TUESDAY, 13 DECEMBER 2022

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

MUMBAI
~12.00
VOLUME XXVII NUMBER 86

THE MARKETS ON MONDAY chg#

Sensex 62,130.6  51.1

Nifty 18,497.2 p 0.6
Nifty Futures* 18,605.2 p 108.0
Dollar
Euro
~82.5
~87.2
~82.3 **
~86.9 **
NBFCS’ SHARE IN LENDING CPI INFLATION EASES TO
Brent crude ($/bbl)
Gold (10 gm)###
77.0##
~53,693.0 
*(December) Premium on Nifty Spot; **Previous close;
75.8 **
~28.0 PIE SLIDES TO 5-YEAR LOW 11-MONTH LOW OF 5.9%
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E 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

>.
Vapi Branch
Ground Floor, Dharti Champer, CM 8/13 - NH No.8, GIDC Vapi, Dist.Valsad
POSSESSION NOTICE [Rule-8(1)]
Whereas,The undersigned being the Authorized Ofcer of the Union Bank of India
under the Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002(54 of 2002) and in exercise of powers conferred under
section 13(12) read with rule 3 of the Security Interest (Enforcement) Rules, 2002
issued a demand notice dated 08/07/2021 calling upon the Borrower/ Guarantor/
Mortgagor M/s MBC Infra Space Pvt Ltd (Borrower), Mr. Manoj P. Baruah
(Guarantor), Mrs. Boby Baruah (Guarantor), Mr. Lalit Gunvant Pardeva
(Guarantor) to repay the amount mentioned in the notice being Rs.6,38,83,881.06/-
(Rupees Six Crores Thirty Eight Lakh Eighty Three Thousand Eight Hundred Eighty
One and Six Paise only) with interest within 60 days from the date of receipt of the
said notice.
The Borrower/Guarantor/Mortgagor having failed to repay the full amount, notice is
hereby given to the Borrower/Guarantor/Mortgagor 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 this the 8 th Day of
December of the year 2022.
The Borrower/Guarantor/Mortgagor 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 Union Bank of India, Vapi Branch for an amount of being
Rs. 6,38,83,881.06/- (Rupees Six Crores Thirty Eight Lakh Eighty Three Thousand
Eight Hundred Eighty One and Six Paise only) as on 30/06/2021 in the said
accountogether with costs and interest as aforesaid.
The Borrower's/Guarantor's/Mortgagor's attention is invited to the provision of sub
section (8) of the section 13 of the Act, in respect of time available, to redeem the
secured assets. Description of immovable property
All that piece and parcel of residential Flat no.A-1303, admeasuring 670 sq.feets
(carpet area) i.e. 62.26 sq.mtrs. on the 13th oor in building no.4, known as “Raviraj
Palms” constructed on NA Land bearing old survey no.452 (part) corresponding New
survey no - 152 (part) admeasuring 5140 sq.mtrs situated, lying and being at village
Navghar, Bhayander, Taluka and District Thane in the registration District and sub
district of thane and now within limits of Mira Bhayendar Municipal Corporation.
Authorised Ofcer,
Date : 08/12/2022 | Place : Bhayandar Union Bank Of India
MUMBAI | TUESDAY, 13 DECEMBER 2022 1
Office of the "Recovery Officers"
c/o, Raigad Sahakari Bank Ltd, 5 & 6, "Anant Nivas", Gr.floor, Sane Guruji Marg,
Chinchpokali, Lalbaug, Mumbai – 400 012.
Tel No:- 2470 4169/2470 3443 Fax :- 2470 0973.
FORM "Z"
(See Sub-rule 11(d-1) of rule 107)
POSSESSION NOTICE FOR IMMOVABLE PROPERTY
Whereas, the undersigned being the Recovery Officer of the Raigad Sahakari
Bank Ltd, Mumbai under the Maharashtra Co-Opearative Societies, Rule 1961 issued
a notice dated 20.06.2022 followed by Notice Before Attachment dated 05.07.2022
calling upon the Judgement Debtors i.e. Borrower & Guarantors.
Mrs.Nanda Tanaji Shelke along with other Judgement Debtors – Mr.Malbul
Karim Rathod, Mr.Budhgosh Prahlad More & Mr.Tanaji Namdev Shelke has to
repay the amount mentioned in the notice being Rs.5,10,279/- (Rupees Five Lakh
Ten Thousand Two Hundred Seventy Nine Only) as on 31.05.2022 with further
interest till realization with date of receipt of the said notice & judgement debtors having
failed to repay the amount, the undersigned has issued a notice for attachment
attached the property described herein below.
The Judgement Debtors having failed to repay the amount, the notice is hereby
given to the Judgement Debtors and the public in general that the undersigned has
taken possession of the property described herein below in exercise of the powers
conferred on him under Rule 107{11(d-1)}of the Maharashtra Co-Operative Societies
Rules, 1961 on this 8th December, 2022.
The Judgement Debtors in particular and the public in general is hereby
cautioned not to deal with the property and any dealing with property will be subject to
the charge of The Raigad Sahakari Bank Ltd, Mumbai for an amount of Rs.5,10,279/-
as on 31.05.2022 with further interest thereon.
Description of the Immovable Property
Room No.2, Mahatma Phule Nagar Rahivashi Sangh, Filter Pada, Aarey Road,
NITIE, Powai, Mumbai – 400 087
Date :- 08/12/2022 Sd-
Place :- Mumbai. R.P.Sawant.
Seal Recovery Officer,
(u/s.156 of MCS Act 1960 &
Rule 107 of MCS Rule Act 1961 abide)
Public Notice in Form XIII of MOFA (Rule 11(9) (e)) PUBLIC NOTICE
District Deputy Registrar, Co-operative Societies, Mumbai City (3)
Mhada Building, Ground Floor, Room No. 69, Bandra (E), Mumbai - 400051. TO WHOMSOEVER IT MAY CONCERN
No.DDR-3/Mum./ Deemed/Conveyance/Notice/3667/2022 Date: - 12/12/2022 THIS IS TO INFORM THF GENERAL PUBLIC THAT FOLLOWING SHARE CERTIFICATE(S) OF CIPLA LIMITED HAVING
Application u/s 11 of Maharashtra Ownership Flats ITS REGISTERED OFFICE AT CIPLA HOUSE. PENINSULA BUSINESS PARK GANPATRAO KADAM MARG. LOWER PAREL,
(Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963 MUMBAI - 400013, REGISTERED IN THE NAME(S) OF THE FOLLOWING SHAREHOLDER S) HAS/HAVE BEEN LOST
Public Notice BY THE REGISTERED HOLDER(S).
Deemed Conveyance Application No. 137 of 2022 Folio No. Name of the Share Distinctive No. of Face
Jaan Mohd Co-op. Hsg. Soc. Ltd., Aqsa Masjid Road, Jogeshwari West, Mumbai - Holder(s) Certificate no. Nos. Shares value
400102. ...Applicant. Versus. 1) Mrs. Aisabai Jaan Mohamed (Since deceased) Through CIP0005890 HSBC Agency (India) Private Limited 213982 11721301- 50 10/-
its legal heirs. (a). Mr. Abdul Razzak Ahmed Chunawala. (b) Mr. Farooq Abdul Razzak (formerly known as Hongkong Bank 11721350
Chunawala. (c) Mr. Arif Abdul Razzak Chunawala. (d). Mr. Sameer Abdul Razzak (Agency) Private Limited
Chunawala. Vastu Prestige, 201/202, New Fame Adlabs, Andheri Link Road, Andheri
West, Mumbai - 400 053. 2) M/s Home-Space Developers, Vastu Prestige, 201/202, New THE PUBLIC ARE HEREBY CAUTIONED AGAINST PURCHASING OR DEAL ING IN ANY WAY WITH THE ABOVE
Fame Adlabs, Andheri Link Road, Andheri West, Mumbai - 400 053. ...Opponents and REFERRED SHARE CERTIFICATE(S).
those, whose interests have been vested in the said property may submit their say at the ANY PERSON(S) HAS HAVE ANY CLAIM IN RESPECT OF THE SAID SHARE CERTIFICATE(S) SHOULD LODGE SUCH
time of hearing at the venue mentioned above. Failure to submit any say shall be presumed CLAIM WITH THE COMPANY OR IT’S REGISTRAR AND TRANSIT R AGENTS KFIN TECHNOLOGY PVT. LTD. UNIT:
that nobody has any objection in this regard and further action will be taken accordingly. CIPLA LIMITED 17-24 VIT HAL RAO NAGAR MADHAPUR HYDERABAD - 500081 WITHIN 15 DAYS OF PUBLIC ANON
Description of the Property, :- OF THIS NOFICE. AFTER WHICH NO CLAIM WILL BE ENTERTAINED AND THE COMPANY MAY PROCEED TO ISSUE
Claimed Area DUPLICATE SHARE CER FIFICATE(S) TO THE REGISTERED HOLDER(S).
Unilateral Conveyance of land admeasuring 626.40 sq. meters as specifically set out in SD/-
(the Property Registration Card) the copy of the Agreement dated 12/09/1989 along with PLACE: MUMBAI HSBC Agency (India) Private Limited
building situated at Jogeshwari (W), bearing CTS No.16A, Village- Bandivali, Mumbai DATE: 13-12-2022 Name of the Shareholder
Suburban Known has Jaan Mohd CHSL., Aqsa Masjid Road, Jogeshwari (W), Mumbai.
400102 in favour of the Applicant.
The hearing in the above case has been fixed on 26/12/2022 at 3.00 p.m. District Deputy
Registrar, Co-operative Societies, Mumbai City (3). Mhada Building, Ground Floor, Room
No. 69, Bandra (E), Mumbai - 400051.
Sd/-
(Rajendra Veer)
District Deputy Registrar,
Co-operative Societies, Mumbai City (3)
Seal Competent Authority,
U/s 5A of the MOFA, 1963.
BAITUL AMAN CO-OP. HSG. SOC. LTD.
Regn. No. BOM/W-L/HSG/TC/838/YEAR 1988, Date – 29/02/1988
Bldg. No. 10, Kapadia Nagar, C.S.T. Road, Kurla (W), Mumbai-70 Situated at Survey No.
198 (Part), C.T.S. No. 26 of Village Kurla-4, Tal-Kurla, Mumbai Suburban District.
DEEMED CONVEYANCE PUBLIC NOTICE
Notice is hereby given that the above Society has applied to this office under Section
11 of Maharashtra Ownership Flats (Regulation of the promotion of construction sale,
management & Transfer) Act, 1963 for declaration of Unilateral Deemed Conveyance
of the following properties. The next hearing in this matter has been kept before me on
27/12/2022 at 3:45 pm at the office of this authority.
Respondent No. - (1) Kapadia Development Co.Op. Hsg. Soc. Ltd. Add- Plot No.
16, Bldg.No. 2, Ground Floor, Marol Maroshi Road, Bhavani Nagar, Andheri (E), Mumbai-
59 (2) M/s. Deepak Builders Pvt. Ltd. Add (a)- 201, Gundecha Chambers, Nagindas
Master Road, Mumbai-23 Add (b)- B/709, Sagar Tech Plaza, Sakinaka Junction, Andheri
kurla Road, Andheri (E), Mumbai-72 (3) Kavita CHSL- Building No. 1, Kapadia Nagar,
C.S.T. Road, Kurla (W), Mumbai-70 (4) Karishma CHSL- Building No. 2, Kapadia Nagar,
C.S.T. Road, Kurla (W), Mumbai-70 (5) Khaiber CHSL-Bldg. No. 3, Kapadia Nagar, C.S.T.
Road, Kurla (W), Mumbai-70 (6) Kaisar CHSL-Bldg. No. 4, Kapadia Nagar, C.S.T. Road,
Kurla (W), Mumbai-70 (7) Karvan CHSL-Bldg. No. 5, Kapadia Nagar, C.S.T. Road, Kurla
(W), Mumbai-70 (8) AL-Hamd Bldg. CHSL- No. 6, Kapadia Nagar, C.S.T. Road, Kurla
(W), Mumbai-70 (9) Kurla Shahin CHSL- Bldg. No. 7, Kapadia Nagar, C.S.T. Road, Kurla
(W), Mumbai-70 (10) Diamond CHSL-Bldg. No. 8, Kapadia Nagar, C.S.T. Road, Kurla
(W), Mumbai-70 (11) Ruby CHSL-Bldg. No. 9, Kapadia Nagar, C.S.T. Road, Kurla (W),
Mumbai-70 (12) New Arafat CHSL-Bldg. No. 11, Kapadia Nagar, C.S.T. Road, Kurla (W),
Mumbai-70 (13) Kohetur CHSL- Bldg. No. 12, Kapadia Nagar, C.S.T. Road, Kurla (W),
Mumbai-70 (14) Kaveri CHSL-Bldg. No. 13, Kapadia Nagar, C.S.T. Road, Kurla (W),
Mumbai-70 (15) Al-Makkah CHSL-Bldg. No. 14, Kapadia Nagar, C.S.T. Road, Kurla (W),
Mumbai-70 (16) Al-Madina CHSL-Bldg. No. 15, Kapadia Nagar, C.S.T. Road, Kurla (W),
Mumbai-70 (17) Baugh-E-Rehmat CHSL-Bldg. No. 16, Kapadia Nagar, C.S.T. Road,
Kurla (W), Mumbai-70 (18) Gulistan CHSL- Bldg. No. 17, Kapadia Nagar, C.S.T. Road,
Kurla (W), Mumbai-70 (19) Gulshan CHSL- Bldg. No. 18, Kapadia Nagar, C.S.T. Road,
Kurla (W), Mumbai-70 (20) Sadaf CHSL-Bldg. No. 19, Kapadia Nagar, C.S.T. Road, Kurla
(W), Mumbai-70 (21) New Milind CHSL-Bldg. No. 20, Kapadia Nagar, C.S.T. Road, Kurla
(W), Mumbai-70 (22) Milind CHSL-Bldg. No. 21, Kapadia Nagar, C.S.T. Road, Kurla (W),
Mumbai-70 (23) New Nalanda CHSL-Bldg. No. 22, Kapadia Nagar, C.S.T. Road, Kurla
(W), Mumbai-70 (24)Nalanda CHSL-Bldg. No. 23, Kapadia Nagar, C.S.T. Road, Kurla (W),
Mumbai-70 (25) Shama Apartment CHSL-Bldg. No. 24, Kapadia Nagar, C.S.T. Road,
Kurla (W), Mumbai-70 and those, whose interests have been vested in the said property
may submit their say at the time of hearing at the venue mentioned below. Failure to submit
any say shall be presumed that nobody has any objection in this regard and further action
will be taken accordingly.
DESCRIPTION OF THE PROPERTY :-
Building of Baitul Aman CHSL along with land as mention below.
Survey No. Hissa No. Plot No. C.T.S. No. Claimed Area
26 1613.65 Sq.mtr. out of
198 (Part) -- - (C.S.O. Kurla) Total Area 39595.40
Sq.mtr.
Ref. No. MUM/DDR(2)/Notice/4852/2022
Place : Konkan Bhavan,
Competent Authority & District Dy. Registrar,
Sd/-
Room No. 201, Konkan Bhavan,
C.B.D. Belapur,
SEAL (Pratap Patil)
Navi Mumbai-400614. Competent Authority & District
Date : 12/12/2022 Tel.: 022-27574965 Dy. Registrar Co.op. Societies (2),
Email : ddr2coopmumbai@gmail.com East Suburban, Mumbai
TUESDAY, 13 DECEMBER 2022
18 pages in 1 section
MUMBAI
~12.00
VOLUME XXVII NUMBER 86
THE MARKETS ON MONDAY
Sensex 62,130.6  51.1
Nifty 18,497.2 p 0.6
Nifty Futures* 18,605.2 p 108.0
Dollar
Euro
Brent crude ($/bbl)
~82.5
~87.2
77.0##
Gold (10 gm)### ~53,693.0 
*(December) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
THE CMIE TRACKER
Consumer Sentiments Index
(Base: September - December 2015 = 100)
Unemployment rate
Source: CMIE
ON THE JOB
BIG ENTERPRISES ARE
BETTER EMPLOYERS
Listed companies employed record
10 million people in 2021-22, and the annual
average wage they paid was of the order of
~7 lakh per employee — more than twice the
salaries paid by other enterprises.
MAHESH VYAS writes 15 >
INDIA, CHINA TROOPS
CLASHED AT LAC IN
ARUNACHAL ON DEC 9
Indian and Chinese soldiers clashed at
a location along the Line of Actual
Control (LAC) in the Tawang sector of
Arunachal Pradesh on December 9,
resulting in minor injuries to a few
personnel from both sides, military
sources said on Monday. They said the
Indian troops resolutely confronted the
Chinese PLA soldiers. The sources said
both sides immediately disengaged
from the area. 5>
ECONOMY & PUBLIC AFFAIRS P9
Threshold for offences
on GST Council agenda
The GST Council, which is scheduled to meet on
December 17, will likely take up changes in the
prosecution provisions under the GST regime,
in which a committee of officials has proposed
increasing the monetary limit to ~2 crore from
the current ~1 crore, set as a minimum amount
of tax evaded for arrest in non-cognizable and
bailable offences under the regime.
INDICES END MARGINALLY LOWER
AHEAD OF US FED’S POLICY MEET 12 >
~ SHEDS 26p AS US DATA LEADS
TO FED HIKE JITTERS
SEMI FINALS
TOMORROW 12:30 AM
ARGENTINA
VS
CROATIA
RELATED REPORT
Chock-a-block airport: Blame it on number of trays!
ANEESH PHADNIS
Mumbai, 12 December
Crowded entrances and clogged security lanes
are now a common sight at the Delhi airport. So
are frayed tempers and angry tweets.
A surge in air travel (domestic traffic has
clocked over 400,000 passengers for nine con-
secutive days) has put a strain
PAGE 11 on the infrastructure at the
country’s busiest airport and
EDIT: FIXING forced the civil aviation ministry
INDIA’S
AIRPORTS to order a reduction in peak-
hour flights. The airport handles
over 1,100 domestic and inter-
national flights daily.
On Monday, Civil Aviation Minister
Jyotiraditya Scindia took stock of the situation
and interacted with airport and airline officials
to find out ways to ease congestion. A five-point
plan is being explored covering all the problem
areas -- entrance, check-in area, security check,
immigration, and reduction of peak hour flights
(5-9 am). Shifting of peak hour flights from ter-
minal T3 to T2 and T1 is being proposed as a
remedy.
On Sunday, domestic airlines flew over
chg#
WORLD P10
~82.3 **
~86.9 **
75.8 **
LIMITLESS, ZERO-CARBON
~28.0
FUSION ENERGY A STEP CLOSER
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
CPI inflation eases
to 11-month low of
(%)
5.9%; IIP contracts
Core inflation inches
up; manufacturing
activity declines
ASIT RANJAN MISHRA
New Delhi, 12 December
I
ndia’s retail inflation rate unexpectedly
decelerated to an 11-month low in
November, and factory output contracted
to hit a 26-month low in October, further
strengthening the case for ending the rate hike
cycle by the central bank.
The data released by the National Statistical
Office on Monday showed that the Consumer
Price Index (CPI)-based inflation rate eased
below the Reserve Bank of India’s (RBI’s) upper
tolerance limit of 6 per cent, to 5.88 per cent, in
November due to a sharp moderation in food
prices. It was 6.77 per cent in October 2022, and
4.91 per cent in November last year.
The Index of Industrial Production (IIP), on
the other hand, shrank 4 per cent year-on-year
in October as manufacturing output contracted
5.6 per cent. Average inflation has remained
above 6 per cent for the past three consecutive
quarters, which constituted a failure on the part
of the RBI to meet its inflation mandate.
The moderation in inflation was driven by
vegetables (-8.08 per cent) and fruits (2.62 per
cent), while inflation for egg (4.86 per cent),
cereals (12.08 per cent), and spices (19.52 per
cent) accelerated further.
However, core inflation, which excludes vol-
atile food and fuel prices, inched up to 6.3 per
cent in November from 6.2 per cent in October.
Turn to Page 5 >
PAGE 4 >
GOVT NOT TO MAKE PUBLIC RBI
REPORT ON INFLATION FAILURE
Jaiprakash to
HIGHEST EXPORTS IN NOVEMBER SINCE PLI LAUNCH
Apple’s India exports set to hit ~20K cr sell cement,
TAKING A BIG BITE
SURAJEET DAS GUPTA
New Delhi, 12 December power units to
Propelled by the central govern-
ment’s production-linked incentive
(PLI) scheme, Apple Inc. through its
Dalmia Cement
three contract manufacturers —
Foxconn, Wistron, and Pegatron — is
5> poised to export iPhones worth
~20,000 crore from India between
April and December this year, say
sources in the know.
Between April and November,
Apple had breached exports of
~17,500 crore. Even as the Cupertino-
based company faced the full brunt
on its production in China in
November due to Covid-zero and
labour unrest, its exports from India
crossed a record $500 million (~4,250
crore) that month.
The export number for November
is the highest run rate achieved by
the three contract manufacturers
since the PLI scheme was rolled out
P16 16 months ago.
A spokesperson for Apple Inc. did
Union Minister for Civil Aviation
Jyotiraditya Scindia visited Terminal 3 of
Indira Gandhi International Airport amid
complaints from passengers about long
queues and waiting hours PHOTO: PTI
427,000 passengers — the highest since the
resumption of flights in May 2020 after the
Covid-linked lockdown. This was also higher
than the average daily number in February 2020
and December 2019.
In December 2019, when Covid was yet to
impact flights, Delhi airport was handling
www.business-standard.com
BACK PAGE P16
LAYOFF FALLOUT: OUTPLACEMENT
FIRMS HAVE THEIR HANDS FULL
NBFCs’ share in lending
pie slides to 5-year low
Banks gaining at LOSING STEAM ON LENDING
the expense of The trend in NBFCs’ loan book GROWTH (In % YoY)
non-bank lenders
KRISHNA KANT
Mumbai, 12 December
and credit market share
Banks’ loan book
expanding faster
Banks are gaining market share at
the expense of non-bank lenders
such as housing finance companies,
retail lenders, and those giving gold
loans.
There has been a steady decline
in the market share of non-banking
financial companies (NBFCs) in the
credit market as banks have stepped Compiled by BS Research Bureau Source: Capitaline
up lending.
NBFCs’ share declined to The combined loan
a five-year low of 19.8 per book of 31 listed banks PAGE 4 >
cent in the first half of in the Business
BELOW 6%, FINALLY FY23, down from 20.3 Standard sample
13,000 COMPLAINTS FILED
AGAINST LENDERS OVER
Retail inflation trend (in % YoY) per cent in H1FY22, and grew 20.4 per cent
an all-time high of 23.1 year-on-year in the DIGITAL LENDING APPS
per cent in H1FY19. first half of FY23
This reverses nearly a compared to 11.1 per
decade-long process when cent growth reported by and ~104 trillion a year ago.
NBFCs increased their share 41 listed non-bank In comparison, the combined
in the country’s credit and grew lenders. (See the adjoining loan books of the 41 NBFCs grew to
more profitable than banks. charts.) ~30.92 trillion at the end of
NBFCs’ market share could fall The banks’ combined loan books September this year from ~29.63 tril-
further in the forthcoming quarters grew to a record high of ~125.3 trillion lion at the end of March this year
as banks’ loan books continue to
grow at a fast clip.
at the end of September this year
from ~116 trillion at the end of March
and ~27.83 trillion a year ago.
Turn to Page 5 >
PRODUCTION PANGS
Index of Industrial Production (2022)
TAMO TO SELL PARTIAL STAKE KIRLOSKAR SHAREHOLDERS
IN TATA TECHNOLOGIES VIA IPO REJECT FORENSIC AUDIT MOVE
Tata Motors’ board has approved a partial divestment Shareholders of Kirloskar Brothers have rejected a
of the company in Tata Technologies, its wholly owned resolution for forensic audit of the affairs by an external
subsidiary, through an initial public offering (IPO), the agency, according to a regulatory filing on Monday. On
parent firm said in an exchange filing. The IPO would be December 8, an extraordinary general meeting of the
the Tata group’s first since it listed Tata Consultancy company’s shareholders was convened following
Services in 2004, if this offering comes before Tata requisition by Kirloskar Industries (KIL) along with Atul
Play’s. It could also be the first under the chairmanship Kirloskar and Rahul Kirloskar, who together hold 24.92
CPI: Consumer Price Index; YoY: Year on Year; MoM: Month of N Chandrasekaran, who took over as Tata group per cent in Kirloskar Brothers (KBL), amid the simmering
on Month Source: National Statistical Office chairman in 2017. 3> feud between siblings. 2>
> Mobile exports from >Exports from India
the country if the export uptick per-
sists.
The company’s five-year target is
India surge during April-
December as Apple faces
production loss in China
may account for
45-50% of all
iPhone shipments
to contribute 60 per cent of exports
under the PLI scheme.
Apple shifted some of its produc-
due to Covid-19 by FY23-end tion from China to India after the gov- Deal valued at ~5,666 crore
ernment’s flagship PLI scheme was
>Apple’s vendors Foxconn Hon Hai and Wistron, in launched in 2020 and extended by a DEV CHATTERJEE
the second year of the PLI scheme, have been the year due to the pandemic. Mumbai, 12 December
biggest contributors to iPhone exports Based on its numbers submitted
to the government, India’s share of Jaiprakash Associates will sell its cement, clinker, and
>Pegatron is a new entrant, which started Apple’s global free-on-board (FOB) power plants to Dalmia Cement (Bharat), a subsidiary
operations in April value should be a minimum of 3.2 per of Dalmia Bharat, at an enterprise valuation of ~5,666
cent in FY23, going up to about 10 per crore, the company told the stock exchanges on Monday.
PAGE6 > cent in 2025-26. India’s share of global With this Jaiprakash Associates will exit the cement
ICEA WANTS PLI FOR ELECTRONICS INPUTS EXPANDED FOB could double as its vendors have business.
the flexibility of manufacturing Dalmia Cement
nearly double that value under the will get additional
not respond to queries on exports Apple’s export push is significant scheme in case other eligible players cement capacity of
from India until the time of going to in light of the India Cellular and do not. 9.4 million tonnes
press. Electronics Association projecting The assembly of the newly (mt), along with
Apple exported ~11,000 crore of total exports of mobile phones to hit launched iPhone was started first in clinker capacity of
iPhones in 2021-22. ~75,000 crore by 2022-23 (FY23). India in September by Foxconn in 6.7 mt, and thermal
En bloc, the mobile device indus- Analysts expect Apple to account Tamil Nadu, within days of the global power capacity of
try exported $5.8 billion (~47,800 for anything between 45 per cent and launch of the iPhone 14 series. 280 Mw. As a result,
crore) worth of phones. 50 per cent of all mobile exports from Turn to Page 5 > its domestic cement
capacity will
increase from 37
mtpa at present to
CEMENTING
47 mtpa, and to 60
mtpa by FY24, tak-
ing the group ahead
of
THE RIVALRY
industry’s The new pecking order in terms
changed? According to a source, the number of number three player of capacity
ACTION PLAN FOR trays being used on per passenger basis at the
security check is substantially higher compared
Shree Cement’s pro- Figures in mtpa
jected domestic
DELHI AIRPORT to earlier years, but he did not give a figure. market capacity of UltraTech Cement 121
Entrance: nDigital display boards showing wait time With winter setting in, passengers carry coats, 56 mtpa by mid- Adani (Ambuja, ACC) 70
at each entry gate jackets, and shawls that are required to be FY25. At present, Shree Cement* 47.4
removed before frisking. This is a regular feature Ultratech is India's
nA command centre to monitor crowding Dalmia Cement 46.4
every winter. But this year the trays are higher largest cement
Check-in points: Airlines will keep their counters in number and the processing of passenger bags maker, followed by Nuvoco Vistas 23.0
completely manned, especially during peak hours by machines is slower. “The choke point is secu- Adani owned, Note: *Includes overseas capacity;
Mtpa: million tonnes per annum
rity check,” he said. Ambuja-ACC.
Security check (T3 domestic): Automatic tray To overcome this, additional x-ray machines Jaiprakash
Source: Company websites
retrieval system machines increased from 13 to 16
are being installed at the domestic departure Associates said it
Immigration: More manpower to be deployed at area of T3. “Additional automatic tray retrieval decided to exit the cement business in order to repay
immigration counters, if required system (ATRS) machines for baggage check will loans and focus on other core business areas. “With the
be deployed. Before Covid-19, we had 13 ATRS sale... we hope and pray (that after) having demonstrated
Peak-hour flights: No. to be reduced during machines installed. This number has been its creditable working, Jaiprakash Associates will further
5-9 am. Shifting of some flights to other terminals
increased to 16 (10 ATRS plus six conventional ‘cement’ its credentials of being a trustworthy organi-
to be explored x-ray machines) in the past few days. This will sation in the country’s infrastructure segment in times
be increased further to 17 soon and subsequently to come,” Manoj Gaur, executive chairman of Jaiprakash
around 200,000 passengers daily (both depart- to 20,” the ministry of civil aviation said on Associates, said.
ing and arriving passengers). Three years later, Monday. Dalmia Bharat said the acquisition will enable it to
in the first seven days of this month, it handled According to Ameya Joshi, founder of avia- expand its footprint in the central region and this would
an average of 195,775 passengers daily. tion blog Network Thoughts, 400,000-plus traf- represent a significant step towards realising its vision
So if the number of passengers handled fic is being achieved daily, with fewer flights of raising its capacity to 75 mtpa (million tonnes per
remains more or less the same when compared indicating a much higher load factor prior to the annum) by financial year 2026-27 (FY27) and 110‐130
with the pre-pandemic period, what has pandemic. Turn to Page 5 > mtpa by FY31. Turn to Page 5 >
2 COMPANIES MUMBAI | TUESDAY, 13 DECEMBER 2022
> Hindustan Oil Exploration > VA Tech Wabag >MTAR Technologies > PSP Projects > Macrotech Developers
STOCKS Resumes oil production Secures industrial waste Inks pact with IN-SPACe Bags orders worth Board approves closure
IN THE NEWS from D-1 well in its B-80 water treatment order in India for developing ~116 cr in institutional of QIP issue at a price of
field in western offshore Romania worth €30 mn satellite launch vehicle & industrial categories ~1,026 per equity share
~143.8 CLOSE ~369.0 CLOSE ~1,706.9 CLOSE ~706.6 CLOSE ~1,082.5 CLOSE
p3.3% UP* p10.4% UP* p1.5% UP* p6.1% UP* p2.5% UP*
*OVER PREVIOUS CLOSE

