THURSDAY, 9 FEBRUARY 2023
24 pages in 2 sections
NEW DELHI
~12.00
VOLUME XXIX NUMBER 216
THE MARKETS ON WEDNESDAY
Sensex 60,663.8
Nifty 17,871.7
Nifty Futures* 17,909.3
Dollar
Euro
Brent crude ($/bbl)
~82.5
~88.7
83.7##
Gold (10 gm)### ~57,308.0
*(February) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA
TURKEY, SYRIA
QUAKE DEATH TOLL
CROSSES 11,000
With hope fading to find survivors,
stretched rescue teams toiled through the
night in Turkiye and Syria, searching for
signs of life in the rubble of thousands of
buildings toppled by a catastrophic
earthquake. The death toll rose Wednesday
to more than 11,000 in the deadliest quake
worldwide in more than a decade. Amid
calls for the Turkish government to send
more help to the disaster zone, President
Recep Tayyip Erdogan toured a “tent city”
in Kahramanmaras where people forced
from their homes are living. He conceded
shortfalls early on in the response but
vowed that no one would "be left in the
streets.” 12 >
COMPANIES P2
Manipal, Emami break
logjam on AMRI Hospitals
Manipal Health Enterprises and Emami
Group have begun fresh talks for the sale of
the latter’s hospital business, AMRI
Hospitals, after the previous round of talks
entered into a logjam. A source said fresh
talks have begun between the two parties
and a revised bid is also being considered.
BACK PAGE P16
Client costs in focus, IT deals
revive workers ‘rebadging’
With cost optimisation deals rising among
Indian IT players, rebadging of employees
is making a return. On Tuesday, when
Boeing announced job cuts, media reports
also mentioned that TCS would be taking a
third of such employees as part of its work
with the airline major.
COMPANIES P2
HC grants Flipkart interim
relief in ~1,100-cr tax case
The Karnataka High Court has granted an
interim stay on a tax demand of around
~1,100 crore against Flipkart India over issue
of capitalisation of marketing intangibles.
In an interim order, the HC asked no coercive
action should be taken against the e-
commerce major till February 24.
COMPANIES P2
TCS inks £600 mn deal
with UK’s Phoenix Group
TCS has announced an expansion of its
long-standing partnership with Phoenix
Group, UK’s largest long-term savings and
retirement provider, through a contract
valued at over £600 million. TCS will digitally
transform Phoenix’s ReAssure business,
including its administration services.
ECONOMY & PUBLIC AFFAIRS II, 2
Vivad se Vishwas II to
settle financial cases only
Entities in domestic contractual disputes with
the central government and associated
bodies only can seek to settle pending
matters under the ‘Vivad se Vishwas II’
scheme, if no state government or any other
private firm is party to the case, or if the
dispute pertains to pending financial claims.
WORLD P12
Biden proposes higher
taxes for the wealthiest
President Joe Biden on Tuesday touted the
nation’s economic health in his State of the
Union address, just days after a blockbuster
jobs report showed. A key part of Biden’s
new economic policy agenda is a billion-
aire’s tax, which will set a minimum tax for
the wealthiest, the White House said.
When silver is gold for company boards
321 company directors are octogenarians, 22 are over 90, largest chunk in 45-60 band
SACHIN P MAMPATTA
Mumbai, 8 February
Some 343 company board directors
are old enough to have been around at
the time of World War II. There are 321
directors who are in the age bracket of
81-90 years, according to data from
primeinfobase.com. Another 22 on
company boards have crossed 90.
However, there are many in
corporate India hanging up their
boots. Larsen and Toubro chairman A
M Naik is among the recent examples.
Naik indicated in an interview that he
would step down as non-executive
chairman in October. He’s 80.
At present, the largest number of
individuals serving on company
boards are aged between 45 and 60.
There are 3,930 such individuals. The
chg#
p 377.8
p 150.2
p 37.6
~82.7 **
~88.6 **
83.5**
p
~173.0
P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R AB AD , K OCHI, K OL K ATA, L UCK N OW , MUMBA I (AL SO P R IN TE D IN BHOP AL ), N E W DE L HI AN D P UN E
No change in stance, RBI
hints at more rate hikes
Policy rate increased by 25 bps to a 4-year high of 6.5%
MANOJIT SAHA
Mumbai, 8 February
I
n line with expectations, the six-
member monetary policy commit-
tee (MPC) of the Reserve Bank of
India (RBI) on Wednesday increased
the policy repurchase or repo rate by 25
basis points (bps) to a four-year high of
6.5 per cent.
The committee retained its stance of
withdrawal of accommodation, though
many thought that it would change this
to neutral.
With the latest increase, the policy rate
completed a cycle under RBI Governor
Shaktikanta Das, as the repo rate was 6.5
per cent when he took charge in
December 2018.
In his first policy as MPC chair, the
committee reduced the rate by 25 bps to
6.25 per cent in February 2019.
With the latest hike, the central bank
has now increased the rate by 250 bps
since May 2022. Though the quantum of
increase was lower this time than previous
hikes, the central bank refused to drop its
guard against inflation, as there was no
indication that this could be the last
increase, as most market participants had
expected.
On the contrary, the tone of the policy
was a tad hawkish. “…the MPC was of the
view that further calibrated monetary pol-
icy action is warranted to keep inflation
expectations anchored, break the persist-
ence of core inflation and thereby
strengthen medium-term growth pro-
spects,” Das said, while announcing the
rate hike.
Four out of the six MPC members
voted for the 25 bps hike, while external
members Ashima Goyal and Jayanth
Varma voted against it. This is the most
divided outcome in terms of voting of the
current rate-setting committeee.
Goyal and Varma also voted against main-
taining the stance of withdrawal of
accommodation.
While justifying the stance, Das said,
adjusted for inflation, the policy rate was
still lower than pre-pandemic levels and
that banks continued to have surplus
liquidity. Turn to Page 7 >
Competition Bill may propose levying GST COUNCIL MEET
Tax on online
penalty on firms’ global turnover
RUCHIKA CHITRAVANSHI
New Delhi, 8 February
The government will likely tweak
the Competition Amendment Bill
2022 to propose that penalties on
companies be calculated as a per-
centage of their global turnover
instead of the current practice of lev-
ying it on their turnover within the
country, it is learnt.
Further alterations to the Bill,
which is likely to be introduced in
the parliament soon, include a
change in the definition of turnover
for the purpose of penalties as global
turnover derived from all products
and services sold by a person or an
enterprise, according to sources.
This would mean much larger
penalties would be imposed than
what is currently levied by the
Competition Commission of India
AGE NO BAR
Age Number of directors
25 and below 35
26-35 589
36-45 1,239
46-60 3,930
61-69 2,673
70-80 1,777
81-90 321
Over 90 22
Note: Data for all directors in companies listed on the
National Stock Exchange (NSE). Excludes 2,488 directors for
whom age data was unavailable
Source:primeinfobase.com
second largest category is between 61-
69 years, with 2,673 directors.
Those aged 45 and below account
for less than a fifth (17.6 per cent) of the
www.business-standard.com
WORLD P12
MICROSOFT ADDS AI TO SEARCH 2004-14 A LOST DECADE;
ENGINE AS TECH WAR INTENSIFIES THIS ONE IS INDIA’S: PM
Reserve Bank of India Governor Shaktikanta Das during a
press conference in Mumbai on Wednesday
REPO RATE COMPLETES CYCLE
Repo rate (%)
Source Bloomberg/Mospi/RBI
‘Bankfundingbased Noratepauseinsight,
onfundamentals’ bondyieldsharden
Indian banks lend money to
business houses not based on
their market capitalisation but
on parameters that depict the
fundamentals of the business,
said Reserve Bank of India
Governor Shaktikanta Das on
Wednesday. 7>
CHANGES IN THE BILL
> Merger timeline reduced to
150 days
> 30 days time for prima facie
investigation of merger deals
> IPR is not a defence against charge
of abuse of dominant position
> Effects-based test for anti-
competitive behaviour rejected
(CCI).
At present, penalties can rise up
to 10 per cent of a firm’s turnover,
which is limited to the national fig-
ure and also the product or service
in question. For instance, the pen-
alty on Google for anticompetitive
practices in the Android mobile
device ecosystem was calculated as
10,586 individuals for whom data is
available. Only 35 individuals are 25
years of age or below.
The five oldest directors include
ECONOMY & PUBLIC AFFAIRS P4
France’s Total
puts hydrogen
partnership with
GROWTH,
INFLATION
Adani on hold
AMERICA HERNANDEZ
PROJECTIONS Paris, 8 February
FOR FY24 TotalEnergies has not yet signed a con-
tract announced last year to extend its
CPI inflation partnership with the Adani Group for
projected at 5.3% the production of green hydrogen, the
(assuming normal chief executive of the French oil major
monsoon) said on Wednesday.
Q1 5.0% Patrick Pouyanne told reporters the
company was waiting for the result of
Q2
Q3
5.4%
5.4%
an audit launched by the conglomerate
in response to allegations of financial
Q4 5.6% irregularities by Hindenburg Research.
“It was announced, nothing was
Real GDP growth signed. It doesn't exist,” Pouyanne said,
pegged at 6.4% referring to the new hydrogen venture. "ADANI HAS OTHER THINGS TO
Q1 7.8% “Adani has other things to deal with DEAL WITH NOW, IT'S JUST GOOD
now, it’s just good sense to pause things
Q2 6.2%
while the audit goes forward.” SENSE TO PAUSE THINGS WHILE
Q3 6.0%
Q4 5.8%
Pouyanne said TotalEnergies was “not THE AUDIT GOES FORWARD"
PHOTO: PTI in charge” of the financial health of
PATRICK POUYANNE,
Adani group, with whom it has a Chairman & CEO, TotalEnergies
WHILE INFLATION
number of joint ventures.
He said the stakes held by
India inflation ( YoY in %) TotalEnergies in Adani Total Gas and
IS EXPECTED TO Adani Green Energy were still worth II, 1
MODERATE IN more than when the French company >STABLE CASH FLOWS TO HELP
purchased them. ADANI GROUP MEET DEBT
2023-24, IT IS LIKELY “Adani Green is still worth twice as
COMMITMENTS: RATING FIRMS
TO RULE ABOVE THE much as we invested, Adani Gas is still
>AEL JUMPS 20%, 7 ADANI STOCKS
worth eight times more. Our account-
4 PER CENT ing is healthy, there was due diligence UP AS GROUP LOOKS TO BOOST
TARGET before and due diligence after,” he said. CONFIDENCE
REUTERS
Shaktikanta Das
RBI, Governer
Compiled by BS Research Bureau
INSIDE FOREIGN OIL MAJORS FLAG WINDFALL TAX CONCERN
EDIT: At least two major foreign oil majors have cited India’s
RETAINING windfall tax regime as a challenge to their plans of
Traders of government bonds POLICY investing in the oil exploration and production sector
were not surprised on the sixth FLEXIBILITY 13 > during discussions with the government, said sources.
consecutive increase in the repo Post-contract changes in taxation rates have been a
rate on Wednesday. What did major worry for foreign oil-producing companies, even
dampen the market’s spirits, G20 TRAVELLERS as they draw up plans to enter India’s promising
though, was the lack of a concrete CAN USE UPI AT market, they told BS. The issue has been brought up at
SELECT INDIAN
sign from the RBI that it would
AIRPORTS 7 >
multiple meetings between foreign oil majors and the
pause rate hikes going ahead. 6 > government since last year, said another executive.
SUBHAYAN CHAKRABORTY writes 2>
increased the time limit of prima
gaming unlikely
facie investigation for the merger
deal from the proposed 20 days to
30 days.
to be taken up
The standing committee was
also against shortening merger Council was to meet on Feb 18,
review timelines as it could be bur-
but schedule may be changed
densome for an already under-
staffed commission.
The government has also not
agreed to bring in an effects-based
SHRIMI CHOUDHARY
New Delhi, 8 February NO CONSENSUS
analysis for assessing abuse of dom- > GoM submits
inance or to allow intellectual prop- The Goods and Services second report
a percentage of its Indian revenue erty rights as a defence in the com- Tax (GST) Council is on taxation of
from Android. petition law. unlikely to take up the online gaming
The government has rejected The panel had said that the group of ministers (GoM) activities in
several suggestions made by the Ministry of Corporate Affairs had report on taxing online December
parliamentary standing committee not put forth any strong argument gaming at its upcoming
for changes in the Bill, including to support its suggestion that IPR meeting as the matter > State panel could not arrive at
increasing the proposed time limit could not be used as a defence requires extensive delib- consensus over valuation
of 150 days for approving merger against abuse of dominant position. erations, a senior finance > Council likely to approve
applications. It has, however, Turn to Page 4 > ministry official told proposed framework for
Business Standard.
appellate tribunal
The Council, chaired
by Union Finance Minister > Duty revision of some
Nirmala Sitharaman, is stationery items could be
scheduled to meet on considered
February 18. However,
there could be a change in >VAISHNAW
the schedule as some BATS FOR
states have requested this, ‘STRICT FEDERAL
the official said. According
OLDEST BOARD MEMBERS to official sources, the
LAW’ ON ONLINE
GAMING 4>
Companies served Age Council will take up
>YOGENDRA
another panel report on
Suzuki 93
setting up an appellate tribunal for GST related disputes.
PREMKRISHNA >DEVENDRA KUMAR
The group of ministers (GoM) led by Haryana Deputy Chief
TRIVEDI JAIN Inox Wind
Minister Dushyant Chautala had submitted its report on set-
Zodiac Clothing 94 Energy, GFL 93
ting up an appellate tribunal, proposing that each Bench com-
>DHRUBA NARAYAN >MAHENDRA RATILAL prise a president, two judicial members, one technical
GHOSH MEHTA member (Centre), and another technical member (state). The
Birla Corporation 94 Precision Wires GoM has also agreed with states on relaxing the experience
OSAMU SUZUKI Maruti India 93 criterion for appointment of technical members.
Besides, the Council may consider some duty revision on
Note: Data for all directors in companies listed on the
National Stock Exchange (NSE). Excludes 2,488 directors for a few stationary items, including sharpeners.
whom age data was unavailable. At the previous meeting, which was held in December,
Source:primeinfobase.com the Council had deferred two key state panel reports on setting
up the framework of the appellate tribunal and capacity-based
Yogendra Premkrishna Trivedi (94) of Devendra Kumar Jain (93) on the taxation on pan masala and gutkha because of time con-
Zodiac Clothing, Dhruba Narayan boards of Inox Wind Energy and GFL, straints. The second report of the GoM on taxing online gam-
Ghosh (94) of Birla Corporation, and Mahendra Ratilal Mehta (93) of ing was not included in the Council’s agenda as it was sub-
Osamu Suzuki (93) of Maruti Suzuki, Precision Wires India. Turn to Page 4 > mitted just before that meeting. Turn to Page 4 >
 2 COMPANIES NEW DELHI | THURSDAY, 9 FEBRUARY 2023
> Symphony > Samvardhana Motherson > Graphite India > Tata Consultancy Services > UNO Minda
STOCKS Q3FY23 profit Q3FY23 profit surges Q3FY23 net falls 60% Bags deal with Phoenix Q3FY23 profit rises 60%
IN THE NEWS rises 86% 85% YoY to YoY to ~53 crore Group to transform YoY to ~162 crore
to ~39 crore ~454 crore customer experience
~1,047.3 CLOSE ~80.8 CLOSE ~333.7 CLOSE ~3,518.7 CLOSE ~506.9 CLOSE
p8.5% DOWN* p0.8% DOWN* 1.4% UP* p1.4% UP* p2.4% DOWN*
*OVER PREVIOUS CLOSE

>

Flipkart gets HC TCS inks $723-mn deal with Phoenix Group

relief in ~1.1K-cr Largest deal win for
company this fiscal OTHER TIE-UPS n Sainsbury partners
TCS to accelerate
employers and operational staff.
At a strategic level, this business
transformation initiative will integrate

tax demand case

SHRIMI CHOUDHARY
Mumbai, 8 February
The Karnataka High Court has
granted an interim stay on a
tax demand of around ~1,100
crore against Flipkart India
over issue of capitalisation of
marketing intangibles.
The matter pertains to
assessment years (AYs) 2016-17
and 2018-19, where the
commissioner of
income-tax appeals
had capitalised dis-
count as marketing
intangibles and dis-
allowed employee
stock options (ESOPs)
amounting to about
~4,500 crore and ~180 crore,
respectively.
In an interim order, the
high court directed that no
coercive action should be
taken against the e-commerce
“The submission on behalf
of the respondents (tax depart-
ment) is that there cannot be
any prohibition in law against
issuance of a notice. However,
during the appeal period, no
coercive measures may be
taken, and as such, coercive
measures will not be taken. This
assurance shall be in force until
the next date of hearing,” the
court said.
The assessee
(Flipkart) argued
that the matter was
already decided in
its favour by the
income-tax appel-
late tribunal (ITAT)
Bengaluru on the
same issue earlier during
assessment year 2015-16. It
further contended that even
ESOPs cross charges are being
covered by the coordinate
Bench ruling in Biocon and
SHIVANI SHINDE
Mumbai, 8 February
Tata Consultancy Services (TCS) has
announced an expansion of its long-
standing partnership with Phoenix
Group, UK’s largest long-term savings
and retirement provider, through a
contract valued at over £600 million
(around $723 million). This will be the
largest deal win for TCS in FY23.
As part of the deal, TCS will digi-
tally transform Phoenix’s ReAssure
business, including its administration
services, using the BaNCS-based plat-
form.
Rajesh Gopinthan, chief executive
officer (CEO) and managing director
(MD), TCS, post the Q3 FY23 result,
said that UK as a market is growing
well and clients are much more deci-
Emami, Manipal break the
sive of their decision making. Though
clients in Europe are taking more time.
Under the agreement, TCS’s
Diligenta will manage customer
administration and servicing of
ReAssure’s 3 million policies. Diligenta
n Bombardier n Rail Delivery Group signs business growth the ReAssure business into the
selects TCS as on TCS to create UK govt through a cloud-first Phoenix Group platform.
strategic IT partner rail data marketplace strategy Brid Meaney, CEO of Heritage
Division, Phoenix Group, said: “We
continually review our operating
n C&S Wholesale Grocers partners n TCS helps Marks and Spencer model to ensure it is meeting the
TCS to build AI-powered reimagine its HR function and evolving needs of our customers on
distribution model elevate colleague experience their journey to and through retire-
ment. This transformation will ensure
that Phoenix’s customers benefit from
is TCS’s regulated subsidiary in the UK. Group’s other books of business. TCS’s the clear digital focus, consistent cus-
Phoenix Group acquired ReAssure, solution will help Phoenix transform tomer journeys and customer propo-
a UK-based life insurance provider, in the end-to-end customer service sition provided by one platform.”
2020, and has now engaged with TCS through self-service across channels R Vivekanand, president, BFSI
to drive synergies and enhance cus- and analytics to enhance customer Products & Platforms, TCS, added,
tomer experience for its policyholders. satisfaction and retention. “Customer experience transformation
The expanded partnership will TCS will leverage its Innovation has been the cornerstone of the TCS
result in a transformation of Lab in the UK where its contextual BaNCS platform’s value proposition.
ReAssure’s operations, consolidating experts and solution architects look Towards this, we have been continu-
the heritage business on the same for new ways of harnessing digital ously investing in product and service
future-proof TCS BaNCS-based digital technologies to enhance the experi- innovation, setting a benchmark in
platform used to administer Phoenix ence for policyholders, advisers, the UK life and pensions industry.”
Need to recoup
market share in

logjam on AMRI Hospitals

major till February 24 (the next also by Madras HC as well as
date of hearing). The order is Delhi HC rulings in PVP
not yet uploaded. Ventures and NDTV.
Sources say fresh discussions have begun between the two parties
IN BRIEF
Reliance-bp’s MJ deepwater
SOHINI DAS & ISHITA AYAN DUTT
Mumbai/Kolkata, 8 February
project nears completion
M
anipal Health
Reliance Industries and bp are nearing start of production for their
Enterprises
Emami Group have
and
MJ deep-water project in the KG-D6 block, which will boost gas begun fresh talks for the sale
output from the prized east coast asset, a top official said.While of the latter’s hospital busi-
the first two developments — R-cluster and Satellite Cluster —have ness, AMRI Hospitals, after the
started gas production, MJ is now nearing completion. PTI previous round of talks entered
into a logjam, with Manipal
Health moving Delhi High
Indian carriers to order 1,700 Court (HC).
A source close to the devel-
planes in next 2 years: CAPA opment said that fresh discus-
sions have begun between the
Indian carriers may place orders for 1,500 to 1,700 planes in the two parties and a revised bid is
next one to two years, while AI is expected to make the first move also being considered.
with a potential order for 500 aircraft, CAPA said on Wednesday. “The matter is sub judice in
The total commercial Indian fleet of around 700 aircraft is smaller Delhi HC, and now both
than some of the world's largest individual airlines, CAPA said. PTI Manipal Health and Emami
want to quickly go for a settle-
ment,” said a source, declining
Escorts Kubota posts 7.5% fall in to share the revised bid price.
“There are pending legal
Q3 profit on higher input costs issues. Approval from the state
government is also in abey-
Escorts Kubota reported a 7.5 per cent fall in quarterly profit on ance. Therefore, discussions
Wednesday, as margins were pressured from persistently high raw are ongoing on several
material costs. The firm’s net profit fell to ~1.86 billion ($22.54 matters,” said a source.
million) in the three months ended December 31, from ~2.02 The Ranjan Pai-led Manipal
billion a year earlier. REUTERS Health had moved Delhi HC in
November 2022, seeking to bar
Emami Group from selling a
Domestic air passenger traffic majority stake in AMRI
Hospitals to a third party or
touched 12.5 mn in January alter the management after a
deal between the two parties
Domestic air passenger traffic touched 12.5 million in January this fell through. Owing to differ-
year, an increase of 96 per cent compared to the year-ago period, ences over the terms and con-
according to rating agency ICRA. However, it said the traffic ditions of the deal and pending
remained around 2 per cent lower compared to the pre-Covid clearances from the state gov-
levels . The traffic stood at 6.4 million in January last year. PTI ernment of West Bengal, the
deal between Manipal Health
and Emami had not fructified.
Aditya Birla Group forays into The West Bengal govern-
ment has a 1.9 per cent minor-
premium casual dining space ity stake in AMRI Hospitals.
Reportedly, Max
The Aditya Birla Group has announced a foray into the premium Healthcare had entered the
casual dining space in collaboration with chef, Rahul Akerkar. fray for AMRI Hospitals, offer-
The Group’s hospitality arm housed under Aditya Birla New ing a better bid than Manipal
Age will build premium casual dining restaurant chains Health’s ~1,800-crore offer for
across India. DEV CHATTERJEE AMRI.
RECENT M&As IN THE HOSPITAL SECTOR
Deal Target
Type
INV ASG Eye Hospitals Private Investor,Kedaara
Capital Investment
Managers, General Atlantic
INV ASG Eye Hospitals Kedaara Capital Investment,
General Atlantic
INV Dr Agarwal's Health TPG Growth, Temasek
Care Holdings
M&A United Ciigma Hospitals CARE Hospitals
Healthcare
M&A Orthopedic & Trauma Narayana Hrudayalaya
Hospital/India
Source: BS Research Bureau
According to reports, Max’s
counter offer was around
~2,700 crore. Sources claim
that Manipal Health’s revised
offer is better than its earlier
~1,800 crore.
When contacted, a spokes-
person for Max Healthcare did
not wish to comment on fresh
talks between Manipal Health
and Emami. Manipal Health
and Emami Group also
declined to comment until the
time of going to press. Manipal
Health has been expanding its
footprint. The second largest
BED DENSITY
East. Currently, AMRI operates
four hospitals, of which three
ACROSS are in Kolkata and one in
Bhubaneswar, with a capacity
COUNTRIES
(per 10,000
of around 1,100 beds, which
can be expanded to 1,200.
population) Bhavesh A Shah, managing
director-consumer and health
Country Bed density care banking at Equirus,
Russia 71 pointed out that the hospital
sector is seeing consolidation.
China 43 “Hospitals need a lot of
UK 25
intensity in focus — both oper-
ational and financial. The
US 29 Manipal-AMRI deal is a classic
case of the exit of non-core
Brazil 21 businesses to consolidators in
the business. For Emami
Group, this transaction will
help equitise the financials.
Acquirer $ mn For Manipal Group, it will help
scale up and have strategic
locational benefits,” said Shah.
Manipal Health has been
considering an initial public
188.3
offering (IPO) for some time
now for funding its expansion
188.2 plans and also giving an exit to
existing investors. The privately
held entity is backed by inves-
135.9 tors and PE players like
Temasek Holdings, TPG
50.4 Capital, and the National
Investment and Infrastructure
25.0
Fund (NIIF), apart from the Pai
family.
The Pais holds around 52
per cent of Manipal Health.
hospital chain in the country, Talks have been doing rounds
after Apollo Hospitals, it had that PE player KKR is looking
acquired the Columbia Asia to acquire stake from Temasek,
hospital chain in November TPG, NIIF, as well as the Pais.
2020 for ~2,100 crore, taking its Last October, Manipal Health
bed strength to 7,300 across 27 was valued at ~35,000 crore.
locations. In June 2021, it According to reports that
bought Vikram Hospitals in
Bengaluru from Multiples
came in December 2022, exist-
ing Manipal Health share-
Private Equity (PE) for ~350
crore.
holder Temasek-owned
Sheares Healthcare India
The network is now esti- Holdings had emerged as the
mated to have 8,700 beds new front runner to pick up a
across 28 locations. significant stake in Manipal
With AMRI, Manipal will Health, valuing the hospital
have a wider presence in the chain at ~42,000 crore or so.
125-cc segment:
Hero MotoCorp
Considers creating separate unit for EVs
IN THE RACE
Bikes with engine capacity between 111 cc & 126 cc
Motorcycles
firms
Honda
Motorcycle
8,19,628
and Scooter
India (HMSI )
Bajaj Auto
Hero MotoCorp 4,28,078
Source:
TVS
Siam Total 16,29,669
DEEPAK PATEL
New Delhi, 8 February
Hero MotoCorp on Wednesday
said that the firm needs to
recover its market share in the
125-cc motorcycle segment as
it sees an opportunity in build-
ing a premium portfolio.
Hero MotoCorp's sales in
the 111cc-126 cc motorcycle seg-
ment increased by 5.65 per cent
year-on-year to 452,274 units
in April-December of FY23,
according to data by SIAM. 00
However, other players
such as Honda Motorcycle and
Scooter India, Bajaj Auto and
TVS Motor saw a growth of
29.91 per cent, 48.84 per cent
and 291.78 per cent, respec-
tively, in the segment during
the same period.
"On our domestic internal
combustion engine (ICE) busi-
ness, we are doing well in the
short term. We need to recover
our 125 cc market share. Our
opportunity lies in building a
premium portfolio for which
multiple launches have been
lined up for the next 3-5 years,"
Apr-Dec Apr-Dec % increase
FY22 unit FY23 unit
sales sales
10,64,761 29.91
3,43,470 511,216 48.84
4,52,274 5.65
38,493 1,50,807 291.78
21,79,058 33.71
said Niranjan Gupta. chief
financial officer, during the
post-results call on Wednesday.
When asked if Hero is open
to creating a separate subsidi-
ary to handle its electric
vehicles (EV) business Vida,
Gupta said all options are on
table. "It (corporate restructur-
ing) is about various consider-
ations one has to take into
account such as what stage of
launch you are, the taxation,
the balance sheet and what is
the intent behind doing the
restructuring. So, we continue
to evaluate all options," he
mentioned.
Hero MotoCorp on Tuesday
reported a 2.41 per cent year-
on-year rise in consolidated net
profit to ~721.24 crore in the
third quarter of FY2022-23
amid weak demand, especially
in the rural areas.
Ranjivjit Singh, chief
growth officer (CGO), Hero
MotoCorp said that the com-
pany has made good progress
in the 125-cc engine motor-
cycle segment with the launch
of Glamour X-Tec.

Foreign oil majors flag windfall tax as challenge to investment

Centre expects $58 billion worth of total investments in the oil and gas sector in 2023
SUBHAYAN CHAKRABORTY
Bengaluru, 8 February
At least two major foreign oil
majors have cited India’s
windfall tax regime as a
challenge to their plans of
investing in the oil exploration
and production sector during
discussions with the
government, said senior
industry and government
sources.
Post-contract changes in
every fortnight and often
changes by a wide margin. This
makes financial planning for
any business tough, leave alone
a major oil producer,” said a
senior industry
executive at a
foreign oil major.
The issue has
been brought up at
multiple meetings
between foreign oil
majors and the
government since
tax may throw a spanner in the
works for the government’s
stated plans of securing $58
billion of investments in the
upstream oil sector in 2023.
Companies such
as US energy majors
ExxonMobil and
Chevron, French
multinational
TotalEnergies, and
London-based BP
have evinced interest
INDIA in investing in India.
oil production.
The government has opened
at least 1 million square
kilometres of areas for
domestic exploration, which
were earlier classified as ‘no-
go’.
It is also working to raise the
country’s total crude refining
capacity to 450 million tonnes
per annum (mtpa), up from the
current 250 mtpa.
India’s share in global oil
demand is 5 per cent. This is
Minister Hardeep Singh Puri
said while investments in a
gamut of new technology are
needed to safeguard the future,
capital needs to flow into
traditional
hydrocarbons,
such as crude oil,
to ensure
energy
security for India. here to stay,” said a petroleum
ministry official.
No tax change Crude oil prices witnessed
Officials, however, said extreme volatility in 2022,
windfall tax is here to stay. resulting in very high prices for
“There has been no inter- end-consumers at petrol
ministerial discussions where pumps, as well as major
any government revenues for oil producers.
stakeholder has said Countries have
windfall tax should implemented various
be scrapped. It is measures to mitigate the
adverse impact on consumers.
The government maintains
that windfall tax is one of the
ILLUSTRATION: BINAY SINHA

taxation rates have been a
major worry for foreign oil-
producing companies, even as
they draw up plans to enter
India’s promising market, they
told Business Standard.
“The windfall tax is levied
on domestically produced
crude and the export of diesel
and aviation turbine fuel (ATF),
covering the entirety of the oil
business. The rate is reviewed
last year, said
another executive.
It has also been
raised at meetings
held on the sidelines
of the three-day
India Energy Week
2023 summit, he added.
Participants have stressed
the need for a stable policy and
tax architecture for the sector.
The resistance to windfall
expected to rise to 11 per cent. measures that helps in dealing
ENERGY Need for
investments
Earlier this week, Prime with the situation.
WEEK 2023 India is the world’s
Minister Narendra Modi had
asked foreign investors to
On February 5, the
government raised the windfall
FEB 6-8 third-biggest oil
importer and
come in at this promising time.
Arguing that India’s energy
tax on domestic crude to ~5,050
per tonne, up from ~1,900 per
consumer and meets demand growth would be tonne.
almost 85 per cent of its oil growing at 3x the rate of the rest Tax on the export of diesel
requirements from overseas. of the world, he said investing was hiked to ~7.5 per litre, from
In the past two years, the in India would have the ‘best ~5, and the same on overseas
government has ramped up rate of return’ for companies. shipments of ATF went up to ~6
plans to raise domestic crude On Wednesday, Petroleum per litre, from ~3.5 per litre.

