The state finance ministers' panel for GST on casinos, online gaming
and horse racing will submit its report to the GST Council next week,
Meghalaya Chief Minister Conrad Sangma said on Friday. Sangma-
headed Group of Ministers (GoM) held its final meeting on the issue
earlier this week and is understood to have recommended a GST of
28 per cent on online gaming, irrespective of whether it is a game of
skill or chance. Asked when the GoM would send the report to the
council, Sangam said: "We will submit the report next week". PTI
J&K sees highest net increase
of 772K voters in electoral roll
The final electoral roll of Jammu and Kashmir was published on
Friday with the highest-ever addition of more than 772,000 voters,
officials said. The final electoral roll has a total of 8,359,771 electors
— 4,291,687 males, 4,067,900 females and 184 third gender —
Joint Chief Electoral Officer of Jammu and Kashmir Anil Salgotra
As China intensifies lockdowns, India opens up
SOHINI DAS & SACHIN MAMPATTA
Mumbai, 25 November
As India’s neighbour China imposes strict lock-
downs to arrest the spread of Covid, India is
gradually relaxing its curbs.
In fact, there is no sense of alarm in India as
China struggles to keep the rising cases under
check.
On Monday, India dropped the requirement
for vaccination certificates for inbound trav-
ellers, joining Thailand, which eased the rule
from October 1.
Wearing masks in flights has already been
made optional. Public life is back to pre-pan-
demic normal.
The lack of alarm in India is because of sev-
eral reasons — for one, there are no direct flights
between China and India now. Experts said
India never went for a zero-Covid policy (and
rightly so); and data shows that
India and China have seen limited correla-
tion in cases. Spikes in one country have not
coincided with a spike in the other.
India had nearly 400,000 daily cases on a
seven-day moving average basis in May 2021.
This was the peak since the pandemic began.
SUNFLOWER OIL
Imports from
Russia, Ukraine
NOT IN SYNC
Daily cases, 7-day moving average
China India
192
536
286 26,269
Source: Our World In Data (Johns Hopkins University CSSE Covid-19 data)
China had only 22 daily cases at that time. and Chongqing, have been asked to stay home
China, currently, has over 26,000 daily cases. this weekend. This comes as the country’s dai-
It has more than doubled over the previous 10 ly Covid infections crossed 32,000 on
days. India’s cases have nearly halved during Thursday.
the same period. This is the highest since the beginning of the
The correlation between the two countries pandemic. Chinese cities are implementing tar-
has been negative, shows an analysis of data
from April 2020.
geted lockdowns and there is mass testing also.
Shahid Jameel, senior research fellow at
The correlation value of -0.2 suggests that
cases are more likely to fall in India when there
Green Templeton College, Oxford University,
said, “China and India are very different. India
is a rise in China, based on historical data. never went for a zero-Covid policy and rightly
Currently, millions of Chinese citizens, so.”
especially in cities like Beijing, Guangzhou He added: “In India, besides vaccination,
Centre may sell 5-10%
stake in CIL, HZL, RCF
SIDDHARTHA SINGH details aren’t yet public. In all,
25 November five firms could be chosen,
including a listed entity
India plans to sell small under the railway ministry,
stakes in state-run firms they added.
there has also been lots of infection. This hybrid
immunity will protect people from severe dis-
ease.”
Jameel, however, feels that India needs to
push boosters and do it based on science.
“The current booster policy has no evidence
base. India should also continue surveillance.
It’s also time to evaluate population-based
immunity through multiple types of studies,”
the expert quipped.
Another noted virologist Jacob John said the
rest of the world is not in sync with China as
such.
“We don’t have minute details of their inter-
nal developments. We are keeping a watch, and
it’s necessary to do so. However, I fail to under-
stand why they are going for lockdowns when
Omicron and its sub-variants are the dominant
strains globally. It is not causing severe disease
of hypoxia,” John said. He agrees that India let
the virus run free, and thus, most of its citizens
now have hybrid immunity from infection. “Our
booster and precaution dose coverages need to
be boosted,” he added.
Experts feel that as long as Omicron contin-
ues to be the dominant strain, there is less rea-
son to worry.
rupees from such asset sales
in the year through March,
but has so far raised just over
a third of the target, mainly
from the $2.7 billion initial

back to normal
said. The release of the electoral roll paves the way for holding of including the world’s biggest At current prices, sales at public offering of Life
Assembly polls in the Union Territory, the first since Article 370 coal miner and Asia’s largest the lower end of the range Insurance Corp. in May.
provisions were abrogated. PTI zinc producer, to ride a stock could fetch the government Roadshows have started
market boom and boost rev- some ~165 billion ($2 billion), to gauge investor interest in
enue in the final quarter of according to Bloomberg cal- the stake sales, the people
India capable of generating Argentina stays top exporter to India since war broke out the financial year, according
to people familiar with the
culations. Local stocks are at
a record high, supported by a
said.
A spokesperson for the
9% growth: Sanjeev Sanyal SANJEEB MUKHERJEE &
ASIT RANJAN MISHRA
matter.
The government is look-
healthy pace of economic
growth, and the cash raised
Finance Ministry couldn’t be
reached for comment.
India is capable of generating a 9 per cent growth New Delhi, 25 November ing to sell 5 per cent -10 per will help Prime Minister Coal India jumped about
rate but in view of the geopolitical situation, we cent in Coal India, Hindustan Narendra Modi’s administra- 46 per cent in the past year,

S
should be satisfied with a 6.5-7 per cent GDP hipments of sunflower
expansion, says Sanjeev Sanyal, member of the oil to India have started
Economic Advisory Council to the Prime Minister. normalising after
“...If we get an open road, this economic machinery imports from war-torn
that we have built is capable of generating a 9 per cent growth rate," Ukraine resumed beginning
Sanyal said at the Times Now Summit 2022. PTI September after a gap of four
months, leading to further
normalisation of supplies.
India wins IEC vice-presidency
Ukraine has been the
largest supplier of sunflower
oil to India. However, after
and SMB chair for 2023-25 term the Russia-Ukraine war broke
out in February, supplies
Zinc, Rashtriya Chemicals tion fund its subsidy bill that while Rashtriya Chemicals
and Fertilizers, via the so- has surged partly because of gained 58 per cent, outstrip-
called offer-for-sale mecha- the war in Ukraine. ping the benchmark S&P BSE
nism, the people said, asking The Central government Sensex’s roughly 6 per cent
not to be identified as the had budgeted 650 billion advance. BLOOMBERG
BACK AFTER A HIATUS
Month-wise import in
2021-22 (Nov-Oct)
Country-wise imports
(in tonnes)
n Nov 20-Oct 21 n Nov 21-Oct 22
India, UAE central banks
Imports (in tonnes)
discuss mechanism to
944,956

India has won the International Electrotechnical Commission from Ukraine dwindled as
13,978,893

(IEC) Vice Presidency and Strategic Management Board (SMB) Russia denied it access to the
442,026

trade in local currencies

393,349

Chair for the 2023-25 term, the Consumer Affairs Ministry said Black Sea ports. However, a
224,989

222,298

on Friday. IEC is an international standard setting body that deal facilitated by Turkey and
publishes international standards for all electrical, electronic the United Nations has
and related technologies, while SMB is an apex governance restarted food supplies from
body of IEC responsible for technical policy matters. PTI Ukraine to the rest of the
world.
India imports 1.9-2.5 mil-
15-year-old govt vehicles lion tonnes of crude sun-
flower oil, of which almost 85
will be scrapped: Gadkari per cent comes from Ukraine
and Russia. In September,
Union Minister Nitin Gadkari on Friday said all India imported 29,370 mt of
vehicles belonging to the Indian government sunflower oil from Ukraine,
that have completed 15 years would be scrapped, close to 32,178 mt imports of
and a policy to that effect has been sent to states. the edible oil from Russia
"Yesterday, I signed a file under the guidance of during the month. Argentina
Prime Minister Narendra Modi that all the has remained the top supplier
vehicles of the Indian government which have of edible oil since the war
completed 15 years will be scrapped," he said. PTI broke out, with 60,921 mt
imports in September.
Argentina, one of the
Rajnath: Don’t endorse world biggest producers in the
world after Ukraine and
order where a few are superior Russia, exports 300,000-
Defence Minister Rajnath Singh Friday said India doesn't believe in
a world order where a few are considered superior to others and
asserted the country's actions are guided by the essence of human
equality and dignity that is part of its ancient ethos. "It is my firm
belief that if security becomes a truly collective enterprise, then we
Centre looks to cut Budget
can think of creating a global order that is beneficial for all of us,"
Singh said, in his address at the Indo-Pacific Regional Dialogue
(IPRD) 2022. PTI deficit on global headwinds
ADRIJA CHATTERJEE, RUCHI BHATIA
Ahead of winter session, govt & SIDDHARTHA SINGH
25 November
to hold all-party meet on Dec 6 The central government wants
The government has convened an all-party meeting on December
6 to discuss the legislative business and important issues likely to
to narrow its budget deficit by
at least 50 basis points, accord-
be taken up during the winter session of Parliament. ing to people
Parliamentary Affairs Minister Pralhad Joshi has sent out invitations
to the floor leaders of political parties in Lok Sabha and Rajya Sabha
familiar with the
matter, as author-
RUN-UP
for the meeting. The winter session of Parliament will commence ities balance glob- TO THE
from December 7 and continue till December 29 having 17 sittings al investor scruti-
spread over 23 days. PTI ny with the need
for higher spend-
ing as the nation
All-party meet on G20 enters an election
year.
BUDGET
preparations on Dec 5 Finance 2023-24
Minister Nirmala
The government has convened an all-party meet on December 5 Sitharaman will seek to shrink
to inform leaders about India's preparations for the G20 meetings the shortfall to less than 6 per
that New Delhi plans to host over the next one year, a senior cent of gross domestic product
leader of a party said on Friday. Presidents of nearly 40 parties
have been invited for the meeting by Parliamentary Affairs
Minister Pralhad Joshi where Prime Minister Narendra Modi will be
present, the leader said requesting anonymity. India will officially
assume the G20 Presidency from December 1. PTI Delhi excise scam: Sisodia not in CBI’s 1st charge sheet
Railways plans to export
Vande Bharat by 2025-26
The Indian Railway is looking at becoming a major exporter of
Vande Bharat trains by 2025-26 to markets in Europe, South
America and East Asia, a senior official claimed on Friday, adding
that the latest version of the indigenous trains with sleeper
coaches will be operational by the first quarter of 2024. He also
said the railways is planning to clock 10-12 lakh kilometers on 75
Vande Bharat trains over the next few years, for these to be
export ready. PTI
Note: Edible oil marketing year runs from
November to October
400,000 tonnes of sunflower
oil to India.
India has also offered to
unilaterally reduce import
duty on sunflower oil under
the under the existing prefer-
ential trade agreement (PTA)
with Mercosur countries to
secure long-term contracts
with Argentina. Argentina
has been targeting China for
sunflower oil exports since
India has tariff quota as well
(GDP) in the year starting
April 1, the people said. Her
presentation due February 1
will be the final full-year budg-
et before citizens elect their
new prime minister in the
summer of 2024.
What complicates
matters for
Sitharaman is that her
food and energy bills
are inflated by the war
in Ukraine and given
the country runs a
current-account
deficit as well, the
rupee has been weak-
ening to successive
record lows. Subsidies
on food, fertilizer and fuel will
cost at least $67 billion in the
year ending March 2023 — or
The CBI on Friday filed its first
charge sheet in the Delhi
excise policy scam case
against seven accused while
Deputy Chief Minister Manish
Sisodia, who was named in the
agency’s FIR, does not figure
in the document.
Officials said investigators
have kept the probe open into
the alleged role of Sisodia, a
senior AAP leader, and others
SHREYA NANDI
Argentina Ukraine Russia New Delhi, 25 November
74.83 -93.24
Change %
98.84 The central banks of India and the United
Arab Emirates (UAE) are discussing the
Source: SEA creation of a mechanism to engage in bilateral
trade in local currencies, in order to reduce
as plant quarantine restric- transaction costs for exporters and importers,
tions. India has also offered India’s ambassador to UAE, Sunjay Sudhir,
to do away with the stringent said on Friday.
testing requirements under “India has prepared a concept paper
the existing PTA with the (regarding rupee-dirham trade) and has
grouping. India signed in shared it with the UAE. UAE’s central bank
2004 a PTA with Mercosur, has already designated a nodal person for this.
the Latin American trading The discussion is now going on between the
bloc with Argentina, Brazil, central banks…[it] will be seen how in a real-
Paraguay, and Uruguay as its istic scenario, the whole concept can be oper-
members. ationalised. The objective is very clear–to
reduce the cost of transaction,” Sudhir told
More on business-standard.com reporters, adding that the idea is not to have
trade using a third currency.
Typically exporters and importers lose
money on currency exchange. For instance, by two per cent to $142.07 billion, while non-
during trade, rupees are first converted
into dollars, which is then re-converted into
dirhams. In order to avoid this, central banks
oil exports to UAE grew 8 per cent to $9.69 bil-
lion, according to an analysis by the
Department of Commerce. The impact of the
are discussing the percentage of trade that FTA should be seen in November.
can be covered through direct rupee-dirham
transactions.
UAE is India’s third-largest trade partner
Data for the month of May was not includ-
ed, as that it could be an aberration, being the
first month of FTA implementation. Besides,
and second-largest export market. Earlier this that month was also marked by festivities in
Rationalisation of year, India and UAE signed a free trade agree- the UAE and not many people were aware of
long-term capital ment (FTA) that became operational in May. the trade deal, Srikar said.
gains’ tax structure
The West Asian nation is also a part of the six-
member Gulf Cooperation Council (GCC)
As far as the trends in the FTA utilisation
are concerned, duty concession benefit under
on the cards countries.
Separately, India and GCC nations are also
the FTA for October was $63 million (about Rs
520 crore). Overall duty concession benefits
The finance ministry is trying to ink a trade pact, the negotiations for since May were $151 million (Rs 1,235 crore).
looking at rationalising
long-term capital gains tax
which are expected to begin in the first quarter
(January-March) of 2023.
Electrical machinery, gems and jewellery,
cereals, inorganic chemicals, and automobiles
structure by bringing parity were the top gainers from the FTA during
between similar asset India-UAE CEPA June-October, the analysis showed.
classes and revising the base Amid faltering external demand due to reces- The utilisation of the FTA is on an uptrend
year for computing sionary trends in developed nations, India’s and is likely to increase further, Reddy said.
indexation benefit to make export performance with the UAE is relatively The Department of Commerce is also trying
it more relevant, an official
said on Friday. PTI
better, mainly due to the FTA signed with the
West Asian nation, Srikar Reddy, joint secre-
to raise awareness about the trade pact with
regular Industry interactions and end-to-end
tary at the Department of Commerce, said. hand holding.
2.1 per cent of GDP — against India’s exports to UAE declined 18 per cent The Department of Commerce, in associa-
the budget estimate of ~3.2 tril- year on year in October. tion with the Indian mission in the UAE, has
lion ($39.2 billion). During the five-month period (June- organised a series of FTA-specific trade pro-
BLOOMBERG October), India’s global non-oil exports shrank motion events in the UAE.
named in the First spiracies with other licensees, eration on November 30. Naresh Kumar be sacked,
Information Report(FIR).
Arrested businessmen Vijay
money trails, cartelization and
larger conspiracies in the for-
Delhi Chief Minister
Arvind Kejriwal said attempts
alleging that he has been a vic-
tim of their “witch hunt”.
Nair and Abhishek Boinpally
were among the seven
mulation and implementation
of the Excise Policy,” the CBI
were made to frame Sisodia in
the “fake” excise policy scam
The AAP also asked the
BJP to tender an apology to
accused named in the charge spokesperson said in a state- case even as the Aam Aadmi Delhiites and the countrymen
sheet. ment. Party(AAP) hailed the devel- for “blatantly lying about the
“Further investigation is The charge sheet was filed opment as ‘Satyamev Jayate’ issue” and called Saxena and
continuing to investigate the before a special Central (Truth alone triumphs). Kumar the “masterminds”
role of accused named in the Bureau of Investigation(CBI) Sisodia demanded that behind the “conspiracy”
FIR and other persons on var- judge M K Nagpal who will Lieutenant Governor V K against Delhi government.
ious allegations including con- take up the matter for consid- Saxena and Chief Secretary PTI

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NEW DELHI | 26 NOVEMBER 2022 5
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 6 ECONOMY&PUBLICAFFAIRS new DELHI 126 N o v e m b e r 2022 Yfeekend Business Standard

Raise rates by 25-35 bps: Economists to RBI

HDFC Bank
SUBSIDIARY STAKE FORBEARANCE

BHASKAR DUTTA on rate hikes. Higher US interest rates

Inflation letter: awaiting RBI
Panel blames reply: Parekh
Mumbai, 25 November reduce the rate differential with India,
diminishingthe appealofdomestic assets
con o mists on Friday suggested top and exerting pressure on the rupee.
E officials of the Reserve Bank of
India to raise interest rates by 25-
35 basis points (bps) next month while
"There was of course relief about the
fall in US inflation but the broad sense is
that it is far too early for the RBI to signal a
continuingto signal vigilanceon inflation, softer policy, given the uncertainties in
sources told Business Standard. outlook. Thatwas what was communicat-
The meeting was held ahead of the ed to the RBI," a sou tee said.
RBI's next monetary policy review, which The rapid paceof monetary policy tight- SUBRATA PANDA
is scheduled December 5-7. ening since May was largely due to the The monetary policy consumer inflation topped Mumbai, 25 November
The economists also recommended abrupt upside risks to domestic inflation committee has mainly theupperrangeofthe2per
that the RBI maintain its currentstance of EXPERT PRESCRIPTION posed by Russia's invasion of Ukraine in blamedglobal factors for cent-6 percent band for HDFC Bank is still in talks with the Reserve Bank of India (RBI)
remaining "focused on withdrawal of • Relief on fall in US inflation, but it's late February. The repo rate is now well failingto meet its inflation three straight quarters. forthe forbearance it has sought with respect to HDFC's invest-
accommodation," soutcessaid. abovethe rate that existed at the beginning target, accordingto people While the panel led by RBI ments in its associates and subsidiaries. It is awaiting a final
"Ibday, most people were recommend- too early for RBI to signal a softer
oftheCovid-19crisisinIndiain Match2G2Q. with knowledge of a letterthe Governor Shakti kantaDas response from the regulator on this issue.
ing a25-35 bp rate hike and for them (the policy
If one accounts for the RBI's move in monetary policy panel was was mandated by law to At an NCLT-convened meeting of equity shareholders of
RBI) to speak hawkish. Hike less but speak • Continue w i t h vigilant tone on April to institutionalise the Standing obi iged to write to the explain its failure in capping HDFC, its Chairman Deepak Parekh said: "We have applied to
hawkish. They also recommended that the inflation Deposit Facility (SDF) at ahigher rate than government. prices, the the RBI to allow alloursubsidiaries to become banksubsidiaries.
stance be kept the same. That was the gen- • Maintain stance o f remaining the reverse repo rate, the total rate hikes The war in government isn't We have not heard from them (the RBI). Whichever they permit,
eral feedback. They (RBI) didn't say much, increase by 40 bps. Ukraine and requ ired to make the will become subsidiaries of
asusual, just heard them out," asoutcesaki focused on withdrawal of
The SDF replaced the reverse repo as resultantspurts in information public. the bank; whicheverthey do
"The rationale would be that it would accommodation
thefloorofthe RBI's interest rate corridor. energy and food Theoutlook is in line not permit, we will have to ON SLR AND CRR
bedifficult forthemto prematurely signal • Hike less but speak hawkish The release of the September inflation costs, andsupply with what Das has find a solution of disposing
any softening of policy when you have datain Octobermarked the official failure disru ptions caused said publicly about them before the effective
such external volatilities and the trade bal- of the MPC to ensure that inflation does by the pandemic are inflation having date. Or we may get some
ance being the way it is. Unless FPI flows the MPC's2-6 percent tolerance band. CPI not stay outside of its 2-6 percent tolerance among main peaked. Economists time from the RBI to divest
show some sense of stability returning inflation was at 6.77 percent in October, band for three successive quarters. reasonscited, the people surveyed by Bloomberg our investments".
they would have to be cautious," down from 7.41 percent a month ago. Consumer Price Index (CPI) inflation said,askingtostay forecast the benchmar k repo Section 19(2) of the
the source said. SourcessaidtheRBI had heldasimilar has been above the RBI's 4 percent target unidentified asthe rate topping at 6.4 percent Banking Regulation Act
An email sent to the RBIdid not receive meeting earlier this month with econo- for 37 consecutive months. correspondence is private. fromS.9 per cent currently, restricts a bank from hold-
a response by the time of going to press. mists in New Delhi. Thediscussions at that Earlier this month, the MPC held a Thedetailednarrative and inflation isseen easing to ing shares in excess of 30
Since May 4, the RBI's Monetary Policy meeting were primarily focused on the meeting to decide on the statement it will doesn't dwell much on the aboutS percent in ayear's per cent of the capital of a
Committee has hikedthe benchmark pol- external sector and the outlook for the make to thegovemment regarding the fail- path forward, only stating time from6.8percent now. company, unless it is asub-
icy repo rate by a total of 190 bps to 5.90 Indian currency. ure on the inflation mandate. According that the worst of inflationary A finance ministry sidiary of the bank.
per cent. The last three rate hikes have While the meeting came after a lower- to the mandate, the MPC must provide pressures are probably spokesperson declined to Accordingly, requests for
each been in tranches of 50 bps. than-expected inflation print in the US, reasons behind the failure, remedial behind us, the people added. comment. Anemail to the forbearance have been
The latest data, however, showed that sources said the tone of the meeting was actions being taken and a timeline within Little is known aboutthe RBI for comment was not made to the RBI by HDFC
inflation has eased, while still remaining oneofcaution. Easing US inflation makes which inflation would be brought contentsof the lettersent immediately answered. Bank in relation to share- The merged entity is
well above the RBI's 4 percent target and acase fortheFederalReservetoslowdown back to target. earlierthis month, afterthe holding in associates and
subsidiaries post-merger. expected to have
BLOOMBERG