>

IN BRIEF
FMCG companies staring at
KIRLOSKAR BROTHERS EGM
Expand PLI
muted revenue growth: Report
Sluggish rural demand along with higher inflation is set to mute
revenue growth of the fast-moving consumer goods (FMCG)
Shareholders reject for electronics
sector at 7-9 per cent this fiscal and the next compared to 8.5 per
inputs, ICEA
call for forensic audit
cent in the previous fiscal, a report said. Almost 40 per cent of the
Rs 4.7-lakh-crore sector come from the hinterland markets,
which have been hit by high inflation, low wages and high job
losses since the Covid pandemic. Revenue growth of the FMCG
sector will be muted at 7-9 per cent this fiscal and the next
compared to 8.5 per cent in the last, while volume growth will be
just about 1-2 per cent, down from 2.5 per cent last fiscal, Crisil Resolution sought appointment of independent forensic auditor
tells Centre
said in a report on Monday. PTI
PRESS TRUST OF INDIA
New Delhi, 12 December
AI close to deal for 50 Boeing
S
hareholders of Kirloskar Brothers
737 MAX planes for AI Express have rejected a resolution for foren-
sic audit of the affairs of the com-
Tata Group-owned Air India is close to finalising a deal with US pany by an external agency, according to
aircraft maker Boeing for 50 narrow-body Boeing 737 MAX planes a regulatory filing on Monday.
for its international budget arm Air India Express, according to On December 8, an extraordinary gen-
sources. The sources familiar with the development said the deal eral meeting of the company’s share-
will be part of a large aircraft order that Air India has been discu- holders was convened following requi-
ssing with Boeing Co and Airbus SE since the beginning of this fiscal sition by Kirloskar Industries (KIL), along
year. Loss-making Air India, which was taken over by the Tata with Atul Kirloskar and Rahul Kirloskar, THE PETITION LIST
group in January this year, plans to triple its fleet over the next five who together hold 24.92 per cent in Existing rates the ICEA wants to be brought to zero
years, they added. PTI Kirloskar Brothers (KBL), amid the sim- Product/service: Description Existing rates (%)
mering feud between Kirloskar siblings.
The ordinary resolution was rejected INPUTS OF MECHANICS
8.25
Mondelez International expands with 63.99 per cent of votes against it while The Kirloskar siblings have been in a feud since 2016 over the deed of family
36.01 per cent were in favour, the filing settlement for the assets of the more than 130-year-old Kirloskar group
Resin
INPUTS OF MECHANICS
its contract with HCLTech said. The resolution had called for the Mesh, sponge, film gasket, 16.5
IT major HCLTech on Monday announced that it has expanded its
appointment of an independent forensic 2016 over the deed of family settlement
auditor for conducting a for the assets of the more Kirloskar Industries to adhesive tape etc
multi-year contract with Mondelez International to cybersecurity
services and for the digital transformation of the global food and
forensic audit to investigate
and verify the expenses The ordinary
than 130-year-old
Kirloskar group.
look for other options INPUTS ON PCBA
Copper, nickel, digital radio, 2.75
beverage company’s workplace. Mondelez International has incurred by KBL on legal, resolution was Rahul Kirloskar is the Kirloskar Industries said as a minority graphic controller
deployed HCLTech’s BigFix platform to automate the discovery and professional consultancy rejected with executive chairman of shareholder of KBL, it will examine options INPUTS ON CHARGERS
remediation of potential vulnerabilities, ensuring all endpoints – charges over the past six 63.99% of votes Kirloskar Pneumatic and available to it to bring the instances of legal Copper wires, insulation tape, 11-16.5
including servers, mobile devices, and laptops, are continuously years and the affairs of the against it, while Atul Kirloskar is the execu- expenses to the attention of relevant insulated winding wire
secured and compliant. BigFix is an endpoint management platform company. 36.01% were tive chairman of Kirloskar authorities. “The examination of the Source: ICEA
that allows IT Operations teams to continuous compliance and It had also sought inves- in favour Oil Engines. scrutiniser’s report issued in respect of the
intelligent automation. SOURABH LELE tigation to verify all records, In October, Kirloskar EGM reveals that of the 158 shareholders
books of accounts, minutes Industries (KIL) along with who voted, 73 were in favour of the SURAJEET DAS GUPTA duties on parts and compo-
books, and other documents of the com- Atul and Rahul Kirloskar, had sought con- resolution proposed by us while 85 voted New Delhi, 12 December nents of mobile phones used
pany besides examining the conduct of vening of an extraordinary general meet- against. Further, while the institutional to make a whole range of
the board of directors, including inde- ing of shareholders of KBL seeking a foren- investors have voted against the resolution The Indian Cellular and mechanical parts, printed cir-
pendent directors. sic audit of the affairs of the latter by an (perhaps on the back of the proxy advisory Electronics Association of cuit board assemblies, camera
KBL board had advised its shareholders external agency. firm’s advice), over 60 per cent of the voting India (ICEA of India) has peti- modules, and chargers.
to reject the resolution saying “the requi- They had demanded that being a listed public-non institutions have voted in tioned the government on The ICEA wants them to be
sitionists are not justified in questioning entity KBL should justify the rationale and favour of the resolution proposed by us,” it extending the production- zero. In its discussions and
the independence of the Independent basis on which it has been spending huge said in a statement. BS REPORTER linked incentive (PLI) scheme presentations to the govern-
Directors or the decisions of the board” to amounts aggregating to approximately to components and sub- ment, the ICEA has pointed
initiate legal proceedings to protect the ~274 crore towards payment of profes- assemblies for electronics with out it has envisaged mechan-
interest of the company. sional illegal expenses and consultancy Securities Appellate Tribunal (SAT), Rahul an initial budgetary allocation ics (also known as mechanical
The Kirloskar siblings, with KBL charges ever since their dispute arose since and Atul had raised questions over corpo- of ~5,000 crore. This, it said, is parts) as low-hanging fruit in
Chairman and Managing Director Sanjay on or about 2016. rate governance of KBL. They were to “test the waters”. the phased manufacturing
Kirloskar on one side and Atul and Rahul After being cleared of insider trading accused of insider trading when they sold The organisation has pro- programme (for being made in
on the other, have been in a feud since charges labelled against them by the shares of KBL to KIL back in 2010. jected that components and India), in which they were
sub-assemblies could provide included in 2017. However, the
a $100-billion export opportu- production of mechanics in
nity in the next five years. India has not been up to

SC slams DMRC over non-payment This comes after the gov-

ernment has not been able to
push localisation (make in
India) and therefore value
expectations and even now 70
per cent of what is required is
imported.
This, the ICEA said, is
GOVTS TO SPEND $11.6 BN of ~4,500 crore to Reliance Infra addition by imposing tariffs on
inputs and components for
owing to the uncharacteristic
duty imposed on resins at 8.25

ON TECH IN 2023: REPORT BHAVINI MISHRA

New Delhi, 12 December
cate Harish Salve, who app-
eared for DAMEPL, said about
sub-assemblies to make
mobile devices.
The ICEA has said tariffs on
per cent despite the fact that
specialised resins are not man-
ufactured in India. The duties
The total government second among verticals. ~4,500 crore remains unpaid. inputs and components are a on other inputs required for
spending on IT in India is “Government The Supreme Court on “Mr Attorney General, this barrier to localisation and has making mechanics, such as
expected to grow at 10.2 organisations are Monday warned the Delhi is contemptuous. The award asked for scrapping the duties sponge, mesh cover tape, gas-
per cent in 2021, down continuing to modernise Metro Rail Corporation is upheld by the top court. It to zero on most of the inputs. ket, and adhesive, go up to 16.5
from 11.6 per cent growth legacy IT and invest in (DMRC) would be in contempt is not expected from the According to estimates by per cent. The ICEA has said the
in the previous year, a initiatives that improve if it doesn’t completely pay the Attorney General. Please do the ICEA, the hike in tariffs on country “could have replaced
report by Gartner — a access to digital services as ~7,200 crore awarded in arbi- not do it again,” said Gavai. inputs for sub-assemblies in imports completely if we had
research and consulting constituents increasingly tration to an arm of Reliance “Should we implead the the last Budget has increased (a) rationale duty structure”.
firm focused on demand experiences that Infrastructure. Union of India?” the bench the average cost of production It has suggested compo-
technology sector — has are equivalent to online Reliance Infra moved the asked. Venkataramani then (COP) for mobile device man- nents not manufactured in
said. The projected customer interactions in Supreme Court on December has asked for four more weeks ufacturers by 1.76 per cent, India be exempt from duties.
spending is $11.6 billion in the private sector. We 2 against DMRC, seeking pay- to make the payment. and, if the last two Budgets are For instance, a preliminary
2023, the report said. expect these investments ment of ~4,500 crore of dues The matter will be taken up considered, it would be 3-4 per study done by mobile device
The spending on data to continue as national from the total arbitral award again on Wednesday. The cent. That is why the ICEA has makers says that the simple
centres, devices, and and local governments to Delhi Airport Metro The matter will be taken up again on Wednesday. It said the Supreme Court on September petitioned the government average MFN (most favoured
telecom services is respond to growing Express Pvt Ltd (DAMEPL). hearing on the execution application cannot be postponed any 9, 2021 upheld a 2017 arbitra- that smaller “nuisance tariffs” nation) tariff for mobile
projected to decline in the needs,” said Apeksha The court issued a notice to longer because it is injurious to interests of both parties tion award of roughly ~4,500 across a range of components, phones and its supply chain,
coming year. Expenses on Kaushik, principal DMRC and sought a reply by crore, which was enforceable starting from 2.75 per cent, and select major electronics
software are expected to research analyst at December 12. are public speeches on mak- upheld by this court has to be against the DMRC. It said the “which (do) not have any products is 9.9 per cent com-
go up by 30.3 per cent. IT Gartner. Justice B R Gavai on ing India an international followed,” he said. hearing on the execution appli- beneficial impact and only pared to 5.7 per cent in
services will be a distant COMPILED BY SOURABH LELE Monday told Attorney arbitration hub but the court’s Venkataramani told the cation cannot be postponed (create) a burden for legitimate Vietnam, 3.2 per cent in China,
General R Venkataramani, order has not been enforced. court that ~2,700 crore has been any longer because it is inju- manufacturers should be 5 per cent in Thailand, and 3.5
who represented DMRC, there “The (arbitration) award paid to DAMEPL. Senior advo- rious to both parties interests. removed”. These include per cent in Mexico.
IT SPENDING IN INDIA (2021-2023)
n2021 n2022 n2023* ($ bn)

2.4
2.68
2.96
2.03
2.61 3.40

1.88
2.02
1.99
1.22
1.19
1.18
Hope in sight: Trial to cure biggest cause for blindness
SOHINI DAS conducted on 45-50 patients.
IT services Software Devices Telecom The first nine patients that they
services
Mumbai, 12 December
THE EYES HAVE IT will inject would be legally blind, as
10.3 30.3 -1.4 -0.6 Soon, people with dry age-related n Eyestem expects to start phase 2a/2b clinical trials they have to prove safety first. “We
PROJECTED GROWTH (In %) macular degeneration (AMD) — the for Eyecyte-RPE by first half of 2023 will observe these patients for about
*forecast largest cause of incurable blindness 4-5 months. Once we inject the first
in people above 60 years — may n Macular degeneration is a leading cause of central set of patients with intermediate
WORLDWIDE GOVT IT SPENDING FORECAST have a ray of hope if the investiga- vision loss in people aged 60 years or above macular degeneration, we will know
n2021 n2022 n2023* ($ bn) tional cell therapy product Eyecyte- n The condition affects roughly 170 million people the results in about six months,”
RPE of Bengaluru based start-up worldwide; and 15-40 million people in India Desai said. It will be very rare for a
209.26

Eyestem clears clinical trials. legally blind patient to have reversal

193.92

183.10

n Currently there is no cure for dry AMD

185.56

68.20
162.80

Currently, there is no cure for dry in vision loss, but for intermediate
71.75
148.96

67.77
34.79
34.66

AMD. Eyestem, which has recently patients this therapy would halt the
37.52

raised ~51 crore in a series A round decline in condition due to progres-

led by three pharma firms — Alkem, receptors), and they become com- Desai said that human trials can (300 microliters) which can be given sion of the disease. “In 25 per cent of
IT services Software Devices Telecom Natco and Biological E — is now pletely blind by 30. start as soon as the first half of next to the patient in a procedure to be patients, we have seen they can see
services looking to start a phase 2a/2b clinic- “We have developed the product year. “We are an India-focused com- done in an operation theatre. 15 letters or more, and on an average
7.9 12.5 -0.4 0.6 al trial for its experimental ophthal- for retinitis pigmentosa in the lab, pany, and we want to ensure that “We have done these experiments in they can see 8 letters,” Desai says.
PROJECTED GROWTH (In %) mology product by the first half of and we plan to go for animal trials our product is first available in Singapore and are now finalising the He adds that it is estimated that
* forecast next year. next year,” Jogin Desai, founder, India, and at an affordable rate,” way this injection would be admin- nearly 1.5 per cent of India’s popula-
( $ bn) Apart from dry AMD, the com- Eyestem, said. Desai told Business Desai said. Eyecyte-RPE is an allo- istered,” Desai says. tion have some stage of dry AMD.
TOTAL SPENDING pany is also developing treatments Standard that they are in talks with genic product (outside cells), and There cannot be a phase 1 clini- Above the age of 60, almost one in
ON IT 2021 2022 2023* Projected for retinitis pigmentosa and idiopa- the Drugs Controller General of does not need to be customised for cal trial for this product as one can- three people are affected by this
growth (In %) thic pulmonary fibrosis. It has India (DCGI) for the trials. They are each patient. This is a scalable pro- not administer a subretinal injection degenerative disorder. In fact, it is
India 9.48 10.58 11.6 10.2 developed the product for retinitis also in talks with some large phar- duct that can be mass produced, to a healthy volunteer. “We have considered the largest cause of bli-
Worldwide 535.38 551.45 588.9 6.8 pigmentosa, which affects children maceutical companies overseas to Desai said, adding that otherwise done animal trials, and we have data ndness for people above 50 years,
Source: GARTNER from the age of five who start to lose take this product outside, and com- costs can be out of reach for most on rats, rabbits and primates,” Desai and affects roughly 170 million
vision (because of loss of photo- mercialise it globally. As for India, patients. It is a sub-retinal injection says. The phase 2a/2b trials will be people worldwide.

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.
MUMBAI | TUESDAY, 13 DECEMBER 2022 COMPANIES 3 <

TaMo set to partially sell Top five steel cos, few others
stake in Tata Tech via IPO selected under PLI scheme
PRESS TRUST OF INDIA along with Rashtriya Ispat
New Delhi, 12 December Nigam Limited (RINL)
The offering will be Tata Group’s first since the listing of TCS in 2004 account for about 60 per cent
The top five steel companies of India's total steel produc-
SHALLY SETH MOHILE — Tata Steel, JSW Steel, tion.
Mumbai, 12 December JSPL, AMNS India and SAIL Visakhapatnam-based
— dominate the list of qual- RINL — which is India’s

T
ata Motors’ board has approved a
partial divestment of the company
in Tata Technologies, its wholly
owned subsidiary, through an initial pub-
lic offering (IPO), the parent firm said in
an exchange filing. The subsidiary is into
product engineering and digital services.
“We wish to inform you that the IPO
committee (duly constituted by the board
of directors of Tata Motors) at its meeting
held on December 12, 2022, has accorded
its in-principle approval to explore the
possibility of partial divestment of the
company’s investment in Tata
Technologies, a subsidiary of the com-
pany, through an IPO route at an oppor-
tune time,” it said in the filing.
The IPO would be the Tata group’s
first since it listed Tata Consultancy
Services in 2004, if this offering comes
before Tata Play’s. It would also be the
first under the chairmanship of N
Chandrasekaran, who took over as Tata
group chairman in 2017.
Tata Play, too, is preparing for an IPO.
The direct-to-home platform pre-filed its
draft red herring prospectus (DRHP) con-
fidentially with the Securities and
Exchange Board of India (Sebi) on
November 29. It’s the first company to
take the pre-filing route for its IPO.
Tata Motors has a 74.42 per cent stake in Tata Technologies, according to the
company's 2022 annual report
The Tata Technologies IPO will be
subject to market conditions, applicable
approvals, regulatory clearances (includ-
ing observations from Sebi), and certain
other considerations, Tata Motors said.
The company would make further
announcements of all the developments
relating to the IPO, as and when required,
as per the SEBI LODR Regulations and
other applicable laws, it added.
Tata Motors has a 74.42 per cent stake
in Tata Technologies, according to the
company's 2022 annual report. The Tata
group flagship has been keen on exiting
the technology services business for over
five years as part of the larger strategy of
leaving non-core subsidiaries.
In 2018, it called off the sale of a sig-
nificant minority stake (43 per cent) in
Tata Technologies to private equity major
Warburg Pincus for $360 million after an
official announcement on the deal, citing
non-receipt of regulatory approvals and
challenges in internal performance due
to market conditions.
Founded in 1989, Tata Technologies
offers technology services across the
automotive, industrial machinery, aero-
space, and adjacent engineering and
manufacturing verticals.
ifiers under the PLI scheme
for specialty steel.
Besides, there are a few
others like Gallant Metalliks,
Shyam Metalics Flat
Products, and Sunflag Iron
and Steel who have been
selected to invest under the
production linked incentive
(PLI) scheme.
On Friday, the govern-
ment announced shortlisting
67 out of 79 applications,
with an investment potential
of ~42,500 crore, under the
PLI scheme for specialty
steel. The proposed invest-
ments are expected to gener-
ate 70,000 job opportunities
and add 26 million tonnes of
speciality steel capacity in
the country.
McDonald’s to hire
5,000 in East, NE
As per an official doc-
ument, Tata Steel has sub-
mitted applications to man-
ufacture seven types of
speciality steel products,
while JSW Steel submitted
for six categories.
Jindal Steel Odisha, a sub-
sidiary of Jindal Steel and
Power Limited, has sub-
mitted the highest number of
entries to manufacture eight
types of specialty steel pro-
ducts.
ArcelorMittal Nippon
Steel (AMNS) India sub-
mitted four entries, while
state-owned Steel Authority
of India Limited (SAIL) has
submitted the least number
of applications for just two
specialty steel categories.
Tata Steel, JSW Steel,
JSPL, AMNS India and SAIL
largest steel maker — did not
participate in the scheme, an
official said.
On Friday, DIPAM
Secretary Tuhin Kanta
Pandey said the government
is working out the transac-
tion structure for the strate-
gic sale of RINL.
The Union Cabinet in July
last year approved a ~6,322-
crore PLI scheme to boost the
production of speciality steel
in India.
Some of the categories of
specialty steel included in
the scheme are coated/plated
steel products, high
strength/wear-resistant steel,
specialty rails, alloy steel pro-
ducts, and steel wires, and
electrical steel.

PRESS TRUST OF INDIA pany is on a rapid growth

Guwahati, 12 December path and looking to expand

‘Higher output may boost CIL spot sales’
SUDARSHAN VARADHAN
Kolkata, 12 December
Coal India will increase spot
auctions of the fuel in the
coming months, the chair-
man of the world’s biggest
coal miner said on Monday,
as the company’s rising out-
put has left them with
enough fuel to meet increas-
ing demand from non-utility
power plants.
An increase in spot auc-
tion sales, which offer higher
margins than its mainstay
long-term contracts, will help
Coal India to build off its
record profit from this year
and maintain a share price,
which has climbed 25 per
cent since April and outpaced
a 5.9 per cent rise in the
broader Nifty index.
Non-utility power plants
refers to those that don’t have
long-term contracts, or that
operate only for in-house
consumption by industries
such as aluminium smelters.
“I think in the first half, we
have done a little over 30 mil-
lion tonnes. In the next half,
our e-auction sales may go up
to 40 million tonnes,”
Chairman Pramod Agrawal
told Reuters in an interview
at the company’s head-
quarters.
The state-run miner,
which accounts for 80 per
cent of the country’s output
of the fuel, typically supplies
the bulk of its output to util-
ities as a part of long-term
contracts.
However, with output
growing by 16.7 per cent this
fiscal year, putting the com-
pany on track to achieve its
annual production target for
the first time in 16 years, Coal
India was able to boost sales
on electronic spot auctions —
which offer higher margins
than long-term contracts. “We
have made a lot of profits in
the first half because of
increasing overall production,
not just because of auctions.
You now have a window to sell
to somebody else other than
your main customers,”
Agrawal said. REUTERS
Quick service restaurant
McDonald’s India (North and
East) on Monday said it will
hire about 5,000 people as it
looks to double its outlets to
cross 300 restaurants in the
region over the next three
year, its top official said on
Monday.
It rolled out its largest res-
taurant in India at Guwahati,
spread across 6,700 square
feets with a capacity to feed
220 people at a time, on
Monday as part of its expan-
sion exercise.
McDonald’s India (North
and East) Managing Director
Rajeev Ranjan said the com-
its network across the states
under it. “All issues and prob-
lems are behind us and we
are focused on growing our
business,” he said while rep-
lying to a query if the legal
matters with the erstwhile
McDonald’s partner has been
settled.
In 2020, the US fast food
chain selected MMG Group
Chairman Sanjeev Agrawal as
its new partner to operate
outlets in north and east
India following buyout of 50
per cent stake from the
estranged partner Vikram
Bakshi, who had dragged the
multinational giant into a
long-drawn legal tussle.

On Udaan, local
mobile accessory
brands take
wings in ‘Bharat’
PEERZADA ABRAR
Bengaluru, 12 December

At a time when India is aiming

to become a global electronics
hub, an increasing number of
local mobile accessory brands
are scaling up initiatives to tap
the country’s hinterlands.
Local mobile accessory
brands -- such as Dvaio,
pTron, and Bolte -- are joining
business-to-business e-com-
merce company Udaan’s net-
work to reach over 3 million
retailers across 12,000 pin
codes. These brands are wit-
nessing the bulk of demand
for their products in towns
and small cities.
“We are working towards
empowering small busi-
nesses of ‘Bharat’ to scale up
and grow with the help of
technology,” said Krishna
Goenka, finance head, discre-
tionary categories and supply
chain, Udaan. “We have built
capabilities to solve chal-
lenges of these small busi-
nesses and manufacturers
that are very local in nature.”
An increase in mobile
phone users and the prolifer-
ation in the number of social
media users are giving a boost
to the mobile accessory mar-
ket. As of 2022, thus far, the
number of social media net-
work users in India has
reached more than 500 mil-
lion. This is expected to reach
more than 1 billion by 2040.
Mobile accessory makers are
estimated to garner a signifi-
cant chunk of this market by
the end of 2031 by growing at
a CAGR of about 10 per cent,
according to a report pub-
lished by Research Nester.
The mobile accessories
market is currently pegged at
$4 billion and is expected to
grow to around $7 billion by
2024, according to analysts.
One of the mobile acces-
sory brands eyeing this mar-
ket is Delhi-based Dvaio.
Using Udaan’s network exten-
sively, Dvaio has managed to
grow its buyer base by more
than 200 per cent and
expanded to over 700 cities.
Dvaio’s revenue grew
from ~30 lakh per month to
~1.5 crore per month on the
Udaan platform in the last 12
months. “Udaan with its
strong market presence has
been instrumental in taking
the brand to every part of the
country,” said Sahil Kandhari,
founder, Dvaio.
Udaan said it is able to
provide a level playing field
for small brands with the use
of technology. They are able
to grow cost-efficiently in a
competitive market largely
dominated by established
players.
One such brand is pTron,
a Hyderabad-based elec-
tronics manufacturer. Using
Udaan’s network largely,
pTron has been able to reach
more than 8,000 retailers
across the country in three
months. It sold more than
250,000 units on Udaan with
a gross merchandise value
(GMV) of ~10 crore in FY22.
The true wireless stereo
(TWS) and headphone range
of products contributed to
more than 72 per cent of the
business.
“We want to widen both
our brand and product port-
folio with Udaan in the future
and scale up the business by
~60 crore on the platform,”
said Ameen Khwaja, founder
and CEO, pTron. “Being a
challenger brand, pTron has
a huge goal of making tech-
nology affordable and acces-
sible to all Indians.”
4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | TUESDAY, 13 DECEMBER 2022 1

IN BRIEF
All ministries, depts to scrap
15-year-old vehicles: FinMin
WTO: India seeks views on Russia offers
The finance ministry has directed all ministries and departments to
scrap all 15-year-old vehicles that have become unserviceable. The protecting e-tail consumers India help in
overcoming
Department of Expenditure, under the finance ministry, in an
office memorandum said the existing provisions of condemnation
of vehicles have been reconsidered in consultation with Niti Aayog Calls for greater cooperation among enforcement agencies of members
and the road transport ministry considering the broad objectives of

oil price cap

the government to reduce pollution and improve passenger safety SHREYA NANDI
and fuel efficiency. Scrapping of such vehicles shall only be at
registered vehicle scrapping facilities, it said, adding that vehicles
New Delhi, 12 December GOVT-SPEAK
> E-commerce has

I
which have been condemned or reached 15 years of age, will not ndia has sought the views
be auctioned. PTI of member nations of the
World Trade Organization
(WTO) on the role the trade body
Govts across world, fora lag in could play in enhancing consumer
protection in the e-commerce sector
Big Tech rule-making: MoS IT and how countries can increase
cooperation among enforcement
Governments across the world and internet fora have lagged agencies on this issue.
behind in rule-making for big technology players for their India also said it wanted to under-
innovations that can cause harm to society, Minister of State for stand the experiences of other coun-
Electronics and IT Rajeev Chandrasekhar said on Sunday. Speaking tries regarding consumer protection in
at the India Internet Governance Forum (IGF) hosted by FICCI, the e-commerce space, according to a
Chandrasekhar further said the internet, which has been a force WTO document.
for good, has also increasingly begun to represent risk, user harm “Consumers particularly in the
and criminality. PTI developing and the least developed
countries face imbalances in economic
terms, educational levels and bargain-
Bank of Maharashtra likely to ing powers viz the sellers who are often
better informed and have a stronger
sell ~1,000 cr of AT1 bonds position relative to consumers while
conducting commercial transactions.
State-owned lender Bank of Maharashtra is likely to issue up to Thus, consumer protection addresses
~1,000 crore worth of additional tier 1 (AT1) bonds in coming days, disparities found in the consumer-sup-
sources told Business Standard. The bonds, which are likely to have plier relationship, which include bar-
a call option after 5 years from allotment, have been rated AA by gaining power, knowledge and
Acuite Rating and Infomerics Ratings, a source said. On December resources,” India said.
6, Bank of Maharashtra had raised ~348 crore through the sale of The WTO’s work programme
tier-2 bonds on a private placement basis at a coupon – rate of on e-commerce defines it as the pro-
interest paid to the investor – of 8 per cent. BHASKAR DUTTA duction, distribution, marketing, sale
or delivery of goods and services by
electronic means.
Modi govt confiscated ~1.25 trn India noted that while e-commerce
had brought consumers many benefits
black money, says Vaishnaw in the form of a wider basket of goods
and services at competitive prices, ease
Black money to the tune of ~1.25 trillion has been confiscated by of transaction from home, and more
the Modi government, Union Minister Ashwini Vaishnaw said on secure payment options, it had also
Monday and asserted transparency is a key aspect of the present created several new challenges for con-
dispensation’s good governance model. The minister for railways sumers, such as misleading advertising,
said similarly, to ensure transparency, benami properties worth online payment security, unfair terms,
~4,300 crore were attached and registration of 175,000 companies
cancelled. Narendra Modi before becoming prime minister in 2014
was the chief minister of Gujarat. PTI
created several new
challenges for PRESS TRUST OF INDIA Moscow for its invasion of
consumers, such as Moscow, 12 December Ukraine.
misleading advertising,
online payment security,
Novak noted that even amid
Russia has welcomed India’s the energy crisis, Russia is
unfair terms, data
protection, among others
decision to not support the price responsibly fulfilling its con-
cap on Russian oil announced tractual obligations for the
by G7 and its allies and offered supply of energy resources,
> Sellers are often better it cooperation on leasing and diversifying energy exports to
informed and have a building large-capacity ships to the countries in the East and
stronger position overcome the ban South.
relative to consumers on insurance serv- To avoid
while conducting ices and tanker dependency on
commercial transactions chartering in the the ban on insur-
European Union ance services and
ILLUSTRATION: BINAY SINHA
and Britain to con- tanker chartering
data protection, among others. Cyberlaw Tracker data, while the tinue buying dis- in the European
“The higher complexity of the
online environment and its related risks
majority of countries have cybercrime
and privacy laws, a few nations, espe-
counted oil.
The offer came
Union and Britain,
Novak offered
present new and higher challenges to
consumers, which need to be jointly
cially developing and transitional
economies, particularly Asia and
as Russian Deputy
Prime Minister
India cooperation
on leasing and
addressed by countries owing to the Africa, lack such laws. Alexander Novak India’s demand building large-
rapid growth of cross border e-com- At the WTO’s 12th ministerial con- held a meeting for Russian oil has capacity ships, the
merce,” India said. ference in June, members decided to with the Indian swelled ever since statement said.
According to econsumer.gov — a reinvigorate the work programme on Ambassador to it started trading The Indian
public portal to report international e-commerce. Since protection of con- Moscow, Pavan on discount as the government has
scams — there were 36,770 reports of sumers was at the core of the subject, Kapoor, on Friday. West shunned it been vehemently
international fraud in 2021, in which 84 focussed discussions on this theme “The Deputy to punish Moscow defending its oil
per cent of the respondents reported can pave the way forward, India Prime Minister trade with Russia,
losses amounting to $227.4 million. pointed out. welcomed India’s saying it has to
The document also spelt out the In 1998, the General Council of the decision not to support the price source oil from where it is the
challenges and recurrent issues related
to consumer protection in e-commerce,
WTO established the work programme
on e-commerce to comprehensively
cap on Russian oil, which was cheapest.
imposed on December 5 by the The imports in November
such as the problems at the pre-pur-
chase, purchase, as well as post-pur-
examine all trade-related issues relating
to this, taking into account the eco-
G7 countries and their allies,” were made ahead of a price cap
the Russian Foreign Ministry agreed by the EU on Russian
chase stages. nomic, financial, and developmental said in a statement. seaborne oil.
It pointed out that there was a wide needs of developing countries. Over the India’s appetite for Russian But, the government has
gap in the level and standards of con- years, ministerial declarations have oil has swelled ever since it start- indicated that oil companies
sumer protection across the world. For called for continuing the work under ed trading on discount as the will continue to buy oil from
instance, according to UNCTAD Global the 1998 work programme. West shunned it to punish Russia outside the price cap.