NEW DELHI : Printed and Published by Nandan Singh Rawat on behalf of Business Standard Private Limited and printed at The Indian Express (P) Ltd. A-8, Sector-7, Noida, Gautam Budh Nagar-201301 and published at Business Standard Private Limited, Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi 110002
Editor : Shailesh Dobhal RNI NO. 57376/1994 Readers should write their feedback at feedback@bsmail.in Ph. 011-23720202, Fax :+91-11-23720201
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 .
NEW DELHI | THURSDAY, 9 FEBRUARY 2023 COMPANIES 3 <

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data, AI centre 

in Saudi Arabia   
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and cloud centre of excellence
(CoE) in Riyadh. “The world of
data and AI is rapidly changing
with the shifting priorities of
public and private sectors
globally and locally in Saudi
Arabia,” said CP Gurnani, MD
and CEO of Tech Mahindra.
SOURABH LELE

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 4 ECONOMY & PUBLIC AFFAIRS
NEW DELHI | THURSDAY, 9 FEBRUARY 2023
>

PRIME MINISTER NARENDRA MODI ON THE OPPOSITION’S CHARGES

"IF CORRUPTION IS BEING PROBED, ABUSE THE INVESTIGATIVE AGENCIES. IF THE ARMY
DISPLAYS VALOUR, ABUSE THE ARMED FORCES, LEVEL ALLEGATIONS AGAINST THEM. WHEN
THERE IS TALK OF ECONOMIC PROGRESS, CRITICISE THE RBI"

2004-14 a lost decade; this one is

India’s: PM takes dig at Congress
PRESS TRUST OF INDIA Gandhi had targeted the government while raising the
New Delhi, 8 February Adani-Hindenburg issue during the debate. The PM said
the Opposition had wasted the past nine years in levelling

I
n a stinging attack on the Opposition, Prime Minister
Narendra Modi on Wednesday said the trust reposed
by crores of people was his protective shield which
cannot be breached by abuse and allegations from his
detractors.
Replying to the debate on the Motion
of Thanks on the President’s Address in
Lok Sabha, Modi said the world was look- BUDGET
ing at India with hope amid instability in SESSION
some parts of the globe due to the once-
in-a-century pandemic and conflicts. “But
some people who are neck deep in frus- IN THE
tration refuse to accept India’s growth sto-
ry. They cannot see the achievements of HOUSE
1.4 billion Indians,” Modi said.
The PM said people know Modi has
come to their help in times of crisis. “How will they agree
with your abuses and allegations,” he told the Opposition.
“People trust in Modi not due to newspaper headlines or
TV visuals but due to my years of dedication in the service
of the people.”
Opposition MPs including Congress leader Rahul
baseless allegations instead of indulging in constructive
criticism.
“When you lose elections, blame the EVMs, criticise the
Election Commission, if the Supreme Court does not give
a favourable verdict, criticise the apex court.
“If corruption is being probed, abuse
the investigative agencies. If the Army dis-
plays valour, abuse the armed forces, level
allegations against them. When there is
talk of economic progress, criticise the
RBI,” Modi said.
“In the past nine years, compulsive crit-
icism has replaced constructive criticism,”
the PM said. He described the 10 years of
UPA rule as India’s “lost decade”. “The
decade before 2014 will always be remem-
bered as ‘The Lost Decade’, but the decade of 2030 is India’s
decade,” Modi said.
“No one can forget the attacks of 2008. The lack of
courage in acting against terrorism led to a bloodbath and
the loss of lives of our innocent citizens. It’s synonymous
with the UPA’s misrule,” he said.

Vaishnaw for ‘federal Feasibility tests for

law’ on online gaming
SOURABH LELE
New Delhi, 8 February
The Centre intends to draft a strict
law to “effectively regulate” online
gaming and gambling platforms
amid rising cases of addiction
and financial loss, Union IT
Minister Ashwini Vaishnaw
informed the Lok Sabha on
Wednesday. This can be
done after having a consen-
sus among states, he said.
The minister said regulating
gambling and betting was a complex
issue and the recently released draft
policy under the IT (Intermediary
Guidelines and Digital Media Ethics
Code) Rules was only the first step in
this direction. He was responding to
space tourism done
The Indian Space Research
Organisation (Isro) has carried out
concerns raised by multiple mem- feasibility studies for a sub-orbital
bers of the House on the impact of space tourism mission, which could be
online games on youth. “We should taken up after the success of the
have a central law and the regulation Gaganyaan mission, India’s maiden
has to be very strict because society human space flight, the government
is impacted by addiction to informed Parliament on Wednesday.
online games, especially by In the Lok Sabha, MoS in the PMO
online gambling.” Jitendra Singh said Isro is engaged in
According to the 7th the development of
schedule of the Constitu- technologies that are DBL INFRA ASSETS PRIVATE LIMITED
tion, regulation of betting essential building
and gambling is a subject of blocks for human Statement of Financial Results for the Quarter Ended 31st December, 2022
the state list. So far, 19 states space missions. “The
[Regulation 52 (8) read with Regulation 52 (4) of the Listing Regulations]
and UT have passed separate laws objective of the
on the matter, and 17 states have Gaganyaan programme (` in lakhs)
modified the Public Gambling Act, is the demonstration of Standalone
1867, that differentiates between human spaceflight capability to low S. No. Particulars
For Quarter ended For Quarter ended For Year ended
31 December 2022 31 December 2021 31 March 2022
games of “mere skill” and chance. earth orbit. Future missions will be
Unaudited Unaudited Audited
taken up after the accomplishment of
1. Total Income from Operations 42.03 1.86 442.84
More on business-standard.com Gaganyaan mission,” Singh said. PTI
2. Net Profit / (Loss) for the period (before Tax, Exceptional and/or Extraordinary items#) (2,455.79) (30.55) (5,595.55)

3. Net Profit / (Loss) for the period before tax (after Exceptional and/or Extraordinary items#) (2,048.31) (30.55) (5,595.55)

ferent factors such as impact providing intermediate servic- ommendation only requires a
> FROM PAGE 1 on consumers, innovation, and es such as digital platforms or special resolution in such cases 4. Net Profit / (Loss) for the period after tax (after Exceptional and/or Extraordinary items#) (2,048.31) (30.55) (5,595.59)

competition before deciding an industry association organ- and does not prohibit the listed Total Comprehensive Income for the period [Comprising Profit/ (Loss) for the period (after tax) and Other
5. (2,048.31) (30.55) (5,595.59)

Competition whether conduct had violated

the competition law. The sug-
ising meetings without agenda
to share sensitive information.
entities from having such
directors,” it said. 6.
Comprehensive Income(after tax)]

Paid up Equity Share Capital 200.00 200.00 200.00

Bill... gestion, it is learnt, has not

been accepted by the govern-
The committee, therefore,
suggested the insertion of the
A special resolution is one
which requires at least 75 per
7.

8.
Reserves (excluding Revaluation Reserve)

Securities Premium Account

-

-
-

-
(5,600.48)

It said, “... it would be more
desirable for CCI to specifically
take into consideration the
rights that a party may have in
relation to reasonable exercise
of its IPR when dealing with
abuse of dominance cases to
ment.
The suggestion to allow car-
tels to opt for the settlement
scheme is also likely to be intro-
duced in the Bill.
The standing committee
had also raised concerns that
-
line “if it is proved that such cent votes in favour for 9. Net worth - - (5,400.48)
person intended to actively approval. The age limit of 75 10. Paid up Debt Capital/ Outstanding Debt - - 70,270.00
participate” in the clause. years came into effect from 11. Outstanding Redeemable Preference Shares N/A N/A N/A
April 2019. There has not been 12. Debt Equity Ratio - - (13.01)
a significant change in the
Silver... average age of India’s boards,
despite some exits.
13. Earnings Per Share (of Rs. 10/- each)

1. Basic:
(for continuing and discontinued operations) -

(102.42) (1.53) (279.78)

2. Diluted: (102.42) (1.53) (279.78)

avoid uncertainty.”
The Jayant Sinha led panel
had asked the CCI to study dif-
> BS SUDOKU
the Bill does not specify what
constitutes active participation
as it could also include entities
#3892
Age is not the only criteria, the
ability to contribute and men-
tal alertness are also key,
according to Amit Tandon,
founder and managing direc-
tor of Institutional Investor
Advisory Services India (IiAS),
The average age of directors
14. Capital Redemption Reserve N/A N/A N/A
changed from 59.87 years in
15. Debenture Redemption Reserve - - -
March 2019 to 59.1 years as of
16. Debt Service Coverage Ratio - - -
February 2023, shows data
17. Interest Service Coverage Ratio - - -
from primeinfobase.com.
The primeinfobase.com (` in lakhs)
data covers all companies list- Consolidated

which advises investors on ed on the National Stock S. No. Particulars

For Quarter ended For Quarter ended For Year ended
31 December 2022 31 December 2021 31 March 2022
how to vote on company reso- Exchange. But it excludes 2,488
Unaudited Unaudited Audited
lutions. individuals for whom age data
1. Total Income from Operations 1,501.96 2,104.27 11,311.51
“There are some who can be was not available.
productive at 80 or 85 and oth- 2. Net Profit / (Loss) for the period (before Tax, Exceptional and/or Extraordinary items#) (1,667.51) (733.00) (8,250.61)
ers who are past their peak at
age 70,” he said.
Firms should not only
Tax... 3.

4.
Net Profit / (Loss) for the period before tax (after Exceptional and/or Extraordinary items#)

Net Profit / (Loss) for the period after tax (after Exceptional and/or Extraordinary items#)
(979.42)

(1,013.51)
(733.00)

(733.00)
(8,250.61)

(8,160.72)

depend on the young when it In the case of online gaming, 5.

Total Comprehensive Income for the period [Comprising Profit/ (Loss) for the period (after tax) and Other
(4,337.01) (4,315.40) (15,612.47)
Comprehensive Income (after tax)]
comes to setting future direc- the panel, headed by
tion, suggested Arun Chulani, Meghalaya Chief Minister 6. Paid up Equity Share Capital 200.00 200.00 200.00

co-founder at investment firm Conrad Sangma, could not 7. Reserves (excluding Revaluation Reserve) N/A N/A (14,420.04)

First Water Capital. A mix arrive at a consensus on the val- 8. Securities Premium Account N/A N/A -

between younger board mem- uation on which tax should 9. Net worth - - (14,220.04)
bers who can bring fresh per- apply. 10. Paid up Debt Capital/ Outstanding Debt N/A N/A 95,640.12
spective and older ones who Sources said that although 11. Outstanding Redeemable Preference Shares N/A N/A N/A
have the experience of dealing the panel agreed to tax the sup- 12. Debt Equity Ratio - - (6.73)
with shareholders and manag- ply of actionable claims at 28 13. Earnings Per Share (of Rs. 10/- each) (for continuing and discontinued operaions)-
ing expansion plans as they per cent, it could not decide 1. Basic: (216.85) (215.77) (780.62)
evolve can help guide compa- whether the levy should be on 2. Diluted: (216.85) (215.77) (780.62)
nies better, according to him. the net amount (after removing 14. Capital Redemption Reserve N/A N/A N/A
“Experience really counts prize money) or gross gaming 15. Debenture Redemption Reserve - - -
for a lot,” he said. revenue (GGR). 16. - - -
SOLUTION TO #3891 Debt Service Coverage Ratio
The Securities and GGR is the total amount col-
Easy: Exchange Board of India (Sebi) lected by casinos and online
17. Interest Service Coverage Ratio - - -

«« had required companies to gaming companies before pay- # - Exceptional and/or Extraordinary items adjusted in the Statement of Profit and Loss in accordance with Ind AS Rules / AS Rules, whichever is applicable.

Solution seek shareholder approval for ing out money to winners. Notes:

those continuing as non-exec- In its first report, the GoM 1. The above is an extract of the detailed format of quarterly financial results filed with the Stock Exchanges under Regulation 52 of the Listing Regulations, were reveiwed and approved by the audit committee and
tomorrow utive directors (NEDs) beyond recommended that online Board of Directors at their respective meetings held on 07.02.2023.

HOW TO PLAY
Fill in the grid so
that every row, every
column and every
3x3 box contains
the digits 1 to 9
the age of 75, according to a
board decision.
“It is important to have an
upper age limit for NEDs to
ensure better productivity by
directors and therefore, the rec-
ommendation may be accept-
ed. It is also noted that the rec-
gaming activities should be 2. The full format of the quarterly financial results are available on the websites of the Stock Exchange i.e. ww.bseindia.com and the Company i.e. www.dbiapl.com
taxed at a flat 28 per cent on the 3. For the other line items referred in regulation 52(4) of the Listing Regulations, pertinent disclosures have been made to the Stock Exchange(s) (BSE Limited) and can be accessed on the URL i.e www.dbiapl.com
full value of consideration, 4. The impact on net profit / loss, total comprehensive income or any other relevant financial item(s) due to change(s) in accounting policies shall be disclosed by means of a footnote.
without making any distinc-
tion between games of skill and For and on behalf of the Board of Directors
games of chance. DBL Infra Assets Private Limited
Dilip Suryavanshi
Director
More on business-standard.com Place: Bhopal
DIN - 00039944
Date: 07.02 .2023

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 .
NEW DELHI | THURSDAY, 9 FEBRUARY 2023 5
<

“FORM NO. RSC-4”

Talbros Automotive Components Limited
CIN: L29199HR1956PLC033107
Regd. Office: 14/1, Delhi Mathura Road, Faridabad-121003 (Haryana)
Tel No.: 0129-2251482, Website: www.talbros.com, Email: seema_narang@talbros.com

EXTRACT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022 (Rs. in lacs)
Quarter ended Nine months ended Year ended
Particulars 31-Dec-22 30-Sep-22 31-Dec-21 31-Dec-22 31-Dec-21 31-Mar-22
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Total Income from Operations 15,966.10 16,217.33 15,048.68 47,651.33 43,500.59 58,491.39
Profit/(Loss) before exceptional Items and tax 1,726.61 1,646.30 1,429.41 4,886.74 3,949.78 5,636.27
Exceptional items – – – – – –
Profit/(Loss) before tax 1,726.61 1,646.30 1,429.41 4,886.74 3,949.78 5,636.27
Net Profit/(Loss) after tax 1,373.81 1,305.19 1,119.82 3,869.21 3,227.95 4,488.62
Total Comprehensive income/(loss) for the 1,174.96 1,560.18 1,585.19 4,154.27 4,092.56 5,806.06
period (Comprising profit after tax and other
comprehensive income after tax)
Paid-up equity share capital (face value of 1,234.56 1,234.56 1,234.56 1,234.56 1,234.56 1,234.56
Rs.10/- each)
Earning Per Share (of Rs. 10/- each)
(for the period - not annualised)
Basic (Rs.) 11.13 10.57 9.07 31.34 26.15 36.36
Diluted (Rs.) 11.13 10.57 9.07 31.34 26.15 36.36

EXTRACT OF UNAUDITED STANDALONE FINANCIAL RESULTS

FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022 (Rs. in lacs)
Quarter ended Nine months ended Year ended
Particulars 31-Dec-22 30-Sep-22 31-Dec-21 31-Dec-22 31-Dec-21 31-Mar-22
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Total Income from Operation 15,966.10 16,217.33 15,048.68 47,651.33 43,500.59 58,491.39
Profit/(Loss) before exceptional Items and tax 1,422.00 1,343.63 1,259.75 4,058.39 3,424.02 4,852.60
Profit/(Loss) before tax 1,422.00 1,343.63 1,259.75 4,058.39 3,424.02 4,852.60
Net Profit/(Loss) after tax 1,069.20 1,002.52 950.16 3,040.86 2,702.19 3,704.95
Notes:
1 The above is an extract of the detailed format of unaudited standalone/consolidated financial results for the quarter and
nine months ended December 31, 2022, filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing
Obligations & Disclosure Requirements) Regulations, 2015. The full format of the Unaudited Standalone and Consolidated
Financial Results for the quarter and nine months ended December 31, 2022 and notes thereto are available on the Stock
Exchange websites (www.nseindia.com & www.bseindia.com) and on Company’s website www.talbros.com.
2 The Unaudited financial results were recommended by the Audit Committee and approved by the Board of Directors at their
respective meetings held on February 08, 2023 and have undergone “Limited Review” by the Statutory Auditors of the
Company.
3 The Group has taken in to account the possible impact of COVID 19 pandemic in preparation of financial results of the
quarter and nine months ended December 31, 2022 including internal and external factors known to the management up to
the date of approval of these results, to assess and finalise the carrying amount of its assets and liabilities. Accordingly, as
on date, no material impact is anticipated in the aforesaid carrying amounts. The impact of COVID 19 on the Group’s
financial statements in future may differ from that estimated as at the date of approval of these Financial Results.
4 The comparative figures have been regrouped/reclassified, wherever necessary to make them comparable with current
period.
for Talbros Automotive Components Limited
Sd/-
Anuj Talwar
Date : February 08, 2023 Joint Managing Director
Place : Gurugram DIN : 00628063

27OC
world

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 6 MONETARY POLICY REVIEW
DINESH KHARA, chairman, SBI
“THE PROPOSAL TO ADDRESS THE ISSUE
OF PENAL CHARGES ON SERVICES WILL
BRING A RULE-BASED REGULATION.
THE INITIATIVES ON CLIMATE RISK WILL
IMPROVE COMPLIANCE”
INFLATION STILL ENEMY NO. 1
MONETARY
POLICY
DESPITE 6 STRAIGHT HIKES...
No rate pause
in sight, bond
yields harden
BHASKAR DUTTA
Mumbai, 8 February
T
raders of government bonds
were not surprised when the
Reserve Bank of India (RBI)
announced a sixth consecutive increase
in the repo rate on Wednesday. What
did dampen the market’s spirits,
however, was the lack of a concrete sign
from the central bank that it would
pause rate hikes going ahead. The RBI’s
Monetary Policy Committee raised the
repo rate by 25 basis points to a four-
year high of 6.5 per cent on Wednesday.
The size of the rate hike was the small-
est in the RBI’s current rate-hike cycle,
which began in May 2022.
While the slower pace of rate hikes
does show the RBI’s acknowledgement
of inflation having eased back into its
tolerance band of 2-6 per cent, the cen-
tral bank’s language on Wednesday
showed that it was not taking its foot off
the pedal as far as inflation was con-
cerned, particularly core inflation.
The market’s hopes of a policy pivot
were based on the premise of India’s
GDP growth slowing in response to
global economic weakness and the sharp
rate hikes delivered by the RBI over the
last nine months. As traders took stock
of the RBI’s renewed concern on infla-
tion, yield on the 10-year benchmark
bond rose 3 basis points to close at 7.34
per cent. Bond prices and yields move
inversely. RBI Governor Shaktikanta Das
emphasised that the central bank
needed to see a decisive moderation in
inflation, that core inflation remained
sticky and that the economy was show-
ing resilience. The RBI’s forecasts also
show that CPI inflation is seen remain-
ing at or above 5 per cent all through the
next financial year. The RBI’s inflation
target is 4 per cent.
“The policy tone was more hawkish
than what most market participants had
expected as the RBI recognised that they
are still away from achieving their objec-
tive of durable disinflation,” HDFC Bank
Treasury Research wrote.
“Going forward, the central bank is
likely to become more data dependent,
and this does not rule out another rate
hike in the upcoming policy. We expect
the 10-year paper to trade between 7.30
per cent and 7.35 per cent in the near-
term,” they wrote.
With the RBI making it clear that its
stance of withdrawal of accommodation
was linked to the prevailing liquidity sur-
plus in the banking system, traders
‘Moderating pace of hikes gives room to assess impact’
RBI Governor SHAKTIKANTA DAS and Deputy Governors MICHAEL PATRA, M K JAIN, M RAJESHWAR RAO and T RABI SANKAR, speak to the media on various issues after the rate hike. Edited excerpts:
What is the reason behind
forecasting inflation at 5.6 per
cent in Q4FY24?
PATRA: The average inflation is
expected to be lower in 2023-24
than in 2022-23. The forecast for
H2FY24 is high because of the
base effect of this year.
DAS: The MPC decision is a
majority decision. In the current
tightening cycle, especially with
regard to rates, we have refrained
from giving forward guidance.
Because it may become
counterproductive. We have
said that we will be
extremely watchful of the
incoming data as well as the
outlook on inflation, and what is
happening in the overall economy.
How long can banks continue to
have a large gap between credit
and deposit growth?
PATRA: The difference has
narrowed but there is still a
difference and it is really up to the
banks to mobilise deposits and
make up the gap. They are doing so
through certificate of deposits and
“WE ARE JUMPING THE GUN TALKING ABOUT OMOs AT THIS POINT IN
TIME. THERE IS ADEQUATE DEMAND, MARKETS ARE DEEP ENOUGH”
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TRACKING THE TREND
India G-sec 10-year yield (%)
7.34
7.21
Dec 1,’22 Feb 8,’23
Note: The previous policy statement was released on
December 7 Source: Bloomberg
9 am–5 pm restored
as trading hours for
government bonds
The Reserve Bank of India has
restored the pre-pandemic trading
hours of 9 am to 5 pm for
government securities with effect
from February 13. At present, the
trading hours for government
bonds are from 9 am to 3:30 pm.
Trades in foreign currency and the
rupee, including foreign currency
derivatives, however, shall
continue to be conducted from
9 am to 3:30 pm.
expect the excess cash with banks to dry
up significantly over the next three to
four months.
The redemptions of ~75,000 crore
worth of pandemic-era long-term repo
operations in 2023 will significantly
reduce the surplus liquidity, with a large
portion of the maturities lined up in the
next few months, traders said.
From now till the end of the current
financial year, the bond market is not
expected to witness much volatility as
the central government’s borrowing pro-
gramme is set to end on February 24.
“Early days on handling the supply.
I feel that in the second half of the next
financial year, the RBI will need to come
in to help the market with the borrowing
programme. They will wait it out in the
first half and see how it unfolds,” PNB
Gilts MD-CEO Vikas Goel said.
More on business-standard.com
reducing their non-SLR
investments but they need to
mobilise deposits on their own to
meet the gap.
JAIN: There is an increase in the
deposit side also. The credit
deposit (CD) ratio for the banking
sector has increased a little bit but
the liquidity coverage ratio is at a
comfortable level, much higher
than the regulatory requirement.
What will guide your
decision to pause?
PATRA: We have nudged
the real rate into positive
territory. Its level will be
decided by the evolving
macroeconomic configurations.
So, it is not necessarily guided
by pre-pandemic levels, but
by the evolving growth and
inflation trajectory.
Is 6.4 per cent GDP growth
for FY24 an achievable target,
given the external risks?
PATRA: We recognise that the
global situation may result in the
NEW DELHI | THURSDAY, 9 FEBRUARY 2023
ZARIN DARUWALA, CEO, StanChart Bank India ASHU KHULLAR, CEO, Citi India
“RBI’S CONFIDENCE IN THE “THE RATE HIKE IS IN LINE WITH MARKET
INDIAN ECONOMY CAME EXPECTATIONS AND THE REGULATOR, RIGHTLY
THROUGH AS IT REVISED ITS H1 SO, WILL CONTINUE TO KEEP AN EYE ON
2023-24 GROWTH ESTIMATE INFLATION AS INDIA’S MID-TO-LONG TERM
UPWARDS TO 7%” OPPORTUNITIES REMAIN INTACT”
RBI Governor Shaktikanta Das-led Monetary Policy Committee’s decision to raise
repo rate by 25 bps saw the most divided voting for the current MPC. The central bank
also kept its barrel loaded for future rate hikes, belying market expectations
IMPROVING PRICE DISCOVERY
RBI to permit lending, borrowing of gilts
be a fair price discovery. Insurance nificant price variation.
BHASKAR DUTTA
ILLUSTRATION: BINAY SINHA
Mumbai, 8 February companies are sitting on a huge On several occasions, those
amount of securities. If they were looking to buy bonds in the repo
The Reserve Bank of India (RBI) not lending, price discovery will market had to accept rates as low
said on Wednesday that it pro- be difficult,” he said. as 0 per cent, reflecting the des-
posed to permit lending and
borrowing of government secu-
rities, a move that will augment
the existing market for special
According to traders, the bond
market had, for quite some time,
requested certain steps to increase
participation in security lending.
peration to purchase securities.
“This will also imply that
dependency on banks to provide
G-sec in repo for shorting stock
repo transactions. Requests had been made follow- will reduce,” said Madhavi Arora,
“The system is expected to ing sporadic instances of signifi- lead economist at Emkay Global
facilitate wider participation in the cant market volatility caused by Financial Services.
securities lending market by scarcity of securities in the exist- While the RBI’s step will
7.45 providing investors an avenue to ing repo market. The repo market improve price discovery of sover-
deploy idle securities and enhance The bond market had for some time requested steps to increase is hosted on the Clearing eign bonds, which are the bench-
7.40 portfolio returns. Draft directions participation in security lending following sporadic instances of Corporation of India’s Clearcorp marks for pricing other credit pro-
will be issued separately for significant market volatility due to scarcity of securities Repo Order Matching System. ducts in the economy, it is unlikely
7.35 stakeholder comments,” the “It was a long-standing to improve demand-supply
RBI said in its statement on regu- discovery, he said. into a repo transaction but they demand from the market. If dynamics in the bond market,
7.30 latory and development policies At present, life insurance com- can enter into a lending and bor- there’s an asset where buyers have traders said. It could, however,
on Wednesday. panies are among the largest rowing transaction. Repo transac- an additional advantage and provide a small boost to insurers
7.25 In a press briefing after the holders of government securities, tions are not allowed because it sellers are disadvantaged, then the by giving them an avenue for fees.
announcement of the monetary which are considered to be risk- becomes a leverage on the asset price of that asset will not be a fair “Once framework is in place, this
7.20 policy statement, RBI Deputy free assets. but lending and borrowing can one,” a trader said on condition of move could allow some fees to be
Governor T Rabi Sankar said the Market participants said fol- now be done,” Naveen Singh, head anonymity. The lack of sufficient earned by life insurers by becom-
move was linked with lending and lowing the RBI’s announcement of trading at ICICI Securities bonds in the repo market had ing lenders of G-sec. However,
borrowing of government bonds on Wednesday, further formalisa- Primary Dealership, said. resulted in what traders referred given the supply demand
by insurance companies. Given tion will be required by Sebi and “Essentially what it means is to as a “short-squeeze”, compel- dynamics, it could be a very mar-
that insurers are large holders of the IRDAI. that at the time of price discovery, ling traders who had taken short ginal number and not a material
government bonds, the step will “According to IRDAI and other there are enough opportunities. If positions to square off those bets driver of earnings for life insurers,”
add liquidity, efficiency and price institutions, insurers can’t enter somebody wants to sell, there can in the secondary market at a sig- Arora said.
DIGITAL BOOST
COMMENT
Retail CBDC clocks over
RBI’s approach
750,000 transactions to help set stage
SUBRATA PANDA
Mumbai, 8 February
amount is not that significant,”
said T Rabi Sankar, deputy gov-
ernor, at the post-monetary pol-
and merchants. We will go about
it slowly.” “As I have told earlier,
we don’t want to do something
for a soft landing
The Reserve Bank of India’s icy press conference. without actually understanding has come from volatile food
(RBI’s) retail Central Bank Digital He stressed on the fact that the what the possible impact is and prices, and core CPI appears
Currency (CBDC) pilot has so central bank is taking a measured if that impact can be managed,” to be quite persistent, we
far generated about 770,000 approach when it comes to retail he added. believe inflation will settle in
transactions, with a user base CBDC. “We want the process to The RBI launched the pilot the 4-5 per cent range, rather
of 50,000 customers and 5,000 happen gradually and slowly. We project for retail CBDC on than the 5-6 per cent range.
merchants, the central bank said are in no hurry to make some- December 1 last year. Eight banks This is without expecting
on Wednesday. thing happen very quickly. We are participating in the retail pilot retail oil prices to come
It is looking to expand have our targets in terms of users project, including State Bank of down, and is driven by
the scope of the pilot by including India, ICICI Bank, YES Bank, expectations of input costs
nine more cities into the
fold from the current
IDFC First Bank, Bank of Baroda,
Union Bank of India, HDFC Bank,
RAHUL BAJORIA and growth slowly
moderating, which should
five cities where and Kotak Mahindra Bank. With the government’s help relieve upward pressure
the pilot is being The retail CBDC is in the Budget being mostly as on output prices. The
undertaken. form of a digital token expected, the RBI, too, has RBI has rightly chosen to
Further, five more banks that represents stayed with the theme, with wait and see inflationary
will be roped in for pilot runs and legal tender. It is another, albeit smaller, rate trends if outturns move
eventually it will be extended to being issued in the hike. However, while this lower, and will want to see a
all banks in the system. Currently, same denominations as the rate increase was expected, reduction in the persistence
eight banks are participating in The RBI is looking to paper currency and coins and dis- it was the hawkish tenor of of core CPI inflation, which
the pilot. expand the scope of tributed through financial inter- Governor Shaktikanta Das has remained relatively
“Total number of transactions the pilot by including mediaries, i.e., the banks. that may have surprised the sticky despite the fall in
… is around 770,000 till about a nine more cities into Transactions can be both person market. He reiterated that prices of domestic food and
few days ago. But these are small the fold from the to person (P2P) and person to the RBI’s most urgent imported commodities.
value transactions, so the current five merchant (P2M). priority is taking inflation This is perhaps also the
back to 4 per cent. reason why we are
The caution around witnessing increasing
inflation risks is variance within the MPC, as
understandable. Through the relative concern around
2021 and 2022, the RBI had to price stickiness, and the
face significantly higher lagged and variable pass-
inflation than its mandate, through of the rapid
precipitating its most rapid monetary tightening seem
monetary tightening since to be sticking points for
But we will be responsive to the new monetary some members of the MPC.
PHOTO: PTI
the needs of the productive framework was introduced This is sensible because
sectors of the economy so far as in the early 2000s. expectations of an economic
liquidity is concerned. Further, there appears to slowdown are still baked in
be no real sense of an even though economic data,
Is core inflation holding you economic slowdown, with both globally and in India, is
back on any indication of pause the global economic holding up.
in the future? backdrop showing signs of The RBI’s caution on
DAS: At this point of time, a 25-bp improvement, and domestic inflation and its relatively
hike was considered appropriate, consumption momentum hawkish position
taking into account the mix of appearing robust. demonstrate its steadfast
factors. Since we have moderated Further, central banks commitment to achieving
the pace of hikes, this gives us room globally have continued to the inflation target of 4 per
to assess the impact of actions carry on tightening cent. But they do not
undertaken so far. So, we will monetary conditions. This preclude the RBI pausing if
continue to assess that and take an means that there is still that target is achieved faster
next exports becoming a drag on ~7-8 trillion. Now, the average daily appropriate call, going forward. almost a global consensus than the RBI itself currently
our growth. And, therefore, in Liquidity Adjustment Facility towards higher interest expects. As such, we believe
2023-24 relative to 2022-23, there is (LAF) is around ~1.6 trillion. During Will you be able to manage the rates. This also means that the need for higher rates is
a deceleration from 7 per cent to 6.4 this period, on two occasions, we government’s record borrowing the RBI would be generally dissipating rapidly, because
per cent. As of now, given the undertook variable rate repo programme effectively? looking at a higher cost of inflation appears set to fall to
current projections of world trade operations for short periods when SANKAR: The market borrowing risk-free capital, which, around 5 per cent by March
and world output by international there was some stress in the last year was considered high while not critical for 2023, and closer to 4 per cent
agencies, it is achievable. liquidity situation. The Liquidity but it was managed smoothly domestic funding, can by June 2023, barring any
Coverage Ratio (LCR) of the banks and it will be managed smoothly influence behaviour of unexpected shocks.
Are you looking at some is quite a bit more than what the this year also. We are jumping the capital inflows, thus putting Thus, the RBI’s prudent
level of liquidity before it norms prescribe. So, they have that gun talking about OMOs a premium on financing approach, aided by the
starts normalising? much more liquidity to support (Open Market Operations) at current account deficits. more benign global
DAS: In the beginning of this their lending. And the CD ratios are this point in time. There is However, there are backdrop, should help to set
financial year, liquidity was around at reasonable levels. So, there is a adequate demand, markets reasons to be optimistic. The the scene for a soft landing
lot of capacity with the banks to are deep enough. So, we are RBI’s forecasts appear very later in 2023.
continue with their lending fairly confident that there conservative, particularly on
operations. It’s difficult for me to would not be any problem in inflation. While it is correct The writer is MD & head
give out a number and it will mobilising government that the bulk of the recent
depend on the evolving situation. borrowing this year. downward shift in inflation
of EM Asia (ex-China)
Economics, Barclays
 .
NEW DELHI | THURSDAY, 9 FEBRUARY 2023 MONETARY POLICY REVIEW 7 <

