TUESDAY, 2 JANUARY 2024

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

MUMBAI
~13.00
VOLUME XXVIII NUMBER 120

THE MARKETS ON MONDAY chg#

Sensex 72,271.9 p 31.7

Nifty 21,741.9 p 10.5
Nifty Futures* 21,888.9 p 147.0 COMPANIES P3 BACK PAGE P16
Dollar
Euro
Brent crude ($/bbl)
~83.2
~92.0
76.7##
~83.2 **
~91.9 **
76.7**
QUICK-COMMERCE, FOOD DELIVERY ISRO RINGS IN NEW YEAR WITH
Gold (10 gm)### ~63,098.0 p
*(January) Premium on Nifty Spot; **Previous close;
# Over previous close; ## At 9 pm IST;
~105.0
FIRMS END 2023 ON A HIGH LAUNCH OF XPOSAT MISSION
### Market rate exclusive of VAT; Source: IBJA P UB L I S HE D S I M UL T A N E O USL Y FRO M AHM ED AB AD , B ENG AL URU, B HO PAL , B HUB ANE SW AR , CHA ND I GAR H, CHE NNAI , HY DE R AB A D, K OC HI , K O L K AT A, L U C K N OW , MU M BA I , N E W DE L H I A N D P U N E

GOVT PROJECT
ANNOUNCEMENTS
AT NEW LOW
Key economic indicators At over ~18,000 cr,
FPIs’ bet on debt in
Governmentannouncementsforthebuilding
ofnewroads,railways,andothercapital
expenditureprojectsmayhavehitanall-time
low,accordingtonumbersfor
theDecemberquarter.It
set the bar high for 2024 Dec biggest in 6 yrs
wasat~26,987croreinthe
threemonthsended Carmakers exceed 4 mn GST COLLECTION ANJALI KUMARI
December,accordingto
STAYS BUOYANT AT Mumbai, 1 January
datafromprojecttracker
CentreforMonitoringIndian
Economy.The previous quarter had recorded
sales in ’23; caution ahead ~1.65 TRN IN DEC
Foreign portfolio investors’ (FPIs’) net
investments in the domestic debt mar-
~ 70,081 crore, also near the record low of ket surged in December, marking a 77-
~62,369 crore for December 2020 during the SOHINI DAS INDIVJAL DHASMANA month high, that is, since July 2017.
initial months of the Covid-19 pandemic. 4 > Mumbai, 1 January New Delhi, 1 January According to market participants,
this significant uptick in FPI inflows can

P
assenger vehicle (PV) sales crossed
COMPANIES P3 the 4 million mark for the first time,
Unfair transfer practices: in 2023, riding on high demand for
sports utility vehicles (SUV) and an
Maha govt notice to TCS overall yearly growth of 8.3 per cent. The
TheLabourDepartmentofMaharashtra total wholesale numbers increased to
GovernmenthasissuedanoticetoTata 41,08,000 units from 37,92,000 in the pre-
ConsultancyServices(TCS)overitstransfer
practices.ThemovecomesafterPune-based
vious year.
The December wholesale numbers were
unionNascentInformationTechnology higher by 4.4 per cent to touch a monthly Wholesales
EmployeesSenatehadfiledaformal record of 287,904 units. The previous highest n 2022 n2023
complaintwiththeLabourministryagainst in December was in 2020 with 276,000 units
TCSforits“unethicaltransferpractices”. in wholesales. 2023 has been unique as each
month this year has recorded the highest
ever in sales, pointed out Shashank
Goods and services tax (GST) collection
in December declined to a three-month
low due to economic activities winding
down after Diwali but remained elevated
at ~1.65 trillion.
The growth rate year-on-year fell to a
three-month low of 10.3 per cent over
IN THE FAST LANE ~1.49 trillion in December 2022-23. GST
collection in a particular month is on
(inunits) account of production, sales, and pur-
%Y-o-Ychg chases in the previous month.
Turn to Page 5 >
8.3
STAYING STRONG
1,707,668
be attributed to the post-domestic policy
outcome and the US Federal Reserve’s
dovish stance at the December policy.
FPI inflows into debt stood at ~18,393
crore in December against ~14,106 crore PICKING UP PACE
in November, according to data on the
National Securities Depository Limited. Net FPI investments in debt
Market participants expect a surge in
early-stage capital inflows within the
CY ~crore
2017 1,48,533
debt segment from FPIs during the first
quarter of the calendar year 2024. This 2018 -46,525
comes ahead of the inclusion of Indian 2019 24,058
bonds in the JP Morgan index starting 2020 -1,03,374
June 2024. Gaura Sengupta, economist
at IDFC First Bank: “The index inclusion
2021 -10,968

COMPANIES P3 GST collections (~ trn) 2022 -17,131

1,576,000

Srivastava, senior executive officer (market- starts from June-end next financial year.
Adani hires global team ing & sales) at Maruti Suzuki India. 8.97 5
29.27
The pickup has already started from the 2023 68,004
for Dharavi project But, 2024 may not see similar volume last couple of months.” Turn to Page 5 > Note: Data up to Dec 28, 2023 Source: NSDL
526,000
602,111

553,000
552,511

growth on the high base of 2023, the industry

433,172
335,088

AdaniGroup-ledDharaviRedevelopment has cautioned. Srivastava explained that the

ProjectPrivateLimited(DRPPL)hashired pent up demand after the pandemic (due to
urbanplannersanddesignerstorebuildthe supply constraints) has been largely met and Indiceskickoff2024onaflatnote NIFTY50 INTRADAY
Dharavislumsettlement,spreadover259 that the repo rate hikes would be passed on
hectaresintheheartofMumbai,the gradually. Retail sales for December 2023 Stock markets kicked off the new year on a flat note with
companysaidonMonday.DRPPLisajoint were impressive– 442,800 units of PVs were Maruti Tata benchmark Sensex closing with modest gains of 31 points in a
venturebetweenAdaniPropertiesand sold by the industry, registering a 7.8 per cent SuzukiIndia Motors highly volatile trading session on Monday helped by buying
Mumbai’sSlumRehabilitationAuthority. growth over the coinciding period in the pre- Hyundai Mahindra in energy, services, and telecom shares. The broader Nifty50
vious year.Automobile original equipment MotorIndia &Mahindra hit its all-time intraday high of 21,834.35 before settling
makers (OEMs) have been trying to bring Source: Companies Note: Figures are rounded off higher by 10.50 points, or 0.05 per cent at 21,741.90. As many
ECONOMY AND PUBLIC AFFAIRS P5 Source: Finance Ministry
as 22 Nifty shares advanced while 28 declined. 9>
down inventory levels in the network, mak-
LIC gets GST tax demand ing wholesales slightly muted compared to CONSUMERS MOVED AWAY UNDERSTANDING GST
REVENUE PERFORMANCE P7 ~ MOVES IN NARROW RANGE ON FIRST DAY OF CY24 5>
notice of ~806 crore retail sales. Turn to Page 5 > FROM DIESEL VEHICLES P2
LifeInsuranceCorporationofIndia(LIC)on
Mondayinformedtheexchangesof
receivingataxnoticefor~806crorefromthe
DeputyCommissionerofStateTax,Mumbai. ITR filing hits a UPI at new high in Dec; ’23
Accordingtothefiling,thecompany
receivedthetaxnoticefornon-reversalof
record 81.8 mn value up 59% at ~183 trn
inputtaxcreditavailedfromreinsurance. till Dec 31 for AY24 UnifiedPaymentInterfacetransactionsscaleda
freshpeakduringDecemberbyclocking~18.23
Arecord81.8 trillioninvalueand12.02billioninvolume.The
2024 is bright: millionincome January-December2023figures,too,breached
taxreturns recordmarkswithacumulativevolumeat117.6
Corporate bosses in werefiledtill billionandvalueat~183trillion. 4>
New Year messages December31for
MukeshAmbanisignedoffanaddressto theassessment
year2023-24,up9percent
employeeslastweekbyassuringthem
that2024wouldbebetterthan2023for overthe75.1millionfilings ~48K cr share buyback in
bothRelianceIndustriesandIndia.
Ambaniisn’tanexception.Promoters
madeinthecorresponding
periodof2022-23.Accordingto 2023 highest in 6 years
fromseveralotherfirmshaveexpressed theincometaxwebsite,79.9 Asmuchas~47,810crorewasspentonshare
similaroptimism.Besides2024’s millionreturnswereverified buybacksby48companiesin2023—thehighest
exuberance,acommonthreadintheir and77.7millionprocessed amountsince2017.Thissurgeinvaluewas
messagingwasafocusonpeopleand duringtheperiod. 4> largelydrivenbyafewlarge-sizedissues. 5>
technology,withgeopoliticsakeyaspect
tobemonitored. 16 > WORK DEMAND UNDER MGNREGS FALLS FOR A 2ND MONTH 4>

India billionaire promoters

club has 26 new members
Their count swells to THE RICH LIST
record 152, total net India's richest promoters and their wealth gain
worth hits $858.3 bn
KRISHNA KANT
Mumbai,1January

The ranks of billionaire promoters of

1. Mukesh 2. Gautam 3. Shiv 4.Radhakishan 5. Azim
India’s listed companies swelled in
2023 to a record high of 152, with their Ambani Adani Nadar Damani Premji
combined net worth reaching an Reliance Adani HCL Avenue Wipro
unprecedented $858.3 billion by the Industries Enterprises Tech Supermarts
end of the year. This represents a 21 per Current net worth
cent increase in the number of
billionaire promoters from 2022 (126) 9.28 (~ trn) 8.80 (~ trn) 2.42 (~ trn) 1.98 (~ trn) 1.80 (~ trn)
and a 16 per cent jump in their 112.4 ($ bn) 106.6 ($ bn) 29.3 ($ bn) 24.0 ($ bn) 21.8 ($ bn)
combined net worth from the previous p4.7 q28.7 p34.9 q4.3 p9.2
year (around $739 billion). pq% Chg in CY23
The net worth of these billionaire
promoters, as represented by the Others on the leaderboard Current net worth
market value of their family’s stake in Promoters Group/ Flagship company (~ trn) ($ bn) % chg in CY23
their companies, rose by 16.2 per cent in Malav Dani/Amrita
2023. This outpaced the 15.5 per cent Asian Paints 1.72 20.8 p5.1
rise in the combined net worth of Vakil/Manish Choksi
promoters of all family-owned listed Dilip S Shanghvi Sun Pharmaceutical Industries 1.71 20.7 p21.1
companies during the same period. Sunil B Mittal Bharti Airtel 1.67 20.2 p24.2
The rupee versus dollar rate for this Sajjan Jindal JSW Steel 1.56 18.9 p55.4
report is 78.87 for 2022, and 82.58 for
2023 — the monthly average for the Rajiv & Sanjeev Bajaj Bajaj Finserv 1.38 16.7 p22.8
respective 12-month periods. Source: Capitaline, Compiled by BS Research Bureau
The 2023 list reveals a Note: Business Standard calculation based on company's market capitalisation as on December 29, 2022
and promoters' stake at the end of September 2023 quarter
democratisation of the billionaire’s Excludes the stake of listed group companies in other listed companies
club, with new members entering and
the richest promoters’ share in the
overall net worth declining. The promoters in 2023, down from their Adani of the Adani group, who had
country’s two wealthiest promoters — 34.8 per cent share in 2022. topped the list for the first time in 2022.
Mukesh Ambani and Gautam Adani — Ambani of Reliance Industries Ambani’s net worth rose by 4.7 per cent
accounted for 25.5 per cent of the regained the top spot in India’s to $112.4 billion from $107.4 billion a
combined net worth of all billionaire billionaire league table in 2023 from year ago. Turn to Page 3 >
 2 COMPANIES MUMBAI | TUESDAY, 2 JANUARY 2024

STOCKS > Snowman Logistics

Begins operations
> NMDC
Production in Dec 2023
>GPT Infraprojects
Lowest bidder for project
> VST Tillers Tractors
Power Tiller & Tractor
> Steel Strips Wheels
Monthly sales in exports
IN THE NEWS at newly leased rose 24 per cent Y-o-Y in West Bengal worth sales down 46 per cent in up 91 per cent Y-o-Y
warehouse in Guwahati to 4.48 million tonnes ~267 crore Dec 2023 to 2,432 units in Dec 2023
~64.7 CLOSE ~211.6 CLOSE ~168.0 CLOSE ~3,701.0 CLOSE ~264.6 CLOSE
p1.9% UP* p1.1% UP* p1.8% UP* q2.0% DOWN* p2.2% UP*
*OVER PREVIOUS CLOSE

>

EVs,hybridsgaintraction,dieselvehicleslosein2023
SOHINI DAS
Mumbai, 1 January
Consumers moved away from diesel
vehicles and headed towards hybrid cars
and electric vehicles (EVs) during 2023.
The passenger vehicle (PV) industry is
likely to see a churn in the powertrain mix
during the coming years even as sports util-
ity vehicle (SUV) sales continue in top gear.
According to Shashank Srivastava, sen-
ior executive officer, marketing & sales,
Maruti Suzuki India (MSIL), the share of
diesel vehicles in the overall PV segment
came down from 19.2 per cent in 2022 to
17.6 per cent in 2023.
This came as the share of hybrid
posted a healthy growth of 21 per cent ver-
sus Q3 FY23 (domestic + IB), led by the
launch of the new Nexon EV and continu-
ing popularity of the Tiago EV. The four
vehicles went up from 0.5 per cent to products in the CNG segment cumulatively
2 per cent during the same period. TRACKING THE TREND registered a substantial 214 per cent growth
Electric vehicles, too, saw an increase compared to Q3 FY23.”
in share from 1.3 per cent to 2.2 per cent. DISTRIBUTION OF POWERTRAINS IN THE PV SEGMENT SHARE IN PV SALES (in %) Srivastava pointed out that consumers
Interestingly, the share of CNG vehicles n CNG 0.5 1.3 in % 2 2.2 n SUVs 8.7 3.5 3.2 48.7 are going for hybrids because of multiple
has also risen and automotive original n Gasoline 19.2 11 17.6 13.5 n Hatchback 42 8.7 factors – cost of acquisition of EVs is high
equipment manufacturers (OEMs) feel 11 9.4 and they are not confident of the ecosys-
n Diesel n Sedan
this is a good fuel option, especially for 2022 68 2023 65 2022 2023 tem of charging infrastructure. While they
entry-level cars. n Hybrid n MPV were rooting for diesel as a fuel efficient
For example, Tarun Garg, chief operat- n EV n Others 30 option earlier, now changing regulations
ing officer (COO), Hyundai Motor India Source: Industry 34.8 have brought in a change of mind.
(HMIL), said that it is doing around 6,000 Garg felt that taxation structure on
CNG vehicles a month. In models like Aura hybrids will play a crucial role – at present
and Exter, this fuel option has a high share going forward, it feels that EVs will consti- during the year. “Sales of our emission-friendly pro- it is 5 per cent for EVs, and 43 per cent for
already. Garg felt that it is difficult to pre- tute 20-22 per cent of the overall PV vol- Shailesh Chandra, managing director ducts in the EV segment and innovative hybrids. He feels that 2025 onwards will be
dict the future of diesel vehicles (HMIL umes by 2030. HMIL sold 1,100 units of its (MD), Tata Motors Passenger Vehicles and twin-cylinder CNG range, also recorded an inflection point for EVs, and their share
now has diesel options for SUVs). However, Ioniq EV against the internal target of 500 Tata Passenger Electric Mobility, said: steep growth during Q3 FY24. EV sales in the overall PV segment will rise.

IN BRIEF

Govt extends PLI for auto sector

Ola Electric consolidates E2W COLLIERS REPORT
Realty in 2023
by a year with ‘partial amends’
The Ministry of Heavy Industries on Monday announced the
extension of the production linked incentive (PLI) scheme for
leadership with market gain sees highest
automobile and auto components by one year with “partial
amendments”. This decision has been made after receiving the
approval of the Empowered Group of Secretaries. Under the
India’s overall electric two-wheeler market in 2023 fell short of the one million mark investment
amended scheme, the incentive will be applicable for a total of
five consecutive financial years, starting from FY24. PTI
SURAJEET DAS GUPTA
New Delhi, 1 January
RACING PAST PEERS (in %)
since 2020
41.3
O
la Electric, which filed its Draft RAGHAV AGGARWAL
DGCA issued ‘decade-high’ Red Herring Prospectus (DRHP) for a
~5,500 crore IPO last month, has pushed 33.5
Mkt share nNov ’23 nDec ’23 nCY22 nCY23 New Delhi, 1 January

32.2
1,622 pilot licences in 2023 the pedal on sales, grabbing a market
share of over 41 per cent in the electric
Indian real estate witnessed the highest level
of investment inflows last year since 2020,

21.4

20.1
Aviation regulator DGCA issued 1,622 commercial pilot licenses (CPL) two wheeler market, its highest in CY23 according to real estate consultancy Colliers.
18.7

16.7
in 2023, highest for any year in the last decade, according to official with 30,219 registrations last month. The inflows in 2023 were $5.4 billion, 10 per

14.0
14.1
data. It was the second consecutive year of decade-high issuances The increase was partly the result cent higher as compared to 2022. In the sec-

13.2

12.6
after 2022. CPL issuances grew 39 per cent Y-o-Y from 1,165 licenses of a fall in registrations by Ola’s top tor, office continued to be the most signifi-

10.3
8.9
8.9
issued in 2022. In 2023, the regulator issued nearly one of five CPLs to competitors — TVS, Bajaj and Ather cant contributor with a 56 per cent share in

8.6

8.1
8.1
women. The number of CPLs given to women rose by 22.5 per cent — from their levels in November. total inflows.

4.3
Y-o-Y. DGCA estimates that 14 per cent of all the pilots employed Ola’s increase in market share was The inflows dipped 37 per cent in the last
with scheduled airlines are women pilots. AJINKYA KAWALE substantial. In November, it stood at three months of 2023. Total inflows fell from

NA
NA
33.5 per cent. Bajaj and TVS collec- $1,299.4 million to $822.3 million in October-
tively surpassed Ola with a 34.6 per cent Ola TVS Bajaj Ather Ampere December 2023, according to data.
Air India to start operating share. But in December, their collective share
fell to 30.8 per cent. TVS saw a sharp fall in reg-
Note: In CY22 Ampere was in the top 4 Source: Vahaan The leading sources of foreign capital
in Indian real estate
A350 aircraft from Jan 22 istrations of 36 per cent in December after hit-
ting a peak in November. Based on financial year numbers, the indus- might have been 32 per cent, TVS garnered an
were Canada and
Singapore. These two
Air India will fly its first A350-900 aeroplane from However, India’s overall total two wheeler try expectation to hit 1.2 million looks like a over 20 per cent market share to be in the second countries accounted
January 22 to Indian cities and later to market in CY23 fell short of the one million pipedream. Registrations from April-December spot, followed by Ather and Bajaj. for 78 per cent of the
“destinations across continents” after it got mark. It reached 0.82 million, primarily because were only 0.61 million. That’s half the target, The Ola push is understandable as it is clearly global real estate
possession of the wide-body jet in December. of the adverse impact of subsidies being reduced with only three months to go. looking at building volumes before the IPO inflows into India dur-
The airline has opened bookings for short-haul during the middle of the year and various regu- Despite the challenges, the growth in CY23 opens sometime in March if it gets regulatory ing 2023. Moreover,
domestic routes and will ferry passengers on latory challenges. over the previous year has been impressive clearances in time. inflows from Asia-
these routes on all days except Tuesday: Bengaluru As a result, an industry with over 115 players for many players. Ola Electric grew 2.4 times; But for those looking to invest, the key ques- Pacific countries has-
– Mumbai – Chennai – Bengaluru – Chennai – Hyderabad – is experiencing swift consolidation. The top four Ather two times; Bajaj nearly three times; and tions are how far Ola can push its volumes and been rising every year
Bengaluru. It will operate on the Bengaluru-Delhi-Bengaluru now account for 73.5 per cent of the market share TVS 3.5 times within a year. dominate the market, how far it can build scale, and have surged to 3.6
route on Tuesdays. This aircraft will have three-class cabin compared to less than half in CY22. As a result, while Ola’s market share in CY23 and how its financials will look by December. times in 2023 com-
configuration with a total of 316 seats, including 28 private pared to 2020. Office sector
business, 24 premium economy, and 264 economy. AJINKYA KAWALE “Investors continue continued to
to view India favou- be the most

Centre meets 70% of FAME-II target rably, owing to strong significant

Zomato increases platform fee economic perform-
ance, improved regu-
contributor in
2023 with
to ~4 from ~3 in select markets NITIN KUMAR Similarly, support was extended to
latory framework, and
sustained demand
56% share in
total inflows
Food delivery major Zomato increased its mandatory platform
fee, charged from users, from ~3 to ~4 in its key markets.
New Delhi, 1 January
PROGRESS Sales (in units) Allocation (~cr) 69 per cent of the 1.55 million
vehicles in the electric two-wheeler
across various real
estate segments,” the report said.
REPORT
11,096

The new fee is aleady being levied from January 1. The fee is With the deadline for the Faster (e2W) segment. However, inflows from the US have wit-
levied on all customers, regardless of whether they are part of Adoption and Manufacturing of In the electric three-wheeler nessed a drop in 2023 as compared to 2020.
8,948

the company’s loyalty programme Zomato Gold. Its rival, Swiggy, Electric (and Hybrid) Vehicles 1,743,484 (e3W) segment, the support In 2023, India also witnessed the highest
had also introduced a similar ~2 fee last year, which was later (FAME-II) programme nearing, the Target achieved was 80 per cent of the allocation towards office space. It accounted
increased to ~3. ARYAMAN GUPTA government has met 70 per cent (or targeted 155,536. for $3 billion of $5.4 billion investments.
70%

81%

1.22 million) of the target of more
than 1.74 million electric vehicles
Asian Paints served GST (EVs) since the launch of the
scheme in March 2019.
demand notice of ~13.83 cr As monthly sales of EVs consis-
tently surpassed 100,000 through-
Asian Paints on Monday informed that it had received a GST out 2023, the Centre is optimistic
demand notice of ~13.83 crore and a penalty of ~1.38 crore from the target will be achieved before
the Deputy Commissioner of State Tax, Chennai. The demand is for the March 31 deadline.
FY18 over mismatch on input tax credit (ITC). Asian Paints said it “Given the rapid rate of EV pen-
had discharged applicable taxes on the outward supplies and has etration, we are confident of achiev-
also fulfilled all the conditions prescribed for availing of the ITC. PTI ing the target of supporting 1.74 mil-
lion vehicles,” an official of the
Ministry of Heavy Industries said,
UltraTech Cement faces two GST adding, “soon there will be no
money to spend”.
demand orders worth ~72 lakh As of December 26, the govern-
1,221,346
Achieved*
Note: Total includes e2w, e3w, e4w, ebus, and chargers; data till December 25, 2023
*Includes claims under process and withheld claims
ment utilised 81 per cent, or ~8,948
crore, of the ~11,096 crore funds
allocated under the scheme.
According to the ministry data,
sourced by Business Standard, the
highest success was witnessed in
the electric bus (e-bus) segment.
The government has committed
Target
Achieved*
Source: MHI
itself to 94 per cent of the targeted
7,262 e-buses, with 3,620 of them
already deployed.
In contrast, the electric four-
wheeler (e4W) segment exhibited
the lowest success rate, with sup-
port provided to only 51 per cent of
the targeted 30,461 vehicles.
In order to sustain the scheme
until its deadline, the ministry ini-
tiated two steps. One was to reduce
the maximum subsidy for an e2W
from ~66,000 to nearly ~22,500,
starting from June 1. And the sec-
ond is getting an additional ~1,500
crore from the finance ministry.
The vehicle-support target was
also raised from 1.56 million to 1.74
million. The target for e2Ws was
raised by 50 per cent to 1.55 million,
while for e3Ws it was reduced by 68
per cent to 155,536. It was reduced
for e4W by 13 per cent to 30,461.
More on business-standard.com
The second-highest inflows were wit-
nessed in the industrial and warehousing
asset class. As compared to $421.8 million in
2022, the inflows in the segment were up 108
per cent in 2023 at $877.6 million. The third-
highest allocations were made towards the
residential asset class. At $789 million in
2023, the inflows were 20 per cent higher as
compared to $655.6 million in 2022.
“Looking ahead, investment activity may
remain unabated backed by robust domestic
economic fundamentals, while a strategic
integration of technology and environmen-
tal, social, and corporate governance will play
out in investment decisions,” said Piyush
Gupta, managing director (Capital Markets
& Investment Services), Colliers India.

UltraTechCementreceivedtwodemandorders,interestand
penaltiestotalling~72.06lakhfromtheGSTauthorities.Thecompany
saiditwillchallengetheordersbeforetheappellateauthorities.
IthadreceivedanorderfromAssistantCommissioner,Bathinda,
forademandof“~25.11lakhtogetherwithinterestandpenalty,
allegingthattheInputServiceDistributorcreditnotreflected”
Angels continue to shine the light on fledgling firms
inthestatementofFY18,theAdityaBirlaGroupfirmsaid. PTI ARYAMAN GUPTA growththroughourmultiplefunds,”headded. differenceinthemonthstocome,”addedMittal,
New Delhi, 1 January LEADERBOARD Gurugram-based Inflection Point
Ventures (IPV) took the second spot in
whoexpectsinvestmentstopickupin2024.
Similarly,NandiniMansinghka,CEO,
UltraTech Cement Q3 sales up AtatimewhentheIndianstartupspaceisgoing
throughafundingwinter,markedbyinvestors
Top 5 most active angel investment
platforms (2022 vs 2023)
the list of most-active angel networks in 2023.
The firm invested in 47 startups during
MumbaiAngels,saidthatthefirmisplanning
todeploymorethan~200croreinover50firms
6% to 27.3 million tonnes tighteningtheirpursestrings,angel
investmentsinfledglingfirmshave
2022 the year, compared to 53 in 2022. Investment
platform Mumbai Angels came in third
thisfinancialyear.“Inthenextthree-four
years,wearetargetingtodeploy~500croreper
Leading cement maker UltraTech’s maintainedtheirmomentum. Company Total deals with 18 investments during the year, annumtobuildanoverallportfolioofover
consolidated sales rose by 6 per cent to 27.32 Whileoveralldealvolumesamongstartups We Founder Circle 82 compared to 31 deals in 2022. 500companies,”shesaid.
million tonnes (mt) year-on-year in the havefallen,investmentactivityamongthe Inflection Point Ventures 47 Theincreasedinvestmentactivity Despitetheeconomic
third quarter ended December 31, 2023. The country’smost-activeangelinvestorshave amongangelinvestorscomesata uncertainties,investorssaid
total sales volume in the domestic market beenrelativelysteady. Mumbai Angels 18 timewhenIndianstartupfunding innovativeIndianstartups
was up 5 per cent to 26.06 mt during the WeFounderCircle(WFC),aMumbai-based FAAD Network 10 hasfallen72percentyear-on-year continuetopresentpromising
quarter under review, the Aditya Birla Group networkofangelinvestors,emergedasthe (Y-o-Y)toaseven-yearlowof$7 growthopportunities.
Hem Angels 9
firm said in a regulatory filing. PTI most-activeangelinvestmentplatformforthe billionin2023.Thiscomparesto$25 Emergingtechnology,suchas
secondconsecutiveyearin2023with82 2023 billionthatstartupsraisedinthe artificialintelligence(AI),
investments.Thisisupfrom71investmentsa Company Total deals previousyear,Tracxndatasaid. blockchain,andinternetofthings(IoT)
HFCL bags ~1.1K cr order to deploy yearago,accordingtodatafromTracxn,a
marketintelligenceplatform.
We Founder Circle 71
Simultaneously,thetotalvolumeof
investmentshasfollowedthefundingtrend.
arepavingthewayfordisruptivebusiness
models,fuellinginvestoroptimism.“Weare
BSNL’s Optical Transport Network “Ourvisionistocreateamulti-stageglobal
investmentframeworktoencourage
Inflection Point Ventures
Mumbai Angels
53
31
“Wethinkthisisthebesttimetoinvest,
whengoodbusinessesrunbystrongfounders
seeinganincreasinginstanceofstartups
catchingmarkettrendswaybeforethey
HFCLLtd(HFCL)onMondaysaidithassecureda~1,127croreorder innovationandideasfromapre-seedstagetoa areavailableatattractivevaluations,”Ankur becomemainstream,bothinthetechnology
fromBharatSancharNigamLtd(BSNL)aimedattransformingthe growthstage,”saidNeerajTyagi,co-founder
Indian Angel Network 29 Mittal,co-founder,IPV,toldBusinessStandard. andconsumerspaces,”saidMansinghka.
OpticalTransportNetworkinfrastructureacrossthetelco’spanIndia andchiefexecutiveofficer(CEO),WFC. The Chennai Angels 16 “WeareaplatformofCXOsandfamily GoingintotheNewYear,startups
network.HFCL’s network upgrade will not only cater to the Earlierthisyear,WFChadlaunchedstartup Source: Tracxn offices,whohaveseensuchupsanddownsin demonstratinginnovativesolutions,
requirements of enterprise and FTTH/broadband services but also marketplaceplatformInvstt.com.Tyagisaid respectivebusinessesbutalsorecognise disruptivetechnologies,andaclearpathto
position BSNL for the future with the seamless launch of 4G services thishasallowedthefirmtoinvestinaround100 2023.“Inthecomingyear,wewillbeinvesting opportunities.Thisisalsothetimewhereour profitabilityareexpectedtofindfavour
and the anticipation of 5G services in the coming years. PTI startups.WFCalsolaunchedtwoangelfundsin inatleast200startupsandcatalysetheir strongduediligence-ledapproachcanmakea amongangelinvestors.

MUMBAI : Printed and Published by Sangita Kheora on behalf of Business Standard Private Limited and Printed at M/s. Dangat Media Private Limited, 22 Digha M.I.D.C., TTC Industrial Area , Vishnu Nagar , Digha , Navi Mumbaui : 400708. & Published at Business Standard Private Limited, H/4, Building H, Paragon Centre, Opp. Birla Centurion, PB Marg, Worli,
Mumbai- 400013. Editor : Shailesh Dobhal RNI NO: 66308/1996 Readers should write their feedback at feedback@bsmail.in Fax : +91-11-23720201
For Subscription and Circulation enquiries please contact:Ms. Mansi Singh Head-Customer Relations. Business Standard Private Limited. H/4, Building H,Paragon Centre, Opp. Birla Centurion, P.B.Marg, Worli, Mumbai - 400013 E-mail: subs_bs@bsmail.in “or sms, REACHBS TO 57575. NO AIR SURCHARGE

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 .
MUMBAI | TUESDAY, 2 JANUARY 2024 COMPANIES 3 <

Food, grocery delivery firms Maharashtra govt issues notice to

TCS over ‘unfair’ transfer practices
hit records on New Year eve SHIVANI SHINDE
Mumbai, 1 January
ment officials to solve the
issue on January 18, 2024.
“The company had threat-
ened the employees that fai-
An email sent to TCS lure to comply with the trans-
and complete the transfer
process. However, it has been
noted that you have failed to
ZomatodeliverednearlyasmanyordersasthetotalforDec31from2015to2020 Tata Consultancy Services remained unanswered. The fer directions will result in report to the transferred
(TCS) has got a notice from company will announce its disciplinary actions. The branch till date...the company
ARYAMAN GUPTA, PEERZADA ABRAR & Swiggy said more than 10 million Maharashtra’s labour depart- financial results for the third company now has unethically is initiating a stoppage of your
RAGHAV AGGARWAL
New Delhi/Bengaluru, 1 January THE BIGGER PARTY people placed orders for others this year.
It promptly responded and sent goodies
ment over a complaint filed
against the information tech-
quarter of financial year stopped the salary of employ-
2023-24 on ees who are
salary with immediate effect.”
Business Standard has seen
to the one user who had nothing sent to nology (IT) company about its January 11. opposing these this email.