EAM: India, UAE want to use Govt won’t make RBI inflation report public
relationship to shape world The government on Monday ruled out
making public the RBI report detailing
Policy Committee and Monetary Policy
process Regulations, 2016,” minister of state
quarters during January-September, 2022.
During the January-March quarter, the
India and the UAE, which have inked a landmark trade deal, have the reasons why the central bank for finance Pankaj Chaudhary said in a average inflation was 6.3 per cent, in April-
seen a “veritable transformation” in their ties that are now could not keep inflation within the written reply. The said provisions of June period it was 7.3 per cent and it eased to 7
beginning to have a broader ripple impact, External Affairs Minister targeted 6 per cent upper limit for the RBI Act, 1934, and regulations per cent in September quarter. It was the first
S Jaishankar said on Monday, emphasising that they want to use the three consecutive quarters. therein does not provide for making time since the monetary policy framework
this relationship to shape the changing world. A defining decision “Yes sir, RBI has furnished a report the report public, he said. came into effect in 2016 that RBI had to give
of this transformation is the signing of the bilateral trade pact to the central government, as The average inflation was above the an explanation to the government. The
which led to such effective results and speaks volumes for the mandated under Section 45ZN of the RBI upper tolerance level of the inflation Consumer Price Index-based retail inflation
bilateral relationship, he said PTI Act, 1934 and Regulation 7 of RBI Monetary target, that is 6 per cent for 3 consecutive has been above 6 per cent since January. PTI

Economy was No proposal for restoration of Govt says 3,560

5-yr-old girl first confirmed
Zika patient in Karnataka inICUbutnow
Karnataka Health Minister K Sudhakar on Monday said a five-year-
old girl from Raichur district has become the first confirmed Zika
India growing
virus case in the state. The Minister also made it clear that there was
no need for any worry or concern, as the government was taking all
the necessary measures, and will also be issuing a set of guidelines.
the fastest: FM
“We have got a lab report from Pune about the confirmed case of
Zika virus. On December 5, it was processed and reported on
The economy was in the ICU during the
UPA regime, but India is now the “fast-
December 8,” Sudhakar said. PTI est-growing” economy under Prime
Minister Narendra Modi, Finance
Minister Nirmala Sitharaman said in
BHUPENDRA PATEL TAKES OATH the Lok Sabha on Monday.
The minister’s remark came during the
AS GUJARAT CM FOR 2ND TERM Question Hour after Congress member
from Telangana A Revanth Reddy raised
the issue of depreciation of the rupee
against the dollar and sought to know from
the government if it has any action plan to
control the situation.
On GST claims to states
Sitharaman said that GST claims of state
governments would be cleared once she
gets relevant papers along with a certificate
from their respective accountant general.
She also said in Lok Sabha that the central
government is committed to pay all Goods
and Services Tax (GST) compensation to
WINTER
SESSION old pension scheme: Centre firms in India
IN THE There was no proposal under
consideration of the central
have Chinese
HOUSE directors
government for restoration of the old
pension scheme, Minister of State for
Finance Bhagwat Karad informed The government on
13,000 plaints filed Parliament on Monday. Under the old pension
scheme, employees get a defined pension. Under this, an
Monday said there
are 3,560 com-
against lenders over employee is entitled for a 50 per cent amount of the last
drawn salary as pension. However, the pension amount is
panies in India
that have Chinese
digital lending apps contributory under the National Pension System. PTI directors.
The Reserve Bank of the
In a written reply to
Lok Sabha, Minister of State
India (RBI) has
received close to
Bill to promote non-fossil for Corporate Affairs Rao Inderjit
Singh said there are 174 Chinese com-
13,000 complaints energy sources passed panies that are registered in the coun-
against banks and try as foreign companies having place
non-banking finance A Bill to mandate the use of non-fossil of business in India with the ministry.
companies pertaining to digital energy sources such as biomass, “... as per the CDM database, there
lending applications and harassment ethanol and green hydrogen and allow are 3,560 companies in India which
by recovery agents under its integrated carbon credit trading in the country have Chinese directors. It is not pos-
ombudsman scheme of 2021 in the last was passed by Parliament on Monday. sible to give the number of companies
19 months (April’21 – Nov’22), Bhagwat The Energy Conservation (Amendment) Bill, having Chinese investors/ share-
Karad, minister of State, ministry of 2022 was cleared in the Rajya Sabha by a voice vote on holders as the data is not separately
finance said in a written response to Monday. The Lok Sabha had cleared the legislation in the maintained in the MCA (Ministry of
the Parliament. SUBRATA PANDA previous session in August this year. PTI Corporate Affairs) system,” he said.
The Corporate Data Management
(CDM) portal has been developed by

Bharatiya Janata Party (BJP) leader Bhupendra Patel on

states and has been doing so continuously
for the last five years.
Monday took oath as the Gujarat chief minister for a second
straight term in Gandhinagar in a ceremony attended by RBI sells $33.42 bn in Apr-Sep FY23
Prime Minister Narendra Modi, Union ministers, and chief She said the Reserve Bank of India (RBI)
ministers of BJP-ruled states. Sixteen other ministers, net sold $33.42 billion in the foreign
including eight of Cabinet rank, were also sworn in. Of the 11 exchange market in the first six months of
former ministers who were inducted into the government, current fiscal to defend the rupee from
seven were part of the last Patel-led regime PHOTO: PTI excessive volatility. PTI
Smuggled gold seizure at highest in 3 years
Gold seizures by enforcement agencies
have hit a three-year high of 3,083 kg
in November this year, with Kerala
accounting for the maximum cases of
smuggled gold seized, Parliament was
informed on Monday. Gold seizures
across the country have gone up this year
when compared to 2,383 kg seized in the
2021 calendar year and 2,154 kg in 2020. In
2019, 3,673 kg of gold was seized.
In 2022 (up to November), 3,083.61 kg of
gold was seized in 3,588 cases.In Kerala,
690 kg of the yellow metal was seized in
948 cases in 2022, up from 587 kg in 2021. PTI
the ministry as an in-house data ana-
lytics and business intelligence unit.
The government has amended cer-
tain rules and forms prescribed under
the Companies Act, 2013 to regulate
the incorporation of companies,
among other things in cases where
Land Border Countries Entities
are involved. PTI

Over 60% of returns filed for amount less than ~5 lakh
If higher tax exemption comes into force, a significant number
of income-tax filers may fall out of tax net
SACHIN P MAMPATTA
Mumbai, 12 December
A higher tax exemption slab may
place the majority of return filers
outside the tax net.
Nearly two-thirds of the
returns that individuals
filed were for income of
~5 lakh or less, according to a
Business Standard analysis of the
latest available tax data. This
comes amid reported
discussions about raising the
minimum threshold at which
income tax is paid.
A total of 63.3 per cent of the
total income tax returns that
individuals filed were for an
amount equal to or
less than ~5 lakh, showed an
analysis of the income tax data
for the latest available
assessment year of 2018-19.
An income tax return (ITR) is
a form that entities submit to
the government with details
about their income, and taxes
paid or owed.
Another 26.7 per cent of
individual returns were for
amounts more than ~5 lakh and
up to ~10 lakh. Only 10 per cent of
the income tax returns filed were
for an amount greater than ~10
lakh (chart 1).
A total of 55 million
individuals filed tax returns in
assessment year 2018-19. The
assessment year broadly
corresponds to the year after the
income is earned. Thus, the
numbers would largely cover the
income of financial year 2017-18
(FY18). These 55 million
individuals declared
~34 trillion in income. Those
earning over ~10 lakh accounted
for the largest share at
38.1 per cent. Those earning
between ~5-10 lakh accounted
for 29.4 per cent. Those at or
below the threshold of ~5 lakh
accounted for 32.6 per cent of the
total amount.
The declared amount
included income from salary,
capital gains, house property,
interest, business and other
sources. Salary was the largest
source of income for individuals
at ~20 trillion. This was
followed by business income at
~9.3 trillion.
Individuals accounted for the
bulk of all the income that tax
DECODING THE
NUMBERS
filers declared. They accounted
for ~34 trillion of the ~51 trillion
in gross total income declared for
number of returns filed has also
been rising with time. The data
about returns filed is in terms of
financial years. Individuals
accounted for 92 per cent of
returns filed in FY14, which rose
NEARLY 2/3 RETURNS NO. OF INDIVIDUAL to 94 per cent in FY19 (chart 2).
ARE ~5 LAKH OR LESS FILERS ON THE RISE
Gross total income (in ~) % share of individuals of
The number of returns filed
had hit a high of 72.6 million in
63.3 n% of returns filed total return filers assessment year 2019-20, which
n% of gross total income broadly covers income for FY19.
Assessment year 2020-21 saw
return filed fall to 69.7 million
38.1
and stood at 71.4 million in
32.6 assessment year 2021-22.
29.4
“The surge of filing ITRs
26.7 peaked on 31st July, 2022 (due
date for salaried taxpayers
10.0 and other non-tax audit cases)
with over 7.24 million ITRs
being filed on a single day i.e on
~5 lakh Between Greater 31st July, 2022.
& below ~5-10 than “The total ITRs filed till
Note: Data for assessment year 2018-19
lakh ~10 lakh Sources: I-T Dept, BS calculations
31st July, 2022 for AY 22-23 is
about 58.3 million,” said a
government statement on
August 1. This included only
assessment year 2018-19. In other declared to the government as non-audited returns, according
words, they accounted for gross total income. to a statement from the income
nearly ~7 out of every ~10 Their share in the total tax department.
>
MUMBAI | TUESDAY, 13 DECEMBER 2022 ECONOMY & PUBLIC AFFAIRS 5

Indian, Chinese troops clash near Bajaj Allianz set to be

LAC; minor injuries on both sides 1st general insurer to
Indian troops resolutely confronted PLA soldiers in Tawang sector of Arunachal on Dec 9 launch surety bonds
PRESS TRUST OF INDIA tion the number of troops involved in local commanders of the two sides as SUBRATA PANDA
New Delhi, 12 December the face-off and those injured in the per established protocols. Mumbai, 12 December
incident. The Army said there are areas The ties between India and China

I
ndian and Chinese troops clashed
along the Line of Actual Control
(LAC) in the Tawang sector of
Arunachal Pradesh on December 9 and
the face-off resulted in “minor injuries
to a few personnel from both sides”, the
Indian Army said on Monday.
The clash near Yangtse along the
LAC in the sensitive sector took place
last Friday amid the over 30-month bor-
der standoff between the two sides in
eastern Ladakh.
“On December 9, PLA troops con-
tacted the LAC in Tawang Sector which
was contested by own (Indian) troops
in a firm and resolute manner. This
face-off led to minor injuries to few per-
sonnel from both sides,” the Army said
in a statement. “Both sides immediate-
ly disengaged from the area. As a follow
up of the incident, (Indian) commander
in the area held a flag meeting with his
counterpart to discuss the issue in acc-
ordance with structured mechanisms
to restore peace and tranquillity.”
The Army statement did not men-
of “differing perception” along the LAC nosedived significantly following the At least three insurance companies are looking
in the Tawang sector. fierce clash in the Galwan Valley in June to launch a surety insurance product, of which
“In certain areas along the LAC in 2020 that marked the most serious mil- Bajaj Allianz General is set to be the first com-
the Tawang sector there are itary conflict between the two pany to launch the product on December 19.
areas of differing perception, Indian Army sides in decades. Both sides This will make it the first general insurance
wherein both sides patrol the says both sides gradually enhanced deploy- company to launch the product after Finance
area up to their claim lines. immediately ment by rushing in soldiers and Minister Nirmala Sitharaman in this year’s
This has been the trend since disengaged heavy weaponry. Budget had said surety bonds can be used as a LAUNCH ON DECEMBER 19
2006,” the Army said. It is from the area Following the Ladakh substitute for bank guarantees for government
n Bajaj Allianz looks at only road
learnt that the injuries on the standoff, the Army significantly procurement.
Chinese side could be higher. bolstered its operational capabilities SBI General Insurance and Tata AIG General
infrastructure contracts in Dec 19 launch
It is the first major clash between the along the LAC in the eastern theatre. Insurance are also said to be looking at launch- n SBI General Insurance, Tata AIG
Indian and Chinese armies since The eastern theatre largely comprises ing a surety insurance product soon, said General Insurance to follow
August 2020 near Rinchen La in eastern the border areas along the LAC in sources. However, India’s largest private sector
n Insurers with 1.25x the required
Ladakh. Indian and Chinese troops Sikkim and Arunachal Pradesh and the general insurer — ICICI Lombard General
were engaged in a brief face-off near frontier areas have a number of sensi- Insurance — is still evaluating the contours of solvency margin can start
Yangtse in October last year as well and tive forward locations, including in the the product, given the recovery process in case surety business
it was resolved following talks between Tawang and North Sikkim sectors. of a default is still a vexed issue for a number of n Irdai mandates insurers to maintain
companies in the industry. solvency of 1.5x at all times
“It’s a very complex product, in terms of how
we issue it, pay the claims, and the recovery n An insurer can underwrite surety

~ sheds 26p
G20 panel to mull taking leaf from process,” said a source aware of the develop- business up to 10% of gross written
ment. Insurers were seeking changes to the premium, subject to a maximum of
as US data Indian Contract Act and the Insolvency and
Bankruptcy Code (IBC) to bring surety bonds
~500 crore

leads to Fed
hike jitters
India’s digital ecosystem, says Kant on a par with bank guarantees when it comes
to recourse available to them in case of default.
The insurance regulator was said to have
n Limit of guarantee not to exceed
30% of the contract value

The rupee started the fresh
week on a poor note,
shedding 26 paise against the
dollar, as a stronger-than-
expected US data set stoked
fears of the Federal Reserve
continuing with an aggressive
pace of rate hikes, dealers
said. The domestic currency
settled at 82.54 to the dollar
on Monday, from 82.28 at the
previous close. So far in 2022,
the Indian currency has
depreciated 9.9 per cent
against the greenback.
Data released over the
weekend showed that US
producer prices posted a
higher-than-expected rise in
November. The data comes
ahead of the Federal Open
Market Committee’s two-day
meeting that begins on
December 13. BHASKAR DUTTA
ABHIJIT LELE
Mumbai, 12 December
The Development Working Group
(DWG) under India’s G20 Presidency will
dwell on building upon the country’s
digital technology and ecosystem for
inclusive and sustainable growth across
the world, according to India’s G20
Sherpa Amitabh Kant.
The Indian model, which is distinct
from fintech and European ones, has
grown 10 years, which otherwise could
have taken 50 years, Kant said. This has
helped in providing digital identity, finan-
cial inclusion, and direct benefit transfer,
Kant asserted at a media briefing ahead
of DWG’s meeting in Mumbai.
This is for the first time that India will
set an agenda for the G20 Presidency and
also act as a voice of the Global South. It
also provides an opportunity to use the
G20 chair to forge win-win collaborations
between developing countries and
advanced economies, Kant said.
The first meeting of DWG, under
India’s G20 Presidency, is taking place
from December 13-16. India assumed the
G20 presidency on December 1. There will
be two sessions — “Data for Development:
Role of G20 in advancing the 2030
Agenda” and “Infusing new LiFE into
Green Development” — before the official
meeting of the working group.
Stressing on reforming multilateral
institutions, Kant said they
provide direct funding to
nations. But they do not
provide blended finance
nor give credit enhance-
ment and first loss guaran-
tee. There will be discus-
India’s G20 Sherpa
Amitabh Kant says
the Indian model
has grown in
10 years, which
otherwise could
have taken 50 years
sion on restructuring of institutions and
their working.Beyond multilateral fund-
ing agencies, such as IMF and World bank,
there are many other institutions like the
World Trade Organization and World
Health Organization which would be in
focus for discussion.
India’s presidency lies at a crucial mid-
point of the 2030 Agenda for Sustainable
Development, adopted in 2015.
Review of progress of Sustainable
Development Goals (SDG) and
G20’s efforts to achieve the SDG
targets would be discussed at
the DWG meeting.
In the context of green
development, focus areas
would include climate finance
and technology, as well as just
energy transitions for developing
countries, he added. The
issue of climate chan-
ge cuts across
industry, soci-
ety, and sec-
tors.
reached out to the government on this and the
government had reacted positively to the indus-
try’s anxiety.
But there is no clarity on this yet. With this
issue still unresolved, it will be very difficult to
broad-base the product, say industry insiders.
Interestingly, the working group, which the
insurance regulator had formed to study the
viability of the surety bond business, had rec-
ommended a robust legislation for surety bonds
and other non-fund-based guarantees as a nec-
essary condition for them to be introduced.
“Surety bonds may also be included in other
Acts such as IBC, 2016, and given equivalent
status as bank guarantees to ensure speedy and
effective resolution and enforcement of indem-
nity by surety providers,” it had said.
Emails sent to SBI General Insurance and
Tata AIG General Insurance did not elicit a
response until the time of going to press.
A surety bond is a three-party contract. One
party (the surety) guarantees the performance
or obligations of a second party (the principal)
to a third party (the obligee).
Under the product, surety insurance con-
tracts can be offered to infrastructure projects
of the government/private in all modes. Bid
bonds, performance bonds, and maintenance
bonds can be covered.
The product Bajaj Allianz is launching is
looking at only road infrastructure contracts.
According to the framework released by the
insurance regulator earlier this year, the extent
to which an insurer can underwrite the surety
business should not exceed 10 per cent of its
gross written premium, subject to a maximum
of ~500 crore. And, the limit of guarantee shall
not exceed 30 per cent of contract value.
According to the regulator, insurers with
1.25x the solvency margin they are required to
keep can commence the surety insurance busi-
ness. The insurance regulator mandates insur-
ance companies to maintain a solvency of 1.5x
at all times.
In her Budget speech, Sitharaman had said
that surety bonds can be used as a substitute
for bank guarantees for government procure-
ment to reduce the indirect cost for suppliers
and work contractors. The insurance industry
has hailed this as a very positive move, stating
this will give a big boost to project financing
with overall improvement in project viability.

‘Proving identity > FROM PAGE 1

In comparison, banks
reported a combined net loss
of ~1905 crore in H1FY19 com-
five players hold 75 per cent of
market share.
Analysts said Dalmia was

of re-imported CPI inflation...

RBI Governor Shaktikanta Das
pared to a net profit of ~32,644
crore in H1FY12.
The analysis is based on
entering the high-growth and
new markets of the central
region, thereby diversifying

goods essential to in his latest monetary policy

statement had expressed con-
cern over the “sticky and ele-
the half-yearly balance sheets
and profit and loss accounts
of 42 listed banks and 41 listed
from existing markets in the
south and east.
But they warned that

claim exemption’ vated” core inflation, holding

CHATROOM
T N C RAJAGOPALAN
We have imported some
scientific instruments for
R&D purposes under the
notification 51/96-Cus
dated July 23, 1996. Now, we
want to send them abroad
for repairs. We are aware
that re-import can be done
under notification 45/2017-
Cus dated June 30, 2017.
What is the procedure to be
followed for sending the
instruments abroad?
From the GST angle, there is
no supply and so, you have to
remove the goods from your
premises to the port under
delivery challan and e-way
bill. You have to obtain a GR
waiver from your bank and
submit it to the Customs
when you file a free shipping
bill, as no payment will come
against the exports.
You have to tick the right
box in the shipping bill to
show that it is not an outright
sale or export on consign-
ment basis, so as to make sure
the shipping bill does not
enter the EDPMS. Finally,
and this is very important,
you must mention the iden-
tification number of the
instrument, so that at the
time of re-import you will not
have difficulty in proving that
the identity of the re-import-
ed goods is the same as the
goods exported.
We have a SEZ unit and a DTA
unit. We want to use the
balances in the foreign
Business Standard invites readers’ SME queries related to GST, export
and import matters. You can write to us at smechat@bsmail.in
currency account of our SEZ
unit towards making
payments for the imports of
our DTA unit, as well as for
lending to the DTA unit. Can
we do it?
No. Para 3.10 of the RBI FED
Master Direction no.14/2015-
16 dated January 1, 2016 says
that the funds held in the for-
eign currency accounts of
SEZ units cannot be loaned or
made available to any person
or entity resident in India, not
being a unit in Special
Economic Zones. These can
be used for bonafide trade
transactions between the SEZ
unit and a person resident in
or outside India.
We have received an order
from a party in Dubai with
instructions to ship the
goods to Thailand. The party
wants us to furnish a
certificate of Indian origin
(COO), so that the importer in
Thailand can clear the goods
under the India-Asean trade
agreement. However, he does
not want the price at which
we sell to the Dubai party to
be revealed to the Thailand
importer. The COO format
allows us to declare “third-
country invoicing” but
requires us to declare the
FOB value, which we can
derive only from the price at
which we sell to the Dubai
party. We do not know the
price at which the Dubai
party sells to the Thailand
party. How to overcome this
problem?
I cannot think of an immedi-
ate solution to the problem,
unless you and the Dubai par-
ty rethink this “bill-to ship-to”
model involving customs
clearance in the importing
country at lower or nil duty
under a free trade agreement.
I suggest that you write to the
Commerce Ministry explain-
ing your problem and follow
up vigorously for a proper
response.
that the battle against infla-
tion was not over yet.
“The measures taken by
the government to contain
food prices helped to bring
inflation below the RBI’s tol-
erance limit of 6 per cent. To
soften the prices of cereals,
pulses and edible oils, appro-
priate trade-related measures
have been undertaken. The
impact of these measures is
expected to be felt more sig-
nificantly in the coming
months,” the finance ministry
said in a statement.
Soumya Kanti Ghosh,
group chief economic adviser,
State Bank of India, said now
there was a “minimal proba-
bility” of a 25-basis point rate
hike in February. “However,
that will also be accompanied
by a change in stance to neu-
> BS SUDOKU
SOLUTION TO #3842
tral, if it was to happen. The
next policy statement is due
on February 8, and will come
just after the Budget
announcement on February 1
and after the FOMC policy
statement. From that point,
the RBI will be in a vantage
position of taking a consider-
ate view in February policy,”
# 3843
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Fill in the grid so that
every row, every
column and every 3x3
box contains
the digits 1 to 9
he added.
However, Sunil Sinha,
principal economist, India
Ratings and Research, said
that while headline inflation
was under the RBI’s target,
sticky core inflation needed
continuous monitoring, and
the RBI was unlikely to lower
its guard against inflation.
“While the extent of rate hike
has reduced, India Ratings still
expects the central bank to
undertake a 25-bp hike in
February 2023 monetary poli-
cy,” he said.
The six-member monetary
policy committee (MPC) of the
RBI last week increased the
policy repo rate by 35 basis
points to 6.25 per cent, the
highest level since February
2019. The repo rate has been
increased by 225 bps since
May.
Except for the primary (2
per cent) and infrastructure (1
per cent) groups, all use-based
components of the IIP con-
tracted in October. While con-
sumer durables (-15.3 per cent)
contracted for the third con-
secutive month, consumer
non-durables (-13.4 per cent)
shrank for the fourth consec-
utive month, signalling weak
demand in the economy, espe-
cially for mass consumption
items. The festival season in
October, which led to a lesser
number of working days, also
adversely affected factory pro-
duction.
Crisil Chief Economist D K
Joshi said it was certain that
global slowdown would weigh
significantly on industrial out-
look over the coming year, as
aggressive rate hikes and ele-
vated inflation had hit growth
in advanced economies.
“Domestic demand recovery
has been uneven, with
demand for higher value items
such as passenger vehicles
remaining stronger than con-
sumer non-durables. Going
forward domestic demand
could soften as transmission
of rate hikes progresses and
increases borrowing costs
from current levels,” he added.
NBFC...
In the H1FY23, the NBFCs
accounted for 29.4 per cent of
the combined net profit of all
lenders, down sharply from
the pre-Covid average of
around 52 per cent.
The movement in the share
prices of the banks and the
NBFCs suggests that equity
investors expect banks to con-
tinue to grow at the expense
of their non-bank peers.
The combined market cap-
italisation of the banks is up
26.2 per cent year-to-date
(YTD) in 2022 to a record high
of ~34.9 trillion on Friday.
In contrast, in the same
period, the NBFCs’ combined
market cap was down 1.7 per
cent YTD to ~15.05 trillion on
Friday.In fact, the NBFCs’
combined market cap is still
lower than their all-time high
of ~16.45 trillion in October
2021.
NBFCs’ share in lending
had more than doubled
between H1F12 and H1FY19
from 11 per cent to 23.1 per
cent.
In the same period, NBFCs’
half-yearly profit jumped 180
per cent from ~11,600 crore in
H2FY12 to ~32,600 crore in
H1FY19.
NBFCs.
The bank sample includes
formerly listed public sector
banks such as Corporation
Bank, Oriental Bank of
Commerce, Dena Bank,
Andhra Bank, and State Bank
of Hyderabad, which were
subsequently merged with
other public sector banks.
According to analysts, the
relative decline in the non-
bank lending space started in
2018, when Infrastructure
Leasing & Financial Services
(IL&FS), one of the country’s
top NBFCs, defaulted on pay-
ment to lenders, triggering a
funding crisis.
“The IL&FS crisis dried up
funding for many second- and
third-tier NBFCs, forcing them
to slam brakes on growth and
even shrink their balance
sheets,” said Dhananjay Sinha,
director and head strategy and
equity at Systematix
Institutional Equity.
Apple...
Sources tracking sales say a
large number of iPhone 14 and
other series are being exported
to Europe. Apple’s contract
manufacturers produce a
diverse range that comprises
iPhone series 11, 12, 13, and 14.
According to the PLI
scheme, each company has to
reach a minimum incremen-
tal production over the base
year across five years: ~4,000
crore in the first year, ~8,000
crore in the second, ~15,000
crore in the third, ~20,000
crore in the fourth, and
~25,000 crore in the fifth.
Jaiprakash...
The plants Dalmia Cement
will acquire are situated in
Madhya Pradesh, Uttar
Pradesh, and Chhattisgarh —
the central region. Dalmia
Bharat said this region had
among the lowest per capita
cement consumption in the
country at 170 kg and repre-
sented 15 per cent of total
cement demand. However,
demand was expected to grow
7 per cent in the medium term
in the region, where the top
Dalmia Cement could turn
from an almost debt-free com-
pany now to one with net debt.
However, net debt to Ebitda
(Earnings before interest, tax-
es, depreciation, and amorti-
sation) might still remain
below 2x.
The analysts said the trans-
action was marginally nega-
tive for other players in the
central region like Prism,
Heidelberg, and Birla Corp as
it could get more competitive
with the entry of Dalmia and
JK cement this year and JSW
Cement in the next three
years, and capacity expan-
sions by both ACC and
UltraTech over the next two
years.
The transaction is subject
to the completion of due dili-
gence, receipt of statutory
clearances and necessary
compliances, including
approvals from the firm’s
lenders, its joint venture part-
ner, and regulatory authori-
ties.
The shares of Jaiprakash
Associate closed at ~11.74
apiece, a rise of 10 per cent,
while those of Dalmia Bharat
closed with a rise of 3.3 per
cent at ~1,905.7 apiece.
Airport...
IndiGo, which is the largest
domestic airline in the coun-
try, is also operating a higher
number of 232-seater Airbus
A321 aircraft now.
Flights that were earlier
handled from T1, too, have
been shifted to T3 due to the
ongoing expansion of T1.
Delhi International Airport
Limited said that the number
of peak-hour flights, however,
has reduced from 22 in the
pre-pandemic period to 19 in
November.
An airline executive said
discussions were on with the
airport operator on the reduc-
tion and shifting of flights
from T3 to the other terminals.
The idea is also to ensure that
the impact on passengers is
minimal given that Delhi sees
a lot of connecting traffic. “We
do not want to transfer prob-
lems from one airport to
another,” the executive added.
6
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MUMBAI | TUESDAY, 13 DECEMBER 2022 1
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MUMBAI | TUESDAY, 13 DECEMBER 2022 7
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MUMBAI | TUESDAY, 13 DECEMBER 2022 1
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MUMBAI | TUESDAY, 13 DECEMBER 2022 ECONOMY & PUBLIC AFFAIRS 9
GST COUNCIL MEETING AGENDA New and Renewable Energy Development Corporation

Panel for raising threshold

of Andhra Pradesh Limited (NREDCAP)
(A State Government Company)
Regd. Off. #12-464/5/1, River Oaks Apartment, CSR Kalyana Mandapam
Road, Tadepalli, Guntur District, Pin: 522501. Tel: 0863-2347650/51/52/53.
E-Mail: info@nredcap.in, Website: www.nredcap.in

for GST offences to ~2 crore

SHRIMI CHOUDHARY by Haryana Deputy Chief
New Delhi, 12 December Minister Dushyant Chautala —
on the Goods and Services Tax
Ref: NREDCAP/WE/PSP-III/DPR/Tender/2022, Dt: 12-12-2022
NOTICE INVITING TENDER
E-tenders are invited for “Preparation of Feasibility Report
and Detailed Project Report for establishment of 300 MW
Pumped Storage Hydro Power Project at Kamalapadu in
Yadiki Mandal, Ananthapuramu District, Andhra Pradesh”.
Please visit our website: www.nredcap.in for tender details.