ADANI GROUP SAGA CROSS-BORDER PAYMENTS PUSH

Companies get bank loans based G20 travellers can

use UPI at select
on fundamentals, not m-cap: Das Indian airports
Exposure of domestic banks against shares of Adani group insignificant, says Deputy Governor Jain
SUBRATA PANDA management committees. We have now
RBI to pilot QR code-based coin vending
Mumbai, 8 February made it mandatory for banks to appoint
chief risk officers and chief compliance
machines in 12 cities, 19 locations
WE HAVE MADE OUR OWN
I
ndian banks lend money to business officers. And, through our regulations, SUBRATA PANDA In Calendar 2022, the UPI processed
houses not based on their market cap- ASSESSMENT. THE LARGE we have given the desired level of auton- Mumbai, 8 February over 74 billion transactions at ~125.94 tril-
italisation (m-cap) but on parameters omy to these officers with regard to their lion, reveals NPCI. In 2021, the platform
that depict the fundamentals of the busi- EXPOSURE FRAMEWORK functioning in the bank. In the last two The Reserve Bank of India (RBI) intends processed over 38 billion transactions,
ness, said Reserve Bank of India (RBI)
Governor Shaktikanta Das on Wednesday.
OF RBI IS FULLY COMPLIED years, we have also rationalised the large
exposure framework norms.”
to provide travellers to India access to the worth ~71.54 trillion.
Unified Payments Interface (UPI) to make The RBI is also preparing a pilot proj-
He did not name the Adani Group, WITH BY ALL BANKS. THE “The Indian banking and NBFC sec- merchant payments while they are in the ect on quick response code-based coin
which witnessed a rout in its share prices
following a US-based research firm’s
STRENGTH, SIZE, AND tors continue to be resilient and strong,”
he added.
country. This comes close on the heels of vending machines (QCVMs) in collabo-
the central bank allowing non-resident ration with banks to improve the distri-
report, resulting in many questioning the RESILIENCE OF THE INDIAN Last week, the RBI came out with a Indians with international mobile phone bution of coins among people.
safety of Indian banks’ exposure to
this group.
BANKING SYSTEM IS MUCH statement saying the banking sector
remained resilient in terms of its assess-
numbers access to the
instant real-time pay-
Initially, the pilot
project will be rolled
“We have made our own assessment. LARGER AND STRONGER ment and bank exposures to companies ment system devel- THE UPI SURGE out at 19 locations in 12
The large exposure framework of RBI is were well within norms. oped by the National No. of transactions (In mn) cities. QCVMs will be
fully complied with by all the banks. The
TO BE AFFECTED BY AN According to reports, the banking sec- Payments Corporation installed at public
10,000
strength, size, and resilience of the Indian INDIVIDUAL CASE LIKE tor had an exposure of around ~80,000 of India (NPCI) by link- 8,036.89 places, such as railway
banking system is much larger and crore to Adani Group companies. And, the ing it to their non-resi- 8,000 stations, shopping
stronger to be affected by an individual
THIS... I REITERATE THAT country’s largest lender — State Bank of dential external/non- malls, and market-
6,000
case like this,” said the RBI Governor THE BANKING SYSTEM India (SBI) — is leading the pack with resident ordinary
4,000
places, to enhance the
at the post monetary policy ~27,000 crore. accounts. ease and accessibility.
press conference. IS STABLE AND “According to the RBI’s current assess- To begin with, this 2,000 Based on the learnings
The governor clarified that the doubts REMAINS STRONG ment, various parameters relating to cap- facility will be extend- 0.09
0
from the pilot pro-
in the mind of people are stemming from ital adequacy, asset quality, liquidity, pro- ed to travellers from grammes, guidelines
the rout in the Adani Group shares last SHAKTIKANTA DAS vision coverage and profitability are the Group of Twenty July 16,’22 Jan 23,’23 will be issued to banks
week, resulting in a steep decline of their RBI GOVERNOR healthy. Banks are also in compliance with nations, arriving at to promote better dis-
market capitalisation. the Large Exposure Framework (LEF) select international air- Value of transactions ( In ~crore) tribution of coins using
“When banks lend money to a com- guidelines issued by the RBI,” the apex ports. This facility will 1,500,000 QCVMs, said the RBI.
pany or a group of companies, they do bank’s statement said. soon be enabled across 1,298,726.62 1,200,000 The QCVM will be a
not lend based on the market capitali- Supplementing the Governor’s com- The governor further added that the Meanwhile, honchos of large banks other entry points, said cashless coin dispensa-
sation of that company. They lend on ments, M K Jain, Deputy Governor, RBI, central bank — in the past few years — have come out with statements saying the RBI. 900,000 tion machine handing
the basis of the strength of the company, said, “Our domestic banks’ exposures are has taken numerous steps to improve the they are comfortable with their expo- UPI has become a 600,000 out coins against a debit
its fundamentals and their analysis of against the underlying assets, the oper- resilience and governance of banks. sures to the group. They do not see any ubiquitous payment to the customer’s bank
the projects, the anticipated cash flows, ating cash flows, and the projects under He added, “In the last three-four concerns relating to repayments so far. instrument as regards
300,000 account using UPI. The
0.38
and many other appraisal methods. The implementation. And, not based on the years, the RBI has taken a number of The loans are backed by tangible assets retail digital payments. 0 supply of coins is very
appraisal processes of banks have sig- m-cap. The exposure as of now is not steps to strengthen the resilience of and cash flow, and the bank has not Allowing access to trav- July 16,’22 Jan 23,’23 high, but needs storage
nificantly improved over the years. So, very significant across all banks and banks. We have come out with regular extended any loans against shares, SBI ellers will not only add space. Nonetheless
Sources: NPCI & RBI
I would reiterate that the banking sys- NBFCs (non-banking financial compa- guidelines to regulate the governance in chairman Dinesh Khara had said during to the volume of trans- there is demand in
tem is stable and continues to be nies). The exposure against the shares Indian banks. We have issued guidelines a media interaction while announcing actions on UPI but also pockets. One way of
strong,” Das said. of the domestic banks is insignificant.” on the functioning of audit and risk the October-December earnings. make it easier for tourists to make pay- increasing their absorption is to make
ments and reduce their dependence them available where there is demand, said
on cash. RBI Deputy Governor T Rabi Sankar. “We
IN BRIEF YOUR MONEY “This is a great move to scale up the earlier had coin vending machines placed
use of digital payments in India, as well strategically at marketplaces. But the cur-
as improve their payment experience,” rency being fed into these machines was
‘Ministry seeks removal Prepay 5% of home loan a said Rajsri Rengan, head of banking and often found to be counterfeit. We are scrap-
payments, India and Philippines, FIS. ping the function of feeding currency.

of apps not operated by UPI transactions touched a record Since we have UPI, customers can transfer
high of 8.03 billion transactions in money from their bank account and with-

RBI-regulated entities’ year to tackle rising rates January, adding up to ~12.98 trillion. draw change,” said Sankar.

SUBRATA PANDA deputy governor, RBI, said, Lock into 12-15-month FDs; special-term FDs and those GROWTH OPTIMISM
Mumbai, 8 February “We have not suggested ban-
ning any digital lending apps.
from SFBs are other good options
The Reserve Bank of
India (RBI) did
not suggest
We have shared the list
of apps which are
used by the enti- TOTAL INTEREST PAYABLE MORE THAN DOUBLES IF EMI STAYS CONSTANT 11.7% nominal GDP
growth forecast more
banning of ties regulated by Calculations for ~50-lakh principal, 180-month tenor; and 7% interest rate at start of rate-hike cycle
any digital RBI with the
lending app, ministry. The Interest rate EMI (~) Total interest New tenor if EMI New interest
but gave the ministry, I think, In % payable (~lakh) stays same (mth) payable (~lakh)
government a
list of apps that
entities regulat-
has asked the
play stores to
remove apps not
7
7.40
7.90
44,941
46,067
47,494
30.89
32.92
35.49
180
188 34.60
-

201 40.32
than Budget estimate
ed by it use for operated by regulated
their lending activities, entities of the RBI.” 8.40 48,944 38.10 216 47.13 INDIVJAL DHASMANA jections. For instance, HDFC Bank in a
the central bank clarified on “We asked the NBFCs to 8.90 50,416 40.75 236 56.06 New Delhi, 8 February note said,” We see a high chance of this
Wednesday after the Ministry give us a list of apps they use 9.25 51,460 42.63 254 64.13 forecast (economic growth of 6.4 per
of Electronics and for lending purposes. We The government appears to be far more cent) being revised down going forward.
9.50 52,211 43.44 270 71.30
Information Technology have given that list to the gov- conservative than the monetary policy We expect GDP growth at 5.8-6 per cent
(MeitY) began the exercise of ernment. And, the govern- This is an illustrative example Source: BankBazaar committee (MPC) of the Reserve Bank of in FY'24."
block scores of digital lending ment has taken this step India (RBI) in its projection of nominal MPC assessed that external and inter-
apps and websites. based on the list that we have SANJAY KUMAR SINGH as the latter option can raise cumulative interest cost economic growth for 2023-24, on the basis nal economic developments will lead to
Commenting on the develop- provided,” said RBI Governor significantly. of which major figures such as taxes and more economic growth and less inflation
ment, M Rajeshwar Rao, Shaktikanta Das. The Reserve Bank of India (RBI) hiked the repo rate The best way to control rising borrowing costs is fiscal deficit are estimated in the Budget. than projected in the previous policy.
by 25 basis points in its monetary policy review of to pre-pay. “Try to pre-pay 5 per cent of your principal The MPC, at its meeting that conclud- As such, the committee projected the
February 8. This rate now stands at 6.5 per cent. every year. This is quite feasible. In a 20-year loan, ed on Wednesday, pegged the nominal consumer price index-based inflation
Most experts believe we have reached the termi- this will bring down your tenor by almost seven GDP growth rate at 11.7 per cent for the rate to be 6.5 per cent for the current
Guidelines on Rules on loan nal rate in the current rate-hike cycle. But there are
a few caveats. R Sivakumar, head-fixed income, Axis
years,” says Adhil Shetty, CEO, BankBazaar.com.
If your credit score has improved, opt for a home
year. Though RBI’s panel did not give
nominal GDP growth, it pegged real eco-
financial year and 5.7 per cent for the
fourth quarter from earlier forecasts of
climate risk, default, delay Mutual Fund, says, “While we believe we are at the
peak of policy rates, inflation and US Federal Reserve
loan balance transfer. “Your improved profile may
have made you eligible to transfer to another lender
nomic growth at 6.4 per cent and retail
price inflation at 5.3 per cent. On the other
6.7 per cent and 5.9 per cent respective-
ly.

sustainable penalty to action can be wild cards.”

Expectations of a change in policy stance to neu-
at a lower rate,” says Kukreja. hand, the Budget assumed nominal GDP
growth at 10.5 per cent, to
In fact, a key assumption also under-

New borrowers: Go for it if you can

finance
Based on
analysis of
feedback
received
on a July
2022 dis-
cussion
paper on Climate
Risk and Sustainable
Finance, the Reserve Bank of
India (RBI) has issued guide-
lines to regulated entities.
The guidelines consist of a
broad framework for accept-
ance of green deposits, dis-
closure frameworks on cli-
mate-related financial risks
and guidance on climate sce-
nario analysis and stress test-
ing, the RBI said on
Wednesday. BS REPORTER
> FROM PAGE 1
Rate hikes...
“Liquidity remains in surplus,
with an average daily absorption
of ~1.6 trillion under the LAF (liq-
uidity adjustment facility) in
January 2023. The overall mon-
etary conditions, therefore,
remain accommodative and,
hence, the MPC decided to
remain focused on withdrawal
of accommodation,” he said.
The MPC projected con-
be framed
The Reserve
Bank of India
(RBI) has
said any
penalty for
delay or
default in serv-
icing of a loan
should be met with penal
charges in a transparent
manner but not with penal
interest rate, which is often
added to the rate of interest
being charged on the
advances.
The central bank also said
the penal charges would be
recovered from the borrower
separately and not added to
the outstanding principal
amount. BS REPORTER
sumer price index (CPI)-based
inflation for financial year 2023-
24 (FY24) at 5.3 per cent. The
inflation projection for the cur-
rent financial year was lowered
slightly to 6.5 per cent from 6.7
per cent. Real GDP growth for
FY24 was projected at 6.4 per
cent. The yield on the 10-year
benchmark government paper
rose by 3 bps as there was no
indication of a pause in interest
rate increases.
“As in Test cricket, the key
question is whether the RBI is
now set to declare the innings on
tral didn’t materialise. The policy statement also did-
n’t mention a pause, indicating caution on the RBI’s Those who take a home loan now will enter at (per-
~301.75 trillion for FY24,
from ~273.08 trillion for
part. haps) peak rates. The silver lining is that the inter- the current financial year
“The RBI governor made references to sticky core est-rate cycle will turn eventually, say, in a year or in the first advance esti-
inflation again in this review, as he had done in the two. New borrowers will hence repay a good part of mates. Though the budg-
previous one,” says Joydeep Sen, corporate trainer their loans at lower rates. “By making a few planned et did not give a break up
(debt markets) and author. He adds that while fur- pre-payments in a lower-rate scenario, new borrow- of this into real economic
ther rate hikes look unlikely, the RBI has retained ers will be able to bring down their borrowing cost growth and inflation,
the option to carry them out if required. significantly,” says Shetty. finance ministry officials
Experts expect rates to remain elevated for some said the former is taken at
time. “Given that the projection of CPI inflation for FDs: Lock-in for 12-15 months 6.5 per cent, the latter at 4 GDP GROWTH AT CURRENT PRICES (in%)
next year remains above the 5 per cent level (much Shetty suggests locking in rates for 12-15 months. per cent.
above the 4 per cent target), the chance of a rate cut “Rates will probably be at the peak at the end of this If MPC’s projections 2018-19 10.6
looks remote,” says Murthy Nagarajan, head, fixed period,” he says. If you get good returns in special- hold good, various figures 2019-20 6.2
income, Tata Mutual Fund. rate FDs (for terms like 400 or 730 days), go for them in the Budget would
now. Compare FD rates among as many banks as change when the revised 2020-21 -1.4
Existing borrowers must prepay possible. “Currently, small finance banks (SFBs) and estimates are worked out. 2021-22 19.5
Existing borrowers should be prepared for their some private-sector banks are offering the highest For instance, the Budget
equated monthly instalments (EMIs) to rise. “Loan FD slab rates of 7.5 per cent per annum or above,” projected almost the same 2022-23* 15.4
term extensions have been exhausted for most bor- says Kukreja. But make sure your total deposits in a growth for tax receipts, at 2023-24** 10.5
rowers,” says Anuj Sharma, chief operations officer, bank don’t exceed ~5 lakh (the limit under the 10.44 per cent, as was tak-
IMGC. Naveen Kukreja, chief executive officer (CEO) Deposit Insurance Scheme). en for nominal GDP. 2023-24*** 11.7
& co-founder, Paisabazaar, says opting for an increase Even this tax revenue Sources: MoSPI, MPC, and Budget for 2023-24; Note: *First Advance
in EMI is better than allowing your tenor to balloon More on business-standard.com growth was seen as con- Estimates, **Budget assumption, ***Derived from MPC projections
servative, as there would
be buoyancy of tax rev-
enues too. But at the very least, tax rev- went a change. The MPC had, in
its rate hike cycle,” said indicate when it would change linked to the repo rate. The cen- enues should grow by 11.7 per cent if MPC December, assumed the Indian crude
Aurodeep Nandi, India econo- its stance, market participants tral bank expects banks to projections come true. basket to be $100 a barrel on an average.
mist at Nomura. “As such, the believe this would depend on the increase deposit rates, too, to At 11.7 per cent, taxes would yield Now the projections are based on $95 bil-
RBI governor’s communication
struck a somewhat hawkish
liquidity situation. “Our view is
that the RBI will move to 'neutral'
meet credit demand.
“The difference [between
~33.99 trillion instead of ~33.61 trillion pro- lion a barrel. This price has been less
jected in the Budget. than $90 billion a barrel since October.
note, flagging concerns on high stance in the April policy,” said credit and deposit growth] has Together with taxes, various other It stood at $80.76 till 7 February. The aver-
core inflation, projecting head- Suyash Choudhary, head of fixed narrowed, but there is still a dif- ratios such as fiscal deficit would also age price had stood at $80.92 in January.
line inflation at 5.3 per cent for income at IDFC AMC. ference, and it is really up to the change. Even when assuming that expen- MPC projected inflation to be 5.3 per cent
FY24, projecting confidence on “The real rate will progres- banks to mobilise deposits and diture will rise proportionately with tax for the next financial year under the
growth, and flagging that mone- sively increase without further make up the gap. They are doing receipts and fiscal deficit will remain at assumption of normal monsoon. It had
tary policy conditions are still change in nominal policy rates so through certificate of deposits ~17.87 trillion, projected in the Budget for not projected the full year inflation in
not as tight as pre-pandemic lev- since projected inflation contin- and reducing their non-SLR 2023-24, the gap between the expenditure the previous policy. However, it retained
els – which doesn’t bolt the door ues to fall,” Choudhary said. investments, but they need to and receipts of the government would be projections for Q1 at 5 per cent and Q2 at
completely on further tighten- The rate hike will make loan mobilise deposits on their own 5.8 per cent instead of 5.9 per cent given 5.4 per cent. Inflation for Q3 and Q4 were
ing,” Nandi said. rates dearer as around 40 per to meet the gap,” RBI Deputy in the Budget. pegged at 5.4 per cent and 5.6 per cent,
Though the MPC did not cent of banks’ lending rates are Governor Michael Patra said. Not everyone agrees with MPC's pro- respectively.

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NEW DELHI | THURSDAY, 9 FEBRUARY 2023 1

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<

HCL INFOSYSTEMS LIMITED CIN: L72200DL1986PLC023955

Regd. Off.: 806, Siddharth, 96 Nehru Place, New Delhi 110 019.
Corp. Off.: A-11, First Floor, Sector -3 Noida, UP 201301.
Phone number: +91 120 2520977, 2526518-19; Fax: +91 120 2523791
Website: www.hclinfosystems.in; Email ID: cosec@hcl.com
UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED DECEMBER 31, 2022 (Rs. In Lakhs)
Sl. Quarter Nine months Quarter
No. Particulars ended period ended ended
31-Dec-2022 31-Dec-2022 31-Dec-2021
(Unaudited) (Unaudited) (Unaudited)
1. Total income from operations 1,111 3,874 1,486
2. Net Profit / (Loss) for the period (before tax, Exceptional (1,307) (3,801) (1,472)
and/or Extraordinary items) from continuing operations
3. Net Profit/(Loss) for the period before tax (after exceptional (1,307) (3,314) (734)
and/or Extraordinary items) from continuing operations
4. Net Profit / (Loss) for the period after tax (after exceptional (1,307) (3,314) (734)
and/or Extraordinary items) from continuing operations
5. Net Profit/(Loss) for the period before tax (after exceptional – – –
and/or Extraordinary items) from discontinued operations
6. Net Profit / (Loss) for the period after tax (after exceptional – – –
and/or Extraordinary items) from discontinued operations,
including disposal
7. Net Profit / (Loss) for the period after tax (after exceptional (1,307) (3,314) (734)
and/or Extraordinary items)
8. Total comprehensive income for the period [comprising (1,271) (3,283) (734)
Profit / (Loss) for the period (after tax) and other
comprehensive income (after tax)]
9. Paid up equity share capital 6,584 6,584 6,584
10. Reserves (excluding Revaluation Reserve)
11. Earnings Per Share (of Rs. 2/- each)
(for continuing and discontinued operations) -
Basic : (0.40) (1.01) (0.22)
Diluted : (0.40) (1.01) (0.22)

Unaudited standalone financial results for the relevant periods are as follows (Rs. In Lakhs)
Quarter Nine months Quarter
PARTICULARS ended period ended ended
31-Dec-2022 31-Dec-2022 31-Dec-2021
(Unaudited) (Unaudited) (Unaudited)
Total income from operations 373 1,480 430
Net Profit /(Loss) for the period before tax and exceptional items (667) (2,033) (853)
Net Profit / (Loss) for the period before tax and after exceptional (1,272) (3,279) (719)
items
Profit /(Loss) after tax and after exceptional items (1,272) (3,279) (719)
Total comprehensive income for the period [comprising Profit / (1,272) (3,279) (719)
(Loss) for the period (after tax) and other comprehensive
income (after tax)]
Notes : -
1). After recommendation by the Audit Committee, these results have been approved and taken on record by the Board of Directors at its
meeting held on February 08, 2023. The results have been subjected to a limited review by the statutory auditors.
2). The above is an extract of the detailed format of Quarterly/Nine months period Financial Results filed with the Stock Exchanges under
Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015. The full format of the consolidated and
standalone Quarterly/Nine months period Financial Results are available on the Stock Exchange websites (www.bseindia.com and
www.nseindia.com) and also available at the company’s website www.hclinfosystems.in.
By order of the Board
for HCL Infosystems Limited
Sd/-
Place : Noida Nikhil Sinha
Date : February 08, 2023 Chairperson

HCL INFOSYSTEMS
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 10
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NEW DELHI | THURSDAY, 9 FEBRUARY 2023 1
Notice cum Addendum to the Scheme Information Document (SID) and Key
Information Memorandum (KIM) of the Schemes of Sundaram Mutual Fund
REVISION OF PRODUCT LABELLING (‘RISK-O-METER’) OF SCHEMES OF SUNDARAM MUTUAL FUND
NOTICE is hereby given to the investors / unit holders that pursuant to SEBI circular no. SEBI/HO/IMD/DF3/CIR/P/2020/197
dated October 05, 2020 the Risk-o-meter of the schemes of Sundaram Mutual Fund (“the Fund”) shall stand revised as under.

Name of the Scheme Existing Risk-o-meter (Based on scheme Revised Risk-o-meter (Based on scheme
portfolio as on December 31, 2022) portfolio as on January 31, 2023)

Sundaram Overnight Fund

Investors understand that their principal will be at Investors understand that their principal will be at
Low Risk Low to Moderate Risk

Sundaram Money Market Fund

Investors understand that their principal will be at Investors understand that their principal will be at
Low Risk Low to Moderate Risk

Sundaram Ultra Short Duration Fund

Investors understand that their principal will be at Investors understand that their principal will be at
Moderate Risk Low to Moderate Risk

Sundaram Emerging Small Cap - Series I

Investors understand that their principal will be at Investors understand that their principal will be at
Low to Moderate Risk Low Risk

Sundaram Emerging Small Cap - Series II

Investors understand that their principal will be at Investors understand that their principal will be at
Moderate Risk Low to Moderate Risk

Sundaram Emerging Small Cap - Series III

Investors understand that their principal will be at Investors understand that their principal will be at
High Risk Moderately High Risk

Sundaram Emerging Small Cap - Series IV

Investors understand that their principal will be at Investors understand that their principal will be at
Very High Risk High Risk

Sundaram Debt Oriented Hybrid Fund

Investors understand that their principal will be at Investors understand that their principal will be at
Moderate Risk Moderately High Risk

Investors are requested to note that, apart from the change in the Risk-o-meters as stated above, there
is no other change in the scheme features including nature, investment objective, asset allocation
pattern, terms and conditions of the above-mentioned Schemes.
All other terms and conditions of the Scheme Information Document(s) / Key Information
Memorandum(s) / Statement of Additional Information will remain unchanged.
This addendum forms an integral part of the Scheme Information Document (SID) / Key Information
Memorandum (KIM) / Statement of Additional Information (SAI) to the schemes of Sundaram Mutual
Fund as amended from time to time.
For Sundaram Asset Management Company Ltd
Place: Chennai R Ajith Kumar
Date: February 09, 2023 Secretary & Compliance Officer
Corporate Office:
1st & 2nd Floor, Sundaram Towers, 46, Whites Road,
For more information please contact: Royapettah, Chennai-14.
Sundaram Asset Management Company Ltd Contact No. (India) 1860 425 7237,
HY2-22-23-11

(Investment Manager to Sundaram Mutual Fund) (NRI) +91 40 2345 2215 Fax: +91 44 2841 8108.
CIN: U93090TN1996PLC034615 www.sundarammutual.com
Regd. Office:
No. 21, Patullos Road, Chennai 600 002.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

CIN: L27107CT1988PLC004607
Regd. Office: Plot No. B/8-9, Sector C, Sarora, Urla Industrial Complex, Raipur 493 221 (C.G) Ph. +91-771-4910058, E-mail: cs@mahamayagroup.in Website: www.mahamayagroup.in
EXTRACT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2022 ( Rs.In Lakhs except per share data)
Standalone Consolidated
Sr. Quarter Ended Nine Months ended Year Ended Quarter Ended Nine Months ended Year Ended
Particulars
No. 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022 31.12.2022 30.09.2022 31.12.2021 31.12.2022 31.12.2021 31.03.2022
Unaudited Unaudited Unaudited Unaudited Unaudited Audited Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 Total Income From Operation 15,255.43 16,433.60 13,735.78 46,170.25 33,359.85 49,576.24 15,255.43 16,433.60 13,735.78 46,170.25 35,359.85 49,576.25
Net Profit /(Loss)for the period ( before Tax, Exceptional and/ or
2 158.13 103.03 150.44 420.82 335.59 492.12 158.13 103.03 150.44 420.82 335.59 492.13
Extraordinary items)
Net Profit /(Loss)for the period before Tax (after Exceptional and/ or
3 158.13 176.07 150.44 493.86 335.59 492.12 158.13 176.07 150.44 493.86 335.59 492.13
Extraordinary items)
Net Profit /(Loss)for the period after Tax (after Exceptional and/ or 112.79 127.20 100.23 355.08 219.71 314.67 170.65 138.10 198.28 422.72 315.08 489.64
4 Extraordinary items)
Total Comprehensive Income for the period [Comprising Profit/Loss)
5 for the period (after tax) and Other Comprehensive Income (after tax)] 112.79 127.20 100.23 355.08 219.71 335.69 170.65 138.10 198.28 422.72 315.08 510.66

6 Equity Share Capital (face value of Rs.10/- each) 1,643.44 1,643.44 1,477.04 1,643.44 1,477.04 1,643.44 1,643.44 1,643.44 1,477.04 1,643.44 1,477.04 1,643.44
7 Earninas per equity share (of Rs.5/- each) (Not annualised):
(1) Basic (Rs.) 0.69 0.77 0.68 2.16 1.49 2.13 1.04 0.84 1.34 2.57 2.13 3.31
(2) Diluted (Rs.) 0.69 0.77 0.68 2.16 1.49 2.13 1.04 0.84 1.34 2.57 2.13 3.31
NOTES : 1. The above is an Extract of the detailed format of results for quarter ended on 31st December, 2022 filed with the Stock Exchanges under Regulation-. 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of
2. the standalone/consolidated unaudited financial results for the quarter ended 31st December, 2022 are available on the website of the Stock Exchanges (www.bseindia.com & www.nseindia.com) and the Company's website (www.mahamayagroup.in).
3. Figures of the previous periods have been regrouped/ reclassified I restated wherever necessary.
The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on 7th February, 2023. For and on behalf of Board of Directors
sd/-
Place: Raipur Rajesh Agrawal (Managing Director)
Date: 07.02.2023 DIN: 00806417 Add: A-11/5. Sector-3, Udaya Society, Tatibandh Raipur - 492001 Chhattisgarh

