FRIDAY, 13 OCTOBER 2023

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

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VOLUME XXX NUMBER 154

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OPERATION AJAY TO Infy cuts FY24 guidance

EVACUATE INDIANS Sept retail inflation at
FROM ISRAEL BEGINS
India sent its first charter flight to Tel Aviv on
3-mnth low of 5.02% to 1-2.5%, Q2 net up 3.2%
Thursday to evacuate citizens stuck in Israel
amid an escalating conflict between Israeli AYUSHMAN BARUAH
security forces and Hamas militants. The first Industrial output growth rises Bengaluru, 12 October
THE BIG
batch of around 230 Indians is expected to be
to 14-mnth high of 10.3% in Aug GETTING BACK ON TRACK
brought back on Friday under Operation Ajay,
the Ministry of External Affairs said. An Air India
Infosys, India’s second-largest
software exporter by revenue,
THREE ~59,692 ~38,994 ~26,672
crore crore crore
B-787 plane departed from Delhi airport at 5 SHIVA RAJORA has lowered its FY24 revenue
Revenue >
pm for the mission. The airline is scheduled to New Delhi, 12 October growth guidance to 1.0-2.5 per
operate a total of seven flights till October 18 cent in constant currency terms
TCS Infosys HCLTech

under Operation Ajay, sources said.
ISRAEL SAYS HAMAS BURNT
BABIES, SHARES PICS P8
THE SMART INVESTOR P10
Burmans’ open offer for
Religare Ent on Sebi radar
A corporate battle is brewing between the
current management of Religare Enterprises
and the Burman family of Dabur Group over
control of the company. On Thursday, top
executives of Religare Enterprises, led by its
Chairperson Rashmi Saluja, met with top
officials of the Securities and Exchange Board of
India (Sebi) to apprise the regulator about the
open offer made by the Burman family and the
disclosures made by the company so far.
ECONOMY PUBLIC AFFAIRS P6
Faulty tracks likely behind
Bihar train derailment
Defects in tracks are likely to have caused the
derailment of the Anand Vihar-Kamakhya
Northeast Express, resulting in the deaths of four
persons and injuries to at least 30 on
Wednesday night, a prima facie statement by
involved stakeholders suggests.“The loco pilot
had to apply the emergency brakes at 128 km
per hour after the train had a severe jolt after
passing Raghunathpur station,” a source said.
I
7> ndia’s retail inflation rate fell below the Reserve from 1-3.5 per cent it had guided
Bank of India’s (RBI’s) upper tolerance level of 6 earlier as delayed decision-mak- Y-o-Y (%) 7.9 6.7 8
per cent for the first time in three months in ing and lower discretionary Q-o-Q (%) 0.52 2.8 1.4
September, while industrial production growth expenditure by clients continue
accelerated to a 14-month high in August, providing to pose challenges. Net profit (~ crore) 11,342 6,212 3,832
some relief to the government on the macroeconomic The Bengaluru-based IT Y-o-Y (%) 8.7 3.2 9.8
front ahead of the festival season. major, which announced its sec- Q-o-Q (%) 2.42 4.5 8.4
The data released by the National Statistical Office ond-quarter (Q2) results on
(NSO) on Thursday showed that the Consumer Price IIP GROWTH JUMPS Thursday, maintained its oper- Operating (In %) 24.3 21.2 18.5
Index (CPI)-based inflation eased to 5.02 per cent year- ating margin guidance at 20-22 profit margins Q-o-Q (bps) 110 40 154
on-year in September from 6.8 per cent in August on per cent for FY24.
account of a moderation in prices of vegetables, cereals, This comes a day after Tata
TAKEAWAYS Voluntary attrition rate
clothing and footwear, housing, and services. Consultancy Services (TCS)
moderated to 14.6%,
HCLTech BEATS
Separately, the country’s industrial output, as meas- missed the Bloomberg estimates Headcount ESTIMATES;
ured by the Index of Industrial Production (IIP), grew on both revenues and net profit, from 17.3% in the
declined by preceding three months GROWTH
by 10.3 per cent Y-o-Y in August compared to 6.02 per and indicated soft FY24 growth.
7,530 FORECAST CUT
cent in July, driven by a low-base effect and robust The revenue guidance cut
employees in Signed large deals
growth in the power (15.3 per cent), mining (12.3 per and the uncertain macro envi- P2
cent), and manufacturing (9.3 per cent) sectors. ronment impacted Infosys’ Q2, taking worth the highest-ever
Last week, the Monetary Policy Committee (MPC) *Provisional; Source: NSO American Depositary Receipt strength to total contract value
of the RBI had unanimously kept the repo rate (ADR) shares, which fell 7 per 328,764 of $7.7 billion
unchanged at 6.5 per cent for a fourth consecutive pol- cent to $16.25. In a seasonally
icy review and maintained the “withdrawal of accom- strong second quarter, Infosys’s
modation” stance. The central bank had also retained net profit was ~6,212 crore, up
AI IS PART OF ALMOST EVERY
its forecast for retail inflation at 5.4 per cent for FY24.
However, it revised upwards its inflation forecast for
3.2 per cent from a year ago and
4.5 per cent quarter-on-quarter ONE OF THE MEGA DEALS AND
Q2FY24 to 6.4 per cent from 6.2 per cent, and down- (Q-o-Q), which are a marginal
GENERATIVE AI SPECIFICALLY
wards for Q3FY24 to 5.6 per cent from 5.7 per cent. miss to the consensus Bloomberg
Food inflation also declined to a three-month low estimates of ~6,267 crore. IS STARTING TO SHOW
of 6.56 per cent in September from 9.94 per cent in
August, as vegetable prices — the primary reason for
Revenues for Q2 grew 6.7 per
cent over the year-ago period to
UP IN A LARGE WAY”
the massive spike in food inflation — decelerated ~38,994 crore, which is above the SALIL PAREKH
sharply to 3.4 per cent. Turn to Page 6 > consensus Bloomberg estimates CEO & MD, Infosys
of ~38,504 crore. On a sequential
basis, revenues grew 2.8 per cent.
US INFLATION REMAINS STEADY AT 3.7% 8> Turn to Page 6 > PEOPLE IMPACT: IT INDUSTRY ON BACK FOOT AS DEMAND HIT P2

Need to be realistic about pvt cap

mobilisation: FM to World Bank
Asks bank to align process with other MDBs
RUCHIKA CHITRAVANSHI
New Delhi, 12 October

Union Finance Minister (FM) Nirmala Sitharaman on

Finance Minister Nirmala Sitharaman with World Bank
chief Ajay Banga at the G20 Finance Ministers and Central
Bank Governors meeting in Morocco on Thursday
Thursday asked the World Bank to be realistic about the
assessment of the potential for private capital mobilisation, given
the global economic outlook.
In her address at the 108th Meeting of the Development
Committee Plenary of the World Bank in Morocco’s Marrakech,
the FM also called for increased delegation of authority, especially
to country offices by the bank group, and aligning its processes
and procedures as far as possible with those of other multilateral
development banks (MDBs) to benefit client countries. “We believe
the direction of the World Bank’s evolution will set the template
across the MDB ecosystem,” she said. Turn to Page 6 >
PHOTO: PTI IMF CALLS FOR URGENT SUPPORT TO RAISE QUOTA RESOURCES 4>

Rolling in luxury: Top-end carmakers

spin wheels of bespoke experience
From drifting and slaloming on sheets of ice to bending laws of
motorsport physics, auto majors curate thrills beyond the road
SOHINI DAS
Mumbai, 12 October
RUSH HOUR
Automakers are pouring
~1.85 trillion into their factories
Earlier in October, owners of
to produce many more vehicles
Mercedes-Benz cars in India
than they now do. One reason
were soaring over the
for the rush is that automakers
Sahyadri mountain range
do not want to miss the bus on
(Western Ghats) in a Cessna
electric vehicles, a market on
aircraft at Aamby Valley City,
which each of them has placed
a township near Pune. The
ambitious bets with invest-
company had reserved the
ments and new models.
airstrip at Aamby Valley and
SURAJEET DAS GUPTA writes 17 >
also organised a watch
assembly session with Swiss
luxury watchmaker IWC
Schaffhausen. multiple Mercedes-Benz cars. From music festivals such countries, like Audi’s trips to
“The enthusiasts I recently met someone who as BMW Joytown, to Finland and Austria where
completely disassembled has nine Mercs in his garage. immersive chef cooking customers could test their
and then reassembled the They are looking for curated, experiences like Audi’s skills on thin sheets of ice, as
IWC watches,” said Santosh exclusive experiences; recent event featuring chef well as prestigious golf
Iyer, managing director and something Prateek Sadhu, tournaments such as the
chief executive officer of money cannot showcasing BMW Golf Cup 2023 and
Mercedes-Benz India. He buy,” Iyer said.
PAGE 2 sustainable adrenaline-pumping racing
added that they had recently Not only 2W SALES HIT cooking with events like BMW MotoGP. In
completed multi-city Mercedes-Benz ALL-TIME HIGH local ingredients, every endeavour, these
dinners with Michelin two- India but also its FOR SEPTEMBER luxury carmakers brands ensure their
star chefs from Milan for German peers, spare no effort in customers are captivated
customers of top-end Audi and BMW, are in the engaging their customers. and connected, leaving no
vehicles (TEVs) of business of attracting These experiences extend wheel unturned in the
Mercedes-Benz. discerning customers with to thrilling driving pursuit of ultimate luxury
“These customers own curated experiences. adventures in foreign and excitement. Turn to Page 6 >
2 COMPANIES
> Sterlite Technologies
STOCKS
IN THE NEWS
*OVER PREVIOUS CLOSE
>
H1 TRACKER
PE INVESTMENTS IN REALTY
DIP 12% TO $2.3 BN
The flow of private equity (PE)
money into Indian real
estate declined by 12 per cent
year-on-year (Y-o-Y) to $2.3
billion in April-September 2023
(H1FY24) from $ 2.7 billion in
the same period last year.
The flows have
remained below the
pre-pandemic level of
$4.2 billion in H1FY20. During the first
wave of the Covid-19 pandemic, PE investments had
declined to $1.5 billion H1FY21. ABHIJIT LELE
SLOWING DOWN
PE investments in realty sector during Apr-Sept (Amount $ bn)
4.2 1.5 2.0
FY20 FY21 FY22
IN BRIEF
India may earn $130 billion
from global ER&D by 2030
The engineering research and development (ER&D) sector
projected to rise from $44-45 billion in FY23 to $130-170 billion
by FY30, according to the Seizing the ER&D Advantage:
Frontiers for 2030 report released by Nasscom and BCG.
Festival e-tail sales may
bring $13 bn biz for MSMEs
The e-commerce opportunity is estimated to be worth $13 billion for
MSMEs during the festive season, according to the e-commerce
enablement platform Shiprocket. The firm said 56 per cent of its
order volume comes from non-metro cities.
H1 TALLY
Automakers drive
record PV sales
PICKING UP PACE (H1 NUMBERS)
CATEGORY FY22 FY23
Two-wheelers 5,914,894 7,313,930
Three-wheelers 142,168 321,964 65.66
Commercial vehicles 283,562 450,458 3.25
Passenger vehicles 1,335,814 1,702,905 6.19
Tractors 373,856 389,815 13.99
TOTAL 8,050,294 10,179,072 8.84
Source: Fada
SHINE JACOB
Chennai, 12 October
Automobile retail sales in India grew 9 per cent
year-on-year (Y-o-Y) in the first six months of
2023-24 (H1FY24), driven by a recovery across
categories, data shared by the Federation of
Automobile Dealers’ Associations (Fada)
showed on Thursday. Three-wheelers and
passenger vehicles logged record H1 sales in
April-September.
The cumulative sales in the first half stood at
11.07 million units, as against 10.17 million units
in the year-ago period. The H1FY24
numbers were 38 per cent and 82 per
cent higher than those in H1FY22 and
H1FY21, respectively.
Sales of two-wheelers, three-
wheelers, commercial vehicles, pas-
senger vehicles, and tractors grew by
7 per cent, 66 per cent, 3 per cent, 6 per
cent, and 14 per cent, respectively, in the
first six months, according to the Fada data.
“The auto retail sector in India embarked on
a journey of cautious optimism and resilience
amidst a mix of obstacles and victories across
various vehicle categories. The initial 4 per cent
decline in April’s overall vehicle retails was not
only a reflection of the dynamic nature of the
automotive market but also a precursor to a story
of gradual recovery and growth that would unfold
over the subsequent months, culminating in a
robust 20 per cent Y-o-Y growth in September,”
said Manish Raj Singhania, president, Fada.
The three-wheeler segment was the undis-
puted star, selling a record 533,353 units in
H1FY24, significantly outperforming H1FY23's
321,964 units and H1FY19's 358,187. On the other
hand, the two-wheeler segment saw its sales mov-
ing up by 7 per cent to 7.82 million units from 7.31
million units in the year-ago period. However,
the two-wheeler segment is under stress -- still
far from its H1FY19 peak of 9.7 million units,
reflecting the diverse challenges and successes
within India’s auto retail sector.
“The passenger vehicle segment, while having
its set of challenges, also showcased a narrative
of steady resurgence and growth. It not only grew
by 6 per cent Y-o-Y but also witnessed record
retails, with H1FY24 seeing all-time high PV
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> Aurobindo Pharma
Ties up with Hygenco Inks LoI with Merck
for supplying Sharp & Dohme for
green hydrogen manufacturing operations
~162.1 CLOSE ~915.8 CLOSE
p2.9% UP* p1.8% UP*
HCLTech net beats estimates,
but FY24 growth forecast cut
SOURABH LELE & ASHUTOSH MISHRA
New Delhi, 12 October
I
nformation technology (IT) services
major HCLTech has revised its full-
year 2023-24 (FY24) revenue guidance
to 5-6 per cent year-on-year (Y-o-Y)
growth in constant currency terms due
to weak performance in the first half of
the year. This is down from the earlier
estimate of 6-8 per cent and a growth of
13.7 per cent in 2022-23.
2.7 2.3 HCLTech reported on Thursday a net
profit of ~3,833 crore for second quarter
FY23 FY24 (Q2) of FY24, a 9 per cent increase from
~3,487 crore in the same period last year.
Source: Anarock Capital
The consolidated revenue from oper-
ations reached ~26,672 crore, an 8 per cent
Y-o-Y increase. Bloomberg had estimated
the revenue to be at ~26,945 crore and a
net profit of ~3,756 crore.
The company reported net new book-
ings in the quarter at an all-time high of
$3.96 billion in total contract value (TCV).
This includes a large deal worth $2.1 bil-
lion signed with the telecommunication
major Verizon Business in August. The
firm’s deal wins have consistently been
close to $2 billion in TCV for the past eight
quarters, with the exception of $1.6 billion
ASHUTOSH MISHRA in the first quarter (Q1) of FY24.
Sequentially, profit after tax grew by
8.5 per cent, while revenue increased by
1.4 per cent.
The quarter ending on September 30
is traditionally a strong growth period of
the year for IT services companies. For
FY24, the company expects its revenue
growth, excluding revenue addition from
the recently acquired ASAP Group, to
PEERZADA ABRAR remain between 4 per cent and 5 percent.
FY24 % chg over FY23 FY24
7.03 7,828,015
533,353
465,097
1,808,311
444,340
11,079,116
JLR RECORDS BEST EVER
FIRST HALF; SALES
DOUBLE TO 2,356 UNITS
Jaguar Land Rover (JLR) India on Thursday
reported its highest-ever performance in
the first half of this fiscal with sales of
2,356 units. The automaker had retailed
around 1,194 units in the April-September
period of the last financial year. The strong
half-yearly growth was driven by
record sales in both quarters, with
the second quarter witnessing a
108 per cent Year-on-Year
growth and retails of 1,308 units,
JLR India said in a statement. The
company had previously
reported a 102 per cent sales
growth in Q1, compared to the same
period last year, it added.
“The consistent growth in our order book
exemplifies the growing strength of our
brand and products in the hearts of
Indian consumers,” JLR India
Managing Director Rajan Amba said. PTI
retails at 1,808,311, surpassing the previous record
set in H1FY23 at 1,702,905. This continued growth
trajectory of the PV segment for the two consec-
utive fiscal years is a testament to the resilient
demand and the market’s positive response to
the diverse and dynamic offerings in the seg-
ment,” he added.
During the first half, the tractor segment wit-
nessed a 20 per cent rise in sales at 444,340 units,
surpassing the H1FY23 sales figures of 389,815.
H1FY24 also saw robust sales in the CV sector,
registering 465,097 units, only second to its
record in H1FY19 with 472,492 units.
“With the festive season on the horizon, bring-
ing with it a promise of renewed consumer inter-
est and potential demand surge, we anticipate a
season of growth and prosperity for the auto retail
sector, moving from cautious optimism to a hope-
ful and positive outlook for the market," he said.
Editor : Shailesh Dobhal RNI NO. 57376/1994 Readers should write their feedback at feedback@bsmail.in Ph. 011-23720202, Fax :+91-11-23720201
NEW DELHI | FRIDAY, 13 OCTOBER 2023
> Crompton Greaves Consumer > JSW Steel > Glenmark Pharmaceuticals
Launches product Preferred bidder for Signs licensing deal for
in industrial Jaisinghpura Iron monoclonal antibody
lighting segment Ore North Block portfolio with US firm
~301.0 CLOSE ~783.2 CLOSE ~792.0 CLOSE
p0.5% UP* p0.8% UP* p1.5%
N Q2 RESULTS ROUND-UP N
Caution: Slow
lane ahead for
campus hiring
good, as it includes a seasonally weak
third quarter in the services business.
MARGIN IMPROVEMENT However, for the entire year — SHIVANI SHINDE & HCLTech was the only
IS PRIMARILY THROUGH
combined with a weak Q1, which we ASHUTOSH MISHRA exception, as it continued to
reported last quarter, and a strong Q2 that onboard new employees. The
DRIVING EFFICIENCIES IN we are reporting — our organic growth
Mumbai/New Delhi, 12 October
firm stated that it added 3,630
OUR MANAGED SERVICES for services will add up to 4.5-5.5 per cent The writing is on the wall. freshers.
ENGAGEMENTS THROUGH in FY24,” said C Vijayakumar, With the total headcount of “We are broadly on track
AUTOMATION AND AI chief executive officer and managing
director of HCLTech.
the top three information tech-
nology (IT) services firms
with our quarterly hiring plan
for the year, aiming to con-
OPERATIONS CAPABILITIES The company had missed expecta- dropping, it seems that cam- clude the year with approx-
C VIJAYAKUMAR tions in the April-June quarter with net pus hiring for 2024-25 by the imately 10,000 freshers hired.
profits declining by 11.3 per cent sequen- Indian IT services giants is in Attrition, at 14.2 per cent, is
CEO & MD,
tially due to a significant reduction in dis- the slow lane. one of the best years, remain-
HCLTech
cretionary spending in multiple verticals. As Indian IT services bell- ing close to pre-pandemic
In Q2, financial services and manufactur- wethers grapple with levels,” said Ramachandran
ing verticals led the growth, with a Y-o-Y macroeconomic headwinds, Sundararajan, chief people
increase of 12.5 per cent and 9.5 per cent, the top three players have wit- officer of HCLTech.
respectively. nessed a negative headcount For Infosys, the negative
Earnings before interest and taxes trend. The top three IT servic- headcount of 7,530 for the
margins of HCLTech improved by 150 es players — Tata Consultancy quarter represented the steep-
basis points to 18.5 per cent from 17 per Services (TCS), Infosys, and est fall for the company.
cent in Q1FY24.
“The margin improvement is prima-
HCLTech — saw their total
headcount decreasing in uni-
Importantly, this marked the
third consecutive quarter of
rily due to driving efficiencies in our man-
aged services engagements through auto-
son. TCS saw its headcount
reduced by 6,333. Infosys’
declining headcount. In the
first quarter of 2023-24 (FY24),
mation and artificial intelligence headcount decreased by Infosys’ headcount was down
operations capabilities. We also signifi- almost 7,500, and HCLTech by 6,940, and in the fourth
PLAYING SAFE cantly reduced our dependence on sub-
contractors, using our own employees to
saw its employee
numbers shrink by 2,299.
quarter of 2022-23 (FY23), it
decreased by 3,611. In Infosys’
n New deal wins in the quarter replace them. We also controlled some of These headcount reduc- case, the company is still in the
at all-time high of $3.96 billion the discretionary spending,” Vijayakumar tions occurred even as com- process of calibrating its time-
n Q2 revenue up 8% Y-o-Y, said. The total headcount of the company panies saw a drastic decline in line for campus recruitment.
1.4% sequentially has decreased for a second consecutive
quarter, with a net reduction of 2,299
attrition. The reasons for the
decline were similar among all
Infosys Chief Financial
Officer Nilanjan Roy added
employees from the workforce.
In Q1, the headcount had declined by
three.The management of
these companies mentioned
that despite the drop in head-
count, there is still room to
“Looking ahead, we expect very around 2,500. The attrition rate has that the excessive hiring of the improve the company’s pyr-
healthy sequential organic growth in our reduced from 2.1 per cent quarter-on- past few years required a recal- amid structure.
services business. This growth, in normal quarter to 14.2 per cent, the lowest for the ibration of employees due to
times, would be considered extremely company since Q1 of 2021-22. the dip in growth. More on business-standard.com
2W sales see best ever September
SHINE JACOB
Chennai, 12 October
After a lull in the past few years, two-wheeler retail
n FY23
1,600,000
n FY24 (LHS) % change Y-o-Y (RHS)
30
H1 TOTAL
1,135,566
sales are limping back to normalcy in 2023-24. The
1,493,234
first half of the current financial year (H1FY24) SIGNS 7,313,928
1,365,924
1,200,000 20
1,326,773
1,310,186
logged 7 per cent year-on-year (Y-o-Y) growth in two-
1,312,101
OF
1,229,911
1,227,149
1,228,139
1,180,230
wheeler sales at 7.8 million units, while the month
of September witnessed a 22 per cent surge at 1.3
RELIEF
1,078,286
800,000 10
million units, according to data from the Federation
of Automobile Dealers’ Associations (Fada).
7,828,015
The demand for two-wheelers in the first six
400,000
1,254,444
months was mainly driven by a better rabi season, 0
the marriage season, and an average monsoon. 7
Analysts expect annual sales growth to be in the
range of 8 to 12 per cent in FY24. The best-ever 0 -10 %change Y-o-Y
September sales figure of 1.3 million units last month April May June July August September Source: Fada
was significantly higher than 1.08 million units in
September last year and the previous high of 1.18 mil-
lion units in the pre-Covid month of September 2019. growth. A lower base and a better sentiment during the upcoming festive period. “September’s
In H1FY24, sales stood at 7.8 million units as com- from last year’s rabi crop and the marriage season numbers were an all-time high for two-wheelers. We
pared to 7.3 million units during the same period are helping with this. I would say the rains expect this number to improve during the festive
last financial year and 7.9 million units in H1FY20. have not been very good. Overall, it’s a mixed bag,” season as the key impact will occur during Navratri
The two-wheeler segment is, however, still far from Thakkar added. and Diwali,” said Manish Raj Singhania, president
its H1FY19 peak of 9.7 million units. Compared to September last year, almost all the of Fada. In the premium segment too, increased
“We have seen a better than expected momen-
tum in the two-wheeler space. The price rise of on-
players witnessed growth, with Hero MotoCorp log-
ging a 31 per cent increase in sales. The company
competition through the launch of Harley Davidson
(HD) X440 and Triumph Speed 400 has helped mar-
board diagnostics (OBD) was not as steep as now has a 27 per cent market share in the ket leader Royal Enfield with its sales increasing by
expected. Scooter as a category has also picked up.
Because of that, recovery has been faster than antic-
segment compared to 25 per cent in September last
year. On the other hand, Honda Motorcycle and
9 per cent during the month.
“Our interaction with channel partners indicates
ipated,” said Hemal N Thakkar, senior practice Scooter India saw its market share dip from 28 per that festive offtake would likely grow 5-8 per cent.
leader and director of Crisil Market Intelligence and cent to 27 per cent, placing it at number two Entry-level segments continue to be laggards; vol-
Analytics. Thakkar said the segment was expected position, though it posted a 17 per cent rise in sales ume recovery now hinges on the rest of festive
to see growth of 8-12 per cent in FY24. last month. TVS Motor also saw its sales increase by demand. On the other hand, demand for
“After multiple years of slowdown, the economy 28 per cent during the period, while Bajaj Auto premium two-wheelers/scooters continues to
as well as the 100cc category, which was not doing logged 29 per cent growth. improve, mirroring the trend of prior months,” said
well for three-four years, is actually seeing some Industry experts are hoping for better numbers a report by Yes Securities.
EV players ‘fully refund’ wrongful claims
NITIN KUMAR Electric (and Hybrid) Vehicles-II, the
New Delhi, 12 October BEFORE NOVEMBER 30 DEADLINE (in ~cr) subsidy given to electric two-wheeler
n Refunded n Deposited in IFCI's account TOTAL REFUND AMOUNT (E2W) makers is linked to adherence
The ex-factory price violators under to a maximum ex-factory price of ~1.5
the scheme Faster Adoption and lakh. The MHI in its investigation
Manufacturing of Electric (and ATHER ENERGY 58.17 99.61 157.78 found that E2W manufacturers had
Hybrid) Vehicles-II — Ola Electric, bypassed the subsidy eligibility limit
Ather Energy, TVS, and Hero OLA ELECTRIC 115 21.1 136.1 of ~1.5 lakh by separating the “EV
MotoCorp’s Vida — have stumped 8.53 charger” and the “intrinsic essential
up the money they owe customers TVS MOTOR 16.32 7.82 software”, which at the core of the
for billing them the price of TOTAL vehicle and without which the vehicle
“off-board chargers”, which come 0.06 183.15 129.3 cannot run.
HERO MOTOCORP (VIDA) 2.23 2.17
with electric vehicles. These companies have taken
Though the defaulter companies Source: Ministry of Heavy Industries 312.42 approximately ~278 crore from around
have repaid the ~312.42 crore in full, 200,000 customers. The ministry in
only ~183.15 crore has reached the cus- April ordered the defaulter OEMs to
tomers, the Ministry of Heavy including their email addresses fied, the government will disburse the pay back the money with interest.
Industries (MHI) data show. and phone numbers, making it impos- funds to the companies. In April, all four defaulter OEMs
The companies have put the sible for us to contact them. So we Queries sent to the OEMs accepted their wrongdoing and prom-
remaining ~129.30 crore in an escrow opted to refund the money to the remained unanswered till press time. ised to reimburse consumers for the
account managed by IFCI. government because the deadline The initial report of the default was cost of off-board chargers that they
The November 30 deadline to was fast approaching,” said a source first reported by Business Standard on had paid for.
refund customers is responsible for in an OEM. February 7, prompting intensified “With ex-factory violators depos-
the money to be put in the escrow On how to refund the remaining scrutiny of the matter. While iting the money, we are confident that
account. The challenges faced by orig- customers, another source in an OEM starting investigation into the matter, PMP (phased manufacturing pro-
inal equipment manufacturers said the companies were obliged to the ministry halted their gramme) violators will follow suit.
(OEMs) in obtaining customer infor- provide proof of this refund in the subsidies in February. Now, the task is to close the PMP
mation also played a role in it. form of certification. Once the sub- According to norms under Faster investigation as soon as possible,” a
“We lacked customer information, mitted documentation has been veri- Adoption and Manufacturing of government official said.
.
NEW DELHI | FRIDAY, 13 OCTOBER 2023 COMPANIES 3 <

Now, Jettwings looks to fly Go out of trouble
Regional airline submits expression of interest
AJINKYA KAWALE
Mumbai, 12 October
Jettwings Airways, a Guwahati-based
regional airline, has submitted an
expression of interest (EoI) for Go First,
which has been undergoing an insol-
vency process since May this year.
“Jettwings Airways, backed by
Sanjive Narain and Anupam Sarma, has
submitted its EoI for Go First Airlines,”
the airline said in a statement.
The airline, which had ear-
lier announced plans to launch
services in October, added that it had
obtained a no-objection certificate
(NOC) from the Ministry of Civil
Aviation (MoCA) to operate as a sched-
uled commuter airline.
In June, Narain had said the
airline had earmarked ~100-
crore investment and
planned to start service with
two planes in October.
On Wednesday, Naveen
Jindal-led Jindal Power
Limited (JPL) had also sub-
mitted an EoI for Go First.
Over the past few weeks, the res-
olution professional at Go First has
been working to revive the airline with
limited flights. However, securing fund-
ing from lenders has proven challeng-
ing due to ongoing legal cases filed by
the aircraft’s lessors.
After the airline, which was owned
by the Wadias, stopped operating
flights from May 3, its lessors had
put in applications with the
Directorate General of Civil
Aviation (DGCA) to repos-
sess more than 40 of the air-
line’s 54 planes. However,
the NCLT on May 10 put a
moratorium on all Go First
assets, barring the lessors from
taking their planes back. Multiple
lessors of Go First have filed an appeal
in the higher tribunal and courts to
repossess the planes.
Ambani reclaims top spot on Forbes Rich List 2023
Mukesh Ambani has reclaimed the top posi- Gautam Adani, who rose meteorically to over-
tion on the 2023 Forbes list of India’s 100 take Ambani as India’s richest person for
Richest with a net worth of $92 billion.
The fortune of infrastructure magnate
the first time last year, has slipped to the
second position. PTI
HC allows lessors
to inspect planes
The Delhi High Court on Thursday
allowed Go First’s lessors to deploy
security personnel for
the grounded aircraft, and
directed the resolution
professional (RP) of the airline to
share documents related to the
maintenance of aircraft, engines,
and airframes with the lessors in
two weeks. However, the RP
will continue to maintain the
aircraft. The order was passed on
the lessors’ plea. BHAVINI MISHRA