T
he all-powerful GST Appellate Tribunals (GSTATs). Sd/- VC and Managing Director, NREDCAP
Council, which is sched- The GoM report has pro-
uled to meet on posed that each Bench should
December 17, will likely take up consist of president, two judi-
changes in the prosecution cial members, one technical
provisions under the GST member (Centre) and another
regime, in which a committee technical member (state).
of officials has proposed It suggested empowering a
increasing the monetary limit single-member Bench to hear    
to ~2 crore from the current cases with tax implications up 
   
     
   
    
~1 crore, set as a minimum to ~50 lakh.  

 


 
  
    
 
  
 
amount of tax evaded for arrest by Business Standard. crore), the jail term could be The report also pitched for     !   "#$%&$"%"'(    ! "   #$%&'%#&#()

  
  )
 

 
  
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 ++

+
in non-cognizable and bailable At present, if the amount three years. If tax evaded is a principal Bench in New Delhi * +,-* ./
'( 0  *1-2*34 * 5*6,734 5 0 * , -./, $0
() 1 ! ,2/3,45 , 6,7.845 6 1 ,
offences under the regime. of tax evaded or input tax over ~1 crore but less than ~2 and similar Benches at the state *1-2*34 1-,* 311 0 7 1*1( +,-*18 "%'/( ,2/3,45 2/., 422 1 8 2,2) -./,29 #&(0)
The council will also con- credit wrongly availed of is ~5 crore, the incarceration period level. The appellate body’s 
 
 
 

sider a ministerial panel report crore or above, the prison term is a year. president is likely to be a retired          
          
  
on setting up GST Appellate may be extended to five years. The GST Council will also judge from the Supreme Court    !"
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auto workers in Pune: Report
+  !$
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 @% $ % $ 4 @% $     *$%
&  .$( # 
 A& $ & $ 4 A& $     +$&
SHIVA RAJORA
New Delhi, 12 December

 
STATE OF WORKER SAFETY
Pune
Others
 =5= >     =$   $  >$&  =5=
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dents, as the Directorate
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 $%$A% 4$   $$  #$$$%$

4 9
 .$) $$  $) 4 $ 6' /
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12 Haryana 20  6-  $% $ % 6 *$% $    
4 9
Service & Labour Institutes, $ 7878   ! $ 4   0 "4 
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The severity of injuries in auto- the national-level body to 9 62$$  "$    %%$(  $ 7878   ! $ 4   0 "4 
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dents in Pune appears to be only 50-60 non-fatal accidents  4  / $9((#$#(
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 5( 
In % In %
worse than in Haryana, reveals a year in Haryana, in its latest 

 % 2$$ 4  :$     2$$  $ @ $  $   5) 
the findings of the latest report 5 83 13 67 report in 2020, whereas SIIF  0  $$%  4$ $  "$$%   5(  

 & 2$$ 4
by the Safe in India Bone Loss of Bone Loss of has assisted 585 injured work- 
$4 $% $  0  $$&  4$ $  "$$&   5) 
fractures body part fractures body part  :$   $%$$  1$  
 5(  
$4 $& $
Foundation (SIIF), released on ers until October, in the cur-

4$ $  :$   $&$$  1$  
 5) 
Monday. Crushed 2022 is the
fourth annual study on the
Source : Safe in India Foundation rent year in the auto industries  $$    $% 6;" #$$$%$ 
4$ $
of Maharashtra and Haryana. 
 $$ 6' "0  $& 6;" #$#%$$$&$
 :$   $%$$  $%  +%-(  7 $ 2   
state of worker safety in the tion lower than the prescribed direct correlation between the The number is expected to $    0( 8  :$   $&$$  $&
 ,&.)  7 $ 2  
Indian auto sector. limits. The Automotive Skills income and severity of the grow to around 1,500 in the 7$%1  $$ 2$$8
 $
Nearly 83 per cent of inci-
dents in Pune reported a loss
of limb of a worker, compared
to 67 per cent in Haryana
(Gurugram and Faridabad). A
 - -
Development Council pre- accident and about 60-70 per
scribes a minimum education cent of injured workers report
level of 8th standard for press loss of body parts.
shop operators, considering The SIIF, which has been
this a skilled job. A typical working for the benefit of auto

   0) 8
current financial year.  >  $% $% $  12 / //  3/  7$&1  $$ 2$$8

Factory inspections have $% $$ 3     / / //  ?  $& $& $  5.6 -/ /./ 77. 8-/ 
been consistently reducing for   / 0/ (  )4-&5-)&)6 $& $$ 8   . . / 7/7 /./
 7 //     /3  77. 7 / 4/ &  !1+%(+!%!$
years, as Haryana only report-   8 / //  90 :-  9 /./ 7.   . /8 
ed 393 factory inspections in 0/   
- : / /./ . ;4 <+
majority of these workers are crush injury to fingers results industry workers, reports that 2020, down from 2,720 in 2012 !  

+, 4/ 
 
 + +
)*
migrants, hired on a contrac- in the loss of two (2.01) fingers the official accident numbers and when reported, penalties - . + ,-.
  ,- // //    /./ //.
tual basis, and have an educa- per injured worker, with a cover only a fraction of inci- are not enough of a deterrent. *
9 "BB"'" &'"&
 ' &
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 ( '
(

 
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 ) @#) 5& / 

ACCENT REGION
UTTAR PRADESH RAJASTHAN
— TENDER CARE — — Advertorial
Target set for ~40K-cr Plans afoot to
meet ~1 trn in GAIL WINS BEST ‘ENERGY TRANSITION –
MIDSTREAM COMPANY’ AWARD
TAMILNAD MERCANTILE BANK LIMITED
(TMB) LAUNCHES INSURANCE PRODUCTS

investment in energy
VIRENDRA SINGH RAWAT
Lucknow, 12 December
Uttar Pradesh has set a target of ~40,000 crore
investments in the energy sector to meet an
estimated peak demand of 53,000 megawatt
(Mw) by 2028. The bulk of these investments
will be by private sector companies, officials
have said.
The state’s peak energy demand stands at
26,000 Mw now. The steep proliferation in
the state energy demand is attributed to the
projected setting up of new industries and
manufacturing plants over the next five years.
“Due to an increase in electricity consump-
tion, energy sector majors will make big-ticket
investments in the sector, thus will play an
important role in making the state a trillion-
dollar economy,” a senior state official said.
The state is aiming to achieve the trillion-
dollar economy tag by 2027.
To spur fresh investments in the energy
landscape, the government is offering a num-
ber of incentives, such as stamp duty waiver
and capital interest subsidies. Officials said a
bunch of big companies had already evinced
interest in partnering with the state.
In a recent review meeting, Chief Minister
Yogi Adityanath had stressed that power
would be crucial to the state becoming a tril-
lion-dollar economy, since greenfield and
brownfield projects would require huge quan-
tities of energy, which would be met through
different sources, including thermal and solar.
By 2028, the state’s total power
consumption will be 277,000 million units
(MU), of which 98,000 MU will be used for
industrial purposes.
“The state’s electricity demand is expected
to increase at an annual rate of 16 per cent.
This would push the peak hour energy
CHHATTISGARH
State’s total power consumption will be
277,000 MU by 2028, of which 98,000 MU
will be used for industrial purposes
demand from 26,000 Mw to 53,000 Mw by
2028,” he underlined.
At the same time, the rate of electricity
consumption is predicted to be 23 per cent in
the commercial and industrial spaces, and 14
per cent in the residential vertical. As such,
the industrial consumption in 2028 is esti-
mated at 98,000 MU.
Meanwhile, the western region of UP is
expected to witness much higher levels of
industrial electricity use compared to other
parts of the state. The western region is pre-
dicted to consume the highest 62 per cent of
energy because of a greater concentration of
industries and commercial establishments.
Besides, the state is targeting 22,000 Mw
of solar energy generation in the next five
years to supplement the thermal power
generation and consumption.
export target
ANIL SHARMA
Jaipur, 12 December
The Rajasthan government is
finalising initiatives, such as pro-
viding technology support and
holding trade fairs for industries,
to realise its exports target of ~1
trillion in the next two years.
“The exports from the state in
2021-22 increased to ~72,000 crore
from over ~52,700 crore a year ear-
lier, and the state is making efforts
to take this figure to ~1 trillion in
the next two years,” said Rajiv
Arora, chairman of Rajasthan
Small Industries Corporation and
Rajasthan Export Promotion
Council (REPC).
“Despite not having a port, the
state is seeing robust growth in
exports thanks to the govern-
ment’s industry—and exports-
friendly policies,” he said.
In the past year and a half,
more than 9,000 exporters have
registered themselves with REPC.
Rajasthan has traditionally
exhibited strength in the export
of handicrafts, gems and jew-
ellery, dimensional stones, agro
& food, and textile products.
To impart impetus on exports,
measures targeted at the promo-
tion of export-oriented units have
been included in earlier notified
industrial and sectoral policies
of Rajasthan.
Rajasthan’s current share in
India’s total merchandise exports
is estimated at 2 per cent.
GAIL (India) Limited has won the
‘Energy Transition – Midstream
Company’award at the prestigious
Tamilnad Mercantile Bank Limited (TMB),
one of the premier scheduled commercial
Banks, with a view to offer customer-
Platts Global EnergyAward 2022, centric choices in every product, recently
emerging victorious among launched the marketing of Life Insurance
several international energy com- Products under the tie-up arrangement with
panies who were vying for the recognition. The award was M/s.BajajAllianz Life Insurance Company
received by Shri M. V. Iyer, Director (Business Development & Limited.
Marketing) and Shri R. K. Jain, Director (Finance) at the awards The dignitaries from the Bank and M/s.
ceremony held in New York City recently. BajajAllianz Life Insurance Company Limited were present at the
launching event. The corporates have installed their engagement
OIL’S CSR PROJECTS OIL zones attracting the customers at the event.
SWABALAMBAN AND SDI, GUWAHATI, S.Krishnan, MD & CEO, Tamilnad Mercantile Bank Limited (TMB)
BAGS CSR TIMES AWARD 2022 said, “On getting listed in the Stock Exchanges, Tamilnad Mer-
Oil India Limited (OIL), India’s cantile Bank Ltd., is back to enrich our vision in expanding the
Second largest national exploration network PAN India, with added features in the products and
& production company was conferred services. We feel that this tie-up launching function is a momen-
with the CSR Times Award 2022 in tous occasion for the Bank”
Gold category for its Corporate
Social Responsibility (CSR) projects BIS AND NMDC JOINTLY
in the area of Skill Development viz. OIL Swabalamban and Skill ORGANISED A ONE-DAY NATIONAL
Development Institute, Guwahati at the 9th CSR Times Summit SEMINAR IN HYDERABAD
and Awards ceremony held on 08.12.2022 in New Delhi. One day National Seminar was
Ms Pratibha Bhowmik, Hon’ble Union Minister of State for Social recently organised by Bureau
Justice and Empowerment in the presence of other distinguished of Indian Standards (BIS), New
guests presented the award. On behalf of OIL, Shri Ranjan Goswa- Delhi and NMDC Limited joint-
mi, CGM-PR received the award. ly on the subject “Importance
of Sieving and Sizing in Re-
INDIAN BANK EXTENDS HELPING search and Industry” at NMDC
HAND TO RAMAKRISHNA MISSION Head Office in Hyderabad. The seminar was attended by Acade-
VIDYALAYA, COIMBATORE
mia, Research Institutions, Equipment Manufacturers and Indus-
Indian Bank has sponsored try stakeholders. More than 100 delegates from Mining, Metallur-
Mahindra Bolero vehicle on December gy, Agriculture, building materials (Civil Engineering), Cement
9, 2022, to Ramakrishna Mission Industry, Pharmaceutical Industry, Food and Drinks, Nano
Vidyalaya, Coimbatore under its CSR Technology, Paint and Pigment Industry Powder Metallurgy
initiatives that shall assist them in participated in the seminar from all over India. Shri K V Rao, Head,
conducting Medical camps in 22 BIS, Hyderabad welcomed the gathering. Dr. R. P. Singhal,
villages including 9 tribal villages in and around Perinaickenpalayam, Chairman, CED 55, BIS introduced the seminar theme.
Coimbatore.
Shri. Ganesararaman A, Field General Manager, Indian Bank,
UNION BANK OF INDIA CONDUCTS
Coimbatore handed over the key of the vehicle to Swami
RAJBHASHA SEMINAR
Garishthananda, Secretary, Ramakrishna Mission Vidyalaya in a
grand function organised at Ramakrishna Mission Vidyalaya, Coim- Union Bank of India, Field General Manager Office, Pune on
batore. This good gesture by the Bank will further strengthen the
Ramakrishna Mission’s goal of providing medical care to the poor,
30.11.2022conducted Rajbhasha
Seminar for All the Executives of

Pisciculture turns lucrative for women
R KRISHNA DAS
Raipur, 12 December
Pramina never had a notion
that fish, which she loves to
cook, could be a good source of
income for her. In her mid-thir-
ties, the resident of Chervapara
village in Baikunthpur devel-
opment block of Korea district
is eyeing the big catch.
Overwhelmed with the ini-
tial outcome, she and her group
are planning to go for fish farm-
ing in an extensive way.
Pranima heads a women
living in rural and tribal areas. Senior officials and staff members of
Indian Bank, along with representatives of Ramakrishna Mission
Vidyalaya, Coimbatore were present during the occasion.
FGMO, Pune and All Regional
offices coming under FGMO.The
seminar was chaired by Field
self-help group (SHG) said. The group plans to and 82,500 hectares of water General Manager Shri. Rajib L.
Mateshwari Mahila Samuh in increase the volume gradually area as irrigation reservoirs are PNB’S ZONAL SPORTS MEET Pattanayak. In his address, he
the village with 10 members on to earn more, she said. available for fish farming. The Zonal Sports Meet of Punjab National Bank, Odisha Zone inau- said that the official language
the rolls. “We wanted to Of the 199,900 Suryamani Dwivedi, assis- gurated in Ravenshaw College ground, Cuttack. Sanjay Kumar Nayak, should not be limited to the coun-
do some work to make 98% of hectares of water area tant director of the depart- the Vice Chancellor of Ravenshaw try, but it should be propagated outside the country as well. Despite
ourselves financially available in the state ment, said the group was doing being the Official language, English is still being used for work. By
the total University inaugurated the meet in the
strong, but due to lack of for fisheries, 196,100 fish farming in 0.50 hectares in
available presence of Uday Bhaskar Reddy, organizing such seminars, we can bring more awareness about
guidance, things could hectares have been a pond. It was available in the
water area Zonal Manager, Odisha, Uma Shankar the official language.
not materialise,” she said. developed so far. It is Gauthan, the livestock shelter
has been Das, Deputy Zonal Manager and The seminar was welcomed by Shri. Mayank Bhardwaj, Deputy
She said fisheries 98 per cent of the total set up under the Godhan Nyay
department officials
developed available water area. Yojana. The department pro- Bailochan Sahoo, Assistant General Secretary, All India Punjab Zonal Head, Field General Manager's office, Pune, address given
briefed them about for fisheries The length of the vided training, 2.5 million units National Bank Officers' Association. Participants from all five circles by Shri. Subramanian S. Deputy Zonal Head and Shri. Navneet
farming. “Work started naturally available of fish spawn, and one fish net of the Zone (Bhubaneswar, Cuttack, Baleswar, Berhampur & Dutta, Regional Head, Regional Office, Pune East and the vote of
in a small way and the group riverine watershed is 3,573 km. to the group under the scheme. Sambalpur) participated in the meet. The sports Meet is being thanks was given by Sushri. Shilpa Sharma Sarkar, Assistant
made a net profit of over Officials said 117,300 hectares It was with 100 per cent grant, organized by Officers' Association every year. General Manager, Field General Manager's Office, Pune.
~50,000 last year,” Pranima of water area as rural ponds Dwivedi said.
10 WORLD
>
MUMBAI | TUESDAY, 13 DECEMBER 2022

Too good to be bad, too risky to be good: Economy has Fed in a fix
Wage gains are strong, and consumption, the mainstay of US economic growth, continues to increase even after adjusting for inflation
REUTERS
WASHINGTON, 12 December
After playing catch-up with inflation
through the past year in a policy shift
made urgent by relentlessly rising prices,
the US Federal Reserve now faces a judg-
ment about whether the economy is
strong to motor through even higher inter-
est rates or is on the cusp of a crack-up.
Financial markets and professional
forecasters seem braced for the latter. US
investors from crypto rebels to index fund
loyalists lost in excess of $8 trillion this
year as markets wilted under the fastest
Fed rate hikes in 40 years; bond markets
seem convinced a recession is coming;
economists, in surveys by Reuters and
others, agree.
But that seemingly stressed environ-
ment is also sustaining unemployment
rates that are at record lows for Latinos
and near record lows for Blacks. Wage
gains are strong and consumption, the
mainstay of US economic growth, con-
tinues to increase even after adjusting for
inflation. Many factors influence when
and if the economy falls into recession;
but it will involve rising unemployment
and falling consumption.
“The economy has never been so
unloved as it is now,” Bob Schwartz, senior
US economist at Oxford Economics, wrote
in a recent analysis that laid out the ‘bipo-
lar’ set of circumstances Fed will parse in
their two-day policy meeting this week.
Consumer sentiment is lousy, worse
than when the economy was in the throes
of a pandemic, but bank accounts and
US CONSUMER PRICE INDEX
(YoY %)
spending both remain healthy; manufac-
turing is contracting, but the service roars
on with the monthly job and wage growth
to prove it; there is some evidence infla-
tion is easing, with gas prices back where
they were a year ago, but it is still higher
7.70
10
2.50
Jan 31,’20 Oct 31,’22
than many have seen in their lifetimes
and continues stretching household
budgets through rising food and other
costs. There is evidence of weakness to
fuel a narrative of imminent recession.
“It is probably starting around now,”
US NON-FARM PAYROLLS
(MoM net change in ‘000)
8 520
800
263
6 600
4 months through October, confirming the toll
400
2
0 200
Jan 31,’21 Nov 30,’22
Source Bloomberg; Compiled by BS Research Bureau
said Dana Peterson, chief economist at
the Conference Board, who cited a steady
decline this year in the business group's
list of economic indicators, and the near-
unanimous sense in a recent chief execu-
tive's survey that recession is coming.
UK economy shrinks 0.3%
in 3 mths as inflation soars
Britain’s economy shrank in the three
that rampant inflation and rising interest
rates are having on business and industry.
Gross domestic product fell by 0.3 per cent
in the period when compared with the three
months through July, the Office for National
Statistics said Monday. The decline came
even as estimates showed GDP increased by
0.5 per cent in the month of October after a
0.6 per cent drop in September, when
economic activity was artificially reduced by
an extra public holiday to mark the death of
Queen Elizabeth II. ASSOCIATED PRESS

IMF: World debt-GDP

ratio plummets, but
over pre-Covid level
Debt as a share of gross
domestic product plunged by
the most in seven decades in
2021, but policymakers still
face challenges because bor-
rowing remains above pre-
Covid-19 levels, the
International Monetary Fund
said.
cent of global gross domestic
product last year, IMF data
showed. That’s 10 percentage
points less than in 2020, but
is still the second-highest
reading in history.
The data show how many
countries are still reeling from
the consequences of the pan-
Holy grail: Limitless, Kabul hotel frequented
zero-carbon fusion by Chinese attacked
Three gunmen killed;
energy a step closer two foreigners injured REUTERS
12 December
But there's still a long way to create a viable tech for this
Armed men opened fire on Monday inside
BLOOMBERG a hotel in central Kabul popular with
12 December Chinese nationals in an attack that ended
when at least three gunmen were killed by

While total public and pri-
vate debt hit a record $235 tril-
lion last year, it plummeted
when expressed as a percent-
age of economic output,
which rebounded last year
after the steep Covid-19 reces-
sion of 2020, the fund said
Monday in a blog accompa-
nying the latest update of its
Global Debt Database.
Total debt fell to 247 per
demic: debt shot up in 2020
because of the economic
recession, and so did deficits
as governments extended
financial help to individuals
and businesses.
As economies opened up,
inflation set in as supply
couldn’t meet demand, while
food and energy costs rose
because of war and climate
pressures. BLOOMBERG
S
cientists in California security forces, the Taliban-run
have made a break- administration said.
through in nuclear Two foreigners were injured while try-
fusion technology, producing ing to escape by jumping from the hotel
more energy than consumed balcony, Taliban spokesman Zabihullah
in a reaction for the first time. Mujahid wrote on Twitter.
The achievement was made Kabul’s Emergency Hospital reported
at the US Department of receiving 21 casualties — 18 injured and
Energy’s Lawrence Livermore three dead on arrival. Taliban sources said
National Laboratory, San the attack was carried out at Longan Hotel
Francisco, according to a per- where Chinese and other foreigners
son familiar with the research, usually stay.
who requested anonymity to Videos posted on Twitter by a journalist
discuss results that have not in Kabul and verified by Reuters showed
yet been disclosed in public. smoke billowing out of one of the floors

IN BRIEF Lasers were used to bom-

bard hydrogen isotopes held in
amid sounds of gunshots, while a person
was seen trying to escape the attack by
a superheated plasma state in
order to fuse them into helium,
INERTIAL CONFINEMENT FUSION jumping out of a hotel window.
The attack came a day after China’s
The US government's National Ignition Facility uses
Microsoft to buy 4% releasing a neutron and car-
bon-free clean energy in the
process. Scientists have been
laser to ignite a fusion reaction.
ambassador met the Afghan deputy for-
eign minister to discuss security-related
matters and sought more attention on the
A person jumps from a hotel window in
Shahr-e-Naw neighborhood amid sounds of

of LSE Group as part experimenting with the tech-

nology for decades, but getting
IT HAS 3 KEY PARTS
n A gold cavity with n A fuel capsule n A layer of
protection of its embassy. gunfire in Kabul, Afghanistan PHOTO: REUTERS

of $2.8-bn cloud deal the process to produce more

energy than it consumes has
been elusive.
an opening at
either end called
a hohlraum
at the
hohlraum's
centre
deuterium-
tritium fuel
within the
8 Pakistanis, 1 Afghan dead in border clash
allow it to develop new The Department of Energy
products and services, it didn’t immediately respond to Cross-border shelling and opened “unprovoked and Eight civilians were killed
said Monday. a request for comment. gunfire between Afghanistan indiscriminate fire of heavy and 17 wounded on the
The transaction adds to The reaction produced HOW IT WORKS and Pakistan killed eight weapons including Pakistani side by Afghan fire,
a recent trend of exchanges about 2.5 megajoules of energy n Laser beams, up to 192, n In the reaction the fuel Pakistani civilians and one artillery/mortar on to the leading Pakistani troops to
and tech firms linking up compared to the 2.1 megajoules are fired into the layered implodes Afghan soldier on Sunday, civilian population" at the retaliate, the Pakistan military
after similar partnerships used to power the lasers, hohlraum, healing it and creating the conditions officials on both sides of the Chaman border crossing, said in a statement.Pakistani
between Nasdaq and according to the Financial creating a superhot plasma, for fusion. If the heat frontier said, with each side which links Pakistan’s western Prime Minister Shehbaz Sharif
Microsoft agreed to buy a 4 Amazon, as well as Times, which earlier reported accusing the other of starting Balochistan province with said the killings “deserve the
a gas stripped of electrons spreads rapidly enough
per cent stake in London Alphabet Google and CME the results. the fighting. The Pakistan army Afghanistan’s southern strongest condemnation”.
Stock Exchange Group Group. It points to increased While the results represent n X-rays from the effect of through the fuel, the said Afghan border forces had Kandahar province. ASSOCIATED PRESS
(LSEG) in a $2.8 billion demand from investors for a breakthrough, it’s still a long the laser on the hohlraum energy yield can outpace
cloud-computing deal that information that gives them way to creating a viable tech- blow off the surface of the input. This is known as
pushes big tech further into an edge in increasingly fast nology, let alone delivering capsule ignition
financial markets.
As part of the agree-
ment, LSEG said it will
electronic markets.
Global spending on
financial market data and
enough clean energy to help
wean the world off fossil fuels
and limit climate change.
Sources: Lawrence Livermore National Laboratory; United States
Department of Energy; as explained by FT research In a warning to protesters, Iran
spend at least that amount
on cloud services with
Microsoft over the next 10
news rose 7.4 per cent to a
record $35.6 billion in 2021,
according to an April report
Nuclear fission technology, has
been commercial for decades
and still produces only 10 per
mature supply chains. Their
main drawback is being
waste than fission. Investment
into fusion startups like
hangs man from crane publicly
years. The partnership will by Burton-Taylor cent of the world’s power, far addressed by a rapidly growing Commonwealth Fusion
speed up the migration of International Consulting. less than coal and gas. battery storage industry. Systems and Helion Energy ASSOCIATED PRESS already have been sentenced to death in closed-
its markets to the cloud and BLOOMBERG Fusion’s potential market Still, if fusion can be scaled jumped to $2.3 billion in 2021 12 December door hearings. At least 488 people have been
share will also be challenged up, it offers the promise of and will likely total more than killed since mid-September, according to
by solar and wind power, both around-the-clock clean power $1 billion this year, according Iran executed a second prisoner on Monday Human Rights Activists in Iran, a group that's
Musk signals long-form of which are cheaper and have with less risk and hazardous to BloombergNEF. convicted over crimes committed
during the protests challenging the
been monitoring the protests.
Another 18,200 people have been
tweets are ‘almost ready’ country’s theocracy, publicly hanging
him from a construction crane as a
Activists warn
at least a
detained by authorities.
Iran's Mizan news agency pub-
The days of being constrained to just 280 characters in a
tweet may soon be over after Twitter owner Elon Musk
Putin cancels annual press conference gruesome warning to others.
The execution of Majidreza
dozen people
have been
lished a collage of images of
Rahnavard hanging from the crane,
signalled that the long-form post is “almost ready” for AGENCIES “There will not be before the press conference in December Rahnavard came less than a month sentenced to his hands and feet bound, a black
deployment. Musk has been actively engaging with users’ 12 December New Year,” Kremlin spokes- most years of his rule. after he allegedly fatally stabbed two death in bag over his head.
suggestions for how to improve the social media platform man said. During the media gathering members of a paramilitary force after closed-door Masked security force members
since his $44-billion takeover. The billionaire has been Russian President Vladimir He added that Putin "regu- — a major political event in the purportedly becoming angry about hearings stood guard in front of concrete and
issuing a flurry of pronouncements on the site. On Friday, Putin will not hold his annual larly speaks to the press, country — Putin takes ques- security forces killing of protesters. metal barriers that held back a gath-
Musk said in a tweet the company would start telling users if end-of-year press conference including on foreign visits". tions from the press and the This underscores the speed at ered crowd early Monday morning in
their posts have been suppressed while giving them an this year, which has been Peskov gave no reason for public in a marathon that which Iran now carries out death sentences the Iranian city of Mashhad. Mizan alleged
avenue to appeal. BLOOMBERG dominated by Moscow's the break with tradition. usually lasts several hours. handed down for those detained in the demon- Rahnavard had stabbed two security force
Ukraine offensive, the Kremlin Putin, who has been in Last year, he spoke for more strations that the government hopes to put down. members to death Nov 17 in Mashhad and
said on Monday. power since 2000, has held a than four hours. Activists warn that at least a dozen people wounded four others.
Queues at fever clinics as
China eases Covid curbs
People queued outside fever clinics at Chinese hospitals for
Covid-19 checks on Monday, a new sign of the rapid spread
of symptoms after authorities began dismantling an
Robots set their sights on a new job: Sewing blue jeans
apparatus they used to surveil residents and curtail REUTERS chains highlighted the risks of the deft touch possible with human
movement. China is acting to align with a world that has 12 December relying on distant factories. hands. To be sure, robots are
largely reopened to live with Covid. It has dropped Finding a way to cut out improving, but it will take years to
mandatory testing prior to many public activities, reined in Will a robot ever make your blue handwork in China and Bangladesh fully develop their ability to handle
quarantine and by early Tuesday will have deactivated a jeans? There is a quiet effort would allow more clothing fabric, according to five researchers
state-mandated mobile app used to track the travel histories underway to find out—involving manufacturing to move back to interviewed by Reuters.
of a population of 1.4 billion people. REUTERS clothing and technology Western consumer markets, But what if enough of it could be
companies, including Germany’s including the United States. But done by machine to at least close
Siemens AG and Levi Strauss & Co. that’s a sensitive topic. some of the cost differential
US officials visit China, talk “Clothing is the last trillion-
dollar industry that hasn’t been
Many apparel makers are
hesitant to talk about the quest for
between the United States and low-
cost foreign factories? That’s the
with vice-foreign minister automated,” said Eugen Solowjow,
who heads a project at a Siemens lab
automation ” since that sparks
worries that workers in developing
focus of the research effort now
underway.
A high-level US delegation held talks with China’s vice in San Francisco that has worked on countries will suffer. Jonathan People work at Saitex’s factory, which experiments with new robots to cut Work at Siemens grew out of
foreign minister on Sunday and Monday in Langfang, a city automating apparel manufacturing Zornow, who has developed a the cost of making blue jeans, in Los Angeles PHOTO: REUTERS efforts to create software to guide
neighbouring Beijing, the Chinese foreign ministry said. The since 2018. technique to automate some parts of robots that could handle all types of
visit aimed to follow up on US President Joe Biden’s recent The idea of using robots to bring jeans factories, said he has received participated in the early phases of Unlike a car bumper or a plastic flexible materials, such as thin wire
talks with Chinese counterpart Xi Jinping and prepare for more manufacturing back from online criticism” and one death the project but declined to comment bottle cloth is floppy and comes in cables, said Solowjow, adding that
Secretary of State Antony Blinken’s visit there early next year, overseas gained momentum during threat. A spokesperson for Levi’s further. Sewing poses a particular an endless array of thicknesses and they soon realized one of the ripest
the US State Department said on Saturday. REUTERS the pandemic as snarled supply said he could confirm the company challenge for automation. textures. Robots simply don’t have targets was clothing.