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 .
NEW DELHI | THURSDAY, 9 FEBRUARY 2023 11 <

TP SOUTHERN ODISHA DISTRIBUTION LIMITED

(Procurement Department)
DBS Bank India Limited Call Center/Training Center, Duduma Colony,
Mumbai Branch: Ground Floor, Express Ambagada, Berhampur, Odisha-760001
Towers, Nariman Point, Mumbai 400021.
NOTICE INVITING TENDER Date: 09.02.2023
SALE OF NON – PERFORMING LOANS THROUGH E-AUCTION
TP Southern Odisha Distribution Limited (TPSODL) invites tender from eligible
(SWISS CHALLENGE METHOD)
vendors for following:
DBS Bank India Limited (DBS India) is in the process of conducting sale of exposure of
Tender Fee Last date and
Gonglu Agro Pvt. Ltd., Non-Performing Loans under the Swiss Challenge Method (SCM) Sl. EMD
Tender Description NIT Number inclusive of time of Payment
with a principal outstanding of INR 190.16M (Proposed Sale). The Proposed Sale will be No. (Rs.)
GST (Rs.) of Tender Fee
conducted in accordance with the Master Direction Reserve Bank of India (Transfer of Loan
Exposures) Directions, 2021, and applicable law. Rate Contract for Supply of Earth TPSODL/OT/ 17.02.2023
1. 50,000/- 5,000/-
DBS India invites Expression of Interest from eligible Scheduled Commercial Banks, Small Enhancement materials at TPSODL 2022-23/123 18:00 Hrs
Finance Banks, Asset Reconstruction Companies, Non-Banking Financial Companies and Rate Contract for Supply of TPSODL/OT/ 20.02.2023
All India Financial Institutions to participate in the Proposed Sale through a bid process, that 2. 2,00,000/- 5,000/-
Transformer Oil at TPSODL 2022-23/124 18:00 Hrs
will be conducted through an e-auction. Entities interested in participating in the bid process
may express their interest by submitting an "Expression of Interest". It may be noted that For detailed tender, please visit Tender Section on TPSODL website
entities interested in participating in the Proposed Sale are required to execute a https://www.tpsouthernodisha.com
Non-Disclosure Agreement.
For details on the eligibility to participate in the bid process and for submission of
Expression of Interest, please visit go.dbs.com/corpimportantannouncements.
Further, for any queries, DBS India can be contacted at pankajmaroo@dbs.com.
Place: Mumbai Issued by
Date: 09.02.2023 Authorised Officer
THE HI-TECH GEARS LIMITED
CIN: L29130HR1986PLC081555
Regd. Off. : Plot No. 24 - 26, IMT Manesar, Sector-7, Gurugram-122050, Haryana
Corp. Off. : Millennium Plaza, Tower-B, Sushant Lok-I, Sector-27, Gurugram-122002, Haryana.
Tel.: + 91(124) 4715100 Fax: + 91(124) 2806085
Website : www.thehitechgears.com E-mail: secretarial@thehitechgears.com
Statement of un-audited consolidated financial results for the
quarter and nine months ended December 31, 2022
(Rs. In Million, except per share data)
S. Particulars Quarter Quarter Nine months
No. ended ended ended
31/12/2022 31/12/2021 31/12/2022
(Unaudited) (Unaudited) (Unaudited)
1. Total income from operations 2,793.45 2,254.45 8,896.69
2. Net Profit/ (Loss) for the period (before tax, 77.57 (116.66) 236.86
Exceptional and/or Extraordinary items)
3. Net Profit/ (Loss) for the period before tax 77.57 (116.66) 236.86
(after Exceptional and/or Extraordinary items)
4. Net Profit/ (Loss) for the period after tax 25.74 (130.59) 64.71
(after Exceptional and/or Extraordinary items)
5. Total Comprehensive income for the period 41.60 (99.06) 99.19
[(Comprising Profit / (Loss) for the period (after tax)
and Other Comprehensive Income (after tax)]
6. Equity Share Capital 187.68 187.68 187.68
7. Reserves/ Other equity as shown in the Audited - - -
Balance Sheet of the previous year
8. Earning per share (of Rs. 10/- each)
(for continuing and discontinued operations) -
(a) Basic : 1.37 (6.96) 3.45
(b) Diluted : 1.37 (6.96) 3.45
NOTES:-
1) The above Un-audited Consolidated Financial Results have been reviewed by the Audit Committee at their
meeting held on February 8, 2023 and thereafter approved by the Board of Directors in their meeting held
on February 8, 2023.
2) Additional information pursuant to Regulation 47(1)(b) of the SEBI (LODR) Regulations, 2015 on Key
standalone un-audited financial information of the company is given below:
(Rs. in million)
Particulars Quarter Quarter Nine months
ended ended ended
31/12/2022 31/12/2021 31/12/2022
(Unaudited) (Unaudited) (Unaudited)
Revenue from operations and other income 1,858.35 1,502.78 6,004.50
Profit before tax 172.89 79.18 556.63
Profit after tax 119.74 56.74 375.63
3) The above is an extract of the detailed format of Consolidated Financial Results for the quarter and nine
month ended December 31, 2022 filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing
and Other Disclosure Requirements) Regulations, 2015.
The full format of the Financial Results for the quarter ended and nine month December 31, 2022 is
available on the Stock Exchanges websites (www.nseindia.com and www.bseindia.com) and the
Company's website (www.thehitechgears.com)
For and on behalf of the Board of Directors
The Hi-Tech Gears Limited
Sd/-
Deep Kapuria
Place : New Delhi Executive Chairman
Date : February 08, 2023 (DIN: 00006185)

3,484.75
Yahoo.com,Website:-filatexfashions.co.in
0.27
CIN:L5149TG1994PLC017158, Phone No. 040-29569590,Fax
3,485.02 No. 040-66748930
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE PERIOD
ENDED 31st DECEMBER 2022
Quater Ended Nine Months
Ended
31-12-2022 30-09-2022 31-12-2021 31-12-2022 31-12-2021

4,194.91 3,484.75 12,328.71 4,908.47

2.34 0.27 2.34 0.82
4,197.25 3,485.02 12,331.05 4,909.29

4,158.65 3,384.71 11,441.93 4,681.43

- 683.37 3.00 - 683.37 3.00

48.42 19.89 115.43 43.69
34.16 18.40 99.96 18.81
11.17 10.91 29.93 34.91
106.50 4.53 193.75 74.99
3,675.54 3,441.44 11,197.64 4,856.83

521.71 43.58 11,133.41 52.46

- - -

521.71 43.58 11,133.41 52.46

129.50 10.09 307.53 14.95

4.78 1.24 2.56 - 1.31

387.42 32.25 823.32 38.82

387.42 32.25 823.32 38.82

4,840.73 4,840.73 4,840.73

3,091.69 1,977.75 3,091.69 1,977.75

0.400 0.033 0.850 0.040

0.400 0.033 0.850 0.040
Note: -
1) The above results have been reviewed by the Audit Committee and were approved by the Board of
Directors at their meeting held on February 07, 2023 and had undergone a “Limited Review “by the
Statutory Auditor of the company.
2) These financial results have been prepared in accordance with the recognition and measurement
principal of applicable Indian Accounting Standards (“IND AS”) notified under the Companies
(Indian Accounting Standards) Rules, 2015 as specified in section 133 of the Companies Act, 2013.
3) Previous Year/Period figures have been re casted and regrouped wherever necessary
4) The Financial Officer of the Company have certified in terms of Regulation 33(2)(a) of SEBI (LODR)
Regulations, 2015 that the above financial results do not contain any false or misleading statements or
figures and do not omit any material fact which make the statement and figures contained therein
GRADIENTE/FFL01/23

misleading.

Date :- 07-02-2023

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 12 WORLD
>
NEW DELHI | THURSDAY, 9 FEBRUARY 2023

QUAKE TOLL SURPASSES 11,000; TURKEY Intel offloads

$11-bn bonds
after debt
HALTS TRADING AFTER $35-BN WIPEOUT downgrades
Intel sold $11 billion in the
blue-chip bond market to
help fund capital expendi-
tures after a trio of rating
downgrades, luring strong
demand on Wall Street.
The notes were issued in
seven parts, according to a
source. The longest portion of
the deal, a 40-year tranche,
yielded 215 basis points over
Treasuries. The firm intends to
use the funds to refinance
debt and for general corporate
purposes, including funding
for working capital. Intel
didn’t respond to a request for
comment. BLOOMBERG

Son now owes

SoftBank $5 bn
on side deals
Masayoshi Son is now on the
hook for about $5.1 billion on
side deals he set up at
SoftBank Group to boost his
(Left) A seven-year-old girl protecting her brother under the rubble. (Right) President Tayyip Erdoğan meets people in the aftermath of a deadly earthquake in Kahramanmaras, Turkey, on Wednesday PHOTO: TWITTER & REUTERS compensation, as losses
mounted at its core Vision
AGECNIES asleep in the homes when the quake hit in Erdoğan, who contests an election in May, Stock market closed: A first in 24 years Turkish stocks, which are this year’s worst Fund venture capital arm.
Turkey, 8 February the early morning. said on a visit to the disaster zone that oper- Turkey’s stock exchange suspended trading performers globally, entered a technical bear Son also owns portions of
Amid calls for the Turkish government to ations were now working normally. for the first time in 24 years, following a selloff market on Tuesday after falling more than the firm’s key investment

T
urkish President Recep Tayyip
Erdoğan visited southern Turkey on
Wednesday to see first-hand the
destruction wrought by a massive earth-
quake as the confirmed death toll from the
quake rose to more than 11,000 (at the time
of going to press) people in both countries.
The tally was expected to rise as hundreds
of collapsed buildings in many cities have
become tombs for people who had been
send more help to the disaster zone,
President Erdoğan toured a “tent city” in
Kahramanmaras where people forced from
their homes are living. He conceded short-
falls early on in the response but vowed that
no one would “be left in the streets.”
He admitted to problems with his gov-
ernment’s initial response amid anger from
those left destitute and frustrated over the
slow arrival of rescue teams.
But across a swathe of southern Turkey,
people sought temporary shelter and food in
freezing winter weather, and waited in
anguish by piles of rubble where family and
friends may lie buried. Rescuers were still
digging out some people alive. Others were
found dead.
There were similar scenes and complaints
in neighbouring Syria, where the impact of
Monday’s huge quake extended to.
that erased $35 billion from the value of its 20 per cent from their January high. vehicles. He has denied any
main equities gauge in the wake of two dev- “At times of catastrophes like this, sus- conflict of interest.
astating earthquakes. pending trading in the stock market is a His unrealised losses
“Our stock exchange has decided to halt better decision in order to protect investors,” widened $400 million from
trading in equities, futures and options mar- said Haydar Acun, managing partner of three months before.
kets,” Borsa Istanbul said in a statement on Marmara Capital in Istanbul. The founder and chief
Wednesday morning. It didn’t say when trad- Investing in equities is popular among executive of SoftBank was
ing would resume. locals as a hedge against the country’s ram- down $4.7 billion on the same
The benchmark Borsa Istanbul 100 Index pant inflation, which surged to a high of side deals through the
has lost 16 per cent this week. around 86 per cent in 2022. September quarter. BLOOMBERG

IN BRIEF US Prez challenges GOP to help ‘finish the job’ on economy ACTIVISION DEAL HURTS
Ferrari plans Tesla-like
future sportscar Biden proposes higher GAMERS: UK WATCHDOG
Ferrari is planning to work on its patented technology, similar
to Tesla’s idea for its next-generation Roadster. As per The
Drive, the future Ferrari sportscar might come with a rocket taxes for the wealthiest Microsoft
Bing adds
thruster, which Tesla planned to use in its next-gen electric
car. The Italian automaker patented the technology of a high-
performance car with gas pushers back in 2019, which was Balloon incident: ‘If China threatens our sovereignty, we will act ...and we did’
added to the US Patent database recently. AGENICES
AGENCIES corporate stock buybacks.

Tencent considers ‘Valorant’

league as crackdown eases
8 February

President Joe Biden on powers of

Tuesday touted the nation’s
A key part of Biden’s new
economic policy agenda is a
billionaire’s tax, which would
set a minimum tax for the

ChatGPT
economic health in his State
Tencent Holdings is planning to launch a Valorant esports of the Union address, just days
league when the hit shooter title debuts in China this year, after a blockbuster jobs report
one of the strongest signs yet that the country’s internet showed a strong labor market
giants are getting back to business after a two-year industry has coincided with a month-
crackdown. Tencent unit TJ Sports has held discussions with slong easing of inflation.
top Chinese esports players in recent days about setting up the President Biden challenged
competition, people familiar with the matter said. BLOOMBERG the new House Republican
majority to work together with
him to “finish the job” of repair-
ing America’s unsettled econ-
wealthiest Americans, the
White House said. The tax rate
would apply both to income
and unrealised gains, a meas-
ure of the value a person’s
unsold investments have AGENCIES
accumulated. Washington, 8 February
“President Biden is a cap-
italist and believes that Microsoft has announced a
anyone should be able to new version of its search
become a millionaire or a bil- engine Bing, which incorpo-

MH17 probe: Putin omy and fragile democracy

even as the emboldened oppo-
sition geared up to try to force
lionaire,” the White House
said in a statement on
Tuesday. “He also believes
rates the latest in artificial
intelligence. The overhaul
deploys OpenAI’s ChatGPT

‘supplied’ missile him to change course.

“To my Republican friends,
if we could work together in the
that it is wrong for America to
have a tax code that results in
America’s wealthiest house-
technology.
The move is by far the big-
gest threat Google has seen to

that downed plane last Congress, there’s no reason

we can’t work together and find
consensus on important things
in this Congress as well,” he
said. At another point, Biden
accused Republicans of threat-
ening Social Security and
Medicare
“We have more to do, but
here at home, inflation is com-
ing down,” the president said.
Biden also proposed solu-
tions for what he considers an
ongoing economic ill: income
and wealth inequality.
The Biden administra-
tion’s agenda includes two
policy proposals: a new tax on
billionaires and the sharp
increase of a current tax on
Zoom fires 1,300 employees;
holds paying a lower tax rate
than working families.”
Spy balloon
Meanwhile,Amidst growing
US-China tension over a sus-
pected Chinese surveillance
balloon, President Joe Biden
has asserted that America “will
act” to protect if Beijing threat-
ens its sovereignty.
“I am committed to work
with China where it can
advance American interests
and benefit the world. But
make no mistake: as we made
clear last week, if China threat-
ens our sovereignty, we will act
to protect our country. And we
did,” Biden said in his second
US First Lady Jill Biden (right) and Kamala Harris’ husband,
Doug Emhoff (left), at the State of the Union Address, at
Capitol Hill on Tuesday
State of the Union address on
Tuesday night.
Reacting to Biden’s
remarks, China on
Wednesday said it does not
fear competing with the US
but is “opposed to defining the
entire China-US relationship
in terms of competition.” “It
is not the practice of a respon-
PHOTO: TWITTER
sible country to smear a coun-
try or restrict the country’s
legitimate development rights
under the excuse of competi-
tion, even at the expense of
disrupting the global indus-
trial and supply chain,”
Chinese foreign ministry
spokesperson Mao Ning said
at a daily briefing in Beijing.
its dominance in web search.
“The race starts today,”
Microsoft CEO Nadella said.
Microsoft is revamping its
Bing search engine and Edge
Web browser with artificial
intelligence, the company said
on Tuesday, to retake the lead
in consumer technology mar-
kets. The maker of the
Windows operating system is
staking its future on AI
through hefty investments.
Microsoft is rolling out an
intelligent chatbot to live
alongside Bing’s search
results, putting AI that can
summarise web pages, synthe-
size disparate sources, even
compose emails and translate
them into more consumers’
hands. Microsoft expects
every percentage point of
share it gains will bring in
another $2 billion in search
advertising revenue.
Working with the startup
‘AI ARMS RACE
HAS BEGUN’
“This is just the first step
on the AI front ... as [the] AI
arms race takes place
among Big Tech ... This is
poised to change the
nature of online search -
and interactions with
many other software, and
will reshape pretty much
every software category
that we know”
SATYA NADELLA
Microsoft CEO
DEAL-BREAKER
Microsoft’s $69 billion
acquisition of Activision
Blizzard will harm

eBay to sack 500 as sales dip

An international team of
investigators said on
Wednesday it found “strong
indications” that Russian
President Vladimir Putin
approved the supply of heavy
anti-aircraft weapons to shot
down Malaysia Airlines flight
MH17 in 2014 with a Russian
missile. However they suspe-
nded the inquiry.
PHOTO:REUTERS
Meanwhile, Ukrainian
President Volodymyr
Zelenskyy won a British
pledge to train Ukrainian
pilots on advanced Nato
fighter jets. Britain’s King
Charles III meets Zelenskyy
during his first visit to the UK
since the Russian invasion of
Ukraine at Buckingham
Palace, in London. AGENCIES
Become individual contributor or leave, Meta tells managers
AGENCIES
8 February
Zoom Video Communications said on
Tuesday it would cut about 1,300 jobs
(nearly 15 per cent) of its workforce, as
demand for its video conferencing services
slows with the waning of the pandemic,
and take a related charge of up to $68 mil-
lion. Company’s Chief Executive Officer
Eric Yuan said he would take a pay cut of
98 per cent for the coming fiscal year and
forego his bonus.
Following this, EBay is sacking about
OpenAI, Microsoft is aiming to competition in the UK gaming
leapfrog its Silicon Valley rival market, UK’s antitrust watch
and potentially claim vast dog provisionally warned,
returns from tools generally saying it could force the selloff
that speed up content crea- of the blockbuster Call of Duty
tion, automating tasks, if not
jobs themselves. That would
franchise. The Competition
and Markets Authority said
500 employees as the e-commerce com- transition to individual contributor jobs affect products for business, the deal could result in a
pany continues to face slower consumer or leave the firm as it tries to become more such as the cloud-computing substantial lessening in
spending after a brief pandemic efficient, according to sources. and collaboration tools competition, higher prices,
boom. The reductions are in The process is known inter- Microsoft sells, as well as the fewer choices or less
response to the “macroeconomic Zoom CEO nally as a “flattening,” the people consumer internet. innovation for UK gamers,
situation around the world,” Chief takes 98% said. Higher-level managers are “This technology is going according to a statement.
Executive Officer Jamie Iannone pay cut, sharing the directive with their to reshape pretty much every This throws into question
said on Tuesday in a statement, forgoes subordinates in the coming software category,” Microsoft the viability of the deal that’s
and are necessary to help “create bonus for weeks, separate from the regular Chief Executive Satya Nadella already under attack from the
long-term sustainable growth.” the year performance reviews. said at the firm’s headquarters US regulator over fears
Sales have declined in the past Individual contributors in Redmond, Washington. Microsoft could make it
six quarters. aren’t in charge of others, and instead The company’s share of harder for rival platforms to
Meanwhile, Meta Platforms is asking focus on tasks like coding, designing and search so far is about an esti- access Activision’s most
many of its managers and directors to research. mated tenth of the market. popular titles.

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OPINION 13
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VOLUME XXIX NUMBER 216 ILLUSTRATION: BINAY SINHA

NEW DELHI | THURSDAY, 9 FEBRUARY 2023

Retaining policy flexibility

consolidation at the central government level will
Inflation remains a concern for the RBI be challenged by the near stagnancy of the ratio
of gross tax revenues to GDP, which has stayed at

T
he Monetary Policy Committee (MPC) ended its last meeting for 10-11 per cent of GDP for over 30 years. Budgeted
this fiscal year on Wednesday with another 25-basis-point increase at 11.1 per cent in FY24, it was not much different
in the policy repo rate to 6.5 per cent. The standing deposit facility from the 10 per cent average of 1989-1991 and below
and marginal standing facility rates were accordingly adjusted to the peak of 11.9 per cent achieved in 2007-08. This
6.25 and 6.75 per cent, respectively. While the rate action was on expected is despite the fact that real per capita national
income has more than tripled in the last 30 years!
lines, the communication from the Reserve Bank of India (RBI) did not explicitly
Clearly, for sustainable fiscal consolidation and
indicate that the committee will pause at the current level as many analysts fiscal balance we need to undertake serious reforms
were expecting. The biggest reason for this is that the central bank intends to of tax policy and administration to raise this ratio

Growth, Budget and

keep its options open. It is still not comfortable with the level of inflation. The by at least 1-2 percentage points soon.
inflation rate based on the Consumer Price Index came below the upper end One critical area of macro balance and potential
of the tolerance band in November and December, largely because of a sharp economic dynamism receives disappointingly little
attention in the Finance Minister’s Budget speech
decline in vegetable prices. Core inflation continues to remain sticky and
and proposals, namely international trade and the

above the upper end of the tolerance band.
The MPC, nonetheless, expects the inflation rate to moderate in the
coming fiscal year to 5.3 per cent, compared to 6.5 per cent in 2022-23. The
rate is not expected to go below 5 per cent in any quarter next fiscal year,
which means it will remain considerably above the inflation target of 4 per
cent. The RBI’s inflation projection is slightly higher than what market analysts
are expecting and is likely to be revised lower in the coming meetings of the
macro balances
balance of payments. And this is in a context where
India’s current account deficit is at an uncomfort-
ably high 3 per cent of GDP in FY23 (and likely to
remain close to that level in FY24) and goods
The responsible revenue and expenditure projections are to be exports have been stagnant in the previous decade
and are again flagging after a welcome surge in
lauded, but efforts on trade and fiscal targets fall short 2021-22. It is generally recognised that sustained
rapid export growth is essential for both a resilient

O
MPC. Inflation is expected to moderate in most parts of the world in 2023, n February 1, a leading business daily head- any budget) and skilful mix of programmes and tax external balance and for sustained rapid growth
though the ongoing Ukraine war remains a significant risk for global commodity lined its main front page story “Economic initiatives to appeal to a wide and varied audience of GDP and employment. Yet, between 2011-12 and
prices. In terms of growth, the RBI expects the Indian economy to expand 6.4 Survey sees FY24 GDP growth slowing to of stakeholders, especially in the context of the elec- 2019-20, the share of total exports in GDP fell from
per cent in 2023-24, compared to 7 per cent this fiscal year as projected by the 6.5 %”. It was not strictly inaccurate, since the tion-heavy year ahead. For me, the continued empha- nearly 25 per cent to 19 per cent, mainly because
January 6 first advance estimates by the National sis, for a third year in a row, on accounting trans- of a steep fall in the share of goods exports from 17
National Statistical Office. This again appears to be an overestimate. The Statistical Office (NSO) had projected 7 per cent parency, reasonably conservative projections for per cent of GDP to 11 per cent during this period.
central bank, for instance, anticipates the Indian economy to grow at 7.8 per growth for FY23. Nor would it be surprising given nominal GDP growth and gross tax revenue (10.5 per The surge in goods exports in 2021-22 raised its
cent in the first quarter of 2023-24. This looks fairly high, even as it expects the near-recessionary conditions expected in much cent for both), the strong increase in capital expen- share of GDP to 13.5 per cent and, coupled with a
growth to come down over the remaining quarters. It is thus likely that both of the world in FY24. diture and some forward movement sustained strong performance of service exports,
the growth and inflation forecasts for 2023-24 would be revised lower in the However, a more careful exam- on fiscal consolidation (from the increased the total exports share to 21.5 per cent,
ination of the official national stratospheric heights of 2020-21) are still well below levels of a decade ago.
coming quarters.
income data shows that the particularly praiseworthy. One of the reasons for our weak export perfor-
In terms of future rate action, although the MPC has kept its options open, Survey’s 6.5 per cent growth pro- On the last of the quad, I would mance in the past decade was the trend in rising
it may want to pause for a while to see how the cumulative rate increases in jection for FY24 constitutes a have liked to see a little more con- customs tariffs (especially on inputs and interme-
the current cycle influence inflation outcomes. Notably, two members of the major acceleration over the 4.3-4.4 solidation, perhaps targeting a cen- diates), which increased the average most-favoured-
committee voted against a rate hike in this week’s meeting. Although the per cent growth projected by the tral government fiscal deficit of 5.5 nation (MFN) applied tariff on non-agricultural
precise reasons for dissent will be known when the minutes of the meeting NSO (and Reserve Bank of India, per cent of GDP, even if that meant imports by 50 per cent , from 10 per cent in 2015 to
separately) for the latter half of some moderation of the capital 15 per cent in 2021 (as per World Tariff Profiles com-
are released, it is likely that the MPC members would want to gauge the impact
FY23. This is because the NSO had expenditure surge. In saying this, I piled by WTO and UNCTAD) at a time when our
of rate hikes before increasing it further from the current level. It is worth estimated FY23 first half GDP am swayed by a number of factors. East Asian peers and competitors kept their MFN
noting that the real policy rate will be in positive territory over the next fiscal growth (published on November A PIECE OF First, a 5.9 per cent central deficit tariffs much lower and reduced them further effec-
year. It will be thus crucial for the MPC to broadly determine the level of real
policy rate that would be consistent with its objective of attaining the inflation
30, 2022) at an eye-watering 9.7 per
cent, thanks to the healthy bounce
MY MIND indicates a combined (Centre and
states) or general government
tively through active participation in various free
trade agreements (Vietnam was a prime exemplar
target over the medium term. This, along with evolving inflation conditions, off the Delta-hammered low GDP SHANKAR ACHARYA deficit of about 9 per cent of GDP, of this strategy and tripled her share of world goods
base of first half FY22. Stripped of and a public sector borrowing exports to 1.6 per cent, about the level at which
would influence future policy action. Besides, although the current account
this abnormal base effect, second requirement of at least 10 per cent, India’s share has stagnated for long).
deficit is likely to come down, the RBI will need to remain vigilant on the half FY23 growth was officially projected at well both of which would be at the upper end among Against this background, I had hoped that the
external front. A significant movement in the currency will have implications under 5 per cent. Against this background and the middle income countries. Second, the associated Budget would announce wide ranging reductions
for inflation outcomes. very difficult and uncertain global economic envi- high market borrowing requirements would keep in tariffs, at least on inputs and intermediates, to
ronment for FY24, the Survey’s expectation of 6.5 interest rates higher and be more of a discourage- promote manufacturing competitiveness, exports
per cent (and the associated range of 6-6.8 per cent) ment to the long-needed private investment revival. and greater participation in global value chains.
does look a bit aspirational. I remain more com- Third, interest payments will pre-empt 24 per cent There are a few scattered examples of such reduc-
Gender parity on the front foot fortable with my own guesstimate (see “Will 2023 of total budgeted expenditure in FY24 (as compared
be any better?” Business Standard, December 15, to 19 per cent in FY21) and eat up 41 per cent of rev-
tions mentioned in the Budget speech and accom-
panying documents, but they are a long way from
2022 ) of 5-6 per cent GDP growth in FY24. Some enue receipts (as compared to 36 per cent in FY20). constituting an across-the-board strategy to grow
Women’s cricket finally gets the attention it deserves investment banks, such as Nomura and J P Fourth, it is quite possible that a lower fiscal deficit our manufactured exports in a sustainable way.
Morgan, expect closer to 5 per cent. would be more expansionary via interest rate mod-

O
n February 13, 409 women cricketers will be up for auction for the
Finance Minister Nirmala Sitharaman’s fifth eration effects than the direct expenditure foregone,
inaugural Women’s Premier League (WPL), to be held from March 4
Budget has been rightly lauded for its responsible as argued persuasively in the Economic Survey.
to 26 in Mumbai. This marks a great leap forward for women’s cricket revenue and expenditure projections (the basics of Looking ahead, the prospects for further fiscal
in India in a series of encouraging developments over the past five
months, the latest being the victory of the under-19 team in the inaugural
Women’s World Cup. The good news really began in October last year, when
the Board of Control for Cricket in India (BCCI) announced pay parity between
men and women cricketers across all formats, making it one of the few global
cricketing administrations to do so. In January, after the WPL was announced,
All governments are crony capitalists
D
Reliance-backed Viacom secured the WPL media rights for five seasons (2023- epending on which side of the political divide
27) for ~951 crore, outbidding Disney Star. Some days later, auctions of the five you favour, l’affaire Adani has provoked righ-
teams for the maiden tournament netted the BCCI ~4,670 crore, with Adani teous anger, outright glee, consternation and
Sports bidding the highest (~1,289 crore) for the Ahmedabad franchise. Though embarrassment. Rahul Gandhi, having found a con-
venient issue to build on the image he crafted during
these amounts are pennies compared to the sums poured into the men’s Indian the Bharat Jodo Yatra, has ensured that the issue
Premier League (IPL), for which the media rights alone went for ~48,390 crore, stays front and centre of Parliament, demanding
the numbers exceeded the BCCI’s expectations. Few expected auction earnings answers from the government on its connections
to cross ~4,000 crore. with a business group that grew meteorically after
This hopeful beginning still marks a long distance in terms of catching up the National Democratic Alliance II came to power.
Mr Gandhi may think he’s on to
with men’s cricket. Unlike individual sports such as badminton, wrestling, box-
a good thing politically, but he isn’t
ing, and weightlifting, where women have barged into the limelight by dint of really in a position to protest. No gov-
their achievements, women’s cricket has long played a poor cousin to the men’s ernment — at the Centre or state —
game. This, despite the fact that the Indian women’s team holds records that nor regulators can claim to practise
the men’s team does not. There is Jhulan Goswami, once the fastest bowler in strict abstinence when it comes to
women’s cricket, who is the highest wicket taker in one-day internationals the business-political nexus. If any-
thing, the Hindenburg report, with
(ODIs); openers Poonam Raut and Deepti Sharma hold a record for their 320-
its implications of sustained regula-
run partnership in a 2017 ODI against Ireland; and Raut and Thirush Kamini tory tolerance, has underlined this
hold the record for a second-wicket partnership of 275 against South Africa. fact. Beyond the prurient fascination
And then, of course, there is cricketer extraordinaire Mithali Raj, the only Indian
captain, in men’s or women’s cricket, to have led the side to two World Cup
with Gautam Adani’s fabled power
and wealth or the shenanigans high-
SWOT
finals. She is also the youngest centurion in ODI cricket — again, across both lighted in the Hindenburg report lies KANIKA DATTA
the old systemic weakness of gov-
genders — scoring a match-winning knock of 114 against Ireland in 1999 at age
ernments’ overweening powers over
16 years and 205 days. economic life and the feebleness of industry regu-
These records went largely unnoticed because they were achieved within lators to counter it.
teams of middling quality — plus the fact that media coverage was poor because It is worth noting that the basis of Mr Adani’s
sports channels were reluctant to broadcast women’s cricket matches. But the business growth lies in a dominant presence in areas
Indian women’s cricket team now figures among the top two in all formats — in which government policy plays a major role —
ports, airports, electricity, green energy — and the
second in Tests, and first in ODIs and T20 — earning it the attention it deserves.
principal competition mostly comes from the public
The WPL should do much to put women’s cricket on the map in India. By par- sector. With notable exceptions of companies in IT,
ticipating in the most popular format of the game and including foreign players, consumer products and automobiles, Indian big
the WPL will, like the IPL, pit Indian women against global standards, widen business has flourished in sectors where the gov-
the social catchment area for aspiring women cricketers, and ensure that, at ernment — central, state, local — stands to play a
the very least, they make a decent enough living. The time for Indian women heavy interventionist hand.
Mr Gandhi may have forgotten, but it was the tele-
cricketers to move beyond a boundary has clearly arrived.
com sector that proved the undoing of the Congress-
led United Progressive Alliance 13 years ago, though
it was a coalition partner that was the principal trans-
gressor in this case. That particular scandal — ampli-
fied by the active grandstanding by the Comptroller
and Auditor General (CAG) of the time — was the
product of a long-standing and opaque allocative pol-
icy for telecom licensing that enabled select entrants
to apply in preference to others through a “first-come-
first-served” policy and, extraordinarily, the physical
blocking of unwanted applicants.
That various politicians implicated in the scan-
dal were acquitted on an extraor-
dinary technicality in 2017 was
only one unusual aspect of that
case. The Supreme Court’s crusad-
ing judgement cancelling all those
allocated licences was the other, a
landmark that set back the indus-
try by decades. The only benign
outcome of this mess was that auc-
tions rather than allocative policies
have become the norm in telecom
and coal, the other CAG revelation
of the time.
These were headline-grabbing
issues that dictated the rise and fall
of a government. But as any small
or medium industrial house operating outside the
glare of publicity will attest, it’s the intensity of
cronyism — whether with the local MP, MLA or MLC
— that determines the survival of a business.
Complex rules and regulations — or the evasion of
them — are considered valid reasons for seeking
political connections for business purposes. The
construction business, which has long been India’s
largest and fastest growing employer, is a good exam-
ple of cronyism that impacts our daily lives: The
sand mafias, which are destroying the environment
in double-quick time, would never have flourished
without local political backing; likewise, the flagrant
violation of labour codes, which keeps millions of
migrants on the breadline.
The writer is honorary professor at ICRIER, former chief
economic adviser to the Government of India and author of
An Economist at Home and Abroad (Harper Collins, 2021)
These are blatant violations that are ignored for
being all-pervasive — and also because any jour-
nalist runs a serious risk of murder if he were to
poke his nose too far in these transgressions.
Indeed, it is notable that in the days before
Hindenburg’ global bombshell, Mr Adani himself
had been the recipient of less complimentary head-
lines in India. But the cynical acceptance of crony-
ism at the highest levels has meant that they
achieved little more than raised eyebrows. We know,
for instance, that Adani received land for his mam-
moth SEZ at rates far cheaper than other business-
people (including the Tata Nano project). Or that
the CAG raised questions about “undue benefits”
that the Gujarat government gave to Adani Ports
by waiving waterfront and other charges.
In 2014, for instance, questions were raised (but
not answered) on why the government-owned State
Bank of India signed an agreement with the Adani
group for its controversial Australian mining pro-
ject. In 2016, came revelations the government had
waived a ~200 crore penalty for environmental
infringements by the Mundra Port project, following
the findings by the Sunita Narain committee. When
the Adani group was awarded six airports, both
NITI Aayog and the finance ministry raised ques-
tions citing financial risk and performance issues.
Strangely, no MP chose to raise any of these issues
in Parliament, although their impact would have
been more deleterious than Hindenburg’s allega-
tions of Mauritius-based share rigging.
As the Adani group works overtime to prepay
loans and bond redemptions by way of damage
control, it is hard to predict the political outcome
of this scandal. At the very least, Gautam Adani’s
alleged proximity to Narendra Modi has now
entered the popular lexicon and may dent the lat-
ter’s self-styled image of incorruptibility. It may
prompt some degree of moderation. But it is doubt-
ful whether the cronyism embedded in India’s eco-
nomic fabric will disappear anytime soon.