Zuckerberg, Pichai
get INDIA bloc letters Uneven monsoon weighs
seeking ‘neutrality’
The 28-party INDIA bloc on Thursday shot off
letters to Meta Chief Executive Officer (CEO)
Mark Zuckerberg and Alphabet CEO Sundar
on demand for FMCG firms
SHARLEEN D'SOUZA
Pichai, flagging the “culpability” of social Mumbai, 12 October DELAYED RECOVERY (Q2FY24E)
media platforms Facebook, WhatsApp, and
Net sales Change(%) PAT Change (%)

YouTube in “abetting social disharmony and
inciting communal hatred in India”. The
alliance, citing recent articles in The
Washington Post (WaPo), alleged the social
platforms were culpable “in aiding the
communal hatred campaign of the ruling
Bharatiya Janata Party (BJP)”. The letters,
signed by 14 leaders of the Indian National
Inclusive Developmental Alliance (INDIA),
urged Zuckerberg and Pichai that in light of
the forthcoming 2024 Lok Sabha polls, “to
consider these facts seriously and ensure
immediately” that Meta and Alphabet’s
“operations in India remain neutral and are
not used wittingly or unwittingly to cause
social unrest or distort India’s much cherished
democratic ideals.” The letter to Zuckerberg
pointed to the WaPo articles that detailed the
“vile, communally divisive propaganda"
carried out by “BJP members” using
“WhatsApp groups”. “In another article titled
‘Under India’s pressure, Facebook let
propaganda and hate speech thrive’, the Post
has elucidated with evidence the blatant
partisanship by Facebook India executives
towards the ruling dispensation,” the
alliance alleged. In its letter to Pichai, the
alliance pointed to the WaPo article titled ‘He
live-streamed his attacks on Indian Muslims.
YouTube gave him an award' “about the role
of YouTube in propagating communal hatred
and dividing Indian society.” ARCHIS MOHAN
F
ast moving consumer goods
(FMCG) companies are
expected to see muted topline
growth, with uneven spread of the
monsoon impacting demand. Rural
demand recovery, too, remains elu-
sive in the July-September quarter.
Brokerages expect volumes to
remain steady in the quarter on a
sequential basis. “On rural demand,
we believe that the overall recovery,
although not sharp, is witnessing
some signs of slow revival,” brokerage
house Nirmal Bang said in its preview
report on the sector.
In its pre-quarter commentary,
Marico said demand trends in the
September quarter were largely sim-
ilar to those in the preceding quarter.
Rising food prices and below-nor-
mal rainfall distribution in some
regions seems to have delayed the
expectation of rural demand recov-
ery. Godrej Consumer Products also
said in its quarterly update that it wit-
nessed weak macros and adverse
weather conditions during the
quarter. Another reason for weak
demand witnessed in the quarter was
the festival season extending to the
third quarter this year, Elara Capital
said in its report. The brokerage also
Q-o-Q Y-o-Y
ITC 17,191 0.9
Hindustan Unilever 15,555 1.9
Nestlé India 5,084 10.1
Britannia Industries 4,560 14.9
Dabur India 3,247 3.7
Marico 2,523 1.9
Note: PAT refers to profit after tax
added: “Although the southwest
monsoon in rural India was for the
most time normal, its uneven distri-
bution over time and regions may
impact agricultural income and con-
sumption. Differences in monsoon
patterns could impact an already
weak recovery in rural demand.”
Margins, however, are expected to
improve on a year-on-year basis.
“Q2FY24 will witness significant Y-o-
Y gross margin expansion for several
companies but rising ad spends (off
a low base), significantly lower reali-
sation growth versus preceding
quarters, and persistently tepid vol-
ume growth mean that Y-o-Y growth
at Ebitda (earnings before interest,
taxes, depreciation, and amortisa-
Q-o-Q Y-o-Y
1.5 5,085 -0.4 10.1
4.4 2,601 0.8 -3.1
11.3 786 12.1 16.8
5.1 547 19.6 10.9
8.7 518 11.7 5.7
1.1 363 -15.0 20.5 NSE'S MESSAGES AND YOUR TRADES
Source: Bloomberg; Compiled by BS Research Bureau
tion) margin level will not be material Investors are advised to check the daily SMS and email communication sent by
for most players,” Nirmal Bang said the exchange regarding their transactions, to ensure all trades are executed by
in its report.
The brokerage also expects FMCG the trading member as per their instructions
companies it tracks to clock revenue
growth of 5.2 per cent compared to
last year, which it says is muted.
IIFL Securities also noted in its
preview, “Aggregate Ebitda growth is
expected at 11.2 per cent Y-o-Y, while
aggregate Ebitda margin (ex-ITC)
would expand 118 bps (basis points)
Y-o-Y, largely due to gross margin
expansion.” It said prices of com-
modities such as crude oil, edible oils
and packaging materials have fallen
Y-o-Y, and added that commodities
like wheat and sugar have been wit-
nessing inflation Q-o-Q.

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4 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | FRIDAY, 13 OCTOBER 2023 1

Govt mulls simple

authorisation plan
for laptop imports
The government is likely to
put in place a simple import
authorisation procedure and
not a licensing process for
inbound shipments of lap-
tops, tablets and computers
from November 1, according
to sources. However, they
said the commerce ministry
is awaiting a final word on
computers) with a view to
boost domestic manufactur-
ing and cut imports from
countries like China.
As per the notification of
the Directorate General of
Foreign Trade (DGFT), the
restrictions will come into
force from November 1.
While the IT hardware prod-
IMF seeks urgent Nations must ensure
free e-mkts: CCI chief
support to raise RUCHIKA CHITRAVANSHI
New Delhi, 12 October
critical to have a clear framework for assessing
agreements that have sustainability dimen-
sions. “It is useful to have a conversation
quota resources
ASIT RANJAN MISHRA
ILLUSTRATION: BINAY SINHA
Fair trade authorities have a critical role to
play in the digital sector, where a handful of
dominant platforms could harm the interests
of consumers, according to Ravneet Kaur (pic-
tured), chairperson of Competition
Commission of India. Rapidly evolving mar-
about what guides the choice of instruments,
why, and in which specific cases and contexts
we would prefer soft law enforcement mech-
anisms.” Kaur urged countries to share prac-
tical insights and best practices to address
emerging competition issues and improve fair
New Delhi, 12 October kets and technology have created fresh chal- trade laws. The Brics conference is being
lenges and new dimensions in competition attended by 600 delegates from Brics and oth-

A
the issue from the Ministry uct industry comes under s part of its “Global
of Electronics and MeitY, the DGFT notifies Policy Agenda”
Information Technology decisions with regard to unveiled at Marrakesh,
(MeitY). import/export of a product. the International Monetary
The government in Following this notifica- Fund (IMF) has called for
August imposed import tion, IT hardware industry urgent support from members
restrictions on laptops and had flagged concerns. to increase its quota resources
computers (including tablet PTI and to secure funding for the
Poverty Reduction and Growth
Trust (PRGT) and Resilience
and Sustainability Trust
IN BRIEF (RST) to benefit the poorest
members.
Canadian Speaker skips The PRGT and RST are con-
cessional lending facilities of
G20 Parliamentary meet the IMF. However, while the
PRGT is available to low-
Amid a diplomatic row, Speaker of the Canadian Senate income countries that are eli-
Raymonde Gagne has decided to skip the Presiding Officers’ gible for the IMF’s concessional
Summit of Parliaments of G20 nations that began in New Delhi on financing for poverty
Thursday. Gagne had earlier confirmed her presence at the reduction, the RST is a newer
Parliament-20 meet chaired by Lok Sabha Speaker Om Birla. PTI facility, established in 2021, to
help low-income and
vulnerable middle-income
countries build resilience to
India 111th on Global Hunger climate change and other
law and policy. er nations, competition law experts, non-gov-
“Our enforcement experiences and market ernment advisors, and domestic invitees.
studies have helped us understand these mar- “This network has also given us a valuable
kets better. We are all upgrading, supplement- opportunity to view competition governance
ing our toolkits, and plugging enforcement through the lens of the Global South,” said
gaps,” said Kaur in a speech at the 8th Brics Kaur in her opening remarks.
(Brazil, Russia, India, China, and South Africa) In the plenary session on Brics Joint
International Competition Conference on Documents, reports on the Leniency
Thursday. Stressing that digital technolo- Programme and Digital Economy
gy can be a force multiplier in achieving were also released. The report on the
growth, inclusion, and innovation, Review of Leniency Programmes in
nations should share their experiences the Brics countries highlights the
to optimise efforts to ensure digital significance of leniency pro-
HELPING HAND markets remain free and competi- grammes in detecting cartels for
tive. “We must also build collective Brics competition authorities.
n Poverty
Reduction and
n PRGT is available to
low-income countries that are
capacity in the fields of artificial intel-
ligence, blockchain, and algorithms
International cartel investigations
involve multiple jurisdictions and
Growth Trust and eligible for the IMF’s concessional as the digital transition progresses,” competition authorities, underscor-
Resilience and financing for poverty reduction Kaur said. ing the need for a shared
To ensure that enter- understanding to
Sustainability
n RST is facility to help low-income prises build green navigate complex
Trust are both businesses without enquiries effectively,
concessional and vulnerable middle-income
facing anti-compet- as highlighted in
lending facilities countries build resilience to climate
itive barriers, it is the report.
of IMF change and other external risks

Index; Centre rejects report

India ranked 111th out of 125 countries in the Global Hunger
external risks.
“To be able to continue sup-
port for our poorest and most
vulnerable EMDEs (emerging
Index-2023 with the country reporting the highest child market and developing
wasting rate at 18.7 per cent. The index was released on economies), we rely on our
Thursday. However, the government has rejected the report, economically stronger mem-
calling it a flawed measure of “hunger” that does not reflect bers to close the remaining
the country’s true position. India ranked 107th out of 121 subsidy funding gap for the
countries in 2022. PTI PRGT. To date, more than $40
billion in resources has already
been pledged to the RST, and
— pending a successful review
HPL to invest ~3,000 cr to set up of the RST — we encourage
members to scale up their
chemical plants in West Bengal efforts, including by raising the
ambition of economically
Haldia Petrochemicals Ltd (HPL) will invest ~3,000 crore to set up stronger members beyond the
new plants in West Bengal, a company spokesperson said on target of rechanneling 20 per
Thursday. It will build the first on-purpose propylene plant and a cent of the 2021 SDR (special
phenol unit at its existing manufacturing facility at Haldia, and drawing rights) allocation,” the
both the projects are expected to be completed by the first quarter report said. The IMF said the
of 2026, he said. PTI global economy had shown
resilience, but recovery was
slow and uneven.
Employment creation has “Medium-term
growth projections remain
global
reached new heights: PM weak in an environment of
fragmented trade, high debt
levels, and possibly higher-for-
longer interest rates. Risks to
the outlook are more balanced,
following strong policy action
in early 2023 to contain bank-
ing sector turbulence. But
Russia’s war against Ukraine,
the climate crisis, and inflation
persistence in some areas
remain concerns for the global
n IMF said central banks
should continue to focus
on durably restoring price
n World Bank president
Ajay Banga and IMF
managing director
‘Striking the balance for
sustainability is crucial’
stability while calibrating Kristalina Georgieva call
policies in a data- for decoupling growth
dependent manner from climate risk
BHAVINI MISHRA Discussing how digital technologies have
economy,” it added. Ajay Banga and IMF Managing New Delhi, 12 October transformed the market landscape in the
The multilateral lending Director Kristalina Georgieva country, he said that this critical gateway, the
agency said the key policy pri- said the existential threat The inclusion of sustainability within com- position of platforms, and their control over
orities for member countries posed by climate change, petition law has the potential to spur inno- data and market access are giving rise to a
were to safeguard macroeco- growing disparities in income vation, the development of cleaner technolo- range of issues stemming from information
nomic stability, rebuild buffers
while enhancing prosperity
and opportunities, and geopo-
litical tensions were intensify-
gies, renewable energy sources, and
sustainable solutions across various indus-
asymmetry and an imbalance in bargaining
power. “India has joined a league of nations
through growth-oriented,
green reforms, and bolster
ing.
“Rapid (digitalisation) and
tries, said the National
Company Law Appellate
that have recognised that,
regardless of the purported
international cooperation to technological transformations Tribunal (NCLAT) benefits of these platform-
strengthen the global financial create new challenges, but Chairperson Ashok Bhushan centric markets, strong
safety net (GFSN) and debt also opportunities, and no (pictured) during his keynote antitrust enforcement is an
architecture. country should be left behind,” address at the 8th Brics essential element of overall
To preserve macroeconom- they added. International Competition public policy designed to gov-
ic stability, the IMF said central They called for decoupling Conference 2023 in Delhi. ern these companies, striking
banks should continue to focus growth from climate risks by “Sustainability stands as a delicate balance between
on durably restoring price sta- developing capacities to man- another primary concern in allowing digital platforms to
bility while calibrating policies
in a data-dependent manner.
age and implement cost-effec-
tive strategies for disaster risk
the 21st century. Many coun-
tries have committed to inter-
innovate and grow while pre-
venting anti-competitive
“Although there is now
more differentiation across
reduction and planning,
enabling construction and
national accords and frameworks, including
the United Nations sustainable development
practices that harm consumers and business-
es,” he added.
countries, for many, this will maintenance of climate- and goals and various agreements. Businesses He further said that Brics countries should
require maintaining a tight disaster-shock resilient infra- may adopt strategies that harm the environ- come together to develop a robust mecha-
monetary stance and avoiding structure, strengthening ment and disregard the welfare of future gen- nism for regulating digital markets.
prematurely easing policy. regional efforts against ecolog- erations,” he said. “It has to be recognised that these markets
Effective communication of ical challenges that might lead He emphasised that this is where compe- are global in nature; hence, international
policy objectives is essential for to forced migration, including tition law must step in. cooperation and exchange will be necessary
(minimising) the output costs by preserving biodiversity, “Finding the right balance to promote sus- to reduce the possibilities of regulatory
of disinflation,” it added. and promoting sustainable tainability and competition is crucial. Fair arbitrariness and to stay informed about reg-
In a separate joint state- land and water management access encourages innovation and competi- ulatory developments in other jurisdictions,”
ment, World Bank President practices. tion,” he said. he said.

Govt launches 12th city gas bid round for N-E, J&K
Prime Minister Narendra Modi with security forces in SUBHAYAN CHAKRABORTY licences for almost the entire part of demand originates from households
nAs of May 2014 (In %)
Pithoragarh district of Uttarakhand on Thursday. The PM was New Delhi, 12 October the country, except Mizoram. This is MARCHING AHEAD nAs of August 2023
now, fertilisers, power, and the
on a day-long visit to the state during which he laid the due to the model code of conduct City gas coverage industrial sector are set to become
foundation stones for multiple projects. Meanwhile, at The government on Thursday kicking in. NO. OF major sources of demand going for-
13.27

another event he said employment creation has reached new announced the 12th round of bid- Speaking at an event held to NO. OF CGD CNG ward, the government expects.
5.58

PNG CONNECTIONS
88
98

heights as the benefits of development are reaching rural and ding for city gas distribution (CGD)
urban India equally, resulting in the unemployment rate
falling to its lowest level in the past six years PHOTO: PTI
to expand the gas networks to the
last remaining states of Arunachal
Pradesh, Meghalaya, Manipur,
Nagaland and Sikkim and the Union
Amid Congress claim, CBIC says Territories of Jammu & Kashmir and
Ladakh.
no GST imposed on gangajal From Friday, the Petroleum and
Natural Gas Regulatory Board
The Central Board of Indirect Taxes and Customs (CBIC) on Thursday (PNGRB) will invite electronic bids
said that there is no goods and services tax (GST) on gangajal, amid for these areas, which can be sub-
Congress claims that the government has imposed an 18 per cent mitted until January 11, 2024.
tax on it. “Gangajal is used in pooja by households across the PNGRB intends to finalise the award
country and puja samagri is exempt under GST... All these items by March. The completion of the lat-
have been exempt since the introduction of GST,” the Central Board est 12th round of bidding would see
of Indirect Taxes and Customs (CBIC) said in a post on X. PTI the successful awarding of CGD
announce the launch, Petroleum STATIONS The government wants to raise
NETWORKS
and Natural Gas Minister Hardeep
Singh Puri said the government is 2.54 million 53 738 Population
the share of gas in its energy con-
sumption mix to 15 per cent by 2030,
300
working on a programme to bring
CGD to the Andaman and Nicobar 11.59 million 6,000
covered by CGD
Area under
up from the current 5.8 per cent. The
country currently imports about 50
Islands and Lakshadweep as well.
Natural gas is used for cooking by Note: CGD refers to city gas distribution; Source : Petroleum and Natural Gas Ministry
CGD coverage per cent of its gas requirements.
India's energy demand is rising 4-5
households as piped natural gas
(PNG), and as an auto fuel as com- day (mmscmd), with the maximum In the latest round, each state has
per cent annually.
The government has pushed for
pressed natural gas (CNG). being supplied towards compressed been considered as a single GA, in a the expansion of gas pipelines as an
Currently, there are 300 natural gas and industrial cus- departure from the existing practice economical means of gas transport.
Geographical Areas (GAs) authorised tomers. Around 8-10 mmscmd is of classifying districts as separate PNGRB has also authorised around
by PNGRB; industrial customers are going to industrial (small industries) GAs, PNGRB officials said. Demand 32,203 kilometres of natural gas
consuming gas in 270 GAs. The total and commercial (hotels, etc.) cus- from city gas is likely to rise to 150 trunk pipelines in the country, out
consumption by CGD is 35 million tomers, said PNGRB Chairman Anil mmscmd by 2028, they added. of which around 22,191 kilometres of
metric standard cubic metres per Jain. While the largest share of pipelines are currently operational.

Tea industry in hot water over financial stress, production woes

Tea prices lagging behind increasing cost of
production, according to Indian Tea Association
ISHITA AYAN DUTT
Kolkata, 12 October
Depressed prices, coupled with a decline
in production in 2023, have heightened
the financial stress of tea estates, as
reported by the Indian Tea Association
(ITA) on Thursday.
In a statement, the tea producer body
also impacted production.
READING THE TEA LEAVES Average price of teas at Kolkata auction (in ~/kg) According to available Tea Board
data for the period January to August
2023, tea production in North India was
wages of tea garden workers increased
2022 2023 down by 1.26 per cent (8.24 million kg,
significantly in the past five years. or mkg) compared to 2022 levels.
Referring to the price trend for Sales Assam’s crop was down by 5.42 mkg,
14-39 (between April and September), while West Bengal was down by 4.06
the producer body stated that tea prices mkg. Darjeeling in West Bengal saw a
in 2023 had alarmingly declined com- +/- decline of 14.93 per cent.
pared to 2022 levels. There were headwinds on the export
-48.5 -41.8 -45.7 -58.1 -57.9 -57.5 -65.7 -58.1 -50.6 -39.4 -28.8 -12.0
Orthodox teas saw a decrease of ~95 front as well. The ITA mentioned that
per kilogram (kg), and crush-tear- the export scenario for 2023 appears
285.91

286.87

283.82
283.99

280.21
278.54
276.28

275.08

270.05

said that the Indian tea industry has curl/dust prices in the organised sector bleak, with shipments to Iran remaining
259.99

246.82
235.49

235.29
234.51

232.80

229.02
227.78

been grappling with an acute financial dropped by ~12.49 per kg for Assam and uncertain.
226.33

223.31
220.58
219.50
216.98

218.04
214.49

crisis for the past few years, as tea prices
have failed to keep pace with the
increasing cost of production.
It highlighted that Indian tea prices
have exhibited a compound annual
growth rate (CAGR) of approximately 4
per cent over the past decade, while the
costs of essential inputs like coal and
gas, among others, have surged at a
CAGR of 9-15 per cent during the
same period.
While tea prices remained stagnant,
~11.3 per kg for West Bengal. Darjeeling
auction prices continued to fall below
the cost of production.
The association attributed oversup-
ply as one of the primary reasons for the
price stagnation.
“The exponential increase in produc-
tion over the past decade following the
emergence of small tea growers has
resulted in surplus teas remaining in the
system, as domestic consumption levels
and exports have not matched the
27 28
increase in production,” it said.
The depressed price situation,
according to ITA, has made it challeng-
Iran accounts for 20 per cent of
India’s total tea exports. The consistent
decline in shipments to Iran since 2020,
due to payment issues, has caused
29 30 31 32 33 34 35 36 37 38 financial stress for tea exporters and
adversely affected the demand-supply
Auction sale no. equilibrium in the Indian domestic mar-
ket, the association observed.
Referring to Tea Board data, ITA stat-
ing for tea garden managements to meet nies are struggling with working capital ed that export volume to Iran for the
their financial commitments on the eve constraints. period January to July was down by
of the festival season. Most tea compa- Adverse weather conditions have 10.98 mkg compared to 2022 levels.
.
NEW DELHI | FRIDAY, 13 OCTOBER 2023 5 <

Notice – cum – Addendum to the Scheme Information Document / Key Information

Memorandum / Statement of Additional Information to the schemes of Sundaram Mutual
Change in the addresses of Customer Care Centres:
Investors / Unit holders are advised to take note of the changes in the addresses of the Customer Care Centres of KFin Technologies
Limited as stated below, which is an official point of acceptance of transactions for the Schemes of Sundaram Mutual Fund:

Existing Address New Address (with effect from 16th October 2023)
KFin Technologies Limited KFin Technologies Limited
Behind Alka Cinema, Begusarai Bihar-851117 Sri Ram Market, Kali Asthan Chowk Matihani Road Begusarai, Bihar - 851101
KFin Technologies Limited KFin Technologies Limited
2nd Floor Raj Complex, Near Poor Home, “H No-185, Ward No-13, National Statistical office Campus, Kathalbari,
Darbhanga, Bihar - 846004 Bhandar Chowk, Darbhanga, Bihar - 846004
All other terms and conditions of the Scheme Information Document(s) / Key Information Memorandum(s) / Statement of Additional
Information will remain unchanged.
This addendum forms an integral part of the Scheme Information Document (SID) / Key Information Memorandum (KIM) / Statement of
Additional Information (SAI) of the schemes of Sundaram Mutual Fund as amended from time to time.
For Sundaram Asset Management Company Ltd
Place: Chennai R Ajith Kumar
Date: October 13, 2023 Company Secretary & Compliance Officer
Corporate Office: 1st & 2nd Floor, Sundaram Towers, 46, Whites Road,

HY2-23-24-3 (16x10)
For more information please contact:
Sundaram Asset Management Company Ltd Royapettah, Chennai-14.
Contact No. (India) 1860 425 7237, (NRI) +91 40 2345 2215
(Investment Manager to Sundaram Mutual Fund) Fax: +91 44 2841 8108. www.sundarammutual.com
CIN: U93090TN1996PLC034615 Regd. Office: No. 21, Patullos Road, Chennai 600 002.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
Returns are not assured or guaranteed. Past performance may or may not be sustained in future.

CIN : L85110KA1981PLC013115 Q2 FY 24
Infosys Limited Website : www.infosys.com
Financial Results
Email : investors@infosys.com
Regd. office : Electronics City, Hosur Road,
T : 91 80 2852 0261
Bengaluru 560 100, India.
F : 91 80 2852 0362

Extract of the consolidated audited financial results of Infosys Limited and its
subsidiaries for the quarter and half-year ended September 30, 2023 prepared in
compliance with the Indian Accounting Standards (Ind-AS)
(in ₹ crore except per equity share data)
Quarter ended Half-year ended Quarter ended
Particulars September 30, September 30, September 30,
2023 2023 2022
Revenue from operations 38,994 76,927 36,538
Profit before tax 8,768 17,130 8,391
Profit for the period 6,215 12,160 6,026
Total comprehensive income for the period (comprising profit for the
period after tax and other comprehensive income after tax) 6,199 12,328 6,070
Profit attributable to:
Owners of the Company 6,212 12,157 6,021
Non-controlling interest 3 3 5
6,215 12,160 6,026
Total comprehensive income attributable to:
Owners of the Company 6,196 12,328 6,068
Non-controlling interest 3 – 2
6,199 12,328 6,070
Paid-up share capital (par value ₹5/- each fully paid) 2,070 2,070 2,099
Other equity *# 73,338 73,338 73,252
Earnings per equity share (par value ₹5/- each)**
Basic (in ₹ per share) 15.01 29.38 14.35
Diluted (in ₹ per share) 14.99 29.34 14.34

* Balances for the quarter and half year ended September 30, 2023 represent balances as per the audited Balance Sheet as at March 31,
2023 and balances for the quarter ended September 30, 2022 represent balances as per the audited Balance Sheet as at March 31, 2022
as required by the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015.
** EPS is not annualized for the quarter and half year ended September 30, 2023 and quarter ended September 30, 2022
# Excludes non-controlling interest
1. Notes pertaining to the current quarter
a) The audited interim condensed consolidated financial statements for the quarter and half-year ended September 30, 2023 have been
taken on record by the Board of Directors at its meeting held on October 12, 2023. The statutory auditors, Deloitte Haskins & Sells
LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed
consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian
Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian
Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.
b) Appointment of independent director
Based on the recommendation of the Nomination and Remuneration Committee, the Board considered and approved the appointment
of Nitin Paranjpe (DIN - 00045204), as an Additional and Independent Director effective January 1, 2024 for a period of 5 (five) years,
subject to the approval of the shareholders.
c) Update on investment
On September 1, 2023, Infosys entered into a share purchase agreement to acquire 100% of the voting interests in Danske IT and
Support Services India Private Limited, which is Danske Bank’s IT center in India. The estimated consideration is approximately DKK
63 million (approximately ₹77 crore), which may be subjected to a further adjustment on finalization of the opening net assets value as
agreed in the Share Purchase Agreement.
d) Update on employee stock grants
The Board, on October 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved :
A one time grant of 1,231,260 RSUs under the 2015 Stock Incentive Compensation Plan (“the 2015 Plan”) and 500,250 PSUs under
the Expanded Stock Ownership Program 2019 (“the 2019 Plan”) to senior management personnel including key managerial personnel
as defined under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 as
amended and other senior leaders.
The grants made under the 2015 Plan would vest over a period of three years and the grants made under the 2019 Plan would vest over
a period of three years subject to the Company’s achievement of performance parameters as defined in the 2019 Plan. The RSUs and
PSUs will be granted effective November 1, 2023 and the exercise price will be equal to the par value of the share.
Further, the Board on October 12, 2023, based on the recommendations of the Nomination and Remuneration Committee, approved the
grant of 34,390 RSUs to a few new hires under the 2015 Plan effective November 1, 2023. The RSUs will vest over a period of three to
four years.
2. Information on dividends for the quarter and half-year ended September 30, 2023
The Board of Directors declared an interim dividend of ₹18/- per equity share. The record date for the payment is October 25, 2023.The
interim dividend will be paid on November 6, 2023. The interim dividend declared in the previous year was ₹16.50/- per equity share.
(in ₹)
Quarter ended Half-year ended Quarter ended
Particulars September 30, September 30, September 30,
2023 2023 2022
Dividend per share (par value ₹5/- each)
Interim dividend 18.00 18.00 16.50
Final dividend – – –

3. Audited financial results of Infosys Limited (Standalone information)

(in ₹ crore)
Quarter ended Half-year ended Quarter ended
Particulars September 30, September 30, September 30,
2023 2023 2022
Revenue from operations 32,629 64,440 31,567
Profit before tax 8,517 16,663 8,488
Profit for the period 6,245 12,202 6,253

The above is an extract of the detailed format of the quarterly audited financial results filed with the stock exchanges under Regulation 33
of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the quarterly audited financial results are
available on the stock exchange websites, www.nseindia.com and www.bseindia.com, and on the Company’s website, www.infosys.com.