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 >
OPINION 11
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

Volume XXVII Number 86 ILLUSTRATION: BINAY SINHA

the best improvement in Indonesia and Vietnam. This
MUMBAI | TUESDAY, 13 DECEMBER 2022 is again driven by government efforts, as well as the
ability and willingness of parents with fewer children

Before it’s too late to invest more in their education. Thus, in 2018, 27 per
cent of 25- to 34-year-olds in China had a graduate
degree, versus just 7 per cent of the 45- to 54-year-olds.
Govt must stick to its stand on Vodafone Idea Better education enables workers to use more
sophisticated machines that drive labour produc-

L
ast year, the Union government had cleared a relief package for the tivity higher, as was reported recently in a paper
financially stressed telecom sector to prevent the industry from slipping that studied educational qualifications of workers
into a duopoly. The objective of that package will be lost if the govern- in machining in the US over the last five decades.
ment fails to stick to its stand on converting Vodafone Idea’s interest More educated people also have a longer work-life,
as mental faculties remain robust for much longer
dues into equity. As part of the reform package, telcos were given the option of
than physical strength. One moderating factor,
converting part of their dues into government equity, and Vodafone Idea opted though, from the perspective of availability of indus-
for it. With that, around ~16,100 crore of the telco’s interest dues were to be con- trial labour, is that more educated people are less
verted into a 33 per cent government stake in Vodafone Idea. Both the finance likely to work in factories. Graduates make up less
ministry and the Securities and Exchange Board of India approved the conversion, than 10 per cent of the workers in agriculture, pro-
but the government appears to be shifting the goalpost by setting new conditions duction and construction in the US, whereas they
are 37 per cent of the overall workforce and 43 per
before picking up equity in the company. While the government has not made
cent of the services workforce.

Labour quality can

any public statement on this, the Department of Telecommunications reportedly There is significant potential for improvement
wants the promoters of Vodafone Idea to infuse funds into the company before in the quality of the workplace as well. Except for
the government goes ahead with converting its dues into equity. Even though Japan, Korea, Taiwan, A-10 economies still have
there’s merit in the government wanting the promoters of the joint venture to high informality in their labour force. Informal work-
put in money into the business, the Centre should execute what it had proposed ers tend to have lower productivity, partly due to a

trump quantity
skill gap, but also due to smaller sizes of enterprises
without any delay.
they work in (informal firms are smaller), as they
Time is of the essence in this case because Vodafone Idea, which has an accu- are less capable of exploiting economies of scale and
mulated debt pile of around ~2.2 trillion, mainly government dues, is losing sub- investing in skill-building. As digitisation and
scribers at a fast clip and is unable to invest in the highly competitive telecom reforms improve state capacity in these economies,
business. It’s the only private telco to have stayed away from any 5G-related announce- there is greater formalisation and growth in firm-
ment. It had only demonstrated mild participation in the telecom spectrum auctions,
Availability of industrial labour is less of a challenge than widely size, which should improve labour productivity.
including those for 5G services, earlier this year. Berkshire-headquartered Vodafone believed. Parents with fewer children have healthier and more Overall, improvement in human capital can offset
some of the decline in fertility: On average, people
had famously said it would not put good money after bad, referring to its debt-
ridden India business in partnership with the Aditya Birla group. The Indian partner
educated ones may have fewer children, but those are more likely
to grow into stronger and more capable workers.

I
too hasn’t shown any interest to put in money, though the venture has time and n the Tessellatum last month, we discussed the also affects the availability of industrial workers. There is also strong evidence of a rise in robotisation
again announced its intent to raise funds. It is here that the government’s role is first major finding from our project assessing the However, before we begin to worry about these in ageing societies.
critical. That’s because Vodafone Idea’s fund-raising exercise is directly or indirectly impact of Asia’s ageing on the global supply of countries running out of industrial workers, it is impor- Due to a combination of these factors, industrial
workers and savings, and on global economic growth: tant to note that 28 per cent of the A-10 workforce is productivity in the A-10 has grown at 3-5 per cent a
linked to the government converting some of the telco’s dues into equity. That demographic shift in 10 major Asian economies still deployed in agriculture. Reskilling farm workers year, and the pace itself has accelerated meaning-
A case in point was Vodafone Idea’s proposal to settle its ~1,600-crore dues (the A-10: China, India, Indonesia, Japan, the for industrial work is undoubtedly challenging, but fully over the past decade.
with equipment vendor ATC Telecom Infrastructure through issuing optionally Philippines, Vietnam, Thailand, Korea, Malaysia, even with a slow transition to industrial work— with There are industries like electronics assembly,
convertible debentures. The ATC-Vodafone Idea deal, which was linked to the and Taiwan) is faster than the economic transition. farm workers dropping out of the workforce due to garments and toys where significant automation is
government conversion of interest dues into equity, could not be implemented Here we discuss the second major finding — that old age and newer workers joining industry or services still difficult. These are the most likely to shift out
in the absence of communication from the Centre till the last date of December workforce quality is likely to trump instead of farming — the numbers of the ageing economies to younger ones, granted
quantity, at least for the next decade. are sizeable. Labour productivity in that the latter build infrastructure and integrate into
6. The deal has now got an extension till February 28, 2023, but it is again subject The A-10 countries, which dom- agriculture has been growing at 5 per global value-chains to absorb this shift.
to the conversion of Vodafone Idea’s interest dues into equity. It’s time now for inate global trade in manufactured cent annually, offsetting the decline We modelled global demand-supply for goods
the government to walk the talk without setting any conditions. Bankers and goods, were half of incremental glob- in workers. over the next five years, using consensus forecasts
equity funds will open their purse strings for Vodafone Idea only if the government al workers till 2010, but will see work- Two factors that are even more for growth, and some reasonable assumptions on
gives them confidence and shows the way. The government has hinted at recasting ing-age population decline soon. important are the quality of the the split of goods and services consumption. We
While the global population is still workers and the quality of the work- found that A-10 industrial labour supply may even
the conversion arrangement with the telco, but that would have an adverse
growing, several countries with place. Parents with fewer children remain in surplus, contingent on the younger
impact on the telecom industry and not just on any single telco. Vodafone Idea growing young-age populations are also have the time and resources to economies (India, Indonesia, Philippines) success-
has not gone bankrupt yet and it’s upon the government to ensure that the less politically stable and not inte- invest more in their development. fully deploying their workers, and productivity
telecom sector in India has at least three private telcos. The possibility of a grated economically. This not only affects their average growth in China not slowing down substantially.
duopoly must be avoided in this technology-driven sector because it would Trends diverge within the A-10: TESSELLATUM level of education, but also their Even if China’s productivity growth slows by 2 per
affect consumer welfare in the medium to long term. The number of workers can grow 0.9 physical development. cent annually, it would still have surplus labour;
NEELKANTH MISHRA
to 1.6 per cent annually in India, The prevalence of underweight only if it slows by 4 per cent would it face worker
Indonesia, and the Philippines, but children has fallen meaningfully shortages. The risk, thus, is more in fragmenting
shrink 0.2 to 1 per cent in China, Japan, Thailand, across countries in Asia. While better child nutrition global value chains slowing down productivity
Fixing India’s airports and South Korea. often depends on government interventions and is a
Further, while Asian economies have higher policy challenge for younger economies like India,
growth and less in the availability of workers.
From a longer-term perspective, the main lesson
labour force participation ratios (LFPR), they are Indonesia and the Philippines, which still have high for countries with younger populations like India is
It needs more world-class terminals declining, and are expected to continue falling in levels of malnutrition and stunting, parental attention to focus on improving human capital, urgently closing

A
spate of complaints about airports in metropolitan India forced Union the near future. A significant part of this decline is also matters. The improvement in height between gaps in early-childhood nutrition and educational
Civil Aviation Minister Jyotiraditya Scindia to visit Indira Gandhi due to people spending more years in education, people born in 1966 and those born in 1990 is inversely outcomes, and in accelerating the process of economic
but it does reduce worker availability. In addition, correlated with the prevalent total fertility rate or TFR formalisation. With fertility rates falling sharply, the
International Airport (IGIA) in New Delhi on Monday morning. Mr Scindia,
findings from our proprietary survey supported the in 1990 for both males and females. In South Korea children born today will be the adult workers when
accompanied by reporters and press photographers, announced a few hypothesis that as incomes rise in some of the North and China, the average height of adults increased by the workforce starts shrinking — making them capa-
minor changes to processes at the airport and also said that problems would be Asian economies, the willingness of younger hands more than 3 centimetres in this period. ble of doing more should be our priority.
resolved in 10 days. It remains to be seen whether this promise will be followed to work in industrial jobs also drops. A growing demand Average years of schooling has risen substantially
through as the peak end-year travel season begins. Certainly, given that a large pro- for services jobs as economies grow more prosperous across the region, rising by three to five years, with The writer is co-head of APAC Strategy, Credit Suisse
portion of the plan consists of asking airlines to cancel or move flights, which is
hardly a sustainable solution, expectations cannot be set very high.
What is clear is that, in spite of various patchwork attempts to increase airport
capacity, the ability of India’s terminals to absorb passenger growth is woefully
lacking. Indeed, poor processes, a customer-unfriendly approach, and additional
red tape have caused reduced effective airport capacity in recent years. In the last
Towards a meaningful market economy
O
year prior to the pandemic, IGIA operated at its stated capacity of about 69 million ver time, India has attempted to move from cannot be achieved more economically. There is important that the government corrects for negative
creating a planned to a meaningful market- scope for privatisation at a fair price to the right buy- externalities from sectors like agriculture, transport
passengers annually. The pandemic reduced those numbers to a fraction of their oriented economy. We are quite familiar ers, and not just disinvestment. and industry.
former size, and traffic has not yet fully recovered. And even so, travellers are with what the government should not do. What is We do need policies for macroeconomic and It is important to improve regulation and to sub-
reporting long queues and missed flights. Clearly, this is not just a problem of hard less familiar is what the government should still financial stability. And, this stability should be stantially raise the tax-gross domestic product ratio,
infrastructure but also of soft infrastructure. There are not enough people, checkpoints do, or do more emphatically. That is the main con- with minimal costs to the taxpayers and with min- as the so-called capitalist nations in the West have
are poorly manned, additional chokepoints are being introduced, which retard pas- cern here. imal financial repression. For example, real interest done. This should be without harassment and with-
senger flow, and so on. Contract enforcement and respect for property rates should not be kept low, for long, in attempts out creating uncertainty about the tax rules. The
rights are crucial in a market economy. However, to deal with an economic slowdown, which may emphasis should be on reducing tax exemptions
India has a chronic tendency to under-provision its infrastructure and over- this is possible only if we have considerable expan- not even be cyclical in India. and on meaningfully spending on technology and
regulate what it actually provides. The newly built airport for north Goa at Mopa, sion of and improvement in institu- Sometimes protection for the public administration that can keep a check on tax
for example, is supposed to be able to handle only 4.4 million passengers a year. tions like the judiciary in India. At domestic industries is justified on evasion. It is also important to bring back taxes like
That is less than the number passing through the seriously overstretched airport present, there are serious weakness- the grounds that we should make the wealth and inheritance tax on large fortunes,
at Dabolim currently. Travellers from Mumbai report that security checks in that es on that front. Also, there is a need use of unused or under-utilised and do so with respect. And, of course, the public
for consistent rule of law, not select- resources within the economy. money should not be spent on freebies, which are
city’s once enviable airport have become particularly difficult to navigate; and
ed rule of law. The government However, it is important to draw not merit goods or public goods, in order to “buy”
although a new terminal has been inaugurated for Kempegowda International needs to change all this. appropriate lessons from three dif- votes in elections.
Airport in Bengaluru, the reality is that wait times in that airport are still high. In At present, there is a major ferent fields — macroeconomics, Though licensing was abolished in the manu-
Delhi, the regulatory and administrative self-inflicted injuries to airport usability emphasis on a variety of govern- development economics and inter- facturing sector in the early 1990s, effectively it is
are quite clear. Pointless lines outside the terminal add half an hour to check-in ment schemes and projects. national economics. This is a chal- still present in parts of the economy like the real
times. The Central Industrial Security Force (CISF) has not assigned enough man- However, there is a need to shift lenging task indeed, but we need estate sector. This needs to go. Relatedly, the gov-
power and has inexplicably made the flow of passengers through security checks
focus towards enabling policies. GURBACHAN SINGH to keep the basic principles in mind ernment needs to provide, or enable the private sec-
While capitalism has its impor- while attempting second best solu- tor to provide, the infrastructure that is much-need-
slower by meddling with the queues. The introduction of private security agencies tance, there is a need to keep a check tions in the real world. Relatedly, ed for real estate development on a huge scale in a
in addition has merely meant that everyone has one more location to which on crony capitalism. Relatedly to some extent, the Customs duties and other barriers should not be less urbanised country like India. All this can even
blame can be assigned. ease of doing business has improved in India. But increased beyond a point just because these are act as an engine of growth and employment. It can
An emergency meeting chaired by Mr Scindia revealed the number of stake- the same cannot be said for the ease of entering busi- not violating the letter of the World Trade reduce the price of homes, which can, in turn,
holders that will have to be chivvied into line if airports are to improve: From immi- ness. It is the free entry that provides more mean- Organization rules. reduce, if not obviate, the need for a government
ingful competition; the success on start-ups is some- While it is important to weed out the anti-worker scheme like the Pradhan Mantri Awas Yojana.
gration officials to the CISF to the airport authority to operators to ground-handling
what limited to tech-related businesses. The labour laws, there is a need to retain pro-worker laws To conclude, it is, in fact, not always clear that
companies to airlines. Soon, Delhi and Mumbai will both be among the 10 busiest government needs to meaningfully enable entry in and policies. For example, it should be possible to we are moving unambiguously towards a market
airports in the world. Their global peers have half a dozen terminals to aid passenger business. This may even pave the way for the gov- fire employees in distressed or dynamic industries economy. To the extent that we are, we need to move
movements — Delhi has only one world-class terminal, Terminal 3, and that is now ernment to substantially reduce its current budget but if a worker gets injured at work, it should be pos- towards a meaningful and sustainable market econ-
more than 10 years old. All metropolitan cities in India should have at least two of around ~2 trillion for just the production-linked sible to get meaningful and immediate compensa- omy, and not just a market economy. There is a long
airports with at least six to seven terminals among them, like their global peers. The incentive (PLI) scheme. tion from the employer. journey ahead.
We still have a large public sector and many parts Often the market mechanism does not pay atten-
long-term plan to make this happen should be put into place now.
are inefficient. It is not even clear if much of it is tion to the environment (think of the air quality in The writer is visiting professor, Ashoka University.
helping in achieving some social objectives, which Delhi particularly in the winter months). So, it is gurbachan.arti@gmail.com

Memoirs of an economic savant

man. Over three months, he and I
recorded over 40 former RBI people, in
audio and video.
One of them was C Rangarajan, who
had served as a deputy governor in the
1980s and as governor in the 1990s. He
recorded nearly 10 hours with us in his
office in Vigyan Bhavan, where the Prime
Minister’s Economic Advisory Council
was located. He was its chairman.
KITABKHANA As an aside, let me say that he has
probably forgotten it but I had first met
TCA SRINIVASA RAGHAVAN him in 1976 when he was teaching at IIM
Ahmedabad. I was trying to persuade him
to write a textbook for Macmillan, where I
Fortunately, Dr Rangarajan, an
intellectual amongst intellectuals, has
now written his memoirs, published by
Penguin. It is a superb record of the
economic history of the initial years
of reform. The book is called
Forks in the Road.
It has virtually no intrusion from his
personal life. Or gossip. His first
sentence is, “Should one write about
one’s own story?” And the second is,
“Who benefits from this?” There, in
those 11 words you discover the man. He
is, in any case, an intensely personal
person not given to loquaciousness.
exactly what was needed. After all, he Progressive Alliance chose Pranab 750 words. The best one can do is to
had been the main brains behind the Mukherjee. We can only speculate on tell the reader that for serious students
Chakravarty Committee report of 1985. what the economy’s trajectory would of economic history, this is a
That report had strongly advocated a have been if Dr Rangarajan, whom the must-read book.
move to the market. prime minister had apparently wanted, Dr Rangarajan is a true savant, a man
His most testing moment as had become finance minister. One thing of deep learning and quiet discretion.
governor was perhaps in 1997 when is certain: He would not have let Both qualities are ever present in the
there was great political uncertainty. He inflation go out of control as it did; or book. Its measured tone and its
introduced what has come to be known allowed the fiscal deficit to widen to the adherence to the essential elements
as the “Big Bang Monetary crisis levels of 2013 and 2014. make it dry but essential reading.
Policy”. And he did this The book tells us In fact, appalled by the There are 17 chapters in all, spread
without approval from the how monetary way the government had over nearly 350 pages. Dr Rangarajan
government because he policy was made in been borrowing in the could have written twice that amount
wasn’t sure if, given the the 1990s. The 1980s, it was he who had without, as we discovered while
experience was new insisted that the system of
political uncertainty of
to India, which
those weeks, there would be was lucky to have a ad hoc treasury bills, a
recording him, repeating himself. After
all, he has done it all: RBI governor,
a finance minister at all. clear-headed euphemism for printing finance commission chairman,
A very interesting governor at the notes to finance the budget governor of Andhra Pradesh, chairman
nugget must be mentioned helm of the RBI deficits, be capped. This of the PMEAC and last but not least,

B
ack in 2006, the good Drs Y V
Reddy, who was the Reserve
Bank of India governor then and
Rakesh Mohan who was deputy gover-
nor, asked me to record some oral his-
tories for the history cell of the RBI. It
was headed by T K Chakraborty, an
excellent economist and an ebullient
was working as the commissioning editor
for economics. He had already published
one with Macmillan as a co-author with
Samuel Paul.
When the oral history project was
over, the tapes were placed in the RBI
archives. Unfortunately, they have not
been released to the public.
The book tells us how monetary
policy was made those days. The
experience was new to India, which
was lucky to have such a clear-headed
governor at the helm of the RBI from
December 1992 to December 1997. Very
quietly, he transformed India’s
financial sector because he knew
here. He says, almost as an from 1992 to 1997 practice had been followed
afterthought, at the end of a since 1955 and capping it
chapter: “Finally, to end on a half serious was one of the most fundamental
note, I must refer to a ‘rumour’…that I reforms of the period. This gave the RBI
was being considered for the position of much greater flexibility in monetary
finance minister. This is not without management.
foundation.” Meaning it was true. The book covers such vast ground
But instead of him, the United that it’s impossible to do justice to it in
chairman of that troubled and
troublesome institution, the Indian
Statistical Institute.
So what’s the main lesson from this
book? It’s best to quote just one
sentence from his last chapter:
“Without efforts to curtail liquidity,
inflation cannot come down.”
 QUICK TAKE: YES BANK STOCK SOARS TO 29-MONTH HIGH "The last treading made the

The Smart Fed believe that inflation has

Investor
(Stock price in ~) YES Bank stock is up 19 per cent in two sessions and hit started to move in the right
a 29-month high on Monday. The gains come after the direction. They (now) need
bank said on Friday that it has received fresh nod from to do less to push inflation
MUMBAI | the RBI with respect to the lender’s proposal to sell up
lower”
TUESDAY, 13 DECEMBER 2022 NAEEM ASLAM
to 9.99 per cent equity stake, each, to global PE Chief Markets Analyst,
investors — Carlyle and Advent Ava Trade
U <

After market shivers, volatility For the record : MFs’

thaws out in second half of ’22
Revival in FPI flows, sharp recovery from year’s lows in June helped calm investor nerves
SAMIE MODAK
Mumbai, 12 December
The calendar 2022 has proven to be a
study in contrast as far as volatility
goes. If the first half saw stormy
weather, the second half was an oasis
of calm.
During the first six months of the
year, the Sensex gained/shed 1 per
cent or more over its previous day’s
close on 55 occassions. By compari-
son, the second half saw just 22 such
trading sessions.
Revival in foreign portfolio inves-
tor (FPI) flows and sharp recovery in
the market from this year’s lows in
June — amid improved economic
and earnings outlook — helped
assuage investor nerves.
The year started off capriciously,
feeling the blunt force trauma from
global headwinds, such as a hawkish
pivot by the US Federal Reserve, the
spread of Covid in China, and Russia’s
siege of Ukraine.
The Sensex saw 1 per cent gyration
almost every day during the first half.
In the second half, the Sensex saw a
similar swing in only one of the five
sessions, indicating relative calm.
This, even as volatility was a consis-
tent feature for major global markets,
such as the US and China.
In the first half, the US Dow Jones
(Dow) gained/lost 1 per cent or more
on 52 occasions. There have been 46
such sessions so far during the
second half.
The fall in volatility also helped
the domestic markets outperform
most global peers. The Sensex gained
17 per cent during the second half,
even as the Dow gained 8.9 per cent.
The biggest market driver this year
has been FPI investment behaviour,
observe experts.
Between January and June, over-
seas investors yanked out a record
~2.2 trillion from domestic equities.
Meanwhile, between July and
December, they had pumped in
~90,000 crore.
So, what worked for the domestic
market?
“Some things have worked in
India’s favour,” says Manishi
Raychaudhuri, head of Asia-Pacific
equity research at BNP Paribas.
“We’re clearly in a period of global
economic slowdown, particularly
developed market demand retrench-
ment. This is having a disproportion-
ately negative effect on North Asia. If
you look at economies like South
Korea or Taiwan, or even parts of
China, they are big exporters to the
developed markets. In contrast, India
is largely a domestic economy.
Several large sectors of the market are
still domestically focused.”
nSensex nDow Jones
WILD
Change of 1% +/-
SWINGS
Markets have
turned more
volatile this
year compared
to last year but
less than 2020 98 108 64 43
2020
Source: Bloomberg
A calmer market bodes well for
investor sentiment. Sharp swing in
stock prices discourages retail
participants.
This was seen playing out this
year. A sharp spike in volatility during
the first half impacted retail partici-
pation, slowed the pace of new
account openings, and dented aver-
age daily turnover.
Market players in the domestic
markets are pricing in high optimism
and expensive valuations as one of
the key risks going into 2023.
Last week, Nomura said India’s
outperformance could taper as mar-
kets like China play catch-up.
“China’s reopening and recovery
will benefit beaten-down North Asia
over the Association of Southeast
Asian Nations and India,” says
Nomura, which has an ‘underweight’
stance on India.
“Relative valuations, even at single
stock level (for India) and elevated,
remain our key concern after strong
outperformance in 2022. The economy
is likely to see a slowdown in growth
due to global slowdown which, in our
view, is not reflected in consensus
expectations. A likely rotation into
North Asia in 2023 may imply much
smaller than hitherto support from
foreign flows,” it points out.
Total trading sessions
77 98 55 52 22 46 252 253 248 252 234 237 123 124 111 113
2021 2022 H12022 H22022 2020
INDICES END MARGINALLY LOWER
AHEAD OF US FED’S POLICY MEET
The Sensex ended over 51 points
lower on Monday while the Nifty50
settled flat amid a weak trend in
global markets and continuous
foreign fund outflows.
Investors remained on the
sidelines ahead of industrial
production and retail
inflation data
SENSEX TODAY
scheduled to be
announced after Dec 09, 2022
market hours, traders
said.
62,181.7
After tumbling over Dec 12, 2022
500 points in opening
trade, the 30-share BSE
62,130.6
Sensex recouped most Change %
of the losses to end
51.10 points or 0.08 per -0.1
cent lower at 62,130.57.
The broader NSE
Nifty closed at 18,497.15, marginally
higher by 0.55 points.
Asian Paints was the top laggard determine the trend in the near
in the Sensex pack, shedding 1.94
per cent, followed by Infosys, Titan, Head, Equity Research (Retail),
Kotak Mahindra Bank, Bharti Airtel, Kotak Securities.
ILLUSTRATION: BINAY SINHA
2021 2022 H12022 H22022
Data compiled by BS Research Bureau
Power Grid, SBI and Bajaj Finserv.
In contrast, Tata Steel, Nestle
India, Dr Reddy's, Wipro, UltraTech
Cement, HDFC Bank and ITC were
among the winners, spurting as
much as 1.18 per cent.
The market breadth was
negative.
"After retreating
sharply in early trades,
both benchmark indices
recouped most of their
losses but traded range-
bound in a listless trading
for almost the entire
trading session, as
investors mostly stayed on
the side lines ahead of
inflation data and the US
Federal Reserve meeting
later this week.
"More clarity will emerge post
the US Fed meeting, which would
term," said Shrikant chouhan,
PTI
assets cross ~40 trn
LOOKING
The domestic mutual fund
(MF) industry’s assets under
management (AUM) topped GOOD 30 40
~40 trillion for the first time in 20
November. The number AUM (~ cr) 10
soared on the back of a post-
Covid-19 market rally and the May ‘14 Aug ‘17 Nov ‘20 Nov ‘22
rise of retail participation. The
industry took just two-years
to complete the journey from
CONQUERING 55% AUM IS WITH
~30 trillion to ~40 trillion. FRESH PEAK TOP 5 (as of November)
Previously, ~10-trillion took AUM (~ trillion) SBI 716,046.85
more than three years to
come. Meanwhile. as of ICICI Prudential 491,485.03
November-end, the top-five HDFC 444,553.08
fund houses had a share of 55 Nippon India 296,530.18
per cent in the total AUM, Kotak 288,510.36
with SBI MF being the largest
fund house with the total
Top 5 2,237,125.50
AUM of ~7.1 trillion. SBI MF was Rest 1,812,314.59
followed by ICICI Prudential
MF at ~4.9 trillion with HDFC
MF, Nippon India MF and
Kotak MF making the rest of
the top five. Together, they
had an AUM of ~22.3 trillion.
Also in November, open-
ended active equity schemes
had the biggest share in the
total AUM — at ~15.5 trillion,
followed by debt funds with
~12.5 trillion.
Source: Amfi
ABHISHEK KUMAR
N IPO WATCH N
Shares of Uniparts India Abans Holdings offer
slip over 6% on debut subscribed 11% on Day 1
PRESS TRUST OF INDIA PRESS TRUST OF INDIA
Mumbai, 12 December Mumbai, 12 December
Shares of engineering systems and solutions The Initial public offering (IPO) of Abans
provider Uniparts India made a tepid Holdings, financial services arm of the
market debut on Monday. Abans Group, was subscribed 11 per
The company’s shares debuted
at ~575 — 0.34 per cent lower than
cent on the first day of subscription
on Monday. The IPO received bids
the issue price of ~577 on the BSE. for 14,30,715 shares against
It later fell 6.58 per cent to ~539.
At the National Stock
1,28,00,000 shares on offer,
according to National Stock
Exchange of India, it started the Exchange of India data.
trade at ~575. Its market The category for non-
valuation was at ~2,542.38 crore institutional investors received 12
on the BSE. per cent subscription and retail
The Initial public offering (IPO) of individual investors (RIIs) part was
Uniparts India was subscribed 25.32 times subscribed 13 per cent. The IPO of up to 1.28
earlier this month. The IPO of up to 1,44,81,942 crore equity shares has a fresh issue of up to 38
equity shares had a price range of ~548-577 lakh equity shares and an offer for sale of up to
per unit. 90 lakh equity shares.Price range for the offer is
Incorporated in 1994, Uniparts India is a at ~256-270 a share. Proceeds from the fresh
manufacturer of engineered systems and issue will be utilised towards investment in its
solutions. It is a concept-to-supply player for NBFC subsidiary, Abans Finance, for financing
precision products for off-highway vehicles. the augmentation of its capital base.