S
everal food and grocery delivery ZOMATO AND BLINKIT him and needed some pampering. transfer practices. NITES said A body representing forced trans- In July 2023, NITES filed
firms witnessed their highest ever n 8,422: Orders placed at The big orders had started coming in The complaint by the it filed a com- the IT industry fers,” said a complaint with the labour
single-day orders on New Year eve, early to beat the rush. A customer in Nascent Information plaint with workers alleged TCS Harpreet ministry after TCS allegedly
8:06 pm, around 140 orders
December 31. Hyderabad placed 33 orders. Technology Employees Maharashtra’s transferred over Singh Saluja, delayed onboarding of
every second
Zomato achieved a record-breaking Mumbai took the crown for ordering Senate (NITES), a group rep- Ministry of 2,000 employees president of lateral recruits.
number of orders on its app. The com- n Over 320,000: Delivery partners the highest number of idli-vadas. In A resenting India’s IT industry Labour and without proper NITES. After the spread of the
pany carried out nearly as many orders were tipped ~97 lakh single order for 95 samosas originated in workers, alleged TCS trans- Employment consultation An email coronavirus pandemic slowed
on December 31 as the total for the equiv- n Over 200,000: Soft drinks Bengaluru, while one for 200 packets of ferred more than 2,000 after it alleg- TCS sent to down, TCS was among
alent day in the period from 2015 to 2020. were delivered ketchup was from Surat. employees without proper edly received some employ- the first IT firms to ask
Senior executives of these platforms Zepto, the Mumbai-based quick consultation. more than 300 complaints ees to move to Mumbai said: employees to be in office for
took to social media to announce SWIGGY AND INSTAMART commerce firm that recently turned The Maharashtra State accusing TCS of causing hard- “This is with reference to your five days a week. After TCS,
these milestones. a unicorn, got a massive uptick in orders. Government Labour ship to employees by transfer- transfer order to TCS Mumbai other IT firms like Infosys and
Deepinder Goyal, chief executive n ~48,950: Amount from a single The company saw huge demand for Department’s notice, seen by ring them to different cities followed by a transfer email Wipro asked employees to
officer (CEO), Zomato, wrote on X: “Hit order in Kolkata, consisting products like anti-hangover PartySmart Business Standard, asks TCS without proper notice or con- directing you to report to the be in office for at least three
our all-time high orders in a day on of 914 items pills, ice cream, soft drinks, and executives to meet depart- sultation. said branch within 14 days days a week.
@zomato. Immense gratitude to all.” gifting products.
n Over 22,000: Users ordered
Goyal said tips of over ~97 lakh The platform sold 610 kg of ice in an
Amul buttermilk
were given to delivery partners on hour, while sales from gifting products
Zomato on December 31, while over
320,000 delivery partners across Zomato
n Over 4,377: Users ordered
Red Bull
spiked by 63 per cent on December 31.
Zepto delivered 250,000 cups of NIC We must stay DHARAVI REDEVELOPMENT PROJECT
tuned: MoS IT
Adani Group teams up with
and its quick commerce business, Blinkit, Chocochip ice-cream and over 100,000
were serving customers. ZEPTO cans of Thums Up for free.
Blinkit CEO Albinder Dhindsa said
the platform saw its highest ever single- n 610 kg: Ice sold in an hour
“Numbers like this one make me
pinch myself. Sometimes I honestly on NYT lawsuit
day orders and also orders per minute.
“We have already hit the highest: ever
order in a day, order per minute, soft
drinks & tonic water sold in a day, chips
n 250,000: Number of NIC
chocochip ice cream
cups delivered
can’t believe how big Zepto has become
in two years,” CEO Aadit Palicha wrote
in a post on X.
According to the “buy now pay later”
Union Minister Rajeev
Chandrasekhar has said the
NYT-OpenAI-Microsoftcaseis
global designer, architect
n 63%: Rise in sales
sold in a day, tips given to riders in a day. app Simpl’s Checkout Scan, the transac- importantandinterestingone, BS REPORTER lished in 1969, which played
from gifting products
And it’s not slowing down,” Dhindsa said tions on December 31 and early hours of and represents the broader Mumbai, 1 January a crucial role in crafting over
in a post. January 1 were 55 per cent higher than issue of the nature of a rela- 1.2 million homes.
Zomato’s Bengaluru-based rival the same period in 2022 and 2023. At a tionshipbetweenthosescrap- Adani Group-led Dharavi “Singapore serves as an
Swiggy also had a similar run, surpassing platform level, Simpl registered an ing internet and monetising Redevelopment Project inspiring example for the
previous records. increase of over one-third in consumer from it versus the copyrighted Private Limited (DRPPL) has Dharavi Redevelopment
“NYE ’24 broke all records across transactions with merchants such as content on the internet. hired urban planners and Project,” the statement said.
Swiggy and Swiggy Instamart,” said Rohit Zomato, Swiggy, Blinkit, and Zepto being “It is certainly a very designers to rebuild the In November 2022, Adani
Kapoor, CEO, Swiggy Food Marketplace. most preferred in food delivery and quick important case. It is an issue Dharavi slum settlement, Properties won the bid to
The company witnessed almost a mil- commerce space. that I have spoken about in spread over 259 hectares in redevelop Dharavi, one of the
lion active users on the Swiggy app in the While Bengaluru, New Delhi, and the past...This is a broader the heart of Mumbai, the world’s largest slums, with an
last hour. Mumbai saw the highest number of issue of what is the relation- company said on Monday. investment offer of ~5,069
Swiggy saw a peak of 1,244 biryanis orders among the metros, cities such as ship between those who DRPPL is a joint venture crore. The Maharashtra gov-
ordered per minute, reaching over Jaipur, Chandigarh, and Ahmedabad too scrape the internet and between Adani Group and ernment last July passed a
480,000. The top three cities in biryani witnessed significant demand. monetise from that scraping, the Government of joined the project team. Buro resolution to award the proj-
orders were Hyderabad, Bengaluru, Simpl said party preparations began versus the content that is on Maharashtra. Happold, is an urban plan- ect to the Adani company.
and Chennai. an hour late with a majority of the orders the internet that is copy- “DRPPL is partnering with ning and infrastructure engi- Last month, the project also
The firm’s quick commerce business placed, through the platform, between 8 righted content,” architect Hafeez Contractor, neering consultancy firm witnessed opposition from
Instamart executed orders 1.6 times pm and 9 pm. In 2022, the highest Chandrasekhar said. (US-based) design firm from the UK. political parties over con-
more per minute than the previous number of orders was recorded between He described the case as Sasaki, and consultancy firm The company said it aims cerns related to the rehabili-
record high during the World Cup final, Kapoor announced free deliveries 7 pm and 8 pm. There was an average an “interesting” one. “We Buro Happold,” the company to incorporate learnings from tation of the small-scale busi-
and surpassed the last New Year eve throughout the night across quick com- increase in order value by nearly a fifth should all stay tuned... watch said in a statement. Experts the Singapore Housing nesses that operate from the
orders by evening. merce and food orders. on December 31, 2023. this space,” he added. PTI from Singapore have also Development Board, estab- Dharavi slum cluster.

FROM PAGE 1
India billionaire....
Adani slipped to the second spot in 2023, following a sharp decline
in the share prices of his group firms after US-based Hindenburg
Research raised concerns about the group’s debt and its shareholding
structure, allegations that the Adani group has strongly denied.
Despite a 28.7 per cent drop in the Adani family’s net worth to $106.63
billion, from $149.5 billion in 2022, it remains 3.6 times that of the
third-ranked Shiv Nadar family of HCL Technologies.
Nadar surpassed Radhakishan Damani of Avenue Supermarts to
become India's third wealthiest business person, with a net worth of
$29.3 billion, a 34.9 per cent increase from the end of 2022 ($21.75 bil-
lion). Damani slipped to the fourth spot in the Business Standard
billionaire’s list with a net worth of $24 billion, a 4.3 per cent decrease
from the previous year. He was followed by Wipro’s Azim Premji,
now India’s fifth richest promoter with a net worth of $21.8 billion, a
9.1 per cent increase from the end of 2022.
Other notable names in the top ten list for 2023 are Malav Dani,
Amrita Vakil and Manish Choksi of Asian Paints (a combined net
worth of $20.8 billion); Dilip S Shanghvi of Sun Pharmaceutical
Industries ($20.7 billion); Sunil Mittal of Bharti Airtel (($20.2 billion);
Sajjan Jindal of JSW Group (($18.9 billion); and Rajiv and Sanjiv Bajaj
of the Rahul Bajaj Group ($16.7 billion).
The top ten list remained relatively stable, with one exit — Uday
Kotak of Kotak Mahindra — and one entry — Sajjan Jindal of JSW
Group. The Jindal family’s net worth increased by 55.4 per cent in
2023, thanks to the IPO and listing of JSW Infrastructure.
The IPO boom in 2023 added four new promoters to the billion-
aire’s list. Ramesh Chand Juneja of Mankind Pharma became India’s
25th richest businessman with a net worth of $7.4 billion at the end
of 2023. Other IPO-led entrants to the billionaire’s club include
Pradeep G Rathod of Cello World ($1.6 billion), Tribhuvanprasad
Kabra of R R Kabel (($1.3 billion), and Pradeep Kumar Aggarwal of
Signature Global ($ 1 billion).
The steepest increase in net worth in this elite club, however,
came from the rally in midcap and smallcap stocks with 29 new pro-
moters joining the club in 2023 because of the sharp rise in their
company’s share price.

BIGGEST GAINERS IN BILLIONAIRES CLUB

Currentnetworth %chginCY23
Promoters Group/flagshipcompany (~cr) ($bn)
AmitDangi AuthumInvest 12,507.9 1.5 323.5
PRJindal JindalSaw 8,333.8 1.0 281.2
SavithaRamesh KaynesTech 9,600.2 1.2 263.1
KushalNDesai AparInds. 14,017.2 1.7 221.7
TSKalyanaraman KalyanJewellers 22,106.9 2.7 167.8
SKArya JBMAuto 12,051.6 1.5 166.1
DPJindal MaharahtraSeamless 9,755.8 1.2 165.3
IrfanRazack PrestigeEstates 30,798.6 3.7 142.0
KambamNReddy AurobindoPharma 32,921.7 4.0 136.4
DineshDThakkar AngelOne 11,207.9 1.4 124.1

NEW ENTRANTS TO BILLIONAIRES CLUB

Currentnetworth
Promoters Group/flagshipcompany (~cr) ($bn)
RameshChandJuneja MankindPharma 60,770.6 7.4
ShashishekharPanditBalkrishna, KPITTechnologies 16,383.6 2.0
KishorParshuramPatil&Shrikrishna
ManoharPatwardhan
KushalDesai AparIndustries 14,017.2 1.7
MahabirPrasadAgarwal ShyamMetalics 13,051.9 1.6
PradeepGRathod CelloWorld 13,046.3 1.6
BirlaCK Birlasoft 12,916.0 1.6
MotilalOswal&RaamdeoAgrawal MotilalOswalFinancialServices 12,815.2 1.6
AmitDangi AuthumInvestment&Infrastructure 12,507.9 1.5
SKArya JBMAuto 12,051.6 1.5
VenuSrinivasan TVSMotors 11,686.5 1.4
Note: Business Standard calculation based on firm’s mcap as on December 29, 2022 and
promoters' stake at the end of September 2023 quarter; Excludes the stake of listed group
companies in other listed companies Source: Capitaline, Compiled by BS Research Bureau

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 4 ECONOMY & PUBLIC AFFAIRS
>
MUMBAI | TUESDAY, 2 JANUARY 2024 1

Govt project announcements at Govt to exempt Aadhaar-payment

new low, completion rates slow
SACHIN P MAMPATTA
Mumbai, 1 January
G
overnment announcements for
the building of new roads, rail-
ways, and other capital expen-
diture (capex) projects may have hit an
all-time low, according to numbers for
the December quarter.
It was at ~26,987 crore in the three
months ended December, according to
data from project tracker Centre for
Monitoring Indian Economy (CMIE).
The data, which covers central and state
government projects, is subject to revi-
sion as additional information comes
in. But the number as of the quarter-
end is the lowest in data going back to
March 2009.
It was unclear how much upside
subsequent revisions could bring. The
previous quarter had recorded ~ 70,081
crore, also near the record low of ~
62,369 crore for December 2020 during
the initial months of the Covid-19 pan-
demic. The December 2023 number as
it stands marks an 81 per cent year-on-
year (Y-o-Y) decline in new government
projects. Private sector new projects also
show a similar decline of 77 per cent Y-
o-Y to ~1.9 trillion in December as of the
IN THE SLOW LANE
New investment projects announced
(in ~ trn)
latest available data. Completion rates
have also fallen 30-50 per cent.
The government’s need to cut down
on spending is likely to result in a slow-
down in capex relative to gross domestic
Investment projects completed
(in ~ trn)
Source: CMIE
product, an October 2023 Economics
Research report from Goldman Sachs
had noted.
“With subsidies already near the pre-
pandemic lows…it is likely that a cut in
to MGNREGA workers in some cases
public capex (as a percentage of GDP)
Work demand drops for a second month in Dec
The Centre on Monday said it would give HOUSEHOLDS DEMANDING
will have to share the burden of fiscal
consolidation, among a reduction in
specific exemptions from an Aadhaar-linked WORK UNDER MGNREGS
payment to the Mahatma Gandhi National
EVERY YEAR
other current expenditure, and likely Rural Employment Guarantee Act (MGNREGA)
some improvement in tax receipts. In %
workers, a day after it was criticised by the In million FY23 FY24 chg
other words, the growth in government
Congress for “weaponising technology” to
capex seen in the past few years cannot
Apr 23.25
be sustained going forward, in our deny the most vulnerable Indians their social 24.05 3.44
view,” said the report authored by ana- welfare benefits.
Wage payments under the MGNREGA 30.74
lysts Santanu Sengupta, Arjun Varma, May 31.72
and Andrew Tilton. scheme will be paid only through the 3.19
Private companies could fill the gap Aadhaar-Based Payment System (ABPS) after 31.76
over this decade given their low debt the fifth extension of the deadline for Aadhaar Jun
33.71 6.14
levels, the report had added. They have seeding expired on December 31. The system
greater room to borrow and invest in requires a worker’s bank account and job card Jul 20.4
new factories and other projects. to be linked with Aadhaar. 23.48 15.10
Private companies invest in setting Reacting to claims that scores of eligible 15.97
up new factories when existing capacity workers would fall out of the MGNREGA net, an Aug 19.12 19.72
is close to being fully utilised. India’s official explanation said Aadhaar seeding was
capacity utilisation has improved since 16.72
done to avoid duplication, identify the Sep
the pandemic and is close to 70-75 per 18.51 10.71
cent utilisation levels, according to the
genuine beneficiaries and to make the
Reserve Bank of India’s Order Books, benefits of the social welfare schemes 15.50
Oct
Inventories and Capacity Utilisation available only to them. 18.35 18.39
Survey as of June 2023. The data is The Centre said it decided to make the
18.55
released with a lag and the latest was wage payment of unskilled workers through Nov 17.67 -4.74
released in October. Private sector ABPS mandatory to ensure the payment goes
investments are often said to slow down directly into the bank accounts of the Dec 21.17
ahead of general elections due in May. beneficiaries, even in case of frequent change 19.96 -5.72
But analysts expect the capex to con- of bank accounts.
Jan 20.68
tinue over the longer term. The website showed that work demand NA
under the scheme continued to fall in
December for a second consecutive month in Feb 21.14
this financial year. In December, according to NA

ITR filing so Oil imports from Russia

the provisional data sourced from the website 22.57
around 19.96 million households sought work Mar NA
under the programme, which was 5.72 per Note: Percentage change is between FY23 and FY24;
cent less than the same month of last year. Data for December 2023 is provisional

far at record likely to decline this year

Source: MGNREGS website
SANJEEB MUKHERJEE

AADHAAR-BASED PAYMENT SYSTEM As on December 31

Lower discounts ,
81.8 million production cut may
CRUDE SHIFT
India crude imports by country (in '000 bpd)  2021  2022  2023
143.2 mn* 125.3 mn* 87.5%
Active workers Active workers Active workers eligible Active workers
eligible for ABPS for ABPS
12.5%
(Approx 18 mn)

ineligible for ABPS

ON THE RISE ITRs filed (in mn)
75.1 81.8
66.9 67.5
58.7 63.9
2018-19 2019-20 2020-21 2021-22 2022-23 * 2023-24*
Assessment year
Note: *Till December 31 Source: Finance Ministry
INDIVJAL DHASMANA
New Delhi, 1 January
A record 81.8 million income tax returns (ITRs)
were filed till December 31 for the assessment
year 2023-24, up 9 per cent over the 75.1 million
filings made in the corresponding period of
2022-23. According to the income tax website,
79.9 million returns were verified and 77.7 mil-
lion processed during the period.
The low number of ITRs filed by assessees
has been one of the major concerns of the rev-
enue authorities. For instance, 58.7 million
returns were filed by income tax assessees dur-
ing the assessment year 2018-19. The number
rose to 66.9 million the following year. It, how-
ever, declined to 63.9 million in the Covid-hit
2020-21, before rising to 67.5 million in 2021-
22, the finance ministry data showed.
According to a statement by the ministry,
the number of audit reports and other forms
filed during the period was 16 million, as
against 14.3 million filed a year ago.
It is also observed that a large number of
taxpayers did their due diligence by comparing
data of their financial transactions by viewing
their Annual Information Statement (AIS) and
Taxpayer Information Summary (TIS), the
statement mentioned.
A substantial portion of the data for all ITRs
was prefilled, with data pertaining to salary,
interest, dividend, personal information, tax
payment including TDS-related information,
brought forward losses, MAT credit etc to fur-
ther ease compliance by taxpayers. The facility
was used extensively, resulting in smoother
and faster filing of ITRs, the ministry said.
impact supply mix
S DINAKAR
Amritsar, 1 January
Indian imports of Russian crude oil
may stabilise or even decline in
2024 from record 2023 levels amid
shrinking discounts, lower output,
and a rebound in West Asian sup-
plies, according to the ship-tracking
data and industry executives.
This may impact the billions of
dollars in annual savings that India
made last year.
Imports of Russian oil jumped
by a record 140 per cent in calendar
2023 to 1.79 million barrels a day
(b/d) from 740,400 b/d in 2022,
when Russia marched into Ukraine
in February, and from just 102,000
b/d in 2021, according to the data
from Paris-based market intelli-
gence agency Kpler.
Last year, the surge in Russian
imports, which accounted for 39 per
cent of India’s crude oil imports
from 16 per cent a year earlier, was
accompanied by a decline in pur-
chases from India’s traditional sup-
pliers in West Asia. Shipments from
Iraq, Saudi Arabia, and the United
Arab Emirates, the top three Gulf
suppliers to India, fell by 17 per cent
last year to 1.88 million b/d.
Russian Urals is now an impor-
tant part of India’s crude oil pur-
chases because refiners are profi-
cient in processing Russian grades,
said R Ramachandran, former refin-
ery head, Bharat Petroleum, and
now an oil industry consultant.
Discounts on Russian grades
have declined by more than half to
$4-5 per barrel from $11-13 in early
2023, two Mumbai-based executives
in the refining sector said. It is
unlikely that Russian traders will
offer record double-digit discounts
this year because of higher demand
1,789
1,023
905
740 989
102
Russia Iraq
India's
imports of
Russian crude
by company
(in '000 bpd)
All data is provisional and subject to revision
for Russian export benchmark Urals
grade, and amid lower production
by Moscow, at least until the end of
the first quarter of this year, an
industry executive said.
A Mumbai-based refining exec-
utive responsible for Russian pur-
chases said he did not expect dis-
counts to expand, anticipating
imports to average between 1.5 and
1.7 million b/d this year. The stricter
enforcement of sanctions by the US
in the past few months, resulting in
more than 10 Russian tankers car-
rying crude oil to China and India
being charged with violating rules,
has led to an increase in freight rates
by as much as 20 per cent.
These factors might cut India’s
savings on Russian oil imports,
which averaged close to $4.5 billion,
based on calculations from the ship-
tracking and industry data. These
savings may fall by a third — assum-
ing an average of $5 per barrel (bbl)
discount on imports of 1.6 million
b/d in 2024, leading to savings of
over $3 billion for Indian refiners. It
is still a tidy sum, considering that
oil firms are coping with volatility
in global crude oil rates and a freeze
in pump prices of diesel and petrol
*Total active workers are those who have attended work at least once in the last three financial years
Source: MGNREGS website and data from civil society groups
States with least percentage of States with highest percentage of
677 781 712 active workers ineligible for ABPS active workers ineligible for ABPS
431 457
264 % ineligible 3.5 4.6 4.6 78.5 % ineligible
51.9
Saudi Arabia UAE 2.2 39.7 36.0
32.0
0.9
Nov Dec
0
Indian Oil 505 258
Reliance 291 285 Kerala Andhra Tamil Himachal Tripura Meghalaya Lakshwadeep Manipur
Bharat Petroleum 253 314 Pradesh Nadu Pradesh Karnataka Assam Arunachal Pradesh
Source: MGNREGS website
Source: Kpler
since May 2022. Imports of Russian
crude oil in December averaged 1.44
million b/d, a fall of 14 per cent from
November and from a record 2.16
UPI hits new high in Dec;
million b/d in May, the Kpler data
shows. Russian oil accounted for
around 33 per cent of India’s overall
value in 2023 jumps 45%
crude oil imports in December, six SHINE JACOB
percentage points lower than the Chennai, 1 January
UP AND UP
2023 average. Volume (bn): 2022 2023
The stricter policing of tankers Unified Payments Interface (UPI) transactions Total: 74.06 117.62
carrying Russian oil amid reduction scaled a fresh peak in December by clocking 8.04 12.02
in output contributed to falling pur- ~18.23 trillion in value and 12.02 billion in vol-
chases, industry officials said. There ume, rising 5 per cent and 7 per cent in those 4.62 7.83
were issues with payment. Indian terms from November.
Oil imported only 258,000 b/d of UPI numbers in 2023 touched a new high
Russian oil in December, declining with cumulative volume at 117.6 billion and
by nearly half in the month. value at ~183 trillion, up 59 per cent and 45
Bharat Petroleum was the per cent compared to 2022. Value (~ trn) : 2022 2023
Total: 125.96 182.88 18.23
biggest purchaser of Russian crude The previous monthly peak in value was
oil last month at 314,000 b/d, up by recorded in November 2023 when 11.24 billion 12.99
60,000 b/d on the month, followed transactions worth ~17.4 trillion were made.
by Reliance Industries at 285,000 UPI transactions in December grew 54 per cent 8.32 12.82
b/d, according to Kpler. in volume and 42 per cent in value compared
Washington has sent notices to to the same month in 2022.
some 30 owners and managers of In October 2023, volume touched a peak of Source: NPCI
oil tankers to check on their com- 11.41 billion, according to data shared by the
pliance with the price cap and National Payments Corporation of India actions grew 6 per cent in December to 499
warned the shipping industry (NPCI). Half way through 2023, UPI transac- million, compared to 472 million in November.
against any violation, US market tions first clocked the 10-billion mark in vol- In value terms, the December figure was up 7
publication Energy Intelligence ume (August) and ~15 trillion in value (July). per cent to ~5.7 trillion, compared to ~5.35 tril-
reported. Immediate Payment Service (IMPS) trans- lion in November.

ACTION POINTS  MAJOR TERMS OF REFERENCE OTHER THAN WHAT IS STRICTLY GIVEN IN THE CONSTITUTION

16th FINANCE
1st 2nd 3rd 4th 5th 6th 7th 8th

K C NEOGY K SANTHANAM ASHOK KUMAR P V RAJAMANNAR MAHAVEER TYAGI K BRAHMANANDA J M SHELAT Y B CHAVAN
COMMISSION  Grants-in-aid for
Assam, Bihar, Orissa
 Principles to govern
the distribution of
CHANDA
 Manner to distribute
 Principles to govern
the distribution of net
 The distribution of
the advance tax
REDDY
 Assess non-plan
 Broadly in line with
the 6th Finance
 Broadly in
line with the
GIVEN BARE MINIMUM and West Bengal in lieu
of export duty on jute
additional duty of
excise on mill-made
among the states
~12.5 crore which the
proceeds of such
additional items or
already collected and
not included in the
capital gap of states;
review policy and
Commission 6th Finance
Commission

TERMS OF REFERENCE and its products

1952-57
textiles, sugar and
tobacco to the states
Railways had agreed to
pay to the general
commodities on which
additional excise duties
net proceeds of taxes
on income in the
arrangements on the
financing of relief
Snapping the past tradition, the Narendra Modi 1957-62 revenues every year could be imposed in financial years expenditure by states
government has issued bare minimum terms of Period of lieu of the sales taxes hit by natural calamities
reference (ToRs) to the 16th Finance Commission implementation of
while naming former NITI Aayog vice-chairman recommendations 1962-66 1966-69 1969-74 1974-79 1979-84 1984-89
Arvind Panagariya as its chairman and bureaucrat
Ritvik Ranjanam Pandey as secretary. The ToRs for the
Commission are strictly in line with what is broadly 9th 10th 11th 12th 13th 14th 15th 16th
enshrined in the Constitution. The Commissions are
set up under Article 280 to provide recommendations
on devolution of the central taxes to the states and N K P SALVE K C PANT AM C RANGARAJAN VIJAY Y V REDDY N K SINGH ARVIND
the principles which should govern the grants in aid  An assessment of  Review KHUSRO  Review KELKAR  Review  Propose PANAGARIYA
by the Centre to the states out of the Consolidated the debt position of the present scheme of  Measures needed to Fiscal  Review the state of the state of finances, performance-based  Strictly in line with
Fund of India. In recent times, the Commissions also states as on March 31, Calamity Relief Fund; augment the Reform finances of the Union deficit and debts of the incentives for states, what the Constitution
give proposals for augmenting resources of 1989 and suggest an assessment of the Consolidated Fund of Facility of and the states; suggest Union and the states; to including efforts made prescribes such as the
municipalities and panchayats in line with respective
corrective measures debt position of the states to supplement the Centre measures to keep stable take into account the by them in expansion distribution between
state Finance Commission reports and financing
disaster management initiatives. Article 280 also states as on March 31, the resources of the based on the proposals and sustainable fiscal impact of the proposed and deepening of tax the Centre and the
empowers the President to refer any other matter to 1994, and suggest panchayats and of the 11th Finance environment consistent GST on the finances of net under GST states of the net
the Commission in the interest of sound finance. It is corrective measures municipalities Commission with equitable growth Centre and the states proceeds of taxes
under this provision that the union government
issues terms of reference to the commission which are 1989-95 1995-00 2000-05 2005-10 2010-15 2015-20 2020-26 2026-31
beyond the minimum ToR. INDIVJAL DHASMANA Note: The start year is from April one and the concluding year is 31st March Source: Finance commission site, government papers

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 MUMBAI | TUESDAY, 2 JANUARY 2024 ECONOMY & PUBLIC AFFAIRS 5 <

IN BRIEF
97.38% of ~2,000 banknotes
in circulation back in system
Nearly ~48,000 cr share RBI asks banks
to not tag zero
The Reserve Bank of India (RBI) on Monday said nearly 97.38 per
cent of the ~2,000 bank notes have been returned to the banking
system, and only about ~9,330 crore worth of the notes are still
with the public. On May 19, the RBI announced the withdrawal of
buyback highest in 6 yrs balance ac/s
as inoperative
~2,000 denomination bank notes from circulation. “The total value SUNDAR SETHURAMAN & KRISHNA KANT nies with high promoter holdings, espe-
of ~2,000 bank notes in circulation, which amounted to ~3.56 Mumbai, 1 January cially, prefer buybacks over dividends to
trillion as at the close of business on May 19, 2023, when the return excess cash to their shareholders.

