THURSDAY, 14 SEPTEMBER 2023

24 pages in 2 sections www.business-standard.com

NEW DELHI
~13.00
VOLUME XXX NUMBER 129

THE MARKETS ON WEDNESDAY chg#

Sensex 67,467.0 p 245.9

Nifty 20,070.0 p 76.8
Nifty Futures* 20,125.2 p 55.2
Dollar
Euro
~83.0
~89.0
~82.9 **
~88.9 **
OVER ~7,000 CRORE IPOs ON IN A FIRST, IT FOREX REVENUE
Brent crude ($/bbl)
Gold (10 gm)###
93.3##
~58,556.0 q
*(September) Premium on Nifty Spot; **Previous close;
92.9**
~73.0 LAUNCHPAD AMID BULL RUN OVERTOOK OTHERS IN FY23
# Over previous close; ## At 9 pm IST;
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y D E R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E
2 COMMERCIAL
>.
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 1
THURSDAY, 14 SEPTEMBER 2023
24 pages in 2 sections www.business-standard.com
NEW DELHI
~13.00
VOLUME XXX NUMBER 129

THE MARKETS ON WEDNESDAY chg#

Sensex 67,467.0 p 245.9

Nifty 20,070.0 p 76.8
Nifty Futures* 20,125.2 p 55.2 ECONOMY & PUBLIC AFFAIRS P6 BACK PAGE P14
Dollar
Euro
Brent crude ($/bbl)
~83.0
~89.0
93.3##
~82.9 **
~88.9 **
92.9**
BANKS TO PAY ~5K A DAY FOR DELAY IN NIPAH CASTS SHADOW
Gold (10 gm)### ~58,556.0 q
*(September) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~73.0
RETURNING PROPERTY PAPERS:RBI ON KERALA TOURISM
### Market rate exclusive of VAT; Source: IBJA P U B L I S HE D S I MU L T A N E OUSL Y F R O M AH M E D AB AD , B E NG AL UR U, B H O PAL , B H UB ANE SW AR , CH AND I G AR H , CH E NNAI , H Y DE R ABAD, K OCHI, K OL K ATA, L UCK N O W , MUMBAI, N E W DE L HI AN D P UN E

PM’S G20 VICTORY LAP NIFTY50 CLOSES ABOVE 20,000 FOR THE FIRST TIME
AMONG BJP WORKERS In a first, IT forex
Over ~7,000 crore IPOs on revenue overtook
launchpad amid bull run others in FY23
KRISHNA KANT
Mumbai, 13 September
MERCHANDISE EXPORTS
Those missing the launch window will have to file updated DRHPs TAKE A BACKSEAT
Indian information technology (Export revenue in ~trn)
PM Narendra Modi arrives at the BJP (IT) services companies, such as
headquarters, in New Delhi on
Wednesday. The BJP’s parliamentary
SUNDAR SETHURAMAN
Mumbai, 13 September
NIFTY50 RUSH TO THE Tata Consultancy Services, Infosys,
Wipro, and HCLTech, have emerged
board passed a resolution hailing Modi MARKET as the most consistent baggers of

W
for the “historic and unprecedented” ith the Nifty50 surging past the 20,000 Over half a dozen issues foreign exchange.
success of the G20 Summit PHOTO:PTI 4 > mark, the markets are experiencing a are getting launched in For the first time in 2022-23 (FY23),
spate of initial public offerings (IPOs) with a few days their combined forex revenue
four issues set to raise over ~4,673 crore surpassed that of listed oil and gas
ECONOMY & PUBLIC AFFAIRS P4 this week. Another quartet, cumulatively worth Issue size (~ cr) companies, as well as listed non-oil and
Bill on CEC appointment ~3,000 crore, is expected to launch next week.
Companies like RR Kabel, SAMHI Hotels, Zaggle
R R Kabel 1,964 gas firms in other sectors. The latter
category includes industries like
on Parliament’s agenda Prepaid Ocean Services, and Yatra Online are set to hit SAMHI Hotels 1,370 pharmaceuticals, automotive and Note: Based on a common sample of 795 companies
The government has listed the Bill on the the primary market this week, while Signature Global, auto ancillaries, industrial metals, from BSE500, BSE Midcap and BSE Smallcap indices
Sai Silks 1,200 All numbers on standalone basis
appointment of chief election commissioner Updater Services, Sai Silks (Kalamandir), and Vaibhav SENSEX: THE WINNING RUN* Yatra Online 772
capital goods, chemicals, textiles, *Include auto, pharma, chemicals, capital goods,
and other election commissioners for Jewellers are slated for next week. This flurry of activity fast-moving consumer goods, and industrial metals, FMCG, textile, and consumer
consideration and passage during the 5-day is driven by multiple factors including buoyant market Start Sensex End date Sensex No of % consumer durables. durables firms, besides others
session of Parliament beginning September 18. conditions, increased demand for IPOs, and specific Date days move Signature 730 The combined forex revenue of
Source: Capitaline; Compiled by BS Research Bureau

rule on the disclosure of quarterly financials. Sep 29, ‘20 37,973 Oct 14, ‘20 40,795 10 7.4 Global listed IT firms was up 20.7 per cent
The Nifty50 on Wednesday made a fresh lifetime Dec 21, ‘20 45,554 Jan 5, ‘21 48,438 10 6.3 Zaggle Prepaid year-on-year (Y-o-Y) to ~5.14 trillion in An analysis of listed companies in
COMPANIES P2 high of 20,097 on an intraday basis; it closed at 20,070, 563 FY23, while that of manufacturing Business Standard’s sample suggests a
Mar 28,’23 57,614 Apr 13,23 60,431 9 4.9 Ocean
Lenders allege Byju’s hid up 76.80 points or 0.38 per cent. The Sensex rose for a
ninth straight session and ended at 67,467, up 245.86
companies (ex-IT and oil & gas) was
down 5 per cent to ~5.08 trillion.
sharp slowdown in forex revenue of
manufacturing firms.
Aug 31, ‘23 64,831 Sep 13, 23# 67,467 9 4.1 Manoj Vaibhav 300 Turn to Page 6 >
$533 mn in hedge fund points or 0.37 per cent Both indices have rallied about *Since Covid lows & streak of 9 days or more; #unabated
Sources: Company, investment
Lenders to Byju’s have alleged that the 4 per cent in the past nine trading sessions. Sources: Bloomberg, exchange; Compiled by BS Research Bureau
bankers
company hid $533 million (about ~4,400 crore) Experts said the strong momentum in the second-
in an obscure three-year-old hedge fund to
avoid it being seized to make up for a loan
ary market is giving issuers the confidence to launch
their public floats. Turn to Page 6 >
II,1 nINDEX HEAVYWEIGHTS
DEFY GLOBAL GLOOM
nOUTLIER INDIA HOLDS ITS
OWN AGAINST BIG GUNS ‘We’ve delivered for the PM’
default. Byju’s has denied the charge. G20 Sherpa AMITABH KANT looks back at the successful
leaders’ summit to say India has done magical work to make
ACMA ANNUAL SESSION PAGE 2 possible what was considered impossible. Nobody had
COMPANIES P3 expected India to deliver a full consensus statement, the
Bombay Dyeing to sell land SIX-AIRBAG REQUIREMENT FOR IMPORT TAX CUT UNLIKELY ‘AUTOCOMP R&D
seasoned bureaucrat tells Asit Ranjan Mishra,
to Sumitomo for ~5.2K cr CARS NOT MANDATORY: GADKARI FOR TESLA, SAYS GOYAL SPEND LESS THAN
Ruchika Chitravanshi and Nivedita Mookerji in
an interview at Sushma Swaraj Bhawan at the
Bombay Dyeing will sell a 22-acre land parcel Union Road Transport and Highways Minister Nitin Gadkari In the midst of mounting excitement over 1% OF TURNOVER’ G20 headquarters in New Delhi. On whether
in Mumbai’s Worli to Japan’s Sumitomo Realty said that the government no longer intended to make six Tesla’s plans to foray into the Indian he had doubts at any point, he admits he
& Development Company for ~5,200 crore. The airbags mandatory for cars, in a surprise shift in stance market, the government has ruled out GOVT PLANS SCHEME did many times but he only
sale is one of the biggest land sale transactions weeks before its planned implementation. “We don’t want import-duty concession, said Union TO ACCELERATE AUTO displayed confidence. P4
in the history of the financial capital. to make the six airbags rule for cars mandatory”. Commerce Minister Piyush Goyal. COMPONENT R&D
2 COMPANIES NEW DELHI | THURSDAY, 14 SEPTEMBER 2023
> Zydus Lifesciences > HPL Electric & Power > KEC International > Tata Power Co > GMR Power and Urban Infra
STOCKS Receives EIR from USFDA Partners with Wirepass Secures order of ~1,145 cr Inks MoU with Sidbi to Receives LoA
IN THE NEWS for injectables unit at Oy to accelerate smart for 380 kV overhead offer easy financing to for smart
its Ahmedabad plant metering rollout transmission line MSMEs for solar adoption metering project
~643.2 CLOSE ~227.9 CLOSE ~682.9 CLOSE ~264.8 CLOSE ~36.6 CLOSE
p2.5% UP* p5.0% UP* p2.8% UP* p0.8% UP* p10.0% UP*
*OVER PREVIOUS CLOSE

>

Byju’s hid $533 mn SACMA ANNUAL SESSIONN

in hedge fund once Tesla to source $1.9 bn auto parts

run from US cake
store, say lenders
PEERZADA ABRAR
Bengaluru, 13 September
Lenders to Byju’s have alleged
that the education technology
company hid $533 million
(about ~4,400 crore) in an
obscure three-year-old hedge
fund to avoid it being seized to
make up for a loan default.
Byju’s has denied the charge.
Byju’s US-based subsidiary
Alpha Inc transferred in 2022
more than half a billion dollars
to Camshaft Capital Fund, a
hedge fund that once said its
principal place of business was
an IHOP pancake restaurant
in Miami in the US, Bloomberg
reported, citing a lawsuit in a
US court.
People close to Byju’s,
however, said the company
had “safely kept” about $540
million with an offshore sub-
sidiary of its parent company
Think and Learn to protect it
from the “predatory tactics of
the lenders”.
Byju’s, they said, didn’t
hide the money at Camshaft
Capital Fund, as alleged by the
lenders in their lawsuit.
“Camshaft is only an advi-
sor,” said one of the persons
cited above. “Byju’s has shown
the money to a couple of inves-
tors and they are convinced
that the ultimate beneficiary
of that offshore account which
holds these funds is a subsidi-
ary of Byju’s parent firm.”
Byju’s is already having nego-
tiations with the lenders to
repay the $1.2 billion Term
Loan B (TLB), but the lawsuit
against Camshaft has been
filed to put pressure on the
edtech firm to repay the loan
in a couple of days instead of a
few months.
“It is a pressure tactic as the
lenders and Byju’s are already
negotiating with each other,”
said the person. According to
the Bloomberg report, the
IN BRIEF
NCLT rejects Torrent plea, to hear
Hinduja plan approval on Sep 26
The National Company Law Tribunal (NCLT) will hear on September
26 the resolution plan for debt-ridden Reliance Capital submitted
by Hinduja Group firm IndusInd International Holdings (IIHL) as
Torrent Investments’ plea to keep the decision in abeyance has
been rejected. The matter was listed for hearing on Tuesday before
the insolvency tribunal, however, it has now been adjourned to
September 26.
Reliance Retail in talks for
$1.5 bn Gulf, Singapore funds
Reliance Retail is in talks with existing investors including the
sovereign wealth funds of Singapore, Abu Dhabi, and Saudi
Arabia for combined new investments of around $1.5 billion,
three sources with direct knowledge of the plan said. REUTERS
2 years after India debut, GDT
looks to double headcount
General Datatech (GDT), a US-based IT solutions provider, is set to
nearly double its workforce in India from 175 to 300 employees
over the next year, according to CEO Shawn O’Grady. The company,
which globally employs around 750 people, is expanding its
Indian operations.
Byju’s denied the charge,
saying its credit
agreement with lenders
did not prohibit or
restrict the usage,
movement or investment
of funds
lenders have said Camshaft,
founded by William C Morton
at 23, received the money
despite his apparent lack of
formal training in investing.
Luxury cars — a 2023 Ferrari
Roma, a 2020 Lamborghini
Huracán EVO, and a 2014
Rolls-Royce Wraith — have
been registered in Morton’s
name since the transfer
occurred, the report said quot-
ing the court papers. Byju’s has
gone to great lengths to con-
ceal the whereabouts of $533
million for the admitted pur-
pose of hindering and delay-
ing, the papers said.
In response, Byju's stated
that an offshore subsidiary is
the beneficiary of the funds,
which have been invested in
secure, fixed-income instru-
ments with a multi-hundred
billion dollar fund in the US.
The company denied media
allegations that questioned its
ownership of the funds.
“Byju’s would like to empha-
sise that its credit agreement
with the lenders does not pro-
hibit or restrict the usage,
movement or investment of
funds disbursed thereunder,”
said a Byju’s spokesperson.
More on business-standard.com
PTI
AYUSHMAN BARUAH
this yr, won’t get tax sops: Goyal
NITIN KUMAR
New Delhi, 13 September Auto parts circularity
a $5 bn opportunity PV market
I
n the midst of mounting excite-
ment over Tesla’s plans to foray
into the Indian market, the gov- WE WILL COME OUT
for industry: McKinsey to double in
ernment has ruled out import-duty India’s automobile parts industry could
concession. WITH A (EV) POLICY, have a market opportunity of $3.8-5 size by FY31:
Union Commerce Minister Piyush WHICH WILL BE IN billion by financial year 2029-30 (FY30)
Goyal, in his address at the annual
convention of the Automotive
CONSULTATION WITH in component circularity, said a
McKinsey report on Wednesday,
Maruti MD
Component Manufacturers ALL STAKEHOLDERS referring to a practice that reuses or DEEPAK PATEL
Association (ACMA), underscored the recycles materials. The report called New Delhi, 13 September
government’s stance, affirming that PIYUSH GOYAL, 'Mobility 360 degree – Sustainability for
no preferential treatment would be Commerce minister Competitiveness' was released at the The Indian passenger
extended to any automotive player. 63rd annual session of the Automotive vehicle (PV) market is
The minister’s statement comes in Component Manufacturers Association expected to nearly double to
the wake of recent reports indicating of India (ACMA). It said that material about 7 million units by
that the government is working on a circularity could increase companies' 2030-31 (FY31), said Hisashi
policy designed to grant import-duty top line by 10-20 per cent, reduce cost by Takeuchi (pictured), chief
nOptimistic case
reductions to automakers that pledge
to engage in local manufacturing. AUTO nBase case
5-10 per cent, cut down virgin material
use by 20-40 percent, and decrease
executive officer and man-
aging director of Maruti
33.6
“Everything will be done equally
without any differentiation or prefer-
ELECTRONICS 18.5 58.8 carbon emissions by 50-70 per cent.
SOHINI DAS
Suzuki India (MSIL), on
Wednesday. “Today, India
ences. This is a government which pro- MANUFACTURING 11.9 has become the third largest
vides equal opportunity to all,” Goyal both vehicles and batteries. automobile market in the
said, adding, “we will come up with a TARGET In 2021, Tesla initially sought an world…This has been pos-
(EV) policy, which will be in consulta- India consumption 3.8 3.8 entry into the Indian market by advo- sible only because of the
tion with all the stakeholders.” and export figures cating a reduction in the 100 per cent continued support and hard
Goyal also highlighted Tesla was a ($ bn) import tax imposed on electric work of the auto component
major buyer of Indian auto compo- 2022 2027 2032 vehicles. However, negotiations industry. Thank you,” he
nents. The amount of import will Source: Grant Thornton-ACMA Auto Electronics Manufacturing: Conquering the Next Frontier between Tesla and Indian authorities said in a speech at the
almost double as compared to auto faltered when officials indicated the annual session of
parts worth $1 billion imported by about establishing a manufacturing the Prime Minister’s Office (PMO) and company needed to commit itself to Automotive Component
Tesla from India last year, Goyal said. facility for affordable electric vehicles. the commerce and industry ministry local manufacturing before proceed- Manufacturers Association
“This year Tesla’s target is $1.7-$1.9 The turnaround in Tesla’s plans to are leading the talks and the govern- ing. Business Standard on July 13 first of India (ACMA).
billion,” Goyal said. “I am convinced invest in India comes within weeks of ment is hopeful that the US automaker reported the Texas-headquartered It is estimated that, by
that this (electric vehicles) is the Musk’s meeting with Prime Minister will set up its local manufacturing and firm had asked its battery suppliers to FY31, the annual PV market
future. It is something we must try to Narendra Modi during the latter’s state supplier chain. If the proposal goes initiate negotiations with the govern- size will expand to 6-7 mil-
attract,” he added. visit to the United States in June. through, it will be a big boost for the ment to set up battery-manufacturing lion units. Domestic PV
Goyal’s statement comes when Musk had then said: “I am confi- government’s “Make in India” pitch. units in the country. Panasonic sales went from 3.069 mil-
Tesla is showing a keen interest in the dent that Tesla will be in India and will The company’s executives visited Energy, one of Tesla’s top battery sup- lion in 2021-22 to 3.889 mil-
Indian market, with the company do so as soon as humanly possible.” India in May, initiating talks about set- pliers, approached the government to lion in 2022-23, marking a
engaging in talks with the government According to government officials, ting up manufacturing facilities for set up a battery-manufacturing unit. 26.71 per cent increase.
‘Autocomp R&D spend less Govt plans scheme
than 1% of current turnover’ to accelerate auto
As the focus on circularity and sustainability increases, are Indian
automobile component (autocomp) makers investing more in research?
SUNJAY KAPUR, president of Automotive Component Manufacturers
invest in technology. Domestic original
equipment manufacturers are also raising
the bar in terms of the products they offer,
component R&D
Association of India and chairman of Sona Comstar, in an interview with necessitating more technological
Sohini Das in New Delhi, sheds light on how more needs to be done in investment from component DEEPAK PATEL Advanced Chemistry Cell (ACC)
research, but investments need a large market size as well. Edited excerpts: manufacturers. New Delhi, 13 September scheme, where ~18,000 crore will be
allocated. Qureshi noted that
Are Indian autocomp makers investing in What is the export growth outlook for The government is contemplating although the auto industry is
‘green’ components? 2023-24 (FY24)? an incentive scheme to encourage investing in R&D, more needs to be
The trend toward green sourcing, green
energy, and green buildings is becoming
Last financial year, exports grew by
approximately 5.2 per cent. This year
research and development (R&D) in done, especially as the pace of elec-
the auto components sector, trification accelerates. “The govern-
SUNJAY KAPUR increasingly mainstream. Recycling is a
form of ‘green’ as well, and it’s all moving
(FY24), we anticipate an export growth rate
north of 5 per cent. New technological
particularly for electric vehicles ment is considering increasing its
(EVs), said Hanif Qureshi, joint push. Discussions are ongoing, and
President, ACMA and
chairman, Sona Comstar towards the broader theme of investments require larger market sizes. secretary in the Ministry of Heavy this will continue in various forms
sustainability. The industry is not just The West’s focus on electrification offers a Industries. Qureshi made the including PLI schemes for the auto
focusing on pricing but also on creating larger market than what is currently comments during the annual ses- and ACC sectors, as well as potential
globally competitive, sustainable available in India. Companies focused on sion of the Automotive incentives for down-
products. This involves investments in exports are growing by design, not by Component The govt's push is not stream industries,” he
research and development (R&D), among default. Why would we not play in a 20 Manufacturers only towards electric said.
other things. It is crucial for component million vehicle global market? North Association of India and other green Qureshi also high-
manufacturers to view sustainability as an America is our largest export market, (ACMA). vehicles but also lighted the need to
integral part of becoming more followed by the European Union, “Our focus is not localisation, and the place more emphasis
competitive. accounting for nearly 30 per cent of our $20 only towards electric latter can be on component man-
What is the state of R&D investment in the
billion exports. The domestic industry is
also flourishing, with a 33 per cent year-on-
and other green achieved only when ufacturers, as current
vehicles but also on the companies invest schemes primarily
Indian autocomp sector?
The industry average slightly less than 1
year growth in autocomp industry
turnover for 2022-23.
localisation. The latter in R&D, said
can only be achieved Hanif Kureshi, joint
benefit original
equipment manufac-
per cent of its sales in R&D. when companies secretary, Ministry turers (OEMs).
While some companies are How is the China-Plus-One strategy invest significantly in of Heavy Industries “Component makers
investing more, many are benefiting Indian component makers? R&D,” Qureshi said. He should focus their
hovering around the 0.5 The China-Plus-One strategy is turning out added that the government has investments on advanced compo-
per cent mark. We have to be favourable for us, increasing our already allocated substantial funds nents as that is what the market
not reached the stage exports and attracting new investments for this purpose, with around demands,” he said.
we need to. Talks are into India. This is a gradual process, and ~10,000 crore spent on the FAME- Hemant Sikka, President of the
ongoing to enhance
localisation and tech-
not an overnight one. We’re collaborating
with several international purchase offices
II scheme and ~26,000 crore ear- Farm Equipment Sector at
marked for the production-linked Mahindra & Mahindra, emphasised
nology investments.
To increase
and pushing companies to focus on
exports. In addition to North America,
incentive (PLI) auto scheme, which the need for India to increase its
includes research and development R&D investments to compete with
exports, one Africa, West Asia, and South America serve (R&D) investments. A similar countries like China, which signifi-
has to as big markets for us. approach has been taken for the PLI cantly outspends India in this area.

Gadkari makes U-turn on ‘mandatory 6 airbags’

Blue Dart rebrands premium NITIN KUMAR
New Delhi, 13 September
delivery service Bharat Plus
Blue Dart Express, one of India’s top logistics
Union Road Transport and
Highways Minister Nitin Gadkari
providers and majority owned by DHL Group, said on Wednesday that the
renamed its trucking delivery service amid government no longer intended to
speculation that the nation may change its name make six airbags mandatory for
to ‘Bharat’. Blue Dart will rebrand the service Dart cars, in a surprise shift in
Plus as ‘Bharat Dart’, according to a filing. PTI stance weeks before its planned
implementation.
“We don’t want to make the six
airbags rule for cars mandatory,”
Channels on WhatsApp to give Gadkari said at the annual conven-
tion of the Automotive Component
peek into lives of Katrina, Diljit Manufacturers Association.
“Now, people are cautious.
WhatsApp has announced the launch of Channels, a one-way Whichever models have six airbags,
broadcast tool designed for receiving updates about celebrities people may prefer to take them. It’s
and organisations. Channels, available in 150 countries, including up to manufacturers and people to
India, has secured partnerships with celebrities such as the Indian decide,” he added.
Cricket team, actors Katrina Kaif, Diljit Dosanjh, Akshay Kumar, In September last year, the mini-
Vijay Deverakonda, among others. SHIVANI SHINDE stry of road transport and highways
had said six airbags would be man-
datory for cars in India from
noted that most car manufacturers
supported the six-airbag require-
October 1, 2023. ment, with only one company In the lead up to IPO, Ather expects to
The ministry had said the
Central Motors Vehicles Rules,
expressing reservations, though he
did not disclose the name of the
turn unit-level profitable in 2 quarters
1989, would be amended to company. India’s third-largest electric two-wheeler player, Ather Energy, expects to
enhance safety features in vehicles. Renault India MD and CEO V become profitable at the unit level within this financial year, according to a
Gadkari, however, said on Mamillapalle told Business senior company executive. Speaking to Business Standard on the sidelines
Wednesday that after the Standard: “We are preparing of the Automotive Component Manufacturers Association of India event in
introduction of the new and no matter what the New Delhi, Ravneet Phokela, chief business officer of Ather, said, “We will
crash test standards, regulation is, we will be back to profitability very soon.” When asked if it would be within this
known as the Bharat have the option for cus- financial year, he replied, “Yes, at a unit level. The company’s profitability
New Car Assessment tomers to opt for will naturally take a little longer because of ongoing research and
Programme (NCAP),
from October this year,
safety.” Airbags for
both front seats are
development (R&D) investments, increasing platform costs, and the need
to amortise R&D expenses.” SOHINI DAS & DEEPAK PATEL
vehicles having
enhanced safety fea-
mandatory in vehicles
manufactured on and
tures would receive after April 1, 2021. to start preparations for the next tries from 2025. However, he did
higher star ratings, con- generation of emission norms, i.e. not mention a timeline for the
sequently attracting more No deadline for BS7 BS7 (Bharat Stage 7), in a bid to industry to do so. “We would con-
potential buyers. Gadkari also align with the upcoming Euro 7 sult the industry before introducing
He urged the norms, which are set to come into any deadline for this transition,”
further industry effect in the European Union coun- Gadkari said.

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
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.
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023
NONE OF CITY’S BIGGEST LAND DEALSN
Bombay Dyeing sells its
Mumbai plot for ~5.2K cr
PTI & BS REPORTER
Mumbai, 13 September
J
apan’s Sumitomo Realty &
Development Company will buy a
22-acre land parcel in central
Mumbai from Bombay Dyeing for ~5,200
crore, the Wadias-run company said on
Wednesday.
The sale of the land parcel in Worli is
one of the biggest land sale transactions
in the history of the financial capital.
Sumitomo’s subsidiary Goisu will be
paying for the acquisition in two phases,
which will include ~4,675 crore initially
and ~525 crore later on completion of cer-
tain conditions, according to an
announcement made by Bombay Dyeing
to the exchanges.
The Bombay Dyeing board met on
Wednesday to approve the sale, and the
same will have to be approved by share-
holders, according to an official state-
Jawa maker packs ~1K cr IndiGo pilots
for path to higher output to soon sport
‘fatigue tracker’
DEV CHATTERJEE & ANJALI SINGH
Mumbai, 13 September
Classic Legends, the makers of Jawa,
Yezdi and BSA brand of retro motor-
cycles, will invest ~1,000 crore in three
years to boost production, and launch an
electric bike conceptualised from a new
British product development centre.
The investment will be used for mar-
keting, distribution setup for interna-
tional markets, and new pro-
duct development, said top
company officials.
Mahindra group Chairman
Anand Mahindra said the
bikes belonged to the
'classic retro' segment,
which had
a growing
customer
base
COMPANIES 3
<
Can Musk sell
you internet?
DoT to take a
cent on the benchmark.
call next week
The company reported a net debt of SUBHAYAN CHAKRABORTY
~3,456 crore for the financial year ended New Delhi, 13 September
March 2023 (FY23) on revenues of ~2,674
crore. It made a loss of ~517 crore in the The Department of
same period. Telecommunications (DoT)
The Wadia group owns 700 acres will make a decision next
of land in and around Mumbai, week regarding whether
ILLUSTRATION: AJAY MOHANTY
housed under various companies and Starlink can provide satellite-
charitable trusts. based broadband services in
Real estate prices in central Mumbai India, said officials on
have recovered after the pandemic and Wednesday.
construction of key infrastructure proj- Sources have indicated
ects, like Mumbai Metro connecting that a meeting scheduled for
South Mumbai to airports and trans-har-
bour sea link, are nearing completion.
September 20 will deliberate
on granting a global mobile
CCD settles
STARLINK, WHICH IS
The Bombay Dyeing board, led by
Chairman Nusli Wadia (pictured), met on
Almost 12,000 redevelopment proj-
ects are under construction in land-
personal communication by
satellite (GMPCS) services OWNED BY ELON MUSK, debt issue,
Wednesday to approve the sale scarce Mumbai, an analyst said. Among
India’s top cities, Mumbai in FY23
licence to the SpaceX project.
DoT has already granted
AIMS TO OFFER stock zooms
BROADBAND SERVICE
ment. The company’s scrip closed 6.93
per cent up at ~140.45 apiece on the BSE
reported the highest real estate transac-
tions with 25 land deals accounting for
GMPCS licences to OneWeb,
backed by Bharti Group, and THAT IS FASTER, 20% in a day
on Wednesday, against gains of 0.37 per over 267 acres. Jio Space, the satellite arm of PRESS TRUST OF INDIA
Reliance Jio. CHEAPER, AND New Delhi, 13 September
Starlink, the satellite MORE RELIABLE THAN
internet constellation oper- Coffee Day Global Ltd
EXISTING OPTIONS
ated by SpaceX, the
American spacecraft man-
ufacturer, launch service pro-
required to offer its services.
Currently, industry
(CDGL) and its financial
creditor IndusInd Bank
have reached a settlement,
vider, and satellite commu-
nications company owned by
the US tech billionaire Elon
players are awaiting the
Telecom Regulatory
Authority of India’s final rec-
following which the
National Company Law
Appellate Tribunal
The Mahindra group holds 60 per
cent in Classic Legends, and the rest is
Musk, submitted its applica-
tion for the licence to DoT
last year.
ommendations on whether
satellite spectrum will
be auctioned or allocated by
(NCLAT) has set aside an
insolvency order against
the company which owns
held by realtor Boman Irani and Phi AJINKYA KAWALE In 2021, Starlink opened the government. and operates coffee chain
Capital Founder and Managing Partner Mumbai, 13 September pre-booking channels in Consultations on this matter Cafe Coffee Day. A two-
Anupam Thareja. India. DoT officials have concluded in June. member NCLAT bench set
In an interaction on Wednesday, IndiGo will soon introduce a wrist gadget hinted that the application is Satellite or orbit spectrum aside the order admitting
Mahindra & Mahindra (M&M) and use a ground device to detect fatigue likely to be accepted. is a segment of the radio CDGL to insolvency.
Chairman Anand Mahindra said the among pilots and check their level of alert- An official said, “Other spectrum that becomes avail- On August 11, NCLAT
bikes belonged to the ‘classic retro’ seg- ness before and after flying an aircraft. players have been granted able when satellites are through an interim order
ment and catered to a growing cus- The airline will partner with French the licence. Starlink’s appli- placed into orbit. This spec- had stayed the operations
tomer base. Drawing a parallel with aerospace conglomerate Thales Group to cation is in order, and there trum is a limited resource for of the order of National
M&M's Thar four-wheeler, work on the Fatigue Analysis Tool, it said is no reason, so far, to deny it every country and is used by Company Law Tribunal
Mahindra said the bikes are in a statement. The technology will enable a licence. However, every companies to implement sat- (NCLT) that directed
strategically positioned as a the airline to collect and process data from aspect will be considered.” ellite broadcasting, commu- the initiation of insol-
‘retro classic’. Thar is selling pilots to prepare flight patterns and rosters nication satellite, and weath- vency proceedings
5,000 units each month. aimed at reducing pilot fatigue. Spectrum hurdle awaits er satellite services. against CDGL.
The 68-year-old Mahindra “The programme will use real-time data, Even after obtaining the In the draft telecom Bill Shares of Coffee Day
said that building these bikes historical information, and predictive ana- licence, the company will released last year, DoT Enterprises Ltd jumped
wasn’t “only about production lytics, with all data collected being de-iden- still require necessary extended the definition of 19.77 per cent to settle at
but also passion”. tified. We remain committed to our pilots’ approvals from the ‘telecommunication services’ ~51.26 apiece on the BSE.
well-being, ensuring their health and men- Department of Space. Most to satellite-based communi- During the day, it jumped
More on business- tal well-being, ultimately enhancing pas- importantly, it will need to cation services, granting it 20 per cent to ~51.36 — its
standard.com senger safety,” the airline’s statement read. acquire the spectrum exclusive rights over them. upper circuit limit.
4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 1

‘Looking back, India’s done magical work’ Mount Everest wherein we are to deliver this document
and we have done our best to do that.

We were expecting endorsement on a lot of things.