THE COMPASS Paytm in focus as board BNP Paribas goes

China overweight,
Tide turning for Bharat Forge considers buyback today India underweight
SAMIE MODAK exclude ESOP charges,” IiAS
DEVANGSHU DATTA

The tide may be turning for Bharat Forge after three

focussed on ground and aerial unmanned vehicles.
Revenues from the defence sector is projected to hit
~1,000 crore over the next few years, up from ~300-
Mumbai, 12 December

One97 Communications’
has said in a note.
The buyback proposal
comes less than 13 months
on high valuation
years of pain, when it was hit by weak demand and 500 crore currently. (Paytm) board will meet on after Paytm’s disastrous list- ILLUSTRATION: AJAY MOHANTY

high prices of its raw material. The company has
spent that period figuring out diverse
opportunities in new sectors such as defence,
aerospace, electrical, e-mobility etc.
Now, things are set to change due to recovery in
economic activity leading to demand revival, and a
drop or stabilisation in raw
material cost which could mean
likely improvement in margins. At
a recent analyst meet, the company
has stated targets of 12-15 per cent
compounded annual growth rate
(CAGR) in revenue and 20 per cent
in Ebitda earnings before interest,
tax, depreciation and amortisation.
In the shorter-term, there’s a
visible cyclical turnaround in the
domestic and export automobile
sectors, and likely double-digit
growth prospects in the high
margin non-auto business,
including rising traction in e-
mobility and potential
opportunities from defence and
renewable segments.
Bharat Forge is the largest exporter in forgings
components globally, with around 60 global
customers and about 68 per cent of its revenue
from exports. It works with multiple international
OEMs for electric vehicle components. In castings,
(via JS Autocast), it is a manufacturer of high-grade
machined ductile iron castings, used in sectors like
wind energy, hydraulics, automotive and power
generation. The company completed acquisition of
JS Autocast, a leading manufacturer of machined
ductile iron castings, in July 2022 for ~490 crore.
In search of new business, Bharat Forge has
invested in R&D in the defence sector, and has
already bagged export orders for artillery systems
and hopes to win orders from the Indian army for
advanced towed artillery guns (ATAG). It is already
supplying KM4 (armed personnel carriers)
developed internally, to the army. R&D is also
The company is also looking at the light-
weighting concept in the auto segment, where
vehicles use lighter components. This
aluminium-component-based business line is
expected to grow quickly once the energy crisis in
Europe eases — the firm has significant presence
in Europe via subsidiaries and it is
looking to start production in the
US in the 2023-24 financial year
(FY24).
Its aerospace clientele includes
Boeing, Rolls Royce and
Honeywell. The company is also
trying to move up the value chain
into sub-assemblies and integrated
systems with products like
undercarriages, transmission
systems and LRUs (line
replacement units) for engines,
rotary wings, etc.
In e-mobility, the company is
looking to make power-trains for
commercial vehicles and is trying
to become a player in the
repowering market, converting internal
conversion engines to electric. The company is also
trying to develop gas turbines and turbomachinery
(for railways, defence etc.) and it has launched a
turbocharger business for tanks and submarines
among others.
Given the order book, the management sees
visibility in around 70 per cent of its targeted
revenues in FY25.
Valuations have been stable around the PE of
30x in the last five quarters. Revenues are expected
to grow 17-18 per cent year-on-year in FY23 and the
Ebitda is expected to grow 9 per cent.
The Ebitda margin was down slightly in the first
half, and it is expected to recover sharply with
margins improving through the next fiscal as well.
Various analysts have one-year price and valuation
targets in the range between ~905, ~960 and ~1,005.
There’s some upside from the current price of ~868.
Tuesday to consider a buy- ing, which saw its shares tank
back proposal by the loss- as much as 80 per cent.
making digital payments Through the IPO — the coun-
major. The proposal has try’s largest back then —
taken the market by surprise Paytm had raised ~8,300 crore
as share buybacks are typi- by issuing fresh shares at
cally undertaken by profit- ~2,150 apiece. The issue also
able companies to return comprised a secondary share
excess cash to shareholders. The governance and vot- sale worth ~10,000 crore.
“Buybacks signal that the ing advisory firm has high- “We expect that the board
company has strong cash lighted three key issues, raised ~8,113 crore in net IPO
flow generation, which is which it says Paytm’s board proceeds after factoring its
more than required to main- should answer before it existing cash. Therefore,
tain the company’s growth green-lights the proposal. its growth strategy a year ago
trajectory. In Paytm’s case, “Why is the board consid- required funding support
the company continues to ering a buyback at this stage? that was in excess of the IPO
report cash losses annually. The company is yet to gener- proceeds. What has changed BLOOMBERG
Therefore, the buyback is ate positive cash from opera- for the board to believe 12 December
essentially a return of equity tions. It is also yet to report that its current liquidity is
capital to its shareholders,” profits — by traditional sufficiently in excess that it BNP Paribas upgraded China equities in its model
Institutional Investor measures and not based on can be returned to share- Asia ex-Japan portfolio for 2023, downgrading India
Advisory Services (IiAS) said the company’s proposed holders?” the voting advisory and Indonesia on “the possibility of fund realloca-
in a note. profitability measures that firm questioned. tions to North Asia with China’s reopening.”
China was raised to ‘overweight’ from ‘neutral’
by adding internet, e- commerce and electric-
vehicle battery stocks; sees more than 10 per cent
1 IN 2 URBAN INDIANS INVESTING MORE AFTER COVID-19: SURVEY gains for onshore and Hong Kong stocks
India was downgraded to ‘underweight’ from
Almost every second Indian raised his or her According to DSP MF, over 4,600 ‘neutral’ by excluding consumer staples and reduc-
investment since March 2020 as the Covid- investors participated in the survey from ing allocation to IT services stocks. While the struc-
19 pandemic has forced people to introspect across 10 cities. tural robustness of the market is in place, “our tac-
their financial health, shows The study also found that the majority of tical caution on India arises from the market’s
a survey. women investors were dependent on sky-high relative valuations” and likely consensus
The other key factors which led to higher others when it came to investments. earnings downgrades in the domestic consump-
investments include the belief that equities As per the survey, nearly two out of three tion-oriented names, said Manishi Raychaudhuri,
can deliver good returns, rise in ease of men (65 per cent) take investment decisions BNP Paribas’s head of Asia Pacific equity research,
investment with the emergence of online largely independently, but in the case of in an outlook report on Saturday.
platforms and increase in earnings. women it's only 44 per cent. The report cut Indonesia to ‘neutral’ from over-
The survey by DSP Mutual Fund (MF) and Also, 67 per cent of the women take their weight, reducing exposure to consumer discre-
YouGov shows that while 45 per cent of the financial decisions in consultation with tionary and coal and adding exposure to the elec-
respondents raised their investments, 23 their spouse, while only 48 per cent of the tric vehicle (EV) supply chain.
per cent had to slash it due to cut in salary, surveyed men said that they consult their It expected Asia to outperform developed mar-
fall in risk-taking capacity, uncertainty in spouse while making investment decisions. kets in 2023, especially in the second half, as earn-
business and job loss. ABHISHEK KUMAR ings estimates bottom out and currencies stabilise.
>
MUMBAI | TUESDAY, 13 DECEMBER 2022
Uncorked Sula IPO worth
savouring, say brokerages
Shares of vintner attracts grey market premium of 11% over upper end of price band
HARSHITA SINGH
New Delhi, 12 December
T
he initial public offering (IPO)
of India’s largest wine pro-
ducer and seller Sula
Vineyards (Sula) opened for subscrip-
tion on Monday and will close on
Wednesday.
The issue is entirely an offer-for-
sale with 26.9 million shares on offer,
fetching ~915-960 crore to the pro-
moters and shareholders. The price
band is fixed at ~340-357.
According to iPOWatch, the stock
of the vintner is currently command-
ing a grey market premium of 11 per
cent over the upper price band.
Sula is India’s 100 per cent grape
wine market leader with 52 per cent
share. The grape wine market itself is
85 per cent of the overall wine seg-
ment. The company also leads across
four price segments — elite (~950-
plus), premium (~700-950), economy
(~400-700), and popular (below ~400)
— with a higher share of around 61
per cent by value in the elite and pre-
mium categories in 2021-22 (FY22).
Its business is classified under
wine production, import of wines and
spirits, distribution (wine business),
and sales from wine tourism venues,
including vineyard resorts and tasting
rooms (wine tourism business).
Its revenue contribution from its
HERE’S WHAT
EXPERTS
SUGGEST
KRCHOKSEY |
Subscribe
Sula is poised to benefit from
long-term industry growth. It
will also expand its wine
tourism business by increasing
its branding and marketing
initiatives. The company is
expected to emphasise
premiumisation, improve
its realisations, and yield
higher margins.
brands in the wine business rose from
63.6 per cent in 2019-20 (FY20) to 84
per cent in FY22 as imports sharply
came down from 31 per cent to 7.9 per
cent during this period.
Key risks: Alcoholic beverage is a
state subject and, hence, susceptible
to changes in the tax regime. The
company benefits from high import
duties on international wines, the
removal or reduction of which will
adversely affect its business.
MOTILAL OSWAL | Subscribe for listing gains
Wine contribution to overall alcohol
consumption in India is less than
1 per cent versus the world average
of 13.5 per cent. Over FY22 through
2024-25, the Indian grape wine
market is estimated to grow at 24
per cent in terms of value and 17 per
cent in volume, implying a clear
trend towards premiumisation.
Sula with leadership in
ICICI SECURITIES |
Subscribe for long-term
After the Covid-19 pandemic, Sula
has had strong growth on the
profitability front from FY22
onwards, which it expects to
remain rangebound.
The stock is a pure play on the
wine sector, which currently sits
on a low customer base but is
expected to surpass industry
growth due to higher
acceptability, affordability, and
perceived health benefits.
We recommend ‘subscribe
with a long-term horizon’ as the
industry is still new with demand
centres concentrated mainly in a
few metros.
SHAREKHAN | Scope for strong listing gains limited
The stock is at discount to large peers due to the high concentration of
buyers and risks as the state govt’s VAT grants contribute to a large part of
its profitability. While the scope for handsome listing gains is limited,
investors could look at the stock in case of weakness after its listing.
Offer subscribed 28% on Day 1
The initial public offering (IPO) of
Sula Vineyards received
28 per cent subscription on the
first day on Monday.
The leading wine producer's
IPO received bids for 52,34,670
shares against 1,88,30,372 shares
on offer, as per NSE data.
premium brands, along with the
largest distribution network of over
13,500 retail touchpoints, is well
placed to capitalise on this growth
trend. We like its focus on the
direct-to-consumer model,
premiumisation, and efforts to
improve its operational efficiencies.
We suggest subscribing for
listing gains.
ASHIKA SECURITIES |
Subscribe
The business has strong entry
barriers, given the nature of the
product with high capital and time
investment (ageing), and one raw
material production cycle in a year.
Wine grapes require significant
work by farmers. Hence, Sula has
term supply arrangements (of up to
12 years). Its increasing focus on
elite and premium products has led
to improvement in gross
margins/earnings before interest,
tax, depreciation, and
amortisation margins, from 47.8
per cent and 9.7 per cent in FY20 to
65.29 per cent/25.6 per cent,
respectively, in FY22.
The category for Retail
Individual Investors (RIIs) was
subscribed 48 per cent and that of
non-institutional investors 18 per
cent. The IPO of up to 26,900,530
equity shares has a price range of
~340-357 a share.
PTI
THE SMART INVESTOR 13
File belated ITR by Dec 31
to avoid notice, penalty
BINDISHA SARANG
Taxpayers who missed the
July 31, 2022 deadline for filing
their return must file a belated
income-tax return (ITR). The
deadline for filing a belated
return is December 31.
According to Ankit Jain,
partner, Ved Jain & Associates,
“This deadline applies to all
types of taxpayers, including
individual, corporate, audit,
and non-audit.”
A belated return can be
filed for the previous year any
time three months prior to the
expiry of the relevant
assessment year, or before
completion of assessment,
whichever is earlier.
Maneet Pal Singh, partner,
I.P. Pasricha & Co., says, “It
provides an additional
opportunity to those
taxpayers who missed the
deadline due to an
unavoidable reason.”
Forfeit benefits
Filing a belated ITR attracts
penalties stipulated under
Section 234F of the
Income-Tax (I-T) Act,
1961. They have to
pay a late filing fee of
up to ~5,000. The fine
is ~1,000 for small
taxpayers whose
taxable income
doesn’t exceed ~5 YOUR
lakh.
Penal interest is MONEY
levied under Sections
234A, 234B and 234C,
depending on the type of tax
that is due.
Those who file a belated
return are also barred from
carrying forward their losses.
Aditya Chopra, managing
partner, Victoriam Legalis-
Advocates & Solicitors, says,
“However, individuals are
allowed to carry forward
losses under the head ‘Income
from House Property’.
Taxpayers who file a
belated return are ineligible
HOW TO PAY LATE insurance coverage, faster
processing of loan and visa
FILING FEE application, and so on.
n Deposit the late filing fee Utilise co-browsing facility
before you begin filing your ITR The I-T Department has
n Use challan No. 280 to pay recently introduced a co-
the late filing fee or penalty browsing feature on the e-
filing website that allows
n Once you have filled in the helpdesk agents to assist
form and made the payment taxpayers in filing their
online on the NSDL website, returns. Pratyush Miglani,
file the return managing partner, Miglani
n You will get a receipt or Verma & Co, says, “This allows
challan from the bank if you agents to provide personalised
make the payment in person and real-time support to
at a branch taxpayers while filing an ITR.”
With only two weeks left
before December 31, approach
for interest on I-T refund, your tax consultant to file your
which is payable at the rate of belated ITR. Do-it-yourself
0.5 per cent per month, if the (DIY) taxpayers and senior
ITR is filed before the due citizens can take the help of
date. the I-T Department’s agents.
Singh says, “They can connect
Nonetheless, file ITR with the taxpayer’s screen for a
Despite the above-mentioned session only when the latter
downsides, taxpayers should
still go ahead and file a belated
approves a request. The agents
can’t see any other data on the
return. The I-T Department
can impose a penalty on a
taxpayer’s computer.”
person who is liable to file a Things to keep in mind
return but doesn’t do It is always advisable to file ITR
so. Singh says, “By on time. But if you fail to do so,
filing a belated then file a belated one instead
return, you can avoid of skipping the filing of return
the consequences of altogether. Exercise a lot of
non-disclosure of caution while filing a belated
income. You can also ITR. Singh says, “Be cautious
avoid a notice from about selecting the right ITR
the I-T Department form. Also, keep all the
for not filing an ITR.” documents handy while filing
If the taxpayer the return. Ensure that you
doesn’t file a return, disclose your income
the tax department can accurately, and cross-check
calculate the taxpayer’s every field in the
income based on its own pre-filled form.”
assessment. This could be A belated ITR can be revised.
much higher than the
taxpayer’s actual income.
However, if you file it at the last
moment, then you miss out on
Jain says, “If taxes have the chance to file a revised ITR if
been deducted from your you discover a mistake later.
income, it is still possible to Hence, either file early or be
file a belated return and claim extra careful if you file close to
a refund of the excess taxes December 31. Finally, taxpayers
deducted.” who miss this deadline will not
A person who files tax be able to file an ITR unless they
returns regularly can avail of receive a tax notice from the
benefits such as higher life I-T Department.
Stressed Assets Management Branch : 104, Gr. Flr., Bharat House,
Mumbai Samachar Marg, Fort, Mumbai-400 023, Maharashtra
CORRIGENDUM
With refer to our Mega E-Auction For Sale Of Immovable /
Movable Properties Advt. published in Business Standard,
Mumbai Edition on 12.12.2022For E-auction Dated 28.12.2022
Wherein description of Property matter of Bafna Motors
(Mumbai) Pvt. Ltd. Under Prop. No. 4should be read Date
of Demand Notice as 07.06.2021 instead of 07.06.2022& Also
Should be read Reserve Price as ` 1,15,90,00,000/- instead of
` 11,15,90,00,000/-. Rest all other factors remains the same.
Date : 12.12.2022 sd/- Authorised Officer,
Place : Mumbai Union Bank of India
PUBLIC NOTICE
Notice is hereby given on behalf of my client viz. MR HARKAMAL PREETSINGH
GHUMAN has purchased Flat No. 404, 4th Floor, Tower C, Vatika, Gurgaon Next,
Gurgaon-21 Project, Sector-83, Gurgaon Pin Code-122002 and mortgaged the captioned
flat with Piramal Capital and Housing Finance Limited.
Whereas Piramal Capital and Housing Finance Limited has lost/misplaced original
document in respect of the captioned property during transit and not traceable despite
diligent search. The lost/misplaced documents are given below:
1. Original Tripartite Agreement Dated 28/11/2011.
2. Original Agreement to Sale dated 02/09/2011 Between Rakesh Kakkar as the Vendor &
Mr. Harkamal PreetSingh Ghuman as the Purchaser .
3. Original Apartment Buyer Agreement Between Vatika Ltd &
Mr.Harkamal Preetsingh Prabhakar Dated-11/11/2011.
4. Original Payment Receipts -Nos-03.
5. Original Permission to Mortgage in Favour of Blue Home Finance Limited.
6. Original Transfer of Property Letter Dated 22/09/2011.
Further, Piramal Capital and Housing Finance Limited has reported missing
complaint on 05/07/2022, bearing Complaint No. 18091-2022 at Greater Mumbai Police,
Police Station, M. H. B. Colony.
Any person/s coming into possession of the aforesaid documents and/or any persons who
are having knowledge of the whereabouts of the said documents or If anybody is having
objection, claim, interest, dispute in the above said property, he/she/they may call on
Mobile No. 98909 43555 or contact the undersigned with the documentary proof
substantiating his/her/their objection/claims/details of disputes within 14 days from the
date of this publication at Office Address:- 301, 3rd Floor, Matoshree Bldg., Opp.
Chintamani Jewellers, Jambhali Naka, Talaopali, Thane (West), Pin – 400 602. Failing
which it shall be presumed that there is no claim over the said property.
Sd/-
Dr. Suryakant Sambhu Bhosale
(Advocate)
14 STOCKS
>
MUMBAI | TUESDAY, 13 DECEMBER 2022 1