withdrawal of ~2,000 bank notes was announced, has declined to
~9,330 crore as at the close of business on December 29,” the RBI
said in a statement. PTI
Power consumption in Dec
falls for 1st time in 8 months
The country’s power consumption dipped 2.3 per cent to 119.07
billion units (BU) in December, marking its first monthly decline in
eight months due to lower demand for heating equipment,
especially in the north, on account of mild winter, according to
government data. Earlier in April 2023, power consumption had
dipped nearly 1.5 per cent to 130.08 BU compared to 132.02 BU in the
year-ago period. In December 2022, power consumption stood at
121.91 BU, higher than 109.17 BU recorded in the same month a year
ago, the data showed. PTI
PM seeks people's feedback on
progress achieved in 10 years
Prime Minister Narendra Modi Monday sought people's feedback
on the progress achieved by India in various sectors in the last 10
years. With Lok Sabha polls months away, Prime Minister Narendra
Modi's 'NaMo' app last month had launched a survey to gauge the
popular mood on a variety of issues, including people's views
about the performance of his government and that of the MPs. PTI
ATF price cut by 4%; commercial
LPG rate slashed by ~1.5/cylinder
Jet fuel or ATF price on Monday was cut by 4 per cent, the third
straight monthly reduction, and commercial cooking gas (LPG)
rates were marginally lowered by ~1.50 per 19-kg cylinder in line
with international benchmarks. However, the price of domestic
LPG — used in household kitchens for cooking purposes —
remained unchanged at ~903 per 14.2-kg cylinder. Aviation
turbine fuel (ATF) price was cut by ~4,162.5, or 3.9 per cent, in the
national capital to ~101,993.17 per kl, according to price
notifications of state-owned fuel retailers.
Bulk deposit limit enhanced
to ~1 crore for large UCBs
The Reserve Bank of India has enhanced the bulk deposit limit for
scheduled urban cooperative banks having deposits above ~1,000
crore. For them, the bulk deposit would now mean single-term
deposits of ~1 crore and above. Earlier, the bulk deposit meant
single-term deposits of ~15 lakh and above. For other UCBs, bulk
A
s much as ~47,810 crore was spent
on share buybacks by 48 compa-
nies in 2023 — the highest amount
since 2017. This surge in value was largely
driven by a few large-sized issues, includ-
ing those by Tata Consultancy Services
(~17,000 crore), Larsen & Toubro (~10,000
crore), and Wipro (~12,000 crore).
In 2022, 58 companies had repur-
chased shares worth ~38,305 crore,
according to data from Prime Database.
Other prominent buybacks last year
were those by Piramal Enterprises (~1,750
crore), Hinduja Global Solutions (~1,020
crore), Triveni Engineering & Industries
(~800 crore), and Gujarat Narmada Valley
Fertilisers & Chemicals (~653 crore).
TCS topped the buyback charts in
2023 as its bought back shares worth Rs
17,000 crore in December this year. It was
followed by Wipro which spent ~12,000
crore on buyback last calendar year.
In all TCS has cumulatively spent
~83,000 crore on five share buybacks
since 2017, while Wipro has cumulatively
returned ~45,500 crore to its shareholders
through five buybacks since 2016. It is fol-
lowed by Infosys which has cumulatively
spent ~39,760 crore on four buybacks
since 2017.
In the same period, TCS has distrib-
uted ~1.29 trillion by way of equity divi-
dend, while Wipro has cumulatively
spent ~6,500 crore on equity dividend
since March 2017. A buyback is a process
that a company employs to repurchase
its shares from stakeholders shareholders.
The bought-back shares are extinguished
and the company's equity base shrinks,
enhancing its financial ratios, such as
earnings per share and return on equity.
PTI
LIC gets GST tax
notice of ~806 cr
AATHIRA VARIER
YES Bank faces
Mumbai, 1 January
~3 cr penalty
Life Insurance Corporation of
India (LIC) on Monday by TN GST dept
This is because, the overall income tax on
buyback proceeds are lower than the tax
on dividend income in the hands of share- BS REPORTER classified as inoperative.
holders. Any company that buys back its Mumbai, 1 January The RBI said customers
shares has to pay a buyback distribution have to submit KYC docu-
tax (BDT) on 23.29 per cent of distributed
income. Distributed income is calculated
Reserve Bank of India (RBI) ments afresh for reactivat-
has asked banks not to clas- ing the account. Deposits
by deducting the consideration paid by
the company on account of buyback from
sify zero balance accounts, maintained in any account,
which are opened for the which have not been oper-
the amount received by the company for beneficiaries of government ated upon for 10 years or
BIG DEAL the issue of such shares.
“While the company is liable to pay
schemes like direct benefit more, or any amount
transfer (CBS), even if there remaining unclaimed for 10
Year Number Reacquisition BDT when purchasing its own shares, the is no activity in years or
ofbuybacks worth(~cr) receipt of the buyback price in the hands the account for
THE CENTRAL BANK
more, are
2017 50 55,274 of shareholders is exempt. To avoid high- two years. required to
SAID CUSTOMERS
er tax costs in the hands of individuals The regulator be trans-
2018 63 32,385 NEED TO SUBMIT
falling under higher income tax brackets, said the central ferred by
2019 69 43,528 FRESH KYC
buyback proves to be more tax efficient. and state gov- banks to the
DOCUMENTS FOR
2020 55 36,517 However, in the open market route, the ernments had ‘Depositor
tax treatment does not change for corpo- been expressing REACTIVATION Education
2021 42 13,658
2022 58 38,305
rates; the income from buyback becomes
taxable in the hands of shareholders,” said
difficulty in and
crediting cheques/direct Awareness Fund Scheme’,
2023 48
Source: Prime Database
47,810 Rajarshi Dasgupta, executive director and
national head of tax, AQUILAW.
benefit transfer/electronic which is maintained by the
benefit transfer/scholarship RBI. For the purpose of clas-
According to analysts, it is often ben- amounts in these accounts sifying an account as ‘inop-
This process is carried out either through eficial for investors to tender shares dur- as they are also classified as erative’, only customer-
the tender route, where shareholders sur- ing a buyback, as the offer is typically at inoperative due to non- induced transactions and
render their shares to the company in a premium to the market price. “If a com- operation for two years. not bank-induced transac-
response to an offer received from it, or pany is generating free cash flow and if it “The banks will, based tions should be considered,
the open market (the company buys its does not have any immediate need as far on the purpose of opening the RBI said.
shares in the open market). as expansion of capacity or getting into the account, segregate the “There may be instances
The improvement in financial ratio new lines of business is concerned, it can aforementioned accounts in where the customer has giv-
post share buybacks boosts company’s
equity valuation and its share price. For
go for share buyback. Share buybacks are
most often at a premium to the compa-
their CBS, so that the stipu- en a mandate like standing
lation of ‘inoperative’ or auto-renewal instruc-
example, TCS’ price-to-earnings multiple
is up from average of 18.2x in 2016-17 to
ny’s existing share price that provides a
financial incentive for investors to tender
account is not applicable to tions, and there are no other
these accounts due to their operations in the savings or
27.8x in 2022-23 and 31.2x currently. There a part of their shares during buyback. And non-operation for a period current account or the term
has been a similar valuation rerating in the opportunity increases if promoters or of more than two years,” the deposit. These transactions
case of Wipro and Infosys. a section of shareholders abstain from RBI said on Monday. An will also be treated as cus-
Buybacks have become increasingly tendering shares,” said U R Bhat, co- account that has not been tomer-induced transac-
popular over the years. Cash-rich compa- founder of Alphaniti Fintech. operated for two years is tions,” the RBI said.
Rupee moves
in narrow WOMEN’S SHARE IN LIFE INSURANCE
range on first BY PRIVATE FIRMS INCH UPWARDS
day of CY24 Proportion of policies by women
in life insurance sector
RUPEE SPOT n Private sector n LIC n Share of total number
(~ vs $ inverted scale) of policies issued to women (%)
83.12

29.00
30.13
deposit would continue to mean single term deposits of ~15 lakh informed the exchanges of 83.24 83.16

27.00
36.00
35.81

34.70

35.00
and above. BS REPORTER receiving a tax notice for ~806 Private-sector lender YES

34.20

33.00
crore from the Deputy Bank on Monday received a 83.20
Commissioner of State Tax, tax receipt worth ~3.01 Change 83.24
Ashok Vaswani takes charge as Mumbai.
According to the exchange
crore from the Tamil Nadu
goods and services tax (GST)
83.21 -0.03%
Dec 29,’23 Jan 1,’24
83.28

Kotak Mahindra Bank MD, CEO filing, the company received

the tax notice for non-reversal
Ashok Vaswani has taken charge as the managing director and of input tax credit availed
chief executive officer of Kotak Mahindra Bank on January 1, from reinsurance. The
the private sector lender said in a filing to the stock exchanges. C S demand order-cum-penalty
Rajan, an independent director, has assumed the office as the notice is for the financial year
part-time chairman of the bank, with effect from January 1. “Dipak 2017-18. The goods and serv-
Gupta has completed his term as the managing director and chief ices tax (GST) charged is for
executive officer of the bank on December 31, and has ceased to be ~365 crore with a penalty of
a director and the managing director and chief executive officer of ~404.77 crore and an interest
the bank on the completion of his term." Prakash Apte completed of ~36.5 crore, totaling nearly
his term as the part-time chairman on December 31, and ceased to ~806 crore.
be a director and the part-time chairman on the completion of his The order will not have any
term. Eli Leenaars has assumed the position as an independent material impact on the com-
director of the bank, with effect from January 1. BS REPORTER pany’s financials, the filing
added.
(Disclosure: Entities controlled by the Kotak family have a significant In October 2023, LIC had
holding in Business Standard Pvt Ltd) filed an appeal with the
department on December
31. According to the excha-
nge filing, the bank does
not expect any material
impact on its financial or
other operational activities
due to the order. The
bank said it would pursue
legal options against
the order. AATHIRA VARIER
Bombay High Court against
the Income Tax Appellate
Tribunal’s decision to
give the insurer relief in two
tax disputes amounting to
~4,993 crore.
Source: Bloomberg
On the first day of calendar
year 2024, the rupee showed
a lateral trading pattern,
moving within a narrow
range of 83.15 to 83.24
against the dollar. The
Indian unit settled at 83.24
against the dollar on
Monday. It started the day
on a positive note with a
gain of 3 paisa against the
greenback, but depreciated
during the day because of
profit booking by traders
around the level of 83.20 per
dollar. ANJALI KUMARI
2022-23 2021-22 2020-21
Of the total 28.4 million policies sold by the Nearly 0.01% of policies were sold in the 'others' gender
insurers during 2022-23, the share of category in FY 2022-23
women’’s life insured by private
companies rose to 30.13 per cent as
compared to 29 per cent in 2021-22. On the Share in number of policies
other hand, the share of women insured bought by women
by Life Insurance Corporation of India (LIC) Share to total policies (Top 5 states/UTs )
dropped to 35.81 per cent from 36 per cent
in the year-ago period. Karnataka 44.23
According to the Insurance Regulatory Kerala 43.96
and Development Authority’s annual
report 2023, of the total policies sold, the
Mizoram 42.97
number of policies issued to women was Sikkim 42.60
around 9.73 million, which is 34.20 per Meghalaya 41.81
cent of the total. AATHIRA VARIER Source: IRDAI

> FROM PAGE 1 panel decided to keep the policy

repo rate unchanged at 6.5 per
GST... despite dwindling disinvest-
ment receipts and expected
went up from 42 per cent last
year to 48.7 per cent this year.
closely with our suppliers to
mitigate these challenges going
is a growth of 18 percent over
the previous year and marks the
same period in the previous
year. MG is now the second

FPI... cent for the fifth straight review

“We should see more of that in
Q4. These are active funds,
which are front loading and are
basically running ahead of the
index inclusion. It is because
they would like to enter when
the yields are still higher,”
Sengupta further said.
JP Morgan had announced
the inclusion of India in its
widely followed emerging mar-
ket bond index on September
22. India will be included in its
flagship index GBI-EM Global
Diversified index — a process
that will start from June next
year.
The inclusion will be phased
over a 10-month period, with 1
per cent weight included in
each month, till March 31, 2025.
Indian bonds will have 10 per
cent weight, like China.
The surge in inflows during
December can also be attrib-
uted to a growing consensus
among investors that the worst
economic challenges are
behind us. This comes with
signs of inflation cooling off and
a perceived absence of any
imminent interest rate hikes,
said market participants.
The accommodative stance
of the Reserve Bank of India
(RBI) and the dovish position of
the Federal Reserve further con-
tribute to the optimism, creat-
ing a horizon for potential prof-
its. The Fed had hinted at three
potential interest rate cuts dur-
ing 2024 in its last meeting.
Back home, the monetary
policy review was interpreted
by the market as dovish as com-
pared to the previous two poli-
cies.
The domestic rate-setting
meeting and the withdrawal of
accommodation stance while
stopping short of clearly com-
municating that the rate cycle
had peaked. This shift in senti-
ment has provided a directional
certainty, said market partici-
pants. Investors are capitalising
on the opportunity to lock in
yields, anticipating that the
upcoming quarter of the next
financial year holds potential
for profitable returns.
The expectation of stable
dollar-rupee rates, coupled with
the anticipation of positive
returns from yields, is driving
confidence among investors.
“India is also gaining attrac-
tiveness, particularly from a dol-
lar-rupee perspective, as the sta-
bility of the exchange rate
encourages investors, even in
an un-hedged manner.
The prospects of buying at
the current yield and foreseeing
a rally of 10-15 basis points by
March-end adds to the allure,
making the bond market more
euphoric,” said the treasury
head at a private bank.
Foreign investors pumped
in ~68,004 crore into the Indian
debt market in the current cal-
endar year. It is the highest
amount in the past six years. In
2022, there was a net FPI out-
flow of ~5,706 crore.
FPIs emerged net pur-
chasers of Indian debt in 2023
for the first time in four years.
The most recent instance of
FPIs being net buyers was in
2019, when they invested
~25,882 crore in bonds.
With the exception of
March, FPIs displayed consis-
tent net buying of Indian debt
every month of this year
Thus, collection in December
pertained to transactions in
November, which was marked
by holidays after Diwali, slowing
receipts. The same trend was
visible in other data points such
as the core sector, which wit-
nessed a six-month low growth
rate of 7.8 per cent in November.
GST collection has been ~1.65
trillion and above a month for
six months of the nine this
financial year. It did not fall
below ~1.57 trillion in any
month. Average monthly gross
GST collection —~1.66 trillion
in the first nine months -- rep-
resents a 12 per cent rise over
the ~1.49 trillion recorded in the
corresponding period of FY23.
“While GST collection is
slightly lower than what was
seen last month, the consistent
mark above ~1.6 trillion provides
large fiscal confidence,” said
Abhishek Jain, partner and
national head (indirect tax),
KPMG. Central GST (CGST)
after the integrated GST settle-
ment stood at ~70,501 crore in
December, the third highest in
the nine months, after April and
October. With this, CGST yield-
ed ~6.26 trillion during April-
December -- 77 per cent of the
~8.12 trillion estimated in the
Budget Estimates (BE) for 2023-
24. With three more months
remaining this financial year,
CGST collection is likely to
exceed the Budget Estimate.
After 42 per cent devolution to
the states, CGST receipts,
together with robust direct tax
collection, would provide
enough tax revenues to the gov-
ernment to bring its fiscal deficit
to the budgeted 5.9 per cent of
gross domestic product.
This is likely to happen
higher revenue expenditure
due to various subsidies.
The earlier data showed
direct tax collection after
refunds grew 20.66 per cent to
~13.7 trillion till December 17 this
financial year, accounting for a
bit over three-fourths of the BE
at ~18.23 trillion for 2023-24.
In December, revenues from
domestic transactions (includ-
ing imports of services) were 13
per cent higher than those from
these sources during the same
month last year. This means
GST on import of goods (inte-
grated GST and cess) slowed
collection. GST on import of
goods rose just 3.65 per cent at
~42,613 crore in December year-
on-year. Barring Sikkim and
Meghalaya, every state saw
growth in GST collection in
December. Meghalaya saw flat
GST receipts at ~171 crore.
States and Union Territories
such as Ladakh, Arunachal
Pradesh, Andaman and
Nicobar, and Lakshadweep saw
growth in the range 35-310 per
cent. Saurabh Agarwal, tax part-
ner at EY, attributed this to
increased economic activities in
these areas. However, Rajasthan
and Chhattisgarh each recorded
a mere 1 per cent growth rate in
December, while Jharkhand
saw a 4 per cent rise.
Carmakers...
In the beginning of December,
the industry inventory was at
roughly 331,000 units, and now
it’s sharply down to 176,500
units. The record sales this year
have been driven by the
demand for SUVs, which regis-
tered a 26 per cent growth YoY.
The share of SUVs in PV sales
The share of hatchbacks
dropped from 34.8 per cent in
2022 to 30 per cent in 2023.
Sedans also lost market share,
going down to 9.4 per cent from
11 per cent a year ago.
Shailesh Chandra, manag-
ing director, Tata Motors
Passenger Vehicles Ltd and Tata
Passenger Electric Mobility Ltd,
cited a strong supply situation,
new nameplates in the SUV seg-
ment and a robust demand dur-
ing a longer festive period to
explain the 4 million sales.
Coming off a high base, the
industry recorded a single digit
growth overall with the key
highlight of this moderate rise
being the sharp growth in emis-
sion-friendly product cate-
gories, he said. ‘’Both EV and
CNG segments posted growth
greater than 90 per cent and 25
per cent respectively, signaling
a growing preference for green
and smart technologies by
Indian customers.”
Despite their popularity, the
top three highest selling models
in 2023 were not SUVs.
Srivastava said that all the four
top selling models this year
were from MSIL – Swift, Wagon
R, Baleno and Vitara Brezza.
The Swift and the Wagon R sold
more than 200,000 units each
in 2023 while they fought for
market space with SUVs.
Mahindra and Mahindra
(M&M) sold 432,876 SUVs dur-
ing 2023, a 30 percent jump
from 2022. Veejay Nakra,
President, Automotive Division,
M&M, said: “In December, we
sold a total of 35,171 SUVs, a
healthy growth of 24 per cent
over last year. We continued to
face some supply challenges on
select parts. We are working
forward”.
Hyundai Motor India
fourth consecutive year of
growth for the company. In
largest EV seller in the country
with around 25 per cent of its
(HMIL) achieved the highest December 2023, the company’s total sales coming from the elec-
ever domestic sales in a calen- retail sales were 4,400 units, a tric models, according to the
dar year, surpassing the 13 per cent YoY growth over the company.
600,000 sales milestone. In
2023, the company recorded
sales of 602,111 units, registering
a 9 per cent increase over the > BS SUDOKU # 4171
previous year's 552,511 units.
Additionally, HMIL elevated its
export performance by 10 per
cent, shipping 163,675 units in
2023 over 148,300 units in the
previous year. In December
2023, HMIL achieved sales of
56,450 units, comprising 42,750
units in domestic sales and
13,700 units in exports.
Tarun Garg, COO, HMIL,
said: “HMIL has not just kept
pace but surpassed industry
growth (estimated at around 8.2
per cent), a testament to cus-
tomers choosing brand
Hyundai as their preferred
mobility brand. Also in 2023, we
proactively expanded our annu-
al production capacity by
50,000 units to meet the
increasing demand from our
customers.”
About 60 percent of HMIL’s
sales come from SUVs, up from
53 per cent in 2022. The com- SOLUTION TO #4170
pany now has 90,000 open Very Hard:
bookings, of which around
23,000 are for the Creta SUV. «« « ««
For Tata Motors, CY23 was Solution tomorrow
the third consecutive year of
posting the highest ever sales of
around 553,000. ‘’Our strong
HOW TO PLAY
Fill in the grid so that
focus on retail sales during the every row, every col-
quarter resulted in Vahan reg- umn and every 3x3
istrations significantly rising by
box contains
~14 per cent vs Q3FY23 and ~24
the digits 1 to 9
per cent vs Q2FY24,” Chandra
said.
MG Motor India said it had
sold 56,902 units in retail. This

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 6 WORLD
>
MUMBAI | TUESDAY, 2 JANUARY 2024

Nobel winner Yunus

sent to 6 mths in jail
After US drowns Houthi China, US should
strive for peaceful
by Bangladesh court boat, Iran sends warship coexistence: Xi
BLOOMBERG
1 January
IsraeltowithdrawtroopsfromGazaasNetanyahupreparesfornewwarphase
AGENCIES AGENCIES stance on Taiwan.
A Dhaka court sentenced 1 January 1 January China-US ties have been
Muhammad Yunus — who frosty but Biden administra-

won the Nobel Peace Prize for
pioneering microloans to
some of Bangladesh’s poorest
— to 6 months in jail for labour
law violations.
A labour inspector had
found that employees of
Grameen Telecom, of which
Yunus, 83, is chairman, were
denied benefits including
leave and welfare deposits. He
has denied the allegations.
“We’re being punished for
something we haven’t done,”
Yunus said after the verdict.
“That’s our fate and that’s the
fate of our nation.”
Judge Sheikh Marina
Sultana granted Yunus and
three other officials of
Grameen Telecom bail for one
month, allowing them to
appeal the sentencing in the
High Court. Yunus’s lawyer
Abdullah Al Mamun said he
will appeal the verdict.
Grameen Telecom, a non-
profit organisation, owns 34.2
per cent of Bangladesh’s
largest telecom carrier
Grameenphone, a unit of
IN BRIEF
Muhammad Yunus and three
of his colleagues in Grameen
Telecom, one of the firms he
founded, were accused of
violating labour laws
Norway’s Telenor ASA.
This is one of about 150 cas-
es filed against Yunus after
Prime Minister Sheikh Hasina
Wajed’s Awami League came
to power in 2008, according to
Amnesty International. The
case is “emblematic of the
beleaguered state of human
rights in Bangladesh, where
the authorities have eroded
freedoms and bulldozed
critics into submission,” Agnès
Callamard, secretary general
of Amnesty, said.
I
ran’s Alborz warship has entered the Chinese President Xi Jinping tion officials have visited
Red Sea, the semi-official Tasnim news said in a letter Beijing and
agency reported on Monday, at a time to his counter- met with their
of soaring tensions on the key shipping part Joe Biden counterparts to
route amid the Israel-Hamas war and on January 1 rebuild com-
attacks on vessels by forces allied to Tehran. that history munications
Tasnim did not give details of the has proven and trust in the
Alborz’s mission but said Iranian warships that adhering months lead-
had been operating in open waters to to mutual ing up to a
secure shipping routes, combat piracy and respect and high-stakes
carry out other tasks since 2009. peaceful coex- summit
Yemen’s Iran-backed Houthis have istence is the between Xi
been targeting vessels in the Red Sea since right way for and Biden in
November to show their support for the China and the San Francisco
Palestinian Islamist group Hamas in its US to get China-US relations in November,
war with Israel. Palestinian houses destroyed by an Israeli strike, on Monday PHOTO: REUTERS along, as the have not only improved deemed an
In response, many major shipping two countries the well-being of opportunity to
companies have switched to the longer Israel pulled tanks out of some Gaza killed and 56,697 have been wounded in try to mend people from both cool tensions
and more costly route around the Africa's City districts on Monday, residents said, Israeli strikes in Gaza, Gaza’s health mini- deeply countries, but also between the
Cape of Good Hope rather than pass as it announced plans to shift tactics and stry said on Monday. strained rela- contributed to global world's two
through the Suez Canal, which handles cut back on troop numbers, but fighting tions. peace, stability and largest econ-
about 12 per cent of global trade. raged elsewhere in the Palestinian enclave Bank of Israel cuts rate by 25 bps “Over the prosperity” omies. “I look
The Alborz warship entered the Red along with intense bombardment. The Bank of Israel lowered short-term past 45 years, forward to
Sea via the Bab al-Mandab Strait, Tasnim Israel says the war in Gaza, which has borrowing rates for the first time in China-US relations have building on the progress made
said, without saying when. There were reduced much of the territory to rubble, nearly four years on Monday following weathered storms and moved by our predecessors, as well as
unconfirmed reports on social media it has many months to go. data showing a weakening economy forward. It has not only on our meetings and discus-
arrived late on Saturday. But Israel has signalled a coming news and easing inflation as a result of improved the well-being of sions to continue to advance
The Alvand class destroyer had been a phase in its offensive, with an official say- Israel’s war against Palestinian militant people from both countries, the relationship between the
part of the Iranian navy’s 34th fleet, along- ing on Monday that the military would group Hamas. but also contributed to global US and China,” Biden said.
side the Bushehr support vessel, and draw down forces inside Gaza this month Ahead of the decision, analysts were peace, stability and prosperity,” Meanwhile, close allies
patrolled the Gulf of Aden, the north of and shift to a months-long phase of more split, with seven expecting no move and Xi said in the letter commem- China and North Korea
the Indian Ocean and the Bab Al-Mandab localised “mopping up” operations. seven projecting a 25 basis point reduc- orating 45 years of diplomatic Monday announced plans to
Strait in 2015, according to Iran’s Press TV. A total of 21,978 Palestinians have been tion, the first reduction since April 2020. ties between the two countries, jointly designate 2024 as the
according to a report by state- ‘China-DPRK Friendship Year’
run broadcaster CCTV. and launched a series of activ-
Relations between the US ities, amid speculation over

DoorDash plots expansion MASSIVE EARTHQUAKE TRIGGERS TSUNAMI IN JAPAN and China are still fragile, par- Beijing’s concerns
ticularly over Beijing’s close Pyongyang moving closer
relations with Russia and its to Moscow.
over

outside restaurant biz in US

DoorDash is looking to diversify beyond its
core business of delivering restaurant meals
to home diners, as the US group seeks ways
Want peace in
Ukraine but on our
to invest a growing cash pile, the Financial
Times reported on Monday. “The two
largest areas of investment are expansion

terms, says Putin

and penetration outside of the US, as well as
the same outside of restaurants,” DoorDash CEO Tony Xu said in
an interview with the Financial Times. REUTERS

BLOOMBERG tory. “We also want to end the

Baidu stops $3.6 bn purchase 1 January conflict, and as soon as pos-
sible” — but “only on our
of JOYY’s live streaming biz President Vladimir Putin said
Russia doesn’t want to fight
terms,” Putin said. The
Russian leader didn’t specify
Baidu has terminated its planned $3.6 billion acquisition of “endlessly” in Ukraine but what conditions must be met
Nasdaq-listed JOYY Inc’s China live-streaming business, it said won’t give up its positions and for peace.
on Monday. The failure of the deal casts a shadow on search is ready for peace only on its The Kremlin’s confidence
engine giant Baidu's ambition to diversify its revenue. The own terms. has grown amid political divi-
company proposed to acquire JOYY’s video-based entertain- Speaking in televised com- sions in the US and the
ment live streaming business in China, known as YY Live, in ments on Monday during a European Union over support
2020. Baidu affiliate Moon SPV terminated its share purchase visit to a military hospital, to Ukraine that’s held up aid
agreement with JOYY because the conditions of closing the deal Putin said he’s satisfied with to the government in Kyiv.
it provided for “had not been fully satisfied” as of the end of the Russian army’s perform- Ukraine’s counteroffensive
2023, Baidu said in an exchange filing on Monday. REUTERS ance in Ukraine as it’s now launched in June yielded only
holding the strategic initiative small gains, and Russian
A powerful earthquake with a magnitude of 7.6 hit the Noto Peninsula on Japan’s northwest coast, triggering a tsunami that was on the front, while the oppo- troops are now trying to
Evergrande EV share sale deal expected to reach as high as five metres (16 feet) in some areas. Houses were destroyed, fires broke out and army personnel were
dispatched to help with rescue operations, government spokesperson Yoshimasa Hayashi told reporters. There were no
nent is “gradually deflating.”
Russia is currently occupying
press forward in Ukraine’s
eastern regions of Donetsk
lapses without extension immediate reports of major injuries PHOTOS: REUTERS about a fifth of Ukraine’s terri- and Kharkiv.

A share sale plan between China Evergrande New Energy Vehicle

Group, the electric vehicle arm of property developer China
Evergrande , and US-listed NWTN has lapsed, according to a
Hong Kong stock exchange filing on Monday. As neither party UK’s tougher student visa norms kick in Russia launches record
agreed on the extension of the long stop date, Evergrande New
Energy Vehicle said the share subscription and loan conversion
subscription agreement by NWTN are no longer valid. In an
PRESS TRUST OF INDIA
1 January HARSH LESSONS
cut migration. We have set out a tough
plan to rapidly bring numbers down, con-
90 drones across Ukraine PHOTO: REUTERS
announcement in August the subsidiary said it had agreed to trol our borders and prevent people from
issue 6.18 billion new shares to Dubai-based mobility company International students, including Indians, >Changes aimed at clamping manipulating our immigration system,
NWTN for a total HK$3.89 billion ($498.2 million). REUTERS starting courses at British universities this down on people using student visa which will come into force throughout
month will no longer be able to bring as a backdoor route to work this year,” Cleverly said in a statement.
family members on all but postgraduate >The rules may see around 40,000 “Today, a major part of that plan comes
PakSenatecallsforstrictaction research courses and courses with gov-
ernment-funded scholarships under
fewer people come to the UK into effect, ending the unreasonable prac-
tice of overseas students bringing their
against anti-army forces tougher UK visa norms effective
from Monday.
>Diaspora student groups have
expressed widespread concerns
family members to the UK. This will see
migration falling rapidly by the tens of
Pakistan’s Senate on Monday adopted a unanimous resolution The UK Home Office said the changes, over this proposed review thousands and contribute to our overall
to recommend severe punishment for all those found involved first announced by former home secretary strategy to prevent 300,000 people from
in the “negative and malicious propaganda” against the armed Suella Braverman in May last year, are coming to the UK,” he said.
forces and other security agencies of the country. Senator aimed at clamping down on people using Cleverly dubbed as an “unreasonable The UK’s Office for National Statistics Ukraine’s shelling of the city of Donetsk on Monday killed four
Bahramand Khan Tangi of the Pakistan Peoples Party had the student visa as a backdoor route to practice” of overseas students bringing (ONS) found that in the year ending people, a Russian-installed official in the eastern region of
moved the resolution which acknowledged that a strong work in the UK and will see an estimated dependants, which official figures show September 2023, as many as 152,980 visas Ukraine said, while Russia launched a record number of 90
army and other security agencies are indispensable for the 140,000 fewer people come to the UK. have risen by more than 930 per cent since were issued to dependants of students, a drones on several Ukrainian regions, killing at least one
defence of the country, especially because of the hostile The tougher rules are geared towards 2019. “This government is delivering on massive rise from the 14,839 in the year person. Thirteen people were also injured in heavy shelling
neighbourhood. PTI cutting what Home Secretary James its commitment to the British public to ending September 2019. by Ukrainian forces on the centre of Donetsk. REUTERS

Saudi fund outpaces Singapore’s GIC with $31.6 billion splurge

MATTHEW MARTIN & DAVID RAMLI
1 January
Saudi Arabia’s Public Investment Fund
emerged as the world’s most active
sovereign investor last year, boosting its
deal activity even as most global peers
including GIC Pte and Temasek Holdings
Pte slashed spending.
PIF, as the Saudi fund is known,
deployed $31.6 billion in 2023, according
to research consultancy Global SWF.
That was higher than the $20.7 billion it
invested the previous year, an increase
that contrasts with a wider trend —
globally state-owned investors deployed
$124.7 billion, about a fifth less than the
prior year.
The declines were led by GIC, which
cut the amount of capital deployed by 46
per cent to $19.9 billion and lost its spot as
the world’s most active sovereign wealth
fund for the first time in six years.
Temasek also reduced new investments
by 53 per cent to $6.3 billion against a
backdrop of volatile markets, which led
the two Singapore-based investors to
report worsening returns.
Global SWF said much of GIC’s decline
related to investments across developed
markets. Singapore’s state investors
continued to be active in emerging
markets like India, with deals including
GIC’s $1.4 billion joint venture with
Brookfield India REIT and Temasek’s
increased stake in Manipal Health
Enterprises. “Singaporean investors are
being more cautious and we’ve seen that
reflected in the numbers,” Global SWF
said. “Gulf sovereign wealth funds have
increased their domination of the global
transaction activity, to the detriment of
Singaporean and Canadian funds, and
now represent almost 40 per cent of all
investment value deployed by
sovereign investors.”
Overall, sovereign wealth funds
controlled by the hydrocarbon-rich
governments of Abu Dhabi, Saudi Arabia
and Qatar took five spots on a list of the
top 10 most active funds last year.
That trend could be set to continue.
The governments of the United Arab
TAKING COUNT
Gulf wealth fund assets (in $ bn)
Abu Dhabi Investment Authority 984
Kuwait Investment Authority 801
Public Investment Fund 760
Qatar Investment Authority 429
Investment Corporation of Dubai 341
Mubadala 276
ADQ
Emirates Investment Authority 91
Source: Bloomberg, Global SWF data
Emirates, Saudi Arabia, Qatar, Kuwait,
Oman and Bahrain are set to control
about $4.4 trillion in gross foreign assets
by the end of 2024, two-thirds of which
will likely be managed by sovereign
SPENDING BOOST source of cash for international deals
after a surge in energy prices in 2022
Capital deployment (in $ bn) left most Gulf government budgets
n2022 n2023 in surplus.
The PIF was behind the largest
-46 sovereign-backed deals of the year, either
189.9 % Chg directly or through its subsidiaries.
% Chg
36.9 These include its nearly $5 billion
31.6 acquisition of US gaming company
Scopley through Savvy Games Group
and a $3.6 billion acquisition of Standard
19.9
Chartered’s aviation leasing business
through Avilease.
10.9 The Saudi fund was also behind
199 significant domestic deals to help
support the diversification of the
economy under a plan by Crown Prince
Saudi Arabia PIF GIC Mohammed Bin Salman, who is also PIF
chairman. In September, the fund
wealth funds, according a report issued acquired the steel business of Sabic Basic
by the Institute of International Finance Industries Corp. in a $3.3 billion deal that
in December. The region is home to a helped push PIF’s domestic investment
gamut of sovereign funds, which have to around 42 per cent of total deployment
become an increasingly prominent in 2023. BLOOMBERG

DISCLAIMER News reports and feature articles in Business Standard seek to present an unbiased picture of developments in the markets, the corporate world and the government. Actual developments can turn out to be different owing to circumstances beyond Business Standard’s control and knowledge. Business Standard
does not take any responsibility for investment or business decisions taken by readers on the basis of reports and articles published in the newspaper. Readers are expected to form their own judgement. Business Standard does not associate itself with or stand by the contents of any of the advertisements accepted in good
faith and published by it. Any claim related to the advertisements should be directed to the advertisers concerned. Unless explicitly stated otherwise, all rights reserved by M/s Business Standard Pvt Ltd. Any printing, publication, reproduction, transmission or re-dissemination of the contents, in any form or by any means,
is prohibited without the prior written consent of M/s Business Standard Pvt Ltd. Any such prohibited and unauthorised act by any person/legal entity shall invite civil and criminal liabilities. Journalists and editors working in Business Standard do not contribute to and are not associated with features and articles appearing
in this newspaper under sections classified as Advertorial or Brand post. Such articles are to be treated as paid-for advertisements. Some of the reports in this newspaper and its website may have gone through preliminary processing by artificial intelligence tools before a final edit check.