The man of the moment, AMITABH KANT, is in back-to-back meetings at Sushma Swaraj multilateral forums.
Bhawan, the G20 headquarters in New Delhi, even three days after the leaders’ summit
ended. In between those meetings and congratulatory calls, the seasoned bureaucrat and Did the PM speak to the leaders just before the
India’s G20 sherpa catches up with Asit Ranjan Mishra, Ruchika Chitravanshi and declaration?
Nivedita Mookerji, to talk about the historic summit, the New Delhi Declaration, the This was done at the Sherpa level…. When you achieve
challenges on the way and many sleepless nights to find the voice of moderation. Excerpts: an agreement of this nature, which is unprecedented,
you always fall back on the stature and standing of the
Have you been able to chill at all after the G20 summit? leader. We could negotiate in a very bold, gutsy, coura-
No, not at all. The PM has now called for a virtual meet- geous and non-conventional manner because of the
ing, so we'll have to start working on that. We will again stature of the Prime Minister. We finally had to tell them
have to prepare issue notes and circulate them. It will to take it or leave it.
be a follow up on the implementation of what we have
decided as part of the leaders’ declaration. Didn’t G7 climb down substantially from its stand?
Russia has also climbed down, you can't say G7 alone
How would you describe your journey as India’s G20 climbed down. Russia wanted several things to be
Sherpa? included which we pushed back. There were several
What has been achieved is quite unbelievable, turning things that G7 wanted that we pushed back. We brought
impossible into possible. Looking back it appears that a voice of moderation in the agreement.
India's done magical work… nobody expected India to
deliver a full consensus statement. Where was China in this?
Because we had negotiated along with Brazil, South
What was your G20 moment? Africa, Indonesia jointly, finally the sherpas of
The G20 moment was when we really got the adop- Saudi Arabia, Mexico, Argentina, Turkey all col-
tion done as it had seen many ups and downs laborated with us. China also realised that it's
because of the Russia Ukraine paragraph. the voice of the developing countries and had
When finally the PM announced that to support us.
he's going to get the adoption done,
everybody clapped and all the Is it a diplomatic victory because of the language
leaders supported, that was real- in the draft?
ly the G20 moment. To get a It’s a diplomatic victory to have full consensus on 83
100 per cent consensus doc- paragraphs. It’s a diplomatic victory because India has
ument without any reser- demonstrated that multilateralism can work in today's
vation, any bracket, any world. India has demonstrated that it can be a voice of
chair summary is moderation in the Russia Ukraine crisis. It's a diplomatic
unprecedented in victory because India has brought all developmental
the history of issues to the forefront. It's a diplomatic victory because
India has become the voice of the Global South.
What was the challenge?
All ministerials had not worked out. All of them had
footnotes. So it was finally left at the sherpa level
“RUSSIA HAS ALSO CLIMBED DOWN, YOU CAN'T SAY G7 ALONE. RUSSIA WANTED
SEVERAL THINGS TO BE INCLUDED WHICH WE HAVE PUSHED BACK. WE
BROUGHT A VOICE OF MODERATION IN THE AGREEMENT”
to sort out.
Did you have any doubt at any point that this is not
working out?
I had doubts many times but I never showed it…. I was
only displaying confidence.
What was the PM’s message to you?
The PM was very clear that we have to achieve 100 per
cent consensus, be inclusive and very ambitious, which
we have done. We have delivered for the PM.
Who helped you clinch the deal?
I would give credit to my entire team. On the geopolit-
ical para, it was the Brazilian and the Indonesian sher-
pas who brought in huge experience. From the Indian
side Nagaraj Naidu and Inam Gambhir were top class
negotiators. They worked with me.
What’s the key takeaway?
We have succeeded in issues where the UN didn’t.
We've demonstrated that G20 can be the most
powerful forum in the world, much more
powerful than the United Nations and the
Security Council, both of which have become
unwieldy.
The French president has said there are
certain items in the declaration that he doesn't
agree with. Russia Ukraine is one of them.
But this is not G7, this is G20. Everyone is party to it.
You can pass any resolution in G7. If it was a G7 meeting,
they would have passed any resolution they like.
They've done this in Hiroshima. This is much more
stronger than the Hiroshima language… It is far more
powerful than Bali.
Do you think the G20 success will have a positive
impact on the political scene?
I'm not a politician. I'm not concerned with politics. I
am Sherpa to the Prime Minister to take him up the
But the document just says “we take note” or “we
welcome”.
We take note of certain documents because in certain
cases some countries are not members of those bodies,
for example some UN resolutions. So it depends on the
negotiations and the issues…..
How did the last few days before the leaders’
summit go?
On the geopolitical para, the Russia-Ukraine issue alone
has made us spend about 200 hours of non-stop dis-
cussions. There were over 15 different drafts from
September 3 to early morning of September 9.
Take us a bit through the backstory…
We started on September 3. We did several rounds of
negotiation and drafts… We had to start drafting on
the screen in front of the sherpas. We did not allow
their phones to come in because we did not want any
information to leak out. If it had leaked out, the whole
negotiations would have collapsed. I dictated the ini-
tial draft, then their views came in. Then another
draft, then another… we also did 200 rounds of bilat-
eral meetings….
India was pushing to make digital public
infrastructure (DPI) interoperable. Not much
success there, isn’t it?
We had 100 per cent success. This is the first time the
definition and framework of digital public infrastruc-
ture was accepted.
But interoperability has not been fully agreed upon.
That doesn't matter. Every country will take its own
time. Open source has been accepted. Open API has
been accepted.
What’s next for you after the G20?
You should ask this question after December. My term
has not ended.
What about politics?
I don’t think I am cut off for politics…. I will read, write,
relax and travel. I will write a couple of books. I want to
contribute to nation-building but everything is not
through politics.

AMITABH KANT, G20 sherpa

Cabinet
Army Colonel, ‘Man of global alliance’: Cabinet approves
Major, Dy SP congratulates PM on G20 success expansion
killed in J&K Union Cabinet unanimously clears Defence Minister Rajnath Singh’s resolution
of Ujjwala
PRESS TRUST OF INDIA they added.
The banned Resistance ARCHIS MOHAN
scheme
Srinagar, 13 September
Front, believed to be a shad- New Delhi, 13 September INDIA to
An Army commanding offi- ow group of Pakistan-based SUBHAYAN CHAKRABORTY
hold first
T
cer, a Major and a Deputy Lashker-e-Taiba, has claimed he Union Cabinet on Wednesday passed a res- New Delhi, 13 September
Superintendent of Jammu responsibility for the attack. olution, which Defence Minister Rajnath
and Kashmir (J&K) Police Officials believe that it is Singh moved, congratulating and thanking joint rally The Cabinet on Wednesday
were killed in a gunfight with the same set of terrorists who Prime Minister (PM) Narendra Modi on behalf of the gave its approval to expand
terrorists in the higher reach- had carried out the attack on entire country on making the G20 summit a success. in Bhopal the Pradhan Mantri Ujjwala
es of Kokorenag area in the army personnel on August 4 Sources pointed out it was also 10 years to the day Yojana (PMUY) by 75 lakh
south of the valley, officials killing three jawans in the when Singh, then Bharatiya Janata Party (BJP) pres- The Indian National new liquified petroleum gas
said here on Wednesday. higher reaches of the Halan ident, announced Modi as the party’s prime minis- Developmental connections over three years
Colonel Manpreet Singh, forest area of Kulgam district. terial candidate at a press conference in the national Inclusive Alliance to 2025-26. Set to cost ~1,650
Commanding Officer of 19 The operation against the capital on September 13, 2013. This was after the meet- (INDIA) will stage its crore, this announcement
Rashtriya Rifles, Major terrorists began on Tuesday ing of the BJP’s parliamentary board, which senior inaugural joint rally in will increase the total num-
Ashish Dhonack, and Deputy evening in Garol area but was leader L K Advani had skipped and later penned a Bhopal, the capital of ber of beneficiaries under
Superintendent Humayun called off during the night. note recording his “anguish” and “disappointment” election-bound Madhya PMUY to 103.5 million.
Bhat were critically injured This morning, the hunt at Singh’s “style of functioning”. Pradesh, in the first week The decision to expand
in the gunfight with for the terrorists resumed The Union Cabinet unanimously passed Singh’s of October. The focus of the scheme was announced
terrorists that ensued in the after information started resolution on Wednesday. Briefing the media after the rally will be on rising last month when the gov-
Garol area of Anantnag dis- trickling that they were the meeting, Union Information and Broadcasting prices, unemployment, ernment slashed the price of
trict in the morning hours spotted at a hideout, the offi- Minister Anurag Thakur said the PM had emerged and corruption by the cooking gas by ~200 for all
of Wednesday. cials said. as a “man of global alliances”, referring to the launch Bharatiya Janata Party connections, in all markets
The officers succumbed Colonel Singh, leading his of the Global Biofuel Alliance after earlier successes government. Subsequent across the country.
to their injuries during the team from the front, attacked related to International Solar Alliance and Mission PM Narendra Modi was welcomed by Home Minister Amit Shah and Defence rallies are planned for Back in May 2022, the
treatment, they said. the terrorists. However, the LiFE (Lifestyle for Environment). “The successful Minister Rajnath Singh at the party headquarters in New Delhi PHOTO: PTI other parts of the country. government announced a
Bhat, father of a two- terrorists fired upon him and hosting of the G20 summit is a symbol of PM’s effi- targeted subsidy of ~200 per
month-old daughter and son he was critically injured. cient leadership and strong will, and it is being talked cooking gas (14.2 kg) cylin-
of retired Inspector General
of Jammu and Kashmir
Major Ashish and DSP
Bhat were also hit by
about in the entire world,” he said.
Hundreds of BJP workers showered flower petals
Special session: Bill on CEC on agenda der for 90 million PMUY
beneficiaries for up to 12
Police Ghulam Hasan Bhat, bullets resulting in critical on the PM in the evening at the party’s national head- The five-day session of Parliament, the government Opposition, and the Chief Justice of India must pick the refills for 2022-23. The sub-
died due to heavy blood loss, injuries, they said. quarters. They chanted his name and accorded him said on Wednesday, will begin with a discussion on CECs and ECs. sidy was extended by a year
a spirited welcome to mark India successfully hosting India’s 75-year parliamentary journey. The The Opposition strongly protested the introduction in March at a total cost of
the G20 summit. Modi was at the BJP headquarters government also listed a Bill aimed at overturning the of the Bill, accusing the government of attempting to ~7,680 crore. The number of
to attend a meeting of its central election committee effect of a Supreme Court (SC) verdict regarding the undermine the ECI’s independence and diluting the SC PMUY beneficiaries current-
IN BRIEF to pick candidates for the Madhya Pradesh (MP) appointment of the Chief Election Commissioner (CEC) Constitution Bench’s order. ly stands at 95.8 million.
Assembly elections. On Thursday, the PM will visit and Election Commissioners (ECs). Prior to the SC order, the practice was for the PM to Data from the Petroleum
MP and Chhattisgarh, both poll-bound, to launch The government introduced the CEC and other ECs select the CECs and ECs from a pool of suitable Planning & Analysis Cell
India, Russia mull northern several projects in the two states. His office said in a
statement he would lay the foundation stones of proj-
(Appointment, Conditions of Service, and Term of
Office) Bill in the Rajya Sabha (RS) on August 10, on the
candidates suggested by the law ministry, with the
President making the appointment based on the PM’s
shows overall LPG penetra-
tion was 99.9 per cent in
sea route for commodities ects, worth over ~50,700 crore, in MP at an event in
Bina. The projects include a petrochemicals complex
penultimate day of the monsoon session. If
enacted, the Bill will establish a committee consisting
advice. A vacancy will arise in the ECI early next year
when Election Commissioner Anup Chandra Pandey
2022, mainly owing to the
PMUY scheme. As of April 1,
After moving for swift operationalisation of the at the Bina refinery and 10 new industrial projects of the Prime Minister (PM), the Leader of Opposition in steps down on February 14 upon attaining the age of 65. there were 314 million
eastern maritime corridor, India and Russia on across the state. Later, he will travel to neighbouring the Lok Sabha, and a Cabinet minister nominated The government has also scheduled a discussion households with an LPG
Wednesday explored the development of the Chhattisgarh to dedicate important rail sector projects by the PM to select members of the Election on ‘Parliamentary Journey of 75 years starting from connection in India. About
Northern Sea Route as a trade route for the worth around ~6,350 crore. A Delhi BJP leader will Commission of India (ECI). Samvidhan Sabha — Achievements, Experiences, 90 percent of LPG was con-
transportation of major commodities and hold an “all-religion Tiranga Yatra to celebrate the This Bill will overturn the SC’s ruling by a five-judge Memories, and Learnings’ for the first day of the five- sumed by households, 8 per-
widening maritime cooperation between the two G20 success under the PM’s leadership” from Delhi’s Bench on March 2, which ruled that a high-powered day session of Parliament, beginning September 18. cent by industrial users, and
nations, the shipping ministry said. Union minister for ports, Jama Masjid to Delhi Gate. committee comprising the PM, the Leader of the ARCHIS MOHAN 2 percent by vehicles in 2022.
shipping, and waterways Sarbananda Sonowal is on a visit to
Russia, where he met the Russian minister for the Development of
the Far East and the Arctic, AO Chekunkov. DHRUVAKSH SAHA

India, EU set to discuss carbon border tax today

Cop shot dead, 2 others hurt
in Manipur’s Churachandpur
A police sub-inspector on duty at Chingphei bunker in
Manipur’s Churachandpur district was shot dead on
Wednesday afternoon, officials said. The policeman was
shot in the head by a sniper between 1pm and 1.30 pm,
they said. Officials added that two more persons
sustained bullet wounds in the incident, the details of
which are still awaited. PTI
Maha sugar output set to be
lowest in 4 yrs after dry Aug
Sugar output in Maharashtra, the top producing state, is likely to
fall 14 per cent in the 2023-2024 crop year to its lowest in four years
due to lower cane yields following the driest August in more than
a century, officials told Reuters on Wednesday. The western state
of Maharashtra could produce 9 million metric tons in this season,
down from 10.5 million tons last year, said BB Thombare,
president of the West Indian Sugar Mills Association. REUTERS
One of first bilateral discussions on controversial levy, which partially kicks in from Oct 1
SHREYA NANDI
New Delhi, 13 September
Top officials from India and the
European Commission are scheduled
to hold virtual discussions on
Thursday to address India’s concerns
over the European Union’s (EU’s)
Carbon Border Adjustment
Mechanism (CBAM), people aware of
the matter said.
The European Commission is the
EU’s politically independent executive
arm. It is alone responsible for draw-
ing up proposals for new European
legislation. The CBAM, which is set to
enter a transition phase on October 1,
with full implementation planned by
January 2026, will result in the impo-
sition of a levy on imported carbon-
intensive products such as cement,
fertiliser, and metals. Several coun-
tries, including India, have raised con-
cerns about its impact on their
exports.
Considering that India and the EU
are ‘trusted partners’, especially after
setting up a Trade and Technology
Council last year, the trade bloc is pre-
pared to engage with New Delhi on
potential challenges it could face due
to the CBAM’s implementation.
“The EU has acknowledged the
fact that there are concerns. It is talk-
ing to India as a trusted partner. One
of the first bilateral discussions that
the EU is starting on the CBAM is with
India,” one of the persons cited above
told Business Standard.
“There are teething issues such as
the impact on downstream industries,
the violation of the CBDR (common
ILLUSTRATION: AJAY MOHANTY
but differentiated responsibilities)
principle, a carve-out for MSMEs, and
equal recognition of embedded taxes.
These will be among the scope of dis-
cussions,” the person said.
According to the EU, the CBAM is
measures like these will result in a mar-
ket-access issue with the EU’s trading
partners. Specifically, India fears
adverse effects on its steel and alu-
TALKING POINTS minium industries. In recent months,
n There should be a New Delhi has communicated these
carve-out for MSMEs concerns to Brussels and submitted a
under CBAM paper to the World Trade Organization,
arguing that the CBAM contradicts the
n Violation of WTO’s
CBDR principle. Exemptions for
CBDR principle
India’s small businesses from the
n Mutual recognition mechanism have also been sought.
of carbon credit According to the think tank Global
system with
EU’s emissions
Trade Research Initiative, the CBAM
is expected to pose a significant chal-
trading system lenge for India’s metal industry. As
much as 27 per cent of India’s iron,
steel, and aluminium exports, worth
a tool to put a fair price on the carbon $8.2 billion, went to the EU in 2022.
emitted during the production of car- In May, Commerce and Industry
bon-intensive goods entering the bloc. Minister Piyush Goyal had said India
Through the levy, it wants to encour- and the EU had decided to work
age cleaner industrial production in together to find the right solution
non-EU countries. India believes that ahead of the CBAM’s implementation.
.
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 5
<
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 1

Banks have to pay Corporate bonds may get attractive

N RBI’S HELD-TO-MATURITY DECISION N

~5K per day if loan ANJALI KUMARI

Mumbai, 13 September
now there is no upper cap in HTM.
Earlier, it was 23 per cent. So, it will
help the corporate bond market.”
ILLUSTRATION: AJAY MOHANTY

INVESTMENT
PSBs
(2022)
SCBs
(2022)

docs not returned PATTERN

The Reserve Bank of India’s (RBI’s)
decision to include corporate bonds The investment classification
in the held-to-maturity (HTM) port- principles aren't based on the criteria
folio might deepen this market and used for differentiating between the
make these securities more attractive statutory liquidity ratio (SLR) and In ~ crore
Must return papers within 30 days of loan repayment: RBI for investors. non-SLR securities, said RBI.
Securities acquired with the “Accounting classification is based
Total investment (A+B) 36,03,007 57,54,358
A. SLR investments (I+II+III) 27,87,114 45,70,203
ABHIJIT LELE intention and objective of holding to on the objective with which the secu-
Mumbai, 13 September maturity would be classified under rity was acquired and the SPPI crite- I. Central govt securities 16,58,556 31,91,220
the HTM category, and not be rion. Therefore, SLR and non-SLR II. State govt securities 11,26,852 13,77,276

T
he Reserve Bank of India (RBI) said on
Wednesday that regulated entities (RE)
should release the original moveable and
immoveable property documents and remove
charges registered with the registry within 30
days after full repayment and settlement of the
loan account.
In cases where delays are attributable to REs
and extend beyond 30 days, they will be
required to compensate borrowers at a rate of
~5,000 per day for each day of delay.
REs must also communicate the reasons for
the delay to the borrower. These directives will
apply to cases where the release of original prop-
erty documents is scheduled on or after
December 1, 2023. The RBI issued these direc-
tives to address the challenges faced by bor-
rowers and promote responsible lending con-
duct among REs, according to the central bank.
A senior bank executive responsible for legal
affairs noted that these directives are particu-
larly relevant for retail loans, such as home,
vehicle, and loan against property. Over the
years, the nature of banking operations has
evolved, with the segregation of functions lead-
ing to documents being stored in different loca-
tions, such as loan processing centres. This has
resulted in delays in procuring and delivering
documents to borrowers upon full payment.
The RBI stated that REs were following
divergent practices in releasing moveable and
immoveable property documents, leading to
customer grievances and disputes.
Satyam Kumar, chief executive officer and
founder of LoanTap, a Pune-based non-banking
financial company, said that while these guide-
lines may seem like a small step on the surface,
they hold immense importance for countless
individuals who have experienced the burden
KEEPING A CHECK
n The RBI issued these directives to address
the challenges faced by borrowers
n They must also communicate the reasons
for the delay to the borrower
n Directives will apply to cases where the
release of original property documents is
scheduled on or after December 1, 2023
of an onerous and often frustrating process.
By streamlining and simplifying these
procedures, the RBI has taken a significant
stride toward making the financial journey
smoother and more transparent for hapless cus-
tomers, he added.
The RBI specified that borrowers should
have the option to collect the original moveable
or immoveable property documents either from
the banking outlet/branch where the loan
account was serviced or from any other office
of the RE where the documents are available.
The timeline and location for the return of
original moveable and immoveable property
documents will be outlined in the loan sanction
letters issued on or after the effective date, the
RBI added.
required to be marked to market securities that meet solely payments III. Other approved securities 1,707 1,707
(MTM), the regulator said. of principal and interest (SPPI) crite- B. Non-SLR investments (I+II) 8,15,893 11,84,154
“Banks collectively were so far not ria can be classified under HTM, AFS,
buying corporate bonds as the fear of or HFT, depending on the objective I. Debt securities 7,61,390 11,12,698
MTM was a deterrent,” said Ajay with which they were acquired.” II. Equities 54, 503 71,456
Manglunia, managing director and Market participants believe that PSB: Public sector banks; SCB: Scheduled commercial banks; SLR:
head of Investment Grade Group at the spread between corporate and Statutory liquidity ratio; Data until March end 2022 Source: RBI
JM Financial. “The RBI government bonds
guidelines, and corporate Securities might narrow due to
bonds becoming eligible acquired with increased demand for
Banks may raise holdings
for HTM classification the intention the former.
will encourage banks to and objective of According to RBI
step up their deployment holding to data, scheduled com-
in this asset class as credit maturity would mercial banks invested Banks are likely to increase their held-to- profits in the HFT portfolio when gains
to top-notch companies be classified around ~11 trillion in cor- maturity (HTM) holdings to reduce may be substantial, rather than time-
has pricing issue. This is under the HTM porate bonds in 2022, of volatility in their books of accounts, as bound selling.”
a good alternative to category which ~7.6 trillion was the upper cap of 23 per cent on HTM Previously, banks had the flexibility
credit. We expect most invested by public-sector holdings has been removed, according to sell 5 per cent of their HTM bonds
banks with active treasury that could- banks. “Corporate bond inclusion in to the revised investment norms by the throughout the year, and once a year,
n’t lend to companies due to pricing the HTM category should help Reserve Bank of India (RBI), said market commercial banks were permitted to
issues to be encouraged.” deepen the corporate bond market participants. transfer their bonds designated as ‘held-
On Tuesday, the RBI announced and squeeze the corporate bond Moreover, the RBI has placed a limit to-maturity’ to their ‘available-for-sale’
revised investment norms for sched- spreads,” said Madhavi Arora, lead on the sale of HTM assets, restricting it to (AFS) books. This one-time adjustment
uled commercial banks. From April economist, Emkay Global. a maximum of 5 per cent of their initial took place in early April and included
1, 2024, when these new norms take However, investment in non-SLR carrying value. While this 5 per cent sale government bonds and state
effect, banks will classify their entire with an original maturity of less than from the HTM category is still government securities.
investment portfolio (except invest- one year is not allowed. permissible, internal reclassifications Krishnan Sitaraman, senior director
ments in their own subsidiaries, joint “Banks shall not invest in non- are now only allowed in extraordinary and chief ratings officer at CRISIL
ventures, and associates) under three SLR securities of original maturity of circumstances. Ratings, said, “Banks can increase HTM
categories – HTM, available for sale less than a year. Provided that this Importantly, the new norms have holdings and thus reduce volatility in
(AFS), and fair value through profit restriction shall not apply to invest- eliminated the 90-day ceiling on the their treasury books in response to mark-
and loss (FVTPL). ments in commercial paper, certifi- holding period under held for trading to-market (MTM) gains or losses in the
“This is a good step that will help cates of deposit and non-convertible (HFT), meaning banks are no longer books under AFS/HFT categories when
in the development of both second- debentures with original or initial required to sell securities within that interest rates change.”
ary and primary markets in corporate maturity up to one year issued by period. This change allows banks to sell He added, “Reclassification of
bonds. There will be good demand companies (including non-banking at more opportune times. investments will require the RBI’s
in the corporate bond market,” said financial companies) which are Madhavi Arora, lead economist at approval, so we may observe lower
Arun Bansal, executive director and covered under RBI guidelines,” the Emkay Global, said, “This change will be turnover in the investment books of
head of treasury, IDBI Bank. “And RBI said. beneficial to banks as they can now book banks.” ANJALI KUMARI & ABHIJIT LELE

India’s rice production may EPFO to generate 16 mn new

payrolls in FY24: SBI report
60% people think their banks are
‘bureaucratic, inefficient’: Report
fall by 2 mt in 2023-24 season The employee provident fund
organisation (EPFO) is
employment), second payroll
(rejoined/ resubscribed Nearly 60 per cent of 9,699 from banks for ineffective working' The report further
n2022 n2023 expected to generate 16 mil- members) and formalised pay- respondents consider digital banking. suggests that out of 10,386
CROP Kharif acreage as on
September 8 TOTAL
% chg
108.8 108.85 0.05
lion net new payrolls in finan- rolls (unorganised workers their bank to be In a second survey, respondents, accounts of 7
cial year 2023-24 (FY24), said bought under formalisation). ‘bureaucratic and of the 11,357 per cent have been placed
COUNT (in million hectares)
State Bank of India (SBI) in a “If we see the Q1 EPFO pay- inefficient' when participants, 41 per under depositor education
report on Wednesday. roll data of FY24, the trend is asked to re-enable cent families have 1 and awareness fund status
19.33
19.14
18.22
18.12

EPFO generated 4.4 million quite encouraging. If this trend their family’s or more bank (DEAF). About 12 per cent
net new payrolls in the first continues for the whole fiscal account access accounts that they face account inactivity
11.99
13.11

12.6
12.5

quarter of FY24, of which fresh then in FY24, the net new pay- online, according to a are unable to access issues preventing the
payrolls stood at 1.92 million, roll crosses the 16 million mark survey by LocalCircles. The online. 39 per cent face the holders from accessing their
5.99
5.56

according to the report called (highest-ever) with first payroll respondents cited technical problem of login account.
0.65
40.34
39.28

0.69

Ecowrap. Net new payroll con- in the range of 7- 8 million,” glitches or lack of support credentials are ‘not AATHIRA ACHUTHAN VARIER
sists of new payroll (fresh said the report. SHIVA RAJORA
Rice Pulses Coarse Oilseeds Sugarcane Jute Cotton Re-enabling account Why are you unable to access 1 or more accounts (in %)
cereals
2.70 -8.54 0.55 -0.98 7.73 -5.80 -1.42 BoI raises ~2,000 crore in access online (in %)
Options
Options
Response
Response
Account is in DEAF status, with balance transferred to RBI and we
% change
NOTE: Total might not match as some crops have been omitted Source: Ministry of Agriculture capital via Tier-II bonds Bureaucratic and
inefficient
60
need to reactivate the account
Bank has put the account in dormant status and we need to
7

Bank of India has raised Stock Exchange’s Electronic 12

SANJEEB MUKHERJEE
New Delhi, 13 September
India’s rice production for the
2023-24 season might drop by
2 million tonnes (mt) due to a
dry August, according to the
US Department of Agriculture
(USDA).
The USDA’s latest crop out-
look indicates that India’s
expected rice production for
the year will be approximately
132 mt, reflecting the impact of
below-average monsoon rains
in August on the kharif crop.
The 2023-24 production fig-
ure includes kharif rice pro-
duction, rabi rice, and rice pro-
duced during the summer
months. According to the gov-
ernment’s Third Advance
Estimates of foodgrain produc-
tion, total rice production in
the 2022-23 season (kharif +
rabi + summer crop) is esti-
mated to be around 135.54 mt.
“India’s 2023-24 rice pro-
duction lowered by 2 mt to 132
mt on below-average monsoon
rains in August affecting the
kharif crop,” the USDA said in
its latest assessment.
However, it’s worth noting
that the government’s official
production estimate for the
kharif crop in 2023-24 has not
yet been released, so the
USDA’s assessment might not
match the government's.
On a global scale, the USDA
report predicts a decrease in
rice consumption by 200,000
tonnes to approximately 522.7
mt in 2023-24. This reduction
is primarily due to decreases in
consumption in Bangladesh
and Vietnam, which outweigh
an increase in consumption in
India. The report also mentions
that global rice trade for 2023-
24 is expected to reach 52.2 mt,
marking a decrease of 800,000
tonnes. This decline is attrib-
uted to reduced rice exports
from India, which will only be
partially offset by increased
exports from Thailand,
Vietnam, and the US.
“The Government of India
has imposed further restric-
tions on rice exports, with an
export tax on parboiled rice
and a minimum export price
for basmati,” the report notes.
The report projects world
rice ending stocks for 2023-24
at 167.6 mt, down by 4.2 mt,
with the majority of the reduc-
tion occurring in India.
According to the data on
the sowing of kharif crops, the
area under paddy has staged a
significant recovery due to a
revival of monsoon rains in
major growing regions.
~2,000 crore in capital through
Basel III compliant Tier-II
bonds to meet regulatory
norms and support business
growth. It raised capital
through bonds at a coupon of
7.88 per cent through National
> FROM PAGE 1
IT forex...
IT services firms, on the other
hand, maintained the growth
momentum in their export
business.
Industry experts attribute
this to a broader slowdown in
India's goods exports, while
services exports, particularly in
IT, remain robust.
Chokkalingam, founder and
CEO of Equinomics Research,
Quick and efficient reactivate the account
Bidding Provider Platform. 23
The bank received a total of 83 when visited Have not set up account access online but is accessible via bank/ATM 14
bids amounting to ~3,770 Has an online/phone 5 Have set up the account online but access credentials are not working 39
crore. Out of these, there were system There is some other issue than the ones described 14
48 successful bidders totalling Can't say 12 Can't say 14
~2,000 crore, BOI said. (Out of 9,699 responses)
ABHIJIT LELE (Out of 10,386 responses)
FOREX EXPENSES BY INDIA INC (~trn) out their IPOs as market sen- increased by 2.7 per cent and
timent remains upbeat,” said 2.9 per cent, respectively.
a banker. So far this month, These indices have rallied over
the Nifty has gained 4.2 per
cent to achieve new highs,
40 per cent each since their
March lows.
while the Nifty Smallcap 100
and the Nifty Midcap 100 have More on business-standard.com
>
BS SUDOKU #4078
G Note: Based on a common sample of 795 companies from the BSE500, BSE MidCap and
BSE Small Cap indices; All numbers on standalone basis
Source: Capitaline, Compiled by BS Research Bureau

observed that India’s merchan-

DELISTING FROM FUTURES DOESN’T HAVE
BIG IMPACT ON PRICE MOVEMENT IN CHANA
SANJEEB MUKHERJEE
New Delhi, 13 September
Chana prices have risen
steadily since the past few
weeks before softening a bit
due to revival of monsoon
over the main pulses grow-
ing areas. The rise in prices
have come despite a ban,
lasting over a year, on
futures which once again
brings to the question
whether futures are respon-
sible for price rise or if it is a
direct effect of demand and
supply playing in the mar-
ket. Data shows that price
rise in chana in the past few
months have been more
than they have in the pre-
ceding months before the
ban. Chana futures have
been banned from August
16, 2021.
dise exports grew only in low 4.2 per cent, far below the 13.7 this month will be required to
single digits in FY23, whereas per cent CAGR for IT firms. update their draft red herring
services exports, including IT Reliance Industries was the prospectus with figures from
services, maintained strong
growth. He anticipates this
biggest exporter in FY23 with a
forex revenue of ~3.37 trillion,
the April-June quarter.
Regulatory guidelines stip-
trend to persist into FY24 due
to the ongoing contraction in
followed by TCS (~1.83 trillion),
and Infosys (~1.21 trillion).
ulate that an IPO cannot pro-
ceed if the quarterly numbers
India’s merchandise exports. Other top earners included in the offer document are
TRACKING THE TREND Over the past five years, IT Wipro (~63,700 crore), MRPL more than two quarters old.
Chana price movement before companies have seen their (~45,500 crore), and HCLTech Bankers say updating the
the futures ban and the current export revenue expand at a (~40,900 crore). audited quarterly numbers
rise (in ~ per quintal) compound annual growth rate In stark contrast to crude can take at least four weeks,
(CAGR) of 14.6 per cent. In com- oil refiners, which are net which risks exposing com-
n 2021 n2023 Chg in % parison, the forex revenue of importers as their forex expens- panies to market volatility.
listed companies across sectors es exceed their revenue, IT “While June financials are
1-Apr 4,977 2.48 grew at a much slower CAGR companies’ forex revenue sur- certainly at play, it’s also about
5,100
of 4.8 per cent. Consequently, passes their expenses by more how demand builds up. An
1-May 5,300 -8.92 the ratio of export revenues of than twice. Pharmaceuticals, issue will not go through with-
4,827 IT companies and firms in comprising firms like Sun out adequate demand,” said SOLUTION TO #4077
1-Jun 5,248 -7.45 other sectors has been steadily Pharmaceuticals, Cipla, and Dr Chirag Negandhi, joint man-
4,857 declining, from 2.39 times in Reddy’s Lab, is the second- aging director and co-chief Hard:
1-Jul 4,946
4,881
-1.31 FY09 to 1.26 times in FY22. largest exporting sector, with executive officer, Axis Capital. ««««
Additionally, the IT sector combined forex revenue of Negandhi further noted
Solution tomorrow
4,982 5.16 outperformed crude oil refiners approximately ~82,500 crore, that even as markets remain
1-Aug like Reliance Industries and followed by the automotive favourable, only companies
5,239
5,200 Mangalore Refinery & sector at ~71,000 crore in FY23. with solid fundamentals and
31-Aug 6,407 23.21 Petrochemicals (MRPL) in reasonable valuations will suc- HOW TO PLAY
export revenue for FY23. Oil ceed in launching their IPOs. Fill in the grid so that
5-Sep
NA
6,334 and gas companies saw a 34.4
per cent Y-o-Y increase in their
IPO...
There is also a technical factor
Some companies have
been waiting for opportune
every row, every
column and every 3x3
combined forex revenue, behind the latest rush. conditions to launch their box contains
NOTE: Decimals have been rounded off chana futures
banned on August 16, 2021. Source: NCDEX and others reaching ~4.6 trillion. However, Companies that miss the issues. the digits 1 to 9
their CAGR since FY13 was only window to launch their IPOs “Firms are eager to push
>
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 ECONOMY & PUBLIC AFFAIRS 7