By order of the Board

for Infosys Limited
Sd/-
Bengaluru, India Salil Parekh
October 12, 2023 Chief Executive Officer and Managing Director

Certain statements in this release concerning our future growth prospects, or our future financial or operating performance are forward-
looking statements intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act of 1995, which involve a number
of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements.
The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of
our business strategy, our ability to attract and retain personnel, our transition to hybrid work model, economic uncertainties, technological
innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG
vision, our Capital Allocation Policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital
resources, and our corporate actions, including acquisitions. Important factors that may cause actual results or outcomes to differ from those
implied by the forward-looking statements are discussed in more detail in our U.S. Securities and Exchange Commission filings, including
our Annual Report on Form 20-F for the fiscal year ended March 31, 2023. These filings are available at www.sec.gov. Infosys may, from time
to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the U.S.
SEC and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from
time to time by or on behalf of the Company unless it is required by law.
6 ECONOMY & PUBLIC AFFAIRS
>
NEW DELHI | FRIDAY, 13 OCTOBER 2023 1

FOUR DIE, 30 INJURED IN BIHAR TRAIN ACCIDENT

RBI starts e~ pilot in call money mkt
Track defects reason More use cases to
be tested; plan afoot TESTING THE WATERS RBI imposes ~5.39 cr
for train derailment;
> Four PSBs and five private sector banks
to test the entire participating fine on Paytm PB
wholesale segment > Operational process for e-rupee remains The RBI on Thursday imposed a penalty of
same except for settlement ~5.39 crore on Paytm Payments Bank (Paytm
ANJALI KUMARI PB). The penalty was imposed for violating KYC

CRS to conduct probe Mumbai, 12 October

The Reserve Bank of India (RBI) on

Tuesday initiated a pilot program for
the wholesale segment of its central
Second major rail accident in four months bank digital currency (CBDC) in the
interbank call money market, accord-
ing to dealers from participating
banks.
Dealers said nine banks, including
four public sector banks and five pri-
vate sector banks, are participating in
the e-rupee call money pilot. This is
the second use case of testing whole-
sale CBDC, the first being the govern-
ment securities market introduced in
November last year.
Sources familiar with the wholesale
CBDC pilot said that there will be more
use cases in the coming days.
“The roadmap is that the entire
wholesale segment should be covered
like Asset tokenisation where secu-
rities will be tokenized, repo transac-
tions etc. e~ will move from bond to
call money to repo. Once the entire
segment is covered, then a final pilot
will be done for the entire wholesale
segment,” said a source requesting
The National Disaster Response Force and police have started the rescue operation at the site of
Wednesday’s accident. The zonal railway has said that 95 trains have been diverted and 31 have
been cancelled
> Settlement through RBI’s digital currency
instead of the RTGS used in trades on CCIL
> Settlements will be in T+0 mode
anonymity, while adding the pilot was
successful in the government secu-
rities segment.
“The pilot on the call money start-
ed on Tuesday, and four PSU banks
and five private banks are participat-
ing,” a dealer at a state-owned bank
said requesting anonymity.
“We are not looking at the volume
right now. We are just testing the
waters,” he added.
In the call money market, banks
engage in short-term borrowing and
lending activities among themselves,
with interest rates determined by pre-
vailing market conditions.
The operational process for the e-
rupee pilot remains the same, except
for the settlement, which will now be
carried out using the CBDC instead of
the real-time gross settlement used in
trades on the Clearing Corp of India
Limited (CCIL).
norms, the norms on enhancement of
maximum balance at end of the day as
indicated in the licensing conditions of
payments banks, among others. AATHIRA VARIER
Dealers said the settlements will be pilot for the interbank call market by
in T+0 mode, indicating that trades October.
will be settled on the same day. The pilot of wholesale CBDC, also
“There won’t be any significant known as Digital Rupee-Wholesale (e-
impact on the call money market from W), was started for the government
this pilot,” a dealer at a private bank securities market in November last
said. “There might be other benefits year. It was restricted to facilitating the
like storage cost, and some tax bene- settlement of secondary market trans-
fits,” he added. actions in government securities.
The weighted average call rate has Subsequently, the pilot for the retail
largely remained above the repo rate CBDC commenced on December 1.
since August 10, after the announce- According to dealers. most partici-
ment of the incremental cash reserve pating banks remain the same from
ratio (I-CRR). the wholesale e-rupee pilot for the gov-
The weighted average call rate on ernment securities market with
Thursday was at the same level as Federal Bank replacing HSBC in the
Wednesday - 6.72 per cent. The repo call money pilot.
rate is at 6.5%. State Bank of India, Bank of Baroda,
RBI Executive Director Ajay Kumar Union Bank of India, HDFC Bank,
Choudhary, who is in-charge of the fin- ICICI Bank, Kotak Mahindra Bank, Yes
tech department, had previously Bank, IDFC First Bank and HSBC were
stated that the central bank might part of the wholesale CBDC in govern-
launch the wholesale digital rupee ment securities pilot programme.

DHRUVAKSH SAHA
New Delhi, 12 October
PHOTO: PTI

The zonal railway said 95 trains had been

diverted, 31 cancelled, five short-terminated,
Banks urge RBI to set up RBI may finish
and two passenger trains rescheduled on the
liquidity window for vetting bids for
D
efects in tracks may have caused the Patna-Mughalsarai (Pandit Deen Dayal
derailment of the Anand Vihar- Upadhyaya Junction) section.
Kamakhya North East Express, This is the second major rail accident in
resulting in the deaths of four persons and four months, and is increasingly becoming
injuries to at least 30 on Wednesday night, a a matter of concern, despite record funds
prima facie statement by involved stake- being allocated to the railways for safety.
financing of startups IDBI by Oct end
holders suggests. “The accountability of the railway mini- ABHIJIT LELE and branches to support the growth of new REUTERS
“The loco pilot, who was injured, had to stry and central government should be Mumbai, 12 October enterprises, especially in financial technology, New Delhi, 12 October
apply the emergency brakes at 128 km per fixed,” Mallikarjun Kharge, president of the information technology, and emerging sectors.
hour (kmph) after the train had a severe jolt Congress, wrote on social media. Banks are urging the Reserve Bank of India (RBI) These efforts aim to cater to the specific finan- The Reserve Bank of India is
shortly after passing Raghunathpur station,” A former general manager of the East to establish a dedicated liquidity window to cial needs of startups, including offering tailored expected to accelerate a key
a source with access to the prima facie report Central Railway told Business Standard the offer financing to startups in loan products, mentorship process of vetting IDBI Bank’s
told Business Standard. accident underscored the need for an over- the country. services, and financial guid- potential buyers and com-
Officials said the gateman and pointsman haul in the safety apparatus of the national
at the station heard loud transporter.
While banks are adequately
capitalised to support growth,
STEPS SOUGHT ance.
State Bank of India, the
plete it by October end, help-
ing speed up the sale of a
sounds and saw sparks as the
People aware of As many as 293 people died accessing funds at concessional BY BANKS country’s largest bank, has majority stake in the lender,
train passed through the in the June 2 accident in rates from the RBI would serve opened dedicated branches for two government sources said.
Raghunathpur area, the site of
the accident said
Odisha’s Balasore district in a as a safety net for their net > Streamlining loan startups in Mumbai, The central government,
6-7 coaches of the application and
the accident. Immediately after collision involving three trains. interest income in dealing with Bengaluru, Chennai, and which owns 45.48 per cent of
train had passed approval processes
that several coaches of the train The Shalimar-Chennai this high-risk segment, accord- Gurugram. IDBI Bank, and the state-
veered off the track.
the faulty track, Coromandel Express, ing to the survey findings When asked about their owned Life Insurance The stake sale is part of the
after which > Risk mitigation
Officials at the Railway Bengaluru-Howrah Superfast jointly released by the Indian readiness for startup funding, Corporation of India, which government’s ~51,000 crore
pressure might through credit
Board said it was an initial Express, and a stationary Banks’ Association and the most respondent banks holds 49.24 per cent, together divestment target for FY24
statement and not an investi- have caused the goods train were tangled in the Federation of Indian Chambers guarantees emphasised that the startup plan to sell 60.7 per cent of
track to deform
gation report.
further
smash-up. of Commerce & Industry. > Alternative forms of ecosystem is dynamic, and the lender. one of the two government
The East Central Railway, Safety initiatives by the rail- Startups primarily receive collateral such as there is always room for The RBI began the vetting officials, who did not want to
the zonal railway administer- ways are failing to show results equity in the form of risk capital intellectual property, improvement. process known as ‘fit and be named. IDBI Bank shares
ing the area, on Thursday said the commis- owing to poor implementation, according to from sources like angel and Banks have proposed col- proper criteria’ in April, after jumped as much as 3 per cent
equity stakes
sioner of railway safety (eastern circle) would experts. venture funds. However, they laborating with government Kotak Mahindra Bank, the after the Reuters report.
investigate the matter. With two accidents being reported on also require debt to scale up > Fostering startup and private entities to establish Prem Watsa-backed CSB Completing the vetting
Sources aware of the accident said six to account of technical faults not caught earlier, their businesses over time, and ecosystems via risk-sharing mechanisms or Bank and Emirates NBD sub- process early could allow the
seven coaches of the train had passed the the railways has also been trying to imple- banks can play a crucial role in incubators, accelerators credit guarantee schemes for mitted their initial bid to government to invite bids in
faulty track, after which pressure might have ment an advance maintenance planning sys- providing this, with appropri- and VC firms startup loans. Such initiatives acquire a majority stake in January-March, targeting a
caused the track to deform further and that’s tem (rolling block), but many officials have ate safeguards. would reduce the perceived IDBI Bank. The RBI normally wrap-up of the sale by the end
how the rest of the coaches were derailed. said that in several zones, the system is being One of the major concerns risk associated with startup takes about 12-18 months to of March, both the officials
Twenty-one coaches were derailed and implemented only in name, and the latest is the high risk of mortality associated with start- funding and encourage banks to provide greater complete the assessment said. The ministry of finance
the rails were also found to be broken, accident is evidence of that. ups, which can result in loans going bad, a wor- financial support. before allowing an entity to and the RBI did not immedi-
according to sources. Business Standard had earlier reported risome scenario for lenders when making pro- There is also room for considering collateral run a bank. ately respond to emails seek-
Restoration work at the site is underway that in July, the Railway Board had to send visions. alternatives. Startups often struggle to provide “In discussions with the ing comment. The IDBI Bank
as of Thursday evening. an advisory to all divisions to send their rol- Concessional funding can serve as a buffer traditional collateral, prompting banks to government, the RBI has con- stake sale is part of the gov-
An ex-gratia of ~10 lakh has been provided ling block plans because a number of divi- to absorb such risks, said public sector bank explore alternative forms, such as intellectual veyed that the fit and proper ernment’s ~51,000 crore
to the kin of the deceased, and ~50,000 has sions had either sent deficient advance executives. property rights, equity stakes, or future cash assessment would be com- ($6.13 billion) divestment tar-
been given to each of the injured. maintenance plans or no plans at all. Many banks have established separate wings flows, to enable access to bank funding. plete by month-end,” said get for financial year 2024.

> FROM PAGE 1
Sept retail
inflation..
While inflation for milk (6.9 per
cent), cereals (10.95 per cent),
spices (23.06 per cent), and pre-
pared meals (4.96 per cent)
eased last month, prices of fruits
(7.3 per cent), sugar (4.52 per
cent), and protein-rich items
like egg (6.42 per cent) and meat
(4.11 per cent) saw acceleration
during the month.
Core inflation, which
excludes food and fuel compo-
nents, came in below 5 per cent
in September, as prices of cloth-
ing and footwear (4.61 per cent),
housing (3.95 per cent), and
services like recreation (3.40 per
cent), education (5.26 per cent),
health (5.91 per cent) and trans-
port (2.28 per cent) saw a
decline. Meanwhile, fuel prices
(-0.11 per cent) underwent con-
traction in September.
Aditi Nayar, chief economist
at ICRA, said that while the
sequential moderation in infla-
tion was broad-based, food
inflation remained elevated due
to the uneven monsoon, lag in
sowing of crucial kharif crops
such as pulses and oilseeds, and
modest reservoir levels.
“Perceived inflation during
the festival period may have a
larger impact on sentiment this
year, as compared to 2022, when
festivities were prioritised after
two years of Covid. Our projec-
tions suggest that the headline
CPI inflation will remain vol-
atile in a wide range until June
2024, with the outlook for food
inflation remaining murky and
continuing volatility in crude oil
prices. Given the MPC’s CPI
inflation projections for Q1FY25
and the derived forward-look-
ing real policy rate, we maintain
our expectations of an extended
pause,” she added.
Echoing a similar view,
Madan Sabnavis, chief econ-
omist at Bank of Baroda, said
the RBI would be monitoring
the El Nino effect in Asia, kharif
crop numbers, and the Israeli
crisis, among other factors, in
the upcoming policy meetings.
“The repo rate will be kept
unchanged till June 2024, when
it can be seriously considered
for discussion, as RBI forecasts
of inflation are above 5 per cent
for the next three quarters,”
Sabnavis said.
In the IIP, seven of the 23
manufacturing industries such
as apparel, wood, paper, chem-
icals, and computers witnessed
contraction in August.
FM to World
Bank...
On the sidelines, the FM also
said Brazil taking over the G20
presidency in 2024 and India
joining South Africa as the G20
troika was an excellent oppor-
tunity to provide positive
momentum and elevation to
the issues of the Global South
like the G20 Finance Track had
done under the Indian
Presidency.
Sitharaman presented a list
of suggestions for the evolution
of the World Bank, including
the active involvement of
knowledge institutions of the
Global South in the bank’s pro-
duct and verticals. The FM
pointed to the bank’s tendency
to work mainly with knowledge
and research institutions of the
Global North.
On the issue of domestic
resource mobilisation, the
finance minister suggested
adopting a holistic approach to
raising fiscal resources, which
is not limited to taxation.
work
“We also urge the bank to
closely with the
International Monetary Fund
(IMF) on debt sustainability,
including supporting the imple-
mentation of the common
framework for eligible countries
and ad hoc debt restructuring
processes for middle-income
countries,” Sitharaman said.
While taking note of the pro-
posals to increase private capital
mobilisation, the finance min-
ister said it would require an
enhanced ‘One World Bank’
approach, with an emphasis on
joint products. She said that
given the private sector’s inher-
ent commercial-returns focus,
it was important that the coun-
tries were assisted in preparing
a shelf of investable projects and
a robust legal and risk-manage-
ment framework to partner the
private sector effectively and on
an equal footing.
Stressing the need for sub-
stantive country engagements,
Sitharaman said it was impor-
tant to ensure that the World
Bank Group’s country engage-
ment model was firmly rooted
in national development prior-
ities. “Also, while engaging in
climate action in line with the
principle of common but differ-
entiated responsibilities and
respective capabilities, we
encourage the bank to be more
ambitious in its commitment to
adaptation finance,” she said.
She said there was a need to
look beyond the Balance Sheet
Optimisation measures and
consider all options, including
an International Bank for
Reconstruction and
Development capital increase,
to avoid the situation of an
unfunded but enhanced man-
date for the bank.
While looking forward to the
finalisation of the new World
Bank Scorecard, Sitharaman
said there was a need to
acknowledge that there was an
increasing feeling that the
implementation of bank-
financed projects had become
slow, cumbersome, and expen-
sive for client countries.
Top-end
carmakers...
The focus on TEV customers is
understandable.
TEVs (those priced above
~1 crore) now account for 25 per
cent of Mercedes-Benz India’s
overall sales and are growing at
a much faster rate than its over-
all portfolio. In the first nine
months of this calendar year,
TEV sales have grown by
22 per cent compared to the 11
per cent growth of its overall
portfolio. Mercedes-Benz India
sold 12,768 new cars between
January and September
this year.
The AMG G63 Grand
Edition was launched a few
days ago.
“We said that we would sell
these units at ~4 crore, and only
to existing Merc customers.
Within six minutes of going
online with the car, it was
booked. More than 90
customers want the car now,
but they are on the waiting list,”
Iyer said.
Most of the buyers of high-
end vehicles are understand-
ably repeat customers, and Iyer
says that many of them are
second-generation owners as
young as 30 years old who are reported revenues of ~59,692 in the next two quarters.” rowed 30 basis points to 21.2 per
diving straight into super- crore for Q2, up 7.9 per cent Parekh, however, said the cent from 21.5 per cent in the
luxury cars. year-on-year and 0.5 per cent company’s Topaz offer was see- corresponding quarter of the
A spokesperson for Audi Q-o-Q, missing the Bloomberg ing traction. The Indian IT serv- previous year but expanded
India said that the company
organises an array of exclusive
estimates. Infosys’ dollar reve-
nues grew 2.5 per cent annually
ices industry is facing chal-
lenges due to macro headwinds
40 basis points from 20.8 per
cent in the preceding three
and fascinating experiences
that enable customers to
and 2.3 per cent sequentially in
constant currency to $4.7 billion
in key industry verticals across
the US and Europe.
months. In comparison, TCS’
operating margins
‘live luxury’. on the back of large deals worth The operating margins for
a total contract value (TCV) of
“As a brand, we want to rede- the September quarter nar- More on business-standard.com
fine luxury beyond cars with $7.7 billion.
curated, tailor-made events for “We had a strong quarter in
our customers, thus celebratingQ2. We see that with our large > BS SUDOKU #4103
the diversity of luxury experi-deal wins in the past two
quarters we are winning market
ences. So far this year, we have
already conducted more than share in the area of cost and effi-
six custom-made events for our
customers in nine months. In
ciency. These large and mega
deal wins help us build a strong
addition, we also give our top-
end S/RS and electric car
foundation for our future. We
continue to see the overall envi-
owners the chance to experi- ronment with digital transfor-
ence the Audi Ice Experience inmation programmes and dis-
Austria and Finland, a one-of- cretionary deals being low,” said
a-kind experience that involvesSalil Parekh, chief executive
training, driving, and driftingofficer and managing director,
during the media briefing.
on sheets of ice,” the spokesper-
son said. Parekh said discretionary
In the first nine months of
2023, Audi’s performance and
and large transformative pro-
grammes had reduced signifi-
electric cars have grown by 42
per cent, and the company is
cantly and decision making was
still slow.
confident that this growth will While Infosys performed
continue in the coming better than TCS on the
months. Audi India posted an numbers, the reduction in its
revenue guidance for the year
88 per cent growth in retail sales
shows the headwinds the indus-
in the first nine months of this
calendar year, reaching 5,530 try is facing.
units, thanks to its sport utility The situation is similar at
vehicle line-up. Audi India hasHCLTech, which reported its SOLUTION TO #4102
highest ever TCV wins at $3.9
already surpassed its 2022 sales
by 1,343 units. billion. HCLTech too slashed its Easy: ««
BMW, too, has sold 5,867 full-year revenue guidance Solution tomorrow
units between January and because Q1 FY24 came in soft.
June 2023, its highest-ever half- Sumit Pokharna, research
yearly sales. analyst, vice-president, Kotak
Securities, in a note said: “The
HOW TO PLAY
company has posted good net Fill in the grid so that
Infy cuts FY24 profit numbers…. (however)
weak volumes have been fed
every row, every
column and every 3x3
guidance... into the guidance … (the) guid-
ance cut once again at the upper
box contains
the digits 1 to 9
end of the band implies flat to
In comparison, larger peer TCS 1.9 per cent decline in revenues
>
NEW DELHI | FRIDAY, 13 OCTOBER 2023 POLITICS & PUBLIC AFFAIRS 7
OPERATION AJAY BEGINS

First group of 230 Indians

from Tel Aviv heads home
Air India may operate seven flights until October 18; IAF may be deployed
SUBHAYAN CHAKRABORTY, SHINE JACOB
& DEEPAK PATEL
New Delhi/Chennai, 12 October

I
ndia sent its first charter flight to Tel
Aviv on Thursday to evacuate its citi-
zens stuck in Israel amid an escalating
conflict between Israeli security forces and
Hamas militants.
The first batch of around 230 Indians
is expected to be brought back on Friday
under ‘Operation Ajay’, the Ministry of
External Affairs (MEA) said.
An Air India B-787 plane departed from
Delhi airport at 5 pm for the mission. The
airline is scheduled to operate a total of
seven flights till October 18 under
‘Operation Ajay’, sources told Business The MEA did not term the operation as an evacuation mission
Standard. Air India did not immediately
respond to Business Standard’s query on
the matter.
Executives of other airlines said they
RECENT EVACUATION/REPATRIATIONS BY INDIA
had been asked to inform the government Name of operation : were conducted by evacuated by IAF
about how many planes they could deploy Ganga private carriers. 18.3
million repatriated Name of operation :
under ‘Operation Ajay’. “We are waiting When : February-
for further specific directions from the gov-
Safe Homecoming
March 2022 Name of operation :
ernment,” one of the executives said. When : February 2011
The MEA said more such “ferry From where:Ukraine Raahat From where: Libya
flights” were expected to be finalised in Why: Ukraine-Russia When : April 2015
the coming days, while possible assis-
Why: Civil War
war From where: Yemen
tance from the Indian Air Force (IAF) was People involved:
People involved: Why: Saudi Arabia's air
not ruled out. About 15,000 Indians
About 22,500 people, force attacked the
However, the MEA did not term the were evacuated by
operation as an evacuation mission. mainly students, Houthi rebels in Yemen Indian Navy, Air India
Instead, it said the operation was an effort evacuated on 90 flights
People involved: and IAF
to assist those Indian nationals who want- of IAF as well as Indian
About 5,600 people -
ed to come back. This makes ‘Operation private carriers Name of operation :
Ajay’ different from ‘Operation Ganga’, the
including 960
Sukoon
last such airlift of Indians, from Ukraine Name of operation : foreigners -evacuated
Vande Bharat Mission by Indian Navy, IAF and When : July-August
in March 2022. Back then, the government
had directed Indian students in Ukraine Air India 2006
When : April 2020-
to evacuate to specific cities from where October 2021 From where:
they were bussed to neighbouring coun- Name of operation : Lebanon
tries before being flown back on IAF air-
From where: Starting Maitri
from China, people Why: Israel-Hezbollah
craft as well as commercial flights of Air When : April 2015 war
India, Indigo, and GoAir. repatriated from all
From where: Nepal People involved:
Indians in Israel will also have to pay around the world
for their seats, unlike those evacuated from Why: Earthquake About 2,280 people
Why: Covid-19 struck
Ukraine. “One advantage of this flight is the world in early 2020 People involved: including 200
that when all the other airlines are charg- About 6,000 including foreigners were
ing premium fees, we will have to pay only People involved:
785 foreigners evacuated
a minimal amount for this flight. The About 217,000 flights
embassy has already shared an online
form with those who are keen to return to said there were 13 Indian nationals in the until all Indians ready to move out of Israel
India,” an Indian caregiver living in Tel West Bank and four in the Gaza Strip, but are shifted out, the Indian authorities in
Aviv told Business Standard. India had not received any requests for Israel have said.
The MEA data on overseas Indians assistance from them.
shows there were 12,467 non-resident External Affairs Minister S Jaishankar Infosys CEO says all employees in
Indians in Israel as of February. However, had taken a preparatory meeting on the Israel safe
the latest estimates indicate that at least issue on Thursday. He also spoke to his IT services company Infosys on Thursday
18,000 Indians are currently in Israel. counterpart from the UAE and described said all its employees in Israel are safe.
According to Israel Malayali Federation the crisis in West Asia. Amid escalating tensions in the Middle
officials, there are 6,000-6,500 people According to sources, some Indians East, Infosys CEO and MD Salil Parekh said
from Kerala in Israel, a majority of them who registered for ‘Operation Ajay’ include its employees in Israel are primarily locals
are caregivers. those who are living in Israel beyond their but declined to comment on the exact staff
MEA Spokesperson Arindam Bagchi visa period. ‘Operation Ajay’ will continue strength there.

5TH INDO-FRENCH ANNUAL DEFENCE DIALOGUE

Proposals for collaboration in

space, cyber, and submarines PHOTO: PTI

AJAI SHUKLA category, with these subma-

New Delhi, 12 October
Defence Minister Rajnath
Singh concluded the 5th
Annual Defence Dialogue
between India and France on
Wednesday with late evening
talks with his French
counterpart, Sébastien
Lecornu (Minister of the
Armed Forces), in Paris.
Underscoring France’s
emergence as one of India’s
closest strategic and defence
partners, the two ministers
discussed a range of topics,
including their assessments of
the regional situation, ongoing
military-to-military
engagements, and enhanced
defence industrial
cooperation, according to a
media release from India’s
Ministry of Defence (MoD).
Indo-French strategic ties
“The ministers reviewed
ongoing defence projects and
discussed ways to deepen
collaboration between the
defence industries of both
countries. They also explored
potential collaboration in
niche domains such as space,
cyber, and artificial
intelligence (AI),” stated MoD.
Safran engines
An example of a crucial project
on the Indo-French cooper-
ation agenda is the agreement
signed between France’s
Safran Helicopter Engines and
India’s Hindustan Aeronautics
(HAL) to establish a new joint
venture for developing
helicopter engines to meet
India’s future needs.
One such engine, known as
the Shakti, is the only power
plant with the thrust required
to propel HAL’s indigenous
helicopters, including the light
utility helicopter, the Dhruv
Defence Minister Rajnath Singh (left) and his French
counterpart Sébastien Lecornu discussed their assessments
of regional situation, ongoing military-to-military
engagements, and enhanced defence industrial cooperation
advanced light helicopter, the
Rudra attack helicopter, and
the light combat helicopter, to
the challenging heights of
Kargil or the Saltoro Ridge,
where the Indian Army is
deployed at altitudes
exceeding 20,000 feet in posts
like Sonam and Bana Top.
Earlier on Wednesday,
Rajnath visited the Safran
research and development
centre near Paris in
Gennevilliers to witness the
latest developments in aero-
engine technology.
“Rajnath highlighted the
advantages of co-
development and co-
production in India, including
the possibilities for exports to
third countries. He underlined
the inherent advantages of the
Indian market, such as a large,
skilled human resource base,
world-class infrastructure,
and a strong legal
architecture,” noted the
Indian MoD.
Shipbuilding
Indo-French military
cooperation is also venturing
into the realm of strategic
shipbuilding. While India is
constructing almost all of the
40 warships for its Navy
domestically, an agreement
was signed in Brest, France
during Sea Tech Week 2022 to
collaborate on joint research
aimed at improving the
analysis of data collected by
underwater sensors using
neural systems and AI.
Submarines
In partnership with French
shipbuilder Naval Group,
the defence electronics giant
Thales is competing to
supply the Indian Navy with
underwater systems, such as
sonars and the heavyweight
F21 torpedo, which will
arm India’s six Scorpene-
class submarines.
In July, Rajnath approved
the construction of three
additional Scorpene subm-
arines with air-independent
propulsion (AIP) by Mumbai-
based Mazagon Dock Shipbu-
ilders under the ‘Buy (Indian)’
rines procured from French
shipbuilder Naval Group.
Naval Group could also
potentially secure another
Indian tender for six AIP-
driven submarines to be built
in India. France may offer
India six nuclear-powered
submarines instead of AIP-
driven boats, considering
Naval Group’s experience in
building nuclear-powered
submarines for the French
Navy and conventional-
powered boats for the export
market.
Rafale-Marine fighters
In the same month of July, the
MoD announced the
procurement of 26 Rafale-
Marine aircraft, including
ancillary equipment,
weapons, simulators, spares,
documentation, crew
training, and logistic support
for the Indian Navy, from
France’s Dassault.
This selection represents
the Indian Navy's choice for
its tender for 26 multi-role
carrier-based fighters, which
had seen a request for
information sent to two
vendors: Dassault for the
Rafale-Marine and the US
firm Boeing for its F/A-18E/F
Super Hornet.
Joint exercises and
strategic ties
Upon arriving in Paris
on Tuesday, Rajnath
interacted with the Indian
community there.
During the first leg of his
two-nation tour in Rome,
Rajnath held talks with Italian
Defence Minister Guido
Crosetto. After discussions on
security and defence policy,
they signed an Indo-Italian
agreement on defence
cooperation.
8 WORLD
>
NEW DELHI | FRIDAY, 13 OCTOBER 2023

NO FUEL AND WATER FOR GAZA TILL HOSTAGES FREED, SAYS ISRAEL; SYRIA’S 2 AIRPORTS OUT OF SERVICE AFTER ISRAEL STRIKES

Israel says Hamas burnt babies, shares pics

NEED TO END WAR CRIMES, PUTIN CALLS FOR TALKS, SAYS WE GERMANY OFFERS MILITARY
SAY IRAN, SAUDI LEADERS MUST AVOID ‘EXPANSION’ OF WAR ASSISTANCE TO ISRAEL
AGENCIES
Jerusalem/Gaza, 12 October

“THE ATTACK WAS A CAMPAIGN OF

I
srael said on Thursday there would be no
humanitarian exceptions to its siege of the Gaza
Strip until all its hostages were freed, after the
Red Cross pleaded for fuel to be allowed in to pre-
vent overwhelmed hospitals from "turning into
morgues".
US Secretary of State Antony Blinken arrived in
Tel Aviv on a trip to show solidarity with Israel,
help prevent the conflict from spreading and try to
free hostages. Standing beside him, Prime Minister
Benjamin Netanyahu said: “Thank you, America,
for standing with Israel, today, tomorrow and
always”.
Israel has vowed to annihilate the Hamas move-
ment that rules the Gaza Strip, in retribution for
the deadliest attack on civilians in its history when
hundreds of gunmen crossed the barrier and ram-
paged through Israeli towns on Saturday.
Public broadcaster Kan said the Israeli death
toll had risen to more than 1,300. Most were civil-
ians gunned down in their homes, on the streets or
at a dance party. Scores of Israeli and foreign hos-
tages were taken back to Gaza; Israel says it has
identified 97 of them.
The full scale of the killings has emerged in
recent days after Israeli forces reclaimed control of
towns, finding homes strewn with bodies. They say
they found women who had been raped and killed,
and children who were shot and burned.
Russian President Vladimir Putin called for
negotiations between Israeli and Palestinian forces
and hoped the war, which has already killed thou-
sands over the last five days, would not expand.
“Without electricity, hospitals risk turning into
morgues,” ICRC regional director Fabrizio Carboni
said. “The human misery caused by this escalation
is abhorrent, and I implore the sides to reduce the
suffering of civilians.”
Israeli Energy Minister Israel Katz said there
would be no exceptions to the siege without free-
dom for Israeli hostages.
“Humanitarian aid to Gaza? No electrical switch
PURE CRUELTY ... NOT JUST HATE,
PURE CRUELTY AGAINST THE
JEWISH PEOPLE. AND I WOULD
ARGUE IT IS THE DEADLIEST DAY
FOR THE JEWS SINCE THE
HOLOCAUST. ONE OF THE WORST
CHAPTERS IN HUMAN HISTORY”
JOE BIDEN, US President
“EVERY
HAMAS
MEMBER IS A
DEAD MAN”
BENJAMIN
NETANYAHU,
Israel Prime
Minister
Israeli soldiers near the Gaza border on Thursday PHOTO: AP/PTI
will be lifted, no water hydrant will be opened and Saudi Crown Prince Mohammed bin Salman Israel Prime Minister Benjamin Netanyahu on
no fuel truck will enter until the Israeli hostages received a call on Wednesday from the Iranian Thursday alleged babies were murdered and
are returned home. Humanitarian for humanitar-
ian. And nobody should preach us morals,” Katz
leader, Ebrahim Raisi, during which they discussed
“the current military situation in Gaza and its envi-
burned by Hamas terrorists during their onslaught
against Israel. He also showed the photos to US
“WE WILL LEARN, WE WILL
posted on social media platform X. rons”, the official Saudi Press Agency (SPA) said. Secretary of State Antony Blinken, who landed in INVESTIGATE, BUT NOW IS
Saudi Arabia's de facto ruler and Iran's president
spoke by phone about the war between Israel and
Israeli strikes knocked Syria's two main airports
out of service on Thursday, Syrian state media said,
Israel today.
Germany is offering military help to Israel and
THE TIME FOR WAR”
Hamas, Saudi state media said early Thursday, their in the first such attack since a weekend Hamas promising to crack down on support for the militant LT GEN HERZI HALEVI,
first call since a surprise rapprochement in March. assault on Israel triggered fierce fighting. Hamas group. Israel Defense Forces

AT A GLANCE HUMAN COST US will always be there, Blinken tells Israel

n X has taken down n European Union sets GAZA
hundreds of Hamas- 24-hour deadline for AP/PTI International aid groups Lt Col Richard Hecht, an
linked accounts: CEO Facebook and Instagram n KILLED: 1,417 12 October warned of worsening Israeli military spokesman, told
humanitarian crisis after Israel reporters on Thursday that forces
over Hamas posts n INJURED: 6,268
n Israel-Hamas conflict US Secretary of State Antony stopped all deliveries of food, “are preparing for a ground
is ‘new cloud’ darkening n Humanitarian WEST BANK Blinken vowed American support water, fuel and electricity to the maneuver” should political
economic outlook, situation in Gaza is to Israel on Thursday as its tiny enclave of 2.3 million people leaders order one. A ground
warns IMF chief ‘dire’, UN agency warns n KILLED: 31 military pulverised the Hamas- and prevented entry of supplies offensive in Gaza, where the
n INJURED: 600 ruled Gaza Strip with airstrikes from Egypt. The war has already population is densely packed into
n Blinken says at least n No conditions on and prepared for a possible claimed at least 2,700 lives on a sliver of land only 40 kilometers
25 Americans killed in security aid to Israel: ISRAEL ground invasion. both sides. “Not a single (25 miles) long, would likely bring
Hamas attack US Defense Secretary n KILLED: 1,300 As Palestinians tried to stock electricity switch will be flipped even higher casualties on both
up on bread and groceries amid on, not a single faucet will be sides in brutal house-to-house
n EU repeats call for n Governments n INJURED: 3,200 dwindling supplies, Israel said turned on, and not a single fuel fighting.
Gaza's right to food, join rescue effort as The figures have been reported by nothing would be allowed into truck will enter until the Israeli As Israel pounds Gaza
water under int’l airlines face Israel the Palestinian health ministry, US Secretary of State Antony Blinken and Israel Gaza until around 150 hostages hostages are returned home,” from the air, Hamas militants
and international agencies, and
humanitarian law insurance alert are subject to change Prime Minister Benjamin Netanyahu address the taken captive by Hamas during a Israeli Energy Minister Israel Katz have fired thousands of
media, after their meeting in Tel Aviv PHOTO: REUTERS weekend attack are freed. said on social media. rockets into Israel.