Chinese socialism with Xi characteristics Blanchette, “Xi’s expansive vision of

some point during or after the Party
Congress, Xi could attempt to protect
his legacy by announcing a successor,
but would then have to assume the risk
of his own influence being diluted by
the presence of a leader-in-waiting,”
BOOK REVIEW Since Xi Jinping became president,
there have been major changes in
GUNJAN SINGH domestic and foreign policy directions
and objectives of the Chinese
direction of CPC. Frank N Pieke,
professor of Modern China Studies at
Leiden University, and Bert Hofman,
professor at the Lee Kuan Yew School at
the National University of Singapore,
rightly conclude that “whatever serious
factional opposition Xi may have faced
in the summer of 2021 seems to have
waned, and no serious challenge can be
expected to Xi’s third term in office in
The book is an essential collection for
anyone who is interested in China and
the CPC. As Nis Grünberg and Vincent
Brussee rightly argue, “… the Party leads
everything, and Xi leads the Party”
underscoring the idea
that Mr Xi has total
control over the
CPC and has
centralised most of
national security is institutionalising a
hostility towards the foreign and the
new at precisely the time that China
must further embrace both if it is to
modernise its economy and governance
system”. He has also “elevated national
security to the same level as
development,” says Tia Ming Cheung.
The title of the
CPC Futures: The New book is appropriate
Era of Socialism with because it makes
Chinese Characteristics readers consider
Editors: Frank N Pieke the direction in
source of both desire and resentment.”
China has become increasingly
assertive under Mr Xi, and this has had a
major impact on China’s foreign relations.
Richard McGregor’s argument hits home
the hardest when he states that it is not
the Chinese political model which Beijing
wants to export to the world, but “China
will set and export technological
standards, political values and the rules
that go with them; over time, China will
talk less about the benefits of the current
rules-based order, and more about its own
rules. That by itself, will mark a seismic

T
he 20th Party Congress of the
Communist Party of China (CPC)
concluded in October 2022. The
outcomes of the Congress were on
expected lines, with Xi Jinping contin-
uing as the President of the People’s
Republic of China (PRC) and the
General Secretary of the CPC for a third
term. During the 19th Party Congress,
Mr Xi had abolished the term limit on
the President’s office and secured his
tenure for life. Even at the 20th Party
Congress there was no indication of the
next generation of leaders. As Joel
Wuthnow observes in his essay, “At
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government which have major
immediate and long-term effects. CPC
Futures: The New Era of Socialism with
Chinese Characteristics is a one-stop
guide to these policies and what Mr Xi
hopes to achieve. Though the book was
published before the 20th Party
Congress with the aim of discussing the
major challenges and changes
underway in China under Mr Xi and the
probable outcome of the Congress, it still
offers a nuanced insight into the future.
Most of the policies and changes
covered in this edited volume remain
relevant and have a major impact on the
the run-up to the Party Congress.”
The book’s 24 chapters, attempts to
gauge every initiative and policy change
that CPC has undertaken since Xi came to
power and does justice to them. Though
the chapters may appear a tad short, they
are effective since each author focuses on
a specific issue. The major theme that
connects these various chapters is how
and why Mr Xi introduced these policies,
what he hopes to gain from them and how
they impact the CPC’s global positioning.
A concluding chapter would have helped
integrate the vast range of topics that the
book covers.
the decision- & Bert Hofman which the CPC is shift in the global order.”
making power. It headed. How will The book covers such a wide range of
covers a range of Publisher: NUS Press, the rise of China topics that it has something of interest
issues from Singapore and the for everyone, whether you are interested
economy, political Pages: 202 abandoning of the in the CPC’s internal dynamics, foreign
development, the Price: S$28 Deng Xiaoping policy, China-US relations or Chinese
social credit dictum of “hide society and the economy. It does a great
system, PLA your strength and bide your time” under job of laying out the range of changes
reforms, technology, innovation, state- Xi Jinping affect the CPC as well as the introduced by Mr Xi, how these call for a
owned enterprises, dual circulation, global order? The relationship between renewed study and attention towards
common prosperity, cyberspace, foreign the United States and China, for instance, China and also how these changes have
policy and global presence of the CPC. is complicated. Xiaoyu Pu offers an transformed China in the last decade.
The book underscores the argument interesting understanding of this
that national security is one of Mr Xi’s relationship: “For the Chinese, the The reviewer is assistant professor, OP Jindal
major agendas. According to Jude West has always been a significant Global University
 14
>
NEW DELHI | THURSDAY, 9 FEBRUARY 2023 1

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 NEW DELHI | THURSDAY, 9 FEBRUARY 2023
.
Filling Big Tech’s shoes
Domestic alternatives for mass consumption apps by Google,
Meta or Twitter are still few and far between
SURAJEET DAS GUPTA
New Delhi, 8 February
F
or Google Inc, which along
with its rival Meta rules In-
dia’s mass consumption app
economy, the move to unbu-
ndle nine popular apps from Play Sto-
re was the first step towards reworking
its business model in the country.
This move follows its failure to ob-
tain a stay from the Supreme Court
against a Competition Commission
of India (CCI) order. Last year, the CCI
had ruled that Google was indulging
in anti-competitive practices and or-
dered it to unbundle its apps from
mobile devices. (The CCI has received
complaints against Apple Inc, too.)
Till then, Android mobile device
makers had to pre-install the entire
bouquet of Google apps — YouTube,
Chrome, Gmail, Duo and so on — if
they wanted Play Store on their devic-
es. After the CCI order, Google has ag-
reed to unbundle the apps, offer cust-
omers a default choice from different
search engines, permit sideloading —
that is, allow developers to load their
apps on mobile devices without going
through the app store — and allow
alternative payment options.
That’s good for a beginning. But
the big question for consumers and
mobile device makers is simple: Do
they have an alternative choice for
their apps and operating systems? As
a senior executive of a leading mobile
device brand said, “Even after Google
agreed to unbundle, what choice do
customers have for, say, an alternative
to Google Search, YouTube or even a
Gmail? Clearly, none or very little.”
To be sure, some moves are being
made between industry and govern-
ment. The good news is that domestic
start-ups such as ShareChat (which
has Google as an investor) or Koo have
already made some headway. The
government, too, has made a start — a
few weeks ago it tested BharOS, an in-
digenous operating system, to offer
some competition to the Google And-
roid system. But these moves indirec-
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dominates the globe with 2.5 billion
subscribers — a fifth of that customer
base is in India, its largest market with
467 million users. The offering is free
to customers in the country though
they have an ad-free subscription
option, too. For a domestic challenger
THE APP STAKES (Figures in brackets are users)
to make a dent, it will require big
bucks and determination.
In striking contrast is China,
which has been able to build its own
apps leveraging the free Android sys-
Subscribers globally of Subscribers of home- Indian apps with tem, building scale and revenues. It
Western app companies grown Chinese players promise in niches did so by closing the doors to Big Tech
early on and filling the vacuum with
domestic firms that became giants
Social media & messaging such as Baidu, Tencent and WeChat.
Google’s search engine, banned in
Instagram ShareChat, which rivals WhatsApp, China, has been filled by Baidu with
(1 bn) also owns Moj. Collectively, they 580 million subscribers. YouTube has
have 400 mn customers. Then there is been replaced by Youku, which has
TikTok (1 bn, of
Josh, with 150 mn monthly active users till April 2022 over 380 million subscribers. Clearly,
which 800 mn is in India cannot follow a similar blanket
China) and Chingari that has over 50 mn downloads
ban, though the government has clos-
ed the doors for a broad spectrum of
Facebook (2.9 bn) WeChat (1.2 bn in China) Chinese apps for security reasons, the
latest being a list of 230 apps days ago.
WhatsApp (2 bn) Data collected by the India Cellular
and Electronics Association (ICEA) on
social media shows that TikTok came
Microblogging from nowhere (in 2020, it was not even
Koo has seen 60 mn downloads, among the top 100 apps in the world)
Twitter (330 mn) mostly in local languages. It has to hit one billion monthly active
got fresh funding subscribers (around 800 million are in
Sina Weibo (580 mn) China), neck and neck with its chief
rival Instagram (banned in China).
India banned TikTok in 2020 even
YouTube (2.5 bn) Youku (380 mn) as it was growing at a hectic pace with
over 200 million customers. But the
Video on demand ban helped Meta the most, especially
as it came close on the heels of the
Netflix (220 mn) MX Player has 250 mn users in launch of Reels (the two-minute short
Amazon Prime (200 mn) video) in the country. According to
India and 350 mn globally. It was
App Annie data (renamed data.ai),
iQIYI (104 mn paid the most downloaded app in CY22 the most downloaded apps in social
subscribers) based on data.ai; Zee 5, Jio TV, Jio Cinema media in 2022 remain Instagram,
Tencent Video (124 also in top 5. Hotstar is the only global Facebook, Snapchat and WhatsApp.
mn paid subscribers) player, at No 2 Now, some domestic players are
gaining traction — short video and
messaging apps Josh, Moj and Chin-
Search Google (4.3 bn) Baidu (580 mn) gari are among the top 10 in down-
loads. And they are being supported
by big funding — VerSe Innovation,
Social community- Platform for gaining which owns Josh and short news
based online forum and sharing knowledge channel Daily Hunt, raised over
Source: $805 million last year.
Reddit Baidu Tieba Quora Zhihu
ICEA, Mohalla Tech, which runs Moj (in
(52 mn) (425 mn) (300 mn) ( 100 mn) Statista,
which MX TakaTak merged), and
industry
ShareChat raised $266 million from a
consortium led by Google. These
tly emphasise the big challenge emb- Google Search rules India with a three platforms have already garne-
edded in the CCI order — India’s over- staggering 99 per cent of the market, red an impressive 400 million users,
dependence on apps from Big Tech. says Statista. Similarly, YouTube compared to standalone Facebook’s
489 million users or Instagram (230
million users in India).
But the difference with the dom-
estic apps is the money that the global
players make in India already. Face-
book India Online Services earned
gross advertising revenues of ~16,189
crore in India in FY22 with profits of
around ~300 crore.
In China, domestic app compa-
nies have been able to build scale and
revenues by keeping Facebook out.
WeChat, which combines the services
offered by Facebook and WhatsApp,
has hit 1.2 billion subscribers in China
and revenues of $5.5 billion.
The story is repeated for Twitter,
which is blocked in China though
users have found ways to circumvent
it. But again, microblogging site Sina
Weibo is making waves with over 580
million subscribers compared to 330
million Twitter users worldwide.
In India, Koo, set up only in 2020,
has been able to make an impression
hitting 60 million downloads with 80
per cent being non-English users. It
has positioned itself to take on Twitt-
er (which has around 25 million subs-
cribers in India). Last year, Koo raised
$6.3 million in a funding round co-led
by Tiger Global and Accel Partners
and is already going global.
The blanket bans have worked for
China because they have built strong
alternatives. That is why if Netflix is
not available, the Chinese don’t have
to fret. They have iQIYI, known as
China’s Netflix — with 115 million
daily active subscribers — showing
Asian entertainment shows, inclu-
ding Chinese and Korean dramas. It
has internal competition, too, with
Tencent Video offering an array of
programmes to hit the top slot.
However, Indian OTT streaming
channel apps are coming of age. MX
Player, a part-subscription streaming
site, is on a heady growth path — in
calendar 2022, data.ai put it at
number one in terms of downloads.
And while Amazon Prime and
Disney Hotstar are still strong, there is
Zee5 in third (it is partly subscription-
based) place and Jio TV at number
four, followed by JioCinema at num-
ber five. The Ambani companies are
leveraging over 400 million mobile
phone customers by offering the apps
free. So the game has just begun for
India’s tryst with the mass app econ-
omy. On current reckoning, the road
to building winners is still a long one.
TAKE TWO 15
Airtel eyes 150
cities to grow
5G user base
40,000 community clusters have been identified in rural
areas to widen its customer base
ANEESH PHADNIS
Mumbai, 8 February
Bharti Airtel will ramp up
5G coverage in the top 150
cities and towns to grow its
postpaid segment and cut
costs to build revenue and
reduce debt.
Outlining plans in a
post-result conference call
on Wednesday, Bharti Airtel
Managing Director Gopal
Vittal said the company had
identified 150 cities that
account for nearly 40 per cent
of all telecom sector revenue
in the country for its 5G net-
work expansion. This would
also help grow its post-paid
segment, which typically has
lower churn and generates
higher average revenue per
user. Similarly, 40,000 com-
munity clusters have been
identified in rural areas to
widen its customer base.
Airtel launched its 5G serv-
ice last October. The service is
now available in 70 cities and
will be expanded across the
country by March 2024. Vittal
said the non-standalone tech-
nology that the company was
deploying for 5G was also giv-
ing 30 per cent wider coverage.
The company will squeeze its
<
4G investments and focus
more on the 5G network.
Other cost-saving steps will
include lowering of sales and
distribution expenses and spe-
nd on tower rentals and fuel.
Airtel reported 91.5 per cent
year-on-year growth in net
profit to touch ~1,588 crore in
Q3 FY2023 led by revenue
growth and increase in 4G cus-
tomer additions. Capital
expenditure for the Dece-
mber-end quarter was ~9,313
crore compared to ~7,416 crore
in the September-end quarter.
Vittal said the company
reduced its net debt by ~3,000
crore in the third quarter
despite higher capex, and
would continue to use its free
cash flows to further cut debt.
Airtel reported average
revenue per user (ARPU) of
~193 in Q3 FY23 with widening
of its 4G customer base. “ARPU
needs to go up. ARPU of ~300
will be critical and we hope it
will happen in due course,”
Vittal said.
The company hiked its
entry-level pack price from ~99
to ~155 in Haryana and Odisha
in December and followed this
up with 17 other circles as it did
not see any significant cus-
tomer churn.
 16
>
Client costs in focus, IT deals
revive ‘rebadging’ of workers
TCS co-opting a third of Boeing workers facing job cuts not an exception;
analysts admit that the practice is returning, though not a full-fledged trend yet
SHIVANI SHINDE
Mumbai, 8 February
W
ith cost optimis-
ation deals rising
among Indian IT
players, rebadging of employ-
ees is making a return.
Companies that have
entered into such arrange-
ments include Tata
Consultancy Services (TCS),
HCLTech and Capgemini.
On Tuesday, when aircraft
manufacturer Boeing
announced job cuts, interna-
tional media reports also
mentioned that TCS would be
taking a third of such employ-
ees as part of its work with the
airline major.
TCS is not the only one tak-
ing employees on board as
part of such deals. Earlier this
year, HCLTech signed an
agreement with insurer State
Farm to reimagine its IT serv-
ice desk and infrastructure
operations. It also inducted
some employees.
“Some State Farm emp-
loyees supporting this work
will transfer to HCLTech
to continue their important
role in delivering cutting-
edge technology services to
State Farm,” a company
statement said.
Recently, Paris-headquar-
tered Capgemini said it would
rebadge 174 employees from
Denmark’s Nuuday as part of
its digitisation project. The
employees make up approx-
imately one-third of the per-
sonnel in Nuuday’s technol-
ogy department, news outlet
ITWatch reported.
Top IT vendors have
already alerted a trend in Q2
and Q3 FY23 of deals allowing
cost optimisation and take-
outs have taken precedence.
Rajesh Gopinathan, CEO
and MD, TCS, said on an ana-
lyst earnings call: “We see a
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client caution translating into
greater focus on cost optimis-
ation. We’re seeing an
increase in the number of
large operating model trans-
formation engagements.”
He added that in the first
three quarters of FY23, TCS
won 20 such deals versus 16
in the year-ago period.
Infosys CEO and MD Salil
Parekh, too, highlighted this
trend. “The deal pipeline con-
tinues to be strong and
oriented towards cost takeout
and tech/ops transformation,”
he said in an earnings call.
Analysts tracking the sec-
tor are not yet agreeing to a
trend, but admit that clients
would be looking at reducing
costs in multiple ways.
“Firms are seeking to cut
costs and addressing virgin
scope, that is to say an area
that they have not used third-
party services in before.
Rebadging is becoming more
common. Another factor is
that with growth slowing in
the digital transformation
area, Indian firms are more
willing to rebadge,” said Peter
Bendour-Samuel, CEO,
Everest Group.
“It is too early to say that
it’s a trend. It is happening on
a case-to-case basis. What we
have seen so far is that this
happens in large deals. Mostly
in the digital era, deal sizes
have become smaller and
worth a few million dollars.
What we have observed in
recent times, and which is yet
to be a trend, is consolidation
of the vendor ecosystem,” said
D D Mishra, senior director
analyst, Gartner.
He reasoned that because
a huge extent of digital trans-
formation was likely needed
in many organisations, they
were yet to embrace it holisti-
cally. “In this case, vendors
are able to sign deals worth
$500 million-$700 million.
Those are the kind of deals
that may pop up from time to
time,” he added.
IN TRANSITION
n Boeing to transfer some
employees to TCS
n Earlier this year, HCLTech
inducted employees as it signed
a deal with insurer State Farm
n Capgemini took on board
174 employees or one-third of
Nuuday’s tech department
n Rebadging was a trend
a few years ago, when IT firms
would include large groups
of their clients’ personnel
Rebadging of employees
was a common practice a dec-
ade ago, when large outsourc-
ing agreements would get
signed as a chunk of employ-
ees would transition between
companies. The idea behind
the practice was also taking
over talent that was core to a
company’s operations then.
Such rebadging would mean
that the outsourcing com-
pany would get the minimum
revenues from the customer
as well. Some of the promi-
nent examples among several
deals from that period
include TCS acquiring
Citigroup Global Services in
2012 for $505 million or
Infosys’ acquisition of Philips
BPO practice a year later.
Analysts, however,
pointed out that the current
phase of rebadging employees
was different.
Pareekh Jain, founder of
Pareekh Consulting, said that
even cost optimisation deals
were quite complex now.
“A cost optimisation deal is
about optimising, and not just
cuts. If it is taking away cost
from one area, then service
providers are expected to add
value in other areas. The BT
(British Telecom)-TCS deal is
one such case,” he added.
During the earnings call,
Gopinathan also said that in
the BT deal TCS would ramp
down over 70 per cent of the
former’s digital legacy tech-
nology estate, and boost capa-
city to build its new strategic
technology architecture faster,
supporting the group’s grow-
th. “Our scale, full-services
capability and track record of
delivering outsized savings
through operating model
transformation is helping us
win such deals,” he said.
Mishra agreed. “Cost is
always the second biggest fac-
tor from the perspective of
Gartner. Cost optimisation
has got many dimensions,
and it’s not just cost cutting
but optimisation and creating
operational efficiency within
the team. Most of the deals
these days have some sort of
cost optimisation and every
year the client costs have to
come down by 5-10 per cent
at least,” he added.
NEW DELHI | THURSDAY, 9 FEBRUARY 2023
LinkedIn membership
in India crosses 100 mn,
second highest after US
SHIVANI SHINDE
Mumbai, 8 February
LinkedIn, the world’s largest
professional network, today
announced that it has crossed
100 million members in India.
With a 56 per cent growth in its
member base over the last
three years, India has solidified
its position as the second
largest market for LinkedIn
globally. The US is the largest.
The largest share of memb-
ers in India is from software
and IT, followed by manufac-
turing, corporate services (con-
sulting, accounting, and HR),
finance, and education.
Ashutosh Gupta, India
Country Manager, LinkedIn,
said, “It is heartening, and
gratifying, to see our 100-mil-
lion-member community in
India using the platform
extensively for more than jobs
now — they are over-indexing
on networking, messaging,
and learning more than any
other region globally.”
He added: "With new tech
advancements and newer dig-
ital opportunities on the hori-
zon, it’s inspiring to see our
country being fully engaged in
Mark Feb 14 as ‘Cow Hugging Day’,
says Animal Welfare Board
SANJEEB MUKHERJEE
New Delhi, 8 February
There is a different reason to
celebrate Valentine’s Day.
The Animal Welfare Board,
which works under the mini-
stry of animal husbandry,
dairying and fisheries, has
appealed that February 14 be
celebrated as ‘Cow Hug Day.’
The board, in the appeal
posted on its website dated
February 6, 2023, said that in
view of the immense benefit of
the cow, hugging the animal
skilling and upskilling, with
members in India consuming
twice as many learning hours
on the platform when com-
pared to members in the US.”
In 2022 alone, professionals
in India spent 4.6 million
hours learning on the plat-
form, which is nearly twice the
learning hours spent on
LinkedIn in the US.
To further help businesses
and professionals adopt a
skills-first approach to navigate
uncertainty better, LinkedIn
has launched the top 10 most
in-demand skills required by
companies, and a Workplace
Learning report to reveal the
priorities of learning and devel-
opment (L&D) leaders in India.
As jobs and career paths
become increasingly non-lin-
will bring emotional richness
and increase individual and
collective happiness.
“Therefore, all the cow lov-
ers may also celebrate Febr-
uary 14 as ‘Cow Hug’ day keep-
ing in mind the importance of
mother cows and making life
happy,” the appeal said.
The appeal added that Ved-
ic traditions are on the verge of
extinction due to Western cult-
ure. “We all know that cows are
the backbone of Indian culture
and rural economy, sustains
our life, represent cattle wealth
1
ear, companies in India are
adopting a skills-first approach
to hiring with more than 50 per
cent of India’s recruiters on
LinkedIn explicitly using skills
data to fill their roles, which is
higher than the global average
of 45 per cent.
According to LinkedIn’s
Workplace Learning Report,
“upskilling employees” is the
top priority for India’s L&D lea-
ders, and “providing learning
opportunities” is their top solu-
tion for improving retention.
This sharpened focus on
skilling comes at a time when
85 per cent of L&D leaders
agree that learner engagement
has increased in their com-
panies. Shedding light on the
reason for this surge, findings
show that the number one
motivation for employees to
learn is to progress towards
their career goals.
This year’s list of LinkedIn’s
top 10 most in-demand skills
in India features a blend of
business and marketing skills
such as management (No. 1),
communication (No. 4), and
sales (No. 10); and tech skills
such as software development
(No. 2) SQL (No. 3).
and diversity. It is known as
‘kamdhenu’ and ‘GauMata’
because of the nourishing nat-
ure like mother, the giver of all
providing riches to humanity.”
The appeal said that it has
been issued with the approval
of the “competent authority”
and on the direction of the
Department of Animal Husba-
ndry and Dairying, ministry of
fisheries and animal husban-
dry and dairying.
Cow protection has been a
long standing stated objective
of the rural dispensation.
 QUICK TAKE: GSK VALUATIONS FACTOR IN EARNINGS UPSIDE “We have probably had

The Smart peak inflation and yes

Investor
(Price in ~)
1,290 The stock of GlaxoSmithKline Pharm was up 3 per cent in headline inflation can
trade on Wednesday due to a better than expected Q3 come down further, but
1,279.0 1,270 showing. While Motilal Oswal Research has raised its to try to get it down to 2%
NEW DELHI | 1,250.0
1,250 future earnings estimates, they believe current could be pretty tough”
THURSDAY, 9 FEBRUARY 2023 valuations, at 30.5X its FY24 profit estimates, adequately JONE FOLEY
1,230 reflect the upside and has retained its ‘neutral’ rating Head of FX strategy,
Feb 1,’23 Feb 8,’23 Rabobank
<

AEL adds another 20%, 7 Adani stocks Sebi mulls easing

up as group boosts investor confidence of RPT norms for
M-cap back above ~10-trillion mark; Adani Transmission, Adani Wilmar, Adani Power and NDTV hit upper limit of 5%
SUNDAR SETHURAMAN
high-value debt
Mumbai, 8 February BOUNCING BACK KHUSHBOO TIWARI
Mumbai, 8 February
were related parties. Only in such
cases, the adherence to specified
The group's m-cap is still down ~8.8 trillion since January 24