Biofuel alliance can make

us SAF export hub: Puri
India looking to mandate the blending of 1% SAF in domestic commercial flights
SUBHAYAN CHAKRABORTY
New Delhi, 13 September
T
he recently launched Global
Biofuel Alliance (GBA) can turn
India into a major production and
export hub for sustainable aviation fuel
(SAF) and give the country a chance to
set international standards in the sector,
Union Minister for Petroleum and
Natural Gas Hardeep Singh Puri told
Business Standard.
“India has the feedstock for producing
19-24 million tonnes of SAF a year. The
estimated maximum requirement of SAF
in the country, even considering a 50 per
cent blend, is 8-10 million tonnes per year
by 2030,” he said.
However, domestic demand will also
be high. India is looking to mandate the
blending of 1 per cent SAF in all domestic
commercial flights in the next two years.
“Calculated on the basis of litres, India
would require around 140 million litres
of SAF per annum by 2025 with 1 per cent
SAF blending in jet fuel. With a 5 per cent
SAF blend, India will require around 700
million litres per annum,” the minister
said.Aviation contributes 2 per cent of
global energy-related greenhouse gas
emissions. However, SAF has the poten-
tial to reduce such emissions by up to 80
per cent.
“Countries like the United Arab
Emirates or Singapore won’t be produc-
ing because of their geographical posi-
tion. Here India has the opportunity to
establish norms for SAF and benefit from
it,” he said.
Changing scenario
In its bid to reduce the carbon footprint
in aviation, the International Civil
Aviation Organization (ICAO) has adopt-
ed an aspirational goal of 2 per cent annu-
al fuel efficiency improvement through
2050. It also wants to hit Carbon Neutral
Growth from 2020 onwards, and net zero
by 2050.
Countries like the UAE or Singapore
won’t be producing (SAF) because of
their geographical position. India
has the opportunity to establish
norms for SAF and benefit from it
HARDEEP SINGH PURI
Union Minister for Petroleum and Natural Gas
What is sustainable aviation fuel ?
Sustainable aviation fuel (SAF) refers to
waste-derived aviation fuel. Unlike
traditional jet fuels, it is made from various
sources such as used cooking oil,
agricultural waste, municipal solid waste,
fats or non-food crops, and forestry
Local production of SAF is critical
because Indian airlines will have to offset
carbon emissions generated from inter-
national flights from 2027. This is part of
the global Carbon Offsetting and
Reduction Scheme for International
Aviation (Corsia), launched by the ICAO.
Corsia is implemented in three phases,
with voluntary participation allowed in
the first two phases (2021-26).
While India has decided not to par-
ticipate in these phases, local carriers
would need to follow their international
counterparts after that date. In May, Puri
had inaugurated the first domestic flight
powered by a 1 per cent blend of indige-
nously produced SAF.
Domestic companies are producing
SAF. State-owned Indian Oil Corporation
has inked a joint venture with industrial
biotechnology company Praj Industries,
which had produced the SAF for this
residue. This gives it the potential to reduce
greenhouse gas emissions by up to 80 per
cent. To date, Airbus and Boeing aircraft are
capable of flying with up to a 50 per cent
blend of SAF. Both manufacturers aim to
enable 100 per cent SAF capability by 2030.
flight. The Mumbai-based company has
developed a breakthrough in alcohol-to-
jet technology, using bio-based feed-
stock.
Indian Oil Corporation is also in the
process of establishing a plant in Panipat,
Haryana, to make SAF in a partnership
with US-based cleantech company
LanzaJet. To come up at its Panipat refin-
ery at ~3,000 crore over two and a half
years, it will convert corn-based cellu-
losic, or sugar-based ethanol, into SAF,
officials have said. It would have an initial
capacity to produce 85,000 tonnes of fuel
annually.
The segment also has large financial
implications for the farming sector. “1 per
cent SAF blending can benefit more than
500,000 farmers, who can supply sugar-
cane as feedstock. Additionally, more
than 100,000 green jobs will be generat-
ed,” the minister said.

Dholera ready to kickstart its

plug-and-play infrastructure
Despite setbacks, it is offering attractive incentives to woo companies
SURAJEET DAS GUPTA
Dholera (Gujarat), 13 September
The 6.5-km-long canal that
cuts across the sprawling
Dholera Special Investment
Region (SIR) is a showpiece of
sorts, complete with
recreational facilities,
manicured gardens and
gazebo tents on both sides for
people to relax and even
party in.
The canal is also the heart
of the Dholera SIR, the dream
project of Prime Minister
Narendra Modi, which he
announced in 2013 when he
was the chief minister of
Gujarat. It tackles a serious
challenge in this low-lying
industrial area where the fear
of flooding due to heavy rains
kept many potential investors
away, despite attractive
incentives and promises of
lucrative memorandums of
understanding (MoUs).
Officials of the Dholera
Industrial City Development
Ltd (DICDL), a special-
purpose vehicle (SPV) of the
Gujarat government and the
Centre, say that they have laid
over 138 km of storm water
drainage across the region,
which will be channelled into
the canal and then drained
into the sea a few kilometres
away.
Says Rahul Chavan,
assistant manager, marketing
and promotion, DICDL: “The
problem does not exist
anymore. We have created a
system which will ensure that
even during very heavy rains
the water will be drained out
in a few minutes.”
The SIR, located over 110
km from Ahmedabad and a
few kilometres from the
Indus Valley Civilisation site
of Lothal, is being built in
phases over an area of 920 sq
km. The first phase, which is
in the works, spans 22.54 sq
km.
A high-tech “experience
centre” in the DICDL office
introduces you to the Dholera
dream which claims to be the
first greenfield smart city
project in the country with a
footprint larger than the city
state of Singapore.
A command centre which
has already been built, will
control and monitor and
provide emergency response
in the industrial city through
thousands of sensors, which
will also cover the residential
Dholera shot into the public eye last September when a joint
venture between Vedanta and Foxconn announced that it
would set up the country’s first fab plant in the area PHOTO: DICDL
areas. Over 72 km of roads have
already been built, with utility
ducts, cycling tracks and rapid
transit corridors, to provide
plug-and-play infrastructure.
What’s more, by August next
year the industrial city will get
closer to Ahmedabad. A four-
lane expressway, which is
under construction, will
reduce the distance between
the two cities by half — to a
mere one hour.
Dholera shot into the
public eye last September
when a joint venture between
Vedanta and Foxconn
announced that it would set
up the country’s first fab
plant here. Vedanta, along
with other partners, also
decided to acquire land for a
semiconductor display plant
in the same place. The total
investment on the cards: $20
billion.
Of course, the decision
sparked outrage in
Maharashtra, which was also
in the reckoning for the plant.
Opposition parties attacked
the Eknath Shinde
government for its failure to
get the investment into
Maharashtra and alleged that
it had rolled over to make way
for the project to be set up in
the neighbouring state.
Dholera is no stranger to
controversy and some big
upsets. Its ambition of
becoming the semiconductor
hub of the country got a big
jolt when, in July this year,
Foxconn withdrew from the
JV with Vedanta and decided
to chart its own course in chip
making. The JV was expected
to be the anchor investor
which would help the
industrial city to take off, the
way Tata Motors did in
Sanand, also in Gujarat.
However, officials in the
state government say that
both Foxconn and Vedanta
have individually shown
interest to set up their
respective plants in the
industrial zone and talks are
in progress in this regard. But,
of course, this would mean a
delay in implementation,
even if the proposals are
cleared.
In yet another setback, the
Tatas and a consortium led by
Airbus, which are planning to
manufacture transport
aircraft in Dholera,
announced recently that they
would establish the first
manufacturing facility in
Vadodara.
However, Tata Group
chairman N Chandrasekaran
while laying the foundation
stone of the project in
Vadodara also reiterated that
in addition to the facility in
Vadodara it would establish a
very-large-scale aerospace
and high-tech manufacturing
facility in Dholera when the
facility became available. . A
senior official of the DICDL
says: “The Tatas will come
once the airport is ready. It
will be ready by 2025 for
freight, and by 2026 for
passenger traffic.”
The official adds that the
SPV set up for this will invest
~900 crore in the project.
Despite the challenges,
Dholera is leaving no stone
unturned to woo investors.
Ather Energy has had
discussions to set up its
second plant in the SIR,
although it is scouting around
in other states as well. Also,
delegations of companies
from Japan, South Korea and
Taiwan have been visiting the
industrial city to study the
scope in manufacturing
electronics. But the officials
are reluctant to give out any
names.
The good news is that
some projects, especially in
the green space, are on the
verge of completion or are
already activated. RPower’s
plant to make solar cells and
module manufacturing is
nearing completion too. Tata
Power Solar has already
commissioned a 300-Mw
single-axis solar tracker
system, which is the
country’s largest so far, while
Torrent Power’s 100-Mw solar
plant is already up and
running.
Clearly, the state
government is making an all-
out effort to encourage
semiconductor and
electronics companies to
build their entire ecosystem
in Dholera. Says Videh Khare,
mission director of Gujarat
State Electronic Mission:
“Dholera power, which is of
high quality with redundancy
at three levels, is 40 per cent
cheaper than that from
competitor states
(Maharashtra, Andhra
Pradesh, Tamil Nadu and
Madhya Pradesh). Over and
above that, there is an
additional subsidy ~2 per unit
for electronics and
semiconductor projects. We
also have enough potable
water capacity to support 8
fab plants if required, which
is coming from the Narmada
canal.”
The SPV is, in fact, doing
much more than building a
canal to drain water. As a
second line of defence, it is
also undertaking an earth-fill
exercise to elevate the low-
lying land by 1.5-1-8 m.
The third step taken to
ensure that water from
upstream rivers during heavy
rains does not enter the
industrial city, is a 3.5-metre
high bund that has been built
on one of the rivers. Similar
bunds are being constructed
on other rivers nearby.
Summing up the mood in
the SIR, an upbeat Chavan
says: “The plug-and-play
infrastructure is all ready.
Now we have to aggressively
get companies to come to
Dholera.”
8 WORLD
>
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023

AI ‘ghost’ staff: US probes Amazon, Alphabet, MS, Meta

BLOOMBERG
13 September
Democratic lawmakers are pressing the
top tech firms to open up about the con-
ditions of their “ghost work” — unseen
labourers like those labelling data and
rating responses who have become piv-
otal to the artificial intelligence boom.
“Despite the essential nature of this
work, millions of data workers around
the world perform these stressful tasks
under constant surveillance, with low
wages and no benefits,” a group of law-
makers led by Massachusetts Senator
Ed Markey and Washington
Representative Pramila Jayapal wrote
Wednesday in a letter to the chief
executives of nine companies, includ-
ing Amazon.com, Alphabet, Meta
Platforms, Microsoft, and International
Business Machines.
“Workers are expected to screen out
dangerous chatbot answers, but they
may have little time to assess an
answer’s safety,” they added. “Data
workers are often given scant training
or supervision, which can result in the
introduction of bias.”
The lawmakers ask the executives to
answer extensive questions about their
data workforces, including about their
ability to take breaks, appeal suspen-
sions or access mental health resources
when facing traumatising content.
“Tech companies must not build AI on
Massachusetts Senator and former
presidential candidate Elizabeth
Warren.
Along with the established tech
giants, the letter’s recipients include the
newer AI-focused firms OpenAI,
Inflection AI, Scale AI and Anthropic.
To develop AI products, US com-
panies rely extensively on sub-con-
tracted staff, located domestically or
abroad, who are hired via outside staff-
ing firms and often lack the benefits
provided to firms’ own direct employ-
ees. Companies also rely on such work
for other burdensome tasks, such as
the backs of exploited workers,” write content moderation and product qual-
the Democrats, including ity assurance.
US presses on with fight
against Google’s search
and advertising clout
The Justice Department began questioning a
former Google executive about billion-dollar deals
with mobile carriers and others that helped keep
Google the default search engine, as the second
day of a once-in-a-generation antitrust trial got
underway on Wednesday. Chris Barton, who was
at Google from 2004 to 2011, said that the com-
pany was quick to see the advantage of people
using Google search on Palm devices and early
versions of smartphones. REUTERS

Case for Fed hike? Libya’s death toll tops 5,000 iPhones do have
US Aug inflation security issues
accelerates for 1st but no ban for
time in 6 months now, says China
BLOOMBERG their iPhones to work.
BLOOMBERG The report adds to con- 13 September “China has not issued laws
13 September cerns that the renewed and regulations to ban the
momentum in the economy China flagged security prob- purchase of Apple or foreign
Underlying US inflation ran is reigniting price pressures. lems with iPhones. marking brands’ phones,” Mao said,
at a faster-than-expected While Fed officials have been the government’s first com- adding that the government
monthly pace in August, leav- growing more optimistic they ments after a series of reports attaches “great importance”
ing the door open for can tame inflation without a said the authorities are mov- to security and that all com-
additional interest-rate hikes recession, a reacceleration in ing to restrict officials’ use of panies operating in China
from the Federal Reserve. price growth could force Apple products. need to abide by its laws and
The so-called core con- them to push interest rates “We noticed that there regulations.
sumer price index, which even higher — with the risk have been many media Mao’s comments about
excludes food and of sparking a reports about security inci- security incidents were
energy costs, The advance in downturn in the dents concerning Apple slightly different in the offi-
advanced 0.3 per the CPI was process. phones,” Chinese Foreign cial English translation of the
cent from July, supported by The CPI is one Ministry spokeswoman Mao news briefing. That transla-
marking the first higher costs of the last major Ning told a regular press tion, delivered simulta-
acceleration since for rent, air reports the Fed briefing in Beijing on neously onsite by the mini-
February, Bureau travel & motor will see before its Wednesday. stry, omitted the reference to
of Labor Statistics insurance, meeting next China plans to expand a media ‘reports’. Foreign
data showed which rose the week, in which ban on the use of iPhones to affairs ministry briefings are
Wednesday. From most annually policymakers are a plethora of state-backed typically rigorously con-
a year ago, it since 1976 largely expected to companies and agencies, trolled and spokespeople’s
increased 4.3 per hold rates steady. The death toll from raging floods in Libya’s port town of Derna surged to at least 5,000, as rescuers scrambled to find thousands Bloomberg News reported this responses are usually
cent, in line with Chair Jerome more missing after a devastating storm ravaged the nation’s northeastern coast. Hardest hit by Mediterranean storm Daniel was month, a sign of growing scripted ahead of time with
estimates and marking the Powell said last month inter- Derna. A deluge of water swept through the city of 90,000 after two dams broke, washing away buildings and even challenges for Apple in its consistent translations.
smallest advance in nearly est rates will stay high and neighbourhoods. Officials in the eastern part of the divided Opec nation said water levels had reached the fourth or fifth floors of biggest foreign market and The presser came just
two years. could rise even further some buildings. At least 5,000 were killed as a result of the storm and ensuing flooding in Derna and another 7,000 wounded. global production base. hours after Apple unveiled its
Economists favour the should the economy and Estimates of those still missing ranged between 5,000 and 10,000, according to international and Libyan officials PHOTO: REUTERS Several agencies have begun latest model of the marquee
core gauge as a better indi- inflation fail to cool. instructing staff not to bring device, the iPhone 15.
cator of underlying inflation Treasury yields and stock
than the overall CPI. That futures fluctuated. Traders
measure rose 0.6 per cent still expect the Fed to leave
from the prior month, the rates unchanged next week
most in over a year and reflect- The advance in the CPI
ing higher energy prices. was supported by higher
Citi launches biggest recast ‘Flood’ of China
in 15 years, job cuts expected EVs: EU begins
Gasoline costs accounted for costs for rent, air travel and
over half of the advance in the motor-vehicle insurance,
overall measure in August, which rose the most annually
according to BLS. since 1976.
REUTERS
New York, 13 September
WE ARE MAKING BOLD DECISIONS
moved up 2 per cent. They are
still valued at less than half
of its book value, while com-
investigation,
Past relationships Citigroup CEO Jane Fraser
announced a major manage-
ment reorganisation on
TO MEET OUR COMMITMENTS TO OUR
SHAREHOLDERS... THE CHANGES
petitors such as Wells Fargo
and Bank of America are
above 0.8, and JPMorgan
may slap tariffs
ELIMINATE UNNECESSARY COMPLEXITY
with colleagues: Wednesday that will result in
more job cuts and give her
more direct oversight over its
businesses as she seeks to sim-
ACROSS THE BANK AND THAT WILL
CONTRIBUTE TO DELIVERING
MEDIUM-TERM TARGETS.
Chase at 1.4.
“Citi will cut out non-pro-
ductive layers of management
and reorganise with a flatter
REUTERS
Brussels, 13 September

The European Commission

The Commission will have
up to 13 months to assess
whether to impose tariffs
above the standard 10 per

BP CEO Looney quits plify the bank's structure.

BLOOMBERG
13 September
BP Chief Executive Officer
Bernard Looney (pictured)
has resigned effective imme-
diately over the failure to fully
disclose past relationships
with colleagues.
The surprise development
leaves the oil and gas giant
leaderless at a crucial junc-
ture, just as the company is
trying to persuade investors
to stick with it through a
costly transition to low-car-
bon energy. It’s also another
example of how the push for
higher standards of personal
behaviour in the workplace,
stemming from the Me Too
movement, has reached the
very top of the corporate
world.
Looney, 53, will be
replaced on a interim basis by
Chief Financial Officer
Murray Auchincloss.
The heads of the bank's
five businesses will now
report directly to Fraser. They
include: Shahmir Khaliq, who
runs services, Andrew Morton
in markets, Peter Babej for
investment and corporate
banking on an interim basis,
Gonzalo Luchetti in US con-
sumer banking, and Andy
Sieg in wealth when he joins
the company later this month.
“We are making bold deci-
sions to meet our commitments
to our shareholders,” Fraser, 56,
said in a statement. The latest
changes have already eliminated
35 committees, Fraser said, cit-
JANE FRASER, Citigroup CEO
ing an example of efforts to
reduce bureaucracy.
The sweeping reorganisa-
tion is another step in Fraser's
strategy to improve profits
and streamline the bank since
she took the helm in 2021.
Although Citi has sold busi-
nesses and is working on fix-
ing regulatory problems, its
stock price has lagged.
“We have taken hard, con-
sequential, tough decisions
here,” Fraser told investors.
"They are not going to be uni-
versally popular within our
bank. It’s going to make some
of our people very uncomfort-
able. I am absolutely fine with
that ... It is absolutely the right
thing to do for our share-
holders.” Job cuts are expected,
but the bank did not estimate
the number of positions being
eliminated or the financial
impact, sources familiar with
the matter said. The severance
costs are expected to be
incurred in the fourth quarter.
SHARES CLIMB
On Wednesday, Citi shares
structure that will certainly
create savings on the balance
sheet,” said Brian Mulberry,
Client Portfolio Manager at
Zacks Investment
Management, who holds Citi
shares. “Looking at the uptick
in CPI data, it would make
sense for banks to be more
cost conscious.”
US consumer prices (CPI)
increased by the most in 14
months in August as gasoline
prices surged. “Investors are
only going to give Citigroup
credit for hard numbers meet-
ing their goals,” said Eric
Compton, banking analyst
at Morningstar.
launched an investigation on
Wednesday into whether to
impose punitive tariffs to pro-
tect European Union pro-
ducers against cheaper
Chinese electric vehicle (EV)
imports it says are benefiting
from state subsidies.
“Global markets are now
flooded with cheaper electric
cars.And their price is kept
artificially low by huge state
subsidies,” EC President
Ursula von der Leyen said in
her annual address to the
bloc’s parliament, seen by
many in Brussels as a pitch
for her re-appointment for a
second term.
cent EU rate for cars in its
highest profile case against
China since an EU probe into
Chinese solar panels nar-
rowly avoided a trade war a
decade ago.
The anti-subsidy investi-
gation covers battery-pow-
ered cars from China, so also
includes non-Chinese brands
made there, such as Tesla,
Renault and BMW. It is also
unusual in that it is brought
by the EC itself, rather than
in response to an industry
complaint.
The Chinese Chamber of
Commerce to the EU said it
was very concerned.

IN BRIEF
Full support for Russia’s ‘just fight’: Kim
POSSIBILITIES FOR MILITARY COOPERATION WITH UKRAINE STRIKES CRIMEAN SHIPYARD;
Indian student killed by N KOREA, SAYS PUTIN, AS TALKS WITH KIM END RUSSIA HITS BACK WITH PORT ATTACK
patrol car, US cop jokes AP/ PTI
Seoul, 13 September
their interests are aligning in
the face of their countries’
viding Russia with arms,
including selling artillery
A Seattle police watchdog agency has launched an investigation after separate, intensifying con- shells to the Russian merce-
bodycam footage emerged of a police officer joking about the death of North Korean leader Kim frontations with the United nary group Wagner. Both
a 23-year-old Indian student after she was struck by a speeding police Jong Un vowed support for States. The talks lasted four to Russian and North Korean
patrol car earlier this year, media reports said. Jaahnavi Kandula was Russia’s “just fight” during a five hours, Russia’s state news officials deny such claims.
killed in January after she was struck by a police vehicle driven by summit with President agency RIA Novosti reported.
Officer Kevin Dave. He was driving 74 mph (more than 119 kmph) on the Vladimir Putin on Wednesday Putin told Russian state TV CRIMEA ATTACK
way to a report of an overdose. PTI that the US warned could lead that the North Korean will A Ukrainian attack on a strate-
to a deal to supply ammu- visit two more cities in gic shipyard early Wednesday
nition for Moscow's war in Russia’s Far East after the in Russia-annexed Crimea
Women get a big boost in Ukraine.
After touring launch pads
summit. Putin also said there
are “possibilities” for military
wounded 24 people, damaged
two ships undergoing repairs
Japan Cabinet reshuffle with Putin at a remote space
base in Russia’s Far East, Kim
co-operation between the
countries.
and caused a fire at the facil-
ity, Russian authorities
Japanese Prime Minister Fumio Kishida has picked a woman as expressed “full and uncon- North Korea may have tens reported.
foreign minister and appointed as defence minister a politician ditional support” and said of millions of aging artillery
who has worked to build ties with Taiwan in Wednesday's new Pyongyang will always stand shells and rockets based on PORT STRIKE
cabinet line-up. The choices, among 11 new faces and five women, with Moscow on the “anti- Soviet designs that could give A ‘massive’ Russian drone
spotlight a focus on gender equality and a stronger line on defence, imperialist” front. a huge boost to the Russian attack early on Wednesday
as Kishida battles sagging ratings and with his term as leader of the The leaders met at the army in Ukraine, analysts say. damaged infrastructure at
ruling Liberal Democratic Party (LDP) set to end next year. Both Russian President Vladimir Putin (left) and North Korea leader Kim Jong Un at the Vostochny Vostochny Cosmodrome for a The United States has Ukrainian grain-exporting
ministers face the task of navigating ties with China. REUTERS cosmodrome outside the city of Tsiolkovsky, Russia, on Wednesday PHOTO: PTI summit that underscores how accused North Korea of pro- ports on the Danube River.

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OPINION 9
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Volume XXX Number 129

NEW DELHI | THURSDAY, 14 SEPTEMBER 2023

Banking investments Opium, history and economics

New norms will impart stability Britain’s opium policy severely damaged the economy of the EIC, when processed opium was auctioned to
designated buyers in Calcutta, yielding huge prof-
eastern India while perhaps helping that of western India

A
stable banking system is an absolute necessity for maintaining financial its.
stability. It is thus important that banks are properly regulated and do ILLUSTRATION: AJAY MOHANTY This oppressive system, which lasted for well over
a century, ensured that Purvanchal became and
not take unnecessary risks. While the quality of lending in the banking
remained a backward region of British India, especially
system and the level of bad loans often attract public attention, it is after the region was dealt a massive second blow in
also important for the regulator to keep a close eye on the investment portfolio. the mid-19th century. Until India’s first War of
The Reserve Bank of India (RBI) on Tuesday in this context released revised Independence (or Mutiny) in 1857, Purvanchal had
investment norms for the banking sector. It is worth noting that the recent run benefitted greatly from supplying around half the
on banks in the US was partly a consequence of inadequate regulation of invest- sepoys of the EIC. After the war was won by the British,
ments. Both the asset and liability sides of banks, such as the Silicon Valley recruitment of sepoys shifted swiftly to other areas,
Bank, were extremely concentrated. Although Indian banks do not face any such including Punjab. The economic and social develop-
ment that went with such employment also dwindled.
threat, revision in the regulatory framework, built on experience and evidence,
The other major poppy-growing area in the 18th
should help further strengthen the regulatory architecture. century was Malwa, covering much of today’s
The current regulatory instructions on the valuation of investment are Madhya Pradesh, and parts of Maharashtra, Gujarat
broadly based on the framework introduced in October 2000. The new norms and Rajasthan. The modes of production and dis-
are founded on a discussion paper issued by the RBI in 2022 as well as the inputs tribution were startlingly different from the pattern
received. The revised framework, according to the banking regulator, is in line in east India. Poppy was grown voluntarily by small
with global standards and best practices. It will introduce a “symmetric treatment farmers who sold their output to traders in the region

U
ntil half a century ago, the conventional of the first millennium to Persia, Central Asia and from different business communities among
of fair value gains and losses”. The banks will have a clearly identified trading
Western view of the West’s (mostly Europe South Asia. Typically, it was taken as a paste, mixed Hindus, Jains, Muslims and Parsis. This was possible
book. The new norms will also remove the existing ceiling on the held-to-maturity and US) remarkable economic rise since 1700 into pills or potions, consumed recreationally by because the EIC’s power in western India was largely
(HTM) part of the investment book while increasing disclosures. The framework, was explained in terms of scientific progress, tech- rulers, nobility and the rich. Processed (and far more confined to Bombay. For at least half a century after
which would come into effect next financial year, puts more responsibility on nological innovations, entrepreneurship, and rela- potent) “smoking opium” only evolved in the early Plassey, the EIC’s westward expansionism was held
bank boards. It expects banks to adopt a comprehensive investment policy, duly tively free movement of goods, capital and labour. 18th century but was not an item of mass consump- in check by the Maratha states of Gwalior, Baroda,
approved by the board of directors, encompassing various elements as defined. Fifty years of scholarship and revisionist historiog- tion until the Dutch East India Company (VOC) Indore and Nagpur, inheritors of Shivaji’s victories
In terms of detail, banks will have to classify the entire investment portfolio raphy since then has pointed to other significant imported it from east India and marketed it (under over the Mughals in the 17th century. Although the
under three categories — HTM, available for sale, and fair value through profit contributory factors, including imperial conquests monopoly) to their subjects in the East Indies, gen- EIC narrowly defeated a Scindia army at the battle
and colonialism, the genocidal expropriation of land erating large profits and revenues. Some went to of Assaye in 1803, the continued resistance of the
and loss (FVTPL). This will, however, not include their investments in joint ven-
from native “Indians” in America by immigrants China, where it was banned (ineffectively) by the Maratha states was successful in holding back direct
tures and subsidiaries. Securities held for trading will be a subcategory of FVTPL. from Europe, and the deployment of millions of Qing state in 1729. In Mr Ghosh’s words, “It was the EIC rule in the region.
The removal of the ceiling in the HTM category should provide banks some free- slaves, shipped brutally across the Atlantic from Dutch who led the way in enmeshing opium with Repeated attempts by the EIC to subvert the
dom to structure their investment books, depending on the broader economic West Africa. To this list might now colonialism and in creating the first growth of Malwa opium were frustrated by this basic
environment. This will also increase demand for corporate bonds. Besides, it be added the massive expansion in imperial narco-state, heavily fact and the non-cooperation of the trading com-
would give more stability to earnings. However, banks will have to structure the cultivation, processing and dependent on drug revenues. But munities in the region. By 1830, the EIC switched
their books carefully because they will not be able to move securities freely in cross-border marketing and distri- it was in India that the model of the track to accepting the Malwa mode of production-
and out of HTM, for instance. After the transition period, banks will not be able bution of opium under colonially colonial narco-state was perfected distribution of opium and levying lucrative transit
imposed conditions of near-forced by the British.” duties on the trade. Malwa opium, shipped out
to reclassify investments easily. Reclassification will not only require the board’s
labour, monopsony purchase, and Following their decisive victo- through Bombay, flourished, soon surpassing the
approval but also prior approval from the RBI, which will be given only in rare monopoly sales. In the main, this ries at Plassey (1757) and Buxar amounts going out of Calcutta. After the British
circumstances. Further, in any financial year, the securities sold from the HTM refers to the production of opium in (1764), the East India Company’s stymied Chinese efforts to ban opium in the infa-
category should not exceed 5 per cent of the opening value of the portfolio. British India for hugely profitable (EIC) troops pushed quickly west- mous Opium Wars of the mid-19th century, export
Further sales will need the RBI’s approval. (often illegal) sale, mainly to China, wards to incorporate Purvanchal of British-Indian opium shot up from 4,000 chests
The framework has also provided elaborate rules for the accounting treatment in the 18th and 19th centuries. (today’s Bihar, Jharkhand and east- annually in 1820 to over 90,000 chests in the 1870s,
if securities are moved from one category to another. It also has clear rules in The tale is grippingly told by A PIECE OF ern UP), where poppy was grown, becoming a major element of global trade. The big
terms of what kind of securities are to be kept in which category and how they Amitav Ghosh, justly-famed novelist
and occasional historian, in his
MY MIND into its Bengal Presidency. In 1772,
EIC’s Governor of Bengal, Warren
difference was that, unlike opium from Purvanchal,
opium from Malwa benefitted millions of farmers
are valued and accounted for. Banks are also required to create an investment
recently published, Smoke and SHANKAR ACHARYA Hastings, decreed that opium pro- and thousands of traders, financiers and shippers
fluctuation reserve. While it will be eligible for inclusion in Tier-II capital, it Ashes: a Writer’s Journey through duced in Purvanchal could only be in western India.
would increase the banking system’s ability to absorb losses. Overall, the new Opium’s Hidden Histories sold to designated EIC Agents, As Mr Ghosh writes, “If private enterprise was
framework should be expected to improve disclosure and impart more stability (HarperCollins, 2023), a 400-page treatise, including paving the way for a very effective monopsony. In able to thrive in western India, but not in the east, it
to the banking system. 75 pages of notes. It is based on nearly 20 years of 1799, the EIC established the formidable Opium was ultimately because the Maratha kingdoms were
research, which began with the first volume, Sea of Department (OD), endowed with extraordinary pow- able to fight off the predatory colonial power for
Poppies, of his brilliant three-novel Ibis Trilogy. For ers of control, pricing and enforcement, which much longer…The credit for western India’s

Underachieving on climate me, much of the content was an eye-opener, shed- allowed it to decide which farmers could plant the
ding light on India’s economic and political history. crop, where and how much, and the price at which
Since most of this paper’s readers may not have a they could sell to the OD. As the low price rarely
entrepreneurial prowess is ultimately due not only
to the financial acumen of its businessmen but also
to the foresight and acuity of the political and mili-
More action needed from G20 on energy transition chance (or time) to read the book, a brief summary covered cost, production was enforced through var- tary leadership of the Maratha states.”