IOC suspends US inflation remains steady at 3.7% Rates to be high

Russian Olympic REUTERS consumer prices have come down
US CPI (Y-o-Y change in %)
mingly anticipate the Fed will leave
for now: Fed
Washington, 12 October from a peak of 9.1 per cent in June rates unchanged at its Oct 31-Nov The US Federal Reserve policymakers agreed that

Committee US consumer prices increased in

PRESS TRUST OF INDIA
Mumbai, 12 October
The International Olympic
Council’s (IOC) Executive
Board on Thursday
announced the suspension of
the Russian Olympic
Committee (ROC) with
immediate effect for “breach
of charter”.
The Russian athletes
though will be able to take
part in international compe-
titions, including next year’s
Paris Olympics, as independ-
ent participants.
The 141st Session of the
IOC will be held here from
October 15-17 and the IOC's
Executive Board is meeting
IN BRIEF
Senior Arm China staff quit
to create govt-backed startup
Several key former employees from Arm Holdings Chinese venture
have started a chip design house with local government backing,
adding to uncertainty in the British firm’s biggest market just
weeks after it raised $5 billion in an initial public offering. The
departures from Arm China included the head of R&D, a regional
head of sales, and a government relations employee. BLOOMBERG
Opec sticks to 2024 oil
demand growth forecast
The Organisation of the Petroleum Exporting Countries (Opec) on
Thursday stuck to its forecast for relatively strong growth in global
oil demand in 2024, citing signs of a resilient economy so far this
year and expected further demand gains in China. Demand will
rise by 2.25 million barrels per day (bpd) in 2024, Opec said. REUTERS
over two days, on October 12
and 13, to discuss the propo-
sals it has to move forward to
the Session.
The National Olympic
Committee (NOC) of Russia
was suspended after it
decided to include regional
sports organisations which
are under the authority of the
NOC of Ukraine.
“The Russian Olympic
Committee is no longer enti-
tled to operate as a National
Olympic Committee, as
defined in the Olympic
Charter, and cannot receive
any funding from the
Olympic Movement,” the
IOC EB said during a media
conference said.
September amid higher costs for
rent and gasoline, but underlying
inflation is slowing, supporting
financial market expectations that
the Federal Reserve would not
raise interest rates next month.
The consumer price index
increased 0.4 per cent last month,
the Labor Department said on
Thursday. The CPI jumped 0.6 per
cent in August, which was the
largest increase in 14 months.
In the 12 months through
September, the CPI advanced 3.7
per cent after rising by the same
margin in August. Year-on-year
Microsoft faces
$28.9 bn tax bill
in audit dispute
REUTERS
11 October
Microsoft has said the US
Internal Revenue Service
(IRS) in September notified
the company that it is seek-
ing an additional tax pay-
ment of $28.9 billion, plus
penalties and interest for
tax years from 2004 to 2013.
Microsoft said the IRS
notices relate to an ongoing
dispute between the com-
pany and the tax authority,
which is auditing how
Microsoft allocated its
profit among different juris-
dictions.
The company said it has
2022. Economists polled by Reuters
had forecast the CPI gaining 0.3
and climbing 3.6 per cent year-on-
3.70
10
8
6
1 policy meeting, according to CME
Group’s FedWatch Tool. That con-
viction found support from com-
policy should remain restrictive for some time,
while noting that the risks of overtightening now
had to be balanced against keeping inflation on a
year. Excluding the volatile food ments by top ranking Fed officials downward path toward 2 per cent.
and energy components, the CPI 1.60 4 on Monday that soaring yields on “Participants generally judged
rose 0.3 per cent. Used motor long-term US government bonds that, with the stance of monetary
2
vehicle prices fell, but the cost of could steer the central bank away policy in restrictive territory, risks
shelter increased amid costly rents. 0 from further rate hikes. to the achievement of the commit-
The so-called core CPI increased Jan 31,’19 Sep 30,’23 Violence in the Middle East is tee’s goals had become more two-
0.3 per cent in August. Source: Bloomberg also seen discouraging the Fed sided,” according to minutes of the
The core CPI gained 4.1 per cent from tightening monetary policy September meeting. “All participants” agreed that
year-on-year in September after lying inflation pressures at the fac- further, though it has led to the committee was in a position to “proceed care-
advancing 4.3 per cent in August. tory gate continued to abate. Treasury yields pulling back from fully” and that decisions would be data-depen-
The government reported on Inflation remains above the 16-year highs. Since March 2022, dent and take into account “the balance of risks.”
Wednesday that producer prices Fed’s 2 per cent target, 18 months the Fed has raised its benchmark “They’re going to be parked on the side,
increased 0.5 per cent in after the US central bank started overnight interest rate by 525 basis but they’re not unpacking their bags just yet,”
September, lifted by higher gaso- hiking rates. points to the current 5.25 per cent- said Jennifer Lee, economist at BMO Capital
line and food prices, though under- Financial markets overwhel- 5.50 per cent range. Markets. BLOOMBERG
1MDB CORRUPTION SCANDAL China to
Goldman Sachs sues Malaysia restructure
Goldman Sachs Group sued tion against the Government of spokesperson for the bank. $4.2 bn debt
Malaysia in a UK court, as ten-
sions escalate over a settlement
Malaysia for violating its obli-
gations to appropriately credit
The arbitration has been
filed with the London Court of to Sri Lanka
since changed its practices
agreement on the bank’s role in
the multi-billion dollar 1MDB
assets against the guarantee
provided by Goldman Sachs in
International Arbitration, a
source told Reuters. The lawsuit Sri Lanka has confirmed that
so that “issues raised by the
IRS are relevant to the past
corruption scandal.
“Today, we filed for arbitra-
our settlement agreement and
to recover other assets,” said a
was earlier reported by
Bloomberg News. REUTERS
it has concluded a prelimi-
nary deal with China on the
but not to our current prac- restructuring of its debts to
tices,” according to a Beijing, seen as a “big step in
Microsoft blog. the country’s economic
Microsoft said it believes
that any taxes owed after
SOROS SHUTS OFFICES ACROSS PHILANTHROPY EMPIRE recovery.
The Ministry of Finance
the audit would be reduced BLOOMBERG dence last week detailing the than 40 per cent, our staffing said “The Government of
by up to $10 billion based 12 October next steps of the pro- size and footprint by the Democratic Socialist
on tax laws passed by cess, which includes OSF to close necessity needs to Republic of Sri Lanka is
former President Donald
Trump.
The $25 billion international net-
work of foundations started by
closing half a dozen
offices in Africa,
half a dozen
offices in
diminish,”
Binaifer Nowrojee,
said pleased to announce that it
has reached an agreement on
The company said it
disagrees with the IRS’s
George Soros is shuttering
offices around the world as it
in addition
Baltimore
to
and
Africa, in
addition to
OSF’s vice president
of programs.
the key principles and indi-
cative terms of a debt treat-
findings and plans to prepares to cut more than 40 per Barcelona, according its Baltimore The charity doles ment with the Export-Import
dispute them, first in an cent of its staff. to a copy of emails. and Barcelona out more than $1 bil- Bank of China.
internal IRS proceeding Employees of the Open “With the deci- locations lion in grants China holds about 52 per
and then later, if necessary, Society Foundations’ Africa sion by the board in annually, including cent of Sri Lanka’s $46 billion
in courts. operations received correspon- June to cut the staff by more over $100 million in Africa. external credit. PTI

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 >
OPINION 9
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Volume XXX Number 154

NEW DELHI | FRIDAY, 13 OCTOBER 2023

Brace for volatility Will bankers ever learn?

A combination of factors can keep stock prices volatile Basel-III capital norms, which bankers oppose, are demics, Anat Admati and Martin Hellwig, have
devoted a whole book to showing up the fallacies in
beneficial for both banks and the economy these arguments (The Bankers’ New Clothes).

P
olitical and geopolitical uncertainties will overshadow normal economic
considerations for investors until the middle of 2024 or longer. Global
ILLUSTRATION: BINAY SINHA Mr Dimon says more equity capital will translate
into higher lending rates for borrowers. This is based
financial markets are bracing themselves for bouts of unpredictable volatil-
on the premise that equity is costlier than debt, espe-
ity due to the escalation in stress triggered by the Israel-Hamas conflict. This cially when we take the tax shield for debt into
has meant new fears of disruption in energy supply, and it may impact activities account. In banking that is true only because bank
in other ways in an anaemic global economy. Where India is concerned, domestic debt is hugely under-priced.
political uncertainties may also contribute to wild swings in sentiment. While Lenders to banks know that a large bank will not
there may or may not be a pickup in consumer sentiment during the upcoming be allowed to fail (“too big to fail”) and are willing to
festival season, and the trends visible in Q2 corporate performances will be care- lend at a lower rate than would be dictated by the
fully analysed, worries on these grounds will have a greater impact on sentiment. level of debt. There is thus an implicit subsidy
The Israel-Hamas conflict has already led to higher prices of crude oil and gas received by banks considered “too big to fail”. This
while the Ukraine war continues to lead to turmoil in metals markets and tight- is a cost that is borne by the taxpayer. It is only when
ness in global food markets as well. In the midst of this, China reporting slow we ignore this implicit subsidy in bank debt that it
appears as cheap as it does today. To ignore this is
growth and weaknesses in the construction and real estate sector is also cause
to pave the way for more bank failures and bailouts
for serious concern, given the very high levels of indebtedness in giant real by taxpayers.
estate developers like Evergrande. High prices of energy can push up the inflation Mr Dimon also contends that investors find bank
rate, along with putting pressure on external deficits and currency. stocks unappetising if capital requirements go up
Some corporate analysts believe that there has been a pickup in consumer and return on equity falls. That is not true either.

J
sentiment despite an erratic monsoon. Given the impetus of election-related spend- amie Dimon, the chief executive officer of JP
ing, and the upcoming festival season, the second half of 2023-24 is likely to see Morgan Chase, is that rare banker who doesn’t
some acceleration in consumption. As of now, India’s stock market is holding up hesitate to take on regulators and lawmakers.
well. But the attitude of foreign portfolio investors (FPIs) has turned distinctly cau- He was severe in his criticism of the Dodd-Frank
tious. The US Federal Reserve’s recent statements have been hawkish, ruling out Act that led to stricter regulation of banks in the US
after the global financial crisis (GFC).
chances of quick monetary easing. FPIs have sold a net ~22,700 crore in the past
Now, Mr Dimon has trained his guns on the Basel-
two months after being heavy buyers earlier. They are still net buyers to the tune of III “end game” rules for banks planned by American
~1.38 trillion in 2023-24 — the risk-off shift came after the Fed turned hawkish in its regulators. These are the final rules related to the
statements. Domestic institutions (ex-mutual funds) have been steady buyers. implementation of the norms widely agreed upon
Mutual funds also continue to see smooth inflows, indicating that retail investors after the GFC. The new rules will mean higher capital
are still positive on equity. There has also been buying in smallcaps, along with a requirements for banks. While Mr Dimon may be gut-
revival in primary market activities, both of which indicate retail strength. The sy in taking on regulators, it doesn’t mean he’s right.
Reserve Bank of India is unlikely to switch its tightening monetary stance under US regulators are proposing several changes in
the current geopolitical conditions, though it may continue to hold interest rates. the way capital requirements are
The other big issues for most investors would be political stability. The determined under Basel-III. They
want all banks with assets exceeding
Bharatiya Janata Party-led government has provided continuity for almost 10
$100 billion to use standardised
years, and markets everywhere tend to be generally pleased with political stability.
models, instead of internal models,
But India is now heading into a series of critical Assembly elections, followed for providing capital for credit risk
by the Lok Sabha election in April-May next year. Until the shape of the next and operational risk. For market
government is known, investors will be uncertain about the thrust of future risk, these banks will have to calcu-
policy, which can shift, depending on the configuration of the next government. late risk-weighted assets using both
In terms of valuation, India’s markets are not cheap at the moment, though the standardised and model-based
major indices are valued at lower average price-to-earnings multiples than their approaches and use the higher of
the two. In addition, banks will have
historic peaks. Volatility is thus more or less certain until the global situation
becomes less fraught and the domestic election season is over. Investors would to reflect unrealised losses or gains
FINGER ON THE
do well to remain cautious under the circumstances. on available-for-sale securities. PULSE
These and other proposals will
cause bank capital to increase, and T T RAM MOHAN
required under standardised models, resulting in a
higher return on equity.
Only banks that could demonstrate the robust-
ness of their risk models would qualify for use of
the IRB approach. The very fact that a bank had
been approved for the use of the IRB approach sig-
nalled to the markets its superior prowess in man-
aging risk.
Regulators are now having second thoughts on
the use of IRB models. During GFC, it turned out
that many of the banks that used IRB models just
did not have the necessary capital to cope with loss-
es. In drawing up the Basel-III norms, regulators
judged that placing too much reliance on IRB models
was unwise. They decided to sup-
plement the earlier capital require-
ments with a simple leverage ratio,
defined as Tier I capital to total
assets, of 3 per cent. This translates
into a debt-to-equity ratio of 33:1. If
this seems an absurdly high level of
leverage, remember that banks were
even more leveraged earlier.
With the latest Basel-III propos-
als, American regulators are chang-
ing tack. They would rather not rely
on banks’ internal models at all.
They aim to do away with internal
models for credit risk and opera-
tional risk and play safe with models
The share price of a bank is a multiple of the
price/earnings ratio (P/E) and earnings per share
(EPS). Higher equity requirements tend to cause the
EPS to fall but they result in a higher (P/E) ratio as
investors perceive banks with higher equity as safer,
and re-rate bank stocks with higher equity capital.
Which of the two effects above will dominate?
Bankers seem to think it is the (P/E) effect that will
dominate and result in higher valuations. What else
can explain the fact that the capital adequacy ratios
at the best-performing banks have raced far ahead
of the regulatory minimum?
In the US, capital adequacy at an International
Monetary Fund sample of banks averages over 16
per cent, while the requirement stands at around 11
per cent for most banks and slightly higher at 16-17
per cent for very few large banks. The averages in
the UK, Switzerland and Sweden are 22, 20, and 23
per cent, respectively. In India, private banks operate
at a capital adequacy of 19 per cent, even though
the regulatory requirement is just 12 per cent. If
higher capital is going to cheese off investors, how
do we explain the fact that banks with higher capital
than average also command the highest valuations?
Bankers must be aware of this, so why do they
set up a howl every time the regulatory requirement
goes up? One explanation put forward is that bankers
are paid bonuses based on return on equity. The
solution, then, is for boards to change the metric
for performance awards from return on equity to

Funding green growth

Private sector will need to increase investment
that’s what we need.
Requiring the use of standardised models for risk
assessment is a huge shift. In standardised models,
risk is assessed based on the average risk experience.
Under Basel-II rules, which were in place until Basel-
for market risk. The Reserve Bank
of India (RBI) has been moving towards estimating
credit loss based on IRB models. It may now want
to revisit the proposition.
The underlying principle driving the new US pro-
return on risk-adjusted capital. Allowing a high level
of debt so as to show higher return on equity is cer-
tainly not the solution.
The regulatory trend is in the direction of increas-
ing capital requirements for banks. That is good for

W
ith the COP28 summit scheduled to be held in Dubai next month, III came into force, the focus was on capturing risks posals is simple enough: For banks, more equity both banks and the economy. The question is: Will
it is worth reassessing the progress of climate finance in the Global specific to a bank using internal risk-based (IRB) capital is better than less. Mr Dimon opposes the bankers ever gracefully accept this reality?
South, including India. Notably, India submitted its Long-Term models. Banks that effectively managed risk would move based on arguments we have been hearing
end up having a capital requirement lower than that from bankers for years now. Two American aca- ttrammohan28@gmail.com
Low Emission Development Strategy at the COP27 summit, which
demands large investments. It will require a comprehensive climate-finance
strategy for mobilising the capital required to support mitigation and adaptation.
To be sure, the government cannot be the only stakeholder providing funds for
the green transition. The advanced countries have clearly failed in honouring
their pledge to mobilise $100 billion per year to help poor countries. At the G20
summit this year, though, developed countries reaffirmed their commitment to
16th Finance Commission’s political challenge
T
mobilising the targeted amount. But even that may not be enough. An analytical he Sixteenth Finance Commission will shortly understanding of political nuance. It spoke airily of the gap in per capita incomes is stark. Uttar Pradesh
chapter in the latest Global Financial Stability Report of the International be appointed and receive its terms of reference freebies and “wasteful” expenditure by states, tried to is poorer than Nepal, with poverty and human devel-
Monetary Fund notes that climate-mitigation investment will need to increase (ToR) from the Government of India (GoI). sequester money for central expenditures like defence, opment indicators as poor as a crisis-ridden African
to $2 trillion annually by 2030 in emerging market and developing economies “Sixteenth” suggests a chronologically stable process, and opened a Pandora’s box on the population issue. It country. But Telangana and Karnataka are progress-
but the reality is quite the opposite. The current junc- is to the credit of that Commission and its nuanced ing rapidly. Tamil Nadu and Kerala have per capita
(EMDEs), which will be around 12 per cent of the investment in these countries,
ture in intergovernmental fiscal relations in India is use of English language drafting skills that it averted incomes comparable to Indonesia, with almost zero
up significantly from the current 3 per cent. vitiated by political and institutional contestation what could have been a massive political storm. extreme poverty, and medium-high human devel-
In this context, two key pillars must underpin the climate-finance strategy: and emergent structural trends that make business This time round, the stakes have changed and opment indicators. But it appears that they are being
Private-sector mobilisation and an increased participation of international financial as usual untenable. are much higher. There are many points of conflict punished for this success with the Damocles sword
institutions. According to the study, EMDEs must finance 80-90 per cent of their The Fourteenth Finance Commission report sig- but three of these are particularly stark. of population-based delimitation hanging over them,
climate-mitigation investment through the private sector. But they face significant nificantly increased the devolution of funds to states First, the central government is in a weak fiscal restrictions on further investments in health and
challenges in attracting private capital. A major constraint in attracting private and abolished most grants. This was accepted by the position. The central fiscal deficit is at an all-time education being proposed to bring them to the
investment is the lack of favourable credit ratings for many EMDEs. Delays in Centre, which then sought to promote cooperative high. Economic growth is sluggish and not inclusive. national average, and continual political irritants
project implementation, frequent regulatory changes, and a dearth of pooled invest- federalism. Over time, this has reversed. The abolition Efforts to significantly raise tax revenues and to sell inflicted by the party in power at the Centre that has
ments at scale are affecting the participation of global institutional investors. The of the Planning Commission has given public assets have failed miserably. a limited footprint in these successful states.
the central finance ministry supreme Total public sector capital expen- The acceptance of any formula that transfers
lack of depth in the domestic capital market further complicates the process. Carbon
discretionary authority over capital diture remains flat. The govern- resources from high-performing states to low-per-
pricing, deepening capital markets, incentivising the coal phase-out, blended
grants. The central government has ment is therefore unable to raise forming states (as opposed to from rich to poor states)
finance structures, and strengthening the climate-information architecture are become more prescriptive and author- revenue or sell assets — but bor- is contentious. It is contingent on improvement in
some of the policy suggestions in this context. The study also notes that while green itarian in its dealings with the states. rowing is peaking at levels above performance of the laggards, a minimum ideological
subsidies can substitute for carbon pricing in cutting emissions, the former requires There is little political engagement in which macroeconomic stability solidarity, and eschewing imposition of brute majori-
incurring significantly large costs relative to the latter. A subsidy is a comparatively this process, which is bureaucrat-driv- would be jeopardised. To deal with tarian will. At present, none of these conditions hold,
weak policy lever in controlling emissions due to possible misallocation of resources en. Also, its actions signal a somewhat the situation, the GoI has been sys- which is a matter of great concern.
and its inability to directly incentivise firms to lower energy consumption. weak authoritarian regime. This signal tematically depriving the states of Third, the Goods and Services Tax (GST) debacle.
The second pillar will also be critical in prioritising affordable climate-finance was recently reinforced by the transfer their rightful share of the divisible The egregious record of the Centre in converting
solutions for developing countries, including India. The G20 Delhi Summit’s call of government audit officials who RATHIN ROY pool. The states’ share in gross tax compensation cess into loans and the continued
for reforming multilateral development banks (MDBs) to improve their ability to pointed out problems in the Prime revenue has been steadily declin- inability to resolve the Integrated-GST question, as
Minister’s pet welfare schemes, while ing due to the indiscriminate and well as the defenestration of the “Good and Simple
provide climate finance can be a significant step in this direction. MDBs will be
the bureaucracy responsible for these problems got lumpen resort to cesses and surcharges (instead of Tax “into an regressive, unpredictable and compli-
crucial because they can help bring down the cost of project finance more than away scot-free. No Prime Minister exercising strong raising tax rates or levying fresh taxes), which are cated tax, has caused considerable friction and dis-
regular debt instruments can. They can also help establish the creditworthiness political authority would defer to the bureaucracy not shareable with the states. This illegitimate use satisfaction. The states gave up considerable auton-
of green projects and attract investment. For India, it will also be important to by shooting the messenger. of central power has generated considerable tension omy to agree to a GST that now appears moth-eaten
de-risk projects by aligning policy and regulation to minimise disruptions. Given Weak authoritarian regimes exercise coercive in inter-governmental fiscal relations. and unworkable.
that EMDEs’ climate-financing needs are substantial and no single institution power wastefully with little understanding of the Second, and perhaps most important, it calls into These issues are fundamental to harmonious
can provide financing at the required scale, it is essential that governments, inter- damaging consequences of misuse. There is no question a political consensus that has been a hall- intergovernmental fiscal relations, and the Centre
national financial institutions, and the private sector work together, leveraging immediate consequence when engaging in petty mark of India’s fiscal solidarity. The largest weight would be well-advised to shed its arrogance, invest
their respective expertise to mobilise additional climate finance. The private coercion — locking up youth, the old and sick, or (between 45 and 55 per cent) in the formula that political capital, and constitute the Sixteenth
sector in India is somewhat better placed and is also willing to step in. Several harassing think tanks and intellectuals. However, determines which state gets how much tax revenue Finance Commission, and its ToR sensitively. If it
the consequences can be serious when it comes to has, since 1950, been some version of the inverse of knows how to do so.
large companies are beginning to invest in areas such as electric vehicles and
intergovernmental relations. state per capita income. The poorer a state, the greater
green hydrogen. The trend will need to be encouraged to gain scale. The ToR of the Fifteenth Finance Commission was its share. It is quite remarkable that the rich states The writer is managing director, ODI, London.
an embarrassment, drafted by a bureaucrat with little have never, in 70 years, objected to this. But today r.roy@odi.org. The views are personal

The Constitution: An imperfect charter
authorised the police to “detain without
trial, try without a jury, search without a
warrant”. Called Black Laws, which no self-
respecting nation would accept, became
accepted and perfected in the form of
preventive detention in free India.
BOOK REVIEW It is the least bad option, a technocratic
constitution drafted to ensure continuity
V KUMARASWAMY rather than a break from colonial past,
incorporating best practices of other
on how these could be tweaked to serve the
requirements of the elite respondents’
provinces. Third, both our constitutional
framers and colonisers looked at the
Constitution “as a means of control” but
with a refreshed justification: That our
people were not ready for democracy. Both
had the underlying belief that the people
can’t be trusted. Fourth, facilitation of
preventive detention, and, fifth, retraction
Free State (largely similar to the
Constitution of India).
If the Constitution framers had been
more liberal, they would have
accommodated the Gandhian Aundh
experiment. Julius Nyerere had given the
option to some large
tribes within Tanzania
to either join the
formal Constitution
Policy, which are not enforceable in any
court of law. It was a dustbin wisely used by
Ambedkar to accommodate all that
sounded nice but did not fit in into his
scheme of things. Instead, in the words of
the author, the Constitution “got carried
away by doctrines of Cabinet government
from Britain, checks and balances from the
US, and winds of centralised power
blowing worldwide at the time”. So much
for contextualising
The Colonial our Constitution.
Constitution In defence of our
Author: Arghya Constitution,
replaced by another constitution”.
The Indian Constitution had also
done well to avoid several hobby horses,
such as constituency-wise religious
reservations, religious rotation of
constitutional posts, conditional voting
based on wealth, tax payment and
education, and Ambedkar’s state-
owned agriculture on collective farms.
The author has done well to stick to
presenting events as they unfolded with
virtually no vitriol, so that an expert
incensed by the title would find it difficult
to punch holes. It is a relevant effort — and

T
here are several issues, such as
Article 370, the Uniform Civil
Code, LGBTQ+ rights, the women’s
reservations, for which the tenor and
character of the Indian Constitution is
increasingly called into question. Is it fit
for purpose, homegrown or a colonial
residue with a fresh varnish applied by
our leadership? These questions form the
central theme of this book.
Did the Constitution reflect the
aspirations of all sections of the people,
address the priorities of a nation that was
vastly different in character than the one
that existed under colonial laws with their
primary purpose of extraction, facilitative
law and order and centralisation?
The draconian Rowlatt Act of 1919
countries rather than best ideas and home-
grown suggestions to serve our aspirations.
So total was the influence that B R
Ambedkar’s first draft had called our
country the United States of India. It was
anchored more on acceptability and
consensus than conviction.
The author, Arghya Sengupta, justifies
his title in Part 1 around the following
reasons. First, 150 of the 239 articles of the
first draft were from the much castigated
Government of India Act, 1935, though by
the final version, the proportion may have
been a third. Second, the initial set of
questionnaires sent around by Benegal
Rau contained examples of choices all of
which came from the British Empire,
Europe and the US and there was no option
by dismissing elected Assemblies via
Governor’s rule and Ambedkar’s elaborate
justification for copying constitutional
provisions from elsewhere.
In Part II, the book discusses the
alternatives proposed by others. For
instance, there was the Constitution of
Aundh, which actually operated between
1923 and 1948, and was “dictated” by
Gandhi based on “self-sufficient village
communities being the sheet anchors of
decentralised administrative
machinery”. Then, there was the question
of a bottom-up decentralised government
with rights based on duties on Gandhian
principles proposed by Narayan Agarwal.
And finally, there was the Hindu
Mahasabha’s Constitution of Hindustan
with all the rights and
privileges or continue
to follow their own
custom, culture,
family practices and
rights over property
including movement
of villages within a vast
territory within the
country. If the Aundh Constitution had
been similarly allowed to continue, it
would have offered several lessons for the
incorporation of panchayat raj
administration into the formal fold faster.
Despite Gandhi’s stature, Gandhian
philosophy was deposited into the
“dustbin of sentiment”, as the author
describes the Directive Principles of State
Sengupta however, it has to be not a day too soon. It is a must read by all
said that it has served those who want to meaningfully debate
Publisher:
Juggernaut India well during the efforts to amend our Constitution from
next tumultuous 75 time to time, rather than defend it as
Pages: 296 years and held a immutable and sacrosanct.
Price: ~599 country of The true state of our Constitution in
continental action is best exemplified by the remarks of
proportions where Jabudana Sahaya during the debates: “You
every 30 km exposes have here magnificent and sparkling
one to a new dialect, cuisine and history. It words, social justice, political justice, and
has shown the flexibility to wade through economic justice. Very good and splendid
every crisis it has met — wars and famines, words but they appear very far away from
emergency and internal security issues, the toiling millions”. Colonial or otherwise,
messy coalitions and assassinations it definitely requires more than just
included. No constitution is written forever tinkering to align it with ground reality.
and as Gandhi observed regarding Motilal
Nehru’s draft of the late 1920s, “if it’s found The reviewer is the author of Making Growth
unsuitable, it would be certain to be Happen in India (Sage)
 QUICK TAKE: STRONG LONG-TERM OUTLOOK FOR SIEMENS “Middle East violence only tends to have

The Smart a big impact on broader global markets

Investor
(Share price in ~) The stock of Siemens is down 6.25 per cent over the past when it is dovetailed with
month. Prabhudas Lilladher Research remains positive from existing oil supply worries
as it did in the run-up to
a long-term perspective given strong and diversified presence the second Gulf War”
NEW DELHI | across industries through focus on electrification, digitisation &
FRIDAY, 13 OCTOBER 2023 CHRISTOPHER GRANVILLE,
automation products, product localisation, strong balance sheet, Managing Director-Global Political
healthy public & private capex and focus on cost efficiencies Research, TS Lombard
<

Groww zooms past Zerodha as Sebi targets over

regulatory bypasses
largest broker by active clients KHUSHBOO TIWARI
Mumbai, 12 October
the industry. You tell us what
works. We will work on easing
the pain points of the industry,
SAMIE MODAK three times to ~1,294 crore in FY23. The Securities and Exchange such as allowing a junior
Mumbai, 12 October This helped the company swing to a Board of India (Sebi) has dis- tranche if they adhere to stan-
profit of ~73 crore from a loss of ~239 covered several instances of dards,” said Narayan.