Forex reserves rise for

Accordingto HDFC's lat- sufficient liquidity and

RBI's housing RBI nod for opening

est annual report, the mort- alternatives available to
gage lender hasover 10 sub-

second week in a row

sidiaries, including HDFC meet necessary liquidity
price index 12 special vostro
Life Insurance, HDFC Ergo requirements. We are
General Insurance, and

up 4.5% in Q2
HDFC Asset Management. still in dialogue and we
accounts: Official HDFC Ban k has request- are awaiting RBI response
ed the RBI for a phased-in
BHASKAR DUTIA since Russia's invasion of NIKESH SINGH approach to meet the SLR
ABHIJITIELE Mumbai, 25 November Ukraine in late February. The New Delhi, 25 November (statutory liquidity ratio)/
Mumbai, 25 November conflict sent global investors CRR (cash reserve ratio) and D E E P A K P A R E K H
The Reserve Bank of India's rushing to the safety of the US The Reserve Bank of India (RBI) has given prioritysectorlending(PSL)
Reflectingbuoyancy in demand for dwellings, (RBI's) foreign exchange dollar, leadingto huge gains in approval to banks to open 12 special "vostro requirements, and gtandfa- C h a i r m a n , HDFC

all-India Housing Price Index (HP!) showed reserves rose by $25 billion to the dollar index and deprecia- accounts" fortrade in rupees with trading part- theringofcertain assets and
4.5 percentgrowth (year-on-year) in the quar- $547.25 billion in the week tion in emerging market cur- ners, its Executive Director Deepak Kumarsaid liabilities and in respect of some subsidiaries. The bank has
terended September'2022 ended November 18, the latest UP $2.5 BN IK A WEEK rencies like the rupee. on Friday. asked the RBI for two-three years to be compliant with the
The index had shown 3.5 percent growth datashowed. The US Federal Reserve's "We are not saying that dollar prominence CRR/SLR, and PSL requirements of existing assets of HDFC.
v
($ billion)
in the previous quarter and 24 percent a year The latest data marks the 660 aggressive policy tightening should come down, but rupee prominence HDFC—an NBFC — does not have CRR/SLR and priority sector
ago, the RBI said. first time since May that the since March 2022 has further should go up. We are aiming for rupee accept- obligations like banks.
The index is based on transaction-level RBI's reserves have risen for two added to the dollar's strength. ance," Kumar said. Vostro accounts are held It has also asked the RBI to permit it to hold aSO percent
data received from the registration authorities consecutive weeks, hi the week The RBI has sought to curb by a bank on behalf of another, stake in HDFC Life, the life insurancesubsidiary of HDFC, which
in 10 major cities in the country. These ended November 11, the excessive volatility in the rupee often foreign bank, and this will become the bank's subsidiary afterthe merger. Currently,
10 cities are Ahmedabad.Bengaluru, Chennai, reserves had jumped by $14.7 through sales of dollars from forms a key part of correspon- HDFC holds around 48 per cent in HDFC Life, 50 per cent in
Delhi, Jaipur, ICanpur, Kochi, Kolkata, billion. The rise in reserves last its teserves.The RBI's foreign dent banking. HDFC Ergo General Insurance, and 5260 per cent in HDFC
Lucknow, and Mumbai. week was largely on account of exchange reserves were at Till now, not even a single Asset Management Company. On the forbearance sought on
The YoY movements in HPI varied across an increase in the central Jul 2 4 / 2 0 NOV 1 8 / 2 2 $63133billion asonFebtuary25, rupee trade transact ion hastak- SLR/CRR, Parekh said the merged entity is expected to have
the cities — ranging from growth of 11.1 per bank's foreign currency assets, Source: RBI which was when the Ukraine en place. sufficient liquidity and alternatives available to meet necessary
cent (Kbchi) to a decline of 4.1 per cent which grew $1.8 billion to war broke out In July, the RBI had unveiled amechanism liquidity requirements. "We are still in dialogue and we are
(Jaipur). While Ahmedabad, Kolkata, $48429 billion. assets and gold value," HDFC In September, RBI to settle international transactions in rupees awaiting the RBI's response", hesaid. "Even ifthe RBI does not
Chennai, and Jaipur recorded sequential fall In the week ended Securities research analyst GovernorShaktikantaDas had to promote the growth of global trade, with an grant forbearance on PSL compliance, it does not get triggered
in the index, it rose for the remaining cities. November 18, the rupee depre- Dilip Par mar said. said 67 per cent of the fall in emphasis on exports from India, as well as immediately on the basis of the joint financial statements on
In tandem with sale of housing units and ciated 1 percent againstthe US "Fbrthe firsttime after May reserves in thecurrent financial pushing the rupee as an international curren- Day 1 of the merger. In other words, HDFC Bank will have 12
prices, the credit offtake for homes also has dollar. So far in 2022, the 27, the forex reserves are up for year were due to revaluation in cy. It is also expected to enable trade with sanc- months to meet the requirements as on the effective date".
been on the rise. Bank credit for housing, domestic currency has shed 9 two weeks in a tow," he said. the face of astronger dollar. tions-hit nations such as Russia
including priority sector lending, rose by 16 percent against the dollar. In the previous week, the According to the RBI's Hemant Jain, vice- president, PHDCCI, said Merger to talie 8-10 monthsmore: IIDFC Banlt
per cent YoY in SeptOember 2022 as against "India's forex reserves rose RBI's gold reserves rose $315 Bulletin, reserves wort h $530 bi 1- in his address that the internationalisation of HDFC Bank expects to amalgamate its home loan major parent
122percent ayearago. The outstanding hous- for the second week in a row million to $40.01 billion. lion as on November 4 coveted the rupee would helpcheckthedollaroutflow HDFC into itself by September next year, HDFC Bank's Chief
ing loans stood at 518.OS trillion in September amid central bank interven- The foreign exchange 8.6 monthsof imports projected and slow the depreciation of the domesticcur- Executive and Managing Director Sashidharan Jagdishansaid
2022, the RBI datashowed. tion, appreciation in dollar reserves have declined sharply forthecurrentfinancial year. rency but to a limited extent. on Friday.

Money laundering • FROM PAGE 1

60% GST share on states' wish list HC sets aside

case: Rana Kapoor Adani... "Moreover, it is to be noted speak," he added.

gets bail by Delhi HC
The Delhi High Court on
Friday granted bail to former
MD and CEO of YES Bank,
Rana Kapoor, in a money
laundering case being probed
by the Enforcement
Directorate.
The order was pronounced
by Justice SudhirKumar Jain
on the bail application by
Kapoor.
The case pertains to
Enforcement Directorate's
probe against Gautam Thapar,
Avantha Realty Ltd (ARL),
Oyster Buildwell Pvt Ltd
(OBPL), and several others
alleging criminal breach of
trust, cheating, criminal con-
spiracy, and forgery fordiver-
sion or misappropriation of
public money during the 2017
to 2019 period.
Data regulation provision to be
added in new Digital India Act
The government plans to
includedataregulation provi-
sions in a new Digital India
Act, Minister of State for
Electronics and IT
Rajeev Chand-
rasekhar said on
Friday. While speak-
ing at an event on
5G, Chandrasekhar
said the recently issued
draft of Digital Personal
DataProtection (DPDP) focus-
es on the protection of dataof
Indian citizens.
"It (DPDP) does not intend
to appoint aregulator and cre-
The agency had earlier told
the trial court that the inves-
tigation revealed that approx-
imately Rs500crore proceeds
of crime were laundered
through OBPL, JhabuaPower
(JPL), Jhabua Power
Investment (JPIL), Avantha
Power and Infrastructure
(APIL), ARL, etc. which were
being controlled and benefi-
cially owned directly or indi-
rectly by Thapar. PTI
ate regulation for the data
ecosystem. That is down the
toad when we create anew bill
forDigitallndia Act This
is abill whichnanowly
focuses on data pro-
tection of con-
sumers,
Chandrasekhar said.
The government
has issued a draft of a
new data protection bill
after it withdrew the previous
version of the bill fromthe Lok
Sabha in August citing several
overlapping rules in the mod-
ified version of the bill. PTI
'mechanical'
show cause
The FPO would help fund that as per the 15th Finance Mitrasaid that there were
Adani Enterprises' growth Commission Report, 627 per several issues that the state
plans, sector experts said, as cent of total receipts are wanted to raise, such as the notice on GST
the group looks to expand being taken by the Union release of funds on time.
across categories. government, while 624 per "The compensation for the
The group plans to invest cent of the expenditure com- month of June for the GST
$50-70 billion in green hydro- mitments are on the shoul- shortfall has come today and
gen and another $23 billion ders of state governments," this is just acase in point," he
in green energy overthe next he added. added.
five-10 years, it disclosed in States like Kerala and The Centre on Friday
an investor presentation last Tamil Nadu alsoflaggedthe released 517,000 crore to
month. issue of merging cesses and stales/UTs towards the bal- The Tfelangana High Court
The group also plans to surcharges into basic rates of ance GST compensation for has set aside a "mechanical"
invest $7billion in electricity tax, so that states receive April-June 2022. show cause notice and sub-
transmission, $12 billion in their legitimate share. After the meeting, the sequent order for cancella-
transport utilities, and $5 bil- "Cesses and surcharges, as a finance ministry in a state- tion of goods and se tvices tax
lion in the road sector, it said. percentage of gross tax rev- ment said: "Most of the par- (GST) registration against a
While its foray into data enue, have increased mani- ticipants thanked the Union proprietary concern.
centres with cloud services fold from 10.4 per cent in finance minister for finan- The case relates to an
would entail an investment 2011-12 to 26.7 per cent in cially supporting their assessee engaged in the busi-
of $6.5 billion in partnership 2021-22. This has deprived of funding ofsuch schemes," only federalist institution left states/Union Territories by ness of purchasing and sell-
with EdgeConneX, another states of their legitimate ThiagaRajan added. in the country where all enhancing borrowing limits, ing iron scrap. Show cause
$9-10 billion is planned for share of revenue collected by Amit Mitra, principal states and Union Territories providing two advanced notices were issued to the
airports, where it is the Union government," chief advisor to the chief are represented. The tradi- devolution instalments and assessee, proposing to cancel
already the largest private Tamil Nadu Finance minister of West Bengal and tion followed in that meeting through special assistance its GST registration in case it
operator. Minister P T R Palanivel the finance department,said is that first chief ministers for capital expenditure. The has been obtained by "means
The group recently for- Thiagarajan reportedly said. the additional chief secretary speak, then ministers, and Union finance minister of fraud, willful misstate-
ayed into the cement sector "All states, irrespective of and finance secretary repre- finally, officials. So every thanked the participants for ment orsupptession of facts".
with the acquisition of ACC political parties, expressed a senting West Bengal was not state's voice is heard. Here their inputs and suggestions The court noted that the tax
and Ambuja Cements from common theme —states' fis- given a chance to speak at the our voice was not heard towards the Budget 2023-24 authorities have only men-
Holcim for $10 billion. And cal autonomy is greatly con- meeting. because the additional chief and assured to examine each tioned that in case the peti-
plans to put in $4 billion in strained by the extent of cen- "We should have fol- secretary and finance secre- of the proposals," it added. tioner has obtained GST reg-
petrochemicals are also in trally sponsored schemes, by lowed the principle of the tary representing the state istration by means of fraud,
the offing. the extent of changing ratios GST Council, which is the was not given a chance to WithPTltnputs willful misstatement or sup-
The group's market capi- pression of facts, then the
talisation was around $16 bil- GST registrations were liable
lion in 2015, which has now drive insurance penetration," cent increase in sales on this to be cancelled. No particu-
risen to $229 billion (518.71 The regulator has relaxed day over the last few years of lars of any such fraud etc
trillion) — a jump of more solvency norms for general celebrating this occasion have been mentioned.
than 14 times. and life insurers. This step because customers happily The notice gave seven
will flee up substantial capi- execute all of their parked working days for a reply by
tal for insurance companies. purchases on asingleday. We the assessee, but he was sum-
Irdai... It has done away with the anticipate similar momen-
necessity of approval by the tum this year," Pavandeep
moned the very next day.
Also, the registration was
Ritesh Kumar, MD and CEO, regulator for raising funds Singh, vice-president (growth cancelled aday afterthe reply
HDFC ERGO General through subordinate debt strategy), Woodland, said. was given. The court
Insurance, said: "We believe and/or preference shares. Black Friday as a concept observed that on such sur-
that registration of Indian began in the US and then mises and conjectures, no
insurance companies and picked up globally as retailers show cause notices could
other formsof capital propos- Black Friday.., offer heavy discounts to have been issued by the
als should lead to improved shoppers the day after authorities.
access to capital, which will "We have seen a 15-20 per Thanksgiving.

• • ••
INDIWAl DHASMANA

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NEW DELHI | 26 NOVEMBER 2022 ECONOMY & PUBLIC AFFAIRS 7
<

Centre to review spending

pattern of rural job scheme
SANJEEB MUKHERJEE
New Delhi, 25 November HOUSEHOLDS DEMANDING WORK (in mn)
2018-19 2019-20 2020-21 2021-22 2022-23*

T
he Centre has formed
a high-level panel
headed by a former
bureaucrat to undertake a com-
prehensive review of the flag-
ship rural job guarantee
scheme’s expenditure pattern,
governance structure, and
administrative issues with an
aim to plug loopholes and
leakages.
The move comes ahead of
the Budget, with questions over
the hefty allocation for the
scheme despite resumption of
normal economic activity.
Sources said the panel,
formed in October, is slated to
submit its report by January,
just before the 2023-24 Union
Budget is placed in Parliament
in February.
The review is a pan-Indian
exercise that will also look at
areas and districts where
Mahatma Gandhi National
Rural Employment Guarantee
Scheme (MGNREGS) expendi-
ture has surged during the past
few years, and the reasons
thereof. According to some
reports, the spending on MGN-
REGS in poorer states such as
Bihar and Odisha has been low-
er than the relatively economi-
cally affluent ones such as
Tamil Nadu, which have a
higher per-capita income. “One
Source: MGNREGS
big focus area of the panel
would be to understand
whether MGNREGS has been
fulfilling its role of poverty alle-
viation and whether there
needs to be any change in focus
for that,” a senior official direct-
ly involved in the process told
Business Standard.
He said a fundamental
alteration of the MGNREGS
structure looked very unlikely
because it was a legislation
unlike any other government
schemes, and would need
Parliament approval.
“MGNREGS was started in
2006 and 16 years have passed
since then. The scheme’s per-
formance and progress has
been reviewed several times
in the past and the current
16.82
21.05
23.26
26.18
13.41
Apr May Jun
one is also being done with
the same objective to make it
more in sync with changing
times and requirements,”
another official said.
Work demand for MGN-
REGS has shown signs of slack-
ening in the past few months.
In October, around 15.5 million
households sought work under
the scheme, which is higher
than the corresponding pre-
Covid month of October 2019,
but much less than the
demand for the same month in
the next two years.
The October work demand
under the scheme, according
to the MGNREGS website, is
the lowest in a month so far in
this financial year.
However, the fact that a sig-
50
45
40
15.50
35
20.46
30
24.36 25
20
15.93
15
12.91 10
Jul Aug Sep Oct
nificant number of people are
still seeking work under this
scheme means that if the trend
continues in the months
ahead, there is a chance that
once again close to 70 million
households could seek work,
said experts.
Before the pandemic, 50-55
million households regularly
used to seek work in a year.
This has jumped to over 70 mil-
lion per year since the pandem-
ic. If this year, too, over 70 mil-
lion households demand work,
then it will mean that the
scheme characteristics have
fundamentally undergone a
change and overall economic
growth is still not percolating
down to the rural and unorgan-
ised segments of the society.

Wheat planting area rises 10%

SANJEEB MUKHERJEE
New Delhi, 25 November

With almost 50 per cent of the normal area

covered, wheat acreage could see a good
jump this year, which is good news for a
strong harvest if the weather remains
benign in the coming months, according
to traders and market players.
Till Friday, November 25, wheat was
sown in around 15.28 million hectares,
which is almost 10.48 per cent more than
the area covered during the same period
last year. As regards other crops, mustard
has been sown in around 7.08 million
hectares, which is 14.38 per cent more than
in the same period in 2021. SOWING REACHES 50%
Gram (chana) has been sown in around
6.71 million hectares, which is marginally
Rabi sowing as on Nov 25
0.91
0.83
15.28
13.83

7.08
6.19
6.69
6.71
9.43
9.42

more than the area covered during the
same period a year ago.
In total, rabi crops were sown in around
35.85 million hectares till Friday — 7.2 per
cent more than the area covered during
the same period last year.
Usually, the main rabi crops are sown
in around 64 million hectares. This means
that so far sowing is over in nearly 56.25
per cent of the normal area, which is the
average area covered in the last five years.
During the week, wheat prices in the
domestic markets scaled new highs,
almost ~2,900 per quintal, in North Indian
markets. The Centre has said it is moni-
toring the situation and will take a call on
resuming open market sales for wheat,
lowering import duty, or extending the
(in million hectares)
n2021-22 n2022-23 Chg %
Wheat Rice Pulses Gram Mustard
TOTAL 33.43 35.85 7.24
Note: Total might not match as all crops 10.48 9.64 -0.11 0.30 14.38
haven't been included
Source: Ministry of Agriculture % Change
Pradhan Mantri Gareeb Kalyan Ann Security Act.
Yojana (PMGKAY) beyond December at an Meanwhile, private commodities play-
“appropriate” time. It said it would have er Origo has upped the kharif production
enough grains in its inventories even if the numbers. In its September estimate, Origo
scheme is extended beyond December. had projected kharif production to fall to
Under the PMGKAY, the Central gov- around 640.4 million tonnes. Origo now
ernment has been distributing 5 kg of has projected India’s kharif production for
wheat and rice over and above the usual the crop year 2022-23 at 642.67 million
monthly allocation to almost 800 million tonnes, which is, however, 1.7 per cent low-
beneficiaries under the National Food er than in the same period last year.

N ALL IN A DAY N
CRISIL SME TRACKER
Non-Covid-19 services may SC seeks govt reply on pleas for
boost hospital SMEs in FY23 recognition of gay marriages
Over four years after decriminalising consensual gay sex
CRISIL MI&A RESEARCH expects the revenues of between adults, the Supreme Court on Friday sought response
hospitals and nursing homes to grow by a from the central government to separate pleas by two gay
healthy 13-18 per cent year on year in the current couples seeking enforcement of their right to marry and a
fiscal year (FY23) too, after a high optical growth direction to the authorities to register their marriage under the
of 25-27 per cent in FY22 owing to the low base of Special Marriage Act. A Bench, headed by Chief Justice D Y
2020-21 (FY21). Chandrachud, who was also part of the Constitution Bench
Growth will ride on revival in demand for which in 2018 decriminalised consensual gay sex, issued notice
non-Covid-19 treatments — or regular services to the Centre besides seeking the assistance of Attorney General
such as elective surgeries, outpatient department for India R Venkataramani in dealing with the pleas.
and other treatments — along with price hikes by Senior advocate Mukul Rohatgi, appearing for the gay
health care providers, which will increase average couples, said the issue was a sequel to the Navtej Singh Johar
revenue per operational bed. and the Puttaswamy judgments (gay sex and right to privacy
Small and medium enterprises (SMEs), which verdicts respectively). The pleas seek a direction that the right to
account for 60-65 marry a person of one's choice be extended to LGBTQ (lesbian,
per cent of the gay, bisexual, and transgender and queer) people as part of their
health care SMES DOMINATE THE fundamental right. One of the petitions has sought
delivery market, interpretation of the Special Marriage Act, 1954 in a gender-
stand to benefit HOSPITAL SECTOR neutral manner where a person is not discriminated due to their
from the SMEs sexual orientation. PTI
improvement. SMEs 60-65%
in this segment are
mainly involved in
primary and
Demonetisation: Can't put
secondary care,
and only a few
the clock back, govt tells SC
provide tertiary Resisting the Supreme Court's attempt to revisit the 2016
care. demonetisation exercise, the government said on Friday the
For the record, Non-SMEs court cannot decide a matter when no tangible relief can be
the first quarter of granted by way of "putting the clock back" and "unscrambling a
FY22 saw the 30-35% scrambled egg".
pandemic’s second Source: CRISIL MI&A Research The remarks by Attorney General R Venkataramani came after
wave and related the SC asked the Centre to explain whether it consulted the
mobility restrictions. Even though the focus was central board of Reserve Bank of India (RBI) before undertaking
on Covid-19, regular treatments were hit less demonetisation of ~500 and ~1,000 denomination notes in 2016.
severely compared with the first wave. As a result, A five-judge Constitution bench headed by Justice S A Nazeer is
smaller hospitals mandated by the government to hearing a batch of 58 petitions challenging the demonetisation
reserve a portion of their beds for Covid-19 exercise. "The only submission you have made is that these are
patients witnessed a rise in occupancy. These all economic issues done by experts, (so) don't touch it. What is
hospitals also benefited from pent-up demand as your opposition to the plea of the other side? Tell us what is your
the second wave abated and recovery in regular submission to counter their submissions. They said it is not in
treatments kicked in. conformity with section 26 (2) of the RBI Act.” PTI

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 8 WORLD
>
NEW DELHI | 26 NOVEMBER 2022 1

IN BRIEF Foxconn woes mount: 20K Chip shortage

Pakistan raises key interest forces Jaguar to
rate by 100 bps to 16%
Pakistan’s central bank raised its key policy rate by 100 basis
leave China iPhone factory slash UK output
points to 16 per cent on Friday in an unexpected move to ensure Unrest threatens hit to over 30% iPhone shipments from the site in Nov
high inflation does not get entrenched. Including this increase,
the central bank has raised its key rate by 625 basis points REUTERS SIDDHARTH PHILIP though a final decision hasn’t
cumulatively in 2022. It kept the rate unchanged at its last two Taipei, 25 November 25 November been made.
meetings in October and September. “This decision reflects the “We continue to actively

F
MPC’s view that inflationary pressures have proven to be oxconn’s flagship Jaguar Land Rover is reduc- manage the operational pat-
stronger and more persistent than expected,” the central iPhone plant in China ing vehicle output in the UK terns of our manufacturing
bank said in a statement. REUTERS is set to see its through March, as plants whilst the
November shipments fur- the carmaker industry experi-
ther reduced by the latest prioritises making ences ongoing
Bangladesh seen on track to bout of worker unrest this
week, a source with direct
higher-margin
models because
global semicon-
ductor supply
be a $1-trn economy by ’40 knowledge of the matter said,
as thousands of employees
of semiconductor
shortages, accord-
chain disruption,”
a Jaguar Land
Bangladesh is on course to become a $1 trillion economy by left the site. ing to a person Rover spokesman
2040, driven by consumer optimism, innovation in emerging More than 20,000 familiar with the said in an email.
economic sectors and a young engaged workforce, according to employees, most of them matter. “Demand for our
Boston Consulting Group (BCG). With average annual growth of were new hires not yet work- The loss-mak- vehicles remains
6.4 per cent between 2016 and 2021, the South Asian nation has ing on the production line, ing manufacturer, JLR does not plan strong.” The com-
outpaced peers such as India, Indonesia, Vietnam, the have left Apple supplier owned by India’s any job cuts at pany expects ris-
Philippines and Thailand, BCG wrote in a report released on Foxconn’s Zhengzhou plant Workers in protective suits stand guard as others prepare for their duties in Beijing as Tata Motors, will the UK plants. It ing deliveries dur-
Friday.Bangladesh’s domestic consumer market is set to in China, a Foxconn source part of Covid-19 preventive measures PHOTO: AP/PTI cut production of may ramp up ing JLR’s fiscal
become the ninth-largest in the world. BLOOMBERG familiar with the matter told the Range Rover production when second half,