T
he summit in New Delhi last weekend of the leaders of the Group of 20 of a few key elements may be worthwhile. ious forms of coercion. Corruption became rife and
(G20) nations ended with all those present signing a declaration — an Small quantities of opium had been used for a massive surveillance/enforcement system evolved, The writer is honorary professor at Icrier, the longest
outcome that has widely been viewed as a triumph of Indian diplomacy. medicinal (and recreational) purposes in different all resulting in immiseration of the opium farmers serving former chief economic advisor to the Government of
parts of the world for many centuries, starting first and systematic harassment of all those associated India, and author of An Economist at Home and Abroad
This is no doubt a fair evaluation of the summit’s overall success, given
perhaps in Anatolia, and spreading around the end with the trade, except those at the upper reaches of (HarperCollins 2021). The views are personal
the many geopolitical headwinds faced by the Indian presidency. That said, it
will also be necessary to evaluate the progress made by the summit, as expressed
through concrete deliverables and agreements, in some sectors that are of particular

India’s double brain drain

importance to India. One such is climate action, which the Union government
has made a centrepiece of both its domestic and foreign policies. While the United
Nations Framework Convention on Climate Change, or UNFCCC, is the main
multilateral mechanism for the fight against climate change, and the UNFCCC

A
rvind Krishna, chairman and CEO of IBM,
Conference of the Parties, or COP, is the principal location for climate negotiations, recently said he was bullish about the inno-
the G20 also has a major role to play in coordinating the climate policies of major vations coming out of the conglomerate’s
economies and geoeconomic players. India R&D centre. This is the point at which we
From that point of view, the summit has not moved the needle much. One line pat ourselves on the back for our indigenous tech
in the New Delhi Declaration that received some attention was the promise to “pursue prowess. Indeed, the staggering range and quality
and encourage efforts to triple renewable energy capacity globally through existing of artificial intelligence and semiconductor
targets and policies”. This is a comprehensive global target that has been urged on research being done in India by multinationals is
a largely unacknowledged aspect of the global high-
the G20 and other bodies by the European Commission, the United Arab Emirates
tech boom.
(UAE), and the International Energy Agency. The UAE-based International Renewable This is one element of the new brain drain. Unlike
Energy Agency, or Irena, has calculated that adding 1,000 Gw of renewable power the earlier version, which saw quali-
capacity yearly will be necessary. As of the end of last year, India’s installed renewable fied engineers and management stu-
energy capacity was 166 Gw; tripling this by 2030 would mean an installed capacity dents, many educated at government
of 500 Gw, which is coincidentally also the government’s current target for non-fossil cost at top-notch institutions, head
fuel generation capacity. The New Delhi Declaration thus merely means that India’s out to the West for job opportunities
renewable energy ambition is to become the norm for the rest of the world. that would absorb their skills and
offer dynamic career advancement,
India may be able to add 50 Gw or so out of existing financial resources, but it
Brain Drain 2.0 is taking place right
would be a stretch. The broader question is whether additional funds can be mobilised here in India. A blue-blooded US
for climate action, particularly the energy transition, not just in India but in the larger company such as IBM is, in effect,
developing world. Without that, meeting a 1,000 Gw annual target will be well-nigh extracting value from India’s intel-
impossible. It is here that the G20 may have fallen somewhat short. The leaders were
certainly made aware of the scale of the financial hurdle; the final declaration includes
lectual capabilities in India. But the
commercial applications accruing
SWOT
a reference to an Irena report on “low-cost finance for the energy transition”, which from those innovations will benefit KANIKA DATTA
notes that meeting the requirements for keeping global temperature rise lower than the bottom line of a company head-
quartered and listed in New York.
1.5 degrees (the 1850s being the reference point) would require $4.4 trillion a year to
The migration of domestically developed intel-
be invested in the energy transition. This level of financing will not be available lectual property to foreign corporations within India
without serious coordinated action by large economic powers. Past promises of $100 reflects a standard anomaly in the demand pattern
billion here and there are clearly insufficient for the scale of the problem. Instead a of the country’s executive job market. In order of
major realignment of the international financial system that de-risks investment in preference, foreign companies, preferably in tech,
the energy sector, particularly in the emerging world, will be required. These actions engineering or consumer goods, top the totem pole.
can be taken only by the G20, not the UNFCCC or any other body. It is to be hoped The Indian private sector follows, but the universe
that the Brazil presidency will have the political space to act on these requirements if of aspiration is extremely narrow to maybe the Tata
group, Reliance, Bajaj, Mahindra and the home-
the Indian presidency found itself constrained by global headwinds.
grown tech giants such as Infosys, HCL and so on.
Government jobs tend to figure low on the scale
if you are ambitious. Earlier, the public sector was
considered a safe harbour for those interested in
cruising through their careers; now, the increasing
contractualisation of even executive level jobs in
the public sector is changing that.
The preference for employment in a western/multi-
national company is understandable since such cor-
porations offer higher salaries, the prospect of travel-
ling (and maybe emigrating) to some First World
haven and prospects for meaningful professional
advancement. India Inc has an inherent disadvantage
in this competition for talent
because of its innate domestic focus
and family-controlled culture. That
is a result of the long years of autar-
kic economic policy and the easy
advantages that companies with
lobbying power derived in staving
off global competition.
But the striking fact is that even
three decades after liberalisation
India Inc retains the lightest of glob-
al footprints. Defenders might argue
that this is principally because the
Indian corporate sector is relatively
youthful compared with the age and
experience of the US giants.
This argument may hold for 112-year-old Big Blue
or 131-year-old GE. But consider the FAANGs, whose
institutions dominate India like colossi. All but one
of them have entered middle age. That’s Apple at
47 years, positively elderly compared with Amazon,
29, Netflix, 26, Google (on which I am checking this
information), 25, and Facebook at just 19.
Compared with this the biggies in terms of Indian
stock market capitalisation are aged. Reliance, at 50
years, stolidly remains a powerful domestic giant.
TCS and Infosys, which have extensive global oper-
ations by virtue of their business model, are 55 and
42 years old, respectively. Bharti Airtel will qualify
as an international giant by virtue of its African
operations but the continent is not yet an aspira-
tional destination for outward-oriented executives.
Sixty-eight year-old state-owned State Bank of India
has overseas branches but it cannot be considered
a major player in international finance or a go-to
bank for finance professionals.
If India’s best and brightest still prefer employ-
ment with foreign corporations, whether in India
or abroad, to maximise their highly prized skills
honed in the very best of Indian institutions,
India’s wealthiest are also increasingly cashing in
their chips. In June this year, the Henley Private
Wealth Migration report predicted that 6,500
Indian millionaires are expected to leave the coun-
try in 2023. This is slightly lower than the 7,500
who left last year.
Why are they leaving? A senior Henley partner
elliptically put it down to “recent and persistent tur-
moil”. Significantly, he added, more investors are
considering relocating their families for safety and
security, education and healthcare and climate
change resilience. In other words, not only are rich
Indians uneasy about India and exiting with their
resources, the country's future talent — their chil-
dren — are leaving too, and are unlikely to return
with the fruits of their foreign education.
Henley seems unworried by this trend, suggest-
ing that India was producing plenty of millionaires
every year. But given the accelerating rate at which
Indians are giving up their citizenship over the past
decade, the double brain drain could seriously
impair India’s human capital at a time when public
investment in education is sub-par. That’s a reality
that surely must be addressed with as much inten-
sity as India’s status as a world power.

The write side of history
world’s oldest and most mysterious
scripts. The author is a classical philol-
ogist at the University of Bologna. She
researches ancient scripts with a focus
on Bronze Age Aegean civilisations.
While she ventures into plenty of tech-
BOOK REVIEW nical detail about what it entails to
decipher a script, she has deliberately
DEVANGSHU DATTA written this in dinner-table conversa-
tional style in her native Italian.
breakthroughs and discoveries.
It also does some proselytising for
collaborative research (look up the
INSCRIBE Programme, for instance)
and offers advice about the mistakes to
avoid in doing something as “perverse”
as deciphering ancient scripts. It’s very
funny and acerbic when it comes to
imploring readers to avoid sending her
amateur attempts at decipherment.
guesses at all this and academics can be
blindsided by their own cultural
assumptions. In the case of Mayan,
researchers assumed for years that the
script was an alphabet, whereas it
turned out to be hundreds of symbolic
icons. In some cases, the cultural divides
are so massive as to be insurmountable.
Consider the Inca quipu knots system
where the number of knots, colour, their
distance from each other, and so on,
play a part. The
author compares
this multi-dimen-
ple resort to emojis, a future global
civilisation may well end up reverting
to pictographic scripts.
Apart from examining un-deciphered
and deciphered writing of various types,
the book also describes curiosities like
the Voynich Manuscript and amazing
achievements such as one individual’s
invention of a script for the Cherokee
language. She’s very funny again, when
she describes how researchers have
argued for
The Greatest Invention: decades about
A History of the World in the Indus Valley
Nine Mysterious Scripts
record incantations. So, imagination,
creativity and accounting went hand in
hand in the invention of scripts.
Given the force multiplier that writ-
ing is, it is reasonable to make the appar-
ently sweeping claim that it is indeed the
greatest invention. Working on scripts
and ancient languages requires a fasci-
nating meld of multiple disciplines rang-
ing across the arts and sciences. It is like
code-breaking but even more complex in
some ways since the language itself is
often unknown, as well as the script.
Researchers use mathematical and

C
ats “meow” (English), “miao”
(Italian), “meo” (Vietnamese),
and “myao” (Russian). In Greek,
they “ma”. This similarity played a role
in the deciphering of Crete’s Linear B
script. A stylised cat “as sketched by
Walt Disney” represents the ma sound
in this 3,000-year-old Bronze Age
script, which records an equally ancient
dialect of Greek. The consonance is
unusual, incidentally, since other ani-
mal noises are usually represented dif-
ferently in different languages — dogs
bark, guk, and bhok, for example.
Using engaging examples such as
this, Silvia Ferrara combines erudition,
charm, and wry humour as she takes
readers on a guided tour of some of the
There’s plenty of illustrations, and
the book’s been beautifully translated
to convey her whimsical speech pat-
terns. (Dr Ferrara is also a very fluent
English speaker as evident from her
public lectures. That’s not surprising
given she did her PhD in Oxford and
subsequently taught at Oxford and
University College, London.)
The book moves between the Aegean
islands to China, Mesopotamia, Egypt,
Crete, Easter Island, Cyprus, the Indus
Valley and Mesoamerica. It looks at vari-
ous scripts and examines their origins as
images, icons, and logograms. It asks
(and sometimes answers) intriguing
questions, offers speculations (usually
stated upfront as such), and describes
Linear B is the only example of a
script deciphered purely by statistical
analysis (three other Cretan scripts
remain undeciphered). In most cases,
breakthroughs have arisen from bilin-
gual inscriptions such as in the Rosetta
Stone, which had Egyptian hieroglyph-
ics and Greek, and the Persepolis
inscriptions (Babylonian and Persian).
Decryption of old scripts is difficult
even if the base language (or a descen-
dant) is known, or guessed at, or even if
bilingual content exists, as in Etruscan.
Scripts can vary from iconic pictogra-
phy, to signs representing sounds or
syllables, to rebuses, to logograms and
various things in-between.
“Codebreakers” must make educated
sional notation Script (which statistical analysis, guesswork, archae-
system to a Author: Silvia Ferrara may not even be ology, carbon-dating, machine learn-
(Translated by Todd
spreadsheet. Portnowitz) a script) while ing and other types of computer analy-
Interestingly,
Publisher: Picador Pan also making a fer- sis, as well as their imaginations and
many scripts Macmillan vent appeal that intuition to try to open the black box of
have seemingly politics be kept an unknown script, which represents
Pages: 304
pared down over out of philology writing in an unknown language.
time from very Price: ~599 (which is of The book offers a fascinating set of
large sets of course, impossi- historical accounts, observations and
stylised compli- ble in this and speculations, and it is delightful in its
cated icons that only the learned many other instances). fluid movements from topic to topic.
could recall, to streamlined modern The desire to write arose from many The author comes through as an inter-
alphabets with a few symbols most different impulses. Bureaucratic bean esting combination of scientist and
people learn quickly. China is unusual counters need to keep track of goods, romantic as she bakes together a rock-
in that its ideographs have been in salaries and land measurements. solid description of a very complicated
continuous use for over 3,000 years. Fortune tellers needed to manipulate subject and seasons it with a sprinkling
But as the author remarks semi-seri- symbols in China. Storytellers had to of delightful examples of the oddities
ously, as an increasing number of peo- keep aide-memoires. Priests had to of written language.
10
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NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 1
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NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 11 <

Senco Gold Limited

Registered & Corporate office: Diamond Prestige, 41A, A.J.C. Bose Road, 10th floor, Unit no. 1001, Kolkata WB 700017 IN
Tel. No. : +91 3340215004 | Fax : +91 3340215025 | Website:www.sencogoldanddiamonds.com | E-mail : contactus@sencogold.co.in
(CIN – U36911WB1994PLC064637)

FORM DPT-1
CIRCULAR OR CIRCULAR IN THE FORM OF ADVERTISEMENT INVITING DEPOSITS
[Pursuant to Section 73 (2)(a) and Section 76 of The Companies Act, 2013 and Rule 4(1) and 4(2) of the Companies (Acceptance of Deposits) Rules, 2014]
Sl. Particulars Information e. Total number of depositors; 80,088 (as on 15th June 2023)
No.
1. f. Default, if any, in repayment of deposits NIL
GENERAL INFORMATION
and payment of interest thereon, if any,
a. Name, address, website and other Senco Gold Limited, (CIN – U36911WB1994PLC064637), Registered & Corporate office: Diamond Prestige, including number of depositors, amount
contact details of the company; 41A, A.J.C. Bose Road, 10th floor, Unit no. 1001, Kolkata WB 700017 IN, Tel. No. : +91 33 4021 5000/4021 5004 and duration of default involved;
Fax : +91 3340215025, Website:www.sencogoldanddiamonds.com, E-mail : contactus@sencogold.co.in g. Any waiver by the depositors, of Not Applicable
interest accrued on deposits;
b. Date of incorporation of the company; 22nd August, 1994 4. FINANCIAL POSITION OF THE COMPANY
c. Business carried on by the company Business carried on by the Company: Profits of the Company, before and after making provision for tax, for the three Financial year Profit Before Tax Profit After Tax(PAT) **
a.
and its subsidiaries with details of Senco Gold Ltd (‘the Company’) Company is engaged in the business of manufacturing, sale and trading of gold jewellery, financial years immediately preceding the date of issue of circular or ( INR in Millions) ( INR in Millions)
branches or units, if any;. diamond studded jewellery and jewellery made of silver, platinum and precious and semi-precious stones and other metals. advertisement. 1,609.13
2022-23* 2,185.86
The Company also sells other products like costume jewellery, gold/ silver coins and utensils made of silver.
*Subject to adoption by the shareholders at the forthcoming Annual General Meeting. 2021-22 1,779.90 1,301.52
Business carried on by subsidiary of the company as on date :
** PAT has been considered as cash profit after tax for computing interest coverage ratio. 2020-21 836.90 615.10
Senco Gold Artisanship Pvt Ltd is the Wholly owned subsidiary of Senco Gold Limited which was incorporated on 14th
October 2020 and is engaged in the business of manufacturing, sale and trading of gold jewellery, diamond studded jewellery b. Dividends declared by the Company in respect of the said three financial years; Financial year Dividends declared Interest Coverage ratio***
and jewellery made of silver, platinum and precious and semi-precious stones, gold coins and other metals. Senco Gold interest coverage ratio for last three years (Cash profit after tax plus interest paid 2022-23* INR 1.50 per share *** 3.78
Artisanship Pvt Ltd has commenced their business from April 2022. or interest paid) 2021-22 INR 1.00 per share ** 3.95
Branches/Units of the Company: The Company has one manufacturing unit located at following address: ***Interim dividend of Rs 0.50 per share and Re 1 per share was declared for FY 2022-23.
i) Gems & Jewellery Park, SDF Building Plot No GJA-4A4, 4th Floor, Ankurhati, Domjur, Howrah-711409 2020-21 INR 1.50 per share* 2.90
** Interim dividend of Rs 0.50 per share and final dividend of Rs 0.50 per share was declared for FY 2021-22.
The Company have 75 company operated showrooms and 61 Franchisee operated showrooms located *Dividend declared in 2020-21 was Interim Dividend and no final dividend was declared.
across in India as on 31.03.2023. PAT has been considered as cash profit after tax for computing interest coverage ratio.
d. Brief particulars of the management The Company is managed by the Managing Director & CEO with the help of Whole Time Directors and supported by c. A summary of the financial position of the Company as in the three ( INR in millions)
of the company; professional management team, subject to overall superintendence, direction and control of the Board of Directors. audited balance sheets Immediately preceding the date of issue of Particulars As at As at As at
e. Name, addresses, DIN and occupations Name & Address DIN Occupation circular or advertisement. (Figures of previous years were regrouped 31 March 2023* 31 March 2022* 31 March 2021*
of the directors; Mr. Suvankar Sen, 53A Lake Place, Kolkata – 700 029,India 01178803 Business wherever necessary) Assets
Non-current assets
Mrs. Ranjana Sen, 53A Lake Place, PS- Tollygunge, Kolkata – 700 029 ,India 01226337 Business
a) Property, plant and equipment 822.84 668.24 673.83
Mrs. Joita Sen, 53A Lake Place, PS- Tollygunge, Kolkata – 700029, India 08828875 Business b) Capital work-in-progress 130.64 65.14 24.38
Mr. Vivek Kumar Mathur, D151, Westend Heights, DLF Phase-V, 03581311 Service c) Right-of-use assets 1,911.17 1,500.51 1,417.26
Gurgaon-122009, India d) Other Intangible assets 22.24 23.87 27.35
Mr. Kumar Shankar Datta, Flat no. 3A, 3rd Floor, Fomra Tower, 84A, 07248231 Professional e) Intangible assets under development - - -
A.J.C Bose Road, Kolkata-700014, India f) Financial assets
Mr. Bhaskar Sen, 2nd Floor, 178 Purbalok, 9th Street, Kolkata- 700099, India 03193003 Professional i) Investments in subsidiary 40.00 20.00 20.00
Mr. Shankar Prasad Halder, Flat No-2524, Sector-D, Pocket-2, 06521264 Professional ii) Investment in others 1.27 0.26 0.26
Vasant Kunj, Delhi-110070 iii) Loans - - -
iv) Other financial assets 559.14 166.24 268.31
Ms. Suman Varma, A 20, 2nd Floor, Gitanjali Enclave, Opp. Navjivan Vihar, 08127928 Professional
g) Deferred tax assets, Net 179.57 141.42 127.04
Malviya Nagar, South Delhi- 110017,India
h) Income tax assets , Net 184.84 180.33 185.18
f. Management’s perception of Senco Gold Limited (hereinafter referred to as Company) is a leading jewellery company in India in the organized jewellery i) Other non-current assets 190.90 202.71 185.87
risk factors; manufacturing & retail sector. Company has grown to become a multi-location entity with revenues in excess of INR 40,755.64 Total non-current assets 4,042.61 2,968.72 2,929.48
million for the year ended 31st March, 2023. The Net Worth, Revenues from Operations & Cash Flows of the Company are Current assets:
strong enough to meet any repayment liability at any time. The monies raised under these jewellery Purchase Schemes a) Inventories 18,777.73 13,886.63 10,394.73
(hereinafter referred to as Schemes) are purely for jewellery purchases and hence do not pose any financial risk except price, b) Financial assets
market risk, competition, regulatory environment changes and other normal business risk generally associated with the i) Trade receivables 454.39 395.37 275.59
business of the Company. ii) Cash and cash equivalents 71.43 93.29 67.57
Details of default, including the amount i) Statutory dues: Nil iii) Other bank balances 4280.90 2,692.69 1,196.03
g.
involved, duration of default and present ii) Debentures and interest thereon : Nil iv) Loans 28.00 28.00 -
status, in repayment of iii) Loan from any bank or financial institution and interest thereon: Nil v) Other financial assets 719.85 588.70 536.90
c) Other current assets 653.25 354.63 192.94
2. PARTICULARS OF THE DEPOSIT SCHEME Total current assets 24,985.55 18,039.31 12,663.76
a. Date of passing of board resolution; Total assets 29,028.16 21,008.03 15,593.24
16th June, 2023
Equity and Liabilities
b. Date of passing of resolution in the 24 th May 2018 Equity
general meeting authorizing the a) Equity share capital 558.50 531.86 531.86
invitation of such deposits; b) Instruments entirely equity in nature 132.96 132.96 132.96
c) Other equity 8,798.90 6,605.72 5,361.66
c. Type of deposits, i.e., whether Unsecured Total equity 9,490.36 7,270.54 6,026.48
secured or unsecured; Liabilities
1) Non-current liabilities
d. i. Amount which the company can 1. 10% of the aggregate of the paid-up capital, free reserves and securities premium account from its Members, i.e., a) Financial liabilities
raise by way of deposits 948.38 million. (as on 31.03.2023) i) Borrowings 14.26 3.95 4.06
as per the Act and the rules made ii) Lease Liabilities 1,884.02 1,451.03 1,327.63
thereunder, 2. 25% of the aggregate of the paid-up capital, free reserves and securities premium account from Public i.e., 2370.96
iii) Other financial liabilities 6.09 8.28 8.12
million (as on 31.03.2023)
b) Provisions 5.69 0.38 30.72
ii. the aggregate of deposits actually Rs. 2,079.30 million (as on 31.03.2023) c) Other non- current liabilities 245.19 0.12 0.12
held on the last day of the immediately Total non-current liabilities 2155.25 1,463.76 1,370.65
preceding financial year and 2) Current liabilities
a) Financial liabilities
iii. the aggregate of deposits actually i) Borrowings 11,757.48 8,625.72 5,320.38
Rs. 2,312.95 million (as on 15th June 2023)
held on the date of the issue of ii) Lease Liabilities 213.51 178.61 146.03
circular or advertisement iii) Trade payables 1389.46 1,172.78 609.35
iv) Derivatives - - -
iv. amount of deposit proposed to be Upto Rs 2350 million. v) Other financial liabilities 698.11 333.34 256.63
raised and
b) Other current liabilities 3,148.53 1,811.93 1,832.19
v. amount of deposit repayable within Rs. 2,121.47 million (From 15th June 2023) c) Provisions 19.85 12.84 0.38
the next twelve months; d) Current tax liabilities (net) 155.61 138.51 31.15
Total current liabilities 17,382.55 12,273.73 8,196.11
e. Terms of raising of deposits Total liabilities 19,537.80 13,737.49 9,566.76
*subject to adoption by the shareholders at the forthcoming Annual General Meeting. Total equity and liabilities 29,028.16 21,008.03 15,593.24
Particulars Duration Rate of Interest Mode of Payment Mode of repayment/redemption (INR In Millions)
Swarna This Scheme is for 6 Since this is a Jewellery Purchase Cash, Cheque, Redemption of the amount under this Scheme will Audited Cash Flow Statement for the three years immediately Particulars Year ended Year ended Year ended
d. 31 March 2023* 31 March 2022* 31 March 2021
Labh(6 months only, wherein the Scheme, there is no return offered as DD, Net banking, generally be by way of purchase of jewellery. preceding the date of issue of circular or advertisement.(Figures of
months customer has to pay 6 interest. However, discount is offered at Debit and credit A. Cash Flow from operating activities:
In case the customer requests refund in cash, payment previous years were regrouped wherever necessary)
scheme)- equal monthly the time of purchase of jewellery by card or any other Profit before tax 2,185.86 1,779.90 836.90
will be made by cheque/ DD/ electronic transfer.
instalments with a customer as below. permissible Refund amount will be limited to accumulated amount Adjustments for:
SL 23-24 Depreciation and amortization Expenses 449.36 420.76 395.72
minimum of Rs. 1000/-. Redemption at the time of Maturity : mode of received from the customer till the date of refund. If the
The additional amount After depositing 6 instalments on or transaction, by refund is requested after the maturity of scheme and all Asset written off 3.54 - 0.30
can be paid in multiples before due dates, the customer will be way of monthly 6 installments have been paid regularly within due Allowances for expected credit loss (2.45) (2.44) 2.79
of Rs. 1000/-. advances. dates, Company may Give a Gift Voucher for an (Gain) / Loss on sale of property,
entitled to purchase jewellery with amount equal to 30% of 1st monthly instalment in
benefit in the form of discount equivalent plant and equipment - 0.35
addition to accumulated amount received from the Impact for straight-lining of
to 30% of 1st monthly instalment after customer till the date of refund. This Gift Voucher can
completion of 6 months from the date of rental expenses - (20.79)
only be redeemed at the time of purchase of jewellery
payment of first instalment of the from Company within 90 days from the date issue of Finance costs 860.53 708.79 666.37
Scheme. Gift Voucher. Unrealised foreign exchange gain (2.71) (0.92) (2.14)
Share based payment expenses 3.51 0.86 -
Swarna This Scheme is for 11 Since this is a Jewellery Purchase Cash, Cheque, Redemption of the amount under this Scheme will Liabilities no longer required written back (18.35) (14.11) (31.39)
Yojana (11 months only, wherein the Scheme, there is no return offered as DD, Net banking, generally be by way of purchase of jewellery.
Debit and credit Bad debts written off 1.00 - -
months interest. However, discount is offered at
scheme)- customer has to pay 11 card or any other In case the customer requests refund in cash, payment Gain on Lease Modification 13.05 - -
SY 23-24 equal monthly the time of purchase of jewellery by permissible will be made by cheque/ DD/ electronic transfer. Refund Security deposits written off 12.11 - -
customer as below. mode of amount will be limited to accumulated amount received Interest Income (166.97) (73.04) (40.62)
instalments with a transaction, by
minimum of Rs. 1000/-. Redemption at the time of Maturity: way of monthly from the customer till the date of refund. If the refund is Operating profit before working capital
advances. requested after the maturity of scheme and all 11 changes and other adjustments 3338.48 2819.80 1,807.49
The additional amount After depositing 11 instalments on or installments have been paid regularly within due dates, (Increase) in inventories (4891.10) (3,493.31) 476.40
can be paid in multiples before due dates, the customer will be Company may Give a Gift Voucher for an amount equal (Increase) / decrease in trade receivables (53.86) (116.42) 0.83
of Rs. 1000/-. entitled to purchase jewellery with benefit to 75% of 1st monthly instalment in addition to (Increase) in loans , other financial
in the form of discount equivalent to 75% accumulated amount received from the customer till the assets & other assets (621.53) (246.64) (244.74)
of 1st monthly instalment after completion date of refund.This Gift Voucher can only be redeemed (Decrease) / Increase in other Financial
of 11 months from the date of payment of at the time of purchase of jewellery from Company liabilities, derivative liabilities ,provisions
first instalment of the Scheme. within 90 days from the date issue of Gift Voucher. and other liabilities 1864.60 139.87 841.53
(Decrease) / Increase in trade payables 216.68 563.43 (641.59)
Swarna This Scheme is for 18 Since this is a Jewellery Purchase Cash, Cheque, Redemption of the amount under this Scheme will Cash generated from operating activities (146.73) (333.27) 2,239.92
Vriddhi (18 months only, wherein the Scheme, there is no return offered as DD, Net banking, generally be by way of purchase of jewellery. Income taxes paid (net of refunds) (601.56) (399.28) (421.35)
months Debit and credit
customer has to pay 18 interest. However, discount is offered at card or any other In case the customer requests refund in cash, payment Net cash ( used in ) / generated from
scheme)-
SV 23-24 equal monthly the time of purchase of jewellery by permissible will be made by cheque/ DD/ electronic Transfer. operating activities (748.29) (732.55) 1,818.57
customer as below. mode of Refund amount will be limited to accumulated amount B. Cash Flows from Investing activities:
instalments with a transaction, by
Redemption at the time of Maturity : received from the customer till the date of refund. If the Acquisition of property, plant and
minimum of Rs. 1000/-. way of monthly equipment (including capital work-in-
advances. refund is requested after the maturity of scheme and all
The additional amount After depositing 18 instalments on or progress) and other intangible assets (301.50) (226.81) (139.14)
18 installments have been paid regularly within due
can be paid in multiples before due dates, the customer will be dates, Company may give a Gift Voucher for an amount Proceeds from disposal of property,
of Rs. 1000/-. entitled to purchase jewellery with benefit equal to 150% of 1st monthly instalment in addition to plant and equipment - 1.07
in the form of discount equivalent to 150% accumulated amount received from the customer till the Investment made in subsidiary (20.00) - (20.00)
of 1st monthly instalment after completion date of refund. This Gift Voucher can only be redeemed Interest received 129.15 61.32 43.39
of 18 months from the date of payment of at the time of purchase of jewellery from Company Deposits (made) / redeemed during the
first instalment of the Scheme. within 90 days from the date issue of Gift Voucher. year & Changes in other bank balances. (1795.84) (1,383.81) (448.86)
Net cash used in investing activities (1988.19) (1,549.30) (563.54)
Notes applicable on all aforesaid 1) To join the scheme, the customer has to fill-in the pre-printed Application Form and submit their KYC documents stated therein. C. Cash Flows from Financing activities:
Schemes 2) Enrolment of the above said schemes for jewellery purchase may be made either at the showrooms of the Company, or online Proceeds from issue of share 750.00 - -
by registering on the website of the Company https://www.sencogoldandiamond.com or “MySenco” mobile app. At the time of Premium received on issue of shares - - -
enrolment, the Customer should ensure that, the scheme Enrolment Form is signed in the space provided, physically or
electronically, as the case may be, accepting these terms and conditions. Dividends paid ( net of taxes ) (114.24) (147.48) -
3) Since, these are Jewellery Purchase Schemes, hence no return is offered as direct interest to the customer. Dividend distribution tax paid - -
4) The amounts paid as Instalment Amounts under Schemes are always to be redeemed by purchase of Gold, Diamond, Proceeds from long-term borrowings 19.60 - -
Platinum & Gossip lifestyle jewellery at any showrooms of the Company. Gold Coins & Bars, Silver Coins cannot be redeemed Repayment of long term borrowings (7.05) (2.80) (6.40)
against any of the jewellery purchase scheme. Proceeds / ( Repayment ) of others
5) In case of Purchase of Diamond or Polki Jewellery, additional discount equal to 5% of value of total accumulated amount shall borrowings (net) 3129.52 3,308.03 (422.30)
be offered on Diamond Value. Repayment of lease liabilities (230.42) (157.49) (123.27)
6) Date of payment of first instalment by the Customer shall be considered as the scheme/account opening date. Interest paid (832.79) (692.69) (671.74)
7) Scheme closure date for scheme 6 months,11 months & 18 months shall be at the end of 6 months,11 months and 18 months Net cash generated from / (used in)
respectively from the scheme opening date. by financing activities 2714.62 2,307.57 (1,223.71)
8) The final product invoice value should be equal to or in excess of purchase eligibility amount. Net increase / (decrease) in cash and
9) Payment of instalments after due dates will be considered as a default for that particular month(s) and the eligible discount cash equivalents (A+B+C) (21.86) 25.72 31.32
would be reduced proportionately. Cash and cash equivalents at the
10) No benefit in any form shall be provided for schemes where the scheme has been operated for less than 6 months or less than beginning of the year 93.29 67.57 36.25
6 instalments have been paid to the Company *subject to adoption by the shareholders at the forthcoming Annual General Meeting Cash and cash equivalents taken over
11) If the redemption is requested before the maturity of Scheme, 11 Months scheme will be eligible for discount under 6 Months The financial statements of the Company are prepared in accordance with Indian Accounting
on amalgamation - - -
scheme provided terms & conditions of 6 Months scheme have been complied. Standards (“Ind AS”) notified under Companies (Indian Accounting Standards) Rules 2015 Cash and cash equivalents at the end
12) If the redemption is requested before the maturity of Scheme, 18 Months scheme will be eligible for discount under 11 Months read with section 133 of the Companies Act ,2013. of the period 71.43 93.29 67.57
scheme or 6 months scheme provided terms & conditions of 11 Months scheme or 6 months scheme have been complied.
13) It is mandatory for every Customer to have the purchased jewellery collected within the Redemption Period, i.e., within 2 e. Any change in accounting policies during the last three years and The financial statements of the Company are prepared in accordance with IndAS notified
months after end of month in which last instalment was paid under 6, 11 and 18 months scheme. their effect on the profits and the reserves of the Company. under The Companies (Indian Accounting Standard) Rules,2015 read with Section 133 of
The Companies Act, 2013 .
14) If the redemption is not done by the Customers in the above said period, the Company has the right to issue the gift coupon or
transfer the amount to myDigiGold account opened in the name of the respective customer against the amount lying inclusive 5. DECLARATION BY DIRECTORS
of the benefit offer as discount under the respective jewellery purchase scheme subject to Customer has made payment of THE BOARD OF DIRECTORS HEREBY DECLARE THAT –
all instalment , in case of default of payment of instalment ,than company will issue the Gift Coupon or transfer the amount to
myDigiGold a/c accumulated amount would be opened in the name of the respective customer against the amount lying a. the company has not defaulted in the repayment of deposits accepted either before or after the commencement of the Act or payment of interest thereon.
without providing any benefit as discount or the Company may transfer such accumulated amount as per applicable b. They have satisfied themselves fully with respect to the affairs and prospects of the company and that they are of the opinion that having regard to the estimated future financial position of the
provisions of Companies Act, 2013. company, the company will be able to meet its liabilities as and when they become due and that the company will not become insolvent within a period of one year from the date of issue of the
15) Partial redemption of scheme is not allowed. circular or advertisement.
16) Customer may nominate any person to whom his deposited amount shall vest in the event of his death.
17) At the time of redemption/premature closure, the account holder (Customer) has to personally come with the original photo id
c. the company has complied with the provisions of the Act and the rules made thereunder.
proof acceptable to Senco Gold Ltd and the effect the maturity /redemption/closure. Prepayments of all the Instalment Amounts d. the compliance with the Act and the rules does not imply that repayment of deposits is guaranteed by Central Government.
and redemption (with scheme benefit) thereon will not be allowed, and redemption will only be allowed at maturity of the e. the Company has not accepted any deposit pursuant to the provisions of the Companies Act 1956.
Scheme. The Company reserves the right to satisfy the identity of the Customer in any manner it deems fit.
f. in case of any adverse change in credit rating, depositors will be given a chance to withdraw deposits without any penalty.
18) A single payment instrument towards multiple scheme accounts will not be accepted.
19) Discrepancies, if any, found by the customer in the payment receipts should be brought to the notice of the company for g. the deposits shall be used only for the purposes indicated in the Circular or Circular in the form of Advertisement.
rectification within seven days from the date of issuance of receipt. h. the deposits accepted by the company (other than secured deposits, if any, aggregate amount of which to be indicated) are unsecured and rank paripassu with other unsecured liabilities of the
company.
f. Proposed time schedule mentioning The Company has been operating these Fixed deposit scheme (Jewellery Purchase Scheme) for its customers with effect
the date of opening of the Scheme and from 1st December 2018 and this circular is being issued to continue to accept subscriptions during the FY 2023-24. This This Circular in the form of Advertisement is issued on the authority and in the name of Board of Directors (“Board”) of the Company, the text hereof has been approved by the Board at its meeting
time period for which the circular or circular shall be valid till 30th September 2024 or the date of the Company's Annual General Meeting to be held in 2024, held on 16th June 2023 and a copy thereof, signed by majority of Directors of the Company as constitutes at the time the board approved the circular in the form of advertisement.
advertisement is valid; whichever is earlier.
g. Reasons or objects of raising the The Company is raising deposits from the customers under Jewellery Purchase Schemes. The Schemes will help in increasing BY ORDER OF THE BOARD
deposits; footfalls of customers in the showrooms and new customer acquisition resulting into increased revenue of the Company. The
Date: 16 June 2023 Mr. Suvankar Sen
schemes will also enable the customers to purchase jewellery by paying monthly instalments in advance and get discount Place: Kolkata Managing Director & CEO
benefit at the time of purchase of jewellery or at the time of redemption. These Schemes enable customers to plan and
purchase jewellery in easy and convenient manner for festivals, special occasions, or other purposes. As per Companies Independent Auditor’s Certificate pursuant to proviso to rule 4(1) of the Companies (Acceptance of Deposits) Rules, 2014 (as amended)
(Acceptance and Deposits) Rules,2014 as amended, advances collected from customers under these schemes are treated as To,
deposits. The Board of Directors, Senco Gold Limited
Diamond Prestige, 41A, A.J.C. Bose Road, Kolkata-700017, West Bengal
h. Credit rating obtained 1. This certificate is issued in accordance with the terms of our engagement letter dated 14 April 2023 with Senco Gold Limited (“the Company”).
2. The management of the Company has prepared the accompanying declaration, stating that the Company has not committed any default in repayment of deposits or interest thereon (‘Declaration’), in connection with proposed invitation of deposits from public for which Form No. DPT – 1
Name of the Credit Rating Agencies ICRA Ltd ‘Circular or Circular in the form of advertisement inviting deposits’ (‘the Form’) has been prepared by the management pursuant to Section 73(2)(a) and Section 76 of the Companies Act, 2013 (‘the Act’) and Rules 4(1) and 4(2) of the Companies (Acceptance of Deposits) Rules, 2014 (as
amended) (‘the Rules’). We have been requested by the management of the Company to provide a certificate on such Declaration, which is required to be attached to the Form in accordance with the second proviso to Rule 4(1) of the Rules. We have initialed the Declaration only for
identification purposes.
Rating obtained [ICRA] A Management’s Responsibility for the Declaration
Meaning of the rating obtained The outlook on the long-term rating is Positive. The long-term rating indicates adequate degree of safety regarding timely 3. The preparation of the Declaration, including the preparation and maintenance of all accounting and other relevant supporting records and documents is solely the responsibility of the management of the Company. This responsibility includes the design, implementation and maintenance of
internal controls relevant to the preparation and presentation of the Declaration and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances.
servicing of financial obligations. Such instruments carry low credit risk. 4. The Management is also responsible for ensuring that the Company complies with the requirements of the Act and the Rules and for providing all required information to the Registrar of Companies in respect of the proposed invitation of deposits from the public.
Date on which rating was obtained June 13, 2023 Auditor’s Responsibility
5. Pursuant to the requirements as mentioned in paragraph 2 above, it is our responsibility to provide reasonable assurance in the form of an opinion as to whether the accompanying Declaration, stating that the Company has not committed any default in the repayment of deposits or interest
i. Short particulars of the charge created Unsecured and therefore not applicable. thereon during the year ended 31 March 2023, is, in all material respects, fairly stated, based on our audit of the standalone financial statements and underlying books and other records of the Company for the year ended 31 March 2023.
or to be created for securing such 6. The audited standalone financial statements, referred to in paragraph 5 above, have been audited by us, on which we have expressed an unmodified opinion vide our report dated 16 May 2023. Our audit of these standalone financial statements was conducted in accordance with the
Standards on Auditing specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India (“the ICAI”). Those Standards require that we plan and perform the audit to obtain reasonable assurance about
deposits, if any; whether the standalone financial statements are free of material misstatement. Such audit was not planned and performed in connection with any transactions to identify matters that maybe of potential interest to third parties.
j. Any financial or other material interest NIL 7. We conducted our examination of the books of account and other records in accordance with the ‘Guidance Note on Reports or Certificates for Special Purposes’ (Revised 2016) (“Guidance Note”), issued by the ICAI. The Guidance Note requires that we comply with the ethical requirements
of the directors, promoters or key of the Code of Ethics issued by the ICAI.
managerial personnel in such deposits 8. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, issued by the ICAI.
and the effect of such interest in so far Opinion
as it is different from the interests of 9. Based on our examination, evidences obtained and the information and explanations along with representations provided by the Management, in our opinion, the accompanying Declaration stating that there were no deposits or interest thereon which were due for payment/repayment by
the Company during the year ended 31 March 2023, and accordingly, there has been no default in the repayment of any deposits or payment of interest on such deposits during the said period, is fairly stated, based on our audit of the standalone financial statements and underlying books
other persons and other records of the Company for the year ended 31 March 2023.
3. DETAILS OF ANY OUTSTANDING DEPOSITS Restriction on distribution or use
10. Our work was performed solely to assist you in meeting your responsibilities in relation to attaching this certificate to the Form prepared in accordance with the requirements of section 73(2)(a) and section 76 of the Act read with Rule 4 of the Rules. Our obligations in respect of this certificate
a. Amount Outstanding Rs. 2,312.95 million (as on 15th June 2023) are entirely separate from, and our responsibility and liability is in no way changed by, any other role we may have as statutory auditors of the Company or otherwise. Nothing in this certificate, nor anything said or done in the course of or in connection with the services that are the subject
of this certificate, will extend any duty of care we may have in our capacity as statutory auditors of the Company.
b. Date of acceptance; Various dates 11. This certificate is addressed to and provided to the Board of Directors of the Company solely for the purpose of submission of this certificate including accompanying Declaration along with the Form as mentioned in paragraph 10 above, and should not be used, referred to or distributed to
c. Total amounts accepted Rs. 2483.07 million (During financial year 2022-23 with different maturity date) any other party or for any other purpose without our prior written consent. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other party to whom this certificate is shown or into whose hands it may come without our prior consent in writing.