N
extbillion Technology
(Groww), the venture capital-
backed broking platform, has
dislodged Zerodha Broking as India’s
largest brokerage in terms of number
of active clients.
Groww had 6.63 million active
clients at the end of September, as
against Zerodha’s 6.48 million, ending
the latter’s long run at the top.
AngelOne and RKSV Securities
(Upstox) were ranked third and fourth
with 4.86 million and 2.19 million
active clients, according to data avail-
able on the National Stock Exchange
(NSE).
At the end of August, Zerodha and
Groww had 6.32 million and 5.99 mil-
lion active investors, respectively.
A record number of IPOs and
strong momentum in the secondary
market led to an addition of over 3 mil-
lion demat accounts for a second
straight month in September.
Close to 6.2 million demat accounts
were added in the past two
months, taking the total to 130 million
crore in FY22.
The move by the government and
regulator to onboard new clients
through e-KYC has given a fillip to the
broking industry. Also, mobility
restrictions, shift to the work-from-
home set-up, increase in mobile and
data penetration, and a drop in bro-
kerage rates too have contributed to
the industry’s success.
After the Covid-19 pandemic, the
demat tally has grown more than
threefold. To corner these new inves-
ILLUSTRATION: BINAY SINHA tors, most brokerages deployed aggres-
CHANGE AT THE TOP sive strategies. During the account
opening boom of 2021-22, many bro-
Groww has edged past Zerodha in market share in September kerages spent up to ~2,000 per investor
Active clients (mn) Market share (%) to onboard them. However, the move
doesn’t always yield results as many
Groww 6.63 19.87
clients just open a trading account but
Zerodha 6.48 19.42 execute barely any trades.
AngelOne 4.86 14.56 Zerodha, which pioneered the era
of discount broking, largely refrains
Upstox 2.19 6.58 from such aggressive strategies, help-
ICICI Securities 1.91 5.73 ing protect its bottom line.
“We continue to be the only broker
HDFC Securities 1.00 3.01 in the country to charge an account
circumventing regulations
through alternative invest-
ment funds (AIFs) and is dis-
cussing this with other regu-
lators, said Ananth Narayan,
whole-time member (WTM) of
the market regulator.
Speaking at an AIF summit
organised by the Confed-
eration of Indian Industry, the
Sebi official pointed out that
while there have been no vio-
lations of the letter of the law,
several entities have been
found to be breaching the
spirit of the law by investing in
assets through AIFs that are
otherwise not permitted.
“There are potential cases
of sectoral cap breaches or
entities investing in assets
through AIFs where they are
not allowed. For example,
Entity A is prohibited from
directly investing in Entity B
but is investing through an AIF.
This may not be a violation of
the letter of the law, but it is a
circuitous route,” said Narayan.
However, the Sebi official
did not disclose how wide-
spread such practices are or
whether the regulator has
already initiated enforcement
actions against them.
While reiterating that AIF
regulations need to be “light-
touch”, Narayan urged the AIF
industry to set up its own
“industry-standard forum” to
establish the operational stan-
dards for adherence to regu-
latory principles, in consulta-
tion with Sebi. “We attempted
to do this two years ago but had
to discontinue. This time we
want specific standards set by
The regulator has already
established an ease of doing
business committee — headed
by former WTM S K Mohanty
— to consider industry sugges-
tions for easing compliance.
Addressing the AIF indus-
try, Narayan added that Sebi
may explore relaxing regula-
tions that could hinder capital
formation for the economy.
“We neither want bad
things to happen in the indus-
try nor do we wish to stop good
things from happening. These
are the two types of errors we
are focusing on avoiding,” he
added. The Sebi official
requested the industry for
more transparent data disclo-
sures while emphasising that
the regulator aims to make the
process as painless as possible.
More on business-standard.com

Sebi examining Burmans’

— about 10 per cent of the country’s
population.
However, the NSE had only
33.4 million active clients (those who
trade at least once during a 12-month
period) at the end of September.
Groww’s share in the total active NSE
clientele was about 19.9 per cent, while
Zerodha was closely behind with 19.4
per cent share.
Lalit Keshre, founder and CEO,
Groww, said customers’ trust in a
“young company” and the digital pub-
lic infrastructure had contributed to
its ascent to the top. “There is a long
way to go. We will strive to build a sus-
tainable and enduring business in the
Kotak Securities 1.00 3.00 opening fee… Collecting an account
Motilal Oswal 0.80 2.39 opening fee right at the start also, in a
way, helps set this expectation with a
Paytm Money 0.70 2.11 potential customer, filtering out users
SBICap Sec
Sharekhan
5Paisa
0.68
0.63
0.50
2.04
1.89
1.50
who may not be serious about trading
or investing with us,” said the com-
pany in a blog post last month.
According to Groww’s website, for
open offer for Religare Ent
the brokerage, trading and demat
Source: NSE
opening and maintenance charges
DEV CHATTERJEE
Mumbai, 12 October BIGGER PIE
remain zero. Zerodha, on the other Religare Enterprises: Shareholding and voting rights
long term, and we are just getting start- revenues of ~6,875 crore. Zerodha’s hand, charges ~200 for online account A corporate battle is brewing
n Burman family n FPIs/ FIIs/ FIs/ MFs/ banks/ AIFs/ foreign
ed,” he wrote on X, formerly Twitter. margins (profit before tax or PBT/reve- opening. It also charges for value- between the current manage-
Despite losing top spot, Zerodha nue), if one excludes the pass-through added services. The charges for intra- ment of Religare Enterprises
bodies/ employee stock options considered for determining
remains the country’s most profitable exchange transaction charges, are a day and F&O trades for both top and the Burman family of expanded voting capital
brokerage by far. In FY23, Zerodha staggering 70 per cent. players are largely similar at ~20 per Dabur Group over control of PRIOR TO THE AGREEMENT AFTER THE ACQUISITION
clocked a net profit of ~2,907 crore on Groww had seen its top line zoom executed order. the company.
AND ACQUISITION OFFER AND OPEN OFFER
On Thursday, top execu-
tives of Religare Enterprises,
led by its Chairperson Rashmi 20.1 51.1

IT stocks pull Saluja, met with top officials of

the Securities and Exchange
Board of India (Sebi) to apprise
the regulator about the open
5.2

Stake
(%)
18.7
Stake
(%)

markets down offer made by the Burman

Benchmark indices ended with
losses for the first time in three days,
dragged by a slide in the shares of
information technology (IT) com-
panies, following weak earnings by
family and the disclosures
made by the company so far.
The market regulator is stu-
56.0 48.9
dying the open offer document
Glitch in BSE prompts and the disclosures made by Computed as % of expanded voting share capital Source: Company
the Burmans and has sought
dealers, clients to additional information from THE STORY SO FAR receiving Sebi observations on
shift trading to NSE the company, according to a
MAR 8: REL subsidiary RFL
the open offer is November 2,

BULKING UP: FUND MANAGERS Tata Consultancy Services (TCS).

FAVOUR SELECT BANKS, AUTO STOCKS
HDFC Bank, Reliance Industries and ICICI
Bank remained among the top mutual
fund (MF) buys for the second
consecutive month in September. MFs
deployed a net of ~15,000 crore into
these stocks during the two-month
period (August-September), revealed
Nuvama Alternative & Quantitative
Research reports.
Maruti Suzuki, Zomato, ITC and
Tata Motors are the other stocks that
have seen continued buying interest
from MFs.
Larsen & Toubro, which had
completed its ~10,000-crore share
repurchase programme last month,
was the most sold stock in September,
with MFs offloading 9.6 million shares
worth ~2,900 crore.
Sector wise, most fund houses were
holding overweight positions in capital
goods, cement and construction, and
chemicals and fertilisers, compared to
the Nifty 200 at the end of September.
They were mostly underweight on
IT, banking, oil & gas and power, the
report showed.
In the midcap space, RR Kabel,
Five-Star Business Finance and ACC
were the most-bought by MFs. Jupiter
Life Line, Sai Silks and Samhi Hotels
topped the charts in most sold
smallcap list.
The BSE Sensex fell 65 points, or
0.1 per cent, to close at 66,408, while
Investors suffered connectivity
issues at the BSE, making it difficult
source. On September 26, the
Burman family announced
the open offer to acquire an
settles dues of majority of its
lenders under one-time
provided Sebi does not seek
clarifications or additional
information, according to the
the Nifty 50 index dipped 17.35
points, or 0.1 per cent. If not for the
for them to place orders during the
start of the day’s trade on Thursday.
additional 26 per cent stake in
Delhi-based Religare
settlement open offer document posted
by the firm on Wednesday.
AUG 16: Burman family
TOP MF BUYS & SELLS losses in IT stocks, both indices
could have ended higher.
Some brokerages, including ICICI
Direct, Sharekhan, and Dhan,
Enterprises, costing up to
~2,116 crore. The open offer
raises stake in REL from
14% to 21.5%
In the open offer doc-
ument, the Burmans stated
Bought* Value** Infosys, TCS, HCLTech and Tech advised their clients to place orders was made after the Burman that they intend to take control
(mn) (~ cr) Mahindra were the biggest drag on on the National Stock Exchange family increased its stake from SEP 29: Burmans make an of the company once the open
HDFC Bank 45.7 7,074 the market performance. These four (NSE) until the issue was resolved. 14 per cent to 21.5 per cent by open offer to buy an additional offer is concluded, following
stocks alone made a According to exchange officials, the buying shares from the market 26% stake from public the provisions of the Sebi
RIL 21.0 4,929 191-point negative contribution to technical issue was due to the on August 16 for ~218 per share, (Substantial Acquisition of
shareholders
ICICI Bank 31.9 3,046 the Sensex. Meanwhile, a 0.75 per internet service provider and the at a cost of ~534 crore. Shares and Takeovers, or
cent gain in top weight HDFC Bank issue was resolved by 9.30 am. However, the board has OCT: REL board appoints two SAST) Regulations. They
Maruti Suzuki 2.1 2,225 independent firms to value
added 75 points to the 30-share “Clients, please note: You may face appointed two independent reserve the right, in the interim
Zomato 171.6 1,887 index performance. difficulty in placing trades on BSE valuers because they believe company period, pending completion of
ITC 33.5 1,511 The Nifty IT index fell 1.7 per exchange as there is a connectivity that the valuation of the com- the open offer, to appoint
cent, the most among NSE’s sectoral issue at BSE. You can place your pany and its subsidiaries is not directors to the board of direc-
Tata Motors 39.4 1,446 indices. Nifty Realty and Nifty PSU trades at NSE, which is working reflected in the current market law and have made the open tors of the company and take
Sold* Value** Bank indices were only the two other fine. We are working with BSE team price (CMP), and the firm’s offer in line with regulations,” all measures to assume control
(mn) (~ cr) indices to end in losses. on resolving it and will update once shares are at least 33 per cent he said. of the company, subject to
“The underwhelming result of it is up,” ICICIdirect said on X. higher than their CMP, as Burman mentioned that complying with the provisions
L&T 13.7 4,224 the IT major and its lacklustre near- KHUSHBOO TIWARI stated by a top source close to they have the support of the of the Sebi (SAST) Regulations.
SBI 39.0 2,284 term prospects exerted downward the management. shareholders and the inde- The document mentioned
pressure on the IT sector. On Thursday, Religare pendent directors, as the open that the acquirers intend to
HDFC AMC 4.2 1,154
Nevertheless, the broad market
Plaza Wires shares shares closed at ~234 per share, offer is in the best interests of review the management struc-
Infosys 9.3 1,351 exhibited strength, primarily in the soar 49% on debut giving it a total valuation of the company and all its share- ture of the company and its
Axis Bank 12.9 1,312 anticipation of healthy overall Shares of Plaza Wires gained nearly ~7,587 crore. When contacted, holders. “We are not looking to subsidiaries and reserve the
*During August and September Q2 results led by the expansion in 50 per cent during their stock Religare Enterprises declined change the board. We only right to require the company
**At close on October 12 India’s operating profit as volume market debut on Thursday. Shares to comment. An email sent to intend to appoint our directors and its subsidiaries to imple-
Source: Nuvama Alternative & Quantitative Research
demand is sustained despite of the company ended at ~80.2, up Sebi on Wednesday did not to the board in accordance ment such changes.
global slowdown,” said Vinod Nair, ~26.2, or 49 per cent over its issue receive any response. with the regulations,” Burman However, the current
Since August, domestic MFs have Head of Research at Geojit price of ~54. The stellar gains follow When contacted, Mohit said in a statement. management of the company
pumped in over ~35,000 crore in Financial Services. strong response to the company’s Burman, chairman of Dabur The open offer by the believes changing the current
domestic stocks. The buying comes TCS, which announced its IPO, which saw 161 times more India, stated that his private Burman-owned entities at the structure at this stage would
amid foreign portfolio investors (FPIs) September quarter financials post demand than shares on offer entities have not received any rate of ~235 per share is lead to instability and derail
stepping up their selling due to the market close on Wednesday, failed and attracted bids worth over communication from Sebi so expected to be launched on the work of the past five years,
rising US bond yields. ABHISHEK KUMAR to meet Street estimates. ~8,000 crore. BS REPORTER far. “We have acquired shares November 21, subject to Sebi which has turned the company
BS REPORTER in accordance with applicable approval. The last date for around.

THE COMPASS HDFC AMC Q2

profit up 20%
Higher profitability estimates may deliver more gains for Zomato ating profit margin of 4 per
cent of GMV may be achieved
as early as Q3FY24 given at ~437 crore
DEVANGSHU DATTA Higher revenue forecasts FY24. Higher platform fees, Zomato’s profitability met- achieve operating profit in anticipation of strong order
could drive adjusted operat- restaurant commissions may rics should see improvement Blinkit by Q1FY25. A modest volumes and higher average HDFC Asset Management
Analysts seem to have turned ing profit growth of 10-22 per help keep take rates stable. over next 2-3 quarters, led by operating profit of ~26-27 order value during the festival Company (AMC) on Thursday
positive on Zomato. The stock cent and a net profit upgrade Zomato’s food delivery better operating leverage in crore operating profit in season and the World Cup. reported a 20 per cent rise in
hit all-time highs recently. between 10-30 per cent for the take rate expanded 92 bps Y- food delivery and curtailment Blinkit in FY25 is possible. In food delivery, an net profits for the second
Zomato’s gross merchandise period FY24-FY26. o-Y in Q1FY24, driven by of losses in Hyperpure and Hyperpure may only turn adjusted operating profit of quarter. The AMC reported a
value (GMV) growth rates may Zomato posted 14 per cent about 200 bps expansion in Blinkit. In Q1FY24, Zomato operating profit-positive by 4.6 per cent of GMV could be profit of ~437 crore compared
have bottomed out in Q1FY24 Y-o-Y growth in GMV in the restaurant take rate, declared adjusted operating FY26. Its medium term guid- achieved. This implies to ~364 crore during the same
at 14 per cent year-on-year (Y- Q1FY24. Analysts see improv- which offset a compression in profit of ~52 crore. The sec- ance of 4-5 per cent adjusted around 220 basis points prof- period last financial year
o-Y). Growth should improve ing demand in non-metro delivery take rates due to ond-half of FY2024 operating operating profit as a propor- itability improvement over (Q2FY23).
from Q2FY24. Take rates cities, as well as a favourable ‘Zomato Gold Programme’. profit run-rate may be higher. tion of GMV should be the next four quarters driven The rise in profit was in line
(commission as a percentage base effect and higher order- Zomato may be able to Losses in Blinkit, achieved by Q3FY24. In by an increase in advertising with the revenue growth. The
of GMV) may have stabilised, ing in Q3FY24, driven by the implement a minor commis- Hyperpure are expected to Hyperpure, adjusted operat- revenue of about 60 basis AMC reported a ~643 crore
though improvement is not festival season and the Cricket sion increase for restaurants decline. Zomato may achieve ing losses should reduce points, increase in Zomato revenue from operations for the
expected. Factoring in better World Cup. The second half and impose a platform fee for profitability at the operating from minus 5.7 per cent in Gold revenue of about quarter ended September.
demand for delivery, FY24 FY24 GMV could grow at up to all customers. The platform level in Blinkit in FY25. Q1FY24 to minus 3.2 per cent 45 basis points and higher During the same period
overall might have growth 21 per cent, working out to 18 fee is currently at ~2-3 per In its Q1FY24 earnings in Q1FY25. contribution from platform last year, the company’s reve-
estimates for 18 per cent. per cent Y-o-Y growth for order in metro cities. call, the company guided to Overall, an adjusted oper- fees of 45 basis points. nue from operations stood at
~545 crore. BS REPORTER
>
NEW DELHI | FRIDAY, 13 OCTOBER 2023
TCS Q2: Headcount dip
keeps outlook bleak
HARSHITA SINGH
New Delhi, 12 October
T
ata Consultancy Services’ (TCS’)
numbers for the second quarter
of 2023-24 reflected a sluggish-
ness in the global demand for IT
services, in line with the trend of the
last few quarters.
WHAT THE BROKERAGES ARE SAYING
JEFFERIES
Maintain Hold
Target Price (TP): ~3,690
n TCS Q2 results do not inspire
confidence on demand recovery in
the near term given the broad-
based revenue weakness and a
sharp headcount decline with
muted hiring outlook.
n Growth in the BFSI vertical
remained muted and North
America's decline of 0.7 per cent
quarter-on-quarter (Q-o-Q) in
constant currency (cc) for the third
quarter affirms persistent weakness.
n We cut our FY24 revenue growth
forecast by 70 bps to 4.3 per cent in
cc terms to factor in Q2 miss but
keep our FY25-26 estimate
unchanged at 7.5-8 per cent. The
stock’s premium valuation
limits upside.
NOMURA
Maintain Reduce
TP: ~3,030 basis 22 times
1H-FY26 EPS of ~137.6
n The order book is holding up as
clients prioritise projects with
upfront cost savings. We lower
FY24-25 dollar revenue growth
forecast to 4.1-5.8 per cent from
4.5-6 per cent.
n TCS’ Ebitda margin is unlikely to
touch 25 per cent in FY24 as weak
growth and limited scope to lower
subcontracting expenses, already
around pre-Covid 19 level, will limit
margin improvement.
 
  !" #$ % &$'    $
()(*+
   $ ()(*+
&2 
  31"
The stock closed nearly 2 per cent lower
on the BSE on Thursday, dragging the
entire IT pack.
TCS management noted global
worries weighing on client spending,
which is leading to some deferments and
pauses in ongoing projects.
This is causing revenue leakage and
thus muted growth despite strong order
GOLDMAN SACHS
Maintain Buy
TP: ~4,020
n The headcount decline suggests a
weak near-term revenue outlook.
We lower our revenue estimate by
up to 1 per cent and see FY24
growth of 3.8 per cent (in cc terms
versus 5 per cent earlier and 2.8 per
cent pegged for Infosys).
HSBC
Maintain Hold
TP: ~3,625
n The second half of FY24 is unlikely
to see a V-shaped recovery. The bulk
of the ramp-up benefit of large
deals will only be visible in FY25. We Maintain Sell
do not see much room for upside.
MORGAN STANLEY
Maintain Equal Weight
TP: ~3,590
nQ2 showed no respite from macro
         
            !  
" " # $  % &'
( )*%+*'&'',+
-./ -  % $$$(1$-%+)%*
        
+,-./.)+.    $ ()(*+
+,-./,.+. 0$ $%  1  $ 
  $    $ $ 
  
12 1 # $$# $ 
Balanced hybrid funds: Mitigate
risks and earn stable returns
wins. As demand recovery is not in sight
Remember these
yet, visibility for the second half of FY24
also remains low, analysts said.
funds have a limited
track record currently;
While the Ebitda (Earnings before
interest, taxes, depreciation) margin at
24.3 per cent was a positive surprise, the they will also not
headcount reduction of 6,333 employees
was the highest in over two decades, which
receive equity tax
keeps the outlook bleak, they added. treatment
SARBAJEET K SEN
WhiteOak Capital Asset Management
Company (AMC) has launched the new
REBOUND fund offer (October 5 to October 19) of
its balanced hybrid fund. This is a
n 52-week low price (~) 22.2 nascent category with only one other
n CMP (~) Change (in %)
fund that belongs to 360 ONE (asset
32,003.7
under management is ~378 crore).
17.6
26,184.4
(Apr 17,’23)
18.4 How does the category work?
19,794.0
According to the Securities and
(Oct 13,’22)
(Mar 20,’23)
3,542.6
2,991.8
Exchange Board of India’s (Sebi)
16,828.4
definition, balanced hybrid funds must
maintain a 40-60 per cent allocation to
equity and equity-related instruments.
Allocation to debt instruments can
TCS NSE Nifty50 NSE Nifty
Index IT Index be in the same range. No
(As on Oct 12) CMP: Current market price Source: Exchange arbitrage is permitted. A fund
house is allowed to offer either
headwinds. Good execution on the an aggressive hybrid or a
balanced hybrid scheme.
order book is not translating into revenue
White Oak Capital
optimism.
Balanced Hybrid Fund
NIRMAL BANG (WBHF) will initially allocate
Maintain Sell an equal amount to equity
and debt. If market
YOUR
TP: ~2,930 movements cause the equity MONEY
n The buyback amount seems to be allocation to change, the
disappointing as it fell short of the fund manager will rebalance and
~20,000-22,000 crore Street bring it back to 50 per cent.
Says Manuj Jain, associate director
expectation. Deal TCV at $11.2 billion
and co-head product strategy,
was much better than expected and
was the second highest in its history, WhiteOak Capital AMC: “This fund is a
simple, yet effective way, to participate
but we see a ‘slower for longer’
demand environment persisting. in both equity and debt asset classes,
wherein equity provides higher wealth
creation opportunities in the long-term
CITI and debt provides stability to the
portfolio. The scheme aims to achieve
reasonable returns over time while
TP: ~3,170 reducing the intermittent volatility
n The last three quarters associated with pure equity allocation.”
have been largely flattish on
a Q-o-Q basis for TCS. We lower Limited volatility
the revenue growth estimate While equities have the ability to
to 3.5 per cent for FY24. deliver high returns over the long term,
many investors, especially newer ones,
+,-./(,+.
 %
THE SMART INVESTOR 11
tend to panic and exit when the market
tanks. Due to this behavioural pattern,
they are unable to enjoy the high
returns equity funds can offer.
A balanced hybrid fund may be
better suited for them. Says Jain: “Many
investors are looking to enter equities
but are wary of markets— events,
levels, volatility, and so on. One simple
but effective strategy to follow is the
balanced approach of having growth
asset (equity) and stability (debt) in the
portfolio.”
Many investors also fail to
maintain proper asset allocation,
EQUITY ALLOCATION WILL
IMPACT RETURNS
which eventually determines Equity Category average
portfolio returns. Category allocation return (%)
“This fund will provide automatic
(%) n 1-yr n 3-yr n 5-yr
asset allocation to moderate risk
15.2
investors,” says Parul Maheshwari, a Aggressive
8.3
65 to 80
certified financial planner. The fund hybrid 20.3
manager will rebalance the portfolio
NA
and this won’t give rise to tax incidence. Balanced
40 to 60 NA
Experts are optimistic about the hybrid
NA
category’s prospects.
“The outlook for the Indian Conservative 6.0
10 to 25 6.6
economy over the next few years hybrid
appears sound. Interest rates may also
9.9
start cooling down after a few Minimum 8.6
Equity
years. Hence, both the asset 65* 6.7
savings 11.7
classes in a balanced hybrid
*Including arbitrage. Returns are for direct plans.
fund have the potential to
deliver returns,” says Ravi
NA means not available (since the category is young).
Source: NGEN Markets
Kumar TV, founder, Gaining
Ground Investment Services.
Should you invest?
Will not get equity tax
treatment
Many investors will find this category
suited to their needs. Says Maheshwari:
Most fund houses offer “First-time investors or conservative
aggressive hybrid schemes. investors looking to start investing in
With their minimum 65 per cent equities may consider it. Those over-
allocation to stocks, they are treated as weight on mid- and small-cap funds,
equity funds for tax purposes. looking to book profits in line with their
Capital gains earned on the sale of asset allocation and allocate towards
units held for more than one year are large-cap stocks and debt, could also
taxed at 10 per cent, once the capital consider it.” The category is young and
gains exceed ~1 lakh in a year. has only two funds. Wait for some time
A balanced hybrid fund with its 40- until they develop a track record.
60 per cent equity allocation will not Two other categories of hybrid
receive this tax treatment. funds with static allocation—
Capital gains earned on the sale of aggressive and conservative—are also
units held for more than three years available. “Consider factors like
will be taxed at 20 per cent with financial goals, risk tolerance and time
indexation benefit. horizon when selecting a category,”
Units held for a shorter period will says Ravi Kumar TV.
be taxed at slab rates. (Their Those with a higher risk appetite
treatment will, however, be better and longer investment horizon
than that of a conservative hybrid should go for a category with a higher
fund or a pure debt fund.) equity allocation.
12 STOCKS
>
NEW DELHI | FRIDAY, 13 OCTOBER 2023 1