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 >
OPINION 7
STAY INFORMED THROUGH THE DAY @ WWW.BUSINESS-STANDARD.COM

VOLUME XXVIII NUMBER 120

UnderstandingGST
FIGURE 1. GST: GROSS COLLECTIONS VERSUS
MUMBAI | TUESDAY, 2 JANUARY 2024 NET REVENUES (% OF GDP)

A difficult mandate GST gross collections (GSTN portal)

GST net revenue (Budgets)
7.0

revenueperformance
Pre-GST revenue (avg. 2012-17) 6.6
6.6
Sixteenth Finance Commission will have to do tough balancing 6.2
6.3 6.3 6.2

T
he government’s plans for the Sixteenth Finance Commission (SFC) are 6.0 5.9 5.8
taking shape, and contain a few surprises. Most recently, it has announced 5.7
that eminent economist Arvind Panagariya, who is at Columbia Contrary to belief, GST underperformed the old tax regime 5.6
5.4
5.7
5.4
University and had served as vice-chairman of the NITI Aayog shortly in its initial years but has now begun to exceed expectations, 5.2 5.0
after its formation, will take over the reins of the Finance Commission. The 2018- 2019- 2020- 2021- 2022- 2023-
announcement related to other members of the Commission is awaited. Professor six years after implementation 19 20 21 22 23 24 (H1)
Note: The comparison of net revenues under the GST and those under
Panagariya is, of course, intimately familiar with the political constraints on tech- the pre-GST regime should not be affected by refunds because both
ARVIND SUBRAMANIAN, JOSH FELMAN, VARUN AGARWAL & compare IGST collections and IGST settlements (the sets of numbers are from government budgets.
nocratic preferences that operate in New Delhi, including under the current dis-
THEERDHA SARA REJI amounts actually distributed as revenue to the Centre
pensation. Nevertheless, the job of chair of the Finance Commission requires a and the states). The red line in Figure 2 shows that the FIGURE 2. IGST COLLECTIONS AND IGST SETTLEMENT

T
delicate political sensibility in order to aid in crafting a compromise between the he goods and services tax (GST) has been one
various increasingly divergent political factions that are at play when it comes to of the major policy successes of recent years. It
fiscal federalism. has stimulated the growth of a truly national
The fact is that Finance Commissions have an increasingly fraught role to play market, replacing a welter of distorting taxes with a
single rational system. It has also provided a stable
as federal tensions increase, between the Union and the state governments, but
source of revenue to both the Centre and states,
also between states with differing calls on financial resources and political power.
notwithstanding some teething issues and discord
Southern states, for example, are increasingly concerned about the size of the between the two levels of government. But how much
transfers to the governments of northern states. Other state governments are con- has the government actually received from the GST?
cerned that they have fewer and fewer degrees of freedom for their own policy: The Is it really an improvement on the pre-GST regime?
The answers are surprising.
introduction of goods and services tax has taken away their ability to set sales taxes,
Nearly all of the analysis of GST, whether in report-
while Union government welfare programmes are increasingly getting dominant.
ing by journalists or research by economists, is based
Regional leaders no doubt see this as an intrusion into their ability to create on the data from the GSTN portal. In both the portal
and sustain political space. It also leaves less space for policy experimentation and and the analysis, including some excellent recent aca-
for the fulfilment of specific state-level aspirations. Thus, the broader context of demic studies, the GST figure reported for 2022-23 is
the SFC — which will be charged, after all, with determining the resources that ~18.1trillion,equivalentto6.6percentofgrossdomestic
will be available to these disgruntled state governments — is the preservation of a product or GDP.
But this figure actually measures GST collections,
working federalism while also maintaining growth and development momentum
and collections are not the same as government rev-
in India. The other surprise associated with the SFC is that the government has enue.That’sbecausesomeofthecollectionsarerefund-
chosen to issue a very minimal set of instructions to the Commission in its Terms ed to taxpayers. We do not have the refunds data but
of Reference, or ToR. Previous Finance Commissions were issued a fairly detailed we can calculate the difference between collections as
set of subjects to review, from firewalling security spending to the protection of reportedbyGSTNandnetrevenuesafterrefundsaccru-
the finances accruing to the third tier of government. The Fifteenth Finance ing to the government. Figure 1 suggests that in 2022-
23, the last full year of data, they amounted to no less
Commission’s ToR in fact wound up being somewhat controversial, given that
than~1.8trillion.Asaresult,governmentGSTrevenues
they seemed to encourage the labelling of state welfare schemes “populist” as (both Centre and state, including the cess) amounted
opposed to those from the Union. to ~16.1 trillion, or 5.9 per cent of GDP, about 0.7 per
The ToR for the SFC, however, has very obviously shied away from any such cent of GDP less than what the headline number sug-
controversy. In fact, the terms are remarkably and unusually bare-bones and gests. It also shows that last year’s difference was not a
confine themselves to the required mandate for such commissions under the fluke. Ever since the GST was implemented, this gap
has hovered around 0.6-0.7 per cent of GDP.
Constitution. Thus, even more discretion than normal will be granted to the chair- What are these refunds? GST refunds are different
man of the SFC, who will have to decide which issues in particular will take up a from those on individual and corporate income taxes.
larger proportion of the body’s time. More than ever, the management of the SFC With income taxes, there are advance tax payments,
will be an exercise in national integration and not a simple technocratic or account- whichrequireexpost reconciliationandhencerefunds.
ing exercise. But in the case of GST, taxes are paid on actual rev-
enues, net of the taxes actually paid on inputs. So, in
most cases there is no need for refunds.
There is one major exception. In GST, exports are
discrepancy between IGST collections and IGST set-
tlements is remarkably close to the gap between overall
collections and revenues shown in Figure 1.
Putting the pieces together, it seems that the gap
between collections and revenues reflects refunds paid
to exporters to reimburse them for the IGST they paid.
We can hypothesise, but cannot be sure, that this IGST
relates mainly to imports used in production, rather
than domestic goods purchased from other states. (We
assume this because other data suggests that exports
often rely heavily on imported parts, notably in the
case of iPhones.) In other words, the larger share of
refunds is to compensate exporters for the IGST paid
on their imported inputs.
The large amount of refunds has important impli-
cations for how one views GST performance. Going
back to Figure 1, gross collection data gives the impres-
sion that the GST regime immediately overtook the
pre-GST average (the dotted line as calculated by
Professor S Mukherjee in a recent NIPFP paper), then
dipped during the pandemic period, and once again
surpassed the pre-GST regime in 2021-22. But bud-
getary revenue figures tell a very different story. They
reveal that GST revenue overtook the pre-GST regime
only in the current fiscal year, six years after the tax
was first implemented.
If refunds make such a material difference to the
GST story, why have they been ignored? Perhaps
because the GSTN does not publish the refunds data.
As a result, we can only infer the numbers by com-
paring the gross collections reported by the GSTN
with the revenues in the Central and state govern-
ment Budgets and by comparing IGST collections
with settlements.
IsthefactthatGSTrevenueshaveonlyrecentlysur-
passed pre-GST levels an indictment of the GST? Not
atall.Revenueshavedeclinedfortworeasons.Thefirst
reason is that export refunds have become much
smoother, quicker, and fuller with the GST than they
were under the previous regime. This is surely a good
thing. Less welcome, however, there was a rate-cutting
(~ TRILLION) AND DIFFERENCE (% OF GDP)
IGST collection (~ trn)
IGST settlement (Centre + states; ~ trn)
10 Difference (% of GDP; RHS) 1.0
8 0.8
6 0.6
6.0
4 5.9 5.7 0.4
4.9 4.6 7.6 9.5
2 4.6 7.8 0.2
6.2
0 0.0
2018- 2019- 2020- 2021- 2022- 2023-
19 20 21 22 23 24 (H1)
Note: IGST settlement to the states includes ad hoc settlements which
were discontinued in October 2022
is to address the remaining major design flaws.
Specifically, the rate cuts of 2018 and 2019 need to
be reversed, even if not fully, as part of a rationali-
sation of the overall rate structure. At the same time,
the rate structure needs to be simplified, as the cur-
rent complexity, especially for the cesses, is probably
dragging down revenue collections and is certainly
complicating enforcement.
The most natural change would be to move to a
three-rate structure (recommended by the Revenue
NeutralRate(RNR)Committeein2015)withastandard
rate of 18 per cent, a lower rate of say 10 per cent, and
a demerit rate of 40 per cent. And if GST compensation
is a thing of the past, the now-redundant cesses should
be incorporated into the normal rate structure at the
top rate of 40 per cent. Not only would such a move
simplify the system, it would also eliminate a major
distortion whereby a significant source of revenues
has been walled off from the standard divisible pool
of taxes that provides resources for both the Centre
and the states.
Three conclusions follow: The GST did less well in
the initial years than we have thought, but is now doing
much better than we could have hoped for. It could
do even better if it were redesigned in the direction of
simplicity. And our appreciation and understanding

Accord and discord zero-rated,whichmeansthatexportersdon’tpaytaxes

on their output but are entitled to refunds on the taxes
they paid on their inputs. This constitutes the major
spree in the years leading up to the pandemic, which
reduced the weighted average collection rate from 14.4
per cent in May 2017 to 11.6 per cent in September 2019,
of this historic reform would improve if the refunds
data (and their composition) were to be published.

Ulfa pact is a step in the right direction chunkofrefundsundertheGST.(Recallthatzero-rated according to the Reserve Bank of India. Thewritersare,respectively,seniorfellow,PetersonInstitute

T
items are different from exempt items, which are not As a result, we now need to focus on further boost- forInternationalEconomics; principal,JHConsulting;and
he Memorandum of Settlement (MoS) signed by a faction of the United
taxedbutwhicharealsonotentitledtoinputtaxcredits). ing GST collections. At this point, there is little room programassociatesattheCenterforEffectiveGovernanceof
LiberationFrontofAssam(Ulfa),theCentre,andtheGovernmentofAssam At the same time, we can infer that refunds are to strengthen administration without risking over- IndianStates(CEGIS). AnkitChatriandDevashish
last week brings to a close 12 years of hard negotiations. The MoS, signed related to the Integrated GST (IGST) because we can zealousness and unnerving taxpayers; the real need DeshpandeofCEGISalsocontributedtothispiece
withtheUlfafactionledbyfoundingmemberArabindaRajkhowa,includes
disarmament and disbandment of Ulfa, a lump sum payment to Ulfa cadres, and
investment worth ~5,000 crore — including on an Indian Institute of Management,
a railway manufacturing plant, a sport and cultural complex, and road connectivity
projects. Though this agreement with a once powerful group, which terrorised the
state in the late 1980s in pursuit of a “sovereign Assam”, should be welcomed, its
A battle for the future of copyright
J
successwilldependonthegovernment’scommitmentinmobilisingtheseinvestments ust before 2023 ended, The New York Times sense that they learn from the pre-existing work of file a case against the user instead for plagiarising
quickly. At the same time, local circumstances and developments in the near neigh- (NYT) shocked the generative Artificial authors and artists to produce new content — whether stuff using the tool?
bourhood could impact the accord. Intelligence (GenAI) evangelists of Silicon Valley text, images, or videos. The problem with this line of argument is that if
by filing a detailed and lengthy lawsuit against OpenAI Obviously, content creators — authors and artists ChatGPT is merely a more sophisticated photocopier,
For one, the agreement has been signed with a faction that is considered less
and its primary partner, Microsoft, for copyright vio- — have not bought into this argument of GenAI com- the hype surrounding it is entirely unnecessary —as
powerful. The extremist faction, Ulfa (Independent), led by founder member Paresh lations. It accused OpenAI of unauthorised use of panies. A group of prominent authors — from John is the soaring valuation of OpenAI and others.
Baruah,whichsplitfromthegroupin2012andhasitsheadquartersacrosstheborder millions of the newspaper’s deeply reported articles Grisham to Michael Connelly and David Baldacci — The final argument offered is that, after all,
in Myanmar, is not a signatory. As such, with camps across the border in Myanmar, to train ChatGPT, the GenAI model promising to filed lawsuits against multiple GenAI companies. In humans also learn from works of authors and artists
disruptive threats from Ulfa (I) remain, not least because the latest accord contains upend entire industries, from pharmaceuticals to response, Google has offered a tool that allows pub- — and develop on them. But humans who reproduce
no commitment to protect the culture and identity of the Assamese people, a foun- movies — and especially publishing. lishers and content creators to agree exact copies of copyrighted materials would face law-
NYT pointed out that ChatGPT was to their content being available to suits — and therefore so should GenAI, which tries
dational demand that found mention in the famous Assam Accord of 1985. For making money using NYT articles and its search engine crawler — while to replicate and better human creativity and content
another, the progress on accords in the Northeast — famously known as the land of directly affecting the publishers rev- opting out of the content being used generation quality.
accords — has been decidedly mixed across regimes. A peace agreement with the enues without paying a penny. for training GenAI models. Of course, the NYT lawsuit will be fought bitterly.
Nagas, for instance, has been hanging fire since 2015, with the National Socialist The meticulously detailed NYT But these cases lacked the While NYT has hired one of the best law firms that
Council of Nagaland (Isak-Muivah) refusing to budge from its demand for a separate complaint contained hundreds of detailed evidence of plagiarism that has vast experience in tech and copyright cases to
flag and constitution for the Nagas. This intransigence has, in turn, stalled talks with ChatGPT outputs that were almost NYT has included. The egregious represent it, Microsoft has deep pockets too. It is
verbatim copies of NYT articles — examples of plagiarism included in unlikely it will give up on its OpenAI partnership to
anotherfactionofsevenNagagroups.Meanwhile,ethnicturmoilinformerlypeaceful without any attribution. The newspa- the NYTsuit sets it apart from earlier which it has already committed tens of billions of
Manipur remains a challenge. per said that it had reached out to lawsuits by content creators. NYT dollars. The way the judges decide will determine the
The other element of uncertainty is the civil war in Myanmar, which offers
insurgent groups opportunities for setting up safe havens and resource mobili-
OpenAI for a licensing deal but had
failed to reach any agreement, which
PROSAIC VIEW also points out that the weightage
assigned to NYT content while train-
economics of the two industries. If NYT wins, then
GenAI companies may be forced to pay for using good
sation. Indeed, hostilities between that country’s ethnic groups and the military is why it had to resort to the lawsuit. PROSENJIT DATTA ing was much higher than it was for content to their creators. This could change the out-
How the US courts decide on the other content. Meanwhile, a growing look of the publishing industry — at least the big play-
have been a setback in the context of peace in the Northeast. The two successful
NYT vs OpenAI and Microsoft case will have huge number of artists are suing Midjourney, a popular ers who create good content.
Northeast accords in the history of independent India have been with Mizoram ramifications, not just on the development of future GenAI image maker for plagiarism too. It would also lead to making the training and
(1986), which saw Mizo insurgents integrated into the democratic process, and GenAI models but also on the future revenue streams The NYT lawsuit has elicited a familiar response deployment of GenAI models more expensive. GenAI
with leaders of the Bodoland movement (2020). Both were the result of active of publishers. from the GenAI fraternity. The first line of defence models are not cheap to train and operate even other-
diplomatic outreach and close military cooperation with Bangladesh, Bhutan, In a piece titled “Generative AI’s Achilles Heel” offered on social media platforms by them was that wise — they need immense computing power and
and Myanmar, once safe havens for these groups, in helping curb insurgency. In (https://shorturl.at/bCIOW), this columnist had NYT had gamed the queries to make ChatGPT output consume humungous quantities of electricity and
pointed out that the GenAI models needed high- plagiarised copies. And that this could be easily rec- water. On the other hand, if the ruling is in favour of
fact, Bangladesh, under Sheikh Hasina, and the Myanmarese military were the
quality content and data to train on — in order to tified and NYT would have a hard time proving in Big Tech, it would be a huge disincentive for human
key to clamping down on these elements. perform the magic they do. The better the data, the court that ChatGPT (and others) would throw up content creators.
But the gains may be weakened with Myanmar’s civil war, which has seen Chin more effective the training, and consequently, the entire NYT articles without attribution. This, however, Existing copyright laws around the world had nev-
State inhabitants seek refuge in Mizoram, which has declined to repatriate them better the output. was easily disproved by multiple users who showed er anticipated the questions that would arise if any-
despite Naypyidaw’s request to New Delhi. This apart, growing lawlessness on the All GenAI products — OpenAI’s ChatGPT and how all GenAI models copied and plagiarised content thing like GenAI was ever developed. Judges are now
Sino-Myanmar border, where ethnic groups run drug- and gun-running rackets, has DALL-E; Google’s Bard and Gemini; Meta’s Llama; (from articles to images) without attribution and with- being forced to use age-old intellectual property laws
Anthropic’s Claude, and others — primarily scraped out much effort to create special prompts. for deciding precisely on these matters
revived the prospects for Indian insurgent groups setting up cross-border havens
the Internet for all the available data (including copy- The second defence offered was that ChatGPT
with impunity. Given the contemporary ethno-politics, the agreement with a minor righted data and content) and trained on them. They (and other GenAI models) were merely tools. Would The writer is former editor of Business Today and
faction of Ulfa could yield modest progress rather than big gains. argued that this fell under “fair use” and also that one sue a photocopier maker for photocopying copy- Businessworld, and founder of Prosaic View,
GenAI models are no different from humans in the right-protected books and images? Should one not an editorial consultancy

Sam the brave theIndianmilitarytoitsgreatest

awardedtheMahavirChakrafor
exceptionalbravery.Thismayhave
somethingtodowithourgeneral
indifferencetohistory,orwithour
obsessionforsecrecyandourfailureto
declassifyinternalrecordslongafterthey
BOOK REVIEW ceasedtohaveanyoperationalvalue.
Ironically, we know what Arthur
AJAI SHUKLA Wellesley, 1st Duke of Wellington,
remarked as Napoleon’s battered army
triumph:ThevictoryoverPakistanin
December1971,whichledtothecreation
ofBangladesh.Thisaccountof
Manekshaw’slifehasbeenmeticulously
compiledbyoneofthefieldmarshal’s
aides-de-camp,BrigadierBehram
Panthaki(retired),alongwithhiswifeand
co-author,ZenobiaPanthaki.
Schooled and trained in the British
tradition, Manekshaw was a colourful
soldier, who assiduously cultivated the
image of a lovable rogue. By virtue of
living for 35 years after retiring as army
Manekshaw recounts how his Prime
Minister, Indira Gandhi, worried that
the highly popular chief might supplant
her and grab power in India.
Brigadier Panthaki’s account of the
1971 war rebuts a controversy by one of
Manekshaw’s ablest generals — Lt Gen J
F R Jacob, who served during the 1971
war as chief of staff, Eastern Command.
In an
autobiography that
he wrote in 2011,
entitled Surrender
at Dacca: Birth of a
head-on,revealingthatthedocumentof
surrender,whichhe,BrigadierPanthaki,
framedandhunginthearmychief’s
office,hadbeenpersonallydraftedby
book reveals that Manekshaw detested
umbrellas, declaring that a soldier
should not be averse to “a little water
down his spine”. He also looked down on
Manekshawandclearedbythedefence the wearing of dark glasses and, once he
secretary,KBLalandthesecretarytothe became senior enough to get away with
PrimeMinister,PNHaksar. it, adopted his own dress uniform, which
BrigadierPanthakirevealsthat included a jaunty side cap and a grey
Manekshawdictatedthecontentsover Mazri shirt instead of the army’s
thephoneto standard olive green.
Field Marshal Sam
Maneskhaw: The Man Eastern Brigadier Panthaki recounts an
and His Times Commandand official trip to the UK in 1973, after
instructedthem Manekshaw had been appointed Field
Authors: Brigadier
Behram Panthaki togetfour Marshal. At a dinner that he hosted for

D
espitehavingamilitarythathas
foughtacrossAsiaandEurope
duringthelasttwocenturies—
firstfortheBritishcolonialenterpriseand
then,since1947,forourownnational
aims—therearepreciousfewaccountsof
thegenerals,admiralsandairmarshals
wholedIndia’sarmiestovictory.Itishard
tosaywhytherearesofewcredible
biographiesofIndianwarheroessuchas
LieutenantGeneral(LtGen)Premindra
SinghBhagat,thefirstIndianarmy
officertobeawardedtheVictoriaCross;
orofColonelChewangRinchen,who
twicewontheMahavirChakra,thefirst
whenhewasagedjust17;orofLtGen
ZorawarChandBakshi,whowastwice
This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
limped off the Waterloo battlefield. The
Iron Duke said, “That was the nearest-
run thing you ever saw in your life.” But
independent India has no record of what
Lt Gen Ranjit Singh Dayal — the hero of
India’s capture of the Haji Pir Pass, one of
the greatest military feats of the 1965 war
— said or did at the moment of victory.
All we know is that the capture of Haji Pir
pass turned out to be a wasted effort as
Indian negotiators agreed to hand back
the pass to Pakistan at the discussion
table in Tashkent.
Thisomissionisremediedsomewhat,
withthisaccountofthelifeofIndia’sfirst
fieldmarshal,SamjiHormusjiFramji
Jamshedji(SHFJ)Manekshaw,wholed
chief, Manekshaw recounted his story
to multiple audiences. A gifted
raconteur, his account improved each
time he addressed an audience —
whether military or civilian. Well into
his 90s, Manekshaw was leaving
audiences in splits of laughter and
nursing the feeling that the government
should have utilised his leadership
talents to a greater degree, rather than
putting him out to pasture in the remote
hill station of Coonoor, in Tamil Nadu.
This, however, overlooks the
interventionist civil-military
environment of that period when, in
one country after another, Bonapartist
generals captured political power.
Nation, Jacob (Retired) and Zenobia originalssigned British officers, one of Manekshaw’s
essentially argued Panthaki bythePakistani former commanding officers walked up
that the official Publisher: Niyogi commander, to him and asked whether he could
history was Books MajorGeneralAA address the Field Marshal as Sam.
cockamamie and Pages: 216 KNiazi.Onecopy “Please do, Sir,” Manekshaw replied.
that he, Lt Gen Price: ~1,495 eachwasgivento “You used to only call me a ‘bloody fool’
Jacob, actually army before. At one time I thought that was
masterminded that headquartersand my Christian name.”
campaign from Calcutta, including the EasternCommand,whilePakistanwould Manekshaw’s biography, coming as it
formulation of the Pakistan Army’s getonecopy.Thefourthcopywould does at a time of resurgent nationalism,
surrender document. adorntheofficeofIndia’sarmychief. is likely to ride that wave. Bollywood has
Meanwhile,accordingtoJacob,the Brigadier Panthaki includes a short already produced a full-length feature
easternarmycommander(LtGenJagjit chapter entitled “Quirks and Humour”, film called SamBahadur, which is
SinghAurora)andManekshawhimself in which he writes about one of packing in the viewers. The book, which
wereincompetentfigureheadswho Manekshaw’s most endearing qualities: has been produced in the “coffee table”
unfairlygarneredthecredit.Brigadier His exceptional sense of what makes a format, with lots of photographs, is likely
BrigadierPanthakirebutsJacob’sclaims general stand out from the pack. The to be widely read.
 8 POLITICS & PUBLIC AFFAIRS
>
MUMBAI | TUESDAY, 2 JANUARY 2024 1

Israel-Hamas war likely to

impact future I2U2 projects
ASIT RANJAN MISHRA virtually in July 2022. mission of new projects, and announced
New Delhi, 1 January Touted as the West Asian Quad, I2U2 a new joint space venture,” he said.
has agreed to identify bankable projects After a long pause, progress has been

T
he Israel-Hamas war is likely to to increase joint investment in six critical made for the UAE investment in a food
impact future collaboration efforts areas: water, energy, transportation, park in Gujarat under the I2U2 framework
by the India-Israel-United Arab space, health, and food that will focus on food
Emirates-United States (I2U2) countries, security. The group aims to items such as banana,
though the initial project implementation mobilise private sector cap- An official said it potato, rice, and onions,
in India is unlikely to be affected. ital and expertise to would be difficult with India waiving the
“Until the Israel-Hamas war reaches achieve a variety of goals, for the UAE to Essential Commodities Act
some kind of conclusion, it will be diffi- including modernising come to the table for processing and export
cult for the UAE to come to the table with infrastructure, advancing with Israel at the of such items.
Israel at the I2U2 forum. While the ongo- low carbon development I2U2 forum until “India will provide
ing projects in India are not going to be pathways, and improving the war reaches appropriate land for the
impacted, the ambitious plans for col- public health. some kind of project and will facilitate
(A Wholly
ly Owned subsid
sidiary
iary of Bank of Baroda)
CIN No. U74999MH2017GOI292430
laborations elsewhere, including in In reply to an email conclusion farmers’ integration into
Africa, will be impacted,” a government query by Business the food parks. The US and
Regd. Office –5thFloor, Baroda Sun Tower, C – 34, G Block, Bandra official said, requesting anonymity. Standard, a State Israeli private sectors will
Kurla Complex, Bandra (E), Mumbai 400 051
I2U2 was conceptualised during a Department spokesperson said no be invited to lend their expertise and offer
RFP for Selection of Service Provider for Lead Management meeting of the foreign ministers of the upcoming events for I2U2 were scheduled innovative solutions that contribute to
Application – Direct Sales Team four countries in October 2021. Prime at this time. “I2U2 has transformed from the overall sustainability of the project.
Baroda Global Shared Services Ltd. (BGSSL), 27th Floor, GIFT One Minister Narendra Modi, his then Israeli concept to reality, working to tackle global These investments will help maximise
Tower, GIFT City, Gandhinagar – 382355 invites Tenders for Selection counterpart Yair Lapid, UAE President challenges and advance economic oppor- crop yields and, in turn, help tackle food
of Service Provider for Lead Management Application – Direct Sales
Team. Sheikh Mohamed bin Zayed Al Nahyan, tunities. This fall, we launched the I2U2 insecurity in South Asia and the Middle
Details of the Tender form are available under ‘Tender Section’ on the and US President Joe Biden participated Private Enterprise Partnership, released East,” the I2U2 joint statement released
BGSSL website: www.bgss.in in the first Leaders' Summit of I2U2, held the official I2U2 website to enable sub- in July 2022 said.
“Addendum” if any, shall be issued on the BGSSL website only and the
bidder should refer to the same before final submission of the tender.
The last date of submission of the above Tenders is 22/01/2024 up
to 18:00 Hrs IST.

RBI dy guv flags AI risks 3 shot dead, 5 injured

Place: Gandhinagar Head – Direct Sales Department
Date : 02/01/2024 BGSSL, GIFT City, Gandhinagar
Ref – BGSSL/RFP/DST/2023-24/06

in financial institutions in Manipur's Thoubal,

curfew back in valley
AATHIRA VARIER been trained and, therefore,
Mumbai, 1 January can inherit the biases and errors in Three people were allegedly shot dead and
the training data, whereas humans five others injured in Manipur’s Thoubal district
Reserve Bank of India’s Deputy accumulate these from their lifetime on Monday evening, following which curfew
Governor M Rajeshwar Rao flagged of exposure and experience. Also, was reimposed in the five valley districts of the
concerns over data bias, governance, there are other risks and vulnerabil- state, officials said.
and transparency from the increased ities to the AI like — arbitrary code Gunmen, who are yet to be identified, arrived
use of artificial intelligence (AI) execution, data poisoning, data drift, in camouflage dresses in the Lilong Chingjao
deployed by financial institutions. unexpected behaviour, and biased area, and opened fire targeting locals, they said.
“While some of these concerns are predictions which financial While three people died on the spot, five
  design specific risks such as biases institutions need to be careful about others were injured. Those injured were
               
                    and robustness issues, others are while deploying. admitted to a hospital, officials said.
&$ -).(!+ /   !" 0(1#2 & 34$.%!#2 3$&  &+  0(1#2 more traditional and user specific On the governance front, AI is After the attack, the enraged locals set three
-0(.!+ $#00 $ $%$! $00-).(!+05 67/ such as data privacy, cybersecurity, likely to pose some novel challenges, four-wheelers on fire. It was not immediately
   consumer protection, and preserving particularly where the technology is clear to whom these cars belonged.
  !" #$%$! &'!$ ()       financial stability,” Rao said, speaking used to facilitate autonomous deci- Following the fresh violence, curfew was
*+!"  ,  ,    

at the 106th annual conference of the sion-making and is expected to limit reimposed in Thoubal, Imphal East and Imphal
6 &&$00  !" $)+0!$& +#   +!  7  8
&.0!$+( 0!!5 %!$ 9& $)5 *$ Indian Economic Association in or potentially eliminate human West, Kakching and Bishnupur districts, offi-
$(5 .'+ 777 Delhi on December 22. The RBI judgement and oversight. cials said.
      uploaded a copy of the speech on its Some of the data and model In a video message, Chief Minister N Biren
  ! "!# $ % & '  &

(   ) !*  !& !+ ,%-!  ./+ website on Monday. issues, such as prompt injection, hal- Singh condemned the violence, and appealed
 -  *'0+! "!!%0,,***#%.)+&+#, He categorised these risks into lucinations, and toxic output, can to the people, particularly the residents of
0 %$ !" 1+('( .&+!& +#+( :!!! $ three broad sets — data bias and have implications for governance Lilong, for maintaining peace.
 !+(0  %(# *"$ >$+!2  +@&
00!0 $ (#!& ; 676<67665 !"$ $ +10!!0 + +1'( robustness, governance, and trans- frameworks. This may necessitate “Police are working to arrest those behind
00!0 *"0 &!+(0 $ )+1 '(*
  -0+&!+( (!0 (! 0 765 76 = 6776 parency. According to Rao, AI is only that regulators and the management the attack. They will be arrested soon and pun-
$ 0+!.!& ! -"> -+&)*& %$!+1 as good as the data on which it has have a re-look at the frameworks. ished as per the law,” he said. PTI
.0+) 1! !&5 -"> -+&)*&5 .'+
 !    !   0 1! %   2
!- 3!  ! ! 2 !3  %  +
6 +# ! </7,/76 = </7,/765 !.0 $%$!