d. Rate of interest; No return as interest is offered since it is jewellery purchase scheme. But discount is offered on purchase of jewellery as per For Walker Chandiok & Co LLP Vikram Dhanania
the terms & conditions of the scheme(s). Chartered Accountants Partner Date: 16 June 2023
Firm Registration No: 001076N/N500013 Membership No.: 060568, UDIN: 23060568BGWIER1066 Place: Kolkata
12 TAKE TWO
>
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 1

LAYING BRICKS: Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and China’s Xi Jinping at the Brics summit in Goa in 2016,
during which the five-nation grouping explored setting up an independent credit rating agency

IS IT DEBT, IS IT
PER CAPITA INCOME…
...What more can India do to win over the Big Three
than India’s.
But India’s contention has been
that its debt to GDP ratio is mostly
sovereign rating agencies? domestically held, with little risk of
an external debt default that one has
seen in countries such as Argentina,
Zambia, or Sri Lanka.
ASIT RANJAN MISHRA Indian economy grew at an average doubts over the country’s ability to But Moody’s remains
New Delhi, 13 September rate of more than 6 per cent, and at repay its debt, increases its unconvinced.
approximately 8 per cent in some of financing costs. “When you look at our

T
he G20 summit over the those years. However, India’s high
weekend made news for rate of economic growth co-existed
those who came and a bit for with the unflattering credit rating.
those who did not. However, the two “Never in the history of
leaders who made news for not com- sovereign credit ratings has the
ing — Russia’s Vladimir Putin and fifth-largest economy in the world
China’s Xi Jinping — were present been rated as the lowest rung of the
at the Brics summit in Goa in investment grade (BBB-/Baa3),”
October 2016. India’s Economic Survey for 2020-21
That was when the five-nation asserted in a chapter titled, “Does
grouping explored setting up an India’s Sovereign Credit Rating
independent credit rating agency. It reflect its fundamentals? No!”
was an attempt to break out of the India is now widely described as
global sovereign rating market the “fastest-growing major
controlled by the Big Three — S&P, economy”. In May, the International
Fitch, and Moody’s — all based in Monetary Fund described the
the United States. country as a “bright spot” in the
Brics, short for Brazil, Russia, world economy. India’s gross
India, China, and South Africa, had domestic product (GDP) grew at its
already set up the New Deve- fastest pace in four quarters — 7.8
lopment Bank to meet the members’ per cent — in the April-June period
funding requirement and said it of FY24, aided by a supportive base
would welcome “experts exploring along with a robust increase in
the possibility of setting up an investment. What is more, the G20
independent Brics rating agency summit reaffirmed the high
based on market principles....” global stature the country has
India was seen to be a prime come to acquire.
mover behind this. However, it is not clear how
Although the Brics rating convinced the sovereign credit
agency never came to be, over rating agencies are.
questions about the credibility it Starting May this year, all the
could muster, India’s sentiment three — Fitch, S&P, and Moody’s —
towards global rating agencies has have reviewed their sovereign
remained consistent. credit ratings for India and kept
In the 1990s and mid-2000s, them unchanged at the lowest
India’s sovereign credit rating investment grade, just above
was “speculative grade". It was “junk” status.
upgraded to “investment grade” by A country’s sovereign credit
Moody’s in 2004, Fitch in 2006, and rating indicates its ability to repay
S&P in 2007. its debt. Investors use these ratings
For several years at the while assessing the risk profiles of
beginning of this century, the countries. A low rating, indicating
MOODY'S INDIA SCORECARD
Qualitative metrics 2021 2023
Quality of legislative and executive institutions baa baa
Strength of civil society and the judiciary baa ba
Fiscal policy effectiveness ba ba
Monetary and macroeconomic policy effectiveness ba baa
Domestic political risk and geopolitical risk a baa
Ease of access to funding a a
External vulnerability risk a a
LOW ca caa b ba baa a aa aaa HIGH
Scale for qualitative metrics (lowest to highest)
Quantitative metrics 2021 2023
Average real GDP growth aa1 aa2
Volatility in real GDP growth caa3 baa1
Nominal GDP aaa aaa
GDP per capita (PPP) b3 b1
General government debt/GDP b1 b1
General government debt/revenue b3 b2
General government interest payments/revenue caa2 caa2
General government interest payments/GDP b3 b3
Risk of banking sector credit event (BSCE) ba1-ba2 ba1-ba2
LOW ca caa3 caa2 caa1 b3 b2 b1 ba3 ba2 ba1 baa3 baa2 baa1 a3 a2
Scale for quantitative metrics (lowest to highest) Source: Moody’s
So, what is up with India’s
ratings?
Explaining this to Business
Standard, Jeremy Zook, director,
Asia Sovereign Ratings at Fitch
Ratings, says country ratings are
based on a “relative assessment” of
creditworthiness of all the
sovereigns Fitch rates, using both
quantitative and qualitative
assessment of structural, economic,
fiscal and external drivers
of creditworthiness.
“Our sovereign
rating for India
reflects our views on
its relative credit-
related strengths and
weaknesses
compared to peer
countries. India’s
current rating level is
supported by its
strong economic
performance, which
we expect to be
sustained over the
medium term. Public
finances, however,
remain the key
A high sovereign
weakness for the credit rating can
India sovereign raise a country’s
relative to its peers,” star among the
he adds. global investor
For Moody’s,
India’s debt situation community;
is one of the focus low rating,
areas, especially indicating
during this time of doubts over
higher interest rates. ability to repay
“At the current
rating of Baa3, we are debts, increases
looking at a larger its financing
stock of debt along costs
with associated
challenges,
especially with
regard to what we call debt
affordability. In the global and
domestic environment, where
interest rates are going to stay higher
than they were in the past, the debt
affordability challenge is going to be
much more important considering
the large stock of debt. We
acknowledge the strengths, but we
also acknowledge the weaknesses,”
says Christian de Guzman, senior
vice-president at Moody’s Investors
Service, in a conversation with
Business Standard.
Fitch’s Zook says India’s
sustained high fiscal deficits have
contributed to an elevated debt-to-
GDP ratio of around 84 per cent,
compared to the ‘BBB’ median of
55 per cent. “Further, India has an
interest payment to revenue ratio of
around 27 per cent, which is well
above any other ‘BBB’ sovereigns
where the median ratio is 5 per
cent,” he says.
By comparison, says S&P,
Indonesia, which is considered to
be a peer of India, has a debt to
GDP ratio of 40.1 and interest
payment to revenue ratio at 13 per
cent. S&P rewards Indonesia with
a BBB rating, one notch higher
a1 aa3 aa2 aa1 aaa HIGH
methodology, there are many
indicators that we look at — GDP,
the stock of debt, debt affordability,
the structure of debt, GDP per
capita, the strength of the banking
system, the amount of foreign
exchange reserves, there are many
indicators. The foreign currency
share of debt is only one indicator,
and it will not be a big determinant
of a rating. There are countries that
have opted to default on local
currency domestic
debt while being
current on foreign
currency external
debt, like Jamaica in
2010 or Russia in
1998,” says Guzman.
For India to bring
down its debt to GDP
ratio, it has to
continue slashing its
fiscal deficit while
expecting that the
nominal GDP
continues to expand
at a faster pace.
The only solace —
if it can be called that
— is that India is not
alone in its struggle
with rating agencies.
At the beginning of
last month, Fitch
a downgraded the
United States
government’s credit
rating, saying it had
noted a "steady
deterioration" in
governance over the
last 20 years and was
concerned about an
expected fiscal
deterioration over
the next few.
This led the US government to
criticise the downgrade.
In India's case, the country’s
relatively low per capita income
does not help. But Guzman says per
capita income does play a role in the
assessment of economic strengths.
“Our use of this measure on a PPP
(purchasing power parity) adjusted
basis is supportive for India as non-
tradables here are cheaper than
elsewhere. For economic strength,
we are also strongly incorporating
the size of the economy at the
highest possible score,” he says.
As of 2022, India’s GDP per capita
stood at $2,400, whereas Indonesia
boasted twice that, with a GDP per
capita of $4,800.
“Even if the GDP suddenly
were to double tomorrow, this
score will not change as it is
already at the highest level. What
will move the needle are things like
GDP per capita, which is consi-
stently improving over time,”
Guzman adds.
This would mean that even if the
government succeeds in making
India the third-largest economy in
the next five years, it might make no
material difference to the country’s
sovereign credit rating.
What could possibly help is
reprioritising the priorities.
.
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 13
<
14
>
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 1

Nipah shadow on Kerala tourism Revise rule on

SHINE JACOB
Chennai, 13 September 10.6 mn
Number of domestic
287,730
Number of foreign tourists
or around 4 per cent of the overall
number of foreigners who visited
police media
briefings: SC
India in 2022, comparing poorly

K
erala’s tourism industry is star-
ing at significant losses ahead
of the peak season as a result
of the fresh outbreak of Nipah virus
in the state.
Last-minute trip cancellations in
the affected areas have already shot
up to 30 per cent. If the situation
worsens and foreign countries impose
travel restrictions and tighter visa reg-
ulations, it may deal a bigger blow to
the state that has a diaspora of over
four million living overseas.
The tourism industry expects a
short-term impact, as it is counting on
the state’s proven expertise in manag-
ing such crises. So far, two people lost
their lives due to the virus in
Kozhikode district. On Tuesday, a den-
tal college student was admitted to the
Government Medical College Hospital
in Thiruvananthapuram.
Teams from National Institute of
Virology, Pune, would arrive in Kerala
to set up a mobile lab at Kozhikode
Medical College to test individuals and
carry out a survey of bats, the state
government said in the Assembly on
Wednesday. The move comes after
four persons in the district were con-
firmed to be infected. Responding to
a query in the Assembly, Health
Minister Veena George said the virus
seen in Kerala was a Bangladesh vari-
ant that spreads from human to
human and has a high mortality rate,
APPLE iPHONE 15 MADE IN
Residents fix a ‘Nipah containment zone’ sign in Kozhikode
2021
2020 12,285.91
IN A 11,335.96
SPOT
Revenue from
tourism (~ cr)
though it isn’t highly infectious.
Kerala’s tourism sector has been
on a steady path to recovery this year
after the decline in the pandemic
years. In the first half of 2023, Kerala
welcomed around 10.68 million
domestic tourists, marking a 20 per
cent increase compared to the 8.89
million in 2022, according to data
released by the state government. In
2023, the number of foreign tourists
also witnessed a 172 per cent surge
tourists during the first half during the first half of against states such as Gujarat (21 per
of 2023, up 20% versus 2023, up 172% versus cent), Maharashtra (18 per cent) and
last year last year West Bengal (12 per cent).
Other states that are ahead of BHAVINI MISHRA the victims, witnesses, and
Source: Govt of Kerala
Kerala in attracting foreign tourists are New Delhi, 13 September accused”. It added: “The age
Delhi, Uttar Pradesh, Tamil Nadu and and gender of the victim and
STATE-WISE SHARE OF FOREIGN Rajasthan. Domestic tourists flocking The Supreme Court on Wed- accused would have a signifi-
to Kerala in the upcoming festival sea- nesday asked the Union Min- cant bearing on the nature of
TOURIST VISITS IN 2022 son was expected to boost the sector. istry of Home Affairs to frame the disclosure.”
(in %) “We are not expecting any major guidelines within three mo- The apex court pointed out
impact on the industry and manufac- nths for the police on media the need for update as the
Total Foreign 8.59 Maharashtra
turing sector. It may be limited to briefings to protect the rights guidelines created a decade
Tourist Visits in 2022 mn Others 17.6
Kozhikode, unless the of victims and accused in sen- ago were not in sync with the
12.97 Gujarat Thiruvananthapuram case also gets sitive cases. evolving media
MP 2.38 20.7 confirmed,” said Raja Sethunath, The bench of reporting of crime.
Punjab 3.84 chairman of the Associated Chambers Chief Justice of “The guide-
West of Commerce and Industry of India’s India (CJI) D Y lines by the Union
2022 Kerala 4.02 Bengal
12.07
Kerala state development council. Chandrachud were prepared
35,168.42 Rajasthan 4.62 The state government has declared and Justices P S almost a decade
seven village panchayats — Narasimha and ago on April 1,
Source:
Tamil Nadu Uttar Pradesh Delhi Source: Atanchery, Maruthonkara, Tiruvallur, Manoj Misra 2010. Since then,
Govt of Govt of
Kuttiyadi, Kayakkodi, Villyapalli, and directed the with the upsurge
Kerela 4.74 7.56 9.5 India
Kavilumpara — in Kozhikode district director general of reporting of
as containment zones. So far, around of police of all crime not only in
with a total of 287,730. In 2022, the state 2018 outbreak of the zoonotic virus, 130 people have been tested for the states as well as print media but
enjoyed a 186 per cent boost in tourism which impacted the industry for virus, while more than 200 people the National also electronic
revenue, raking in ~35,168 crore, as nearly a month. who came in contact with suspected Human Rights Commission to media, it has become impor-
compared to ~12,286 crore in 2021. “Given the ability of the govern- patients are being monitored closely. give inputs. The next hearing tant for there to be a balance,”
Hotels in Kozhikode have already ment’s health infrastructure to man- “We are expecting some last- is in the second week said the court.
reported a 30 per cent jump in book- age this crisis and the global and minute cancellations. However, there of January. Senior advocate Gopal
ing cancellations, said Santhosh domestic awareness after the Covid- is no panic among travellers so far. The “It should be ensured that Sankaranarayanan, who is an
Kumar U S, district secretary, Kerala 19 pandemic, we are confident of navi- state government is taking all the pre- the disclosure doesn’t result in amicus curiae (friend of the
Hotel and Restaurant Association. He, gating through this challenging cautions and we are following them,” a media trial so as to allow pre- court) in the case, said, “We
however, added that the figure was period,” he told Business Standard. said Abdul Nazir M M, a member of determination of the guilt of cannot restrain the media
much lower than the 80-90 per cent According to the Ministry of the Tour Operators Association the accused,” the court said. from reporting. But the
cancellation witnessed during the Tourism, Kerala hosted only 350,000 |in Kerala. Recognising that factors sources (state/police) can be
such as age and gender of the restrained. Even in the
victim and accused have an Aarushi (Talwar) case, so
impact on public perception many versions were given to
iPhone 15
PRICE TAG Cost comparison of Apple products (in ~) of a case, the court said the
nature of disclosure by the
the media,” he said.
The court emphasised that
n India n US n UAE police must not be uniform. the need of the hour was to

INDIA, BUT STILL COSTLY

159,900

The court reasoned that “it reduce biased reportage as it

115,081 Apple must depend upon the nature may derail investigation. “The
99,396

Watch
134,900

of the crime and the partici- right to privacy is also a casu-

97,025

89,900
Apple Inc on Tuesday night revealed the price of its iPhone 15 range and Ultra 2 pating stakeholders including alty,” it said.
82,816
79,000

launched three upgraded watches. As a first for Apple, the gap between
76,724

72,221
66,265

the phone launch and its assembly in India has been bridged fully.

66,251
iPhone 15 is being assembled in India at the Foxconn factory

41,900
for weeks, and sources said there is inventory

36,099
33,084
29,900

available for local consumers to get the “make Apple

20,646
22,553

in India” phone. Experts said despite being Watch SE

made in India, even the entry-level
price of the iPhone 15 is higher than
in US. This is because of the 18 per cent
goods and services tax, which has to iPhone 15 iPhone 15Pro iPhone 15 Apple Apple Watch Apple Watch
be paid for an assembled phone (128 GB) (6.1 inches, Pro Max Watch SE Series 9 Ultra 2
in India. SURAJEET DAS GUPTA 128 GB)
Product
Apple CEO Tim Cook and shuttler Note: Price of US does not include value added tax, which ranges from 3 to 8% across states; Figures of US dollars and
P V Sindhu at an event on Tuesday dirhams have converted to Wednesday’s exchange price; Source: Apple Inc announcements in various countries
 QUICK TAKE: MULTIPLE TRIGGERS TO SUPPORT ICICI BANK STOCK “We think domestic equity funds,

The Smart sitting on high cash levels,

Investor
(Share price in ~) The stock of ICICI Bank is up 3.5 per cent over the past week. could continue to
Axis Securities is ‘positive’ on the stock, given strong support markets in
retail-focused liability franchise, buoyant growth prospects, the near term”
NEW DELHI | stable asset quality along with healthy provision cover,
THURSDAY, 14 SEPTEMBER 2023 AMORITA GOEL
adequate capitalisation and potential to deliver Equity Strategist,
robust return ratios Goldman Sachs
<

Active mid NWINNING STREAKN

Index heavyweights defy global gloom and smallcap

funds lag
ILLUSTRATION: AJAY MOHANTY
Market analysts remain cautious
as US inflation data surpasses OUTLIER INDIA HOLDS ITS
expectations, raising concern
about the Fed’s future actions OWN AGAINST BIG GUNS benchmarks India is the best-performing
SUNDAR SETHURAMAN market among the top 10 this Fund managers expect active funds
Mumbai, 13 September month, having gained nearly
3 per cent in dollar terms. This
to regain edge ‘once the froth settles’