> OFSTOCK
IN THE > MMTC > TVS Motor Co > Maharashtra Seamless

NEWS Top gainer

among A-group
Hits new all-time
high at ~1,600
Trading volume
jump 19x over THE DAY
companies on BSE 2-week average Syrma SGS Technology
~58.9 PREVIOUS CLOSE ~1,550.4 PREVIOUS CLOSE ~646.2 PREVIOUS CLOSE Hits new all-time high
~70.6 CLOSE ~1,596.65 CLOSE ~676.1 CLOSE at ~659; Up 33 per cent
p 19.9% UP p 3.0% UP p 4.6% UP in last 3 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
12 Oct ’23 Chg (%) Con Std 12 Oct ’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 2506.4 0.7 1.0 106.7 161.7 ITC 450.7 0.5 6.4 29.3 28.8 price price (%) price price (%)
Adani Ports 815.0 0.0 0.7 28.1 588.4 JSW Steel 783.5 0.8 1.2 33.9 33.7 NMDC 159.9 159.1 5.9 159.9 159.9 Tech Mahindra 1190.0 1197.7 -2.7 1082.6 983.0
MOST BULLISH MOST BEARISH
Apollo Hosp 4993.9 -1.9 0.6 87.7 74.3 Kotak Mah Bank 1763.9 -0.4 2.9 21.5 28.5 GMDC 424.0 404.4 5.3 424.0 424.0 MCX 2093.3 2099.1 -2.5 1539.1 1289.2
Asian Paints 3159.1 -0.2 1.6 65.3 66.0 L&T Finance Hol 134.6 133.9 0.6 HCL Techno 1213.7 1223.8 -0.8 GAIL 130.5 129.3 4.7 130.5 130.5 Infosys 1452.0 1464.6 -1.9 1311.6 1215.5
L&T 3081.8 -0.2 4.9 38.5 49.6
Axis Bank 1018.5 -0.1 3.3 29.0 27.9 Balram Chini 419.0 416.8 0.5 Laurus Labs 399.5 401.6 -0.5 PVR Inox 1771.5 1768.4 4.3 1879.8 1925.0 TCS 3539.0 3542.3 -1.9 3273.1 3053.3
LTIMind 5154.8 -1.7 0.5 38.7 40.1
Aditya Birla 181.9 181.0 0.5 Colgate 2051.2 2060.6 -0.5 Nat Alum 100.9 99.8 4.2 106.3 106.3 Suzlon Energy 27.0 27.2 -1.9 17.3 6.6
Bajaj Auto 5106.6 0.8 0.7 22.1 23.6 Mah & Mah 1566.7 0.7 1.8 18.9 24.5 Federal Bank 150.1 149.3 0.5 Atul 6920.4 6945.0 -0.4 Bosch 20565.0 20444.5 3.9 20565.0 20565.0 Apollo Hosp 4873.0 4997.4 -1.9 4731.2 4078.4
Bajaj Fin 8014.3 -1.1 2.4 42.2 44.6 Maruti Suzuki 10580.9 1.6 1.6 38.9 33.6 GNFC 632.3 629.3 0.5 Infosys 1461.6 1465.5 -0.3 Indraprst Gs 479.5 477.9 3.8 499.7 515.6 HCL Techno 1215.3 1224.1 -1.7 1087.8 969.4
Bajaj Finsrv 1634.8 -0.1 1.2 37.0 288.9 Nestle India 23075.2 -0.5 0.9 - 81.5
Bharti Airtel 950.4 -0.5 2.7 63.9 992.8 Metropolis Heal 1513.0 1506.6 3.7 1530.0 1789.0 JSW Energy 390.5 391.9 -1.7 282.1 204.8
NTPC 241.6 1.2 1.3 13.9 13.4
BPCL 348.7 1.8 0.4 35.5 4.0 BSE NSE TVS Motor 1600.0 1596.7 3.0 1600.0 1600.0 LTIMind 5137.0 5155.1 -1.6 4799.0 4120.0
Britannia 4560.8 0.1 0.6 45.0 48.6
ONGC 184.5 0.7 1.1 6.5 6.9 Index Stock Index Stock PUT-CALL RATIO Sun TV Net 642.3 640.2 2.8 642.3 642.3 PAYTM 951.8 957.6 -1.5 752.3 439.6
Power Grid 200.8 1.1 1.0 12.1 12.4 RailTel Corp 219.5 218.4 2.7 255.0 255.0 Adani Green En 946.1 949.4 -1.4 886.3 439.4
Cipla 1157.9 -1.2 0.7 30.0 35.3 FUTURE (Open Interest in Mn) Put Call PC Ratio
Reliance Ind 2349.4 0.2 9.2 24.5 40.9 JK Cement 3272.7 3264.0 2.5 3477.3 3477.3 Cochin Ship 1030.0 1034.9 -1.3 626.0 411.0
Coal India 307.2 1.8 0.8 6.9 12.2 Contracts 324 - 163188 799552
SBI 586.1 -0.4 2.6 7.8 8.6 Market 2286.9 4026.5 0.6 Jubilant Fd 547.5 543.4 2.3 555.9 627.8 Godrej Prpty 1693.3 1700.9 -1.3 1496.4 1005.7
Divis Lab 3755.3 0.1 0.5 54.7 68.2 Open Int.(000) 1 - 14080 7115287
SBI Life Ins 1313.7 0.3 0.7 - 71.5 Hind Copper 158.2 157.4 2.2 174.7 174.7 Delta Corp 140.8 141.2 -1.3 133.1 133.1
Dr Reddys 5530.2 -0.7 0.8 19.5 24.6 Shares(In Mn) - - 5.8 1634.1 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1130.4 0.1 1.4 32.2 256.0 Chambal Fert 293.0 290.9 2.2 293.0 332.4 Cummins (I) 1719.9 1729.7 -1.2 1590.3 1176.0
Eicher Motor 3494.2 0.2 0.6 29.7 32.3 Value(~ crore) 22 - 13903 63622
Tata Consumer P 892.4 0.4 0.6 65.5 82.7 Metropolis Heal 1.2 ONGC 0.2
Grasim Ind 2001.8 1.1 0.9 19.3 78.9 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 637.0 0.5 1.3 19.9 74.4 DLF 1.0 Abbott India 0.2
HCL Techno 1223.8 -1.8 1.5 22.0 29.2 Contracts 8321021 - 349198052 4035391
Tata Steel 125.9 0.8 1.2 94.4 11.3 Escorts 1.0 Indiabulls Hous 0.2
HDFC Bank 1549.9 0.7 10.6 25.5 25.1
HDFC Std Life 624.7 0.5 0.8 98.2 94.9 TCS 3542.6 -1.9 4.1 29.6 31.6
Open Int.(000)
Shares(In Mn)
7633
-
- 677199
- 15878.5
5636255
5908.9
City Union Bk 0.9 IndiaMART Int 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1198.8 -2.7 0.9 26.6 32.4 Coal India 0.9 JK Cement 0.3
Hero MotoCorp 3088.3 -0.4 0.5 22.0 19.8 Value(~ crore) 553311 - 32968782 326505 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 484.4 0.1 0.8 10.8 43.9 Titan Company 3285.0 0.1 1.6 89.7 87.9 BSE+NSE BSE+NSE
UltraTech 8351.8 0.1 1.1 46.7 47.6 1 Reliance Ind 1589156.7 BS200 DOWN 7 DAYS
HUL 2557.0 0.0 2.6 59.4 59.2 (~ crore) (Mn shrs)
ICICI Bank 954.3 0.1 7.6 19.6 19.3 UPL 620.6 -1.1 0.4 16.3 61.1 ACTIVE CALLS ACTIVE PUTS HDFC Bank 1747.1 11.3
2
3
TCS
HDFC Bank
1296144.7
1175065.3 UP 3 DAYS Dynamic Portfol -29.8
IndusInd Bank 1424.3 0.2 1.1 - 14.0 Wipro 417.1 -1.0 0.7 19.6 24.0 Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg GMDC 26.5 Riddhi Corp -25.8
Infosys 1668.6 11.3 4 ICICI Bank 668445.8
Infosys 1465.5 -1.9 6.0 24.6 25.0 Nifty 50 19794.0 â-0.1 100.0 24.3 28.3 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
TCS 1581.1 4.4 5 Infosys 607843.9 Kalyan Jeweller 9.3 Shukra Pharmace -23.2
INDEX PE SHRS TRDS 1 YR Index Index 6 HUL 601579.8 Indus Towers 9.0 Supriya Lifesci -13.4
Reliance Ind 1548.0 6.6
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty
Nifty
12/10/23
12/10/23
19800
19850
2464.0
1662.6
33.1 293.4
16.8 93.6
Nifty
Nifty
12/10/23
12/10/23
19800
19750
2880.4
1412.7
30.9 174.2
16.0 115.4
Zomato 1412.5 126.7
7
8
ITC
Bharti Airtel
562001.1
534126.7
Tanla Soluts 8.9 ST Corporations -13.2
SENSEX 25.6/29.4 7.1 180 16 14 15.2 GMDC 1336.0 32.5 Escorts Kub 6.7 Guj.Petro -13.1
Asian Paints 3159.4 -0.1 1.9 65.3 66.0 Maruti Suzuki 10576.5 1.6 1.8 38.9 33.6 Nifty 12/10/23 19900 894.0 12.3 7.8 Nifty 12/10/23 19700 752.5 12.2 20.2 9 SBI 523160.1
Axis Bank 1017.7 -0.2 3.8 29.0 27.9 NIFTY 50 24.3/28.3 217.9 5294 30 20 15.6 MMTC 984.9 144.2 Chambal Fert 6.7 SEL Mfg -13.1
Nestle India 23076.3 -0.5 1.1 - 81.5 C = CONSOLIDATED; S = STANDALONE Nifty 12/10/23 19750 440.1 7.6 214.6 Nifty 12/10/23 19850 537.9 4.9 154.9 10 Bajaj Fin 485595.5
Bajaj Fin 8014.5 -1.0 2.8 42.2 44.6 NTPC 241.9 1.4 1.5 13.9 13.4 APL Apolo Tb 6.6 UP 3 DAYS
Nifty 12/10/23 19950 408.8 9.5 -2.8 Nifty 12/10/23 19650 375.8 8.6 12.0 NMDC 962.4 61.0 11 L&T 433134.3
Bajaj Finsrv 1634.4 -0.1 1.3 37.0 288.8 Power Grid 200.9 1.2 1.2 12.1 12.4 CASH DERIVATIVES Stock Stock DOWN Frontl Corp 54.5
ICICI Bank 761.3 8.0 12 LIC India 402997.4
Bharti Airtel 950.9 -0.5 3.2 64.0 993.4 Reliance Ind 2348.9 0.2 10.6 24.5 40.9 TURNOVER BSE NSE BSE NSE Vodafone Idea 26/10/23 12 181.6 166.7 3.6 Vodafone Idea 26/10/23 11 85.0 87.4 0.5 13 Kotak Mah Bank 350565.2 JSW Energy -5.0 Haryana Cap 51.7
SBI 716.6 12.2
HCL Techno 1224.1 -1.7 1.7 22.0 29.2 SBI 586.2 -0.4 3.0 7.8 8.6 VALUE(IN ~ CRORE) 4352 66699 553332 33372812 Vodafone Idea 26/10/23 13 178.1 95.4 -4.0 Vodafone Idea 26/10/23 12 47.1 56.6 12.9 14 HCL Techno 332164.3 ICICI Prud Life -3.5 Veejay Laksh 50.4
Maruti Suzuki 675.2 0.6
HDFC Bank 1549.9 0.7 12.2 25.5 25.1 SHARES(IN MN) 616.8 3481.5 - 23427.2 GAIL 26/10/23 130 85.9 17.3 25.7 Vodafone Idea 26/10/23 10 41.0 65.6 -5.0 15 Maruti Suzuki 319493.4 Abbott India -2.9
Sun Pharma 1130.6 0.2 1.6 32.2 256.0 Bajaj Fin 631.3 0.8 Omaxe 33.1
HUL 2560.4 0.2 3.0 59.4 59.3 TRADES(000) 2628 23608 - 89172 NMDC 26/10/23 160 80.4 10.8 57.6 GAIL 26/10/23 125 24.9 7.1 5.9 16 Axis Bank 313629.6 TCS -2.6
Tata Motors 636.9 0.5 1.5 19.9 74.4 GAIL 593.4 46.4 Piccadily A 33.0
ICICI Bank 954.4 0.2 8.8 19.6 19.3 Nat Alum 26/10/23 100 61.4 8.6 -9.0 NMDC 26/10/23 150 19.7 4.8 25.2 17 Asian Paints 303044.9 Balram Chini -2.1
Tata Steel 125.9 0.7 1.3 94.4 11.3 L&T 587.1 1.9 Ausom Enter 30.3
IndusInd Bank 1424.2 0.2 1.2 - 14.0 MARKET-CAP (~ CR) TRADED TOTAL 18 Titan Company 291580.2
TCS 3542.3 -1.9 4.7 29.6 31.6 Zydus Lifescien -1.2
Infosys 1464.6 -1.9 6.9 24.6 25.0 Bharti Airtel 562.4 5.9 19 Adani Enter 285718.2 Cubex Tubing 29.4
Tech Mahindra 1197.7 -2.7 1.0 26.6 32.4 BSE 32,227,541 32,937,231 Others
ITC 450.7 0.5 7.4 29.3 28.8
JSW Steel 783.2 0.8 1.4 33.9 33.7 Titan Company 3284.3 0.1 1.8 89.7 87.9 NSE 31,873,763 32,597,352 SPURT IN VOLUMES MOIL
ITC
557.4
556.3
22.0
12.4
20
21
Sun Pharma
Bajaj Finsrv
271252.9
260760.5
UP 7 DAYS
DOWN 3 DAYS
Niesspk -27.1
UltraTech 8358.0 0.4 1.3 46.7 47.6 DERIVATIVES 21,958,861 21,958,861 Techkgreen 60.2
Kotak Mah Bank 1763.9 -0.4 3.4 21.5 28.5 Company Days 2-week Avg Change Close *Price 22 Avenue Supermar 251432.3
Apollo Hosp 517.3 1.0 Lime Chem -18.7
L&T 3081.6 -0.2 5.7 38.5 49.6 Wipro 417.0 -1.0 0.8 19.6 24.0 Volume Volume % price %chg 23 UltraTech 241285.7 Alphalogic Inds 56.0
Mah & Mah 1567.1 0.7 2.1 19.0 24.5 BSE SENSEX 66408.4 â-0.1 100.0 25.6 29.4 TRADING ACTIVITY Asian Hot-N 907553.0 8020.3 11215.7 146.4 10.0
Axis Bank
Linde India
516.0
506.1
5.0
0.8
24 NTPC 234514.0 Diamond Power 54.3 ABans Enterpris -18.7
C = Consolidated; S = Standalone (~ crore) FIIs MF 25á ONGC 231980.4 Eimco Elecon 42.2 Mansi Financ -13.6
Mos Utility 2054400.0 31180.0 6488.8 105.3 19.8 Network 18 M 500.2 62.7
Equity Debt Equity Debt 26â Wipro 228974.7 HMT 40.7 Guj Met Coal -10.4
Net Net Net Net Dynamic Srvcs & 476000.0 7750.0 6041.9 107.6 5.0 HCL Techno 493.3 4.0 27 Nestle India 222501.7 Hind.Agrigen 40.7 GM Breweries -10.1
WORLD INDICES On 11 Oct -178 19 -23 1081 Plastiblends 1277551.0 25122.9 4985.2 268.6 13.3 Coal India 483.2 15.7 28 Tata Motors 211558.4 DAL 40.6 Peeti Sec -9.8
On 10 Oct -904 513 2334 993 Aaa Techno 1287425.0 29502.4 4263.8 68.9 18.1 Power Grid 474.2 23.7 29 Mah & Mah 194872.0
Indices Close % Chg* Indices Close % Chg*
On 09 Oct 773 -487 2266 -750 MMTC 144224096.0 4175000.0 3354.5 70.6 19.9 30 JSW Steel 191531.6 (T+2) cycleStocks which rose/fell continuously
Adani Enter 470.8 1.9
Americas (Oct 11,23) Asia/Pacific (Oct 12,23) On 06 Oct 271 1011 548 -1196 Shalimar Pts 12374680.0 396072.6 3024.3 180.4 7.9
S&P/ TSX Composite 19663.8 0.8 Kospi 2479.8 1.2 On 05 Oct -337 277 293 834 Agarwal Float 339000.0 12666.7 2576.3 52.0 14.2
Oct till date -5169 2278 8281 3851 MOIL 21974061.0 976533.5 2150.2 248.4 8.4
Nasdaq Composite
Dow Jones
13659.7
33804.9
0.7
0.2
Shanghai Se Comp
Taiwan Taiex
3107.9
16825.9
0.9
0.9 2023 till date 116066 31462 119908 -40014 Eurekaforbe 1298244.0 58950.2 2102.3 499.8 1.5
BOARD MEETINGS INTRA-DAY
Europe/Africa (Oct 11,23) Straits Times 3218.7 0.8 Quarterly Vivid Merc Group M Group T Tips Industries
FTSE 100 7684.7 0.9 Kuala Lumpur Comp 1443.8 0.5 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Results Group X DMR Hydro TechIndia Nirma Group M
OCTOBER 13 Ultracab (I) PNGS Gargi Fash Group X Alphalogic Inds
DAX 15566.0 0.7 Jakarta Composite 6935.2 0.1 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock BS 200 Group XT Group T Atharv Enter Group T
IBEX 35 (Oct 12) 9417.6 0.6 Stock Exchange of Thai (Oct 11) 1450.8 -0.4 NET Net Fut OI Opt OI OI HDFC Std Life Ceenik Exp Indbank Merc Benares Htl STEL Holdings
HIGH *Taal Enter . . . . . . . . . 2687.0 *Global Health . . . . . . . 777.0 LOW
CAC 40 7170.0 0.5 Volatility (Oct 11,23) BS 200 *Uni Abex . . . . . . . . . . 2544.1 *Torrent Pwer . . . . . . . 763.5 Group B Vasudhagama Ent Jai Balaji Cosyn Group X
On 11 Oct -22034 947 0.2 2.8 2.6 BS 200
Asia/Pacific (Oct 12,23) CBOE S&P 500 16.0 -0.7 On 10 Oct -3324 4423 0.2 3.3 2.6 *Bosch . . . . . . . . . . . 20565.0 *Gensol Engg . . . . . . . 2520.0 *High Energy . . . . . . . . 736.6 NONE Aditya B Mny Vuenow Infratec Group X JK Agri Genert Guj Cotex
Hang Seng 18238.2 1.9 CBOE Dow Jones 13.2 -6.0 On 09 Oct -10635 -795 0.2 3.3 2.6 Balkrishna I . . . . . . . . 2610.0 *Manorama Inds . . . . 2400.0 Krsnaa Diagnost . . . . . 725.0 Others Den Network OCTOBER 15 Martin Burn Tiger Logistic Morarka Fin
On 06 Oct 2448 1336 0.2 3.0 2.6 *Grasim Ind . . . . . . . . 2022.0 *Semac Consultan . . 2390.0 *Jindal Drill . . . . . . . . . . 709.0 Sai Silks BS 200 Group XT Vijay Text Skyline Mill
Nikkei 225 32494.7 1.8 * Change over previous close *V-Mart Ret . . . . . . . . 1935.0
On 05 Oct -68917 1648 0.2 2.4 2.6 *TVS Motor . . . . . . . . 1600.0 *Polychem . . . . . . . . . 2334.6 *Maha Seamles . . . . . . 681.1 Som Distill HDFC Bank Indian Infot Group XT Spectrum Foods
*Tatva Chintan . . . . . . 1536.9
*Chola Inv . . . . . . . . . 1284.5 *Angel One . . . . . . . . . 2148.0 *Authum Invest . . . . . . 677.3 Tata Steel Long Group T Transoce. Pr Duncan Engg Group XT
MAJOR INDICES Oct till date
2023 till date
-137285
-44516
-1879
-4884
-
-
-
-
-
- *Lupin . . . . . . . . . . . . . 1192.5 *Shilchar Tec . . . . . . . 2128.8 *Syrma SPS Techn . . . 659.0
*Rajesh Exp . . . . . . . . . 454.0
Riddhi Corp . . . . . . . . . 133.0
Group X Ksolves India OCTOBER 17 Lotus Choco Hind Hardy
Ramco Cements . . . . 1002.4 *Keltech Enrgy . . . . . 2009.8 *Atul Auto . . . . . . . . . . . 658.0 Amal OCTOBER 16 BS 200 OCTOBER 18 Sanjivani P
Previous Close Open High Low Close Change % chng OI in number of contracts(million) Charterd Cap . . . . . . . . 112.4
PAYTM . . . . . . . . . . . . . 984.9 *Phoenix Mill . . . . . . . 1968.5 Car Trade . . . . . . . . . . . 647.0 Coromndl Eng BS 200 Bajaj Fin BS 200 OCTOBER 19
*Atal Realtech . . . . . . . . 72.5 Guj Hotels Bank of Maha Can Fin Home Astral BS 200
S&P BSE Sensex 66,473.1 66,564.6 66,577.6 66,339.4 66,408.4 -64.7 -0.1 *Bharti Airtel . . . . . . . . 961.4 *Lakshmi Ele . . . . . . . 1949.0 *NDR Auto Co . . . . . . . 639.9
*Encash . . . . . . . . . . . 32.0
Premier Capital Federal Bank ICICI Prud Life Bajaj Auto Coforge
*Sun TV Net . . . . . . . . . 642.3 *Sandur Manganes . . 1764.5 *Sundaram Brk . . . . . . 625.8
S&P BSE Sensex 50 20,763.3 20,796.7 20,805.2 20,733.6 20,751.6 -11.7 -0.1 S&P BSE SECTORAL INDICES Birlasoft . . . . . . . . . . . . 548.6 Whirlpool . . . . . . . . . . 1733.0 Suven Pharma . . . . . . . 594.0
*Osiajee Texfab . . . . . . . 31.8
Nimbus Proj . . . . . . . . . . 28.7
Vivanta Inds Jio Financial L&T Tech Ser ICICI Lombard Havells I
*GMDC . . . . . . . . . . . . . 424.0 *Thangamyil J . . . . . . 1525.0 Vijaya Diagnost . . . . . . 565.7 Group XT Group A Syngene Intl IndusInd Bank HUL Mastek L&T Finance Hol Group T Group A Kewal Kiran
S&P BSE-100 20,281.9 20,322.7 20,329.0 20,263.5 20,278.8 -3.2 0.0 Prev cls Close % Chng Shantai Inds . . . . . . . . . 21.0
*Coal India . . . . . . . . . . 309.1 *Mazda . . . . . . . . . . . . 1340.0 *PDS Ltd . . . . . . . . . . . . 559.0 Artson Engg CEAT Group A LTIMind ITC Ramkrshn Frg PAYTM Kenvi Jewels Anant Raj N R Agarwal
S&P BSE-200 8,665.9 8,686.2 8,689.5 8,660.4 8,666.7 0.8 0.0 Auto 36,686.0 36,948.2 0.7 *Prudent Corpora . . . 1335.6 *Supreme Petroch . . . 547.7 Svarnim Trade . . . . . . . . 16.6 Hathway Bhaw Choice Int’l CIE Automotive Oracle Fin Mphasis Tata Coffee Group A Pil Italica Lif Sharda Crop Group M
*REC . . . . . . . . . . . . . . . 296.5
Bankex 50,091.7 50,146.0 0.1 *KPIT Techno . . . . . . . 1237.8 *Kesar India . . . . . . . . . 544.0 Aanchal Isp . . . . . . . . . . . . 9.5 ST Corporations ICICI Securitie Happiest Minds Persistent S Nestle India UTI AMC CreditAccess Gr Group X Group B Veerkrupa
S&P BSE-500 27,579.2 27,650.9 27,665.9 27,582.4 27,603.2 24.0 0.1 *Kalyan Jeweller . . . . . 277.5
Cons. Durables 46,193.2 46,258.8 0.1 *Bectors Food Sp . . . 1188.0 *Jai Balaji . . . . . . . . . . . 536.3 *SVP Global Vent . . . . . . . 8.0 OCTOBER 14 NELCO Himadri Sp Chem Wipro PVR Inox Group B CSB Bank Tinna Rub & Inf Kamat Hotels Jewel
NMDC . . . . . . . . . . . . . . 159.9
S&P BSE IPO 11,338.0 11,358.6 11,436.0 11,349.3 11,367.2 29.2 0.3 Cap. Goods 47,961.7 47,907.6 -0.1 *GAIL . . . . . . . . . . . . . . 130.5 *Century Tex . . . . . . . 1185.6 *Indo Tech T . . . . . . . . . 527.7 Patidar . . . . . . . . . . . . . . . 4.8 BS 200 Tinplate Co Newgen Soft Tec Group A Tanla Soluts Accelya Sol Elecon Engin Group XT Pakka OCTOBER 25
FMCG 18,913.1 18,964.9 0.3 Zomato . . . . . . . . . . . 113.3 *Caplin Point . . . . . . . 1138.9 *Kernex Micro . . . . . . . 526.4 RO Jewels . . . . . . . . . . . . 3.7 Dalmia Bharat Group B PCBL IIFL Finance Tata Comm Agro Tech Fd ICRA Prima Agro OCTOBER 22 BS 200
S&P Dollex-30 6,563.5 - - - 6,555.1 -8.4 -0.1 Symbiox Inve . . . . . . . . . 2.7 Group A Cyient DLM Tata Elxsi Shopp Stp UltraTech
Healthcare 28,152.0 28,210.4 0.2 Others *Bbetf0432 . . . . . . . . 1099.9 Asso Alcohols . . . . . . . . 507.0 Ganesh Hsg J & K Bank Prima Ind. Bhansli Engg Axis Bank
Nifty 50 19,811.4 19,822.7 19,843.3 19,772.7 19,794.0 -17.3 -0.1 Infra 383.8 386.1 0.6 *KRL . . . . . . . . . . . . 6883.1 *MPIL Corpn . . . . . . . 1094.2 *Cupid Ltd . . . . . . . . . . 476.9 *Rehspg . . . . . . . . . . . . 2.0 Avenue Supermar Ind Bank Hsg VST Ind Titagarh United Brew Sagar Cem Tejas Networks Universal A OCTOBER 23 Indus Towers
IT 32,908.1 32,421.2 -1.5 *OMDC . . . . . . . . . . . . 6841.8 *Motilal Oswl . . . . . . . 1026.0 *Next50 . . . . . . . . . . 475.0 NIEHSPH . . . . . . . . . . . 1.1 Texmaco Rail Karur Vysya Zensar Tech UTI AMC Voltas Group X Group B Yash Trading BS 200 Jubilant Fd
Nifty next50 45,237.1 45,368.8 45,435.1 45,285.2 45,342.0 104.9 0.2 *Shree Gan Bio . . . . . . . . 0.8 Group B Nath Bio-Genes Group B Group B Group A
Metal 23,059.1 23,273.4 0.9 *Bengal Assm . . . . . . 5935.0 *Carerating . . . . . . . 1009.8 *Marathon Nex . . . . . . 475.0 Modella Wool Butterf Gandh OCTOBER 21 Torrent Phar Group A
Nifty 500 17,407.4 17,438.3 17,457.9 17,402.5 17,419.7 12.3 0.1 Oil & Gas 18,704.1 18,965.3 1.4 *Solar Ind . . . . . . . . . . 5420.0 *Eris Lifesci . . . . . . . . . 925.0 *Remsons Ind . . . . . . . 470.0 Greencrest . . . . . . . . . . . . 0.6 Darshan Orna Oriental Htl Hath Cable 5Paisa Capital Equitas SFB OCTOBER 20 Goa Carbon BS 200 Group A Lakshmi Machine
Power 4,528.0 4,547.2 0.4 *TVS Srichakr . . . . . . 3833.6 *Suyog Telematic . . . . 802.0 *Astra Micro . . . . . . . . . 465.6 *Shalimar Prd . . . . . . . . . 0.5 GTPL Hthwa Parshva Ent Huhtamaki India Heritage Foods Hatsun Agro BS 200 KFin Technologi ICICI Bank Mah Holidays Rallis
India VIX 11.0 11.0 11.1 10.6 10.6 -0.4 -3.4 *Kewal Kiran . . . . . . . . 785.0 *Mah Holidays . . . . . . . 449.5 *Nouveau Global . . . . . . . 0.5 Texmaco Infra Selan Explor Podd Hou & Dev RPG Life HFCL Atul PNB Gilts Kotak Mah Bank PNB Hou Fin Group B
PSU 12,481.5 12,564.4 0.7 *Adity Vision . . . . . . . 2878.0
Nifty CPSE 3,866.3 3,867.0 3,916.8 3,865.1 3,905.1 38.8 1.0 Realty 4,877.8 4,869.2 -0.2 Group T Yatra Vikaslife SG Finserve Indoco Rem JSW Steel Tanfac Ind YES Bank Group B Bannr Am Sug
m m w w

> BS 200
WHAT THIS STOCK PAGE CONTAINS AND WHY The third sub-set of The table also contains the (F&O) section a wide set of an option may be exercised. becomes valueless while compared with the previous XD after the traded quotes M
BSE NSE BSE NSE
information is the stock’s company’s price-earnings data has been provided. An option is “in-the-money” futures contracts are close, the close price is indicate that the scrip has
market capitalisation. The (P/E) multiple. The P/E Open Interest: OI is the if the market price exceeds compulsorily settled on underlined. A significant gone ex-dividend after that l ~100 q ~3 Aarti Inds< ABB IndiaH
BS 200 stocks account for over paid-up value . Four
market capitalisation is multiple is arrived at by number of contracts open at the SP (in case of a call option) expiry. On NSE, it is the last change means a 3 per cent date; XB denotes ex-bonus, PCLose (484.4) (484.0) (4187.6) (4185.4)
85 per cent of the volume of categories of information are m ~50 H ~2 Open 484.5 485.0 4187.7 4202.1
shares, value and trades on provided: First, the basic shown in ~crore and is arrived dividing the day’s closing end of day in the futures and and the market price is below Thursday of every month. rise or fall in scrips whose XR ex-rights; XO ex-indicator
High 488.7 488.9 4235.0 4237.0
the Bombay Stock Exchange information on the day’s at by multiplying the closing price by its reported earning options segment. OI thus SP (in case of a put). Put/call ratio: The ratio of market values are over 10 for other corporate actions n ~20 « ~1
Low 481.9 482.1 4187.7 4190.1
and National Stock Exchange. trading. Information is also prices of shares with equity per share (EPS) for trailing 12 indicates traders’ Otherwise it is “out-of- open interest in put options & times paid-up value or 15 per like AGM/EGM/ preference u ~6 Face value Close 486.9 487.2 4215.4 4216.1
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 62728 879K 3611 247K
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 36.8 36.8 85.6 85.6
company name is followed by shares traded, and also the 52 Wk H/L 808/445 808/445 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 17650 17659 89323 89338
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani Green En Adani PortsH Adani Power m H m mH H < « « « « m m «
(22412.7) (22430.3) (2038.2) (2038.7) (2488.1) (2488.6) (962.9) (962.5) (815.0) (814.8) (349.9) (349.8)
O 22500.0 22578.0 2058.4 2049.0 2496.1 2499.9 965.6 966.0 820.0 818.6 350.5 352.0 O O
22500.0 22578.0 2058.4 2053.9 2520.9 2521.8 970.0 970.0 823.4 823.3 354.0 353.9
w 22285.0 22270.0 2023.0 2021.8 2491.0 2490.7 946.1 945.2 812.5 812.6 346.4 346.1 w w
22303.0 22306.8 2029.4 2029.6 2506.3 2506.4 949.4 948.7 814.4 815.0 347.3 347.3
403 7647 8491 190K 73533 1805K 55395 354K 108K 2564K 411K 2063K K K K K K K K K K K K K K K K
45.8 45.8 52.4 52.4 106.7 106.7 - - 28.1 28.1 9.1 9.1
W 24725/17800 24744/18000 2674/1594 2675/1592 4190/1017 4190/1017 2259/439 2259/439 916/395 916/395 410/133 410/132 W W
M 47394 47402 38110 38113 285718 285724 150388 150269 175923 176041 133932 133932 M M