$45 :!( %.&5 ?0!$ @%$00 +)"*25
$)  0!5 .'+
 !   !   4 1! %   2 !-
3!  ! ! 2 !3 22 3  %  +
It was unanimous decision to keep
Ayodhya verdict anonymous: CJI
 0!((& #%#+!2  + %$&.#!0,
 0$1+#0
/ A.!+!2 & 1(.  + %$&.#!0 ,
 0$1+#0 0(& + (0! +#+( 2$
B
 .'$  %(20 , *$4 /
C .$!"$ &!+(0 +#(.&+) (0! 1+('(
+#+( 0!!!0 *+!" 0#"&.(0 
!* 2$05 (+0!0  #$&+!$05 $(1! &!0
$ &!+(05 %(0 #!#! 
#+$%#%.)D#$# Rubbishes allegations against collegium,

$ 0.'0E.! 1!0  !" %$#00 $
1+('( ! refuses to respond to criticism over Art 370
 (+)+'+(+!2 $ $0(.!+ %%(+#!0 .&$ " (+)+'+(+!2 #$+!$+ $ !+& + &!+(& +1+!!+
0#!+ 66"  !" & $ @%$00+  !$0! ! 0.'+! -0(.!+ (0 ON SAME-SEX MARRIAGE VERDICT PRESS TRUST OF INDIA nouncement, it was unanimously
+0 1+('( ! $ .$!"$ &!+(05 %(0 #!#!  New Delhi, 1 January decided that this will be a “judge-
#+$%#%.)D#$# ONCE YOU DECIDE A CASE YOU KIND OF

ment of the court”.
7
 0! &! $ $#+%!  @%$00+  +!$0! B F.$25 676 DISTANCE YOURSELF FROM THE OUTCOME.
More than four years after the his- The CJI rubbished the allega-
 !  +00.  %$1+0+( (+0!  6B F.$25 676 OUTCOMES ARE NEVER PERSONAL TO US AS A
%$0%#!+1 $0(.!+ %%(+#!0 toric Ayodhya verdict of the tion about lack of transparency in
 JUDGE. I NEVER HAVE ANY REGRETS
6 0! &! $ 0.'+00+  '>#!+0 !  '$.$25 676 Supreme Court, Chief Justice of the collegium system where judges
 %$1+0+( (+0! ON COLLEGIUM SYSTEM India D Y Chandrachud on Monday appoint judges to constitutional
 !  +00.  +( (+0!  %$0%#!+1  '$.$25 676
TO SAY THAT THE COLLEGIUM SYSTEM IS said the five-judges, who ruled in courts and desisted from respond-
$0(.!+ %%(+#!0

LACKING IN TRANSPARENCY WOULD NOT BE favour of construction of a Ram ing to criticism of the Supreme
 !  +00.  +$!+ $&.5 / '$.$25 676 temple by a trust at the disputed Court judgement upholding the
1(.!+ !$+@ & $E.0! $ $0(.!+ CORRECT. WE HAVE TAKEN STEPS TO ENSURE

%(0 ! %$0%#!+1 $0(.!+ %%(+#!0
THAT GREATER TRANSPARENCY IS MAINTAINED site, had unanimously decided abrogation of Article 370 of the

 0! &! $ 0.'+00+  %(0 B $#"5 676 there would be no authorship Constitution that bestowed special
/
 $#00 +( +& ! 0.'+!  #+$%#%.)D#$# DY CHANDRACHUD, ascribed to the judgement. status on the erstwhile state of
 !"" CHIEF JUSTICE OF INDIA On November 9, 2019, settling a Jammu and Kashmir.
#$% "&#$" "'$"&
 #( %## "' "%! '")"% $%$# fractious issue that went back more Justice Chandrachud also dealt
!767676  $##$" %* 33 ,  <77, < 7777,67B<C,767 than a century, a five-judge Bench with questions about criticism by
(# 1+ .'+  $#  </75 $2 <%$!+1 .0+) :#+!25 headed by the then CJI Ranjan eminent lawyers on allocation of
:#!$< 75 $.(  0!5 1+ .'+5 "$0"!$ 77B7/
Gogoi had paved the way for con- cases to particular judges and
struction of the temple and ruled ‘bench hunting’, and said the allo-
that an alternative five-acre plot will cation of cases is not “lawyer-
be found for a mosque in the holy driven” and vowed to maintain the
town in Uttar Pradesh. credibility of the institution of the
In an exclusive interview with Supreme Court.
PTI, CJI Chandrachud, who was On the issue of denial of same-
part of the constitution Bench, can- sex marriage rights the queer com-
didly spoke on the issue of anonym- munity, he said, the outcome of a
ity and said, when the judges sat case is never personal to a judge
together, as they do before a pro- and he has no regrets.

CRISIL SME TRACKER

HIGHER DEMAND TO PUT PHARMA SMEs IN THE PINK OF HEALTH
Robust domestic demand and
exports to regulated markets will
likely provide a booster dose to
pharmaceutical sector revenue this
fiscal despite tepid export demand
from semi-regulated markets on
account of currency volatility, low
forex reserves and geopolitical risks.
This augurs well for small and
medium enterprises (SMEs), which
have a 35-40 per cent share in
industry revenue.
Typically, these SMEs manufac-
ture and market formulations based
on less complex molecules, given
their higher exposure to generic
products. They benefit from their
presence across the value chain and
also as contract manufacturers for
large players.
Last financial year, these entities
had logged 7-9 per cent growth. The
exports tonic helped the
Ahmedabad and Mumbai SME
propped up the Indore and Chennai
SMEs HAD 35-40% SHARE clusters.
This fiscal, these entities are
BY VALUE IN PHARMA expected to grow 9-11 per cent, led
SECTOR IN FISCAL 2023 by domestic demand. Exports,
SMEs, accounting for 50 per cent in indus-
35-40% try revenue, will also likely recover.
The domestic pharmaceuticals
market grew a moderate 2.9 per cent
on-year in November on a high
base and a slower increase in price
and new launches. Select key
therapies — analgesics, anti-infec-
tives and respiratory therapies —
provided support.
Over the medium term, the
Production Linked Incentive
scheme for the pharmaceutical sec-
Non-SMEs, 60-65% tor is expected to boost domestic
Source: Industry, CRISIL MI&A Research manufacturing while reducing
import dependency for bulk drugs.
Hence, the scheme could help some
clusters record healthy growth, SMEs diversify their portfolios and
while higher domestic demand improve export growth.

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)

The Smart
Investor
MUMBAI |
TUESDAY, 2 JANUARY 2024
MFs’ equity deployment
surpasses ~1.7 trn in 2023
Aggressive buying indicates strong flows into equity funds in December
ABHISHEK KUMAR
Mumbai, 1 January
M
utual funds’ equity buying remained
elevated for the fifth consecutive month
in December, taking the net equity pur-
chase past ~1.7 trillion in 2023.
The aggressive buying in December indicates
that flows into equity funds are likely to have
remained unaffected by the sharp run-up in the
market last month.
Mutual funds (MFs) bought equities worth
~23,000 crore last month (until December 28)
compared to ~18,000 crore in November, shows
data from the Securities and Exchange Board of
India (Sebi). The equity market recorded the high-
est monthly gains in December 2023 in the past
17 months with key benchmark indices Nifty50
and Sensex surging close to 8 per cent.
MFs have deployed over ~18,000 crore into
equities every month since August 2023. This
marks a reversal in trend seen in the first four
months of financial year 2024, when the aggre-
gate deployment was only ~10,700 crore.
Equity investment by mutual funds largely
depends on the inflows they get in equity and
hybrid schemes. The net inflows into active
equity schemes have been robust since August
as inflows have picked up and redemptions mod-
erated. Investors poured in a net ~69,830 crore
into equities during the August-November period
compared to just ~26,000 crore in the previous
four months, data from the Association of Mutual
Funds in India (Amfi) shows.
Apart from the fresh investment, MFs’ equity
buying depends on the changes in cash levels of
equity schemes and a shift in debt-to-equity allo-
cation in hybrid funds. The ~1.73-trillion equity
investment in 2023 is only slightly lower than the
record ~1.82 trillion buying seen in 2022.
MFs have managed to ramp up their equity
deployment in recent years on the back of strong
inflows into equity schemes through the system-
atic investment plan (SIP) route.
Gross investments through SIPs, which stood
at ~1.5 trillion in 2022, scaled up to ~1.66 trillion
in 2023 (till November).
In 2023, foreign investors, too, have made net
equity buying worth ~1.7 trillion, which combined
with the domestic flows ensured a strong rally in
the equity market. Key indices Sensex and Nifty
ended the year with gains of 18.7 per cent and 20
per cent, respectively. The broader markets shone
even brighter with the Nifty Midcap 100 and the
Nifty Smallcap 100 gaining 46.6 per cent and
GOLD TO MAINTAIN ITS UPWARD TRAJECTORY IN 2024
With the MCX spot gold prices at ~62,939
per 10 grams ($2,063 per ounce in
international markets), the yellow metal
ended 2023 on a strong note with returns of
15 per cent. Experts expect the yellow metal
to maintain its impressive run in 2024 on
the back of triggers such as the moderation
in US economic growth, expectation of rate
cuts this year and continued buying from
central banks. A PTI report, quoting
Commtrendz Research Director Gnanasekar
Thiagarajan, expects gold to rise to $2,400 in
2024 and if the rupee is stable it could hit
~70,000 levels. Brokerages highlight the
key factors which will influence the outlook
of the precious metal in 2024
Strong visibility over growth, costs drive up Coal India stock to record high
DEVANGSHU DATTA
The share price of Coal India Limited
(CIL) hit a multi-year high on the basis
of strong recommendations and good
numbers for the Index of Coal Industry
in November. The public is increasing
sector coal mining major production
and it is ahead of target. There is clear
visibility now about the impact of the
wage bill after prolonged negotiations,
which enables investors to assess
future costs with accuracy.
There are cost-control initiatives
including the intention to lower
employee count by 5 per cent annually.
The closure of non-profitable mines
should also drive margin
improvements.
There is strong production
guidance of 780 million tonnes (MT)
(FY24), 850 MT (FY25), and 1,000 MT
(FY26) implying a CAGR of 12 per cent
during FY2023-FY2026. Coal
This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
ON THE RISE
MF equity investments (~ trillion)
0.72
0.48
0.24
2014 2015 2016
*Till December 29
55.6 per cent, respectively.
“While foreign portfolio investors (FPIs)
returned to the markets, it was the domestic insti-
tutional investors (DIIs) which took centre stage,
pouring in $22 billion. The rapid mobilisation of
household savings was another factor that
worked in favour of DIIs. Monthly SIP inflows
topped ~17,000 crore ($2 billion). Most of this was
reflected in the inflows into mid and smallcap
funds,” Axis MF said in a recent report.
DIIs include MFs, insurance firms and other
domestic institutional investors.
In 2022, FPIs were net sellers as they pulled
out ~1.2 trillion. Despite that, the market ended
2022 with gains on the back of domestic flows.
As the SIP flows remain consistent, experts
see MFs as a strong support for the market during
KOTAK SECURITIES
n Market sentiments are pricing
in a full 25 basis points rate
cut as early as June, which is
anticipated to serve as a
significant trigger for prices
n Retail jewelry purchases may
encounter challenges
n If the current momentum
persists, RBI’s demand could
surpass last year’s record
n The hesitation of ETF investors
and speculative buyers to
actively participate thus far
presents a growing
opportunity for price strength
in the fourth quarter
n The prevailing uncertainties
further enhance the appeal of
gold as a safe-haven asset
MOTILAL OSWAL RESEARCH
n Multiple factors such as
monetary policy changes,
fluctuations in Dollar index,
and economic data points
could provide triggers
n Even after such aggressive rate
production and offtake saw year-on-
year (Y-o-Y) growth of 11.5 per cent and
9.1 per cent, respectively to 460 MT
QUICK TAKE: HIGHER VALUATION MULTIPLES FOR DALMIA BHARAT “The market shows signs of fatigue and
undoubtedly needs to consolidate. As long
(Share price in ~) The stock of Dalmia Bharat is up 5.6 per cent over the as participation remains broad, the
bullish sentiment should carry the
past week. With an expected improvement in earnings, indexes as they navigate volatility,
its focus on capacity expansions without leveraging the and an overarching positive
balance sheet and the scale of operations (diversifying consensus that 2024 will be
its presence), we expect the stock to trade at higher a similarly strong year”
multiples, says Motilal Oswal Research QUINCY KROSBY
Chief Global Strategist, LPL Financial
Indices kick off 2024 on a
flat note in volatile trade
PRESS TRUST OF INDIA
New Delhi, 1 January
Stock markets kicked off the New
Year on a flat note with bench-
mark Sensex closing with modest
gains of 31 points in a highly vol-
atile trading session on Monday
helped by buying in energy, serv-
ices and telecom shares.
The 30-shares barometer
scaled new intraday record high
of 72,561.91 before closing at
72,271.94, a gain of 31.68 points or
0.04 per cent over the last close.
During the day, it hit a low of
72,031.23 and a high of 72,561.91.
The broader Nifty also hit its
SENSEX SCORECARD
all-time intraday high of 21,834.35 As on January 1, 2024
before settling higher by 10.50 INTRADAY GAINERS Price (~) 1-D change (%)
points or 0.05 per cent at 21,741.90.
72,600 Nestlé India 27,365.4 2.9
As many as 22 Nifty shares 72,271.9
ILLUSTRATION: BINAY SINHA advanced while 28 declined. Tech Mahindra 1,298.1 2.0
Key stock indices remained
volatile throughout the session
72,240.3
72,400 Tata Motors
LOSERS
790.5 1.2
1.82 as traders were indecisive in
1.73* the absence of global cues, ana- 72,200
Bharti Airtel 1,013.1 -1.9
1.19 1.21 lysts said. 0.04% Mahindra & Mahindra 1,703.6 -1.3
“Market exhibited strength led Change 72,000
0.81 by optimism on rate cuts, easing Dec 29,’23 Jan 1,’24 Bajaj Finserv 1,674.3 -0.7
global inflation, and softer bond Sources: Bloomberg, exchanges
0.52 yields. But profit booking was vis-
ible at higher levels as lingering Technologies, Tata Motors, Wipro, jumped 0.82 per cent, telecommu-
concerns over Red Sea disruptions and ITC were among the winners. nication climbed 0.76 per cent,
-0.55 pose short-term risks to global In contrast, Bharti Airtel, services (0.73 per cent), commod-
supply chains and freight costs,” Mahindra & Mahindra, Bajaj ities (0.59 per cent), oil & gas (0.64
Vinod Nair, head of research at Finserv, HDFC Bank, NTPC, and per cent) and industrials (0.35 per
Geojit Financial Services, said. Hindustan Unilever were among cent). Auto, bankex and consumer
The spotlight of this week is the laggards. durables were the laggards.
2017 2018 2019 2020 2021 2022 2023 also on FOMC minutes which will Momentum in mid and small Asian and European markets
Source: Sebi; Compiled by BS Research Bureau provide an insight for 2024 rate caps remained strong, buoyed by were closed on Monday for the
cut, Nair added. a positive macro-outlook but pri- New Year.
In 2023, the BSE benchmark vate banks experienced a reversal The US markets ended mar-
times of FPI outflows. jumped 11,399.52 points or 18.73 trend. In the broader market, the ginally lower on Friday.
In its equity outlook for 2024, Kotak MF stated per cent, and the Nifty climbed BSE smallcap gauge climbed 0.73 According to exchange data,
that considering the flows through the SIP and 3,626.1 points or 20 per cent. per cent and midcap index Foreign Institutional Investors
Employees' Provident Fund Organisation (EPFO) On the Sensex chart, Nestle, advanced 0.54 per cent. (FIIs) bought equities worth
routes, domestic funds are now in a position to Tech Mahindra, HCL Among the indices, energy ~1,459.12 crore on Friday.
pump in ~3 trillion in a year into equities. These
will offset the sharp sell-offs from overseas funds.
The ~3-trillion estimate includes monthly
|SIP inflows of close to ~17,000 crore, about
~90,000 crore cash balance of actively-managed
equity schemes, and ~40,000 crore of
Stock-specific action
EPFO investments into equity exchange-traded
funds (ETFs).
Also, around ~64,000 crore can be deployed
on a day of wild swings
into equities by balanced advantage funds
(BAF) in case the valuations turn attractive
RailTel, YES Bank, Vodafone Idea, and BHEL rose 2-6%
after correction. ABHISHEK KUMAR
Mumbai,1 January DAY OF GAINS Intraday price in ~
Markets witnessed stock-specific BHEL YES Bank
action on Monday, although the
benchmark indices remained flat.
The stocks of RailTel, YES
198.4
206
202
22.6 23.0
22.5
Bank, Vodafone Idea, and Bharat
ALL THAT GLITTERS slower growth fears, inflows
in ETFs, central bank gold
Heavy Electricals Limited (BHEL)
Domestic International rose 2-6 per cent on the first day 198 22.0
(~/10 Gm) ($/Oz) buying spree, and possible of trade.
rupee depreciation could keep 2.5% 194 5.5% 21.5
64,000 63,098 2,100 YES Bank gained 4.66 per cent 193.5 Change 21.5 Change
54,942 the floor strong after the private lender declared 190 21.0
that it had received ~150 crore Dec 29,’23 Jan 1,’24 Dec 29,’23 Jan 1,’24
60,000 2,000 HDFC SECURITIES from a single trust in the security
n Central banks have increased receipts portfolio after the NPA Vodafone Idea RailTel Corp of India
2,063
their gold reserves. China portfolio sale.
56,000 1,900
needs to add gold reserves to Shares of Vodafone Idea
add acceptability of Yuan for extended the Friday rally
19.0 380
52,000 1,824 1,800 trade across countries and climbed 5.94 per cent. 17.0 18.0 370
Jan 2,’23 Jan 1,’24 On Friday, the stock had gained 352.9
n Speculative positioning, which 360
Sources: IBJA, Bloomberg over 20 per cent on the buzz that 17.0
reflects the mood in the gold 350
hikes, market participants promoters are looking to inject
market, improved in the equity into the beleaguered
6.1% 16.0 4.4% 340
will keep an eye on Change Change
fourth quarter of 2023 as spot telecom company. 16.0 338.0
inflationary concerns 15.0 330
prices rose amid the Israel- RailTel Corporation of India Dec 29,’23 Jan 1,’24 Dec 29,’23 Jan 1,’24
n We have already seen the Hamas conflict also rallied for a second straight Compiled by BS Research Bureau Source: Bloomberg
impact of rate cuts on gold n Despite higher spot prices, day because of its growing order
and silver prices. However, if total holdings in bullion- book — the latest being a ~120.45 ~19,422-crore turnkey contract. focus was on local investor-driven
data and inflation suggest backed ETFs have continued to crore order from South Central The contract involves the con- stocks. From tomorrow, we will
otherwise, and Fed does not fall in 2023. Looking ahead, Railway announced on Thursday. struction of a thermal power plant see activity resuming, and not
ease the stance as per market they see a rebound of investor The stock ended Monday’s session for NLC India in Talabira, Odisha. much action will be seen on these
expectations, that could cap interest and a return to net with gains of 4.35 per cent. Analysts said the focus was on five stocks. Institutional interest
gains for safe-haven assets The state-owned BHEL rose locally driven stocks due to the is limited in those stocks, because
inflows as gold prices rise and
almost 6 per cent in the early trade ongoing holiday season and for- of which the volatility in other
n However, the risk premium on Fed policy pivots and closed 2 per cent higher. The eign portfolio investors were stocks was limited, and these
the back of geopolitical n Fed policy will continue to stock rose amidst reports that the largely absent. stocks had more focus,” said
tensions, lower Dollar index, shape the outlook for gold company has secured the position “Major exchanges were shut. Deepak Jasani, head of retail
higher rate cut expectations, prices in the coming year of the top bidder for a substantial The volumes were less and the research at HDFC Securities.
THE COMPASS
Base=100 ahead of the FY2024 production target The Ministry of Power has an FY24 to 2,12,000 by FY26 from the current
180 of 10.9 per cent growth to 780 MT and generation target of 1,750 billion units level of 233,000 employees. As costs
CIL could therefore exceed the FY24 (growth of 7.2 per cent Y-o-Y) with reduce, margins will improve.
target. Offtake was driven by 4.7 per thermal power expected to be over 75 Some analysts have target
160 cent YoY growth (399 MT in 8 months per cent ensuring demand valuations that are in the
Coal India of FY24 and target of 610 MT for FY24) will sustain. CIL’s FY24 capex range of ~430-440,
A recent
140 in offtake for the power sector, as well plan of ~ 16,500 crore aims to indicating an upside. A
surge in
as continued high growth for the non- improve railway possible stake sale in Bharat
international
power sector. connectivity for evacuation, Coking Coal Limited (BCCL),
The e-auction premium over the first-mile connectivity
coal prices which could be listed, would
120 and strong
fuel supply agreement (FSA) price has projects, land acquisition, unlock more value.
improved to between 80—100 per cent and more efficient
demand have Balanced against, further
supported
100 which means higher blended infrastructure.
the recovery
disinvestment could hit the
realisation compared to June-July CIL has around 138 mines, price. Other business risks
in e-auction
Sensex premiums of around 60 per cent. which yield less than 4 per
premiums
include lower e-auction
80 CIL targets selling around 15 per cent of the total production premiums if global prices
Dec 30,‘22 Jan 1,’24 cent of production volume for e- and CIL intends to shut these drop, or lower power offtake
auction in H2FY24 versus 9 per cent in down in phases. if power demand flattens.
Source: Exchange H1FY24. This will be significant if the Meanwhile, the top 35 mines The stock, which closed 1.56 per
Compiled by BS Research Bureau premiums are sustained. contributed 75 per cent to production cent higher at ~381.80 on the BSE
A recent surge in international coal while the top 83 mines contributed 90 (after hitting a record high of
(production) and 485 MT (offtake) in prices and strong demand have per cent. Since FY17, CIL has reduced ~386.75), is moderately valued at
the first eight months of FY24 (Apr- supported the recovery in e-auction its employee strength by 25 per cent (by current levels and it offers a
Nov 2023). The 8-month production is premiums. around 77,000) and targets a reduction generous dividend payout.
 10
>
MUMBAI | TUESDAY, 2 JANUARY 2024 1

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 .
EV, fintech: Key sectors
beckoning FPIs in 2024
Health care, insurance, and automobiles are also on the radar
SUNAINAA CHADHA
New Delhi, 1 January
I
ndian equity market wit-
nessed a phenomenal per-
formance in 2023 as
benchmark indices soared to
unprecedented highs, with the
Nifty and Sensex scaling mile-
stones of 21,000 and 70,000
mark respectively, while the
NSE Midcap 100 and NSE
Small-cap 250 advanced 40.9
per cent and 42 per cent
respectively in calendar year
2023. Now 2024 is likely to see
increased foreign investor
interest in sectors like health-
care and insurance, fintech,
renewable energy and climate
tech, electric vehicles and
automobiles, said financial
advisory firm Pantomath
Capital Advisors.
“Key industries beckoning
foreign investors in India in
2024 include healthcare and
insurance, fintech, renewable
energy and climate tech, elec-
tric vehicles and automobiles,
IT and services, real estate and
infrastructure, fast-moving
consumer goods (FMCG), and
R&D, tech innovation, and arti-
ficial intelligence (AI). These
have all been on a hot streak in
2023, as foreign direct invest-
ment (FDI) policies have
relaxed in recent years, and
production-linked incentive
(PLI) schemes have been pro-
moted,” said Devang Shah,
Head Retail, ACMIIL.
India’s digital economy will
continue to attract investors as
technology-based solutions are
sought to transform people’s
lives, governance, and enter-
prise operations. The rapid
growth in demand for online
products and services reflects
the increasing spending power
of India’s non-metropolitan
(tier II and tier- III) cities, noted
a report by ACMIIL. The digital
economy accounted for 4-4.5
percent of the total GDP in 2014
This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
MUMBAI | TUESDAY, 2 JANUARY 2024
WHAT INVESTORS ARE LOOKING AT
n India’s digital economy
will continue to attract
investors as technology-
based solutions are sought
to transform people’s lives,
governance, and
enterprise operations
n The rapid growth in
demand for online
products and services
reflects the increasing
spending power of India’s
non-metropolitan (tier II
and tier- III) cities
and is currently at 11 per cent.
The government projects the
digital economy to make up
more than 20 per cent of Indian
GDP by 2026.
“Emerging industries
poised for investment-led
growth in 2024 are battery
energy storage solutions, green
hydrogen, biotechnology,
AVGC (animation, visual
effects, gaming, comics), and
semiconductor chip manufac-
turing, assembly, and design.
Foreign companies looking at
the Indian market are at an
advantage as state govern-
ments are flexible and offer
competitive sops to attract cut-
ting-edge technology and gen-
erate large-scale employment”,
said Deena Mehta, Group
Managing Director, ACMIIL.
Increasing India’s participa-
n India’s increasing
participation in global
value chains is a top target
for both government and
domestic market
stakeholders
n In the corporate sector,
sustainability and ESG are
on the radar of top
organizations and
manufacturing enterprises
as green tech skills will
influence hiring decisions
to key roles in 2024
tion in global value chains is a
top target for both government
and domestic market stake-
holders. So far, export perform-
ance of the mobile industry is
a first step toward deeper
supply chain engagement.
Furthermore, India has inten-
sified its decarbonization ini-
tiatives amid shifts towards
renewable energy, and aims to
achieve 500 GW renewables
capacity by 2030. In the corpo-
rate sector, sustainability and
ESG is on the radar of top
organizations and manufactur-
ing enterprises as green tech
skills will influence hiring
decisions to key roles in 2024,
said the report.
According to an industry
report by TeamLease Digital,
India’s green industry is
expected to add 3.7 million
jobs by FY 2024-25 to the
current 18.5 million. The
top sought skills are in renew-
able energy, environmental
health safety, solar energy,
corporate social responsibility,
and sustainability.
“India will be seeking
greater global collaboration in
the realm of technology,
resource management, and
green skilling to grow its
domestic expertise in these
critical areas. Bridging knowl-
edge gaps, however, will not
be limited to manufacturing
and corporate sectors as farm-
ing and agriculture which
serve as India’s economic
backbone also require long-
term investment in sustain-
ability skills, green tech, and
data application,” said Madhu
Lunawat, CIO of impact
investing Fund, India
Inflection Opportunity Fund.
Positive for real estate
2024 is anticipated to be posi-
tive across the residential,
office, and warehousing
segments. According to
industry analyst Knight Frank’s
New Horizon Outlook 2024
report, Mumbai is poised for a
5.5 percent increase in prime
residential prices during the
year, attributed to robust
demand and a thriving eco-
nomic environment.
The warehousing market is
expected to benefit from the
decentralization of supply
chains and the government’s
emphasis on manufacturing.
In the office space, India,
alongside China, is projected to
lead Grade-A office supply in
the Asia-Pacific (APAC) region
in 2024.
“Opportunities across the
infrastructure domain will be
attractive as the federal and
state governments implement
long-term blueprints to bolster
regional air/road/railway con-
nectivity,” said the report.
Optimise returns on short-term
corpus with liquid, overnight funds
While yields are attractive now, they could come down if rate cuts happen
SARBAJEET K SEN
Cash-rich investors looking for short-
tenure investment avenues are in a
sweet spot. Liquid and overnight
funds, which are ideal for parking
money for a short period — say, a week
to a month — are providing annualised
yield to maturity (YTM) surpassing 6.5
per cent, significantly higher than the
average return of 3.5 to 4 per cent
offered by savings bank accounts.
“The Reserve Bank of India (RBI)
has increased the policy rate by 250
basis points since May 2022 to 6.5 per
cent. The banking system’s liquidity
has remained in neutral to deficit for
the past several months. Consequently,
short-term rates (one day to 91 days) of
money market instruments (treasury
bills repurchase or TREPs, treasury
bills, commercial papers, and
certificates of deposit) have been
elevated — in the range of 6.75 to 7.5 per
cent. This has made liquid and
overnight funds attractive,” says G
Pradeepkumar, chief executive officer
(CEO), Union Asset Management
Company (AMC).
Low-risk options
Overnight schemes invest in
money market instruments
and bonds maturing within
one day, whereas liquid funds
go for those maturing within
91 days.
“Due to the short-term
maturity of the bonds these
funds hold, they carry low- YOUR
interest rate risk. Their
investment strategy also MONEY
prioritises high-quality
bonds, hence they have low credit risk,”
says S Sridharan, founder and CEO,
Wallet Wealth.
Joydeep Sen, corporate trainer
and author, concurs. “These funds
carry lower risks inherently. Even
during the default cycle of 2018-19, only
two liquid funds suffered
default issues. Many more debt
funds in other categories had suffered
default issues.”
Upswing in returns
Over the past year, overnight funds
and liquid funds (direct plans) have
THE SMART INVESTOR 11
yielded returns of 6.7 per cent and
7 per cent, respectively. “Liquid
funds offer the possibility of
generating reasonable returns with
minimal risks,” says Pankaj Pathak,
fund manager-fixed income,
Quantum AMC.
The net YTM of liquid funds
and overnight funds (direct plans)
is 7.1 per cent and 6.7 per cent
respectively, so these these schemes
are poised to deliver good returns
in the near future.
Impact of falling rates
With the US Federal Reserve
signalling three rate cuts in
2024, interest rates are
expected to decline. As these
funds invest in very short-
term bonds, their entire
portfolio gets repriced at
frequent intervals. In the
case of overnight funds, the
entire corpus is reinvested
daily. “Interest rates are likely to be
revised downwards over the next year.
This might affect the returns of liquid
and overnight funds adversely,” says
Sridharan.
These schemes cannot lock in
interest rates.
Avoid the exit load
While overnight funds do not charge an
exit load, liquid funds have graded exit
loads. “Liquid and overnight funds
provide liquidity and can be redeemed
whenever one needs funds. However,
be mindful of the exit load applicable to
<
ATTRACTIVE RETURNS
OVER PAST YEAR
Category average return (%)
n Liquid funds n Overnight funds
7.0 6.7
4.8 4.7
3.3
2.7
1-year 3-year 5-year
Returns are of direct plans Source: NGEN Markets
redemptions within seven days in
liquid funds,” says Pradeepkumar.
Not for the long haul
View liquid and overnight funds as
short-term parking spaces for your
money. “Although their yield levels are
still good, they are not suited for
investors with long-term investment
horizons. They may be considered if
people want to park money for a few
weeks or months,” says Pradeepkumar.
If you have exited an investment or
sold a large asset and have a large sum,
park it in these schemes for better
returns than savings bank accounts can
offer. “Liquid funds are simple,
straightforward products, ideal for
short horizons. They are suitable for
all investors for the temporary or
cash-equivalent portion of the
portfolio,” says Sen.
Use them for systematic transfer
These schemes are also a good choice
for investors contemplating a large
investment in equity funds.
Instead of investing all the money in
one go, they can do so in a staggered
manner by parking it in these schemes
and then transferring it to equity
mutual funds through a systematic
transfer plan (STP). Doing so will
reduce the timing risk of investing in
equities. While the money is parked in
these schemes, it will earn decent
returns.
Capital gains on units of liquid and
overnight funds are taxed according to
the slab rate.
 12 STOCKS
>
MUMBAI | TUESDAY, 2 JANUARY 2024 1
IN THE
> STOCK
> Gujarat State Fertilizers & Chemicals > Tata Consumer Products > Nestle India

NEWS Top gainer

amongst A group
Snaps 8 days
of winning
Hits new all time
high on BSE OF THE DAY
of companies streak at ~27,444 Jindal Stainless
~241.5 PREVIOUS CLOSE ~1,086.8 PREVIOUS CLOSE ~26,595.5 PREVIOUS CLOSE Hits new all-time high
~273.7 CLOSE ~1,079.85 CLOSE ~27,365.35 CLOSE at ~580; Up 74 per cent
p 13.3% UP  0.6% DOWN p 2.9% UP in last 6 months