T
he benchmark National Stock Exchange Nifty outperformance has allowed ABHISHEK KUMAR to own most of these stocks,”
closed above the 20,000 mark for the first time the benchmark National Stock
NIFTY RACED FROM 19K TO 20K Mumbai, 13 September said Niket Shah, fund manag-
on Wednesday, while the S&P BSE Sensex’s win-
Exchange Nifty to close above IN 52 SESSIONS er, Motilal Oswal MF.
ning run entered its ninth day, matching the longest Date Close Trading days Active midcap and smallcap Most fund managers are
gaining streak seen in April. Gains in top index weights
the 20,000 mark for the first mutual fund (MF) schemes, underweight on PSUs for var-
and positive macroeconomic data helped domestic INDIA, JAPAN ONLY MARKETS time. The S&P BSE Sensex is also 1K Mar 9,’92 1,017 336
which generally outperform ious reasons, from weaker
just 82 points away from a new 5K Sep 27,’07 5,001 203
markets charge ahead, even as global peers experi-
enced losses.
IN THE GREEN THIS MONTH high. Apart from India, Japan is 6K Dec 11,’07 6,097 52
their benchmarks with ease,
have lagged behind them in
management to slower
growth.
$ bn % chg MTD the only market that has logged
The Nifty ended the session at 20,070, up 77 points or 7K May 12,’14 7,014 1,589 the ongoing rally. This has In recent months, PSU
0.4 per cent. The Sensex finished the session at 67,467, World 106,211 -0.7 positive gains. The global 8K Sep 1,’14 8,028 77 happened because of multi- stocks have taken the lead in
gaining 246 points or 0.4 per US 47,566 -0.7 market capitalisation has ple factors such as the under- most market segments. The
9K Mar 14,’17 9,087 623
cent. The Sensex, which has SENSEX INTRADAY declined by 0.7 per cent this performance of their largecap S&P BSE PSU index is up 29
rallied 2,706 points, or 4 per 67,467.0 67,600 China 9,724 -0.2 month, reaching $106 trillion, 10K Jul 26,’17 10,021 92 allocations and a sharp rally per cent in the last six
cent in the past nine trading Japan 6,023 0.8 mainly due to declines in the 11K Jan 23,’18 11,084 124 in some sections of the mar- months, driven primarily by
67,221.1
sessions, is now just 82 points 67,400 Hong Kong 4,924 -0.3 US, China, and France markets. 12K Jun 3,’19 12,089 333 ket where active fund man- optimism around the govern-
away from a new high. If the India’s market capitalisation is 13K Nov 24,’20 13,055 368 agers have limited exposure. ment’s infrastructure and
Sensex continues to gain for India 3,787 2.8 In the last six months, pas- capex push ahead of key elec-
approaching the $4 trillion 14K Jan 1,’21 14,019 26
another day, it will mark its 0.4% 67,200 France 3,112 -3.1 mark. Meanwhile, it has taken sive funds tracking the Nifty tions.
longest winning streak since Change 15K Feb 8,’21 15,116 25 Midcap50 and Nifty Some high performing
Saudi Arabia 2,982 -3.0 the benchmark Nifty 52 trading
January 2021 when it rose for 67,000 16K Aug 3,’21 16,131 119 Midcap100 indices have been non-PSU stocks may also have
Sep 12,’23 Sep 13,’23 UK 2,938 -1.3 sessions to move from 19,000 to
10 days on a trot. 17K Aug 31,’21 17,132 19 the top performers among all dented the performance.
20,000, and the latest 5,000-
However, experts are not Canada 2,750 -0.4 18K Oct 13,’21 18,162 30 the midcap offerings, deliver- “There are certain stocks that
ruling out a market fall on Thursday, as US inflation data, point increase (a 33 per cent ing around a 32 per cent do not find favour with fund
Germany 2,308 -1.8 gain) has taken 669 days. 19K Jun 30,’23 19,189 424
released after market hours, exceeded expectations, rais- return. In the smallcap space, managers due to corporate
ing concerns about the US Federal Reserve’s next move. 20k Sep 13,’23 20,070 52 Nifty Smallcap50 index funds governance issues. If these
MAYANK PATWARDHAN
Back home, investor sentiment was boosted by retail booking, with the Nifty Smallcap 100 and the Nifty lead the race with returns of stocks perform well, the funds
inflation and industrial output data released after Midcap 100 rising by 1.2 per cent and 0.2 per cent, Adani Enterprises, NTPC, Titan rallied the most over 36 per cent. fall behind their bench-
Tuesday’s market hours. Retail inflation moderated to respectively. According to fund man- marks,” said Rahul Jain, pres-
6.83 per cent in August after reaching a 15-month high A day earlier, they had posted their worst single-day TOP GAINERS (NIFTY 15K TO 20K) agers and analysts, active ident and head, Nuvama
in July, primarily due to easing vegetable prices. There fall since December, amid concerns that valuations may Company Feb 8,’21 Sep 13,’23 % change funds’ performance took a hit Wealth.
was also some moderation in prices of clothing and foot- have overheated following a sharp 40 per cent increase on account of a comparatively However, fund managers
Adani Enterprises 628 2,519 301
wear, housing, and miscellaneous items. from this year’s lows in March. The Sensex and the Nifty smaller rally in the largecap and advisors see the under-
Similarly, India’s factory output rose to a five-month have gained 18 per cent from their 2023 lows. Unlike in NTPC 100 237 136 segment. Market-cap performance as a short-term
high of 5.7 per cent in July, up from 3.7 per cent in June, some of the past few years, this year’s rally has been Titan 1,542 3,263 112 oriented schemes maintain phenomenon. They expect
driven by growth in mining and power. broad-based, with most sectors participating. Coal India 142 280 98 significant allocations in m- active funds to regain the
“Overall, sentiment improved following the release “At this juncture, we believe it will be prudent for ITC 233 454 95 cap segments other than their edge “once the froth settles”.
of domestic retail inflation, which fell to a two-month investors to take some risk off the table and shift from primary domain to diversify “As the market corrects and
low, while July Index of Industrial Production growth higher beta stocks to largecaps and defensives. Amongst
JSW Steel 418 811 94 their portfolios. For example, some of the froth goes away,
surged to a five-month high. We suggest investors shift the small and midcap universe, we recommend that Larsen & Toubro 1,552 2,907 87 smallcap and midcap active funds’ performance vis-
their focus from small and midcaps to largecaps in the investors stick to companies with a proven track record Tata Motors 336 626 86 schemes invest around 20 per a-vis their benchmarks will
near term, as the risk-reward ratio is favourable there,” of generating wealth for investors through prudent cap- ONGC 100 184 85 cent of their corpus in large- improve,” Shah said.
said Siddhartha Khemka, head of retail research at ital allocation and efficient business operations,” said Tata Steel 70 130 84 cap stocks. While active largecap
Motilal Oswal Financial Services. Pranav Haridasan, managing director and chief executive Source: Bloomberg; Compiled by BS Research Bureau The Nifty50 total return funds have struggled to beat
The broader market recovered after Tuesday’s profit officer, Axis Securities. index (TRI) has gone up close their benchmarks in recent
to 16 per cent in the past six years, the majority of the
months vis-a-vis a 36 per cent midcap and smallcap funds
rise in the Nifty Smallcap50 have continued to outper-
TRI. “The largecap segment form across timeframes.
THE NIFTY’S PROGRESS OVER THE LAST THE NIFTY AT 20,000 IS PART OF A JOURNEY has underperformed the
smallcap and midcap seg-
Despite the recent struggle,
50 per cent of the active mid-
27 YEARS IS A TESTAMENT TO THE TRUST AND NOT A DESTINATION. WHERE SENSEX ments by 15-19 percentage
points in this period, creating
cap schemes have delivered
higher returns than the Nifty
THAT INVESTORS PLACE IN INDIA’S CAPITAL WAS YESTERDAY, THE NIFTY IS TODAY. a temporary performance Midcap 100 TRI in a three-
drag,” said Manuj Jain, co- year period. For a five-year
MARKETS AND REGULATORY SYSTEM” WHERE THE SENSEX IS TODAY, TOMORROW head (product & strategy), timeframe, the ratio surges to
WhiteOak Capital AMC. 64 per cent.
ASHISH KUMAR CHAUHAN, THE NIFTY WILL BE THERE...” The other reason, experts The longer-term perform-
MD & CEO, NSE NILESH SHAH, MD, Kotak Mahindra AMC pointed out, was that ance record of active smallcap
most fund managers had nil- schemes is even better. Over
to-small allocations in some 80 per cent of the active
of the top drivers of the smallcap schemes outdid the
benchmarks. Nifty Smallcap250 in a three-
“If you look at the mid and year period.

Oil rises Capital gains waiver for investment trusts, ETFs in GIFT City smallcap side of the market,
the older economy has done
well, with the power, capital
Interestingly, it’s active
largecap funds that have fared
better in the current rally than
as supply The government has exempted
units of investment trusts and
(Fund Management) Regul- set up in GIFT city.
ations, 2022. GIFT-IFSC is The new fund regime pro-
would further expand the
scope of incentives available
exemption, the consideration
for such a transaction
goods, railway and defence
sectors being some of the
their recent track record. In a
six-month period, close to 90
cuts offset Exchange Traded Funds
(ETFs) issued by entities based
being promoted as a tax-neu- vides for funds to be set up as
tral enclave for the investment trusts,
for funds and stock market
trading in IFSC," Gidwani
should be paid or payable in
foreign currency. The secu-
examples. In addition, some
of the non-quality stocks have
per cent of the active largecap
funds have delivered better

inflation in Gujarat International

Finance Tec-City (GIFT City)
or traded in exchanges there
worries from capital gains tax.
The Central Board of Direct
Taxes (CBDT) notified the
exemption from capital gains
tax any unit of investment
trust; a unit of a scheme; and a
unit of an ETF launched under
the International Financial
Services Centres Authority
Oil prices traded higher on
financial sector.
Nangia
Andersen
GIFT-IFSC is and hence, the law
being promoted required the inclu-
LLP as a tax-neutral sion of units issued
added AKM Global Tax
Partner Amit Maheshwari said
the notification is in line with
rities, which are added
through the new notification,
include (i) a unit of
been among the key drivers
of the indices. Our investment
framework does not allow us
returns than the most popular
largecap passive offering —
the Nifty50 index funds.
Partner-Financial
Services
enclave for the
Sunil financial sector
by such trusts for
the purpose of
the objective of making the
International Financial
Investment Trust, (ii) a unit
of a Scheme, and (iii) a unit
GOING STRONG
Gidwani said cur- exemption from Services Centre (IFSC) a hub of an exchange-traded fund.
rently, the law pro- capital gains. for financial services in the "These relaxations are a Top gainers
vides for exemption from cap- “Similarly ETF listed and world and incentivising non- welcome move by the govern- NIFTY SMALLCAP 50
ital gains tax on various trading on the stock resident investors on a recog- ment and will make it globally
% change (6 months)
securities either trading on the exchanges in GIFT city would nised stock exchange. more competitive for the non-
stock exchanges in GIFT city now qualify for capital gains "It is important to note resident investors," BSE 182.9
or securities issued by entities tax exemption. These changes that to take advantage of this Maheshwari added. PTI Mazagon Dock Shipbuilders 180.1
Suzlon Energy 158.3
Rail Vikas Nigam 149.7
THE COMPASS Cyient 82.1
NIFTY MIDCAP 50
% change (6 months)

Strong growth outlook for city gas distributors

Wednesday as expected tight
crude supply for the rest of
the year offset inflation con-
cerns. Saudi Arabia and Rus-
sia's extension of 1.3 million
barrels per day (bpd) of crude
oil production cuts to the end
of this year will lock in a sub-
stantial market deficit thro-
ugh the fourth quarter, the
International Energy Agency
(IEA) said on Wednesday.
The continuing supply
cuts could lift Brent futures
above the $100 a barrel thres-
hold before the end of the
year, Bank of America ana-
lysts said on Wednesday.
US consumer prices rose
in August by their most in
more than a year, the Bureau
of Labour Statistics said on
Wednesday, driven by a 10.6
per cent increase in retail gas-
oline prices. Excluding vol-
atile food and energy compo-
nents, the consumer price
index rose by 0.3 per cent.
Benchmark Brent futures
rose 40 cents, or 0.43 per
cent, to $92.46 a barrel by
1252 GMT while US West
Texas Intermediate (WTI)
crude gained 41 cents, or 0.46
per cent, to $89.25. REUTERS
DEVANGSHU DATTA
The city gas distribution (CGD) com-
panies are optimistic about long-term
growth prospects as their robust bal-
ance sheets are capable of handling
investments through low or zero lev-
erage, given the strong operating cash
flow. Several positive factors are driv-
ing the CGD business at the moment.
One is that domestic gas prices (APM
gas) have been frozen, or rather a ceil-
ing set, reducing volatility. There is no
real alternative to cooking gas for most
households and gas is an attractive
alternative to petrol and diesel for
transport.
There’s investment in geographical
expansion, regulatory support due to
the pollution control policy, and gas
imports are not a problem.
CGD companies are also investing
to digitise customer services and
improve their tech infra.
The bigger players are also looking
at consolidation by merger and acqui-
sition of small players and examining
renewables (solar, hydrogen).
The current environment does not
allow for much CGD pricing power
REC 102.9
Aurobindo Pharma 92.1
Lupin 73.5
however, and any significant price Demand for gas is likely to revive ROE by reducing the equity compo- Power Finance Corp 69.4
hikes in liquefied natural gas (LNG) given improved availability at a rea- nent and pushing up revenues.
would have to be absorbed rather than sonable cost. The government is looking to push
Polycab India 67.7
Source: Bloomberg; Compiled by BS Research Bureau
passed on. There is a focus on up the share of natural gas to around
Roughly speaking, incentives and promo- 15 per cent in the energy mix from the
every $1 /mmbtu tions to drive light com- current 6 per cent.
increase in blended mercial vehicle (LCV) The regulator, PNGRB, has been
gas cost for the conversion and OEM active in issuing new CGD licenses, N NEWS IN BRIEF N
domestic and CNG sales of gas vehicles. which have a footprint of 75-80 per
segment leads to a Higher gas-driven cent of India’s population. Import Emkay asset management arm
negative impact of
~3/scm on the margins
LCV would result in a
jump in volumes since
facilities (terminals, evacuation infras-
tructure) for LNG are also being devel-
appoints Manish Sonthalia as CIO
Emkay Investment Managers, the asset management arm of
for compressed natu- each LCV consumes 15- oped. Each of the companies is look- Emkay Global Financial Services, has appointed Manish
ral gas (CNG), and 17 kg of CNG per fill vs 8- ing to add 60-100 CNG stations per Sonthalia as its chief investment officer (CIO). Sonthalia joins the
needs a price hike of 9 kg for passenger year, accompanied by pipeline con- Emkay group from Motilal Oswal Asset Management Company
about ~4.4/kg or so for vehicles. nectivity. where he has served as an executive director and CIO for
CNG and ~3.2/scm to Investments into Pressurised natural gas (PNG) portfolio management services, alternates and offshore
cover the impact. LNG fuelling stations expansion is also on the cards. They investments. BS REPORTER
Since April, CGD would add to the con- are also eyeing green hydrogen blend-
companies have venience for trucks, ing into PNG.
reduced prices to pass apart from the cost- Among the key players, Gujarat RR Kabel IPO subscribed 25% on Day 1
on the $2/mmbtu dip in priority sector cum-environmental benefits of Gas is uniquely positioned with expo- RR Kabel’s initial public offering (IPO) garnered 25 per cent
gas prices. This leaves gas at a serious switching to LNG. sure to industrial gas usage in Morbi, subscription on Wednesday. Most of the bids on the first day came
price discount compared to petrol and The sector’s return on equity (ROE) whereas other companies primarily from retail and high networth individuals. The TPG-backed
diesel. is around 17-20 per cent and focus on transport and households. company has set the price band for its IPO at ~983 to ~1,035 per
The CGD companies will probably this seems attractive since return This makes it subject to market re- share. At the upper end, the issue size works out to ~1,964 crore,
not hike to compensate for short-term on capital employed is also at the rating based on fluctuating making it the second-largest IPO of the year after Mankind Phar-
spikes. Any increase in blended gas higher end of the same range. industrial demand, while other com- ma. The fresh issue component of the IPO is only ~180 crore and the
costs for FY24E will constrain profit- By using internal accruals to panies benefit from more stable con- remaining is secondary share sale by promoters and TPG. The
ability. invest, CGD players could push up the sumer bases. company, a leading manufacturer of wires and cables, will be
valued at ~11,676 crore at the top-end of the price band. BS REPORTER
2 THE SMART INVESTOR
>
Which is a better fit for Cipla:
DRL, Torrent or Blackstone?
HARSHITA SINGH
New Delhi, 13 September
I
ndia’s third-largest phar-
maceutical company by
revenue, Cipla, is up for
grabs in a three-way fight
among Torrent
Pharmaceuticals, Dr Reddy’s
Laboratories (DRL) and pri-
vate equity (PE) giant
Blackstone.
Analysts say it is more
likely that a strategic investor
like Torrent or DRL will
acquire Cipla than a PE firm
which may not derive
healthy returns at Cipla’s cur-
rent market price (CMP) after
the recent gains.
Torrent vs DRL
The two pharma majors are
reported to be eyeing the
entire 33.47 per cent pro-
moter stake in Cipla, held by
the Hamied family. A suc-
cessful buyout will further
trigger an open offer of 26 per
cent. At the CMP, the deal is
pegged at $7 billion.
While both companies are
in a position to pull off the
deal via a combination of
equity infusion (by promot-
ers, PE funds) and debt accre-
tion, analysts believe Torrent
pips DRL, given its strong
track record of past acqui-
sitions and the complemen-
tary nature of its portfolio to
that of Cipla.
According to IIFL
Securities, Cipla, with a dom-
inating market share of 7 per
cent and 23 per cent in acute
therapies like respiratory and
anti-infectives, respectively,
would strengthen Torrent’s
position in this portfolio,
where it currently has a share
of below 1 per cent.
Additionally, Torrent with
a smaller US business will
also have access to Cipla’s
diversified US pipeline of
inhalation and complex
injectables.
“On the exports side, Cipla
THREE-WAY BATTLE
Source: Companies
offers a strong US portfolio in
respiratory and injectable
products, and a leading posi-
tion in South Africa, while
Torrent brings a strong Brazil
presence to the table. In
emerging markets, getting
product registrations and
establishing ‘on the ground’
presence is difficult but for
the combined entity, cross-
selling of products can lead
to faster scale-up of opera-
tions,” said Alok Dalal and
Dhawal Khut of Jefferies.
While there will be over-
lap in cardiac, gastrointesti-
nal, pain, anti-diabetic and
derma therapies, which
together make 28 per cent
and 68 per cent of Cipla and
Torrent’s domestic sales,
respectively, analysts do not
foresee a significant hit to
the combined entity’s
domestic sales.
Form No. URC – 2
Advertisement giving notice about registration
under Part I
of Chapter-XXI [Pursuant to section 374(b) of the
Companies Act, 2013 and rule 4(1) of the
companies (Authorised to Register) Rule, 2014]
1. Notice is hereby given that in pursuance of
sub-section (2) of section 366 of the Companies
Act, 2013, an application has been made to the
Registrar at Sector 5, IMT Manesar, Gurugram,
Haryana-122052 that AVS INNO INFRA, a
partnership firm may be registered under Part I of
Chapter XXI of the Companies Act 2013, as a
company limited by shares.
2. The principal objects of the company are as
follows:
i. The Party hereto desires to carry on the business
of trading of construction material/ chemicals
alongwith supply of their technology and
technologies & advisory services related to
construction.
ii. The business of Renting of machinery/
equipment for construction work without an
operator.
3. A copy of the draft memorandum and articles of
association of the proposed company may be
inspected at the office at Unit No. 20, Tribhuvan
Complex, MCD No. 6/51, Ishwar Nagar,
New Delhi – 110065.
4. Notice is hereby given that any person
objecting to this application may communicate
their objection in writing to the Registrar at
Sector-5, IMT Manesar, Gurugram, Haryana-
122052, within twenty one (21) days from the date
of publication of this notice, with a copy to the
company at its registered office.
Dated this 13 day of Sep 2023.
Name (s) Applicant
1.Ashish Kumar
2. Sapna Gupta
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 1
l
Seek refund if alterations in real
estate project plan affect you
ILLUSTRATION: AJAY MOHANTY
analysts said. You can ask for your HOMEBUYER’S CHECKLIST:
What’s in it for investors? money from the COLLECT THESE DOCUMENTS
At the bourses, Torrent’s
share is down 6 per cent since
developer even if you > The homebuyer should collect a copy of the
flat’s unit booking form, allotment letter,
reports claimed it is bidding
for Cipla while the latter has
had earlier given and builder-buyer agreement from
surged 15 per cent. consent to alterations the builder
DRL is up 2 per cent since its > Register the Sale Deed with the authority
name appeared in reports on BINDISHA SARANG concerned and keep a copy
September 5.
Analysts advise caution The National Consumer Disputes >Don't forget to ask the builder for a copy
and expect the stocks to con- Redressal Commission (NCDRC) has of the possession letter and all the
tinue this trend until more ordered a hefty refund of ~33 crore, payment receipts
clarity emerges. along with 12 per cent interest, to three > Check the completion certificate issued
Base=100 “Caution is needed given
the large size of the deal and
flat buyers in World One project in
Upper Worli (Lower Parel), Mumbai.
by the authority concerned once the project
is completed
uncertainties along the regu- The developers were held liable for > Homebuyer should collect a copy of
latory, and manufacturing promoting the project without the req-
documents from the bank, such as the loan
compliance side. In view of uisite statutory approvals and for pro-
agreement and the tripartite agreement
the government’s push for longed delays, exceeding four years, in
doctors to prescribe trade handover. While property buyers faced This list is non-exhaustive Source: ASL Partners
generics over branded formu- many issues earlier, the enactment of
lations, there remains uncer- the Real Estate Regulatory Authority
tainty on the longevity of Act of 2016 (Rera Act) has led to a sig- Right to possess the property “If the allottee feels that the changes will
Cipla’s branded formulation nificant increase in transparency and According to Section 19 (3) of the Rera affect her adversely, she has the right to
business”, said Vishal accountability within the sector. The Act, buyers are entitled to claim posses- seek a refund, even if she had given her
Manchanda, senior vice-pres- Act empowers homebuyers and allot- sion of the property. Additionally, build- consent in the allotment letter.” This is
ident Institutional Research, tees by granting them several rights. ing associations are entitled to lay claim because the consent was given without
Systematix. to common areas on date of possession. knowing the full implications of the
The other major concern Construction timeline Homebuyers should check the BBA for intended changes, which were not dis-
on the Street remains the debt Under Rera, developers must inform a default clause (the provision in a con- closed to her earlier.
burden the acquirer will have buyers about the stage-by-stage sched- tract that states what will happen if If the builder fails to give possession,
Assuming a 30-40 per to take for the deal. ule for project completion. This infor- either party defaults or fails to hold up the homebuyer should issue a legal
cent portfolio. overlap, Kotak Institutional mation should be clearly stated in the their end of the agreement) for anything notice. Roy says if the developer fails to
Torrent might be required to Equities estimates a gross sale agreement or the allotment letter. that may be disadvantageous to them. deliver possession or reply to the notice,
divest 8-10 per cent of Cipla’s debt accretion of $4.3 billion Says Girish Rawat, partner, Luthra and the buyer should lodge a formal com-
India business (around ~ 800- by Torrent and $3.9 billion for Luthra Law Offices India: “Any delay Right to refund plaint under Rera for cancel-
1,000 crore of sales). DRL to complete the deal, entitles the allottee to the remedies Section 19(4) of the Rera Act lation and refund, including
However, this would also which could result in a net mentioned in the Rera Act.” entitles allottees to a refund if interest and compensation.
help the merged entity to debt to Ebitda (Earnings Experts say the homebuyer should not the developer doesn’t comply
potentially raise ~4,000- before interest, taxes, depre- sign the Builder-Buyer Agreement with the terms of the sale Access to documents
5,000 crore cash and improve ciation and amortisation) (BBA) if the construction schedule is not agreement. Says Mani Gupta, Section 19(5) of the Rera Act
its net cash position from ratio of 3.5 times and 1.7 times mentioned in it. Raj Khosla, founder partner, Sarthak Advocates & gives buyers the right to access
~1200 crore to ~5000-6000 for the two firms, respectively. and managing director of Solicitors: “Under Section 18 all crucial documents (like No
crore,
Securities.
estimates IIFL However, it believes that
since the combined entity will
MyMoneyMantra.com, informs that
homebuyers can also acquire a detailed
of the Rera Act, an allottee is
entitled to seek a full refund
YOUR Objection Certificate), and
plans (say, drawings) through-
On the other hand, DRL, generate considerable free construction schedule of their project with interest for the period of MONEY out the construction process.
with a sizeable presence in cash flow, both companies from the Rera website. delay.” Says Bhasin: “The purpose is
acute therapies, has a higher will be able to handle the Home loan borrowers should ensure According to Ravi Bhasin, senior part- to allow the buyer to analyse the proj-
domestic and international stretched balance sheet. that disbursements by the bank are ner, AZB & Partners, the Supreme Court ect’s status and whether there are any
overlap with Cipla. Assuming a full subscrip- aligned with construction stages. Says had ruled in a consumer complaint case implications on her decision to own a
Its overlap is higher in tion to the open offer and a 5 P C Roy, associate, ASL Partners: “If a that an individual can not be kept wait- property in it.” If the developer does not
generics, particularly in the per cent synergy-led Ebitda homebuyer has availed of a loan, she ing indefinitely for the possession of her comply, buyers can seek intervention
US, which is unlikely to boost, it expects a 7 per cent should check in the Tripartite allotted property and is entitled to a under Section 35.
yield meaningful synergies and 4 per cent earnings per Agreement and the loan agreement that refund as well as compensation. Verify all relevant documents before
and overlaps in the US busi- share dilution in FY25 for the disbursal of the loan amount is The right to refund exists even if the investing. “If the developer denies
ness could also attract scru- Torrent and DRL, based on the stage of construction or buyer had consented to alterations in access to any document, treat it as a red
tiny from the US FTC, respectively. the construction schedule.” the project plan initially. Says Bhasin: flag,” says Khosla.
Himachal Pradesh Public Works Department
E-Procurement Notice
INVITATION FOR BIDS (IFB)
NO.PW/AD/EA-I/Tender/2023-24 Dated 12.09.2023
1. The Executive Engineer HPPWD Arki Distt. Solan H.P on behalf of Governor of H.P invites the online bids on item rate, in
electronic tendering system in 2 cover System for the under mentioned work from the eligible and approved contractors/Firms
registered with HPPWD Department
S. Name of Work Estimated EMD Cost of Eligible class Time
No cost tender of contract 24
Construction of Sr. Secondary School building at Loharghat 2,32,00,635/- 4,65,000/- 5000/- A,B Class Months
,Sub Tehsil Ramshear, Distt. Solan(SH:-C/o building work,
1 Providing & fixing water supply and sanitary installation,Rain
harvesting tank,septic tank/soak pit and site development
etc.
2. Availability of Bid Document and mode of submission: The bid document is available online and bid should be submitted
online on website http://hptenders.gov.in
Bidder would be required to register in the web-site which is free of cost. For submission of bids, the bidder is required to have
Digital Signature Certificate (DSC) from one of the authorized Certifying Authorities (CA). “Aspiring bidders who have not obtained
the user ID and password for participating in e-tendering in HPPWD may obtain the same from the website: http://hptenders.gov.in
Digital signature is mandatory to participate in the e-tendering. Bidders already possessing the digital signature issued from
authorized CAs can use the same in this tender.
3. Key Dates
1. Date of Online Publication 13.09.2023 10.00 HRS
2. Documents Download Start and End date 19.09.2023 10.30HRS upto 26.09.2023 18 HRS
3. Bid Submission Start and End Date 19.09.2023 10.30HRS upto 26.09.2023 18 HRS
4 Physical Submission of EMD and Cost of tender Documents 27.09.2023. up to 11HRS
5 Date of Technical Bid opening ,Evaluation of 28.09.2023 11.30 HRS
Technical Bid followed by Opening of Financial Bid
4. The tender documents shall be uploaded online in 2 cover:
.i) Cover I shall contain scanned copies of all “Technical Documents/Eligibility information”
.ii) Cover 2 shall contain BOQ/Financial Bid where contractor will quote his offer for each item.
5. Submission of Original Documents: The bidders are required to submit(a) original demand draft towards the cost of bid
documents and(b) original bid security/Earnest Money Deposit(EMD) and other Technical Documents in o/o the Executive
Engineer, HP,PWD, Arki Divn. HP as specified in Key dates at Sr.NO.4 on Tender Opening Date,failing which the bids will be
declared non responsive,
6. BID OPENING DETAILS: The bids shall be opened on 28.09.2023 .at 11.30HRS in the office of Executive Engineer,HP,PWD,Arki
divn./Superintending Engineer, 3rd Circle, HP,PWD, Solan HP by the uthorized officer. In their interest the tenderer are advised
to be present along with original documents at the time of opening of tenders. If the office happens to be closed on the date of
opening of the bids as specified, the bids will be opened on the next working day at the same time and venue.
7. The bids for the work shall remain valid for acceptance for a period not less than 120 days after the deadline date for bid
submission.
8. Other details can be seen in the bidding documents. The officer inviting tender shall not be held liable for any delays due to system
failure beyond its control. Even though the system will attempt to notify the bidders of any bid updates, the Employer shall not be
liable for any information not received by the bidder. It is the bidders’ responsibility to verify the website for the latest information
related to the tender.
Executive Engineer
HPPWD Division Arki Distt. Solan H.P
2654/2023-2024 on behalf of Governor of Himachal Pradesh
l<
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 STOCKS 3
> STOCK
IN THE > ITI > HCL Technologies > Tube Investments of India

NEWS Top gainer

amongst BSE 500
Snaps 11 days
of winning
Trading volumes
jump 42x over OF THE DAY
companies streak 2 -week average JB Chemicals &
~166.5 PREVIOUS CLOSE ~1,281.7 PREVIOUS CLOSE ~3,359.5 PREVIOUS CLOSE Pharmaceuticals
~199.2 CLOSE ~1,275.5 CLOSE ~3,266.7 CLOSE Hits new all-time high at ~3,049;
p 19.7% UP q 0.5% DOWN q 2.8% DOWN Up 49 per cent this fiscal