Popstar Kris Wu sentenced

Reuters on Friday.
The departure was set to
complicate the company’s
Fear of quarantine camps, not Velar and Jaguar
F-Pace models
that are made in
chip supplies
normalise
which
through March,
as new agree-
runs

to 13 years in prison
previous target to resume full
production by the end of
November, following worker
Covid, is shutting Beijing down Solihull, while ments with semi-
ramping up output of its most conductor partners take effect.
lucrative models, the Range JLR doesn’t plan to cut any
A Chinese court on Friday sentenced unrest that rocked produc- BLOOMBERG Rover and Range Rover Sport. jobs at its UK plants as a result
Chinese-Canadian pop star Kris Wu to 13
years in prison on charges including
tion of the world’s largest
iPhone factory.
25 November PBoC to inject JLR may also reduce pro- of the reduced production as
duction at its Halewood plant it plans to ramp back up when
rape. Beijing’s Chaoyang District Court
said Wu was given 11 years and six
The plant employed more
than 200,000 staff.
There are serious ramifications to being exposed to
Covid-19 in China — and not just infection. As the
$70-bn liquidity where it makes the Evoque chip supplies normalise, the
and Discovery Sport models, person said. BLOOMBERG
months for a 2020 rape, and 1 year and The company could now country confronts its biggest outbreak ever, residents in The People’s Bank of China (PBoC)
10 months for the “crime of assembling see more than 30 per cent of major cities are hunkering down because of the cut the amount of cash that banks
a crowd to engage in sexual the site’s November produc- prospect of being sent to a quarantine camp or locked must hold as reserves for the
promiscuity” in a 2018 event in which he and others allegedly
assaulted two women after they had gotten drunk. AP
tion affected, up from an
internal estimate of up to 30
per cent when the factory's
worker troubles started in
down at home.
Going out in the capital of Beijing means having to
scan a QR code to enter venues like shops and
restaurants, or to even take public transportation.
second time this year, releasing
about 500 billion yuan ($69.8
billion) in long-term liquidity.
PBoC said it would cut the reserve
Twitter to launch
Sunak more liked than UK
governing party, shows poll
late October, the source said.
The site, which is the only
factory where Foxconn
Under the country’s ubiquitous contract-tracing
surveillance system, visiting the same places as
someone who later turns up infected can land one in a
requirement ratio for banks by
25 basis points, effective from
December 5. REUTERS
gold, grey checks
Since Rishi Sunak took charge as Britain’s first Indian-origin PM,
indications are that his popularity with the UK electorate
makes premium iPhone
models, including the iPhone
14 Pro, is unlikely to resume
government isolation facility, where conditions can be
so poor that some people say they are buying chamber
pots and portable tents in preparation.
Xi resumes besides blue tick
remains on stronger ground than that of the governing
Conservative Party. According to the November Ipsos Political
full production by the end of
this month.
The capital has largely battened down. People are
staying at home as transmission increases, even though
physical meets Elon Musk has said Twitter will launch its new verified
Monitor “Nearly half (47 per cent) say they like Rishi Sunak, The factory has been the overall risk of infection remains low, with 1,854 cases A maskless President Xi Jinping met services next Friday, after a series of delays and mishaps over
against two in five (41 per cent) who dislike him. This makes grappling with strict Covid reported for the city of 22 million people on Thursday. Cuban counterpart Miguel Diaz- fake accounts. Twitter had earlier suspended the $8
Sunak more liked than Boris Johnson earlier this year,” Ipsos restrictions that have fuelled “I’m not scared of getting infected at all,” said Liu, a Canel in Beijing, resuming his flurry subscription program to combat a growing problem of users
said.“Just one in four (26 per cent) say they like the Conservative discontent among workers 36 year-old. “I’m in fear of getting locked down or even of in-person summits even as a impersonating major brands.
Party, which is their worst rating since June 2007. PTI and disrupted production sent to a quarantine facility. There’s a higher chance I record Covid surge fanned Twitter Verified is Musk’s attempt to distinguish between
ahead of Christmas and end up there if I get into public venues,” she said. lockdown fears in the Chinese different classes of users, and drum up much needed
January’s Lunar New Year The food situation in the city underscores the capital. The meeting was Xi’s first revenue with different colored checks for individuals,
Aveva investors back holiday, as many workers
were either put into isolation
point. Stores are stocked with items that residents
might need during a lockdown. But are also largely
public appearance since returning
six days ago from meetings in
companies and governments. Musk on Friday allotted
colours for the categories — gold for companies, grey for
$11.9-bn Schneider offer or fled the plant. devoid of shoppers. Southeast Asia. BLOOMBERG governments and a blue check for individuals including
celebrities. “Painful, but necessary,” he said, adding that
Aveva Group shareholders backed a £9.9 billion ($11.9 billion) verified accounts will be manually authenticated before a
buyout offer from Schneider Electric SE, after a prolonged battle
from investors who wanted a higher price for the UK software
company. Some 83 per cent of investors voted in favor,
China plans N-powered moon base in 6 yrs check is activated.
The revamped $8 subscription
service will allow individuals to
according to a company statement on Friday giving a green have a smaller, secondary logo of
light for French industrial conglomerate Schneider to buy the SELINA XU station and setting its sights on their organis-ations if verified by
roughly 41 per cent of Aveva it doesn’t already own. BLOOMBERG 25 November The base is intended to be Mars. The plans have put it in them, he said in another tweet.
the first outpost on the direct competition with the “Longer explanation next week.”
China plans to build its first moon’s South Pole, an United States. AGENCIES
Thunberg sues her native base on the moon by 2028,
ahead of landing astronauts
area scientists think has
water. China aims to
In 2019, China became the
first country to land a rover on
Sweden for climate failures there in subsequent years as
the country steps up its chal-
eventually expand the
base into an international
the far side of the moon, and
later brought back its first
PAINFUL, BUT
Greta Thunberg and over 600 activists lenge to NASA’s dominance in research station lunar samples. The base is
NECESSARY ... LONGER
have filed a class action lawsuit against space exploration. intended to be the first outpost EXPLANATION NEXT WEEK”
the Swedish state for failing to take The lunar base will likely be on the moon’s South Pole, an
adequate measures to stop climate powered by nuclear energy, “Our astronauts will likely address the lunar station’s area scientists think is the best
ELON MUSK, Twitter owner
change. The lawsuit is part of an internat- Caixin reported. Its basic be able to go to the moon long-term, high-power energy place to find water.
ional wave of climate-related legal configuration will consist of a within 10 years,” Wu Weiran, needs, he said. Nasa is also targeting that
action, some of it targeting national lander, hopper, orbiter and chief designer of China’s lunar China has ramped up its part of the moon. China aims
governments. It follows a high-profile case in the Netherlands,
where the court ruled in 2019 that the government had a legal
obligation to take action to mitigate global warming. BLOOMBERG
rover, all of which would be
constructed by the Chang’e 6,
7 and 8 missions.
exploration program, said in
an interview with CCTV earlier
this week. Nuclear energy can
ambitions in space in recent
years, sending probes to the
moon, building its own space
to eventually expand the base
into an international research
station. BLOOMBERG
PM Deuba-led alliance
near majority in Nepal
17 people & a dog between Ukraine’s neighbour and blackout Prime Minister Sher Bahadur
Deuba’s Nepali Congress-led
ruling coalition was on
ning 42 seats alone under the
direct voting system. Its alli-
ance partners — CPN-
PHOTO: REUTERS Friday heading towards win- Maoist Centre and CPN-
MARC CHAMPION providing almost a third of November 28. On Until November 1, the EU TO HELP ning a clear majority in Unified Socialist have won 12,
25 November Moldova’s electricity Wednesday, Moldova was mainly gas fired power Inside an Nepal’s parliamentary elec- 10 seats. The Lokatantrik
imports. without power for two station — run by the invincibility tions with the alliance bag- Samajwadi and Rastriya
The group at Moldova’s The remaining two hours after missile strikes Russian-owned centre in Kyiv. ging 67 seats out of the 124 Janamorcha have bagged
electricity utility tasked thirds disappeared earlier interrupted emergency Moldavskaya GRES — Europe is declared so far. two and one seats respec-
with keeping the country’s this month, after Moscow flows from Europe. provided the rest of the scrambling to In the 275-member House tively. They all are part of the
lights on were out of breath, reduced natural gas country with over half help Ukraine of Representatives, 165 will ruling alliance.
running between meetings. supplies to the city. Cuts to cost Maldova $1 bn its electricity. stay warm and be elected through direct vot- The Opposition alliance
Backed by a staff of 17, Alomost overnight, The 400 kilovolt cable Now it’s a de facto keep working ing, while the remaining 110 led by former premier K P
acting Energocom general Moldova had to start from Romania through distribution hub for power through the will be elected through a pro- Sharma Oli-led CPN-UML
director Victor Binzari and buying about 80 per cent of which the country now on its way from Romania to bitter winter, portional electoral system. has bagged 38 seats.
his two sidekicks have been its power and half its gets most of its power Chisinau. A well-aimed pledging to send A party or a coalition Elections to the House of
scrambling to find new natural gas from Europe. threads either side of the Russian missile, or just the more support to needs 138 seats to win a clear Representatives and seven
sources of power since On Tuesday, Russia’s border with Ukraine before flip of a switch in help mitigate the majority. provincial assemblies were
mid-October, when energy giant Gazprom landing at a power station Transnistria, could cut Russian efforts The Nepali Congress was held on Sunday.
Russian missile strikes threatened to cut gas in Transnistria, a separatist Moldova’s new European to turn off the set to emerge as the The counting of votes
took out the substations supplies further as of territory. lifeline. BLOOMBERG heat and lights single-largest party after win- started on Monday. PTI

THE BS CROSSWORD #3447 BS SUDOKU #3829

ACROSS: Easy:
from Stockholm,possibly(5) happen about the broken gun running (6)
9 Some apprentice 21 A board of skiffers? (9) supports (8) 24Being avaricious, rush in ««
disgracefully led astray (7) 25Disrupt by making swings 6 Unutterably surprised, generally heartlessly (6) Solution on Monday
10 Retains newly-made impossible (7) apparently (6,4) 27 Jack and Jill's uphill
wine from Greece (7) 26Put the crust on from top 7 Melt away somehow less burden (4)
11 Collects large family to bottom? (3-1-3) void (8)
crowds finally (7) 28Look, let us make fastener 8 Salty act bungled a SOLUTION #3446
12 Land quietly before going parts! (7) chemical influence which
further cast (7) 29Made oneself fearfully is not itself changed (8) SOLUTION TO # 3828
13 Oddly enough, the odds small (7) 14 Overbearing attitude of
are very slim (3,6) one surrendering ? (10)
15 Manx absentee going by DOWN: 16 Made a sign that gets rude HOW TO PLAY
air? (5) 1 He’s wrapped in fat back interpretation (8) Fill in the grid so that every
16Are shortly to be in the for support (6) 17 Got off with a blond boy (8)
river for the places in the 2 Quick-change artist in a 18 Writers in the south use a row, every column and
country (7) tight spot? (6) condition of mental every 3x3 box contains the
19Learner said it was a huge 3 Behaves in character! (4) indecision (8) digits 1 to 9
green monster cooked in 4 Rum heir makes a poor bet! 22 Old decorative style, or
gravy (7) (4-2) revival by Chanel? (6)
20Smart journalist leaving 5 They’ll tell us what will 23 Challenge one politician on

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 >
OPINION 9
Volume X Number 17 ILLUSTRATION: BINAY SINHA
NEW DELHI | 26 NOVEMBER 2022 Those with a closer understanding of the party’s
mind would argue that instead of fighting Modi
piecemeal and losing, Rahul is building a larger
WEEKEND RUMINATIONS challenge with clear ideological binaries for 2024.
A recent article by Shruti Kapila, professor at
T N NINAN Cambridge University, argues that Rahul’s Savarkar
remark is not about the present, but about setting

Just a power player? up the terms of the contest in 2024.

T his may sound cool from the Rahul camp, but

A
s was noted in this column last week, India is currently in a sweet spot on the cycle of politics is brutal. It does not give
the international stage. Having become the fifth-largest economy by over- you a pause, an intermission, to lick your wounds.
taking the UK, it can realistically look forward to overtaking Germany (now
only 16 per cent bigger than India) and Japan (24 per cent bigger) in well
under a decade. All that the country has to do is avoid major blunders and maintain its
tempo. That brings a new urgency to the question: Are the country’s other character-
A Gujarat gamble There is no strategic timeout. And when your rivals
are practitioners of “total politics”, like Modi and
Kejriwal, a pause will be seen as an acceptance of
defeat. Nobody can take a gap year now with the
hope of a big comeback in the summer of 2024.
istics, including its institutional scaffolding, what the world’s third-largest economy The cycle of politics is brutal, it doesn't have the concept of a The two state elections taking place now are
should ideally possess? where the fight has always been between the
For an answer, consider the following: Does it improve India’s attractiveness when strategic timeout. I'd rather not buy the idea that Rahul’s Congress and the BJP. In one now, the AAP is mus-
the latest draft of a so-called “personal data protection” Bill has been universally panned holding his fire until 2024. It's more likely that his party cling in, mostly eyeing the Congress vote. This also
sets in a 13-month cycle wherein state after state,
for giving virtually untrammelled powers to the state to frame rules according to its whim?
What does it do to the country’s reputation as a business destination when domestic believes Karnataka offers it its best chance of winning the Congress and BJP will directly come up against
each other. Karnataka will be the next.
courts are used to stymie international arbitration awards? Consider also the growing a Gujarat-sized state if Gujarat is too challenging And while in Telangana, the Congress has already
presence of business oligarchs tied to the establishment — something that typically rules
lost its position as the challenger to KCR to a surging
out a level playing field? And does it matter that the state is prone to arbitrary action —

W
hat does it tell us about the state of our two Lok Sabha elections of 2014 and 2019 when Modi BJP, later in the year in Rajasthan, Chhattisgarh and
like keeping people in jail for years together without bringing cases against them to court? national politics when the ongoing elec- swept all the seats in the state. The Congress fell short Madhya Pradesh it will be in a straight contest with
One could dismiss such questions as irrelevant since China has achieved decades of tion battle in Gujarat seems the most of the BJP by a good 20 seats in 2017 but its vote the BJP. The first two of these are also the only states
rapid growth and development as a one-party state, holding citizens as hapless captives underwhelming in two decades, beginning with share, at 41.4 per cent, was formidable. the party rules by itself (not in a coalition as in
in distant hinterlands while treating businesses shabbily. Scepticism gains traction in a Narendra Modi’s first in 2002? This, in spite of the That, with the party’s leadership distracted, with Jharkhand). It has much to lose here.
world where the middle powers increasingly disregard the values of a liberal democracy fact that there is an exciting new player in the field Rahul’s padyatra making a point of not straying Political learning of two decades tells us that
as being a specific construct flowing from the European Enlightenment, and prefer now in the Aam Aadmi Party (AAP). into campaign territory, can be vulnerable. The BJP these three heartland state elections are no real
Some possibilities would look obvious. That therefore finds itself in a paradoxical situation. It markers for what might happen in the general elec-
instead to worship at the altar of nationalism and cultural-identity politics (and remember
people, especially those who believe they are the hopes that any vote the AAP gets should only be tions that follow about six months later. Atal Bihari
“Asian values”). It gains even further strength when globalisation yields to inward-looking wisest, by and large feel that they know the result. from the Congress. At the same time, it does not Vajpayee’s BJP swept these in 2003, concluding
policies in precisely those countries that once pushed hardest for open markets. That the Bharatiya Janata Party (BJP) will win easily, want the AAP to get too much of it. Because, a that India was shining and waiting to give it a fresh,
So India has to settle what it wants as the terms of the government-business rela- especially as the opposition vote is divided between declining old opponent is a blessing as much as a bigger mandate. It advanced national elections and
tionship, and linked to that the state-citizen equation. While doing so, it must ask why the traditional challenger Congress rising new rival is a threat. lost famously. In 2018, the Congress won all three
thousands of wealthy Indians are emigrating in ever larger numbers to places that and the AAP, so what’s the story? (it also secured Madhya Pradesh initially), but was
include Singapore and Dubai. What do they find missing in India? It can’t be just clean
air, or easy access to good schools and hospitals. Could it be also the simple assurance
The indifference of the Congress,
could probably be explained by the
party deciding to save its ammu-
Even the BJP people acknowl-
edge that the election in 2017
was the closest Rahul Gandhi’s
wiped out in the same states in the subsequent
national elections.
The BJP knows it can ride another setback here
of adherence to rules?
nition for bigger battles rather than Congress came to breaking its because the general election will be fought entirely
In making its choices, India must face up to one fact: It is not China, whose skewed expend it in Gujarat where the odds momentum. It wasn’t touch and in Modi’s name, for his third term. For the
investment rules and operational uncertainties were accepted by international com- might be stacked much too heavily go, but close enough until a week Congress, the consequences of losing any of these
panies as part of the costs of doing business, because the dynamism and size of China’s against it. And the BJP, which never before the polling dates to give states will be the worst possible build-up for 2024.
domestic market, combined with its unique advantages as a production base, made it takes any poll campaign lightly, is the Modi juggernaut a fright. It How will it keep the enthusiasm and loyalty of its
impossible to stay away. In comparison, India has competitors who present themselves campaigning hard as usual. We don’t showed in Modi’s emotional cadres? Where will the resources come from?
as investment alternatives. They may not offer the added advantage of a large domestic see the sense of desperation that was
on display in 2017 when at one point
NATIONAL INTEREST address to his party after the vic-
tory and we did try to interpret
The reason this column contains so many ques-
tion marks is because there are many transitions
market, but that story is not as compelling with India as it was with China even two
the Congress was running them SHEKHAR GUPTA the political message in the tears taking place simultaneously in our politics now.
decades ago. India has a long way to go, and it needs to play nice more than China did. really close. The BJP’s larger effort on his cheeks in a National There are tactical needs, strategic makeovers and
It is of course true that the countries that held themselves up as exemplars when is concentrated on cutting the AAP at the roots Interest column. That tension is missing today. repositioning. National politics will gather a fresh
dealing with their own citizens did not, in international business, practise what they before it grows too far. It is the relative lack of urgency on the part of the impetus in the first half of 2023 as Karnataka goes
preached. Japanese expertise in non-tariff trade barriers is common knowledge, as is The BJP now genuinely believes that the Congress which is intriguing. The answer you get to the polls.
the fact that the US makes unilateral rules — like telling the rest of the world who it Congress’s decade-long decline has gathered so depends on who in the Congress you are speaking For the Congress now, Karnataka offers a better
can or cannot trade with, and seizing Russian financial assets held overseas. much momentum that it can no longer be its pre- to. There are some brave ones who’d insist that the opportunity than Gujarat. The BJP government
Businessmen have also known that it is extraordinarily difficult in Japan for a foreigner eminent threat. Even if the Congress disappears, anti-incumbency in both Himachal and Gujarat is there has been shambolic, is riven by infighting,
as it has done in, say Delhi, Odisha and West Bengal, so strong that the BJP will be defeated without too Modi and Amit Shah do not come from there. I’d
to win a court case against a local entity; and that Europe has been as protectionist as
what used to be the loyal Congress vote does not much effort from them. Himachal in particular. rather not buy the Rahul camp idea that he’s hold-
anyone when the shoe pinches. come to the BJP. It always looks for another address. There are also those closest to Rahul who argue, ing his fire until the general elections. It is more
Such awareness of the hypocrisies of yesterday’s rule-makers contributes to India’s It can be Mamata’s TMC, Naveen Patnaik’s BJD or, see, he is realistic and wise. He has figured that it likely that his party believes that Karnataka offers
growing nationalist impulse. Still, at the end of the day India must decide what kind of Arvind Kejriwal’s AAP, as in Delhi and Punjab. works better for the BJP if an electoral contest is cast them their best chance of winning a Gujarat-sized
country it wants to be — one admired as much for its soft power as for its market, or an What if the AAP picks up anything upwards of, as Modi versus Rahul. So, for now, Rahul has pulled state if Gujarat itself is too challenging.
arbitrary state that can do what it wills with both individuals and businesses because say, 15 per cent of the vote in Gujarat? So far, the himself out of the way. It is a tactical repositioning. That win—if it comes—might also be a good time
its size and dynamism give it greater immunity from international pressure. Will India Congress has been consistently losing to the BJP in It doesn’t mean, however, that the party has lost for yet another relaunch of Brand Rahul. He has not
play just the power game, or also the values game? Gujarat for almost three decades but its vote share its fighting spirit or ambition. It is just choosing had a trophy in his cupboard since the winter of 2018.
has been stable and sizeable—upwards of 30 per better tactics, strengthening itself for the bigger
cent—even in total wipeouts, as was the case in the battles in the future. By special arrangement with ThePrint

The ‘traitor’ trait in the Congress Spokesperson R S Surjewala summed it up

Congress a factional leader is not expected
to be an ascetic. “The leader is expected to
try and advance himself in every way pos-
sible. The only condition that his supporters
won was in the aftermath of the Emergency
in the middle of the Janata Party wave. He
has never left the Congress and his greatest
factional rival, C P Joshi, conceded defeat
when he said: “We’ve seen Sachin Pilot’s
statement that he won’t join the BJP. I’d like
to tell him that if you don’t want that, then
The game is lost
leave the security cover of the BJP’s EYE CULTURE admirers of Messi and Ronaldo can-
Haryana government, stop all conversations not conceive of.
with them and come back to your home in UDDALOK BHATTACHARYA Still football was Indian — so
Jaipur.” A meeting of the Congress Indian that one could be forgiven

will insist upon, is that when the leader
advances himself, he must take his followers
with him,” he says.
Brass’s research is based on Congress
factions in Uttar Pradesh in the 1960s and
1970s. But his insights into the way the
PLAIN POLITICS party works are valid even today, and not
merely in UP.
ADITI PHADNIS Take the current state of play in the
Congress in Rajasthan.
in 2008, without losing face. “I was a fol-
lower of Ashok Gehlot. Now I am his col-
laborator. For each person he has to decide
at some point … The earlier relationship
between us was of leader-follower and now
it is of leader-collaborator.”
But then came Sachin Pilot. After the
Gujjar agitation for reservations in jobs and
education in 2007-08 — when the
Vasundhara Raje-led Bharatiya Janata Party
Legislature Party left no doubt who had the
upper hand. Of the 107 Congress MLAs in a
house of 200, 100 backed Mr Gehlot. To
close party colleagues, Mr Gehlot said
Mr Pilot was a “gaddar” (traitor) for trying
to split the party. He repeated this publicly
to Srinivasan Jain earlier this week.
But now, Mr Pilot is getting impatient.
He has highlighted the fact that when it
was time for Mr Gehlot to choose between
B
abu Mani, who was captain
of the Indian football team
some 35 years ago, died a for-
lorn but perhaps not impecunious
death at an early age of 59.
Prominent newspapers had not
covered it. Not in Delhi at least. His
being penurious would not have
been surprising. Many Indian foot-
ballers, famous ones to boot, passed
for thinking that the game origi-
nated in India. Take Calcutta foot-
ball and leave out the nationalism
around Mohan Bagan winning the
IFA Shield in 1911. This is one
sphere in which the parochial city
turned cosmopolitan. Star players
from the south (Babu Mani was
from Karnataka), or Baluchistan
and the NWFP in the 1930s or

P
aul Brass, who died in May this year
at 85, was a legend for scholars of
Indian politics. He was best-known
for his extensive work on Charan Singh. But
his research of the Congress revealed how
factions came to grow in the party — and
how the Congress resolved the differences.
He analysed not just the destructive poten-
tial of factions for the party, but also the way
they helped to recruit new caste and interest
groups into it. An external threat retarded
the development of factions (the independ-
ence struggle, for instance, subsumed fac-
tions and rivalries); the tendency of a leader
to aspire to become “the boss” led to the
development of factions. He describes the
attributes of a factional Congress leader:
Loyalty to his followers under any and all
circumstances. Brass notes that in the
Ashok Gehlot elected to stay chief min-
ister of Rajasthan instead of becoming
Congress president. The faction he heads
rose as one man and threatened to resign
when it seemed that he would be uprooted
from Rajasthan. Mr Gehlot’s strong point is
his command over his flock. He is not an
especially gifted orator, but leverages his
connection as a man of the masses. In a rare
public confession he once described his
beginnings in politics: His father was a
municipal chairman and gave him money
to sell fertiliser in Pipar, a small town near
Jodhpur. Instead, the young Gehlot sold his
stock and joined politics. His mentor was
Parasram Maderna, a Jat leader who ini-
tially thought Mr Gehlot was too blunt to
succeed, but gave him a nomination never-
theless. The first election he contested and
(BJP) government was in power and more
than 50 people died in police firing — the
community settled down when the Gehlot
government gave them 5 per cent reserva-
tion under the Most Backward Caste (MBC)
category. However, although he made no
caste claims, Mr Pilot, a Gujjar, ensured that
not a single BJP Gujjar candidate was
elected across the state in the 2018
Assembly elections, when he was president
of the state unit of the party. Mr Pilot and
his faction reckon he was the one that
brought the Congress to power. This group
resents Mr Gehlot’s tendency to become
“the boss” and is in no mood to retreat like
C P Joshi did.
When Mr Pilot saw his chances of
advancement in the Congress were dim, in
2020 he tried another route. Congress
chief ministership and the Congress pres-
identship, a large number of MLAs refused
to turn up to elect his successor: A flagrant
act of indiscipline, for which no punish-
ment was ever meted out. And the latest
threat of instability is the renewed call for
a Gujjar agitation — certainly not at the
behest of Mr Pilot, but one that calls out
the Gehlot regime.
What would Paul Brass have made of all
this? Maybe that factions in the Congress
are active and alive; and their existence, par-
adoxically, weakens the party, but also
strengthens it as factional leaders rope in
new groups to strengthen themselves. Mr
Pilot has so far resisted the temptation to
be known as a caste leader. But if pushed
into a corner, will he consolidate a commu-
nity to consolidate himself?
away in those circumstances. But
when football in India, more so in
Calcutta, was part of a certain socio-
cultural frame, the unnoticed death
of a player who had once achieved
stardom would be inconceivable.
Over the past two decades, sport
in India has been through a pecu-
liar transformation. In some areas,
Indians are doing well. Badminton
is one of them. Not so well in table
tennis, but here too our women
and men are showing a lot of prom-
ise. But the sad thing is that the col-
lective interest in such games holds
as long as Indians participate in
major tournaments. If in All
England Badminton the last Indian
challenger loses in the semi-final,
seldom does a follower of the game
get to know — from the print
media at least — who won even-
1940s, equalled the Bengalis in
number or even outnumbered
them. People went into raptures
when their favourite non-Bengali
players ran rings around their
opponents — so what if the latter
were Bengali! On the football field
it did not matter if one was a
Muslim or a Hindu. Ahmed Khan,
the player who East Bengal’s web-
site says is “India’s greatest ever”,
was neither a Bengali nor a Hindu.
Seasonal changes and religious
occasions blended into football.
Excitement started in early spring,
just after the Saraswati Puja, when
players changed their club affili-
ations. The sultry heat of summer
seemed even an attraction when it
came to standing in queues to get
a ticket to see even the initial
matches of the Calcutta football