> STOCK
IN THE > Suzlon Energy > Kalyan Jewellers India > Cummins India

NEWS Top gainers

among BSE-500
Hits new all-time
high at ~120
Snaps 8-day
winning OF THE DAY
companies on BSE streak Kirloskar Ferrous Industries
~9.3 PREVIOUS CLOSE ~110.8 PREVIOUS CLOSE ~1,522.6 PREVIOUS CLOSE Hits new all-time high
~10.3 CLOSE ~119.0 CLOSE ~1,481.1 CLOSE at ~346; Up 57 per cent
p 10.0% UP p 7.4% UP q 2.7% DOWN 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
12 Dec ’22 Chg (%) Con Std 12 Dec ’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 4016.7 0.5 1.5 374.4 415.4 Infosys 1547.2 -1.4 6.7 28.5 29.3 price price (%) price price (%)
Adani Ports 881.3 -1.1 0.8 36.3 - ITC 343.2 0.5 5.0 27.9 25.1 IRFC 34.0 33.4 7.7 37.1 37.1 Navin Fluo 4186.0 4205.2 -3.8 4178.0 3361.5
MOST BULLISH MOST BEARISH
Apollo Hosp 4742.3 1.2 0.6 64.6 72.4 JSW Steel 740.9 0.1 1.2 23.6 25.9 YES Bank 21.4 21.1 6.9 21.4 21.4 Metropolis Heal 1353.0 1368.3 -3.4 1318.4 1318.4
Asian Paints 3166.4 -1.9 1.7 82.9 82.1 Astral 2063.4 2044.2 0.9 Shriram TrFn 1331.9 1363.6 -2.3 HPCL 253.1 252.1 5.1 253.3 332.4 PAYTM 520.6 528.1 -3.1 439.6 439.6
Kotak Mah Bank 1865.8 -1.2 3.2 27.1 38.8
Axis Bank 938.7 0.5 3.1 20.4 16.8 GMR Infra 43.5 43.2 0.9 Dr Lal PathLabs 2401.6 2427.0 -1.0 Rail Vikas Niga 70.8 70.8 5.0 84.2 84.2 Godrej Cons 886.1 894.7 -3.1 793.7 660.2
L&T 2163.7 0.4 3.6 31.7 40.0
L&T Finance Hol 93.4 92.6 0.9 Alkem Labs 3110.5 3116.1 -0.2 Easy Trip Plann 55.5 55.0 4.8 73.5 73.5 Dixon Tech 3970.4 3990.3 -2.8 3970.4 3185.1
Bajaj Auto 3596.8 -0.6 0.6 17.8 19.3 Mah & Mah 1264.0 -0.1 1.5 23.9 25.5 Metropolis Heal 1381.2 1368.8 0.9 IRCTC 723.3 723.9 -0.1 Union Bank 88.3 87.6 4.7 91.3 91.3 Cummins (I) 1466.7 1481.1 -2.7 1125.2 877.8
Bajaj Fin 6506.5 -0.2 2.1 56.1 43.6 Maruti Suzuki 8659.8 0.5 1.4 67.4 44.2 Honeywell A 43779.5 43391.4 0.9 Hero MotoCorp 2770.7 2771.5 0.0 Honeywell A 43819.4 43427.5 4.7 43819.4 46650.0 Glenmark 415.3 425.1 -2.7 363.8 348.9
Bajaj Finsrv 1592.1 -0.4 1.2 46.4 280.7 Nestle India 20487.4 1.2 0.9 - 91.2
Bharti Airtel 828.4 -0.8 2.4 69.9 - LIC India 703.0 697.2 3.8 703.0 920.0 Varun Bever 1367.8 1376.5 -2.5 963.4 545.3
NTPC 168.9 -0.4 0.9 9.8 9.8
BPCL 349.0 3.1 0.4 6.5 - BSE NSE PNB 58.6 58.2 3.4 59.4 59.4 L&T Tech Ser 3867.0 3884.2 -2.4 3324.0 2923.4
Britannia 4432.6 0.5 0.6 67.5 67.4
ONGC 142.4 1.2 0.9 3.9 3.9 Index Stock Index Stock PUT-CALL RATIO Dalmia Bharat 1923.0 1905.7 3.3 1946.4 2102.8 Laurus Labs 402.8 404.0 -2.1 401.5 401.5
Power Grid 215.6 -0.8 0.9 8.9 10.0 InterGlobe Avia 2059.0 2055.2 3.2 2059.0 2282.3 Asian Paints 3141.9 3164.8 -1.9 3033.0 2560.3
Cipla 1096.8 -1.0 0.7 34.5 30.9 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2613.1 0.2 10.6 26.6 40.9 BPCL 349.8 349.0 3.2 349.8 406.8 KPIT Techno 680.0 683.8 -1.9 557.0 440.0
Coal India 232.4 1.6 0.6 5.5 11.7 Contracts - - 248719 642043
SBI 613.1 -0.6 2.8 13.3 14.8 Market 1832.6 3048.5 0.6 Polycab India 2828.9 2818.6 3.1 2853.5 2853.5 Pidilite Ind 2677.0 2688.6 -1.9 2545.7 1988.6
Divis Lab 3338.8 2.0 0.5 29.9 29.9 Open Int.(000) - - 15800 4987288
SBI Life Ins 1263.2 -0.5 0.7 - 75.4 Poonawalla Finc 309.5 307.6 2.6 338.0 343.8 Policy Bazar 455.0 458.2 -1.8 356.2 356.2
Dr Reddys 4452.3 1.0 0.6 23.8 31.2 Shares(In Mn) - - 10.0 958.6 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 987.4 -0.5 1.3 57.7 162.9 Granules 339.2 337.4 2.6 381.3 381.3 LTIMind 4282.1 4331.2 -1.6 4260.0 3733.3
Eicher Motor 3320.5 -1.1 0.5 38.9 41.8 Value(~ crore) - - 24692 45136
Tata Consumer P 810.1 0.8 0.6 70.6 87.9 Power Fin 1.1 Abbott India 0.1
Grasim Ind 1815.3 0.9 0.8 15.8 35.5 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 414.2 0.2 0.9 - 1190.1 Aditya Birla 1.1 Torrent Phar 0.2
HCL Techno 1028.4 0.1 1.3 20.2 25.2 Contracts - - 123641977 2883152
Tata Steel 111.7 1.1 1.1 4.8 5.6 HPCL 1.1 Honeywell A 0.2
HDFC 2685.8 0.5 5.8 21.7 32.5
HDFC Bank 1643.8 0.8 8.6 24.1 22.8 TCS 3286.5 -0.2 3.9 30.4 31.3
Open Int.(000)
Shares(In Mn)
-
-
-
-
399458
4575.7
4481669
3728.2
Bank of Baroda 1.0 Bosch 0.2 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1032.1 -0.3 0.8 19.0 22.8 Britannia 1.0 Torrent Pwer 0.3
HDFC Std Life 576.5 -0.5 0.7 93.4 93.7 Value(~ crore) - - 12179282 209296 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hero MotoCorp 2771.5 0.7 0.4 23.9 20.9 Titan Company 2584.7 -1.2 1.3 105.6 73.4 BSE+NSE BSE+NSE
UltraTech 7146.9 1.0 1.0 30.9 32.5 1 Reliance Ind 1767304.7 BS200 07Agg 95.0
Hindalco 462.0 -0.2 0.8 7.6 20.8 (~ crore) (Mn shrs)
HUL 2717.3 -0.2 2.9 71.9 67.4 UPL 773.1 1.2 0.5 14.5 36.8 ACTIVE CALLS ACTIVE PUTS YES Bank 2070.5 999.4
2
3
TCS
HDFC Bank
1201831.4
916427.0
UP 7 DAYS Pharmaids 64.9
ICICI Bank 930.3 0.0 7.7 25.8 23.4 Wipro 396.4 0.6 0.7 19.3 17.5 Shriram TrFn 6.1 G S Auto Int 55.3
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Infosys 1283.3 8.3 4 Infosys 651032.1 West Leisure 40.7
IndusInd Bank 1206.8 0.4 0.9 - 15.8 Nifty 50 18497.2 á0.0 100.0 24.4 27.3 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
HDFC Bank 1239.3 7.5 5 ICICI Bank 648200.7 DOWN
Rhetan TMT 40.7
Index Index 6 HUL 638045.6 Dixon Tech -9.0
INDEX PE SHRS TRDS 1 YR Reliance Ind 1171.3 4.5 Pankaj Piyus 40.5
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
15/12/22
15/12/22
18500 174.8
18600 145.4
6.3
10.8
22.3
-17.6
Nifty
Nifty
15/12/22
15/12/22
18500 169.6
18400 167.7
6.3
6.4
54.9
67.6
HDFC 913.3 3.4
7
8
SBI
HDFC
547122.6
489815.4
Metropolis Heal
TCS
-7.3
-5.5
DOWN 7 DAYS
SENSEX 25.7/28.2 7.0 206 14 16 5.7 ICICI Bank 820.0 8.8 Alstone -30.1
Asian Paints 3164.8 -1.9 2.0 82.8 82.0 Mah & Mah 1263.7 -0.1 1.8 23.9 25.5 Nifty 15/12/22 18700 106.1 9.0 -7.8 Nifty 15/12/22 18300 105.6 5.7 76.6 9 Bharti Airtel 460580.6 Tata Elxsi -5.4
NIFTY 50 24.4/27.3 193.9 4075 28 22 5.6 Welterman I. -30.1
Axis Bank 938.9 0.6 3.6 20.4 16.8 Maruti Suzuki 8659.2 0.5 1.6 67.4 44.2 Nifty Bank 15/12/22 43700 89.0 2.4 23.4 Nifty 15/12/22 18450 90.9 2.2 78.9 PNB 799.3 138.8 10 Adani Enter 457892.4 UP 3 DAYS
C = CONSOLIDATED; S = STANDALONE Davangere sugar -30.0
Bajaj Fin 6506.1 -0.2 2.4 56.0 43.6 Nestle India 20482.4 1.2 1.0 - 91.2 Nifty Bank 15/12/22 43500 78.9 1.5 -15.4 Nifty Bank 15/12/22 43500 87.2 2.8 52.7 Bajaj Fin 743.9 1.1 11 LIC India 440979.0 YES Bank 20.6
APIL -29.9
Bajaj Finsrv 1592.0 -0.4 1.4 46.4 280.6 NTPC 168.9 -0.3 1.1 9.8 9.8 CASH DERIVATIVES Stock Stock Axis Bank 727.3 7.8 12 ITC 425735.3 HPCL 8.4
TURNOVER BSE NSE BSE NSE
Cerebra Int -28.8
Bharti Airtel 827.9 -0.9 2.8 69.9 - Power Grid 215.6 -0.7 1.0 8.9 10.0 Tata Steel 29/12/22 115 42.2 15.2 -4.4 Bank of Baroda 29/12/22 180 22.5 10.7 9.8 Bank of Baroda 690.5 36.6 13 Adani Total Gas 400536.2 Bank of Baroda 7.7 Balgopal Commer -26.6
Dr Reddys 4451.3 1.0 0.7 23.8 31.2 Reliance Ind 2612.3 0.1 12.4 26.6 40.8 VALUE(IN ~ CRORE) 3390 49121 -12458407 Bank of Baroda 29/12/22 210 42.0 9.5 9.0 Bank of Baroda 29/12/22 170 21.5 11.1 2.3 14 Bajaj Fin 393911.8 LIC India 6.6
Kotak Mah Bank 618.1 3.3 J J Finance -22.4
HCL Techno 1028.3 0.1 1.5 20.2 25.2 SHARES(IN MN) 728.3 4034.1 - 9272.6 IDFC First Bank 29/12/22 62 41.4 15.1 4.9 Ashok Leyland 29/12/22 140 21.2 6.4 37.3 15 Kotak Mah Bank 370534.2 Poonawalla Finc 4.8
SBI 613.1 -0.6 3.2 13.3 14.8 SBI 587.1 9.6 UP 3 DAYS
HDFC 2685.0 0.5 6.8 21.7 32.5 TRADES(000) 2677 18719 - 45345 GMR Infra 29/12/22 45 38.4 38.3 -2.2 IDFC First Bank 29/12/22 55 15.9 11.5 17.9 16 Adani Green En 320948.2 Marico 4.6
Sun Pharma 987.1 -0.6 1.5 57.7 162.9 TCS 526.5 1.6 Steel Strip 40.1
HDFC Bank 1643.6 0.8 10.0 24.1 22.8 Bank of Baroda 29/12/22 190 34.9 9.7 4.4 Bank of Baroda 29/12/22 185 15.5 6.8 12.5 17á L&T 303829.6 Siemens 4.6
Tata Steel 111.8 1.2 1.2 4.8 5.6 Relicab Cable 37.1
HUL 2715.6 -0.2 3.4 71.9 67.3 MARKET-CAP (~ CR) TRADED TOTAL IRFC 494.1 152.2 18â Asian Paints 303562.8 DOWN
TCS 3284.5 -0.2 4.6 30.3 31.3 TruCap Finance 33.4
ICICI Bank 929.3 -0.1 8.9 25.8 23.4 PAYTM 455.3 8.4 19 Adani Trans 300178.4 LTIMind -7.6
Tech Mahindra 1032.0 -0.3 0.9 19.0 22.8 BSE 28,877,491 29,097,340 Narmada Gelt 33.1
IndusInd Bank 1205.8 0.3 1.1 - 15.8
Infosys 1547.1 -1.4 7.8 28.5 29.3 Titan Company 2583.0 -1.2 1.5 105.5 73.3 NSE 28,585,956 28,724,201 SPURT IN VOLUMES Uniparts India
HCL Techno
448.7
448.1
8.0
4.4
20
21
Axis Bank
HCL Techno
288607.2
279044.6
L&T Tech Ser
Tech Mahindra
-6.5
-4.4
Niesspk
Pun Sind Bnk
32.9
29.4
UltraTech 7142.6 0.8 1.1 30.9 32.4 DERIVATIVES 20,416,187 20,472,832
ITC 343.1 0.6 5.9 27.9 25.1 Company Days 2-week Avg Change Close *Price 22á Avenue Supermar 262777.6 Tata Power -3.6
Tata Steel 445.6 40.2 A Infra 27.8
Kotak Mah Bank 1865.9 -1.1 3.8 27.1 38.8 Wipro 396.0 0.5 0.8 19.3 17.5 Volume Volume % price %chg 23â Maruti Suzuki 261575.6 ICICI Prud Life -3.2 DOWN 3 DAYS
L&T 2162.0 0.4 4.2 31.6 40.0 BSE SENSEX 62130.6 â-0.1 100.0 25.7 28.2 TRADING ACTIVITY Jai Balaji 1261224.0 49830.0 2431.1 48.3 11.9
Asian Paints
LIC India
438.6
424.6
1.4
6.2
24 Bajaj Finsrv 253565.8 Pidilite Ind -3.1 Nxt Digital -17.7
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Sun Pharma 236822.9 Tata Mot-DVR -2.7
PSP Projects 2306736.0 136034.3 1595.7 706.6 6.1 ITC 395.1 11.5 Arrow green -14.2
Equity Debt Equity Debt 26 Titan Company 229318.7
Net Net Net Net Cerebra Int 9566745.0 651361.2 1368.7 26.3 -19.9 Others Sumedha Fisc -14.2
Maruti Suzuki 392.6 0.5 27 Wipro 217232.0
WORLD INDICES On 09 Dec -98 -6 - - Steelcast 254231.0 17731.0 1333.8 528.0 8.4 Central Bank 391.8 119.4 28 UltraTech 206191.1
UP 7 DAYS
SBEC Sugar 127.7
Indo Cotspin
Billwin Inds
-14.2
-14.2
On 08 Dec -779 414 706 -569 Thomas Cook 6432301.0 502908.5 1179.0 83.3 6.3 IRB Infra 362.6 12.2 29 Nestle India 197490.8
Indices Close % Chg* Indices Close % Chg*
On 07 Dec -1382 177 -16 -70 Creative Peri 199420.0 15827.0 1160.0 584.8 10.7 30 Adani Ports 190330.8 (T+2) cycleStocks which rose/fell continuously
Tata Motors 354.3 8.6
Americas (Dec 09,22) Asia/Pacific (Dec 12,22) On 06 Dec -257 445 -534 2977 Sreeleathers-ff 144009.0 12476.6 1054.2 230.9 5.9
S&P/ TSX Composite 19947.1 -0.1 Jakarta Composite 6734.5 0.3 On 05 Dec -894 148 2178 2379 Nippon Nifty100 137108.0 11928.1 1049.5 194.7 0.5
Dec till date -4511 2133 5358 6063 Sanginita Chem 304752.0 28367.0 974.3 25.1 9.6
Nasdaq Composite
Dow Jones
11004.6
33476.5
-0.7
-0.9
Stock Exchange of Thai (Dec 09)
Straits Times
1623.1
3239.7
0.2
-0.2 2022 till date -128401 -13106 178994 -26269 Omaxe 2434505.0 242162.2 905.3 78.9 1.9
BOARD MEETINGS INTRA-DAY
Europe/Africa (Dec 09,22) Kuala Lumpur Comp 1474.4 -0.2 Group ing of the Com- approve the 2023 at 3:00 of a rights
CAC 40 6673.9 -0.1 Taiwan Taiex 14612.6 -0.6 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company pany held on following busi- P.M. at the issue to the eli-
Purpose July 16 2022 ness : 1. The Registered Of- gible equity
FTSE 100 7467.4 -0.1 Kospi 2373.0 -0.7 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock along with the notice of Postal fice of the shareholders of
DAX 14350.3 -0.1 Shanghai Se Comp 3179.0 -0.9 NET Net Fut OI Opt OI OI DECEMBER 13 In Principal Ap- Ballot for seek- Company. The the Company
HIGH *Kotakbketf . . . . . . . . 447.0 LOW Garnet Const . . . . . . . . . 17.3
IBEX 35 8250.4 -0.5 Volatility (Dec 09,22) BS 200 *Linc . . . . . . . . . . . . 445.5 *Datiware Ma . . . . . . . 11.5 Amines Plast: proval dated ing members Company has in accordance
On 09 Dec 2194 -2226 0.2 2.1 2.1 BS 200
Asia/Pacific (Dec 12,22) CBOE S&P 500 24.3 6.3 *United Brew . . . . . . . 1797.8 *Tiger Logistic . . . . . . . 432.1 To consider August 12 2022 approval for earlier dis- with provisions
On 08 Dec 11940 -114 0.2 1.4 2.1 NONE Fundviser Capit . . . . . . . . 9.1
Nikkei 225 27842.3 -0.2 CBOE Dow Jones 20.9 2.6 *Varun Bever . . . . . . . 1432.1 *Jindal World . . . . . . . . 419.2 and approve received from the appoint- closed the date of the Com-
On 07 Dec -2255 -1067 0.2 2.1 2.1 Others Raasi Refra . . . . . . . . . . . . 9.1
*Rhetan TMT . . . . . . . . 381.6 shifting of Reg- BSE (Stock ex- ment of Dr. Ab- of EOGM to Ex- panies Act
Hang Seng 19463.6 -2.2 * Change over previous close On 06 Dec 403 -1943 0.2 2.0 2.1 *Apollo Tyres . . . . . . . . 323.7 Neogen Chem . . . . . . 1234.2 Sintex Ind . . . . . . . . . . . . . 7.4
VA Tech Wbag . . . . . . . 374.9 istered Office change). b) hilasha change on 2013 and the
On 05 Dec 2506 -872 0.2 1.9 2.1 *YES Bank . . . . . . . . . . . 21.4 *Rossari Biotech . . . . . 766.0 *Ozone World . . . . . . . . . . 5.1
*Hariom Pipe Ind . . . . . 373.5 of the Com- Any other item. Hattangdi 30.11.2022; 2. rules framed
Others
MAJOR INDICES Dec till date
2022 till date
17324
596580
-7623
13141
-
-
-
-
-
- *Lakshmi Machine . 13818.5 *Kamdhenu . . . . . . . . . 359.9
*Matrimony.com . . . . . 568.9 *Shukra Jewl . . . . . . . . . . 4.4 pany within PAYTM: To (DIN:09782680) To consider thereunder the
Magalam Org . . . . . . . . 506.0 *Natural Biocon . . . . . . . 4.4 local limits in consider a pro- as an Inde- and fix the Securities and
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Bengal Assm . . . . . . 4130.0 *Kirl Ferro . . . . . . . . . . . 346.0
Kanchi Karpoora . . . . . 500.0 Kobo Biotech . . . . . . . . . . 3.8 the city of Gu- posal for buy- pendent Book Closure Exchange
*GRP . . . . . . . . . . . . . . 2133.0 *Ramky Infra . . . . . . . . 342.2
*OAL . . . . . . . . . . . . 443.9 *Metalyst Forg . . . . . . . . . 3.8 wahati Assam. back of equity Woman Direc- date for the Board of India
S&P BSE Sensex 62,181.7 61,770.6 62,239.4 61,676.2 62,130.6 -51.1 -0.1 *Godfrey Ph . . . . . . . . 2101.4 *JTL Industries . . . . . . 341.8
DMCC SChem . . . . . . 281.5 Cinerad Comm . . . . . . . . . 3.7 Efcil: To con- shares of One tor of the Com- purpose of Axiscades
*Adity Vision . . . . . . . 1845.0 Medico Remedies . . . . 332.5
S&P BSE Sensex 50 19,469.0 19,348.8 19,491.8 19,309.7 19,462.6 -6.4 0.0 S&P BSE SECTORAL INDICES *Blue Star . . . . . . . . . . 1284.9 *HBEL . . . . . . . . . . . . . . 317.9 *Plastiblends . . . . . . . . 176.0 Prismx Glob . . . . . . . . . . . 2.6 sider and ap-
prove: a) The
97 Communi-
cations Limited
pany. 2. Any
other business
Extra-Ordinary
General Meet-
Engg: Meeting
of the Board of
S&P BSE-100 18,860.9 18,757.6 18,883.8 18,709.6 18,861.2 0.3 0.0 *Revathi Equ . . . . . . . 1278.7 *Brand concept . . . . . . 282.4 Greenply Ind . . . . . . . . 154.7 Abhishek Infra . . . . . . . . . 2.6 Company for other business vertible Prefer- accordance Non executive -
Prev cls Close % Chng conversion of (As Per BSE with the per- ing (EOGM); 3. Directors of
*Themis Medi . . . . . . 1249.0 PPAP Auto . . . . . . . . . . 264.0 Deep Polymers . . . . . . 131.5 India Stel W . . . . . . . . . . . 1.9 the Second with the per- ence Shares KSS: Meeting of Non independ-
S&P BSE-200 8,037.1 7,996.3 8,047.2 7,971.9 8,040.2 3.1 0.0 20000 convert- Announcement mission of the Any other busi- the Company
Auto 29,621.1 29,594.2 -0.1 *Ebbetf0423 . . . . . . . 1205.9 *Competnt Ato . . . . . . 262.0 Vivanza Bios . . . . . . . . 128.0 Indian Infot . . . . . . . . . . . . 1.9 Quarter and mission of the Compulsorily the Board of Di- ent director 2.
ible warrants dated on chair. ness as Board to consider and
Bankex 49,698.8 49,688.7 0.0 *West Leisure . . . . . . . 974.2 *NINtec Sys . . . . . . . . . 256.6 Tejnaksh Health . . . . . . . 92.1 Pact Inds . . . . . . . . . . . . . . 1.8 Half Year ended Chairman. Convertible De- rectors of the Change of reg-
S&P BSE-500 25,184.1 25,066.0 25,218.1 24,986.2 25,201.1 17.0 0.1 into Equity 08.12.2022) Vivanta Inds: deem fit to dis- approve fund
Cons. Durables 40,801.8 40,406.0 -1.0 *Bharat Agri Fer . . . . . 900.0 Ramkrshn Frg . . . . . . . . 249.6 GTC . . . . . . . . . . . . . . . . . 68.3 Ushdev Intl . . . . . . . . . . . . 1.7 on 30th Sep- Globe Comm: bentures etc. or Company to istered office of
Shares on pref- PBA Infra: To consider cuss with the raising.
S&P BSE IPO 8,961.0 8,952.7 9,053.8 8,918.7 9,033.6 72.6 0.8 Cap. Goods 34,726.6 34,911.2 0.5 *PSP Projects . . . . . . . 718.0 *B-Right Reale . . . . . . 230.2 *Shree Gan Bio . . . . . . . . 1.5 tember 2022 To consider and any combination consider and the Company
Kesar Enter . . . . . . . . . . . 65.0 erential Basis Meeting of the and approve permission of Diamond Pwr:
FMCG 16,748.6 16,768.8 0.1 *Raghuvansh Agro . . . 609.0 *Icicibankp . . . . . . . . . 223.0 pursuant to approve 1. Pro- thereof to pro- approve the fol- Mfsintrcrp: To
S&P Dollex-30 6,204.5 - - - 6,175.5 -29.0 -0.5 Shree Hari C . . . . . . . . . . 51.7 *Future Consumer . . . . . 1.5 to non-pro- Board of Direc- the following the Chair. To consider
Healthcare 23,379.3 23,381.8 0.0 *ICICI-ETF-FMCG . . . . 536.0 *Dspnewetf . . . . . . . . 218.2 Regulation 33 of posal to raise re- moters other In- lowing;. 1. consider and
*Dhruv Wellness . . . . . . 51.1 *Srestha Invest . . . . . . . . 1.2 moter in accor- tors of the items: 1. The and approve 1.
Nifty 50 18,496.6 18,402.2 18,521.6 18,345.7 18,497.2 0.6 0.0 Infra 306.4 309.7 1.1 *Steelcast . . . . . . . . . . 530.0 *Sky Gold . . . . . . . . . . . 209.7 SEBI (Listing sources by way vestors Change in des- adopt the Unau-
Wanbury . . . . . . . . . . . . 48.5 Quintegra Sl . . . . . . . . . . . 1.1 dance with the Company to Draft Notice of DECEMBER 14 To consider
IT 29,349.9 29,181.3 -0.6 *Kewal Kiran . . . . . . . . 528.7 *Redington . . . . . . . . . 202.2 Obligations and of fresh issue of Institutional ignation of Mr. dited Financial
Nifty next50 43,798.6 43,798.8 43,852.8 43,410.6 43,806.9 8.3 0.0 Sri Lak Srsw . . . . . . . . . . 35.2 Gangotri Tex . . . . . . . . . . . 0.8 special resolu- consider and Extra-Ordinary Amal: To con- and approve
Metal 20,569.3 20,661.6 0.4 *IIFL Finance . . . . . . . . 501.1 *Moongipa Sec . . . . . . 201.1 Disclosure Re- Equity Shares / Buyers FIIs NRIs Dharmveer Results for the
Dhamp S Sug . . . . . . . . . 28.7 Bhoruka Alum . . . . . . . . . 0.4 tion passed by approve Ap- General Meet- sider proposal the Standalone
Nifty 500 15,812.8 15,759.7 15,836.9 15,688.0 15,828.0 15.3 0.1 Oil & Gas 20,343.9 20,610.5 1.3 *Gravita I . . . . . . . . . . . 469.4 TIL . . . . . . . . . . . . . . . . . 184.7 quirements) Non-Convertible & Corporate Singh Magan quarter and half
Shivom Invest . . . . . . . . . 0.4 the share- pointment off ing (EOGM) of raising of Un-Audited
Power 4,543.1 4,539.6 -0.1 *Narmada Gelt . . . . . . . 465.9 *FACT . . . . . . . . . . . . . . 182.9 *Cerebra Int . . . . . . . . . . 26.3 Regulations Debentures / Bodies etc. on Singh Shekha- year ended
India VIX 13.5 13.5 14.2 12.5 13.3 -0.2 -1.2 holders in the Auditor which is sched- funds by issue (Provisional)
*Magellanic Clo . . . . . 451.4 *Goyal Aluminium . . . . 182.6 Jigar Cables . . . . . . . . . . 23.0 Nicco Uco A . . . . . . . . . . . . 0.3 2015. 2. To Warrants Com- Preferential Al- wat from whole September 30,
PSU 10,113.6 10,171.0 0.6 Extra-ordinary Pix Trans: To uled to be held of equity Financial Re-
transact any pulsorily Con- lotment basis in time director to 2022.
Nifty CPSE 2,832.7 2,828.3 2,843.0 2,810.7 2,835.5 2.8 0.1 Realty 3,562.7 3,581.7 0.5 m m w w General Meet- consider and on January 17 Shares by way sults of the

> 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 (657.7) (657.5) (2976.9) (2976.6)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 657.0 657.5 2973.0 2979.0
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 658.0 659.0 2998.3 2999.6
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 647.3 647.1 2944.1 2945.0
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 656.3 656.4 2988.6 2991.4
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 34434 344K 8216 198K
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 18.8 18.8 70.4 70.5
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 23791 23793 63328 63388
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani Green En Adani PortsH Adani Wilmar« m H m « m mH H < « « « « m
(20408.7) (20436.2) (2618.7) (2619.5) (3995.8) (3996.8) (2046.9) (2053.4) (890.5) (890.8) (639.3) (639.1)
O 20400.1 20430.0 2600.1 2614.7 4000.0 3997.0 2028.0 2030.0 889.0 892.1 638.6 640.0 O O
20620.0 20650.0 2652.0 2653.0 4030.9 4031.9 2051.0 2053.0 895.2 894.9 644.8 645.0
w 20257.7 20252.3 2595.0 2595.0 3970.0 3968.8 2012.0 2012.1 878.5 878.6 633.0 634.1 w w
20516.5 20516.9 2642.8 2642.4 4016.6 4016.7 2026.2 2024.1 881.1 881.3 638.5 638.6
395 7976 6324 307K 28866 802K 15068 334K 76380 3412K 160K 1160K K K K K K K K K K K K K
49.4 49.4 60.7 60.7 374.4 374.4 - - 36.3 36.3 - -
W 20895/15525 20901/15514 2785/1901 2785/1900 4098/1530 4096/1529 3048/1283 3050/1295 988/652 988/652 878/221 878/227 W W
M 43598 43598 49629 49622 457892 457904 320948 320616 190331 190374 82979 82999 M M

Aurob Pharma« Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India< Berge Paint« Bharat Elctn« Bharat ForgeH Bharti Airtel< BHELH Biocon< BirlasoftH Bosch
(454.0) (454.0) (933.7) (933.7) (3617.9) (3616.9) (6517.6) (6517.5) (1598.4) (1598.6) (2058.9) (2058.1) (378.2) (378.0) (246.9) (246.9) (188.6) (188.6) (1679.2) (1679.1) (614.3) (615.2) (105.8) (105.8) (856.5) (857.4) (835.0) (834.9) (85.5) (85.5) (272.3) (272.3) (309.4) (309.4) (17514.4) (17516.8)
O 454.0 454.0 928.6 929.9 3604.1 3617.0 6496.1 6508.1 1585.0 1586.2 2058.9 2057.0 O 373.2 377.4 245.5 246.7 188.2 188.5 1679.2 1679.1 615.0 615.2 105.8 106.0 O 865.1 869.5 831.3 832.6 85.6 85.9 272.4 272.9 309.0 309.0 17514.0 17516.8
456.9 456.8 940.8 941.2 3616.3 3624.6 6537.1 6539.0 1603.5 1604.0 2079.3 2080.2 377.9 378.0 248.7 248.8 190.7 190.7 1679.5 1681.4 623.7 623.6 106.6 106.6 875.0 875.6 837.0 837.0 87.1 87.1 274.1 274.2 310.4 310.6 17600.0 17625.0
w 450.8 450.4 921.7 922.0 3575.0 3573.6 6391.7 6392.0 1570.5 1570.1 2037.9 2038.1 w 370.9 371.0 244.7 244.7 185.7 185.7 1660.7 1661.5 603.0 602.8 104.0 104.0 w 853.6 852.8 825.5 825.4 84.0 84.1 269.8 269.9 299.4 299.4 17308.1 17307.7
451.3 451.4 938.9 938.7 3600.4 3596.8 6506.1 6506.5 1592.0 1592.1 2058.6 2059.3 373.2 373.7 246.8 246.9 190.1 190.1 1670.4 1670.3 622.4 622.4 104.5 104.6 868.5 869.3 827.9 828.4 86.7 86.8 270.1 270.7 307.7 307.6 17399.5 17384.1
37011 874K 165K 7622K 7412 172K 48925 1100K 30766 1366K 8066 171K 42851 1179K 381K 4928K 1321K 35305K 10134 339K 26765 1167K 733K 19336K 48707 1855K 171K 3150K 1486K 18972K 652K 976K 245K 2916K 533 12681
12.5 12.5 16.8 16.8 17.8 17.8 43.6 43.6 46.4 46.4 27.9 27.9 22.4 22.4 10.3 10.3 10.4 10.4 70.2 70.2 71.3 71.3 27.6 27.6 36.4 36.4 69.9 69.9 40.7 40.7 52.5 52.7 17.4 17.4 39.7 39.7
W 742/450 742/450 945/618 945/618 4130/3028 4132/3027 8044/5236 8045/5220 1862/1078 1862/1073 2537/1682 2537/1691 W 526/300 526/299 350/209 350/210 197/77 197/77 2121/1608 2122/1607 799/544 799/544 228/96 228/96 W 896/596 897/595 877/629 861/629 91/41 92/41 411/258 411/258 586/262 586/261 18300/12940 18225/12932
M 26439 26445 288607 288546 104183 104079 393912 393936 253566 253590 39792 39805 M 7613 7622 39747 39771 98307 98282 21468 21467 60454 60454 76387 76424 M 40435 40472 460581 460859 30189 30207 32422 32500 8409 8407 51311 51266

BPCL Britannia« Can Fin HomeH Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH Deepak NitrtH
(338.3) (338.5) (4411.8) (4410.3) (557.0) (557.2) (317.7) (317.5) (354.9) (354.8) (305.5) (305.6) (744.0) (744.1) (1107.4) (1107.9) (192.1) (192.1) (228.9) (228.9) (3876.9) (3877.2) (1657.3) (1656.9) (773.9) (774.0) (961.3) (961.4) (1522.6) (1523.0) (599.1) (598.8) (1844.8) (1847.4) (2189.8) (2191.5)
O 337.1 338.0 4440.0 4419.1 557.0 558.0 317.9 318.5 353.1 355.0 305.5 304.0 O 745.0 744.9 1107.0 1105.0 195.4 193.0 227.9 228.4 3870.0 3852.0 1655.1 1660.0 O 774.0 774.0 961.4 959.9 1509.1 1518.0 602.4 600.0 1856.4 1859.9 2185.0 2180.1
349.8 349.9 4440.0 4439.1 558.5 558.8 321.5 321.5 355.0 355.6 312.5 312.4 747.7 748.0 1107.6 1110.0 195.4 194.9 233.7 233.7 3920.0 3920.0 1668.5 1670.0 777.0 777.0 966.0 966.5 1518.0 1518.1 603.7 603.8 1923.0 1922.9 2215.9 2216.9
w 334.6 334.6 4384.5 4384.0 548.7 548.1 314.9 315.0 348.8 349.0 303.3 302.7 w 734.0 733.0 1093.0 1093.1 189.8 189.7 227.9 228.1 3795.0 3792.3 1644.7 1644.0 w 765.1 765.1 948.8 949.0 1466.7 1466.1 590.6 590.3 1825.8 1826.3 2162.1 2162.1
349.0 349.0 4431.0 4432.6 552.0 551.8 320.5 320.5 351.5 351.5 311.1 311.1 747.0 746.6 1097.1 1096.8 194.3 194.4 232.4 232.4 3908.3 3906.3 1647.0 1650.1 772.7 772.3 953.9 953.5 1481.1 1482.0 602.4 602.5 1905.7 1906.3 2190.2 2190.0
264K 6739K 6343 233K 11783 375K 320K 6776K 28044 962K 84848 1768K 20634 1341K 9783 1544K 43951 1391K 557K 7881K 3854 214K 31807 505K 48970 894K 9783 667K 14864 619K 53469 1989K 16106 582K 12157 244K
- - 67.5 67.5 13.5 13.5 7.5 7.5 37.9 37.9 11.1 11.1 26.2 26.2 34.5 34.5 15.9 15.9 5.5 5.5 32.1 32.1 42.1 42.2 41.4 41.4 14.7 14.7 46.6 46.6 61.8 61.8 31.2 31.2 58.5 58.5
W 407/288 407/288 4451/3050 4452/3050 685/408 685/407 334/172 334/172 452/312 452/312 516/261 516/261 W 818/470 818/469 1185/850 1185/850 200/109 200/109 263/139 263/139 6133/3210 6135/3210 1695/1376 1696/1376 W 829/554 829/554 1094/710 1094/709 1551/878 1552/877 610/482 611/482 2103/1213 2104/1213 2690/1682 2690/1681
M 75707 75707 106742 106780 7349 7347 58143 58143 22352 22349 12946 12948 M 61366 61337 88537 88517 14380 14388 143222 143222 23840 23828 44797 44883 M 47078 47053 28045 28033 41056 41081 106724 106742 35732 35743 29874 29872

« H H H < M « « H Glenmark« GMR Airports« GNFC « < «

(436.7) (437.0) (42.7) (42.7) (584.0) (583.5)
O O O 427.0 428.2 42.8 42.7 586.4 583.6
429.8 429.9 43.4 43.4 593.0
w w w 415.3 415.2 42.3 42.3
425.1 425.1 43.2 43.2
K K K K K K K K K K K K K K K K 80301 2511K 554K 9937K K K K K
14.4 14.4 - -
W W W 543/349 543/349 49/32 49/32
M M M 11996 11995 26045 26045

m H H H H « H H H H H M < H « H H M H H < H « H w H H « H m

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w w w

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.
MUMBAI | TUESDAY, 13 DECEMBER 2022 TAKE TWO 15 <

World’s play store: India ON THE JOB

Big enterprises are

rate is directly proportional to the
size of the company. Apparently, it

scripts a local toy story

would thus be much better if India
had more larger companies than

better employers small-sized ones.

It is not possible to generalise
this inference drawn from listed com-
panies to all enterprises for lack

The country has turned a net exporter of all kinds of toys, and imports made up four-fifths of
its exports are growing at a faster pace than China’s all toy imports into India.
However, in FY22, imports from
Taiwan, Japan, Italy, the US, Sri
1. CHINA STILL DOMINATES Lanka, Germany, UK and the
UAE accounted for more than a
INDIA’S TOY IMPORTS fifth of India’s toy imports (see
Share in India’s total toy imports (in %) Chart 1).
n China n Other major countries of import
India has consistently
reduced its toy imports over the
past five years and is now a net
81.93
The wage rate seems directly proportional to of data.
According to the Sixth Economic
the size of a company, so the solution to Census of 2013-14, there were 58 mil-
lion establishments that employed 131
India’s employment problem might lie at million people. Of these, 42 million
larger companies were own-account establishments
and only 16 million establishments
size. The top decile had the largest 10 employed at least one hired worker.
per cent. The size of a company was These establishments engaged 73 mil-
defined by its relative position in a lion workers — an estimate that pro-
ranking of companies by their three- vides an order of magnitude of sal-
year average of the sum of sales and aried employees in the economy in

75.13
73.07

75.48
exporter of all kinds of toys, fixed assets. 2013-14.