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
13 Sep ’23 Chg (%) Con Std 13 Sep ’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 2518.9 -0.7 1.0 107.3 162.5 ITC 453.5 0.5 6.3 29.5 29.0 price price (%) price price (%)
Adani Ports 849.7 -1.1 0.8 29.3 613.5 JSW Steel 810.7 -0.7 1.2 34.7 34.5 Indiabulls Hous 191.1 188.4 12.1 207.8 207.8 Max Health 577.8 582.9 -5.7 509.1 388.1
MOST BULLISH MOST BEARISH
Apollo Hosp 5011.0 0.6 0.6 88.0 74.6 Kotak Mah Bank 1824.6 0.7 3.0 22.2 29.4 PNB 73.2 72.5 8.5 73.2 73.2 IRFC 75.4 78.9 -4.8 32.1 20.6
Asian Paints 3277.8 0.6 1.7 67.8 68.5 BHEL 129.8 128.8 0.7 Berge Paint 700.0 724.0 -3.3 SJVN 76.8 75.9 7.7 83.2 83.2 Supreme Ind 4326.0 4423.0 -3.6 2940.0 1905.8
L&T 2906.8 -1.3 4.6 36.3 46.8
Axis Bank 1014.5 1.4 3.2 28.9 27.8 Granules 322.1 320.6 0.5 HDFC AMC 2598.9 2624.1 -1.0 HBL Power 268.5 262.8 7.5 294.9 294.9 Policy Bazar 756.5 758.2 -3.3 625.9 356.2
LTIMind 5539.1 0.6 0.6 41.5 43.1
GMR Infra 60.8 60.6 0.5 Jubilant Fd 514.0 518.6 -0.9 HCC 25.9 25.6 6.3 30.3 30.3 PAYTM 825.4 838.3 -3.1 752.3 439.6
Bajaj Auto 4808.3 -0.3 0.7 20.8 22.2 Mah & Mah 1537.0 -1.3 1.7 18.6 24.1 Bandhan Bank 237.8 236.6 0.5 MCX 1739.9 1754.9 -0.9 Glenmark 864.8 861.6 5.8 864.8 864.8 Suzlon Energy 21.7 22.2 -2.8 13.3 6.6
Bajaj Fin 7475.9 0.6 2.2 39.3 41.6 Maruti Suzuki 10473.4 -0.3 1.5 38.5 33.2 Metropolis Heal 1442.7 1435.9 0.5 Nat Alum 96.5 97.2 -0.7 Aarti Inds 529.6 526.1 5.6 539.1 924.0 IRCON Intl 137.5 147.1 -2.7 79.0 38.6
Bajaj Finsrv 1552.8 0.7 1.1 35.1 274.4 Nestle India 22179.8 -0.6 0.9 - 78.3
Bharti Airtel 915.2 2.8 2.6 61.2 951.1 India Cement 250.0 247.1 5.6 266.9 298.5 Info Edge 4334.4 4395.2 -2.6 4143.6 3310.0
NTPC 237.2 0.9 1.3 13.6 13.1
BPCL 355.6 2.1 0.4 36.2 4.1 BSE NSE Bank of Maha 43.3 43.0 4.6 44.8 44.8 Adani Power 367.1 376.5 -2.5 231.0 132.6
Britannia 4608.3 0.9 0.6 45.5 49.1
ONGC 183.9 1.7 1.1 6.5 6.9 Index Stock Index Stock PUT-CALL RATIO Canara Bank 365.6 364.8 4.6 365.6 365.6 Adani Green En 966.9 984.2 -2.1 886.3 439.4
Power Grid 193.2 1.0 1.0 11.7 11.9 RBL Bank 228.2 227.8 4.5 251.2 251.2 Garden Reach Sh 777.0 798.2 -2.0 543.6 302.2
Cipla 1228.5 -0.9 0.7 31.9 37.4 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2451.1 0.5 9.5 25.6 42.7 Bank of Baroda 209.3 208.7 4.4 210.8 210.8 Oracle Fin 4100.0 4205.7 -1.9 3708.5 2883.8
Coal India 279.7 3.3 0.7 6.3 11.1 Contracts 256 - 354071 989819
SBI 596.5 1.4 2.6 8.0 8.7 Market 2657.2 4344.1 0.6 GNFC 655.2 653.2 4.3 655.2 786.1 InterGlobe Avia 2440.0 2446.6 -1.9 2346.9 1676.0
Divis Lab 3750.9 -1.0 0.5 54.6 68.1 Open Int.(000) 1 - 13857 6730643
SBI Life Ins 1345.5 -0.1 0.7 - 73.3 NMDC 142.8 142.3 4.3 146.8 146.8 Jubilant Fd 514.3 518.1 -1.8 459.8 412.2
Dr Reddys 5738.9 1.1 0.8 20.3 25.5 Shares(In Mn) - - 9.0 2643.7 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1148.8 0.3 1.4 32.7 260.1 Granules 325.8 320.5 4.2 331.0 381.3 Adani Energy So 832.0 837.0 -1.8 738.2 630.0
Eicher Motor 3320.3 -0.6 0.5 28.2 30.7 Value(~ crore) 17 - 27443 83144
Tata Consumer P 889.3 2.8 0.6 65.3 82.4 Persistent S 1.0 JK Cement 0.2
Grasim Ind 1933.0 3.3 0.8 18.6 76.2 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 625.9 0.8 1.2 19.6 73.1 Titan Company 0.9 Sun Pharma 0.2
HCL Techno 1275.3 -0.6 1.5 22.9 30.4 Contracts 1297050 - 755956319 4402880
Tata Steel 129.6 0.4 1.2 97.2 11.6 Trent 0.9 Balkrishna I 0.2
HDFC Bank 1643.9 0.4 11.1 27.1 26.6
HDFC Std Life 650.2 -1.6 0.8 102.2 98.8 TCS 3567.9 -0.4 4.1 29.8 31.8
Open Int.(000)
Shares(In Mn)
1129
-
- 634411
- 14570.3
6366887
8771.3
DLF 0.9 Page Inds 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1260.4 -0.4 0.9 28.0 34.1 Muthoot Finance 0.9 Oberoi Relty 0.3
Hero MotoCorp 2994.4 -0.8 0.4 21.3 19.2 Value(~ crore) 87354 - 54476504 379788 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 483.2 1.1 0.8 10.8 43.8 Titan Company 3263.2 2.4 1.5 89.1 87.3 BSE+NSE BSE+NSE
UltraTech 8636.4 0.8 1.1 48.2 49.2 1 Reliance Ind 1659435.0 BS200 DOWN 7 DAYS
HUL 2506.6 0.3 2.5 58.2 58.1 (~ crore) (Mn shrs)
ICICI Bank 989.8 -0.1 7.8 20.4 20.0 UPL 608.3 0.6 0.3 16.0 59.8 ACTIVE CALLS ACTIVE PUTS HDFC Bank 3846.7 23.4
2
3
TCS
HDFC Bank
1304670.4
1245019.1 UP 3 DAYS Adarsh Pt Pr -30.2
IndusInd Bank 1455.1 1.8 1.1 - 14.3 Wipro 435.7 0.2 0.7 20.5 25.1 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg Glenmark 11.0 Mufin Green Fin -13.8
ICICI Bank 2206.9 22.3 4 ICICI Bank 692963.6
Infosys 1498.4 -0.2 6.0 25.2 25.6 Nifty 50 20070.0 á0.4 100.0 24.5 28.6 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
IRFC 2199.6 277.3 5 Infosys 621288.1 Aurob Pharma 5.0 Best E Hotel -13.3
INDEX PE SHRS TRDS 1 YR Index Index 6 HUL 588915.5 Grasim Ind 4.6 Blue Cloud -13.2
Rail Vikas Niga 2140.4 129.0
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Bank
Nifty Bank
13/09/23
13/09/23
46000
45900
921.0
787.2
8.4
3.2
94.0
31.6
Nifty Bank
Nifty Bank
13/09/23
13/09/23
45900
45800
620.2
472.3
8.4
5.1
3464.6
1257.0
Reliance Ind 1604.6 6.5
7
8
ITC
SBI
565336.5
532307.8
Tata Consumer P
Alkem Labs
4.3
3.6
Crane Infra -13.1
SENSEX 25.9/29.7 6.2 170 20 10 11.4 PNB 1453.6 206.5 Rudra Glo -13.1
Asian Paints 3276.6 0.6 1.9 67.7 68.5 Maruti Suzuki 10473.9 -0.3 1.8 38.5 33.2 Nifty Bank 13/09/23 45800 570.8 3.4 -8.6 Nifty Bank 13/09/23 45700 395.3 3.1 512.1 9 Bharti Airtel 511290.0 Bharti Airtel 3.3
Axis Bank 1015.2 1.6 3.7 28.9 27.8 NIFTY 50 24.5/28.6 251.4 5173 31 19 11.1 Axis Bank 1252.5 12.4 Vinyoflex -12.0
Nestle India 22186.6 -0.6 1.0 - 78.3 C = CONSOLIDATED; S = STANDALONE Nifty Bank 13/09/23 46100 494.1 3.9 64.9 Nifty Bank 13/09/23 45500 360.2 2.9 -4.4 10 Bajaj Fin 452604.1 Dr Reddys 2.8
Bajaj Fin 7475.5 0.6 2.6 39.3 41.6 NTPC 237.2 1.0 1.5 13.6 13.1 Nifty Bank 13/09/23 45700 440.7 1.0 -66.9 Nifty Bank 13/09/23 45600 348.6 2.1 101.5 SBI 1174.8 19.8 UP 3 DAYS
11 LIC India 416817.5 DOWN
Bajaj Finsrv 1552.4 0.6 1.3 35.1 274.3 Power Grid 193.2 0.9 1.1 11.7 11.9 CASH DERIVATIVES Stock Stock Kotak Mah Bank 1111.1 6.1 12 L&T 408748.0 NIIT 70.5
TURNOVER BSE NSE BSE NSE
REC -9.5
Bharti Airtel 914.9 2.7 3.0 61.2 950.9 Reliance Ind 2452.8 0.6 10.9 25.6 42.7 Vodafone Idea 28/09/23 11 274.2 119.4 -10.1 Vodafone Idea 28/09/23 10 58.1 76.9 -0.7 BHEL 1020.0 80.6 13 Kotak Mah Bank 362522.6 ITI 60.0
PAYTM -7.3
HCL Techno 1275.5 -0.5 1.8 22.9 30.4 SBI 596.5 1.4 3.0 8.0 8.7 VALUE(IN ~ CRORE) 6137 85015 87371 54966878 PNB 28/09/23 75 223.0 20.5 51.0 PNB 28/09/23 65 50.2 14.3 51.4 14 HCL Techno 346126.1 Zodiac Jrd 58.4
SJVN 1019.3 138.4 IRCTC -5.3
HDFC Bank 1643.9 0.4 12.8 27.1 26.6 SHARES(IN MN) 1235.8 5650.7 - 25994.3 Vodafone Idea 28/09/23 12 176.3 137.5 -1.4 IDFC First Bank 28/09/23 90 47.1 15.5 -19.1 15 Maruti Suzuki 316394.1
Sun Pharma 1148.0 0.2 1.6 32.7 260.0 Indiabulls Hous 876.1 48.2 Policy Bazar -5.2 Creative Cast 53.7
HUL 2506.5 0.3 2.9 58.2 58.0 TRADES(000) 3521 29185 - 168235 PNB 28/09/23 70 171.0 20.3 -14.4 PNB 28/09/23 70 36.1 9.9 186.5 16 Asian Paints 314286.7
Tata Motors 626.0 0.8 1.4 19.6 73.1 ITI 869.0 48.0 Jio Financial -5.2 Modi Natural 21.8
ICICI Bank 989.8 -0.1 9.0 20.4 20.0 IDFC First Bank 28/09/23 100 112.1 45.1 0.2 Vodafone Idea 28/09/23 9 30.2 81.8 -1.7 17 Axis Bank 312793.3
Tata Steel 129.5 0.5 1.4 97.1 11.6 Mazagon Dock 842.5 4.1 United Brew -4.7 Suven Life 18.7
IndusInd Bank 1455.7 1.9 1.2 - 14.3 MARKET-CAP (~ CR) TRADED TOTAL 18á Titan Company 289675.8
Infosys 1497.0 -0.3 7.0 25.2 25.5 TCS 3565.6 -0.4 4.7 29.8 31.8 Birlasoft -4.6
Bank of Baroda 822.3 40.1 19â Adani Enter 286846.8 Rane Madras 17.9
Tech Mahindra 1259.9 -0.4 1.0 28.0 34.1 BSE 32,028,547 32,736,579 Others
ITC 453.4 0.5 7.3 29.5 29.0
JSW Steel 810.6 -0.7 1.4 34.7 34.5 Titan Company 3262.9 2.4 1.8 89.1 87.3 NSE 31,687,715 32,383,883 SPURT IN VOLUMES IDFC First Bank
REC
819.0
813.5
89.5
33.1
20
21
Sun Pharma
UltraTech
275439.6
249266.5 UP 7 DAYS
DOWN 3 DAYS
Gretex Corpor -23.4
UltraTech 8634.4 0.7 1.3 48.2 49.2 DERIVATIVES 22,074,517 22,074,517
Kotak Mah Bank 1824.1 0.7 3.5 22.2 29.4 Company Days 2-week Avg Change Close *Price 22á Avenue Supermar 247791.0 07Agg 95.0
Jio Financial 751.2 31.1 Niesspa -19.8
L&T 2908.1 -1.2 5.3 36.3 46.8 Wipro 435.9 0.2 0.8 20.5 25.1 Volume Volume % price %chg 23â Bajaj Finsrv 247677.4 10Agg 94.9
Mah & Mah 1536.8 -1.3 2.0 18.6 24.1 BSE SENSEX 67467.0 á0.4 100.0 25.9 29.7 TRADING ACTIVITY Jocil 675822.0 14442.5 4579.4 224.6 17.8
IRCON Intl
Infosys
747.3
734.1
51.2
4.9
24 Wipro 239318.7 Dolphin Off. 54.4
Hardcast Wud -16.7
C = Consolidated; S = Standalone (~ crore) FIIs MF 25á ONGC 231351.3 Tine Agro 47.2 Kemistar Corp -16.3
SBISensex 628801.0 22265.5 2724.1 729.9 0.5 L&T 729.8 2.5
Equity Debt Equity Debt 26â NTPC 230005.0 JRE Ltd 40.7 Jet Airways -14.3
Net Net Net Net Suven Pharma 5564019.0 242124.9 2198.0 517.4 0.7 Zomato 725.2 73.6 27 Nestle India 213922.7 Unick Fix-A-For -14.3
WORLD INDICES On 12 Sep -331 588 - - KEC Intl 6498158.0 357257.1 1718.9 682.9 2.8 IOL Chem 651.2 13.0 28 Tata Motors 207937.5
Guj.Petro
Ceenik Exp
40.6
40.6 Bhagya Inter -14.2
On 11 Sep 1467 -647 - - Kotakmamc - Kot 981058.0 73278.2 1238.8 15.6 -0.3 TCS 639.3 1.8 29 JSW Steel 195926.1
Indices Close % Chg* Indices Close % Chg*
On 08 Sep -97 7 - - Ajanta Phar 1714324.0 144425.2 1087.0 1823.0 6.2 30 Mah & Mah 191104.2 (T+2) cycleStocks which rose/fell continuously
Adani Ports 627.2 7.4
Americas (Sep 12,23) Asia/Pacific (Sep 13,23) On 07 Sep -719 408 - - Restaurant Bran 13701255.0 1334247.7 926.9 119.2 2.6
S&P/ TSX Composite 20223.1 0.2 Straits Times 3218.9 0.1 On 06 Sep -2833 175 - - Suven Life 10275995.0 1218433.5 743.4 78.1 7.6
Sep till date -4422 422 - - Poly Medicur 614017.0 77084.0 696.6 1426.0 6.4
Dow Jones
Nasdaq Composite
34646.0
13773.6
-0.1
-1.0
Taiwan Taiex
Jakarta Composite
16581.5
6935.5
0.1
0.0 2023 till date 132839 28836 80108 -24483 IOL Chem 12965204.0 1686901.1 668.6 520.2 18.9
BOARD MEETINGS INTRA-DAY
Europe/Africa (Sep 12,23) Kuala Lumpur Comp 1453.5 0.0 Group the Company. AA Plus Trade: captioned sub- Company to
FTSE 100 7503.6 -0.3 Kospi 2534.7 -0.1 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company 2. Any other Meeting of the ject we would inter alia con-
Purpose Business with Board of Direc- like to inform sider and ap-
CAC 40 7198.0 -0.8 Shanghai Se Comp 3123.1 -0.5 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock the prior per- tors of the you that the prove the
DAX 15587.7 -0.8 Stock Exchange of Thai 1535.3 -0.7 NET Net Fut OI Opt OI OI SEPTEMBER 14 mission of Company to meeting of the standalone un-
HIGH Prince Pipes . . . . . . . . 759.5 *ITI . . . . . . . . . . . . . . . . 199.7 LOW
IBEX 35 9348.1 -1.1 Volatility (Sep 12,23) BS 200 *Sensexbees . . . . . . . 754.0 *Assoc.Cerami . . . . . . . 181.8 BS 200 India Infra: To Chairperson. inter alia con- Board of Direc- audited finan-
On 12 Sep 28134 -2156 0.2 4.6 2.6
Asia/Pacific (Sep 13,23) CBOE S&P 500 14.6 2.4 *UltraTech . . . . . . . . . 8685.3 *MPIL Corpn . . . . . . . . 752.0 *Sarveshwar Food . . . . 158.9 Vedanta . . . . . . . . . . . . 230.2 consider and Shiva Cement: sider and de- tors of the cial results of
On 11 Sep -11676 -156 0.2 4.6 2.6
Hang Seng 18009.2 -0.1 CBOE Dow Jones 12.3 2.2 LTIMind . . . . . . . . . 5549.0 *KEC Intl . . . . . . . . . . . . 739.0 Nahar Ind . . . . . . . . . . . 156.0 Others approve Board To consider cide fund Company is the Company
On 08 Sep -12267 551 0.2 3.7 2.6
*SBISensex . . . . . . . . . 730.8 Websol Energy S . . . . . 148.7 of Directors of and approve raising by way scheduled to for the quarter
Nikkei 225 32706.5 -0.2 * Change over previous close On 07 Sep -16824 2353 0.2 2.7 2.5 *Titan Company . . . . 3269.0 Brookfield REIT . . . . . . 243.1
*Andhra Paper . . . . . . 610.7 *Omega Intera . . . . . . . 119.7 LTIDPL IndvIT the proposal of of rights issue be held on Fri- ended 30th
On 06 Sep -5612 -2392 0.2 3.2 2.5 *Grasim Ind . . . . . . . . 1947.8 PLANTER POLYSAC . . . 130.4
Suven Pharma . . . . . . . 557.4 Trejhara Sol . . . . . . . . . 111.1 Services Lim- fund raising by of equity day 15th Sep- June 2023.
*Axis Bank . . . . . . . . . 1017.5 *B-Right Reale . . . . . . 118.0
MAJOR INDICES Sep till date
2023 till date
-14803
323428
-2219
-8085
-
-
-
-
-
- *Bharti Airtel . . . . . . . . 918.0 *Silver Touch . . . . . . . . 551.6 *J & K Bank . . . . . . . . . . 107.7 *Atal Realtech . . . . . . . . 82.1
ited the Invest- issue of equity shares of the tember 2023 to S.I.Capital:
IOL Chem . . . . . . . . . . . 524.8 *Bank of India . . . . . . . 104.7 ment Manager shares through Company and consider Fund Meeting of the
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *Aurob Pharma . . . . . . 907.1 Sarda Proteins . . . . . . . . 39.0
*Shree Gan Rem . . . . . 500.0 *HDFC Grth ETF . . . . . . 101.2 of IndInfravit appropriate for matters in- Raising options Board of Direc-
*Tata Consumer P . . . . 891.2 *Power Instrumen . . . . . 36.5
Trust shall be methods (in- cidental if any. tors of the
S&P BSE Sensex 67,221.1 67,188.6 67,565.4 67,053.4 67,467.0 245.9 0.4 *Glenmark . . . . . . . . . . 864.8 Riddhi SidG . . . . . . . . . . 498.0 *Scarnose Intern . . . . . . 92.0 *Osiajee Texfab . . . . . . . 36.1
held on Sep- cluding by way thereto. Maha Scoot: Company inter
*Canara Bank . . . . . . . 365.6 *Kotak PSU Bank . . . . . 493.8 *TSIL . . . . . . . . . . . . . . . . 86.5 *Mount Hsg & Inf . . . . . . 28.6
S&P BSE Sensex 50 20,953.5 20,948.2 21,063.0 20,908.3 21,035.1 81.6 0.4 S&P BSE SECTORAL INDICES *PNB . . . . . . . . . . . . . . . . 73.2 *PDS Ltd . . . . . . . . . . . . 484.1 *S&S Power Sw . . . . . . . 84.2 *Command Polymer . . . 25.4
tember 14 2023 of rights issue)
may consider as may be per-
Bajaj Hold:
Meeting of the
Meting of the
Board of Direc-
alia to 1. To
consider var-
S&P BSE-100 20,460.2 20,445.6 20,547.8 20,388.5 20,525.4 65.2 0.3 Others *Selan Explor . . . . . . . . 398.4 Suven Life . . . . . . . . . . . . 82.2 Manraj Hsg.F . . . . . . . . . 24.9
Prev cls Close % Chng and approve mitted under Board of Direc- tors of the ious options for Basis or any pany vertible into or be required and pany to con-
*Proct & Gamb . . . . 17466.0 *Jyothy Labs . . . . . . . . 390.0 *DMR Hydro . . . . . . . . . . 81.0 Best E Hotel . . . . . . . . . . 23.6
S&P BSE-200 8,722.0 8,714.1 8,758.6 8,680.2 8,750.6 28.6 0.3 inter-alia: 1. applicable law tors of the Company inter raising funds other mode as TSIL: To con- exchangeable the approval of sider and ap-
Auto 36,406.8 36,274.9 -0.4 *KRL . . . . . . . . . . . . 4725.3 PNC Infra . . . . . . . . . . . 372.2 *Dhruva Capital . . . . . . . 75.3 EMA India . . . . . . . . . . . . 17.1 Declaration of subject to req- Company to alia to consider through bor- decided by the sider and ap- for equity the share- prove (1)
S&P BSE-500 27,677.6 27,646.4 27,803.5 27,527.8 27,781.8 104.3 0.4 Bankex 51,124.5 51,578.1 0.9 *Victoria Mls . . . . . . . 4184.1 *Jai Balaji . . . . . . . . . . . 342.5 *G.G.Automati . . . . . . . . 75.0 *Voltair Leasing . . . . . . . 11.0 distribution if uisite regu- consider and and approve rowings includ- Board of Direc- prove 1. Raising shares by way holders of the Proposal for
Cons. Durables 45,510.1 46,072.3 1.2 *JB Chemicals . . . . . . 3049.2 *Suratwwala Bus . . . . . 342.0 *Rajoo Engg . . . . . . . . . . 74.4 *Jet Freight Log . . . . . . . . 9.2 any latory/statutor approve decla- declaration of ing by the way tors/ Debenture of funds of preferential Company. 2. Right Issue
S&P BSE IPO 10,598.3 10,565.0 10,720.0 10,452.0 10,639.1 40.8 0.4 Cap. Goods 46,983.6 46,739.4 -0.5 UTI Nifty-ETF . . . . . . . 2160.8 *Modi Natural . . . . . . . 304.8 *Intell Cap . . . . . . . . . . . 73.7 Mahesh Dev . . . . . . . . . . . 9.1 Metalyst Forg: y approvals as ration of in- interim div- of issuance of Allotment Com- through issue of issue on a pri- Any other /Funds Raising
FMCG 18,798.8 18,869.2 0.4 *Qnifty . . . . . . . . . . 2142.0 *Integrated Inds . . . . . 278.4 *Dynamic Portfol . . . . . 73.0 Hypersoft Tech . . . . . . . . . 7.6 Quarterly Re- may be re- terim dividend idend if any for redeemable
S&P Dollex-30 6,654.2 - - - 6,677.9 23.6 0.4 mittee of the equity shares vate placement matter with the & (2) Alter-
Healthcare 28,294.8 28,434.4 0.5 *Ajanta Phar . . . . . . . . 1903.9 *Tata Coffee . . . . . . . . . 264.0 *Capfin India . . . . . . . . . 71.9 *Navkar Urban . . . . . . . . . 6.0 sults quired under if any for the fi- the financial non-convert- Board of Direc- Convertible basis to the pro- permission of ation/Amend-
Nifty 50 19,993.2 19,989.5 20,096.9 19,944.1 20,070.0 76.8 0.4 Infra 376.6 375.9 -0.2 GSK Pharma . . . . . . . . 1551.9 *HDFC PBk . . . . . . . . . . 239.4 *Guj.Petro . . . . . . . . . . . 70.9 *AF Enterprices . . . . . . . . 5.4 RO Jewels: To applicable law nancial year year ending 31 ible debentures tors on the pre- warrants moters/Non- chair. ment of Object
IT 33,106.8 33,004.0 -0.3 *Super Sales . . . . . . . 1259.0 *Icicibankp . . . . . . . . . 237.4 *OM Infra Ltd . . . . . . . . . 70.8 Kabra Drugs . . . . . . . . . . . 3.3 consider and and re-desig- ending 31 March 2024. in onshore/off- vailing market and/or any Promoters of Clause.
Nifty next50 45,515.4 45,496.5 45,735.8 45,068.2 45,655.5 140.1 0.3
Metal 22,920.8 23,158.4 1.0 *Chola Holding . . . . . 1144.7 *HDFC Nifty . . . . . . . . . 219.4 *Active Clothing . . . . . . 65.0 *Purple Enter . . . . . . . . . 2.3 approve 1. To nation of direc- March 2024. Pyramid shore market conditions. other eligible the Company SEPTEMBER 16 Guj Ind Power:
Nifty 500 17,460.6 17,458.4 17,540.9 17,364.4 17,526.8 66.2 0.4 Oil & Gas 18,978.5 19,192.0 1.1 *Creative Cast . . . . . 1087.1 *Kotak Nifty ETF . . . . . 215.6 *Smifs Cap . . . . . . . . . . . 62.9 *Gcm Secu . . . . . . . . . . . 1.4 appoint Com- tor of the Dolphin Off.: Techno: Meet- by way of pri- Sterl.Guara: instruments or subject to such Balkrishna Pap: Meeting of the
Power 4,601.3 4,607.5 0.1 *Rane Madras . . . . . . . 873.9 *Niftyetf . . . . . . . . . . 212.4 Worth Invest & . . . . . . . 62.7 *Earum Pharmaceu . . . . 1.0 pany Secretary Company. to consider and ing of the vate place- Meeting of the securities rep- regulatory or Meeting of the Board of Direc-
India VIX 11.7 11.7 12.0 11.5 11.8 0.1 1.2 *Dspq50Etf . . . . . . . . . 199.8 Alfa ICA . . . . . . . . . . . . . 59.0
PSU 12,089.6 12,277.7 1.6 *K&R Rail Eng . . . . . . 835.0 *7NR Retail . . . . . . . . . . . . 0.5 and Compli- approve With Board of Direc- ment/preferen Board of Direc- resenting equity statutory ap- Board of Direc- tors of the Com-
Nifty CPSE 3,709.1 3,729.0 3,777.8 3,705.7 3,771.3 62.2 1.7 Realty 4,618.6 4,648.7 0.7 m m w w ance Officer in SEPTEMBER 15 reference to tors of the tial allotment tors of the Com- shares or con- provals as may tors of the Com- pany

> 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 (498.4) (498.4) (4400.5) (4401.9)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 498.0 498.0 4401.1 4419.0
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 529.6 529.9 4421.3 4423.2
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 493.4 495.2 4260.1 4260.0
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 526.1 526.1 4336.2 4341.1
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 375K 3524K 7953 363K
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 39.7 39.7 88.1 88.2
company name is followed by shares traded, and also the 52 Wk H/L 924/445 924/445 4676/2640 4678/2640
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 19071 19071 91884 91988
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 Energy So Adani Enter« Adani Green En Adani PortsH w m H m mH H < « « « « m
(22885.4) (22897.3) (2009.3) (2010.9) (852.3) (852.3) (2531.9) (2535.7) (1005.5) (1004.8) (858.1) (858.8)
O 23041.6 22997.0 1994.4 2018.0 847.0 852.3 2578.0 2545.7 993.3 1002.8 858.2 859.0 O O
23087.6 23050.0 2065.9 2066.8 854.9 854.9 2578.0 2567.0 1003.1 1002.9 867.2 867.2
w 22580.8 22555.0 1994.4 2004.6 832.0 832.0 2496.0 2496.0 966.9 967.0 843.0 843.2 w w
22995.3 23004.2 2062.8 2063.1 837.0 836.9 2516.2 2518.9 984.2 985.8 850.1 849.7
222 15208 13597 501K 130K 703K 116K 1780K 167K 962K 189K 7180K K K K K K K K K K K K K K K K K
47.3 47.3 53.2 53.3 75.0 75.0 107.1 107.3 - - 29.3 29.3
W 24725/17349 24744/17325 2785/1594 2785/1592 4239/630 4237/632 4190/1017 4190/1017 2436/439 2437/439 988/395 988/395 W W
M 48865 48884 38737 38742 93361 93355 286847 287155 155892 156154 183624 183548 M M

Aurob Pharma« Axis BankH Bajaj Auto Bajaj FinH Bajaj Finsrv« Balkrishna IH Balram Chini« Bandhan Bank Bank of BarodaH Bata India< Berger Paints« Bharat Elctn« Bharat ForgeH Bharti Airtel< BHELH Biocon< BirlasoftH Bosch
(871.3) (871.2) (999.6) (1000.9) (4819.4) (4820.6) (7428.5) (7431.3) (1543.7) (1542.4) (2395.1) (2392.2) (401.8) (401.1) (233.0) (232.9) (199.9) (199.9) (1701.1) (1700.8) (720.1) (719.2) (133.9) (134.1) (1075.2) (1074.7) (890.7) (890.4) (125.8) (125.7) (267.0) (267.3) (497.0) (497.1) (19148.0) (19160.3)
O 862.2 871.0 1000.6 1003.0 4817.8 4820.0 7430.0 7429.3 1534.4 1542.0 2390.0 2399.7 O 402.0 401.6 232.1 232.5 199.7 199.9 1658.7 1660.0 719.0 717.0 134.9 135.0 O 1078.0 1079.8 886.3 888.1 127.0 127.0 267.7 267.3 496.3 498.0 19083.1 19102.3
907.1 907.7 1017.5 1017.0 4845.8 4843.0 7505.0 7508.3 1564.8 1565.1 2422.0 2423.8 416.3 416.5 238.5 238.7 209.3 209.5 1687.0 1688.0 724.5 725.0 137.0 137.0 1083.9 1083.9 918.0 918.0 130.7 130.7 271.8 272.0 502.3 502.3 19420.0 19435.0
w 862.2 871.0 993.9 993.7 4801.1 4800.3 7381.7 7380.7 1520.6 1521.0 2352.0 2350.0 w 400.8 400.2 229.0 229.0 198.0 198.1 1648.9 1650.1 710.2 710.3 133.3 133.3 w 1063.3 1064.1 886.0 885.6 121.6 121.6 266.0 265.9 489.0 489.0 19083.1 19102.3
901.8 902.5 1015.2 1014.5 4808.1 4808.3 7475.5 7475.9 1552.4 1552.8 2400.8 2401.8 415.4 415.7 236.7 236.6 208.7 208.7 1672.8 1672.4 723.6 724.0 135.9 135.9 1082.2 1081.1 914.9 915.2 128.8 128.8 271.0 270.9 494.1 494.1 19373.9 19362.1
199K 5087K 154K 12254K 2180 207K 12246 580K 69233 1193K 6908 157K 191K 2735K 685K 17497K 1140K 38949K 25293 584K 43524 611K 982K 19282K 35741 1052K 180K 5223K 5924K 74639K 60391 2368K 240K 1815K 770 16344
26.7 26.7 27.8 27.8 20.8 20.8 41.6 41.6 35.1 35.1 43.3 43.3 25.2 25.2 18.8 18.8 6.7 6.7 69.9 69.9 76.4 76.4 32.0 32.0 45.3 45.2 61.2 61.2 155.9 155.9 77.5 77.5 39.1 39.1 38.1 38.1
W 907/397 908/397 1018/706 1017/708 4989/3462 4995/3461 8000/5487 8000/5486 1825/1216 1824/1215 2569/1801 2570/1796 W 431/307 431/307 315/182 315/182 211/124 211/124 1933/1381 1935/1381 729/528 729/527 226/87 226/87 W 1121/678 1120/677 918/736 918/736 149/55 149/55 309/192 307/192 535/250 536/250 19980/15301 19990/15300
M 52836 52877 312793 312562 136049 136056 452604 452628 247677 247749 46407 46427 M 8390 8396 38121 38113 107926 107900 21499 21493 70291 70329 99304 99304 M 50385 50336 511290 511430 44849 44849 32530 32518 13608 13608 57133 57099

BPCL Britannia« Can Fin HomeH Canara Bank CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Cochin Ship Coforge Colgate« Containr Crp< Coromndl Int« Cummins (I)H Dabur India« Dalmia BharatH
(348.8) (348.4) (4567.0) (4567.1) (752.5) (751.8) (348.8) (348.8) (306.2) (306.1) (278.9) (279.0) (1170.3) (1166.1) (1239.3) (1239.8) (130.3) (130.3) (270.8) (270.8) (1065.8) (1065.7) (5460.6) (5459.5) (1990.8) (1990.3) (699.3) (699.5) (1124.8) (1125.1) (1711.5) (1711.7) (565.3) (565.7) (2334.4) (2333.7)
O 351.0 350.6 4579.0 4567.2 755.1 757.5 348.2 348.7 302.3 306.1 277.9 278.0 O 1150.0 1149.8 1247.0 1242.0 131.0 131.2 271.1 271.5 1071.6 1074.0 5440.5 5449.0 O 1955.3 1991.0 690.6 697.5 1131.7 1116.6 1711.5 1711.1 562.6 563.6 2301.2 2330.0
356.0 356.2 4630.0 4630.5 780.4 781.0 365.6 365.3 308.8 309.2 285.0 284.9 1165.0 1165.3 1247.0 1250.0 132.8 132.8 281.5 281.5 1135.9 1135.5 5479.8 5480.0 2000.0 1999.0 703.7 704.0 1131.7 1124.2 1720.1 1722.0 566.4 566.7 2362.8 2361.9
w 347.3 347.2 4551.0 4549.1 753.0 751.8 345.1 345.1 299.5 299.3 274.8 274.1 w 1130.8 1131.1 1224.0 1223.3 129.3 129.2 269.3 269.0 1035.7 1036.7 5369.8 5368.2 w 1955.3 1953.9 686.3 686.3 1095.8 1095.3 1690.0 1689.1 560.3 560.2 2288.5 2293.3
355.5 355.6 4608.6 4608.3 774.9 775.1 364.8 364.8 305.2 305.2 284.4 284.5 1159.2 1160.2 1227.7 1228.5 132.5 132.5 279.7 279.7 1086.4 1087.3 5441.3 5437.2 1964.2 1963.5 699.0 699.1 1121.8 1122.8 1716.0 1715.7 565.3 565.5 2356.6 2356.8
255K 4857K 9457 436K 67156 1052K 549K 14701K 126K 1603K 78366 3413K 49370 1529K 35042 1627K 289K 3467K 861K 17608K 308K 5021K 6064 293K 9883 255K 18845 1709K 5991 323K 7731 669K 29277 1207K 7196 372K
4.1 4.1 45.5 45.5 16.1 16.1 5.5 5.5 42.2 42.2 10.5 10.5 33.7 33.8 31.9 31.9 10.4 10.4 6.3 6.3 36.2 36.2 46.9 46.8 48.1 48.1 38.0 38.0 16.4 16.5 38.2 38.1 57.9 57.9 42.7 42.7
W 398/288 398/288 5269/3555 5270/3564 905/451 910/452 366/207 365/208 425/251 425/251 362/249 362/248 W 1215/658 1215/658 1278/852 1278/852 205/120 205/120 285/208 284/208 1258/370 1259/374 5760/3210 5763/3210 W 2062/1435 2062/1435 829/555 829/555 1153/839 1153/838 1981/1125 1980/1150 610/504 611/504 2420/1478 2422/1476
M 77106 77139 111020 111013 10317 10320 66170 66170 19533 19533 11837 11839 M 95327 95409 99112 99177 9807 9807 172341 172341 14291 14302 33257 33232 M 53426 53406 42590 42596 33024 33055 47566 47559 100171 100207 44198 44201