T
he Adani Group stocks gained for a requirements was possible, Sebi felt.
second day on Wednesday after the As on Feb 8, 2023 Change since Jan 24 1-day change The Securities and Exchange Board “Such shareholders, who are not
company took a host of measures to M-cap Price Price M-cap Gain M-cap of India (Sebi) is considering easing related parties, either hold a negli-
restore investor confidence and ease con- (~ trn) (~) (%) (~ trn) (%) (~ trn) corporate governance rules pertain- gible portion of the equity or none
cerns around its leverage. Adani Enterprises 2.46 2,158.7 -37.3 -1.46 19.8 0.4 ing to related party transactions at all, in which case the entity will
Seven out of 10 stocks of the group fin- (RPT) for listed non-convertible not be able to transact such RPTs
ished with gains — with the flagship Adani Adani Ports & SEZ 1.29 599.5 -21.2 -0.35 8.3 0.1 debentures or debt (NCDs). because of ‘impossibility of compli-
Enterprises (AEL) rallying the most, at Adani Transmission 1.47 1,314.3 -52.3 -1.61 5.0 0.1 At present, the regulations ance’ of the provision,” said the mar-
nearly 20 per cent. require the so-called kets regulator.
Adani Wilmar 0.55 419.4 -26.8 -0.20 5.0 0.0
AEL, which withdrew its ~20,000-crore high value debt listed India Inc In a discussion paper,
share sale earlier this month despite garner- Adani Power 0.70 182.0 -33.8 -0.36 5.0 0.0 entities (HVDLE) — had made Sebi has proposed that
ing full subscription, is now up 37 per cent New Delhi Television 0.01 227.8 -19.8 0.00 5.0 0.0 listed companies having representatio only HVDLEs having 90
in two days, recouping half the losses it saw NCDs with outstanding ns to Sebi, per cent or more related
after US short-seller Hindenburg Research
Ambuja Cements 0.76 384.4 -22.9 -0.23 0.2 0.0 value of at least ~500 seeking an party shareholders will
released a scathing report, alleging financial ACC 0.37 1,973.4 -15.5 -0.07 -1.1 0.0 crore — get approval exemption have to send notice to
irregularities in the group. Among steps Adani Green Energy 1.27 801.8 -58.1 -1.76 -4.9 -0.1 from the majority of their from this rule debenture holders holding
taken to revive confidence include Gautam shareholders who are not listed NCDs. These deben-
Adani and his family prepaying $1.11 billion Adani Total Gas 1.53 1,394.2 -64.1 -2.74 -5.0 -0.1 related parties. ture holders will have to
worth of debt, a vow to improve capital 10.42 -8.78 0.49 India incorporation had made submit objections, if any, within
structure of Adani Ports & SEZ (APSEZ) and ILLUSTRATION: BINAY SINHA Compiled by BS Research Bureau Source: Bloomberg, exchanges representations to Sebi, seeking an seven days. If the objection is from
conducting an independent assessment exemption from this rule highlight- 75 per cent or more of the debenture
into the issues of related party transactions. bined m-cap is still down ~8.8 trillion — in Margins are a bit soft but revenue and out- ing challenges faced by them. After holders by value, then the agenda
Shares of APSEZ rose 8.3 per cent. what has been one of the biggest stock mar- look remain strong,” said Deven Choksey, Benchmarks gain on which, the regulator analysed 138 for RPT will be withdrawn.
Meanwhile, Adani Transmission, Adani ket wipeouts for a business group. managing director, KRChoksey Holdings. HVDLEs to understand the issue An RPT refers to any transaction
Wilmar, Adani Power and New Delhi “Deleveraging is expected to be the “It is a mix of short covering and fresh dovish Fed comments better. About 93 of such HVDLEs between the same or connected pro-
Television hit their 5 per cent upper limit. group’s immediate focus for at least the next buying. Technically speaking, cash margins Benchmark Nifty50 gained nearly had all shareholders as related moter groups. The watchdog has
On the other hand, Adani Green Energy and year or so. Recent earnings commentary put in have arrested the free fall. Short sell- 0.9 per cent on Wednesday amid a rally parties. In such cases, there was no said that proper regulations around
Adani Total Gas fell nearly 5 per cent each. also supports this view. They may go slower ing has stopped,” he added. Last week, in global equities, following dovish non-related shareholder to approve RPTs are necessary as companies
Furthermore, newly-acquired cement units on inorganic growth because big acqui- exchanges shifted AEL, APSEZ and Ambuja comments by the Federal Reserve the RPTs. tend to dilute or circumvent the
— ACC and Ambuja Cements — ended the sitions will require fresh borrowing,” said to a category of stocks that require up to 100 chairman Jerome Powell. The banking There were another 11 cases requirements by procuring approv-
day little changed over their previous day’s Abhay Agarwal, fund manager, Piper Serica per cent trading margins and are subject to pack, however, underperformed with where 90 to 99 per cent of the share- als for continuous lending to group
close, with the former losing 1.1 per cent and Advisors. On Tuesday, APSEZ reported greater scrutiny to curb short-selling. The gains of just 0.1 per cent after the RBI holders were related parties. In such companies. The regulator said that
the latter up 0.2 per cent. third-quarter net income that missed the purported short-term additional surveil- hiked policy rates by 25 basis points to cases, the number of the remaining the common factor in major corpo-
As a result, the group added ~48,627 crore average analyst estimate. But investors were lance measure (ST-ASM) Stage 1 has been 6.5 percent. The Sensex rose 378 points, non-related shareholders was “neg- rate wrongdoings was that they were
in market capitalisation (m-cap) with the buoyed by the company’s proposal to repay made applicable to these stocks on new or 0.6 per cent, to end the session at ligible” to approve or disapprove the allegedly carried out by persons with
conglomerate’s combined market value ~5,000 crore of debt. positions created since February 6. 60,664. The Nifty50 finished at 17,872, a RPTs. In only 34 of 138 HVDLEs, less the ability to influence the decisions
once again surging past the ~10-trillion “Adani Ports’ results are good in the gain of 150 points, or 0.9 points. than 90 per cent of the shareholders of the company.
mark. Since January 24, however, the com- context of the concerns at the moment. With inputs from Bloomberg

Stable cash flows to help Adani companies DOMESTIC SHAREHOLDING

meet debt commitments, say rating firms RECORD HIGH
DEV CHATTERJEE
Mumbai, 8 February
Adani Group companies have
been affirmed by both interna-
tional and domestic rating
agencies, including Fitch and
Moody’s, as well as CRISIL, India
Ratings & Research (Ind-Ra),
CareEdge, and ICRA, due to stable
cash flows from its operating com-
panies, the group said about its
credit profile.
This comes despite a recent
change in S&P’s outlook on Adani
Ports and Special Economic Zone
and Adani Electricity Mumbai.
IN NSE-LISTED FIRMS HITS
On Adani Green Energy’s
(AGEL’s) cash flow, Moody’s said
its cash flows are stable, given the
geographic diversification of its
generation fleet that reduces its
exposure to potential fluctuations
in the availability of solar and wind
resources.
“Most of AGEL’s projects have
long-term power purchase agree-
ments (PPAs) with either central
government-owned or state gov-
ernment-owned utilities, with
predefined tariffs for the duration
of the contract. As of June 2021,
AGEL’s PPAs for operating projects
had an average remaining life of
around 20 years, which provides
visibility over the company’s long-
term cash flow,” said Moody’s,
while rating the firm’s debt instru-
ments as ‘stable’.
S&P said its rating action does
not impact the rated debt issued
by four Adani entity project
finance companies: AGEL
(BB+/stable), Parampujya Solar
Energy (BB-/stable), Adani Inter-
national Container Terminal (BBB-
/stable), and North Queensland
Export Terminal (BB-/stable).
“These debts are fully secured
and have cash flow waterfalls that
prioritise operating expenditure
and debt service over distributions.
Given the ring-fenced assets, in our
view the structure of these financ-
ings currently sufficiently protects
investors,” said the rating firm.
Ind-Ra said there is no imme-
diate impact on the ratings of
Adani Group entities, following the
recent short-selling report.
“Ind-Ra sees limited impact
on the cash flows of the underly-
ing business and also takes note
of the liquidity available with the
respective entities in the form of
cash on the balance sheet, unused
working capital limits, and debt
tied up for the ongoing under-
construction projects. The man-
agement has confirmed to Ind-Ra
that large capital expenditure
(capex) plans across entities
would be moderated/deferred in
line with the capital management
plans of the group.
There exists modularity to the
capex, and at the same time a sig-
nificant amount of capex can be
deferred in line with capital avail-
ability,” said Ind-Ra. While giving
‘BBB-’ with a ‘negative’ outlook,
S&P said the Adani companies
have long-established infrastruc-
ture assets with strong fundamen-
tals and cash flows.
The shareholding of domestic investors — both institutional and individual
— hit a record high of 24.44 per cent in the NSE-listed companies during
the third quarter of the 2022-23 financial year (Q3FY23), shows provided by
Prime Database. “This was the fifth consecutive quarter where domestic
holdings have increased…showcasing the rising dominance of domestic
investors,” said Pranav Haldea, managing director, Prime Database Group.
Aided by inflows of ~47,349 crore, the shareholding of foreign portfolio
investors (FPIs) rose to 20.18 per cent during Q3FY23 from 19.98 per cent at
the end of Q2FY23. “To put this in perspective, FPI share was 23.3 per cent
while the combined share of domestic investors was just 18.47 per cent as
on March 31, 2015,” Haldea added. Within the domestic investor category,
holdings of mutual funds (MFs) rose for the sixth quarter to an all-time
high of 8.09 per cent while holdings of insurance companies reached a
five-year high of 5.65 per cent. Shareholding of retail investors fell
11 basis points quarter-on-quarter to 7.23 per cent, while that of high
networth individuals (HNIs) also declined 1 bp to 1.89 per cent. Meanwhile,
promoters’ shareholding in private firms decreased to a three-year low of

Adani Power Q3 profit falls 96% Adani Wilmar net profit

43.25 per cent, from 44.59 per cent on September 30, 2022. Government
holding in listed PSUs rose to a 4-year high of 7.99 per cent, from
6.87 per cent. SUNDAR SETHURAMAN

Adani Power on Wednesday

reported a 96 per cent drop in con-
solidated net profit to nearly ~9 crore
for the quarter-ended December 31,
2022 (Q3FY23), compared with ~218
crore reported in the corresponding
period last year.
In the September and June
quarters of this financial year, the
company had reported a net profit
of ~696 crore and ~4,780 crore. The
June quarter was amongst Adani
Power's best-ever periods in terms
of top-line and bottom-line.
Consolidated revenue from oper-
ations increased nearly
45 per cent year-on-year (YoY) to
~7,764 crore in Q3, mainly due to
higher regulatory claims, increased
operating capacity, and improved
tariff realisation. Revenue in the
year-ago period stood at ~5,361 crore.
In Q2FY23 and Q1FY23, the firm had
Q3 FINANCIALS OF ADANI POWER
Consolidated figures in ~ crore
Revenue Net profit Revenue (% chg)
8,000 7,044 7,764 8,00
10.2 44.8
5,361
QoQ YoY
4,000 4,00
696 Net profit(% chg)
9 increase by 7.4 per cent to ~15,438.05 crore in Q3FY23.
218 -98.7 -96.0
0 0
Q3FY22 Q2FY23 Q3FY23 QoQ YoY
Source: Company Compiled by BS Research Bureau
reported revenues of ~7,044 crore the September and June quarters,
and ~13,723 crore, respectively. Ebitda was ~2,350 crore and ~7,506
The company’s Ebitda (earnings crore each. "With the resolution of
before interest, tax, depreciation, most of its regulatory issues now,
and amortisation) was marginally Adani Power is well placed in terms
lower year-on-year to ~1,996 crore, of liquidity to meet its commit-
constrained mainly by the impact ments and growth requirements,"
of fuel costs including higher import said Anil Sardana, managing direc-
coal prices, the company said. A tor, Adani Power.
year ago, Ebitda was ~2,003 crore. In VIVEAT SUSAN PINTO
rises 16% to ~246 cr in Q3 HOW THEY STACK UP
Adani Wilmar saw its net profit rise 16.4 per cent to ~246.16 Value of holdings (~ trn) n Sep ‘22 n Dec ‘22
crore in the third quarter of the 2022-23 financial year (Q3FY23) Shareholding (%)
on the back of margin expansion.
The joint venture had reported a loss to the tune of ~9.11
19.98 20.18 7.97 8.09 7.34 7.23 5.57 5.65 1.90 1.89
crore in Q3FY22 and a profit of ~14.70 crore in Q3FY23. The
53.06 55.70
firm also saw its volumes grow at 16 per cent and revenue
22.33
“This (volume growth) was achieved on the back of the large 21.16
opportunity available in the packaged food industry, well sup- 19.48 19.94
ported by our portfolio of premium and popular brands, pan-
India distribution, and manufacturing facilities across the 14.98 15.58
length and breadth of the country,” the company said in its
release. Adani Wilmar, which receives over 80 per cent of its
revenue from edible oils, saw a 4 per cent jump in it to take the
tally to ~12,581.21 crore.
“We are leveraging the distribution network, manufacturing 5.06 5.22
facilities, logistics and customer relationships of edible oil busi-
ness to grow rapidly in food & FMCG business, which offers a
much larger opportunity compared to our well-established
edible oil business,” said Angshu Mallick, managing director FPI MF Retail Insurance HNI
and chief executive officer, Adani Wilmar. SHARLEEN D'SOUZA Source: PRIME Database; Universe: NSE listed firms

Higher tax outgo for sovereign
funds in new REIT/InvIT era Hero eyes recovery amid volume challenges
SACHIN P MAMPATTA
Mumbai, 8 February
Tax changes in Budget 2023-24
may result in higher outgo for
sovereign wealth funds (SWFs),
pension funds, and other for-
eign investors who put money
into real estate and infrastruc-
ture projects.
Real estate investment
trusts (REITs) and infrastruc-
ture investment trusts (InvITs)
are investment vehicles like
mutual funds, except that they
hold either property (REIT) or
an infrastructure asset like a
highway (InvIT).
The Securities and
Exchange Board of India’s reg-
ulations require 90 per cent
cash flow in both to be distrib-
uted to investors. If they have
given a loan to a company as
part of their operations, repay-
ment amounts are also subject
to similar distribution.
Investors treat distribution
the same way as an investment
vehicle under existing tax
rules. This means that if a REIT
has received interest payment,
it is treated as interest income
when it (the REIT) distributes
the amount to its investor.
Many foreign investors had
zero tax to pay on loan repay-
ments, given a repayment is
not considered income.
Treating it as income would
mean that their tax rate would
no longer be zero, observes
Ajay Rotti, partner, Dhruva
Advisors.
“Foreign investors will now
have to pay tax on these
receipts. They will not be enti-
tled to the treatment afforded
to capital gains,” he said.
Investment vehicles will
need to change the manner of
making such distributions,
given repayment of debt may
attract the maximum rate of
tax, according to Parul Jain,
head, international tax prac-
tice, Nishith Desai Associates.
More on business-standard.com
two-wheeler maker — Hero
MotoCorp — was broadly in
line with Street estimates.
Even as volumes declined
4 per cent year-on-year (YoY),
overall revenues saw an
increase of 2 per cent, given
higher revenue from spares
and an uptick in realisations.
A sharp fall in exports, a
lower share of the 125cc and
higher segment, and muted
rural sentiment dented vol-
umes in the quarter.
Its gross profit margins saw
a sequential improvement of
250 basis points (bps), given
RAM PRASAD SAHU price hikes over the past few
quarters. The company also
Except for a slight slip in prof- highlighted that there has
itability, the October- been an 80 bps in the cost sav-
December quarter perform- ings programme LEAP over
ance of the country’s largest the past nine months. A better
THE COMPASS
product mix and a 70-100-bps
gain from softening raw
material prices, too, helped lift
profitability.
The gains on the gross
profit front, however, did not
percolate through to the oper-
ating level as margin gains
were limited to 7 per cent on a
sequential basis, while they
were down 67 bps YoY. The
company indicated that a 70-
bps impact on margins was on
account of the new mobility
business (the company
launched its maiden electric
two-wheeler Vida V1) which,
coupled with higher festival-
related spending, weighed on
margins.
Even as raw material to
sales as a percentage of rev-
enue was down 150-250 bps on
a sequential and YoY basis, the
proportion of other expenses
was up 170-200 bps, as was
employee costs (22-74 bps), off-
setting the input cost advan-
tage. The company indicated
that margin improvement
would continue as raw
material costs have softened
and gains from price hikes
taken earlier will sustain.
While spending on the electric
vehicle (EV) segment will con-
tinue, the gains on the much
larger internal combustion
engine-based business should
help maintain the margin
expansion trend.
A lot will depend on vol-
umes as the company is bank-
ing on operating leverage to
boost profitability.
The company is struggling
in the entry-level segment,
given affordability issues in
rural areas, and has been los-
ing share in the 125cc and
above category. It has lined up
many launches in the pre-
mium category to recoup mar-
ket share and benefit from
higher growth rates in the seg-
ment. Hero MotoCorp indi-
cated that there are some
green shoots in the rural seg-
ment and the wedding season
should boost sales.
With exports facing
multiple headwinds, the near-
term growth drivers will
depend on continued traction
for the scooter segment (Xoom
launched recently), premiu-
misation trends, lower-priced
EVs, and more importantly, a
revival in the rural segment.

This PDF was uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
 2 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 9 FEBRUARY 2023 1

IN BRIEF VIVAD SE VISHWAS II IOC pipelines set to be

China spy balloons
targeted India too: Scheme to settle only tested for H2-carrying
American officials
China has operated a fleet of spy balloons
targeting several countries including India and financial disputes potential: Chairman
Japan, a media report has said, days after the Aims to expand aviation gasoline exports to SE Asia
US military shot down a Chinese surveillance ARUP ROYCHOUDHURY
craft floating over sensitive installations in the
country. US officials have briefed its friends
New Delhi, 8 February
EXTENDING OLIVE Pending claims can SUBHAYAN CHAKRABORTY
Bengaluru, 8 February
Vaidya said.
be settled against
BRANCH Aviation fuel push

and allies, including India, on the finds of the
Chinese surveillance balloon. “The surveillance
balloon effort, which has operated for several
years partly out of Hainan province off China's
south coast, has collected information on
military assets in countries and areas of
emerging strategic interest to China, including
Japan, India, Vietnam, Taiwan and the
Philippines,” The Washington Post reported.
The report was based on interviews with
several anonymous defence and intelligence
officials.
Reduce pendency: Govt
to Irdai, insurance firms
The Centre on Wednesday asked the Insurance
Regulatory and Development Authority of
India (Irdai), insurance companies and other
industry stakeholders to reduce pendency of
consumer cases, and discussed other issues
pertaining to the insurance sector during a
round table conference in New Delhi. Of
553,000 pending cases in various consumer
forums, 160,000 cases — the highest among
all sectors — pertain to all kinds of insurances,
including mediclaim, health insurance to
travel, life, home, car, fire, marine and crops.
“A maximum of 80 per cent of cases are
pending in district consumer courts, 17 per
cent in state consumer courts, and 3 per cent
at national consumer commissions,” said
Rohit Kumar Singh, consumer affairs
secretary. PRATIGYA YADAV
C
ompanies or entities in
domestic contractual dis-
putes with the central gov-
ernment and associated bodies only
can seek to settle pending matters
under the ‘Vivad se Vishwas II’
scheme, if no state government or
any other private firm is party to the
case, or if the dispute pertains to
pending financial claims, and not
any performance claims.
PTI These are some of the conditions
put in the draft scheme for one-time
settlement under the Vivad se
Vishwas II, put in the public domain
by the Finance Ministry on
Wednesday. Public comments and
suggestions on the scheme are
invited until March 8.
The scheme was first
announced by Finance Minister
Nirmala Sitharaman in her 2023
Union Budget speech. “To settle
contractual disputes of the govern-
ment and government undertak-
ings, wherein the arbitral award is
under challenge in a court, a vol-
untary settlement scheme with
standardised terms will be intro-
duced. This will be done by offering
graded settlement terms depend-
ing on the pendency level of the
dispute,” she said.
“The government has appreci-
ated that special efforts are required
to clear the backlog of old disputes
n Central government
n Centre’s autonomous bodies
n Public sector banks and
financial institutions
n Public sector enterprises
n Union Territories, including
NCT of Delhi, and their agencies
n Organisations where the
Centre has a 50% stake, such
as metro rail
THE OFFER
80% of net 60% of the awarded 30 % of the net
amount awarded amount, including interest, claim amount, if
if a court has if there’s an arbitration litigation is
passed an order tribunal order ongoing
and litigation. Such cases are not cial institutions and enterprises,
only holding back fresh investment Union Territories, including Delhi,
but are also reducing ease of doing and their agencies, and organisa-
business. Therefore, after due study tions where the Centre has a stake
of the past cases, the government of 50 per cent, like metro rail cor-
intends to bring a one-time settle- porations.
ment scheme called “Vivad se Only disputes involving the
Vishwas II (Contractual Disputes)” above entities where the claim for
to effectively settle pending dis- proceedings either to a court or for
putes,” the draft scheme said. arbitration or Conciliation was sub-
The scheme would apply to dis- mitted by the contractor on or
putes where one of the parties is before September 2022 shall be eli-
either the Centre, its autonomous gible for settlement through this
bodies, public sector banks, finan- scheme.
The country’s largest oil mar-
keting company (OMC)
Indian Oil Corporation’s
(IOC’s) natural gas pipelines
would soon be tested for their
ability to carry hydrogen,
chairman Shrikant Madhav
Vaidya said.
“We want to carry some
amount of hydrogen spiked in
natural gas. For this purpose,
a memorandum of under-
standing (MoU) has been
signed with SNAM, the leader
in this business. It has gas
pipelines across Europe,”
Vaidya told Business Standard
in an interaction on the
sidelines of the India Energy
Week.
The push towards blend-
ing natural gas with hydrogen
comes from the need to
reduce the carbon intensity of
the delivered fuel. Hydrogen-
enriched natural gas, or
HENG, is a mixture of
hydrogen and natural gas. In
theory, the two can be mixed
in any proportion. Typically,
HENG with 10-20 per cent
hydrogen by volume repre-
sents the most promising
near-term option.
SNAM, an Italian energy
infrastructure company, will
study IOC’s natural gas pipe-
line nationwide, and recom-
WE WANT TO
CARRY SOME
AMOUNT OF
HYDROGEN SPIKED IN
THE NATURAL GAS.
FOR THIS PURPOSE,
AN MOU HAS BEEN
SIGNED WITH SNAM
SHRIKANT MADHAV
VAIDYA
Chairman, IOC
ly ramped up investments in
developing cross-country nat-
ural gas pipelines and laying
city gas distribution (CGD)
networks. The company wants
to cut down on the use of LNG
road tankers to transport the
highly-combustible gas.
Meanwhile, IOC is scout-
ing for a technology partner,
Vaidya also outlined plans for
quickly scaling up IOC’s avia-
tion fuel exports, which began
last month.
“This is not normal avia-
tion fuel. It is a specialised
product called aviation gaso-
line. Our business develop-
ment team is on the job and
we wish to increase our foot-
print to Southeast Asia to
begin with,” Vaidya said.
In January, 80 barrels of
the specialised aviation fuel
for small aircraft and
unmanned aerial vehicles
(drones) called AVGAS 100 LL
was exported to Papua New
Guinea.
The company is setting up
two manufacturing facilities
for the fuel. These will be at
its Koyali refinery in
Vadodara, Gujarat, and at
Paradeep refinery in Odisha,
he added.
“We will be starting (pro-
duction) in a month’s time.
We will have adequate mate-
rial available for not only
meeting 100 per cent Indian
demand but also for exports,”
Vaidya stressed.
The company on Tuesday
signed an agreement with US-
based LanzaJet to produce
cleaner aviation fuel at its
Panipat refinery. By 2030, 2

Procurement via GeM may cross ~2 trillion in FY23
NIKESH SINGH
New Delhi, 8 February
The Government e-
Marketplace (GeM) portal is
expected to almost double its
gross merchandise value
(GMV) to ~2 trillion in FY23,
having already surpassed the
~1.5 trillion mark last week. In
FY22, the GMV of GeM was
~1.06 trillion.
Cumulatively, GeM has sur-
passed GMV worth ~3 trillion
since its inception in 2016 and
the number of transactions on
GeM has exceeded 13 million.
“About ~12,000 crore worth
transactions are already in the
pipeline and by the end of the
financial year, GeM is expected
to achieve its target of ~2 tril-
lion,” Prashant Kumar Singh,
director and chief executive
officer of GEM, told reporters
on Wednesday.
Singh said minimum sav-
ings on GeM are about 10 per
cent, which translates into a
savings of over ~30,000 crore
worth of public money, so far.
The largest order worth
~20,400 crore placed on GeM
until now is by NTPC for mine
development and operations
services, a unique category
used for the first time on GeM.
Among the CPSEs that pro-
cured the most via GeM are
NTPC (~22,159 crore), Steel
Authority of India (~8,083
crore), Indian Oil Corporation
(~7,404 crore), BHEL (~5,235
crore), and ONGC (~5,064 crore)
in FY23 until February 5.
mend up to what percentage
hydrogen can be injected into
these.
SNAM signed an MoU with
IOC in 2020 for possible joint
initiatives in the natural gas
infrastructure value chain. It
is particularly for storage and
regasification.
IOC is the second-largest
player in the imported natural
gas business. It has increasing-
who can transfer the produc-
tion technology for manufac-
turing green hydrogen,
Vaidya said.
The company had last year
formed a joint venture with
Larsen & Toubro (L&T) and
ReNew Power to develop
the nascent green hydrogen
sector in India. “Once we
have the partner, we will
begin production in Hazira,”
per cent of aviation fuel pro-
duced by IOC will be sustain-
able aviation fuel.
LanzaJet helps companies
produce aviation fuel from eth-
anol manufactured from agri-
cultural or industrial waste.
Vaidya also disclosed that
the company is aiming to tie
up with private sector entities,
including foreign firms, for a
range of requirements.

This PDF was uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
 ll.l
NEW DELHI | THURSDAY, 9 FEBRUARY 2023 STOCKS 3 <

> STOCK
IN THE > Adani Enterprises > Wonderla Holidays > Adani Power

NEWS Top gainer

among A-group
Trading volume
jumps more than 17x
Snaps 9-session of
lower circuit with OF THE DAY
companies over 2-week average upper circuit Mahindra & Mahindra Financial
~1,802.5 PREVIOUS CLOSE ~374.8 PREVIOUS CLOSE ~173.4 PREVIOUS CLOSE Hits around 4-year high
~2,158.7 CLOSE ~407.4 CLOSE ~182.0 CLOSE at ~270; Up 75 per cent
p 19.8% UP p 8.7% UP p 5.0% UP in year