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 BPCL
(1019.3) (1019.1) (5063.5) (5064.4) (8098.4) (8102.0) (1635.8) (1636.6) (2582.9) (2586.3) (420.5) (420.9) (248.6) (248.8) (207.2) (207.2) (1634.0) (1634.5) (560.6) (560.8) (137.8) (137.8) (1113.9) (1114.3) (955.5) (955.6) (130.8) (130.9) (257.5) (257.4) (540.5) (540.2) (19678.4) (19698.1) (342.8) (342.5)
O 1019.3 1022.0 5119.9 5085.0 8111.0 8125.0 1634.1 1637.0 2610.0 2590.1 425.5 422.6 O 249.1 250.9 208.0 208.0 1620.1 1638.0 565.4 561.8 138.0 138.0 1121.9 1118.0 O 961.4 955.6 131.7 131.1 257.7 258.0 548.5 543.0 19450.1 19601.3 346.0 344.9
1030.9 1031.0 5150.0 5151.0 8128.3 8127.0 1642.6 1643.0 2610.0 2604.8 425.5 424.2 251.8 251.9 209.4 209.5 1648.2 1649.0 568.0 568.6 138.7 138.7 1122.7 1122.8 961.4 956.8 133.7 133.8 261.3 261.3 548.6 548.9 20565.0 20564.8 350.3 350.4
w 1015.5 1015.0 5053.9 5051.1 8005.0 8003.0 1624.5 1622.9 2581.0 2581.0 415.9 415.8 w 249.1 249.2 207.5 207.5 1620.1 1627.3 561.6 561.6 137.2 137.2 1111.0 1110.0 w 947.0 947.0 130.3 130.3 257.7 257.4 541.0 541.0 19450.1 19601.3 344.3 344.1
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.
NEW DELHI | FRIDAY, 13 OCTOBER 2023 13 <

PUBLIC NOTICE
Public is informed that Mrs. Neelam Vishwakarma
is the owner of House no. B-23 (Old no.22&23) Gali
no. 3, Out of Killa no. 17/2, 19/3 & 20, (41.81 Sq.
Mtrs.), Amar Vihar, Karawal Nagar, Delhi., vide
Authorisation Slip (Dated – 09.03.2022, Doc no.
563, Vol no. 5384, Pg no.135-143, SR- IV (Seelma
Pur)) earlier transferred vide Notarized GPA & ATS
dated 01.12.2018 executed by Smt. Santosh Devi .
Smt. Neelam Vishwakarma intends to mortgage
the same with Fedbank Financial Services Ltd. Any
objections to this mortgage to be sent in writing to
the undersigned within 7 days(publication day
inclusive) failing which it shall be deemed there is
no objection to this mortgage.
VARUN PHOGAAT(ADVOCATE)
72/03, Street no.2, krishna Nagar,
Safdarjung Enclave, New Delhi-110029
(07982557892) (varunphogaat@gmail.com)
CAN FIN HOMES LTD.
ASHIRWAD PLAZA, FIRST FLOOR, RASULPUR ROAD, PALWAL ,
HARYANA - 121102 E-mail: Palwal@canfinhomes.com
Mob. : - 7625079241Tel-01275-240033
CIN –L85110KA1987PLC008699
[Rule 8(1)] POSSESSION NOTICE (for immovable property)
The undersigned being the Authorised Officer of Can Fin Homes Ltd. under the
Securitisation and Reconstruction of Financial Assets and Enforcement of Security
Interest Act 2002 and in exercise of the powers under the said Act and Security Interest
(Enforcement) Rules, 2002, issued a demand notice dated 01.08.2023 calling upon the
borrowers Mr. Jitender Kumar S/o Mr. Bir Singh, Mrs. Prem Vati Devi W/o Mr. Vir Singh
and (Guarantor) Mr. Anand Mitra Ashok S/o Mr. Narayan Singh to repay the amount
mentioned in the notice being Rs. 16,85,722/- (Rupees Sixteen Lakh Eighty Five
Thousand Seven Hundred Twenty Two Only) with further interest at contractual rates, till
date of realization within 60 days from the date of the said notice.
The borrower having failed to repay the amount, notice is hereby given to the borrower and
the public in general that the undersigned has taken possession of the property described
herein below in exercise of powers conferred under Section 13(4) of the said Act read with
Rule 8 of the Security Interest Enforcement) Rules, 2002 on this the 10th day of October
of the year 2023.
The borrower’s attention is invited to provisions of sub-section (8) of section 13 of the Act,
in respect of time available, to redeem the secured assets.
The borrower in particular and the public in general is hereby cautioned not to deal with the
property and any dealings with the property will be subject to the charge of CFHL for an
amount of Rs. 16,85,722/- (Rupees Sixteen Lakh Eighty Five Thousand Seven Hundred
Twenty Two Only) and interest thereon .
Description of immovable property
All that part and parcel of property situated at Flat No-5, Second Floor, Rang Mahal-2, Bali
Nagar, Palwal, Haryana-121102. MEASUREMENT OF THE PLOT- 146 Sq. Yards.
MEASUREMENT OF THE FLAT- Super Built up area-500 Sq Ft.
Boundaries:- North- ROAD, South- ROAD, East-PROPERTY OF KHEM CHAND, West –
OTHER PROPERTY
Sd/-
Date : 12.10.2023 Authorised Officer
Place : Palwal Can Fin Homes Ltd.

BEFORE THE NATIONAL COMPANY LAW TRIBUNAL

NEW DELHI BENCH-IV, NEW DELHI
(ORIGINAL JURISDICTION)
COMPANY PETITION NO. 217 (ND) OF 2022
IN THE MATTER OF THE COMPANIES ACT, 2013 (18 OF 2013)
SECTION 66
AND
IN THE MATTER OF REDUCTION OF SHARE CAPITAL
AND
IN THE MATTER OF
GALAXY INTERNATIONAL REALTECH PVT LTD (AND REDUCED)
PETITIONER COMPANY
PUBLIC NOTICE REGARDING CONFIRMATION OF
REDCUTION OF SHARE CAPITAL
Notice is hereby given that the Hon’ble National Company Law Tribunal, New Delhi Bench-
IV, New Delhi (the Hon’ble Tribunal) vide its Order dated 29th August, 2023 (certified copy
issued on 6th September, 2023), has confirmed the Reduction of Share Capital of Galaxy
International Realtech Pvt Ltd (And Reduced) [the Company] in the following manner:
i. Writing off the debit balance of the Statement of Profit and Loss to the extent of
Rs.4,05,00,000 against the Securities Premium Account; and
ii. Compulsory reduction/cancellation of issued and paid-up Equity Share Capital of the
Company to the extent of 95% by way of (a) further writing off the debit balance of the
Statement of Profit and Loss to the extent of Rs.1,88,69,476; and (b) payment to be made
to all the Equity Shareholders of the Company on proportionate basis @ Rs.7.8845 per
Equity Share aggregating to Rs.9,20,90,524.
iii. Upon the Capital Reduction become effective and operative, the Securities Premium
Account of the Company shall be reduced by an amount of Rs.4,05,00,000 being the
amount of debit balance of the Statement of Profit and Loss written off.
iv. Upon the Capital Reduction become effective and operative, the total Issued, Subscribed
and Paid-up Equity Share Capital of the Company shall be reduced from Rs.11,68,00,000
divided into 1,16,80,000 Equity Shares of Rs.10 each fully paid-up, to Rs.58,40,000
divided into 1,16,80,000 Equity Shares of Rs.0.50 each. Simultaneously, every 20 Equity
Shares of Rs.0.50 each shall be consolidated into 1 Equity Share of Rs.10 each.
So that finally, post-reduction total Issued, Subscribed and Paid-up Equity Share Capital
of the Company shall be Rs.58,40,000 divided into 5,84,000 Equity Shares of Rs.10
each fully paid-up.
Further, the Hon’ble Tribunal has approved the following minutes:
“The paid-up equity share capital of Galaxy International Realtech Pvt Ltd is henceforth
Rs.58,40,000 (Rupees fifty-eight lakh forty thousand) divided into 5,84,000 (five lakh eighty-
four thousand) Equity Shares of Rs.10 (Rupees ten) each fully paid-up.”.
Copy of the aforesaid Order of the Hon’ble Tribunal and the Minutes along with the requisite
e-Form INC-28 have been filed with the Registrar of Companies, NCT of Delhi and Haryana,
New Delhi, on 29th September, 2023, and duly registered on 9th October, 2023.
Dated this 10th day of October, 2023
Sd/-
Mukesh Jodhani
Director of Galaxy International Realtech Pvt Ltd (And Reduced)
Through, Sd/-
Rajeev K Goel, Advocate
For Rajeev Goel & Associates
Counsel for the Applicant
785, Pocket-E, Mayur Vihar-II, Delhi Meerut Expressway/NH-9, Delhi 110 091
e-mail: rajeev391@gmail.com, Website: www.rgalegal.in
Jammu & Kashmir Bank Limited
IMPAIRED ASSETS PORTFOLIO MANAGEMENT DEPARTMENT
Zonal Office Delhi : Plot No.132-134 Sector 44, Gurgaon (Haryana)
India, GSTIN: 06AAACT6167G1ZB, T +91 (0)0124-4715800, F +91 (0)0124-4715800
E : iapmd.del@jkbmail.com, W : www.jkbank.net
E-Auction Notice
(For sale of Immovable Mortgaged Property/ies under the SARFAESI Act, 2002) [Refer Proviso to rule 8(6)]
Notice is hereby given to the public in general and to the borrowers and guarantors in particular that the below mentioned property
mortgaged to The Jammu & Kashmir Bank Ltd., Business Unit Sector 44 Gurgaon, as security for the Secured Overdraft/Term Loan
facility extended in favour of M/s Ishika Global Overseas Pvt Ltd, the possession of which has been taken by the Authorised officer of
the bank under Section 13(4) of the SARFAESI Act, will be sold through E-auction on “AS IS WHERE IS” “AS IS WHAT IS” AND
“WHATEVER THERE IS” and “NO COMPLAINT” basis on 31-10-2023, for recovery of Rs.4,84,08,995.60/- (Rupees Four Crore
Eighty Four Lakhs Eight Thousand Nine Hundred and Ninety Five and paisa Sixty only) as on 31.03.2015 with interest, cost etc.,
thereon due to the bank from concerned firm through its (s), mortgagor(s) and guarantors Viz:-
1. M/s Ishika Global Overseas Pvt Ltd, Address 2088, Sector 4 U.E, Gurgaon Haryana (Borrower).
Also at Canara Apartment, Flat No 48, Sector 13, Rohini New Delhi-110085.
2. Sh. Suresh Kumar Goel; S/o Sh. Madan Lal Goel
R/o House No 2088, Sector 4, Opposite HUDAGymkhana, Gurgaon Haryana (Director)
3. M/s Neelima Goel W/o Dinesh Kumar Goel R/o House No C-194/18, Jeewan Park Uttam Nagar, New Delhi-110034 (Director)
Present Address: 3069, Sector 23, Gurgaon Haryana- 122001.
Description of the immovable property
Industrial plot of land measuring 1361.25 sq.yrds and 3 storey building measuring 13000 sq fts forming part of Khewat No
67/112 Khasra no 75 (5-10-0) situated behind NSG Campus, Village Nainwal Manesar, Delhi -Jaipur Highway Gurgaon Haryana
The minimum Reserve Price for the aforesaid property is Rs. 160.00 lacs (Rupees One Crore Sixty Lacs only) and the EMD is
Rs. 16.00 Lacs (Rupees Sixteen Lacs only).
The bid document/format containing full details of the property and all the terms and conditions can be had from, and submitted on,
the website “http://sarfaesi.auctiontiger.net” (contact person Ram Sharma -9978591888, Contact no. 079-68136880/68136837
Mob.: +91 9265562821/18 email: support@ auctiontiger.net). The bids complete in all respects can be only submitted online by or
before 30.10.2023. The time of E-Auction will be 3:00 pm on 31.10.2023. The contact details of bank officials are: Mr. Rajneesh Mahajan
(Authorized officer) mob: 9967753294 and Mr. Ravi Kant (Branch Manager Sector 44 Gurugram) Mob No: 7006750199.
This publication is also 15 days’ notice in terms of Rule 8(6) of the Security Interest (Enforcement) Rules, 2002 to the
borrowers/mortgagors/guarantors of the above said loan accounts to pay the total outstanding of loan along with the interests
and expenses before the date of auction, failing which the property will be auctioned and balance if any along with interests and
expenses will be recovered from them.
Date: 13.10.2023, Sd/-, (Mr. Rajneesh Mahajan)
Place: Gurugram Authorized Officer, The J&K Bank Ltd
14
>
NEW DELHI | FRIDAY, 13 OCTOBER 2023 1

PUBLIC NOTICE
Public is informed that Ms. Alice Charles is the owner
of Property no. D-30 (old no. B-6), D-Block (2nd &
3rdfloor) (100 sq yds.) Khasra no. 367, Jawahar
Park, Devli Road A, B, C, D & E Block, Village
Khanpur, New Delhi, vide Authorisation Slip (Doc.
No. 5070, Vol. no. 4666, Page no.184-190, SR-VA,
Delhi, 30.05.2022) earlier transferred vide Notarized
GPA, WILL & ATS dated 12.11.2020 executed by Sh.
Ben Philip Charles. Ms. Alice Charles intends to
mortgage the same with Fedbank Financial
Services Ltd. Any objections to this mortgage to be
sent in writing to the undersigned within
7days(publication day inclusive) failing which it shall
be deemed there is no objection to this mortgage.
VARUN PHOGAAT(ADVOCATE)
72/03, Street no.2, krishna Nagar,
Safdarjung Enclave, New Delhi-110029
(07982557892) (varunphogaat@gmail.com)

POSSESSION NOTICE
(for immovable property)
Whereas,
The undersigned being the Authorized Officer of INDIABULLS HOUSING
FINANCE LIMITED (CIN:L65922DL2005PLC136029) under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security Interest
Act, 2002 and in exercise of powers conferred under Section 13 (12) read with
Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued Demand Notice
dated 27.01.2023 calling upon the Borrower(s) SHEKHAR KUMAR SINGH AND
BHOLA SINGH to repay the amount mentioned in the Notice being Rs.13,64,761.05
(Rupees Thirteen Lakh Sixty Four Thousand Seven Hundred Sixty One and
Paise Five Only) against Loan Account No. HHLDCP00356305 as on 12.01.2023
and interest thereon within 60 days from the date of receipt of the said Notice.
The Borrower (s) having failed to repay the amount, Notice is hereby given
to the Borrower (s) and the public in general that the undersigned has taken
possession of the property described herein below in exercise of
powers conferred on him under Sub-Section (4) of Section 13 of the Act read
with Rule 8 of theSecurity Interest (Enforcement) Rules, 2002 on 09.10.2023.
The Borrower(s) in particular and the public in general is hereby cautioned not
to deal with the property and any dealings with the property will be subject to
the charge of INDIABULLS HOUSING FINANCE LIMITED for an amount of
Rs.13,64,761.05 (Rupees Thirteen Lakh Sixty Four Thousand Seven Hundred
Sixty One and Paise Five Only) as on 12.01.2023 and interest thereon.
The Borrower’s attention is invited to provisions of Sub-Section (8) of
Section 13 of the Act in respect of time available, to redeem the secured
assets.
DESCRIPTION OF THE IMMOVABLE PROPERTY
PROPERTY BEARING NO- RZ-23, AREA MEASURING 40 SQ. YDS. I.E.,
33.45 SQ. MTRS., FF (BACK SIDE/NORTHERN SIDE UNIT), KHASRA NO. 4,
SITUATED AT REVENUE ESTATE OF VILLAGE BINDAPUR, IN THE COLONY
KNOWN AS SOUTH-EXTENSION-II, UTTAM NAGAR, NEW DELHI-110059.
BOUNDED BY:
EAST : PLOT NO. 22A WEST : PLOT NO. 23A
NORTH : PASSAGE 08 FT. SOUTH : OTHER UNIT
Sd/-
Date : 09.10.2023 Authorized Officer
Place : NEW DELHI INDIABULLS HOUSING FINANCE LIMITED

  

  

(formerly known as Edelweiss Housing Finance Limited)
Registered Office Situated At Tower 3, 5th Floor, Wing ‘B’, Kohinoor City Mall , Kohinoor City, H O M E F I N A N C E

Kirol Road, Kurla (West), Mumbai – 400 070. Regional Office at : Second floor, 3B Rajendra Park,
Pusa Road, New Delhi-110005.
POSSESSION NOTICE UNDER RULE 8(1) OF THE SARFAESI ACT, 2002
Whereas the Undersigned being the Authorized Officer of “Nido Home Finance Limited (formerly known as Edelweiss
Housing Finance Limited)” under the Securitization and Reconstruction of Financial Assets and Enforcement of Security
Interest (Second) Ordinance,2002 (order 3 of 2002) and in exercise of powers conferred under Section 13(12) read with
Rule 3 of the Security interest (Enforcement) Rules 2002 issued Demand Notices to the Borrower/s as detailed hereunder,
calling upon the respective Borrowers to repay the amount mentioned in the said notices with all costs, charges and
expenses till actual date of payment within 60 days from the receipt of the same. The said Borrowers/Co borrowers hav-
ing failed to repay the amount, notice is hereby given to the Borrowers/Co borrowers and the public in general that the
undersigned has taken symbolic possession of the property described hereunder in exercise of powers conferred on him
under Section 13(4) of the said Act r/w Rule 8 of the said Rules in the dates mentioned along-with the Borrowers in partic-
ular and public in general are hereby cautioned not to deal with the properties and any dealings with the properties will be
subject to the charge of “Nido Home Finance Limited (formerly known as Edelweiss Housing Finance Limited)”. For the
amount specified therein with future interest, costs and charges from the respective dates.
Details of the Borrowers, Co-borrowers and Guarantors, Securities, Outstanding Dues, Demand Notice sent under Section
13(2) and Amount claimed thereunder and Date of Possession is given as under:
1.Name and Address of the Borrower, Co Borrower Guarantor Loan Account No. And Loan Amount:
Mrs. Renu Dialani (Borrower) & Mr. Vinay Kumar Bhatia (Co-Borrower) House No 928 Jiym Khana Club Road Sector-9
Bahadurgarh, Shree Shyam Enterprises (Co-Borrower) Plot No 683 -B Saini Vihar,Village Mundka, West Delhi- 110041
Also at: House No. 2148, Type-MIG, Sector-28, Housing Board Colony Faridabad 121008
LAN.No.: LNDP0HL0000085911 & LNDP0HL0000085960 Loan agreement Date: 30-01-2021 & 31-01-2021
Loan Amount : Rs. 86,00,000/- (Rupees Eighty Six Lakh Only) and Rs.32,00,000/- (Rupees Thirty Two Lakh Only)
NPA Date: 29/03/2022 Demand Notice Date:- 04-07-2023
Amount Due in Rs. 9,351,143.82/- (Rupees Ninety – Three Lakh Fifty-One Thousand One Hundred Forty-Three and Eights -
Three Paisa Only) and Rs. 3,407,853.88 (Rupees Thirty- Four Lakh Seven Thousand Eight Hundred Fifty-Three and Eighty -
Eight Paisa Only) With further interest from the date of Demand Notice 04-07-2023 Possession Date: 12-10-2023
Details Of The Secured Asset:- All The Part And Parcel Bearing House No. 2148, Type-Mig Sector-28, Housing Board
Colony Faridabad 121008 The Said Flat Is Bounded As: North: House No. 2149 South: House No. 2147 East: House
No. 2141 West: Road
Place: Delhi Sd/- Authorized Officer
Date: 13.10.2023 FOR Nido Home Finance Limited
(formerly known as Edelweiss Housing Finance Limited)
.
NEW DELHI | FRIDAY, 13 OCTOBER 2023 15
<

HIMACHAL PRADESH
Jal shakti Vibhag
NOTICE INVITING E-TENDERING
The Executive Engineer JSV Division Hamirpur invites following tenders on behalf of Governor of Himachal
Pradesh from approved eligible contractors for the following work(s) through e-tendering Process:-

S. Name of work Estimated Cost. Earnest Cost of Time

No Money Tender
1 Construction of Source Strengthening of 45,37,34,223/- 45,69,842/- 2500/- 9 Months
various WSS under JSV Sub-Division
Nadaun and Dhaneta (Phase 1st & 2nd)
including (i) C/O LWSS Rajnoun,
Dhaneta Dib Ponkher, Behrad,
Janshooh, Manjra and LWSS Sukriah (4
Nos Phase), ii) C/O Amblehar Bhabrina.
Last date of filing/ uploading the tender through e- tendering 20.10.2023 up to 11.00 AM The tender forms and
other detailed conditions can be obtained from the website www.hptenders.gov.in. .

Executive Engineer,
3246/2023-2024 JS Division Hamirpur

Union Territory of Jammu and Kashmir

OFFICE OF THE EXECUTIVE ENGINEER JAL SHAKTI (PHE) MECHANICAL (North) Sopore
NOTICE INVITING TENDER
SHORT TERM
e-NIT No. 55 of 2023-24
For and on behalf of Lt. Governor of UT of J&K, Executive Engineer Jal Shakti (PHE) Mechanical Division (North) Sopore, invites e-tenders from reputed and resourceful
Bidders/Firms/Companies/Joint Ventures/Consortiums between bidder/firm and Financier of all classes registered in JKPWD/CPWD/Railways or any other state
Government for “Supply, installation, testing, and commissioning of electro-mechanical equipment at various water supply schemes of Jal Shakti (PHE) Mechanical
Division (North) Sopore”. The bidding process shall be completed online on https://jktenders.gov.in in two covers viz. Cover 1st consisting of Pre-Qualification Criteria,
General Terms and Conditions, and Technical Specifications and Cover 2nd shall consist of Financial Bid on item rate basis, in the prescribed BOQ."
S. Description of work Tender document Earnest money Estimated Bid
No Fee (In Rs.) Cost validity
1 Supply, installation, testing and commissioning of electro-mechanical equipment at Rs 500.00 1.00 lakh (Rs. One 134.50 180
various water supply schemes of Jal Shakti (PHE) Mechanical Division (North) Sopore lakh only) days

— TENDER CARE —
Position of funds : Approved Under Jal Jeevan Mission (JJM)
"The tender inviting authority is Executive Engineer, Jal Shakti (PHE) Mechanical Division North Sopore. The awarding authority is District Jal
— Advertorial Jeevan Mission (DJJM)."
1. Publish Date 12-10-2023 (03:00 pm)
RAVI MEHRA TAKES CHARGE AS CENTRAL BANK OF INDIA 2. Bid submission start date 12-10-2023 (03:00 pm)
E.D. OF PUNJAB & SIND BANK ORGANIZES SUCCESSFUL WALKATHON 3. Date of Pre-bid meetinq 14-10-2023 (02:00 pm)
IN VIGILANCE AWARENESS WEEK 2023 4. Bid submission end date 19-10-2023 (06:55 pm)
Shri Ravi Mehra assumed the charge as Executive Director of 5. Date and time of Bid opening 20-10-2023 (02:00 pm)
Punjab & Sind Bank on 09th October, 2023. Prior to his elevation The Central Bank of
as Executive Director of Punjab & Sind Bank, Shri Mehra was India proudly con- 1. Bid documents can be accessed and downloaded from the website https://jktenders.gov.in.
General Manager, in the same Bank since ducted a remarkable 2. The pre-bid meeting will be held in the office chamber of the Executive Engineer Jal Shakti (PHE) Mechanical Division (North) Sopore.
April 01, 2020. Walkathon in obser- 3. The whole bidding process shall be completed online on tender portal https://jktenders.gov.in. The intending bidders can download the bid document
Shri Mehra, a post graduate in Commerce. He vance of the Vigilance from the tender portal and can submit their bids by uploading them on the tender portal.
started his career in Banking with Punjab & Sind Awareness Week, 4. The valid bids received shall be opened online in the office of the Executive Engineer Jal Shakti (PHE) Mechanical Division (North) Sopore.
Bank in the year 1988. He is a Certified under the distinguished leadership of Mr. Arvind Kumar, Zonal 5. Bids must be accompanied by bid security and cost of Tender Document and shall be payable at Srinagar.
Associate member of Indian Institute of Bankers Head, alongside Ms. S. K. Janki, Chief InternalAuditor (CIA), and a. Bid Security declaration, duly notarized, shall be uploaded separately against each work instead of EMD (as annexed in SBD). However, to ensure
(CAIIB). In a career spanning over three Mr. Santosh Kumar, Regional Head. This event was held with the due performance of the contract, Performance Security is to be obtained from the successful bidder.
decades, he has vast experience and expertise in Retail Lending, resounding theme, "Say No to Corruption: Commit to the Nation," b. The cost of tender documents should be in form of Treasury Receipt in favor of Executive Engineer Jal Shakti (PHE) Mechanical Division (North)
Priority Sector, HRD, Financial Inclusion, Planning & to raise awareness about the importance of eradicating corrup- Sopore.
Development & Cenmarg. tion in our society. The Walkathon saw enthusiastic participation 6. The hard copies of cost of tender document in shape of Treasury Receipts, Earnest money in shape of CDR/FDR/BG, and other relevant documents
from the bank's staff members, including those from the Zonal shall be obtained from the bidder who is declared as L1 after opening of financial cover.
BANK OF MAHARASHTRA BAGS Office, Regional Office, CIA Office, and SAM, who rallied 7. The bid shall remain valid for a period of 180 days from the last date of submission of bids. If any bidder/tenderer withdraws his bid/tender before
“KIRTIPURASKAR” - HIGHEST together in impressive numbers to express their commitment to the said period or makes any modifications in the terms and conditions of the bid, the said earnest money shall stand forfeited and the bid shall be
AWARD FOR RAJBHASHA a corruption-free nation. declared non-responsive.
Bank of Maharashtra bags “KirtiPuraskar", the highest award for 8. Other details can be seen in the bidding documents from the website https://jktenders.gov.in.
Rajbhasha given by Ministry of HomeAffairs, Govt. of India. Bank STATE BANK OF INDIA MAKES TIE-UP 9. Queries by email, if any, should be made at phe.mdns@gmail.com.
received the prestigious award in two different categories viz. “Best ARRANGEMENT WITH TAMIL VIRTUAL FORM I
House Magazine” and “Better Implementation of Official Language” ACADEMY FOR CONDUCTING SPOKEN e-NIT No. 55 of 2023-24
in a glittering ceremony on 14th September, 2023, held at Pune, TAMIL CLASSES FOR ITS NON-TAMIL List of works tendered
Maharashtra. STAFF MEMBERS
S. Name of work District Estimated cost Time of
Shri A. S. Rajeev, Managing Director and CEO, Bank of State Bank of India has made tie-up arrangement with Tamil Virtual No. (Rs in Lacs) compltion (Days)
Maharashtra received the first prize Academy, a unit under the Dept. of Information Technology, 1 Electro-mechanical works of different nature to be executed at WSS Bodibugh Hagarpora Stage Baramulla 20.293 45Days
for “Best House Magazine” and the Government of Tamilnadu for conducting Spoken Tamil Classes for 1st Pattan under JJM
second prize for Better Implemen- its non-Tamil staff members.Around 28 Staff members from various 2 Electro-mechanical works of different nature to be executed at WSS Bonichakal Stage 1st Pattan Baramulla 53.480 45Days
tation of Rajbhasha at the hands of branches / offices of SBI under JJM
3 Creation of 63KVA Electric Sub-Station for Filtration Plant of WSS Nambla Sheeri under JJM Baramulla 6.904 45Days
Shri Ajay Kumar Mishra, Hon'ble have registered for the
Minister of State for Home Affairs. First batch. The offline
During this ceremony, Shri classes for the first Sd/-
Harivansh Narayan Singh, Hon'ble Deputy Chairman of batch of the course ExecutiveEngineer,
RajyaSabha, Ms.Anshuli Arya, Secretary (Official Language), were conducted on Jal Shakti (PHE) Mechanical Division (North)
No: PHE/MDNS/DB/JJM/5714-19
Ministry of Home Affairs and Ms. Bharti Pawar, Minister of State 11-10-2023 at State Dated:10-10-2023 Sopore
for Health and Family Welfare etc. were also present on the stage. Bank Institute of Learning and Development, Nungambakkam, DIPK-10357/23
In this programme, ShriA. B. Vijayakumar, Executive Director and Chennai. The inaugural function was attended by Sri R Komahan,
ShriAshish Pandey, Executive Director, ShriAmit Srivastava, CVO, Joint Director, Tamil Virtual Academy and Ms. Madura Rajagopal,
Shri K. Rajesh Kumar, General Manager (HRM and Rajbhasha) Assistant Director, Tamil VirtualAcademy and Shri Sanjeev Kumar,
and Dr.RajendraShrivastava, Deputy General Manager Deputy General Manager & Circle Development Officer, SBI, Local
(Rajbhasha) and other authorities of Bank of Maharashtra were Head Office, Chennai. Shri R Komahan addressed the participants
also present. and explained the importance of learning new languages.
Ms Madura Rajagopal outlined the course details and its importance
UNION BANK OF INDIA in present day scenario. Shri Sanjeev Kumar, DGM & CDO,
ORGANISES "RETAIL EXPO" SBI Chennai encouraged the participants to learn spoken Tamil for
providing better service to Bank’s customers.
Union Bank of India organised "Retail Expo" at Gwalia SBR, Shri S Hariharasubramanian, AGM, SBILD, Nungambakkam,
SidhubhavanRoad, Ahmedabad on 7th and 8th October, 2023. Chennai, Shri Y Raja Rajeswar Rao, Shri Rohit Kumar Sarangi and
35 reputed Builders, 6 Car deal- Smt. R. Lakshmi, officials from Official Language department, SBI,
ers and Visa Consultants par- LHO, Chennai were present during the function.
ticipated in the event.
Renowned builders of the BIBHU PRASAD MAHAPATRA
Ahmedabad and Gandhinagar ASSUMES CHARGE AS E.D. OF PNB
have displayed their latest and Shri Bibhu Prasad Mahapatra assumes charge as
upcoming projects in the twin the Executive Director on the Board of Punjab
City. CREDAI Chairman,Gandhinagar, Mr Kiran Patel - President National Bank in terms of Department of Financial
Credai Gandhinagar, Mr Sureshbhai K Patel - Secretary Services, Ministry of Finance, Government of India,
Credai Gandhinagar was the Chief Guest. Retail Expo is graced notification eF.No. 4/1(iii)/2023-BO.I with effect from
by guest of honour Dr. T. Prakash (DGM Retail Assets), October 09, 2023 for a period of three years or up to
Sh. Vithal Banashankari (Zonal Head, Gandhinagar). With the col- the date of his attaining the age of superannuation. Shri Mahapatra
lective efforts of ROAhmedabad and RO Gandhinagar, Union Bank started his banking journey in PNB as Management Trainee in the
of India is offering Home loans starting from 8.35% and Car loans year 1989 and has served the bank for last 34 years in various
from 8.75%. capacities across the country.
16
>
NEW DELHI | FRIDAY, 13 OCTOBER 2023 1