NIFTY 50
Company Close (~) % Wt PE Company Close (~) % Wt PE
ADVANCES/DECLINE F&O SNAPSHOT DAY’S TOP GAINERS DAY’S TOP LOSERS
1 Jan ’24 Chg (%) Con Std 1 Jan ’24 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 2917.2 2.4 0.9 136.1 161.5 ITC 468.1 1.3 5.9 30.4 29.3 price price (%) price price (%)
Adani Ports 1047.9 2.3 0.8 35.7 285.4 JSW Steel 877.6 -0.3 1.2 23.2 24.7 GMDC 440.0 432.3 6.2 449.9 449.9 Chola Inv 1220.7 1224.4 -2.8 1084.9 658.0
MOST BULLISH MOST BEARISH
Apollo Hosp 5750.1 0.8 0.6 100.9 84.2 Kotak Mah Bank 1909.2 0.1 2.8 22.1 29.3 YES Bank 23.0 22.6 5.5 23.1 23.1 Birlasoft 700.2 702.1 -2.6 481.8 250.4
Asian Paints 3396.1 -0.2 1.6 64.3 65.3 Granules 415.7 411.8 0.9 Au Small Fin 782.2 786.0 -0.5 GNFC 809.1 793.5 5.5 809.1 809.1 Eicher Motor 4029.4 4035.3 -2.6 3272.4 2836.0
L&T 3525.5 0.0 4.9 39.5 51.9
Axis Bank 1097.7 -0.4 3.1 31.3 28.7 Zee Enter 287.7 285.1 0.9 Hero MotoCorp 4110.7 4118.6 -0.2 Gujarat Gas 495.0 484.1 4.9 495.0 525.8 Bharti Airtel 1007.3 1013.1 -1.9 896.0 736.2
LTIMind 6261.9 -0.5 0.6 41.9 43.0
Metropolis Heal 1690.1 1674.6 0.9 Tata Comm 1765.1 1766.9 -0.1 LIC Hsg Fin 568.9 562.3 4.9 568.9 568.9 Colgate 2477.3 2482.4 -1.8 1969.4 1434.6
Bajaj Auto 6701.1 -1.4 0.9 27.7 29.5 Mah & Mah 1703.3 -1.5 1.7 20.6 22.8 Trent 3029.6 3002.1 0.9 M & M Fin 275.0 275.2 -0.1 RailTel Corp 371.4 352.9 4.4 371.4 371.4 Trent 2996.4 3000.2 -1.8 1946.4 1155.1
Bajaj Fin 7299.1 -0.4 2.0 39.2 39.1 Maruti Suzuki 10283.3 -0.2 1.4 39.4 28.9 Marico 547.2 542.3 0.9 Jubilant Fd 561.5 561.6 0.0 Dalmia Bharat 2383.1 2360.5 3.8 2428.9 2428.9 Dixon Tech 6428.0 6446.8 -1.7 5019.8 2555.0
Bajaj Finsrv 1676.4 -0.6 1.1 36.0 228.2 Nestle India 27372.4 3.0 1.0 - 88.8
Bharti Airtel 1013.1 -1.9 2.6 75.5 - Delta Corp 154.6 151.4 3.8 154.6 260.0 KPIT Techno 1488.1 1491.1 -1.5 1065.1 676.2
NTPC 309.8 -0.4 1.5 17.8 16.6 BSE NSE Zee Enter 287.8 285.0 3.8 299.5 299.5 Bajaj Auto 6686.0 6700.6 -1.5 4902.8 3522.0
BPCL
Britannia
452.1
5319.8
0.3 0.5 46.0 3.6
-0.3 0.6 50.5 54.8
ONGC 205.4 0.1 1.1 7.3 8.3 Index Stock Index Stock PUT-CALL RATIO Samvardhana Mot 108.4 105.8 3.7 108.4 108.4 Coforge 6183.1 6190.0 -1.4 4765.6 3565.2
Power Grid 238.3 0.4 1.1 14.4 14.5 Power Fin 400.0 395.1 3.3 428.0 428.0 Alkem Labs 5110.0 5123.2 -1.3 3440.1 2835.1
Cipla 1251.0 0.4 0.7 29.2 34.1
Reliance Ind 2590.3 0.2 9.0 25.6 40.6 FUTURE (Open Interest in Mn) Put Call PC Ratio
Coal India 381.8 1.5 0.9 8.4 15.6 Contracts 638 - 254219 876760 Nat Alum 138.9 136.1 3.1 138.9 138.9 Mah & Mah 1698.8 1703.6 -1.3 1450.6 1124.0
SBI 641.4 -0.1 2.5 8.4 9.2 Market 2207.8 3473.4 0.6 LIC India 863.0 858.4 3.0 863.0 863.0 IDFC First Bank 87.6 87.8 -1.2 80.8 52.1
Divis Lab 3915.9 0.3 0.5 57.0 78.9 Open Int.(000) 2 - 16911 7311267
SBI Life Ins 1432.1 0.0 0.6 - 77.8 Reliance Power 24.3 24.0 2.9 25.2 25.2 Marico 540.4 542.0 -1.1 516.2 463.0
Dr Reddys 5821.7 0.4 0.7 19.1 25.4 Shares(In Mn) - - 8.2 3624.3 Top 5 PC Ratio Bottom 5 PC Ratio
Sun Pharma 1260.3 0.1 1.4 35.4 411.3 Nestle India 27444.0 27365.4 2.9 27444.0 27444.0 PI Inds 3468.3 3475.1 -1.1 3271.4 2870.0
Eicher Motor 4038.4 -2.5 0.6 30.9 33.7 Value(~ crore) 47 - 22999 73801
Tata Consumer P 1080.1 -0.6 0.7 78.7 96.4 Abbott India 2.3 Sun TV Net 0.3
Grasim Ind 2127.3 -0.4 0.8 20.5 93.3 OPTIONS * Ranked on the basis of percentage gain/loss on previous close
Tata Motors 790.6 1.4 1.4 17.1 59.6 Coromndl Int 1.4 NTPC 0.3
HCL Techno 1483.8 1.2 1.6 26.1 34.7 Contracts 55949372 - 270828461 3411064
Tata Steel 139.9 0.2 1.1 - 69.7 MRF 1.4 JK Cement 0.3
HDFC Bank
HDFC Std Life
1698.1
648.7
-0.7 13.0 28.0 24.7
0.3 0.7 102.0 95.2 TCS 3811.1 0.5 3.9 31.2 33.3
Open Int.(000)
Shares(In Mn)
875
-
- 616135
- 11273.1
5065030
10888.2
Tata Consumer P 1.3 Cipla 0.3 MOST TRADED TOP M-CAP TRENDS
Tech Mahindra 1297.2 1.9 0.8 35.2 42.3 Nestle India 1.0 Page Inds 0.3
Hero MotoCorp 4118.6 -0.5 0.5 29.3 23.9 Value(~ crore) 4556814 - 22500147 296779 Value Volume Rank Company Mcap (~ cr) Company % change Company % change
Hindalco 610.4 -0.7 0.9 13.6 49.4 Titan Company 3677.2 0.0 1.5 100.4 96.0 BSE+NSE BSE+NSE
UltraTech 10464.0 -0.4 1.2 53.1 54.4 1 Reliance Ind 1752209.6 BS200 Evertex 40.7
HUL 2654.8 -0.3 2.4 61.6 60.9 (~ crore) (Mn shrs)
ICICI Bank 999.4 0.3 7.1 20.6 18.8 UPL 592.7 0.9 0.3 24.0 33.4 ACTIVE CALLS ACTIVE PUTS Vodafone Idea 3474.8 2003.7
2
3
TCS
HDFC Bank
1394336.6
1291133.5
UP 7 DAYS BN Holdings 40.7
IndusInd Bank 1598.9 0.0 1.1 - 15.0 Wipro 477.2 1.2 0.7 21.4 26.7 Nat Alum 30.4 DOWN 7 DAYS
Expiry Strike Traded Open % Chg Expiry Strike Traded Open % Chg BHEL 1614.6 80.3 4 ICICI Bank 702326.8
Infosys 1551.4 0.5 5.6 25.9 26.5 Nifty 50 21741.9 0.0 100.0 25.0 28.9 MARKET OVERVIEW (In Million) Date Price Qty Interest (OI) (In Million) Date Price Qty Interest (OI)
YES Bank 1535.1 681.4 5 Infosys 643837.0 SAIL 20.1 Maagh Advertisi
Kesar India
-29.2
-28.7
Index Index 6 HUL 623983.3 Samvardhana Mot 14.8
INDEX PE SHRS TRDS 1 YR HDFC Bank 1349.1 7.9
S&P BSE SENSEX AGGREGATES C/S MN ‘000 ADV DEC RETURN Nifty Midcap
Nifty Midcap
01/01/24
01/01/24
10425
10450
895.5
874.8
10.8 1011.8
9.3 433.2
Nifty Midcap
Nifty Midcap
01/01/24
01/01/24
10425
10400
921.6
646.1
7.9
8.0
2943.8
367.8
RailTel Corp 1205.5 33.5
7
8
ITC
SBI
582922.4
572914.7
Godrej Cons
Nestle India
9.1
9.1
Yash Innoventur
Bajel
-28.0
-27.8
Asian Paints 3394.6 -0.2 1.8 64.3 65.3 Maruti Suzuki 10281.8 -0.2 1.6 39.4 28.9 SENSEX 26.1/29.8 9.7 299 14 15 18.8 IRFC 1114.6 110.3
Nifty Midcap 01/01/24 10475 300.9 3.4 87.3 Nifty Midcap 01/01/24 10375 207.9 4.6 283.5 9 Bharti Airtel 569514.4 Petronet LNG 7.9 HCP Plastene -27.4
Axis Bank 1098.1 -0.4 3.6 31.3 28.7 NIFTY 50 25.0/28.9 154.0 4496 26 24 20.1 Tata Motors 1080.0 13.6
Nestle India 27365.4 2.9 1.1 - 88.8 C = CONSOLIDATED; S = STANDALONE Nifty Midcap 01/01/24 10400 272.0 2.5 9.0 Nifty 04/01/24 21700 174.8 7.1 57.7 10 LIC India 542906.4 Tata Steel 7.9 Adhbhut Infra -24.8
Bajaj Fin 7298.5 -0.4 2.3 39.2 39.1 NTPC 309.5 -0.5 1.7 17.7 16.6 Nifty Midcap 01/01/24 10500 241.4 6.5 123.0 Nifty Midcap 01/01/24 10450 161.8 1.6 698.0 GSFC 976.7 36.4 11 L&T 484164.6 UP 3 DAYS Envair Ele -16.5
Bajaj Finsrv 1674.3 -0.7 1.2 36.0 227.9 Power Grid 237.8 0.2 1.3 14.3 14.5 CASH DERIVATIVES Stock Stock Adani Enter 936.5 3.2 12 Bajaj Fin 451044.2 GAIL 9.6 UP 3 DAYS
Bharti Airtel 1013.1 -1.9 3.0 75.5 - Reliance Ind 2589.9 0.2 10.4 25.6 40.6 TURNOVER BSE NSE BSE NSE Vodafone Idea 25/01/24 20 1012.2 163.3 32.4 Vodafone Idea 25/01/24 15 290.0 77.0 21.2 13 HCL Techno 402475.0 BHEL 9.0
ICICI Bank 872.9 8.7 HOC 49.6
HCL Techno 1483.2 1.2 1.8 26.1 34.7 SBI 642.0 0.0 2.9 8.4 9.2 VALUE(IN ~ CRORE) 6968 77221 4556861 22893727 Vodafone Idea 25/01/24 21 747.1 98.9 - Vodafone Idea 25/01/24 16 235.7 85.4 158.0 14 Kotak Mah Bank 379799.0 RBL Bank 8.4
IRCTC 848.2 9.4 Cosmic CRF 45.2
HDFC Bank 1700.7 -0.5 15.1 28.1 24.7 SHARES(IN MN) 1246.5 6072.9 - 25793.9 Vodafone Idea 25/01/24 18 593.8 147.6 13.9 Vodafone Idea 25/01/24 14 232.7 86.1 24.4 15 Axis Bank 338638.6 Angel One 8.0
Sun Pharma 1259.9 0.0 1.6 35.4 411.2 HUDCO 808.4 62.3 Gokul Ref 41.6
HUL 2655.7 -0.3 2.8 61.7 60.9 TRADES(000) 3930 29017 - 68905 Vodafone Idea 25/01/24 19 521.0 78.0 43.8 Vodafone Idea 25/01/24 17 146.7 36.6 661.7 16 Adani Enter 332526.6 Gujarat Gas 7.5
Tata Motors 790.5 1.2 1.6 17.1 59.6 Ashok Leyland 761.9 40.9 Catvision 32.9
ICICI Bank 1001.3 0.5 8.2 20.6 18.8 Vodafone Idea 25/01/24 17 325.4 84.8 -7.5 Vodafone Idea 25/01/24 13 141.1 59.1 -6.2 17 Titan Company 326270.9 LIC Hsg Fin 7.3
Tata Steel 139.9 0.3 1.3 - 69.8 GAIL 732.6 43.9 BDH Ind 30.5
IndusInd Bank 1600.3 0.1 1.2 - 15.0 MARKET-CAP (~ CR) TRADED TOTAL 18 Asian Paints 325605.2 Zee Enter 7.2
Infosys 1551.3 0.5 6.5 25.9 26.5 TCS 3810.6 0.4 4.5 31.2 33.3 Softsol Ind 27.0
Olectra Greente 708.3 5.1 19 Maruti Suzuki 323258.2 DOWN
Tech Mahindra 1298.1 2.0 1.0 35.2 42.3 BSE 36,587,462 37,202,140 Infronics Sys 26.6
ITC 467.3 1.1 6.8 30.4 29.2
JSW Steel 877.4 -0.3 1.4 23.2 24.7 Titan Company 3675.1 0.0 1.8 100.4 95.9 NSE 36,174,965 36,820,877 SPURT IN VOLUMES GMDC
Nat Alum
699.3
640.6
16.3
47.1
20
21
Sun Pharma
UltraTech
302287.8
302007.3
APL Apolo Tb
Mankind Pharma
-3.6
-1.4 DOWN 3 DAYS
UltraTech 10461.3 -0.4 1.4 53.0 54.4 DERIVATIVES 24,546,909 24,546,909
Kotak Mah Bank 1910.9 0.1 3.3 22.1 29.4 Company Days 2-week Avg Change Close *Price 22 NTPC 300111.9 Others Dhyaani Tile -14.3
Power Fin 627.3 15.9
L&T 3522.4 -0.1 5.7 39.5 51.9 Wipro 477.3 1.2 0.8 21.4 26.7 Volume Volume % price %chg 23 Bajaj Finsrv 267126.6 UP 7 DAYS AI Champdany -14.3
Mah & Mah 1703.6 -1.3 2.0 20.6 22.8 BSE SENSEX 72271.9 0.0 100.0 26.1 29.8 TRADING ACTIVITY UTI Bank ETF 2587282.0 3303.7 78215.5 49.1 0.2
Samvardhana Mot
PNB
610.8
609.9
57.7
62.5
24 Avenue Supermar 264606.3 VL E-Governance 102.1 Starteck Fin -14.3
C = Consolidated; S = Standalone (~ crore) FIIs MF 25 Nestle India 263856.7 Utcrfs2Dmp 94.8 Dhatre -14.2
Relicab Cable 265788.0 1172.9 22561.0 92.3 -0.4 LIC India 596.9 7.0
Equity Debt Equity Debt 26 Tata Motors 262643.6 Misquita Engine -14.2
Net Net Net Net On Door Concept 888600.0 30244.4 2838.1 239.6 19.9 Genomic Valley 52.0
SBI 585.3 9.1 27 ONGC 258210.2
WORLD INDICES On 29 Dec 2108 1366 - - Motor & Gen 459271.0 22062.2 1981.7 45.3 20.0 Castrol 567.1 29.8 28 Adani Green En 253183.4
Gita Rebewable
Artemis Elec
43.4
40.7
Global Offshore
Kamadgiri
-14.2
-13.8
On 28 Dec 5657 877 -1817 -1197 Aarey Drugs 1318346.0 65564.6 1910.8 60.6 20.0 IREDA 564.7 53.7 29 Wipro 249353.5
Indices Close % Chg* Indices Close % Chg*
On 27 Dec 3203 616 -37 -1401 Rajshree Sug 2347029.0 123320.6 1803.2 67.4 20.0 30 Coal India 235293.0 (T+2) cycleStocks which rose/fell continuously
REC 559.1 13.1
Americas (Dec 29,23) Asia/Pacific (Jan 01,24) On 26 Dec 538 -977 1223 -1699 Sagardeep Alloy 651773.0 37415.7 1642.0 29.2 7.9
S&P/ TSX Composite 20958.4 0.1 Kospi (Dec 28) 2655.3 1.6 On 22 Dec -576 2240 2418 -1071 Shivalik Bimeta 1530364.0 92425.1 1555.8 597.2 8.5
Dec till date 58498 19759 22969 -13253
Dow Jones
Nasdaq Composite
37689.5
15011.4
-0.1
-0.6
Straits Times (Dec 29)
Shanghai Se Comp (Dec 29)
3240.3
2974.9
0.8
0.7 2023 till date 174271 69370 173466 -95171
Sanginita Chem
Oricon Ent
3354485.0
8552575.0
209892.9
558725.6
1498.2
1430.7
33.9
40.0
20.0
19.7
BOARD MEETINGS INTRA-DAY
Europe/Africa (Dec 29,23) Stock Exchange of Thai (Dec 28) 1415.9 0.4 Group the following other matter Consider and issue of bonds/
DAX 16751.6 0.3 Taiwan Taiex (Dec 29) 17930.8 0.1 FIIS IN DERIVATIVES 52 WEEK NEW HIGHS/LOWS Company matters; 1. To with the per- approve Re- debentures/
Purpose allot equity mission of the stated Consoli- non-convertible
IBEX 35 10102.1 0.2 Kuala Lumpur Comp (Dec 29) 1454.7 -0.2 Company Price Company Price Company Price Company Price
(~crore) Index Stock Index Index Stock shares on con- Chair. dated Financial debt instru-
FTSE 100 7733.2 0.1 Jakarta Composite (Dec 29) 7272.8 -0.4 NET Net Fut OI Opt OI OI JANUARY 02 version of con- Information of ments/ secu-
HIGH Wipro . . . . . . . . . . . . . . 483.4 *Apar Ind . . . . . . . . . . 6135.5 Ebbetf0425 . . . . . . . . 1179.0
CAC 40 7543.2 0.1 Volatility (Dec 29,23) BS 200 Laurus Labs . . . . . . . . . 441.2 *Inox Wind Energ . . . 5669.5 *Cupid Ltd . . . . . . . . . 1177.8 Easy Trip vertible equity JANUARY 03 the Company rities and/or
On 29 Dec 28911 -2076 0.2 3.3 2.6
Asia/Pacific (Jan 01,24) CBOE S&P 500 12.5 -0.2 *MRF . . . . . . . . . . . . 130725.6 *Granules . . . . . . . . . . 418.0 *ABB Power India . . . 5478.9 *Spandana Sph . . . . . 1158.0 Plann: Meeting warrants is- Adani Ports: for the finan- any other in-
On 28 Dec -124714 5730 0.2 2.1 2.5
Hang Seng (Dec 29) 17047.4 0.0 CBOE Dow Jones 11.7 -35.9 *Nestle India . . . . . . 27444.0 *Coal India . . . . . . . . . . 386.8 *Bharat Bijle . . . . . . . 4961.7 *Mercury Labs . . . . . . 1150.0 of the Board of sued by the Meeting of the cial years struments/
On 27 Dec 19324 3091 0.3 5.7 2.8
Chambal Fert . . . . . . . . 385.0 Gujarat Fluoro . . . . . . 3824.9 *Prataap Snacks . . . . 1120.1 Directors of the Company on Board of Direc- ended March equity shares/
Nikkei 225 (Dec 29) 33464.2 -0.2 * Change over previous close On 26 Dec 24758 1010 0.3 4.8 2.9 *Bosch . . . . . . . . . . . 22629.1
*RailTel Corp . . . . . . . . 371.4 TeamLease Ser . . . . . 3297.7 *Frontier Spr . . . . . . . 1112.1 Company for preferential tors of the 31 2023 March any other secu-
On 22 Dec 13934 7402 0.3 4.2 2.9 *Alkem Labs . . . . . . . . 5240.0
*Exide Ind . . . . . . . . . . . 326.5 Balaji Amine . . . . . . . . 2736.4 discussing fund basis to the Company to 31 2022 and rities including
MAJOR INDICES Dec till date
2023 till date
-388761
-863785
22363
36697
-
-
-
-
-
-
*Angel One . . . . . . . . . 3612.3
*Trent . . . . . . . . . . . . . 3089.6 *Hind Copper . . . . . . . . 278.4 *Rolex Rings . . . . . . . . 2550.0 LOW raising through Promoters and consider and March 31 2021 through prefer-
*Bank of Baroda . . . . . 236.8 *Waaree Renewabl . . 2239.0 BS 200 preferential is- Strategic In- approve a pro- and the draft ential issue on
Previous Close Open High Low Close Change % chng OI in number of contracts(million) *InterGlobe Avia . . . . 3047.8
*NMDC . . . . . . . . . . . . . 214.9 *FIEM Inds . . . . . . . . . 2218.9 NONE suance of vestors not posal to issue Auditors Re- a private place-
*HAL . . . . . . . . . . . . 2860.0
Others equity shares forming part of Non-Convert- port thereon ment basis
S&P BSE Sensex 72,240.3 72,218.4 72,561.9 72,031.2 72,271.9 31.7 0.0 Deepak Nitrt . . . . . . . 2520.0 Indus Towers . . . . . . . . 206.4 *Ajanta Phar . . . . . . . . 2170.0
*HDFC Liquid . . . . . . . 1000.0 and share war- the Promoter ible Debentures for Rights qualified insti-
*Torrent Phar . . . . . . . 2351.7 *BHEL . . . . . . . . . . . . . . 204.7 *GSK Pharma . . . . . . . 1987.5
S&P BSE Sensex 50 22,759.3 22,762.2 22,865.0 22,702.5 22,773.1 13.7 0.1 S&P BSE SECTORAL INDICES *Grasim Ind . . . . . . . . 2175.6 Bharat Elctn . . . . . . . . . 187.0 *Endurance Tech . . . . 1947.7 *Ravalgaon S . . . . . . . . 895.6 rants.
Rajath Finan:
group of the
Company in
Foods n Inns:
Meeting of the
Issue. To trans-
act any other
tutions place-
ment rights payment of In- Quarter and cial Results for General Discus- sider and Ap-
S&P BSE-100 22,384.9 22,405.9 22,494.1 22,343.1 22,405.9 21.0 0.1 *United Brew . . . . . . . 1808.6 IEX . . . . . . . . . . . . . . . . . 173.3 *Share India Sec . . . . 1882.7 Sayaji Hotel . . . . . . . . . 247.0
Prev cls Close % Chng *Innokaiz India . . . . . . . 82.7 Meeting of the terms of SEBI Board of Direc- matter with the issue or any terim Dividend Half Year ended the quarter sion 3. Any prove ESOP
*Bharat Forge . . . . . . 1258.3 *GAIL . . . . . . . . . . . . . . 169.4 *JBM Auto . . . . . . . . . 1665.0
S&P BSE-200 9,639.0 9,651.9 9,692.1 9,628.9 9,654.3 15.3 0.2 *M K Proteins . . . . . . . . . 67.3 Board of Direc- (ICDR) Regula- tors of the prior approval other methods if declared by on 30th Sep- ending De- other matter and/or RSU 3.
Auto 42,229.0 42,146.7 -0.2 *Godrej Cons . . . . . . . 1150.0 *L&T Finance Hol . . . . . 166.1 *JB Chemicals . . . . . . 1643.5
tors of the tions 2018 as Company to of the Chair- or combination the Board. tember 2023 cember 31 with the per- To consider and
Bankex 54,378.3 54,351.0 -0.1 Tata Chem . . . . . . . . . 1134.6 *Tata Steel . . . . . . . . . . 142.2 Clean Science T . . . . . 1622.4 *Adhbhut Infra . . . . . . . . 45.2
S&P BSE-500 30,720.3 30,769.5 30,901.8 30,707.9 30,785.7 65.4 0.2 Company to amended. 2. To confirm to ap- man of the thereof and any other 2023. mission to chair. approve the
Cons. Durables 49,999.9 49,989.6 0.0 *United Spirt . . . . . . . 1125.0 *Nat Alum . . . . . . . . . . . 138.9 *Newgen Soft Tec . . . 1620.0 Yash Innoventur . . . . . . . 28.2
consider and reconstitute of prove draft E- Board. You are Sukhit Strch: JANUARY 04 agendas as may Jainco Proj: To Prime Fresh: To Migration of the
S&P BSE IPO 12,423.5 12,498.2 12,525.3 12,452.8 12,467.2 43.7 0.4 Cap. Goods 55,643.7 55,707.4 0.1 *Tata Consumer P . . . 1097.0 *SAIL . . . . . . . . . . . . . . . 126.9 *Bombay Burm . . . . . 1610.0 Aviva Inds . . . . . . . . . . . . 27.0
approve Ap- Internal Com- Postal Ballot requested to To consider Acemen: To be considered consider and consider and Company from
FMCG 20,468.0 20,567.1 0.5 IRCTC . . . . . . . . . . . . . . 916.5 Samvardhana Mot . . . . 108.4 Birla Corpn . . . . . . . . . 1510.0 Pooja Metaliks . . . . . . . . 26.3
S&P Dollex-30 7,126.7 - - - 7,130.6 3.9 0.1 pointment of mittee under Notice for take the same and approve 1. consider and necessary with approve to con- approve 1. To the SME plat-
Healthcare 31,549.2 31,678.4 0.4 LIC India . . . . . . . . . . . . 863.0 *PNB . . . . . . . . . . . . . . . . 99.3 *KPI Green Energ . . . 1490.0 *Dhruv Wellness . . . . . . 12.9
Managing Di- Sexual Harass- seeking ap- on your record. Declaration of approve Un-Au- the permission sider and take consider and form of BSE
Nifty 50 21,731.4 21,727.8 21,834.4 21,680.9 21,741.9 10.5 0.0 Infra 473.1 476.7 0.8 GNFC . . . . . . . . . . . . . . . 809.1 *GMR Airports . . . . . . . . 82.3 *Sasken Comm . . . . 1479.0 Akshar Spintex . . . . . . . . . 4.2
rector and ment of proval of Step Two Cor: Interim Div- dited Stand- of the chair. record of the ratify the Name Limited (BSE
IT 36,011.1 36,165.0 0.4 *DLF . . . . . . . . . . . . . . . 731.1 *Vodafone Idea . . . . . . 18.4 *Rel Ind Infra . . . . . . . 1455.5 *Navkar Urban . . . . . . . . . 3.7
Nifty next50 53,344.8 53,551.6 53,649.0 53,297.9 53,409.8 65.0 0.1 Chief Executive Women at shareholders. To consider and idend for the fi- alone Financial GM Breweries: followings: 1. of ultimate SME) to the
Metal 26,990.7 27,011.9 0.1 *Zydus Lifescien . . . . . 707.5 Others Affle I . . . . . . . . . . . 1336.5 *Ambition Mica . . . . . . . . 3.5
Officer. Workplace Shah Meta- approve 1. To nancial year Results of the To consider and To consider ap- beneficial own- Main Board of
Nifty 500 19,429.2 19,452.0 19,543.3 19,421.4 19,469.5 40.3 0.2 Oil & Gas 23,021.2 23,169.6 0.6 Hindalco . . . . . . . . . . . . 620.6 *SG Mart . . . . . . . . . . 9520.0 *Ebbetf0430 . . . . . . . 1327.0 *Rama Signs . . . . . . . . . . 2.5
Wardwizard (Prevention corp: To con- consider and 2023-24. 2. Fix- Company under to take on pointment of ership of Mr. BSE Limited
Power 5,818.6 5,824.2 0.1 *LIC Hsg Fin . . . . . . . . . 568.9 *Benares Htl . . . . . . . 9313.0 *Dolphin Off. . . . . . . . 1307.9 Universal A . . . . . . . . . . . . 1.9 Food: To con- Prohibition and sider the evaluate propo- ation of record
India VIX 14.5 14.5 14.9 14.3 14.7 0.2 1.2 Indian Account- record interalia Company Sec- Chetan Has- and/or National
PSU 15,558.2 15,688.7 0.8 Ambuja Cem . . . . . . . . . 539.6 *Elantas Beck . . . . . . 8675.0 *Rainbow Childre . . . 1223.1 IFL Enterprises . . . . . . . . . 1.8 sider inter-alia Redressal ) Act following busi- sals for raising date/ book clo- ing Standards the Un- retary / Compli- mukhlal Mehta Stock Exchange
Nifty CPSE 4,860.5 4,880.7 4,917.6 4,868.5 4,885.8 25.3 0.5 Realty 6,186.9 6,211.6 0.4 m m w w and approve 2013. 3. Any ness: 1. To funds by way of sure for the (Ind AS) for the au¬dited Finan- ance Officer 2. HUF 2. To Con- of India Limited

> 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
85 per cent of the volume of categories of information are 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 (649.8) (649.6) (4674.0) (4674.9)
m ~50 H ~2 Open 656.0 653.7 4699.0 4674.9
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 656.6 656.9 4715.7 4715.0
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 649.1 648.4 4656.0 4653.8
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 651.6 651.8 4678.6 4682.2
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 162K 1542K 1787 84544
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 53.1 53.1 82.0 82.1
company name is followed by shares traded, and also the 52 Wk H/L 661/438 662/438 4953/2663 4957/2663
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 23621 23626 99138 99216
the symbol indicating the highs and lows. or the price has moved. In the futures and options Strike Price: The price at which An unexercised option the day’s closing value or low in the scrip; the letters ‘000’.

BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE BSE NSE
Abbott India ACC Adani Enter« Adani PortsH Adani Power Adani Total Gas« m H m mH H  « « « « m m «
(22852.3) (22851.3) (2208.9) (2211.3) (2849.0) (2848.9) (1024.2) (1024.3) (524.8) (525.2) (988.7) (988.0)
O 22800.0 22852.0 2209.0 2212.0 2850.0 2852.3 1026.0 1026.6 525.1 525.2 998.0 992.4 O O
22901.2 22903.9 2261.2 2260.0 2947.8 2947.0 1057.5 1058.0 534.2 534.0 1013.0 1013.9
w 22534.7 22720.0 2208.7 2208.7 2842.1 2842.1 1022.7 1023.0 520.0 519.1 982.9 983.5 w w
22731.2 22761.1 2244.1 2243.3 2916.9 2917.2 1048.1 1047.9 525.3 523.3 1001.0 1001.0
1381 24341 15963 532K 314K 2899K 168K 3990K 89103 1123K 279K 1726K
44.7 44.7 35.0 35.0 136.0 136.1 35.7 35.7 9.8 9.8 - -
W 24725/19900 24744/19900 2486/1594 2488/1592 3879/1017 3880/1017 1102/395 1102/395 589/133 589/132 3998/522 4000/522 W W
M 48304 48367 42141 42127 332527 332561 226395 226351 202605 201814 110090 110084 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
(1102.9) (1102.3) (6801.0) (6797.3) (7326.9) (7327.8) (1685.4) (1685.8) (2568.1) (2568.6) (410.5) (410.5) (241.4) (241.4) (231.1) (231.1) (1651.2) (1651.4) (604.5) (604.7) (184.1) (184.2) (1238.8) (1238.3) (1032.8) (1032.2) (193.4) (193.6) (249.8) (249.6) (721.2) (721.0) (22189.0) (22203.8) (450.5) (450.6)
O 1092.1 1095.0 6821.9 6770.0 7327.8 7337.0 1685.0 1685.8 2541.3 2572.0 414.0 413.0 O 242.1 244.0 233.1 232.5 1660.0 1654.5 605.1 607.5 185.0 184.8 1250.0 1242.0 O 1029.1 1032.0 199.4 199.0 250.0 249.8 720.0 719.0 22001.1 22301.0 458.5 459.4
1103.7 1104.0 6821.9 6795.5 7334.0 7337.0 1691.7 1691.7 2595.0 2596.0 420.1 420.4 245.3 245.2 236.8 236.8 1660.0 1658.7 609.0 609.0 187.0 187.0 1258.3 1258.0 1032.0 1032.0 204.7 204.7 259.5 259.7 723.0 722.7 22629.1 22636.0 458.6 459.4
w 1092.1 1093.0 6686.0 6682.1 7274.3 7273.0 1671.0 1671.0 2541.3 2566.6 409.0 409.2 w 242.1 242.2 231.2 231.1 1635.0 1632.2 600.1 600.1 184.2 184.5 1234.4 1234.0 w 1007.3 1007.0 197.0 196.9 249.5 249.7 700.2 700.3 22001.1 22209.3 450.7 450.7
1098.1 1097.7 6700.6 6701.1 7298.5 7299.1 1674.3 1676.4 2574.0 2576.3 414.3 414.5 244.1 244.1 233.9 233.8 1637.7 1641.7 601.5 603.9 185.1 185.0 1247.2 1247.5 1013.1 1013.1 198.4 198.2 255.6 255.6 702.1 702.4 22417.2 22433.5 451.9 452.1
512K 4084K 8356 253K 9925 331K 16857 692K 2283 119K 355K 3345K 199K 6664K 1126K 13200K 4215 235K 28901 632K 822K 18009K 25494 610K 80617 3804K 4609K 75665K 603K 7039K 239K 2508K 690 19391 143K 3503K
28.7 28.7 27.7 27.7 39.1 39.1 36.0 36.0 49.6 49.7 17.7 17.8 15.5 15.5 7.1 7.1 72.3 72.5 72.0 72.3 40.9 40.9 48.7 48.8 75.5 75.5 1568.6 1567.0 61.6 61.6 51.2 51.2 31.1 31.1 3.6 3.6
W 1152/814 1152/814 6833/3522 6834/3520 8190/5487 8192/5486 1742/1216 1741/1215 2680/1912 2683/1909 486/350 486/349 W 272/182 272/182 237/147 237/147 1770/1381 1771/1381 679/440 680/439 187/87 187/87 1258/744 1258/744 W 1046/736 1046/736 205/66 205/66 280/192 280/192 746/250 746/250 22629/16366 22636/16366 482/314 483/314
M 338639 338531 189746 189762 451044 451081 267127 267470 49754 49799 8355 8360 M 39322 39322 120958 120880 21047 21098 70111 70391 135268 135195 58070 58084 M 569514 569514 69066 68997 30681 30681 19360 19367 66108 66156 98028 98061

Britannia« BSEH Can Fin HomeH Canara Bank CDSL CGCELH Chambal Fert Chola InvH CiplaH City Union Bk« Coal India Cochin Ship Coforge Colgate« Containr Crp Coromndl Int« Cummins (I)H Dabur India«
(5339.0) (5338.5) (-) (2221.2) (778.0) (777.7) (437.7) (437.5) (-) (1824.4) (310.9) (310.9) (373.2) (373.4) (1260.3) (1259.8) (1246.8) (1246.3) (148.9) (149.0) (376.0) (376.0) (1353.6) (1353.9) (6275.3) (6274.4) (2529.1) (2529.7) (859.5) (859.7) (1252.3) (1251.7) (1963.5) (1963.9) (557.0) (557.2)
O 5290.7 5339.0 - 2225.0 774.5 777.7 440.0 440.5 - 1825.0 315.7 313.5 O 372.1 374.9 1252.1 1259.7 1248.1 1252.5 149.0 149.9 378.5 377.8 1371.3 1360.3 O 6275.4 6290.0 2515.1 2520.0 862.8 860.0 1265.0 1251.7 1955.2 1965.0 560.0 560.0
5349.4 5349.9 - 2227.8 785.5 785.6 445.8 445.9 - 1838.8 317.3 317.4 385.0 385.0 1260.0 1260.0 1256.5 1256.8 152.9 152.9 386.8 386.8 1383.1 1382.5 6280.8 6290.0 2520.6 2529.0 874.0 873.8 1265.0 1260.0 1972.7 1974.4 563.2 563.0
w 5290.0 5290.0 - 2190.0 774.5 774.8 438.5 438.0 - 1812.0 309.7 309.6 w 372.1 373.9 1220.7 1220.0 1246.8 1246.7 149.0 149.3 377.3 377.5 1358.2 1358.0 w 6183.1 6181.0 2477.3 2480.5 856.3 854.1 1240.3 1236.0 1945.8 1945.6 554.9 555.0
5315.8 5319.8 - 2203.1 777.3 776.9 443.0 442.4 - 1818.4 313.7 313.9 380.6 380.2 1224.4 1225.4 1251.1 1251.0 152.3 152.3 381.8 381.8 1363.1 1362.9 6190.0 6192.6 2482.4 2486.1 860.8 861.2 1245.1 1247.7 1954.9 1958.0 557.7 557.5
8354 130K - 488K 38726 474K 549K 4340K - 455K 94355 2199K 143K 3629K 44296 727K 23966 344K 171K 4698K 502K 11125K 41646 1409K 5178 184K 9609 358K 19845 760K 9026 182K 3862 231K 61948 1418K
50.5 50.5 - 41.2 15.7 15.7 6.1 6.1 - - 47.1 47.1 12.5 12.5 34.0 34.0 29.2 29.2 11.9 11.9 8.4 8.4 38.5 38.5 55.4 55.4 57.6 57.6 44.6 44.6 18.1 18.1 41.0 41.0 56.3 56.3
W 5386/4154 5386/4153 -/- 2595/406 905/509 910/509 455/269 455/269 -/- 1988/881 349/251 349/251 W 385/249 385/248 1284/658 1279/658 1283/852 1284/852 182/120 182/120 387/208 387/208 1409/411 1409/410 W 6529/3565 6530/3565 2546/1435 2544/1435 879/555 880/555 1288/839 1272/838 2045/1356 2045/1358 597/504 597/504
M 128058 128154 - 29829 10349 10344 80357 80257 - 19002 20083 20093 M 15839 15822 102803 102887 101004 100999 11276 11276 235293 235293 17930 17927 M 38174 38189 67521 67622 52449 52473 36656 36731 54190 54274 98816 98780

m H N H « H H H  M « « H GAIL Glenmark« GMDCH GMR Airports« N «

(162.1) (162.1) (854.0) (854.0) (406.9) (407.0) (80.6) (80
O O O 164.2 163.7 854.0 854.0 409.4 409.5
169.4 169.4 861.8 861.9 440.0 440.0
w w w 162.8 162.7 850.0 848.0 407.9 407.9
166.3 166.2 855.8 855.7 432.3 432.8
2974K 40953K 35282 415K 691K 15590K
23.4 23.4 - - 13.6 13.7
W W W 169/91 169/91 879/370 880/369 450/123 450/123
M M M 109344 109278 24149 24146 13746 13761

 « m H H H  H « H H H M  H « H H M H H  H « H H « H m

O O O

w w w

W W W
M M M

« m H H M H « H w  O « ON H H

O O O

w w w

W W W
M M M

« « m W « H M  & H & H & H H H H M « H M&M H M &M 

O O O

w w w

W W W
M M M

M M H M « M  M H M M H H M M M N m N H N NM « N O ON  O 

O O O

w w w

W W W
M M M

M« N « « m H N H w w N m m «

O O O

w w w

W W W
M M M

m M « « & m m m H m « N  H m mm m « M H w « «

O O O

w w w

W W W
M M M

« M  m «  « M « w« H H « « W H H « m « «

O O O

w w w

W W W
M M M

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 .
MUMBAI | TUESDAY, 2 JANUARY 2024 13 <

Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (3)
Competent Authority,
U/s 5A of the Maharashtra Ownership Flats Act, 1963.
Mhada Building, Ground Floor, Room No. 69, Bandra (E), Mumbai - 400051.
No.DDR-3/Mum./ Deemed Conveyance/Notice/08/2024 Date: - 01/01/2024
Application u/s 11 of Maharashtra Ownership Flats
(Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963
Public Notice
Application No. 32 of 2017
(1) Aayushi Wing -A Co-Operative Housing Society Ltd. (2) Aayushi Wing -B Co-Operative
Housing Society Ltd. Address: Shreeniwash Begarka Road, J.B. Nagar, Andheri East,
Mumbai 400059. .... Applicant Versus (1) M/s. Savani Construction Corporation, Shop no.1,
ground loor, Pavapuri Apartment, 9th Khetwadi Lane, Mumbai - 400004 (2) M/s. Spun Pipe &
Construction Co. of India Ltd., Ghod Dod Road, Surat, Gujrat – 3955002. ...Opponents and
those, whose interests have been vested in the said property may submit their say at the time of
hearing at the venue mentioned above. Failure to submit any say shall be presumed that nobody
has any objection to this regard and further action will be taken accordingly.
Description of the Property, :-
Claimed Area
Unilateral Deemed conveyance of land admeasuring 2258 sq. mtrs. forming the portion
of land bearing (1) CTS no. 248/A (Part) admeasuring area 2018.5 sq. mtrs. out of total
land admeasuring 8514.9 sq. mtrs. (2) CTS no. 248/35 area admeasuring 9 sq. mtrs. (3)
CTS no. 248/36 area admeasuring 9 sq. mtrs. (4) CTS no. 248/37 area admeasuring 9
sq. mtrs. (5) CTS no. 248/38 area admeasuring 10.1 sq. mtrs. (6) CTS no. 248/39 area
admeasuring 9 sq. mtrs. (7) CTS no. 248/40 area admeasuring 8 sq. mtrs. (8) CTS no.
248/41 area admeasuring 9 sq. mtrs. (9) CTS no. 248/42 area admeasuring 9 sq. mtrs. (10)
CTS no. 248/43 area admeasuring 13.1 sq. mtrs. (11) CTS no. 248/44 area admeasuring 9
sq. mtrs. (12) CTS no. 248/45 area admeasuring 33.5 sq. mtrs. (13) CTS no. 248/46 area
admeasuring 33.3 sq. mtrs. (14) CTS no. 248/47 area admeasuring 30.7 sq. mtrs. (15) CTS
no. 248/48 area admeasuring 30.7 sq. mtrs. (16) CTS no. 248/49 area admeasuring 17.1
sq. mtrs. of Village - Kondivita, Taluka- Andheri Mumbai Suburban District together with the
buildings/ structures constructed on the said land in favour of applicant society.
The hearing is fixed on 18/01/2024 at 3.00 p.m.
Sd/-
(Rajendra Veer)
District Deputy Registrar,
Co-operative Societies, Mumbai City (3)
Seal Competent Authority,
U/s 5A of the MOFA, 1963.
Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (4)
Bhandari Co-op.Bank building, 2nd floor, P. L. Kale Guruji Marg, Dadar (West), Mumbai-400028.
No.DDR-4/Mum./ Deemed Conveyance/Notice/3545/2023 Date: - 29/12/2023
Application u/s 11 of Maharashtra Ownership Flats
(Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963
Public Notice
Application No. 289 of 2023
Brijdham Nanddham Co-Op. Housing Society Ltd., Plot No. 16, Bangur Nagar, Survey
No. 161, Of. Link Road, Goregaon (W), Mumbai 400104, ....Applicant, Versus, 1. Shree
Prabha Trade & Finance Co., A registered firm registered under the provisions of the Indian
Partnership Act, 1932, Having registered oice at Calcot House, 2nd Floor, 8/10, Tamrind Lane,
Bombay 400023, 2. Laxmi Asbestos Products Limited, Having its Registered Oice at Plot
No. 16, Survey No. 161 (Part), Village Pahadi Goregaon, Taluka Borivali, Mumbai 400104, ....
Opponents and those, whose interests have been vested in the said property may submit
their say at the time of hearing at the venue mentioned above. Failure to submit any say shall
be presumed that nobody has any objection in this regard and further action will be taken
accordingly.
Description of the Property, :-
Claimed Area
Unilateral conveyance of land and building admeasuring about 5277.20 square meters on
land bearing CTS No. 1/A/150, situate lying and being at Village Pahadi Goregaon (W),
Taluka Borivali, CTSO Goregaon, Mumbai District and in the Registration Sub District of
Mumbai City at Plot No. 16, Bangur Nagar, Survey No. 161, Of Link Road, Goregaon (W),
Mumbai 400104. in favour of the Applicant Society.
The hearing is fixed on 18/01/2024 at 2.00 p.m.
Sd/-
For District Deputy Registrar,
Co-operative Societies,
Mumbai City (4)
Seal Competent Authority,
U/s 5A of the MOFA, 1963.

Public Notice in Form XIII of MOFA (Rule 11(9) (e))

District Deputy Registrar, Co-operative Societies, Mumbai City (4)
Bhandari Co-op.Bank building, 2nd floor, P. L. Kale Guruji Marg, Dadar (West), Mumbai-400028.
No.DDR-4/Mum./ Deemed Conveyance/Notice/3547/2023 Date: - 29/12/2023
Application u/s 11 of Maharashtra Ownership Flats
(Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963
Public Notice
Application No. 288 of 2023
Tulip Co-Op. Housing Society Ltd., Royal Complex, Eksar Road, Opp. C.K.P. Colony,
Borivali (W), Mumbai 400092, ....Applicant, Versus, 1. M/s. Laxminarayan Enterprises, 2nd
Floor, Sona Talkies Compound, Trikamdas Road, Kandivali (W), Mumbai 400067, 2. Shri Bal
Vasant Wagle, 3. Shri Madhav Vasant H.U.F Consisting of i. Shri Madhav Vasant Wagle,
ii. Pushpa Madhav Wagle, iii. Likhit Madhav Wagle, iv. Asit Madhav Wagle, (Last Known
Address) Survey No. 44, Hissa No. 2, Survey No. 45, Hissa No. 1 (Part), CTS No. 330/1/A,
Royal Complex, Eksar Road, Opp. Jain Temple, Borivali (W), Mumbai 400092, 4. Balmohan
Vasant Wagle H.U.F Consisting of i. Balmohan Vasant Wagle, ii. Leela Balmohan Wagle,
iii. Nina Balmohan Wagle, (Last Known Address) Survey No. 44, Hissa No. 2, Survey No. 45,
Hissa No. 1 (Part), CTS No. 330/1/A, Royal Complex, Eksar Road, Opp. Jain Temple, Borivali
(W), Mumbai 400092, 5. Royal Complex Shvetambar Murtipoojak Jain Sangh, Royal
Complex, Eksar Road, Opp. Jain Temple, Borivali (W), Mumbai 400092, 6. S.V. Karmarkar
Sole Proprietor of M/s. Manav Mandir Construction, (Last Known Address) Survey No. 44,
Hissa No. 2, Survey No. 45 Hissa No. 1 (Part), CTS No. 330/1/A, Royal Complex, Eksar Road,
Opp. Jain Temple, Borivali (W), Mumbai 400092, 7. Manohar T. Karkhanis Chief Promoter
Of Raja Sarathi Co-Op. Hsg. Society Ltd., (Last Known Address) Survey No. 44, Hissa No.
2, Survey No. 45 Hissa No. 1 (Part), Royal Complex, Eksar Road, Opp. Jain Temple, Borivali
(W), Mumbai 400092, 8. Blooming Dale Co-Op. Hsg. Society Ltd., Raj Sunlower Building
No. 4A, Royal Complex, Eksar Road, Opp. Jain Temple, Borivali (W), Mumbai 400092, 9. Raj
Sunflower 'A' Co-Op. Hsg. Society Ltd., Raj Sunlower Building No. 4C, Royal Complex,
Eksar Road, Opp. Jain Temple, Borivali (W), Mumbai 400092, 10. Raj Sunflower 'B' Co-Op.
Hsg. Society Ltd., Raj Sunlower Building No. 4B, Royal Complex, Eksar Road, Opp. Jain
Temple, Borivali (W), Mumbai 400092, 11. Shree Raj Crystal Co-Op. Hsg. Society Ltd.,
Royal Complex, Eksar Road, Borivali (W), Mumbai 400092. ....Opponents and those, whose
interests have been vested in the said property may submit their say at the time of hearing at
the venue mentioned above. Failure to submit any say shall be presumed that nobody has any
objection in this regard and further action will be taken accordingly.
Description of the Property, :-
Claimed Area
Unilateral conveyance of piece or parcel of land and Property admeasuring about 2037.40
square meters, along with the proportionate benefits of the Recreation Ground admeasuring
343.67 sq. meters aggregating to 2381.07 sq. meters, and proportionate set back area
admeasuring 546.06 sq. meters forming part of the larger layout admeasuring 9608.40 sq.
mtrs., situate lying and being at Village Borivali, Taluka Borivali, Mumbai Suburban District
and in the Registration Sub District of Mumbai City and Mumbai Suburban bearing CTS
No. 330/1/A of Village - Borivali at Borivali (W), Mumbai 400091., together with the building
standing thereon being Building No. 6, in favour of the Applicant Society.
The hearing is fixed on 18/01/2024 at 2.00 p.m.
Sd/-
For District Deputy Registrar,
Co-operative Societies,
Mumbai City (4)
Seal Competent Authority,
U/s 5A of the MOFA, 1963.

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 14
>
MUMBAI | TUESDAY, 2 JANUARY 2024 1

— TENDER CARE — — Advertorial

R. K. TYAGI TAKES CHARGE CSR ACTIVITY AT STATE BANK OF INDIA,
AS CMD, POWERGRID LOCAL HEAD OFFICE, CHENNAI
Shri Ravindra Kumar Tyagi has joined as Chairman and As part of Corporate Social Responsibility Activity, State Bank of
Managing Director of Power Grid Corporation of India Limited India, Chennai Circle, has partnered with M/s Medical Research
(POWERGRID), a Maharatna CPSU under Ministry of Power, Foundation (Sankara Netralaya) in promoting health care by
Govt. of India. Prior to this, he was serving providing financial assistance
as Director (Operations) of the company. He to the Foundation for purchas-
has over 33 years of rich experience in the ing a Carl Zeiss Clarus 700
power sector at various key positions in Ultra widefield Fundus Camera
leading CPSUs. with FFA, which is used to cap-
He has handled multi-disciplinary work in ture images of inner parts of eye,
various business areas of POWERGRID including retina, optic disc, mac-
such as Asset Management, Engineering, Business Develop- ula and posterior pole, worth Rs.79,00,000/- (Rupees Seventy-
ment (domestic and overseas), Telecom, Load Despatch & Nine Lakhs Only). The Cheque for the above amount was
Communication, NTAMC, DMS etc. and Head of POWERGRID’s handed over by Honorable Managing Director, SBI, Shri. Challa
North Eastern Region. Sreenivasulu Setty in the presence of Shri. Nand Kishore, DMD
(Global Markets), SBI, Shri. Ravi Ranjan, CGM, SBI Chennai
CHANDER SHEKHAR SHARMA ASSUMES Circle, Shri. Samir Sawhney, CGM, Treasury Office, SBI
CHARGE AS CHIEF GENERAL MANAGER Corporate Centre, GMs and DGMs of SBI Chennai Circle.
OF SBI'S BHOPAL CIRCLE Dr. T.S. Surendran, Chairman and Shri. K Narayanan, Treasurer,
A new chapter unfolded as Shri. Chander Shekhar Sharma M/s Medical Research Foundation, received the Cheque.
officially took charge his role as the Chief General Manager of
the State Bank of India's Bhopal
SBI, CHENNAI CIRCLE, CSR ACTIVITY
Circle comprising of Madhya
AT ANNA UNIVERSITY
Pradesh & Chhattisgarh state.
Starting his illustrious journey as State Bank of India, Chennai Circle, as part of Corporate Social
a Probationary Officer in 1994, Responsibility Activity, has partnered with Anna University by
Shri. Sharma's career spans an providing financial assistance
impressive 29-year tenure within the State Bank of India. Before for purchasing two battery
this new responsibility, Shri. Sharma held the prestigious post of operated vehicles worth
Chief General Manager of the Bhubaneswar Circle. Rs.19,84,500/- (Rupees
Nineteen Lakh Eighty-Four
Thousand and Five Hundred
TMBL AND UIICL JOINTLY CONDUCTED
THE INSURANCE CLAIM Only) to facilitate commuting
SETTLEMENT CAMP FOR TMB inside University campus.
CUSTOMERS AT THOOTHUKUDI The vehicles were flagged off by Honourable Managing
Director, Shri. Challa Sreenivasulu Setty and Dr. R. Velraj, Vice
Tamilnad Mercantile Bank Limited (TMB) and United India Chancellor,Anna University in the presence of Shri. Nand Kishore,
Insurance Company Ltd, jointly conducted the General DMD (Global Markets), SBI, Shri. Ravi Ranjan, Chief General
Insurance claim settlement camp exclusively for the customers Manager, Chennai Circle, Shri. Samir Sawhney, Chief General
of TMB at Bank’s Regional Manager, Treasury Office, Corporate Centre, GMs and DGMs of
Office at Thoothukudi on SBI Chennai Circle.
29.12.2023. Shri.S.Krishnan,
MD & CEO, TMBL said,
“Thoothukudi, Tirunelveli TMB INAUGURATES NEW BRANCHES AT
districts have been devasted VEDASANDUR, DINDIGUL DISTRICT, AND
due to the recent cyclone and MANAVALAKURICHI, KANYAKUMARI
people in these districts have
been badly impacted which has resulted in loosing their Tamilnad Mercantile Bank Limited
belongings. Shri.Panner Selvam, Chief Regional Manager, has opened two new branches at
United India Insurance Co., handed over on the spot settlement Vedasandur, Dindigul District and
of claims for 2 customers at the camp and assured to scrutinize Manavalakurichi, Kanyakumari
and arrange for settlement of claim requests received from the District.Vedasandur, Dindigul
customers of Tamilnad Mercantile Bank during the day in a time District – 546th Branch with ATM -
bound manner. Bank has planned to conduct similar type of The branch was opened by
General Insurance claim settlement camp at Tirunelveli and Shri. P. Murugesan, Secretary, MSP
Tiruchendur within a week period. Executives and officials from Solai Nadar Memorial Higher
Head Office and Regional Office of TMB and Officials from Unit- Secondary School, Dindigul.
ed India Insurance Co. were also present at the launch event. Manavalakurichi, Kanyakumari
MD&CEO during the launch event of the camp, spoke about the District– 547th Branch withATM -The
importance of spreading awareness about taking insurance branch was opened by Shri.N. Selvarajan , Chief General
coverage for the stocks, machineries, motor vehicles and all Manager & Head of IREL India Limited, Manavalakurichi, in the
other belongings including houses and household articles of presence of Shri. D. Inbamani, General Manager (PD&RM) of the
general public. Bank.

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 .
MUMBAI | TUESDAY, 2 JANUARY 2024 TAKE TWO 15 <

RUCHIKA CHITRAVANSHI process to be incorporated into the Code. the UNCITRAL Model Law on Enterprise
New Delhi, 1 January The question is: Why has the IBC been Group Insolvency. A committee on
unable to introduce the code for group cross-border insolvency resolution

T
he Insolvency and Bankruptcy insolvency yet? for group insolvency, headed by retired
Code (IBC) has been around for Government sources say there are bureaucrat K P Krishnan, suggested
nearly seven years, and in these various complexities surrounding that India refrains from adopting the
seven years, it has been group insolvency that require UNCITRAL model due to its focus
amended six times. However, it is yet to attention. For instance, companies on cross-border aspects. Instead, a
address a significant concern: group initially involved in the formal group flexible domestic group insolvency
insolvencies. insolvency process might belong to a framework was proposed to be
While the IBC lags in accommodating domestic group, but this could later introduced in phases.
the consolidation of resolution evolve into a cross-border group Among the various
processes for group companies, courts insolvency scenario. recommendations it made, the
have frequently intervened to take up The Ministry of Corporate Affairs has committee’s report suggested that the
group insolvency matters. been in discussions to group insolvency
The absence of a dedicated provision shape the contours of framework under the
for group insolvency within the IBC has
led to notable cases of judicial
the group insolvency
law framework and is
CASE FOR IBC should only apply to
corporate debtors
consolidation. Among these are the expected to provide GROUP currently facing a
consolidation of 13 Videocon group
companies, Lavasa corporation and its
clarity on the law soon.
Some weeks ago, INSOLVENCY corporate insolvency
resolution process or
subsidiaries, and the procedural
consolidation of Srei Equipment
IBBI Whole Time
Member Sudhaker
LAW liquidation process.
It was suggested that
Finance and Srei Infra Finance Ltd. Shukla indicated that n Better value maximisation a broad and inclusive
Therewasalsothecasewhere,to India may and recoveries definition of ‘group’

INSOLVENCY’S
ILLUSTRATION: BINAY SINHA
benefithomebuyers,theNational simultaneously n Reduced burden on NCLTs should be formulated,
CompanyLawAppellateTribunal introduce group based on significant
mergedtheinsolvenciesoffiveEdelweiss insolvency and cross- n Procedural and ownership, so as to
AssetReconstructionCompanyLtd border insolvency coordination convenience include a large number
entitiesdevelopingacommontownship. frameworks. of corporate debtors
“In commercial matters, the law n Working group within the framework

GROUP TANGLE
serves as a roadmap for transactions,”
says M S Sahoo, distinguished professor
at the National Law University Delhi.
“The corporate insolvency resolution
process, initially outlined by the IBC, is
one such route.” Another avenue, pre-
packaged insolvency resolution, was
introduced through an amendment to
the IBC, he explains. “Group insolvency
resolution,” Sahoo adds, “represents yet
another guided pathway that requires
legal provision. Courts, however, lack
the capacity to lay such a path.”
Anoop Rawat, partner at the law firm
Shardul Amarchand Mangaldas & Co,
adds that consolidation has so far arisen
through judicial orders, without explicit
provisions within the Code. “While
group insolvency is a critical
requirement in many cases, mandating
substantive consolidation under the
Code might not be prudent due to
varying ownership structures and
financing across each company within a
group,” he explains.
Interlinked, interdependent
On January 8, 2019, the National
Group insolvency remains an ill-defined
area in the IBC. Here’s why it needs a
clear framework
Company Law Tribunal (NCLT) Mumbai
had, for the first time, recognised the
principle of “consolidation”, drawing
from legal precedents in the UK and
USA, to consolidate 13 out of 15 corporate
insolvency resolution processes of
Videocon Industries Ltd group
companies.
“The NCLT recognised the
interlinked operations and financial
interdependencies within corporate
groups,” says Sonam Chandwani,
managing partner, KS Legal and
Associates. This approach, she adds,
enabled a holistic and efficient
resolution process, considering the
interconnected assets and liabilities,
leading to potentially higher recoveries
and more viable resolution plans.
The logic behind group insolvency
lies in situations where the operations
and supply chains among group
members are interconnected. In such
scenarios, enabling resolution
applicants to bid for multiple group
companies in a single offering could
maximise the overall value.
PrashanthShivadass,partner,
Shivadass&ShivadassLawChambers,
stressestheneedforgroupinsolvency.
“Giventheextraordinarynumberofcases
filedindifferentNCLTsagainstthesame
group,thepoolingofresourcesofthis
naturewillbeawelcomemove,bothfor
theauthorityandtheapplicants,”hesays.
Recognising the need for a
framework addressing group insolvency,
the Insolvency and Bankruptcy Board of
India (IBBI) had set up a working
committee that gave recommendations
on this crucial aspect of insolvency
proceedings.
In two reports, the IBBI proposed a
phased implementation of a group
insolvency regime in India,
recommending a voluntary and flexible
Collective recommends phased “There is a need to
interests vs introduction provide a framework
individual rights
n Need to balance collective, within the Code itself
Experts point to a to deal with group
individual rights of entities
challenge in group entities together for
insolvency: balancing involved better value
the collective interests maximisation, higher
of the group against the individual rights probability of revival, procedural and
of the entities involved. According to IBC
experts, implementing a group
coordination convenience, and cost
and time effectiveness,” says Abdullah
insolvency law might complicate the
individual rights of companies within a
Qureshi, associate partner, IndiaLaw
LLP.
group, potentially sparking conflicts of
interest and fairness concerns.
Experts feel that without a legal
framework in place, challenges will
Furthermore, there’s a risk of heightened persist — such as conflicts of
legal complexity, as the law would need jurisdiction, defining the parameters of a
to navigate the intricate web of inter- group, ensuring the solvency of group
company relationships and liabilities. companies, aligning insolvency
“Balancing these competing interests proceedings among the group, and
is crucial for any group insolvency determining the approach towards
framework to be effective,” Chandwani managing foreign subsidiaries,
says. The need for such a law arises from among others
the increasing complexity of corporate To address these gaps and ensure
structures and the need for an efficient fair valuation of stressed assets within
resolution mechanism that aligns with group companies, clearly defined laws
global insolvency practices, she adds. are essential, says Piyush Agrawal,
How about drawing from frameworks associate partner at law firm
existing globally? There is, for instance, AQUILAW.