N H « H H H < M « « H Glenmark« GMR Airports« GNFC Godrej Cons« < «

(814.0) (814.2) (59.5) (59.5) (626.4) (625.9) (1012.0) (1012.0)
O O O 814.0 819.2 60.0 59.6 627.9 626.1 1018.7
864.8 864.7 61.0 61.0 655.2 655.5
w w w 814.0 812.8 58.4 58.4 626.4 625.4
861.6 861.9 60.6 60.6 653.2 653.2
K K K K K K K K K K K K K K K K 190K 4771K 307K 12938K 201K 2405K K K K K
95.5 95.5 - - 10.4 10.4
W W W 865/364 865/364 67/34 67/34 786/484 786/484
M M M 24314 24323 36559 36547 10152 10152

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NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 1

DELHI JAL BOARD: GOVERNMENT OF N.C.T. OF DELHI

OFFICE OF THE ADDTTTONAL CHTEF ENGINEER (M)-1, EXECUTIVE ENGINEER (T-1) M-1,
M.16, POCKET-E MAYUR VIHAR PHASE-II, Phone No.011-22727815, Mail lD: - eeeast1djb@gmail.com
"STOP CORANA; Wear Mask, Follow Physical Distancing, Maintain Hand Hygiene
PRESS NOTICE TENDER
NIT NO.14(2023-24)
SI. Name of Work Estimated Earnest Tender Date of Release Last Date/ Time
No. Contract Value Money Fees of tender in of receipt of ten-
(ECV)/Amount (EMD) E-Procurement der E-Procure-
put to tender Solution & ment Solution
Tender ID No.
1 Removal of contamination by replacing of damaged line by 40,97,729.00 82,000.00 500.00 06.09.2023 26.09.2023
HDPE pipe line in Ganesh Nagar -II in AC-58 2023_DJB At 03:15 PM
2472_78_1
2 Replacement of old & damaged water line 200 mm dia 46,07,137.00 92,200.00 500.00 06.09.2023 26.09.2023
water line with 280 mm dia (OD) HDPE pipe in DDA Park 2023 DJB At
School Block in AC-58 2472_78_2 03:15 PM
3 Hiring of suction cum jetting machine (Mahindra Bolero Item Rate 70,100.00 500.00 06.09.2023 26.09.2023
1500 litres capacity) for removal of blockages and cleaning 2023_DJBJ At
of sewer line narrow lanes for Ward No.200 & 202 in AC-58 2472_78_3 03:15 PM
for the period of 02 Yrs. i.e. 2023-25 in East-I
Further details in this regard can be seen at https://govtprocurement.delhi.gov.in
(Madan Singh)
PRO Water Advt No J.S.V. 123(2023-2024) EXECUTIVE ENGINEER (T-1)/M-1

SIGACHI INDUSTRIES LIMITED

229/1 & 90, Kalyan's Tulsiram Chambers, Madinaguda,
Hyderabad, Telangana.Ph. No: 040 40114874
Web: www.sigachi.com Email id: cs@sigachi.com
NOTICE OF RECORD DATE FOR STOCK SPLIT
Notice is hereby given that pursuant to section 91 of the Companies
Act, 2013 read with rules made thereunder and Regulation 42 of the
Securities & Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 that the record date for
the purpose of determining entitlement/eligibility of shareholders
(Members) has been fixed as Monday, October 09, 2023 for the
purpose of stock split of existing 1 equity share of face value of Rs.10/-
each into 10 equity shares of the face value of Re.1/- each, as
approved in the meeting of the Board of Directors held on August 10,
2023 and by the members of the Company in the Annual General
Meeting held on September 7, 2023.
For Sigachi Industries Limited
Sd/-
Place: Hyderabad Shreya Mitra
Date: 13.09.2023 Company Secretary & Compliance Officer
.l
NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 7 <

(Regd. Office: PSEB Head Office, The Mall, Patiala)

Corporate Identity Number U40109PB2010SGC033813
Website: www.pspcl.in Mobile No. 96461-10914
E-Tender Enq. No. 7462/P-1/EMPW-12428 dated 11.09.23
Dy.Chief Engineer/ Headquarter (Procurement Cell-1) GGSSTP, Roopnagar invites
E-Tender ID No. 2023_POWER_109057_1 for Procurement of Anion Exchange
Resin and Cation Exchange Resin.
For detailed NIT & Tender Specification please refer to https://eproc.punjab.gov.in
from 12.09.23/ 06.00 PM onwards.
Note: Corrigendum and addendum, if any will be published online at
https://eproc.punjab.gov.in
76155/12/2174/2023/27788 RTP-107/23

DEMAND NOTICE
         
CIN: U67100MH2007PLC174759
Retail Central & Regd. Office: Edelweiss House, Off CST Road, Kalina, Mumbai 400098
Demand Notice Under Section 13(2) Of The Securitisation And Reconstruction Of
Financial Assets And Enforcement Of Security Interest Act, 2002, (“The Act”)
Read With Rule 3 (1) Of The Security Interest (Enforcement) Rules 2002.
The undersigned being the Authorized Officer of the Edelweiss Asset Reconstruction Company
Limited (“EARC”) under the Securitisation and Reconstruction of Financial Assets and Enforcement
of Security Interest Act, 2002. In exercise of powers conferred under the Section 13 (12) of the Act
read with rule 3 of the security Interest (Enforcement) Rules, 2002, the Authorized Officer has issued
a Demand Notice under section 13 (2) of The Act, calling upon the following borrower(s), to repay the
amounts mentioned in the respective Demand Notice issued to them that are also given below.
In connection with above, Notice is hereby given once again, to the Borrowers to pay EARC, within
60 days from the publication of this notice, the amounts indicated herein below, together with further
interest as detailed in the said Demand Notice, from the date(s) mentioned below till the date of pay-
ment and/or realization, payable under the loan agreement read with other documents/writings, if any,
executed by the said borrower(s). As security for due repayment of the loan, the following asset have
been mortgaged to EARC by the said borrower(s) respectively.
Sl Name Of The Borrower(s)/ Demand Notice Details of the
No Co-Borrower (s)/Loan Account Number Date & Amount Trust & Assignor
1) Mr. Yogesh Kumar Gupta (Borrower) 18.08.2023 EARC TRUST SC 482 &
1 2) Mrs. Anshu Gupta (Co-Borrower) 3,89,157.23 & HDB Financial Services
12825611 & 2411164 16,74,337.16 Limited,
Description Of Property:- Commercial Shop With Roof, Nagar Nigam No: 213, Situated At New
Prabhat Nagar, Meerut, City: Meerut, State Uttar Pradesh, Pincode:250004, Bounded On The-
East By: East: 8'7.5" Kila Road North By: 11' 10.50" Shop Roshan Lal@ Darbari West By: West:
8' 7.5" Property Of First Party Of The Sale Deed. South By: 11'10.50" Property Of First Party Of
The Sale Deed And Nala.
1) Mr. Arun Tomar (Borrower) 2) Mr. 18.08.2023 EARC TRUST SC - 483
2. Mahesh Singh (Co-Borrower) 3) Mrs. & 10,22,960.00 & & HDB Financial
Saroj Devi (Co-Borrower) 4) Mrs. Tara 2,84,831.44 Services Limited
Tomar (Co-Borrower) 1844887, 3498882
Description Of Property:- All The Part And Parcel Of A Resdential Plot Pertain To Khasra No-
168 Situated At Village Achronda Pargana Tehsil & Distt Meerut, Uttar Pardesh 250002
Admeasuring 180 Sq. Yards, Owned By Mr. Mahesh Singh. Bounded By: East By: 27 Ft.
Space Then Plot Of Yogesh Kumar North By: 60ft. Then Plot Of Mangte West By: 27 Ft. Space
Than Road Of 40ft. South By: 60 Ft. Then Road Of 12ft.
If the said Borrowers shall fail to make payment to EARC as aforesaid, EARC shall proceed
against the above secured assets under the section 13 (4) of the Act and applicable rules,
entirely at the risks of the said Borrower(s) as to costs and consequences. The borrowers are
prohibited under The Act from transferring the aforesaid assets, whether by way of sale, lease or
otherwise without the prior written consent of EARC. Any person who contravenes or abets
contravention of the provisions of the Act or Rules made thereunder, shall be liable for imprison-
ment and/or penalty as provided under the Act.
Date: 14.09.2023 Sd/- Authorized Officer
Place: Uttar Pradesh For Edelweiss Asset Reconstruction Company Limited

PUBLIC NOTICE Registered Office:

601 & 602, Peninsula Business Park,
JEWELLERY AUCTION CUM INVITATION NOTICE 6th Floor, Tower A, Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
The below mentioned Borrowers have been issued notices to pay the entire dues in the facilities availed by them from DCB Bank Ltd. against Jewellery pledged with DCB Bank Ltd. (DCB Bank). We are constrained to conduct auction of the pledged Jewellery as they have failed to pay the entire dues. DCB Bank Ltd. has the authority to remove account(s) / change the auction
date(s) without any prior notice. The auction will be conducted online through https://gold.Samil.in on 22.09.2023 & 23.09.2023 from 12:00 PM to 03:00 PM.
No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name No. Cust. ID Customer Name
AGRA LOCATION 70 104481102 SIJALE AHMAD 141 105287231 JAVED MALIK 215 102927322 RAJIV AHUJA 288 102906004 VIVEK KUMAR 355 102610071 TARAWATI YADAV 423 103164380 ZABIR ALI
1 102920283 AJAY KUMAR DONERIA 71 103067303 VIRENDRA KUMAR 142 104984766 JEETU KUMAR 216 101758945 RAJKUMAR 289 104613876 WALI MOHAMMAD 356 102843463 VIKAS SINGH MUZAFFARNAGAR LOCATION
2 102911645 ASHWANI KUMAR MEHROTRA 143 103338948 JITENDER SHOKEEN 217 101656009 RAJNESH KUMAR 290 102882027 WASEEM KHAN KARNAL LOCATION 424 104288629 ANCHAL
3 105369753 DEEPAK AGARWAL 72 102312446 YUKTI SAXENA 144 105029806 JONEY 218 104449610 RAJNI SHARMA 291 103790528 WAZID ALI 357 102865282 AMIT KUMAR 425 105325421 ANKIT GUPTA
4 105251003 JITENDRA VERMA 73 103623838 ZULFIQAR AHMAD 145 102566531 JYOTI PUNIANI 219 102823971 RAJU SINGH 292 104965973 YASH 358 104149074 HARVINDER SINGH 426 102183970 ANKUR KUMAR
5 102891264 JIYA LAL CHEEKA LOCATION 146 101990752 KAILASH KAILASH 220 102815605 RAKESH JAGGI 293 102827929 YASH SHARMA 359 103592477 PARVEEN KUMAR 427 103224437 BABITA DEVI
6 104578256 KAPTAN SINGH 74 102721202 NAFE SINGH 147 104386453 KAMLESH KUMARI 221 102729057 RAKESH PRATAP SINGH 294 102316498 YUSUF 360 101945011 SHEELA YADAV 428 103237682 DILIP CHANDEL
7 102920964 KUSUM LATA DELHI LOCATION 148 103079321 KANHAIYA LAL 222 103102452 RATAN DEEP DERA LOCATION 361 102794036 SONU RANI 429 102876586 MANOJKUMAR
8 104766265 MAYANK RAJESH VIJ 75 103800102 ABHISHEK KUMAR 149 101942665 KANISHTH SHARMA 223 103426137 RAVI SHANKER 295 102352568 DHARAM SINGH 362 103725652 SUDESH RAMESHCHAND KH
9 103284490 MOHD DANISH 76 103875884 ABHISHEK PANCHAL 150 103468027 KANTA 224 104967641 REKHA 296 103741643 DUSHYANT RANA KURUKSHETRA LOCATION 430 102910208 MAYANK AGGARWAL
10 102870376 MOHD FAISAL 77 102540674 ABHISHEK SHARMA 151 104811028 KARISHMA 225 104759755 RENU 297 103724565 PARMEET SINGH 363 102848682 BALKAR SINGH 431 103217742 MOHD ALEEM
11 103044076 MOHD IMRAN 78 102616041 ABINASH CHANDRA JHA 152 102802245 KARTAR SINGH 226 104347031 RINKU KUMARI 298 102911920 SAHIL KUMAR 364 103386016 NAND KISHORE 432 103239709 MOHD RASHID
12 102798991 MUKESH LAWANIA 79 102090534 ADESH BHATI 153 102806993 KAVITA RANI 227 105235274 RITU DEVI GORAKHPUR LOCATION 365 103675588 NARENDER 433 103775576 PIYUSH BANSAL
13 102888942 PAWAN KUMAR 80 102834054 AJAY SAHU 154 101305011 KAVITA SHARMA 228 105273931 ROHIT 299 102842687 AFSARI JANHA 366 102867029 RAM NATH 434 104351542 RAHUL RATHI
14 102480972 PUSHPENDRA SINGH 81 104076903 AJIT KUMAR GUPTA 155 104189384 KOSAR HAIDAR 229 102755336 ROOP KISHOR 300 104671112 AKANKSHA SRIVASTAV 367 102834070 SANDEEP KUMAR 435 103645801 RAM BHOOL
15 103349119 RAMKUMAR 82 101317441 AKASH JOSHI 156 102879384 KRISHAN 230 103439256 ROSHAN KUMAR 301 102853584 AKHILESH MAURYA 368 103076475 SANDEEP KUMAR 436 103210506 SHIVANI CHAHAL
16 102890320 SACHIN TIWARI 83 103154416 ALI AFFAN 157 102922715 KULDEEP CHAUDHARY 231 102350980 RUKHSANA 302 103337265 AMLESH PANDEY LUCKNOW LOCATION PANCHKULA LOCATION
17 103840457 SANTOSH SINGH 84 101561086 AMARADEEP 158 103825413 LAKHVINDER KAME 232 105164497 SABA ZAIDI 303 102780240 ASHOK KUMAR JOSHI 369 102012719 ALI HASAN 437 103663195 JITENDR TYAGI
18 103126210 SEEMA SHARMA 85 105025052 AMEER JAHA 159 101362640 LALIT KUMAR 233 101379552 SABINA KAPOOR 304 102446391 CHAYA SINGH 370 101970368 AMIT KUMAR SINGH 438 102008415 RAGHUBIR SINGH
19 105033077 SHAILENDRA KUMAR SHARMA 86 105385334 AMIR 160 102841295 MADHU 234 104968726 SACHIN 305 102766803 KAMAL PRASAD GUPTA 371 102779521 ANKITA VYAS PANIPAT LOCATION
20 105289218 SHUBHAM GOYAL 87 104860326 AMIT KUMAR 161 103847150 MAGAN KOHALI 235 103123080 SAJID 306 104183105 KHURSHID 372 103294636 DIWAKER TRIPATHI 439 102250822 AJAY KUMAR
ALIGARH LOCATION 88 101020766 AMIT PANDEY 162 101209184 MAHESH KUMAR 236 105124949 SALONI KUMARI 307 102842938 MAYA DEVI 373 101327863 KAMESHWAR NATH MISHRA 440 102912336 AMAN MALIK
21 102821582 AFTAB AHMAD 89 102239784 ANAND SHARMA 163 103213740 MANISH KUMAR JHA 237 102899806 SAMRAT VATS 308 102807596 MOHD ZAID 374 101299825 KAMINI SINGH 441 102883492 GAYYUR KHAN
22 102781693 AMIT KUMAR PARASHER 90 105075384 ANIKET NARAYAN 164 104239946 MANJU 238 103285729 SANDEEP JAIN 309 105291990 MOHIT KUMAR GUPTA 375 105403653 KRITIKA SINHA 442 102801123 IMRAN
23 102905661 AZHAR KHAN 91 104915782 ANJUM PARVEEN 165 102842556 MANJU MEHTA 239 104960397 SANDEEP KUMAR 310 104485221 NITESH KUMAR SHUKLA 376 104374403 MAMTA 443 101735698 MOHAN
24 102070394 BABLEESH KUMAR 92 102881343 ANNU BHATI 166 102575250 MANOJ GUPTA 240 104771666 SANJAY 311 104525139 POONAM DEVI 377 104087897 MEENA SRIVASTAVA 444 102874486 RAJESH KUMAR
25 103867216 GAVENDRA SINGH 93 101841044 ANURAG BRARU 167 102856909 MANOJ KUMAR 241 102791255 SANJAY SHARMA 312 104314402 PRASANNA KUMAR 378 104839100 MOHD AMEEN 445 102127105 RITU
26 103332965 IBNE HASAN 94 103023925 ANWAR 168 101205953 MANOJ CHOPRA 242 101712969 SANJAY NAGAR 313 105144960 RAJENDRA 379 101468116 MOHD KALEEM PEHOWA LOCATION
27 104282330 JAI PRAKASH 95 104312485 ARUN GOEL 169 102794315 MANOJ KUMAR BALI 243 104982204 SANJEEDA 314 104614654 RAMNIVAS GUPTA 380 100991320 MOHD RASHID 446 102050645 NIRMAL SINGH
28 102929691 MOHD RIZWAN 96 101651062 ARUN JAIN 170 102690223 MEENAKSHI DEVI 244 104327060 SANJEET 315 103869137 SANDEEP SHARMA 381 104690951 MUKESH KUMAR SAHARANPUR LOCATION
29 103687834 MOHD MUSTAFA GHAZI 97 102222215 ARVINDER SINGH 171 104426519 MEENU 245 100913570 SANJEEV ADLAKHA 316 104171339 SATISH PASWAN 382 103724547 NAZAR ABBAS RIZVI 447 104539368 AFSAR
30 103325537 MUKEET UR REHMAN 98 104734546 ASHA 172 104972647 MEHARAJ JAHAN 246 103540686 SARTHAK JAIN 317 104351536 UPENDRA MISHRA 383 102281294 NEELAM SINGH 448 102873533 BABAR KHAN
31 104297364 MUNISH RAJA KHAN 99 101933482 ASHUTOSH KUMAR MISHRA 173 105294778 MEHTAB 247 104955481 SATINDER PAL SINGH 318 104415682 VIJAY KUMAR 384 103825286 NEERAJ PANDEY 449 102807870 KHALID
32 102738269 OMVEER 100 103865484 ASHWANI KAPOOR 174 102918896 MOHD SAJID 248 103733124 SATISH 319 103822634 VIJU 385 101965761 NIKHAT BANO 450 102881055 MANOJ KUMAR
33 104314515 RABEYA KHATOON 101 101684848 ASIM 175 102808404 MOHD SHAKEEL 249 102104788 SATISH KUMAR VERMA 320 104162580 VIRENDRA KUMAR 386 103796055 PRATIMA YADAV 451 103342049 MOHD JAVED
34 102464108 RAULESH KUMAR 102 102809641 ATUL CHAUDHARY 176 101808880 MOHD ZAHID 250 102779660 SAURABH SISODIA CHAUHAN 387 101597044 RAM KARAN 452 103515978 MOHD ZUBER AHMAD
35 103057414 SHAHEDA 103 102915704 AZHARUDDIN 177 102493739 MOHD AARISH 251 105414674 SAVITA 321 102813446 VISHAL JAISWAL 388 102794226 SANJAY KUMAR SINGH 453 102800679 MURSLEEN
36 102844714 SHANU 104 102873488 BALBEER 178 102865520 MOHD REHAN SHAH 252 103244538 SHABNAM KHANAM 322 103249510 VISHWA PRAKASH 389 101232417 SHAMSUZZOHA KHAN 454 102239751 PREM RANI
37 102718156 SHYAM KUMAR 105 104636633 BASANT KUMAR 179 102880252 MOHD WASEEM 253 104849853 SHAHBAJ HISAR LOCATION 390 102615715 SONA 455 103666655 RAO SALMAN
38 102808882 SIMRAN 106 102934057 BEENA 180 105160020 MOHDZEESHAN SAIFI 254 102057795 SHAMSUL AARFIN 323 102920735 AJIT SINGH 391 103220333 SUMIT SRIVASTAVA 456 102866755 RISHI SINGH
39 103227410 UMESH KUMAR 107 102805270 BIJENDER KUMAR 181 100620701 MONIKA GAUTAM 255 102491358 SHANKAR LAL 324 102695977 CHIRAG CHIRAG 392 103873378 SURENDRA KUMAR YADAV 457 103021696 SACHIN SAINI
AMBALA LOCATION 108 104917107 BINTU 182 104994728 MUKESH KUMAR GOYAL 256 102814149 SHARAFAT 325 102873494 DEEPAK 393 102805902 USHA MISHRA 458 102798926 SHAHJAD
40 102822834 ANKIT SINGH RAJPUROHIT 109 104123431 BIRJESH 183 102872481 MUNESH 257 102936625 SHASHI RANJAN 326 103124929 DINESH KUMAR MATHURA LOCATION 459 102825995 SHAHVEZ
41 102821506 ANUJ SHARMA 110 102820307 BISWOJIT BARIK 184 102905226 MUNNA PASWAN 258 101941770 SHITAL 327 102817363 DIVYANSHU THREJA 394 105346955 DEEPAK KUMAR 460 102881884 SHIV RAJ SINGH
42 102831071 ARJUN 111 105111201 BRIJ PAL 185 102867190 NAINA SEHRAWAT 259 101269598 SHIVA CHAUHAN 328 102121513 GEETA GEETA 395 104503442 GOVIND PRASAD 461 103729817 SUMAN BATRA
43 104994035 DIMPLE RANI 112 102285266 CHANDRABHAN SHARMA 186 103231614 NAND KISHOR 260 102686355 SOURAV TYAGI 329 105394536 GYANI RAM 396 105128277 KUNJESH VARANASI LOCATION
44 102838860 GURPREET SINGH 113 102814876 DAVINDER SINGH 187 100618182 NARENDER KUMAR 261 102920446 SOURENDRA PRASAD 330 102314770 HARISH PAL SINGH NEGI 397 104970137 RAHUL KUMAR 462 103731605 DURGESH NANDANI
45 101184681 GURPREET SINGH 114 101367846 DEEPIKA SARKAR 188 102917395 NAUSHAD BANDYOPA 331 102826820 JYOTI DHINGRA 398 105374052 SHYAM 463 104483616 JITENDRA KUMAR SINGH
46 102087720 JASPREET SINGH DUGGAL 115 102927521 DEVENDER SHARMA 189 102308930 NAWAB SINGH 262 105188403 SUBODH KUMAR 332 103011434 KAMAL 399 104485953 VARSHA GANGAVANI 464 105287223 NEHA GUPTA
47 102761712 MOHAN KUMAR 116 101212926 DHANI RAM SHAHU 190 102435595 NAWAZ SHAREEF 263 101982122 SUKHKIRAT SINGH 333 102763892 KAUSHILYA MEERUT LOCATION 465 104856670 SANDEEP PANDEY
48 103697898 MOHIT KUMAR 117 102783105 DHARMENDRA 191 105354656 NEERAJ MAHESHWARI 264 104309918 SUMAN 334 102887116 KRISHAN KUMAR 400 102286846 GAZANFAR 466 104642410 SANJU SINGH
49 102911581 POOJA 118 102882502 DHRUV SHARMA 192 104140167 NEERAJ NARANG 265 104672070 SUNIL KUMAR 335 102344556 KULDEEP KULDEEP 401 103322145 MOHAMMAD SAJID YAMUNA NAGAR LOCATION
50 103875981 RIDHI SHARMA 119 104611449 DIKSHA 193 101136920 NEETU MALIK 266 101394451 SUNIL GUPTA 336 104594547 MANOJ KUMAR 402 101543352 MOHD BILAL 467 102934156 AMRISH KUMAR
51 103119298 SACHIN SINGH 120 102808731 DINESH CHAND 194 101304872 NEHA 267 104192394 SUNITA 337 104350299 MOHIT 403 103152667 MOHD KAFEEL HAMZA 468 102430566 ANJU GULATI
52 102842869 SATISH KUMAR 121 102743289 DINESH KISHAN LAL 195 102802006 NIDHI BHATNAGAR 268 102366022 SUNITA YADAV 338 102281816 PARDEEP KUMAR 404 101824282 MOHD SHAHID 469 104489226 ASHOK KUMAR
53 104783921 SEHAJ PREET SINGH 122 103769878 DVARIKA PANDEY 196 102800639 NIKUNJ MATHUR 269 101552698 SUNITA DESHWAL 339 103737840 PARUL 405 102274114 MR SARFARAJ 470 102595449 BALVINDAR KAMBOJ
54 104672930 SUNIL SINGH 123 102901238 FRANCIS ROZARIO 197 102571940 NISHU YADAV 270 102842008 SUSHIL 340 102903526 RAHUL NAGGAR 406 103700331 NEETU SAHRAWAT 471 104402735 DAVINDER
55 101737654 TRILOK SINGH RAWAT 124 105396476 GAURAV KUMAR 198 102819373 NOUSHAD AHMAD 271 102370652 SWATI ARORA 341 103016750 RAJ KARAN 407 103409520 RAJVEER KUMAR 472 102124822 DEEPAK SAINI
BAREILLY LOCATION 125 104489952 GAURAV KUMAR 199 103121015 OM BIR SINGH 272 104314574 TARA CHAND 342 104749723 RAJ KUMAR ATTKAN 408 102872020 RIJVAN 473 104399116 HARNIHAL SINGH DHILLON
56 105278652 ARIF 126 102809372 GOURAV JAIN 200 101208149 OM PRAKASH NARAYAN 273 102169154 TEJBEER 343 102853670 RAVINDER KUMAR 409 103702144 RIZWAN MALIK 474 102910455 HARSH MEHTA
57 104415684 ASHA DEVI 127 102100400 GOURAV KWATRA 201 104847419 PANKAJ KUMAR 274 102137161 UMESH BABU 344 103959174 RENU 410 102827357 SACHIN MEHARA 475 102774959 KARMVIR SINGH
58 104302004 HAJI MOHD MUSTAFA 128 103354380 GUNDEEP SINGH NARANG 202 104585653 PARAS 275 102280615 UTTAM RUDRA SHARMA 345 102130844 SUMAN SUMAN 411 103504633 VISHAL RATHI 476 102817816 MANISH KUMAR
NAWAZ 129 102935100 GURBAKSH SINGH 203 105325143 PARWATI 276 102872616 V P SINGH 346 104175022 SUMIT SINGH MORADABAD LOCATION 477 103181406 PARMOD BAKSHI
59 102841582 HARDESH KUMAR 130 102830606 HARISH CHAND SACHDEVA 204 102796917 POOJA KUMARI 277 101336850 VANSH SHARMA 347 101836742 SUNIL SUNIL 412 103657595 ASHOK KUMAR RAHEJA 478 103016888 PHOOL CHAND
60 103129984 INTEZAR AHMAD 131 100025542 HARVINDER KHANNA 205 101214561 PRAVEEN KUMAR 278 101811100 VARUN SEHGAL 348 103322165 VIRENDER 413 103016183 DEEPENDRA BHATNAGAR 479 102448615 RAJESH SINGH
61 103512330 MANISH PACHAUREE 132 104409706 HEENA PARVEEN 206 100907993 PREETI GOEL 279 101305923 VIKAS CHAUHAN 349 102851604 VISHNU 414 101987724 MOHAMMAD JAHANGEER 480 104548574 SADAM
62 103338844 MOHD IRSHAD 133 102820669 HEENA RANI 207 104485163 PRINCE JAIN 280 100910801 VIKAS SINGHAL INDERGARH LOCATION 415 102805303 MOHD AZEEM 481 102838398 VIKRAM
63 105370774 MOHD SALEEM 134 101491343 HEM RAJ 208 102917455 PRITI SINGH 281 103073377 VINAY GIRI 350 102874711 MANISH KUMAR 416 105358353 MOHD FARID 482 102799665 YASHODA VAID
64 104176475 MOHD SAHDAB KHAN 135 105016192 HINA 209 105029642 PUNAM DEVI 282 102816280 VIPIN KUMAR 351 102319910 RAJESH KUMAR 417 102896951 MOHD SAEED
65 103012423 MUKHTAR ALI 136 102779977 HRITIK ROSHAN 210 102903533 RAHUL BHATI 283 101550562 VIPIN BANSAL KANPUR LOCATION 418 104148178 MOHD SAMEER
66 103296166 PRIYANKA GUPTA 137 102103422 INDER NATH SHARMA 211 101366200 RAHUL VAID 284 105411560 VISHAL AHUJA 352 102804645 AMIT SRIVASTAVA 419 103151985 MOHD SHUAIB
67 105362146 SAIF ANSARI 138 101895743 INSAN ALI 212 101923483 RAJAT PUNIANI 285 101029135 VISHAL MITTAL 353 102832633 SHAILESH SINGH 420 105195016 SHARMENDRA SINGH
68 103460831 SAJID 139 101826519 JAGDEEP SINGH CHAUHAN 213 102040524 RAJEEV KUMAR 286 104581453 VISHNU BHADHORIYA 421 104762030 SHUMAIL AHMAD
69 102782307 SAMSUDDIN SAMSUDDIN 140 101548306 JAGDISH CHANDRA BUDORI 214 102188104 RAJESH ANAND 287 101379651 VISHNU DATT KAUSHIK 354 102483207 SUCHIT KUMAR BAJPAI 422 102870169 WASEEM AHAMAD
By way of this publication, the concerned Borrowers/Pledgers are hereby given final notice and last opportunity to pay the facility recalled amount in full, with all interest and charges forthwith or anyhow before the scheduled auction date failing which the Jewellery will be auctioned. Items not auctioned to the highest bidder on the scheduled auctioned date shall be auctioned on
any other day(s) without further notice. Participation in the auction and acceptance of bids shall be at the sole discretion of DCB Bank.
Please note that the auction shall be on an “as is where is basis”, “as is what is basis”, “whatever there is basis” and “no recourse basis” and DCB Bank shall not be responsible and liable in any manner for any claims, disputes, objections related to the Jewellery or the auction thereof. Bidders may kindly visit https://gold.Samil.in for detailed terms & conditions for participation in
the auctions.
Sd/-
Authorised Officer
Date: 14.09.2023 DCB Bank Limited
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NEW DELHI | THURSDAY, 14 SEPTEMBER 2023 1
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