‘Moment marketing’ with meaning
mid-flight to tell them that if they could all
decide on a single destination to fly to, they
would all get a free round-trip ticket to that
destination.
JetBlue called the project “Reach Across
the Aisle” — an attempt to see if, during an
election year in the United States, people
could really work together if they wanted
to, and work towards an election result that
could be reached by commonality and con-
YES, BUT... sensus. Things started off a little tentative
and somewhat uncertain. They couldn’t
SANDEEP GOYAL even decide if they all wanted to go domes-
tic or go international. But then some rows
initiative that was done for Mother’s Day.
Again in 2016. Because babies cry, and
because parents flying with a baby could use
just a bit more empathy, JetBlue decided to
try and flip passengers’ attitude on Mother’s
Day. JetBlue came up with a plan to alleviate
the fears of some mothers who didn’t want
to be “that lady with the baby who’s been
screaming for four hours”. A difficult attempt
at maximising a “moment marketing” aper-
ture, few brands would even want to attempt.
Here goes the story. The airline offered
a special “FlyBabies” promotion on April 15
on a flight from New York City’s JFK airport
whining didn’t count) for the 140 passengers
to be rewarded with a free roundtrip ticket
on JetBlue. With a flight time of around
seven hours, there was a good chance the
pint-sized travellers were going to get fussy.
Or so everyone on board fervently hoped.
More than an hour into the flight, none
of the tiny passengers had surprisingly
cried. Each one of them continued to be on
best behaviour well past the half-way mark
— three and a half hours gone, no wailing!
The passengers started to get somewhat res-
tive. Then Lila woke up from her slumber
and started to sniffle. And then all of a sud-
den she let out a loud wail and started to
cry. A cumulative hurrah went up on the
entire flight. Every passenger had earned
25 per cent off!
tually. That it can be disheartening
for a youngster pursuing a sport is
rarely given a thought.
But not so with football, a game
in which India’s last success came
in 1970, when the country won the
bronze at the Asian Games. In the
1950s and 1960s, when India had
some standing in Asian football at
least, not much news of the game
barring what happened in the World
Cup came from other parts of the
world. Yes, all knew India figured
nowhere on the world map but that
did not restrain fans from cheering
their heroes and or prevent stone-
throwing between supporters of
eminent clubs. Manchester United
league. There would be endless dis-
cussion as to who could perform
after a monsoon downpour.
Autumnal victory in an IFA Shield
final would add to the mirth of the
Durga Puja, which would follow in
15 days or so. Hyderabad, Mysore,
or Calicut perhaps did not romance
the game to the extent Calcutta did,
but there too it had a place in social
life. Had it not been for its cultural
content, there would have been no
reason for Pele to play in Calcutta
in 1977, by when India had slipped
badly even by Asian standards.
Worldwide it was cricket that
had to keep pace with football in
popularity. In India it was the other

I
was in Kolkata last week. A young scion
of the client’s family, who had been
entrusted with the task of handling the
company’s social media, kept insisting that
we work together on a “moment marketing”
strategy. I tried explaining to him that
moment marketing through social media
posts loaded with cheeky messages and
clever hashtags would achieve really noth-
ing. If “moment marketing” really needed
to make a brand impact and get noticed,
then we needed to emulate some of what
American airline JetBlue has done in the
past: For the US Elections and Mother’s Day.
It was 2016. One hundred and fifty pas-
sengers on a JetBlue flight were subjected
to the ultimate experiment in compromise.
A guy from the airline suddenly showed up
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started working together to come up with
destinations to propose to the group. There
was quite a bit of give-and-take; some shar-
ing of experiences; some over-ruling of
objections and also some allaying of fears.
Passengers actually did reach across the
aisle — to agree and to disagree, persuade
and to get persuaded.
Within about an hour of flying time, the
vote was finally taken. What do you think
happened? Well, 150 passengers who were
perfect strangers, had never met before, and
did not know each other at all managed
through dialogue, discussion and even dis-
agreement, by just “reaching across the
aisle” to agree on a common destination:
Costa Rica!
There is an even more famous JetBlue
to Long Beach, California. Passengers were
made aware of the “stunt” after the first food
and beverage service. The flight attendant
made a surprise announcement. “We all
know when we’re flying with babies and
they cry on the plane, it can be hard on all
of us,” the cabin crewmember said. “This
will be the very first flight ever where crying
babies is a good thing. Every time a baby
on this plane cries, you will receive 25 per
cent off your next JetBlue flight.” That
meant four babies crying would be equal to
a free round-trip ticket. The announcement
was welcomed with much mirth and
amusement, and some disbelief too.
There were a total of five babies on the
flight. Max, Donovan, Lila, Beck and Resse.
All it would take were four cries (fussing and
Donovan followed about 30 minutes lat-
er, and the teary performance received a
hearty ovation; 50 per cent off! Then there
was peace and quiet for the next 90 minutes.
Some passengers indulged in silent prayer.
Then Resse cried, loud and shrill— 75 per
cent off! Loud clapping. Just before descent
started, Max maxed the JetBlue offer: His
full-throated cry and free flowing tears got
everyone a free ticket. God bless Max! Each
of the 140 passengers was ecstatic.
I don’t know if my Kolkata client will
take a page or two out of JetBlue’s innova-
tive marketing but for all digital strategists
my simple advice is: Magnify the Moment,
not just Market it.
The writer is managing director of Rediffusion
evoked awe and so did George Best.
But very few knew who won the
English Premier League in a particu-
lar year. The interest in South
American football shaded into a
romantic interest in the continent
itself, with its history of colonialism,
poverty, the Amazon river, the
Andes mountains, and so on. But
Copa America was something most
did not know of if one were to go by
the sports pages of big newspapers
and magazines such as the vener-
able Sportsweek. The rumbustious
sparring of football fanatics did not
give a hint of evidence that their
interest went beyond the local. All
this seems the stuff of an age today’s
way round. The institutional props
of football — such as the dominant
tournaments — have given way to
competitions in newer formats that
are some kind of brain-teasers.
That way the core of Indian football
has been dismantled. Hence the
interest in the game has glided over
the national and broadened itself
into the international, but with
knobs on. It’s worth thinking about
what makes Tulsidas Balaram, who
was part of India’s Asian Games
gold-winning team in 1962 and a
legend of Calcutta football though
he was from Hyderabad, say he
would play football in his next life
but not in India.

Investor
NEW DELHI |
26 NOVEMBER 2022
`
BUDGET WISH LIST
LTCG relief for equity
investments in MFs
Industry seeks parity in tax treatment of mutual funds and ULIPs
ABHISHEK KUMAR
Mumbai, 25 November
T
he mutual fund (MF)
industry has sought tax
exemptions for long-
term equity investors in the
Budget for the fiscal year 2023-
24 to “encourage long-term
investment”.
“It is requested that listed
equity shares or units of equity-
oriented fund schemes be
exempted from capital gains
tax (LTCG) if equity shares or
mutual funds units are held for
at least three years,” the indus-
try stated in its wish list for the
2023-24 Budget.
Justifying the proposal, the
Association of Mutual Funds in OTHER KEY PROPOSALS
India (Amfi) said the 10 per cent
LTCG tax on equity schemes is
at times higher than the effec-
tive tax on debt investments
post-indexation benefits.
At present, gains from
equity investments (held for
more than one year) are taxed
at a flat rate of 10 per cent, if the
profit exceeds ~100,000 in a
financial year. In the case of
debt funds, gains are taxed at
the investor’s slab rate but those
staying invested for more than
three years get indexation
benefits (the value of the invest-
ment is adjusted for inflation to rather than buying physical
bring down the tax).
“(The proposal) if RUN-UP
considered
encourage long-term
investments
equities and will help
will
in
TO THE
channel more house-
hold savings into the BUDGET
equity markets, thus
helping the Indian
2023-24
economy,” Amfi said
in a note. ernment’s agenda to discour-
Fund houses also sought age savings and investments in
preferential tax treatment for physical gold/jewellery, and
gold exchange-traded funds boost the financialisation of
(ETFs) to “encourage retail gold holdings,” Amfi said.
investors to invest in gold At present, the tax rate is
through mutual fund route, the same for every gold
THE COMPASS
Is the capital goods
sector on recovery path?
Revenue growth estimates have moderated
after 2nd quarter but the bottom may be close
DEVANGSHU DATTA
Can the capital goods sector finally
move into a meaningful upcycle as
inflation eases and global supply
chains adjust to the disruptions caused
by the past three years? After the July-
September quarter (Q2) results, ana-
lysts are suggesting that electrical cap-
ital goods businesses
like Siemens, ABB
India, Thermax, GE
T&D, Hitachi Energy,
Bluestar, and Voltas will
see an 11 per cent reve-
nue CAGR over the next
three years, rather than
16 per cent anticipated
after Q1 (April-June
quarter) results. This is
based on a Q2 slow-
down in order inflows.
However, this can also
be the bottom of the
cycle or close to the bot-
tom, with revenue
growth momentum ris-
ing in the future. In
terms of earnings upgrades, many of
these companies have seen positive
upgrades, even though order inflows
have slowed.
One interesting data trend is that
capex has been flat or witnessed low-
growth for much of the past 10 years.
This is an unusually long period of
revenue stagnation. This has led to
extremely high valuations for various
stocks. If there is an acceleration in
growth rates, there can be a period
when valuations fall, even as share
prices move up.
It is interesting to compare Siemens
and ABB. Siemens has seen Ebitda
grow by around 20 per cent over the
past 12 months, while ABB’s Ebitda has
grown by around 55 per cent. The
underperformance in Siemens’ Ebitda
growth versus ABB’s Ebitda growth is
reflected in their stock performance –
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QUICK TAKE: GROWTH TRIGGERS FOR GALAXY SURFACTANTS
The Smart
(Share price in ~)
2,906
be the same in both cases as
the underlying portfolio of
investments includes domes-
tic equities only. This will
ensure that the intent of the
law is not sacrificed,” Amfi
said.
Beyond these, the industry
has sought exemption for
itself from the newly added
Section 194R in the Income
Tax Act. Explaining its
demand, Amfi said that if an
investee company defaults,
the law would require the
fund house to pay TDS on
behalf of the investee com-
pany, leading to more losses
for investors. The industry has
ILLUSTRATION: BINAY SINHA
also called for amendments to
Section 43B to align the time
limit for filing of tax audit
Tax benefits, nod for new Allow debt-linked savings
reports and filing of returns.
products in Amfi's wish list scheme to help deepen the Apart from these propo-
Bring uniformity in tax Indian bond market sals, most other requests
treatment of intra-scheme Increase the threshold limit made by Amfi are the same
switching in mutual funds of withholding tax on as last year. For example, it
and ULIPs income distribution by MF has reiterated its long-stand-
schemes ing request to bring parity in
Allow MFs to launch
the tax treatment of mutual
pension-oriented schemes Rationalise stamp duty on funds and unit-linked insur-
with the same tax ETFs ance plans (Ulips).
treatment as NPS Allow government firms to “There is still a clear case
Extend indexation benefits invest in private-sector of tax arbitrage, whereby
to non-resident investors mutual funds Ulips are not only placed at
an advantageous position
vis-à-vis mutual fund
investment avenue. schemes, but there is also a
gold”. They have pro- The industry has also significant revenue leakage
posed LTCG tax of 10 called for parity in the taxa- on capital gains from Ulips,
per cent on profits,
instead of 20 per cent,
with indexation bene-
fits and also sought
tion of equity funds and fund
of funds (FoFs) investing in
such schemes. Currently,
schemes that invest at least 65
especially from the HNI seg-
ment,” Amfi stated in its wish
list for the Budget 2023-24.
The other long-pending
reduction in holding
period for LTCG to 1
per cent in equities are taxed
as equity-oriented schemes.
demand that re-appeared
this year is uniformity in tax-
year from 3 years.
“(The proposal) is
But many a time FoFs invest-
ing in such schemes come
ation on listed debt securities
and debt mutual funds. The
in line with the gov- under the ambit of non-equity holding period for long-term
taxation. This is because only taxation is 12 months for
those FoFs qualify for equity listed debt papers and 36
taxation which have invest- months for debt funds. The
ments in equity funds having industry has requested the
over 90 per cent allocation to minimum holding period to
equities. be brought down to 12
“The tax treatment should months for debt funds also.
Sebi bars former MSEI
MD & CEO for 6 months
Markets regulator Sebi has barred
Udai Kumar, former MD & CEO of
Metropolitan Stock Exchange of
India (MSEI), for six months from
being associated with any market
infrastructure institution or associ-
ated entities. During an inspection,
Sebi found that the policy for reim-
bursement of clearing fees in the
currency derivative segment and
technology scheme of the exchange
the Siemens stock, with gains of 87 per were in violation. BS REPORTER
cent in the past three years, has under-
performed ABB, which has moved up
136 per cent. ABB has invested more as
well and it can have faster future reve-
nue growth and gross margin. ABB is
also exporting more to meet the
demands of its global parent.
Over the past three years, Siemens’
capex has been less
New framework to address cyber security threats
than 50 per cent of KHUSHBOO TIWARI
depreciation levels and
this is a multi-year low
Mumbai, 25 November
in terms of the absolute Amid rising concerns of technical
amount spent by glitches and cyber security
Siemens. The FY22 threats, the Security and
capex for Siemens at Exchange Board of India (Sebi)
~160 crore was still low has issued a framework for stock
versus the ~310-crore exchanges and brokers to deal
depreciation expense. with incidents of malfunction in
The period of capex the systems.
moderation for Under the new framework,
Siemens started in any malfunction resulting in
2018-19. While Siemens slowing down or variance in
has a higher Ebitda normal operations for five
margin, ABB is catch- minutes or more will have to be
ing up. ABB has reported within an hour of the
improved its Ebitda occurrence.
margin by roughly 300 basis points Stock brokers have been
(bps), in the last five years, while directed to submit a preliminary
Siemens has seen a 150-bp improve- incident report within a day
ment. However, ABB has a far higher following the incident,
payout to the parent, around 6.8 per mentioning the details and the
cent of revenues, than Siemens, where immediate action taken to rectify
the payout is at 3.6 per cent. it while a root cause analysis
Both companies look to have report will have to be submitted to
healthy prospects, with Siemens order the respective stock exchange
inflows up by 15.7 per cent year-on-year within 14 days.
(YoY) to ~3,560 crore with higher activ- These malfunctions could be
ity in renewables, warehousing, and on the account of inadequate
data centres. infrastructure, cyber-attacks,
The target valuation for Siemens is procedural errors or process
~3,100-3,150, according to some ana- failures, Sebi noted.
lysts, versus a current price of ~2,775. The capital markets regulator
However, Siemens missed Street’s reve- has mandated stock brokers, with
nue and PAT estimates and it has lost a minimum client base, to
ground over the past month. ABB met establish business continuity
revenue estimates and beat the PAT planning (BCP) and disaster
estimates and has seen a small positive recovery site (DRS) to be followed
return in the same period. in the event of any disaster. They
will have to constitute responsible
The stock of Galaxy Surfactants is down
2,823
2.84 per cent in trade over the last week on the
BSE. However, Nirmal Bang Research, which has
an ‘accumulate’ rating on the stock, says that,
structurally, it likes the space considering the
long runway for growth in oleochemicals, and
the firm’s strong client relationships
INVESTING IT WISELY
Mutual fund investors 'buying low & selling high'
In the past few years, mutual fund
(MF) investors have used corrections in
equity markets to accumulate MF units
at low prices, shows ICICI Direct report.
Indian investors seem to be
gradually mastering the art of equity
investing. Instead of staying away from
equities during phases of market
downturn, they are seen to be
HIGHER INFLOWS IN EQUITY MFS DURING CORRECTIONS
NIFTY Index; Average monthly flows in ~ crore
AVG MONTHLY FLOWS
5,000
4,500
8,300
11,669
Jan ‘20
Apr ‘19
Oct ‘19
Jul ‘19
Source: ICICI Direct
Day after: UTI AMC , PNB shares rise
PSU bank had announced WHAT NUMBERS SAY
sale of stake in the
former on Thursday
AMC
PE Ratio (E)
CMP n FY23 n FY24
17.4
SUNDAR SETHURAMAN
Mumbai, 25 November
Shares of UTI Asset Management
Company (UTI AMC) jumped nearly 8
per cent, a day after state-owned
Punjab National Bank (PNB)
announced its plans to divest its hold-
ings in the asset manager. Shares of
PNB too finished more than 5 per cent
higher. In fact, shares of PNB hit a 21-
month high of ~54.90 per share during
intraday trade to end the day at ~54.55
per share on the BSE. The former
ended Friday at ~743.5.
“The Bank has received approval of
DIPAM, Ministry of Finance,
Government of India for divestment
of Bank's entire/part stake in UTI AMC
in single or multiple tranches subject
to compliance of Sebi
Regulations/other applicable regu-
latory guidelines,” PNB said in a stock
exchange filing on Thursday.
Currently, PNB holds a 15.22 per
cent stake in UTI AMC. The stake is
PLAN OF ACTION
Stock brokers directed to report
malfunction within an hour of
occurrence
Root cause analysis report to be
submitted within 14 days,
preliminary report within T+1
Business continuity planning
and disaster recovery site (DRS)
to be established by stock
brokers
Dedicated cell for monitoring
of technical glitches and for
switching operations to DRS
teams and resources for shifting
operations to DRS.
The minimum client base for
stock brokers will be specified
form the exchanges time to time.
Specified stock brokers will
have to conduct drills or live
trading from DRS for at least one
full trading day. However, the
frequency of this drill will be
declared later.
Stock exchanges will also, after
consultation with brokers,
declare the maximum time taken
to restore operations and the
maximum tolerable period for
which data might be lost due to
major incidents. “Primary Data
Centre (PDC) and DRS shall be
separated from each other by a
distance of at least 250 kilometers
increasing their investments during
such periods.
According to a study by ICICI Direct,
there have been at least three
instances in the last four to five years
when investors have increased their
equity investments in MFs when the
market was going down. For example,
average monthly inflows into active
-5,850
8,500
Jan ‘21
Apr ‘20
Apr ‘21
Oct ‘20
Jul ‘20
UTI 744.1 14.8
HDFC 2,163.0 35.1
31.0
Aditya Birla Sun Life 418.1 19.6
16.5
22.5
Nippon Life India 260.5
19.1
AMC: asset management company; P/E: price-to-earnings
Soure:Bloomberg Compiled by BS Research Bureau
valued at around ~1,437 crore at UTI
AMC’s last closing price of ~743.5.
UTI AMC is promoted by four pub-
lic sector undertaking (PSU) sponsors,
who collectively own 45.16 per cent.
Bank of Baroda, State Bank of India
and Life Insurance Corporation of
India hold 9.98 per cent each, while
PNB holds 15.22 per cent stake. US-
based T Rowe Price International holds
another 22.97 per cent stake.“The
transaction will benefit PNB as it will
help the lender improve its capital
position. It will also help UTI AMC as
it will help reduce the ‘PSU discount’,”
said an analyst.
NSEBI AT WORKN
Periodical update and testing
of softwares, servers, systems
and firewalls
Stock brokers to do capacity
planning for systems
to ensure that both of them do not
get affected by the same natural
disaster,” said Sebi.
Stock exchanges have been
directed to put a structure of
financial disincentives
applicable to stock brokers for
technical glitches and non-
compliance of the provisions.
The root cause analysis reports
and such incidents will have to
be mentioned on the
exchanges’ website.
The market watchdog has
asked stock exchanges to
maintain dedicated cell for
monitoring of such incidents and
to intimate brokers about breach
of any key parameter.
More on business-standard.com
“We think there will be a small
recession in 2023 in the US. It will
be a private investment-led
recession, nothing to compare
to the crisis of 2008
and 2009”
STEPHANE MONIER
Chief Investment Officer,
Banque Lombard Odier & Cie
equity schemes rose almost 5x
between the November 2021 and June
2022 period (when the market was
declining from the all-time-high
achieved in October 2021) as compared
to the preceding months.
They also seem to be timing the
exit right. In the last three months
(August to November), when the
market has touched new peaks,
average monthly inflows have
declined to ~5,900 crore from ~15,500
crore during the November 2021 to
June 2022 phase.
However, this 'buy low and sell
high' strategy has not always worked
for them. "While this approach of
lower investment at higher levels have
been rewarding, investors got it wrong
during the recovery in the year 2020
and 2021 as markets continued to rally
while investors booked profits early
into the recovery (sold off early since
July 2020 while Nifty50 continued to
rally till the first major correction in
February 2021)," the report noted.
ABHISHEK KUMAR
22,000
3,000
17,531
18,000
14,000
15,500 5,900
10,000
6,000
Jan ‘22
Apr ‘22
Oct ‘21
Oct ‘22
Jul ‘21
Jul ‘22
Nifty PSU Bank index
m-cap touches ~10 trn
The market capitalisation (m-cap) of Nifty PSU
Bank index constituents hit a new record,
crossing ~10 trillion during the intraday trade on
Friday when the index touched the day’s high of
4,145.45 points. It ended the day at 4,049 points
with a gain of 0.05 per cent. As a result, the
combined m-cap stood at ~9.9 trillion.
The PSU Bank index has outperformed both
the Nifty50 and the Nifty Bank index in 2022. On
a year-to-date (YTD) basis the PSU Bank index
has gained 60 per cent, against the Nifty Bank's
21 per cent. The Nifty50, during the same period,
rose 5.03 per cent. SUNDAR SETHURAMAN
Indices close flat
Benchmark indices Sensex and Nifty50 gained
further to settle at record highs for the second
day in a row on Friday, helped by intense
buying in index majors Reliance Industries,
Wipro, and Maruti. In a choppy and range-
bound trade, the 30-share BSE Sensex rose by
20.96 points to settle at 62,293.64 points, its
fresh record closing high. During the day, it
jumped to 62,447.73 points — its lifetime
intraday peak. PTI
AMCs to be penalised for delay in
dividend, redemption payment
The Securities and Exchange working days to transfer the
Board of India (Sebi) has proceeds from the date of
amended the timelines for redemption or repurchase.
transfer of dividend and Amending the previous
redemption proceeds for norms, the markets regulator
mutual fund unitholders has decided that the record
along with mandating an date for dividends will be
interest payment of 15 per two working days from the
cent per annum, payable to issue of public notice.
investors from fund houses In case there is a delay in
for the period of delay. transfer of redemption or
In a circular released on repurchase or dividend,
Friday, Sebi mandated asset AMCs will have to pay an
management companies interest for the period at the
(AMCs) to make dividend rate of 15 per cent per annum
payment within seven along with the proceeds.
working days from record Fund houses will also have to
date. Fund houses will also furnish details of such
have to transfer proceeds to payments to Sebi as part of
the investors within three compliance test reports.
working days from the date In the next 30 days, the
of redemption or Association of Mutual Funds
repurchase. in India (Amfi), in
Earlier, AMCs could make consultation with Sebi, will
dividend payments within publish a list of exceptional
30 days without any penalty circumstances for schemes
and transfer of redemption unable to transfer
proceeds could be done in 10 redemption or repurchase
working days. proceeds within the
However, for schemes stipulated timeline. Amfi will
with at least 80 per cent also update on the new
investments in overseas timeline to be followed in
instruments, fund houses such circumstances.
will have a time of five KHUSHBOO TIWARI
 .>
NEW DELHI | 26 NOVEMBER 2022 THE SMART INVESTOR 11 <