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
8 Feb ’23 Chg (%) Con Std 8 Feb ’23 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 2164.3 20.0 0.8 201.7 223.8 Infosys 1590.5 1.8 7.1 28.0 29.4 price price (%) price price (%)
Adani Ports 599.3 8.3 0.5 25.4 - ITC 375.6 0.6 5.7 30.6 26.1 Adani Enter 2220.9 2158.7 19.8 4189.6 4189.6 Adani Total Gas 1394.2 1394.2 -5.0 1394.2 1394.2
MOST BULLISH MOST BEARISH
Apollo Hosp 4391.3 1.8 0.5 59.8 67.1 JSW Steel 732.0 2.5 1.2 47.6 37.4 PAYTM 697.9 677.6 15.0 697.9 969.0 Adani Green En 801.1 801.8 -4.9 801.1 801.1
Asian Paints 2765.6 0.3 1.5 71.3 70.4 PNB 51.9 51.6 0.6 ITC 370.3 375.6 -1.4 Zomato 55.3 54.3 9.5 75.6 95.5 FACT 255.8 257.3 -2.9 122.3 82.6
Kotak Mah Bank 1765.5 -0.6 3.2 24.6 34.3
Axis Bank 871.8 -0.8 3.0 19.0 13.8 Bank of Baroda 168.9 168.0 0.6 Chambal Fert 293.0 296.2 -1.0 Adani Ports 605.0 599.5 8.3 916.0 987.9 Manapp Finance 113.5 114.3 -2.3 104.7 81.5
L&T 2130.9 -1.6 3.7 29.6 38.7
Rain Inds 172.0 171.1 0.5 Max Fin Sre 750.3 757.1 -0.9 Policy Bazar 492.7 481.7 6.8 499.9 938.0 Power Grid 210.5 212.0 -2.2 204.5 186.4
Bajaj Auto 3880.3 0.0 0.6 19.1 19.8 Mah & Mah 1373.1 0.5 1.7 26.0 27.7 Info Edge 3807.3 3787.5 0.5 Shree Cement 24049.8 24240.0 -0.8 Aurob Pharma 450.5 445.1 6.3 564.5 730.0 Navin Fluo 4142.5 4185.6 -2.1 3766.5 3361.5
Bajaj Fin 6351.7 3.1 2.1 54.7 39.6 Maruti Suzuki 8834.7 0.8 1.4 68.8 36.7 SRF 2208.6 2197.1 0.5 Maha Gas 896.5 903.1 -0.7 Max Fin Sre 761.0 756.0 5.8 870.5 886.4 Coal India 214.2 215.6 -1.9 211.3 149.0
Bajaj Finsrv 1368.9 1.4 1.0 36.4 294.7 Nestle India 18994.9 0.1 0.8 - 84.6
Bharti Airtel 775.1 -1.4 2.4 58.8 - Nykaa 148.0 146.6 5.4 224.7 316.5 Astral 1982.5 2035.2 -1.9 1867.0 1584.0
NTPC 165.5 0.2 1.0 9.6 9.4
BPCL 334.2 0.6 0.4 6.2 - BSE NSE HDFC Std Life 509.9 508.4 5.2 620.7 620.7 Tube Inv of Ind 2505.9 2543.7 -1.7 2491.6 1440.0
Britannia 4594.8 -0.3 0.7 51.7 55.5
ONGC 143.9 -0.5 0.9 4.0 4.0 Index Stock Index Stock PUT-CALL RATIO Adani Trans 1314.3 1314.3 5.0 3382.9 4238.6 L&T 2126.9 2130.8 -1.6 1970.2 1456.8
Power Grid 212.0 -2.2 0.9 8.8 9.6 Adani Wilmar 419.4 419.4 5.0 703.0 878.4 Eicher Motor 3203.4 3226.2 -1.5 3060.0 2110.0
Cipla 1039.1 0.8 0.7 31.8 29.8 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2352.0 2.0 9.9 25.0 38.4 JK Cement 2763.7 2753.9 4.5 3248.1 3370.3 Hero MotoCorp 2592.2 2613.7 -1.5 2592.2 2148.0
Coal India 215.5 -1.9 0.6 4.5 8.6 Contracts - - 311841 853093
SBI 549.8 0.5 2.6 10.4 11.5 Market 1848.9 3124.4 0.6 Intell Des Aren 464.5 460.6 4.4 476.9 986.0 Raymond 1380.5 1384.4 -1.5 1192.2 645.0
Divis Lab 2799.1 1.8 0.4 25.1 31.3 Open Int.(000) - - 14310 5084826
SBI Life Ins 1164.5 2.9 0.6 - 72.1 UCO Bank 28.5 28.3 4.2 38.2 38.2 Containr Crp 602.8 616.2 -1.4 591.5 554.1
Dr Reddys 4487.8 1.1 0.7 20.5 31.7 Shares(In Mn) - - 12.2 1239.2 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1013.0 0.7 1.4 57.7 170.5 L&T Finance Hol 93.6 93.3 4.2 98.3 98.3 Bharti Airtel 765.1 775.1 -1.3 752.0 629.0
Eicher Motor 3228.0 -1.4 0.5 37.8 40.7 Value(~ crore) - - 29885 53689
Tata Consumer P 724.4 -0.5 0.5 58.4 74.3 Voltas 1.6 Honeywell A 0.1
Grasim Ind 1636.6 1.3 0.8 14.3 32.0 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 440.1 1.1 1.0 - 327.8 ACC 1.5 Abbott India 0.1
HCL Techno 1145.0 1.5 1.5 21.5 26.7 Contracts - - 171709249 4051175
Tata Steel 111.5 0.0 1.1 8.1 7.0 Cadila Healt 1.4 Page Inds 0.1
HDFC 2685.8 0.2 6.0 21.7 31.6
HDFC Bank 1654.0 0.0 8.9 24.2 21.9 TCS 3520.1 1.4 4.4 31.7 32.9
Open Int.(000)
Shares(In Mn)
-
-
-
-
435604
6274.2
4537704
4550.0
M & M Fin 1.2 Atul 0.1 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1011.1 0.9 0.8 18.9 23.0 MRF 1.1 Torrent Pwer 0.2
HDFC Std Life 508.6 5.3 0.7 82.4 80.1 Value(~ crore) - - 16659101 260695 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hero MotoCorp 2614.7 -1.4 0.4 22.6 19.5 Titan Company 2466.8 0.8 1.3 100.8 70.8 BSE+NSE BSE+NSE
UltraTech 7250.4 2.5 1.0 34.8 36.6 1 Reliance Ind 1591105.6 BS200 K&R Rail Eng 40.6
Hindalco 436.5 1.6 0.8 7.1 19.7 (~ crore) (Mn shrs)
HUL 2582.8 -0.7 2.8 68.3 62.3 UPL 722.7 1.9 0.5 13.0 29.5 ACTIVE CALLS ACTIVE PUTS Adani Enter 4128.2 20.4
2
3
TCS
HDFC Bank
1287527.5
922345.0
UP 7 DAYS Shukra Pharmace 40.5
ICICI Bank 859.1 0.7 7.3 23.9 20.1 Wipro 406.8 1.6 0.7 19.6 18.0 M & M Fin 19.2 Taylormade Ren 40.5
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg PAYTM 2533.5 38.8 4 Infosys 661878.0 Eyantra Ve 40.2
IndusInd Bank 1145.4 0.2 0.9 - 13.2 Nifty 50 17871.7 á0.8 100.0 23.1 25.5 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
Reliance Ind 2353.0 10.0 5 HUL 606936.9 Firstsource 12.4
Inani Sec 40.2
Index Index 6 ICICI Bank 599303.9 Ramco Cements 11.5
INDEX PE SHRS TRDS 1 YR Adani Ports 2023.0 34.2 DOWN 7 DAYS
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
09/02/23
09/02/23
17900
18000
288.6
281.8
6.0
11.5
-5.6
-0.7
Nifty
Nifty
09/02/23
09/02/23
17800
17700
282.4
194.6
9.0 255.9
9.0 55.7
Zomato 1540.6 289.1
7á
8â
SBI
HDFC
490451.4
490372.8
DOWN
Adani Total Gas -40.6
Hemang Reso -30.0
SENSEX 24.7/27.0 13.3 195 24 6 4.9 Infosys 1303.7 8.2 PC Jeweller -30.0
Asian Paints 2765.6 0.3 1.8 71.3 70.4 Maruti Suzuki 8831.4 0.9 1.6 68.8 36.7 Nifty 09/02/23 17800 222.1 3.0 -68.1 Nifty Bank 09/02/23 41500 158.6 3.3 86.9 9 ITC 466331.9 UP 3 DAYS
NIFTY 50 23.1/25.5 291.0 5913 36 13 3.5 Dhruva Capital -29.9
Axis Bank 872.1 -0.8 3.4 19.0 13.8 Nestle India 19001.4 0.1 1.0 - 84.6 Nifty 09/02/23 17850 176.2 2.4 -18.8 Nifty 09/02/23 17850 152.7 3.3 730.4 Bajaj Fin 1228.5 2.0 10 Bharti Airtel 432011.3 PAYTM 29.1
C = CONSOLIDATED; S = STANDALONE Sreechem Res -29.9
Bajaj Fin 6352.9 3.1 2.4 54.7 39.6 NTPC 165.4 0.1 1.1 9.6 9.4 Nifty 09/02/23 18100 156.8 9.1 50.2 Nifty 09/02/23 17600 140.6 8.6 69.4 Adani Green En 1009.6 12.2 11 LIC India 385888.3 Adani Ports 20.2
Sarvottam -29.9
Bajaj Finsrv 1369.0 1.3 1.2 36.4 294.7 Power Grid 212.0 -2.2 1.0 8.8 9.6 CASH DERIVATIVES Stock Stock SBI 892.9 16.2 12 Bajaj Fin 384633.3 Varun Bever 12.9
TURNOVER BSE NSE BSE NSE
Std.Cap.Mrkt -29.9
Bharti Airtel 775.1 -1.3 2.7 58.8 - Reliance Ind 2351.8 2.0 11.4 25.0 38.4 Vodafone Idea 23/02/23 9 161.0 98.8 2.8 Tata Steel 23/02/23 110 38.5 13.8 -15.3 Tata Steel 837.8 75.2 13 Kotak Mah Bank 350547.1 Policy Bazar 12.6 Sbec Systems -29.9
HCL Techno 1145.0 1.5 1.7 21.5 26.7 SBI 549.6 0.4 3.0 10.4 11.5 VALUE(IN ~ CRORE) 3412 52690 -17003370 Vodafone Idea 23/02/23 8 99.6 82.9 -2.0 Vodafone Idea 23/02/23 7 38.0 72.5 -0.8 14 HCL Techno 310712.9 Aurob Pharma 10.2
Bharti Airtel 789.5 10.2 UP 3 DAYS
HDFC 2684.4 0.2 6.9 21.7 31.6 SHARES(IN MN) 483.3 2269.8 - 12075.6 Tata Steel 23/02/23 120 75.0 24.8 -0.6 Tata Steel 23/02/23 105 25.0 15.0 107.9 15 L&T 299466.3 ABB India 10.1
Sun Pharma 1013.4 0.8 1.6 57.7 170.6 Ambuja Cem 755.0 19.5 Maagh Advertisi 34.2
HDFC Bank 1653.6 0.0 10.3 24.2 21.9 TRADES(000) 2717 19661 - 62105 Tata Steel 23/02/23 115 50.6 14.5 15.5 Vodafone Idea 23/02/23 8 24.9 70.3 5.2 16 Axis Bank 268223.1 Petronet LNG 7.6
Tata Motors 440.1 1.1 1.1 - 327.8 TCS 718.4 2.0 Everlon Syn 33.5
HUL 2583.2 -0.6 3.3 68.4 62.3 PNB 23/02/23 55 30.1 30.4 -5.2 Tata Steel 23/02/23 100 23.1 11.0 -8.3 17á Maruti Suzuki 266778.9 DOWN
Tata Steel 111.5 0.0 1.3 8.1 7.1 Tarmat 28.4
ICICI Bank 858.7 0.8 8.4 23.9 20.1 MARKET-CAP (~ CR) TRADED TOTAL HDFC Bank 709.4 4.3 18â Asian Paints 265271.6 Adani Green En -14.2
TCS 3518.7 1.4 5.0 31.6 32.9 SecMark Consult 27.9
IndusInd Bank 1145.7 0.2 1.1 - 13.2 ICICI Bank 699.5 8.2 19á Adani Enter 246086.1 Tube Inv of Ind -5.3
Tech Mahindra 1011.6 0.9 0.9 18.9 23.0 BSE 26,893,607 27,016,434 EP Biocomposite 26.8
Infosys 1589.7 1.8 8.1 28.0 29.4
ITC 375.7 0.7 6.6 30.6 26.1 Titan Company 2465.1 0.7 1.5 100.7 70.8 NSE 26,614,779 26,741,620 SPURT IN VOLUMES HDFC
Adani Power
597.2
587.7
2.2
32.8
20â
21â
Sun Pharma
Avenue Supermar
243145.1
224118.7
Escorts Kub
Ashok Leyland
-4.7
-3.5
Iykot Hitec
Zenlabs Ethica
26.6
22.6
UltraTech 7247.8 2.5 1.2 34.8 36.6 DERIVATIVES 19,479,143 19,479,143
Kotak Mah Bank 1764.7 -0.6 3.7 24.6 34.3 Company Days 2-week Avg Change Close *Price 22â Wipro 223107.5 Bank of Maha -2.8
Axis Bank 581.9 6.7 DOWN 3 DAYS
L&T 2130.8 -1.6 4.2 29.6 38.7 Wipro 406.6 1.6 0.8 19.6 18.0 Volume Volume % price %chg 23â Titan Company 218851.6 HUL -2.4 Maris Spin -23.8
Mah & Mah 1373.2 0.4 1.9 26.0 27.7 BSE SENSEX 60663.8 á0.6 100.0 24.7 27.0 TRADING ACTIVITY Rane Madras 504180.0 13660.8 3590.7 468.3 15.2
HDFC Std Life
UltraTech
560.3
449.0
11.2
0.6
24â Bajaj Finsrv 218054.3 Bharti Airtel -2.3 Tanvi Foods (I) -20.2
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 UltraTech 209228.0 Others
Ace Integrated 155753.0 4349.3 3481.1 69.6 20.0 ITC 399.8 10.7 Mold-Tek -16.1
Equity Debt Equity Debt 26 Nestle India 183211.5
Net Net Net Net Symphony 1184974.0 34144.0 3370.5 1047.3 8.5 UP 7 DAYS Mahaan Foods -15.3
Gland Pharma 399.0 3.0 27 ONGC 181030.2
WORLD INDICES On 07 Feb -2207 -824 - - DJ Mediaprint 122903.0 4915.9 2400.1 152.1 4.2 Tata Motors 394.0 9.0 28 JSW Steel 176866.5
Lotus Choco
Phosphate Co
40.6
40.6
Sovereign D
Samrat Forgings
-15.0
-14.6
On 06 Feb -1038 -399 1201 -343 Wonderla Holida 1687111.0 79395.2 2025.0 407.4 8.7 SBI Life Ins 380.7 3.3 29 Mah & Mah 170716.2
Indices Close % Chg* Indices Close % Chg*
On 03 Feb -250 382 1198 1748 Kriti Inds 507213.0 27022.3 1777.0 93.6 20.0 30á NTPC 160334.4 (T+2) cycleStocks which rose/fell continuously
Bank of Baroda 377.6 22.5
Americas (Feb 07,23) Asia/Pacific (Feb 08,23) On 02 Feb -3638 968 1641 -4022 Everest Inds 210421.0 11327.8 1757.6 791.5 10.6
Nasdaq Composite 12113.8 1.9 Taiwan Taiex 15618.2 1.4 On 01 Feb 2543 2866 -504 37 Thermax 591728.0 41709.0 1318.7 2089.0 4.5
Feb till date -4590 2994 3535 -2580 Chemfab Alkl 131680.0 10455.4 1159.4 275.0 -0.3
Dow Jones
S&P/ TSX Composite
34156.7
20725.0
0.8
0.5
Kospi
Straits Times
2483.6
3388.5
1.3
0.2 2023 till date -34540 8084 25377 -11225 Privi sp chem 472595.0 40966.8 1053.6 877.0 -0.2
BOARD MEETINGS INTRA-DAY
Europe/Africa (Feb 07,23) Jakarta Composite 6940.1 0.1 Quarterly Healthcare Glob Digicontent Patel Inte Group T
IBEX 35 9255.1 0.9 Kuala Lumpur Comp 1470.8 -0.4 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Kalptar Pow EIH Asso Ht Pooja Metaliks Bharat Imm
FEBRUARY 09 KIMS Exxaro Tiles R&B Denims Hind Nat Gl
DAX 15444.8 0.8 Shanghai Se Comp 3232.1 -0.5 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 MTAR techno Force Motors Rainbow Childre Group T
FTSE 100 7925.3 0.8 Stock Exchange of Thai 1670.3 -0.6 NET Net Fut OI Opt OI OI Adani Total Gas Natco Pharma GE T&D Ind Rajshree Sug Paras Petro
HIGH *Dhyaani Tile . . . . . . . . 139.0 LOW *Venus Remed . . . . . . . 145.0
CAC 40 7175.0 0.6 Volatility (Feb 07,23) BS 200 *Veerkrupa Jewel . . . . 136.2 BS 200 Kilitch Drug . . . . . . . . . 140.0 Aurob Pharma NESCO Gokul Agro Rane Brake Group T
On 07 Feb 11486 -1178 0.2 2.3 2.4
Asia/Pacific (Feb 08,23) CBOE S&P 500 18.9 1.3 On 06 Feb -664 -31 0.2 2.1 2.4 Zydus Lifescien . . . . . . 482.2 *Photon Capital . . . . . . 127.9 Adani Total Gas . . . . . 1394.2 India Grid Trus . . . . . . . 130.0 HAL Paras Defence GRP Reliance Chm Quintegra Sl
Hang Seng 21283.5 -0.1 CBOE Dow Jones 16.6 -3.4 On 03 Feb -13329 814 0.1 1.8 2.4 *M & M Fin . . . . . . . . . . 270.4 *Captain Tech . . . . . . . 119.8 *Adani Green En . . . . . 801.1 *GE Power India . . . . . 122.0 Hindalco Pfizer Heads UP Ventur RSWM RO Jewels
On 02 Feb -2464 -1793 0.2 0.0 0.1 Others *Comfort Finance . . . . 117.9 Others Jasch Ind . . . . . . . . . . . . 120.3 HPCL RITES Hercules Hst Ruchira Pprs SPS Finquest
Nikkei 225 27606.5 -0.3 * Change over previous close
On 01 Feb 797 345 0.1 0.0 0.0 *GRP . . . . . . . . . . . . . . 3379.0 *Ddevplastik . . . . . . . . 108.8 *Bharat Rasa . . . . . . . 8809.5 *Tierra Agrotech . . . . . 115.0 Ind Ove Bank SANDUR MANGANES Hexa Tradex S P Apparels Group X
*Bharat Bijle . . . . . . . 2790.0 *Vinyoflex . . . . . . . . . . . 97.8 *Sanofi India . . . . . . . 5240.0 *Bafna Pharma . . . . . . . 91.9 IRCTC Sapphire foods Ind Hum Pipe Sandhar Tech Alfred Herbt
MAJOR INDICES Feb till date
2023 till date
-4175
101893
-1842
-1816
-
-
-
-
-
- *Apar Ind . . . . . . . . . . 2348.8 Indag Rubber . . . . . . . . . 97.0 Balaji Amine . . . . . . . . 2156.0 Everst Kant . . . . . . . . . . . 81.0 LIC India Sudarsh Chem Inventure Growt SEPC Ansal Housing
*Raclgear . . . . . . . . . 944.0 *Quality RO Ind . . . . . . . 88.8 Stovec Ind . . . . . . . . . 2050.0 Bal Pharma . . . . . . . . . . . 80.6 Lupin Ujjivan Fin Ser Ivp Limited Shreyans Ind Aplab
Previous Close Open High Low Close Change % chng OI in number of contracts(million)
*SAR Auto Pr . . . . . . . . 940.0 *Narayani Steels . . . . . . 86.8 Yasho Inds . . . . . . . . . 1172.0 OnMobile Glob . . . . . . . . 80.1 MRF Group B JETK India Smartlink Hold Apollo Finv
S&P BSE Sensex 60,286.0 60,333.0 60,792.1 60,324.9 60,663.8 377.8 0.6 Kemp & Co . . . . . . . . . . 892.5 *Taylormade Ren . . . . . 86.1 Barbeque Nation . . . . . 793.2 *SMS Pharma . . . . . . . . 71.0 Page Inds 21st Cnt Fin Karma Energ Starlineps Ente Arihant Sec
Surya Roshni . . . . . . . . 672.0 *Aartech Solonic . . . . . . 86.0 *Thyrocare Tech . . . . . 486.2 Tata Tele(M) . . . . . . . . . . 71.0 Suzlon Energy Aarti Surfactan KCP Sugar STC India Balurghat
S&P BSE Sensex 50 18,642.5 18,658.7 18,823.9 18,656.1 18,792.9 150.3 0.8 S&P BSE SECTORAL INDICES *Steelcast . . . . . . . . . . 564.3 *Quest Softech . . . . . . . 77.9 Avadh Sugar . . . . . . . . . 450.0 *Sequent Sc . . . . . . . . . . 70.8 United Brew Agarwal Inds Lincoln Pha Sula Vineyards Bambino Agro
*Bectors Food Sp . . . . 509.5 *Shukra Pharmace . . . . 69.6 Apollo Finv . . . . . . . . . . 426.1 *Electrotherm . . . . . . . . 60.9 Voltas Aksharchem Lumax Ind Suryoday SFB BDH Ind India Gelat Padmanabh Inds Shiva Global Tine Agro Emergent Ind
S&P BSE-100 17,968.2 17,985.3 18,143.1 17,983.1 18,117.7 149.4 0.8 Prev cls Close % Chng
Rane Madras . . . . . . . . 475.0 *Axita Cotton . . . . . . . . . 67.5 Century Enka . . . . . . . . 380.0 Andhra Petro . . . . . . . . . 59.8 Zomato Alembic Lux Inds TGV SRAAC Birla Precsn India Home Paul Mercha SI Paper Tirupati Foam Empower I
S&P BSE-200 7,554.8 7,562.4 7,628.7 7,561.6 7,618.2 63.4 0.8 Auto 30,246.4 30,349.3 0.3 *Lotus Choco . . . . . . . . 457.6 *Prithvi Exch . . . . . . . . . 64.0 Dollar Inds . . . . . . . . . . 367.4 Ishan Dyes . . . . . . . . . . . 59.0 Group A Allied Digit Mah.Ras.Apex Tips Films CFSL Jetking Inf Piccadily A Sicagen Ind Trimurthi Global Cap
Bankex 46,942.0 46,964.7 0.0 *Hariom Pipe Ind . . . . . 440.0 *Raj Rayon . . . . . . . . . . . 61.7 *Sudarsh Chem . . . . . . 359.7 Gogia Cap . . . . . . . . . . . . 57.3 AKZO Noble I Ambika Cot Man Ind Tree House Cosmo Ferr K K Fincorp Piccadly Sug Sita Enter Veejay Laksh IB Infotech
S&P BSE-500 23,711.0 23,735.8 23,938.2 23,733.5 23,908.6 197.6 0.8
Cons. Durables 38,314.4 38,610.2 0.8 *Mahindra CIE . . . . . . . 420.3 *Eyantra Ve . . . . . . . . 61.4 *Graphite . . . . . . . . . . . 326.3 Dolat Algotech . . . . . . . . 56.6 Alkyl Amines Anjani Portl Matrimony.com TRF Dhoot Ind LE Lavoir Polylink Ply Smiths & Found Vippy Spinp Indokem
S&P BSE IPO 7,937.2 7,983.8 8,049.4 7,968.8 8,028.8 91.6 1.2 Cap. Goods 34,325.4 34,212.1 -0.3 *Action Const . . . . . . . . 368.0 *Rishabh Yarn . . . . . . . . 53.0 *Clariant Ch . . . . . . . . . 314.0 Sutlej Text . . . . . . . . . . . . 53.0 Bajaj Consumer Anmol India MIRC Elect TVS Srichakr Disa India Link Pharma Prismx Glob Smruthi Organic Virat Ind Indra Inds
FMCG 16,477.3 16,496.8 0.1 *Remedium Lifeca . . . 274.2 *Titan Intech . . . . . . . . 52.4 Mindspace REIT . . . . . . 306.3 Maral Over . . . . . . . . . . . 52.8 Brigade Ent Aptech Mitsu Chem Plas Ugro Cap Duroply In Ludolow Jute Ras Resorts SNL Bearings Warren Tea Integ Tech
S&P Dollex-30 5,986.4 - - - 6,034.4 48.0 0.8 Chola Holding Ashapura Monarch Net Veranda Learnin Esaar (I)
Healthcare 22,210.2 22,477.2 1.2 *Adv Petroch . . . . . . . . 262.9 *Yash Innoventur . . . . . . 50.5 S P Apparels . . . . . . . . . 293.5 Amba Ent . . . . . . . . . . . . 40.4 Margo Fin Regency Trus Sonal Mercant Zenlabs Ethica JSL Inds
Nifty 50 17,721.5 17,750.3 17,898.7 17,744.2 17,871.7 150.2 0.8 Infra 277.0 279.2 0.8 *Skm Egg Prod . . . . . . . 188.4 *Focus Business . . . . . . 46.0 Brookfield REIT . . . . . . 271.0 Maris Spin . . . . . . . . . . . 38.3 Devyani Interna Autoline Ind Murud Cera VIP Clothing Facor Alloys Mitshi India Remi Edel Span Divergent Group XT Maitri Enterpri
IT 30,116.9 30,570.9 1.5 *K&R Rail Eng . . . . . . 182.5 India Home . . . . . . . . . . . 40.3 Amal . . . . . . . . . . . . . . . 237.1 ASRL . . . . . . . . . . . . . . . 38.3 FDC Birla Cable Muthoot Cap Vishwaraj Sugar Faze 3 Auto Mukat Pipes Group X SSPDL Ashnoor Text My Money Sec
Nifty next50 38,615.5 38,704.8 38,988.9 38,659.3 38,961.0 345.5 0.9 Fine Organic In Bombay Dyng Nandan Den Weizmann Ind Galaxy Agric
Metal 20,160.0 20,368.8 1.0 Majestic Ato . . . . . . . . . 155.0 *Inani Sec . . . . . . . . . . . . 38.9 P G Foils . . . . . . . . . . . . 191.1 GP Petroleums . . . . . . . . 37.8 Multibse Ind Rita Finance Supremex Shin Bilcare NMS Impex Globa
Nifty 500 14,902.2 14,927.6 15,046.7 14,924.1 15,028.3 126.1 0.8 Oil & Gas 17,601.8 17,658.0 0.3 *Bansw Syntex . . . . . . 145.6 *Tirupati Tyres . . . . . . . . 37.9 Pacific Inds . . . . . . . . . . 188.0 Enbee Tradg . . . . . . . . . . 31.6 Finolex Cab Burnpur Cem Niraj Cem WPIL Ltd Guj Craft I Ncl Research Group X Suryalta Spg Clio Info Quantum Digt
Power 3,562.5 3,562.3 0.0 *Phosphate Co . . . . . . . 143.5 *VCK Capital . . . . . . . . . 34.9 *Fermenta Biotec . . . . 158.1 Ajcon Glob . . . . . . . . . . . 29.2 Garware Fibres Chemtech Inds Nirlon Yash Chemex HB Estate D Neo Infracon Sampre Nutri Group X Daikaffil Ch Ramsons Pro
India VIX 14.1 14.1 14.2 13.5 13.6 -0.5 -3.8 *Frontl Corp . . . . . . . . . . 34.6 Apoorva Leas . . . . . . . . . 29.2 GIC of India Damodar Ind NRB Ind Bearing Group P HB Portfolio Osiajee Texfab Saurashtr C TFSL EL CID Inv Refnol Resin
PSU 9,523.6 9,529.6 0.1 Jindal Saw . . . . . . . . . . . 141.4 Reliance Chm . . . . . . . . 157.7
Nifty CPSE 2,776.1 2,786.0 2,791.0 2,771.0 2,786.9 10.8 0.4 Realty 3,292.0 3,296.5 0.1 Greaves Cott DCW Panama Petro Soft BPO Global Hind Mills Otco Internalt Shelter Infr Group X El Forge Restile Cera
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (534.3) (535.0) (3023.4) (3023.5)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 541.5 540.2 3025.0 3032.0
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 549.9 550.0 3090.0 3090.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 536.3 536.0 3010.7 3009.1
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 548.0 547.8 3083.3 3079.5
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 26801 860K 16093 408K
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 31.2 31.2 72.7 72.6
company name is followed by shares traded, and also the 52 Wk H/L 1026/505 1027/510 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 19865 19858 65335 65254
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani PortsH Aditya Bir Fa Aditya Birla m H m « m mH H < « « « « m m « H
(20957.8) (20991.4) (1995.5) (1994.1) (1802.5) (1802.9) (553.3) (553.2) (251.1) (251.6) (145.6) (145.6)
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M 45199 45216 37058 37065 246086 246725 129490 129447 23727 23761 35870 35870 M M

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(3876.7) (3879.4) (6159.5) (6160.5) (1351.2) (1350.4) (2274.4) (2273.9) (363.0) (363.1) (234.9) (234.9) (168.5) (168.6) (1527.3) (1527.1) (562.6) (562.5) (94.4) (94.4) (864.7) (866.2) (785.3) (785.9) (75.1) (75.1) (237.7) (237.8) (277.7) (277.7) (17391.5) (17414.9) (332.1) (332.1) (4605.4) (4606.9)
O 3866.4 3898.9 6174.0 6165.0 1360.0 1357.0 2290.0 2265.0 362.2 363.2 234.6 236.2 O 168.5 168.5 1524.3 1531.7 562.6 563.0 94.6 95.0 871.4 868.0 786.5 778.0 O 75.0 75.2 240.4 238.5 280.9 279.1 17388.9 17406.0 332.2 331.8 4597.1 4605.0
3897.1 3898.9 6378.6 6377.0 1377.0 1377.0 2347.9 2350.0 365.6 365.8 239.8 240.0 169.4 169.5 1530.0 1531.7 564.8 565.0 96.3 96.3 871.4 869.2 786.5 781.0 76.4 76.4 245.3 245.5 288.5 288.4 17470.7 17493.2 335.7 335.8 4637.1 4640.3
w 3838.0 3835.5 6165.0 6162.8 1345.9 1345.2 2257.2 2258.0 359.4 359.3 234.6 234.4 w 166.1 166.1 1510.7 1510.0 554.6 554.7 94.4 94.4 859.0 858.6 765.1 765.0 w 74.1 74.1 235.8 235.6 278.5 279.0 17287.6 17282.0 329.0 329.1 4578.0 4578.0
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W 4130/3126 4132/3125 7777/5236 7778/5220 1846/1078 1844/1073 2451/1682 2450/1691 526/307 526/307 350/209 350/210 W 197/90 197/90 2040/1476 2040/1478 745/528 743/527 228/87 228/87 920/596 919/595 877/629 861/629 W 91/41 92/41 409/230 409/230 502/250 502/250 18300/12940 18225/12932 399/288 399/288 4662/3050 4664/3050
M 112248 112284 384633 384561 218054 218038 45031 45033 7396 7399 38499 38507 M 86879 86879 19498 19496 54709 54714 70211 70247 40365 40340 432011 432011 M 26498 26498 29325 29307 7868 7864 51434 51453 72464 72496 110596 110689

Can Fin HomeH Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH Deepak NitrtH Delta Corp« Divis LabH
(579.8) (579.8) (294.6) (294.8) (319.1) (319.7) (290.1) (289.9) (781.1) (781.4) (1031.3) (1031.3) (159.4) (159.4) (219.8) (219.7) (4300.7) (4302.6) (1469.2) (1469.0) (624.8) (624.7) (901.4) (901.2) (1446.6) (1446.7) (536.0) (535.7) (1853.8) (1853.0) (1775.2) (1775.0) (189.3) (189.3) (2749.2) (2750.9)
O 584.0 580.0 296.0 295.5 321.0 319.0 290.4 291.4 780.0 782.5 1031.4 1035.0 O 160.0 159.4 215.4 214.8 4350.0 4344.1 1462.1 1470.0 625.0 623.9 906.9 906.0 O 1464.9 1454.0 536.0 535.7 1879.7 1877.6 1772.0 1777.0 190.0 189.9 2750.2 2758.0
598.7 598.5 297.5 297.8 321.0 319.5 297.5 297.7 800.1 800.4 1041.1 1041.2 160.1 160.4 217.2 217.2 4475.5 4474.0 1469.1 1471.1 626.0 623.9 923.0 923.0 1480.5 1480.0 536.9 537.0 1928.3 1929.0 1834.0 1835.0 195.0 195.0 2820.0 2822.0
w 570.2 570.5 292.1 292.0 313.2 313.0 287.5 287.5 778.6 778.6 1019.4 1019.2 w 155.2 155.2 214.2 214.2 4315.0 4312.0 1450.5 1450.2 602.8 602.3 901.7 901.6 w 1445.0 1444.6 529.3 529.2 1879.7 1875.8 1742.2 1742.2 185.5 185.7 2750.2 2757.0
591.8 591.7 295.6 295.7 315.6 315.6 296.1 296.2 796.5 796.1 1039.3 1039.1 159.9 159.8 XD215.6 215.5 4331.2 4329.5 1458.0 1458.0 616.2 616.4 918.1 918.3 1475.4 1474.3 534.1 534.0 1908.0 1907.6 1814.5 1813.7 193.6 193.8 2800.4 2799.1
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W 685/408 685/407 342/172 342/172 431/294 431/295 516/261 516/261 818/594 818/595 1185/880 1185/888 W 205/109 205/109 263/149 263/149 4870/3210 4874/3210 1695/1387 1696/1388 829/554 829/554 1094/730 1094/730 W 1551/907 1552/904 610/482 611/482 1988/1213 1986/1213 2390/1682 2391/1681 340/162 340/162 4641/2740 4641/2740
M 7879 7878 53626 53635 20066 20066 12322 12326 65452 65419 83887 83871 M 11830 11827 132838 132807 26451 26440 39658 39658 37545 37554 26992 26997 M 40897 40868 94623 94605 35775 35768 24749 24739 5179 5183 74335 74301

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(520.0) (520.2) (940.0) (940.6) (1174.8) (1174.9) (285.0) (285.4) (1616.1) (1616.3)
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W W W 912/500 912/499 956/660 956/660 1715/1128 1715/1129 381/227 381/227
M M M 8393 8383 96180 96205 32923 32922 7230 7238

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This PDF was uploade To Teligram channel_ LBS Newspaper platform (https://t.me/LBSNEWSPAPER) @LBSNEWSPAPER
 4 NEW DELHI | THURSDAY, 9 FEBRUARY 2023 1
>.l