A tech-first approach
for Viksit Bharat

SHASHI SHEKHAR VEMPATI

Two recent public events of
Prime Minister Narendra Modi
were witness to the power of
technology, with his speeches
in Hindi being translated real-
time to Tamil and other Indian
languages using the home-gro-
wn artificial intelligence (AI)
system, Bhashini, developed
by the Ministry of Electronics
and Information Technology.
If concerns over AI deep-
fakes have found their way to
the public debate, the nation
has also been witness to the
power of AI being harnessed
for the greater good. With his
public use of AI, a first by an
Indian leader, PM Modi once
again demonstrated his natu-
ral instinct for experimenting
with new technologies.
As the first Indian leader to
take to live streaming of his
speeches on YouTube and to
digitally engage via Hangouts,
PM Modi has been a consistent
pioneer in his use of technol-
ogy for public outreach and cit-
izen engagement. It’s little
wonder that he is not only the
most followed among leaders
on YouTube with more than 20
million subscribers, but he is
also the most followed among
world leaders on Instagram
with 80 million. As a head of
government his X following is
just short of the staggering 100
million mark, while his base on
WhatsApp is fast growing and
crossing the 10 million mark.
As the world’s largest
democracy and one of the
largest markets for mobile
phones and digital platforms,
while it is natural to expect PM
Modi’s online engagement to
reach such a staggering scale,
it is important to recognise his
more than a decade long effort
in bridging the digital gap and
universalising access.
From a digital first appro-
ach to citizen engagement, In-
dia is on the verge of adopting
a technology first approach to
realising its goal of a developed
India or Viksit Bharat by 2047.
Underlying this technology
first approach to development
have been a few key policy
pivots that have not only seen
significant public offtake but
also made a mark globally as
was evident during the G20
summit held in New Delhi.
With India’s developmental
approach rooted in large-scale
Digital Public Infrastructure
(DPI) being endorsed by the
G20 group of nations, a funda-
mental building block for a
technology first society is now
firmly in place. From Aadhaar
to Unified Payments Interface,
digital health records to Radio
Frequency Identification tags,
online tax filings to grievance
redress, PM Modi’s initiatives
under the umbrella of Digital
India have ensured technology
is now a critical element of
everyday life and a key enabler
of his vision of “ease of living”.
Similar policy pivots that
saw the opening up of space to
private enterprises and start-
ups as well as the drone sector
spurring uniquely Indian inno-
vations have not only fired the
imagination of a generation of
young Indians but also lowered
the barriers for traditional seg-
ments of the Indian economy
such as agriculture to embrace
new technologies.
An illustrative but less
glamorous example of the dif-
fusion of a scientific temper
and use of technology in the
traditional sector is the soil
health card championed by
PM Modi through his Mann Ki
Baat and various interventions
to encourage the use of labo-
ratory-based soil testing by
farmers to improve agricul-
tural productivity. Recent legis-
lations such as the Digital
Personal Data Protection Act
and the Telecommunications
Act mark a significant step for-
ward in laying down building
blocks that would go a long
way in the development of a
technology first society.
These legislations not only
mark a break from the colonial
past but have a progressive out-
look that will help future-proof
policies from the rapid pace of
technological evolution. By
making forensics an integral
element of investigations, the
recent overhaul of criminal
laws underscores how science
and technology will come to
occupy a central space in Viksit
Bharat. Innovative use of tech-
nology for mass educational
outreach in India through DTH
not only saved the academic
year for several students dur-
ing the Covid-19 lockdown but
also drew global attention to
how the world’s largest democ-
racy was able to cope with the
once in a century challenge of
the pandemic.
From digitally issued vac-
cine certificates to the use of
mass media to educate on vac-
cines, India, despite its socio-
economic disparities, was a
shining example to the world
in countering vaccine hesi-
tancy, demonstrating a rare sci-
entific temper that was in short
supply in even developed
societies. In the book Collective
Spirit, Concrete Action, an
entire chapter chronicles how
PM Modi’s Mann Ki Baat has
over the years emphasised on
both the need to provoke sci-
entific curiosity among stu-
dents and on the importance
of locating a scientific temper
and a technology first outlook
within traditional Indian cul-
ture and values.
Realising the vision of a
Viksit Bharat will require sus-
tained behavioural change
across society and organs of
the government, where scien-
tific thinking takes deep root
in every policy domain from
urban planning to rural devel-
opment. Building further on
the technology first approach
to diffuse innovations across
all sectors of the economy will
be critical to accelerate the
momentum for a developed
India by 2047.
The writer is former CEO,
Prasar Bharti
Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (3)
Competent Authority,
U/s 5A of the Maharashtra Ownership Flats Act, 1963.
Mhada Building, Ground Floor, Room No. 69, Bandra (E), Mumbai - 400051.
No.DDR-3/Mum./ Deemed Conveyance/Notice/3971/2023 Date: - 29/12/2023
Application u/s 11 of Maharashtra Ownership Flats
(Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963
Public Notice
Application No. 152 of 2023
Akash-2 SRA Co-op. Hsg. Soc. Ltd., Yeshwant Nagar, Vakola, Santacruz (E), Mumbai 400 055.
.... Applicant VERSUS 1) M/s. Vaidehi Akash Housing Pvt. Ltd., Having oice at- 4/C, 227,
Sankalp Sagar, Andheri (W), Mumbai 400 058 And Pratik CHS Ltd., J. P. Road, Opp. Apna Bazar,
Andheri (W), Mumbai 400 058, 2) Mr. Deepak Ramchandra Chodankar, 3) Smt. Shreelata
Arvind Narvekar, 4) Smt. Suvarna Suresh Sawant, 5) Mrs. Lalita Vijay Desai, Respondent
No.2 to 5- Chodankar Chawl, Yeshwant Nagar, Vakola Pipeline Road, Santacruz (E), Mumbai 55
And C/o-4/C, 227,Sankalp Sagar, Andheri (W) Mumbai-400058, 6) Mrs. Mary Almeida, 7) Mrs.
Natty D'Souza, 8) Mrs. Pauline Braganza, 9) Mr. Michael V. Almeida, Respondent no. 6 to 9 are
L.H.R. of Late. Luis Almeida With address: Merry Villa, Opp. Field View Cottage, Vakola Pipe Line
Road, Yeshwant Nagar, Santacruz (E), Mumbai-55, And C/o- 4/C, 227, Sankalp Sagar, Andheri
(West) Mumbai-400058, 10) Smt. Mary Joe Domnic Rebello, 11) Mr. Raynwick Joe Domnic
Rebello, 12) Mr. Warron Joe Domnic Rebello, 13) Mrs. SharonParakal, 14) Mrs. Lawrencia
Coutto, Respondent no. 10 to 14 are L.H.R. of Late. J.D. Rebello And Manuel J. Rodrigues,
R/o: Rebello Cottage, Yeshwant Nagar, Vakola Pipe Line Road, Santacruz (E), Mumbai-400055
And, C/o- 4/C, 227, Sankalp Sagar, Andheri (West) Mumbai-400058, 15) Mr. Ganesh Hiraji
Thakur, 16) Mr. Rajaram Hiraji Thakur, 17) Mr. Atmaram Hiraji Thakur, Respondent no. 15 to
17 are LHR of Late Rajubai H. Thakur with resident address: Rajubai Chawl, Yeshwant Nagar,
Vakola Pipe Line Road, Santacruz (E), Mumbai-55 And C/o-4/C, 227,Sankalp Sagar, Andheri
(W) Mumbai-400058, 18) MR. Sudam Goving Gaikwad, 19) MR. Chandrakant Laxman
Pawar, 20) Mr. Balaram Lasman Pawar, 21) Smt. Vijaya Krishna Pawar, 22) Smt. Vaishali
Janardhan Surve, 23) Smt. Nisha Harishchandra Jadhav, 24) Smt. Namubai Laxman Pawar,
Respondent no. 18 to 24 -Address: Ambikabai Chawl, Yeshwant Nagar, Vakola Pipeline road,
Santacruz (E), Mumbai-55 And C/o-4/C, 227,Sankalp Sagar, Andheri (W), Mumbai-400058, 25)
Mrs. Rosy B. Marques, 26) Mr. Joseph J. Fernandes, 27) Mr. Cosme P. Fernandes, 28) Mr.
Edward F. Fernandes, Respondent no. 25 to 28 are LHR of Late. Sabestine Fernandes With
Address: Philomina Villa, Yeshwant Nagar, Vakola pipe line road,Santacruz (E), Mumbai-55 And
C/o-4/C, 227,Sankalp Sagar, Andheri (W), Mumbai-58, 29) M/s Ekta Akash S.R.A CHS Ltd,
Yeshwant Nagar, Vakola, Santacruz (East), Mumbai- 400055, 30) M/s Akash-3 S.R.A CHS Ltd,
Yeshwant Nagar, Vakola, Santacruz (East), Mumbai-400055. ... Respondents and those, whose
interests have been vested in the said property may submit their say at the time of hearing at
the venue mentioned above. Failure to submit any say shall he presumed that nobody has any
objection to this regard and further action will be taken accordingly.
Description of the Property, :-
Claimed Area
Unilateral deemed conveyance of suit premises i.e. Plot of land admeasuring area 658.83
square meters out of total area 1765.10 square meters on CTS Nos. 2935, 2946 to 2948,
2949 A & B, 2950, 2950/1 &2, 2951, 2951/1, 2952 to 2957, 2959 to 2966, 3135, 3136, 3137/A
& B, 3137/A1 to A4, 3141 at Village Kolekalyan, Mumbai Suburban along with building known
as Akash-2 SRA Chs Ltd. standing thereon, in favour of the Applicant Society.
The hearing is ixed on 15/01/2024 at 3.00 p.m.
Sd/-
(Rajendra Veer)
District Deputy Registrar,
Co-operative Societies, Mumbai City (3)
Seal Competent Authority,
U/s 5A of the MOFA, 1963.
Public Notice in Form XIII of MOFA (Rule 11(9) (e))
District Deputy Registrar, Co-operative Societies, Mumbai City (3)
Competent Authority,
U/s 5A of the Maharashtra Ownership Flats Act, 1963.
Mhada Building, Ground Floor, Room No. 69, Bandra (E), Mumbai - 400051.
No.DDR-3/Mum./ Deemed Conveyance/Notice/002/2024 Date: - 01/01/2024
Application u/s 11 of Maharashtra Ownership Flats
(Regulation of the Promotion of construction, Sale, Management and Transfer) Act, 1963
Public Notice
Application No. 149 of 2023
EKTA AKASH S.R.A CHS LTD. Yeshwant Nagar, Vakola, Santacruz (E), Mumbai-55. ....
Applicant. Versus 1) M/s. Vaidehi Akash Housing Pvt. Ltd. Having oice at 4/C, 227, Sankalp
Sagar, Andheri (W), Mumbai- 400058. And Pratik CHS Ltd, J.P. Road, Opp Apna Bazar, Andheri
(W), Mumbai-58 2) Mr. DEEPAK RAMCHANDRA CHODANKAR 3) Smt.SHREELATA ARVIND
NARVEKAR 4) SMT.SUVARNA SURESH SAWANT 5) MRS. LALITÁ VIJAY DESAI Address
of Respondent no. 2 to 5: Chodankar Chawl, Yeshwant Nagar, Vakola Pipeline Road,Santacruz
(E) Mumbai-55 And C/o-4/C, 227,Sankalp Sagar, Andheri (W) Mumbai-400058. 6) MRS.MARY
ALMEIDA 7) MRS. NATTY D'SOUZA 8) MRS. PAULINE BRAGANZA 9) MR. MICHAEL V.
ALMEIDA Respondent no. 6 to 9 are L.H.R. of Late. Luis Almeida With address:Merry Villa, Opp.
Field View Cottage, Vakola Pipe Line Road, Yeshwant Nagar, Santacruz(E) Mumbai-55 And,
C/o-4/C, 227, Sankalp Sagar, Andheri (West) Mumbai-400058. 10) SMT. MARY JOE DOMNIC
REBELLO 11) Mr. RAYNWICK JOE DOMNIC REBELLO 12) Mr. WARRON JOE DOMNIC
REBELLO 13) MRS. SHARON PARAKAL 14) MRS. LAWRENCIA COUTTO Respondent
no. 10 to 14 are L.H.R. of Late. J.D. Rebello And Manuel J. Rodrigues R/o: Rebello Cottage,
Yeshwant Nagar, Vakola Pipe Line Road, Santacruz (E), Mumbai-400055 And C/o- 4/C, 227,
Sankalp Sagar, Andheri (West) Mumbai-400058. 15) Mr. GANESH HIRAJI THAKUR 16) Mr.
RAJARAM HIRAJI THAKUR 17) Mr. ATMARAM HIRAJI THAKUR Respondent no. 15 to 17
are LHR of Late Rajubai H. Thakur with resident address: Rajubai Chawl, Yeshwant Nagar,
Vakola Pipe Line Road, Santacruz(E) Mumbai-55 And C/o-4/C, 227,Sankalp Sagar, Andheri (W)
Mumbai-400058. 18) MR. SUDAM GOVING GAIKWAD 19) MR. CHANDRAKANT LAXMAN
PAWAR 20) Mr. BALARAM LAXMAN PAWAR 21) SMT. VIJAYA KRISHNA PAWAR 22) Smt.
VAISHALI JANARDHAN SURVE 23) Smt. NISHA HARISHCHANDRA JADHAV 24) SMT.
NAMUBAI LAXMAN PAWAR Address of Resp.No. 18 to 24 Ambikabai Chawl, Yeshwant Nagar,
Vakola Pipeline road, Santacruz(E)Mumbai-55 And C/o-4/C, 227,Sankal Sagar, Andheri (W),
Mumbai-400058. 25) MRS. ROSY B. MARQUES 26) MR. JOSEPH J. FERNANDES 27) MR.
COSME P. FERNANDES 28) Mr. EDWARD F. FERNANDES Respondent no. 25 to 28 are LHR
of Late. Sabestine Fernandes With Address: Philomina Villa, Yeshwant Nagar, Vakola pipe line
road,Santacruz(E) Mumbai-55 And C/o-4/C, 227,Sankalp Sagar, Andheri (W), Mumbai-58 29)
M/s Akash-2 S.R.A CHS Ltd, At. Yeshwant Nagar, Vakola, Santacruz East )Mumbai-400055
30) M/s Akash-3 S.R.A CHS Ltd. At Yeshwant Nagar, Vakola, Santacruz East )Mumbai-400055.
.....Opponents, and those, whose interests have been vested in the said property may submit
their say at the time of hearing at the venue mentioned above. Failure to submit any say shall he
presumed that nobody has any objection to this regard and further action will be taken accordingly.
Description of the Property, :-
Claimed Area
Unilateral deemed Conveyance of suit premises i.e. Plot of land admeasuring area 496.75
sq.mtrs out of total area 1765:10 sq.mtrs. on C.T.S. No.2935, 2946 to 2948, 2949A & B,
2950, 2250/1 & 2, 2951, 2951/1, 2952 to 2957, 2959 to 2966, 3135, 3136, 3137/A & B, 3137/
A1 to A4, 3141 at village Kolekalyan Mumbai Suburban along with the building kown as Ekta
Akash S.R.A.chs Ltd. standing thereon, in favour of the Applicant.
The hearing is ixed on 15/01/2024 at 3.00 p.m.
Sd/-
(Rajendra Veer)
District Deputy Registrar,
Co-operative Societies, Mumbai City (3)
Seal Competent Authority,
U/s 5A of the MOFA, 1963.

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 16
>
MUMBAI | TUESDAY, 2 JANUARY 2024 1

Mantra for 2024: Minimum temp in Jan likely to

remain above normal: IMD
Focus on people, SANJEEB MUKHERJEE
New Delhi, 1 January
ginally less compared with the same
period last year.

tech, geopolitics
Agriculture Commissioner P K
Minimum temperatures for January Singh told PTI on Monday that the
are likely to remain above normal last leg of wheat sowing, which will
except in some northern parts of the continue for the next 10 days, would
country, the India Meteorological make up for the lag in the crop cove-
Department (IMD) said on Monday, rage in the 2023-24 rabi season. The
while cautioning that central India wheat crop is in the germination and
AMRITHA PILLAY
Mumbai, 1 January
WHAT INDIA INC LEADERS SAY may experience below-normal cold
waves in the first month.
tillering stage. The crop prospects are
seen to be good under the present
Releasing its monthly temperat- cool temperature, Singh added.

A
sia’s richest man,
Mukesh Ambani,
signed off an address to
employees last week by
assuring them that 2024 would be
better than 2023 for both Reliance
Industries and India. Ambani isn’t
an exception. Promoters and their
representatives from several other
conglomerates have expressed
similar optimism. Besides the
exuberance anticipated for a new
year, a common thread in their
messaging was a focus on people
and technology, and geopolitics a
key aspect to be monitored.
“While the near-term global
outlook feels shadowed with
uncertainty, India’s future is
bright,” said N Chandrasekaran,
chairman for Tata Sons in his New
Year message last week.
For Anand Mahindra, chair-
man for the Mahindra Group, 2024
has all signs pointing to the Indian
economy achieving “the mythical
‘lift-off’ that we have been awaiting
for decades”, he said in an address
on Monday.
Anil Agarwal, chairman of Ved-
anta Group, in his address called
it an “exciting period in India’s his-
tory”. Many described the bygone
year as one marked by conflict.
“This past year has been a per-
iod of extraordinary contrasts that
combined some unique challenges
with some unique opportunities,”
said Gautam Adani, chairman for
the Adani Group in a letter to his
employees on Monday. For the
group, 2023 had begun inauspici-
ously with US-based firm Hinden-
burg Research levelling allegations
of lapse of corporate governance
against it in a report released in
January. Adani Group has denied
the allegations made against it.
In his letter this week, Adani
said, there were lessons from the
While the near-term 2023 was a great
global outlook feels year for RIL and
shadowed with India, 2024
uncertainty, India’s
future is bright
would be
even better
N CHANDRASEKARAN GAUTAM ADANI
Chairman, Tata Sons Chairman, Adani Group Chairman,MahindraGroup
Hindenburg episode, which he wo-
uld share with his workforce later.
A focus on people — both
employees and customers — also
emerged as a recurrent theme in
the chairman addresses.
For 2024, Adani requested his
employees to allow him a better
understanding of their needs. “My
understanding of these is essential
for further strengthening our
group capabilities. I realise, we can
do much better and, to do so, I
must be able to directly reach you.”
In his letter to employees,
Chandrasekaran listed customer
satisfaction as one of the three
main areas to prioritise in 2024.
Upgrade of technology, particu-
larly artificial intelligence (AI), also
found mention in the messages.
Ambani, the promoter and
chairman and managing director
for Reliance Industries, set 2024 as
the target year for completion of
an AI transformation across all
businesses for the company.
The world needs
India to become a
reliable challenger
to China’s supply-
chain dominance
ANAND MAHINDRA
Chandrasekaran, meanwhile,
wrote: “This New Year, I urge each
company to appoint an AI cham-
pion to proactively pursue the
benefits of AI — economically,
operationally and socially.”
“In the long run, however, what
will keep India’s economy on the
ascent is a capacity for disruptive
innovation,” noted Mahindra.
Geopolitics also emerged as an
area of concern or opportunity.
“Globally, the world needs Ind-
ia to become a reliable challenger
to China’s supply-chain domina-
nce. That is the great opportunity
of 2024. That is what will fuel the
lift-off,” Mahindra said in his note.
Chandrasekaran saw it as a
source of volatility in 2024 instead.
“Geopolitics is also a potential
source of volatility. 2024 is a year
of elections, with 40 nations head-
ing to the polls,” he reflected.
Agarwal also noted that the
goals for 2024 should be guided by
technology and innovation.
ure and monsoon forecast for Janu-
ary 2024, IMD Director General Mrut-
yunjay Mohapatra said at a virtual
press conference that the maximum
temperatures for the month are likely
to be below normal over many parts
of central and northwest India.
He said above-normal maximum
temperatures are also likely over
most parts of peninsular and north-
east India.
India reports 197 new
JN.1 Covid-19 cases
SANKET KOUL
New Delhi, 1 January
India logged 197 new cases of the JN.1
variant on Monday, the highest from
Kerala, while the total number of active
Covid-19 infections rose to 4,394 with the
detection of 636 fresh cases, according
to the INSACOG (Indian SARS-CoV-2
Genomics Consortium) data.
The new cases of the Covid-19 sub-
variant JN. 1 were detected across ten
states and union territories. Kerala
reported 83 cases, followed by Goa (51)
and Gujarat (34). According to data, 180
JN.1 cases were detected from samples
sent for genome sequencing in
December, whereas 17 were found in new
variants from the Covid-19-positive sam-
ples sent in November 2023.
India reported 636 new Covid-19 cases
on Monday, taking the national active case
tally to 4,394. The country also reported
three fatalities, two from Kerala and one
from Tamil Nadu, according to the
Ministry of Health and Family Welfare.
Kerala has witnessed a drop in active
cases. With an active caseload of 1,869,
the state reported 351 discharges as
The IMD said that during the co-
ming winter season (January to Mar-
Slow traffic on the Howrah bridge on a foggy winter morning in Kolkata PTI ch 2024), rainfall over North India -
consisting of seven meteorological
A sudden and sharper increase in government is confident that the pro- subdivisions of (East Uttar Pradesh,
temperature in January could harm duction will be good as almost 60- West Uttar Pradesh, Uttarakhand,
the standing rabi crops, particularly 80 per cent of the total sown area is Haryana, Punjab, Himachal Pradesh,
wheat and mustard. Traders and under heat-tolerant wheat varieties. Jammu and Kashmir and Ladakh) -
market players said weather will be Till December 29, 2023, wheat was is most likely to be normal, meaning
key till March to get optimum wheat sown in nearly 32.05 million hectares in the range of 86-114 per cent of the
production this year. However, the of land across India, which is mar- Long Period Average (LPA).
The total number of active Covid-19
infections rose to 4,394 on Monday PTI
opposed to 140 fresh cases on Monday.
Karnataka reported 229 fresh cases,
becoming the second state after Kerala
to have over 1,000 active cases.
The country has recorded 51 Covid-
19-related deaths across 10 states and
Union Territories since December 18,
with Kerala leading at 25 fatalities.
Karnataka follows it with 12 deaths.
Maharashtra and Tamil Nadu have
reported three deaths each. Ten states
and union territories reported zero
Covid-19 cases on Monday.

PUBLIC NOTICE
APPOINTMENTS
Isro heralds 2024 with satellite
Notice is hereby given that the following Share Certificates for 50 Equity Shares of Rs.10/-
(Rupees ten only) each with Folio No. 009501347 of Reliance Industries Limited, having
its registered office at Maker Chambers IV, 3rd Floor, 222 Nariman Point, Mumbai,
Maharashtra- 400021 registered in the name of Shabbir Fidahusain Nagdawala have been The Solapur District Central Cooperative Bank Ltd., Solapur
207/8/9, Goldinch Peth, Solapur - 413 007

to study black holes in space

PRESS TRUST OF INDIA
Sriharikota, 1 January
The Indian Space Research Organisation
(Isro) on Monday ushered in 2024 with
the successful launch of its first X-Ray
polarimeter satellite that would offer
insights into black holes in space, mak-
ing the country only the second to
experiment with such celestial objects.
Among the payloads that piggy-
backed the space agency’s ever reliable
Polar Satellite Launch Vehicle (PSLV) was
one made by women, prompting Isro to
call it an inspiration for the country.
The PSLV-C58 rocket, in its 60th mis-
sion, carried the primary payload,
XPoSat, and deployed it in an intended
650 km low earth orbit. Later, scientists
performed the orbit lowering manoeuvre
by reducing the altitude to 350 km for
conducting the PSLV Orbital Experi-
mental Module (POEM) experiment.
Speaking at the Mission Control
Centre, Isro Chairman S Somanath
wished “happy new year to all of you”
and said: “So on 1 January, 2024, yet
another successful mission of PSLV has
been accomplished. PSLV-C58 has
placed the primary satellite XPoSat in the
desired orbit.” The main XPoSat is inten-
ded to probe the polarisation of intense
X-ray sources in space. It is the first ded-
icated scientific satellite from the Isro
stable to carry out such research.
The National Aeronautics and Space
Administration (Nasa) in the US had con-
ducted a similar study — the Imaging X-
Ray Polarimetry Explorer mission — in
December 2021 on the remnants of
supernova explosions, the particle
streams emitted by black holes and other
cosmic events.
“Let me also announce the orbit that
has been accomplished, which is avail-
able through various routes — it shows
excellent orbit and the deviations from
the targeted orbit is hardly 3 km in circu-
lar orbit of 650 km and inclination is 001
degree, which is one of the very excellent
orbital conditions,” Somanath said.
“And yet another announcement is
that the solar panel of the satellite has
been deployed successfully,” he added.
While space-based X-ray astronomy
has been established in India, focusing
on imaging and time domain studies,
Monday’s mission marks a major value-
addition to the scientific fraternity, Isro
said. The mission objective includes
measuring polarisation of X-rays in the
energy band of 8-30 keV (kilo electron
volts) emanating from about 50 potential
cosmic sources, to carry out long-term
spectral and temporal studies.
The X-Ray polarisation serves as a
crucial diagnostic tool for examining the
FRESH LEAP
n India is the second country after
the US to experiment with such
celestial objects
n The main payload, XPoSat, is
intended to probe the polarisation of
intense X-ray sources in space
n It is the first dedicated scientific
satellite from Isro stable to carry out
such research
n The mission objective includes
measuring polarisation of X-rays in
the energy band of 8-30 keV (kilo
electron volts) emanating from about
50 potential cosmic sources
n The mission could play a pivotal role
in building expertise in X-Ray
polarimetry in India
radiation mechanism and geometry of
celestial sources.
XPoSat is POLIX (Polarimeter Instru-
ment in X-Rays), which is designed to
measure polarimetry parameters by
Raman Research Institute and XSPECT
(X-ray Spectroscopy and Timing) built by
the U R Rao Satellite Centre in Bengal-
uru. The mission’s life is about five years.
XPoSat is expected to bring substan-
tial benefits to the astronomy commu-
nity globally. Apart from its capability of
timing and spectroscopy-based observa-
tions, the insights derived from X-ray
polarisation measurements on celestial
objects like black holes, neutron stars
and active galactic nuclei hold the poten-
tial to significantly improve the under-
standing of their physics.
The mission is poised to play a pivotal
role in building expertise in X-Ray polar-
imetry in India, providing a foundation
for advancements and fostering a col-
Isro’s PSLV-C58 carrying an X-ray
polarimeter satellite and 10 other
satellites lifts off from Sriharikota
on Monday PHOTO: PTI
laborative network among astronomers.
Earlier, soaring majestically from the
spaceport here, located about 135 km
from Chennai, the PSLV rocket deployed
the primary satellite into a 650 km low
earth orbit, about 21 minutes after lift-off.
Later, scientists reduced the altitude
of the satellite to about 350 km by restart-
ing the fourth stage of the vehicle, for
conducting the POEM-3 experiment.
Isro conducted a similar scientific
experiment using POEM-2 in April 2023.
Jayakumar M, the mission’s director,
said: “What makes this mission more
interesting is the new technologies that
are getting demonstrated in the POEM 3
experiment, we have the fuel cell, we
have the silicon-based high energy bat-
tery, amateur radio satellite service…”
“More importantly, one of the pay-
loads is a totally women-engineered sat-
ellite (WESAT). This, I think, showcases
women empowerment in of science and
technology and all the payloads in fact
demonstrate the ongoing reforms in
India’s space sector,” he said, referring to
the satellite designed by members of the
LBS Institute of Technology for Women
in Thiruvananthapuram, Kerala.
Added Somanath: “The WESAT team
has built a satellite by collaborating with
Isro and we were happy to host it on
board PSLV POEM. When girl children
are spending their time studying science
and when they excel in their domain, we
must all appreciate it. So, congratulations
to the WESAT team.”
POEM-3 was executed to meet the
objective of 10 payloads, supplied by Isro
and its subsidiary IN-SPACe.
lost. Shabbir Fidahusain Nagdawala have applied to the company for issue duplicate
certificate. Any person who has any claim in respect of the said shares certificate should WANTED
lodge such claim with the company within 15 days of the publication of this notice.
Solapur District Central Cooperative Bank Ltd., Solapur calling
Name of the Share Holder Folio No. No. Of Shares Distinctive Nos. Certificate Nos. applications for the post of "Chief Executive Oicer" in
Shabbir Fidahusain 009501347 50 1157761173 - 50220855
Nagdawala
accordance with the "Fit and Proper Criteria" of NABARD.
1157761222
Interested candidates may send their application along with the
Name of the Shareholders documents of their educational qualiication and experience on or
Shabbir Fidahusain Nagdawala before 11/01/2024 on emAIL ID-admin@solapurdccb.com
Detailed Information in this regard is available on: https://www.
solapurdccb.com Website of the bank from 01/01/2024
Date: 01/01/2024
(KUNDAN BHOLE)
ADmINISTRATOR
SOLAPUR DISTRICT CeNTRAL
COOPeRATIVe BANK LTD., SOLAPUR
FORM NO. INC-26
[Pursuant to Rule 30 of Companies (Incorporation) Rules, 2014]
Advertisement to be published in Newspaper for the change in Registered Office of
the Company from one state to another
BEFORE THE REGIONAL DIRECTOR, WESTERN REGION, MUMBAI
In the matter of sub-section 4 of section 13 of the Companies Act, 2013 and clause
(a) of sub-rule (5) of Rule 30 of the Companies (Incorporation) Rules, 2014
AND
In the matter of REGINOX INDIA PRIVATE LIMITED
CIN: U74999MH2016PTC287456
(having its Registered office at 342, Big Splash, 3rd Floor, Sector-17, Vashi,
Navi Mumbai, Mumbai City MH 400703)
………The Petitioner Company
Notice is hereby given to the General Public that the above named petitioner
company proposes to make the application to the Central Government under section
13 of the Companies Act, 2013 seeking confirmation of alteration of Memorandum
of Association of the company in terms of special resolution passed at the
Extra ordinary General Meeting held on the Friday, 16th June, 2023 to enable the
company to change its Registered Office from “State of Maharashtra ” to “State of
Karnataka”.
Any person whose interest is likely to be affected by the proposed change of
registered office of the company, may deliver either on the MCA-21 portal
(www.mca.gov.in) by filling investor complaint form or cause to be delivered or
send by registered post of his/her objections supported by an affidavit stating the
nature of his/her interest and grounds of opposition to the Regional Director, Everest,
5th Floor, 100 Marine Drive, Mumbai - 400002, within 14 Days of date of publication
of this notice with a copy to the applicant company at its registered office at the
Mumbai South Zonal Office: 2nd Floor, Janamangal, 45/47, Mumbai Samachar Marg,
Fort Mumbai - 400001, Tele.: 022-22675899 , E-mail : legal_mcr@mahabank.co.in. address mentioned below at 342, BIG SPLASH, 3RD FLOOR, SECTOR-17, VASHI,
NAVI MUMBAI, MUMBAI CITY, MH 400703.
POSSESSION NOTICE (For Immoveable Property) [Rule 8 (i))
For and on behalf of the Petitioner
Whereas, the Authorized Oficer of Bank of Maharashtra under
Securitization & Reconstruction of Financial Assets and Enforcement of REGINOX INDIA PRIVATE LIMITED
Security Interest Act, 2002 & in exercise of powers conferred under Section Sd/-
13 (4) and 13(12) of the said Act read with Rule 3 of the Security Interest ANISH JOSEPH
(Enforcement) Rules, 2002 has issued a Demand Notice dated 07.08.2023 Director
under Section 13(2) calling upon M/s. V. L. Automobiles, (Borrower), Vijay DIN: 07748317
Anagpal Singh (Partner- Deceased Borrower), Mrs. Laxmi Vijay Singh
(Partner) & Mr. Mayankeshwar Vijay Singh (Guarantor) to repay the amount
mentioned in the notice being Rs. 1,64,53,074 (Rupees One Crore Sixty
Four Lakh Fifty Three Thousand Seventy Four Only) plus unapplied
interest from 07.08.2023 together with interest thereon at contractual rate (s)
and incidental expenses, costs, charges incurred / to be incurred within 60
days from the date of receipt of the said notice.
The Borrower mentioned hereinabove having failed to repay the outstanding
amount, Notice is hereby given to the Borrower and Guarantors mentioned
hereinabove in particular and to the public in general that the Authorised
Oficer of Bank of Maharashtra has taken Symbolic Possession of the
property described herein below in terms of the powers vested under the
provisions of Section 13(4) of the said Act on this 29.12.2023
The Borrower in particular, Guarantor and the Public in general is hereby
cautioned not to deal with the properties and any dealings with the aforesaid
properties will be subject to the charge of the Bank of Maharashtra for an
amount mentioned above. The Borrowers attention is invited to the provisions
of sub-section 8 of section 13 of the Act in respect of time available, to redeem
the secured asset.
DESCRIPTION OF THE IMMOVABLE PROPERTY
1. Primary Security- Hypothecation of Stock and Book debts
2. Collateral Security- All that premises Mortgage of Industrial Gat No. A-2 at
Renaissance Industrial Park, Kalyan Padgha Road, Bhiwandi - 421302. area
admeasuring 1523. sq.ft Bearing S. No. 29/3, 29/4, 33/6/4, 33/7, 35/5 Village
Vashere Tal. Bhiwandi Dist. Thane, Owned by Mr. Maynkeshwar Vijay Singh
Sd/-
Date : 29.12.2023 Authorized Officer & Assistant General Manager
Place: Mumbai Bank of Maharashtra,

This PDF was uploade To Telegram channel_https://t.me/Magzines_latest_Newspaper(send Me Message telegram ya WhatsApp This number 8890050582)
 To Get All The Popular Newspapers. Type in Search Box of Telegram - @dailypatrika

@LBSPAPERS
If You Want to get these Newspapers Daily at earliest

English Newspapers»»
Indian Express, Financial Express, The Hindu, Business Line, The Times of India, The Economic Times,
Hindustan Times, Business Standard, First India, Mint, Greater Kashmir, Greater Jammu, The Himalayan,
The Tribune, Brill Express, The Sikh Times, Avenue Mail, Western Times, Millennium Post, The Statesman,
State Times, The Pioneer, Hans India, Free Press, Orissa Post, Mumbai Mirror, Mid-Day, Deccan Chronicle,
Deccan Herald, Telangana Today, Financial Times, The Asian Age, The Telegraph, Oheraldo, Gulf of Times,
The New York Times, The Washington Post, Los Angeles Times, USA Today, The Wall Street Journal,
The Guardian, The Times

Hindi Newspapers»»
दै निक जागरण, राजस्थाि पत्रिका, दै निक भास्कर, ह द
िं स्
ु ताि, िवभारत टाइम्स, त्रिज़िस स्टैंडडड, अमर उजाला,पिंजाि
केसरी, उत्तम ह न्द,ू जिसत्ता, लोकसत्ता, ररभूमम, द पायिीयर,जागरूक टाइम्स, राष्ट्रीय स ारा, दै निक हरब्यूि, युवा
गोरव, भारतीय स ारा, स्विंतिंि वाताड, सीमा सिंदेश, दै निक सवेरा,एक्शि इिंडडया, मदरलैंड वॉइस, दे शििंध,ु ह माचल दस्तक,

Others»» Hindi & English Editorial, Employment News, Malayalam Newspapers

Type in Search box of Telegram @LBSPAPERS And

you will find a Channel named newspaper join it and receive
daily editions of all popular epapers at the earliest
Or
you can click on this link
https://t.me/LBSPAPERS