Bank, IT stocks will be in Select target maturity fund

focus even if mkt rally ends based on investment horizon
SARBAJEET K SEN
IN NUMBERS
Benchmark indices have finished at all-time highs The asset under management
(AUM) of target maturity funds
nYield to maturity (%)
NIKITA VASHISHT Chokkalingam, founder and (TMFs) has risen from ~29,601 crore

7.66-7.85
7.62-7.63

7.29-7.64
7.40-7.61
7.45-7.53
7.23-7.38

7.5-7.58
7.11-7.57
New Delhi, 25 November chief investment officer (CIO) in October 2020 to ~1,21,855 crore in
at Equinomics Research. October 2022. Fixed maturity plans

7.55
A

7.47

stupendous rally in
the benchmark
indices — the BSE
Sensex and NSE
Nifty50 — may take a
breather going forward. This
is because analysts believe
that investors may book
profits in sectors such as pub-
lic sector banks (PSBs) and
metals, which have seen an
upswing since June lows.
“With the benchmark at a
record high, improvement in
the broader participation
would play a critical role in
shaping the market trend. We
recommend following the
trend and focusing on identi-
fying the themes which could
unfold ahead along with the
present leaders,” said Ajit
Mishra, vice-president of
technical research at
Religare Broking.
The Sensex saw a fresh
record high of 62,448, and the
Nifty50 hit a new 52-week high
of 18,535 on Friday. They have
surged 21 per cent, and
20.5 per cent, respectively,
from their June lows.
Data from ACE Equity
shows that metals, financials,
and fast-moving consumer
goods (FMCG) outperformed
the frontline indices since the
markets staged a turnaround.
However, automobile, infor-
mation technology (IT), real
estate, and energy sectors
underperformed.
Between June 16 and
November 25, the Nifty Metal,
Bank, Financial Services and
FMCG indices climbed 36.7 per
cent, 31.8 per cent, 28.1 per
cent, and 20.4 per cent,
respectively.
Meanwhile, the Nifty Auto
index added 18.3 per cent,
Nifty Realty 17.8 per cent and
Oil & Gas as well as IT indices
HOW INDICES HAVE FARED
Net difference*
n Nifty Metal
n Nifty Bank 10,367
n Nifty Financial
Services
n NIFTY FMCG
n S&P BSE Sensex 10,798
n NIFTY50
n NIFTY Auto
n NIFTY Realty
n Nifty Oil & Gas
n NIFTY IT
n NIFTY Energy
n NIFTY Pharma
* On index value between June 16 and November 23
added 12 per cent each.
Going forward, Deepak
Jasani, head of retail research
at HDFC Securities, expects
capital goods, oil and gas,
select cement players, and pri-
vate banks to support the mar-
ket rally. He said metals and
PSBs may remain muted. The
financial services sector holds
the maximum weighting of 37
per cent in the Nifty50 index.
The others are IT (14 per cent),
Oil & Gas (13 per cent), FMCG
(8.75 per cent) and Automobiles
(about 6 per cent).
Within the Sensex pack,
Reliance Industries (RIL),
HDFC twins, ICICI Bank,
Infosys, Tata Consultancy
Services (TCS), ITC, Kotak
The banking and financial
sector, too, will continue to
outperform the markets as
credit growth has surpassed
pre-Covid levels.
The FMCG sector may
remain sideways amid
stretched valuations,
Chokkalingam added.
“Among the underperform-
ing sectors, investors can look
at select real estate players and
% change since June lows Reliance Industries from the
1,734 36.7 energy pack,” he said.
Analysts said metals, state-
31.8
owned oil marketing com-
panies, and export/global
4,215 28.1
economy-linked sectors may
7,481 20.4 not see any meaningful rally
in the near-term. This is due to
21.0 fears of a global economic
3,152 20.5 slowdown.
From a one-year perspec-
2,001 18.3
tive, analysts believe the Indian
67 17.8 economy’s relative strength
911 12.1 may push the benchmark
indices to an uncharted terri-
3,198 11.8 tory in 2023. This may happen
2,083 8.5 amid intermittent corrections.
Goldman Sachs expects the
902 7.5
Nifty50 index to touch 20,500
Source: ACE Equity
by the end of 2023. Prabhudas
Mahindra Bank, L&T, State Lilladher has set a target of
Bank of India (SBI), Hindustan 21,035 in its base case. Its bull
Unilever (HUL) and Axis Bank case scenario pegs Nifty at
have weighting of between 3 23,138, while bear case scenario
per cent and 12.6 per cent.
This, analysts said, is pos-
results in a target of 16,828.
“The Indian market has
sibly the reason why, despite been a strong outperformer,
the underperformance of IT thanks to stronger domestic
and Oil & Gas indices, the fundamentals but valuations
benchmark indices are hover- have turned expensive com-
ing near new highs. pared to global peers. The
“Looking forward, the rally superior earnings growth
in IT will continue as the stocks outlook appears priced in, as
have been over-hammered the market trades at 22 times
even as demand held up forward P/E, 30 per cent
decently during the July- above the long-term average.
September quarter. Besides, It is at an elevated P/E pre-
depreciation of the rupee mium of about 80 per cent
against the dollar will help out- versus the MSCI Asia ex-
sourcing and services-based Japan region,” Goldman
Indian IT companies,” said G Sachs strategists said.
(FMPs), which also allow investors
to lock in existing interest rates,
have steeply declined in AUM: from
~1,54,442 crore in October 2018 to
~15,250 crore in October 2022 (data
source: Morningstar India).
“TMFs offer a fixed-income
investment with a defined maturity
date, high visibility of returns (there
is no guarantee, but there is high
visibility if the fund is held till
maturity) and good credit quality
portfolio. It is a simple, easy-to-
understand product,” says Joydeep
Sen, author and corporate
trainer (debt).
What is on offer?
TMFs invest in an underlying index,
which comprises bonds that mature
slightly earlier or on the same date
as the TMF. So far fund houses have
constructed these indexes using
government securities (G-Secs),
state development loans (SDLs), and
AAA-rated bonds of central public
sector undertakings.
New fund inflows are
used to purchase the
bonds included in the
index. The interest
received on bonds in the
portfolio is also
redeployed in the
same bonds.
YOUR
High credit quality
The yield on the 10-year
MONEY
G-Sec has moved up from
5.87 per cent on November 20, 2020
to 7.30 per cent on November 25,
2022. Many investors wish to lock
into the current higher yields.
TMFs invest in a public index, so
investors know beforehand which
instruments the fund will invest in.
This makes them transparent. It is
not possible for a fund manager to
exercise any discretion regarding
the inclusion of bonds in their
portfolios.
In an FMP, the portfolio is not
ready, so investors can’t view it. And
2023
2024
Source: Morningstar AWS
fund managers can exercise
discretion in portfolio construction.
Since the indexes consist of high-
quality bonds, there is little credit
risk. “TMFs invest in high quality
debt–sovereign, corporate debt, or a
combination of the two. Since
instruments in this fund have a fixed
maturity date, there is reasonable
visibility of performance if held till
maturity,” says Sirshendu Basu,
head-products, IDFC Asset
Management Company (AMC).
Investors also benefit from their
low-cost nature. “These
passively managed funds
have an expense ratio in
the range of 0.06 per cent
to 0.5 per cent,” says Anup
Bansal, chief business
officer, Scripbox.
Interim volatility
TMFs are subject to
interest-rate risk. The
Reserve Bank of India (RBI)
may continue to hike the repo rate,
though experts say the end of the
rate hike cycle is near.
When interest rates rise, the
bonds in the portfolio, especially the
long-term ones, experience mark-
to-market losses, which affects the
fund NAV. “These funds will
experience volatility due to changes
in the repo rate and liquidity within
the system. Withdrawing before the
fund maturity date can result in
diminished returns. If held till
maturity, there is no interest-rate
7.51
2025 2027 2029 2031 2033
2026 2028 2030 2032
risk,” says Bansal.
Investors are also subject to
reinvestment risk.
“The investor is faced with a
reinvestment decision at maturity
that could give rise to possible
reinvestment risk,” says Basu.
Invest according to horizon
Conservative investors who don’t
want to take credit risk and are keen
to lock in rates will find these funds
attractive. On selecting the right
TMF, Sen suggests: “Match your
cash flow time horizon and the
maturity of the TMF.”
The underlying indexes of these
funds can consist of varied
combinations of G-Secs, SDLs, and
AAA PSU bonds. Since all the three
categories of bonds are safe, you can
go with any TMF whose maturity
date matches your investment
horizon.
The tax factor
Invest in a fund that has more than
three years left to mature if you wish
to enjoy tax-efficient returns.
Capital gains booked on the units
of a debt fund held for more than
three years are considered to be long-
term and are taxed at 20 per cent
post-indexation. Investments of up
to three years are taxed at slab rates.
This makes investing in TMFs
(for more than three years)
attractive for investors in high tax
brackets compared to fixed deposits,
whose interest income is always
taxed at slab rate.

APPENDIX IV
[See rule 8 (1)]
POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) 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 3 of the
Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated
29.08.2022 calling upon the Borrower(s) ANKIT KUMAR AND MOHINI TYAGI to
repay the amount mentioned in the Notice being Rs.15,26,160.35/- (Rupees
Fifteen Lakh Twenty Six Thousand One Hundred Sixty and Paise Thirty Five
Only) against Loan Account No. HHLLAJ00361808 as on 29.08.2022 and interest
thereon within 60 days from the date of receipt of the said Notice.
The Borrower having failed to repay the amount, Notice is hereby
given to the Borrower and the public in general that the undersigned has taken
symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 23.11.2022.
The Borrower in particular and the public in general is hereby cautioned not to
deal with the property and any dealings with the property will be subject to the
charge of the INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs. Rs.15,26,160.35/- (Rupees Fifteen Lakh Twenty Six Thousand One
Hundred Sixty and Paise Thirty Five Only) as on 29.08.2022 and
interest thereon.
The Borrower’s 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.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO.P8-1604 HAVING SUPER AREA 770 SQUARE FEET (BUILT-UP AREA
607 SQUARE FEET & CARPET AREA 532 SQUARE FEET) ON 15TH FLOOR
IN TOWER ‘P8’ IN GROUP HOUSING RESIDENTIAL COMPLEX KNOWN AS
“GRAND PAEONIA” IN BUILDING KNOW AS “PRATEEK GRAND CITY” BEING
CONSTRUCTED/TO BE CONSTRUCTED UPON PLOT NO. 4/BS-01 & 4/BS-05
SITUATED IN SIDDHARTH VIHAR, GHAZIABAD -201002, UTTAR PRADESH.
Sd/-
Date : 23.11.2022 Authorized Officer
Place : GHAZIABAD INDIABULLS HOUSING FINANCE LIMITED
APPENDIX IV
[See rule 8 (1)]
POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of the INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitization
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 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice
dated 08.03.2022 calling upon the Borrowers AJAY KUMAR AND NEETU RANI to
repay the amount mentioned in the Notice being Rs.20,96,015.47/- (Rupees Twenty
Lakh Ninety Six Thousand Fifteen and Paise Forty Seven Only) against Loan
Account No. HHLDMT00388918 as on 08.03.2022 and interest thereon within 60
days from the date of receipt of the said Notice.
The Borrower having failed to repay the amount, Notice is hereby
given to the Borrower and the public in general that the undersigned has taken
symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 22.11.2022.
The Borrower(s) in particular and the public in general is hereby cautioned not to
deal with the property and any dealings with the property will be subject to the charge
of INDIABULLS HOUSING FINANCE LIMITED for an amount of Rs.20,96,015.47/-
(Rupees Twenty Lakh Ninety Six Thousand Fifteen and Paise Forty Seven
Only as on 08.03.2022 and interest thereon.
The Borrower’s 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.
DESCRIPTION OF THE IMMOVABLE PROPERTY
Entire Ground Floor Portion (Without Roof Rights) Built On Area Measuring
90 Sq. Yards (75.26 Sq. Mtrs.) Which Is Part Of Property Bearing Municipal
No. WZ-508, Built On Land Area Measuring 90 Sq. Yards, Size Measuring
24.7 Ft X 32.6 Ft., Portion Of Plot No. 12, In Block –G, Out Of Khasra No. 366,
Situated In Rishi Nagar, Village Saleempur Mazra, Shakurpur Basti, Madipur, New
Delhi-110034, Alongwith Proportionate Freehold Rights Of Land Underneath
And Which Is Bounded As Under.
On The East By : Property No. 508 On The West By: Property No. 508
On The North By: Property No. 508 On The South By : Gali 13 Ft
Sd/-
Date : 22.11.2022 Authorized Officer
Place : Delhi INDIABULLS HOUSING FINANCE LIMITED

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 12 STOCKS
.
NEW DELHI | 26 NOVEMBER, 2022
<

> OFSTOCK
IN THE > Panama Petrochem > Great Eastern Shipping Co > India Tourism Development Corp

NEWS Top Gainer

Among A group
Hits new all-time
at ~673
Hits upper circuit
at 20 per cent THE DAY
Stocks on BSE on BSE Power Mech Projects
~355.9 PREVIOUS CLOSE ~641.4 PREVIOUS CLOSE ~337.2 PREVIOUS CLOSE Hits new all-time high
~406.2 CLOSE ~666.7 CLOSE ~404.6 CLOSE at ~2149; Up 155 per cent
p 14.1% UP p 4.0% UP p 20.0% UP this fiscal