Technocraft Industries (India) Limited Where the best is yet to come

Registered Office: Plot No-47, Opus Centre, 2nd Floor, Opp Tunga Paradise Hotel, MIDC, Andheri (East), Mumbai-93.
Tel: 4098 2222/0002; Fax No. 2835 6559; CIN No. L28120MH1992PLC069252
E-mail: investor@technocraftgroup.com ; website: www.technocraftgroup.com
Extract of the Consolidated & Standalone Un Audited Financial Results for the Quarter and Period Ended 31st December 2022.
` in Lacs except otherwise stated
STANDALONE CONSOLIDATED
Sr.
No.
Particulars Quarter Quarter Quarter Period Period Year Quarter Quarter Quarter Period Period Year
Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended Ended
31.12.2022 31.12.2021 30.09.2022 31.12.2022 31.12.2021 31.03.2022 31.12.2022 31.12.2021 30.09.2022 31.12.2022 31.12.2021 31.03.2022
Un -Audited Un -Audited Un -Audited Un -Audited Un -Audited Audited Un -Audited Un -Audited Un -Audited Un -Audited Un -Audited Audited
1 Total Income from Operations 48,901 51,026 47,632 150,404 135,723 191,111 42,764 43,944 47,985 138,794 118,958 166,690
2 Net Profit / (Loss) for the period
(before Tax, Exceptional/ Extraordinary items)
from Continuing Operations 11,531 8,443 8,691 29,396 25,671 35,534 6,333 6,321 6,776 18,762 20,354 28,038
3 Net Profit / (Loss) for the period after Tax
(after Exceptional/ Extraordinary items) from
Continuing Operations 8,728 6,467 6,563 22,452 20,263 27,457 4,686 4,668 5,100 14,046 15,835 22,185
4 Net Profit / (Loss) for the period (before Tax)
from Discontinued Operations - (15) - 500 (37) (16) - (15) - 500 (37) (16)
5 Net Profit / (Loss) for the period (after Tax)
from Discontinued Operations - (11) - 374 (27) (12) - (11) - 374 (27) (12)
6 Total Comprehensive Income for the period
[Comprising Profit/ (Loss) for the Period (after tax)
and other comprehensive income(after tax)] 8,578 6,517 6,370 22,420 20,302 27,067 4,629 4,675 5,044 14,250 15,863 21,958
7 Equity Share Capital (Face Value of ` 10/- per Share) 2,446 2,446 2,446 2,446 2,446 2,446 2,446 2,446 2,446 2,446 2,446 2,446
8 Earning Per Share ( of ` 10/-each)
For Continuing Operations-Basic and Diluted (in `) 34.21 25.71 25.75 87.54 80.66 109.36 19.16 19.09 20.85 57.42 64.74 90.69
9 Earning Per Share ( of ` 10/-each)
For Discontinued Operations-Basic and Diluted (in `) - (0.05) - 1.53 (0.11) (0.05) - (0.05) - 1.53 (0.11) (0.05)
10 Earning Per Share ( of ` 10/-each)
For Continuing & Discontinued Operations-
Basic and Diluted (in `) 34.21 25.66 25.75 89.07 80.55 109.31 19.16 19.04 20.85 58.95 64.63 90.64

Notes :
1. The above is an extract of the detailed format of the Financial Results filed with the Stock Excahnges under regulation 33 of the SEBI (Listing Obiligations and Disclosure Requirements )
Regulations 2015. The full format of the said Financial Results are available on the Stock Exchange's websites on www.nseindia.com, www.bseindia.com and on the Company's website
www.technocraftgroup.com.
2. The above Financial Results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meeting held on 8th Feburary 2023.
For Technocraft Industries (India) Limited
Sd/-
Sharad Kumar Saraf
Place : Mumbai (Chairman & Managing Director)
Dated : 8th Feburary , 2023 (DIN NO. 00035843)

NATIONAL STOCK EXCHANGE OF INDIA LIMITED

CIN: U67120MH1992PLC069769
Regd. Office : Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E),Mumbai – 400 051

Extract of Unaudited Standalone and Consolidated Financial Results for the

quarter and nine months ended December 31, 2022

(` in Crores unless otherwise indicated)

Standalone Consolidated

Sr. Quarter Ended Nine Months Ended Quarter Ended Quarter Ended Nine Months Ended Quarter Ended
Particulars 31.12.2022
No. 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021

(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited)

1 Total income from operations 2,628.56 7,886.14 2,026.13 2,991.52 8,854.04 2,293.87
2 Net Profit for the period (before Tax, 2,042.45 7,027.08 1,550.51 2,392.74 7,141.01 1,795.57
Exceptional and/or Extraordinary items)
3 Net Profit for the period before tax 2,042.45 7,027.08 1,550.51 2,392.74 7,141.01 1,795.57
(after Exceptional and/or
Extraordinary items)
4 Net Profit for the period after tax 1,568.08 5,423.26 1,161.51 1,826.09 5,289.11 1,348.99
(after Exceptional and/or
Extraordinary items)
5 Total Comprehensive Income 1,569.98 5,394.13 1,157.05 1,827.46 5,268.12 1,343.74
for the period
[Comprising Profit / (Loss) for the period
(after tax) and other Comprehensive
Income (after tax)]
6 Equity Share Capital 49.50 49.50 49.50 49.50 49.50 49.50
7 Reserves (excluding Revaluation Reserve)
- 11,498.30 - - 15,360.93 -
as shown in Audited Balance Sheet of
the previous year
8 Earnings per equity share (FV ` 1 each)
- Basic and Diluted ( ` ) 31.68* 109.56* 23.47* 36.90* 106.86* 27.24*

* Not annualised
Note :
1 The above is an extract of the detailed format of Unaudited Standalone and Consolidated Financial Results vide Regulation 33 of the SEBI (Listing and Other Disclosure
Requirements) Regulations, 2015. The full format of the Unaudited Standalone and Consolidated Financial Results are available on our website www.nseindia.com

2 The above Standalone and Consolidated Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors in its meeting held on February 7,
2023.

For and on behalf of the Board of Directors

Place : Gandhinagar Ashishkumar Chauhan
Date : February 7, 2023 Managing Director & CEO
DIN : 00898469

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NEW DELHI | THURSDAY, 9 FEBRUARY 2023 5
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APPENDIX IV APPENDIX IV APPENDIX IV

[See rule 8 (1)]
POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
and in exercise of powers conferred under Section 13 (12) read with Rule 3 of the Se-
curity Interest (Enforcement) Rules, 2002 issued Demand Notice dated 02.11.2022
calling upon the Borrower(s) AMIT SHARMA AND PALLAVI SHARMA to repay
the amount mentioned in the Notice being Rs. 41,98,266.38 (Rupees Forty One
Lakh Ninety Eight Thousand Two Hundred Sixty Six And Paisa Thirty Eight
Only) against Loan Account No. HHLNOD00237363 as on 28.10.2022 and interest
thereon within 60 days from the date of receipt of the said Notice.
The Borrower having failed to repay the amount, Notice is hereby
given to the Borrower and the public in general that the undersigned has taken
Symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 06.02.2023.
The Borrower(s) in particular and the public in general is hereby cautioned not to
deal with the property and any dealings with the property will be subject to the charge
of INDIABULLS HOUSING FINANCE LIMITED for an amount of Rs. 41,98,266.38
(Rupees Forty One Lakh Ninety Eight Thousand Two Hundred Sixty Six
And Paisa Thirty Eight Only) as on 28.10.2022 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO. 1801, (3 BHK) MEASURING 1545 SQ. FT., ON THE 18TH FLOOR,
BLOCK/ TOWER G2, WITH ONE COVERED CAR PARKING IN ECO VILLAGE
2, SITUATED AT PLOT NO. GH01, SECTOR 16B, GREATER NOIDA, -201305
UTTAR PRADESH.
[See rule 8 (1)]
POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
and in exercise of powers conferred under Section 13 (12) read with Rule 3 of the
Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated
05.11.2022 calling upon the Borrower(s) SHALINI GUPTA AND V K GUPTA
to repay the amount mentioned in the Notice being Rs.21,38,866.01 (Rupees
Twenty One Lakh Thirty Eight Thousand Eight Hundred Sixty Six and Paise
One Only) against Loan Account No. HHLNOI00169512 as on 31.10.2022 and
interest thereon within 60 days from the date of receipt of the said Notice.
The Borrower having failed to repay the amount, Notice is hereby
given to the Borrower and the public in general that the undersigned has taken
Symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 06.02.2023.
The Borrower(s) in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the property will be subject to
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs.21,38,866.01 (Rupees Twenty One Lakh Thirty Eight Thousand Eight
Hundred Sixty Six and Paise One Only) as on 31.10.2022 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO. 406 HAVING SUPER AREA 851 SQUARE FEET ON 4TH
FLOOR, BLOCK-B8 IN THE PROJECT KNOWN AS ECO VILLAGE 2
CONSTRUCTED UPON PLOT NO. GH-1 SITIATED IN SECTOR-16B, GAUTAM
BUDDHA NAGAR, GREATER NOIDA – 201303, UTTAR PRADESH TOGETHER
WITH ONE COVERED CAR PARKING SPACE.
[See rule 8 (1)]
POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
and in exercise of powers conferred under Section 13 (12) read with Rule 3 of the
Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated 02.11.2022
calling upon the Borrower(s) SANTOSH KUMAR GUPTA, KIRAN ALIAS
KIRAN KUMARI AND SEEMA KUMAR to repay the amount mentioned in the
Notice being Rs. 45,87,728.10/- (Rupees Forty Five Lakh Eighty Seven Thousand
Seven Hundred Twenty Eight And Paise Ten Only) against Loan Account No.
HHLLAJ00237272 as on 28.10.2022 and interest thereon within 60 days from the
date of receipt of the said Notice.
The Borrower having failed to repay the amount, Notice is hereby
given to the Borrower and the public in general that the undersigned has taken
Symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 06.02.2023.
The Borrower(s) in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the property will be subject to
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs. 45,87,728.10/- (Rupees Forty Five Lakh Eighty Seven Thousand Seven
Hundred Twenty Eight And Paise Ten Only) as on 28.10.2022 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO. 1104, (3BHK) MEASURING 1545 SUPER AREA SQ. FT., ON THE
ELEVENTH FLOOR, IN BLOCK/ TOWER - G2, WITH ONE COVERED CAR
PARKING SITUATED AT ECO VILLAGE – 2 PLOT NO. GH-01, SECTOR-16B,
GREATER NOIDA, NOIDA- 201301 UTTAR PRADESH.

Sd/- APPENDIX IV
Sd/- Sd/-
Date : 06.02.2023 Date : 06.02.2023 Date : 06.02.2023 Authorized Officer [See rule 8 (1)]
Authorized Officer Authorized Officer
Place : GREATER NOIDA Place : GREATER NOIDA Place : NOIDA INDIABULLS HOUSING FINANCE LIMITED POSSESSION NOTICE
INDIABULLS HOUSING FINANCE LIMITED INDIABULLS HOUSING FINANCE LIMITED
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation and
Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002
and in exercise of powers conferred under Section 13 (12) read with Rule 3 of the
Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated
07.11.2022 calling upon the Borrower(s) AMIT KUMAR, SHIWANI SHARMA ALIAS
SHIVANI SHARMA AND DEVENDRA KUMAR ALIAS DEVENDER KUMAR to
repay the amount mentioned in the Notice being Rs. 3,95,609.90 (Rupees Three
Lakh Ninety Five Thousand Six Hundred Nine and Paise Ninety Only) against
Loan Account No. HHLNOI00148661 as on 31.10.2022 and interest thereon within
60 days from the date of receipt of the said Notice.
The Borrower having failed to repay the amount, Notice is hereby
given to the Borrower and the public in general that the undersigned has taken
Symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 06.02.2023.
The Borrower(s) in particular and the public in general is hereby
cautioned not to deal with the property and any dealings with the
property will be subject to the charge of INDIABULLS HOUSING
FINANCE LIMITED for an amount of Rs. 3,95,609.90 (Rupees Three Lakh
Ninety Five Thousand Six Hundred Nine and Paise Ninety Only) as on
31.10.2022 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
FLAT NO. 205 HAVING SUPER AREA 1090 SQUARE FEET ON
SECOND FLOOR, BLOCK C1 IN THE PROJECT KNOWN AS ECO VILLAGE
3 CONSTRUCTED UPON PLOT NO. GH-06 SITUATED IN SECTOR-16B,
GAUTAM BUDDHA NAGAR, GREATER NOIDA – 201303, UTTAR PRADESH.
Sd/-
Date : 06.02.2023 Authorized Officer
Place : GREATER NOIDA INDIABULLS HOUSING FINANCE LIMITED

APPENDIX IV
[See rule 8 (1)]
POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security Interest Act,
2002 and in exercise of powers conferred under Section 13 (12) read with Rule 3
of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice dated
03.11.2022 calling upon the Borrower(s) AMIT KUMAR, SHIWANI SHARMA ALIAS
SHIVANI SHARMA AND DEVENDRA KUMAR ALIAS DEVENDER KUMAR to
repay the amount mentioned in the Notice being Rs.9,44,510.57 (Rupees Nine Lakh
Forty Four Thousand Five Hundred Ten and Paise Fifty Seven Only) against
Loan Account No. HHLNOI00148663 as on 31.10.2022 and interest thereon within
60 days from the date of receipt of the said Notice.
The Borrower having failed to repay the amount, Notice is hereby
given to the Borrower and the public in general that the undersigned has taken
Symbolic possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of the Security Interest (Enforcement) Rules, 2002 on 06.02.2023.
The Borrower(s) in particular and the public in general is hereby
cautioned not to deal with the property and any dealings with the
property will be subject to the charge of INDIABULLS HOUSING

W.S.INDUSTRIES (INDIA) LIMITED FINANCE LIMITED for an amount of Rs.9,44,510.57 (Rupees Nine Lakh
Forty Four Thousand Five Hundred Ten and Paise Fifty Seven Only) as on
CIN: L29142TN1961PLC004568
Registered Office : 108, Mount Poonamallee Road, Porur, Chennai 600 116 31.10.2022 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
STATEMENT OF STANDALONE AND CONSOLIDATED UNAUDITED FINANCIAL Section 13 of the Act in respect of time available, to redeem the secured
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2022 assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
(under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015) FLAT NO. 205 HAVING SUPER AREA 1090 SQUARE FEET ON
₹ in Lakhs SECOND FLOOR, BLOCK C1 IN THE PROJECT KNOWN AS ECO VILLAGE
STANDALONE CONSOLIDATED 3 CONSTRUCTED UPON PLOT NO. GH-06 SITUATED IN SECTOR-16B,
NINE GAUTAM BUDDHA NAGAR, GREATER NOIDA – 201303, UTTAR PRADESH.
QUARTER QUARTER QUARTER NINE MONTHS QUARTER
MONTHS
S.No. PARTICULARS ENDED ENDED ENDED ENDED ENDED Sd/-
ENDED
31st Dec 2022 31st Dec 2022 31st Dec 2021 31st Dec 2022 31st Dec 2022 31st Dec 2021
Date : 06.02.2023 Authorized Officer
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Place : GREATER NOIDA INDIABULLS HOUSING FINANCE LIMITED
1 Total income from operations (net) 2509.71 2930.99 2509.71 2930.99
2 Net Profit / (Loss) for the period (before Tax, 291.48 (8.59) (183.85) 291.26 (9.35) (189.73)
Exceptional/Extraordinary items)
3 Net Profit / (Loss) for the period (before Tax, 592.59 2004.41 (4916.64) 592.38 2003.65 (4922.52)
after Exceptional/Extraordinary items)
4 Net Profit / (Loss) for the period (after Tax, 592.59 2004.41 (4916.64) 592.38 2003.65 (4922.52)
after Exceptional/Extraordinary items)
5 Total Comprehensive income for the period
{Profit/(Loss) for the period (after Tax) and 592.59 2004.41 (4916.64) 592.38 2003.65 (4922.52)
other Comprehensive income (after Tax)}
6 Equity Share Capital 3525.48 3525.48 2626.06 3525.48 3525.48 2626.06
7 Reserves excluding Revaluation reserves (1610.72) (1610.72) (21208.28) (1615.79) (1615.79) (21220.56)
8 Earnings Per Share (for continuing and
discontinuing operations) (of ₹ 10/- each)
a) Basic 1.07 5.47 (18.82) 1.06 5.46 (18.84)
b) Diluted 1.07 5.47 (18.82) 1.06 5.46 (18.84)

1. The above is an extract of the detailed format of Quarter and Nine Months ended 31st December 2022 unaudited financial
results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. The full format of the unaudited Financial Results for the quarter and nine months ended 31st December
2022 are available on the Stock Exchange Websites. (www.nseindia.com and www.bseindia.com) and on the Company’s
website (www.wsindustries.in/KYC)
2. The above unaudited results were reviewed by the Audit Committee, approved and taken on record by the Board at its
meeting held on 8th February 2023, in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements)
Regulation, 2015.
3.The Group is adopting Indian Accounting Standards (Ind AS) and this unaudited financial results for the Quarter and Nine
Months ended 31st December 2022 are prepared in accordance with the recognition and measurement principles laid down
in Ind AS prescribed under Section 133 of the companies Act, 2013 read with relevant Rules issued thereunder.
4.Figures have been regrouped/reclassified wherever necessary, to conform to this period’s classifications and as per
amended schedule iii to the Companies Act,2013.
STANDALONE:
5. The Company is in Normal Operations wef Q2 of this Financial Year.
6. Further to alienation of discontinued business there are no reportable amounts towards the same in the current quarter.
The operations for the current quarter is from the continuing business of turnkey projects from erstwhile operations and newly
commenced infrastructure operations.
7. The company continues to prepare its Accounts and the Statement of unaudited financial results on a ‘going concern’
basis of accounting.
8. Land at Porur Chennai has been classified as Investment Property wef FY 2022-2023.
9. During the quarter under review 43,60,000 equity shares were allotted on preferential basis to certain identified non-pro-
moter persons/entities at Rs.40.00/- each and 2,27,25,000 convertible warrants on preferential basis to the promoter group
and certain identified non-promoter persons/entities at Rs.40.00/- each.
10. In the above results exceptional item includes net impact of the following items:
a. Write back of liability to the tune of Rs. 777.80 Lakhs pertaining to discontinued Electro-porcelain products division’s long
outstanding creditors and debtors with credit balances.
b. Liabilities provided amounting to Rs. 410.22 Lakhs pertaining to the Vizag unit of Electro-porcelain products division.
11. The Company has considered Electro-porcelain products (Discontinued Operations), Turnkey Project and Infra Project
segment (Continuing Operations) as the primary segment for disclosure.
CONSOLIDATED:
12. The Consolidated financial statements relate to W.S. Industries (India) Limited (the Parent Company), and its Subsidiary
Company. The Parent Company with its subsidiary constitute the Group.
13. The Subsidiary Company considered in the consolidated financial statements is WS Insulators Private Limited, whose
country of incorporation is in India and the percentage of voting power by W.S. Industries (India) limited as on 31st December
2022 is 100%.
14. The Group is not required to provide Segment Reporting under the criteria specified in IND AS 108.
for W. S. INDUSTRIES (INDIA) LIMITED
SEYYADURAI NAGARAJAN
Place: Chennai CHAIRMAN
Date : 8th February 2023 DIN: 07036078

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 .l
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           Rampur Branch

               Add.: 15, CIVIL LINES, Rahe Murtaza Raod,
  !"#$"%%"$!$ &$'
Rampur, Uttarpradesh- 244901

      [See rule-8(1)] (for Immovable property)
  
         
Whereas The undersigned being the Authorised Officer of the Bank of India,
Rampur Branch under the Securitisation and Reconstruction of Financial Assets
   (  )*'*& +,-      and Enforcement of Security Interest Act, 2002 and in exercise of powers
     #")%".*"/.#'
conferred under Section 13(12) read with rule 3 of the Security Interest
           (Enforcement) Rules, 2002 issued a demand notice dated 14-10-2022 calling
  !"#$ 0 upon the Borrower Mr. Zareef Ahmad S/o Abdul Rasheed to repay the amount
mentioned in the notice being Rs 19,47,308.83+ Int. (Rs. Nineteen lacs forty
 !!!  Oipr no - 04011/11/0175/2223/0.1 Seven thousand three hundred eight and eighty three paise + Interest) within
60 days from the date of receipt of the said notice.
The borrower having failed to repay the amount, notice is hereby given to
the borrower and the public in general that the undersigned has taken possession
of the property described herein below in exercise of powers conferred on him
under Sub-Section (4) of section 13 of act read with rule 8 of the Security Interest
Enforcement) rules, 2002 on this the 2nd day of February of the year 2023.
The borrower in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the said property/ies will be
subject to the charge of the BANK OF INDIA RAMPUR BRANCH for the
amount of Rs 19,47,308.83 and interest thereon.
The borrower attention is invited to provisions of the sub-section (8) of the
section 13 of the Act, in respect of the time available to redeem the secured assets.
Description of the immovable Property
All that part and parcel of the property situated at Mohalla Bagh, Tehsil Sadar,
District Rampur U.P. 244901.
On the North By- House of Shahid Khan, On the South By- Road, On the
East By- House of Sharif Ahmad, On the West By- House of Shariq Khan
Date: 02-02-2023 Chief Manager& Authorised Officer
Place: Rampur (Bank of India)

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 8
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NEW DELHI | THURSDAY, 9 FEBRUARY 2023 1

Notice under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of
Security Interest Act, 2002 (The Act)
S. Name of Borrower(s) Particulars of Mortgaged Date Of Outstanding Amount
NO (A) property/ (ies) (B) NPA(C) ( Rs.) (D)
1 LOAN ACCOUNT NO. FLAT NO. K-1405, 14TH FLOOR, TOWER-K, 19.01.2023 Rs. 55,54,596.33 (Rupees
HHLVAS00433469 AJNARA HOMES, PLOT NO. GH-03, Fifty Five Lakh Fifty Four
1. YASHI KIRAN SECTOR16-B, GAUTAM BUDDHA NAGAR, Thousand Five Hundred
2. ADITYA JOSHI GREATER NOIDA – 201303, UTTAR Ninety Six and Paise
PRADESH Thirty Three Only) as on
19.01.2023
2 LOAN ACCOUNT NO. FLAT NO. 1905, 19TH FLOOR, 17.01.2023 Rs. 10,70,602.16 (Rupees
HHLDCP00164364 BLOCK – C8, ECO VILLAGE-2, PLOT NO. Ten Lakh Seventy
1. RAJESH THAKUR GH-01, SECTOR-16B, GAUTAM BUDDHA Thousand Six Hundred
PROPRIETOR ABHINAV NAGAR, GREATER NOIDA - 201303, Two and Paise Sixteen
SALES AGENCY UTTAR PRADESH Only) as on 17.01.2023
2. KUSUM THAKUR
3 LOAN ACCOUNT NO. FLAT NO. E-0704, 7TH FLOOR, TOWER-E, 17.01.2023 Rs. 16,97,890.91 (Rupees
HHLDCP00345282 FUSION HOMES, PLOT NO. GH-05A, Sixteen Lakh Ninety
1. RAJEEV RANJAN TECHZONE-IV, NOIDA EXTENSION, Seven Thousand Eight
2. RANI PALLAVI NOIDA-201304, UTTAR PRADESH Hundred Ninety and Paise
Ninety One Only) as on
17.01.2023
4 LOAN ACCOUNT NO. FLAT NO. 807, 8TH FLOOR, TOWER-T2, 17.01.2023 Rs. 12,47,304.34 (Rupees
HHLDUB00467018 SUPERTECH AZALIA, SECTOR-68, GOLF Twelve Lakh Forty
1. AKIL AYUB COURSE EXTN. ROAD, Seven Thousand Three
PLASTERWALLA GURUGRAM-122001, HARYANA Hundred Four and Paise
2. SIKANDER AYUB ALIAS Thirty Four Only) as on
SIKANDAR MOHD. AYYUB 17.01.2023
5 LOAN ACCOUNT NO. FLAT NO. 502, 5TH FLOOR, TOWER T5, 17.01.2023 Rs. 45,65,776.73 (Rupees
HHLGRG00256471 SUPERTECH AZALIA, SECTOR 68, GOLF Forty Five Lakh Sixty Five
1. ASHU GUPTA COURSE EXTN. ROAD, Thousand Seven Hundred
2. ADRIAN GUPTA GURUGRAM-122101, HARYANA Seventy Six and Paise
Seventy Three Only) as
on 17.01.2023
6 LOAN ACCOUNT NO. FLAT NO.-303, 3RD FLOOR, TOWER/ 12.01.2023 Rs. 6,87,878.05 (Rupees
HHLMAT00182757 BLOCK-B-3, RUDRA PALACE HEIGHTS, Six Lakh Eighty Seven
1. SHAMBHU KUMAR PLOT NO. GH-02B, SECTOR -1, NOIDA Thousand Eight Hundred
RAMAN EXTENSION, GREATER NOIDA – 201303, Seventy Eight and
2. ARCHANA KUMARI UTTAR PRADESH Paise Five Only) as on
12.01.2023
7 LOAN ACCOUNT NO. PROPERTY BEARING NO. WZ-197/2-B, EN- 17.01.2023 Rs. 1,67,075.78 (Rupees
HHEDMT00456400 TIRE GROUND FLOOR, PORTION OF PLOT One Lakh Sixty Seven
1. ANIL PANDAY NO. VA-8, PART OF KHASRA NO. 783, Thousand Seventy Five
2. NEHA ALIAS NEHA 784 & 775, VILLAGE TIHAR, VIJENDER and Paisa Seventy Eight
PANDAY NAGAR, GALI NO. 3-A, NEW DELHI-110058 Only) as on 17.01.2023
8 LOAN ACCOUNT NO. PLOT NO. 78, SECOND FLOOR, BLOCK-T, 17.01.2023 Rs. 16,97,216.04 (Rupees
HHLDCP00383158 VILLAGE MATIALA, UTTAM NAGAR, NEW Sixteen Lakh Ninety
1. MUKESH KUMAR DELHI - 110059 Seven Thousand Two
2. SANJU DEVI Hundred Sixteen and
Paisa Four Only) as on
17.01.2023
That the above named borrower(s) have failed to maintain the financial discipline towards their loan account (s) and as per
books of accounts maintained in the ordinary course of business by the Company, Column D indicates the outstanding amount.
Due to persistent default in repayment of the Loan amount on the part of the Borrower(s) the above said loan account has
been classified by the Company as Non Performing Asset (as on date in Column C) within the guidelines relating to assets
classification issued by Regulating Authority. Consequently, notices under Sec. 13(2) of the Act were also issued to each of
the borrower.
In view of the above, the Company hereby calls upon the above named Borrower(s) to discharge in full his/their liabilities
towards the Company by making the payment of the entire outstanding dues indicated in Column D above including up to
date interest, costs, and charges within 60 days from the date of publication of this notice, failing which, the Company shall be
entitled to take possession of the Mortgaged Property mentioned in Column B above and shall also take such other actions as
is available to the Company in law.
Please note that in terms of provisions of sub-Section (8) of Section 13 of the SARFAESI Act, “A borrower can tender the entire
amount of outstanding dues together with all costs, charges and expenses incurred by the Secured Creditor only till the date of
publication of the notice for sale of the secured asset(s) by public auction, by inviting quotations, tender from public or by private
treaty. Further it may also be noted that in case Borrower fails to redeem the secured asset within aforesaid legally prescribed
time frame, Borrower may not be entitled to redeem the property.”
In terms of provision of sub-Section (13) of Section 13 of the SARFAESI Act, you are hereby prohibited from transferring, either
by way of sale, lease or otherwise (other than in the ordinary course of his business) any of the secured assets referred to in
the notice, without prior written consent of secured creditor.
Place:NOIDA/GREATER NOIDA/GURUGRAM/NEW DELHI

For Indiabulls Housing Finance Ltd.

Authorized Officer

Rampur Branch
Add.: 15, CIVIL LINES, Rahe Murtaza Raod,
Rampur, Uttarpradesh- 244901

Rampur Branch [See rule-8(1)] (for Immovable property)

Add.: 15, CIVIL LINES, Rahe Murtaza Raod,
Rampur, Uttarpradesh- 244901
[See rule-8(1)] (for Immovable property)
Whereas The undersigned being the Authorised Officer of the Bank of India,
Rampur Branch under the Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002 and in exercise of powers
conferred under Section 13(12) read with rule 3 of the Security Interest
(Enforcement) Rules, 2002 issued a demand notice dated 14-10-2022 calling
upon the Borrower Mr. Musharraf Khan S/o Muzaffar Ali Khan to repay the
amount mentioned in the notice being Rs 12,14,834.16 + Int. (Rs. Twelve lacs
fourteen thousand eight hundred thirty four and sixteen paise + Interest)
within 60 days from the date of receipt of the said notice.
The borrower having failed to repay the amount, notice is hereby given to
the borrower and the public in general that the undersigned has taken possession
of the property described herein below in exercise of powers conferred on him
under Sub-Section (4) of section 13 of act read with rule 8 of the Security Interest
Enforcement) rules, 2002 on this the 2nd day of February of the year 2023.
The borrower in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the said property/ies will be
subject to the charge of the BANK OF INDIA RAMPUR BRANCH for the
amount of Rs 12,14,834.16 and interest thereon.
The borrower attention is invited to provisions of the sub-section (8) of the
section 13 of the Act, in respect of the time available to redeem the secured assets.
Description of the immovable Property
All that part and parcel of the property situated at Mohalla Kunda, Tehsil
Sadar, District Rampur U.P. 244901.
On the North By- Property of Muzaffar Ali Khan and then Rasta, On the
South By- House of Muzaffar Ali Khan, On the East By- Property of Heirs of
Chau Ram, On the West By- Property of Muzaffar Ali Khan
Date: 02-02-2023 Chief Manager& Authorised Officer
Place: Rampur (Bank of India)
Whereas The undersigned being the Authorised Officer of the Bank of India,
Rampur Branch under the Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002 and in exercise of powers
conferred under Section 13(12) read with rule 3 of the Security Interest
(Enforcement) Rules, 2002 issued a demand notice dated 12-04-2021 calling upon
the Borrower Mr. Salamat Ali S/o Amanat Ali Proprietor M/s Garhwal Saree
Centre to repay the amount mentioned in the notice being Rs 12,68,693.25+ Int.
(Rs. Twelve lacs Sixty eight thousand Six hundred ninety three and twenty
five paise + Interest) within 60 days from the date of receipt of the said notice.
The borrower having failed to repay the amount, notice is hereby given to
the borrower and the public in general that the undersigned has taken possession
of the property described herein below in exercise of powers conferred on him
under Sub-Section (4) of section 13 of act read with rule 8 of the Security Interest
Enforcement) rules, 2002 on this the 2nd day of February of the year 2023.
The borrower in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the said property/ies will be
subject to the charge of the BANK OF INDIA RAMPUR BRANCH for the
amount of Rs 12,68,693.25 and interest thereon.
The borrower attention is invited to provisions of the sub-section (8) of the
section 13 of the Act, in respect of the time available to redeem the secured assets.
Description of the immovable Property
All that part and parcel of the property situated at Mohalla Thotar, Tehsil
Sadar, District Rampur U.P. 244901.
On the North By-Kharanja Sarkari, On the South By-House of Kabir , On
the East By- Land of Nanhey, On the West By- Kharanja Sarkari
Date: 02-02-2023 Chief Manager& Authorised Officer
Place: Rampur (Bank of India)

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