Sector 9, Alpha Tower, Vasundhara, Ghaziabad, IND MSME Branch, New Delhi 10, Inder Enclave, Ground Floor
SALE NOTICE Rohtak Road, Peeragarhi, New Delhi-110087 (011) 25259144
Uttar Pradesh 201012,
FOR IMMOVABLE PROPERTIES Email Id: msme.newdelhi@indianbank.co.in
Email Id : vasgha@bankofbaroda.com
APPENDIX – IV {Rule-8(1)} POSSESSION NOTICE (for Immovable property)
SALE NOTICE FOR SALE OF IMMOVABLE PROPERTIES “APPENDIX- IV-A [See proviso to Rule 9(1)] Where as the undersigned being the Authorized Officer of the Indian Bank under the Securitization and Reconstruction of Financial
E-Auction Sale Notice for Sale of Immovable Assets under the Securitization and Reconstruction of Financial Assets and Enforcement of Assets and Enforcement of Security Interest Act 2002 and in exercise of Powers conferred under Section 13(12) read with Rule 8 and 9 of
Security Interest Act, 2002 read with proviso to Rule 6 (2) & 8 (6) of the Security Interest(Enforcement) Rules, 2002. the Security Interest (Enforcement) Rules, 2002, issued a demand notice dated 31.07.2023 Calling upon the Borrower M/s V K
International Proprietor Mr Pawan Saluja S/o Sh Surinder Kumar Saluja and Mr. Pawan Saluja & Mrs. Raj Saluja as
Notice is hereby given to the public in general and in particular to the Borrower, Mortgagor (s) and Guarantor (s)that the below described immovable Guarantor/Mortgagor with our Ind MSME Branch to repay the amount mentioned in the notice being Rs. 62,02,990/- (in words
property mortgaged/charged to the Secured Creditor, possession of which has been taken by the Authorized Officer of Bank of Baroda, Secured Rupees Sixty Two Lakh Two Thousand Nine Hundred and Ninety only) and interest thereon within 60 days from the date of receipt of
Creditor, will be sold on “As is where is”, “As is what is”, and “Whatever there is” basis for recovery of dues in below mentioned account/s. the said notice.
The Borrower having failed to repay the amount, notice is hereby given to the borrower and the public in general that the undersigned has
The details of Borrower(s) /Mortgagor (s)/ Guarantor (s) /Secured Asset/s/Dues/Reserve Price/ e-Auction date & Time, EMD and Bid taken possession of the property described herein below in exercise of powers conferred on him under Section 13(4) of the said Act read
Increase Amount are mentioned below- with rule 8 and 9 of the said rules on this 10th day of October of the year 2023.
Branch Name The borrower in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the property
S. Name & address of Description of the Total Dues. Date & Time of Reserve Price Status of Property
will be subject to the charge of the Indian Bank for an amount of Rs. 62,02,990/- (in words Rupees Sixty Two Lakh Two Thousand
No Borrower/s / immovable property with E-auction EMD Possession Inspection and Contact Nine Hundred and Ninety only) and interest thereon.
Bid Increase date & Time. Number
Guarantor/Mortgagors known encumbrances, if “We drew attention the provisions of Section 13(8) of the SARFAESI Act and the Rules framed there under which deals with
any Amount. your rights of redemption over the securities”
1. Borrower : Sh. Avaneesh Kumar Upadhyay S/o House No II-E/266A admeasuring Rs. 12,98,392.14/- (Rupees 30.10.2023 Rs. 11,00,000/- Physical 26.10.2023 & Vasundhara DESCRIPTION OF IMMOVABLE PROPERTY
Sh Shambhu Nath Upadhyay. area 28.56 Sq Mtr situated at EWS Twelve lacs ninty eight Timing 02.00 PM to 10.00 AM to Branch/ All the part and parcel of the property consisting of Flat No 1, First Floor front side east facing comprising of 4 bedrooms, three toilets, one
06.00 PM
Rs. 1,10,000/-
Co-Borrower : Smt Uma Upadhyay w/o Avaneesh 1st Floor, Kamna Sector 2E, Vaishali, thousand three hundred ninty 2.00 PM 8929163264 kitchen, one drawing cum lobby, measuring 1309.31 sq ft (super area) and covered/plinth area measuring 85 sq meters build on property
Kumar Upadhyay Ghaziabad, UP, 201010 in the name two and Paisa fourteen only) Rs. 10,000/- no. 70A/31 situated at Guru Nanak Pura Laxmi Nagar Delhi- 110092.
Address 1 : Flat no 220A, Kamna E Block, Sector 2, of Sh Avaneesh Kumar Upadhyay as on 09.10.2023 plus future Bounded: On the North by : Other Property On the South by : Other Property
Vaishali, Ghaziabad, UP – 201010, Address 2 : House S/o Sh Shambhu Nath Upadhyay interest and other charges On the East by : Gali 15 feet wide On the West by : Gali 10 feet wide
no 104/73, Safdar Bagh, Near Sashi bhushan girl’s thereon.
college, Aminabad, Lucknow – UP - 226018 Date: 10.10.2023, Place: Delhi Sd/-, AUTHORISED OFFICER, INDIAN BANK
For detailed terms and conditions of sale, please refer to the link provided in https://www.bankofbaroda.in/e-auction.html and https://ibapi.in.
Also, prospective bidders may contact the authorized officer on Mobile number mentioned in above table.
Date: 12.10.2023, Place: Ghaziabad AUTHORIZED OFFICER, BANK OF BARODA

Bank of Baroda, Ashok Vihar Branch

30, Community Center
Branch Office : Jewar
Ashok Vihar I, Delhi-110052
Annexure – 13 (Revised SI – 10) POSSESSION NOTICE
Symbolic Possession
Under Rule 8(1) of Security Interest Enforcement Rules, 2002 Possession Notice for Immovable Property in case of one borrower (For Immovable property)
Whereas the undersigned being the Authorised Officer of the Punjab National Bank under the Securitisation and Reconstruction of
Whereas The undersigned being the Authorized Officer of the Bank of Baroda under the Financial Assets and Enforcement of Security Interest Act 2002 and in exercise of Powers conferred under Section 13 read with Rule 3 of
Securitisation and Reconstruction of Financial Assets and Enforcement of Security
the Security Interest (Enforcement) Rules, 2002, issued a demand notice dated 27.07.2023 calling upon the Borrower Smt. Shashi w/o
Interest Act, 2002 (54 of 2002) and in exercise of powers conferred under Section 13(12)
Sh. Gajender R/o Khasra no 4176, Mohalla-Mangroli Road, Kasba-Jewar Pargana & tehsil Jewar Distt Gautam Budh Nagar and
read with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued a Demand
Notice dated 27-07-2023 calling upon the Borrower M/s Gogia Fruit Traders (as a Sh. Gajendra S/O Sh. Khadak Singh R/o Khasra no 4176, Mohalla-Mangrauli Road, Kasba-Jewar Pargana & tehsil Jewar Distt
Partnership Firm) Through Partners: Mr. Jagdish Gogia S/o Late Asa Nand Gogia & Gautam Budh Nagar to repay the amount mentioned in the notice being Rs. 2,72,794.00 (Rupees Two Lacs Seventy Two thousand
Mr. Rajeev Kumar Gogia S/o Late Asa Nand Gogia & Mrs. Kanchan Gogia W/o Late Seven hundred ninety four only) within 60 days from the date of receipt of the said notice i.e. 27.07.2023.
Mahender Gogia & Mr. Rajesh Kumar Gogia S/o Late Asa Nand Gogia to repay the The Borrower having failed to repay the amount, notice is hereby given to the borrower and the public in general that the undersigned has
amount mentioned in the notice being Rs. 1,07,17,958.20 (Rs. One Crore Seven Lakhs taken possession of the property described herein below in exercise of powers conferred on him under sub-section (4) of section 13 of
Seventeen Thousand Nine Hundred Fifty Eight and Twenty Paise Only) as on Act read with rule 8 of the Security Interest Enforcement Rules 2002 on this the 9th day of October of the year 2023.
20-07-2023 including interest upto 20-07-2023 and further interest, other expenses within The borrower in particular and the public in general is hereby cautioned not to deal with the property and any dealings with the property
60 days from the date of receipt of the said notice. will be subject to the charge of the Punjab National Bank for an amount of Rs. 2,72,794.00 (Rupees Two Lacs Seventy Two thousand
The Borrowers having failed to repay the amount, notice is hereby given to the Borrower Seven hundred ninety four rupees only) and interest thereon.
and the public in general that the undersigned has taken possession of the property The borrower’s/guarantor’s/mortgator’s attention is invited to provisions of sub-section (8) of section 13 of the Act in respect
described herein below in exercise of powers conferred on him under Section 13 and sub of time available to redeem the secured assets.
Section (4) of the said Act read with Rule 8 of the security interest (Enforcement) Rule 2002 Description of Immovable property-
on this day of 10th October of the year 2023. All that part and parcel of the property consisting of Khasra no 4176, Mohalla-Mangroli Road, Kasba-Jewar Pargana & tehsil Jewar Distt
The Borrower in particular and the public in general is hereby cautioned not to deal with the G B Nagar, UP having land area 50 sq.yrds or 41.80 sq.Mtr in the name of Smt. Shashi w/o Sh. Gajender R/o Khasra no 4176, Mohalla-
property and any dealings with the property will be subject to the charge of Bank of Baroda Mangroli Road, Kasba-Jewar Pargana & tehsil Jewar Distt Gautam Budh Nagar
Ashok Vihar Branch, Delhi for an amount of Rs. 1,07,17,958.20 as on 20-07-2023 Boundaries: On the North by – (Plot of Other Person) On the South by – 10Ft wide Kachchi gali
including interest upto 20-07-2023 and further interest and other expenses thereon till On the East by – Plot of Devendra Kumar On the West by – (Plot of Other Person)
date of payment.
DATE: 09.10.2023, PLACE: Jewar AUTHORISED OFFICER, PUNJAB NATIONAL BANK
The Borrower's attention is invited to provisions of sub-section (8) of Section 13 of
the Act, in respect of time available, to redeem the secured assets.
Description of the Immovable Property
All that part and parcel of the Equitable Mortgage of freehold Residential built-up house
Property No. 202, Block – D, with roof/terrace rights, built-up on land area measuring
288.42 Sq. Mtrs, situated at residential colony known as Ashok Vihar, Phase-1, Delhi –
110052, in the name of Mr. Jagdish Gogia S/o Late Asa Nand Gogia, Mr. Rajeev Kumar
Gogia S/o Late Asa Nand Gogia, Mrs. Kanchan Gogia W/o Late Mahender Gogia and
Mr. Rajesh Kumar Gogia S/o Late Asa Nand Gogia.
DATE: 10-10-2023, Authorized Officer,
PLACE: Delhi Bank of Baroda
.
NEW DELHI | FRIDAY, 13 OCTOBER 2023 TAKE TWO 17 <

PHOTO: SHUTTERSTOCK

which will include expansion of the
Sriperumbudur factory near Chennai.
We have also signed an asset purchase
agreement for General Motors’
Talegoan plant, which has a capacity
of 130,000 units,” says Tarun Garg,
chief operating officer, Hyundai
Motors India.
Tata Motors, like Hyundai, is
operating at close to full capacity. It will
gain more capacity from its acquisition
of Ford’s plant in Sanand, close to its
own facility, for ~727 crore. It will spend
has gone up dramatically. Sports utility
vehicles, the flavour of the season, have
come to account for nearly half of all
passenger vehicle sales.
“This suits auto companies as the
margins here are much better than in
small cars. Those buying cars now are
not entry-level customers and they are
buying their second or third car or are
multiple-car families,” says BVR
Subbu, former president of Hyundai
Motors India.
Electric charge

RUSH
another ~1,000 crore to customise the
acquired unit. With this, Tata Motors’
capacity will increase from 600,000
vehicles a year to 1 million, bringing it to
the same level as Hyundai’s.
“We expect the industry growth to be
strong in the festival season. For the
One reason for the rush to increase
capacity is that automakers do not want
to miss the bus on electric vehicles, a
market on which each of them has
placed ambitious bets with investments
and new models. At present, the

HOUR
financial year, the industry is likely to penetration of electric cars is merely a
touch 4 million vehicles,” says Shailesh shade above 1 per cent, but 20 electric
Chandra, managing director, Tata cars that are lined up to be launched in
Motors Passenger Vehicles and Tata the next two to three years promise to
Passenger Electric Mobility. change that dramatically.
In the midst of the Tata Motors expects the share of
optimism, Maruti’s electric in total passenger
Why
Whyautomakers
automakersare
arepouring
pouring~1.75
~1.85trillion
trillioninto
intotheir
theirfactories
factories Bhargava provides a note
of caution. There is no
vehicle sales to rise from
25 per cent now to 50 per
ONE REASON
to
toproduce
producemany
manymore
morevehicles
vehiclesthan
thanthey now do guarantee, he says, that
the heady double-digit FOR THE RUSH
cent in 2030. Putting
money where its mouth
growth will continue TO INCREASE is, it is investing $2 billion
because FY23 raised the CAPACITY IS THAT in rolling out 10 electric
base and the current vehicles by 2026.
SURAJEET DAS GUPTA this capex push to fortify the position made investments due to the pandemic. In the midst of this boom, the pause financial year will raise it
AUTOMAKERS DO “More investments are
New Delhi, 12 October it has held for decades as the runaway But demand was back in FY23 and we on capacity expansion during the higher. Maruti expects its NOT WANT TO expected towards
market leader at a time new and others were running out of capacity. pandemic is coming back to bite. sales growth to average MISS THE BUS creating a robust supply
ON ELECTRIC
S ize does matter, after all, if you are an
automotive company.
On Monday, Maruti Suzuki India, the
technologies are coming in to
make electric vehicles and hybrids
a viable alternative to the traditional
So, investment in expansion was clearly
needed,” R C Bhargava, Maruti’s
chairman, told Business Standard.
Maruti, struggling to meet the rising
demand, is taking the unutilised
capacity available with Toyota, its ally
6 or 6.5 per cent a year till
FY31. This could however
rise to 7 or even 8 per cent
VEHICLES
ecosystem for EVs, which
will also include a battery
giga factory,” says a
country’s largest maker of passenger internal combustion engines (ICE) with which it shares models. It is also after FY27 if the small spokesperson for Tata
vehicles, said it would spend ~1.25 that use gasoline. Post-pandemic flush tweaking its Manesar plant. The two car market revives, Motors.
trillion over the next seven years leading In that, Maruti is not alone. Numbers The time is indeed ripe. initiatives together will yield an says Bhargava. Hyundai, not to be left behind, has
up to FY31. This is just a touch short of two, three, and four in the market — Last month, automakers created a additional 250,000 vehicles this year. It The small car market is not growing, announced six electric models by 2028,
five times the capital expenditure in the Hyundai, Tata Motors, and Mahindra & new record in monthly sales, hawking hopes its new plant in Haryana will start partly because of the sharp rise in prices of which two are already out in the
eight years to FY23. Mahindra — have lined up capacity 363,733 vehicles, as they accelerated producing 250,000 cars from early 2025. necessitated by the upgrade to BSVI market. There is also the battery making
Of the new capex plan, ~45,000 crore expansions of their own for a combined dispatches to ensure sufficient stocks Hyundai’s current India capacity emission norms and partly because the plan mentioned earlier.
is for doubling the production capacity investment of ~50,000 crore, taking the with dealers for the festival season, is 820,000 vehicles a year. It has purchasing power in that market “Leveraging the expanded capacity,
to 4 million a year. The rest will be total by the top four — which lord over typically taken to be from Onam to earmarked ~20,000 crore for expansion, segment got eroded due to the havoc in HMIL will review its plans to launch
spent on developing and launching four-fifths of the market — to a Diwali. Domestic sales in FY23, at 3.8 launching new products, and for the job market caused by the pandemic. additional electric vehicle models into
11 new models with different fuel humongous ~1.75 trillion. million, marked 21 per cent growth over manufacturing battery packs for Bhargava says consumer incomes will the Indian market from the
options, expanding the sales and “Between 2020 and 2022 no one the previous year, crossing the previous electric vehicles. go up in the next few years. Sriperumbudur plant. Our expectation
marketing teams, and on a high of 3.3 million in FY19. “Currently we are operating at full The current boom is driven by new is that electric vehicles will contribute 20
humongous export push. This financial year could end up with capacity. We are cumulatively aiming at mid-sized and higher-end models of to 30 per cent of total car sales by 2030,”
Industry observers say Maruti needs 4 million, maybe more. a capacity of 1 million units annually, above ~7 lakh, whose share in total sales says Garg.
Maruti got into the electric game
later than Tata and Hyundai, but aims to
sell 500,000 EVs annually by FY 31,
n MARUTI n HYUNDAI: n TATAS: ~16,600 n M&M: ~13,000
IN OVERDRIVE SUZUKI: ~1.25
trn; to double
~20,000 cr;
to expand
cr; to develop
10 new electric
cr; putting in auto
capex of ~9,500 cr
which will be 15 to 20 per cent of its sales.
Six of its 11 new models will be electric.
(4 COMPANIES Industry watchers say that with the
DOMINATE DOMESTIC 12.6 INVESTING IN capacity to 4 mn, capacity to models; bought and capex of bigger players investing in expanding
18.8 develop new 1 mn, set up Ford plant and aims ~3,200 cr in their capacities for making both ICE as
PASSENGER VEHICLE
SALES)
EXPANSION, models and push battery plant to grow capacity to EVs for well as electric vehicles, there could be
14.9 ELECTRIC… exports and for new EVs 1 mn per annum FY22-24 further consolidation. The first phase
MARKET SHARE IN 10.3 has already happened with Ford and
AUG 2023 (%) General Motors exiting the country and
their capacities being taken up by Tata
n Tata Motors 43.4 and Hyundai, respectively.
n Hyundai “I don’t see more than seven to eight
players left standing three years down
n Maruti Suzuki …BUT n Maruti has n 5-5.5% average the road: Three Indians, two Japanese,
n Mahindra & AVERAGE projected compounded growth per
9% two Koreans and one European. The
Mahindra 6-6.5% per annum in this decade in consequence is that the top few players
n Others
GROWTH annum through internal meetings of will become bigger and more
growth projected by Hyundai
(12 players) PROJECTION FY31, which can industry, according to SIAM.
of domestic sales for CY23
profitable,” says Subbu.
go up to 7-8% No official number has been For now, they are definitely
Source: Siam and Tata Motors
VARIES after FY27 given by the association GRAPHIC: ANIRBAN SENGUPTA becoming bigger.
18
>
NEW DELHI | FRIDAY, 13 OCTOBER 2023 1

TERMINATION OF 26-WEEK PREGNANCY

‘No bitter finding yet on
We cannot kill the child, non-sugar sweeteners’
says CJI on abortion plea SANJEEB MUKHERJEE
New Delhi, 12 October

India’s food regulator has

BHAVINI MISHRA stopping the foetal heart if the
New Delhi, 12 October court allows. “That is why
AIIMS has a serious ethical
said that more country-spe-
SWEET
SPOT
> FSSAI says country-specific studies
needed to establish adverse effect of
non-sugar sweeteners (NSS) on health
> Retains existing prescribed limits of
FSSAI said that WHO’s
guidelines shall be used to
educate and sensitise con-
sumers, and engage people
to consume NSS or artifi-
cific studies were needed to cially sweetened products
probe the impact of non- NSS on food items and other foods high in
sugar sweeteners (NSS) > Agrees that aspartame does not sugar, salt, and fats in mod-
or aspartame on metabo- have adverse effect after eration.

A
case concerning the
right of an unborn
child vis-à-vis that of
a pregnant woman’s
autonomy in seeking to abort a
healthy foetus on account of her
own ill health on Thursday
prompted Chief Justice of India
(CJI) D Y Chandrachud to term
it a Hobson’s choice.
“We cannot kill the child,”
the Supreme Court Bench
observed and asked the counsel
representing the 26-week preg-
nant mother whether she want-
ed the court to tell the doctors
at the All India Institute of
Medical Sciences (AIIMS) to
stop the “foetal heart” of a “liv-
ing, viable foetus”.
“Tell us one thing, what
about a mother who knows that
if I deliver today and don’t keep
the baby for another two weeks
time, I am going to deliver a child
who is destined to be abnormal,
physically and mentally. It is
Hobson’s choice,” the CJI said.
Under the Medical
Termination of Pregnancy
(MTP) Act, the upper limit for
the termination of pregnancy is
24 weeks for married women,
of sexual violence or abuse. She
(petitioner) is a married woman.
She has two children. Surely, the
elementary question which we
"WHAT DO YOU WANT
US TO TELL THE DOCTORS
TO DO? YOU WANT US TO
TELL THE DOCTORS TO
ENSURE THAT THE FETAL
HEART STOPS
FUNCTIONING?"
D Y CHANDRACHUD,
Chief Justice of India
with deformity, nobody will
adopt the child.”
It is a “hard fact”, the Bench
said and added that in India
dilemma,” he said.
The Bench said that asking
AIIMS to stop the foetal heart
will be like directing the doctors
to carry out an “act of foeticide”.
The petitioner’s counsel said
the woman doesn’t want to con-
tinue her pregnancy due to
problems including her mental
condition. The counsel said she
is unable to take care of herself
due to the pregnancy and had
even contemplated suicide.
“We also need to balance out
the rights of the unborn child.
Undoubtedly, the autonomy of
the woman must come. She has
a right under Article 21, she has
a right under various provisions
of the Constitution… But
equally, you have to be con-
scious of the fact that whatever
you are doing is going to affect
the rights of an unborn child,”
the Bench said.
The Bench said nobody was
compelling the woman to keep
the child and even the state has
not asked the mother to do so.
“But having waited for 26
weeks, and in plain English, to
put the child to death, is the only
other option. All that she has to
lism as well their links with
diseases as laid down by
World Health Organization
(WHO) in a guideline
released in May.
The Food Safety and
Standards Authority of
India (FSSAI) also said that
in the absence of substan-
tive established evidence on
the safety, it was retaining
the existing prescribed
limits on NSS.
FSSAI based its conclu-
sions on the recommenda-
tions of a panel of scientists
that looked into the WHO
guidelines on non-sugar
sweeteners.
The WHO had recom-
mended against the use of
NSS to control body weight
or reduce the risk of non-
communicable diseases
(NCDs). Increased risk of
type 2 diabetes, cardiovas-
cular diseases, and mortal-
ity in adults could be some
of the potential undesirable
effects from long-term use
of NSS, it had said, adding
that NSS does not confer
any long-term benefit in
reducing body fat in adults
or children.
FSSAI’s findings should
come as a relief to several
Indian companies that
manufacture products
using NSS. Some of most
common NSS are acesul-
fame K, aspartame, advan-
tame, cyclamate, neotame,
saccharin, sucralose, stevia
and stevia derivatives.
Media reports quoting
ingestion
> Acesulfame K,
aspartame,
advantame,
cyclamates,
neotame,
saccharin, sucralose,
stevia and stevia
derivatives are most
common forms of NSS
industry sources say that
the NSS market in India
is worth ~800-1,000 crore
with prominent brands
such as Sugar Free, Splenda
and Equal.
FSSAI also agreed with
the findings of the Joint
FAO/WHO Expert
Committee on Food
Additives, which had said
that there was no convinc-
ing evidence from animal
or human data that aspar-
tame has adverse effects
after ingestion.
The WHO had then said
in statement posted in its
website that NSS are not
essential dietary factors and
have no nutritional value.
People should reduce the
sweetness of the diet alto-
gether, starting early in life,
to improve their health.
The WHO recommenda-
tion applied to all people
save those with pre-existing
diabetes; and includes all
synthetic, naturally occur-
ring or modified non-nutri-
tive sweeteners that are not
classified as sugars and
found in manufactured
foods and beverages, or
sold on their own to be
added to foods and bever-
ages by consumers.
The recommendation
did not apply to personal
care and hygiene products
containing NSS, such as
toothpaste, skin cream and
medications, or to low-cal-
orie sugars and sugar alco-
hols (polyols).

Pilot licence now valid for 10 yrs

special categories including sur-
vivors of rape, and other vulner-
able women such as the differ-
ently-abled and minors.
The Bench, also comprising
Justices J B Pardiwala and
Manoj Misra, was hearing the
Centre’s application seeking a
recall of the top court’s order
issued on Monday that per-
mitted the woman concerned to
terminate pregnancy at AIIMS.
When the petitioner’s coun-
sel asked whether the court
would have taken the same
stand if an unmarried pregnant
woman had approached it, the
Bench said, “This is not a case
either of a minor victim who has
contracted pregnancy nor is it a
case of a person who is a victim
wanted to ask you is what was
she doing for 26 weeks? She had
two earlier pregnancies. She
knows the consequences of
pregnancy.”
One of the doctors of the
AIIMS medical board, which
examined the woman and filed
a report to the top court on
October 6, had sent an email on
October 10 saying the foetus had
a strong possibility of survival at
this stage of pregnancy.
After taking into account
the doctors’ opinion that there
was a strong possibility of the
child being born with serious
physical or mental deformity if
premature delivery was
allowed now, the Bench said,
“Today, if the child is delivered
people generally do not adopt
children with deformities,
although there are exceptions.
“What do you want us to tell
the doctors to do? You want us
to tell the doctors to ensure that
the foetal heart stops function-
ing? AIIMS wants that direction
from the Supreme Court,” the
CJI told the petitioner’s counsel.
When the petitioner’s coun-
sel responded with a “no”, the
Bench asked when the woman
has waited for over 24 weeks,
can’t she retain the foetus for a
few more weeks to consider the
possibility of a healthy child
being born.
The CJI said doctors are
now saying they can medically
terminate the pregnancy by
do is to wait for another two
weeks,” it said.
The apex court observed
that the doctors have said foe-
tal growth in the mother’s
womb makes all the difference.
It advised the counsel to per-
suade the woman to not end
her pregnancy.
The Bench also asked
Additional Solicitor General
Aishwarya Bhati, who was
appearing for the Centre, and
the petitioner’s lawyer to talk
to the woman about the pos-
sibility of retaining the preg-
nancy for a few weeks more
and posted the matter for hear-
ing on Friday.
(With inputs from PTI)
AJINKYA KAWALE
New Delhi, 12 October
The validity period of a pilot
licence has been increased
from five to 10 years follow-
ing the latest amendment to
the aircraft rules, the civil avi-
ation ministry said in a noti-
fication dated October 10.
According to the amend-
ment, the validity period of
the airline transport pilot’s
licence (ATPL) and commer-
cial pilot’s licence (CPL) has
been extended to 10 years
each. They will be issued to
pilots at the time when their
licences are up for renewal.
Earlier, the validity of
both ATPL and CPL was set
at five years. In 2014, the pilot
licence renewal period was
raised from two to five years.
The fresh amendment
has also extended the scope
and power for the govern-
ment to take action against
anyone exhibiting “false
lights” — lantern lights, kite
lights and laser lights — in
the vicinity of an aerodrome.
When such lights are
flashed in the vicinity of an
aerodrome, they can be mis-
taken for aeronautical
ground lights or an aeronau-
tical beacon and can
endanger the safety of an air-
craft and its passengers. They
can also disrupt an aircraft’s
operations and pose a hazard
to the flight’s operating crew.
The radius of the vicinity
around an aerodrome has
been increased from five
kilometres to five nautical
miles (around 9.2 km). The
notification added that the
government may report such
incidents if an individual
fails to extinguish the false
lights in the area concerned.
If any owner or person
who is served a notice under
the rule neglects it for 24
hours, the central govern-
ment or any person autho-
rised by it could enter the
place and extinguish the
light, the notification said.
The government or autho-
rised individual may also
report the matter to the
police station concerned for
action under Section 281 or
283 or both of the Indian
Penal Code, it added.

CIN: L40101HR1975GOI032564
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