66.60
which include sports equipment, Companies in the top decile had According to CMIE’s CPHS, there
dolls, fishing equipment, video an average annual wage rate of were 87 million salaried employees in

21.24
games, festive and carnival ~1 million per employee. Happily, over 2019-20. This could be considered an
15.67

14.20
12.67

13.13
items, circus and amusement a third of all persons employed by update of the estimate provided by
items, among others. In FY22, listed companies were employed in the Economic Census of 2013-14. The
the trade surplus in toys stood at this group. Covid-19 shock led to the count of sal-
2017-18 2018-19 2019-20 2020-21 2021-22 $153.13 million against a trade MAHESH VYAS The second decile, which aried employees falling to 74 million
Other major countries of import include Taiwan, Japan, Italy, USA, Sri deficit of $292.9 million five years accounted for another 15 per cent of in 2020-21. Then it recovered partly
Lanka, Germany, UK, UAE; Data for China includes data for Hong
Kong; Data considered HSN Code- 95 ago (see chart 2). Listed companies employed a record the total employees of listed com- to 81 million in 2021-22. In contrast,
Source: Ministry of Commerce and Industry The analysis also found that 10 million people in 2021-22, and the panies, had an average employment by listed
the steepest reduction between annual average wage they paid was of wage rate of ~736,536 in companies did not fall
According to CMIE’s
2. INDIA NOW A NET EXPORTER 3. BUT INDIA’S TOY EXPORTS HAVE FY18 and FY22 has been in the the order of ~7 lakh per employee. 2021-22. This decile, there- during the Covid-19
CPHS, there were 87
import of dolls; scooters, pedal This was much higher than the ~3 fore, had an average period. In 2021-22,
OF TOYS (in $ million) 153.13 GROWN AT A FASTER PACE THAN CHINA cars and wheeled toys and lakh average wage which a factory annual wage rate substan-
million salaried
while listed com-
employees in
-292.92 -228.24 -158.02 -4.86 CAGR In % articles for circus and travelling employee received, and the ~2.63 lakh tially lower than that in the panies saw employ-
2019-20. This could
menageries. However, the received by a salaried employee of any first decile. ment increasing by
be considered an
imports of sporting articles and listed, unlisted, big or small enter- This implies the distri- 9.3 per cent, total
update of the
fishing equipment have risen by prise, according to CMIE’s Consumer bution of wages in listed employment of all sal-
25.31 estimate provided
23.56 16.74 24 per cent and 110 per cent, Pyramids Household Survey (CPHS). companies was such that aried employees
by the Economic
9.93 5.98 respectively. The wages paid by listed the top 20 per cent of com- according to CPHS
Census of 2013-14
In comparison, India’s companies on average were more panies accounted for grew at a lower rate of
2017-18 2018-19 2019-20 2020-21 2021-22 India Vitenam China Netherlands Czech exports of small toys, which than twice the salaries paid by other about half the total 8.6 per cent.
Net trade= Exports- Imports; Data considered the following HSN include dolls, wheeled toys and enterprises. employment. And, given that the Implicitly, employment by smaller,
codes: 9503,9504,9505,9506,9507,9508 Republic
Source: Ministry of Commerce and Industry HSN Code 950390; Data between 2012- 2021 Source: WITS scooters have risen 177 per cent Listed companies are mostly average wage rate was around ~7 lakh unlisted companies grew at a slower
in the five years since FY18, fol- bigger than average Annual Survey of per employee, they paid well above pace, though part of this growth was
lowed by its exports of playing Industries (ASI) factories or the much the average wage paid by all listed merely a recovery from a fall.
SAMREEN WANI turing capacity, According to cards, video game consoles and larger set of enterprises where the companies. The larger companies The CPHS database also shows
New Delhi, 12 December India is likely to India has industry experts, parlour games which have CPHS sample of household members hired more people and paid more on that only six per cent of all salaried
extend the produc- consistently reduced the scheme has the increased by 105.8 per cent in the are employed. CPHS does not contain average than the rest. employees in India in 2021-22 had an
its toy imports over

A
lthough India’s share in
the world toy trade has
marginally improved,
it still lags behind
China’s. Toys are not China’s main
item of export, but about two-
thirds of the toys sold globally are
from China. The world exported
toys worth $73.2 billion in 2021:
China accounted for 66.2 per cent,
or $48.5 billion of that, out of
which mainland China made up
$46.1 billion and Hong Kong $2.4
billion. By comparison, India’s toy
exports were a minuscule 0.23 per
cent of the world’s toy exports.
However, in a major boost for
the country’s domestic manufac-
tion-linked incen- potential to add 4 same period. information on enterprises where The long tail of 80 per cent of the annual wage rate of more than
tive (PLI) scheme to the past five years per cent to India’s The gap is still huge but household members are employed. companies employed less than half ~6 lakh. Further, only about 35 per
domestic toy man- and is now a net gross domestic pro- India’s toy exports are growing Therefore, it is not possible to link the total and paid lower wages. The cent had a wage rate of more than ~3
ufacturers after exporter of all kinds duct per annum by at a faster pace than China’s. wage rates with the size of enterprises wage rate dropped to ~5.5 lakh in the lakh. This implies that about two-
Chinese toys were of toys, which boosting the coun- Indian toy exports have grown at or employers. Nevertheless, it is pos- third decile, and then rose to ~6.68 thirds of the total salaried employees
found to be include sports try’s manufactur- a compound annual growth rate sible to deduce that larger enterprises, lakh in the fourth and further to ~7.75 in India had a wage rate lower than
“unsafe”. A govern- equipment, dolls, ing capacity. of 25.3 per cent between 2012 and prima facie, employ more people and lakh in the fifth. In the next three the lowest wage rates offered by
ment survey in video games, festive China is the 2021 compared to 23.5 per cent make larger wage payments per deciles, the annual wage rate was ~5 listed companies.
2019 reported that and carnival items, largest supplier of for Vietnam and 16.7 per for employee than smaller ones. We can lakh to ~6.5 lakh. Then, in the smallest Apparently, the solution to India’s
about 70 per cent of circus and toys to India. A China (see chart 3). In 2021, check this somewhat rigorously two deciles, the annual wage rate fell employment problem should be
all the toys amusement items, Business Standard China’s toy exports exceeded within the set of listed companies for sharply to ~3 lakh to ~3.75 lakh. found in larger companies, which are
imported from among others Analysis found that India’s exports 279 times and which information is available. The mid-sized bins — deciles 3 to required to make copious disclo-
China failed the though toy imports Vietnam’s exports exceeded We find that the average wage paid 8 had an annual wage rate in the sures, rather than in the medium and
country’s safety from China have India’s eight times. by an enterprise grows as the size of range of ~5 lakh to ~7.75 lakh. This was small-scale sector, which are poor
tests. India currently has a PLI reduced in the five years from While it is still far from the company increases. Using a set of much lower than the average wage in users of labour.
scheme in 14 sectors, and it has FY18 to FY22, India still imports becoming a global hub of toy around 3,300 listed companies for the top two deciles and much higher
committed a total financial out- about three-fifths of its toys from exports, India is fast closing the which 2021-22 data was available, we than in the bottom two.
lay of ~1.97 trillion. the country. In FY18, Chinese toy gap with China. created 10 sets of companies by their Broadly, it is evident that the wage The writer is MD & CEO, CMIE P Ltd

PUBLIC NOTICE
Notice is hereby given that my client, Mr. Keyur Dhiraj Haria, residing
at Flat No. 1302, Ashtha, BPS Plaza, Devi Dayal Road, Mulund (W),
Mumbai 400080 has agreed to verify and investigate the title of Owners
(1) Baibai Baliram Patil, (2) Indumati Ramesh Kine, (3) Ashwini Ananta
Mhatre, (4) Dayanand Baliram Patil, (5) Vanita Uday Gaikwad, (6) Pradip
Baliram Patil, (7) Rahul Sunil Patil, (8) Gita Tanaji Patil, (9) Manasi
Tanaji Patil and (10) Sidharth Tanaji Patil of the undermentioned
Agricultural Land. All persons having any claim, right, title or interest in
the under mentioned agricultural land by way of Sale, Mortgage, Charge,
Lien, Gift, Use, Trust Possession, Inheritance, Hypothecation, Transfer
of title or any beneficial interest under any trust, right of prescription or
pre-emption or under any Agreement or other disposition or under any
Decree, Order or whatsoever are hereby requested to inform the same
in writing along with requisite documentary evidence to the undersigned
at Office No. B-5, Pavansoot C.H.S Ltd., Plot No. 55, Sector 21,
Kharghar, Raigad, Maharashtra 410210 within Fourteen (14) days from
the date of publication hereof, failing which it will be presumed that no
person has any claim/right on the said agricultural land and the
investigation shall be completed without any reference to such claim
and the same will be deemed to have been waived and/or abandoned.
SCHEDULE OF THE PROPERTY
All that Piece and Parcel of Agricultural Land bearing Survey No.
146/1/M, admeasuring total area about 00-28-40 Hectre-Are-Sq. Meters
(inclusive of Pot Kharaba 00-02-40 Hectare-Are-Sq. Mtrs.) situated, lying
and being at Village Rahnal, Taluka Bhiwandi, Dist Thane within the
NOTICE
I Adv. Roshan A. Baig my Client Late. DINKAR SAKHARAM TAMBE, a
Registration District Thane, Sub -Registration Bhiwandi and Limits of
Member of the SHREE MANGAL SRA CO-OPERATIVE HOUSING
Rahnal Gram Panchayat.
SOCIETY LTD., having address at G. D. AMBEKAR MARG, BHOIWADA,
ARSHPREET KAUR KARWAL
PAREL, MUMBAI-400012, and holding Flat No. 103, First floor in the
Dated: 13 th December 2022 Advocate
building of the society, died on 26TH JUNE 2006, without making any
nomination.
On behalf of my client, I hereby invite claims and objections from the heir
or heirs or other claimants/objector or objectors of the transfer of the said
shares and interest of the deceased member in the capital property of the
society within a period of 15 days from the publication of this notice,, with
copies of such documents and other proofs in support of his/her/their
claims/objections for transfer of shares and interest of the deceased
CIN: L40106DL1981PLC012228 member in the capital / property of the society. If no claims/objections are
Registered Office: F 27/2, Okhla Industrial Area, Phase II, New Delhi – 110020 received within the period prescribed above, the society shall be free to
Tel.: 011-26387091; E-mail: cs@spml.co.in; Website: www.spml.co.in deal with the shares and interest of the deceased member in the capital/
NOTICE OF POSTAL BALLOT AND REMOTE E-VOTING INFORMATION property of the society in such manner as is provided under the bye-laws
of the society. The claims/objections, if any, received by the society for
Notice is hereby given that pursuant to Section 110 and other applicable provisions of the
transfer of shares and interest of the deceased member in the capital /
Companies Act, 2013 (“the Act”) read with the rules made thereunder and Regulation 44 of
the Securities and Exchange Board of India (Listing Obligations and Disclosures property of the society shall be deal with the manner provided under the
Requirements) Regulation, 2015, SPML Infra Limited proposed the resolutions for bye-laws of the society. A copy of the registered bye-laws of the society is
approval of Members by Postal Ballot. available for inspection by the claimants/objectors, in the office of the
The Ministry of Corporate Affairs (the “MCA”) vide its General Circular No. 14/2020 dated society/with the Secretary of the Society between 6.00 P.M. to 9.00 P.M.
April 8, 2020, General Circular No.17/2020 dated April 13, 2020, General Circular No. from the date of publication of the notice till the date of expiry of its period.
22/2020 dated June 15, 2020, General Circular No.33 /2020 dated September 28, 2020 For and on behalf of
and General Circular No.39 /2020 dated December 31, 2020, General Circular Place : Mumbai. Sd/-
No.10/2021 dated June 23, 2021, General Circular No. 20/2021 dated December 08, Date : 13/12/2022 Adv. Roshan A. Baig
2021 and General Circular no.3/2022 dated May 5, 2022 (the “MCA Circulars”),
Companies are permitted to obtain approval of Shareholders by postal ballot through
e-voting only. Accordingly, Company has sent the postal ballot notice by e-mail to all the
th
Members, on Tuesday, 13 December, 2022 whose names appear on the Register of
Members/ List of Beneficial Owners on Friday, 09th December, 2022.
Members holding shares either in physical form or in dematerialized form, as on the cut-off PUBLIC NOTICE
date i.e. Friday, the 09th December, 2022 may cast their vote electronically (remote NOTICE is hereby given that my clients, MRS. SUSHILA DINESH
e-voting only) on the businesses as set out in the Notice of postal ballot through electronic PANDYA and MR. DINESH GAURISHANKER PANDYA, are the
voting system of National Securities Depository Limited. present owners of the residential premise bearing Flat No. C-17,
The Company has appointed Mr. Tumul Maheshwari, Company Secretary in practice, Admeasuring about 495 Sq. Ft. Carpet, on the First Floor, in the Building
having Mem No. 16464 as a Scrutiniser for conducting the Postal Ballot process in a fair No. C of The Indradeep Co-operative Housing Society Limited, situated
and transparent manner. In compliance with Section 108 of the Act read with Rule 20 of the at 171, L.B.S. Marg, Ghatkopar (West), Mumbai 400086 (hereinafter
Companies (Management and Administration) Rules, 2014, the Company has offered referred to as “the said Flat”). The chain of Agreements is comprised
e-voting facility, through National Securities Depositories Limited (NSDL) to enable the
shareholders to cast their votes electronically. The detailed procedure for e-voting is of – (1) Sale Deed dated 24th March 1974, between Shri. Anil Popatlal
enumerated in the Postal Ballot Notice. Shareholders can cast their vote online from 9.00 Shah being the Transferor/Vendor and the Transferee/Purchaser Smt.
a.m. (IST) on Thursday, 15th December, 2022 to 5.00 p.m. (IST) on Friday, 13th January, Indumati V. Sanghavi (2) Agreement dated 07th day of August 1990,
2023. between Smt. Indumati V. Sanghavi being Transferor/Vendor and the
Notice of Postal Ballot is also available on the website of the Company, www.spml.co.in Transferees/Purchasers Mrs. Sushila Dinesh Pandya and Mr. Dinesh
and NSDL, www.evoting.nsdl.com. Shareholders, who do not receive the Postal Ballot Gaurishanker Pandya. The Originals of the said Sale Deed dated
Notice by e-mail may obtain the same by sending their request to our RTA/NSDL. Results 24th March 1974 and Agreement dated 07th day of August 1990
of the voting will be announced by Monday, 16th January, 2023 and hosted on the website are lost and misplaced and even after diligent search the same are not
of the Company at www.sppml.co.in and on NSDL's website www.evoting.nsdl.com and traceable. Any person/s in custody of the said Agreements and/or having
also be communicated to NSE and BSE, where the shares of the Companies are listed. claim /right of whatsoever nature against the said Flat are required to
In case of queries relating to remote e-voting / e-voting, Members may refer to Frequently make the same known in writing with documentary evidence to the
Asked Questions (FAQs) and e-voting user manual for Shareholders available at the undersigned at Office No. B-5, Pavansoot C.H.S Ltd., Plot No. 55, Sector
downloads section of NSDL or contact at toll free no. 1800-1020-990 or send a request to 21, Kharghar, Raigad, Maharashtra 410210 within Seven (07) days
www.evoting.nsdl.com please contact Ms. Pallavi Mhatre, Manager, NSDL, 4th Floor, 'A'
Wing, Trade World, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, from the date hereof, failing which it will be presumed that no person
Mumbal-400013, email: evoting@nsdl.co.in Tel: 1800 1020 990/1800-224-430 has any claim/right against the said Flat and my clients shall be free to
For SPML Infra Limited deal with the said Flat in any manner, as per their own discretion, without
sd/- any further reference to such claims, if any.
Date: 13.12.2022 Swati Agarwal ARSHPREET KAUR KARWAL
Place: Kolkata (Company Secretary) Dated: 13 th December 2022 Advocate
16
>
MUMBAI | TUESDAY, 13 DECEMBER 2022 1

Layoff fallout: Outplacement

firms have their hands full
TOUGH TRADE-OFF: Companies want job guarantee for people they’ve CEO Ritesh Agarwal made news when
he took to LinkedIn to urge people to
handed out pink slips to, but at a bargain help find jobs for the employees OYO
had laid off. “Many talented
OYOpreneurs are having to part ways
with OYO. For companies that are hir-
ing in tech, reach out to us at
talent@oyorooms.com and we will
share a directory for rehiring our out-
going employees,” he wrote.
According to a company statement,
OYO will be downsizing 10 per cent,
cutting 600 jobs.
“Senior leaders at OYO are proac-
tively reaching out to their circle of con-
tacts to seek support for their outplace-
In action:: Lionel Messi (right) and Luca Modric on the field at the 2022 FIFA World Cup in Qatar
ment, and we are amplifying the same
through social media as well,” Agarwal
tells Business Standard.
“We have created a directory of out-
going employees and will be sharing it
with companies and people who are
Messi, Modric carry
showing an inclination to hire these
very talented individuals,” he says,
adding, “I am proactively endorsing
the skills of these talented individuals
Argentina, Croatia
who have made valuable contributions
to OYO. We will also ensure that when
new roles and positions arise, we will
reach out to them first to check their
into World Cup semis
interest in joining us back.” ASSOCIATED PRESS There was much less noise the little magician who keeps
Edtech major Byju’s, which is Doha, 12 December around the Croatians, yet they things ticking in midfield and
expected to sack 2,500, or 5 per cent, keep on surprising just manages to assert some con-
AKSHARA SRIVASTAVA more effectively. of its 50,000 employees as part of an Tears are flowing from like four years ago when their trol for a team which fights
New Delhi, 12 December It is not an easy time — neither for “optimisation” plan amid steep losses, football’s biggest superstars as run to the final included a 3-0 until the last minute.
ON THE LOOKOUT employees who have got the pink slip also says it is trying to find them jobs. they make emotional exits victory over Argentina in the In 2018, each of Croatia’s

I
t is a busy time for outplacement
agencies and job portals in India.
The funding chill that has set in for
the start-up universe this winter and the
fears of a possible global recession that
have gripped the IT sector have pushed
thousands back into the job market.
Over 23,000 have lost their jobs in
the start-up world alone since the pan-
demic began in 2020, according to
staffing firm TeamLease. As many as
15,216 have been laid off by 44 start-
ups, including unicorns, the firm adds.
Among these were 14 edtech start-ups,
which have let go of 6,898 people in
2022 alone.
The sacking season, however, isn’t
over yet. Of late, conversations among
human resources (HR) professionals
have been about the number of
promising resumes likely to be up in
the job market in the weeks and
months to come.
The layoffs in the past two quarters
have accelerated the number of job
seekers, says Akhil Gupta, CEO of
recruitment portal Shine.com. At
Bengaluru-headquartered talent solu-
tions provider Careernet, the response
to job openings has increased by 10 per
cent between the last quarter and the
current one.
“We have seen an uptick of about
20-25 per cent in direct job applications
and the referral scheme programme on
the website, which allows people to refer
their friends who have been impacted
by the layoffs,” says Anshuman Das,
Careernet CEO and co-founder.
To build morale and help recruits
 Over 23,000 start-up
employees laid off since 2020
 15,216 sacked by 44 start-ups,
including unicorns
 Response to job openings up
10% between last quarter and
this one at Careernet
 20-25% uptick in direct job
applications and referral
scheme programmes at
Careernet
 Job portals hosting
hackathons, practice exams,
tweaking résumés to meet
market demand
 Outplacement agencies say
many firms demanding
guarantee of employment for
their impacted employees
work on their technical skills, these por-
tals are now spearheading newer ini-
tiatives. For instance, Shine.com has
been conducting coding hackathons
where candidates can showcase their
skills and get noticed by potential
employers.
Careernet has been hosting practice
exams on its coding website that job-
seekers can take to see where they stand
and polish their skills. The portal is also
helping tweak resumes to better suit
the demands of the current job market;
assisting in interview preparation; and
guiding recruits to position themselves
nor for outplacement agencies.
Portals like Careernet say while
demand has increased for their formal
outplacement services, where they
engage with candidates with the con-
sent of the company, this demand isn’t
really coming from the start-up sector,
which has laid off the maximum num-
ber of people.
“A lot of these layoffs are happening
because of the funding crunch, and not
because people are not skilled enough
or their skills are outdated,” says Das. “So
they might not get a job immediately or
even one at the same salary, but maybe
a little later on a reduced salary.”
There’s another hurdle.
Outplacement agencies say some com-
panies are demanding a guarantee that
each of the impacted employees would
land a job.
“We are currently not handling any
outplacement demand because there are
simply too many mandates,” says Vijay
Karkare, managing director,
Cornerstone, a Delhi-based outplace-
ment agency. “While the outplacement
market is booming, we are facing trouble
with companies, which want a full guar-
antee of employment for the people they
have laid off.”
“There is also the issue of stinginess,”
he adds. “These companies want a full
guarantee, but are also bargaining a lot
for the price of our services.”
Some start-ups, after having sacked
many of their employees, are,
meanwhile, trying to help them find
another job.
Last week, OYO Founder and Group
In June, Byju’s had laid off about 600
employees at its group companies,
WhiteHat Jr and Toppr.
“We understand this is a tough sit-
uation; to make this less painful, we
have created a dedicated outplacement
team that will help the affected
employees get a suitable job,” says a
Byju’s spokesperson.
The company says it has decided to
extend the insurance benefits of the
affected employees and their families
by six more months. “The employees
can also keep the company assets till
they need them. There is also a provi-
sion for garden leave, which will help
our employees apply for jobs while
being on our payroll,” the spokesperson
adds. Like OYO, Byju’s says it, too, will
re-hire the laid-off personnel if they
don’t land a job “within 12 months of
their date of separation from us”.
At rival Unacademy, which is con-
ducting another round of job cuts and
laying off 350 employees, or 10 per cent
of its workforce of 3,500, a placement
support system has been put in place.
Unacademy claims it is ensuring job
interviews and placements for every
employee who signs up for the place-
ment support. In April, the firm had
laid off about 1,000 employees.
While the sector continues to see
chaos, Das is of the view that high
salaries are increasingly becoming a
problem area. “There is a segment that
has been paid very highly in the last
two years — something that didn’t hap-
pen earlier,” he says. “There’s a serious
salary correction waiting to happen.”
from what might be their last group stage. They also reached knockout games went into
World Cup. the World Cup semifinals extra time before the team
First it was Neymar. Then in 1998. lost to France in the final,
it was Cristiano Ronaldo. Both teams have come and the same thing is hap-
Could Lionel Messi be next? through uncomfortable pening in Qatar, with victo-
Momentum is building behind moments. Argentina’s darkest ries in penalty shootouts over
Messi’s push to cap his career time was right at the start of Japan in the last 16 and Brazil
with the biggest prize in the the tournament, after a 2-1 loss in the quarterfinals.
game. The 35-year-old Argen- to Saudi Arabia Croatia
tina playmaker has carried his in what will go looked more
team to the semifinals, almost down as one of comfortable
There was much less
in the same way Diego Mara- the World Cup’s against Brazil
dona — the man with whom biggest upsets.
noise around the than against
Messi is so often compared — Inspired by
Croatians, yet they Japan, which
keep on surprising
led the South American nation Messi and one shows the team
to its second and most recent of the most fer-
just like four years might be happi-
ago when their run
World Cup title in 1986. vent fan follow- er to invite pres-
Now in Argentina’s way is ings in Qatar,
to the final included sure and choose
a 3-0 victory over
Croatia, a country with a pop- Argentina won its moments to
ulation of four million, which its final two
Argentina in the break forward
is establishing a reputation as group games,
group stage rather than con-
the most stubborn and durable ended up trol games and
of opponents, while also boast- squeezing past be more suscep-
ing one of football’s most grace- Australia 2-1 in the round of 16 tible to the counterattack.
ful players in Luka Modric. and then required penalties to Containing Messi will be
The teams go head to head get past the Netherlands in a key and much of the responsi-
at Lusail Stadium — also the wild quarterfinal match. bility there lies with holding
venue for Sunday’s final — in Messi now has four goals in midfielder Marcelo Brozovic,
a meeting between the last two the tournament in Qatar, leav- who protected Croatia’s
runners-up at the tournament: ing him one behind top scorer defense so well against Brazil.
Argentina in 2014 and Croatia Kylian Mbappé. They are prob- Argentina will be without
in 2018. ably the two standout players two players because of suspen-
Argentina might have been at a World Cup that has seen sion: left back Marcos Acuña
expected to be in this position. many other top players live up and right back Gonzalo
The team arrived at the World to their lofty reputations. Montiel. Acuña is the bigger
Cup as the Copa America Modric is a case in point. miss, having impressed
champion, on a 36-match He might not have scored since coming into the team
unbeaten run and with Messi a goal. He hasn't even had an after the loss to Saudi Arabia,
back in sublime form for Paris assist. But don't underestimate and he is likely to be replaced
Saint-Germain. the importance to Croatia of by Nicolás Tagliafico.

A grassroots movement in comics journalism

While fans flocked to Comic Con, in India’s small towns and villages, comics are making headlines
for underrepresented localities
DEBARGHYA SANYAL
New Delhi, 12 December
Good morning, here are today’s headlines:
Bairawas, a gram panchayat in Rajasthan, has
imposed a fine on dowry practices; shrimp farming
is hampering the growth of mangroves in Kerala;
and the residents of villages in the Northeastern
states have to still travel miles in search of public
bathrooms, every day. For detailed coverage,
please look to the walls of your nearest schools,
urban slums, or remote villages. You'll find the
news on sheets of comics.
As Delhi wraps up its annual Comic Con, held
this weekend, comics have moved beyond such
urban fairs and book shops.
The World Comics India (WCI), a small but
dedicated army of comics artists and journalists,
led by founder Sharad Sharma, has been using the
form to report news that national bulletins often
miss. Each edition of these “newspapers on walls”
— a single sheet of comics, drawn and written by
members of marginalised communities in their
own language — spreads awareness around their
myriad issues within their immediate localities.
These comics sheets — or grassroots comics —
are photocopied and pasted on walls across the
localities the issue of which they talk about. These
can be found in the villages of Rajasthan,
Kashmir, Sikkim, Manipur, Kerala — in fact, in
most states of India.
But why comics? Why tell the news in a
graphic form?
Sharma, a journalist who began as a political
cartoonist in Rajasthan’s Alwar district and started
reporting at a grassroots level early in his career,
says the idea of presenting news in the form of
comics was born out of necessity.
Working with a collective of development
journalists — Charkha, Sharma led the production
of what the collective called “Deewar Akhbar”, or
newspaper on the wall. Cheaply produced and
circulated in remote rural villages, this wall
newspaper reported on several grassroots issues in
each of its editions. It was word-heavy and carried
“serious stories, about hoarding in ration shops,
child marriage, girl-child abuse, etc, Sharma says.
Because it was being circulated within these
tight-knit communities and intimate geographic
areas, many locals would shy away from reporting from the acts of violence and discrimination faced
about the ground realities, fearing a backlash from by youths of Nagaland and Mizoram in the
more powerful and influential members of the com- national capital to the recounting of the hardships
munity. There was also the issue of accessibility. endured by the Rohingyas during their journey
“News in this form, we realised, was not very from Myanmar.
accessible to the readers in the smaller As mainstream comics publishers celebrate the
communities. Who had the time to read full-length return of Comic Con, after almost three years, Shar-
news pages hung on walls? People would glimpse ma and WCI volunteers, too, are raring to be back in
at the images, probably read the first few lines, and the midst of underrepresented communities.
then move on,” says Sharma. While WCI had been conducting virtual
Colour printed on A2 sheets, the Deewar workshops for students in institutes like the Indian
Akhbar was also difficult to reproduce. And so, Institute of Mass Communication or Jamia Millia
Sharma and his peers began developing the idea of Islamia in Delhi, among others, during the
visual-heavy news pages. pandemic it wasn’t able to reach out to participants
The WCI developed over 7 to 8 years, from the at the grassroots the way it could earlier.
late 1990s to the early 2000s, training both locals as “It’s not the same. Communicating with
well as volunteers through a series of workshops participants on the ground helps us connect with
across all 28 states and eight Union the unique visual perspective of their local
Territories. Participants, of whom there issues,” says Rhea Rajashekharan (name
could be nearly a hundred in a single changed on request), a graduate from the
workshop, were taught how to draw Indian Institute of Mass Communication
their own characters, initially by who has worked as a volunteer with WCI
Sharma and then by volunteers. and has also attended a few of the
With limited words and larger recent virtual workshops. “While (From right) Participants hold up their creations, which will then be scanned and circulated;
pictures drawn on two A4-size many of these remote areas also have news on the right to music in Majuli Dwip in Assam; and comics drawn by Rohingya refugees
sheets, which were then pasted access to smartphones and the pasted on a wall in a Rajasthan village
together and photocopied in internet now, it is the in-
black and white, the person workshops and NEWS THROUGH COMICS
production process too their resultant hand-
became cheaper and much drawn comics bulle- volunteers and participants
more easily reproducible. tins that have proven  World Comics India has stories in their local
“People could stop their to be more effective in held workshops across all language for local  Simple 2x2 panel format
bicycles for a few communicating Indian states and consumption comics are posted on walls
minutes in front of the their issues.” 30 countries
 Movement is being carried  Large images, sparse
bus stop or the In Sonapur,
panchayat house, or Assam, for instance,  People tell their own forward by former wording used to tell stories
school buildings, and mushroom farmers
get the news,” says who had attended one both in their farming businesses and in the overall political turmoil in the island nation.
Sharma. of the workshops have infrastructure of the small town. The grassroots comics, in that sense, have
Drawn in a simple continued using the In the Tondiarpet locality of Chennai, Srimathi expanded into a pan-national, and even global,
2X2 panel format, the medium to spread Balasubramani’s efforts with grassroots comics movement carried forward by former volunteers
comics might be at awareness about not have inspired male students from nearby and attendees of the WCI workshops.
times comparable to a only their products but government colleges to take up the issues of Rajashekharan herself has gone on to draw comics
child’s doodle but also the issues faced by domestic abuse and discrimination faced by for the Black Lives Matter movements in Chicago,
invariably present a the local farming women in the area during their pregnancy. New York and San Francisco, working with comics
diverse spectrum of communities. This has Amarnath Gopalakrishnan, also from Chennai, activists such as Ben Passmore, and “exchanging
styles of visual led to several local has helped Sri Lankan refugees tell their stories notes on grassroots comics”.
representation. The traders and trade through comics to Indian NGOs as well as foreign
issues are as varied — organisations investing media during the months of economic and More on business-standard.com