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
25 Nov ’22 Chg (%) Con Std 25 Nov ’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 Enter 3901.1 -0.5 1.4 363.6 403.4 Infosys 1635.7 0.4 7.1 30.1 31.0 price price (%) price price (%)
Adani Ports 879.6 0.3 0.8 36.2 - ITC 340.3 -0.1 5.0 27.7 24.9 Indiabulls Hous 139.3 138.1 11.7 143.6 282.6 Easy Trip Plann 64.8 65.0 -4.8 39.3 30.0
MOST BULLISH MOST BEARISH
Apollo Hosp 4789.5 -0.5 0.6 65.2 73.1 JSW Steel 726.2 0.0 1.1 23.2 25.3 BHEL 82.3 82.0 9.6 82.3 82.3 Mazagon Dock 836.5 852.0 -3.4 317.5 224.0
Asian Paints 3108.2 -0.2 1.7 81.3 80.6 Vodafone Idea 8.2 8.1 1.9 Shriram TrFn 1259.8 1280.2 -1.6 Guj Petronet 283.4 279.1 7.0 283.4 332.5 Shriram TrFn 1275.6 1280.4 -2.5 1147.1 1002.5
Kotak Mah Bank 1928.4 -0.8 3.4 28.0 40.1
Axis Bank 887.8 1.0 2.9 19.3 15.9 GMR Infra 41.2 40.7 1.2 NIIT Techno 3897.1 3944.8 -1.2 RBL Bank 151.7 150.2 5.8 151.7 205.4 ICICI Prud Life 451.0 452.3 -2.2 451.0 430.0
L&T 2062.8 0.5 3.4 30.2 38.2
1Mothersons S 74.3 73.4 1.2 L&T Tech Ser 3844.6 3885.9 -1.1 Power Fin 136.9 136.5 5.8 136.9 136.9 Varun Bever 1140.0 1150.2 -2.1 960.0 545.3
Bajaj Auto 3640.3 0.6 0.6 18.0 19.6 Mah & Mah 1260.8 0.5 1.5 23.8 25.4 Intell Des Aren 448.9 443.8 1.1 Dr Lal PathLabs 2412.5 2428.1 -0.6 L&T Finance Hol 87.4 86.9 5.5 87.4 92.2 Adani Trans 2726.9 2739.6 -1.8 2726.9 1652.0
Bajaj Fin 6747.5 -0.4 2.1 58.1 45.2 Maruti Suzuki 9019.5 0.6 1.4 70.2 46.0 Hind Copper 115.9 114.6 1.1 Shree Cement 23056.4 23204.4 -0.6 REC 109.9 109.0 5.4 109.9 109.9 Adani Total Gas 3630.0 3662.3 -1.8 2919.2 1513.0
Bajaj Finsrv 1633.7 0.0 1.2 47.6 288.0 Nestle India 19529.4 -1.0 0.8 - 87.0
Bharti Airtel 846.9 -0.2 2.5 71.5 - PNB 55.7 53.6 5.4 55.7 55.7 Avenue Supermar 3901.5 3905.1 -1.7 3872.0 3185.1
NTPC 169.8 0.1 1.0 9.9 9.8
BPCL 324.5 1.1 0.4 6.0 - BSE NSE PAYTM 475.0 464.8 5.4 777.0 1832.0 Pidilite Ind 2654.8 2661.9 -1.6 2545.7 1988.6
Britannia 4183.7 -0.2 0.6 63.7 63.6
ONGC 140.6 0.8 0.9 3.9 3.9 Index Stock Index Stock PUT-CALL RATIO Aditya Birla 136.0 135.4 5.0 136.0 139.1 Bank of Baroda 166.9 167.8 -1.5 122.2 77.0
Power Grid 220.6 -0.1 0.9 9.1 10.2 Escorts Kub 2297.9 2288.4 4.6 2297.9 2297.9 Siemens 2749.5 2778.7 -1.4 2670.4 2023.2
Cipla 1105.4 0.9 0.7 34.8 31.2 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2617.6 1.5 10.7 26.7 40.9 GMR Airports 41.0 40.7 4.2 41.8 49.2 TVS Motor 1035.6 1037.7 -1.3 930.0 513.0
Coal India 231.4 1.3 0.6 5.5 11.6 Contracts - - 260918 770726
SBI 607.4 -0.3 2.8 13.2 14.7 Market 1152.6 1643.1 0.7 Apollo Tyres 294.8 293.7 4.1 303.4 303.4 Nestle India 19435.7 19527.8 -1.3 18260.0 16000.0
Divis Lab 3342.7 1.1 0.5 30.0 29.9 Open Int.(000) - - 15652 4824664
SBI Life Ins 1235.3 -0.4 0.7 - 73.8 Can Fin Home 547.3 545.3 3.9 678.0 685.0 ICICI Lombard 1154.6 1157.7 -1.2 1116.3 1071.0
Dr Reddys 4418.1 0.1 0.6 23.7 31.0 Shares(In Mn) - - 10.0 1873.9 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1033.9 -0.1 1.3 60.4 170.6 Indraprst Gs 431.6 430.8 3.4 446.3 514.8 Max Health 426.2 431.4 -1.1 365.4 306.0
Eicher Motor 3414.1 1.1 0.6 40.0 43.0 Value(~ crore) - - 26164 54726
Tata Consumer P 789.2 -0.5 0.6 68.8 85.6 Ipca Labs 1.2 Atul 0.1
Grasim Ind 1735.2 0.7 0.8 15.1 34.0 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 433.2 2.3 0.9 - 1244.8 Canara Bank 1.0 Dalmia Bharat 0.1
HCL Techno 1128.2 -0.1 1.4 22.2 27.7 Contracts - - 92018057 2714055
Tata Steel 106.2 0.7 1.0 4.5 5.3 BHEL 1.0 JK Cement 0.2
HDFC 2681.4 -0.3 5.8 21.6 32.3
HDFC Bank 1617.7 -0.5 8.4 23.7 22.4 TCS 3389.7 0.3 4.1 31.3 32.3
Open Int.(000)
Shares(In Mn)
-
-
-
-
307348
3209.5
2488333
5959.5
IDFC 1.0 Abbott India 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1080.2 1.0 0.8 19.9 23.8 Alkem Labs 0.9 Oracle Fin 0.3
HDFC Std Life 586.6 2.5 0.7 95.0 95.3 Value(~ crore) - - 9277226 197102 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hero MotoCorp 2708.2 1.3 0.4 23.4 20.4 Titan Company 2595.4 -0.6 1.3 106.0 73.7 BSE+NSE BSE+NSE
UltraTech 6874.0 0.2 0.9 29.8 31.2 (~ crore) (Mn shrs) 1 Reliance Ind 1770531.2 BS200 Ovobel Foods 40.6
Hindalco 440.7 0.5 0.8 7.2 19.9
HUL 2537.5 -0.5 2.7 67.1 62.9 UPL 777.2 0.4 0.5 14.6 37.0 ACTIVE CALLS ACTIVE PUTS PNB 2112.7 390.8
2
3
TCS
HDFC Bank
1240014.1
901524.3
UP 7 DAYS NINtec Sys 40.6
ICICI Bank 930.3 -0.9 7.7 25.8 23.4 Wipro 402.8 1.1 0.7 19.6 17.8 PNB 21.3 Sbec Systems 40.5
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg BHEL 1083.0 135.5 4 Infosys 686213.1 Containe Techno 40.4
IndusInd Bank 1187.1 1.0 0.9 - 15.6 Nifty 50 18512.8 á0.2 100.0 24.4 27.3 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Adani Enter 1009.0 2.6 5 ICICI Bank 648361.2 GMR Airports 12.0
Grovy India 40.3
Index Index 6 HUL 595999.5 HDFC Std Life 11.1
INDEX PE SHRS TRDS 1 YR PAYTM 969.9 20.9 Welterman I. 40.3
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
01/12/22
01/12/22
18500 164.8
18600 115.6
6.8 75.3
4.8 78.7
Nifty
Nifty Bank
01/12/22
01/12/22
18500 139.6
43000 103.1
6.2 73.1
3.1 98.8
Reliance Ind 943.3 3.6 7
8
SBI
HDFC
542124.8
487904.2
Torrent Pwer
Axis Bank
7.2
3.9
DOWN 7 DAYS
SENSEX 25.8/28.3 7.1 202 15 15 6.0 ICICI Bank 939.0 10.1 Jayant Infrat -30.1
Asian Paints 3107.2 -0.2 1.9 81.3 80.5 Mah & Mah 1260.6 0.5 1.7 23.8 25.4 Nifty Bank 01/12/22 43000 94.5 4.7 224.5 Nifty 01/12/22 18400 93.1 6.1 39.0 9 Bharti Airtel 471095.2 DOWN
NIFTY 50 24.4/27.3 205.9 3495 29 21 5.6 Tata Motors 835.1 19.4 ST Corporations -30.1
Axis Bank 887.7 1.0 3.4 19.3 15.9 Maruti Suzuki 9016.6 0.7 1.6 70.2 46.0 Nifty Bank 01/12/22 43200 77.0 2.2 259.3 Nifty 01/12/22 18450 65.8 1.7 106.8 10 Adani Enter 444981.9 Adani Power -6.2
C = CONSOLIDATED; S = STANDALONE Infosys 795.1 4.9 Confidence Futu -30.1
Bajaj Fin 6746.4 -0.4 2.5 58.1 45.2 Nestle India 19527.8 -1.3 1.0 - 87.0 Nifty 01/12/22 18700 65.5 3.5 65.6 Nifty 01/12/22 18300 65.3 7.3 4.2 11 ITC 422322.5 UP 3 DAYS
Indiabulls Hous 740.8 54.8 Sarda Proteins -30.1
Bajaj Finsrv 1633.3 -0.1 1.4 47.6 287.9 NTPC 169.8 0.3 1.1 9.9 9.8 CASH DERIVATIVES Stock Stock 12á Bajaj Fin 408460.8 REC 9.3
TURNOVER Sreechem Res -30.1
Bharti Airtel 846.8 -0.2 2.9 71.5 - Power Grid 220.6 0.0 1.0 9.1 10.2 BSE NSE BSE NSE PNB 29/12/22 55 228.4 21.8 596.4 PNB 29/12/22 50 109.3 15.4 146.2 HDFC Bank 720.2 4.4 13â Adani Total Gas 402774.3 L&T Finance Hol 7.2 Shree Pacet -30.1
Dr Reddys 4418.0 0.1 0.7 23.7 31.0 Reliance Ind 2617.1 1.3 12.4 26.7 40.9 VALUE(IN ~ CRORE) 3611 53061 - 9555217 PNB 29/12/22 60 109.1 9.4 - PNB 29/12/22 47 57.2 5.7 48.3 Axis Bank 705.1 8.0 14 LIC India 397115.1 Birlasoft 7.0 Kakatiya Tex -30.1
HCL Techno 1127.9 -0.3 1.7 22.2 27.7 SHARES(IN MN) 642.4 3586.3 - 11052.8 BHEL 29/12/22 85 107.1 12.2 228.0 PNB 29/12/22 45 55.6 13.0 96.8 SBI 635.6 10.4 15 Kotak Mah Bank 382955.5 Persistent S 7.0
SBI 607.5 -0.3 3.2 13.2 14.7 UP 3 DAYS
HDFC 2681.8 -0.3 6.7 21.6 32.3 TRADES(000) 2658 17914 - 38044 PNB 29/12/22 57 103.1 13.4 1066.7 PNB 29/12/22 48 50.6 5.5 70.6 IndusInd Bank 610.0 5.1 16 Adani Green En 320710.6 HPCL 6.5
Sun Pharma 1033.3 -0.1 1.6 60.4 170.5 Vascon Engg 28.4
HDFC Bank 1617.2 -0.5 9.8 23.7 22.4 BHEL 29/12/22 80 88.0 9.8 17.5 BHEL 29/12/22 75 40.3 9.6 85.9 Bajaj Fin 600.8 0.9 17á HCL Techno 306059.0 Chambal Fert 6.4
Tata Steel 106.2 0.7 1.2 4.5 5.3 HBEL 27.0
HUL 2536.6 -0.4 3.1 67.1 62.9 MARKET-CAP (~ CR) TRADED TOTAL L&T 572.1 2.8 18â Adani Trans 305594.1 PVR 6.4
TCS 3388.9 0.3 4.7 31.3 32.3 CITADEL 26.6
ICICI Bank 929.8 -0.9 8.9 25.8 23.4 19 Asian Paints 298037.8 DOWN
Tech Mahindra 1079.9 1.0 0.9 19.9 23.8 BSE 28,497,704 28,711,190 RBL Bank 566.4 38.1 Rail Vikas Niga 26.0
IndusInd Bank 1188.1 1.2 1.1 - 15.6
Infosys 1630.8 0.1 8.2 30.0 30.9 Titan Company 2595.6 -0.6 1.5 106.0 73.7 NSE 28,219,728 28,345,960 SPURT IN VOLUMES HDFC Std Life 565.7 9.7 20
21á
L&T
Axis Bank
289825.3
272854.7
Shriram TrFn
Adani Trans
-4.9
-4.7
DJ Mediaprint
Decc Gold M
25.5
25.2
UltraTech 6873.6 0.1 1.1 29.8 31.2 DERIVATIVES 20,263,098 20,319,743 TCS 563.5 1.7
ITC 340.3 0.1 5.8 27.7 24.9 Company Days 2-week Avg Change Close *Price 22â Maruti Suzuki 272373.5 Gujarat Gas -2.7
Rail Vikas Niga 552.3 77.8 Bikaji Foods 24.8
Kotak Mah Bank 1928.5 -0.9 3.9 28.0 40.1 Wipro 402.7 1.2 0.8 19.6 17.8 Volume Volume % price %chg 23 Bajaj Finsrv 260144.1 Gland Pharma -1.0 DOWN 3 DAYS
L&T 2062.3 0.4 4.0 30.2 38.2 BSE SENSEX 62293.6 á0.0 100.0 25.8 28.3 TRADING ACTIVITY Pearl Poly 1897847.0 25490.4 7345.4 21.0 18.4
IRFC 535.7 169.1 24 Avenue Supermar 252957.4 Bharat Dyn -0.8 Niesspk -27.1
C = Consolidated; S = Standalone (~ crore) FIIs MF Apollo Hosp 533.3 1.1 25 Sun Pharma 247919.7
India Touris 1935462.0 60890.3 3078.6 404.6 20.0 Bajaj Finsrv -0.6 Guj Investa -14.3
Equity Debt Equity Debt Policy Bazar 531.1 11.7 26 Titan Company 230437.4 Others
Net Net Net Net Hind Motors 31625195.0 1482823.9 2032.8 20.3 0.5 Baroda Rayon -14.2
Maruti Suzuki 517.0 0.6 27 Wipro 220895.8
WORLD INDICES On 24 Nov 4234 477 - - Trejhara Sol 884426.0 42365.1 1987.6 80.4 11.0
HDFC 501.7 1.9 28 UltraTech 198427.1
UP 7 DAYS
Evans Electric 54.3
Alstone
Guj Toolroom
-14.2
-14.2
On 23 Nov -1803 33 - - Motilal Os Midc 1356384.0 95411.4 1321.6 33.4 0.8 29á Adani Ports 189823.2
Indices Close % Chg* Indices Close % Chg* Zomato 493.4 77.2
On 22 Nov -237 164 - - Yaari Digit 2354811.0 193493.8 1117.0 30.3 0.5 30â Nestle India 188287.0 (T+2) cycleStocks which rose/fell continuously
Americas (Nov 24,22) Asia/Pacific (Nov 25,22) On 21 Nov -1221 -2941 - - UTI AMC 2281565.0 204673.7 1014.7 743.5 7.9
Nasdaq Composite (Nov 23) 11285.3 1.0 Shanghai Se Comp 3101.7 0.4 On 18 Nov 272 393 - - GE Power India 1147423.0 106849.2 973.9 142.9 9.4
Nov till date 24714 -269 1350 -1852 Damodar Ind 368981.0 34933.3 956.2 49.6 9.3
S&P/ TSX Composite
Dow Jones (Nov 23)
20344.1
34194.1
0.3
0.3
Taiwan Taiex
Kospi
14778.5
2437.9
0.0
-0.1 2022 till date -137411 -16227 170585 -33586 Panama Petro 3311391.0 332556.7 895.7 406.1 14.1
BOARD MEETINGS INTRA-DAY
Europe/Africa (Nov 24,22) Stock Exchange of Thai 1620.8 -0.3 Group nancial Results To consider tors of the Declaration of
FTSE 100 7478.0 0.2 Straits Times 3244.6 -0.3 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company (Standalone & and approve Company is Interim Div-
Purpose Consolidated) any other scheduled on idend on the
IBEX 35 8382.4 -0.1 Jakarta Composite 7053.2 -0.4 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock for the second matter inciden- 29/11/2022 Equity Shares
DAX 14505.3 -0.2 Kuala Lumpur Comp 1486.5 -1.0 NET Net Fut OI Opt OI OI NOVEMBER 26 quarter and six tal thereto. inter alia to of the Com-
HIGH *Ganesh Ecosp . . . . . . 924.5 LOW *Gala Global Pro . . . . . . 16.1
CAC 40 6688.2 -0.3 Volatility (Nov 24,22) BS 200 *Bharat Agri Fer . . . . . 847.7 *Omnipotent Inds . . . . . 15.4 Supra Pacific: months ended <B>Landmark consider and pany for the Fi-
On 24 Nov 11754 2588 0.2 1.2 2.0 BS 200
Asia/Pacific (Nov 25,22) CBOE S&P 500 (Nov 23) 20.8 1.6 *HAL . . . . . . . . . . . . 2775.0 *Jay Ushin . . . . . . . . . . . 835.0 *Datiware Ma . . . . . . . 15.4 Meeting of the 30th Sep- Lsu<B>: inter approve Pur- nancial year
On 23 Nov 13365 1050 0.2 2.3 2.2 *Aurob Pharma . . . . . . 455.1
Nikkei 225 28283.0 -0.4 CBOE Dow Jones (Nov 23) 19.4 -1.6 *Escorts Kub . . . . . . 2297.9 *Hi-Tech Pipes . . . . . . . 816.4 Ditco . . . . . . . . . . . . . . . . 15.3 Board of Direc- tember, 2022. alia to transact suant to Regu- 2022-23. We
On 22 Nov -1065 768 0.2 2.1 2.3 Others
*Insectcides . . . . . . . . . 773.5 tors of the the following lation 29 of the further would
Hang Seng 17573.6 -0.5 * Change over previous close On 21 Nov -1829 599 0.2 2.0 2.3 *L & T . . . . . . . . . . . . . 2095.0 Hind Urban . . . . . . . . . 1780.0 Raghunth Int . . . . . . . . . 12.2
*Hind.Foods . . . . . . . . . 704.4 Company NOVEMBER 29 business: 1. Securities and like to inform
On 18 Nov 6130 303 0.2 1.9 2.3 *Cummins (I) . . . . . . . 1391.9 Motilal Oswl . . . . . . . . . 652.1 Fundviser Capit . . . . . . . 11.6
*G E Shipping . . . . . . . 672.9 Comm Syn Issue of Re- Exchange you that in
*ICICI Bank . . . . . . . . . 942.8
MAJOR INDICES Nov till date
2022 till date
78428
571740
2008
22057
-
-
-
-
-
- *Bharti Airtel . . . . . . . . 877.1 *SBISensex . . . . . . . . . 668.0
Nureca . . . . . . . . . . . . . 561.0
*Natco Pharma . . . . . . 560.4
Jyoti Stru . . . . . . . . . . . . . 11.4
Frankin Inds . . . . . . . . . . 10.0
NOVEMBER 28 Bags: To con- deemable Pref- Board of India terms of the
*Lerthai Financ . . . . . . 611.8 Aptus Value sider and ap- erence Shares (Listing Obliga- Companys In-
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Canara Bank . . . . . . . 334.0 Quess Corp . . . . . . . . . . 420.5 JBF Ind . . . . . . . . . . . . . . . . 7.8
*West Leisure . . . . . . . 569.8 Hou: To con- prove a) To for the purpose tions and Dis- sider Trading
*Bank of Baroda . . . . . 172.7 DMCC SChem . . . . . . 285.0 Riga Sugar . . . . . . . . . . . . 6.1 sider and ap- consider and of redemption closure Code the Trad-
S&P BSE Sensex 62,272.7 62,327.9 62,447.7 62,115.7 62,293.6 21.0 0.0 Power Fin . . . . . . . . . . . 136.9 *Bemco Hydrau . . . . . . 507.8 *Future Lifesty . . . . . . . . 5.6
*Shilpa Medi . . . . . . . . 272.1 prove the approve allot- of Requirements) ing Window for
REC . . . . . . . . . . . . . . . . 109.9 *IIFL Finance . . . . . . . . 485.2 *RCI Inds & Tech . . . . . . . 5.6
S&P BSE Sensex 50 19,446.5 19,461.8 19,496.3 19,401.7 19,468.3 21.8 0.1 S&P BSE SECTORAL INDICES *BHEL . . . . . . . . . . . . . . . 82.3 *Elecon Engin . . . . . . . 465.0
P G Foils . . . . . . . . . . . . 217.0
*Makers Labs . . . . . . . . 120.3 *WinPro Indu . . . . . . . . 3.8
proposal of
payment of In-
ment of
26634800 new
existing Prefer-
ence Shares
Regulations
2015 as
dealing in the
securities of 2022-23 if de- other matter 2022. To con- way of Private NOVEMBER 30
S&P BSE-100 18,797.3 18,812.2 18,844.6 18,758.9 18,820.9 23.5 0.1 *PNB . . . . . . . . . . . . . . . . 55.7 Dredgng Corp . . . . . . . 443.8
Prev cls Close % Chng Dhruv Wellness . . . . . . . 76.7 Eastern Silk . . . . . . . . . . . 3.5 terim Dividend equity shares (unlisted) 2. To amended and the Company clared with the per- sider any other Placement to Dharani Fin:
Others *Kotakbketf . . . . . . . . 439.2
S&P BSE-200 7,985.2 7,991.9 8,010.7 7,974.1 8,001.5 16.3 0.2 *Mukesh Babu . . . . . . . . 72.0 Premier Ltd . . . . . . . . . . . . 3.1 for the finan- of Rs.10/- each approve postal other applica- will be closed Symbiox Inve: mission of the business with the Promoters Meeting of the
Auto 29,484.0 29,741.8 0.9 VST Ind . . . . . . . . . . . . 3865.4 *BANK BEES . . . . . . . . 437.7
DCM Shr Inds . . . . . . . . . 69.0 *UTL Inds . . . . . . . . . . . . . 3.1 cial year 2022- to existing ballot notice ble provisions for all the Des- To consider and Chairperson. the permission and Non Pro- Board of Direc-
S&P BSE-500 24,991.0 25,011.5 25,083.3 24,971.1 25,054.4 63.5 0.3 Bankex 49,178.7 49,017.0 -0.3 *TVS Srichakr . . . . . . 3230.0 *Setfnifbk . . . . . . . . . 434.1
AYM Syntex . . . . . . . . . . 65.0 Amit Int’l . . . . . . . . . . . . . . 3.0 23 and to fix shareholders in and to approve of law notice is ignated Per- approve regis- Trade Wings: To of the Chair. moters. (b) To tors of the Com-
Cons. Durables 40,994.2 41,098.1 0.3 Dynamatic T . . . . . . . . 2814.0 Kir’skar Bro . . . . . . . . . 424.0
ASRL . . . . . . . . . . . . . . . 58.7 Prismx Glob . . . . . . . . . . . 2.8 Record date for the proportion calling of hereby given sons and their tered office consider and Trans India Hou: Increase the Au- pany to
S&P BSE IPO 8,774.4 8,774.7 8,843.1 8,774.7 8,821.4 47.0 0.5 Cap. Goods 33,741.2 33,839.9 0.3 Ion Exchange . . . . . . . 2648.8 *Panama Petro . . . . . . 412.1
Shree Hari C . . . . . . . . . . 52.2 Sintex Plast Te . . . . . . . . . 2.5 the purpose of of 2:1 i.e. postal ballot that the Meet- immediate rel- change from 7A approve the Un- To consider and thorized Share consider and
FMCG 16,089.8 16,059.2 -0.2 *Honda Power . . . . . . 2577.1 *Kotak PSU Bank . . . . . 411.7
S&P Dollex-30 6,261.6 - - - 6,269.1 7.5 0.1 *eastcoast steel . . . . . . . 45.3 Pan India . . . . . . . . . . . . . 2.5 payment of In- 2(Two) new RCF: RASH- ing of Board of atives with ef- Rani Rashmoni Audited Finan- approve (a) To Capital of the take on record
Healthcare 23,591.6 23,668.7 0.3 *Power Mech Pro . . . 2148.8 *Rossell India . . . . . . . . 384.8
Lcc Infotech . . . . . . . . . . . 2.1 terim Dividend. equity bonus TRIYA CHEMI- Directors of fect from Road Kokata- cial results raise funds by Company and the Unaudited
Nifty 50 18,484.1 18,528.5 18,534.9 18,445.1 18,512.8 28.7 0.2 Infra 300.2 302.7 0.8 *Lumax Ind . . . . . . . . 1919.7 *Tiger Logistic . . . . . . . 354.0 Jayatma Ent . . . . . . . . . 42.1
*Vikas WSP . . . . . . . . . . . 1.8 Fusion Micro: share of Rs. CALS & the Company is November 21 700013 to 221 (Standalone and way of issue of consequential Financial Re-
IT 30,257.2 30,382.9 0.4 *CEAT . . . . . . . . . . . . . 1843.4 Aegis Log . . . . . . . . . . . 338.2 *Shree worstex . . . . . . . 30.0
Nifty next50 42,717.6 42,850.7 42,866.3 42,620.5 42,835.4 117.8 0.3 Quarterly Re- 10/- each for FERTILIZERS scheduled to 2022 to De- Rabindra Sarani consolidated) of Equity amendment in sults of the
Metal 19,929.9 20,046.3 0.6 *Vesuvius . . . . . . . . . . 1780.4 *Hariom Pipe Ind . . . . . 319.4 *Praxis Home Ret . . . . . 27.1 *Future Enterpri . . . . . . . 1.6
sults every 1 (One) LTD.has in- be held on cember 2 2022 3rd Floor Room the Company Shares/Con- the Memoran- Company for
Nifty 500 15,680.8 15,719.8 15,743.1 15,668.4 15,727.3 46.5 0.3 Oil & Gas 20,002.9 20,140.8 0.7 *Ebbetf0430 . . . . . . . 1235.0 *Sanghvi Mov . . . . . . . 307.6 Angel Fibers . . . . . . . . . . 19.5 *Future Consumer . . . . . 1.6
Wanbury: To existing fully formed BSE Tuesday No- for the purpose No.1 Kolkata- for the Second vertible Equity dum of Associa- the quarter and
Power 4,607.7 4,593.5 -0.3 *Ebbetf0431 . . . . . . . 1101.6 *Prime Fresh . . . . . . . . 289.8 S M Gold . . . . . . . . . . . . . 18.8 *Srestha Invest . . . . . . . . 1.2
India VIX 13.5 13.5 15.8 12.8 13.3 -0.1 -1.1 consider and paid equity that the meet- vember 29 of Interim Div- 700007 with quarter and Half Warrants tion of the half year ended
PSU 9,913.1 9,973.4 0.6 *RPEL . . . . . . . . . . . 1095.0 *CG Power . . . . . . . . . . 283.0 *AJIL . . . . . . . . . . . . . . . . 18.5 Ortel Comm . . . . . . . . . . . 0.9 approve the share(s) of Rs. ing of the 2022 inter-alia idend for the local limits of Year ended on through Prefer- Company if ap- 30th September
Nifty CPSE 2,844.3 2,849.4 2,869.1 2,823.8 2,857.7 13.4 0.5 Realty 3,503.9 3,541.7 1.1 m m w w Un-audited Fi- 10/- each. b) Board of Direc- to consider Financial year town. 2. Any September 30 ential basis by plicable. 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 (657.0) (657.5) (3123.7) (3124.9)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 658.1 660.1 3122.5 3140.1
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 665.8 666.0 3156.0 3159.0
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 657.6 657.5 3082.2 3080.0
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 664.9 664.4 3089.7 3090.9
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 19702 437K 6873 340K
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 19.0 19.0 72.8 72.8
company name is followed by shares traded, and also the 52 Wk H/L 1119/642 1118/642 3446/1945 3446/1945
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 24103 24085 65471 65495
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
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w 628.8 628.5 455.1 455.3 881.0 880.9 3601.2 3601.0 6675.1 6675.0 1624.6 1624.5 w 1967.2 1968.1 361.2 361.1 212.1 212.0 166.9 166.8 1683.8 1683.0 608.0 608.0 w 106.6 106.7 838.0 837.7 841.8 841.6 75.1 75.3 275.1 275.1 291.0 291.0
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21394 1083K 70217 1331K 339K 7614K 6078 225K 34296 859K 167K 1141K 34900 520K 178K 4357K 1055K 12999K 1430K 26430K 4899 196K 36418 485K 546K 8835K 16721 816K 80271 2991K 10445K 125076K 47228 1972K 265K 3518K
33.8 33.8 12.9 12.9 15.9 15.9 18.0 18.0 45.2 45.2 47.6 47.6 27.5 27.5 22.5 22.5 9.2 9.2 9.2 9.2 71.9 71.9 70.6 70.6 28.3 28.3 35.5 35.5 71.5 71.5 38.5 38.5 54.9 54.9 16.6 16.6
W 733/468 733/463 742/455 742/455 920/618 920/618 4130/3028 4132/3027 8044/5236 8045/5220 1862/1078 1862/1073 W 2537/1682 2537/1691 526/300 526/299 350/209 350/210 173/77 173/77 2121/1608 2122/1607 799/544 799/544 W 228/96 228/96 896/596 897/595 877/629 861/629 82/41 82/41 411/258 411/258 586/262 586/261
M 42498 42495 27206 27189 272855 272885 105267 105338 408461 408527 260144 260216 M 39189 39169 7670 7663 35309 35301 86775 86801 21988 21981 59876 59900 M 78325 78325 39448 39439 471095 471123 28535 28535 33881 33875 8021 8023

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(16642.7) (16638.3) (320.9) (321.0) (4195.8) (4191.2) (524.5) (524.6) (328.3) (328.5) (297.6) (297.6) (720.8) (722.0) (1095.3) (1095.3) (184.1) (184.2) (228.3) (228.5) (3948.9) (3947.9) (1581.7) (1581.7) (751.3) (751.4) (902.0) (901.3) (1377.4) (1377.6) (553.2) (553.6) (1738.8) (1739.3)
O 16650.1 16721.5 321.0 321.0 4196.2 4212.0 525.6 525.0 328.3 327.3 O 301.0 300.0 720.8 725.0 1096.0 1093.1 184.2 185.4 228.8 229.7 3950.1 3963.9 O 1576.1 1582.5 745.0 751.1 904.5 902.0 1390.0 1380.3 551.2 555.0 1740.3 1742.0
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 .
NEW DELHI | 26 NOVEMBER 2022 13
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APPENDIX IV
[See rule 8 (1)]
POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of the INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitization
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 3
of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated
29.09.2021 calling upon the Borrowers ASHOK KUMAR AND SHASHI to repay the
amount mentioned in the Notice being Rs.28,04,916.86/- (Rupees Twenty Eight
Lakh(s) Four Thousand Nine Hundred Sixteen And Paise Eighty Six Only)
against Loan Account No. HDHLNOD00490280 as on 27.09.2021 and interest
thereon within 60 days from the date of receipt of the said Notice.
The Borrower having failed to repay the amount, Notice is hereby
given to the Borrower and the public in general that the undersigned has taken
symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 23.11.2022.
The Borrower in particular and the public in general is hereby cautioned not to
deal with the property and any dealings with the property will be subject to the
charge of the INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs. 28,04,916.86/- (Rupees Twenty Eight Lakh(s) Four Thousand Nine Hundred
Sixteen And Paise Eighty Six Only) as on 27.09.2021 and interest thereon.
The Borrower’s 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.
DESCRIPTION OF THE IMMOVABLE PROPERTY
Property No 501-A, Gali No-6, Khasra No 600/92, Delhi - 110019.

Sd/-
Date : 23.11.2022 Authorized Officer
Place : DELHI INDIABULLS HOUSING FINANCE LIMITED

DEBTS RECOVERY TRIBUNAL, DEHRADUN

Government of India, Ministry of Finance,
(Department of Financial Services)
2nd Floor, Paras Tower, Mazra, Saharanpur Road, Dehradun, UK. 248171
PUBLICATION NOTICE
IN O.A. No. 168 OF 2022
SUMMONS UNDER SUB-SECTION (4) OF SECTION 19 OF THE RECOVERY OF
DEBTS AND BANKRUPTCY ACT, 1993, READ WITH SUB-RULE (2A) OF RULE 5 OF
THE DEBT RECOVERY TRIBUNAL (PROCEDURE) RULES, 1993 AS AMENDED FROM
TIME TO TIME)
PUBLIC NOTICE
Dy. No. 1309 Dated : 23.11.2022 Notice is hereby given that the Share
Punjab National Bank V/s Sh. Praveen Kumar & Ors. Certificate(s) No 02 for 500 Equity Shares
To, bearing Distinctive Nos 8001 to 8500 in Eon
1. Mr. Parveen Kumar, S/o Ved Prakash R/o Khasra No.106/M, Opposite House of Networks Private Limited having its Registered
Billu and Subhash, Adarsh Shivaji Colony, C Block, Village Dhandhera Pargana & Office at 733, Udyog Vihar, Phase 5, Gurgaon-
Tehsil Roorkee Haridwar, UK. Second Address: House No.07/269, Railway Road, 122016 (Haryana) standing in the name of Mrs
Mansarover Colony, Barut, Baghpat UP 250611. Sujata Jain has been lost and that an
2. Smt. Vijay Lakshmi W/o Mr. Parveen Kumar R/o Khasra No.106/M, Opposite application for the issue of duplicate in lieu
House of Billu and Subhash, Adarsh Shivaji Colony, C Block, Village Dhandhera thereof has been made to Eon Networks Pvt.
Ltd. at its above specified address. Any person
Pargana & Tehsil Roorkee Haridwar, UK. Second Address: House NO.07/269, having claim in respect of the said shares
Railway Road, Mansarover Colony, Barut, Baghpat UP 250611. should lodge such claims with the company
Whereas the above named Applicant Bank has instituted OA No. 168 of 2022 at its above referred address within 15 days
against you for recovery of debts of Rs.27,93,885.50/- in which Hon'ble Tribunal from the date of this publication. The public
was pleased to issue Summons/Notice U/s 19(4) of the Recovery of Debts and are cautioned against dealing in any way with
Bankruptcy Act, 1993 and was listed before the Registrar on 14.11.2022. these shares. .
Whereas, it has been shown to the satisfaction of the Tribunal that it is not Place : Delhi. Sd/-
possible to serve you in ordinary way. Therefore, this notice is given by way of Date : 26/11/2022. Mrs Sujata Jain
this publication directing you to appear in person or through your duly
authorized agent or legal practitioner before the Tribunal on 26.12.2022.
Further, you are required to show cause as to why the relief(s) prayed for in OA
should not be granted and to file reply, if any, in your defence in a paper book
form in sets and produce all the documents and affidavits under which your
defence or claim for set off, counter claim, in this Tribunal personally or
through your duly authorized agent or legal practitioner within 30 days from
the date of the publication of this notice.
Take notice that in case of default of your appearance on the specified
day and time before the tribunal, the case shall be heard and decided in your
absence.
Given under my hand and seal of this Tribunal on this the 23rd day of November,
2022. By order of Tribunal
Registrar
Debts Recovery Tribunal, Dehradun

APPENDIX IV
[See rule 8 (1)]
POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 MAHINDRA RURAL HOUSING FINANCE LIMITED Demand
and in exercise of powers conferred under Section 13 (12) read with Rule 3 of the
Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated Notice
18.02.2022 calling upon the Borrower(s) DIPTI BARMAN AND BHAMAL
CHANDRA BARMAN to repay the amount mentioned in the Notice being
Rs.16,15,141.79/- (Rupees Sixteen Lakh Fifteen Thousand One Hundred Forty
One and Paisa Seventy Nine Only) against Loan Account No HHLNOD00492019
as on 07.02.2022 and interest thereon within 60 days from the date of receipt of
the said Notice.
The Borrower having failed to repay the amount, Notice is hereby
given to the Borrower and the public in general that the undersigned has taken
symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 23.11.2022.
The Borrower in particular and the public in general is hereby cautioned not to
deal with the property and any dealings with the property will be subject to the
charge of the INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs. Rs.16,15,141.79/- (Rupees Sixteen Lakh Fifteen Thousand One
Hundred Forty One and Paisa Seventy Nine Only) as on 07.02.2022 and
interest thereon.
The Borrower’s 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.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO- SF3, 2ND FLOOR, FRONT RIGHT HAND SIDE FROM NORTH SIDE,
KHASARA NO.-953, 954, VILLAGE SHAHPUR, BAMHETA KRISHNA VIHAR
COLONY, GHAZIABAD, UTTAR PRADESH-201002.
Sd/-
Date : 23.11.2022 Authorized Officer
Place : GHAZIABAD INDIABULLS HOUSING FINANCE LIMITED

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NEW DELHI | 26 NOVEMBER 2022 1

POSSESSION NOTICE
WHEREAS, the authorized officer of Jana Small Finance Bank Limited (Formerly known as Janalakshmi Financial Services Limited).,
under the Securitization 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 3 of the Security Interest (Enforcement) Rules 2002 issued demand notices to
the borrower(s)/ Co-borrower(s) calling upon the borrowers to repay the amount mentioned against the respective names together with
interest thereon at the applicable rates as mentioned in the said notices within 60 days from the date of receipt of the said notices, along
with future interest as applicable, incidental expenses, costs, charges etc incurred till the date of payment and/ or realisation.
Sr. Borrower/ Co-Borrower/ Guarantor/ 13(2) Notice Date/ Outstanding
Loan No. Date / Time & Type of Possession
No. Mortgagor Due (in Rs.) as on
1 1) M/s. Bath Lounge Represented by 06.09.2022 Property No.1: 23.11.2022, 02:20 P.M.
45138640001885 its Proprietor Ms. Sikha Sharma, Rs.2,63,49,712/- Symbolic Possession
2) Ms. Sikha Sharma (Borrower), (Rupees Two Crore
45138640001872 3) Mr. Raunak Sharma (Guarantor), Sixty Three Lakh Forty Property No.2: 23.11.2022, 02:25P.M.
4) Mr. Rishi Pal Sharma (Guarantor), Nine Thousand Seven Symbolic Possession
45139660001384 5) Mrs. Kaushalya Devi (Gurantor), Hundred And Twelve Property No.3: 23.11.2022, 02:30 A.M.
6) Mrs. Deepa Sharma (Gurantor) Only) as on 04.09.2022 Symbolic Possession
Description of Secured Asset: Property Details No.1: Build up Property No.3271, With Roof/ Terrace Right Built on Freehold
Land Measuring 58.52 Sq.mtrs. Approx. situated at Ward No.VI, Gali Raja Wali, Peetal Mahadev, Hauz Qazi, Delhi-110006,
Owned by Mr. Raunak Sharma, S/o. Mr. Rishi Pal Sharma. Bounded as: East: Other's Property, West: Other's Property,
South: Jhot, North: Gali Raja Wali.
Property Details No.2: Freehold Buitup Property bearing Muncipal No.3397, Ward No.VI, Measuring Approx. 53 ½ Yards with
Lans and the Structure Built Thereon with Roof, Terrace Right situated at Gali Peetal Mahadev, Hauz Qazi, Delhi-110006, Owned
by Mrs. Kaushalya Sharma, W/o. Sh. Rishi Pal Sharma and Deepa Sharma, W/o. Mr. Sanjeev Sharma. Bounded as: East:
Gali 8 Ft, West: Others Property, South: Others Property, North: Others Property.
Property Details No.3: Freehold Buitup Property bearing its Muncipal No.3174 and 3175, Admeasuring 224.6 Sq.mtds. in Ward
No.VI, Portion Consisting Ground Floor, First Floor, Second Floor and Third Floor with Land and Roof, Terrace Rights upto Sky, built
on total land area measuring 224.06 Sq.mtrs. out of 280.09 Sq.mtrs having plinth area of the Said Portion 560.08 Sq.mrts. out of entire
plinth area 700.12 Sq.mtrs. situated in Phatak Nanak Chand, Mohalla Dassan, Ballimaran, Delhi-110006. Owned by Mr. Rishi Pal
Sharma, S/o. Late Sh. Het Ram Sharma. Bounded as: East: Others Property, West: Gali, South: Property No.3173, North: Jhot.
2 1) M/s. Swadeshi Fibre Glass 06.09.2022,
45128640000331 Represented by its Proprietor Mr. Rs.1,50,49,714/- Date: 23.11.2022
Ramesh, 2) Mr. Ramesh (Borrower), (Rupees One Crore Fifty
45129660000251 3) Mrs. Sonam Gupta (Guarantor), Lakh Forty Nine Time: 01:10 P.M.
4) Mr. Yogesh Gupta (Guarantor), Thousand Seven
45129660000379 5) Mrs. Ishrawati Gupta (Guarantor), Hundred And Fourteen Symbolic Possession
6)Mr. Hari Ram Gupta(Guarantor) Only) as on 04.09.2022
Description of Secured Asset - Hypothecated Moveable Assets: First Charge on all raw materials and stock in the books of
account and receivables and book debts of the business premises of the Company i.e., M/s. Swadeshi Fibre Glass, B-151,
Shop No.1, Shalimar Bagh, North West Delhi-110088.
Part-'B' - Mortgaged Immovable Property - Schedule Property - Property Details: Property bearing No.B-1, Khasra No.282
and 283, Lal Dora Village, Shalimar Bagh, Delhi-110088 with all buildings and structures thereon, and all plant and machinery
attached to the Earth, Both Present and Future. Owned by Mrs. Ishrawati Gupta, W/o. Mr. Hari Ram Gupta. Bounded by:
East: Plot No.151, West: Plot No.B-2, South: Road, North: Service Lane.
Whereas the Borrower's/ Co-Borrower's/ Guarantor's/ Mortgagors, mentioned herein above have failed to repay the amounts due,
notice is hereby given to the Borrower's mentioned herein above in particular and to the Public in general that the authorised
officer of Jana Small Finance Bank Limited has taken possession of the properties/ secured assets described herein above in
exercise of powers conferred on him under Section 13(4) of the said act read with Rule 8 of the said rules on the dates mentioned
above. The Borrower's/ Co-Borrower's/ Guarantor's/ Mortgagors mentioned herein above in particular and the Public in general
are hereby cautioned not to deal with the aforesaid properties/ Secured Assets and any dealings with the said properties/ Secured
assets will be subject to the charge of Jana Small Finance Bank Limited.
Place: Delhi Sd/- Authorised Officer
Date: 25.11.2022 For. Jana Small Finance Bank Limited

Registered Office: The Fairway, Ground & First Floor, Survey No.10/1, 11/2 & 12/2B, Off Domlur, Koramangla Inner Ring
Road, Next to EGL Business Park, Challaghatta, Bangalore-560071. Branch Office: 16/12, 2nd Floor, W.E.A, Arya Samaj
Road, Karol Bagh, New Delhi-110005.

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NEW DELHI | 26 NOVEMBER 2022 TAKE TWO 15 <

upGrad’s teachable Will Elon Musk’s plan to hire

moment
In a studied contrarian move, the Ronnie Screwvala-led
edtech company is on a hectic expansion spree
PEERZADA ABRAR
Bengaluru, 25 November
A
t a time when a growing
number of edtech com-
panies are laying off
employees in a bid to conserve
cash and focus on profitability,
Ronnie Screwvala-led upGrad
is on an expansion spree. Ahead
of an initial public offering
(IPO) planned for 2024, the
edtech unicorn, which acquired
that status in August 2021, has
also chosen to streamline the
corporate structure and
expense out all costs related to
mergers & acquisitions (M&As)
and growth capital in FY22 and
partly in FY23. Over 15 co-
founders from its M&As are
joining the leadership team.
“The current fiscal year would
largely be about on-boarding
leaders for targeted roles across
the upGrad spectrum to convert
our business verticals into high-
growth levers,” said Mayank
Kumar, co-founder and man-
aging director.
The firm is setting up
teams in Singapore, San
Francisco, Indonesia, New
York, West Asia, and London
and looking to hire people as
faculty, trainers, and experts.
The firm has also signed new
leases in the past few months
for 335,000 sq ft of space
across Mumbai, Bengaluru,
Pune and Noida. The
space will be utilised for set-
ting up offices, offline campus-
es, housing for learners, stu-
dios, and training rooms for a
growing roster of teachers and
faculty. It is also looking for
talent related to sales and
marketing and content.
Currently, upGrad has about
8,600 employees.
In India, upGrad has
announced plans to consoli-
date all its M&A under the
rubric of “One upGrad” by
March-June 2023. “Domestic
LEARNING TO
GROW
n Recently raised $210mn;
funding doubled its
valuations to $2.25bn
n Expanding into
Singapore, San Francisco,
Indonesia, New York, West
Asia and London
n Signed new leases in the
past few months for
expansion, in terms of busi-
ness and people, is a priority
for us,” said Kumar, adding,
“We look at making some
strategic hires to support our
growth momentum.” The
company also plans to hire
over 1,400 team members
between November 2022 and
March 2023 in India and at
offices outside the country.
Belying the funding winter
in the edtech world, upGrad
recently managed to raise
funding of $210 million from
marquee investors and family
offices. These include Bodhi
Tree (a joint venture between
James Murdoch and Uday
Shankar), the family office of
Bharti Airtel, Narotam
Sekhsaria family office and
Artian Investments (the family
office of Lakshmi Mittal of
ArcelorMittal). According to
sources, the funding has
helped the firm double its val-
uation to $2.25 billion.
The funding raised this
year helped upGrad fuel its
M&A strategy. In August this
year, it acquired Exampur —
one of India’s largest test-prep
providers for government jobs
— in a deal valued at ~125
crore. In July, it bought
Harappa Education, an online
learning institution, for
~300 crore. In May, upGrad
335,000 sq ft of space across
Mumbai, Bengaluru, Pune
and Noida
n To hire 1,400 between
Nov 23 and March 24;
headcount 8,600 at present
n Investing $30mn in UGDX,
offline higher education
platform
n UGDX will open 10
institutes next year
acquired Insofe, one of the top
data science institutes, for $33
million. It is in negotiations to
acquire various companies in
markets such as the US and
Southeast Asia
Meanwhile, upGrad is scal-
ing up its offline higher educa-
tion platform with the launch
of its new brand UGDX, which
is focused on emerging digital
technologies such as artificial
intelligence, machine learning,
cybersecurity, blockchain, and
the Internet of Things (IoT).
With an investment of $30
million, UGDX will open 10
institutes next year located at
the campuses of various uni-
versities globally.
This includes three insti-
tutes in the US, of which the
San Francisco unit goes live in
January 2023.
It is also setting up five insti-
tutes in Delhi and Chennai to
add to its existing facilities in
Mumbai, Hyderabad and
Bengaluru. It will have one
institute in Singapore and West
Asia each as well. The 10 insti-
tutes would house 3,000-3,500
students each.
“We want to create the
largest tech school,” said
Screwvala, co-founder and
chairperson, upGrad. He said
the learners will have the flex-
ibility of geographies that go
from India to the US,
Singapore and West Asia. The
plan is also to have faculty
recruitment in various
geographies, including hiring
1,000 PhDs.
At a time when the US is
facing a $1.7-trillion student
debt crisis, Screwvala said
the firm is enabling universi-
ties to create their own faculty.
They can be outsourced
around the world and offer
courses at a price that is sub-
stantially competitive. UGDX
is slated to reach operational
break-even in five quarters
from its launch.
Screwvala pioneered cable
television in India in the 1980s
and then built a unicorn that
was acquired by Walt Disney
Co. He founded upGrad in
2015 along with Mayank
Kumar, Phalgun Kompalli,
and Ravijot Chugh. It now has
a learner base of over three
million across 100 countries
and over 300 university part-
ners. Its enterprise business
has a client base of 1,000 com-
panies worldwide.
The company to date has
been capital efficient in raising
external funding and spending
it. It has raised a total funding
of $631.8 million, according to
the data platform Crunchbase.
Bucking the slowdown
within the sector, upGrad said
it has remained bullish with
its programme completion
rate of 80 per cent. About 40
per cent of the company’s total
revenue is realised from
Repeats and Referrals year-on-
year. upGrad is on track to
record an annual gross rev-
enue run rate of $400 million
during FY23. Of this, about
45 per cent of total revenue
will be realised from its
own-branded online courses
and programmes.
upGrad reported its consol-
idated revenues for FY22 as
~692 crore, a 111 per cent
increase from ~328 crore last
financial year. But net losses
widened almost three times to
~627 crore against ~211.1 crore
in FY21, according to data
accessed by the business intel-
ligence platform, Tofler.
The losses are mainly on
account of a significant rise in
expenses during FY22. Total
expenses at ~1,319 crore repre-
sented a 157 per cent jump
from ~514 crore in FY21. But
Kumar doesn’t think this will
be a problem despite operating
in a crowded field with com-
petitors such as Simplilearn,
Coursera, 2U, edX, Chegg,
Skillsoft and Byju’s. “We are
sure to hit the operational
break-even for our multiple
business lines in the next few
quarters, thereby cementing
our stature as the global higher
edtech leader,” he said.
engineers in India find takers?
Engineers wary, given Musk’s unpredictability;
HR experts and campuses not so much
says, will likely blow over in a few months.
“I would not recommend engineers to join
Twitter right now as the situation in the
company is very unpredictable, given all
the layoffs.”
ARYAMAN GUPTA & SOURABH LELE
New Delhi, 25 November
vations about joining Twitter. Several of the Some hiring firms, however, see the lat-
HR experts spoken to also advise Indian est developments at Twitter as an oppor-
techies to first carefully evaluate the job tunity for the Indian market.
Neha Desai (name changed), a software offers from big tech firms before signing “Twitter’s hiring update in India is
engineer who works at one of India’s top on the dotted line. good news, especially for Indian engi-
five information technology (IT) firms, says A R Ramesh, director-digital business neers,” says Sachin Alug, CEO, NLB
she would not want to join Twitter even if solutions, professional staffing, and inter- Services, a talent solutions firm. “While
she had an opportunity to do so. Given national engagement at Adecco, a Delhi- this development can boost the career
recent events and statements made by based job consultancy, believes it is a gam- growth of engineering talent in India, it
Twitter Chief Executive Officer Elon Musk, ble for engineers to join the platform at the can also encourage aspiring engineers to
she doesn’t think the tech major can offer moment. He says engineers should weigh work harder and land good jobs.”
her either job security or work-life balance. the risks. Kartik Narayan, CEO-
Desai is not alone in thinking so. “The first thing is to Engineering colleges Staffing, TeamLease Servi-
“It’s a big technology company and may understand Twitter’s new were also of the view ces, adds, “We think that
offer good remuneration, but stability in business strategy on the way that it wouldn’t be Twitter is still inherently a
my career is equally important to me,” says forward,” he says. wise to shut the door good technology company
a 28-year-old software developer from “Engineering prospects on these companies. for software engineers to
Pune. “Also, I read that Twitter’s new man- need to identify the new Most said they would work in. The current layoffs
agement expects employees to work 12 focus of the company and still be open to seem to be a matter of the
hours a day, seven days a week, which is see if it aligns with their aspi- having these Big Tech business recalibrating itself
quite radical. Life is not just about work.” rations. Depending on how firms back on for continued success bas-
Business Standard spoke with several much the two align, other campus if and when ed on market situations.”
engineers, engineering colleges and human caveats can be negotiated, they planned to hire The engineering colleges
resources (HR) experts to gauge the mood be it salaries or benefits like Business Standard appro-
following reports that Twitter wants to hire insurance cover.” ached to assess the mood following the lay-
engineers in countries like India, Brazil,
Japan and Indonesia.
Uncertainty notwithstanding, Ramesh offs at Twitter in particular and big tech in
thinks a job at a company like Twitter could general were also of the view that it wouldn’t
According to a report in The Verge, Musk be beneficial for young engineers who are be wise to shut the door on these compa-
now wants to decentralise Twitter by setting ready to take a risk. nies. Most of the colleges said they would
up engineering teams in these countries. Countries like India, he says, offer good still be open to having these firms back on
In an internal meeting, he reportedly cost arbitrage and tech talent. “Whenever campus if and when they planned to hire.
claimed that the technology stack of Twitter there is a slowdown, whether due to a reces- “Students would like to start their career
needs to be built from scratch by hiring sion, or other macroeconomic conditions, with a tech leader and a global brand,” says
engineers in India as well. jobs tend to move offshore to countries a senior executive from a reputed engineer-
Twitter’s total employee headcount where there is talent and there is more cost ing college in South India.
plunged to nearly 2,750 in November from arbitrage. India is also growing from a Another director of an engineering col-
7,000 in October after Musk took over. domestic market perspective,” he adds. lege, speaking on the condition of anonymi-
Other tech majors such as Meta, Shiv Agarwal, managing director at ty, adds, “People talk about Amazon’s (prob-
Amazon and now Google have also laid off recruitment firm ABC Consultants, says, lematic) work culture, but many prefer
staff this month, but not in a manner as “The hiring frenzy in IT might cool off a bit starting their careers there. If you have
harsh as Twitter’s. due to the layoffs, both in big tech as well Amazon’s experience, you will be hired by
Given Musk’s erratic behaviour, engi- as start-ups. Jobs in the IT sector have gone other biggies within a short span (of being
neers say they understandably have reser- down 8 to 10 per cent.” But this slump, he out of job).”
BEFORE THE NATIONAL COMPANY LAW TRIBUNAL CHENNAI BENCH, AT CHENNAI
C.P No. C.P.(CAA)/102/CHE/2022
CONNECTED WITH CA No. (CAA)/32/CHE/2022
In the matter of Sec 230 to 232 of the Companies Act, 2013 read with Companies
(Compromises, Arrangements and Amalgamations) Rules, 2016
And
In the matter of Scheme of Amalgamation between Leap Green Energy Private Limited (Transferee Company) and
Saffron Ecopower Venture Private Limited (Transferor No. 1 Company) Corolla Green Power Private Limited
(Transferor No. 2 Company ) Crimson Ecopower Venture Private Limited (Transferor No. 3 Company) and Coral
Ecopower Venture Private Limited (Transferor No. 4 Company) and their respective shareholders
And
Leap Green Energy Private Limited
CIN:U70101TZ2006PTC013130
A Company having its registered office at
Fourth Floor,Caledon Square, Avinashi Road, Peelamedu,
Coimbatore – 641004, Tamil Nadu, India represented by its Director
Mr. Vijayan Dev Anand ….. Petitioner Company /Transferee Company
NOTICE OF HEARING OF THE PETITION
A petition under sections 230 to 232 and other applicable provisions of the Companies Act, 2013 and the rules
thereunder for sanctioning the Scheme of Amalgamation between Leap Green Energy Private Limited (“Petitioner
Company”) and Saffron Ecopower Venture Private Limited, Corolla Green Power Private Limited, Crimson Ecopower
Venture Private Limited and Coral Ecopower Venture Private Limited was presented by the Petitioner Company on the
17th day of August 2022, and the said petition is fixed for hearing before the Hon’ble National Company Law Tribunal,
Chennai Bench (“Tribunal”) at Chennai on the 4th day of January 2023. Any person desirous of supporting or
opposing the said petition should send to the Petitioner Company’s advocate, notice of his/her intention, signed by
him/her or his/her advocate, with his/her name and address, so as to reach the Petitioner Company’s advocate not
later than two days before the date fixed for hearing of the petition. Where he/she seeks to oppose the petition, the
grounds of opposition or a copy of his/her affidavit shall be furnished with such notice. A copy of the petition will be
furnished by the under signed to any person requiring the same on payment of the prescribed charges for the same.
Dated at Chennai on this 09th Day of November, 2022.
Mr. N.P. Vijay Kumar, R. Pradeep, P. Rajaji,
Flat 3B, 3rd Floor, Shruti Block, Shruti Laya Apartments,
2nd Main Road, Gandhi Nagar, Adyar, Chennai - 600 020
COUNSEL FOR PETITIONER COMPANY

‘Carbon reduction hinges on — Advertorial

ADITYA VISION
share of renewables in energy’ LIMITED ANNOUNCES
Toyota Kirloskar Motor will put the Innova Hycross on the market in January. The model,
expected to be priced at more than ~20 lakh, will have hybrid options apart from gasoline.
This is the first hybrid offer by the company in the mainstream UV (utility vehicle) segment
efit not only the industry but the econo-
my if the volumes increase. I don’t want
a budget deficit. If I have a choice
Q2 FY23 RESULTS
after the Hyryder. VIKRAM S KIRLOSKAR, vice-chairman, Toyota Kirloskar, tells Shally Seth between tax reduction and a lower budg-
Mohile the firm is content with pursuing hybrid technology even as others have chosen the et deficit, I will go for the latter.
The Board of Directors of grown by whopping 247.47%. 1)In all our stores, almost all
pure battery electric route to reduce carbon emission. Edited excerpts. Aditya Vision Limited at its Your Company’s profits for First the salesmen (brand promot-
The Hycross will sell alongside the meeting held in Patna on half of FY2023 has er) are provided by the OEMs
Toyota has been almost a lone-ranger Crysta. This is a departure from what November 14, 2022, took on exceeded the entire profits in which save on employee cost.
when it comes to hybrids. Given that the you have done so far — replaced the record the limited reviewed FY2022. This strong growth 2) Our retail sector is growing
policy push is unidirectional (on EVs), existing model with the new one. What financial results of Q2 FY 2023. reflects sustained consumer faster than other retail due to
does it hurt? explains this? demand in our core markets, availability of easy finance
No. We have taken a stand that we are in There still is very significant demand for KEY HIGHLIGHTS driven by increased penetra- options by way of zero cost EMI
for overall carbon the Innova. Both the models are differ- Q2 FY 2023 tion of consumer durables and offering by NBFC and Banks
reduction. ent in design and construction. A lot of  Revenue increased by supported by excellent which is supported by OEMs.
Scientifically, in people still want the Crysta, which has a 42.56% YoY to Rs. 259.60 Crs. execution from our committed 3) Large Appliances like TV,
India, on a well-to- ladder frame design for certain kinds of compared to Rs. 182.09 Crs. team. However, Company’s Fridge, AC & Washing
wheel basis we are road conditions. Although this car in Q2 FY 2022. Q2 has historically remained Machine are aspirational
100 per cent sure (Hycross) can take all kinds of road con-  PAT increased by 171.53%
VIKRAM that hybrids have a ditions, we are still retaining it in case
the weakest among all quar- products which require family
KIRLOSKAR YoY to Rs. 11.35 Crs. com- ters due to seasonal effect purchase decision where the
much lower carbon some people still want it. Also, consider-
Vice-chairman, pared to Rs. 4.18 Crs. in Q2 FY caused by monsoons and entire family visits your stores
footprint than any ing that it shares quite a few parts with
Toyota Kirloskar other technology. the Fortuner, it makes sense to continue 2022. inauspicious periods. for touch and feel of the
In my opinion, the model. Today, we stand at 91 stores products which reduces the
long-term science is the only thing that H1 FY 2023 versus 79 stores in FY2022. option of online purchases.
works. The share of renewable energy as What has worked for you in Toyota Motor  Revenue increased by We have opened 12 new Moreover, your Company
a percentage of total generation is only I am not saying we will stay clear of EVs. Corp’s alliance with Suzuki Motor Corp? 85.83% YoY to Rs. 698.11 Crs. stores in this fiscal so far, and remains highly competitive due
30 per cent. Unless this goes up I don’t We will do what our customers want. A What lies ahead? compared to Rs. 375.66 Crs. 6 more are under construction to competitive price line and
see carbon emission coming down. lot will depend on the market and infra- We have learnt a lot from each other on in H1 FY 2022. at the moment. This reflects ability to instantly deliver the
We are content with hybrids, and are structure. We are committed to the manufacturing, purchasing, the cost PAT increased by 247.47% our commitment to provide a purchased products to
testing flex fuels. I think flex fuels will do Prime Minister’s call of “Make in India”, structure, and efficiency structure. At a YoY to Rs. 37.84 Crs. world class shopping experi- customers.
both — reduction in carbon and bring- and carbon reduction. We will make sure working level there’s a very good part- compared to Rs. 10.89 Crs. in ence to our consumers and to 4) Consumer electronic
ing down imports. If we are to be a con- our product strategy fits into these. nership. We aren’t competing directly on H1FY 2022. deepen our retail presence in market still remain under
tributor to the economy, we have to any specific thing. It has taken a long our targeted markets in Hindi penetrated in India especially
reduce carbon and imports. We will Do we see any movement on tax reduc- time because a lot of upfront planning is Commenting on the perform- heartland. in Tier 3 and Tier 4 cities in
achieve both — that’s our target. The tion on hybrids? making sure that the goals are clear from ance for Q2 FY23, Your Company is confident to Hindi Heartland where we see
choice of technology will be based only The customer is benefiting from hybrids. each side.
Mr. Yashovardhan Sinha, hit a century of Store Counts in immense growth potential and
on this. As far as EVs are concerned, we If you look at the Hyryder, fuel con- A broader product line-up has
Chairman and Managing FY2023 moving closer to our strong demand due to massive
are manufacturing electric motors as sumption is half its comparable ICE helped our dealer network in getting
well as hybrid transmissions. There’s not (internal combustion engine). It’s up to more people into the showroom and Director, Aditya Vision Limit- goal of 150 Stores by FY2025. improvement in power
much difference between making parts the government to figure out. giving better service. Also, we are likely ed, said: “Your Company Since retailing of consumer situation.
for pure EVs and hybrids. We will focus We haven’t asked for tax reduction to hit full volumes at our plant, and we finished Q2 with a YoY growth durables and electronics is a Your Company assures that
on what reduces carbon and imports. anywhere. As a country, we need to won’t have any capacity left by the mid- of 42.56% in Revenues, where niche segment, the unique fea- your Team is motivated and
spend on infrastructure and a whole lot dle of next year. Profits grew by 171.53%. For tures enjoyed by your working hard with focus
So will Toyota stay clear of EVs even as of other areas. If at all there’s any reduc- the First half of FY2023, Company are provided below, on delivering great value for
most others are pursuing them? tion, it has to be over 10 years. It will ben- More on business-standard.com Revenues have grown by which bodes well for the future our Customer & our Share-
85.83%, whereas Profits have of this format of retail: holders.”

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 16
>
Can’t use Bachchan’s voice, photo
without permission: Delhi HC
BHAVINI MISHRA
New Delhi, 25 November
T
he Delhi High Court on Friday
restrained any third party
from using actor Amitabh
Bachchan’s name, photo or voice with-
out his permission.
The court said that Bachchan’s
celebrity status is being used by other
parties without his permission and
granted an injunction in favour of the
80-year-old actor. It asked the authori-
ties and telecom service providers to
note its order passed based on a plea
filed by the actor.
Cheshmi’s late goal
sends Iran to 2-0 win
ASSOCIATED PRESS
Doha, 25 November
Rouzbeh Cheshmi scored in the
eighth minute of second-half
stoppage time to break a scoreless
stalemate and Iran went on to defeat
Wales 2-0 at the World Cup
on Friday.
Cheshmi's strike from outside
the box was just beyond the
diving reach of Wales backup goal-
keeper Danny Ward, who was
pressed into duty when starter
Wayne Hennessey was sent off in
the 86th minute.
Ramin Rezaeian added a second
goal moments later and Iran wildly
celebrated while some of the
Welsh players dropped in disbelief
to the field.
Gareth Bale made his 110th
appearance for Wales, the most all-
time for the national team, but the
Welsh appeared sluggish early after
Ecuador’s Pervis Estupinan in action against Netherlands on Friday
SET PIECE
Injured Neymar to miss Brazil’s second match
Neymar will miss Brazil’s second World Cup match but will remain with the
squad undergoing treatment for his ankle injury, the team doctor, Rodrigo
Lasmar, said on Friday.
Lasmar said tests conducted on his right ankle showed that Neymar has a
ligament injury and will not be fit to play against Switzerland, adding that
“the goal is to have him recover’’ in time to still play in the tournament.
2 brothers, 2 teams, 2 contrasting experiences
Williams brothers Iñaki and Nico have managed to mark both sides of their
family's heritage in a remarkable way at this World Cup. Nico was part of
the young Spain team that beat Costa Rica 7-0 on Wednesday. A day later,
big brother Iñaki played his first World Cup game for Ghana, a
3-2 loss to Cristiano Ronaldo and Portugal. This meant a complicated 24
hours in the family home back in Spain.
LUNCH WITH BS > ARUNDHATI BHATTACHARYA | CHAIRPERSON & CEO, SALESFORCE INDIA
Cash to cloud
Former SBI chief Bhattacharya talks to
Pavan Lall about her transformation
to leading a
software firm,
work-life balance
and why genius
often borders
on insanity
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Bachchan’s plea sought a direction made out and the balance of conven-
to the government’s telecommunica- ience also lies in his (Bachchan’s) favo-
tions department and the electronics ur,” Chawla said. Bachchan is likely to
and information technology ministry suffer irreparable loss to his reputation
to require internet service providers to if such an order is not passed, he said.
take down a list of links and websites Senior advocate Harish Salve,
infringing on his rights. appearing for Bachchan, gave examples
Justice Navin Chawla said that it is of how the actor’s name is misused.
indisputable that the actor is well- “There are illegal and misleading lot-
known and is represented in advertise- teries, advertisements and lucky draws
ments. He noted that the actor is which are being run under the name
aggrieved by defendants using his of Amitabh Bachchan. Someone is
celebrity status to promote goods and making t-shirts with his face on them.
services without his permission. Someone is selling his poster. Someone
“Having considered the plaint, I am has gone and registered a domain
of the opinion that a prima facie case is name, amitabhbachchan.com,” he said.
HOSTING THE WORLD CUP
a 1-1 draw with the United States in
their Group B opener.
Meanwhile, Senegal sent the
IS NO EASY GAME
Massive sporting tournaments burnish image of
host team to a second loss at its governments, but the bill comes in later
home tournament on Friday after
seizing on a defensive error from
the Qatar team for the opening goal
in a 3-1 victory.
Qatar’s elimination from the
World Cup could now come on
Friday and less than a week into the
tournament it's been preparing to
play in for 12 years if Netherlands
and Ecuador draw in the day's other
Group A game, or if the Dutch win.
Senegal, on the other hand, got
its campaign back on track after los-
ing 2-0 to the Netherlands earlier.
In Friday’s big match, Brazil’s
Richarlison came through for the 1. INDIA RANK, PER CAPITA GDP LOWER THAN OTHER EMs
“Seleção.” A spectacular acrobatic GDP per capita (current US$)
kick followed an easy tap-in 10,000 20,000
from close range as Richarlison 0 Brazil
1 3
scored both goals in Brazil's 2-0 vic- 8,876 9 7
Argentina
tory over Serbia. 20 Portugal Spain
10,076
REUTERS 23,331 29,554 Italy France Belgium
33 Russia
40
11,536
South Africa
Rank
60 6,625
67
80 79 China
10,144
100
106 INDIA
2,072
120
Note: Shows ranks and pre-pandemic (2019) per capita gross
domestic product (GDP) for emerging markets and top ten
football teams excluding England. The World Bank per capita
GDP data was available only for United Kingdom as a whole,
and not separately for England. Source: FIFA, World Bank
ANOUSHKA SAWHNEY & SACHIN P MAMPATTA
New Delhi/Mumbai, 25 November
The expense and scrutiny associated with the
football World Cup often sparks a debate on the
merit of playing host.
Oil-rich Qatar, the current host, is 50th in
football ranking despite the wealth of its
citizens. While the correlation between wealth
and football is limited, India has to make
progress in both departments (chart 1).
Hosting the World Cup has its advantages.
Five out of the last six hosts got more tourists in
the year of the tournament (chart 2).
Research suggests that hosts usually lose
money in major sporting events. Gigantic stadi-
ums are often of little use after multinational
events. Costs exceeded revenue by $50 billion,
showed a September 2022 study of 43 events,
including the Olympics and football world cups.
Image boosting is said to be one reason that
countries, often ruled by autocrats, choose to
host such events. ‘Sportswashing’ refers to
countries using sports to deflect attention from
unsavoury aspects of their regime. An analysis
of football World Cup hosts based on ‘voice and
Last year, when Arundhati Bhattacharya,
former chairperson of State Bank India (SBI),
India’s largest bank, messaged a group of frie-
nds to say she was now the chief executive offi-
cer (CEO) of software-as-a-service (SaaS) com-
pany Salesforce India, they thought she was
pranking them. It was, after all, the first of April.
“I received a lot of smiley faces and ‘ha ha’s
and I had to message them back to say it
was no joke,” Bhattacharya tells me as we sit
down to chat at Ming Yang at Taj Lands End in
Bandra, Mumbai.
Her journey since has been well-
documented as she made a daunting leap from
a public sector bank to an American cloud-
based software company. But those who know
her will tell you that she was all about
technology and digital even when at SBI. That
said, in her new role, Bhattacharya, 66, has
almost a different persona. For one, she agrees
ILLUSTRATION: BINAY SINHA
to meet me outside her office, she smiles a
whole lot more, and without the bureaucracy
and red-tape restraining her, is more candid.
Dressed in a red-black sari, accessorised with
an ethnic Bengali necklace, she’s all smiles and
looks fitter than when I met her years ago.
She’s also kept her nose to the grindstone.
Salesforce headcount has gone up from 2,500
in 2020 to 7,500 in 2022; and some of the key
customer wins, according to the company,
include HDFC Ltd, Asian Paints, Tata Cliq,
Mahindra & Mahindra and Titan.
The order for the day is clear soup for her,
crab soup for me, steamed pomfret,
Chinese stir-fried greens, egg-fried
rice and an asparagus-mushroom
concoction for the table.
How was the lockdown for
“This order is a welcome move in
recognising and controlling unl-
awful exploitation of his personali-
ty,” said Safir Anand, senior partner
at Anand and Anand, a law firm.
Courts have often upheld the
importance of protecting celebri-
ties from misuse of their fame. Actor
Rajinikanth received a favourable
order from the Madras High Court
in a case which involved his name
being used without consent in the
title of a film.
More on
business-standard.com
30,000 40,000 50,000 60,000
4 2 Denmark
6 8
11 10 59,776
Netherlands 52,476
33,673 40,579 46,599 Germany 46,795
2. WORLD CUPS USUALLY BOOST
TOURISM FOR HOST COUNTRIES
Growth in inbound tourism (%)
17.5 27.0
14.8 22.9
Japan S Korea Germany S Africa
(2002) (2002) (2006) (2010)
Note: Japan and South Korea were co-hosts in 2002. Analysis
compares average annual tourist arrivals in the five years
years leading up to the event to the year of the football World
Cup. Source: World Bank, Business Standard calculations
3. DECLINING DEMOCRATIC
ACCOUNTABILITY IN HOST NATIONS
Voice and accountability score
Japan (2002)
South Korea (2002)
Germany (2006)
South Africa (2010) 0.60
Brazil (2014) 0.47
-1.07 Russia (2018)
-1.17 Qatar*
Note: The score is based on the citizen’s freedom to choose their
government, freedom of expression, freedom of association,
and a free media in the country; *Qatar data is as of 2021, the
latest available.
accountability’ scores shows a steady decline
since the mid-2000s (chart 3).
FIFA, the sport’s governing body, earlier this
year lifted its ban on India’s football association.
India’s governance indicators are better than
the last two hosts of the World Cup but its team
ranks below them at 106th spot.
For India, hosting an event like the
World Cup will be a matter of pride. It will
also attract scrutiny.
her? “One upside was health, which improved
substantially, though it’s going down again.
Because of travel, it has deteriorated hugely as
regular meals and exercise are not feasible,” she
says. “The second was my autobiography,
which I wrote during that time. And the third
was that I truly reconnected with my family.”
There were challenges, too. For example,
because one is at home and working, one can
be expected to work all the time, she says.
Salesforce, however, was exemplary in that
“they are truly respectful of your
time,” she adds. “That’s
something Indian companies “I THINK THAT
should also start adopting.”
Soup arrives and we TRADITIONAL
get started.
Would she say that SBI had COMPANIES
work-life balance? “No, not in the
bank,” comes the candid reply.
NEED TO EVOLVE
FASTER”
“When I went to New York on
posting, the last consortium
meeting I held was at 4:30 in the
evening, and then I took an 11:30 pm flight out
of Kolkata to New York with my year-old
daughter and my aunt, a senior citizen. So
that’s the kind of work-life balance we have had
— which is, none at all. It’s not fair,” she says.
Salesforce, she adds, is different. “You
know, my secretary blocks time on my
calendar for packing the day before I’m trave-
lling. That’s when you understand she is not
expecting me to do my packing on my personal
time. I think it really helps to de-stress.”
Bhattacharya’s husband was one of the
founding professors of the computer science
and engineering department at IIT Kharagpur.
“When I was posted to the US, he came for a
NEW DELHI | 26 NOVEMBER 2022 1
Interpreter of
languages
CHINTAN GIRISH MODI or taken seriously on account of cultural
biases and structural barriers in the pub-
Author-translator Jhumpa Lahiri, who lishing industry.
joined Barnard College in New York as Those who scoff at identity politics,
the Millicent C McIntosh professor of or find it plain boring, might perk up
English and director of creative writing when they come across Lahiri’s analogies.
in April 2022, is out with a new book While discussing the challenges involved
called Translating Myself and Others. It in translating her own work from Italian
is a contemplative collection of essays to English, she writes, “The responsibility
examining her own experience with of translation is as grave and precarious
translation, and her identity as a trans- as that of a surgeon who is trained to
lator. These essays transplant organs, or to
speak of exclusion with- direct the blood flow to our
out sentimentality, free- hearts, and I wavered at
dom without rage, and length over the question of
border-crossing with- who would perform
out euphoria. They are the surgery.”
tender and sharp, She sought out
weighing in on matters Frederika Randall, an
of craft, gatekeeping American translator in
and grief. Rome, to translate Dove
She reflects on how mi trovo from Italian to
it felt to repeatedly hear English. Randall agreed to
the question, “Why do
you speak our lan-
guage?”, from multiple
translate a dozen pages so
that both could “get a feel
for how her translation
Italians when she lived
in Rome. They could
not fathom why a per-
would sound”. Lahiri was
excited as Randall was “an
extremely skilled transla-
son of Indian origin TRANSLATING MYSELF AND tor” and she knew the set-
who was born in OTHERS ting of the book better than
London, raised in the Author: Jhumpa Lahiri Lahiri herself. After she
United States, and saw Randall’s sample
wrote books in English, Publisher: translations, Lahiri had a
Princeton University
wanted to communi- Press change of heart. She
cate in Italian. The embarked on the task of
explanation that she Pages: 208 Price: ~599 translating her own novel
had studied Italian from Italian to English.
because she loved the language, and Read Translating Myself and Others to
wanted to have a relationship with it, did find out what happened when she took
not suffice. charge instead of trusting another pair
Lahiri admits that she felt unfairly of hands.
interrogated, and often got defensive. This book would be of interest not
Readers who are familiar with her fiction only to translators, students and scholars,
— Interpreter of Maladies (1999), The but to anyone who cares about how lan-
Namesake (2003), Unaccustomed Earth guage represents, shapes and transforms
(2008), The Lowland (2013), Whereabouts our reality especially in a world where
(2021) — would recognise the themes of questions of linguistic purity are being
70,000 loss, alienation, and linguistic exile that raised and quashed. Lahiri’s thoughts on
she foregrounds and revisits frequently. Marxist philosopher Antonio Gramsci’s
She persisted with the discipline of practice as a translator are particularly
language learning, wrote fiction and non- noteworthy because they push us to think
fiction in Italian — In altre parole (2015), about the politics of language in uncon-
Dove mi trovo (2018) — and translated ventional ways.
the work of Italian writers. Apart from This book marries erudition with
English translations of three Italian nov- intimacy, and that is a truly laudable
els written by Domenico Starnone, she achievement.
has edited The Penguin Book of Italian Lahiri opens the book with an anec-
Short Stories (2020). It features 40 Italian dote about a “translation dilemma” from
19.6
writers in English translation. Some of her childhood. All the kids in her
Russia these are Italo Calvino, Luigi Pirandello, American kindergarten classroom were
(2018) Elsa Morante, Lalla Romano, Elio busy making cards for Mother’s Day
Vittorini, Umberto Saba, Antonio using sheets of white paper and pink
Brazil Tabucchi, and Tommaso Landolfi. crepe-paper roses with green stems.
(2014) -15.9 Lahiri writes poignantly about the fact When the assistant teacher, who sprayed
that her desire, choice and audacity to perfume into each of these roses, asked
make Italian her own were questioned. them to write, “Dear Mom, happy
She notes, “It has been suggest- Mother’s Day”, Lahiri felt
ed to me to be more careful and “stymied” as her Bengali mother
conservative with my use of the was “Ma” to her, not “Mom” but
language were I to write in
Italian again, so as not to
she was also “embarrassed” to use
the Bangla term that her mother
‘offend’ certain readers. Italian responded to. On the one hand,
1.01 in its official form — whatever she wanted to belong. On the oth-
0.75 that may mean —should not
and cannot…be touched or
BOOKS er hand, “Mom” sounded “for-
eign” to Lahiri, and she was aware
1.37
marred.” One wonders how & IDEAS that it would have “certainly alien-
much of this has to do with ated, even offended” her mother.
gender, and whether men who make sim- The book concludes with an account
ilar creative decisions receive as much of her mother’s final days in 2021 due to
criticism as Lahiri has. excessive carbon dioxide in the blood.
At the same time, it is worth noting An insight struck Lahiri while translating
that Lahiri does not yearn for a borderless the Roman poet Ovid’s magnum opus
Source: World Bank utopia. She writes, “I don’t wish to live, Metamorphoses from Latin to English in
or write, in a world without doors. An collaboration with Yelena Baraz — her
unconditional opening, without compli- colleague in the Classics Department at
cations or obstacles, doesn’t stimulate Princeton University where Lahiri used
me. Such a landscape, without closed to work before she joined Barnard
spaces, without secrets, without the pres- College. Lahiri writes, “For though I knew
ence of the unknown, would have no sig- that her time was limited, I kept thinking
nificance or enchantment for me.” to myself, she’s not dying as much as
Perhaps the exhilaration is in the unlock- becoming something else.”
ing or breaking open of doors. This must
sound encouraging to translators who
are struggling to have their work noticed The reviewer tweets @chintanwriting
short vacation, and then got a job with Dow
Jones. And then he asked IIT for a sabbatical,
which they refused to give. He was a little
cheesed off because IIT had given it to others.
So he chose to leave,” she says, and with a smile
The thing is, she says, “it’s not just about the
corporations evolving; it’s also about the whole
ecosystem evolving. If auditors are not on
board, if chartered accountants and valuers are
not doing the right things, if legal is not up to
adds, “He says he did it for me, but believe me date, you can’t really see a change on the
he did it for himself.”
Lunch arrives. Our conversation moves to
corporate side.”
I press on. Do you see changes now? “Yes, I
things that help her relax. Art is one. She visited do. There are far more corporate lawyers today
Amsterdam recently and went to the Van Gogh than there ever were, for example,” she says.
Museum for the second time. “I am amazed at She goes on to say that corporations are
his range and power, and can stand getting savvier with their boards. “So
for hours in front of his paintings,” nowadays, when they are looking for board
she says. “Not just the classics, but members, they’re trying to pick out somebody
also his works in the Japanese from HR, somebody from risk, somebody from
style, which are so different IT. And obviously, they’re trying to do that
from his sunflowers… And look at because they want guidance on these matters.”
some of his farmhouse paintings To that extent, evolution is happening. “But
or his Wheatfield with Crows — all
so different.”
where there’s an issue, I think, is that the
traditional companies need to evolve
Van Gogh did see the world in a faster. Because they are a far more mature
very different way, she says, which model, they should be able to absorb change
is why, perhaps, they say there is a faster and create systems that will give far more
thin line between genius and insanity. transparency.”
We bite into our Chinese green vegetables, Our lunch is almost done. I suggest dessert,
which are surprisingly good, in pensive silence. telling Bhattacharya that the almond honey
During her tenure at SBI, Bhattacharya was nut-crunch ice-cream is superlative. So she
credited with some key achievements that incl- asks for it — not for herself but for me.
uded preparing the ground for a merger with In her corporate career thus far, how does
associate banks, making the bank digitally up to she see the transforming of India? "Well, we
speed and streamlining its policies to be more started as the BPO to the world, and have
employee-friendly, especially for women. slowly climbed the scale to now being ‘centres
Indian banking — both public sector and of excellence’.”
private — have been criticised in recent years “Having said that, I still believe we can do
over non-performing assets, loans made to much to increase the ease of doing business,
companies that don’t pay back, and the but overall, there’s a good feeling about
commensurate losses that befall shareholders our economy.”
and the economy at large. On that optimistic note, we call it a wrap.